UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

Current Report
Pursuant To Section 13 or 15 (d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) – February 5, 2019

Chubb Limited
(Exact name of registrant as specified in its charter)

 
					
Switzerland	 	1-11778	 	98-0091805	
(State or other jurisdiction
of Incorporation)	 	(Commission
File Number)	 	(I.R.S. Employer
Identification No.)	
Baerengasse 32
CH-8001 Zurich, Switzerland
Telephone: +41 (0)43 456 76 00
(Address of principal executive offices)
Not applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
 
 	☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
 	☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
 	☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
 	☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

Item 2.02. Results of Operations and Financial Condition
On February 5, 2019, Chubb Limited issued a Press Release reporting its fourth quarter 2018 results and the availability of its fourth quarter 2018 Financial Supplement. The Press Release and the Financial Supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are hereby incorporated herein by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.
Item 9.01. Financial Statements and Exhibits
 
(d)	Exhibits	

Exhibit	
Number	  		Description	
			
99.1	  	Press Release, Dated February 5, 2019, Reporting Fourth Quarter 2018 Results		
			
99.2	  	Fourth Quarter 2018 Financial Supplement		

        SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Chubb Limited	
		
By:	 	/s/ Philip V. Bancroft	
	 	Philip V. Bancroft	
	 	Executive Vice President and Chief Financial Officer	
DATE: February 5, 2019

Exhibit 99.1

	  	Chubb Limited
Bärengasse 32
CH-8001 Zurich
Switzerland	  	www.chubb.com
@Chubb	
News Release
Chubb Reports Fourth Quarter Net Income Per Share and Core
Operating Income Per Share of $0.76 and $2.02, Respectively,
Including Catastrophe Losses of $1.09 Per Share; Full-Year Net
Income Per Share was $8.49, up 3.7%, and Core Operating Income
Per Share was $9.44, up 17.6%
 
 	•	 	Fourth quarter net income was $355 million. Core operating income was $935 million compared with $1.5 billion prior year, which included a tax benefit of $450 million.	
 
 	•	 	After-tax catastrophe losses in the quarter were $506 million, as previously announced, compared with $331 million prior year.	
 
 	•	 	Fourth quarter consolidated and P&C net premiums written were $7.4 billion and $6.8 billion, respectively, both up 4.2%, or up 5.9% and 5.8%, respectively, in constant dollars.	
 
 	•	 	Fourth quarter P&C combined ratio was 93.1% compared with 90.7% prior year. The P&C current accident year combined ratio excluding catastrophe losses was 88.3% compared with 86.4% prior year.	
 
 	•	 	For the quarter, net investment income was a record $848 million pre-tax, up 6.4%, and adjusted net investment income was a record $903 million pre-tax, up 3.4%.	
 
 	•	 	Full-year net income was $4.0 billion, up 2.6%, and core operating income was $4.4 billion, up 16.5%.	
 
 	•	 	Full-year consolidated net premiums written were $30.6 billion, up 4.6%, or 4.1% in constant dollars; full-year P&C net premiums written were $28.3 billion, up 4.4%, or 4.0% in constant dollars.	
 
 	•	 	Full-year P&C combined ratio was 90.6% compared with 94.7% prior year. The P&C current accident year combined ratio excluding catastrophe losses was 88.0% compared with 87.6% prior year.	
 
 	•	 	Annualized ROE and core operating ROE were 7.8% and 8.7%, respectively, for the year.	
 
 	•	 	For the year, net investment income was $3.3 billion pre-tax, up 5.8%, and adjusted net investment income was $3.6 billion pre-tax, up 2.8%, both records.	
 
 	•	 	Book value per share decreased 0.7% and tangible book value per share remained unchanged for the year. Excluding the mark-to-market impact on the investment portfolio, primarily as a result of rising interest rates, book and tangible book value per share increased 2.7% and 5.8%, respectively, for the year.	

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb.	 	1	

Chubb Limited News Release

ZURICH – February 5, 2019 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended December 31, 2018 of $355 million, or $0.76 per share, compared with $1,533 million, or $3.27 per share, for the same quarter last year. Core operating income was $935 million, or $2.02 per share, compared with $1,489 million, or $3.17 per share, for the same quarter last year. The property and casualty (P&C) combined ratio was 93.1%. Book and tangible book value per share decreased 0.8% and 1.4%, respectively, from September 30, 2018 and now stand at $109.56 and $65.89, respectively. Book and tangible book value per share were unfavorably impacted by net realized and unrealized losses of $383 million after-tax in the company’s investment portfolio, primarily reflecting the widening of credit spreads on corporate fixed income securities late in the quarter, partially offset by the decline in interest rates.
Chubb Limited
Fourth Quarter Summary
(in millions of U.S. dollars, except per share amounts)
(Unaudited)
																													
  	  	  	 	  	  	 	  	  	 	  	  	 	  	(Per Share - Diluted)	 	
 	  	2018	 	  	2017	 	  	Change	 	  	 	 	  	2018	 	  	2017	 	  	Change	 	
Net income	  	 	$355	 	  	 	$1,533	 	  	 	(76.9)%	 	  				  	 	$0.76	 	  	 	$3.27	 	  	 	(76.8)%	 	
Chubb integration expenses, net of tax	  	 	15	 	  	 	57	 	  	 	(73.7)%	 	  				  	 	0.03	 	  	 	0.12	 	  	 	(75.0)%	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	42	 	  	 	41	 	  	 	2.4%	 	  				  	 	0.09	 	  	 	0.09	 	  	 	0.0%	 	
Adjusted net realized losses (gains), net of tax	  	 	523	 	  	 	(142)	 	  	 	NM	 	  				  	 	1.14	 	  	 	(0.31)	 	  	 	NM	 	
Core operating income, net of tax	  	 	$935	 	  	 	$1,489	 	  	 	(37.2)%	 	  				  	 	$2.02	 	  	 	$3.17	 	  	 	(36.3)%	 	
For the three months ended December 31, 2018 and 2017, the tax expenses (benefits) related to the table above were $(5) million and $(20) million, respectively, for Chubb integration expenses; $(8) million and $(23) million, respectively, for amortization of fair value adjustment of acquired invested assets and long-term debt; $(20) million for adjusted net realized gains and losses for both periods; and $192 million and $(319) million, respectively, for core operating income.
For the year ended December 31, 2018, net income was $3,962 million, or $8.49 per share, compared with $3,861 million, or $8.19 per share, for 2017. Core operating income was $4,407 million, or $9.44 per share, compared with $3,784 million, or $8.03 per share, for 2017. The P&C combined ratio was 90.6% for the year compared with 94.7% prior year. The P&C current accident year combined ratio excluding catastrophe losses was 88.0% for the year compared with 87.6% prior year. Book value per share decreased 0.7% and tangible book value per share remained unchanged from December 31, 2017. Book and tangible book value per share were unfavorably impacted by net realized and unrealized losses of $1,709 million after-tax in the company’s investment portfolio, principally driven by rising interest rates during the year.

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb.	 	2	

Chubb Limited News Release

Chubb Limited
Full Year Summary
(in millions of U.S. dollars, except per share amounts)
(Unaudited)
																													
  	  	  	 	  	  	 	  	  	 	  	  	 	  	(Per Share - Diluted)	 	
 	  	2018	 	  	2017	 	  	Change	 	  	 	 	  	2018	 	  	2017	 	  	Change	 	
Net income	  	 	$ 3,962	 	  	 	$3,861	 	  	 	2.6%	 	  				  	 	$8.49	 	  	 	$8.19	 	  	 	3.7%	 	
Chubb integration expenses, net of tax	  	 	47	 	  	 	217	 	  	 	(78.3)%	 	  				  	 	0.10	 	  	 	0.46	 	  	 	(78.3)%	 	
Amortization of fair value adjustment of acquired invested assets  and long- term debt, net of tax	  	 	175	 	  	 	198	 	  	 	(11.6)%	 	  				  	 	0.37	 	  	 	0.42	 	  	 	(11.9)%	 	
Adjusted net realized losses (gains), net of tax	  	 	223	 	  	 	(492)	 	  	 	NM	 	  				  	 	0.48	 	  	 	(1.04)	 	  	 	NM	 	
Core operating income, net of tax	  	 	$ 4,407	 	  	 	$3,784	 	  	 	16.5%	 	  				  	 	$9.44	 	  	 	$8.03	 	  	 	17.6%	 	
For the years ended December 31, 2018 and 2017, the tax expenses (benefits) related to the table above were $(12) million and $(93) million, respectively, for Chubb integration expenses; $(40) million and $(85) million, respectively, for amortization of fair value adjustment of acquired invested assets and long-term debt; $5 million for adjusted net realized gains and losses for both periods; and $742 million and $34 million, respectively, for core operating income.
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “Chubb performed well in a quarter marked by elevated natural catastrophe losses, on the one hand, and stronger premium revenue growth, improved commercial P&C pricing globally and record net investment income, on the other. Core operating income was $935 million compared with $1.5 billion prior year, which included a one-time tax benefit and lighter CAT activity. Our P&C combined ratio of 93.1% included 8.5 points of pre-tax CAT losses.
“P&C net premiums written in the quarter grew nearly 6% in constant dollars, driven by our growth initiatives and improved pricing in the U.S., London and a number of other markets around the world. In North America, commercial P&C premiums grew about 5%, while in our international operations premiums were up 8% in constant dollars. Globally, this was our best quarter of the year – and for some of our businesses the best in several years – in terms of the pace and broad-based nature of price change and improved underwriting conditions.
“Benefiting from higher reinvestment rates and our strong cash flow, adjusted pre-tax net investment income in the quarter was $903 million, up about 3.5%, and contributed to investment income of $3.6 billion for the year – both records.
“Looking at our 12-month results, a more meaningful perspective given the natural quarter-to-quarter volatility of the risk business, we completed a very good year with core operating income of $4.4 billion, or $9.44 per share, up 18% on a per share basis from ‘17. Net premiums written grew 4.5%. The full-year P&C combined ratio was 90.6%, compared to 94.7% prior year, and that’s with $1.6 billion of CAT losses – about

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb.	 	3	

Chubb Limited News Release
 
$700 million more than we expected. The current accident year combined ratio excluding CATs was 88% versus 87.6% prior year.
“Our earnings led to a core operating ROE of 8.7%, or 9.8% with an expected level of catastrophe losses. Book and tangible book value per share growth were impacted last year by the mark-to-market effect of rising interest rates on the investment portfolio, which will amortize away over a reasonably short period of time. Book value per share was down about 0.5% while tangible book value per share growth was flat; excluding the mark, they grew 2.7% and 5.8%, respectively.
“We have good momentum as we execute on our business initiatives across the globe and take advantage of an improving price and underwriting environment that the industry needs. Our organization is optimistic about the year ahead and we are off to a good start.”

			
Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb.	 	4	

Chubb Limited News Release

Operating highlights for the quarter ended December 31, 2018 were as follows:

Chubb Limited
(in millions of U.S. dollars except for percentages)	  	 	Q4
    2018    	 
 	  	 	Q4
    2017    	 
 	  	 	Change	 	
P&C	  				  				  				
Net premiums written (increase of 5.8% in constant dollars)	  	$	6,768	 	  	$	6,496	 	  	 	4.2%	 	
Underwriting income	  	$	476	 	  	$	623	 	  	 	(23.5)%	 	
Combined ratio	  	 	93.1%	 	  	 	90.7%	 	  				
Current accident year underwriting income excluding catastrophe losses	  	$	808	 	  	$	912	 	  	 	(11.3)%	 	
Current accident year combined ratio excluding catastrophe losses	  	 	88.3%	 	  	 	86.4%	 	  				
				
Global P&C (excludes Agriculture)	  				  				  				
Net premiums written (increase of 4.8% in constant dollars)	  	$	6,571	 	  	$	6,370	 	  	 	3.2%	 	
Underwriting income	  	$	315	 	  	$	433	 	  	 	(26.9)%	 	
Combined ratio	  	 	95.2%	 	  	 	93.3%	 	  				
Current accident year underwriting income excluding catastrophe losses	  	$	670	 	  	$	758	 	  	 	(11.3)%	 	
Current accident year combined ratio excluding catastrophe losses	  	 	89.8%	 	  	 	88.2%	 	  				
				
North America Agricultural Insurance	  				  				  				
Net premiums written	  	$	197	 	  	$	126	 	  	 	55.8%	 	
Combined ratio	  	 	49.5%	 	  	 	24.4%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	56.8%	 	  	 	40.0%	 	  				
 
Operating highlights for the year ended December 31, 2018 were as follows:
 	  				  				  				
Chubb Limited
(in millions of U.S. dollars except for percentages)	  	 	FY
    2018    	 
 	  	 	FY
    2017    	 
 	  	 	Change	 	
P&C	  				  				  				
Net premiums written (increase of 4.0% in constant dollars)	  	$	28,309	 	  	$	27,103	 	  	 	4.4%	 	
Underwriting income	  	$	2,611	 	  	$	1,430	 	  	 	82.6%	 	
Combined ratio	  	 	90.6%	 	  	 	94.7%	 	  				
Current accident year underwriting income excluding catastrophe losses	  	$	3,341	 	  	$	3,347	 	  	 	(0.2)%	 	
Current accident year combined ratio excluding catastrophe losses	  	 	88.0%	 	  	 	87.6%	 	  				
				
Global P&C (excludes Agriculture)	  				  				  				
Net premiums written (increase of 4.0% in constant dollars)	  	$	26,732	 	  	$	25,587	 	  	 	4.5%	 	
Underwriting income	  	$	2,226	 	  	$	1,038	 	  	 	114.6%	 	
Combined ratio	  	 	91.5%	 	  	 	95.9%	 	  				
Current accident year underwriting income excluding catastrophe losses	  	$	3,045	 	  	$	3,056	 	  	 	(0.3)%	 	
Current accident year combined ratio excluding catastrophe losses	  	 	88.4%	 	  	 	88.0%	 	  				
				
North America Agricultural Insurance	  				  				  				
Net premiums written	  	$	1,577	 	  	$	1,516	 	  	 	4.0%	 	
Combined ratio	  	 	75.5%	 	  	 	74.0%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	81.6%	 	  	 	81.5%	 	  				

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb.	 	5	

Chubb Limited News Release

 	•	 	Net premiums earned increased 3.4%, or 4.9% in constant dollars, for the quarter and 3.5%, or 3.1% in constant dollars, for the year.	
 
 	•	 	Fourth quarter P&C combined ratio was 93.1% compared with 90.7% prior year. The P&C current accident year combined ratio excluding catastrophe losses was 88.3% compared with 86.4% prior year. The current quarter was impacted by high loss activity in North American commercial property lines (1.4 percentage points) and elevated homeowners loss activity.	
 
 	•	 	For the quarter, total pre-tax and after-tax catastrophe losses were $585 million (8.5 percentage points of the combined ratio) and $506 million, respectively, compared with $447 million (6.7 percentage points of the combined ratio) and $331 million, respectively, last year.	
 
 	•	 	For the year, total pre-tax and after-tax catastrophe losses were $1,626 million (5.9 percentage points of the combined ratio) and $1,354 million, respectively, compared with $2,746 million (10.2 percentage points of the combined ratio) and $2,171 million, respectively, last year.	
 
 	•	 	For the quarter, total pre-tax and after-tax favorable prior period development were $253 million (3.7 percentage points of the combined ratio) and $202 million, respectively, compared with $158 million (2.4 percentage points of the combined ratio) and $130 million, respectively, last year. Pre-tax prior period development included a favorable reinsurance settlement in the quarter of $130 million and $108 million of adverse development for legacy exposures, principally asbestos, compared with $138 million, last year.	
 
 	•	 	For the year, total pre-tax and after-tax favorable prior period development were $896 million (3.3 percentage points of the combined ratio) and $706 million, respectively, compared with $829 million (3.1 percentage points of the combined ratio) and $634 million, respectively, last year.	
 
 	•	 	For the quarter, net investment income was a record $848 million, up 6.4%, and adjusted net investment income was a record $903 million, up 3.4%, which was above the guidance range, reflecting higher reinvestment rates and private equity distributions. For the year, adjusted net investment income was a record $3.6 billion, up 2.8%.	
 
 	•	 	Operating cash flow was $1.6 billion for the quarter and $5.5 billion for the year.	
 
 	•	 	Share repurchases totaled $318 million, or approximately 2.5 million shares, during the quarter and $1.0 billion, or approximately 7.7 million shares, for the year.	
 
 	•	 	For the year, net loss reserves decreased $661 million adjusted for foreign exchange, principally driven by loss payments related to the 2017 catastrophe events.	
 
 	•	 	For the quarter, book and tangible book value per share were unfavorably impacted by net realized and unrealized losses of $383 million after-tax in the company’s investment portfolio as noted above, realized losses of $263 million after-tax in the company’s variable annuity reinsurance business, and unrealized losses of $205 million after-tax related to the annual review of the company’s retirement benefit plans. In addition, foreign currency movement (FX) unfavorably impacted book value by $95 million after-tax and tangible book value by $24 million after-tax.	

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb.	 	6	

Chubb Limited News Release

 
 	•	 	For the year, book and tangible book value per share were unfavorably impacted by net realized and unrealized losses of $1,709 million after-tax in the company’s investment portfolio as noted above, realized losses of $252 million after-tax in the company’s variable annuity reinsurance business, and unrealized losses of $254 million after-tax related to the company’s retirement benefit plans, principally as a result of the annual review. In addition, FX unfavorably impacted book value by $667 million after-tax and tangible book value by $340 million after-tax.	
Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended December 31, 2018 are presented below:

Chubb Limited
(in millions of U.S. dollars except for percentages)	  	 
	Q4
2018	 
 	  	 
	Q4
2017	 
 	  	 	Change	 	
Total North America P&C Insurance	  				  				  				
Net premiums written	  	$	4,413	 	  	$	4,226	 	  	 	4.4%	 	
Combined ratio	  	 	89.0%	 	  	 	88.0%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	85.3%	 	  	 	82.8%	 	  				
				
North America Commercial P&C Insurance	  				  				  				
Net premiums written:	  	$	3,143	 	  	$	3,000	 	  	 	4.8%	 	
Major accounts retail and excess and surplus (E&S) wholesale	  	$	1,839	 	  	$	1,753	 	  	 	5.0%	 	
Middle market and small commercial	  	$	1,304	 	  	$	1,247	 	  	 	4.6%	 	
Combined ratio	  	 	91.3%	 	  	 	86.2%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	88.2%	 	  	 	87.3%	 	  				
				
North America Personal P&C Insurance	  				  				  				
Net premiums written	  	$	1,073	 	  	$	1,100	 	  	 	(2.5)%	 	
Net premiums written adjusted for additional reinsurance including UPR transfer, and reinstatement premiums	  				  				  	 	2.3%	 	
Combined ratio	  	 	93.8%	 	  	 	107.5%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	85.5%	 	  	 	80.5%	 	  				
				
North America Agricultural Insurance	  				  				  				
Net premiums written	  	$	197	 	  	$	126	 	  	 	55.8%	 	
Combined ratio	  	 	49.5%	 	  	 	24.4%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	56.8%	 	  	 	40.0%	 	  				
				
Overseas General Insurance	  				  				  				
Net premiums written (increase of 7.9% in constant dollars)	  	$	      2,238	 	  	$	      2,165	 	  	 	3.4%	 	
Combined ratio	  	 	92.1%	 	  	 	84.3%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	90.4%	 	  	 	90.3%	 	  				

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb.	 	7	

Chubb Limited News Release

 
 	•	 	North America Personal P&C Insurance: Net premiums written decreased 2.5% in the quarter, reflecting the addition of California to the homeowners quota share reinsurance treaty effective October 1, 2018.	
 
 	•	 	Global Reinsurance: Net premiums written increased 11.0%, or 11.7% in constant dollars, primarily due to higher new business and reinstatement premiums collected related to catastrophe events in the quarter, partially offset by lower renewals. The combined ratio for the quarter was 166.9% compared with 110.2%. The current accident year combined ratio excluding catastrophe losses for the quarter was 83.2%, compared with 81.4%.	
 
 	•	 	Life Insurance: Segment income for the quarter was $89 million, up 27.1%. International life insurance income was $32 million for the quarter, up 69.6%. Combined Insurance North America contributed segment income of $45 million for the quarter, up 18.7% with an increase in net premiums written of 6.1% for the quarter, or 7.1% in constant dollars.	
Key segment items for the year ended December 31, 2018 are presented below:

Chubb Limited
(in millions of U.S. dollars except for percentages)	  	 
	FY
2018	 
 	  	 
	FY
2017	 
 	  	 	Change	 	
Total North America P&C Insurance	  				  				  				
Net premiums written	  	$	18,736	 	  	$	18,068	 	  	 	3.7%	 	
Combined ratio	  	 	88.4%	 	  	 	92.2%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	85.5%	 	  	 	84.9%	 	  				
				
North America Commercial P&C Insurance	  				  				  				
Net premiums written:	  	$	12,485	 	  	$	12,019	 	  	 	3.9%	 	
Major accounts retail and excess and surplus (E&S) wholesale	  	$	7,361	 	  	$	7,076	 	  	 	4.0%	 	
Middle market and small commercial	  	$	5,124	 	  	$	4,943	 	  	 	3.7%	 	
Combined ratio	  	 	87.0%	 	  	 	91.4%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	87.3%	 	  	 	87.5%	 	  				
				
North America Personal P&C Insurance	  				  				  				
Net premiums written	  	$	4,674	 	  	$	4,533	 	  	 	3.1%	 	
Combined ratio	  	 	96.6%	 	  	 	100.7%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	81.9%	 	  	 	78.9%	 	  				
				
North America Agricultural Insurance	  				  				  				
Net premiums written	  	$	1,577	 	  	$	1,516	 	  	 	4.0%	 	
Combined ratio	  	 	75.5%	 	  	 	74.0%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	81.6%	 	  	 	81.5%	 	  				
				
Overseas General Insurance	  				  				  				
Net premiums written (increase of 5.3% in constant dollars)	  	$	      8,902	 	  	$	      8,350	 	  	 	6.6%	 	
Combined ratio	  	 	90.4%	 	  	 	92.0%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	90.5%	 	  	 	91.0%	 	  				

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb.	 	8	

Chubb Limited News Release

 	•	 	Global Reinsurance: Net premiums written for the year decreased 2.1%, or 3.3% in constant dollars. The combined ratio for the year was 101.8%, compared with 111.2%. The current accident year combined ratio excluding catastrophe losses for the year was 81.6%, compared with 79.2%.	
 
 	•	 	Life Insurance: Segment income for the year was $308 million, up 24.6%. International life insurance income was $103 million for the year, up 90.5%. Combined Insurance North America contributed segment income of $153 million for the year, up 6.8%, with an increase in net premiums written of 6.6%.	
Please refer to the Chubb Limited Financial Supplement , dated December 31, 2018, which is posted on the company’s investor relations website, investors.chubb.com , in the Financials section for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio, and debt and capital.
Chubb Limited will hold its fourth quarter earnings conference call on Wednesday, February 6, 2019, beginning at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 888-204-4368 (within the United States) or 323-794-2423 (international), passcode 6814087. Please refer to the Chubb investor relations website under Events and Presentations for details. A replay of the call will be available until Wednesday, February 20, 2019, and the archived webcast will be available for approximately one month. To listen to the replay, please click here to register and receive dial-in numbers.
About Chubb
Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: www.chubb.com .
Investor Contact
Karen Beyer: (212) 827-4445; karen.beyer@chubb.com
Media Contact
Jeffrey Zack: (212) 827-4444; jeffrey.zack@chubb.com
All comparisons are with the same period last year unless otherwise specifically stated.

