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Unpaid losses and loss expenses, and Future policy benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]  
Schedule Of Unpaid Losses And Loss Expenses Roll Forward
Chubb establishes reserves for the estimated unpaid ultimate liability for losses and loss expenses under the terms of its policies and agreements. Reserves include estimates for both claims that have been reported and for IBNR claims, and include estimates of expenses associated with processing and settling these claims. Reserves are recorded in Unpaid losses and loss expenses in the Consolidated balance sheets. While we believe that our reserves for unpaid losses and loss expenses at December 31, 2025, are adequate, new information or trends may lead to future developments in incurred loss and loss expenses significantly greater or less than the reserves provided. Any such revisions could result in future changes in estimates of losses or reinsurance recoverable and would be reflected in our results of operations in the period in which the estimates are changed.
The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:
Year Ended December 31
(in millions of U.S. dollars)202520242023
Gross unpaid losses and loss expenses, beginning of year$84,004 $80,122 $75,747 
Reinsurance recoverable on unpaid losses (1)
(17,734)(17,884)(17,086)
Net unpaid losses and loss expenses, beginning of year66,270 62,238 58,661 
Net losses and loss expenses incurred in respect of losses occurring in:
Current year27,808 26,997 24,956 
Prior years (2)
(1,108)(975)(856)
Total26,700 26,022 24,100 
Net losses and loss expenses paid in respect of losses occurring in:
Current year8,782 8,681 8,248 
Prior years15,511 12,822 12,763 
Total24,293 21,503 21,011 
Consolidation of Huatai Group— — 405 
Foreign currency revaluation and other995 (487)83 
Net unpaid losses and loss expenses, end of year69,672 66,270 62,238 
Reinsurance recoverable on unpaid losses (1)
18,346 17,734 17,884 
Gross unpaid losses and loss expenses, end of year$88,018 $84,004 $80,122 
(1)     Net of valuation allowance for uncollectible reinsurance.
(2)    Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, earned premiums, and A&H long-duration lines totaling $(25) million, $119 million, and $83 million for 2025, 2024, and 2023, respectively.
Reconciliation of Claims Development to Liability [Table Text Block]
The following table presents a reconciliation of the loss development tables to the liability for unpaid losses and loss expenses in the consolidated balance sheet:

Reconciliation of Reserve Balances to Liability for Unpaid Loss and Loss Expenses
(in millions of U.S. dollars)December 31, 2025
Presented in the loss development tables:
  North America Commercial P&C Insurance — Workers' Compensation$10,015 
  North America Commercial P&C Insurance — Liability23,614 
  North America Commercial P&C Insurance — Other Casualty2,886 
  North America Commercial P&C Insurance — Non-Casualty3,343 
  North America Personal P&C Insurance4,885 
  Overseas General Insurance — Casualty9,614 
  Overseas General Insurance — Non-Casualty4,454 
  Global Reinsurance — Casualty1,411 
  Global Reinsurance — Non-Casualty498 
Excluded from the loss development tables:
  Other6,740 
Net unpaid loss and allocated loss adjustment expense67,460 
Ceded unpaid loss and allocated loss adjustment expense:
  North America Commercial P&C Insurance — Workers' Compensation922 
  North America Commercial P&C Insurance — Liability7,388 
  North America Commercial P&C Insurance — Other Casualty1,074 
  North America Commercial P&C Insurance — Non-Casualty733 
  North America Personal P&C Insurance793 
  Overseas General Insurance — Casualty3,168 
  Overseas General Insurance — Non-Casualty1,894 
  Global Reinsurance — Casualty156 
  Global Reinsurance — Non-Casualty100 
  Other2,346 
Ceded unpaid loss and allocated loss adjustment expense18,574 
Unpaid unallocated loss adjustment expenses1,984 
Unpaid losses and loss expenses$88,018 
Claims Development tables [Table Text Block]
North America Commercial P&C Insurance — Workers' Compensation — Long-tail
This product line has a broad mix of exposures across industries as well as a mix of policy coverages. Types of coverage include risk management business predominantly with high deductible policies, loss sensitive business (i.e., retrospectively-rated policies), business fronted for captives, as well as excess and primary guaranteed cost coverages.

