Chubb Limited
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ITEM 1. Business
General
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 December 31, 2025, we had total assets of $272 billion and total shareholders’ equity, of $74 billion (excluding noncontrolling interests). Chubb was incorporated in 1985 at which time it opened its first business office in Bermuda and continues to maintain operations in Bermuda.
We have grown our business through increased premium volume, expansion of product offerings and geographic reach, and the acquisition of other companies, to become a global property and casualty (P&C) leader. We expanded our personal accident and supplemental health (A&H), and life insurance business with the acquisition of Cigna's business in several Asian markets in 2022. We further advanced our goal of greater product, customer, and geographical diversification with incremental purchases that led to a controlling majority interest in Huatai Insurance Group Co. Ltd (Huatai Group), a Chinese financial services holding company with separate P&C, life, and asset management subsidiaries (collectively, Huatai) on July 1, 2023. At December 31, 2025, our ownership interest in Huatai Group was approximately 87.2 percent. Refer to Note 2 to the Consolidated Financial Statements for additional information on our acquisitions.
With operations in 54 countries and territories, Chubb provides commercial and consumer P&C insurance, A&H, reinsurance, and life insurance to a diverse group of clients. We provide commercial insurance products and service offerings such as risk management programs, loss control, and engineering and complex claims management. We provide specialized insurance products ranging from Directors & Officers (D&O) and financial lines to various specialty-casualty and umbrella and excess casualty lines to niche areas such as aviation and energy. We also offer consumer lines insurance coverage including homeowners, automobile, valuables, umbrella liability, and recreational marine products. In addition, we supply A&H and life insurance to individuals in select countries.
We generate earnings from three primary sources of income: P&C underwriting income, investment income, and life segment income. Chubb is an underwriting company and we strive to emphasize quality of underwriting rather than volume of business or market share. Our underwriting strategy is to manage risk by employing consistent, disciplined pricing and risk selection. This, coupled with writing a number of less cyclical product lines, has helped us develop flexibility and stability of our business, and has allowed us to maintain a profitable book of business throughout market cycles. Clearly defined underwriting authorities, standards, and guidelines coupled with a strong underwriting audit function are in place in each of our local operations and global profit centers. Global product boards ensure consistency of approach and the establishment of best practices throughout the world. Our priority is to help ensure adherence to criteria for risk selection by maintaining high levels of experience and expertise in our underwriting staff. In addition, we employ a business review structure that helps ensure control of risk quality and appropriate use of policy limits and terms and conditions. Underwriting discipline is at the heart of our operating philosophy.
Our product and geographic diversification differentiate us from the vast majority of our competitors and has been a source of stability during periods of industry volatility. Our long-term business strategy focuses on sustained growth in book value achieved through a combination of underwriting and investment income. By doing so, we provide value to our clients and shareholders through use of our substantial capital base in the insurance and reinsurance markets. We serve multinational corporations, mid-size and small businesses with property and casualty insurance and risk engineering services; affluent and high net worth individuals with substantial assets to protect; individuals purchasing life, personal accident, supplemental health, homeowners, automobile in certain international markets and for high net worth individuals in the U.S., and specialty personal insurance coverage; companies and affinity groups providing or offering accident and health insurance programs and life insurance to their employees or members; and insurers managing exposures with reinsurance coverage. For most commercial and personal lines of business we offer, insureds typically use the services of an insurance broker or agent. We obtain business from the local and major international insurance brokers and typically pay a commission to brokers for business accepted and bound. Our broad market capabilities in personal, commercial, specialty, and A&H lines made available by our underwriting expertise, business infrastructure, and global presence, help define our competitive advantage. Our superior claims service is a significant asset to our business, our business partners and customers, and is unique in the industry. Our strong balance sheet is attractive to businesses, and our strong capital position and global platform affords us opportunities for growth not available to smaller, less diversified insurance companies. Refer to “Segment Information” for competitive environment by segment.