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb.	 	9	

Chubb Limited News Release

Regulation G - Non-GAAP Financial Measures
In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP).
Throughout this document there are various measures presented on a constant-dollar basis (i.e., excludes the impact of foreign exchange). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.
Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets of $55 million in Q4 2018 and $248 million for full-year 2018. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.
Adjusted net realized gains (losses), net of tax, includes net realized gains (losses) and net realized gains (losses) recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses. The P&C combined ratio includes adjusted losses and loss expenses in the ratio numerator.
Underwriting income, P&C underwriting income and Global P&C underwriting income are calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs and administrative expenses from net premiums earned. P&C underwriting income also includes gains (losses) on crop derivatives. We use underwriting income and operating ratios to monitor the results of our operations without the impact of certain factors, including adjusted net investment income, other income (expense), interest and income tax expense and adjusted net realized gains (losses).
Current accident year underwriting income excluding catastrophe losses is underwriting income adjusted to exclude catastrophe losses and prior period development (PPD). We believe it is useful to exclude catastrophe losses, as they are not predictable as to timing and amount, and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business.
Segment income (loss) includes underwriting income, adjusted net investment income, other income (expense) – operating, and amortization expense of purchased intangibles.
Core operating income, net of tax, excludes adjusted net realized gains (losses), Chubb integration expenses, and the amortization of the fair value adjustments of acquired debt and invested assets related to the Chubb Corp acquisition. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) because the amount of these gains (losses) is heavily influenced by the availability of market opportunities. We also exclude Chubb integration expenses

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb.	 	10	

Chubb Limited News Release

related to the acquisition due to the size, complexity, and volume of this acquisition, which may not be indicative of such future costs. We believe that excluding the Chubb integration expenses facilitates the comparison of our financial results to our historical operating results. References to core operating income measures mean net of tax, whether or not noted. Core operating effective tax rate is a non-GAAP financial measure which provides the effective tax rate on our core operating income.
P&C combined ratio is the sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the crop derivatives.
Current accident year P&C combined ratio excluding catastrophe losses excludes the impact of catastrophe losses and PPD. We believe this measure provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our property and casualty business that may be obscured by these items.
Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the operating results of the company’s Life Insurance and North America Agricultural Insurance segments. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.
Life Insurance gross and net premiums written measures includes deposits collected on universal life and investment contracts (life deposits). Life deposits are not reflected as revenues in our consolidated statements of operations in accordance with GAAP. However, we include life deposits in presenting growth in our life insurance business because new life deposits are an important component of production and key to our efforts to grow our business.
Core operating return on equity (ROE) or ROE calculated using core operating income are annualized financial measures. The ROE numerator includes income adjusted to exclude after-tax adjusted net realized gains (losses), Chubb integration expenses, and the amortization of the fair value adjustment of acquired invested assets and long-term debt. The ROE denominator includes the average shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, net of tax. Core operating ROE is a useful measure as it enhances the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity excluding the effect of unrealized gains and losses on our investments.
Tangible book value per common share, net of tax, is shareholders’ equity less goodwill and other intangible assets divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful. In addition, we disclose per share measures for book value and tangible book value that exclude the impact of foreign currency fluctuations in order to adjust for the distortive effects of fluctuations in exchange rates.
Book and tangible book value per share excluding unrealized investment gains (losses) does not include unrealized gains (losses) on investments because they are heavily influenced by changes in market conditions, including interest rate changes. We believe these measures are meaningful to understanding growth in book and tangible book value by highlighting the underlying profitability relative to shareholders’ equity excluding the effect of unrealized gains and losses on our investments.
Other income (expense) – operating excludes from consolidated Other income (expense) the portion of net realized gains and losses related to unconsolidated entities and gains and losses from fair value changes in separate account assets that

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb.	 	11	

Chubb Limited News Release

do not qualify for separate account reporting under GAAP. Net realized gains (losses) related to unconsolidated entities is excluded from core operating income in order to enhance the understanding of our results of underwriting operations as they are heavily influenced by, and fluctuate in part according to, market conditions.
Chubb integration expenses include all internal and external costs directly related to the integration activities of the Chubb Corp acquisition, consisting primarily of personnel-related expenses, including severance and employee retention and relocation; consulting fees; and advisor fees.
See the reconciliation of Non-GAAP Financial Measures on pages 31-37 in the Financial Supplement. These measures should not be viewed as a substitute for measures determined in accordance with GAAP, including premium, net income, return on equity, net investment income, and effective tax rate.
NM - not meaningful comparison
Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release, such as those related to company performance, including 2019 performance and growth opportunities, pricing, economic and market conditions, and our expectations and intentions and other statements that are not historical facts reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the following: competition, pricing and policy term trends, the levels of new and renewal business achieved, the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, loss of key employees or disruptions to our operations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war, economic, political, regulatory, insurance and reinsurance business conditions, potential strategic opportunities including acquisitions and our ability to achieve and integrate them, as well as management’s response to these factors, and other factors identified in our filings with the Securities and Exchange Commission (SEC).
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb.	 	12	

Chubb Limited News Release

Chubb Limited
Summary Consolidated Balance Sheets
(in millions of U.S. dollars, except per share data)
(Unaudited)

									
 	  	December 31
2018	 	  	December 31
2017	 	
Assets	  				  				
Investments	  	    $	100,968	 	  	    $	102,444	 	
Cash	  	 	1,247	 	  	 	728	 	
Insurance and reinsurance balances receivable	  	 	10,075	 	  	 	9,334	 	
Reinsurance recoverable on losses and loss expenses	  	 	15,993	 	  	 	15,034	 	
Goodwill and other intangible assets	  	 	21,414	 	  	 	22,054	 	
Other assets	  	 	18,074	 	  	 	17,428	 	
	  	 	 	 	  	 	 	 	
Total assets	  	    $	167,771	 	  	    $	167,022	 	

Liabilities	  				  				
Unpaid losses and loss expenses	  	    $	62,960	 	  	    $	63,179	 	
Unearned premiums	  	 	15,532	 	  	 	15,216	 	
Other liabilities	  	 	38,967	 	  	 	37,455	 	
	  	 	 	 	  	 	 	 	
Total liabilities	  	    $	117,459	 	  	    $	115,850	 	

Shareholders’ equity	  				  				
Total shareholders’ equity	  	 	50,312	 	  	 	51,172	 	
	  	 	 	 	  	 	 	 	
Total liabilities and shareholders’ equity	  	    $	167,771	 	  	    $	167,022	 	

Book value per common share	  	    $	109.56	 	  	    $	110.32	 	
Tangible book value per common share	  	    $	65.89	 	  	    $	65.87	 	
Book value per common share excluding cumulative translation losses (1)	  	    $	113.87	 	  	    $	112.88	 	
Tangible book value per common share excluding cumulative translation losses (1)	  	    $	68.87	 	  	    $	67.84	 	

(1)	Cumulative translation losses were $2.0  billion in 2018 ($1.4  billion on tangible and $607  million on intangible net assets) and $1.2  billion in 2017 ($914  million on tangible and $273  million on intangible net assets).	

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb.	 	13	

Chubb Limited News Release

Chubb Limited
Summary Consolidated Financial Data
(in millions of U.S. dollars, except share, per share data, and ratios)
(Unaudited)

																	
 	  	Three Months Ended	 	  	Year Ended	 	
 	  	December 31	 	  	December 31	 	
 	  	2018	 	  	2017	 	  	2018	 	  	2017	 	
Gross premiums written	  	  $	9,252	 	  	  $	8,960	 	  	  $	37,968	 	  	  $	36,376	 	
Net premiums written	  	 	7,350	 	  	 	7,051	 	  	 	30,579	 	  	 	29,244	 	
Net premiums earned	  	 	7,465	 	  	 	7,218	 	  	 	30,064	 	  	 	29,034	 	
Losses and loss expenses	  	 	4,610	 	  	 	4,272	 	  	 	18,067	 	  	 	18,454	 	
Policy benefits	  	 	162	 	  	 	176	 	  	 	590	 	  	 	676	 	
Policy acquisition costs	  	 	1,480	 	  	 	1,447	 	  	 	5,912	 	  	 	5,781	 	
Administrative expenses	  	 	728	 	  	 	737	 	  	 	2,886	 	  	 	2,833	 	
Net investment income	  	 	848	 	  	 	797	 	  	 	3,305	 	  	 	3,125	 	
Net realized gains (losses)	  	 	(687)	 	  	 	—	 	  	 	(652)	 	  	 	84	 	
Interest expense	  	 	153	 	  	 	156	 	  	 	641	 	  	 	607	 	
Other income (expense):	  				  				  				  				
Gains (losses) from separate account assets	  	 	(20)	 	  	 	27	 	  	 	(38)	 	  	 	97	 	
Other	  	 	147	 	  	 	40	 	  	 	472	 	  	 	303	 	
Amortization of purchased intangibles	  	 	86	 	  	 	66	 	  	 	339	 	  	 	260	 	
Chubb integration expenses	  	 	20	 	  	 	77	 	  	 	59	 	  	 	310	 	
Income tax expense (benefit) (1)	  	 	159	 	  	 	(382)	 	  	 	695	 	  	 	(139)	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net income	  	  $	355	 	  	  $	1,533	 	  	  $	3,962	 	  	  $	3,861	 	

Diluted earnings per share:	  				  				  				  				
Net income	  	  $	0.76	 	  	  $	3.27	 	  	  $	8.49	 	  	  $	8.19	 	
Core operating income	  	  $	2.02	 	  	  $	3.17	 	  	  $	9.44	 	  	  $	8.03	 	
					
Weighted average diluted shares outstanding	  	 	463.4	 	  	 	469.5	 	  	 	466.8	 	  	 	471.2	 	
 
(1)	2017 included the one-time tax transition benefit of $450  million related to the 2017 Tax Reform.	

																	
					
P&C combined ratio	  				  				  				  				
Loss and loss expense ratio	  	 	64.3%	 	  	 	61.4%	 	  	 	62.1%	 	  	 	65.8%	 	
Policy acquisition cost ratio	  	 	19.3%	 	  	 	19.4%	 	  	 	19.2%	 	  	 	19.5%	 	
Administrative expense ratio	  	 	9.5%	 	  	 	9.9%	 	  	 	9.3%	 	  	 	9.4%	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
P&C combined ratio	  	 	93.1%	 	  	 	90.7%	 	  	 	90.6%	 	  	 	94.7%	 	
					
P&C underwriting income	  	  $	476	 	  	  $	623	 	  	  $	2,611	 	  	  $	1,430	 	

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb.	 	14	

Chubb Limited News Release

Chubb Limited
Consolidated Supplemental Segment Information
(in millions of U.S. dollars)
(Unaudited)

																	
 	  	Three Months Ended	 	  	Year Ended	 	
 	  	December 31	 	  	December 31	 	
 	  	2018	 	  	2017	 	  	2018	 	  	2017	 	
Gross Premiums Written	 	
North America Commercial P&C Insurance	  	  $	4,228	 	  	  $	4,102	 	  	  $	16,336	 	  	  $	15,751	 	
North America Personal P&C Insurance	  	 	1,291	 	  	 	1,260	 	  	 	5,330	 	  	 	5,152	 	
North America Agricultural Insurance	  	 	273	 	  	 	276	 	  	 	2,291	 	  	 	2,315	 	
Overseas General Insurance	  	 	2,729	 	  	 	2,632	 	  	 	10,885	 	  	 	10,151	 	
Global Reinsurance	  	 	117	 	  	 	104	 	  	 	722	 	  	 	746	 	
Life Insurance (1)	  	 	989	 	  	 	974	 	  	 	3,942	 	  	 	3,697	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	  $	9,627	 	  	  $	9,348	 	  	  $	39,506	 	  	  $	37,812	 	

Net Premiums Written	 	
North America Commercial P&C Insurance	  	  $	3,143	 	  	  $	3,000	 	  	  $	12,485	 	  	  $	12,019	 	
North America Personal P&C Insurance	  	 	1,073	 	  	 	1,100	 	  	 	4,674	 	  	 	4,533	 	
North America Agricultural Insurance	  	 	197	 	  	 	126	 	  	 	1,577	 	  	 	1,516	 	
Overseas General Insurance	  	 	2,238	 	  	 	2,165	 	  	 	8,902	 	  	 	8,350	 	
Global Reinsurance	  	 	117	 	  	 	105	 	  	 	671	 	  	 	685	 	
Life Insurance (1)	  	 	957	 	  	 	943	 	  	 	3,808	 	  	 	3,577	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	  $	7,725	 	  	  $	7,439	 	  	  $	32,117	 	  	  $	30,680	 	

Net Premiums Earned	 	
North America Commercial P&C Insurance	  	  $	3,077	 	  	  $	3,035	 	  	  $	12,402	 	  	  $	12,191	 	
North America Personal P&C Insurance	  	 	1,130	 	  	 	1,103	 	  	 	4,593	 	  	 	4,399	 	
North America Agricultural Insurance	  	 	318	 	  	 	252	 	  	 	1,569	 	  	 	1,508	 	
Overseas General Insurance	  	 	2,187	 	  	 	2,113	 	  	 	8,612	 	  	 	8,131	 	
Global Reinsurance	  	 	178	 	  	 	162	 	  	 	670	 	  	 	704	 	
Life Insurance	  	 	575	 	  	 	553	 	  	 	2,218	 	  	 	2,101	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	  $	7,465	 	  	  $	7,218	 	  	  $	30,064	 	  	  $	29,034	 	

Segment income (loss)	 	
North America Commercial P&C Insurance	  	  $	790	 	  	  $	909	 	  	  $	3,665	 	  	  $	3,010	 	
North America Personal P&C Insurance	  	 	126	 	  	 	(29)	 	  	 	378	 	  	 	177	 	
North America Agricultural Insurance	  	 	161	 	  	 	189	 	  	 	383	 	  	 	386	 	
Overseas General Insurance	  	 	306	 	  	 	460	 	  	 	1,401	 	  	 	1,216	 	
Global Reinsurance	  	 	(48)	 	  	 	50	 	  	 	277	 	  	 	196	 	
Life Insurance	  	 	89	 	  	 	70	 	  	 	308	 	  	 	248	 	
Corporate	  	 	(139)	 	  	 	(311)	 	  	 	(589)	 	  	 	(759)	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	  $	1,285	 	  	  $	1,338	 	  	  $	5,823	 	  	  $	4,474	 	

(1)  	Life Insurance gross and net premiums written includes deposits collected on universal life and investment contracts in 2018 (Q4 $375 million, full-year $1,538 million) and 2017 (Q4 $388 million, full-year $1,436 million).	

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb.	 	15	

Exhibit 99.2

Chubb Limited
Financial Supplement
for the Quarter and Year Ended December 31, 2018
Investor Contacts
Karen Beyer: (212) 827-4445
email: investorrelations@chubb.com
This report is for informational purposes only. It should be read in conjunction with documents filed by Chubb Limited with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this financial supplement reflect Chubb Limited’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from as indicated by such statements. For example, forward-looking statements related to financial performance, including exposures, reserves and recoverables, could be affected by the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, currency exchange fluctuations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance receivable and credit developments among reinsurers.
Our forward-looking statements could also be affected by, among other things, competition, pricing and policy term trends, market acceptance, changes in demand, actual market developments, rating agency action, possible terrorism or the outbreak and effects of war, and such other factors identified in our filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Chubb Limited
Financial Supplement Table of Contents

 	  	 	  	Page	
I.	  	Financial Highlights	  		
	  	- Consolidated Financial Highlights	  	1 - 2	
			
II.	  	Consolidated Results	  		
	  	- Consolidated Statement of Operations	  	3	
	  	- P&C Results—Consecutive Quarters	  	4	
	  	- Global P&C Results—Consecutive Quarters	  	5	
	  	- Summary Consolidated Balance Sheets	  	6	
	  	- Line of Business	  	7	
	  	- Consolidated Results by Segment	  	8 - 11	
			
III.	  	Segment Results	  		
	  	- North America Commercial P&C Insurance	  	12	
	  	- North America Personal P&C Insurance	  	13	
	  	- North America Agricultural Insurance	  	14	
	  	- Overseas General Insurance	  	15 - 16	
	  	- Global Reinsurance	  	17	
	  	- Life Insurance	  	18	
	  	- Corporate	  	19	
			
IV.	  	Balance Sheet Details	  		
	  	- Loss Reserve Rollforward	  	20	
	  	- Reinsurance Recoverable Analysis	  	21	
	  	- Investment Portfolio	  	22 - 25	
	  	- Net Realized and Unrealized Gains (Losses)	  	26 - 27	
	  	- Debt and Capital	  	28	
	  	- Computation of Basic and Diluted Earnings Per Share	  	29	
	  	- Book Value and Book Value per Common Share	  	30	
			
V.	  	Other Disclosures	  		
	  	- Non-GAAP Financial Measures	  	31 - 37	
	  	- Glossary	  	38	

Chubb Limited
Consolidated Financial Highlights—Quarter
(in millions of U.S. dollars, except share, per share data, and ratios)
(Unaudited)
Note: All dollar amounts in the Financial Supplement are rounded. However, percent changes and ratios are calculated using whole dollars. Accordingly, calculations using rounded dollars may differ.

 	  	 	 	 	 	 	 	 	 	 	 	 	  	Constant $	 	
 	  	 	 	 	 	 	 	% Change	 	 	 	 	  	% Change	 	
 	  	Three months ended December 31	 	 	4Q-18 vs.	 	 	Constant $	 	  	4Q-18 vs.	 	
 	  	2018	 	 	2017	 	 	4Q-17	 	 	2017	 	  	4Q-17	 	
	  				 				 				 				  				
Gross premiums written	  	$	 9,252	 	 	$	 8,960	 	 	 	3.3	% 	 	$	 8,828	 	  	 	4.8	% 	
Net premiums written	  	$	7,350	 	 	$	7,051	 	 	 	4.2	% 	 	$	6,942	 	  	 	5.9	% 	
P&C net premiums written	  	$	6,768	 	 	$	6,496	 	 	 	4.2	% 	 	$	6,395	 	  	 	5.8	% 	
Global P&C net premiums written	  	$	6,571	 	 	$	6,370	 	 	 	3.2	% 	 	$	6,269	 	  	 	4.8	% 	
Net premiums earned	  	$	7,465	 	 	$	7,218	 	 	 	3.4	% 	 	$	7,115	 	  	 	4.9	% 	
Net investment income	  	$	848	 	 	$	797	 	 	 	6.4	% 	 	$	792	 	  	 	7.2	% 	
Adjusted net investment income	  	$	903	 	 	$	873	 	 	 	3.4	% 	 	$	868	 	  	 	4.1	% 	
Core operating income	  	$	935	 	 	$	1,489	 	 	 	-37.2	% 	 	$	1,476	 	  	 	-36.6	% 	
Net income	  	$	355	 	 	$	1,533	 	 	 	-76.9	% 	 				  				
Operating cash flow	  	$	1,583	 	 	$	1,092	 	 				 				  				
P&C combined ratio	  				 				 				 				  				
Loss and loss expense ratio	  	 	64.3	% 	 	 	61.4	% 	 				 				  				
Policy acquisition cost and administrative expense ratio	  	 	28.8	% 	 	 	29.3	% 	 				 				  				
	  	 	 	 	 	 	 	 	 				 				  				
Combined ratio	  	 	93.1	% 	 	 	90.7	% 	 				 				  				
P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats) (1)	  				 				 				 				  				
CAY loss and loss expense ratio ex Cats	  	 	59.5	% 	 	 	57.1	% 	 				 				  				
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	28.8	% 	 	 	29.3	% 	 				 				  				
	  	 	 	 	 	 	 	 	 				 				  				
CAY combined ratio ex Cats	  	 	88.3	% 	 	 	86.4	% 	 				 				  				
ROE	  	 	2.8	% 	 	 	12.1	% 	 				 				  				
Core operating return on equity (ROE)	  	 	7.3	% 	 	 	12.1	% 	 				 				  				
Effective tax rate	  	 	31.1	% 	 	 	-33.1	% 	 				 				  				
Core operating effective tax rate  (2)	  	 	17.1	% 	 	 	-27.2	% 	 				 				  				
Diluted earnings per share	  				 				 				 				  				
Net income	  	$	0.76	 	 	$	3.27	 	 	 	-76.8	% 	 				  				
Core operating income	  	$	2.02	 	 	$	3.17	 	 	 	-36.3	% 	 				  				
Weighted average basic common shares outstanding	  	 	460.6	 	 	 	465.4	 	 				 				  				
Weighted average diluted common shares outstanding	  	 	463.4	 	 	 	469.5	 	 				 				  				
 
(1)	Q4 2018 was impacted by high loss activity in North American commercial property lines (1.4 percentage points) and elevated homeowners loss activity.	
(2)	Q4 2017 included a one-time transition benefit of $450 million, or 38.4 percentage points, related to the 2017 U.S. Tax Reform. Excluding the one-time benefit, core operating effective tax rate for the quarter was 11.2%.	

