The following is a discussion of our results of operations, financial condition, and liquidity and capital resources as of and for the three and six months ended June 30, 2026. All comparisons in this discussion are to the corresponding prior year period unless otherwise indicated. All dollar amounts are rounded. However, percent changes and ratios are calculated using whole dollars. Accordingly, calculations using rounded dollars may differ. Our results of operations and cash flows for any interim period are not necessarily indicative of our results for the full year. This discussion should be read in conjunction with our Consolidated Financial Statements and related notes and our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2025 (2025 Form 10-K). Other Information We routinely post important information for investors on our website (investors.chubb.com). We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Securities and Exchange Commission (SEC) Regulation FD (Fair Disclosure). Accordingly, investors should monitor the Investor Information portion of our website, in addition to following our press releases, SEC filings, public conference calls, and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this report. MD&A Index Page Forward-Looking Statements 51 Overview 52 Consolidated Operating Results 53 Segment Operating Results 57 Net Realized and Unrealized Gains (Losses) 67 Effective Income Tax Rate 68 Non-GAAP Reconciliation 68 Net Investment Income 74 Interest Expense 74 Investments 74 Critical Accounting Estimates 78 Catastrophe Management 79 Global Property Catastrophe Reinsurance Program 80 Capital Resources 81 Liquidity 82 Information Provided In Connection With Outstanding Debt of Subsidiaries 83 50 Table of Contents Forward-Looking Statements The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Any written or oral statements made by us or on our behalf may include forward-looking statements that reflect our current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks, uncertainties, and other factors that could, should potential events occur, cause actual results to differ materially from such statements. These risks, uncertainties, and other factors, which are described in more detail elsewhere herein and in other documents we file with the SEC, include but are not limited to: •actual amount of new and renewal business, premium rates, underwriting margins, market acceptance of our products, and risks associated with the introduction of new products and services and entering new markets; the competitive environment in which we operate, including trends in pricing or in policy terms and conditions, which may differ from our projections, and changes in market conditions that could render our business strategies ineffective or obsolete; •losses arising out of natural or man-made catastrophes; actual loss experience from insured or reinsured events and the timing of claim payments; the uncertainties of the loss-reserving and claims-settlement processes, including the difficulties associated with assessing environmental damage and asbestos-related latent injuries, the impact of aggregate-policy-coverage limits, the impact of bankruptcy protection sought by various asbestos producers and other related businesses, and the timing of loss payments; •changes in the distribution or placement of risks due to increased consolidation of insurance and reinsurance brokers; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; the ability to collect reinsurance recoverable, credit developments of reinsurers, and any delays with respect thereto and changes in the cost, quality, or availability of reinsurance; •uncertainties relating to governmental, legislative and regulatory policies, developments, actions, investigations, and treaties; judicial decisions and rulings, new theories of liability, legal tactics, and settlement terms; the effects of data privacy or cyber laws or regulation; global political conditions, the outbreak and effects of war, the occurrence of any terrorist attacks, and possible business disruption or economic contraction that may result from such events; •the impact of changes in tax laws, guidance and interpretations, such as the implementation of the Organization for Economic Cooperation and Development international tax framework, or the increasing number of challenges from tax authorities in the current global tax environment; •severity of pandemics and related risks, and their effects on our business operations and claims activity, and any adverse impact to our insureds, brokers, agents, and employees; actual claims may exceed our best estimate of ultimate insurance losses incurred which could change including as a result of, among other things, the impact of legislative or regulatory actions taken in response to a pandemic; •developments in global financial markets, including changes in interest rates, stock markets, and other financial markets; increased government involvement or intervention in the financial services industry; the cost and availability of financing, and foreign currency exchange rate fluctuations; changing rates of inflation; and other general economic and business conditions, including the depth and duration of potential recession; •the availability of borrowings and letters of credit under our credit facilities; the adequacy of collateral supporting funded high deductible programs; and the amount of dividends received from subsidiaries; •changes to our assessment as to whether it is more likely than not that we will be required to sell, or have the intent to sell, available-for-sale fixed maturity investments before their anticipated recovery; •actions that rating agencies may take from time to time, such as financial strength or credit ratings downgrades or placing these ratings on credit watch negative or the equivalent; •the effects of public company bankruptcies and accounting restatements, as well as disclosures by and investigations of public companies relating to possible accounting irregularities, and other corporate governance issues; •acquisitions made performing differently than expected, our failure to realize anticipated expense-related efficiencies or growth from acquisitions, and the impact of acquisitions on our pre-existing organization; •risks associated with being a Swiss corporation, including reduced flexibility with respect to certain aspects of capital management and the potential for additional regulatory burdens; share repurchase plans and share cancellations; •loss of the services of any of our executive officers without suitable replacements being recruited in a reasonable time frame; 51 Table of Contents •the ability of our technology resources, including information systems and security, to perform as anticipated such as with respect to preventing material information technology failures or third-party infiltrations or hacking resulting in consequences adverse to Chubb or its customers or partners; the ability of our company to increase use of data analytics and technology as part of our business strategy and adapt to new technologies; and •management’s response to these factors and actual events (including, but not limited to, those described above). The words “believe,” “anticipate,” “estimate,” “project,” “should,” “plan,” “expect,” “intend,” “hope,” “feel,” “foresee,” “will likely result,” “will continue,” and variations thereof and similar expressions, identify forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates such statements were made. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future events, or otherwise. Overview Chubb Limited is the Swiss-incorporated holding company of the Chubb Group of Companies. Chubb Limited, which is headquartered in Zurich, Switzerland, and its direct and indirect subsidiaries (collectively, the Chubb Group of Companies, Chubb, we, us, or our) are a global insurance and reinsurance organization, serving the needs of a diverse group of clients worldwide. At June 30, 2026, we had total assets of $281 billion and total Chubb shareholders’ equity, which excludes noncontrolling interests, of $75 billion. Chubb was incorporated in 1985 at which time it opened its first business office in Bermuda and continues to maintain operations in Bermuda. We operate through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. For more information on our segments refer to “Segment Information” under Item 1 in our 2025 Form 10-K. 52 Table of Contents Consolidated Operating Results – Three and Six Months Ended June 30, 2026 and 2025 Three Months Ended Six Months Ended June 30 % Change June 30 % Change (in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25 2026 2025 YTD-26 vs. YTD-25 Net premiums written $ 14,705 $ 14,196 3.6 % $ 28,710 $ 26,842 7.0 % Net premiums written - constant dollars (1) 2.0 % 4.7 % Net premiums earned 13,889 13,125 5.8 % 27,346 25,125 8.8 % Net investment income 1,760 1,568 12.3 % 3,469 3,129 10.9 % Net realized gains (losses) 162 160 1.5 % (245) 44 NM Market risk benefits gains (losses) 5 (17) NM 19 (109) NM Total revenues 15,816 14,836 6.6 % 30,589 28,189 8.5 % Losses and loss expenses 6,691 6,572 1.8 % 12,822 13,468 (4.8) % Policy benefits 1,615 1,406 14.8 % 3,400 2,633 29.1 % Policy acquisition costs 2,632 2,415 9.0 % 5,228 4,728 10.6 % Administrative expenses 1,168 1,125 3.9 % 2,317 2,205 5.1 % Interest expense 200 181 11.0 % 398 362 10.0 % Other (income) expense (196) (655) (70.1) % (357) (738) (51.7) % Amortization of purchased intangibles 74 74 — 147 149 (1.7) % Integration expenses and severance 8 2 NM 17 2 NM Total expenses 12,192 11,120 9.7 % 23,972 22,809 5.1 % Income before income tax 3,624 3,716 (2.5) % 6,617 5,380 23.0 % Income tax expense 742 717 3.5 % 1,388 1,038 33.7 % Net income $ 2,882 $ 2,999 (3.9) % $ 5,229 $ 4,342 20.4 % Net income attributable to noncontrolling interests 28 31 (12.3) % 55 43 26.8 % Net income attributable to Chubb $ 2,854 $ 2,968 (3.8) % $ 5,174 $ 4,299 20.4 % (1) On a constant-dollar basis. Amounts are calculated by translating prior period results using the same local currency exchange rates as the comparable current period. NM - Not meaningful Financial Highlights for the Three Months Ended June 30, 2026 •Net income attributable to Chubb was $2.9 billion compared with $3.0 billion in the prior year period, reflecting growth in both P&C underwriting income and Life segment income, and higher net investment income, offset by lower mark-to-market gains on private equity investments. •Total pre-tax catastrophe losses were $475 million, compared with $630 million in the prior year. •Consolidated net premiums written were $14.71 billion, up 3.6 percent. •P&C net premiums written increased 3.0 percent, with consumer insurance up 8.7 percent and commercial insurance up 0.8 percent. Consumer insurance growth reflects strong new business and retention, including positive rate and exposure increases. Commercial lines growth was unfavorably impacted by underwriting actions in large account and E&S property, which reduced growth by 4.5 percentage points. •Life Insurance segment net premiums written increased 7.5 percent, due to growth in international life of 6.2 percent reflecting growth in traditional regular premium products of 12.4 percent, offset by lower savings-oriented single premium business. International life insurance deposits collected increased $197 million, up 38.3 percent. 