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We are organized along a profit center structure by line of business and territory that does not necessarily correspond to corporate legal entities. Profit centers can access various legal entities subject to licensing and other regulatory rules. Profit centers are expected to generate P&C underwriting income, life segment income, and appropriate risk-adjusted returns. Our corporate structure has facilitated the development of management talent by giving each profit center's senior management team the necessary autonomy within underwriting authorities to make operating decisions and create products and coverages needed by its target customer base. We are focused on delivering P&C underwriting profit and life segment income by only writing policies which we believe adequately compensate us for the risk we accept.
We recognize that climate changes and weather patterns, as well as inflationary forces, are integral to our underwriting process and we continually adjust our process to address these changes. This is intended to help ensure that exposures are priced appropriately and resulting losses are contained within our risk tolerance and appetite for individual product lines, businesses, and Chubb as a whole. Our use of such tools and data also reflects an understanding of their inherent limitations and uncertainties. We also purchase protection from third parties, including, but not limited to, reinsurance as a tool to diversify risk and limit the net loss potential of catastrophes and large or unusually hazardous risks.
Segment Information
Chubb operates 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. In 2025, consolidated net premiums earned (NPE) was $53.0 billion. Refer to Note 19 to the Consolidated Financial Statements for additional information about our segments.
North America Commercial P&C Insurance (38 percent of 2025 Consolidated NPE)
Overview
The North America Commercial P&C Insurance segment comprises operations that provide P&C and A&H insurance and services to large, middle market, and small commercial businesses in the U.S., Canada, and Bermuda. This segment includes:
•Commercial Insurance (40 percent of this segment's 2025 NPE), which includes our retail division focused on middle market customers and small businesses
•Major Accounts (36 percent of this segment's 2025 NPE), our retail division focused on large institutional organizations and corporate companies
•Westchester (19 percent of this segment's 2025 NPE), our wholesale and specialty division
•Chubb Bermuda (5 percent of this segment’s 2025 NPE), our high excess retail division
Products and Distribution
The Commercial Insurance operations provide a broad range of P&C, financial lines, and A&H products targeted to U.S and Canadian-based middle market and small commercial customers in a variety of industries. In 2025, the North America Small & Lower Midmarket Division was established to leverage a modern, automated, and data-centric digital operating model, enhancing our service delivery and product offerings to our small and lower middle market customers.
•Commercial Insurance products and services offered to our upper middle market customers include traditional P&C lines of business, including Package, which combines property and general liability, workers' compensation, automobile, umbrella; financial lines of business, including professional liability, management liability and cyber risk coverage; and other lines including environmental, A&H, and international coverages. Commercial Insurance distributes its insurance products through a North American network of independent retail agents and regional, multinational and digital brokers. Generally, our customers purchase insurance through a single retail agent or broker, do not employ a risk management department, and do not retain significant risk through self-insured retentions. The majority of our customers purchase a package product or a portfolio of products, which is a collection of insurance offerings designed to cover various needs.
•Commercial Insurance products and services offered to our small and lower middle market customers include P&C lines of business, including a Package or business owner policy which contains property and general liability; financial lines, including professional liability, management liability, and cyber risk coverage; and other lines including workers’ compensation, automobile liability, umbrella, and international coverages. Products are generally offered through a North American network of independent agents and retail brokers, as well as through digital platforms, such as the Chubb Marketplace, where we electronically quote, bind, and issue for agents and brokers, providing either a fully digital and automated experience or digitally augmented service model.
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Major Accounts provides a broad array of commercial lines of products and services, including traditional and specialty P&C, risk management, and A&H products to large U.S. and Canadian-based institutional organizations and corporate companies. Major Accounts distributes its insurance products primarily through a limited number of retail brokers. In addition to using brokers, certain products are also distributed through general agents, independent agents, managing general agents (MGA), managing general underwriters, alliances, affinity groups, and direct marketing operations. Products and services offered include property, professional liability, cyber risk, excess casualty, workers’ compensation, general liability, automobile liability, commercial marine, surety, environmental, construction, medical risk, inland marine, and A&H coverages, as well as claims and risk management products and services.