 
			
Financial Highlights - QTR	  	Page 1	

Chubb Limited
Consolidated Financial Highlights—Full Year
(in millions of U.S. dollars, except share, per share data, and ratios)
(Unaudited)

 	  	 	 	 	 	 	 	 	 	 	% Change ex	 	 	 	 	  	Constant $	 	 	C$ % Change ex	 	
 	  	 	 	 	 	 	 	% Change	 	 	Merger Actions  (1)	 	 	 	 	  	% Change	 	 	Merger Actions  (1)	 	
 	  	Year ended December 31	 	 	2018 vs.	 	 	2018 vs.	 	 	Constant $	 	  	2018 vs.	 	 	2018 vs.	 	
 	  	2018	 	 	2017	 	 	2017	 	 	2017	 	 	2017	 	  	2017	 	 	2017	 	
	  				 				 				 				 				  				 				
Gross premiums written	  	$	 37,968	 	 	$	 36,376	 	 	 	4.4	% 	 				 	$	 36,510	 	  	 	4.0	% 	 				
Net premiums written	  	$	30,579	 	 	$	29,244	 	 	 	4.6	% 	 				 	$	29,369	 	  	 	4.1	% 	 				
P&C net premiums written	  	$	28,309	 	 	$	27,103	 	 	 	4.4	% 	 	 	4.9	% 	 	$	27,222	 	  	 	4.0	% 	 	 	4.5	% 	
Global P&C net premiums written	  	$	26,732	 	 	$	25,587	 	 	 	4.5	% 	 	 	5.0	% 	 	$	25,706	 	  	 	4.0	% 	 	 	4.5	% 	
Net premiums earned	  	$	30,064	 	 	$	29,034	 	 	 	3.5	% 	 				 	$	29,152	 	  	 	3.1	% 	 				
Net investment income	  	$	3,305	 	 	$	3,125	 	 	 	5.8	% 	 				 	$	3,127	 	  	 	5.7	% 	 				
Adjusted net investment income	  	$	3,553	 	 	$	3,457	 	 	 	2.8	% 	 				 	$	3,459	 	  	 	2.7	% 	 				
Core operating income	  	$	4,407	 	 	$	3,784	 	 	 	16.5	% 	 				 	$	3,802	 	  	 	15.9	% 	 				
Net income	  	$	3,962	 	 	$	3,861	 	 	 	2.6	% 	 				 				  				 				
Operating cash flow	  	$	5,480	 	 	$	4,503	 	 				 				 				  				 				
P&C combined ratio	  				 				 				 				 				  				 				
Loss and loss expense ratio	  	 	62.1	% 	 	 	65.8	% 	 				 				 				  				 				
Policy acquisition cost and administrative expense ratio	  	 	28.5	% 	 	 	28.9	% 	 				 				 				  				 				
	  	 	 	 	 	 	 	 	 				 				 				  				 				
Combined ratio	  	 	90.6	% 	 	 	94.7	% 	 				 				 				  				 				
P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)	  				 				 				 				 				  				 				
CAY loss and loss expense ratio ex Cats	  	 	59.6	% 	 	 	58.8	% 	 				 				 				  				 				
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	28.4	% 	 	 	28.8	% 	 				 				 				  				 				
	  	 	 	 	 	 	 	 	 				 				 				  				 				
CAY combined ratio ex Cats	  	 	88.0	% 	 	 	87.6	% 	 				 				 				  				 				
ROE	  	 	7.8	% 	 	 	7.8	% 	 				 				 				  				 				
Core operating return on equity (ROE)	  	 	8.7	% 	 	 	7.8	% 	 				 				 				  				 				
Effective tax rate	  	 	14.9	% 	 	 	-3.7	% 	 				 				 				  				 				
Core operating effective tax rate (2)	  	 	14.4	% 	 	 	0.9	% 	 				 				 				  				 				
Diluted earnings per share	  				 				 				 				 				  				 				
Net income	  	$	8.49	 	 	$	8.19	 	 	 	3.7	% 	 				 				  				 				
Core operating income	  	$	9.44	 	 	$	8.03	 	 	 	17.6	% 	 				 				  				 				
Weighted average basic common shares outstanding	  	 	463.6	 	 	 	467.1	 	 				 				 				  				 				
Weighted average diluted common shares outstanding	  	 	466.8	 	 	 	471.2	 	 				 				 				  				 				
Book value per common share	  	$	109.56	 	 	$	110.32	 	 	 	-0.7	% 	 				 				  				 				
Tangible book value per common share	  	$	65.89	 	 	$	65.87	 	 	 	0.0	% 	 				 				  				 				
Total hybrid & financial debt/capitalization	  	 	20.4	% 	 	 	20.1	% 	 				 				 				  				 				
 
(1)	Consolidated net premiums written were adversely impacted by merger-related actions of $138 million for 2018, of which $135 million impacted P&C net premiums written.	
(2)	Full year 2017 included a one-time transition benefit of $450 million, or 11.8 percentage points, related to the 2017 U.S. Tax Reform. Excluding the one-time benefit, core operating effective tax rate for the year was 12.7%.	

Financial Highlights - FY	  	Page 2	

Chubb Limited
Statement of Operations—Consecutive Quarters
(in millions of U.S. dollars)
(Unaudited)

 	  	Consolidated Statements of Operations	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
									
 	  	 	  	4Q-18	 	  	3Q-18	 	  	2Q-18	 	  	1Q-18	 	  	4Q-17	 	  	Full Year
2018	 	  	Full Year
2017	 	
	  	Gross premiums written	  	$	 9,252	 	  	$	 10,054	 	  	$	 9,929	 	  	$	 8,733	 	  	$	8,960	 	  	$	37,968	 	  	$	36,376	 	
	  	Net premiums written	  	 	7,350	 	  	 	8,110	 	  	 	8,015	 	  	 	7,104	 	  	 	7,051	 	  	 	30,579	 	  	 	29,244	 	
	  	Net premiums earned	  	 	7,465	 	  	 	7,908	 	  	 	7,664	 	  	 	7,027	 	  	 	7,218	 	  	 	30,064	 	  	 	29,034	 	
(1)	  	Adjusted losses and loss expenses	  	 	4,615	 	  	 	4,876	 	  	 	4,479	 	  	 	4,100	 	  	 	4,272	 	  	 	18,070	 	  	 	18,461	 	
	  	Realized (gains) losses on crop derivatives	  	 	5	 	  	 	8	 	  	 	(8	) 	  	 	(2	) 	  	 	—  	 	  	 	3	 	  	 	7	 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Losses and loss expenses	  	 	4,610	 	  	 	4,868	 	  	 	4,487	 	  	 	4,102	 	  	 	4,272	 	  	 	18,067	 	  	 	18,454	 	
	  	Policy benefits	  	 	162	 	  	 	127	 	  	 	150	 	  	 	151	 	  	 	176	 	  	 	590	 	  	 	676	 	
	  	Policy acquisition costs	  	 	1,480	 	  	 	1,504	 	  	 	1,464	 	  	 	1,464	 	  	 	1,447	 	  	 	5,912	 	  	 	5,781	 	
	  	Administrative expenses	  	 	728	 	  	 	719	 	  	 	747	 	  	 	692	 	  	 	737	 	  	 	2,886	 	  	 	2,833	 	
(2)	  	Adjusted net investment income	  	 	903	 	  	 	883	 	  	 	890	 	  	 	877	 	  	 	873	 	  	 	3,553	 	  	 	3,457	 	
	  	Amortization expense of fair value adjustment on acquired invested assets	  	 	(55	) 	  	 	(60	) 	  	 	(62	) 	  	 	(71	) 	  	 	(76	) 	  	 	(248	) 	  	 	(332	) 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Net investment income	  	 	848	 	  	 	823	 	  	 	828	 	  	 	806	 	  	 	797	 	  	 	3,305	 	  	 	3,125	 	
(3)	  	Adjusted realized gains (losses)	  	 	(682	) 	  	 	27	 	  	 	10	 	  	 	(4	) 	  	 	—  	 	  	 	(649	) 	  	 	91	 	
	  	Realized gains (losses) on crop derivatives	  	 	(5	) 	  	 	(8	) 	  	 	8	 	  	 	2	 	  	 	—  	 	  	 	(3	) 	  	 	(7	) 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Net realized gains (losses)	  	 	(687	) 	  	 	19	 	  	 	18	 	  	 	(2	) 	  	 	—  	 	  	 	(652	) 	  	 	84	 	
(4)	  	Adjusted interest expense	  	 	158	 	  	 	170	 	  	 	177	 	  	 	169	 	  	 	168	 	  	 	674	 	  	 	656	 	
	  	Amortization benefit of fair value adjustment on acquired long term debt	  	 	(5	) 	  	 	(6	) 	  	 	(10	) 	  	 	(12	) 	  	 	(12	) 	  	 	(33	) 	  	 	(49	) 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Interest expense	  	 	153	 	  	 	164	 	  	 	167	 	  	 	157	 	  	 	156	 	  	 	641	 	  	 	607	 	
	  	Gains (losses) from fair value changes in separate account assets	  	 	(20	) 	  	 	(14	) 	  	 	(10	) 	  	 	6	 	  	 	27	 	  	 	(38	) 	  	 	97	 	
	  	Net realized gains (losses) related to unconsolidated entities	  	 	139	 	  	 	152	 	  	 	96	 	  	 	44	 	  	 	122	 	  	 	431	 	  	 	406	 	
	  	Other income (expense)—operating	  	 	8	 	  	 	7	 	  	 	29	 	  	 	(3	) 	  	 	(82	) 	  	 	41	 	  	 	(103	) 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Other income (expense)	  	 	127	 	  	 	145	 	  	 	115	 	  	 	47	 	  	 	67	 	  	 	434	 	  	 	400	 	
	  	Amortization expense of purchased intangibles	  	 	86	 	  	 	83	 	  	 	85	 	  	 	85	 	  	 	66	 	  	 	339	 	  	 	260	 	
	  	Chubb integration expenses	  	 	20	 	  	 	16	 	  	 	13	 	  	 	10	 	  	 	77	 	  	 	59	 	  	 	310	 	
	  	Income tax expense (benefit)	  	 	159	 	  	 	183	 	  	 	218	 	  	 	135	 	  	 	(382	) 	  	 	695	 	  	 	(139	) 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Net income	  	$	355	 	  	$	1,231	 	  	$	1,294	 	  	$	1,082	 	  	$	1,533	 	  	$	3,962	 	  	$	3,861	 	

(1)	Adjusted losses and loss expenses used throughout this report includes realized gains and losses on crop derivatives.	
(2)	Adjusted net investment income used throughout this report excludes amortization of the fair value adjustment on acquired invested assets.	
(3)	Adjusted realized gains and losses used throughout this report excludes realized gains and losses on crop derivatives.	
(4)	Adjusted interest expense used throughout this report excludes amortization benefit of the fair value adjustment on acquired long term debt.	

Statement of Operations	  	Page 3	

Chubb Limited
P&C Underwriting Results—Consecutive Quarters
(in millions of U.S. dollars, except ratios)
(Unaudited)

Chubb Limited P&C Underwriting Results	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
								
 	  	4Q-18	 	 	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	Full Year
2018	 	 	Full Year
2017	 	
P&C Underwriting income (Including Corporate and excluding Life Insurance)	  				 				 				 				 				 				 				
Gross premiums written	  	$	 8,638	 	 	$	 9,455	 	 	$	 9,330	 	 	$	 8,141	 	 	$	 8,374	 	 	$	 35,564	 	 	$	 34,115	 	
Net premiums written	  	 	6,768	 	 	 	7,546	 	 	 	7,450	 	 	 	6,545	 	 	 	6,496	 	 	 	28,309	 	 	 	27,103	 	
Net premiums earned	  	 	6,890	 	 	 	7,357	 	 	 	7,112	 	 	 	6,487	 	 	 	6,665	 	 	 	27,846	 	 	 	26,933	 	
Adjusted losses and loss expenses	  	 	4,433	 	 	 	4,681	 	 	 	4,295	 	 	 	3,895	 	 	 	4,089	 	 	 	17,304	 	 	 	17,722	 	
Policy acquisition costs	  	 	1,328	 	 	 	1,365	 	 	 	1,326	 	 	 	1,336	 	 	 	1,293	 	 	 	5,355	 	 	 	5,251	 	
Administrative expenses	  	 	653	 	 	 	642	 	 	 	667	 	 	 	614	 	 	 	660	 	 	 	2,576	 	 	 	2,530	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C Underwriting income	  	$	476	 	 	$	669	 	 	$	824	 	 	$	642	 	 	$	623	 	 	$	2,611	 	 	$	1,430	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C CAY Underwriting income ex Cats	  	$	808	 	 	$	876	 	 	$	844	 	 	$	813	 	 	$	912	 	 	$	3,341	 	 	$	3,347	 	
% Change versus prior year period	  				 				 				 				 				 				 				
Net premiums written	  	 	4.2	% 	 	 	2.5	% 	 	 	5.6	% 	 	 	5.8	% 	 	 	1.7	% 	 	 	4.4	% 	 	 	4.2	% 	
Net premiums written excluding merger-related actions  (1)	  	 	4.3	% 	 	 	2.9	% 	 	 	6.2	% 	 	 	6.6	% 	 	 	3.7	% 	 	 	4.9	% 	 	 	6.3	% 	
Net premiums earned	  	 	3.4	% 	 	 	1.0	% 	 	 	5.8	% 	 	 	3.5	% 	 	 	2.2	% 	 	 	3.4	% 	 	 	0.9	% 	
Net premiums written constant $	  	 	5.8	% 	 	 	2.8	% 	 	 	4.1	% 	 	 	3.4	% 	 	 	0.5	% 	 	 	4.0	% 	 	 	4.2	% 	
Net premiums written constant $ excluding merger-related actions  (1)	  	 	6.0	% 	 	 	3.3	% 	 	 	4.7	% 	 	 	4.1	% 	 	 	2.5	% 	 	 	4.5	% 	 	 	6.2	% 	
Net premiums earned constant $	  	 	4.9	% 	 	 	1.4	% 	 	 	4.0	% 	 	 	1.6	% 	 	 	1.0	% 	 	 	3.0	% 	 	 	0.7	% 	
P&C combined ratio	  				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	64.3	% 	 	 	63.6	% 	 	 	60.4	% 	 	 	60.0	% 	 	 	61.4	% 	 	 	62.1	% 	 	 	65.8	% 	
Policy acquisition cost ratio	  	 	19.3	% 	 	 	18.6	% 	 	 	18.6	% 	 	 	20.6	% 	 	 	19.4	% 	 	 	19.2	% 	 	 	19.5	% 	
Administrative expense ratio	  	 	9.5	% 	 	 	8.7	% 	 	 	9.4	% 	 	 	9.5	% 	 	 	9.9	% 	 	 	9.3	% 	 	 	9.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	93.1	% 	 	 	90.9	% 	 	 	88.4	% 	 	 	90.1	% 	 	 	90.7	% 	 	 	90.6	% 	 	 	94.7	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY P&C combined ratio ex Cats (2)	  				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	59.5	% 	 	 	61.1	% 	 	 	60.0	% 	 	 	57.7	% 	 	 	57.1	% 	 	 	59.6	% 	 	 	58.8	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	28.8	% 	 	 	27.1	% 	 	 	28.1	% 	 	 	29.9	% 	 	 	29.3	% 	 	 	28.4	% 	 	 	28.8	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	88.3	% 	 	 	88.2	% 	 	 	88.1	% 	 	 	87.6	% 	 	 	86.4	% 	 	 	88.0	% 	 	 	87.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other ratios	  				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	78	% 	 	 	80	% 	 	 	80	% 	 	 	80	% 	 	 	78	% 	 	 	80	% 	 	 	79	% 	
Expense ratio	  	 	28.8	% 	 	 	27.3	% 	 	 	28.0	% 	 	 	30.1	% 	 	 	29.3	% 	 	 	28.5	% 	 	 	28.9	% 	
Expense ratio excluding A&H	  	 	26.6	% 	 	 	25.2	% 	 	 	25.9	% 	 	 	27.9	% 	 	 	27.2	% 	 	 	26.4	% 	 	 	26.8	% 	
Catastrophe reinstatement premiums (expenses) collected—pre-tax	  	$	(8	) 	 	$	4	 	 	$	—  	 	 	$	—  	 	 	$	(15	) 	 	$	(4	) 	 	$	7	 	
Catastrophe losses—pre-tax	  	$	577	 	 	$	454	 	 	$	211	 	 	$	380	 	 	$	432	 	 	$	1,622	 	 	$	2,753	 	
Favorable prior period development (PPD)—pre-tax	  	$	(253	) 	 	$	(243	) 	 	$	(191	) 	 	$	(209	) 	 	$	(158	) 	 	$	(896	) 	 	$	(829	) 	
 
(1)	Net premiums written were adversely impacted by merger-related actions of $10 million in Q4 2018 and $135 million for full year 2018.	
(2)	Refer to the Non-GAAP financial measures section for further information on the calculation of the components of CAY combined ratio ex Cats.	

P&C Results	  	Page 4	

Chubb Limited
Global P&C Underwriting Results—Consecutive Quarters
(in millions of U.S. dollars, except ratios)
(Unaudited)
Global P&C includes the company’s North America Commercial P&C Insurance segment (refer to page 12), North America Personal P&C Insurance segment (refer to page 13), Overseas General Insurance segment (refer to page 15), Global Reinsurance segment (refer to page 17), and Corporate (refer to page 19). Global P&C excludes the North America Agricultural Insurance and Life Insurance segments.

Global P&C (Including Corporate and excluding Agriculture)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
								
 	  	4Q-18	 	 	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	Full Year
2018	 	 	Full Year
2017	 	
Global P&C Underwriting income	  				 				 				 				 				 				 				
Gross premiums written	  	$	 8,365	 	 	$	 8,185	 	 	$	 8,787	 	 	$	 7,936	 	 	$	 8,098	 	 	$	 33,273	 	 	$	 31,800	 	
Net premiums written	  	 	6,571	 	 	 	6,662	 	 	 	7,062	 	 	 	6,437	 	 	 	6,370	 	 	 	26,732	 	 	 	25,587	 	
Net premiums earned	  	 	6,572	 	 	 	6,500	 	 	 	6,761	 	 	 	6,444	 	 	 	6,413	 	 	 	26,277	 	 	 	25,425	 	
Adjusted losses and loss expenses	  	 	4,272	 	 	 	3,954	 	 	 	4,014	 	 	 	3,950	 	 	 	4,029	 	 	 	16,190	 	 	 	16,679	 	
Policy acquisition costs	  	 	1,323	 	 	 	1,316	 	 	 	1,300	 	 	 	1,337	 	 	 	1,287	 	 	 	5,276	 	 	 	5,170	 	
Administrative expenses	  	 	662	 	 	 	640	 	 	 	666	 	 	 	617	 	 	 	664	 	 	 	2,585	 	 	 	2,538	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C Underwriting income	  	$	315	 	 	$	590	 	 	$	781	 	 	$	540	 	 	$	433	 	 	$	2,226	 	 	$	1,038	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C CAY Underwriting income ex Cats	  	$	670	 	 	$	790	 	 	$	799	 	 	$	786	 	 	$	758	 	 	$	3,045	 	 	$	3,056	 	
% Change versus prior year period	  				 				 				 				 				 				 				
Net premiums written	  	 	3.2	% 	 	 	3.5	% 	 	 	6.1	% 	 	 	5.1	% 	 	 	0.3	% 	 	 	4.5	% 	 	 	3.6	% 	
Net premiums written excluding merger-related actions  (1)	  	 	3.3	% 	 	 	4.0	% 	 	 	6.8	% 	 	 	5.9	% 	 	 	2.3	% 	 	 	5.0	% 	 	 	5.8	% 	
Net premiums earned	  	 	2.5	% 	 	 	1.8	% 	 	 	6.0	% 	 	 	3.1	% 	 	 	0.6	% 	 	 	3.3	% 	 	 	0.2	% 	
Net premiums written constant $	  	 	4.8	% 	 	 	3.9	% 	 	 	4.6	% 	 	 	2.6	% 	 	 	-0.8	% 	 	 	4.0	% 	 	 	3.6	% 	
Net premiums written constant $ excluding merger-related actions  (1)	  	 	5.0	% 	 	 	4.4	% 	 	 	5.2	% 	 	 	3.4	% 	 	 	1.2	% 	 	 	4.5	% 	 	 	5.8	% 	
Net premiums earned constant $	  	 	4.0	% 	 	 	2.2	% 	 	 	4.1	% 	 	 	1.2	% 	 	 	-0.6	% 	 	 	2.9	% 	 	 	0.0	% 	
Combined ratio	  				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	65.0	% 	 	 	60.8	% 	 	 	59.4	% 	 	 	61.3	% 	 	 	62.8	% 	 	 	61.6	% 	 	 	65.6	% 	
Policy acquisition cost ratio	  	 	20.1	% 	 	 	20.2	% 	 	 	19.2	% 	 	 	20.8	% 	 	 	20.1	% 	 	 	20.1	% 	 	 	20.3	% 	
Administrative expense ratio	  	 	10.1	% 	 	 	9.9	% 	 	 	9.8	% 	 	 	9.5	% 	 	 	10.4	% 	 	 	9.8	% 	 	 	10.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	95.2	% 	 	 	90.9	% 	 	 	88.4	% 	 	 	91.6	% 	 	 	93.3	% 	 	 	91.5	% 	 	 	95.9	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats (2)	  				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	59.7	% 	 	 	58.1	% 	 	 	59.0	% 	 	 	57.6	% 	 	 	57.9	% 	 	 	58.6	% 	 	 	57.8	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	30.1	% 	 	 	29.8	% 	 	 	29.2	% 	 	 	30.2	% 	 	 	30.3	% 	 	 	29.8	% 	 	 	30.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	89.8	% 	 	 	87.9	% 	 	 	88.2	% 	 	 	87.8	% 	 	 	88.2	% 	 	 	88.4	% 	 	 	88.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other ratios	  				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	79	% 	 	 	81	% 	 	 	80	% 	 	 	81	% 	 	 	79	% 	 	 	80	% 	 	 	80	% 	
Expense ratio	  	 	30.2	% 	 	 	30.1	% 	 	 	29.0	% 	 	 	30.3	% 	 	 	30.5	% 	 	 	29.9	% 	 	 	30.3	% 	
Expense ratio excluding A&H	  	 	28.2	% 	 	 	28.1	% 	 	 	27.0	% 	 	 	28.2	% 	 	 	28.4	% 	 	 	27.8	% 	 	 	28.3	% 	
Catastrophe reinstatement premiums (expenses) collected—pre-tax	  	$	(8	) 	 	$	4	 	 	$	—  	 	 	$	—  	 	 	$	(15	) 	 	$	(4	) 	 	$	7	 	
Catastrophe losses—pre-tax	  	$	567	 	 	$	446	 	 	$	209	 	 	$	379	 	 	$	432	 	 	$	1,601	 	 	$	2,735	 	
Favorable prior period development (PPD)—pre-tax	  	$	(220	) 	 	$	(242	) 	 	$	(191	) 	 	$	(133	) 	 	$	(122	) 	 	$	(786	) 	 	$	(710	) 	
 
(1)	Net premiums written were adversely impacted by merger-related actions of $10 million in Q4 2018 and $135 million for full year 2018.	
(2)	Refer to the Non-GAAP financial measures section for further information on the calculation of the components of CAY combined ratio ex Cats.	

