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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets    
Short-term investments, at fair value (amortized cost – $4,840 and $5,143) (includes variable interest entities (VIE) balances of $105 and $57) $ 4,840 $ 5,142
Fixed maturities available-for-sale, at fair value, net of valuation allowance – $52 and $70 (amortized cost – $124,726 and $115,083) 122,680 110,363
Private debt held-for-investment, at amortized cost, net of valuation allowance – $3 and $4 2,411 2,628
Equity securities, at fair value (includes VIE balances of $2,275 and $1,289) 10,801 9,151
Private equities (includes VIE balances of $22 and $22) 17,239 14,769
Other investments (includes VIE balances of $5,818 and $4,538) 10,749 8,597
Total investments 168,720 150,650
Cash, including restricted cash $198 and $261 (includes VIE balances of $168 and $114) 2,470 2,549
Securities lending collateral 2,500 1,445
Accrued investment income 1,305 1,160
Insurance and reinsurance balances receivable, net of valuation allowance – $62 and $59 15,944 14,426
Reinsurance recoverable on losses and loss expenses, net of valuation allowance – $320 and $310 [1] 20,338 19,777
Reinsurance recoverable on policy benefits 286 289
Deferred policy acquisition costs 10,008 8,358
Value of business acquired 2,975 3,223
Goodwill 20,207 [2] 19,579
Other intangible assets 6,241 6,377
Deferred tax assets 1,312 1,603
Prepaid reinsurance premiums 3,874 3,378
Separate account assets 6,925 6,231
Other assets (includes VIE balances of $58 and $26) 9,222 7,503
Total assets 272,327 246,548
Liabilities    
Unpaid losses and loss expenses 88,018 84,004
Unearned premiums 26,279 23,504
Future policy benefits 18,420 16,121
Market risk benefits 659 607
Policyholders' account balances 8,576 8,016
Separate account liabilities 6,925 6,231
Insurance and reinsurance balances payable 8,349 8,121
Repurchase agreements (includes VIE balances of $956 and $815) 3,324 2,731
Securities lending payable 2,500 1,445
Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $159 and $183) 10,108 10,192
Deferred tax liabilities 1,741 1,584
Short-term debt 1,499 800
Long-term debt 15,728 14,379
Hybrid debt 422 419
Total liabilities 192,548 178,154
Commitments and contingencies (refer to Note 14)
Shareholders' equity    
Common Shares (CHF 0.50 par value; 412,107,421 and 419,625,986 shares issued; 391,101,227 and 400,703,663 shares outstanding) 231 235
Common Shares in treasury (21,006,194 and 18,922,323 shares) (4,699) (3,524)
Additional paid-in capital 13,250 14,393
Retained earnings 69,950 61,561
Accumulated other comprehensive income (loss) (AOCI) (4,975) (8,644)
Total Chubb shareholders' equity 73,757 64,021
Noncontrolling interests (includes VIE balances of $5,133 and $3,459) 6,022 4,373
Total shareholders’ equity 79,779 68,394
Total liabilities and shareholders’ equity $ 272,327 $ 246,548
[1] Net of valuation allowance for uncollectible reinsurance.
[2] Includes $464 million attributable to noncontrolling interests