# Chubb Ltd (CB) Informational only - not investment advice. CIK: 0000896159 SIC: 6331 Fire, Marine & Casualty Insurance SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Insurance Carriers](/major-group/63/) > [SIC 6331 Fire, Marine & Casualty Insurance](/industry/6331/) Latest 10-K filed: 2026-02-27 SEC page: https://www.sec.gov/edgar/browse/?CIK=896159 Filing source: https://www.sec.gov/Archives/edgar/data/896159/000089615926000005/cb-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-27 · accession 0000896159-26-000005 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000896159.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 59,402,000,000 USD | 2025 | verified | | Net income | 10,310,000,000 USD | 2025 | verified | | Assets | 272,327,000,000 USD | 2025 | verified | | Net margin | 17.36% | 2025 | computed | | Revenue YoY | +6.54% | 2025 | computed | | ROE | 13.98% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. Peer groups: [Property and casualty insurers](/compare/insurers/) · SIC 6331 Fire, Marine & Casualty Insurance No market price, no rating, no forecast on this site. Not investment advice. ## Peer comparisons including CB - Property and casualty insurers: [peer review](/compare/insurers/) · [market-risk page](/compare/insurers/risk/) ### Peer percentile fingerprint | Ratio | CB | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 17.4% | 12.9% | 67 | 53 | | Revenue growth | 6.5% | 9.4% | 42 | 53 | | ROE | 14.0% | 15.9% | 44 | 53 | | ROA | 3.8% | 3.9% | 48 | 53 | | Liabilities / equity | 2.61 | 3.04 | 33 | 53 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6331 Fire, Marine & Casualty Insurance, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 59402000000 | USD | 2025 | 2026-02-27 | | Net income | 10310000000 | USD | 2025 | 2026-02-27 | | Assets | 272327000000 | USD | 2025 | 2026-02-27 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000896159.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 31,469,000,000 | 32,243,000,000 | 32,717,000,000 | 34,186,000,000 | 35,994,000,000 | 40,869,000,000 | 43,097,000,000 | 49,735,000,000 | 55,753,000,000 | 59,402,000,000 | | Net income | | 4,135,000,000 | 3,861,000,000 | 3,962,000,000 | 4,454,000,000 | 3,533,000,000 | 8,525,000,000 | 5,246,000,000 | 9,028,000,000 | 9,272,000,000 | 10,310,000,000 | | Diluted EPS | | 8.87 | 8.19 | 8.49 | 9.71 | 7.79 | 19.24 | 12.39 | 21.80 | 22.70 | 25.68 | | Operating cash flow | 3,864,000,000 | | 4,503,000,000 | 5,480,000,000 | 6,342,000,000 | 9,785,000,000 | 11,151,000,000 | 11,258,000,000 | 12,632,000,000 | 16,182,000,000 | 12,816,000,000 | | Dividends paid | | 1,173,000,000 | 1,308,000,000 | 1,337,000,000 | 1,354,000,000 | 1,388,000,000 | 1,401,000,000 | 1,375,000,000 | 1,394,000,000 | 1,436,000,000 | 1,505,000,000 | | Share buybacks | 758,000,000 | | 801,000,000 | 1,044,000,000 | 1,530,000,000 | 523,000,000 | 4,861,000,000 | 2,894,000,000 | 2,411,000,000 | 1,801,000,000 | 3,694,000,000 | | Assets | | 159,786,000,000 | 167,022,000,000 | 167,771,000,000 | 176,943,000,000 | 190,774,000,000 | 200,054,000,000 | 199,017,000,000 | 230,682,000,000 | 246,548,000,000 | 272,327,000,000 | | Liabilities | | 111,511,000,000 | 115,850,000,000 | 117,459,000,000 | 121,612,000,000 | 131,333,000,000 | 140,340,000,000 | 148,498,000,000 | 166,991,000,000 | 178,154,000,000 | 192,548,000,000 | | Stockholders' equity | | 48,275,000,000 | 51,172,000,000 | 50,312,000,000 | 55,331,000,000 | 59,441,000,000 | 58,328,000,000 | 50,519,000,000 | 59,507,000,000 | 64,021,000,000 | 73,757,000,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | 13.14% | 11.97% | 12.11% | 13.03% | 9.82% | 20.86% | 12.17% | 18.15% | 16.63% | 17.36% | | Return on equity | | 8.57% | 7.55% | 7.87% | 8.05% | 5.94% | 14.62% | 10.38% | 15.17% | 14.48% | 13.98% | | Return on assets | | 2.59% | 2.31% | 2.36% | 2.52% | 1.85% | 4.26% | 2.64% | 3.91% | 3.76% | 3.79% | | Liabilities / equity | | 2.31 | 2.26 | 2.33 | 2.20 | 2.21 | 2.41 | 2.94 | 2.81 | 2.78 | 2.61 | ## As-reported value updates 2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/CB/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-28. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000896159.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q2 | 2022-06-30 | | | 2.86 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | 1.94 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 4.53 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | 11,833,000,000 | 1,793,000,000 | 4.32 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 13,853,000,000 | 2,043,000,000 | 4.95 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 12,992,000,000 | 3,300,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 12,894,000,000 | 2,143,000,000 | 5.23 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 13,835,000,000 | 2,230,000,000 | 5.46 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 14,849,000,000 | 2,324,000,000 | 5.70 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 14,175,000,000 | 2,575,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 13,353,000,000 | 1,331,000,000 | 3.29 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 14,836,000,000 | 2,968,000,000 | 7.35 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 16,148,000,000 | 2,801,000,000 | 6.99 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 15,065,000,000 | 3,210,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 14,773,000,000 | 2,320,000,000 | 5.88 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from CB's latest 10-K: [/company/CB/business/](/company/CB/business/). ## Risk Factors Verbatim Item 1A Risk Factors from CB's latest 10-K: [/company/CB/risk-factors/](/company/CB/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/896159/000089615926000017/cb-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-07-28 Report date: 2026-06-30 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 