53 Table of Contents Additionally, our Chubb Benefits business grew 14.0 percent, primarily driven by worksite business. •Pre-tax net investment income was $1.76 billion, compared with $1.6 billion in the prior year period, primarily due to higher average invested assets. •Operating cash flow was $3.7 billion. Net Premiums Written Three Months EndedJune 30 % Change Six Months EndedJune 30 % Change (in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25 C$ Q-26 vs. Q-25 2026 2025 YTD-26 vs. YTD-25 C$ YTD-26 vs. YTD-25 Property and other short-tail lines $ 2,486 $ 2,766 (10.1) % (11.7) % $ 4,953 $ 5,255 (5.8) % (8.3) % Commercial casualty 2,543 2,389 6.4 % 5.2 % 5,114 4,641 10.2 % 8.3 % Financial lines 1,331 1,278 4.2 % 2.6 % 2,424 2,357 2.9 % 0.6 % Workers' compensation 581 547 6.2 % 6.2 % 1,207 1,185 1.9 % 1.9 % Commercial multiple peril (1) 537 481 11.6 % 11.4 % 991 897 10.5 % 10.3 % Surety 247 225 10.0 % 6.9 % 467 425 9.9 % 6.4 % Total Commercial P&C lines 7,725 7,686 0.5 % (0.9) % 15,156 14,760 2.7 % 0.6 % Agriculture 776 733 6.0 % 6.0 % 1,087 1,009 7.8 % 7.8 % Personal homeowners 1,640 1,535 6.8 % 6.0 % 2,913 2,678 8.8 % 7.7 % Personal automobile 861 779 10.5 % 4.3 % 1,716 1,470 16.8 % 9.7 % Personal other 530 475 11.4 % 9.0 % 1,090 986 10.5 % 7.2 % Total Personal lines (2) 3,031 2,789 8.6 % 6.0 % 5,719 5,134 11.4 % 8.2 % Global A&H - P&C 882 806 9.3 % 6.0 % 1,805 1,629 10.8 % 6.1 % Reinsurance lines 354 380 (6.7) % (6.7) % 717 788 (9.0) % (9.3) % Total Property and Casualty lines 12,768 12,394 3.0 % 1.4 % 24,484 23,320 5.0 % 2.7 % Life Insurance 1,937 1,802 7.5 % 6.3 % 4,226 3,522 20.0 % 18.3 % Total consolidated $ 14,705 $ 14,196 3.6 % 2.0 % $ 28,710 $ 26,842 7.0 % 4.7 % (1)Commercial multiple peril represents retail package business (property and general liability). (2)For purposes of this schedule only, certain 2025 Personal lines results have been reclassified among Personal lines categories to align with current-year reporting. This reclassification did not impact total Personal lines results. For additional information on net premiums written, refer to the segment operating results discussions. 54 Table of Contents Catastrophe Losses and Prior Period Development Three Months Ended Six Months Ended June 30 June 30 (in millions of U.S. dollars) 2026 2025 2026 2025 Net catastrophe losses $ 475 $ 630 $ 975 $ 2,271 Favorable prior period development $ 283 $ 249 $ 569 $ 504 Catastrophe losses through June 30, 2026 and 2025, were primarily from the following events: •2026: Flooding, hail, tornadoes, wind events, and winter-related storms in the U.S., and other international weather-related events. ◦Total North America P&C Insurance catastrophe losses were $442 million and $870 million for the three and six months ended June 30, 2026, respectively. ◦Total Overseas General catastrophe losses were $25 million and $89 million for the three and six months ended June 30, 2026, respectively. •2025: California wildfire losses of $1.47 billion; flooding in the U.S., hail, tornadoes, wind events; global earthquakes, principally in Thailand; and winter storm losses. ◦Total North America P&C Insurance catastrophe losses were $372 million and $1.88 billion for the three and six months ended June 30, 2025, respectively. ◦Total Overseas General catastrophe losses were $252 million and $307 million for the three and six months ended June 30, 2025, respectively. Pre-tax net favorable PPD for the three months ended June 30, 2026, was $441 million in our active companies, including net favorable development of $393 million in short-tail lines and net favorable development of $48 million in long-tail lines. Net favorable development for short-tail lines is driven by auto physical damage and property lines. Net favorable development for long-tail lines primarily relates to workers' compensation, partially offset by adverse development in commercial general liability. Our corporate run-off portfolio had adverse development of $158 million, primarily driven by adverse development for molestation-related claims. Pre-tax net favorable PPD for the six months ended June 30, 2026 was $742 million in our active companies, including net favorable development of $715 million in short-tail lines and net favorable development of $27 million in long-tail lines. Net favorable development for short-tail lines primarily includes property, auto physical damage and surety lines. Net favorable development for long-tail lines is driven by workers' compensation, partially offset by adverse development in general casualty lines. Our corporate run-off portfolio had adverse development of $173 million, primarily driven by adverse development for molestation-related claims. Pre-tax net favorable PPD for the three months ended June 30, 2025 was $319 million in our active companies, including net favorable development of $279 million and $40 million in short-tail lines and long-tail lines, respectively. Net favorable development for short-tail lines primarily includes property, auto physical damage, and marine lines. Net favorable development for long-tail lines primarily relates to the Risk Management business with favorable development primarily in workers' compensation, partially offset by adverse development in general liability in the Risk Management business and adverse development from other commercial auto liability portfolios. Our corporate run-off portfolio had adverse development of $70 million, primarily driven by adverse development for molestation-related claims. Pre-tax net favorable PPD for the six months ended June 30, 2025, was $587 million in our active companies, including net favorable development of $591 million in short-tail lines and net adverse development of $4 million in long-tail lines. Net favorable development for short-tail lines primarily includes surety, property, and marine lines. Net adverse development for long-tail lines reflects favorable development in workers' compensation and financial lines offset by adverse development in general casualty lines. Our corporate run-off portfolio had adverse development of $83 million, primarily driven by adverse development for molestation-related claims. Refer to the catastrophe losses and prior period development discussion in Item 7 in our 2025 Form 10-K and the prior period development discussion in Note 7 to the Consolidated Financial Statements for additional information. 55 Table of Contents P&C Combined Ratio Three Months Ended Six Months Ended June 30 June 30 2026 2025 2026 2025 Combined ratio: Loss and loss expense ratio 56.7 % 59.0 % 56.2 % 63.1 % Policy acquisition cost ratio 19.1 % 18.5 % 19.5 % 18.9 % Administrative expense ratio 8.0 % 8.1 % 8.2 % 8.4 % P&C Combined ratio 83.8 % 85.6 % 83.9 % 90.4 % Catastrophe losses (4.0) % (5.5) % (4.2) % (10.5) % Prior period development 2.4 % 2.2 % 2.5 % 2.4 % P&C CAY combined ratio excluding catastrophe losses 82.2 % 82.3 % 82.2 % 82.3 % The P&C combined ratio decreased for the three and six months ended June 30, 2026, reflecting lower catastrophe losses. The P&C CAY combined ratio excluding catastrophe losses was relatively flat for the three and six months ended June 30, 2026. 56 Table of Contents Segment Operating Results – Three and Six Months Ended June 30, 2026 and 2025 North America Commercial P&C Insurance The North America Commercial P&C Insurance segment comprises operations that provide P&C insurance and services to large, middle market, and small commercial businesses in the U.S., Canada, and Bermuda. This segment includes our North America Major Accounts and Specialty Insurance division (large corporate accounts and wholesale business), and the North America Commercial Insurance division (principally middle market and small commercial accounts). Three Months Ended Six Months Ended June 30 % Change June 30 % Change (in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25 2026 2025 YTD-26 vs. YTD-25 Net premiums written $ 5,594 $ 5,723 (2.3) % $ 10,489 $ 10,510 (0.2) % Net premiums earned 5,214 5,177 0.7 % 10,362 10,165 1.9 % Losses and loss expenses 3,372 3,258 3.5 % 6,592 6,289 4.8 % Policy acquisition costs 730 705 3.5 % 1,482 1,424 4.0 % Administrative expenses 351 357 (1.7) % 705 701 0.7 % Underwriting income 761 857 (11.2) % 1,583 1,751 (9.6) % Net investment income 982 938 4.8 % 1,953 1,867 4.6 % Other (income) expense 15 8 87.6 % 29 16 81.7 % Amortization of purchased intangibles 1 2 NM 2 3 NM Segment income $ 1,727 $ 1,785 (3.2) % $ 3,505 $ 3,599 (2.6) % Combined ratio: Loss and loss expense ratio 64.7 % 62.9 % 1.8 pts 63.6 % 61.9 % 1.7 pts Policy acquisition cost ratio 14.0 % 13.7 % 0.3 pts 14.3 % 14.0 % 0.3 pts Administrative expense ratio 6.7 % 6.9 % (0.2) pts 6.8 % 6.9 % (0.1) pts Combined ratio 85.4 % 83.5 % 1.9 pts 84.7 % 82.8 % 1.9 pts Catastrophe losses (5.8) % (4.5) % (1.3) pts (4.9) % (3.8) % (1.1) pts Prior period development 2.2 % 2.1 % 0.1 pts 2.0 % 2.2 % (0.2) pts CAY combined ratio excluding catastrophe losses 81.8 % 81.1 % 0.7 pts 81.8 % 81.2 % 0.6 pts NM - Not meaningful 57 Table of Contents Production by Size - Net premiums written Three Months Ended Six Months Ended June 30 % Change June 30 % Change (in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25 2026 2025 YTD-26 vs. YTD-25 Major Accounts & Specialty (large corporate accounts and wholesale business) $ 3,257 $ 3,578 (9.0) % $ 6,029 $ 6,309 (4.4) % Commercial (middle market and small commercial accounts) 2,337 2,145 8.9 % 4,460 4,201 6.2 % Total $ 5,594 $ 5,723 (2.3) % $ 10,489 $ 10,510 (0.2) % Net Catastrophe Losses and Prior Period Development Three Months Ended Six Months Ended June 30 June 30 (in millions of U.S. dollars) 2026 2025 2026 2025 Net catastrophe losses $ 302 $ 229 $ 504 $ 383 Favorable prior period development $ 111 $ 106 $ 200 $ 220 Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development. Premiums Net premiums written decreased $129 million, or 2.3 percent, for the three months ended June 30, 2026, which includes a decline in P&C lines of 3.1 percent, and growth in financial lines of 2.1 percent. Middle market and small commercial grew 8.9 percent, with P&C lines up 12.0 percent and financial lines down 2.8 percent. Major accounts retail and specialty declined 9.0 percent, with property and other short-tail lines down 30.1 percent, casualty up 1.1 percent, and financial lines up 6.8 percent. Net premiums written decreased $21 million, or 0.2 percent, for the six months ended June 30, 2026, which includes declines in P&C lines of 0.2 percent and in financial lines of 0.3 percent. Middle market and small commercial grew 6.2 percent, with P&C lines up 8.7 percent and financial lines down 4.2 percent. Major accounts retail and specialty declined 4.4 percent, with property and other short-tail lines down 26.9 percent, casualty up 9.7 percent, and financial lines up 4.0 percent. The decrease in premiums is primarily due to a decline in our large account and E&S property, which reduced overall growth by approximately 6.4 and 5.8 percentage points, for the three and six months ended June 30, 2026, respectively, primarily due to underwriting actions. Net premiums earned increased $37 million, or 0.7 percent, and $197 million, or 1.9 percent, for the three and six months ended June 30, 2026, respectively, reflecting the earning of premiums written in prior periods, which partially offset the decline in current quarter premiums written as described above. Combined Ratio The combined ratio increased for the three and six months ended June 30, 2026, reflecting higher catastrophe losses. The CAY combined ratio excluding catastrophe losses increased for the three and six months ended June 30, 2026, primarily reflecting a change in the mix of business given the reduced property exposure. 