Global P&C	  	Page 5	

Chubb Limited
Summary Consolidated Balance Sheets
(in millions of U.S. dollars, except per share data)
(Unaudited)

 	  	December 31	 	 	September 30	 	 	June 30	 	 	March 31	 	 	December 31	 	
 	  	2018	 	 	2018	 	 	2018	 	 	2018	 	 	2017	 	
Assets	  				 				 				 				 				
Fixed maturities available for sale, at fair value	  	$	78,470	 	 	$	77,853	 	 	$	77,963	 	 	$	79,111	 	 	$	78,939	 	
Fixed maturities held to maturity, at amortized cost	  	 	13,435	 	 	 	13,563	 	 	 	13,860	 	 	 	14,253	 	 	 	14,335	 	
Equity securities, at fair value	  	 	770	 	 	 	843	 	 	 	933	 	 	 	948	 	 	 	937	 	
Short-term investments, at fair value	  	 	3,016	 	 	 	3,479	 	 	 	3,171	 	 	 	2,874	 	 	 	3,561	 	
Other investments	  	 	5,277	 	 	 	5,425	 	 	 	5,259	 	 	 	4,919	 	 	 	4,672	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investments	  	 	100,968	 	 	 	101,163	 	 	 	101,186	 	 	 	102,105	 	 	 	102,444	 	
Cash	  	 	1,247	 	 	 	1,053	 	 	 	1,000	 	 	 	1,988	 	 	 	728	 	
Securities lending collateral	  	 	1,926	 	 	 	2,143	 	 	 	2,355	 	 	 	2,039	 	 	 	1,737	 	
Insurance and reinsurance balances receivable	  	 	10,075	 	 	 	10,193	 	 	 	10,341	 	 	 	9,570	 	 	 	9,334	 	
Reinsurance recoverable on losses and loss expenses	  	 	15,993	 	 	 	15,088	 	 	 	14,792	 	 	 	14,982	 	 	 	15,034	 	
Deferred policy acquisition costs	  	 	4,922	 	 	 	4,902	 	 	 	4,916	 	 	 	4,843	 	 	 	4,723	 	
Value of business acquired	  	 	295	 	 	 	298	 	 	 	311	 	 	 	321	 	 	 	326	 	
Prepaid reinsurance premiums	  	 	2,544	 	 	 	2,548	 	 	 	2,686	 	 	 	2,600	 	 	 	2,529	 	
Goodwill and other intangible assets	  	 	21,414	 	 	 	21,471	 	 	 	21,759	 	 	 	22,123	 	 	 	22,054	 	
Investments in partially-owned insurance companies	  	 	678	 	 	 	656	 	 	 	675	 	 	 	664	 	 	 	662	 	
Other assets	  	 	7,709	 	 	 	8,169	 	 	 	7,513	 	 	 	7,546	 	 	 	7,451	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	167,771	 	 	$	167,684	 	 	$	167,534	 	 	$	168,781	 	 	$	167,022	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Liabilities	  				 				 				 				 				
Unpaid losses and loss expenses	  	$	62,960	 	 	$	63,029	 	 	$	62,778	 	 	$	63,139	 	 	$	63,179	 	
Unearned premiums	  	 	15,532	 	 	 	15,725	 	 	 	15,748	 	 	 	15,495	 	 	 	15,216	 	
Future policy benefits	  	 	5,506	 	 	 	5,463	 	 	 	5,470	 	 	 	5,412	 	 	 	5,321	 	
Insurance and reinsurance balances payable	  	 	6,437	 	 	 	6,313	 	 	 	6,448	 	 	 	6,148	 	 	 	5,868	 	
Securities lending payable	  	 	1,926	 	 	 	2,143	 	 	 	2,355	 	 	 	2,039	 	 	 	1,737	 	
Accounts payable, accrued expenses, and other liabilities	  	 	11,890	 	 	 	10,757	 	 	 	10,346	 	 	 	10,030	 	 	 	10,953	 	
Deferred tax liabilities	  	 	304	 	 	 	363	 	 	 	326	 	 	 	468	 	 	 	699	 	
Short-term debt	  	 	509	 	 	 	500	 	 	 	600	 	 	 	1,669	 	 	 	1,013	 	
Long-term debt	  	 	12,087	 	 	 	12,149	 	 	 	12,184	 	 	 	12,786	 	 	 	11,556	 	
Trust preferred securities	  	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	117,459	 	 	 	116,750	 	 	 	116,563	 	 	 	117,494	 	 	 	115,850	 	
Shareholders’ equity	  				 				 				 				 				
Total shareholders’ equity, excl. AOCI	  	 	52,760	 	 	 	53,093	 	 	 	52,491	 	 	 	51,789	 	 	 	50,629	 	
Accumulated other comprehensive income (loss) (AOCI)	  	 	(2,448	) 	 	 	(2,159	) 	 	 	(1,520	) 	 	 	(502	) 	 	 	543	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total shareholders’ equity	  	 	50,312	 	 	 	50,934	 	 	 	50,971	 	 	 	51,287	 	 	 	51,172	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and shareholders’ equity	  	$	167,771	 	 	$	167,684	 	 	$	167,534	 	 	$	168,781	 	 	$	167,022	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share	  	$	109.56	 	 	$	110.46	 	 	$	109.97	 	 	$	110.10	 	 	$	110.32	 	
% change over prior quarter	  	 	-0.8	% 	 	 	0.4	% 	 	 	-0.1	% 	 	 	-0.2	% 	 	 	1.5	% 	
Tangible book value per common share	  	$	65.89	 	 	$	66.83	 	 	$	66.00	 	 	$	65.65	 	 	$	65.87	 	
% change over prior quarter	  	 	-1.4	% 	 	 	1.3	% 	 	 	0.5	% 	 	 	-0.3	% 	 	 	1.2	% 	

Consol Bal Sheet	  	Page 6	

Chubb Limited
Consolidated Net Premiums Written by Line of Business
(in millions of U.S. dollars)
(Unaudited)

 	  	4Q-18	 	  	4Q-17	 	  	% Change
4Q-18 vs.
4Q-17	 	 	Constant $
% Change
4Q-18 vs.
4Q-17	 	 	Full Year
2018	 	  	Full Year
2017	 	  	% Change
2018 vs.
2017	 	 	Constant $
% Change
2018 vs.
2017	 	
Net premiums written	  				  				  				 				 				  				  				 				
Commercial multiple peril (1)	  	$	231	 	  	$	218	 	  	 	6.1	% 	 	 	6.1	% 	 	$	911	 	  	$	879	 	  	 	3.8	% 	 	 	3.8	% 	
Commercial casualty	  	 	1,293	 	  	 	1,210	 	  	 	6.7	% 	 	 	7.8	% 	 	 	5,156	 	  	 	4,721	 	  	 	9.2	% 	 	 	8.6	% 	
Workers’ compensation	  	 	579	 	  	 	531	 	  	 	9.4	% 	 	 	9.4	% 	 	 	2,150	 	  	 	2,067	 	  	 	4.0	% 	 	 	4.0	% 	
Professional liability	  	 	944	 	  	 	948	 	  	 	-0.5	% 	 	 	0.7	% 	 	 	3,527	 	  	 	3,547	 	  	 	-0.6	% 	 	 	-1.2	% 	
Surety	  	 	154	 	  	 	166	 	  	 	-6.8	% 	 	 	-1.9	% 	 	 	635	 	  	 	627	 	  	 	1.3	% 	 	 	2.7	% 	
Property and other short-tail lines	  	 	946	 	  	 	874	 	  	 	8.3	% 	 	 	10.9	% 	 	 	4,007	 	  	 	3,819	 	  	 	4.9	% 	 	 	4.1	% 	
	  	 	 	 	  	 	 	 	  				 				 	 	 	 	  	 	 	 	  				 				
Total Commercial P&C (2)	  	 	4,147	 	  	 	3,947	 	  	 	5.1	% 	 	 	6.5	% 	 	 	16,386	 	  	 	15,660	 	  	 	4.6	% 	 	 	4.1	% 	
Agriculture	  	 	197	 	  	 	126	 	  	 	55.8	% 	 	 	55.8	% 	 	 	1,577	 	  	 	1,516	 	  	 	4.0	% 	 	 	4.0	% 	
Personal automobile - North America	  	 	205	 	  	 	197	 	  	 	4.2	% 	 	 	4.5	% 	 	 	831	 	  	 	775	 	  	 	7.0	% 	 	 	7.0	% 	
Personal automobile - International	  	 	217	 	  	 	219	 	  	 	-0.8	% 	 	 	2.9	% 	 	 	864	 	  	 	788	 	  	 	9.3	% 	 	 	9.9	% 	
Personal homeowners	  	 	776	 	  	 	803	 	  	 	-3.3	% 	 	 	-3.0	% 	 	 	3,391	 	  	 	3,302	 	  	 	2.7	% 	 	 	2.6	% 	
Personal other	  	 	370	 	  	 	361	 	  	 	2.7	% 	 	 	6.2	% 	 	 	1,508	 	  	 	1,441	 	  	 	4.9	% 	 	 	3.7	% 	
	  	 	 	 	  	 	 	 	  				 				 	 	 	 	  	 	 	 	  				 				
Total Personal lines	  	 	1,568	 	  	 	1,580	 	  	 	-0.7	% 	 	 	0.8	% 	 	 	6,594	 	  	 	6,306	 	  	 	4.5	% 	 	 	4.3	% 	
Total Property and Casualty lines	  	 	5,912	 	  	 	5,653	 	  	 	4.6	% 	 	 	6.0	% 	 	 	24,557	 	  	 	23,482	 	  	 	4.6	% 	 	 	4.2	% 	
Global A&H lines (3)	  	 	1,041	 	  	 	1,023	 	  	 	1.8	% 	 	 	4.6	% 	 	 	4,277	 	  	 	4,056	 	  	 	5.5	% 	 	 	4.9	% 	
Reinsurance lines	  	 	117	 	  	 	105	 	  	 	11.0	% 	 	 	11.7	% 	 	 	671	 	  	 	685	 	  	 	-2.1	% 	 	 	-3.3	% 	
Life	  	 	280	 	  	 	270	 	  	 	3.5	% 	 	 	5.5	% 	 	 	1,074	 	  	 	1,021	 	  	 	5.4	% 	 	 	4.9	% 	
	  	 	 	 	  	 	 	 	  				 				 	 	 	 	  	 	 	 	  				 				
Total consolidated	  	$	7,350	 	  	$	7,051	 	  	 	4.2	% 	 	 	5.9	% 	 	$	30,579	 	  	$	29,244	 	  	 	4.6	% 	 	 	4.1	% 	

(1)	Commercial multiple peril represents retail package business (property and general liability).	
(2)	Q4 2017 included a reclassification of $3 million from Commercial casualty and $11 million from Property and other short-tail lines to Professional liability, and full year 2017 included a reclassification of $56 million from Property and other short-tail lines to Professional liability to better align the reporting with current year. There is no impact to total Commercial P&C.	
(3)	For purposes of this schedule only, A&H results from our Combined North America and International businesses, normally included in the Life Insurance and Overseas General Insurance segments, respectively, as well as the A&H results of our North America Commercial P&C segment, are included within the Global A&H lines above.	

Line of Business	  	Page 7	

Chubb Limited
Consolidated Results—Three months ended December 31, 2018
(in millions of U.S. dollars, except ratios)
(Unaudited)

	Q4 2018	 	North
America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	 	Life
Insurance	 	 	Total
Consolidated	 	
Net premiums written	 	$	3,143	 	 	$	1,073	 	 	$	197	 	 	$	2,238	 	 	$	117	 	 	$	—  	 	 	$	6,768	 	 	$	582	 	 	$	7,350	 		
Net premiums earned	 	 	3,077	 	 	 	1,130	 	 	 	318	 	 	 	2,187	 	 	 	178	 	 	 	—  	 	 	 	6,890	 	 	 	575	 	 	 	7,465	 		
Adjusted losses and loss expenses	 	 	2,127	 	 	 	755	 	 	 	161	 	 	 	1,166	 	 	 	243	 	 	 	(19	) 	 	 	4,433	 	 	 	182	 	 	 	4,615	 		
Policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	162	 	 	 	162	 		
(Gains) losses from fair value
changes in separate account assets (1)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	20	 	 	 	20	 		
Policy acquisition costs	 	 	451	 	 	 	238	 	 	 	5	 	 	 	592	 	 	 	42	 	 	 	—  	 	 	 	1,328	 	 	 	152	 	 	 	1,480	 		
Administrative expenses	 	 	231	 	 	 	67	 	 	 	(9	) 	 	 	257	 	 	 	12	 	 	 	95	 	 	 	653	 	 	 	75	 	 	 	728	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Underwriting income (loss)	 	 	268	 	 	 	70	 	 	 	161	 	 	 	172	 	 	 	(119	) 	 	 	(76	) 	 	 	476	 	 	 	(16	) 	 	 	460	 		
Adjusted net investment income	 	 	517	 	 	 	59	 	 	 	8	 	 	 	158	 	 	 	65	 	 	 	8	 	 	 	815	 	 	 	88	 	 	 	903	 		
Other income (expense)—operating (1)	 	 	5	 	 	 	—  	 	 	 	(1	) 	 	 	(12	) 	 	 	6	 	 	 	(8	) 	 	 	(10	) 	 	 	18	 	 	 	8	 		
Amortization expense of purchased intangibles	 	 	—  	 	 	 	(3	) 	 	 	(7	) 	 	 	(12	) 	 	 	—  	 	 	 	(63	) 	 	 	(85	) 	 	 	(1	) 	 	 	(86	) 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Segment income (loss)	 	$	790	 	 	$	126	 	 	$	161	 	 	$	306	 	 	$	(48	) 	 	$	(139	) 	 	$	1,196	 	 	$	89	 	 	$	1,285	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted interest expense	 				 				 				 				 				 	 	(158	) 	 				 				 	 	(158	) 		
Income tax expense	 				 				 				 				 				 	 	(192	) 	 				 				 	 	(192	) 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Core operating income (loss)	 				 				 				 				 				 	 	(489	) 	 				 				 	 	935	 		
Chubb integration expenses, net of $5 million tax benefit	 				 				 				 				 				 	 	(15	) 	 				 				 	 	(15	) 		
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $8 million tax benefit (2)	 				 				 				 				 				 	 	(42	) 	 				 				 	 	(42	) 		
Adjusted net realized gains (losses), net of $20 million tax benefit (3)	 				 				 				 				 				 	 	(523	) 	 				 				 	 	(523	) 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Net income (loss)	 				 				 				 				 				 	$	(1,069	) 	 				 				 	$	355	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Combined ratio	 	 	91.3	% 	 	 	93.8	% 	 	 	49.5	% 	 	 	92.1	% 	 	 	166.9	% 	 				 	 	93.1	% 	 				 					
CAY combined ratio ex Cats	 	 	88.2	% 	 	 	85.5	% 	 	 	56.8	% 	 	 	90.4	% 	 	 	83.2	% 	 				 	 	88.3	% 	 				 					
 
(1)	For the Life Insurance segment, (gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified for underwriting income (loss) presentation from Other income (expense).	
(2)	Related to the acquisition of The Chubb Corporation.	
(3)	Includes net realized gains (losses) related to unconsolidated entities.	

Consol Results - QTD 2018	  	Page 8	

Chubb Limited
Consolidated Results—Full Year 2018
(in millions of U.S. dollars, except ratios)
(Unaudited)

	Full Year 2018	 	North
America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	 	Life
Insurance	 	 	Total
Consolidated	 	
Net premiums written	 	$	12,485	 	 	$	4,674	 	 	$	1,577	 	 	$	8,902	 	 	$	671	 	 	$	—  	 	 	$	28,309	 	 	$	2,270	 	 	$	30,579	 		
Net premiums earned	 	 	12,402	 	 	 	4,593	 	 	 	1,569	 	 	 	8,612	 	 	 	670	 	 	 	—  	 	 	 	27,846	 	 	 	2,218	 	 	 	30,064	 		
Adjusted losses and loss expenses	 	 	8,000	 	 	 	3,229	 	 	 	1,114	 	 	 	4,429	 	 	 	479	 	 	 	53	 	 	 	17,304	 	 	 	766	 	 	 	18,070	 		
Policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	590	 	 	 	590	 		
(Gains) losses from fair value
changes in separate account assets (1)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	38	 	 	 	38	 		
Policy acquisition costs	 	 	1,829	 	 	 	939	 	 	 	79	 	 	 	2,346	 	 	 	162	 	 	 	—  	 	 	 	5,355	 	 	 	557	 	 	 	5,912	 		
Administrative expenses	 	 	966	 	 	 	269	 	 	 	(9	) 	 	 	1,014	 	 	 	41	 	 	 	295	 	 	 	2,576	 	 	 	310	 	 	 	2,886	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Underwriting income (loss)	 	 	1,607	 	 	 	156	 	 	 	385	 	 	 	823	 	 	 	(12	) 	 	 	(348	) 	 	 	2,611	 	 	 	(43	) 	 	 	2,568	 		
Adjusted net investment income	 	 	2,033	 	 	 	236	 	 	 	28	 	 	 	619	 	 	 	257	 	 	 	39	 	 	 	3,212	 	 	 	341	 	 	 	3,553	 		
Other income (expense)—operating (1)	 	 	25	 	 	 	(1	) 	 	 	(2	) 	 	 	—  	 	 	 	32	 	 	 	(25	) 	 	 	29	 	 	 	12	 	 	 	41	 		
Amortization expense of purchased intangibles	 	 	—  	 	 	 	(13	) 	 	 	(28	) 	 	 	(41	) 	 	 	—  	 	 	 	(255	) 	 	 	(337	) 	 	 	(2	) 	 	 	(339	) 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Segment income (loss)	 	$	3,665	 	 	$	378	 	 	$	383	 	 	$	1,401	 	 	$	277	 	 	$	(589	) 	 	$	5,515	 	 	$	308	 	 	$	5,823	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted interest expense	 				 				 				 				 				 	 	(674	) 	 				 				 	 	(674	) 		
Income tax expense	 				 				 				 				 				 	 	(742	) 	 				 				 	 	(742	) 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Core operating income (loss)	 				 				 				 				 				 	 	(2,005	) 	 				 				 	 	4,407	 		
Chubb integration expenses, net of $12 million tax benefit	 				 				 				 				 				 	 	(47	) 	 				 				 	 	(47	) 		
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $40 million tax benefit (2)	 				 				 				 				 				 	 	(175	) 	 				 				 	 	(175	) 		
Adjusted net realized gains (losses), net of $5 million tax (3)	 				 				 				 				 				 	 	(223	) 	 				 				 	 	(223	) 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Net income (loss)	 				 				 				 				 				 	$	(2,450	) 	 				 				 	$	3,962	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Combined ratio	 	 	87.0	% 	 	 	96.6	% 	 	 	75.5	% 	 	 	90.4	% 	 	 	101.8	% 	 				 	 	90.6	% 	 				 					
CAY combined ratio ex Cats	 	 	87.3	% 	 	 	81.9	% 	 	 	81.6	% 	 	 	90.5	% 	 	 	81.6	% 	 				 	 	88.0	% 	 				 					
 
(1)	For the Life Insurance segment, (gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified for underwriting income (loss) presentation from Other income (expense).	
(2)	Related to the acquisition of The Chubb Corporation.	
(3)	Includes net realized gains (losses) related to unconsolidated entities.	

Consol Results - FY 2018	  	Page 9	

Chubb Limited
Consolidated Results—Three months ended December 31, 2017
(in millions of U.S. dollars, except ratios)
(Unaudited)

	Q4 2017	 	North
America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	 	Life
Insurance	 	 	Total
Consolidated	 	
Net premiums written	 	$	3,000	 	 	$	1,100	 	 	$	126	 	 	$	2,165	 	 	$	105	 	 	$	—  	 	 	$	6,496	 	 	$	555	 	 	$	7,051	 		
Net premiums earned	 	 	3,035	 	 	 	1,103	 	 	 	252	 	 	 	2,113	 	 	 	162	 	 	 	—	 	 	 	6,665	 	 	 	553	 	 	 	7,218	 		
Adjusted losses and loss expenses	 	 	1,911	 	 	 	887	 	 	 	60	 	 	 	965	 	 	 	126	 	 	 	140	 	 	 	4,089	 	 	 	183	 	 	 	4,272	 		
Policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	176	 	 	 	176	 		
(Gains) losses from fair value changes in separate account assets (1)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(27	) 	 	 	(27	) 		
Policy acquisition costs	 	 	453	 	 	 	226	 	 	 	6	 	 	 	568	 	 	 	40	 	 	 	—  	 	 	 	1,293	 	 	 	154	 	 	 	1,447	 		
Administrative expenses	 	 	253	 	 	 	72	 	 	 	(4	) 	 	 	248	 	 	 	11	 	 	 	80	 	 	 	660	 	 	 	77	 	 	 	737	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Underwriting income (loss)	 	 	418	 	 	 	(82	) 	 	 	190	 	 	 	332	 	 	 	(15	) 	 	 	(220	) 	 	 	623	 	 	 	(10	) 	 	 	613	 		
Adjusted net investment income	 	 	496	 	 	 	58	 	 	 	7	 	 	 	150	 	 	 	66	 	 	 	13	 	 	 	790	 	 	 	83	 	 	 	873	 		
Other income (expense)—operating (1) (2)	 	 	(5	) 	 	 	(1	) 	 	 	(1	) 	 	 	(10	) 	 	 	(1	) 	 	 	(61	) 	 	 	(79	) 	 	 	(3	) 	 	 	(82	) 		
Amortization expense of purchased intangibles	 	 	—  	 	 	 	(4	) 	 	 	(7	) 	 	 	(12	) 	 	 	—  	 	 	 	(43	) 	 	 	(66	) 	 	 	—  	 	 	 	(66	) 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Segment income (loss)	 	$	909	 	 	$	(29	) 	 	$	189	 	 	$	460	 	 	$	50	 	 	$	(311	) 	 	$	1,268	 	 	$	70	 	 	$	1,338	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted interest expense	 				 				 				 				 				 	 	(168	) 	 				 				 	 	(168	) 		
2017 tax reform transition benefit	 				 				 				 				 				 	 	450	 	 				 				 	 	450	 		
Income tax expense excluding 2017 tax reform transition benefit	 				 				 				 				 				 	 	(131	) 	 				 				 	 	(131	) 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Core operating income (loss)	 				 				 				 				 				 	 	(160	) 	 				 				 	 	1,489	 		
Chubb integration expenses, net of $20 million tax benefit	 				 				 				 				 				 	 	(57	) 	 				 				 	 	(57	) 		
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $23 million tax benefit (3)	 				 				 				 				 				 	 	(41	) 	 				 				 	 	(41	) 		
Adjusted net realized gains (losses), net of $20 million tax benefit (4)	 				 				 				 				 				 	 	142	 	 				 				 	 	142	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Net income (loss)	 				 				 				 				 				 	$	(116	) 	 				 				 	$	1,533	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Combined ratio	 	 	86.2	% 	 	 	107.5	% 	 	 	24.4	% 	 	 	84.3	% 	 	 	110.2	% 	 				 	 	90.7	% 	 				 					
CAY combined ratio ex Cats	 	 	87.3	% 	 	 	80.5	% 	 	 	40.0	% 	 	 	90.3	% 	 	 	81.4	% 	 				 	 	86.4	% 	 				 					
 
(1)	For the Life Insurance segment, (gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified for underwriting income (loss) presentation from Other income (expense).	
(2)	Corporate includes a $50 million contribution to the Chubb Charitable Foundation.	
(3)	Related to the acquisition of The Chubb Corporation.	
(4)	Includes net realized gains (losses) related to unconsolidated entities.	

