Chubb LtdCB
Chubb Ltd Debt Disclosure
Debt
| December 31 | December 31 | ||||||||||||||||
| (in millions of U.S. dollars) | 2025 | 2024 | Early Redemption Option | ||||||||||||||
| Short-term debt | |||||||||||||||||
| Chubb INA: | |||||||||||||||||
$800 million 3.15% senior notes due March 2025 | $ | — | $ | 800 | Make-whole premium plus 15 bps | ||||||||||||
$1,500 million 3.35% senior notes due May 2026 | 1,499 | — | Make-whole premium plus 20 bps | ||||||||||||||
Total short-term debt | $ | 1,499 | $ | 800 | |||||||||||||
| Long-term debt | |||||||||||||||||
| Chubb INA: | |||||||||||||||||
$1,500 million 3.35% senior notes due May 2026 | $ | — | $ | 1,498 | Make-whole premium plus 20 bps | ||||||||||||
€575 million 0.875% senior notes due June 2027 | 671 | 604 | Make-whole premium plus 20 bps | ||||||||||||||
€900 million 1.55% senior notes due March 2028 | 1,050 | 944 | Make-whole premium plus 15 bps | ||||||||||||||
CNH1,830 million 2.85% term loan due April 2028 | 259 | — | Make-whole premium, no add'l bps | ||||||||||||||
CNH2,145 million 2.75% term loan due July 2028 | 304 | — | Make-whole premium, no add'l bps | ||||||||||||||
$100 million 8.875% debentures due August 2029 | 100 | 100 | None | ||||||||||||||
$700 million 4.65% senior notes due August 2029 | 696 | 695 | Make-whole premium plus 15 bps | ||||||||||||||
€700 million 0.875% senior notes due December 2029 | 816 | 734 | Make-whole premium plus 20 bps | ||||||||||||||
CNH1,000 million 2.5% bonds due August 2030 | 140 | — | Make-whole premium plus 15 bps | ||||||||||||||
$1,000 million 1.375% senior notes due September 2030 | 996 | 995 | Make-whole premium plus 15 bps | ||||||||||||||
€575 million 1.4% senior notes due June 2031 | 669 | 601 | Make-whole premium plus 25 bps | ||||||||||||||
$200 million 6.8% debentures due November 2031 | 223 | 227 | Make-whole premium plus 25 bps | ||||||||||||||
$1,600 million 5.0% senior notes due March 2034 | 1,589 | 1,588 | Make-whole premium plus 15 bps | ||||||||||||||
CNH1,500 million 2.75% bonds due August 2035 | 211 | — | Make-whole premium plus 15 bps | ||||||||||||||
$1,250 million 4.9% senior notes due August 2035 | 1,241 | — | Make-whole premium plus 15 bps | ||||||||||||||
$300 million 6.7% senior notes due May 2036 | 298 | 298 | Make-whole premium plus 20 bps | ||||||||||||||
$800 million 6.0% senior notes due May 2037 | 900 | 909 | Make-whole premium plus 20 bps | ||||||||||||||
€900 million 2.5% senior notes due March 2038 | 1,045 | 940 | Make-whole premium plus 25 bps | ||||||||||||||
$600 million 6.5% senior notes due May 2038 | 702 | 710 | Make-whole premium plus 30 bps | ||||||||||||||
$475 million 4.15% senior notes due March 2043 | 471 | 471 | Make-whole premium plus 15 bps | ||||||||||||||
$1,500 million 4.35% senior notes due November 2045 | 1,487 | 1,487 | Make-whole premium plus 25 bps | ||||||||||||||
$600 million 2.85% senior notes due December 2051 | 594 | 594 | Make-whole premium plus 15 bps | ||||||||||||||
CNH2,000 million 3.05% bonds due August 2055 | 281 | — | Make-whole premium plus 15 bps | ||||||||||||||
$1,000 million 3.05% senior notes due December 2061 | 985 | 984 | Make-whole premium plus 20 bps | ||||||||||||||
| Total long-term debt | $ | 15,728 | $ | 14,379 | |||||||||||||
| Hybrid debt | |||||||||||||||||
| Chubb INA capital securities due April 2030 | $ | 309 | $ | 309 | Redemption prices (1) | ||||||||||||
Huatai Life CNY800 million 2.9% capital supplementary bonds due November 2034 | 113 | 110 | Redeemable at par in 2029 | ||||||||||||||
| Total hybrid debt | $ | 422 | $ | 419 | |||||||||||||
(1)Redemption prices are equal to accrued and unpaid interest to the redemption date plus the greater of (i) 100 percent of the principal amount thereof, or (ii) sum of present value of scheduled payments of principal and interest on the capital securities from the redemption date to April 1, 2030.
a) Short-term debt
Short-term debt comprises the current maturities of our long-term debt instruments described below. These short-term debt instruments were reclassified from long-term debt and are reflected in the table above.