58 Table of Contents North America Personal P&C Insurance The North America Personal P&C Insurance segment comprises operations that provide high net worth personal lines products, including homeowners and complementary products such as valuable articles, excess liability, automobile, and recreational marine insurance and services in the U.S. and Canada. Three Months Ended Six Months Ended June 30 % Change June 30 % Change (in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25 2026 2025 YTD-26 vs. YTD-25 Net premiums written $ 2,054 $ 1,938 6.0 % $ 3,735 $ 3,490 7.0 % Net premiums earned 1,817 1,681 8.1 % 3,563 3,255 9.5 % Losses and loss expenses 791 822 (3.8) % 1,825 2,915 (37.4) % Policy acquisition costs 347 332 4.7 % 694 662 4.9 % Administrative expenses 86 82 4.6 % 171 169 0.9 % Underwriting income (loss) 593 445 33.4 % 873 (491) NM Net investment income 140 118 19.1 % 277 238 16.6 % Other (income) expense 3 — NM 6 1 NM Amortization of purchased intangibles 2 2 — 4 4 — Segment income (loss) $ 728 $ 561 29.9 % $ 1,140 $ (258) NM Combined ratio: Loss and loss expense ratio 43.5 % 48.9 % (5.4) pts 51.2 % 89.5 % (38.3) pts Policy acquisition cost ratio 19.1 % 19.7 % (0.6) pts 19.5 % 20.4 % (0.9) pts Administrative expense ratio 4.7 % 4.9 % (0.2) pts 4.8 % 5.2 % (0.4) pts Combined ratio 67.3 % 73.5 % (6.2) pts 75.5 % 115.1 % (39.6) pts Catastrophe losses (7.0) % (8.5) % 1.5 pts (9.8) % (45.2) % 35.4 pts Prior period development 9.6 % 7.2 % 2.4 pts 4.9 % 3.7 % 1.2 pts CAY combined ratio excluding catastrophe losses 69.9 % 72.2 % (2.3) pts 70.6 % 73.6 % (3.0) pts NM - Not meaningful Net Catastrophe Losses and Prior Period Development Three Months Ended Six Months Ended June 30 June 30 (in millions of U.S. dollars) 2026 2025 2026 2025 Net catastrophe losses $ 126 $ 142 $ 348 $ 1,484 Favorable prior period development $ 173 $ 121 $ 174 $ 121 Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development. Premiums Net premiums written increased $116 million, or 6.0 percent, and $245 million, or 7.0 percent, for the three and six months ended June 30, 2026, driven by strong new business and retention, including positive rate and broad exposure in most lines, primarily homeowners. Net premiums earned increased $136 million, or 8.1 percent, and $308 million, or 9.5 percent, for the three and six months ended June 30, 2026, reflecting the growth in net premiums written described above. 59 Table of Contents Combined Ratio The combined ratio decreased for the three and six months ended June 30, 2026, reflecting lower catastrophe losses and higher favorable prior period development. The decrease in the combined ratio for the six months ended June 30, 2026, reflects the impact of the California wildfire catastrophe losses in the prior year, including the unfavorable impact of the ceded reinstatement premiums on the expense ratio, which are fully earned and carry no expenses. The CAY combined ratio excluding catastrophe losses decreased for the three and six months ended June 30, 2026, due to improvement in homeowners and personal excess from lower underlying losses, a lower acquisition ratio resulting from a change in business mix, and a lower administrative ratio due to the impact of higher net premiums earned and expense management. North America Agricultural Insurance The North America Agricultural Insurance segment comprises our North American based businesses that provide a variety of coverages in the U.S. and Canada including crop insurance, primarily Multiple Peril Crop Insurance (MPCI) and crop-hail through Rain and Hail Insurance Service, Inc. (Rain and Hail), as well as farm and ranch and specialty P&C commercial insurance products and services through our Agriculture P&C business. Three Months Ended Six Months Ended June 30 % Change June 30 % Change (in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25 2026 2025 YTD-26 vs. YTD-25 Net premiums written $ 776 $ 733 6.0 % $ 1,087 $ 1,009 7.8 % Net premiums earned 641 598 7.2 % 830 763 8.8 % Losses and loss expenses 526 483 8.9 % 579 575 0.7 % Policy acquisition costs 45 48 (3.6) % 69 65 7.7 % Administrative expenses 4 2 39.8 % (2) 4 NM Underwriting income 66 65 1.2 % 184 119 54.7 % Net investment income 21 19 10.7 % 47 43 9.1 % Other (income) expense 2 — NM 2 1 155.1 % Amortization of purchased intangibles 6 6 — 12 12 — Segment income $ 79 $ 78 1.9 % $ 217 $ 149 45.4 % Combined ratio: Loss and loss expense ratio 82.0 % 80.8 % 1.2 pts 69.7 % 75.4 % (5.7) pts Policy acquisition cost ratio 7.2 % 7.9 % (0.7) pts 8.4 % 8.5 % (0.1) pts Administrative expense ratio 0.5 % 0.4 % 0.1 pts (0.3) % 0.5 % (0.8) pts Combined ratio 89.7 % 89.1 % 0.6 pts 77.8 % 84.4 % (6.6) pts Catastrophe losses (2.1) % (0.3) % (1.8) pts (2.1) % (2.1) % — pts Prior period development — — — pts 9.7 % 4.4 % 5.3 pts CAY combined ratio excluding catastrophe losses 87.6 % 88.8 % (1.2) pts 85.4 % 86.7 % (1.3) pts NM - Not meaningful Net Catastrophe Losses and Prior Period Development Three Months Ended Six Months Ended June 30 June 30 (in millions of U.S. dollars) 2026 2025 2026 2025 Net catastrophe losses $ 14 $ 1 $ 18 $ 16 Favorable prior period development $ — $ — $ 80 $ 33 Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development. 60 Table of Contents Premiums Net premiums written increased $43 million, or 6.0 percent, and $78 million, or 7.8 percent, for the three and six months ended June 30, 2026, primarily driven by growth in MPCI and crop-hail. The six months ended June 30, 2026, also includes growth in Livestock driven by lower reinsurance cessions. Net premiums earned increased $43 million, or 7.2 percent, and $67 million, or 8.8 percent, for the three and six months ended June 30, 2026, reflecting the growth in net premiums written described above. Combined Ratio The combined ratio increased for the three months ended June 30, 2026, reflecting higher catastrophe losses. The combined ratio decreased for the six months ended June 30, 2026, reflecting higher favorable prior period development. The CAY combined ratio excluding catastrophe losses decreased for the three and six months ended June 30, 2026, reflecting lower underlying losses in the agriculture P&C business and a lower acquisition cost ratio. The CAY combined ratio excluding catastrophe losses for the six months ended June 30, 2026, also benefited from a lower administrative expense ratio resulting from higher Administrative and Operating (A&O) reimbursements on the MPCI business. 61 Table of Contents Overseas General Insurance Overseas General Insurance segment comprises Chubb International and Chubb Global Markets (CGM). Chubb International comprises our international commercial P&C traditional and specialty lines serving large corporations, middle market and small customers; A&H and traditional and specialty personal lines business serving local territories outside the U.S., Bermuda, and Canada. CGM, our London-based international commercial P&C excess and surplus lines business, includes Lloyd's of London (Lloyd's) Syndicate 2488. Chubb provides funds at Lloyd's to support underwriting by Syndicate 2488, which is managed by Chubb Underwriting Agencies Limited. Effective April 1, 2025, the Overseas General Insurance segment includes the results of Liberty Mutual's P&C insurance business in Thailand. Three Months Ended Six Months Ended June 30 % Change June 30 % Change (in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25 2026 2025 YTD-26 vs. YTD-25 Net premiums written $ 3,990 $ 3,620 10.2 % $ 8,456 $ 7,523 12.4 % Net premiums written - constant dollars 4.8 % 5.5 % Net premiums earned 3,984 3,542 12.5 % 7,764 6,751 15.0 % Losses and loss expenses 1,709 1,789 (4.4) % 3,361 3,186 5.5 % Policy benefits 106 129 (18.7) % 219 242 (9.8) % Policy acquisition costs 1,060 913 16.1 % 2,069 1,750 18.2 % Administrative expenses 399 369 8.3 % 786 699 12.5 % Underwriting income 710 342 107.6 % 1,329 874 52.1 % Net investment income 313 278 12.6 % 613 559 9.7 % Other (income) expense 6 5 0.8 % 12 11 5.8 % Amortization of purchased intangibles 22 19 17.5 % 44 38 15.8 % Segment income $ 995 $ 596 67.2 % $ 1,886 $ 1,384 36.3 % Segment income - constant dollars 55.9 % 27.9 % Combined ratio: Loss and loss expense ratio 45.6 % 54.2 % (8.6) pts 46.1 % 50.8 % (4.7) pts Policy acquisition cost ratio 26.6 % 25.7 % 0.9 pts 26.7 % 25.9 % 0.8 pts Administrative expense ratio 10.0 % 10.4 % (0.4) pts 10.1 % 10.3 % (0.2) pts Combined ratio 82.2 % 90.3 % (8.1) pts 82.9 % 87.0 % (4.1) pts Catastrophe losses (0.6) % (7.1) % 6.5 pts (1.1) % (4.5) % 3.4 pts Prior period development 3.6 % 2.2 % 1.4 pts 3.5 % 3.0 % 0.5 pts CAY combined ratio excluding catastrophe losses 85.2 % 85.4 % (0.2) pts 85.3 % 85.5 % (0.2) pts Net Catastrophe Losses and Prior Period Development Three Months Ended Six Months Ended June 30 June 30 (in millions of U.S. dollars) 2026 2025 2026 2025 Net catastrophe losses $ 25 $ 252 $ 89 $ 307 Favorable prior period development $ 146 $ 77 $ 277 $ 198 Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development. 62 Table of Contents Net Premiums Written by Region Three Months Ended June 30 (in millions of U.S. dollars, except for percentages) 2026 2026 % of Total 2025 2025 % of Total C$ 2025 Q-26 vs. Q-25 C$ Q-26 vs. Q-25 Region Europe, Middle East, and Africa $ 1,628 41 % $ 1,548 43 % $ 1,610 5.1 % 1.1 % Asia 1,473 37 % 1,316 36 % 1,373 12.0 % 7.2 % Latin America 859 21 % 743 21 % 812 15.6 % 5.7 % Other (1) 30 1 % 13 — % 14 142.4 % 125.0 % Net premiums written $ 3,990 100 % $ 3,620 100 % $ 3,809 10.2 % 4.8 % Six Months Ended June 30 (in millions of U.S. dollars, except for percentages) 2026 2026 % of Total 2025 2025 % of Total C$ 2025 YTD-26 vs. YTD-25 C$ YTD-26 vs. YTD-25 Region Europe, Middle East, and Africa $ 3,845 45 % $ 3,463 46 % $ 3,705 11.0 % 3.8 % Asia 2,817 33 % 2,514 33 % 2,624 12.0 % 7.3 % Latin America 1,726 21 % 1,479 20 % 1,620 16.7 % 6.5 % Other (1) 68 1 % 67 1 % 69 2.8 % (0.6) % Net premiums written $ 8,456 100 % $ 7,523 100 % $ 8,018 12.4 % 5.5 % (1) Includes the international supplemental A&H business of Combined Insurance and other international operations. Premiums Overall, net premiums written increased $370 million and $933 million, or $181 million and $438 million on a constant-dollar basis, for the three and six months ended June 30, 2026, respectively, reflecting growth in commercial lines of 8.8 percent and 9.9 percent, or 3.9 percent and 3.5 percent on a constant-dollar basis, respectively, and growth in consumer lines of 12.1 percent and 16.2 percent, or 5.8 percent and 8.4 percent on a constant-dollar basis, respectively. Our European division increased for the three and six months ended June 30, 2026, supported primarily from growth in our retail business in commercial property, casualty, and cyber lines due to higher new business. Asia increased for the three and six months ended June 30, 2026, reflecting growth in commercial lines, including property and casualty lines, and in consumer lines, including personal lines and A&H. Growth in Asia is also attributable to the acquisition of Liberty Mutual's P&C insurance business in Thailand. Latin America increased for the three and six months ended June 30, 2026, primarily reflecting growth in personal lines business, including automobile in Mexico. Net premiums earned increased $442 million and $1,013 million, or $250 million and $581 million on a constant-dollar basis, for the three and six months ended June 30, 2026, respectively, reflecting the increase in net premiums written described above. Combined Ratio The combined ratio decreased for the three and six months ended June 30, 2026, primarily due to lower catastrophe losses and higher favorable prior period development. The CAY combined ratio excluding catastrophe losses decreased for the three and six months ended June 30, 2026, reflecting mix shift and continued expense management. 