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. [[GREPCENT_TABLE]] [["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"]] [[/GREPCENT_TABLE]] 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 [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/896159/000089615926000005/cb-20251231.htm Complete FY 2025 MD&A: /company/CB/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-27 Report date: 2025-12-31 ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following is a discussion of our financial condition and results of operations for the years ended December 31, 2025 and 2024, and comparisons between 2025 and 2024. This discussion should be read in conjunction with the Consolidated Financial Statements and related Notes, under Item 8 of this Form 10-K. Comparisons between 2024 and 2023 have been omitted from this Form 10-K, but can be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our Form 10-K for the year ended December 31, 2024. All comparisons in this discussion are to the prior year 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. [[GREPCENT_TABLE]] [["MD&A Index","Page"],["Forward-Looking Statements","37"],["Critical Accounting Estimates","39"],["Consolidated Operating Results","49"],["Segment Operating Results","52"],["Effective Income Tax Rate","61"],["Net Realized and Unrealized Gains (Losses)","62"],["Non-GAAP Reconciliation","63"],["Net Investment Income","67"],["Interest Expense","67"],["Amortization of Purchased Intangibles and Other Amortization","67"],["Investments","68"],["Asbestos and Environmental (A&E)","72"],["Catastrophe Management","73"],["Global Property Catastrophe Reinsurance Program","75"],["Political Risk and Credit Insurance","75"],["Crop Insurance","76"],["Liquidity","77"],["Capital Resources","80"],["Ratings","82"],["Information provided in connection with outstanding debt of subsidiaries","83"],["Credit Facilities","84"]] [[/GREPCENT_TABLE]] 36 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 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, 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; 37 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. 38 Table of Contents Critical Accounting Estimates Our Consolidated Financial Statements include amounts that, either by their nature or due to requirements of generally accepted accounting principles in the U.S. (U.S. GAAP), are determined using best estimates and assumptions. While we believe that the amounts included in our Consolidated Financial Statements reflect our best judgment, actual amounts could ultimately materially differ from those currently presented. We believe the items that require the most subjective and complex estimates are: •unpaid loss and loss expense reserves, including long-tail asbestos and environmental (A&E) reserves and non-A&E casualty exposures; •future policy benefits reserves; •the valuation of value of business acquired (VOBA); •the assessment of risk transfer for certain structured insurance and reinsurance contracts; •reinsurance recoverable, including a valuation allowance for uncollectible reinsurance; •the valuation of our investment portfolio and assessment of valuation allowance for expected credit losses; •the valuation of deferred income taxes; and •the assessment of goodwill for impairment. We believe our accounting policies for these items are of critical importance to our Consolidated Financial Statements. The following discussion provides more information regarding the estimates and assumptions required to arrive at these amounts and should be read in conjunction with the sections entitled: Prior Period Development, Asbestos and Environmental (A&E), Reinsurance Recoverable on Ceded Reinsurance, and Investments, under item 8 and Net Realized and Unrealized Gains (Losses), under item 7. 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: [[GREPCENT_TABLE]] [["","December 31, 2025","","December 31, 2024"],["(in millions of U.S. dollars)","Gross Losses","","Reinsurance Recoverable (1)","","Net Losses","","Gross Losses","","Reinsurance Recoverable (1)","","Net Losses"],["Balance, beginning of year","$","84,004","","","$","17,734","","","$","66,270","","","$","80,122","","","$","17,884","","","$","62,238"],["Losses and loss expenses incurred","33,310","","","6,610","","","26,700","","","32,534","","","6,512","","","26,022"],["Losses and loss expenses paid","(30,575)","","","(6,282)","","","(24,293)","","","(27,970)","","","(6,467)","","","(21,503)"],["Other (including foreign exchange translation)","1,279","","","284","","","995","","","(682)","","","(195)","","","(487)"],["Balance, end of year","$","88,018","","","$","18,346","","","$","69,672","","","$","84,004","","","$","17,734","","","$","66,270"]] [[/GREPCENT_TABLE]] (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). Our loss reserves comprise approximately 76 percen [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/CB/mda/fy2025/ All MD&A years: /company/CB/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/CB/mda/fy2024/): filed 2025-02-27; accession 0000896159-25-000004 (https://www.sec.gov/Archives/edgar/data/896159/000089615925000004/cb-20241231.htm) - [FY 2023 MD&A](/company/CB/mda/fy2023/): filed 2024-02-23; accession 0000896159-24-000003 (https://www.sec.gov/Archives/edgar/data/896159/000089615924000003/cb-20231231.htm) - [FY 2022 MD&A](/company/CB/mda/fy2022/): filed 2023-02-24; accession 0000896159-23-000007 (https://www.sec.gov/Archives/edgar/data/896159/000089615923000007/cb-20221231.htm) - [FY 2021 MD&A](/company/CB/mda/fy2021/): filed 2022-02-24; accession 0000896159-22-000005 (https://www.sec.gov/Archives/edgar/data/896159/000089615922000005/cb-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6331 Fire, Marine & Casualty Insurance) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/CB.md · JSON record: /company/CB.json · verified financials: /company/CB/financials.json / /company/CB/financials.csv · machine TOC for the whole site: /llms.txt