The triangle below shows all loss and allocated expense development for the workers' compensation product line. In our prior period development disclosure, we exclude any loss development where there is a directly related premium adjustment. For workers' compensation, changes in the exposure base due to payroll audits will drive changes in ultimate losses. In addition, we record involuntary pool assumptions (premiums and losses) on a lagged basis. Both of these items will influence the development in the triangle, particularly the first prior accident year, and are included in the reconciliation table presented on page F-59.
Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31 As of December 31 2025
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$1,366 $1,361 $1,383 $1,378 $1,269 $1,206 $1,177 $1,162 $1,117 $1,096 $270 51 
20171,412 1,380 1,399 1,393 1,376 1,176 1,121 1,069 1,045 293 50 
20181,359 1,361 1,379 1,384 1,384 1,221 1,175 1,152 336 52 
20191,391 1,384 1,400 1,409 1,406 1,297 1,238 352 48 
20201,367 1,388 1,409 1,408 1,395 1,159 443 32 
20211,348 1,330 1,372 1,370 1,349 525 36 
20221,344 1,407 1,435 1,432 682 39 
20231,371 1,413 1,423 708 38 
20241,380 1,368 743 38 
20251,405 909 37 
Total$12,667 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$122 $326 $452 $529 $584 $621 $653 $683 $707 $730 
2017120 313 437 516 564 601 626 648 666 
2018130 329 451 528 597 641 681 706 
2019143 341 467 575 640 692 743 
2020111 282 390 466 520 576 
2021120 331 458 552 623 
2022131 332 472 572 
2023129 358 494 
2024147 383 
2025182 
Total$5,675 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$3,023 
Accident years 2016 - 2025 from tables above6,992 
All Accident years$10,015 
North America Commercial P&C Insurance — Liability — Long-tail
This line consists of primary and excess general liability exposures, medical liability, and financial lines, including directors and officers (D&O) liability, errors and omissions (E&O) liability, employment practices liability (EPL), fidelity bonds, and fiduciary liability.

The primary and excess general liability business represents the largest part of these exposures. The former includes both monoline and commercial package liability. The latter includes a substantial proportion of commercial umbrella, excess and high excess business, where loss activity can produce significant volatility in the loss triangles at later ages within an accident year (and sometimes across years) due to the size of the limits afforded and the complex nature of the underlying losses.

This line includes management and professional liability products provided to a wide variety of clients, from national accounts to small firms along with private and not-for-profit organizations, distributed through brokers, agents, wholesalers, and MGAs. Many of these coverages, particularly D&O and E&O, are typically written on a claims-made form. While most of the coverages are underwritten on a primary basis, there are significant amounts of excess exposure with large policy limits.

Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31 2025
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$3,524 $3,585 $3,682 $3,794 $3,790 $3,762 $3,753 $3,658 $3,695 $3,720 $287 27 
20173,313 3,488 3,570 3,620 3,542 3,431 3,490 3,520 3,537 419 26 
20183,365 3,482 3,685 3,817 3,897 3,913 3,991 3,995 420 28 
20193,443 3,617 3,855 4,047 4,054 4,010 4,012 653 29 
20204,099 3,824 3,917 3,974 3,842 3,765 792 23 
20214,313 4,346 4,438 4,536 4,457 1,472 24 
20224,559 4,564 4,659 4,765 2,136 26 
20234,700 4,904 5,113 2,645 30 
20245,138 5,250 3,749 28 
20255,513 4,915 31 
Total$44,127 
North America Commercial P&C Insurance — Liability — Long-tail (continued)
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$171 $661 $1,334 $1,973 $2,331 $2,592 $2,819 $2,981 $3,106 $3,296 
2017161 615 1,159 1,697 1,999 2,321 2,626 2,868 2,972 
2018189 752 1,300 1,772 2,334 2,781 3,070 3,305 
2019175 668 1,244 1,887 2,386 2,755 3,046 
2020152 588 1,147 1,697 2,270 2,647 
2021174 608 1,199 1,928 2,508 
2022144 648 1,279 2,004 
2023196 828 1,713 
2024195 802 
2025228 
Total$22,521 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$2,008 
Accident years 2016 - 2025 from tables above21,606 
All Accident years$23,614 
North America Commercial P&C Insurance — Other Casualty — Long-tail
This product line consists of the remaining commercial casualty coverages such as automobile liability and aviation as well as our foreign casualty exposures (mainly auto, general liability and employer responsibility coverages) on U.S.-based multinational accounts. The paid and reported data are impacted by some catastrophe loss activity.
Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31 2025
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$503 $501 $526 $523 $480 $479 $469 $473 $466 $465 $10 16 
2017531 565 576 615 604 590 602 609 614 18 17 
2018535 562 574 579 575 606 625 632 24 17 
2019605 636 685 744 757 768 754 11 17 
2020639 633 657 639 614 596 22 12 
2021674 709 747 763 729 66 15 
2022781 801 848 915 169 22 
2023844 883 966 301 22 
2024884 929 485 17 
2025912 676 12 
Total$7,512 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$52 $145 $246 $323 $374 $397 $424 $437 $441 $449 
201766 175 312 381 445 496 539 561 580 
201874 169 270 365 472 532 580 585 
201970 189 318 466 620 686 725 
202054 157 274 402 481 530 
202160 176 293 439 566 
202282 235 400 577 
202382 249 462 
202486 246 
202591 
Total$4,811 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$185 
Accident years 2016 - 2025 from tables above2,701 
All Accident years$2,886 
North America Commercial P&C Insurance — Non-Casualty — Short-tail
This product line represents first party commercial product lines that are short-tailed in nature, such as property, inland marine, ocean marine, surety, and A&H. There is a wide diversity of products, primary and excess coverages, and policy sizes. During this ten-year period, this product line was impacted by natural catastrophes mainly in the 2017 and 2018 accident years, and in accident year 2020 by direct COVID.
Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31 2025
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$1,903 $1,882 $1,792 $1,772 $1,808 $1,820 $1,816 $1,818 $1,811 $1,811 $8 650 
20172,697 2,601 2,500 2,517 2,509 2,519 2,505 2,495 2,490 22 764 
20182,045 2,232 2,168 2,160 2,168 2,158 2,147 2,143 (7)904 
20192,044 2,029 1,952 1,942 1,919 1,923 1,927 4 1,045 
20203,137 2,940 2,724 2,683 2,661 2,677 42 1,128 
20212,939 2,823 2,627 2,546 2,533 10 867 
20223,046 2,944 2,809 2,777 98 907 
20233,069 2,880 2,666 134 974 
20243,587 3,453 576 1,016 
20253,040 1,290 910 
Total$25,517 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$843 $1,498 $1,648 $1,723 $1,751 $1,775 $1,786 $1,787 $1,794 $1,800 
2017976 2,082 2,298 2,389 2,403 2,427 2,446 2,450 2,472 
20181,024 1,819 2,011 2,067 2,111 2,135 2,138 2,144 
20191,027 1,671 1,798 1,855 1,881 1,896 1,922 
20201,388 2,258 2,464 2,543 2,578 2,617 
20211,085 2,099 2,321 2,440 2,478 
20221,049 2,188 2,493 2,620 
20231,218 2,134 2,386 
20241,368 2,460 
20251,285 
Total$22,184 
North America Commercial P&C Insurance — Non-Casualty — Short-tail (continued)
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$10 
Accident years 2016 - 2025 from tables above3,333 
All Accident years$3,343 
North America Personal P&C Insurance — Short-tail
Chubb provides personal lines coverages for high-net-worth individuals and families in North America including homeowners, automobile, valuable articles (including fine art), umbrella liability, and recreational marine insurance offered through independent regional agents and brokers. During this ten-year period, this segment was also impacted by natural catastrophes, mainly in the 2017, 2018, and 2025 accident years.
Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31 2025
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$2,431 $2,526 $2,536 $2,474 $2,462 $2,455 $2,463 $2,465 $2,471 $2,471 $16 154 
20173,025 3,060 2,993 2,989 2,989 2,998 3,008 3,009 3,011 18 163 
20182,999 3,027 3,092 3,107 3,128 3,118 3,119 3,140 17 170 
20192,945 2,983 2,983 2,975 2,955 2,974 2,969 26 157 
20202,919 2,625 2,623 2,580 2,580 2,575 24 123 
20213,024 2,875 2,961 2,975 2,967 95 131 
20223,098 2,952 2,942 2,919 176 120 
20233,402 3,071 3,027 316 115 
20243,664 3,325 787 104 
20254,653 2,106 82 
Total$31,057 
North America Personal P&C Insurance — Short-tail (continued)
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$1,448 $2,045 $2,203 $2,306 $2,362 $2,389 $2,420 $2,438 $2,441 $2,445 
20171,692 2,512 2,659 2,791 2,861 2,928 2,969 2,981 2,980 
20181,920 2,540 2,697 2,855 2,969 3,035 3,069 3,099 
20191,662 2,429 2,608 2,715 2,821 2,883 2,911 
20201,329 1,988 2,221 2,361 2,436 2,483 
20211,582 2,366 2,580 2,698 2,791 
20221,409 2,275 2,474 2,625 
20231,487 2,246 2,527 
20241,452 2,243 
20252,119 
Total$26,223 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$51 
Accident years 2016 - 2025 from tables above4,834 
All Accident years$4,885 
Overseas General Insurance — Casualty — Long-tail
This product line comprises D&O liability, E&O liability, financial institutions (including crime/fidelity coverages), and non-U.S. general liability as well as aviation and political risk. Exposures are located around the world, including Europe, Latin America, and Asia. Approximately 46 percent of Chubb Overseas General business is generated by European accounts, exclusive of Lloyd's market. There is some U.S. exposure in Casualty from multinational accounts and in financial lines for Lloyd's market. The financial lines coverages are typically written on a claims-made form, while general liability coverages are typically on an occurrence basis and comprises a mix of primary and excess businesses.

Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31 2025
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$1,184 $1,287 $1,354 $1,380 $1,367 $1,377 $1,307 $1,320 $1,330 $1,274 $80 42 
20171,176 1,277 1,325 1,375 1,335 1,368 1,333 1,334 1,301 54 43 
20181,274 1,325 1,388 1,432 1,387 1,364 1,362 1,339 94 44 
20191,346 1,415 1,437 1,425 1,383 1,299 1,270 124 43 
20201,730 1,652 1,560 1,572 1,344 1,254 303 36 
20211,663 1,718 1,742 1,749 1,676 595 37 
20221,812 1,861 2,036 2,124 932 38 
20231,965 1,998 2,032 1,160 39 
20242,116 2,233 1,384 38 
20252,115 1,703 33 
Total$16,618 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$122 $312 $515 $661 $783 $876 $1,002 $1,027 $1,056 $1,093 
201792 306 511 669 833 965 1,019 1,084 1,133 
2018107 318 481 622 746 905 1,018 1,047 
2019120 323 455 666 748 863 955 
2020103 277 436 541 667 764 
2021114 279 447 621 817 
202284 290 533 898 
202380 288 483 
2024137 412 
2025136 
Total$7,738 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$734 
Accident years 2016 - 2025 from tables above8,880 
All Accident years$9,614 
Overseas General Insurance — Non-Casualty — Short-tail
This product line comprises commercial fire, marine (predominantly cargo), surety, personal automobile (in Latin America, and Asia), personal cell phones, personal residential (including high net worth), energy, and construction. In general, these lines have relatively stable payment and reporting patterns although they are impacted by natural catastrophes. For the Chubb Overseas General non-casualty book, Europe, exclusive of Lloyd's market, makes up about one third, Latin America makes up about one quarter, and Asia makes up about one fifth. Reported claims include those from LMG Insurance in Thailand, acquired in 2025, which consists primarily of high-frequency, low-severity automobile lines business.
Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31 2025
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$2,082 $2,082 $2,069 $2,046 $2,050 $2,081 $2,080 $2,066 $2,046 $2,046 $3 701 
20172,249 2,295 2,279 2,260 2,284 2,281 2,248 2,285 2,279 29 714 
20182,200 2,289 2,250 2,225 2,197 2,186 2,165 2,146 15 742 
20192,231 2,252 2,191 2,179 2,175 2,155 2,148 3 768 
20202,598 2,454 2,325 2,272 2,246 2,205 51 695 
20212,687 2,604 2,485 2,464 2,444 (5)692 
20222,965 2,940 2,847 2,793 (28)769 
20233,162 3,084 2,890 159 759 
20243,483 3,512 550 763 
20253,728 954 804 
Total$26,191 
Overseas General Insurance — Non-Casualty — Short-tail (continued)
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$1,039 $1,704 $1,899 $1,969 $1,994 $2,003 $2,009 $2,013 $2,018 $2,027 
20171,088 1,894 2,069 2,144 2,186 2,246 2,224 2,224 2,230 
20181,039 1,781 1,983 2,051 2,071 2,082 2,090 2,108 
20191,101 1,793 1,989 2,056 2,090 2,112 2,117 
20201,138 1,791 1,935 2,053 2,053 2,095 
20211,083 1,899 2,187 2,275 2,331 
20221,270 2,239 2,533 2,665 
20231,217 2,130 2,457 
20241,314 2,356 
20251,477 
Total$21,863 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$126 
Accident years 2016 - 2025 from tables above4,328 
All Accident years$4,454 
Global Reinsurance — Casualty — Long-tail
This product line includes proportional and excess coverages in general, automobile liability, professional liability, medical malpractice, and workers' compensation, with exposures located around the world. In general, reinsurance exhibits less stable development patterns than primary business. In particular, general casualty reinsurance and excess coverages are long-tailed and can be very volatile.
Global Reinsurance — Casualty — Long-tail (continued)
Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31
 2025
(in millions of U.S. dollars)UnauditedNet
IBNR
Reserves
Accident Year2016201720182019202020212022202320242025
2016$223 $226 $235 $234 $243 $243 $248 $255 $256 $255 $6 
2017214 215 220 217 218 218 225 228 230 6 
2018245 248 255 251 255 262 267 270 13 
2019238 247 242 241 238 245 243 21 
2020246 250 241 241 236 238 24 
2021281 285 289 277 271 55 
2022296 298 295 295 88 
2023276 287 288 125 
2024339 346 193 
2025345 269 
Total$2,781 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$57 $113 $142 $159 $175 $192 $209 $220 $231 $237 
201747 100 122 140 156 176 189 200 208 
201842 96 126 150 172 199 222 232 
201940 90 117 140 164 185 197 
202041 99 125 150 170 188 
202135 87 120 148 175 
202239 87 122 157 
202330 69 111 
202430 88 
202532 
Total$1,625 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$255 
Accident years 2016 - 2025 from tables above1,156 
All Accident years$1,411 
Global Reinsurance — Non-Casualty — Short-tail
This product line includes property, property catastrophe, marine, credit/surety, mortgage, A&H and energy. This product line is impacted by natural catastrophes in most years. Of the non-catastrophe book, the mixture of business varies by year with approximately 91 percent of loss on proportional treaties in treaty year 2016 and after. This percentage has increased over time with the proportion being approximately 78 percent for treaty years 2016-2017 growing to an average of 94 percent for treaty years 2018 to 2025, with the remainder being written on an excess of loss basis.
Net Incurred Loss and Allocated Loss Adjustment ExpensesAs of December 31
 2025
Years Ended December 31
(in millions of U.S. dollars)UnauditedNet
IBNR
Reserves
Accident Year2016201720182019202020212022202320242025
2016$178 $183 $185 $187 $184 $182 $182 $182 $181 $181 $1 
2017395 421 451 449 453 456 454 454 453 7 
2018276 283 285 281 286 280 277 276 — 
2019128 126 124 118 115 115 116 3 
2020210 253 278 280 279 278 13 
2021341 351 354 357 355 15 
2022346 312 291 291 14 
2023181 176 159 20 
2024393 393 103 
2025312 121 
Total$2,814 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses

Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$56 $129 $156 $167 $173 $176 $176 $178 $178 $179 
2017191 322 400 414 427 433 439 441 442 
201894 246 262 265 269 272 272 273 
201935 79 93 101 103 108 109 
202062 177 215 232 243 252 
2021158 277 307 321 329 
202274 195 234 258 
202336 92 118 
2024107 236 
2025132 
Total$2,328 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$12 
Accident years 2016 - 2025 from tables above486 
All Accident years$498 
Supplementary PPD [Table Text Block]
North America Commercial P&C Insurance — Workers' Compensation — Long-tail (continued)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$(130)
Accident years 2016 - 2025 from tables above(389)
All Accident years$(519)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$— 
Accident years 2016 - 2025 from tables above319 
All Accident years$319 
North America Commercial P&C Insurance — Other-Casualty — Long-tail (continued)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$22 
Accident years 2016 - 2025 from tables above140 
All Accident years$162 
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$11 
Accident years 2016 - 2025 from tables above(382)
All Accident years$(371)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$4 
Accident years 2016 - 2025 from tables above(401)
All Accident years$(397)
Overseas General Insurance — Casualty — Long-tail (continued)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$45 
Accident years 2016 - 2025 from tables above(65)
All Accident years$(20)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$(17)
Accident years 2016 - 2025 from tables above(312)
All Accident years$(329)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$(9)
Accident years 2016 - 2025 from tables above6 
All Accident years$(3)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$— 
Accident years 2016 - 2025 from tables above(21)
All Accident years$(21)
Schedule of Historical Claims [Table Text Block]
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage11 %16 %10 %7 %5 %4 %3 %2 %2 %2 %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage4 %12 %15 %15 %12 %9 %7 %6 %3 %5 %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage10 %17 %19 %18 %15 %8 %6 %2 %2 %2 %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage44 %37 %9 %4 %1 %1 %1 %— %1 %— %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage52 %25 %7 %5 %3 %2 %1 %1 %— %— %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage7 %13 %12 %13 %10 %9 %7 %3 %3 %3 %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage45 %32 %10 %4 %1 %1 %— %— %— %— %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage14 %19 %12 %9 %8 %8 %6 %4 %4 %2 %
Global Reinsurance — Non-Casualty — Short-tail (continued)
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage34 %38 %13 %5 %3 %2 %1 %— %— %— %
Supplementary PPD Reconciliation [Table Text Block]
The following table presents a reconciliation of the loss development triangles above to prior period development (PPD):
Components of PPD
Year Ended December 31, 2025 (in millions of U.S. dollars)
(favorable)/unfavorable		2016 - 2024 accident years (implied PPD per loss triangles)Accident years prior to 2016
Other (1)
PPD on loss reserves RIPs, Expense adjustments, and earned premiumsTotal
North America Commercial P&C Insurance
Long-tail$70 $(108)$(127)$(165)$90 $(75)
Short-tail(382)11 (11)(382)36 (346)
(312)(97)(138)(2)(547)126 (3)(421)
North America Personal P&C Insurance (Short-tail)(401)4 (6)(403)— (403)
Overseas General Insurance
Long-tail(65)45 (10)(30)— (30)
Short-tail(312)(17)(118)(447)6 (441)
(377)28 (128)(4)(477)6 (471)
Global Reinsurance
Long-tail6 (9)— (3)(2)(5)
Short-tail(21)— — (21)3 (18)
(15)(9)— (24)1 (23)
Subtotal$(1,105)$(74)$(272)$(1,451)$133 $(1,318)