63 Table of Contents Global Reinsurance The Global Reinsurance segment represents our reinsurance operations comprising Chubb Tempest Re Bermuda, Chubb Tempest Re USA, Chubb Tempest Re International, and Chubb Tempest Re Canada. Global Reinsurance markets its reinsurance products worldwide primarily through reinsurance brokers under the Chubb Tempest Re brand name and provides a broad range of traditional and non-traditional reinsurance coverage to a diverse array of primary P&C companies. Three Months Ended Six Months Ended June 30 % Change June 30 % Change (in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25 2026 2025 YTD-26 vs. YTD-25 Net premiums written $ 354 $ 380 (6.7) % $ 717 $ 788 (9.0) % Net premiums written - constant dollars (6.7) % (9.3) % Net premiums earned 299 338 (11.5) % 625 706 (11.5) % Losses and loss expenses 121 132 (7.8) % 258 374 (31.0) % Policy acquisition costs 98 98 — 200 198 1.0 % Administrative expenses 8 10 (15.1) % 17 20 (11.6) % Underwriting income 72 98 (27.2) % 150 114 31.0 % Net investment income 110 85 29.4 % 218 155 40.7 % Segment income $ 182 $ 183 (0.9) % $ 368 $ 269 36.6 % Combined ratio: Loss and loss expense ratio 40.6 % 39.0 % 1.6 pts 41.3 % 53.0 % (11.7) pts Policy acquisition cost ratio 32.7 % 29.1 % 3.6 pts 32.0 % 28.0 % 4.0 pts Administrative expense ratio 2.8 % 2.9 % (0.1) pts 2.8 % 2.8 % — pts Combined ratio 76.1 % 71.0 % 5.1 pts 76.1 % 83.8 % (7.7) pts Catastrophe losses (2.8) % (1.8) % (1.0) pts (2.6) % (12.0) % 9.4 pts Prior period development 3.6 % 4.3 % (0.7) pts 1.7 % 2.1 % (0.4) pts CAY combined ratio excluding catastrophe losses 76.9 % 73.5 % 3.4 pts 75.2 % 73.9 % 1.3 pts Net Catastrophe Losses and Prior Period Development Three Months Ended Six Months Ended June 30 June 30 (in millions of U.S. dollars) 2026 2025 2026 2025 Net catastrophe losses $ 8 $ 6 $ 16 $ 81 Favorable prior period development $ 11 $ 15 $ 11 $ 15 Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development. Premiums Net premiums written decreased $26 million and $71 million for the three and six months ended June 30, 2026, most notably in catastrophe exposed property and casualty lines from increased risk retention by clients, lower underlying rates, and less favorable reinsurance terms. The six months ended June 30, 2026, also included the impact of higher catastrophe reinstatement premiums in the prior year. Net premiums earned decreased $39 million and $81 million for the three and six months ended June 30, 2026, reflecting the changes in net premiums written described above. The six months ended June 30, 2026, also included catastrophe reinstatement premiums in the prior year which were fully earned when written. 64 Table of Contents Combined Ratio The combined ratio increased for the three months ended June 30, 2026, primarily due to higher catastrophe losses and lower favorable prior period development. The combined ratio decreased for the six months ended June 30, 2026, primarily due to lower catastrophe losses, partially offset by lower favorable prior period development. The CAY combined ratio excluding catastrophe losses increased for the three and six months ended June 30, 2026, primarily due to less premium from catastrophe exposed property lines. Additionally, the three months ended June 30, 2026, was negatively impacted by higher underlying loss expectations on property lines than in the prior year. Life Insurance The Life Insurance segment comprises our international life operations including the life and asset management business of Huatai Group, Chubb Tempest Life Re (Chubb Life Re), and the supplemental accident, health, disability, and life business of Chubb Benefits. Three Months Ended Six Months Ended June 30 % Change June 30 % Change (in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25 2026 2025 YTD-26 vs. YTD-25 Net premiums written $ 1,937 $ 1,802 7.5 % $ 4,226 $ 3,522 20.0 % Net premiums written - constant dollars 6.3 % 18.3 % Net premiums earned 1,934 1,789 8.1 % 4,202 3,485 20.6 % Losses and loss expenses 22 20 7.1 % 50 46 6.8 % Policy benefits 1,374 1,249 10.0 % 3,074 2,412 27.5 % Policy acquisition costs 352 319 10.3 % 714 629 13.5 % Administrative expenses 213 199 7.8 % 423 401 5.7 % Net investment income 323 274 17.9 % 628 545 15.3 % Other (income) expense (45) (37) 20.4 % (96) (72) 33.6 % Amortization of purchased intangibles 9 8 NM 17 18 (8.6) % Segment income $ 332 $ 305 9.0 % $ 648 $ 596 8.8 % Segment income - constant dollars 9.1 % 8.1 % NM - Not meaningful Premiums Net premiums written increased $135 million and $704 million, or $114 million and $653 million on a constant-dollar basis, for the three and six months ended June 30, 2026, respectively. For our international life operations, net premiums written increased 6.2 percent and 21.1 percent, or 4.9 percent and 19.2 percent on a constant-dollar basis, for the three and six months ended June 30, 2026, respectively. The increase for the three months ended June 30, 2026, reflected growth in traditional regular premium products of 12.4 percent, primarily in Taiwan and Hong Kong, partially offset by lower savings-oriented single premium business, primarily from Huatai Life bancassurance channels. The increase for the six months ended June 30, 2026, reflected growth in traditional regular premium products of 14.1 percent, primarily in North Asia and agency production in Huatai Life, with the remaining growth from savings-oriented single premium business with premium financing in Hong Kong and Taiwan. Net premiums written in our Chubb Benefits business increased 14.0 percent and 14.9 percent for the three and six months ended June 30, 2026, respectively, due to 23.4 percent and 28.8 percent growth in worksite business. 65 Table of Contents Deposits The following table presents deposits collected on universal life and investment contracts: Three Months Ended Six Months Ended June 30 % Change June 30 % Change (in millions of U.S. dollars, except for percentages) 2026 2025 C$ 2025 Q-26 vs. Q-25 C$ Q-26 vs. Q-25 2026 2025 C$ 2025 Y-26 vs. Y-25 C$ Y-26 vs. Y-25 Deposits collected on universal life and investment contracts $ 715 $ 518 $ 527 38.3 % 35.9 % $ 1,464 $ 1,273 $ 1,308 15.1 % 12.0 % Deposits collected on universal life and investment contracts (life deposits) are not reflected as revenues in our Consolidated statements of operations in accordance with U.S. GAAP. However, new life deposits are an important component of production, as we earn income from both net investment spreads on account balances and fees for management and administrative services. Life deposits collected increased $197 million for the three months ended June 30, 2026, due to new higher single premium investment linked products in Taiwan and new participating product offerings in Hong Kong broker channels. Life deposits increased $191 million for the six months ended June 30, 2026, due to higher savings-oriented single premium sales in Hong Kong and Huatai Life, partially offset by lower single premium investment linked products in Taiwan. Life Insurance segment income Life Insurance segment income increased $27 million and $52 million, or 9.0 percent and 8.8 percent, for the three and six months ended June 30, 2026, respectively, reflecting underwriting profitability in our international life operations, which includes net investment income, and other income from asset management fees. The growth for the six months was driven by international life business growth mainly from Greater China, partially offset by non-recurring items that were favorable to the prior year within the North America Chubb Benefits and Life reinsurance businesses. Corporate Corporate results primarily include the results of our non-insurance companies, income and expenses not attributable to reportable segments, loss and loss expenses of asbestos and environmental (A&E) liabilities, certain other non-A&E run-off exposures including molestation, and Huatai Group's non-insurance operations results, comprising real estate and holding company activity. Three Months Ended Six Months Ended June 30 % Change June 30 % Change (in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25 2026 2025 YTD-26 vs. YTD-25 Losses and loss expenses $ 158 $ 70 125.5 % $ 173 $ 84 106.4 % Administrative expenses 107 106 0.8 % 217 211 2.5 % Underwriting loss (265) (176) 50.1 % (390) (295) 31.9 % Net investment income (loss) (10) (29) (62.7) % (21) (56) (60.8) % Other income (expense) (5) 528 NM 13 495 (97.5) % Amortization of purchased intangibles 34 37 (8.8) % 68 74 (8.6) % Net realized gains (losses) 98 122 (19.2) % (285) 44 NM Market risk benefits gains (losses) 5 (17) NM 19 (109) NM Interest expense 200 181 11.0 % 398 362 10.0 % Integration expenses and severance 8 2 NM 17 2 NM Income tax expense 742 717 3.5 % 1,388 1,038 33.7 % Net loss $ (1,161) $ (509) 128.8 % $ (2,535) $ (1,397) 81.4 % Net income attributable to noncontrolling interests 28 31 (12.3) % 55 43 26.8 % Net loss attributable to Chubb $ (1,189) $ (540) 120.5 % $ (2,590) $ (1,440) 79.8 % NM - Not meaningful Losses and loss expenses primarily includes unfavorable prior period development for molestation claims. 66 Table of Contents Integration expenses and severance principally comprised legal and professional fees and all other costs primarily related to acquisitions, as well as severance expenses incurred as part of transformation initiatives to enhance operational efficiency. These expenses are one-time in nature and are not related to the on-going business activities of the segments. The Chief Executive Officer does not manage segment results or allocate resources to segments when considering these costs and they are therefore excluded from our definition of segment income. Refer to the respective sections that follow for a discussion of Net realized gains (losses), Net investment income (loss), and Income tax expense (benefit). Refer to Notes 10 and 16 to the Consolidated Financial Statements for additional information on Market risk benefits gains (losses) and Other (income) expense, respectively. Net Realized and Unrealized Gains (Losses) We take a long-term view with our investment strategy, and our investment managers manage our investment portfolio to maximize total return within specific guidelines designed to minimize risk. The majority of our investment portfolio is available-for-sale and reported at fair value. The effect of market movements on our fixed maturities available-for-sale portfolio impacts Net income (through Net realized gains (losses)) when securities are sold, when we write down an asset, or when we record a change to the valuation allowance for expected credit losses. For a further discussion related to how we assess the valuation allowance for expected credit losses and the related impact on Net income, refer to Note 1 f) to the Consolidated Financial Statements in our 2025 Form 10-K. For more information on the effect of market movements and their impact on Net income and Accumulated other comprehensive income, refer to Net Realized and Unrealized Gains (Losses) in Item 7 in our 2025 Form 10-K. The following table presents our net realized and unrealized gains (losses): Three Months Ended June 30 2026 2025 (in millions of U.S. dollars) Net Realized Gains (Losses) Net Unrealized Gains (Losses) Net Impact Net Realized Gains (Losses) Net Unrealized Gains (Losses) Net Impact Fixed maturities $ 18 $ 357 $ 375 $ (7) $ 986 $ 979 Investment and embedded derivative instruments (55) — (55) 154 — 154 Public equity Sales 46 — 46 32 — 32 Mark-to-market 80 — 80 105 — 105 Private equity (less than 3 percent ownership) Mark-to-market 93 — 93 (28) — (28) Total investment portfolio 182 357 539 256 986 1,242 Other derivative instruments (8) — (8) (2) — (2) Foreign exchange (17) (158) (175) (89) 796 707 Current discount rate on future policy benefits — (145) (145) — (130) (130) Instrument-specific credit risk on market risk benefits — 1 1 — 1 1 Other 5 39 44 (5) (26) (31) Net gains (losses), pre-tax $ 162 $ 94 $ 256 $ 160 $ 1,627 $ 1,787 67 Table of Contents Six Months Ended June 30 2026 2025 (in millions of U.S. dollars) Net