Consol Results - QTD 2017	  	Page 10	

Chubb Limited
Consolidated Results—Full Year 2017
(in millions of U.S. dollars, except ratios)
(Unaudited)

	Full Year 2017	 	North
America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	 	Life
Insurance	 	 	Total
Consolidated	 	
Net premiums written	 	$	12,019	 	 	$	4,533	 	 	$	1,516	 	 	$	8,350	 	 	$	685	 	 	$	—  	 	 	$	27,103	 	 	$	2,141	 	 	$	29,244	 		
Net premiums earned	 	 	12,191	 	 	 	4,399	 	 	 	1,508	 	 	 	8,131	 	 	 	704	 	 	 	—  	 	 	 	26,933	 	 	 	2,101	 	 	 	29,034	 		
Adjusted losses and loss expenses	 	 	8,287	 	 	 	3,265	 	 	 	1,043	 	 	 	4,281	 	 	 	561	 	 	 	285	 	 	 	17,722	 	 	 	739	 	 	 	18,461	 		
Policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	676	 	 	 	676	 		
(Gains) losses from fair value changes in separate account assets (1)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(97	) 	 	 	(97	) 		
Policy acquisition costs	 	 	1,873	 	 	 	899	 	 	 	81	 	 	 	2,221	 	 	 	177	 	 	 	—  	 	 	 	5,251	 	 	 	530	 	 	 	5,781	 		
Administrative expenses	 	 	981	 	 	 	264	 	 	 	(8	) 	 	 	982	 	 	 	44	 	 	 	267	 	 	 	2,530	 	 	 	303	 	 	 	2,833	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Underwriting income (loss)	 	 	1,050	 	 	 	(29	) 	 	 	392	 	 	 	647	 	 	 	(78	) 	 	 	(552	) 	 	 	1,430	 	 	 	(50	) 	 	 	1,380	 		
Adjusted net investment income	 	 	1,961	 	 	 	226	 	 	 	25	 	 	 	610	 	 	 	273	 	 	 	49	 	 	 	3,144	 	 	 	313	 	 	 	3,457	 		
Other income (expense)—operating (1) (2)	 	 	(1	) 	 	 	(4	) 	 	 	(2	) 	 	 	4	 	 	 	1	 	 	 	(88	) 	 	 	(90	) 	 	 	(13	) 	 	 	(103	) 		
Amortization expense of purchased intangibles	 	 	—  	 	 	 	(16	) 	 	 	(29	) 	 	 	(45	) 	 	 	—  	 	 	 	(168	) 	 	 	(258	) 	 	 	(2	) 	 	 	(260	) 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Segment income (loss)	 	$	3,010	 	 	$	177	 	 	$	386	 	 	$	1,216	 	 	$	196	 	 	$	(759	) 	 	$	4,226	 	 	$	248	 	 	$	4,474	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted interest expense	 				 				 				 				 				 	 	(656	) 	 				 				 	 	(656	) 		
2017 tax reform transition benefit	 				 				 				 				 				 	 	450	 	 				 				 	 	450	 		
Income tax expense excluding 2017 tax reform transition benefit	 				 				 				 				 				 	 	(484	) 	 				 				 	 	(484	) 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Core operating income (loss)	 				 				 				 				 				 	 	(1,449	) 	 				 				 	 	3,784	 		
Chubb integration expenses, net of $93 million tax benefit	 				 				 				 				 				 	 	(217	) 	 				 				 	 	(217	) 		
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $85 million tax benefit (3)	 				 				 				 				 				 	 	(198	) 	 				 				 	 	(198	) 		
Adjusted net realized gains (losses), net of $5 million tax (4)	 				 				 				 				 				 	 	492	 	 				 				 	 	492	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Net income (loss)	 				 				 				 				 				 	$	(1,372	) 	 				 				 	$	3,861	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Combined ratio	 	 	91.4	% 	 	 	100.7	% 	 	 	74.0	% 	 	 	92.0	% 	 	 	111.2	% 	 				 	 	94.7	% 	 				 					
CAY combined ratio ex Cats	 	 	87.5	% 	 	 	78.9	% 	 	 	81.5	% 	 	 	91.0	% 	 	 	79.2	% 	 				 	 	87.6	% 	 				 					
 
(1)	For the Life Insurance segment, (gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified for underwriting income (loss) presentation from Other income (expense).	
(2)	Corporate includes a $50 million contribution to the Chubb Charitable Foundation.	
(3)	Related to the acquisition of The Chubb Corporation.	
(4)	Includes net realized gains (losses) related to unconsolidated entities.	

Consol Results - FY 2017	  	Page 11	

Chubb Limited
Segment Results—Consecutive Quarters
(in millions of U.S. dollars, except ratios)
(Unaudited)
North America Commercial P&C Insurance

 	  	4Q-18	 	 	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	Full Year
2018	 	 	Full Year
2017	 	
Gross premiums written	  	$	4,228	 	 	$	4,108	 	 	$	4,322	 	 	$	3,678	 	 	$	4,102	 	 	$	16,336	 	 	$	15,751	 	
Net premiums written	  	 	3,143	 	 	 	3,199	 	 	 	3,331	 	 	 	2,812	 	 	 	3,000	 	 	 	12,485	 	 	 	12,019	 	
Net premiums earned	  	 	3,077	 	 	 	3,019	 	 	 	3,277	 	 	 	3,029	 	 	 	3,035	 	 	 	12,402	 	 	 	12,191	 	
Losses and loss expenses	  	 	2,127	 	 	 	1,881	 	 	 	2,084	 	 	 	1,908	 	 	 	1,911	 	 	 	8,000	 	 	 	8,287	 	
Policy acquisition costs	  	 	451	 	 	 	458	 	 	 	448	 	 	 	472	 	 	 	453	 	 	 	1,829	 	 	 	1,873	 	
Administrative expenses	  	 	231	 	 	 	251	 	 	 	253	 	 	 	231	 	 	 	253	 	 	 	966	 	 	 	981	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	 	268	 	 	 	429	 	 	 	492	 	 	 	418	 	 	 	418	 	 	 	1,607	 	 	 	1,050	 	
Net investment income	  	 	517	 	 	 	503	 	 	 	510	 	 	 	503	 	 	 	496	 	 	 	2,033	 	 	 	1,961	 	
Other income (expense)—operating	  	 	5	 	 	 	1	 	 	 	13	 	 	 	6	 	 	 	(5	) 	 	 	25	 	 	 	(1	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	790	 	 	$	933	 	 	$	1,015	 	 	$	927	 	 	$	909	 	 	$	3,665	 	 	$	3,010	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY Underwriting income ex Cats	  	$	362	 	 	$	409	 	 	$	410	 	 	$	395	 	 	$	386	 	 	$	1,576	 	 	$	1,528	 	
Combined ratio	  				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	69.1	% 	 	 	62.3	% 	 	 	63.6	% 	 	 	63.0	% 	 	 	63.0	% 	 	 	64.5	% 	 	 	68.0	% 	
Policy acquisition cost ratio	  	 	14.7	% 	 	 	15.2	% 	 	 	13.7	% 	 	 	15.6	% 	 	 	14.9	% 	 	 	14.7	% 	 	 	15.4	% 	
Administrative expense ratio	  	 	7.5	% 	 	 	8.3	% 	 	 	7.7	% 	 	 	7.6	% 	 	 	8.3	% 	 	 	7.8	% 	 	 	8.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	91.3	% 	 	 	85.8	% 	 	 	85.0	% 	 	 	86.2	% 	 	 	86.2	% 	 	 	87.0	% 	 	 	91.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats (1)	  				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	66.1	% 	 	 	63.5	% 	 	 	66.0	% 	 	 	64.0	% 	 	 	64.1	% 	 	 	64.9	% 	 	 	64.3	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	22.1	% 	 	 	23.2	% 	 	 	21.4	% 	 	 	23.0	% 	 	 	23.2	% 	 	 	22.4	% 	 	 	23.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	88.2	% 	 	 	86.7	% 	 	 	87.4	% 	 	 	87.0	% 	 	 	87.3	% 	 	 	87.3	% 	 	 	87.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe reinstatement premiums expensed—pre-tax	  	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	(1	) 	 	$	—  	 	 	$	(4	) 	
Catastrophe losses—pre-tax	  	$	232	 	 	$	196	 	 	$	73	 	 	$	78	 	 	$	167	 	 	$	579	 	 	$	1,220	 	
Favorable prior period development (PPD)—pre-tax	  	$	(138	) 	 	$	(216	) 	 	$	(155	) 	 	$	(101	) 	 	$	(200	) 	 	$	(610	) 	 	$	(746	) 	
% Change versus prior year period	  				 				 				 				 				 				 				
Net premiums written	  	 	4.8	% 	 	 	3.6	% 	 	 	4.0	% 	 	 	3.0	% 	 	 	-2.7	% 	 	 	3.9	% 	 	 	2.4	% 	
Net premiums written excluding merger-related actions (2)	  	 	5.1	% 	 	 	4.6	% 	 	 	5.4	% 	 	 	4.4	% 	 	 	-1.0	% 	 	 	4.9	% 	 	 	4.7	% 	
Net premiums earned	  	 	1.4	% 	 	 	0.1	% 	 	 	5.8	% 	 	 	-0.4	% 	 	 	-1.7	% 	 	 	1.7	% 	 	 	-0.2	% 	
Other ratios	  				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	74	% 	 	 	78	% 	 	 	77	% 	 	 	76	% 	 	 	73	% 	 	 	76	% 	 	 	76	% 	
Production by Size	  				 				 				 				 				 				 				
Net Premiums Written	  				 				 				 				 				 				 				
Major Accounts & Specialty (3)	  	$	1,839	 	 	$	1,852	 	 	$	2,040	 	 	$	1,630	 	 	$	1,753	 	 	$	7,361	 	 	$	7,076	 	
Commercial (3)	  	 	1,304	 	 	 	1,347	 	 	 	1,291	 	 	 	1,182	 	 	 	1,247	 	 	 	5,124	 	 	 	4,943	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	3,143	 	 	$	3,199	 	 	$	3,331	 	 	$	2,812	 	 	$	3,000	 	 	$	12,485	 	 	$	12,019	 	

(1)	Refer to the Non-GAAP financial measures section for further information on the calculation of the components of CAY combined ratio ex Cats.	
(2)	Q4 2018 and full year 2018 include the adverse impact of merger-related actions, respectively, as follows: Major Accounts & Specialty $9 million and $119 million; Commercial $nil and $4 million.	
(3)	Major Accounts & Specialty: principally large corporate accounts and wholesale business. Commercial: principally middle market and small commercial accounts.	

NA Commercial	  	Page 12	

Chubb Limited
Segment Results—Consecutive Quarters
(in millions of U.S. dollars, except ratios)
(Unaudited)
North America Personal P&C Insurance

 	  	4Q-18	 	 	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	Full Year
2018	 	 	Full Year
2017	 	
Gross premiums written	  	$	1,291	 	 	$	1,369	 	 	$	1,489	 	 	$	1,181	 	 	$	1,260	 	 	$	5,330	 	 	$	5,152	 	
Net premiums written	  	 	1,073	 	 	 	1,218	 	 	 	1,335	 	 	 	1,048	 	 	 	1,100	 	 	 	4,674	 	 	 	4,533	 	
Net premiums earned	  	 	1,130	 	 	 	1,167	 	 	 	1,156	 	 	 	1,140	 	 	 	1,103	 	 	 	4,593	 	 	 	4,399	 	
Losses and loss expenses	  	 	755	 	 	 	860	 	 	 	728	 	 	 	886	 	 	 	887	 	 	 	3,229	 	 	 	3,265	 	
Policy acquisition costs	  	 	238	 	 	 	236	 	 	 	228	 	 	 	237	 	 	 	226	 	 	 	939	 	 	 	899	 	
Administrative expenses	  	 	67	 	 	 	69	 	 	 	68	 	 	 	65	 	 	 	72	 	 	 	269	 	 	 	264	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  	 	70	 	 	 	2	 	 	 	132	 	 	 	(48	) 	 	 	(82	) 	 	 	156	 	 	 	(29	) 	
Net investment income	  	 	59	 	 	 	59	 	 	 	59	 	 	 	59	 	 	 	58	 	 	 	236	 	 	 	226	 	
Other expense—operating	  	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	(1	) 	 	 	(4	) 	
Amortization expense of purchased intangibles	  	 	(3	) 	 	 	(4	) 	 	 	(3	) 	 	 	(3	) 	 	 	(4	) 	 	 	(13	) 	 	 	(16	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	  	$	126	 	 	$	57	 	 	$	187	 	 	$	8	 	 	$	(29	) 	 	$	378	 	 	$	177	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY Underwriting income ex Cats	  	$	168	 	 	$	196	 	 	$	240	 	 	$	230	 	 	$	218	 	 	$	834	 	 	$	933	 	
Combined ratio	  				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	66.8	% 	 	 	73.7	% 	 	 	63.0	% 	 	 	77.7	% 	 	 	80.4	% 	 	 	70.3	% 	 	 	74.2	% 	
Policy acquisition cost ratio	  	 	21.1	% 	 	 	20.2	% 	 	 	19.7	% 	 	 	20.8	% 	 	 	20.5	% 	 	 	20.4	% 	 	 	20.4	% 	
Administrative expense ratio	  	 	5.9	% 	 	 	5.9	% 	 	 	5.9	% 	 	 	5.7	% 	 	 	6.6	% 	 	 	5.9	% 	 	 	6.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	93.8	% 	 	 	99.8	% 	 	 	88.6	% 	 	 	104.2	% 	 	 	107.5	% 	 	 	96.6	% 	 	 	100.7	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats (1)	  				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	59.1	% 	 	 	57.1	% 	 	 	53.7	% 	 	 	53.3	% 	 	 	54.0	% 	 	 	55.8	% 	 	 	52.6	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	26.4	% 	 	 	26.1	% 	 	 	25.6	% 	 	 	26.4	% 	 	 	26.5	% 	 	 	26.1	% 	 	 	26.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	85.5	% 	 	 	83.2	% 	 	 	79.3	% 	 	 	79.7	% 	 	 	80.5	% 	 	 	81.9	% 	 	 	78.9	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe reinstatement premiums expensed—pre-tax	  	$	(26	) 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	(19	) 	 	$	(26	) 	 	$	(22	) 	
Catastrophe losses—pre-tax	  	$	90	 	 	$	136	 	 	$	101	 	 	$	284	 	 	$	278	 	 	$	611	 	 	$	871	 	
Unfavorable (favorable) prior period development (PPD)—pre-tax	  	$	(18	) 	 	$	58	 	 	$	7	 	 	$	(6	) 	 	$	3	 	 	$	41	 	 	$	69	 	
% Change versus prior year period	  				 				 				 				 				 				 				
Net premiums written	  	 	-2.5	% 	 	 	2.0	% 	 	 	6.4	% 	 	 	6.5	% 	 	 	5.8	% 	 	 	3.1	% 	 	 	9.1	% 	
Net premiums written excluding certain items (2)	  	 	2.3	% 	 	 	2.7	% 	 	 	3.2	% 	 	 	2.7	% 	 				 	 	2.7	% 	 				
Net premiums earned	  	 	2.5	% 	 	 	4.5	% 	 	 	5.6	% 	 	 	5.1	% 	 	 	2.6	% 	 	 	4.4	% 	 	 	1.9	% 	
Other ratios	  				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	83	% 	 	 	89	% 	 	 	90	% 	 	 	89	% 	 	 	87	% 	 	 	88	% 	 	 	88	% 	
 
(1)	Refer to the Non-GAAP financial measures section for further information on the calculation of the components of CAY combined ratio ex Cats.	
(2)	Q4 2018 excludes additional reinsurance of $47 million (including a one-time unearned premium reserves transfer of $32 million) and additional reinstatement premiums of $6 million.	

NA Personal	  	Page 13	

Chubb Limited
Segment Results—Consecutive Quarters
(in millions of U.S. dollars, except ratios)
(Unaudited)
North America Agricultural Insurance

 	  	4Q-18	 	 	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	Full Year
2018	 	 	Full Year
2017	 	
Gross premiums written	  	$	273	 	 	$	1,270	 	 	$	543	 	 	$	205	 	 	$	276	 	 	$	2,291	 	 	$	2,315	 	
Net premiums written	  	 	197	 	 	 	884	 	 	 	388	 	 	 	108	 	 	 	126	 	 	 	1,577	 	 	 	1,516	 	
Net premiums earned	  	 	318	 	 	 	857	 	 	 	351	 	 	 	43	 	 	 	252	 	 	 	1,569	 	 	 	1,508	 	
Adjusted losses and loss expenses (1)	  	 	161	 	 	 	727	 	 	 	281	 	 	 	(55	) 	 	 	60	 	 	 	1,114	 	 	 	1,043	 	
Policy acquisition costs	  	 	5	 	 	 	49	 	 	 	26	 	 	 	(1	) 	 	 	6	 	 	 	79	 	 	 	81	 	
Administrative expenses	  	 	(9	) 	 	 	2	 	 	 	1	 	 	 	(3	) 	 	 	(4	) 	 	 	(9	) 	 	 	(8	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	 	161	 	 	 	79	 	 	 	43	 	 	 	102	 	 	 	190	 	 	 	385	 	 	 	392	 	
Net investment income	  	 	8	 	 	 	7	 	 	 	6	 	 	 	7	 	 	 	7	 	 	 	28	 	 	 	25	 	
Other expense—operating	  	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	(2	) 	 	 	(2	) 	
Amortization expense of purchased intangibles	  	 	(7	) 	 	 	(7	) 	 	 	(7	) 	 	 	(7	) 	 	 	(7	) 	 	 	(28	) 	 	 	(29	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	161	 	 	$	79	 	 	$	41	 	 	$	102	 	 	$	189	 	 	$	383	 	 	$	386	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY Underwriting income ex Cats	  	$	138	 	 	$	86	 	 	$	45	 	 	$	27	 	 	$	154	 	 	$	296	 	 	$	291	 	
Combined ratio	  				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	50.7	% 	 	 	84.9	% 	 	 	80.0	% 	 	 	NM	 	 	 	23.7	% 	 	 	71.0	% 	 	 	69.2	% 	
Policy acquisition cost ratio	  	 	1.5	% 	 	 	5.7	% 	 	 	7.4	% 	 	 	NM	 	 	 	2.4	% 	 	 	5.0	% 	 	 	5.4	% 	
Administrative expense ratio	  	 	-2.7	% 	 	 	0.1	% 	 	 	0.5	% 	 	 	NM	 	 	 	-1.7	% 	 	 	-0.5	% 	 	 	-0.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	49.5	% 	 	 	90.7	% 	 	 	87.9	% 	 	 	NM	 	 	 	24.4	% 	 	 	75.5	% 	 	 	74.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats (2)	  				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	56.0	% 	 	 	84.1	% 	 	 	79.3	% 	 	 	68.9	% 	 	 	36.9	% 	 	 	76.7	% 	 	 	76.2	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	0.8	% 	 	 	5.8	% 	 	 	7.9	% 	 	 	-1.2	% 	 	 	3.1	% 	 	 	4.9	% 	 	 	5.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	56.8	% 	 	 	89.9	% 	 	 	87.2	% 	 	 	67.7	% 	 	 	40.0	% 	 	 	81.6	% 	 	 	81.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe losses—pre-tax	  	$	10	 	 	$	8	 	 	$	2	 	 	$	1	 	 	$	—  	 	 	$	21	 	 	$	18	 	
Favorable prior period development (PPD)—pre-tax	  	$	(33	) 	 	$	(1	) 	 	$	—  	 	 	$	(76	) 	 	$	(36	) 	 	$	(110	) 	 	$	(119	) 	
% Change versus prior year period	  				 				 				 				 				 				 				
Net premiums written	  	 	55.8	% 	 	 	-4.5	% 	 	 	-3.7	% 	 	 	76.2	% 	 	 	214.3	% 	 	 	4.0	% 	 	 	14.2	% 	
Net premiums earned	  	 	26.0	% 	 	 	-4.6	% 	 	 	2.2	% 	 	 	214.2	% 	 	 	72.3	% 	 	 	4.1	% 	 	 	14.6	% 	
Other ratios	  				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	72	% 	 	 	70	% 	 	 	71	% 	 	 	53	% 	 	 	46	% 	 	 	69	% 	 	 	66	% 	
 
(1)	Includes realized gains and losses on crop derivatives.	
(2)	Refer to the Non-GAAP financial measures section for further information on the calculation of the components of CAY combined ratio ex Cats.	

NA Agriculture	  	Page 14	

Chubb Limited
Segment Results—Consecutive Quarters
(in millions of U.S. dollars, except ratios)
(Unaudited)
Overseas General Insurance

 	  	4Q-18	 	 	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	Full Year
2018	 	 	Full Year
2017	 	
Gross premiums written	  	$	2,729	 	 	$	2,541	 	 	$	2,743	 	 	$	2,872	 	 	$	2,632	 	 	$	10,885	 	 	$	10,151	 	
Net premiums written	  	 	2,238	 	 	 	2,081	 	 	 	2,199	 	 	 	2,384	 	 	 	2,165	 	 	 	8,902	 	 	 	8,350	 	
Net premiums earned	  	 	2,187	 	 	 	2,157	 	 	 	2,161	 	 	 	2,107	 	 	 	2,113	 	 	 	8,612	 	 	 	8,131	 	
Losses and loss expenses	  	 	1,166	 	 	 	1,114	 	 	 	1,071	 	 	 	1,078	 	 	 	965	 	 	 	4,429	 	 	 	4,281	 	
Policy acquisition costs	  	 	592	 	 	 	582	 	 	 	584	 	 	 	588	 	 	 	568	 	 	 	2,346	 	 	 	2,221	 	
Administrative expenses	  	 	257	 	 	 	252	 	 	 	266	 	 	 	239	 	 	 	248	 	 	 	1,014	 	 	 	982	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	 	172	 	 	 	209	 	 	 	240	 	 	 	202	 	 	 	332	 	 	 	823	 	 	 	647	 	
Net investment income	  	 	158	 	 	 	155	 	 	 	155	 	 	 	151	 	 	 	150	 	 	 	619	 	 	 	610	 	
Other income (expense)—operating	  	 	(12	) 	 	 	7	 	 	 	12	 	 	 	(7	) 	 	 	(10	) 	 	 	—	 	 	 	4	 	
Amortization expense of purchased intangibles	  	 	(12	) 	 	 	(8	) 	 	 	(11	) 	 	 	(10	) 	 	 	(12	) 	 	 	(41	) 	 	 	(45	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	306	 	 	$	363	 	 	$	396	 	 	$	336	 	 	$	460	 	 	$	1,401	 	 	$	1,216	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY Underwriting income ex Cats	  	$	211	 	 	$	217	 	 	$	194	 	 	$	195	 	 	$	204	 	 	$	817	 	 	$	730	 	
Combined ratio	  				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	53.3	% 	 	 	51.7	% 	 	 	49.6	% 	 	 	51.1	% 	 	 	45.7	% 	 	 	51.4	% 	 	 	52.6	% 	
Policy acquisition cost ratio	  	 	27.1	% 	 	 	26.9	% 	 	 	27.0	% 	 	 	27.9	% 	 	 	26.9	% 	 	 	27.2	% 	 	 	27.3	% 	
Administrative expense ratio	  	 	11.7	% 	 	 	11.7	% 	 	 	12.3	% 	 	 	11.4	% 	 	 	11.7	% 	 	 	11.8	% 	 	 	12.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	92.1	% 	 	 	90.3	% 	 	 	88.9	% 	 	 	90.4	% 	 	 	84.3	% 	 	 	90.4	% 	 	 	92.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats (1)	  				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	51.6	% 	 	 	51.3	% 	 	 	51.7	% 	 	 	51.4	% 	 	 	51.6	% 	 	 	51.5	% 	 	 	51.7	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	38.8	% 	 	 	38.7	% 	 	 	39.3	% 	 	 	39.3	% 	 	 	38.7	% 	 	 	39.0	% 	 	 	39.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	90.4	% 	 	 	90.0	% 	 	 	91.0	% 	 	 	90.7	% 	 	 	90.3	% 	 	 	90.5	% 	 	 	91.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe reinstatement premiums (expenses) collected—pre-tax	  	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	 	$	5	 	 	$	—	 	 	$	(4	) 	
Catastrophe losses—pre-tax	  	$	85	 	 	$	80	 	 	$	26	 	 	$	15	 	 	$	(55	) 	 	$	206	 	 	$	331	 	
Favorable prior period development (PPD)—pre-tax	  	$	(46	) 	 	$	(72	) 	 	$	(72	) 	 	$	(22	) 	 	$	(68	) 	 	$	(212	) 	 	$	(252	) 	
% Change versus prior year period	  				 				 				 				 				 				 				
Net premiums written	  	 	3.4	% 	 	 	5.9	% 	 	 	9.6	% 	 	 	7.8	% 	 	 	2.5	% 	 	 	6.6	% 	 	 	2.8	% 	
Net premiums earned	  	 	3.5	% 	 	 	4.5	% 	 	 	7.1	% 	 	 	8.8	% 	 	 	3.1	% 	 	 	5.9	% 	 	 	0.0	% 	
Net premiums written constant $	  	 	7.9	% 	 	 	7.5	% 	 	 	5.1	% 	 	 	1.4	% 	 	 	-0.2	% 	 	 	5.3	% 	 	 	2.8	% 	
Net premiums earned constant $	  	 	7.9	% 	 	 	5.9	% 	 	 	2.0	% 	 	 	3.0	% 	 	 	0.2	% 	 	 	4.7	% 	 	 	-0.4	% 	
Other ratios	  				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	82	% 	 	 	82	% 	 	 	80	% 	 	 	83	% 	 	 	82	% 	 	 	82	% 	 	 	82	% 	
 
(1)	Refer to the Non-GAAP financial measures section for further information on the calculation of the components of CAY combined ratio ex Cats.	