The Major Accounts operations are organized into the following distinct business units, each offering specialized products and services targeted at specific markets:
•Chubb Global Casualty offers a range of customized risk management primary casualty products designed to help large insureds, including national accounts, manage risk for workers’ compensation, general liability, and automobile liability coverages. Chubb Global Casualty also provides products which insure specific global operating risks of U.S.-based multinational companies and include deductible programs, captive programs, and paid or incurred loss retrospective plans. Within Chubb Global Casualty, Chubb Alternative Risk Solutions Group underwrites contractual indemnification policies which provide prospective coverage for loss events within the insured’s policy retention levels, and underwrites assumed loss portfolio transfer (LPT) contracts in which insured loss events have occurred prior to the inception of the contract.
•Property provides products and services including primary, quota share and excess all-risk insurance, risk management programs and services, commercial, inland marine, and aerospace products.
•Casualty provides coverages including umbrella and excess liability, environmental risk, casualty programs for commercial construction related projects for companies and institutions, medical risk specialty liability products for the healthcare industry, and casualty insurance solutions for commercial real estate.
•Surety offers a wide variety of surety products and specializes in underwriting both commercial and contract bonds and has the capacity for bond issuance on an international basis.
•Accident & Health (A&H) products are targeted to large corporate and affinity groups, and include employee benefit plans, occupational accident, student accident, and worldwide travel accident and global medical programs. With respect to products that include supplemental medical and hospital indemnity coverages, we typically pay fixed amounts for claims and are therefore insulated from rising healthcare costs. A&H also provides specialty consumer lines products, including credit card enhancement programs (identity theft, rental car collision damage waiver, trip travel, and purchase protection benefits).
•Financial Lines provides management liability and professional liability (D&O and E&O), transactional risk, and cyber risk products to public companies as well as to private and not-for-profit organizations.
•ESIS Inc. (ESIS) is an in-house third-party claims administrator that performs claims management and risk control services for domestic and international organizations as well as for the North America Commercial P&C Insurance segment. ESIS services include comprehensive medical managed care; integrated disability services; pre-loss control and risk management; health, safety, and environmental consulting; salvage and subrogation; and healthcare recovery services. The net results for ESIS are included in North America Commercial P&C Insurance’s administrative expenses.
Westchester is our wholesale and specialty division that serves the market for business risks that tend to be hard to place or not easily covered by traditional policies due to unique or complex exposures. Westchester provides specialty products for property, casualty, environmental, professional liability, inland marine, product recall, small business, and pet insurance, with digital and program coverages in the U.S. Products are offered through the wholesale distribution channel. In 2024, Westchester expanded its operations through the acquisition of Healthy Paws Pet Insurance LLC, a managing general agent specializing in pet insurance, from Aon plc. Chubb has been the exclusive underwriter of Healthy Paws Pet Insurance LLC since 2013.
Chubb Bermuda is our high excess retail division which provides commercial insurance products on an excess basis including excess liability, D&O, professional liability, property, and political risk, the latter being written by Sovereign Risk Insurance Ltd., a wholly-owned managing agent. Chubb Bermuda focuses on Fortune 1000 companies and targets risks that are generally low in frequency and high in severity. Products are offered primarily through the Bermuda offices of major, internationally recognized insurance brokers.
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Competitive Environment
The Commercial Insurance operations compete against numerous insurance companies ranging from large national carriers to small and mid-size insurers who provide specialty coverages and standard P&C products. Major Accounts competes against large, global carriers; regional competitors; and self-insured retentions and captive programs. The markets are subject to cycles of fluctuating capacity and price adequacy. We pursue a specialist strategy and focus on market opportunities where we can compete effectively. We also achieve a competitive advantage through Major Accounts’ innovative product offerings and our ability to provide multiple products to a single client. In addition, all our domestic commercial units deliver global products and coverage to customers.
North America Personal P&C Insurance (13 percent of 2025 Consolidated NPE)
Overview
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
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The following is a discussion of our results of operations, financial condition, and liquidity and capital resources as of and for the three months ended March 31, 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.
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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;
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•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.
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 March 31, 2026, we had total assets of $275 billion and total Chubb shareholders’ equity, which excludes noncontrolling interests, of $74 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.