Realized Gains (Losses) Net Unrealized Gains (Losses) Net Impact Net Realized Gains (Losses) Net Unrealized Gains (Losses) Net Impact Fixed maturities $ (103) $ (1,469) $ (1,572) $ (104) $ 1,887 $ 1,783 Investment and embedded derivative instruments (170) — (170) 131 — 131 Public equity Sales 140 — 140 20 — 20 Mark-to-market (163) — (163) 180 — 180 Private equity (less than 3 percent ownership) Mark-to-market 109 — 109 (17) — (17) Total investment portfolio (187) (1,469) (1,656) 210 1,887 2,097 Other derivative instruments (17) — (17) (5) — (5) Foreign exchange (25) 370 345 (154) 1,155 1,001 Current discount rate on future policy benefits — 241 241 — (252) (252) Instrument-specific credit risk on market risk benefits — 13 13 — 5 5 Other (16) 33 17 (7) (121) (128) Net gains (losses), pre-tax $ (245) $ (812) $ (1,057) $ 44 $ 2,674 $ 2,718 Pre-tax net unrealized gains of $357 million and losses of $1,469 million in our investment portfolio for the three and six months ended June 30, 2026, respectively, were primarily driven by changes in interest rates. Pre-tax net realized gains of $162 million for the three months ended June 30, 2026, were primarily driven by mark-to-market gains on equities and sales of equities, partially offset by losses on derivatives. Pre-tax net realized losses of $245 million for the six months ended June 30, 2026, were primarily driven by losses on derivatives, net realized losses on fixed maturities, and net mark-to-market losses on equities, partially offset by gains on sales of equity securities. Effective Income Tax Rate Our effective tax rate (ETR) reflects a mix of income or losses in jurisdictions with a wide range of tax rates, permanent differences between U.S. GAAP and local tax laws, and the impact of discrete items. A change in the geographic mix of earnings could impact our ETR. For the three and six months ended June 30, 2026, our ETR was 20.5 percent and 21.0 percent, respectively, compared to an ETR of 19.3 percent in the prior year. The ETR for each period was impacted by our mix of earnings among various jurisdictions and by discrete tax items. Non-GAAP Reconciliation In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with GAAP. We provide financial measures, including net premiums written, net premiums earned, segment income, and underwriting income on a constant-dollar basis. We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period. 68 Table of Contents P&C performance metrics comprise consolidated operating results (including Corporate) and exclude the operating results of the Life Insurance segment. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s P&C operations which are the most economically similar. We exclude the Life Insurance segment because the results of this business do not always correlate with the results of our P&C operations. P&C combined ratio is the sum of the loss and loss expense ratio, policy acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations. CAY P&C combined ratio excluding catastrophe losses (CATs) excludes CATs and prior period development (PPD) from the P&C combined ratio. We exclude CATs as they are not predictable as to timing and amount and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. The combined ratio numerator is adjusted to exclude CATs, PPD, and expense adjustments on PPD, and the denominator is adjusted to exclude net premiums earned adjustments on PPD and reinstatement premiums on CATs and PPD. In periods where there are adjustments on loss sensitive policies, these adjustments are excluded from PPD and net premiums earned when calculating the ratios. We believe this measure provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our P&C business that may be obscured by these items. This measure is commonly reported among our peer companies and allows for a better comparison. Reinstatement premiums are additional premiums paid on certain reinsurance agreements in order to reinstate coverage that had been exhausted by loss occurrences. The reinstatement premium amount is typically a pro rata portion of the original ceded premium paid based on how much of the reinsurance limit had been exhausted. Net premiums earned adjustments within PPD are adjustments to the initial premium earned on retrospectively rated policies based on actual claim experience that develops after the policy period ends. The premium adjustments correlate to the prior period loss development on these same policies and are fully earned in the period the adjustments are recorded. Prior period expense adjustments typically relate to adjustable commission reserves or policyholder dividend reserves based on actual claim experience that develops after the policy period ends. The expense adjustments correlate to the prior period loss development on these same policies. Total adjusted capitalization is the sum of the short-term debt, long-term debt, hybrid debt, and Chubb shareholders’ equity less Chubb unrealized gains (losses) on investments, net of deferred tax. This measure is meaningful as it eliminates the effect of after-tax unrealized mark-to-market movements on our investment portfolio, which can fluctuate significantly from period to period, to better highlight our underlying total capital position. 69 Table of Contents The following tables present the calculation of combined ratio, as reported for each segment to P&C combined ratio, adjusted for CATs and PPD: North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Corporate Total P&C Three Months Ended June 30, 2026 (in millions of U.S. dollars except for ratios) Numerator Losses and loss expenses/policy benefits A $ 3,372 $ 791 $ 526 $ 1,815 $ 121 $ 158 $ 6,783 Catastrophe losses and related adjustments Catastrophe losses, net of related adjustments (302) (126) (14) (25) (8) — (475) Reinstatement premiums collected (expensed) on catastrophe losses — — — — — — — Catastrophe losses, gross of related adjustments (302) (126) (14) (25) (8) — (475) PPD and related adjustments PPD, net of related adjustments - favorable (unfavorable) 111 173 — 146 11 (158) 283 Net premiums earned adjustments on PPD - unfavorable (favorable) 5 — — — — — 5 Expense adjustments - unfavorable (favorable) 2 — — — 2 — 4 PPD reinstatement premiums - unfavorable (favorable) — — — 10 — — 10 PPD, gross of related adjustments - favorable (unfavorable) 118 173 — 156 13 (158) 302 CAY loss and loss expense ex CATs B $ 3,188 $ 838 $ 512 $ 1,946 $ 126 $ — $ 6,610 Policy acquisition costs and administrative expenses Policy acquisition costs and administrative expenses C $ 1,081 $ 433 $ 49 $ 1,459 $ 106 $ 107 $ 3,235 Expense adjustments - favorable (unfavorable) (2) — — — (2) — (4) Policy acquisition costs and administrative expenses, adjusted D $ 1,079 $ 433 $ 49 $ 1,459 $ 104 $ 107 $ 3,231 Denominator Net premiums earned E $ 5,214 $ 1,817 $ 641 $ 3,984 $ 299 $ 11,955 Net premiums earned adjustments on PPD - unfavorable (favorable) 5 — — — — 5 PPD reinstatement premiums - unfavorable (favorable) — — — 10 — 10 Net premiums earned excluding adjustments F $ 5,219 $ 1,817 $ 641 $ 3,994 $ 299 $ 11,970 P&C Combined ratio Loss and loss expense ratio A/E 64.7 % 43.5 % 82.0 % 45.6 % 40.6 % 56.7 % Policy acquisition cost and administrative expense ratio C/E 20.7 % 23.8 % 7.7 % 36.6 % 35.5 % 27.1 % P&C Combined ratio 85.4 % 67.3 % 89.7 % 82.2 % 76.1 % 83.8 % CAY P&C Combined ratio ex CATs Loss and loss expense ratio, adjusted B/F 61.1 % 46.1 % 80.0 % 48.7 % 42.1 % 55.2 % Policy acquisition cost and administrative expense ratio, adjusted D/F 20.7 % 23.8 % 7.6 % 36.5 % 34.8 % 27.0 % CAY P&C Combined ratio ex CATs 81.8 % 69.9 % 87.6 % 85.2 % 76.9 % 82.2 % Combined ratio Combined ratio 83.7 % Add: impact of gains and losses on crop derivatives 0.1 % P&C Combined ratio 83.8 % Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above. 70 Table of Contents North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Corporate Total P&C Three Months Ended June 30, 2025 (in millions of U.S. dollars except for ratios) Numerator Losses and loss expenses/policy benefits A $ 3,258 $ 822 $ 483 $ 1,918 $ 132 $ 70 $ 6,683 Catastrophe losses and related adjustments Catastrophe losses, net of related adjustments (229) (142) (1) (252) (6) — (630) Reinstatement premiums collected (expensed) on catastrophe losses — — — (5) — — (5) Catastrophe losses, gross of related adjustments (229) (142) (1) (247) (6) — (625) PPD and related adjustments PPD, net of related adjustments - favorable (unfavorable) 106 121 — 77 15 (70) 249 Net premiums earned adjustments on PPD - unfavorable (favorable) 6 — — — — — 6 Expense adjustments - unfavorable (favorable) 2 — — — 1 — 3 PPD reinstatement premiums - unfavorable (favorable) — — — — (2) — (2) PPD, gross of related adjustments - favorable (unfavorable) 114 121 — 77 14 (70) 256 CAY loss and loss expense ex CATs B $ 3,143 $ 801 $ 482 $ 1,748 $ 140 $ — $ 6,314 Policy acquisition costs and administrative expenses Policy acquisition costs and administrative expenses C $ 1,062 $ 414 $ 50 $ 1,282 $ 108 $ 106 $ 3,022 Expense adjustments - favorable (unfavorable) (2) — — — (1) — (3) Policy acquisition costs and administrative expenses, adjusted D $ 1,060 $ 414 $ 50 $ 1,282 $ 107 $ 106 $ 3,019 Denominator Net premiums earned E $ 5,177 $ 1,681 $ 598 $ 3,542 $ 338 $ 11,336 Reinstatement premiums (collected) expensed on catastrophe losses — — — 5 — 5 Net premiums earned adjustments on PPD - unfavorable (favorable) 6 — — — — 6 PPD reinstatement premiums - unfavorable (favorable) — — — — (2) (2) Net premiums earned excluding adjustments F $ 5,183 $ 1,681 $ 598 $ 3,547 $ 336 $ 11,345 P&C Combined ratio Loss and loss expense ratio A/E 62.9 % 48.9 % 80.8 % 54.2 % 39.0 % 59.0 % Policy acquisition cost and administrative expense ratio C/E 20.6 % 24.6 % 8.3 % 36.1 % 32.0 % 26.6 % P&C Combined ratio 83.5 % 73.5 % 89.1 % 90.3 % 71.0 % 85.6 % CAY P&C Combined ratio ex CATs Loss and loss expense ratio, adjusted B/F 60.6 % 47.6 % 80.5 % 49.3 % 41.5 % 55.6 % Policy acquisition cost and administrative expense ratio, adjusted D/F 20.5 % 24.6 % 8.3 % 36.1 % 32.0 % 26.7 % CAY P&C Combined ratio ex CATs 81.1 % 72.2 % 88.8 % 85.4 % 73.5 % 82.3 % Combined ratio Combined ratio 85.6 % Add: impact of gains and losses on crop derivatives — P&C Combined ratio 85.6 % Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above. 71 Table of Contents North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Corporate Total P&C Six Months Ended June 30, 2026 (in millions of U.S. dollars except for ratios) Numerator Losses and loss expenses/policy benefits A $ 6,592 $ 1,825 $ 579 $ 3,580 $ 258 $ 173 $ 13,007 Catastrophe losses and related adjustments Catastrophe losses, net of related adjustments (504) (348) (18) (89) (16) — (975) Reinstatement premiums collected (expensed) on catastrophe losses — — — — — — — Catastrophe losses, gross of related adjustments (504) (348) (18) (89) (16) — (975) PPD and related adjustments PPD, net of related adjustments - favorable (unfavorable) 200 174 80 277 11 (173) 569 Net premiums earned adjustments on PPD - unfavorable (favorable) 5 — — — — — 5 Expense adjustments - unfavorable (favorable) 4 — — — 4 — 8 PPD reinstatement premiums - unfavorable (favorable) — — — 17 — — 17 PPD, gross of related adjustments - favorable (unfavorable) 209 174 80 294 15 (173) 599 CAY loss and loss expense ex CATs B $ 6,297 $ 1,651 $ 641 $ 3,785 $ 257 $ — $ 12,631 Policy acquisition costs and administrative expenses Policy acquisition costs and administrative expenses C $ 2,187 $ 865 $ 67 $ 2,855 $ 217 $ 217 $ 6,408 Expense adjustments - favorable (unfavorable) (4) — — — (4) — (8) Policy acquisition costs and administrative expenses, adjusted D $ 2,183 $ 865 $ 67 $ 2,855 $ 213 $ 217 $ 6,400 Denominator Net premiums earned E $ 10,362 $ 3,563 $ 830 $ 7,764 $ 625 $ 23,144 Net premiums earned adjustments on PPD - unfavorable (favorable) 5 — — — — 5 PPD reinstatement premiums - unfavorable (favorable) — — — 17 — 17 Net premiums earned excluding adjustments F $ 10,367 $ 3,563 $ 830 $ 7,781 $ 625 $ 23,166 P&C Combined ratio Loss and loss expense ratio A/E 63.6 % 51.2 % 69.7 % 46.1 % 41.3 % 56.2 % Policy acquisition cost and administrative expense ratio C/E 21.1 % 24.3 % 8.1 % 36.8 % 34.8 % 27.7 % P&C Combined ratio 84.7 % 75.5 % 77.8 % 82.9 % 76.1 % 83.9 % CAY P&C Combined ratio ex CATs Loss and loss expense ratio, adjusted B/F 60.7 % 46.3 % 77.3 % 48.6 % 41.1 % 54.5 % Policy acquisition cost and administrative expense ratio, adjusted D/F 21.1 % 24.3 % 8.1 % 36.7 % 34.1 % 27.7 % CAY P&C Combined ratio ex CATs 81.8 % 70.6 % 85.4 % 85.3 % 75.2 % 82.2 % Combined ratio Combined ratio 83.8 % Add: impact of gains and losses on crop derivatives 0.1 % P&C Combined ratio 83.9 % Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above. 