CB · 10-K filed 27 Feb 2026 · year to 31 Dec 2025

Chubb

34 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Suppliers

Reinsurers

depends on · $20.6 billion of reinsurance recoverablesnamed as a risk

At December 31, 2025, we had $20.6 billion of reinsurance recoverables, net of reserves for uncollectible recoverables.Risk factors (Item 1A)

Also named by CI, CINF, LNC, ORI, PRI, RLI, WRB

Partners and platforms

Lloyd's of London

operates in · £630 million

Syndicate 2488 has an underwriting capacity of £630 million for the Lloyd’s 2026 account year.Business (Item 1)

Also named by AJG, BRO, CINF, CNA, HIG, L, MKL, VRSK and 1 more

Insurance brokers and agents

depends onnamed as a risk

Loss of all or a substantial portion of the business provided by one or more of these agents and brokers could have an adverse effect on our business.Risk factors (Item 1A)

Healthy Paws Pet Insurance LLC

Chubb has been the exclusive underwriter of Healthy Paws Pet Insurance LLC since 2013.Business (Item 1)

Other companies

Century Indemnity Company

depends on · approximately $1.9 billionnamed as a risk

At December 31, 2025, the aggregate reinsurance balances ceded by our active subsidiaries to Century were approximately $1.9 billion.Risk factors (Item 1A)

Huatai Insurance Group Co. Ltd

operates in · approximately 87.2 percent

At December 31, 2025, our ownership interest in Huatai Group was approximately 87.2 percent.Business (Item 1)

Variable annuity guarantees (GMDB/GMIB)

insures or lends tonamed as a risk

Our net income is directly impacted by the changes in the MRB liability reflecting market conditions, policyholder behavior, and other changes in assumptions.Risk factors (Item 1A)

Brandywine

subject to

Brandywine is running off its liabilities consistent with the terms of an order issued by the Insurance Commissioner of Pennsylvania.Business (Item 1)

Places

China

operates in · over $155 billion in assets under management

Huatai Asset Management has over $155 billion in assets under management (AUM) in China, and is licensed to manage institutional, pension, and retail mutual fund investments.Business (Item 1)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Asia

concentrated in · 95 percent of its net written premiums, deposits, and earnings

Chubb Life's main operations are in Asia, which accounts for 95 percent of its net written premiums, deposits, and earnings.Business (Item 1)

Also named by AAPL, AYI, CART, CDW, CHD, CLS, COHR, DELL and 31 more

Thailand

operates in

In 2025, Chubb International expanded its operations through the acquisition of LMG Insurance in Thailand, offering a range of consumer and commercial P&C products.Business (Item 1)

Also named by ADI, CIEN, INGR, LITE, LZB, MCHP, NXT, TER and 3 more

Hazards

Asbestos and environmental claims

insures or lends to · approximately 1.4 percent of our gross loss reservesnamed as a risk

At December 31, 2025, gross A&E liabilities represented approximately 1.4 percent of our gross loss reserves.Risk factors (Item 1A)

Also named by HIG, ORI

Hurricanes

insures or lends tonamed as a risk

Asset concentrations are actively managed in hurricane- and flood-exposed areas, and our investment portfolio is relatively short in duration.Business (Item 1)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more

Wildfire

insures or lends tonamed as a risk

These findings actively inform our underwriting risk appetite for property-related exposures for wildfire, where we have significantly reduced our business in certain areas, and other perils such as flood and hurricane.Business (Item 1)

Also named by A, AEP, ARE, BKH, CRC, EVRG, MDU, PNW and 2 more

Commodities and inputs

S&P 500

exposed to its price · 80 percent—90 percent U.S. equitynamed as a risk

Our liabilities are sensitive to global equity markets in the following proportions: 80 percent—90 percent U.S. equity, and 10 percent—20 percent international equity.Market risk (Item 7A)

Also named by CNA, JXN, ORI, PRU

Korean won

exposed to its price · $6,196 millionnamed as a risk

The principal currencies creating foreign exchange risk are the Korean won, Chinese yuan renminbi, Canadian dollar, Australian dollar, Mexican peso, Thai baht, Hong Kong dollar, Brazilian real, New Zealand dollar, and euro.Risk factors (Item 1A)

Also named by BWA, CPNG

Chinese yuan renminbi

exposed to its price · 2,844named as a risk

Excludes hedged Chinese yuan renminbi net assets of $2.5 billion and $1.3 billion in 2025 and 2024, respectively.Market risk (Item 7A)

Also named by HPQ, JBL

Below investment-grade securities

exposed to its price · approximately 17 percentnamed as a risk

However, a smaller portion of the portfolio, approximately 17 percent at December 31, 2025, is invested in below investment-grade securities.Risk factors (Item 1A)