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| Three Months Ended | ||||||||||||||||||||||||||||
| March 31 | % Change | |||||||||||||||||||||||||||
| (in millions of U.S. dollars, except for percentages) | 2026 | 2025 | Q-26 vs. Q-25 | |||||||||||||||||||||||||
| Net premiums written | $ | 14,005 | $ | 12,646 | 10.7 | % | ||||||||||||||||||||||
Net premiums written - constant dollars (1) | 7.7 | % | ||||||||||||||||||||||||||
| Net premiums earned | 13,457 | 12,000 | 12.1 | % | ||||||||||||||||||||||||
| Net investment income | 1,709 | 1,561 | 9.5 | % | ||||||||||||||||||||||||
| Net realized gains (losses) | (407) | (116) | NM | |||||||||||||||||||||||||
| Market risk benefits gains (losses) | 14 | (92) | NM | |||||||||||||||||||||||||
| Total revenues | 14,773 | 13,353 | 10.6 | % | ||||||||||||||||||||||||
| Losses and loss expenses | 6,131 | 6,896 | (11.1) | % | ||||||||||||||||||||||||
| Policy benefits | 1,785 | 1,227 | 45.5 | % | ||||||||||||||||||||||||
| Policy acquisition costs | 2,596 | 2,313 | 12.2 | % | ||||||||||||||||||||||||
| Administrative expenses | 1,149 | 1,080 | 6.4 | % | ||||||||||||||||||||||||
| Interest expense | 198 | 181 | 9.1 | % | ||||||||||||||||||||||||
| Other (income) expense | (161) | (83) | 94.5 | % | ||||||||||||||||||||||||
| Amortization of purchased intangibles | 73 | 75 | (2.1) | % | ||||||||||||||||||||||||
| Integration expenses and severance | 9 | — | NM | |||||||||||||||||||||||||
| Total expenses | 11,780 | 11,689 | 0.8 | % | ||||||||||||||||||||||||
| Income before income tax | 2,993 | 1,664 | 79.9 | % | ||||||||||||||||||||||||
| Income tax expense | 646 | 321 | 101.2 | % | ||||||||||||||||||||||||
| Net income | $ | 2,347 | $ | 1,343 | 74.8 | % | ||||||||||||||||||||||
Net income attributable to noncontrolling interests | 27 | 12 | 131.3 | % | ||||||||||||||||||||||||
| Net income attributable to Chubb | $ | 2,320 | $ | 1,331 | 74.3 | % | ||||||||||||||||||||||
(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 March 31, 2026
•Net income attributable to Chubb was $2.3 billion compared with $1.3 billion in the prior year period, primarily due to lower catastrophe losses.
•Total pre-tax catastrophe losses were $500 million, compared with $1.64 billion in the prior year, which included $1.47 billion from the California wildfires.
•Consolidated net premiums written were $14.01 billion, up 10.7 percent.
•P&C net premiums written increased 7.2 percent, with consumer insurance up 14.2 percent and commercial insurance up 4.6 percent. Consumer insurance growth reflects strong new business and retention, including positive rate and exposure increases. Commercial lines reflects continued growth primarily in casualty lines, middle market, and small commercial accounts. Growth was unfavorably impacted by reduced exposure and lower rates, in large account property lines, both admitted and E&S.
•Life Insurance segment net premiums written increased 33.1 percent, or 30.8 percent in constant dollars, due to growth in international life of 34.1 percent in constant dollars reflecting 15.7 percentage points of growth from traditional regular premium products, with the remaining growth from savings-oriented single premium business.
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Additionally, our Chubb Benefits business grew 15.8 percent, primarily driven by worksite business.
•Pre-tax net investment income was $1.71 billion, compared with $1.6 billion in the prior year period, primarily due to higher average invested assets from strong operating cash flow.