72 Table of Contents North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Corporate Total P&C Six Months Ended June 30, 2025 (in millions of U.S. dollars except for ratios) Numerator Losses and loss expenses/policy benefits A $ 6,289 $ 2,915 $ 575 $ 3,428 $ 374 $ 84 $ 13,665 Catastrophe losses and related adjustments Catastrophe losses, net of related adjustments (383) (1,484) (16) (307) (81) — (2,271) Reinstatement premiums collected (expensed) on catastrophe losses — (50) — (5) 13 — (42) Catastrophe losses, gross of related adjustments (383) (1,434) (16) (302) (94) — (2,229) PPD and related adjustments PPD, net of related adjustments - favorable (unfavorable) 220 121 33 198 15 (83) 504 Net premiums earned adjustments on PPD - unfavorable (favorable) 5 — — — — — 5 Expense adjustments - unfavorable (favorable) — — (3) — — — (3) PPD reinstatement premiums - unfavorable (favorable) — — — — (2) — (2) PPD, gross of related adjustments - favorable (unfavorable) 225 121 30 198 13 (83) 504 CAY loss and loss expense ex CATs B $ 6,131 $ 1,602 $ 589 $ 3,324 $ 293 $ 1 $ 11,940 Policy acquisition costs and administrative expenses Policy acquisition costs and administrative expenses C $ 2,125 $ 831 $ 69 $ 2,449 $ 218 $ 211 $ 5,903 Expense adjustments - favorable (unfavorable) — — 3 — — — 3 Policy acquisition costs and administrative expenses, adjusted D $ 2,125 $ 831 $ 72 $ 2,449 $ 218 $ 211 $ 5,906 Denominator Net premiums earned E $ 10,165 $ 3,255 $ 763 $ 6,751 $ 706 $ 21,640 Reinstatement premiums (collected) expensed on catastrophe losses — 50 — 5 (13) 42 Net premiums earned adjustments on PPD - unfavorable (favorable) 5 — — — — 5 PPD reinstatement premiums - unfavorable (favorable) — — — — (2) (2) Net premiums earned excluding adjustments F $ 10,170 $ 3,305 $ 763 $ 6,756 $ 691 $ 21,685 P&C Combined ratio Loss and loss expense ratio A/E 61.9 % 89.5 % 75.4 % 50.8 % 53.0 % 63.1 % Policy acquisition cost and administrative expense ratio C/E 20.9 % 25.6 % 9.0 % 36.2 % 30.8 % 27.3 % P&C Combined ratio 82.8 % 115.1 % 84.4 % 87.0 % 83.8 % 90.4 % CAY P&C Combined ratio ex CATs Loss and loss expense ratio, adjusted B/F 60.3 % 48.4 % 77.3 % 49.2 % 42.4 % 55.1 % Policy acquisition cost and administrative expense ratio, adjusted D/F 20.9 % 25.2 % 9.4 % 36.3 % 31.5 % 27.2 % CAY P&C Combined ratio ex CATs 81.2 % 73.6 % 86.7 % 85.5 % 73.9 % 82.3 % Combined ratio Combined ratio 90.4 % Add: impact of gains and losses on crop derivatives — P&C Combined ratio 90.4 % Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above. 73 Table of Contents Net Investment Income Three Months Ended June 30 Six Months Ended June 30 (in millions of U.S. dollars) 2026 2025 2026 2025 Fixed maturities (1) $ 1,586 $ 1,424 $ 3,143 $ 2,825 Short-term investments 43 36 83 74 Other interest income 4 8 12 25 Equity securities 94 93 186 186 Private equities 52 35 91 70 Other investments 34 25 64 52 Gross investment income (1) 1,813 1,621 3,579 3,232 Investment expenses (53) (53) (110) (103) Net investment income (1) $ 1,760 $ 1,568 $ 3,469 $ 3,129 (1) Includes amortization expense related to fair value adjustment of acquired invested assets $ (1) $ (4) $ (3) $ (6) Net investment income is influenced by a number of factors including the amounts and timing of inward and outward cash flows, the level of interest rates, and changes in overall asset allocation. Net investment income increased 12.3 percent and 10.9 percent for the three and six months ended June 30, 2026, respectively, primarily due to higher average invested assets. For private equities where we own less than three percent, investment income is included within Net investment income in the table above. For private equities where we own more than three percent, investment income is included within Other (income) expense in the Consolidated statements of operations. Excluded from Net investment income is the mark-to-market movement for private equities, which is recorded within either Other (income) expense or Net realized gains (losses) based on our percentage of ownership. The total mark-to-market movement for private equities excluded from Net investment income was as follows: Three Months Ended June 30 Six Months Ended June 30 (in millions of U.S. dollars) 2026 2025 2026 2025 Total mark-to-market gain on private equity, pre-tax $ 99 $ 512 $ 142 $ 496 Interest Expense Interest expense for the six months ended June 30, 2026 was $398 million. Based on projected variable expenses and our existing debt obligations, including recent issuances, we expect pre-tax interest expense to be approximately $410 million for the remainder of 2026, or $808 million for the full year. For more information on our debt obligations, refer to Note 11 to the Consolidated Financial Statements herein, and Note 13 to the Consolidated Financial Statements, under Item 8 in our 2025 Form 10-K. Investments Our investment portfolio is invested primarily in publicly traded, investment grade, fixed income securities with an average credit quality of A/A as rated by the independent investment rating services Standard and Poor’s (S&P)/Moody’s Investors Service (Moody’s) at June 30, 2026. For further information on the management of our investment portfolio, please refer to Investments within Item 7 in our 2025 Form 10-K. 74 Table of Contents The following table shows the fair value and cost/amortized cost, net of valuation allowance, of our invested assets: June 30, 2026 December 31, 2025 (in millions of U.S. dollars) Fair Value Cost/ Amortized Cost, Net Fair Value Cost/ Amortized Cost, Net Short-term investments $ 5,458 $ 5,459 $ 4,840 $ 4,840 Other investments - Fixed maturities 7,763 7,763 8,091 8,091 Fixed maturities available-for-sale 125,518 128,980 122,680 124,674 Fixed income securities 138,739 142,202 135,611 137,605 Equity securities 11,014 11,014 10,801 10,801 Private debt held-for-investment 2,289 2,252 2,445 2,411 Private equities and other 20,644 20,644 19,897 19,897 Total investments $ 172,686 $ 176,112 $ 168,754 $ 170,714 The fair value of our total investments increased $3.9 billion during the six months ended June 30, 2026, mainly due to the investing of operating cash flow, partially offset by unrealized losses on fixed maturities mainly due to interest rate increases. The valuation of our fixed income portfolio is impacted by changes in interest rates. The following tables present the fair value of our fixed income securities at June 30, 2026, and December 31, 2025. The first table lists investments according to type and second according to S&P credit rating: June 30, 2026 December 31, 2025 (in millions of U.S. dollars, except for percentages) Fair Value % of Total Fair Value % of Total U.S. and local government securities $ 3,594 3 % $ 3,714 3 % Corporate and asset-backed securities 47,927 35 % 47,886 35 % Mortgage-backed securities 32,625 23 % 30,724 23 % Non-U.S. 49,135 35 % 48,447 35 % Short-term investments 5,458 4 % 4,840 4 % Total (1) $ 138,739 100 % $ 135,611 100 % AAA $ 13,542 10 % $ 13,313 10 % AA 42,512 31 % 40,720 30 % A 36,488 26 % 35,184 26 % BBB 25,882 19 % 23,584 17 % BB 11,782 8 % 12,948 10 % B 8,258 6 % 9,469 7 % Other 275 — % 393 — % Total (1) $ 138,739 100 % $ 135,611 100 % (1) Includes fixed maturities recorded in Other investments in the Consolidated balance sheets of $7.8 billion and $8.1 billion at June 30, 2026, and December 31, 2025, respectively. 75 Table of Contents Corporate and asset-backed securities The following table presents our 10 largest global exposures to corporate bonds by fair value at June 30, 2026: (in millions of U.S. dollars) Fair Value Bank of America Corp $ 829 Morgan Stanley 752 JPMorgan Chase & Co 689 Goldman Sachs Group Inc 571 Citigroup Inc 556 Wells Fargo & Co 541 Verizon Communications Inc 422 AT&T Inc 397 T-Moblie USA Inc 389 Comcast Corp 359 Mortgage-backed securities The following table shows the fair value and amortized cost, net of valuation allowance, of our mortgage-backed securities: S&P Credit Rating Fair Value Amortized Cost, Net June 30, 2026 (in millions of U.S. dollars) AAA AA A BBB BB and below Total Total Agency residential mortgage-backed securities (RMBS) $ 55 $ 29,179 $ — $ — $ — $ 29,234 $ 30,288 Non-agency RMBS 2,092 211 192 45 2 2,542 2,581 Commercial mortgage-backed securities 673 109 60 5 2 849 879 Total mortgage-backed securities $ 2,820 $ 29,499 $ 252 $ 50 $ 4 $ 32,625 $ 33,748 Non-U.S. Chubb’s local currency investment portfolios have strict contractual investment guidelines requiring managers to maintain a high quality and diversified portfolio to both sector and individual issuers. Investment portfolios are monitored daily to ensure investment manager compliance with portfolio guidelines. Our non-U.S. investment grade fixed income portfolios are currency-matched with the insurance liabilities of our non-U.S. operations. The average credit quality of our non-U.S. fixed income securities is A/A and 39 percent of our holdings are rated AAA or guaranteed by governments or quasi-government agencies. Within the context of these investment portfolios, our government and corporate bond holdings are highly diversified across industries and geographies. Issuer limits are based on credit rating (AA— two percent, A—one percent, BBB—0.5 percent of the total portfolio) and are monitored daily via an internal compliance system. We manage our indirect exposure using the same credit rating-based investment approach. Accordingly, we do not believe our indirect exposure is material. 