Overseas General Insurance	  	Page 15	

Chubb Limited
Segment Results
(in millions of U.S. dollars)
(Unaudited)
Overseas General Insurance—Production by Region

 	  	4Q-18	 	  	4Q-17	 	  	% Change
4Q-18 vs.
4Q-17	 	 	Constant $
4Q-17	 	  	Constant $
% Change
4Q-18 vs.
4Q-17	 	 	Full Year
2018	 	  	Full Year
2017	 	  	% Change
2018 vs.
2017	 	 	Constant $
2017	 	  	Constant $
% Change
2018 vs.
2017	 	
Net premiums written	  				  				  				 				  				 				  				  				 				  				
Europe	  	$	867	 	  	$	834	 	  	 	4.0	% 	 	$	816	 	  	 	6.3	% 	 	$	3,508	 	  	$	3,281	 	  	 	6.9	% 	 	$	3,440	 	  	 	2.0	% 	
Latin America	  	 	584	 	  	 	589	 	  	 	-0.8	% 	 	 	538	 	  	 	8.6	% 	 	 	2,181	 	  	 	2,108	 	  	 	3.5	% 	 	 	2,012	 	  	 	8.4	% 	
Asia	  	 	708	 	  	 	665	 	  	 	6.5	% 	 	 	647	 	  	 	9.4	% 	 	 	2,884	 	  	 	2,596	 	  	 	11.1	% 	 	 	2,635	 	  	 	9.4	% 	
Other (1)	  	 	79	 	  	 	77	 	  	 	2.6	% 	 	 	73	 	  	 	8.2	% 	 	 	329	 	  	 	365	 	  	 	-9.9	% 	 	 	367	 	  	 	-10.4	% 	
	  	 	 	 	  	 	 	 	  				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  				
Total	  	$	2,238	 	  	$	2,165	 	  	 	3.4	% 	 	$	2,074	 	  	 	7.9	% 	 	$	8,902	 	  	$	8,350	 	  	 	6.6	% 	 	$	8,454	 	  	 	5.3	% 	

(1)	Primarily includes Eurasia and Africa, and the company’s international supplemental A&H business of Combined Insurance.	

Overseas General Ins. - Region	  	Page 16	

Chubb Limited
Segment Results—Consecutive Quarters
(in millions of U.S. dollars, except ratios)
(Unaudited)
Global Reinsurance

 	  	4Q-18	 	 	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	Full Year
2018	 	 	Full Year
2017	 	
Gross premiums written	  	$	117	 	 	$	167	 	 	$	233	 	 	$	205	 	 	$	104	 	 	$	722	 	 	$	746	 	
Net premiums written	  	 	117	 	 	 	164	 	 	 	197	 	 	 	193	 	 	 	105	 	 	 	671	 	 	 	685	 	
Net premiums earned	  	 	178	 	 	 	157	 	 	 	167	 	 	 	168	 	 	 	162	 	 	 	670	 	 	 	704	 	
Losses and loss expenses	  	 	243	 	 	 	86	 	 	 	83	 	 	 	67	 	 	 	126	 	 	 	479	 	 	 	561	 	
Policy acquisition costs	  	 	42	 	 	 	40	 	 	 	40	 	 	 	40	 	 	 	40	 	 	 	162	 	 	 	177	 	
Administrative expenses	  	 	12	 	 	 	10	 	 	 	9	 	 	 	10	 	 	 	11	 	 	 	41	 	 	 	44	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  	 	(119	) 	 	 	21	 	 	 	35	 	 	 	51	 	 	 	(15	) 	 	 	(12	) 	 	 	(78	) 	
Net investment income	  	 	65	 	 	 	63	 	 	 	65	 	 	 	64	 	 	 	66	 	 	 	257	 	 	 	273	 	
Other income (expense)—operating	  	 	6	 	 	 	13	 	 	 	6	 	 	 	7	 	 	 	(1	) 	 	 	32	 	 	 	1	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	  	$	(48	) 	 	$	97	 	 	$	106	 	 	$	122	 	 	$	50	 	 	$	277	 	 	$	196	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY Underwriting income ex Cats	  	$	27	 	 	$	27	 	 	$	28	 	 	$	39	 	 	$	32	 	 	$	121	 	 	$	139	 	
Combined ratio	  				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	137.1	% 	 	 	55.0	% 	 	 	49.4	% 	 	 	40.1	% 	 	 	78.9	% 	 	 	71.6	% 	 	 	79.8	% 	
Policy acquisition cost ratio	  	 	23.7	% 	 	 	25.2	% 	 	 	24.2	% 	 	 	23.6	% 	 	 	24.4	% 	 	 	24.2	% 	 	 	25.1	% 	
Administrative expense ratio	  	 	6.1	% 	 	 	6.5	% 	 	 	5.7	% 	 	 	5.8	% 	 	 	6.9	% 	 	 	6.0	% 	 	 	6.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	166.9	% 	 	 	86.7	% 	 	 	79.3	% 	 	 	69.5	% 	 	 	110.2	% 	 	 	101.8	% 	 	 	111.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats (1)	  				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	50.1	% 	 	 	51.2	% 	 	 	53.0	% 	 	 	47.7	% 	 	 	50.1	% 	 	 	50.5	% 	 	 	46.0	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	33.1	% 	 	 	31.6	% 	 	 	30.5	% 	 	 	29.3	% 	 	 	31.3	% 	 	 	31.1	% 	 	 	33.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	83.2	% 	 	 	82.8	% 	 	 	83.5	% 	 	 	77.0	% 	 	 	81.4	% 	 	 	81.6	% 	 	 	79.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe reinstatement premiums collected—pre-tax	  	$	18	 	 	$	4	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	22	 	 	$	37	 	
Catastrophe losses—pre-tax	  	$	160	 	 	$	34	 	 	$	9	 	 	$	2	 	 	$	42	 	 	$	205	 	 	$	313	 	
Unfavorable (favorable) prior period development (PPD)—pre-tax	  	$	4	 	 	$	(24	) 	 	$	(16	) 	 	$	(14	) 	 	$	5	 	 	$	(50	) 	 	$	(59	) 	
% Change versus prior year period	  				 				 				 				 				 				 				
Net premiums written as reported	  	 	11.0	% 	 	 	-14.3	% 	 	 	3.8	% 	 	 	-3.0	% 	 	 	-8.2	% 	 	 	-2.1	% 	 	 	1.4	% 	
Net premiums earned as reported	  	 	10.2	% 	 	 	-15.7	% 	 	 	-0.6	% 	 	 	-11.0	% 	 	 	-3.4	% 	 	 	-4.9	% 	 	 	-0.7	% 	
Net premiums written constant $	  	 	11.7	% 	 	 	-14.7	% 	 	 	1.5	% 	 	 	-4.8	% 	 	 	-9.3	% 	 	 	-3.3	% 	 	 	2.2	% 	
Net premiums earned constant $	  	 	10.6	% 	 	 	-16.0	% 	 	 	-3.1	% 	 	 	-12.8	% 	 	 	-5.1	% 	 	 	-6.0	% 	 	 	-0.4	% 	
Other ratios	  				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	99	% 	 	 	98	% 	 	 	85	% 	 	 	94	% 	 	 	100	% 	 	 	93	% 	 	 	92	% 	
 
(1)	Refer to the Non-GAAP financial measures section for further information on the calculation of the components of CAY combined ratio ex Cats.	

Global Reinsurance	  	Page 17	

Chubb Limited
Segment Results—Consecutive Quarters
(in millions of U.S. dollars)
(Unaudited)
Life Insurance

 	  	4Q-18	 	 	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	Full Year
2018	 	 	Full Year
2017	 	
Gross premiums written	  	$	614	 	 	$	599	 	 	$	599	 	 	$	592	 	 	$	586	 	 	$	2,404	 	 	$	2,261	 	
Net premiums written	  	 	582	 	 	 	564	 	 	 	565	 	 	 	559	 	 	 	555	 	 	 	2,270	 	 	 	2,141	 	
Net premiums earned	  	 	575	 	 	 	551	 	 	 	552	 	 	 	540	 	 	 	553	 	 	 	2,218	 	 	 	2,101	 	
Losses and loss expenses	  	 	182	 	 	 	195	 	 	 	184	 	 	 	205	 	 	 	183	 	 	 	766	 	 	 	739	 	
Policy benefits (1)	  	 	162	 	 	 	127	 	 	 	150	 	 	 	151	 	 	 	176	 	 	 	590	 	 	 	676	 	
(Gains) losses from fair value changes in separate account assets (1)	  	 	20	 	 	 	14	 	 	 	10	 	 	 	(6	) 	 	 	(27	) 	 	 	38	 	 	 	(97	) 	
Policy acquisition costs	  	 	152	 	 	 	139	 	 	 	138	 	 	 	128	 	 	 	154	 	 	 	557	 	 	 	530	 	
Administrative expenses	  	 	75	 	 	 	77	 	 	 	80	 	 	 	78	 	 	 	77	 	 	 	310	 	 	 	303	 	
Net investment income	  	 	88	 	 	 	85	 	 	 	85	 	 	 	83	 	 	 	83	 	 	 	341	 	 	 	313	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Life Insurance underwriting income (2)	  	 	72	 	 	 	84	 	 	 	75	 	 	 	67	 	 	 	73	 	 	 	298	 	 	 	263	 	
Other income (expense)—operating	  	 	18	 	 	 	(6	) 	 	 	2	 	 	 	(2	) 	 	 	(3	) 	 	 	12	 	 	 	(13	) 	
Amortization expense of purchased intangibles	  	 	(1	) 	 	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(2	) 	 	 	(2	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	89	 	 	$	78	 	 	$	77	 	 	$	64	 	 	$	70	 	 	$	308	 	 	$	248	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
% Change versus prior year period	  				 				 				 				 				 				 				
Net premiums written	  	 	4.8	% 	 	 	4.8	% 	 	 	8.0	% 	 	 	6.7	% 	 	 	1.2	% 	 	 	6.1	% 	 	 	0.8	% 	
Net premiums earned	  	 	3.9	% 	 	 	4.6	% 	 	 	7.2	% 	 	 	6.8	% 	 	 	3.5	% 	 	 	5.6	% 	 	 	2.2	% 	
Net premiums written constant $	  	 	6.3	% 	 	 	5.1	% 	 	 	6.5	% 	 	 	5.0	% 	 	 	0.3	% 	 	 	5.7	% 	 	 	0.3	% 	
Net premiums earned constant $	  	 	5.4	% 	 	 	4.9	% 	 	 	5.7	% 	 	 	5.0	% 	 	 	2.3	% 	 	 	5.3	% 	 	 	1.6	% 	
 
(1)	(Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified from Other income (expense) for purposes of presenting Life Insurance underwriting income. The offsetting movement in the separate account liabilities is included in Policy benefits.	
(2)	We assess the performance of our Life Insurance business based on Life Insurance underwriting income which includes Net investment income and (Gains) losses from fair value changes in separate account assets.	
International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses):

 	  	4Q-18	 	  	4Q-17	 	  	% Change
4Q-18 vs.
4Q-17	 	 	Constant $
% Change
4Q-18 vs.
4Q-17	 	 	Full Year
2018	 	  	Full Year
2017	 	  	% Change
2018 vs.
2017	 	 	Constant $
% Change
2018 vs.
2017	 	
International life insurance net premiums written	  	$	233	 	  	$	224	 	  	 	3.9	% 	 	 	6.3	% 	 	$	887	 	  	$	824	 	  	 	7.6	% 	 	 	6.9	% 	
International life insurance deposits (3)	  	 	375	 	  	 	388	 	  	 	-3.4	% 	 	 	-1.4	% 	 	 	1,538	 	  	 	1,436	 	  	 	7.1	% 	 	 	6.0	% 	
	  	 	 	 	  	 	 	 	  				 				 	 	 	 	  	 	 	 	  				 				
Total international life insurance net premiums written and deposits	  	$	608	 	  	$	612	 	  	 	-0.7	% 	 	 	1.4	% 	 	$	2,425	 	  	$	2,260	 	  	 	7.3	% 	 	 	6.4	% 	
	  	 	 	 	  	 	 	 	  				 				 	 	 	 	  	 	 	 	  				 				
International life insurance segment income	  	$	32	 	  	$	19	 	  	 	69.6	% 	 	 	76.0	% 	 	$	103	 	  	$	54	 	  	 	90.5	% 	 	 	96.7	% 	

(3)	Includes deposits collected on universal life and investment contracts. Consistent with GAAP, premiums collected on universal life and investment contracts are considered deposits and excluded from revenues.	

Life Insurance	  	Page 18	

Chubb Limited
Segment Results—Consecutive Quarters
(in millions of U.S. dollars)
(Unaudited)
Corporate

 	  	4Q-18	 	 	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	Full Year
2018	 	 	Full Year
2017	 	
Gross premiums written	  	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	
Net premiums written	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Net premiums earned	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Losses and loss expenses (1)	  	 	(19	) 	 	 	13	 	 	 	48	 	 	 	11	 	 	 	140	 	 	 	53	 	 	 	285	 	
Policy acquisition costs	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Administrative expenses	  	 	95	 	 	 	58	 	 	 	70	 	 	 	72	 	 	 	80	 	 	 	295	 	 	 	267	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting loss	  	 	(76	) 	 	 	(71	) 	 	 	(118	) 	 	 	(83	) 	 	 	(220	) 	 	 	(348	) 	 	 	(552	) 	
Adjusted net investment income	  	 	8	 	 	 	11	 	 	 	10	 	 	 	10	 	 	 	13	 	 	 	39	 	 	 	49	 	
Other expense—operating	  	 	(8	) 	 	 	(8	) 	 	 	(2	) 	 	 	(7	) 	 	 	(61	) 	 	 	(25	) 	 	 	(88	) 	
Adjusted interest expense	  	 	(158	) 	 	 	(170	) 	 	 	(177	) 	 	 	(169	) 	 	 	(168	) 	 	 	(674	) 	 	 	(656	) 	
Amortization expense of purchased intangibles	  	 	(63	) 	 	 	(64	) 	 	 	(64	) 	 	 	(64	) 	 	 	(43	) 	 	 	(255	) 	 	 	(168	) 	
2017 tax reform transition benefit	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	450	 	 	 	—  	 	 	 	450	 	
Income tax expense excluding 2017 tax reform transition benefit	  	 	(192	) 	 	 	(183	) 	 	 	(218	) 	 	 	(149	) 	 	 	(131	) 	 	 	(742	) 	 	 	(484	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating loss	  	 	(489	) 	 	 	(485	) 	 	 	(569	) 	 	 	(462	) 	 	 	(160	) 	 	 	(2,005	) 	 	 	(1,449	) 	
Chubb integration expenses, net of tax	  	 	(15	) 	 	 	(14	) 	 	 	(10	) 	 	 	(8	) 	 	 	(57	) 	 	 	(47	) 	 	 	(217	) 	
Amortization of fair value adjustment of acquired invested assets
and long-term debt, net of tax	  	 	(42	) 	 	 	(42	) 	 	 	(41	) 	 	 	(50	) 	 	 	(41	) 	 	 	(175	) 	 	 	(198	) 	
Adjusted net realized gains (losses), net of tax (2)	  	 	(523	) 	 	 	165	 	 	 	92	 	 	 	43	 	 	 	142	 	 	 	(223	) 	 	 	492	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net loss	  	$	(1,069	) 	 	$	(376	) 	 	$	(528	) 	 	$	(477	) 	 	$	(116	) 	 	$	(2,450	) 	 	$	(1,372	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unfavorable (favorable) prior period development (PPD)—pre-tax	  	$	(22	) 	 	$	12	 	 	$	45	 	 	$	10	 	 	$	138	 	 	$	45	 	 	$	278	 	
 
(1)	Q4 2018 includes $130 million of favorable reinsurance settlement as well as $108 million of adverse development for legacy exposures, principally asbestos.	
(2)	Includes net realized gains (losses) related to unconsolidated entities.	

Corporate	  	Page 19	

Chubb Limited
Loss Reserve Rollforward
(in millions of U.S. dollars, except ratios)
(Unaudited)

 	  	Unpaid Losses	 	 	Net Paid to	 	
 	  	Gross	 	 	Ceded	 	 	Net	 	 	Incurred Ratio	 	
Balance at December 31, 2016	  	$	 60,540	 	 	$	 12,708	 	 	$	 47,832	 	 				
Losses and loss expenses incurred	  	 	4,752	 	 	 	963	 	 	 	3,789	 	 				
Losses and loss expenses paid	  	 	(4,830	) 	 	 	(923	) 	 	 	(3,907	) 	 	 	103	% 	
Other (incl. foreign exch. revaluation)	  	 	117	 	 	 	63	 	 	 	54	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at March 31, 2017	  	$	60,579	 	 	$	12,811	 	 	$	47,768	 	 				
Losses and loss expenses incurred	  	 	5,016	 	 	 	870	 	 	 	4,146	 	 				
Losses and loss expenses paid	  	 	(5,356	) 	 	 	(1,234	) 	 	 	(4,122	) 	 	 	99	% 	
Other (incl. foreign exch. revaluation)	  	 	155	 	 	 	38	 	 	 	117	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at June 30, 2017	  	$	60,394	 	 	$	12,485	 	 	$	47,909	 	 				
Losses and loss expenses incurred	  	 	8,410	 	 	 	2,163	 	 	 	6,247	 	 				
Losses and loss expenses paid	  	 	(5,207	) 	 	 	(909	) 	 	 	(4,298	) 	 	 	69	% 	
Other (incl. foreign exch. revaluation)	  	 	556	 	 	 	131	 	 	 	425	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at September 30, 2017	  	$	64,153	 	 	$	13,870	 	 	$	50,283	 	 				
Losses and loss expenses incurred	  	 	5,755	 	 	 	1,483	 	 	 	4,272	 	 				
Losses and loss expenses paid	  	 	(6,419	) 	 	 	(1,298	) 	 	 	(5,121	) 	 	 	120	% 	
Other (incl. foreign exch. revaluation)	  	 	(310	) 	 	 	(41	) 	 	 	(269	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at December 31, 2017	  	$	63,179	 	 	$	14,014	 	 	$	49,165	 	 				
Losses and loss expenses incurred	  	 	5,028	 	 	 	926	 	 	 	4,102	 	 				
Losses and loss expenses paid	  	 	(5,448	) 	 	 	(1,206	) 	 	 	(4,242	) 	 	 	103	% 	
Other (incl. foreign exch. revaluation)	  	 	380	 	 	 	88	 	 	 	292	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at March 31, 2018	  	$	63,139	 	 	$	13,822	 	 	$	49,317	 	 				
Losses and loss expenses incurred	  	 	5,458	 	 	 	971	 	 	 	4,487	 	 				
Losses and loss expenses paid	  	 	(5,304	) 	 	 	(931	) 	 	 	(4,373	) 	 	 	97	% 	
Other (incl. foreign exch. revaluation)	  	 	(515	) 	 	 	(127	) 	 	 	(388	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at June 30, 2018	  	$	62,778	 	 	$	13,735	 	 	$	49,043	 	 				
Losses and loss expenses incurred	  	 	6,472	 	 	 	1,604	 	 	 	4,868	 	 				
Losses and loss expenses paid	  	 	(5,771	) 	 	 	(1,268	) 	 	 	(4,503	) 	 	 	93	% 	
Other (incl. foreign exch. revaluation)	  	 	(450	) 	 	 	(106	) 	 	 	(344	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at September 30, 2018	  	$	63,029	 	 	$	13,965	 	 	$	49,064	 	 				
Losses and loss expenses incurred	  	 	6,687	 	 	 	2,077	 	 	 	4,610	 	 				
Losses and loss expenses paid	  	 	(6,556	) 	 	 	(1,334	) 	 	 	(5,222	) 	 	 	113	% 	
Other (incl. foreign exch. revaluation)	  	 	(200	) 	 	 	(19	) 	 	 	(181	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at December 31, 2018	  	$	62,960	 	 	$	14,689	 	 	$	48,271	 	 				
Add net recoverable on paid losses	  	 	—  	 	 	 	1,304	 	 	 	(1,304	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance including net recoverable on paid losses	  	$	62,960	 	 	$	15,993	 	 	$	46,967	 	 				

			
Loss Reserve Rollforward	  	Page 20	

Chubb Limited
Reinsurance Recoverable Analysis
(in millions of U.S. dollars)
(Unaudited)
Net Reinsurance Recoverable by Division

 	  	December 31
2018	 	 	September 30
2018	 	 	June 30
2018	 	 	March 31
2018	 	 	December 31
2017	 	
Reinsurance recoverable on paid losses and loss expenses	 	 				 				 				 				
Active operations	  	$	980	 	 	$	911	 	 	$	901	 	 	$	972	 	 	$	808	 	
Brandywine and Other Run-off	  	 	396	 	 	 	290	 	 	 	238	 	 	 	271	 	 	 	286	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	1,376	 	 	$	1,201	 	 	$	1,139	 	 	$	1,243	 	 	$	1,094	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reinsurance recoverable on unpaid losses and loss expenses	 	 				 				 				 				
Active operations	  	$	 13,705	 	 	$	 12,989	 	 	$	 12,763	 	 	$	 12,842	 	 	$	 12,992	 	
Brandywine and Other Run-off	  	 	1,235	 	 	 	1,214	 	 	 	1,209	 	 	 	1,217	 	 	 	1,269	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	14,940	 	 	$	14,203	 	 	$	13,972	 	 	$	14,059	 	 	$	14,261	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross reinsurance recoverable	  				 				 				 				 				
Active operations	  	$	14,685	 	 	$	13,900	 	 	$	13,664	 	 	$	13,814	 	 	$	13,800	 	
Brandywine and Other Run-off	  	 	1,631	 	 	 	1,504	 	 	 	1,447	 	 	 	1,488	 	 	 	1,555	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	16,316	 	 	$	15,404	 	 	$	15,111	 	 	$	15,302	 	 	$	15,355	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Provision for uncollectible reinsurance (1)	  				 				 				 				 				
Active operations	  	$	(185	) 	 	$	(189	) 	 	$	(189	) 	 	$	(188	) 	 	$	(183	) 	
Brandywine and Other Run-off	  	 	(138	) 	 	 	(127	) 	 	 	(130	) 	 	 	(132	) 	 	 	(138	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	(323	) 	 	$	(316	) 	 	$	(319	) 	 	$	(320	) 	 	$	(321	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net reinsurance recoverable	  				 				 				 				 				
Active operations	  	$	14,500	 	 	$	13,711	 	 	$	13,475	 	 	$	13,626	 	 	$	13,617	 	
Brandywine and Other Run-off	  	 	1,493	 	 	 	1,377	 	 	 	1,317	 	 	 	1,356	 	 	 	1,417	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	15,993	 	 	$	15,088	 	 	$	14,792	 	 	$	14,982	 	 	$	15,034	 	

(1)	The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $3.7 billion.	