North America Agricultural Insurance (Short-tail)$13 $(134)$(121)
Corporate (Long-tail)306 — 306 
Consolidated PPD$(1,132)$(1)$(1,133)
(1)        Other includes the impact of foreign exchange.
(2)     Includes favorable development of $61 million related to our Alternative Risk Solutions business (U.S. and Bermuda) and an adjustment to exclude $25 million in unfavorable development in the workers' compensation line, associated with an increase in exposure for which additional premiums were collected; the remaining difference relates to a number of other items, none of which are individually material.
(3)     Includes premium returns associated with our Alternative Risk Solutions business, which is excluded from the triangles.
(4)     Includes favorable development related to Huatai P&C and International A&H business.
Prior Period Development, by Segment [Table Text Block]
Years Ended December 31
(in millions of U.S. dollars, except for percentages)		Long-tailShort-tailTotal
% of beginning net unpaid reserves (1)
2025
North America Commercial P&C Insurance$(75)$(346)$(421)0.6 %
North America Personal P&C Insurance— (403)(403)0.6 %
North America Agricultural Insurance— (121)(121)0.2 %
Overseas General Insurance(30)(441)(471)0.7 %
Global Reinsurance(5)(18)(23)— %
Corporate306 — 306 0.5 %
Total$196 $(1,329)$(1,133)1.7 %
2024
North America Commercial P&C Insurance$18 $(446)$(428)0.7 %
North America Personal P&C Insurance— (305)(305)0.5 %
North America Agricultural Insurance— (104)(104)0.2 %
Overseas General Insurance(26)(264)(290)0.5 %
Global Reinsurance— (25)(25)— %
Corporate296 — 296 0.5 %
Total$288 $(1,144)$(856)1.4 %
2023
North America Commercial P&C Insurance$(86)$(408)$(494)0.8 %
North America Personal P&C Insurance— (134)(134)0.2 %
North America Agricultural Insurance— (18)(18)— %
Overseas General Insurance(50)(326)(376)0.6 %
Global Reinsurance7 (35)(28)— %
Corporate 277 — 277 0.5 %
Total$148 $(921)$(773)1.3 %
(1)     Calculated based on the beginning of period consolidated net unpaid losses and loss expenses.
Schedule Of Asbestos Environmental Loss Roll Forward and by segment The following table presents a roll-forward of consolidated A&E loss reserves including allocated loss expense reserves for A&E exposures, and the valuation allowance for uncollectible paid and unpaid reinsurance recoverables:
AsbestosEnvironmentalTotal
(in millions of U.S. dollars)GrossNetGrossNetGrossNet
Balance at December 31, 2022$1,098 $703 $412 $310 $1,510 $1,013 
Incurred activity180 120 88 63 268 183 (1)
Paid activity(258)(169)(105)(82)(363)(251)
Balance at December 31, 20231,020 654 395 291 1,415 945 
Incurred activity176 126 74 47 250 173 (1)
Paid activity(232)(172)(90)(61)(322)(233)
Balance at December 31, 2024964 608 379 277 1,343 885 
Incurred activity202 134 77 63 279 197 (1)
Paid activity(318)(216)(74)(42)(392)(258)
Balance at December 31, 2025$848 $526 $382 $298 $1,230 $824 
(1)    Excludes unallocated loss expenses and the net activity reflects third-party reinsurance other than the aggregate excess of loss reinsurance provided by National Indemnity Company (NICO) to Westchester Specialty (see Westchester Specialty section below).
The A&E net loss reserves including allocated loss expense reserves and valuation allowance for uncollectible reinsurance at December 31, 2025 and 2024, shown in the table above comprises:
December 31
(in millions of U.S. dollars)20252024
Brandywine operations$483 $502 
Westchester Specialty72 86 
Chubb Corp235 258 
Other, mainly Overseas General Insurance34 39 
Total$824 $885 
Liability for Future Policy Benefit, Activity
The following tables present a roll-forward of the liability for future policy benefits included in the Life Insurance segment:

Present Value of Expected Net PremiumsFor the Year Ended December 31, 2025
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period$1,523 $4,405 $11,626 $125 $17,679 
Beginning balance at original discount rate1,819 4,303 11,499 124 17,745 
Effect of changes in cash flow assumptions(59)(65)(389)7 (506)
Effect of actual variances from expected experience11 (20)(293)1 (301)
Adjusted beginning of period balance1,771 4,218 10,817 132 16,938 
Issuances221 1,656 1,876 409 4,162 
Interest accrual61 154 568 11 794 
Net premiums collected (1)
(253)(1,526)(1,526)(138)(3,443)
Other (including foreign exchange)14 114 (70)9 67 
Ending balance at original discount rate1,814 4,616 11,665 423 18,518 
Effect of changes in discount rate assumptions(270)133 23 3 (111)
Balance – end of period$1,544 $4,749 $11,688 $426 $18,407 
(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefits.

Present Value of Expected Future Policy BenefitsFor the Year Ended December 31, 2025
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period $2,238 $12,057 $15,693 $647 $30,635 
Beginning balance at original discount rate2,647 11,242 15,652 601 30,142 
Effect of changes in cash flow assumptions(60)(93)(434)13 (574)
Effect of actual variances from expected experience19 (21)(291)1 (292)
Adjusted beginning of period balance2,606 11,128 14,927 615 29,276 
Issuances221 1,656 1,876 409 4,162 
Interest accrual82 407 699 28 1,216 
Benefits payments(231)(333)(1,770)(17)(2,351)
Other (including foreign exchange)37 275 (87)23 248 
Ending balance at original discount rate2,715 13,133 15,645 1,058 32,551 
Effect of changes in discount rate assumptions(402)658 (58)26 224 
Balance – end of period$2,313 $13,791 $15,587 $1,084 $32,775 
Liability for Future Policy Benefits, Life Insurance SegmentDecember 31, 2025
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Net liability for future policy benefits$769 $9,042 $3,899 $658 $14,368 
Deferred profit liability319 1,922 234 77 2,552 
Net liability for future policy benefits, before reinsurance recoverable1,088 10,964 4,133 735 16,920 
Less: Reinsurance recoverable on future policy benefits106 48 121 1 276 
Net liability for future policy benefits, after reinsurance recoverable$982 $10,916 $4,012 $734 $16,644 
Weighted average duration (years)11.026.510.026.021.6