76 Table of Contents The following table summarizes the fair value and amortized cost, net of valuation allowance, of our non-U.S. fixed income portfolio by country/sovereign for non-U.S. government securities at June 30, 2026: (in millions of U.S. dollars) Fair Value Amortized Cost, Net People's Republic of China $ 2,570 $ 2,591 Republic of Korea 1,515 1,741 Kingdom of Thailand 1,022 996 Canada 860 877 United Mexican States 803 808 Taiwan 737 745 Federative Republic of Brazil 643 655 Commonwealth of Australia 618 706 Province of Hunan China 569 557 Province of Ontario 529 531 Other Non-U.S. Government Securities 8,530 8,625 Total $ 18,396 $ 18,832 The following table summarizes the fair value and amortized cost, net of valuation allowance, of our non-U.S. fixed income portfolio by country/sovereign for non-U.S. corporate securities at June 30, 2026: (in millions of U.S. dollars) Fair Value Amortized Cost, Net China $ 8,192 $ 8,167 United Kingdom 2,776 2,849 Canada 2,752 2,759 France 2,016 2,022 United States (1) 1,631 1,648 South Korea 1,318 1,350 Australia 1,307 1,334 Japan 1,278 1,293 Chile 722 740 Germany 692 708 Other Non-U.S. Corporate Securities 8,055 8,141 Total $ 30,739 $ 31,011 (1) The countries that are listed in the non-U.S. corporate fixed income portfolio above represent the ultimate parent company's country of risk. Non-U.S. corporate securities could be issued by foreign subsidiaries of U.S. corporations. Below-investment grade corporate fixed income portfolio Below-investment grade securities have different characteristics than investment grade corporate debt securities. Risk of loss from default by the borrower is greater with below-investment grade securities. Below-investment grade securities are generally unsecured and are often subordinated to other creditors of the issuer. Also, issuers of below-investment grade securities usually have higher levels of debt and are more sensitive to adverse economic conditions, such as recession or increasing interest rates, than investment grade issuers. At June 30, 2026, our corporate fixed income investment portfolio included below-investment grade and non-rated securities which, in total, comprised approximately 13 percent of our fixed income portfolio. Our below-investment grade and non-rated portfolio includes over 1,600 issuers, with the greatest single exposure being $194 million. We manage high-yield bonds as a distinct and separate asset class from investment grade bonds. The allocation to high-yield bonds is explicitly set by internal management and is targeted to securities in the upper tier of credit quality (BB/B). Our minimum rating for initial purchase is BB/B. Fifteen external investment managers are responsible for high-yield security selection and portfolio construction. Our high-yield managers have a conservative approach to credit selection and very low historical default experience. Holdings are highly diversified across industries and generally subject to a 1.5 percent issuer limit 77 Table of Contents as a percentage of high-yield allocation. We monitor position limits daily through an internal compliance system. Derivative and structured securities (e.g., credit default swaps and collateralized debt obligations) are not permitted in the high-yield portfolio. Critical Accounting Estimates Refer to Item 7 in our 2025 Form 10-K for a description of our critical accounting estimates. Except as shown in the table below, there have been no material changes to our critical accounting estimates since December 31, 2025. Unpaid losses and loss expenses As an insurance and reinsurance company, we are required by applicable laws and regulations and U.S. GAAP to establish loss and loss expense reserves for the estimated unpaid portion of the ultimate liability for losses and loss expenses under the terms of our policies and agreements with our insured and reinsured customers. With the exception of certain structured settlements, for which the timing and amount of future claim payments are reliably determinable, and certain reserves for unsettled claims, our loss reserves are not discounted for the time value of money. The net undiscounted reserves related to structured settlements and certain reserves for unsettled claims are immaterial. The following table presents a roll-forward of our unpaid losses and loss expenses: (in millions of U.S. dollars) Gross Losses ReinsuranceRecoverable (1) Net Losses Balance at December 31, 2025 $ 88,018 $ 18,346 $ 69,672 Losses and loss expenses incurred 15,595 2,773 12,822 Losses and loss expenses paid (14,043) (2,690) (11,353) Other (including foreign exchange translation) 99 24 75 Balance at June 30, 2026 $ 89,669 $ 18,453 $ 71,216 (1)Net of valuation allowance for uncollectible reinsurance. The estimate of the liabilities includes provisions for claims that have been reported but are unpaid at the balance sheet date (case reserves) and for obligations on claims that have been incurred but not reported (IBNR) at the balance sheet date. IBNR may also include provisions to account for the possibility that reported claims may settle for amounts that differ from the established case reserves. Loss reserves also include an estimate of expenses associated with processing and settling unpaid claims (loss expenses). Refer to Note 7 to the Consolidated Financial Statements for a discussion on the changes in the loss reserves. 78 Table of Contents Catastrophe Management We actively monitor and manage our catastrophe risk accumulation around the world from natural perils, which includes setting risk limits based on probable maximum loss (PML) and purchasing catastrophe reinsurance to ensure sufficient liquidity and capital to meet the expectations of regulators, rating agencies, and policyholders, and to provide shareholders with an appropriate risk-adjusted return. Chubb uses internal and external data together with sophisticated, analytical catastrophe loss and risk modeling techniques to ensure an appropriate understanding of risk, including diversification and correlation effects, across different product lines and territories. The table below presents our modeled pre-tax estimates of natural catastrophe PML, net of reinsurance, at June 30, 2026, and does not represent our expected catastrophe losses for any one year. Modeled Net Probable Maximum Loss (PML) Pre-tax Worldwide (1) U.S. Hurricane (2) California Earthquake (3) Annual Aggregate Annual Aggregate Single Occurrence (in millions of U.S. dollars, except for percentages) Chubb % of Total Chubb Shareholders’ Equity Chubb % of Total Chubb Shareholders’ Equity Chubb % of Total Chubb Shareholders’ Equity 1-in-10 $ 2,922 3.9 % $ 1,599 2.1 % $ 156 0.2 % 1-in-100 $ 5,650 7.5 % $ 3,766 5.0 % $ 1,835 2.4 % 1-in-250 $ 9,052 12.0 % $ 6,375 8.5 % $ 2,082 2.8 % (1) Worldwide aggregate includes modeled losses arising from tropical cyclones, convective storms, earthquakes, wildfires, and inland floods, and excludes "non-modeled" perils such as man-made and other catastrophe risks including pandemic. (2) U.S. hurricane modeled losses include losses from wind, storm-surge, and related precipitation-induced flooding. (3) California earthquake modeled losses include the fire-following sub-peril. The PML for worldwide and key U.S. peril regions are based on our in-force portfolio at April 1, 2026, and reflect the April 1, 2026, reinsurance program, as well as inuring reinsurance protection coverage. Refer to the Global Property Catastrophe Reinsurance section for more information. These estimates assume that reinsurance recoverable is fully collectible. According to the model, for the 1-in-100 return period scenario, there is a one percent chance that our pre-tax annual aggregate losses incurred in any year from U.S. hurricane events could be in excess of $3,766 million (or 5.0 percent of total Chubb shareholders’ equity at June 30, 2026). The above estimates of Chubb’s loss profile are inherently uncertain for many reasons, including the following: •While the use of third-party modeling packages to simulate potential catastrophe losses is prevalent within the insurance industry, the models are reliant upon significant meteorology, seismology, and engineering assumptions to estimate catastrophe losses. In particular, modeled catastrophe events are not always a representation of actual events and ensuing additional loss potential; •There is no universal standard in the preparation of insured data for use in the models, the running of the modeling software, and interpretation of loss output. These loss estimates do not represent our potential maximum exposures and it is highly likely that our actual incurred losses would vary materially from the modeled estimates; •The potential effects of climate change add to modeling complexity; and •Changing climate conditions could impact our exposure to natural catastrophe risks. Published studies by leading government, academic, and professional organizations combined with extensive research by Chubb climate scientists reveal the potential for increases in the frequency and severity of key natural perils such as tropical cyclones, inland flood, and wildfire. To understand the potential impacts on the Chubb portfolio, we have conducted stress tests on our peak exposure zone, namely in the U.S., using parameters outlined by the Intergovernmental Panel on Climate Change (IPCC) Climate Change 2021 report. These parameters consider the impacts of climate change and the resulting climate peril impacts over a timescale relevant to our business. The tests are conducted by adjusting our baseline view of risk for the perils of hurricane, inland flood, and wildfire in the U.S. to reflect increases in frequency and severity across the modeled domains for each of these perils. Based on these tests against the Chubb portfolio we do not expect material impacts to our baseline PMLs from climate change through December 31, 2026. These tests reflect current exposures only and exclude potentially mitigating factors such as changes to building codes, public or private risk mitigation, regulation, and public policy. Refer to Item 7 in our 2025 Form 10-K for more information on man-made and other catastrophes. 79 Table of Contents Global Property Catastrophe Reinsurance Program Chubb’s core property catastrophe reinsurance program provides protection against natural catastrophes impacting its primary property operations (i.e., excluding our Global Reinsurance and Life Insurance segments). We regularly review our reinsurance protection and corresponding property catastrophe exposures. This may or may not lead to the purchase of additional reinsurance prior to a program’s renewal date. In addition, prior to each renewal date, we consider how much, if any, coverage we intend to buy and we may make material changes to the current structure in light of various factors, including modeled PML assessment at various return periods, reinsurance pricing, our risk tolerance and exposures, and various other structuring considerations. Chubb renewed its Global Property Catastrophe Reinsurance Program for our North American and International operations effective April 1, 2026, through March 31, 2027. The program consists of three layers in excess of losses retained by Chubb on a per occurrence basis. Terrorism is covered in all three layers (excluding nuclear, biological, chemical and radiation coverage, with an inclusion of coverage for biological and chemical coverage for personal lines) in the United States on an aggregate basis above our retentions without a reinstatement. Loss Location Layer of Loss Comments Notes United States (excluding Alaska and Hawaii) $0 million – $1.75 billion Losses retained by Chubb (a) United States (excluding Alaska and Hawaii) $1.75 billion –$2.85 billion All natural perils and terrorism (b) United States (excluding Alaska and Hawaii) $2.85 billion –$4.0 billion All natural perils and terrorism (c) United States (excluding Alaska and Hawaii) $4.0 billion – $5.7 billion All natural perils and terrorism International (including Alaska and Hawaii) $0 million –$225 million Losses retained by Chubb (a) International (including Alaska and Hawaii) $225 million –$1.325 billion All natural perils and terrorism (b) Alaska, Hawaii, and Canada $1.325 billion –$2.475 billion All natural perils and terrorism (c) (a) Ultimate retention will depend upon the nature of the loss and the interplay between the underlying per risk programs and certain other catastrophe programs purchased by individual business units. These other catastrophe programs have the potential to reduce our effective retention below the stated levels. (b) These coverages are both part of the same First layer within the Global Property Catastrophe Reinsurance Program and are fully placed with Reinsurers. (c) These coverages are both part of the same Second layer within the Global Property Catastrophe Reinsurance Program and are fully placed with Reinsurers. 