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Fair value measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair value measurements Fair value measurements
a) Fair value hierarchy
Fair value of financial assets and financial liabilities is estimated based on the framework established in the fair value accounting guidance. The guidance defines fair value as the price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants and establishes a three-level valuation hierarchy based on the reliability of the inputs. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data.

The three levels of the hierarchy are as follows:

•Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets;
•Level 2 – Includes, among other items, inputs other than quoted prices that are observable for the asset or liability such as
interest rates and yield curves, quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active; and
•Level 3 – Inputs that are unobservable and reflect management’s judgments about assumptions that market participants
would use in pricing an asset or liability.

We categorize financial instruments within the valuation hierarchy at the balance sheet date based upon the lowest level of inputs that are significant to the fair value measurement.

We use pricing services to obtain fair value measurements for the majority of our investment securities. Based on management’s understanding of the methodologies used, these pricing services only produce an estimate of fair value if there is observable market information that would allow them to make a fair value estimate. Based on our understanding of the market inputs used by the pricing services, all applicable investments have been valued in accordance with U.S. GAAP. We do not adjust prices obtained from pricing services. Refer to Note 4 a) of our 2024 Form 10-K for further information on the valuation and leveling of assets and liabilities measured at fair value.
Financial instruments measured at fair value on a recurring basis, by valuation hierarchy
June 30, 2025Level 1Level 2Level 3Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. and local government securities$1,783 $2,250 $— $4,033 
Non-U.S.— 37,865 598 38,463 
Corporate and asset-backed securities— 41,940 3,186 45,126 
Mortgage-backed securities— 28,497 — 28,497 
1,783 110,552 3,784 116,119 
Equity securities (1)
4,744 — 125 4,869 
Short-term investments2,666 1,800 42 4,508 
Other investments (2)
599 6,999 — 7,598 
Securities lending collateral— 1,941 — 1,941 
Investment derivatives51 — — 51 
Derivatives designated as hedging instruments— 257 — 257 
Other derivative instruments7 — — 7 
Separate account assets6,399 82 — 6,481 
Total assets measured at fair value (1)(2)(3)
$16,249 $121,631 $3,951 $141,831 
Liabilities:
Investment derivatives$143 $— $— $143 
Derivatives designated as hedging instruments— 223 — 223 
Other derivative instruments31 5 — 36 
Market risk benefits (4)
— — 609 609 
Total liabilities measured at fair value$174 $228 $609 $1,011 
(1)Excluded from the table above is a fund of $5,044 million, measured using NAV as a practical expedient.
(2)Excluded from the table above are other investments of $1,434 million, principally policy loans, measured using NAV as a practical expedient.
(3)Excluded from the table above are private equities of $16,313 million, measured using NAV as a practical expedient.
(4)Refer to Note 11 for additional information on Market risk benefits.
 
December 31, 2024Level 1Level 2Level 3Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. and local government securities$1,765 $2,305 $— $4,070 
Non-U.S.— 35,234 604 35,838 
Corporate and asset-backed securities— 40,316 2,891 43,207 
Mortgage-backed securities— 27,245 3 27,248 
1,765 105,100 3,498 110,363 
Equity securities (1)
4,053 — 120 4,173 
Short-term investments3,156 1,972 14 5,142 
Other investments (2)
573 6,783 — 7,356 
Securities lending collateral— 1,445 — 1,445 
Investment derivatives41 — — 41 
Derivatives designated as hedging instruments— 146 — 146 
Other derivative instruments35 — — 35 
Separate account assets6,165 66 — 6,231 
Total assets measured at fair value (1)(2)(3)
$15,788 $115,512 $3,632 $134,932 
Liabilities:
Investment derivatives$303 $— $— $303 
Derivatives designated as hedging instruments— 116 — 116 
Other derivative instruments— 2 — 2 
Market risk benefits (4)
— — 607 607 
Total liabilities measured at fair value$303 $118 $607 $1,028 
(1)Excluded from the table above is a fund of $4,978 million, measured using NAV as a practical expedient.
(2)Excluded from the table above are other investments of $1,241 million, principally policy loans, measured using NAV as a practical expedient.
(3)Excluded from the table above are private equities of $14,769 million, measured using NAV as a practical expedient.
(4)Refer to Note 11 for additional information on Market risk benefits.
Level 3 financial instruments

The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3). Excluded from the tables below is the reconciliation of Market risk benefits, refer to Note 11 for additional information.