Reinsurance Recoverable	  	Page 21	

Chubb Limited
Investment Portfolio
(in millions of U.S. dollars)
(Unaudited)

 	  	December 31
2018	 	 	September 30
2018	 	 	June 30
2018	 	 	March 31
2018	 	 	December 31
2017	 	
Market Value	  				 				 				 				 				 				 				 				 				 				
Fixed maturities available for sale	  	$	78,470	 	 				 	$	77,853	 	 				 	$	77,963	 	 				 	$	79,111	 	 				 	$	78,939	 	 				
Fixed maturities held to maturity	  	 	13,259	 	 				 	 	13,284	 	 				 	 	13,665	 	 				 	 	14,122	 	 				 	 	14,474	 	 				
Short-term investments	  	 	3,016	 	 				 	 	3,479	 	 				 	 	3,171	 	 				 	 	2,874	 	 				 	 	3,561	 	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Total fixed maturities	  	$	94,745	 	 				 	$	94,616	 	 				 	$	94,799	 	 				 	$	96,107	 	 				 	$	96,974	 	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Asset Allocation by Market Value	  				 				 				 				 				 				 				 				 				 				
Treasury	  	$	4,799	 	 	 	5	% 	 	$	4,572	 	 	 	5	% 	 	$	4,246	 	 	 	4	% 	 	$	4,277	 	 	 	4	% 	 	$	4,049	 	 	 	4	% 	
Agency	  	 	528	 	 	 	1	% 	 	 	570	 	 	 	1	% 	 	 	651	 	 	 	1	% 	 	 	593	 	 	 	1	% 	 	 	564	 	 	 	1	% 	
Corporate and asset-backed	  	 	29,091	 	 	 	31	% 	 	 	27,373	 	 	 	29	% 	 	 	27,150	 	 	 	29	% 	 	 	26,564	 	 	 	28	% 	 	 	27,215	 	 	 	28	% 	
Mortgage-backed	  	 	18,026	 	 	 	19	% 	 	 	18,401	 	 	 	19	% 	 	 	18,068	 	 	 	19	% 	 	 	18,467	 	 	 	19	% 	 	 	18,032	 	 	 	19	% 	
Municipal	  	 	16,327	 	 	 	17	% 	 	 	17,280	 	 	 	18	% 	 	 	17,827	 	 	 	19	% 	 	 	19,550	 	 	 	20	% 	 	 	20,766	 	 	 	21	% 	
Non-U.S.	  	 	22,958	 	 	 	24	% 	 	 	22,941	 	 	 	24	% 	 	 	23,686	 	 	 	25	% 	 	 	23,782	 	 	 	25	% 	 	 	22,787	 	 	 	23	% 	
Short-term investments	  	 	3,016	 	 	 	3	% 	 	 	3,479	 	 	 	4	% 	 	 	3,171	 	 	 	3	% 	 	 	2,874	 	 	 	3	% 	 	 	3,561	 	 	 	4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturities	  	$	94,745	 	 	 	100	% 	 	$	94,616	 	 	 	100	% 	 	$	94,799	 	 	 	100	% 	 	$	96,107	 	 	 	100	% 	 	$	96,974	 	 	 	100	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Quality by Market Value	  				 				 				 				 				 				 				 				 				 				
AAA	  	$	14,571	 	 	 	15	% 	 	$	15,131	 	 	 	16	% 	 	$	14,952	 	 	 	16	% 	 	$	14,723	 	 	 	15	% 	 	$	15,512	 	 	 	16	% 	
AA	  	 	36,715	 	 	 	39	% 	 	 	36,705	 	 	 	39	% 	 	 	36,292	 	 	 	38	% 	 	 	37,322	 	 	 	39	% 	 	 	37,407	 	 	 	39	% 	
A	  	 	17,253	 	 	 	18	% 	 	 	17,350	 	 	 	18	% 	 	 	17,735	 	 	 	19	% 	 	 	18,306	 	 	 	19	% 	 	 	18,369	 	 	 	19	% 	
BBB	  	 	12,035	 	 	 	13	% 	 	 	12,050	 	 	 	13	% 	 	 	12,473	 	 	 	13	% 	 	 	12,616	 	 	 	13	% 	 	 	12,377	 	 	 	13	% 	
BB	  	 	8,363	 	 	 	9	% 	 	 	7,737	 	 	 	8	% 	 	 	7,788	 	 	 	8	% 	 	 	7,710	 	 	 	8	% 	 	 	7,941	 	 	 	8	% 	
B	  	 	5,596	 	 	 	6	% 	 	 	5,421	 	 	 	6	% 	 	 	5,356	 	 	 	6	% 	 	 	5,235	 	 	 	6	% 	 	 	5,135	 	 	 	5	% 	
Other	  	 	212	 	 	 	0	% 	 	 	222	 	 	 	0	% 	 	 	203	 	 	 	0	% 	 	 	195	 	 	 	0	% 	 	 	233	 	 	 	0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturities	  	$	94,745	 	 	 	100	% 	 	$	94,616	 	 	 	100	% 	 	$	94,799	 	 	 	100	% 	 	$	96,107	 	 	 	100	% 	 	$	96,974	 	 	 	100	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost/Amortized Cost	  				 				 				 				 				 				 				 				 				 				
Fixed maturities available for sale	  	$	79,323	 	 				 	$	78,637	 	 				 	$	78,546	 	 				 	$	79,208	 	 				 	$	77,835	 	 				
Fixed maturities held to maturity	  	 	13,435	 	 				 	 	13,563	 	 				 	 	13,860	 	 				 	 	14,253	 	 				 	 	14,335	 	 				
Short-term investments	  	 	3,016	 	 				 	 	3,479	 	 				 	 	3,171	 	 				 	 	2,874	 	 				 	 	3,561	 	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Subtotal fixed maturities	  	 	95,774	 	 				 	 	95,679	 	 				 	 	95,577	 	 				 	 	96,335	 	 				 	 	95,731	 	 				
Equity securities	  	 	770	 	 				 	 	843	 	 				 	 	933	 	 				 	 	948	 	 				 	 	737	 	 				
Other investments	  	 	5,277	 	 				 	 	5,425	 	 				 	 	5,259	 	 				 	 	4,919	 	 				 	 	4,417	 	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Total investment portfolio	  	$	 101,821	 	 				 	$	 101,947	 	 				 	$	 101,769	 	 				 	$	 102,202	 	 				 	$	 100,885	 	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Avg. duration of fixed maturities	  	 	3.7 years	 	 				 	 	3.9 years	 	 				 	 	4.2 years	 	 				 	 	4.3 years	 	 				 	 	4.2 years	 	 				
Avg. market yield of fixed maturities	  	 	3.7	% 	 				 	 	3.5	% 	 				 	 	3.4	% 	 				 	 	3.3	% 	 				 	 	2.9	% 	 				
Avg. credit quality	  	 	A/Aa	 	 				 	 	A/Aa	 	 				 	 	A/Aa	 	 				 	 	A/Aa	 	 				 	 	A/Aa	 	 				
Avg. yield on invested assets (1)	  	 	3.5	% 	 				 	 	3.5	% 	 				 	 	3.5	% 	 				 	 	3.4	% 	 				 	 	3.5	% 	 				
 
(1)	Calculated using adjusted net investment income.	

Investments	  	Page 22	

Chubb Limited
Investment Portfolio—2
(in millions of U.S. dollars)
(Unaudited)
Mortgage-backed Fixed Income Portfolio

 	  	S&P Credit Rating	 	
Mortgage-backed securities	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
Market Value at December 31, 2018	  				  				  				  				  				  				
Agency residential mortgage-backed (RMBS)	  	$	—  	 	  	$	 14,686	 	  	$	 —  	 	  	$	 —  	 	  	$	 —  	 	  	$	 14,686	 	
Non-agency RMBS	  	 	26	 	  	 	48	 	  	 	68	 	  	 	27	 	  	 	20	 	  	 	189	 	
Commercial mortgage-backed	  	 	2,809	 	  	 	243	 	  	 	99	 	  	 	—  	 	  	 	—  	 	  	 	3,151	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total mortgage-backed securities at market value	  	$	 2,835	 	  	$	14,977	 	  	$	167	 	  	$	27	 	  	$	20	 	  	$	18,026	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
U.S. Corporate and Asset-backed Fixed Income Portfolios

 	  	S&P Credit Rating	 	
 	  	Investment Grade	 	
Market Value at December 31, 2018	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	Total	 	
Asset-backed	  	$	 2,761	 	  	$	242	 	  	$	44	 	  	$	31	 	  	$	3,078	 	
Banks	  	 	1	 	  	 	31	 	  	 	1,837	 	  	 	1,294	 	  	 	3,163	 	
Basic Materials	  	 	—  	 	  	 	—  	 	  	 	100	 	  	 	176	 	  	 	276	 	
Communications	  	 	—  	 	  	 	170	 	  	 	340	 	  	 	1,008	 	  	 	1,518	 	
Consumer, Cyclical	  	 	—  	 	  	 	293	 	  	 	496	 	  	 	571	 	  	 	1,360	 	
Consumer, Non-Cyclical	  	 	56	 	  	 	441	 	  	 	1,502	 	  	 	1,473	 	  	 	3,472	 	
Diversified Financial Services	  	 	—  	 	  	 	157	 	  	 	386	 	  	 	181	 	  	 	724	 	
Energy	  	 	—  	 	  	 	38	 	  	 	155	 	  	 	473	 	  	 	666	 	
Industrial	  	 	—  	 	  	 	39	 	  	 	443	 	  	 	712	 	  	 	1,194	 	
Utilities	  	 	—  	 	  	 	18	 	  	 	734	 	  	 	374	 	  	 	1,126	 	
All Others	  	 	161	 	  	 	290	 	  	 	1,076	 	  	 	786	 	  	 	2,313	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	2,979	 	  	$	 1,719	 	  	$	 7,113	 	  	$	 7,079	 	  	$	 18,890	 	

																	
 	  	S&P Credit Rating	 	
 	  	Below Investment Grade	 	
Market Value at December 31, 2018	  	BB	 	  	B	 	  	CCC	 	  	Total	 	
Asset-backed	  	$	1	 	  	$	3	 	  	$	7	 	  	$	11	 	
Banks	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Basic Materials	  	 	399	 	  	 	178	 	  	 	—  	 	  	 	577	 	
Communications	  	 	801	 	  	 	674	 	  	 	18	 	  	 	1,493	 	
Consumer, Cyclical	  	 	1,032	 	  	 	618	 	  	 	35	 	  	 	1,685	 	
Consumer, Non-Cyclical	  	 	939	 	  	 	1,153	 	  	 	39	 	  	 	2,131	 	
Diversified Financial Services	  	 	160	 	  	 	174	 	  	 	8	 	  	 	342	 	
Energy	  	 	710	 	  	 	331	 	  	 	12	 	  	 	1,053	 	
Industrial	  	 	676	 	  	 	549	 	  	 	20	 	  	 	1,245	 	
Utilities	  	 	227	 	  	 	22	 	  	 	—  	 	  	 	249	 	
All Others	  	 	947	 	  	 	457	 	  	 	11	 	  	 	1,415	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	 5,892	 	  	$	 4,159	 	  	$	 150	 	  	$	 10,201	 	

			
Investments 2	  	Page 23	

Chubb Limited
Investment Portfolio—3
(in millions of U.S. dollars)
(Unaudited)
Non-U.S. Fixed Income Portfolio
December 31, 2018

 	  	Market Value by S&P Credit Rating	 	
Non-U.S. Government Securities	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
United Kingdom	  	$	—  	 	  	$	 1,064	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	1,064	 	
Republic of Korea	  	 	—  	 	  	 	1,055	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	1,055	 	
Canada	  	 	831	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	831	 	
Federative Republic of Brazil	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	707	 	  	 	707	 	
Province of Ontario	  	 	—  	 	  	 	8	 	  	 	636	 	  	 	—  	 	  	 	—  	 	  	 	644	 	
Province of Quebec	  	 	—  	 	  	 	502	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	502	 	
United Mexican States	  	 	—  	 	  	 	—  	 	  	 	370	 	  	 	117	 	  	 	—  	 	  	 	487	 	
Kingdom of Thailand	  	 	—  	 	  	 	—  	 	  	 	460	 	  	 	—  	 	  	 	—  	 	  	 	460	 	
Commonwealth of Australia	  	 	305	 	  	 	3	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	308	 	
Federal Republic of Germany	  	 	304	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	304	 	
Other Non-U.S. Government Securities	  	 	557	 	  	 	1,349	 	  	 	911	 	  	 	573	 	  	 	929	 	  	 	4,319	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	 1,997	 	  	$	3,981	 	  	$	2,377	 	  	$	690	 	  	$	1,636	 	  	$	10,681	 	

 	  	Market Value by S&P Credit Rating	 	
Non-U.S. Corporate Securities	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
United Kingdom	  	$	105	 	  	$	108	 	  	$	593	 	  	$	815	 	  	$	303	 	  	$	1,924	 	
Canada	  	 	106	 	  	 	277	 	  	 	296	 	  	 	452	 	  	 	348	 	  	 	1,479	 	
United States (1)	  	 	3	 	  	 	26	 	  	 	101	 	  	 	438	 	  	 	573	 	  	 	1,141	 	
France	  	 	7	 	  	 	34	 	  	 	661	 	  	 	273	 	  	 	39	 	  	 	1,014	 	
Australia	  	 	113	 	  	 	210	 	  	 	356	 	  	 	133	 	  	 	11	 	  	 	823	 	
Netherlands	  	 	59	 	  	 	80	 	  	 	278	 	  	 	155	 	  	 	99	 	  	 	671	 	
Germany	  	 	64	 	  	 	34	 	  	 	143	 	  	 	257	 	  	 	27	 	  	 	525	 	
Japan	  	 	—  	 	  	 	46	 	  	 	429	 	  	 	9	 	  	 	—  	 	  	 	484	 	
Switzerland	  	 	48	 	  	 	25	 	  	 	191	 	  	 	177	 	  	 	28	 	  	 	469	 	
China	  	 	—  	 	  	 	—  	 	  	 	289	 	  	 	54	 	  	 	30	 	  	 	373	 	
Other Non-U.S. Corporate Securities	  	 	380	 	  	 	451	 	  	 	935	 	  	 	993	 	  	 	615	 	  	 	3,374	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	885	 	  	$	1,291	 	  	$	 4,272	 	  	$	 3,756	 	  	$	 2,073	 	  	$	 12,277	 	

(1)	Countries represent the ultimate parent company’s country of risk. Non-U.S. corporate securities could be issued by foreign subsidiaries of U.S. corporations.	

Investments 3	  	Page 24	

Chubb Limited
Investment Portfolio—4
(in millions of U.S. dollars)
(Unaudited)
Fixed Maturity Investment Portfolio
Top 10 Global Corporate Exposures

 	 		                         December 31, 2018                        	  	Market Value	 	  	 	 	  	Rating	
1	 	Wells Fargo & Co	  	$	 557	 	  				  	A-		
2	 	Bank of America Corp	  	 	465	 	  				  	A-		
3	 	JP Morgan Chase & Co	  	 	443	 	  				  	A-		
4	 	Comcast Corp	  	 	365	 	  				  	A-		
5	 	Goldman Sachs Group Inc	  	 	351	 	  				  	BBB+		
6	 	AT&T Inc	  	 	340	 	  				  	BBB		
7	 	HSBC Holdings Plc	  	 	339	 	  				  	A		
8	 	Anheuser-Busch InBev NV	  	 	337	 	  				  	A-		
9	 	Verizon Communications Inc	  	 	331	 	  				  	BBB+		
10	 	Morgan Stanley	  	 	292	 	  				  	BBB+		

Investments 4	  	Page 25	

Chubb Limited
Net Realized and Unrealized Gains (Losses)
(in millions of U.S. dollars)
(Unaudited)

 	  	Three months ended December 31, 2018	 	
 	  	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	  	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	
Fixed income investments (1)	  	$	(313	) 	 	$	21	 	 	$	(292	) 	 	$	(75	) 	 	$	(42	) 	 	$	(117	) 	 	$	(388	) 	 	$	(21	) 	 	$	(409	) 	
Public equity	  	 	7	 	 	 	(1	) 	 	 	6	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	7	 	 	 	(1	) 	 	 	6	 	
Private equity	  	 	252	 	 	 	(12	) 	 	 	240	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	252	 	 	 	(12	) 	 	 	240	 	
Mark-to-market on public and private equity (2)	  	 	(237	) 	 	 	17	 	 	 	(220	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(237	) 	 	 	17	 	 	 	(220	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio (3)	  	 	(291	) 	 	 	25	 	 	 	(266	) 	 	 	(75	) 	 	 	(42	) 	 	 	(117	) 	 	 	(366	) 	 	 	(17	) 	 	 	(383	) 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (4)	  	 	(263	) 	 	 	—  	 	 	 	(263	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(263	) 	 	 	—  	 	 	 	(263	) 	
Foreign exchange	  	 	29	 	 	 	(11	) 	 	 	18	 	 	 	(143	) 	 	 	30	 	 	 	(113	) 	 	 	(114	) 	 	 	19	 	 	 	(95	) 	
Partially-owned entities (5)	  	 	8	 	 	 	—  	 	 	 	8	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	8	 	 	 	—  	 	 	 	8	 	
Other (6)	  	 	(26	) 	 	 	6	 	 	 	(20	) 	 	 	(260	) 	 	 	55	 	 	 	(205	) 	 	 	(286	) 	 	 	61	 	 	 	(225	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	  	$	(543	) 	 	$	20	 	 	$	(523	) 	 	$	(478	) 	 	$	43	 	 	$	(435	) 	 	$	(1,021	) 	 	$	63	 	 	$	(958	) 	

(1)	The quarter includes $153 million pre-tax realized losses on fixed income derivatives. Other-than-temporary impairments for the quarter in realized gains (losses) were $33 million pre-tax for fixed maturities.	
(2)	Effective Q1 2018, the company adopted new guidance that requires the recognition of mark-to-market changes of public equities and cost-method private equities to be recognized through realized gains (losses) on the income statement. Previously these unrealized gains (losses) were recorded through other comprehensive income (loss) on the balance sheet.	
(3)	Realized and unrealized losses of $383 million, after-tax, was principally driven by widening of credit spreads on corporate fixed income securities late in the quarter, partially offset by the decline in interest rates. The related tax expense of $42 million on unrealized losses of $75 million reflects unrealized losses being generated in lower tax jurisdictions and unrealized gains being generated in higher tax jurisdictions.	
(4)	The quarter includes $118 million of gains on applicable hedges. These gains are both pre-tax and after-tax.	
(5)	Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.	
(6)	Other realized losses, pre-tax, primarily includes $23 million related to impairment of fixed assets. Other unrealized losses are primarily related to the company’s post-retirement programs.	

 	  	Three months ended December 31, 2017	 	
 	  	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	  	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	
Fixed income investments (7)	  	$	(35	) 	 	$	21	 	 	$	(14	) 	 	$	(276	) 	 	$	65	 	 	$	(211	) 	 	$	(311	) 	 	$	86	 	 	$	(225	) 	
Public equity	  	 	6	 	 	 	(4	) 	 	 	2	 	 	 	9	 	 	 	(1	) 	 	 	8	 	 	 	15	 	 	 	(5	) 	 	 	10	 	
Private equity	  	 	122	 	 	 	(10	) 	 	 	112	 	 	 	8	 	 	 	2	 	 	 	10	 	 	 	130	 	 	 	(8	) 	 	 	122	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio (8)	  	 	93	 	 	 	7	 	 	 	100	 	 	 	(259	) 	 	 	66	 	 	 	(193	) 	 	 	(166	) 	 	 	73	 	 	 	(93	) 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (9)	  	 	7	 	 	 	—  	 	 	 	7	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	7	 	 	 	—  	 	 	 	7	 	
Foreign exchange	  	 	26	 	 	 	(5	) 	 	 	21	 	 	 	(430	) 	 	 	19	 	 	 	(411	) 	 	 	(404	) 	 	 	14	 	 	 	(390	) 	
Partially-owned entities (10)	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Other (11)	  	 	(4	) 	 	 	18	 	 	 	14	 	 	 	102	 	 	 	(24	) 	 	 	78	 	 	 	98	 	 	 	(6	) 	 	 	92	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	  	$	122	 	 	$	20	 	 	$	142	 	 	$	(587	) 	 	$	61	 	 	$	(526	) 	 	$	(465	) 	 	$	81	 	 	$	(384	) 	

(7)	The quarter includes $13 million pre-tax realized gains on fixed income derivatives.	
(8)	Other-than-temporary impairments for the quarter in realized gains (losses), pre-tax, includes $8 million for fixed maturities, $1 million for public equity and $1 million for private equity.	
(9)	The quarter includes $92 million of losses on applicable hedges. These losses are both pre-tax and after-tax.	
(10)	Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.	
(11)	Other unrealized gains (losses) are primarily related to the company’s post-retirement programs.	