80 Table of Contents Capital Resources Capital resources consist of funds deployed or available to be deployed to support our business operations. June 30 December 31 (in millions of U.S. dollars, except for ratios) 2026 2025 Short-term debt $ 663 $ 1,499 Long-term debt 17,452 15,728 Total financial debt 18,115 17,227 Trust preferred securities 309 309 Subordinated debt (1) 118 113 Total hybrid debt 427 422 Total Chubb shareholders' equity 75,372 73,757 Total capitalization 93,914 91,406 Less: Chubb unrealized gains (losses) on investments, net of deferred tax (3,282) (1,997) Total adjusted capitalization $ 97,196 $ 93,403 Ratio of financial debt to total adjusted capitalization (2) 18.6 % 18.4 % Ratio of financial debt and hybrid debt to total adjusted capitalization (2) 19.1 % 18.8 % (1) Capital Supplementary Bonds issued by Huatai Life. (2) For purposes of calculating leverage ratios, Huatai debt is based on Chubb's share (excluding noncontrolling interest). Repurchase agreements are excluded from the table above and are disclosed separately from short-term debt in the Consolidated balance sheets. The repurchase agreements are collateralized borrowings where we maintain the right and ability to redeem the collateral on short notice, unlike short-term debt which comprises the current maturities of our long-term debt instruments. In June 2026, the €575 million 0.875 percent senior unsecured notes due to mature in June 2027 were reclassified to short-term debt. Chubb INA Holdings LLC (Chubb INA) completed the following debt transactions in 2026: •March 2026: Issued CHF200 million (approximately $254 million at the time of issuance) aggregate principal amount of 1.02 percent senior unsecured notes due March 2032. •May 2026: Repaid $1.5 billion of 3.35 percent senior unsecured notes upon maturity. •May 2026: Issued $1.0 billion of 5.30 percent senior unsecured notes due May 2036. •May 2026: Issued CNH4.0 billion senior unsecured notes (approximately $587 million at the time of issuance) in 5-year and 10-year tranches, at 2.40 percent and 2.85 percent, respectively. •June 2026: Issued CAD800 million senior unsecured notes (approximately $572 million at the time of issuance) in 5-year and 7-year tranches, at 3.780 percent and 4.034 percent, respectively. Refer to Note 11 to the Consolidated Financial Statements for additional details. For the six months ended June 30, 2026, we repurchased $2.1 billion of Common Shares in a series of open market transactions under the Board of Directors (Board) share repurchase authorization. At June 30, 2026, there were 14,486,798 Common Shares in treasury with a weighted-average cost of $227.29 per share. In May 2026, the Board authorized the repurchase of up to $7.5 billion of Chubb's Common Shares, effective July 1, 2026 with no expiration date. Chubb's existing share repurchase program remained effective through June 30, 2026. For the period July 1, 2026, through July 27, 2026, we repurchased 40,000 Common Shares for a total of $14 million in a series of open market transactions under the share repurchase authorization. At July 27, 2026, $7.5 billion in share repurchase authorization remained. We generally maintain the ability to issue certain classes of debt and equity securities via a Securities and Exchange Commission (SEC) shelf registration statement which is renewed every three years. This allows us capital market access for refinancing as well as for unforeseen or opportunistic capital needs. 81 Table of Contents Dividends We have paid dividends each quarter since we became a public company in 1993. Under Swiss law, dividends must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. Refer to Note 13 to the Consolidated Financial Statements for a discussion of our dividend methodology. At our May 2026 annual general meeting, our shareholders approved an annual dividend for the following year of up to $4.08 per share, or CHF 3.20 per share, calculated using the USD/CHF exchange rate as published in the Wall Street Journal on May 21, 2026, expected to be paid in four quarterly installments of $1.02 per share after the general meeting by way of a distribution from capital contribution reserves, transferred to free reserves for payment. The Board determines the record and payment dates at which the annual dividend may be paid until the date of the 2027 annual general meeting and is authorized to abstain from distributing a dividend at its discretion. The annual dividend approved in May 2026 represented a $0.20 per share increase ($0.05 per quarter) over the prior year dividend. The following table represents dividends paid per Common Share to shareholders of record on each of the following dates: Shareholders of record as of: Dividends paid as of: December 12, 2025 January 2, 2026 $0.97 (CHF 0.78) March 13, 2026 April 6, 2026 $0.97 (CHF 0.75) June 12, 2026 July 2, 2026 $1.02 (CHF 0.80) Liquidity We anticipate that positive cash flows from operations (underwriting activities and investment income) should be sufficient to cover cash outflows under most loss scenarios for the near term. In addition to cash from operations, routine sales of investments, and financing arrangements, we have agreements with a third-party bank provider which implemented two international multi-currency notional cash pooling programs to enhance cash management efficiency during periods of short-term timing mismatches between expected inflows and outflows of cash by currency. The programs allow us to optimize investment income by avoiding portfolio disruption. Should the need arise, we generally have access to the long-term capital markets, credit facilities, and commercial paper. Our group syndicated credit facility has capacity of $3.0 billion and expires in December 2030. Our total credit facility capacity is $4.3 billion, $3.0 billion of which can be used for revolving credit. At June 30, 2026, our letter of credit borrowings outstanding under these facilities were $991 million. Our access to credit under these facilities is dependent on the ability of the bank counterparties to meet their funding commitments. The facilities require that we maintain certain financial covenants, all of which we met at June 30, 2026. Should the existing credit providers on these facilities experience financial difficulty, we may be required to replace credit sources, possibly in a difficult market. If we cannot obtain adequate capital or sources of credit on favorable terms, on a timely basis, or at all, our business, operating results, and financial condition could be adversely affected. To date, we have not experienced difficulty accessing our credit facility or establishing additional facilities when needed. We have the ability to borrow a total of $2.0 billion in commercial paper, supported by the availability under our $3.0 billion group syndicated credit facility. At June 30, 2026, there were no commercial paper borrowings outstanding. We use repurchase agreements as a low-cost alternative source of liquidity within our operating subsidiaries. At June 30, 2026, there were $3.4 billion in repurchase agreements outstanding with various maturities over the next two months. The payment of dividends or other statutorily permissible distributions from our operating companies are subject to the laws and regulations applicable to each jurisdiction, as well as the need to maintain capital levels adequate to support the insurance and reinsurance operations, including financial strength ratings issued by independent rating agencies. During the six months ended June 30, 2026, we were able to meet all our obligations, including the payments of dividends on our Common Shares, with our net cash flows. We assess which subsidiaries to draw dividends from based on a number of factors. Considerations such as regulatory and legal restrictions as well as the subsidiary’s financial condition are paramount to the dividend decision. The U.S. insurance subsidiaries of Chubb INA may pay dividends, without prior regulatory approval, subject to restrictions set out in state law of the 82 Table of Contents subsidiary’s domicile (or, if applicable, commercial domicile). Chubb INA’s international subsidiaries are also subject to insurance laws and regulations particular to the countries in which the subsidiaries operate. These laws and regulations sometimes include restrictions that limit the amount of dividends payable without prior approval of regulatory insurance authorities. The following table summarizes dividends paid to Chubb Limited and Chubb INA and redemptions of Chubb Limited's ownership interest in Chubb INA. From Bermuda Subsidiaries From Chubb INA and Subsidiaries From Other International Subsidiaries From Swiss Subsidiaries Six months ended June 30 Six months ended June 30 Six months ended June 30 Six months ended June 30 (in millions of U.S. dollars) 2026 2025 2026 2025 2026 2025 2026 2025 Dividends received by Chubb Limited $ — $ 510 $ — $ — $ 149 $ 207 $ 112 $ — Dividends received by Chubb INA N/A N/A 1,043 1,340 N/A N/A N/A N/A Chubb Ltd redemptions from Chubb INA (1) N/A N/A 1,250 625 N/A N/A N/A N/A (1) In accordance with the plan of liquidation and conversion of Chubb INA to a limited liability company. Chubb INA is expected to fully redeem, by the end of 2027, Chubb Limited's ownership interest in Chubb INA. Cash Flows Six Months Ended June 30 (in millions of U.S. dollars) 2026 2025 Net cash provided by operating activities $ 7,677 $ 5,117 Net cash used for investing activities (5,177) (3,625) Net cash used for financing activities (2,219) (1,887) Our sources of liquidity include cash from operations, routine sales of investments, and financing arrangements. Net cash provided by operating activities increased $2.6 billion primarily due to higher net premiums collected, lower net losses paid, and higher net investment income collected. Cash used in investing increased $1.6 billion primarily due to higher net purchases of fixed maturities and short-term investments of $2.5 billion, partially offset by lower net private equity contributions of $1.0 billion. Cash used in financing increased $332 million. This increase reflects higher common shares repurchased of $799 million and $363 million higher net repayment of repurchase agreements. Additionally, the current year net capital distributed by consolidated investment products were $298 million compared to a prior year net third party capital invested into consolidated investment products of $399 million. This activity was partially offset by higher net proceeds of long-term debt of $916 million in the current year, compared to net repayment of $551 million in the prior year. Both internal and external forces influence our financial condition, results of operations, and cash flows. Claim settlements, premium levels, and investment returns may be impacted by changing rates of inflation and other economic conditions. In many cases, significant periods of time, ranging up to several years or more, may lapse between the occurrence of an insured loss, the reporting of the loss to us, and the settlement of the liability for that loss. Information provided in connection with outstanding debt of subsidiaries Chubb INA Holdings LLC (Chubb INA or Subsidiary Issuer) is an indirect 100 percent-owned and consolidated subsidiary of Chubb Limited (Parent Guarantor). The Parent Guarantor fully and unconditionally guarantees certain of the debt of the Subsidiary Issuer. Chubb Limited and Chubb INA act as holding companies within the Chubb Group and primarily hold investments in operating insurance subsidiaries. On a standalone basis, excluding investments in subsidiaries that are not issuers or guarantors, the combined assets, liabilities, and results of operations of Chubb Limited and Chubb INA are not material to investors’ assessment of the guaranteed notes. The creditworthiness of the guaranteed securities depends on the underlying operating insurance subsidiaries. 83 Table of Contents