•Operating cash flow was $3.95 billion.
| Net Premiums Written | Three Months Ended March 31 | % Change | ||||||||||||||||||||||
| (in millions of U.S. dollars, except for percentages) | 2026 | 2025 | Q-26 vs. Q-25 | C$ Q-26 vs. Q-25 | ||||||||||||||||||||
| Property and other short-tail lines | $ | 2,467 | $ | 2,489 | (0.9) | % | (4.6) | % | ||||||||||||||||
| Commercial casualty | 2,571 | 2,252 | 14.2 | % | 11.4 | % | ||||||||||||||||||
| Financial lines | 1,093 | 1,079 | 1.3 | % | (1.7) | % | ||||||||||||||||||
| Workers' compensation | 626 | 638 | (1.9) | % | (1.9) | % | ||||||||||||||||||
Commercial multiple peril (1) | 454 | 416 | 9.2 | % | 9.0 | % | ||||||||||||||||||
| Surety | 220 | 200 | 9.8 | % | 5.9 | % | ||||||||||||||||||
| Total Commercial P&C lines | 7,431 | 7,074 | 5.0 | % | 2.3 | % | ||||||||||||||||||
| Agriculture | 311 | 276 | 12.7 | % | 12.7 | % | ||||||||||||||||||
| Personal homeowners | 1,273 | 1,143 | 11.4 | % | 10.1 | % | ||||||||||||||||||
| Personal automobile | 855 | 691 | 23.8 | % | 15.6 | % | ||||||||||||||||||
| Personal other | 560 | 511 | 9.6 | % | 5.6 | % | ||||||||||||||||||
Total Personal lines (2) | 2,688 | 2,345 | 14.7 | % | 10.8 | % | ||||||||||||||||||
| Global A&H - P&C | 923 | 823 | 12.2 | % | 6.2 | % | ||||||||||||||||||
| Reinsurance lines | 363 | 408 | (11.2) | % | (11.7) | % | ||||||||||||||||||
| Total Property and Casualty lines | 11,716 | 10,926 | 7.2 | % | 4.1 | % | ||||||||||||||||||
| Life Insurance | 2,289 | 1,720 | 33.1 | % | 30.8 | % | ||||||||||||||||||
| Total consolidated | $ | 14,005 | $ | 12,646 | 10.7 | % | 7.7 | % | ||||||||||||||||
(1)Commercial multiple peril represents retail package business (property and general liability).
(2)For purposes of this schedule only, certain Q1 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.
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Catastrophe Losses and Prior Period Development
| Three Months Ended | |||||||||||||||||||
| March 31 | |||||||||||||||||||
| (in millions of U.S. dollars) | 2026 | 2025 | |||||||||||||||||
| Net catastrophe losses | $ | 500 | $ | 1,641 | |||||||||||||||
| Favorable prior period development | $ | 286 | $ | 255 | |||||||||||||||
Catastrophe losses through March 31, 2026 and 2025, were primarily from the following events:
•2026: Winter-related storms in the U.S., and other international weather-related events.
◦Total North America P&C Insurance catastrophe losses were $428 million.
◦Total Overseas General catastrophe losses were $64 million.
•2025: California wildfire losses of $1.47 billion; flooding in the U.S., hail, tornadoes, wind events, and winter-related storms.
◦Total North America P&C Insurance catastrophe losses were $1.51 billion.
◦Total Overseas General catastrophe losses were $55 million.
Pre-tax net favorable PPD for the three months ended March 31, 2026, was $301 million in our active companies, including net favorable development of $322 million in short-tail lines and net unfavorable development of $21 million in long-tail lines. Net favorable development for short-tail lines is driven by surety and property lines. Net unfavorable development for long-tail lines primarily relates to casualty lines, partially offset by favorable development in workers' compensation and financial lines. Our corporate run-off portfolio had adverse development of $15 million.
Pre-tax net favorable PPD for the three months ended March 31, 2025, was $268 million in our active companies, including favorable development of $313 million in short-tail lines, principally in credit-related lines, A&H, and property. Favorable development was partially offset by net adverse development of $45 million in long-tail lines, with adverse and favorable updates across several lines of business. Our corporate run-off portfolio had adverse development of $13 million.
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 8 to the Consolidated Financial Statements for additional information.
