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Fair value measurements
 3 Months Ended
Mar. 31, 2026
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 2025 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
March 31, 2026Level 1Level 2Level 3Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. and local government securities$1,487 $2,210 $— $3,697 
Non-U.S.— 39,893 689 40,582 
Corporate and asset-backed securities— 44,296 3,536 47,832 
Mortgage-backed securities— 31,322 — 31,322 
1,487 117,721 4,225 123,433 
Equity securities (1)
5,343 — 121 5,464 
Short-term investments2,591 2,465 11 5,067 
Other investments (2)
664 9,073 — 9,737 
Securities lending collateral— 2,277 — 2,277 
Investment derivatives33 — — 33 
Derivatives designated as hedging instruments— 265 — 265 
Other derivative instruments28 — — 28 
Separate account assets6,649 69 — 6,718 
Total assets measured at fair value (1)(2)(3)
$16,795 $131,870 $4,357 $153,022 
Liabilities:
Investment derivatives$358 $— $— $358 
Derivatives designated as hedging instruments— 80 — 80 
Market risk benefits (4)
— — 642 642 
Total liabilities measured at fair value$358 $80 $642 $1,080 
(1)Excluded from the table above are funds of $5,452 million, measured using NAV as a practical expedient.
(2)Excluded from the table above are other investments of $1,433 million, principally policy loans, measured using NAV as a practical expedient.
(3)Excluded from the table above are private equities of $17,132 million, measured using NAV as a practical expedient.
(4)Refer to Note 11 for additional information on Market risk benefits.
 
December 31, 2025Level 1Level 2Level 3Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. and local government securities$1,481 $2,233 $— $3,714 
Non-U.S.— 39,685 671 40,356 
Corporate and asset-backed securities— 44,340 3,546 47,886 
Mortgage-backed securities— 30,724 — 30,724 
1,481 116,982 4,217 122,680 
Equity securities (1)
5,163 — 119 5,282 
Short-term investments2,657 2,138 45 4,840 
Other investments (2)
630 8,684 — 9,314 
Securities lending collateral— 2,500 — 2,500 
Investment derivatives22 — — 22 
Derivatives designated as hedging instruments— 266 — 266 
Other derivative instruments11 — — 11 
Separate account assets6,858 67 — 6,925 
Total assets measured at fair value (1)(2)(3)
$16,822 $130,637 $4,381 $151,840 
Liabilities:
Investment derivatives$242 $— $— $242 
Derivatives designated as hedging instruments— 232 — 232 
Other derivative instruments— 4 — 4 
Market risk benefits (4)
— — 659 659 
Total liabilities measured at fair value$242 $236 $659 $1,137 
(1)Excluded from the table above are funds of $5,519 million, measured using NAV as a practical expedient.
(2)Excluded from the table above are other investments of $1,435 million, principally policy loans, measured using NAV as a practical expedient.
(3)Excluded from the table above are private equities of $17,239 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
March 31, 2026
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities		Short-term investments
Non-U.S.Corporate and asset-
backed securities
Balance, beginning of period$671 $3,546 $119 $45 
Transfers into Level 32 1 — — 
Transfers out of Level 3— (17)— — 
Change in Net Unrealized Gains (Losses) in OCI(10)(14)— (2)
Net Realized Gains (Losses)— (7)— — 
Purchases76 111 6 8 
Sales(30)(1)(4)— 
Settlements(20)(83)— (40)
Balance, end of period$689 $3,536 $121 $11 
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date$— $(3)$— $— 
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date$(10)$(18)$— $(1)
Three Months Ended
March 31, 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 31 24 — — — 
Transfers out of Level 3— (1)— — — 
Change in Net Unrealized Gains (Losses) in OCI20 (4)— — — 
Net Realized Gains (Losses)(6)(2)(2)(5)— 
Purchases60 219 1 7 5 
Sales(53)(47)(2)(9)— 
Settlements(39)(63)— — (1)
Balance, end of period$587 $3,017 $— $113 $18 
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date$(1)$(3)$— $5 $— 
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date$14 $(10)$— $— $— 

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 2025 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:

March 31, 2026Fair ValueNet Carrying
Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Private debt held-for-investment$— $— $2,515 $2,515 $2,477 
Total assets$— $— $2,515 $2,515 $2,477 
Liabilities:
Repurchase agreements$— $3,736 $— $3,736 $3,736 
Short-term debt— 1,499 — 1,499 1,500 
Long-term debt— 14,038 590 14,628 15,970 
Hybrid debt— 480 — 480 425 
Total liabilities$— $19,753 $590 $20,343 $21,631 

December 31, 2025Fair ValueNet Carrying
Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Private debt held-for-investment$— $— $2,445 $2,445 $2,411 
Total assets$— $— $2,445 $2,445 $2,411 
Liabilities:
Repurchase agreements$— $3,324 $— $3,324 $3,324 
Short-term debt— 1,498 — 1,498 1,499 
Long-term debt— 14,045 576 14,621 15,728 
Hybrid debt— 484 — 484 422 
Total liabilities$— $19,351 $576 $19,927 $20,973