Present Value of Expected Net PremiumsFor the Year Ended December 31, 2024
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period $1,590 $3,950 $10,432 $64 $16,036 
Beginning balance at original discount rate1,992 3,945 10,692 64 16,693 
Effect of changes in cash flow assumptions(141)178 417 (4)450 
Effect of actual variances from expected experience11 (2)(139)— (130)
Adjusted beginning of period balance1,862 4,121 10,970 60 17,013 
Issuances221 1,211 2,162 86 3,680 
Interest accrual58 128 540 5 731 
Net premiums collected (1)
(242)(1,086)(1,483)(40)(2,851)
Other (including foreign exchange)(80)(71)(690)13 (828)
Ending balance at original discount rate1,819 4,303 11,499 124 17,745 
Effect of changes in discount rate assumptions(296)102 127 1 (66)
Balance – end of period$1,523 $4,405 $11,626 $125 $17,679 
(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefits.
Present Value of Expected Future Policy BenefitsFor the Year Ended December 31, 2024
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period$2,254 $10,063 $14,650 $495 $27,462 
Beginning balance at original discount rate2,749 9,991 15,071 492 28,303 
Effect of changes in cash flow assumptions(141)205 373 (5)432 
Effect of actual variances from expected experience20 11 (141)— (110)
Adjusted beginning of period balance2,628 10,207 15,303 487 28,625 
Issuances221 1,211 2,162 86 3,680 
Interest accrual76 331 668 17 1,092 
Benefits payments(224)(340)(1,594)(18)(2,176)
Other (including foreign exchange)(54)(167)(887)29 (1,079)
Ending balance at original discount rate2,647 11,242 15,652 601 30,142 
Effect of changes in discount rate assumptions(409)815 41 46 493 
Balance – end of period$2,238 $12,057 $15,693 $647 $30,635 


Liability for Future Policy Benefits, Life Insurance SegmentDecember 31, 2024
(in millions of U.S. dollars, except for years)Term LifeWhole LifeA&HOtherTotal
Net liability for future policy benefits$715 $7,652 $4,067 $522 $12,956 
Deferred profit liability279 1,210 196 39 1,724 
Net liability for future policy benefits, before reinsurance recoverable994 8,862 4,263 561 14,680 
Less: Reinsurance recoverable on future policy benefits108 47 113 1 269 
Net liability for future policy benefits, after reinsurance recoverable$886 $8,815 $4,150 $560 $14,411 
Weighted average duration (years)10.427.89.818.621.3
The following table presents a reconciliation of the roll-forwards above to the Future policy benefits liability presented in the Consolidated balance sheets.

December 31
(in millions of U.S. dollars)20252024
Net liability for future policy benefits, Life Insurance segment$14,368 $12,956 
Other (1)
1,500 1,441 
Deferred profit liability2,552 1,724 
Liability for future policy benefits, per consolidated balance sheet$18,420 $16,121 
(1)Other business principally comprises certain Overseas General Insurance accident and health (A&H) policies and certain Chubb Life Re business.


In the third quarter of 2025 and 2024, we completed our annual actuarial assumptions review and made immaterial changes to the liability for future policy benefits.

The following table presents the amount of undiscounted and discounted expected gross premiums and expected future policy benefit payments included in the Life Insurance segment:
December 31December 31
(in millions of U.S. dollars)20252024
Term Life
Undiscounted expected future benefit payments$4,486 $4,141 
Undiscounted expected future gross premiums6,789 6,508 
Discounted expected future benefit payments
2,313 2,238 
Discounted expected future gross premiums
4,556 4,400 
Whole Life
Undiscounted expected future benefit payments32,438 28,263 
Undiscounted expected future gross premiums11,033 10,346 
Discounted expected future benefit payments
13,791 12,057 
Discounted expected future gross premiums
9,152 8,452 
A&H
Undiscounted expected future benefit payments26,331 26,584 
Undiscounted expected future gross premiums38,881 38,826 
Discounted expected future benefit payments
15,587 15,693 
Discounted expected future gross premiums
23,445 23,133 
Other
Undiscounted expected future benefit payments1,989 1,126 
Undiscounted expected future gross premiums639 242 
Discounted expected future benefit payments
1,084 647 
Discounted expected future gross premiums
$600 $216 
The following table presents the amount of revenue and interest recognized in the Consolidated statements of operations for the Life Insurance segment:
Gross Premiums or AssessmentsInterest Accretion
For the Years EndedFor the Years Ended
December 31December 31
(in millions of U.S. dollars)202520242023202520242023
Life Insurance
Term Life$734 $684 $641 $21 $18 $19 
Whole Life2,674 1,962 1,259 253 203 165 
A&H3,109 3,016 2,918 131 128 141 
Other193 67 28 17 12 7 
Total$6,710 $5,729 $4,846 $422 $361 $332 

The following table presents the weighted-average interest rates for the Life Insurance segment:

Interest Accretion RateCurrent Discount Rate
December 31December 31
202520242023202520242023
Life Insurance
Term Life3.1 %3.0 %2.8 %5.4 %5.4 %5.2 %
Whole Life3.4 %3.3 %3.2 %4.2 %4.1 %4.6 %
A&H4.3 %3.9 %3.7 %5.9 %5.8 %6.2 %
Other3.3 %2.8 %2.6 %3.5 %3.8 %4.1 %