In the second quarter of 2025, Chubb established a commercial paper program, under which Chubb INA may issue short-term,
unsecured commercial paper notes (commercial paper) on a private placement basis. Payment of the commercial paper is
guaranteed on an unsecured and unsubordinated basis by Chubb Limited, and the commercial paper and guarantee rank
equally with all other unsecured and unsubordinated indebtedness.
We have the ability to borrow a total of $2.0 billion, supported by our $3.0 billion group syndicated credit facility which expires
in December 2030. Commercial paper is recorded in Short-term debt in the Consolidated balance sheets. As of December 31, 2025, there was no commercial paper outstanding.
b) Long-term debt
(i) Chubb INA senior notes and debentures
With the exception of the $100 million of 8.875 percent debentures due August 2029, which do not have an early redemption option, the senior notes and debentures in the table above are redeemable at any time at Chubb INA's option subject to a “make-whole” premium plus additional basis points as defined in the table above. A "make-whole" premium is the present value of the remaining principal and interest discounted at the applicable U.S. Treasury rate. These debt securities are also redeemable at par plus accrued and unpaid interest in the event of certain changes in tax law.
The senior notes and debentures do not have the benefit of any sinking fund, are guaranteed on a senior basis by Chubb Limited, and rank equally with all of Chubb's other senior obligations. They also contain customary limitations on lien provisions as well as customary events of default provisions which, if breached, could result in the accelerated maturity of such senior debt.
(ii) Chubb INA Chinese yuan renminbi bonds and term loans
The CNH bonds are redeemable at any time prior to the par call date at Chubb INA's option subject to a "make-whole" premium. The "make-whole" premium for the bonds is the present value of the remaining principal and interest discounted at the applicable offshore China Government Bond yield plus additional basis points as defined in the table above. The CNH term loans are subject to a "make-whole" premium up to one year prior to maturity. The "make-whole" premium for the term loans is the present value of the remaining principal and interest discounted at the applicable U.S. Treasury rate. The bonds and term loans are guaranteed on a senior basis by Chubb Limited.
c) Hybrid debt
(i) Trust preferred securities
In March 2000, ACE Capital Trust II, a Delaware statutory business trust, publicly issued $300 million of 9.7 percent Capital Securities (the Capital Securities) due to mature in April 2030. At the same time, Chubb INA purchased $9.2 million of common securities of ACE Capital Trust II. The sole assets of ACE Capital Trust II consist of $309 million principal amount of 9.7 percent Junior Subordinated Deferrable Interest Debentures (the Subordinated Debentures) issued by Chubb INA due to mature in April 2030.
Distributions on the Capital Securities are payable semi-annually and may be deferred for up to ten consecutive semi-annual periods (but no later than April 1, 2030). Any deferred payments would accrue interest compounded semi-annually if Chubb INA defers interest on the Subordinated Debentures. Interest on the Subordinated Debentures is payable semi-annually. Chubb INA may defer such interest payments (but no later than April 1, 2030), with such deferred payments accruing interest compounded semi-annually. The Capital Securities and the ACE Capital Trust II Common Securities will be redeemed upon repayment of the Subordinated Debentures.
Chubb Limited has guaranteed, on a subordinated basis, Chubb INA's obligations under the Subordinated Debentures, and distributions and other payments due on the Capital Securities. These guarantees, when taken together with Chubb's obligations under expense agreements entered into with ACE Capital Trust II, provide a full and unconditional guarantee of amounts due on the Capital Securities.
(ii) Huatai Life capital supplementary bonds
In November 2024, Huatai Life issued 800 million Chinese yuan renminbi ($111 million based on the foreign exchange rate at the date of issuance) of 2.90 percent capital supplementary bonds (Bonds), due November 2034. The Bonds are subordinated to Huatai Life’s policy and general liabilities, are redeemable in November 2029, if certain conditions are met, and are guaranteed by Huatai Group. Principal or interest payments on the Bonds may be deferred if such payments would reduce Huatai Life's solvency adequacy ratio below a required minimum.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 26, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.