P&C Combined Ratio
| Three Months Ended | |||||||||||||||||||
| March 31 | |||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||
| Combined ratio: | |||||||||||||||||||
| Loss and loss expense ratio | 55.6 | % | 67.8 | % | |||||||||||||||
| Policy acquisition cost ratio | 20.0 | % | 19.4 | % | |||||||||||||||
| Administrative expense ratio | 8.4 | % | 8.5 | % | |||||||||||||||
| P&C Combined ratio | 84.0 | % | 95.7 | % | |||||||||||||||
| Catastrophe losses | (4.5) | % | (15.9) | % | |||||||||||||||
| Prior period development | 2.6 | % | 2.5 | % | |||||||||||||||
| P&C CAY combined ratio excluding catastrophe losses | 82.1 | % | 82.3 | % | |||||||||||||||
The P&C combined ratio decreased for the three months ended March 31, 2026, reflecting lower catastrophe losses. The P&C CAY combined ratio excluding catastrophe losses was relatively flat for the three months ended March 31, 2026.
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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 | |||||||||||||||||||||||||||||||||
| March 31 | % Change | ||||||||||||||||||||||||||||||||
| (in millions of U.S. dollars, except for percentages) | 2026 | 2025 | Q-26 vs. Q-25 | ||||||||||||||||||||||||||||||
| Net premiums written | $ | 4,895 | $ | 4,787 | 2.3 | % | |||||||||||||||||||||||||||
| Net premiums earned | 5,148 | 4,988 | 3.2 | % | |||||||||||||||||||||||||||||
| Losses and loss expenses | 3,220 | 3,031 | 6.2 | % | |||||||||||||||||||||||||||||
| Policy acquisition costs | 752 | 719 | 4.6 | % | |||||||||||||||||||||||||||||
| Administrative expenses | 354 | 344 | 3.1 | % | |||||||||||||||||||||||||||||
| Underwriting income | 822 | 894 | (8.0) | % | |||||||||||||||||||||||||||||
| Net investment income | 971 | 929 | 4.5 | % | |||||||||||||||||||||||||||||
| Other (income) expense | 14 | 8 | (76.0) | % | |||||||||||||||||||||||||||||
| Amortization of purchased intangibles | 1 | 1 | — | ||||||||||||||||||||||||||||||
| Segment income | $ | 1,778 | $ | 1,814 | (2.0) | % | |||||||||||||||||||||||||||
| Combined ratio: | |||||||||||||||||||||||||||||||||
| Loss and loss expense ratio | 62.5 | % | 60.8 | % | 1.7 | ||||||||||||||||||||||||||||
Recent insider activity
| Date | Insider | Role | Action | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 2026-06-08 | Ortega Juan Luis | Executive Vice President* | Sell | -3,886 | $322.08 | -$1,251,603 |
| 2026-05-27 | Keogh John W | President &COO | Sell | -23,000 ×2 | $321.51 | -$7,394,740 |
| 2026-05-21 | ATIEH MICHAEL G | Director | Sell | -578 | $329.53 | -$190,468 |
Source: SEC Form 4 filings.
Next expected filings
- ~2026-07-27 10-Q expected by 2026-08-08 (in 1 day)
- ~2026-10-26 10-Q expected by 2026-11-07 (in 92 days)
- ~2027-02-26 10-K expected by 2027-03-03 (in 215 days)
- ~2027-04-27 10-Q expected by 2027-05-09 (in 275 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-07-21 8-K Earnings Release; Financial Statements and Exhibits
- 2026-06-10 8-K Other Events; Financial Statements and Exhibits
- 2026-06-05 424B2 Prospectus Supplement
- 2026-05-27 S-8 Employee Benefit Plan Registration
- 2026-05-22 8-K Officer/Director Change; Bylaws/Articles Amended; Shareholder Vote Results; Financial Statements and Exhibits
- 2026-05-20 8-K Other Events; Financial Statements and Exhibits
- 2026-05-19 424B2 Prospectus Supplement
- 2026-04-28 10-Q Quarterly Report
- 2026-04-21 8-K Earnings Release; Financial Statements and Exhibits
- 2026-02-27 10-K Annual Report
- 2026-02-03 8-K Earnings Release; Financial Statements and Exhibits
- 2025-11-04 8-K Officer/Director Change; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-10-27 10-Q Quarterly Report
- 2025-10-21 8-K Earnings Release; Financial Statements and Exhibits
- 2025-08-06 8-K Other Events; Financial Statements and Exhibits