Three Months Ended
June 30, 2025
(in millions of U.S. dollars)		Available-for-Sale Debt SecuritiesEquity
securities		Short-term investments
Non-U.S.Corporate and asset-
backed securities		Mortgage-backed securities
Balance, beginning of period$587 $3,017 $— $113 $18 
Transfers into Level 310 60 — — — 
Transfers out of Level 3— (12)— (1)— 
Change in Net Unrealized Gains (Losses) in OCI18 (3)— — — 
Net Realized Gains (Losses)3 (4)— 2 — 
Purchases84 295 — 19 25 
Sales(34)(53)— (8)— 
Settlements(70)(114)— — (1)
Balance, end of period$598 $3,186 $— $125 $42 
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date$— $(1)$— $4 $— 
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date$16 $(7)$— $— $— 
Three Months Ended
June 30, 2024
(in millions of U.S. dollars)		Available-for-Sale Debt SecuritiesEquity
securities		Short-term investments
Non-U.S.Corporate and asset-
backed securities		Mortgage-backed securities
Balance, beginning of period$718 $2,658 $7 $101 $5 
Transfers into Level 3— 4 — — — 
Transfers out of Level 3(2)— — — — 
Change in Net Unrealized Gains (Losses) in OCI(6)4 — — (1)
Net Realized Gains (Losses)(4)(5)— 2 — 
Purchases83 326 15 1 12 
Sales(31)(87)— (4)— 
Settlements(126)(191)(2)— (4)
Balance, end of period$632 $2,709 $20 $100 $12 
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date$(1)$(2)$— $1 $— 
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date$(10)$(1)$— $— $(1)
Six Months Ended
June 30, 2025
(in millions of U.S. dollars)		Available-for-Sale Debt SecuritiesEquity
securities		Short-term investments
Non-U.S.Corporate and asset-
backed securities		Mortgage-backed securities
Balance, beginning of period$604 $2,891 $3 $120 $14 
Transfers into Level 311 84 — — — 
Transfers out of Level 3— (13)— (1)— 
Change in Net Unrealized Gains (Losses) in OCI38 (7)— — — 
Net Realized Gains (Losses)(3)(6)(2)(3)— 
Purchases144 514 1 26 30 
Sales(87)(100)(2)(17)— 
Settlements(109)(177)— — (2)
Balance, end of period$598 $3,186 $— $125 $42 
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date$(1)$(4)$— $9 $— 
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date$30 $(17)$— $— $— 
Six Months Ended
June 30, 2024
(in millions of U.S. dollars)		Available-for-Sale Debt SecuritiesEquity
securities		Short-term investments
Non-U.S.Corporate and asset-
backed securities		Mortgage-backed securities
Balance, beginning of period$692 $2,622 $7 $87 $3 
Transfers into Level 31 5 — — — 
Transfers out of Level 3(6)(3)— — — 
Change in Net Unrealized Gains (Losses) in OCI8 10 — — (1)
Net Realized Gains (Losses)(4)(5)— (1)— 
Purchases155 469 15 19 16 
Sales(51)(107)— (5)— 
Settlements(163)(282)(2)— (6)
Balance, end of period$632 $2,709 $20 $100 $12 
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date$(1)$(2)$— $(1)$— 
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date$3 $5 $— $— $(1)


b) Financial instruments disclosed, but not measured, at fair value
Chubb uses various financial instruments in the normal course of its business. Our insurance contracts are excluded from fair value of financial instruments accounting guidance, and therefore, are not included in the amounts discussed below.

The carrying values of cash, other assets, other liabilities, and other financial instruments not included below approximated their fair values. Refer to Note 4 b) of our 2024 Form 10-K for information on the fair value methods and assumptions for private debt held-for-investment, repurchase agreements, short-term and long-term debt, and hybrid debt.
The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value:

June 30, 2025Fair ValueNet Carrying
Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Private debt held-for-investment$— $— $2,472 $2,472 $2,429 
Total assets$— $— $2,472 $2,472 $2,429 
Liabilities:
Repurchase agreements$— $3,059 $— $3,059 $3,059 
Short-term debt— 1,488 — 1,488 1,499 
Long-term debt— 12,025 254 12,279 13,477 
Hybrid debt— 479 — 479 420 
Total liabilities$— $17,051 $254 $17,305 $18,455 

December 31, 2024Fair ValueNet Carrying
Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Private debt held-for-investment$— $— $2,680 $2,680 $2,628 
Total assets$— $— $2,680 $2,680 $2,628 
Liabilities:
Repurchase agreements$— $2,731 $— $2,731 $2,731 
Short-term debt— 797 — 797 800 
Long-term debt— 12,979 — 12,979 14,379 
Hybrid debt— 479 — 479 419 
Total liabilities$— $16,986 $— $16,986 $18,329