Regulators

Internal Revenue Service

subject tonamed as a risk

However, because there is considerable uncertainty as to the activities that constitute being engaged in a trade or business within the U.S., we cannot be certain that the Internal Revenue Service (IRS) will not contend successfully that Chubb Limited or its non-U.S. subsidiaries are engaged in a trade or business in the U.S.Risk factors (Item 1A)

Also named by AAPL, ABNB, ADI, AJG, AMGN, BBSI, BMNR, BRO and 39 more

U.S. Department of Agriculture

subject to

Rain and Hail primarily operates in a federally regulated program where all approved providers offer the same product forms and rates through independent or captive agents.Business (Item 1)

Also named by AGM, BJ, CAG, CALM, CASH, DLTR, FLO, FSUN and 11 more

Bermuda Monetary Authority

subject to

The Insurance Act 1978 of Bermuda and related regulations, as amended (the Insurance Act), regulates the insurance business of our Bermuda domiciled (re)insurance subsidiaries (Bermuda domiciled subsidiaries) and provides that no person may carry on any insurance business in or from within Bermuda unless registered as an insurer by the Bermuda Monetary Authority (BMA).Business (Item 1)

Also named by AFL, AIG, APO, ARES, CAT, CG, COIN, FNF and 8 more

Swiss Financial Market Supervisory Authority (FINMA)

subject to

The Swiss Financial Market Supervisory Authority (FINMA) has the discretion to supervise Chubb on a group-wide basis.Business (Item 1)

Also named by CAT

Pennsylvania Insurance Department

subject to

The Pennsylvania Insurance Department (Department) is the group-wide supervisor for the Chubb Group of Companies.Business (Item 1)

Laws and programs

OECD global minimum tax

subject to · 15 percentnamed as a risk

This framework, along with related Administrative Guidance, is redefining what income is taxed in which country and instituted a 15 percent global minimum tax in 2024 or later years.Risk factors (Item 1A)

Also named by AAPL, APP, ARW, AXP, BAC, BALL, CBRE, CROX and 15 more

Bermuda Corporate Income Tax Act

subject to · 15 percentnamed as a risk

However, on December 27, 2023, the Government of Bermuda enacted a 15 percent corporate income tax (Bermuda CIT) effective January 1, 2025.Risk factors (Item 1A)

Swiss withholding tax

subject to · 35 percentnamed as a risk

Our dividends are generally subject to a Swiss withholding tax at a rate of 35 percent; however, payment of a dividend in the form of a capital contribution reserve reduction or par value reduction is not subject to Swiss withholding tax.Risk factors (Item 1A)

General Data Protection Regulation (GDPR)

subject tonamed as a risk

Our failure to comply with GDPR and other countries’ privacy or data security-related laws, rules or regulations could result in significant penalties imposed by regulators, which could have an adverse effect on our business, financial condition, and results of operations.Risk factors (Item 1A)

Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more

Solvency II

subject tonamed as a risk

In addition, Chubb businesses across the European Union (EU) are subject to Solvency II, a capital and risk management regime, and our Bermuda businesses are subject to an equivalent of the EU's Solvency II regime.Risk factors (Item 1A)

Also named by AIG, CINF, CNA, HIG, L, MET, MKL, WRB

NYDFS Cybersecurity Regulation

subject tonamed as a risk

The NYDFS Cybersecurity Regulation has increased our compliance costs and could increase the risk of noncompliance and subject us to regulatory enforcement actions and penalties, as well as reputation risk.Risk factors (Item 1A)

Also named by AIG

Molestation reviver legislation

subject tonamed as a risk

For example, "reviver" legislation in certain states allows civil claims relating to molestation to be asserted against policyholders that would otherwise be barred by statutes of limitations.Risk factors (Item 1A)

Swiss tax rulings

subject tonamed as a risk

Any future revocation, lapse, expiration, or loss of our Swiss tax rulings or the inability to conduct repurchases in accordance with these rulings could jeopardize our ability to continue repurchasing our shares.Risk factors (Item 1A)

IAIS ComFrame / Insurance Capital Standard

subject tonamed as a risk

As part of ComFrame, in December 2024, the IAIS adopted an international capital standard (ICS) for such IAIGs and concluded that the Aggregation Method developed by the U.S. provides a basis for implementation of the ICS to produce comparable outcomes.Risk factors (Item 1A)

Terrorism Risk Insurance Act (TRIA)

subject to

The U.S. Terrorism Risk Insurance Act (TRIA), which was enacted in 2002 to ensure the availability of insurance coverage for certain types of terrorist acts in the U.S., has been extended under the Terrorism Risk Insurance Program Reauthorization Act of 2019 (TRIPRA) through December 31, 2027, and applies to certain of our operations.Business (Item 1)

Also named by BRK/B, CINF

Multiple Peril Crop Insurance (MPCI)

subject to

The MPCI program is offered in conjunction with the U.S. Department of Agriculture.Business (Item 1)