$CB

ACE Ltd

CIK:0000896159|SEC Filings

Consolidated Statements Of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Net premiums written	$ 14,705	$ 14,196	$ 28,710	$ 26,842
Increase in unearned premiums	(816)	(1,071)	(1,364)	(1,717)
Net premiums earned	13,889	13,125	27,346	25,125
Net investment income	1,760	1,568	3,469	3,129
Net realized gains (losses)	162	160	(245)	44
Market risk benefits gains (losses)	5	(17)	19	(109)
Total revenues	15,816	14,836	30,589	28,189
Expenses
Losses and loss expenses	6,691	6,572	12,822	13,468
Policy benefits (includes remeasurement losses of nil, $2, $2, and $5)	1,615	1,406	3,400	2,633
Policy acquisition costs	2,632	2,415	5,228	4,728
Administrative expenses	1,168	1,125	2,317	2,205
Interest expense	200	181	398	362
Other (income) expense	(196)	(655)	(357)	(738)
Amortization of purchased intangibles	74	74	147	149
Integration expenses and severance	8	2	17	2
Total expenses	12,192	11,120	23,972	22,809
Income before income tax	3,624	3,716	6,617	5,380
Income tax expense	742	717	1,388	1,038
Net income	2,882	2,999	5,229	4,342
Net income attributable to noncontrolling interests	28	31	55	43
Net income attributable to Chubb	2,854	2,968	5,174	4,299
Other comprehensive income (loss):
Unrealized appreciation (depreciation)	357	986	(1,469)	1,887
Current discount rate on future policy benefits	(145)	(130)	241	(252)
Instrument-specific credit risk on market risk benefits	1	1	13	5
Cumulative foreign currency translation adjustment	(158)	796	370	1,155
Other, including postretirement benefit liability adjustment	39	(26)	33	(121)
Other comprehensive income (loss), before income tax	94	1,627	(812)	2,674
Income tax (expense) benefit related to OCI items	(26)	(33)	115	(76)
Other comprehensive income (loss)	68	1,594	(697)	2,598
Comprehensive income	2,950	4,593	4,532	6,940
Comprehensive income attributable to noncontrolling interests	108	48	306	55
Comprehensive income attributable to Chubb	$ 2,842	$ 4,545	$ 4,226	$ 6,885
Earnings per share
Basic earnings per share attributable to Chubb	$ 7.37	$ 7.42	$ 13.30	$ 10.74
Diluted earnings per share attributable to Chubb	$ 7.30	$ 7.35	$ 13.17	$ 10.63

Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 5,229	$ 4,342
Adjustments to reconcile net income to net cash flows from operating activities
Net realized (gains) losses	245	(44)
Market risk benefits gains (losses)	19	(109)
Amortization of premiums (discounts) on fixed maturities	(215)	(196)
Amortization of purchased intangibles	147	149
Equity in net income (loss) of partially-owned entities	(281)	(739)
Deferred income taxes	330	(16)
Unpaid losses and loss expenses	1,539	1,224
Unearned premiums	2,122	2,446
Future policy benefits	1,832	1,178
Insurance and reinsurance balances payable	936	1,018
Accounts payable, accrued expenses, and other liabilities	(484)	10
Income taxes	85	(74)
Insurance and reinsurance balances receivable	(3,055)	(2,088)
Reinsurance recoverable	58	494
Deferred policy acquisition costs	(793)	(870)
Net sales (purchases) of investments by consolidated investment products	398	(115)
Other	(397)	(1,711)
Net cash flows from operating activities	7,677	5,117
Cash flows from investing activities
Purchases of fixed maturities available-for-sale	(18,620)	(13,805)
Purchases of equity securities	(1,613)	(1,413)
Sales of fixed maturities available-for-sale	6,837	5,292
Sales of equity securities	1,722	1,410
Maturities and redemptions of fixed maturities available-for-sale	7,601	5,542
Net change in short-term investments	(480)	764
Net derivative instruments settlements	(77)	(66)
Private equity contributions	(588)	(1,522)
Private equity distributions	726	744
Acquisition of subsidiaries (net of cash acquired of nil and $32)	(25)	(289)
Other	(660)	(282)
Net cash flows used for investing activities	(5,177)	(3,625)
Cash flows from financing activities
Dividends paid on Common Shares	(759)	(731)
Common Shares repurchased	(2,236)	(1,437)
Proceeds from issuance of long-term debt	2,416	249
Repayment of long-term debt	(1,500)	(800)
Proceeds from share-based compensation plans	195	189
Policyholder contract deposits	666	452
Policyholder contract withdrawals	(417)	(311)
Third-party capital invested into consolidated investment products	772	1,076
Third-party capital distributed by consolidated investment products	(1,070)	(677)
Proceeds from issuance of repurchase agreements	(3,769)	(2,368)
Repayment of repurchase agreements	(3,836)	(2,072)
Other	(219)	(193)
Net cash flows used for financing activities	(2,219)	(1,887)
Effect of foreign currency rate changes on cash and restricted cash	2	217
Net increase (decrease) in cash and restricted cash	283	(178)
Cash and restricted cash - beginning of period	2,470	2,549
Cash and restricted cash - end of period	2,753	2,371
Supplemental cash flow information
Interest paid	$ 393	$ 350