Net Gains (Losses)	  	Page 26	

Chubb Limited
Net Realized and Unrealized Gains (Losses)
(in millions of U.S. dollars)
(Unaudited)

 	  	Year ended December 31, 2018	 	
 	  	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	  	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	  	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	
Fixed income investments (1)	  	$	(377	) 	 	$	30	 	 	$	(347	) 	 	$	(1,996	) 	 	$	297	 	  	$	(1,699	) 	 	$	(2,373	) 	 	$	327	 	 	$	(2,046	) 	
Public equity	  	 	70	 	 	 	(13	) 	 	 	57	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	70	 	 	 	(13	) 	 	 	57	 	
Private equity	  	 	544	 	 	 	(35	) 	 	 	509	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	544	 	 	 	(35	) 	 	 	509	 	
Mark-to-market on public and private equity (2)	  	 	(255	) 	 	 	26	 	 	 	(229	) 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	(255	) 	 	 	26	 	 	 	(229	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio	  	 	(18	) 	 	 	8	 	 	 	(10	) 	 	 	(1,996	) 	 	 	297	 	  	 	(1,699	) 	 	 	(2,014	) 	 	 	305	 	 	 	(1,709	) 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges  (3)	  	 	(252	) 	 	 	—  	 	 	 	(252	) 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	(252	) 	 	 	—  	 	 	 	(252	) 	
Foreign exchange	  	 	131	 	 	 	(31	) 	 	 	100	 	 	 	(802	) 	 	 	35	 	  	 	(767	) 	 	 	(671	) 	 	 	4	 	 	 	(667	) 	
Partially-owned entities (4)	  	 	8	 	 	 	—  	 	 	 	8	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	8	 	 	 	—  	 	 	 	8	 	
Other (5)	  	 	(87	) 	 	 	18	 	 	 	(69	) 	 	 	(321	) 	 	 	67	 	  	 	(254	) 	 	 	(408	) 	 	 	85	 	 	 	(323	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	  	$	(218	) 	 	$	(5	) 	 	$	(223	) 	 	$	(3,119	) 	 	$	399	 	  	$	(2,720	) 	 	$	(3,337	) 	 	$	394	 	 	$	(2,943	) 	

(1)	Full year includes $75 million pre-tax realized losses on fixed income derivatives. Full year other-than-temporary impairments in realized gains (losses), pre-tax, includes $49 million for fixed maturities.	
(2)	Effective Q1 2018, the company adopted new guidance that requires the recognition of mark-to-market changes of public equities and cost-method private equities to be recognized through realized gains (losses) on the income statement. Previously these unrealized gains (losses) were recorded through other comprehensive income (loss) on the balance sheet.	
(3)	Full year includes $4 million of losses on applicable hedges. These losses are both pre-tax and after-tax.	
(4)	Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.	
(5)	Other realized losses, pre-tax, primarily includes $36 million related to the early redemption of the $1.0 billion junior subordinated capital securities in April 2018, $24 million related to lease impairments, and $23 million related to impairment of fixed assets. Other unrealized losses are primarily related to the company’s post-retirement programs.	

 	  	Year ended December 31, 2017	 	
 	  	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	  	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	
Fixed income investments (6)	  	$	(42	) 	 	$	32	 	 	$	(10	) 	 	$	537	 	 	$	(210	) 	 	$	327	 	 	$	495	 	 	$	(178	) 	 	$	317	 	
Public equity	  	 	16	 	 	 	(5	) 	 	 	11	 	 	 	88	 	 	 	(26	) 	 	 	62	 	 	 	104	 	 	 	(31	) 	 	 	73	 	
Private equity	  	 	401	 	 	 	(52	) 	 	 	349	 	 	 	8	 	 	 	(5	) 	 	 	3	 	 	 	409	 	 	 	(57	) 	 	 	352	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio (7)	  	 	375	 	 	 	(25	) 	 	 	350	 	 	 	633	 	 	 	(241	) 	 	 	392	 	 	 	1,008	 	 	 	(266	) 	 	 	742	 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (8)	  	 	103	 	 	 	—  	 	 	 	103	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	103	 	 	 	—  	 	 	 	103	 	
Foreign exchange	  	 	36	 	 	 	—  	 	 	 	36	 	 	 	471	 	 	 	5	 	 	 	476	 	 	 	507	 	 	 	5	 	 	 	512	 	
Partially-owned entities (9)	  	 	(6	) 	 	 	2	 	 	 	(4	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(6	) 	 	 	2	 	 	 	(4	) 	
Other (10)	  	 	(11	) 	 	 	18	 	 	 	7	 	 	 	(16	) 	 	 	5	 	 	 	(11	) 	 	 	(27	) 	 	 	23	 	 	 	(4	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	  	$	497	 	 	$	(5	) 	 	$	492	 	 	$	1,088	 	 	$	(231	) 	 	$	857	 	 	$	1,585	 	 	$	(236	) 	 	$	1,349	 	

(6)	Full year includes $11 million pre-tax realized losses on fixed income derivatives.	
(7)	Full year other-than-temporary impairments in realized gains (losses), pre-tax, includes $23 million for fixed maturities, $10 million for public equity and $12 million for private equity.	
(8)	Full year includes $261 million of losses on applicable hedges. These losses are both pre-tax and after-tax.	
(9)	Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.	
(10)	Other unrealized gains (losses) are primarily related to the company’s post-retirement programs.	

Net Gains (Losses) 2	  	Page 27	

Chubb Limited
Debt and Capital
(in millions of U.S. dollars, except ratios)
(Unaudited)

 	  	December 31
2018	 	 	September 30
2018	 	 	June 30
2018	 	 	March 31
2018	 	 	December 31
2017	 	 	December 31
2016	 	
Financial Debt:	  				 				 				 				 				 				
Total short-term debt	  	$	509	 	 	$	500	 	 	$	600	 	 	$	1,669	 	 	$	1,013	 	 	$	500	 	
Total long-term debt	  	 	12,087	 	 	 	12,149	 	 	 	12,184	 	 	 	12,786	 	 	 	11,556	 	 	 	12,610	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total financial debt	  	$	 12,596	 	 	$	 12,649	 	 	$	 12,784	 	 	$	 14,455	 	 	$	 12,569	 	 	$	 13,110	 	
Hybrid debt:	  				 				 				 				 				 				
Total trust preferred securities	  	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	12,904	 	 	$	12,957	 	 	$	13,092	 	 	$	14,763	 	 	$	12,877	 	 	$	13,418	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capitalization:	  				 				 				 				 				 				
Shareholders’ equity	  	$	50,312	 	 	$	50,934	 	 	$	50,971	 	 	$	51,287	 	 	$	51,172	 	 	$	48,275	 	
Hybrid debt	  	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	
Financial debt	  	 	12,596	 	 	 	12,649	 	 	 	12,784	 	 	 	14,455	 	 	 	12,569	 	 	 	13,110	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total capitalization	  	$	63,216	 	 	$	63,891	 	 	$	64,063	 	 	$	66,050	 	 	$	64,049	 	 	$	61,693	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Leverage ratios (based on total capital):	  				 				 				 				 				 				
Hybrid debt	  	 	0.5	% 	 	 	0.5	% 	 	 	0.5	% 	 	 	0.5	% 	 	 	0.5	% 	 	 	0.5	% 	
Financial debt	  	 	19.9	% 	 	 	19.8	% 	 	 	20.0	% 	 	 	21.9	% 	 	 	19.6	% 	 	 	21.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total hybrid & financial debt	  	 	20.4	% 	 	 	20.3	% 	 	 	20.5	% 	 	 	22.4	% 	 	 	20.1	% 	 	 	21.8	% 	
Note: As of December 31, 2018, there was $0.4 billion usage of credit facilities on a total commitment of $1.0 billion.

Debt and Capital	  	Page 28	

Chubb Limited
Computation of Basic and Diluted Earnings Per Share
(in millions of U.S. dollars, except share and per share data)
(Unaudited)

 	  	Three months ended December 31	 	 	Year ended December 31	 	
 	  	2018	 	 	2017	 	 	2018	 	 	2017	 	
Numerator	  				 				 				 				
Core operating income to common shares	  	$	935	 	 	$	1,489	 	 	$	4,407	 	 	$	3,784	 	
Amortization of fair value adjustment of acquired invested assets
and long-term debt, pre-tax (1)	  	 	(50	) 	 	 	(64	) 	 	 	(215	) 	 	 	(283	) 	
Tax benefit on amortization adjustment	  	 	8	 	 	 	23	 	 	 	40	 	 	 	85	 	
Chubb integration expenses, pre-tax	  	 	(20	) 	 	 	(77	) 	 	 	(59	) 	 	 	(310	) 	
Tax benefit on Chubb integration expenses	  	 	5	 	 	 	20	 	 	 	12	 	 	 	93	 	
Adjusted net realized gains (losses), pre-tax	  	 	(543	) 	 	 	122	 	 	 	(218	) 	 	 	497	 	
Tax (expense) benefit on adjusted net realized gains (losses)	  	 	20	 	 	 	20	 	 	 	(5	) 	 	 	(5	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	355	 	 	$	1,533	 	 	$	3,962	 	 	$	3,861	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rollforward of Common Shares Outstanding	  				 				 				 				
Shares—beginning of period	  	 	461,100,790	 	 	 	464,158,519	 	 	 	463,833,179	 	 	 	465,968,716	 	
Repurchase of shares	  	 	(2,493,873	) 	 	 	(833,599	) 	 	 	(7,719,035	) 	 	 	(5,866,612	) 	
Shares issued, excluding option exercises	  	 	441,681	 	 	 	158,819	 	 	 	2,023,850	 	 	 	2,098,446	 	
Issued for option exercises	  	 	154,780	 	 	 	349,440	 	 	 	1,065,384	 	 	 	1,632,629	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Shares—end of period	  	 	459,203,378	 	 	 	463,833,179	 	 	 	459,203,378	 	 	 	463,833,179	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Denominator	  				 				 				 				
Weighted average shares outstanding (2)	  	 	460,636,999	 	 	 	465,429,008	 	 	 	463,629,203	 	 	 	467,145,716	 	
Effect of other dilutive securities	  	 	2,783,223	 	 	 	4,055,746	 	 	 	3,173,145	 	 	 	4,051,185	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adj. wtd. avg. shares outstanding and assumed conversions	  	 	463,420,222	 	 	 	469,484,754	 	 	 	466,802,348	 	 	 	471,196,901	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	  				 				 				 				
Core operating income	  	$	2.03	 	 	$	3.20	 	 	$	9.51	 	 	$	8.10	 	
Amortization of fair value adjustment of acquired invested assets
and long-term debt, net of tax (1)	  	 	(0.09	) 	 	 	(0.09	) 	 	 	(0.38	) 	 	 	(0.42	) 	
Chubb integration expenses, net of tax	  	 	(0.03	) 	 	 	(0.12	) 	 	 	(0.10	) 	 	 	(0.47	) 	
Adjusted net realized gains (losses), net of tax	  	 	(1.14	) 	 	 	0.30	 	 	 	(0.48	) 	 	 	1.05	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	0.77	 	 	$	3.29	 	 	$	8.55	 	 	$	8.26	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings per share	  				 				 				 				
Core operating income	  	$	2.02	 	 	$	3.17	 	 	$	9.44	 	 	$	8.03	 	
Amortization of fair value adjustment of acquired invested assets
and long-term debt, net of tax (1)	  	 	(0.09	) 	 	 	(0.09	) 	 	 	(0.37	) 	 	 	(0.42	) 	
Chubb integration expenses, net of tax	  	 	(0.03	) 	 	 	(0.12	) 	 	 	(0.10	) 	 	 	(0.46	) 	
Adjusted net realized gains (losses), net of tax	  	 	(1.14	) 	 	 	0.31	 	 	 	(0.48	) 	 	 	1.04	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	0.76	 	 	$	3.27	 	 	$	8.49	 	 	$	8.19	 	

(1)	Related to the acquisition of The Chubb Corporation.	
(2)	Includes unvested restricted stock units that are not included in common shares outstanding as the shares are not issued until time of vesting, but are eligible to receive dividends (participating securities).	

Earnings per share	  	Page 29	

Chubb Limited
Book Value and Book Value per Common Share
(in millions of U.S. dollars, except share and per share data)
(Unaudited)
Reconciliation of Book Value per Common Share

 	  	December 31
2018	 	 	September 30
2018	 	 	June 30
2018	 	 	March 31
2018	 	 	December 31
2017	 	
Shareholders’ equity	  	$	50,312	 	 	$	50,934	 	 	$	50,971	 	 	$	51,287	 	 	$	51,172	 	
Less: goodwill and other intangible assets, net of tax	  	 	20,054	 	 	 	20,121	 	 	 	20,380	 	 	 	20,706	 	 	 	20,621	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Numerator for tangible book value per share	  	$	30,258	 	 	$	30,813	 	 	$	30,591	 	 	$	30,581	 	 	$	30,551	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value—% change over prior quarter	  	 	-1.2	% 	 	 	-0.1	% 	 	 	-0.6	% 	 	 	0.2	% 	 	 	1.4	% 	
Tangible book value—% change over prior quarter	  	 	-1.8	% 	 	 	0.7	% 	 	 	0.0	% 	 	 	0.1	% 	 	 	1.2	% 	
Denominator	  	 	459,203,378	 	 	 	461,100,790	 	 	 	463,502,164	 	 	 	465,831,486	 	 	 	463,833,179	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share	  	$	109.56	 	 	$	110.46	 	 	$	109.97	 	 	$	110.10	 	 	$	110.32	 	
Tangible book value per common share	  	$	65.89	 	 	$	66.83	 	 	$	66.00	 	 	$	65.65	 	 	$	65.87	 	
Reconciliation of Book Value	  				 				 				 				 				
Shareholders’ equity, beginning of quarter	  	$	50,934	 	 	$	50,971	 	 	$	51,287	 	 	$	51,172	 	 	$	50,471	 	
Core operating income	  	 	935	 	 	 	1,122	 	 	 	1,253	 	 	 	1,097	 	 	 	1,489	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax  (1)	  	 	(42	) 	 	 	(42	) 	 	 	(41	) 	 	 	(50	) 	 	 	(41	) 	
Chubb integration expenses, net of tax	  	 	(15	) 	 	 	(14	) 	 	 	(10	) 	 	 	(8	) 	 	 	(57	) 	
Adjusted net realized gains (losses), net of tax  (2)	  	 	(523	) 	 	 	165	 	 	 	92	 	 	 	43	 	 	 	142	 	
Net unrealized gains (losses) on the investment portfolio	  	 	(117	) 	 	 	(159	) 	 	 	(435	) 	 	 	(988	) 	 	 	(193	) 	
Repurchase of shares	  	 	(318	) 	 	 	(379	) 	 	 	(324	) 	 	 	—  	 	 	 	(123	) 	
Dividend declared on common shares	  	 	(336	) 	 	 	(337	) 	 	 	(339	) 	 	 	(332	) 	 	 	(330	) 	
Cumulative translation	  	 	(113	) 	 	 	(462	) 	 	 	(570	) 	 	 	378	 	 	 	(411	) 	
Postretirement benefit liability	  	 	(205	) 	 	 	(18	) 	 	 	(13	) 	 	 	(18	) 	 	 	78	 	
Other (3)	  	 	112	 	 	 	87	 	 	 	71	 	 	 	(7	) 	 	 	147	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	$	50,312	 	 	$	50,934	 	 	$	50,971	 	 	$	51,287	 	 	$	51,172	 	

(1)	Related to the acquisition of The Chubb Corporation.	
(2)	Includes net realized gains (losses) related to unconsolidated entities.	
(3)	Other primarily includes proceeds from exercise of stock options and stock compensation, offset by the value of any share cancellations for restricted stock vesting taxes.	

Reconciliation Book Value	  	Page 30	

Chubb Limited
Non-GAAP Financial Measures
(Unaudited)
Regulation G—Non-GAAP Financial Measures
In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP).
We provide financial measures such as gross premiums written, net premiums written, net premiums earned, and core operating income (loss) on a constant-dollar basis. We believe it is useful to evaluate the trends in these measures exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.
Adjusted losses and loss expenses includes realized gains and losses on crop derivatives. The crop derivatives are purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing will impact underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified from adjusted net realized gains (losses), also a non-GAAP financial measure.
Adjusted net realized gains (losses), net of tax includes net realized gains (losses) and net realized gains (losses) recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses. The P&C combined ratio includes adjusted losses and loss expenses in the ratio numerator.
In presenting our segment income (loss) results, we have shown our performance with reference to underwriting results. Underwriting results are calculated by subtracting adjusted losses and loss expenses, policy benefits, policy acquisition costs, and administrative expenses from net premiums earned. We use underwriting results and adjusted operating ratios to monitor the results of our operations without the impact of certain factors, including adjusted investment income, other income and expenses, interest and income tax expense, and adjusted net realized gains (losses). P&C underwriting income is a non-GAAP financial measure which excludes the Life Insurance segment. P&C loss and loss expense ratio and P&C combined ratio (both non-GAAP financial measures) include adjusted losses and loss expenses in the ratio numerator. P&C expense ratio (a non-GAAP financial measure) and P&C combined ratio include policy acquisition costs and administrative expenses in the ratio numerator. A reconciliation of combined ratio to P&C combined ratio is provided on pages 34-37.
P&C combined ratio is the sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing will impact underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations.
CAY P&C combined ratio excluding the impact of catastrophe losses is a non-GAAP financial measure. The combined ratio numerator includes adjusted losses and loss expenses, policy acquisition costs, and administrative expenses. The denominator includes net premiums earned adjusted to exclude the amount of reinstatement premiums (expensed) collected. In periods where there are adjustments on loss sensitive policies, these adjustments are excluded from prior period development (PPD) and net premiums earned when calculating the ratios. We believe that excluding the impact of catastrophe losses and PPD provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our property & casualty business that may be obscured by these items. P&C combined ratio with expected level of catastrophe losses excludes the impact of catastrophe losses above or below management’s view of typical catastrophe losses for that period. The adjustment for normalized catastrophe activity reduces the unusually large impact of catastrophe activity which is not indicative of our underlying performance.
Expense ratio excluding accident and health (A&H) is a non-GAAP financial measure and excludes the impact of our A&H business from our expense ratio. The expense ratio for the A&H business is typically higher than our traditional P&C business, and we believe that this measure provides better comparison to our peer companies that may not have a significant A&H block of business.
Global P&C performance metrics are non-GAAP financial measures and comprise consolidated adjusted operating results (including corporate) and exclude the adjusted operating results of the company’s Life Insurance and North America Agricultural Insurance segments. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.
Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.
Other income (expense) – operating is a non-GAAP financial measure and excludes the portion of net realized gains and losses related to unconsolidated entities from other income (expense). These gains and losses are reported as net realized gains (losses) and represent the non-operating activities of entities where we hold more than an insignificant percentage of the investee’s shares. We exclude these gains and losses from other income (expense) to enhance the understanding of our segments’ operations as they are heavily influenced by, and fluctuate in part according to market conditions. Other income (expense) – operating and net realized gains and losses related to unconsolidated entities are recorded to Other income (expense) in our income statement on a GAAP basis.
Core operating income (loss) is a non-GAAP financial measure that excludes the after-tax impact of adjusted net realized gains (losses), net realized gains (losses) included in other income (expense) related to partially owned entities, Chubb integration expenses, and the amortization of the fair value adjustments related to purchased invested assets and long-term debt from the Chubb Corp acquisition. We exclude adjusted realized gains and losses because the amount of these gains (losses) are heavily influenced by, and fluctuate in part according to the availability of market opportunities. We exclude Chubb integration expenses due to the size and complexity of this acquisition. These integration expenses are distortive to our results and are not indicative of our underlying profitability. We believe that excluding these integration expenses facilitates the comparison of our financial results to our historical operating results. Chubb integration expenses are incurred by the overall company and are therefore included in Corporate. The costs are not related to the on-going activities of the individual segments and are therefore excluded from our definition of segment income (loss), as well.
Core operating income excluding catastrophe losses excludes the impact of catastrophe losses due to the significant size and number of these events which could obscure the underlying operating results. Core operating income excluding catastrophe losses and provisional tax benefit also excludes the one-time transition benefit of $450 million in the fourth quarter of 2017 related to 2017 U.S. tax reform, which could distort comparability of core operating income between periods for reasons unrelated to underlying operating performance. We believe these measures provide a better evaluation of our operating performance and enhances the understanding of the trends in our property and casualty business. Core operating income with expected level of catastrophe losses is a non-GAAP financial measure which excludes catastrophe losses above or below management’s view of typical catastrophe losses for that period. The adjustment for normalized catastrophe activity reduces the unusually large impact of catastrophe activity which is not indicative of our underlying performance. Current accident year core operating income excluding catastrophe losses is core operating income adjusted to exclude catastrophe losses and prior period development (PPD). We believe it is useful to exclude catastrophe losses, as they are not predictable as to timing and amount, and PPD, as these unexpected loss developments on historical reserves are not indicative of our current year underwriting performance. Core operating income, Core operating income excluding catastrophe losses, Core operating income with expected level of catastrophe losses, and Current accident year core operating income excluding catastrophe losses should not be viewed as a substitute for net income determined in accordance with GAAP. References to core operating income measures mean net of tax, whether or not noted.
Core operating effective tax rate is a non-GAAP financial measure. The numerator excludes tax on adjusted net realized gains (losses), tax on Chubb integration expenses, and tax on the amortization of the fair value adjustments related to purchased invested assets and long-term debt from the Chubb Corp acquisition. The denominator is core operating income (loss), before tax. Core operating effective tax rate should not be viewed as a substitute for effective tax rate determined in accordance with GAAP.
Book value per common share, net of tax is shareholders’ equity divided by the shares outstanding. Tangible book value per common share, net of tax is shareholders’ equity less goodwill and other intangible assets, net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful. In addition, we disclose per share measures for book value and tangible book value that exclude the impact of foreign currency fluctuations in order to adjust for the distortive effects of fluctuations in exchange rates. Adjusted book value per common share, net of tax, excludes unrealized investment gains (losses). Adjusted tangible book value per common share, net of tax, excludes goodwill and other intangible assets, net of tax, as well as unrealized investment gains (losses). We exclude unrealized investment gains (losses) because the amount of these gains (losses) is heavily influenced by changes in market conditions, including interest rate changes. We believe these measures are meaningful to understanding growth in book and tangible book value by highlighting the underlying profitability relative to shareholders’ equity excluding the effect of unrealized gains and losses on our investments.
International life insurance net premiums written and deposits collected, is a non-GAAP financial measure. Deposits collected on universal life and investment contracts (life deposits) are not reflected as revenues in our consolidated statements of operations in accordance with GAAP. However, we include life deposits in presenting growth in our life insurance business because new life deposits are an important component of production and key to our efforts to grow our business.
Net premiums written excluding merger-related actions is a non-GAAP performance measure. Since the acquisition of the Chubb Corp, we have entered into new reinsurance agreements with third-party reinsurers for the Chubb Corp businesses and have taken other merger-related underwriting actions, including exiting certain types of business that do not meet our underwriting standards or adhere to our risk diversification strategy. We exclude the impact of accounting policy alignment to conform the timing of premium recognition of certain Chubb Corp foreign subsidiaries to be on the same basis as Chubb Limited. In addition, we excluded the impact of Fireman’s Fund non-renewal, additional reinsurance, unearned premium reserve (UPR) transfer, and reinstatement premiums in the North America Personal P&C Insurance segment. We believe that this measure is meaningful to evaluate trends in our underlying business on a comparable basis.

Reconciliation Non-GAAP	  	Page 31	

Chubb Limited
Non-GAAP Financial Measures—2
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G—Non-GAAP Financial Measures (continued)
Core operating ROE
Core operating return on equity (ROE) or ROE calculated using core operating income: The ROE numerator includes income adjusted to exclude after-tax adjusted net realized gains (losses), Chubb integration expenses, and the amortization of the fair value adjustment of acquired invested assets and long-term debt. The ROE denominator includes the average shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, net of tax. Core operating ROE is a useful measure as it enhances the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity excluding the effect of unrealized gains and losses on our investments. Core operating ROE with Mark-to-market on Private equities includes the change in the fair value of private equity funds which are recorded as realized gains and losses and not within core operating income. We believe that this measure provides comparison with our peer companies that record the fair value changes of private equity funds within core operating income as a component of investment income.

 	  	 	 	 	 	 	  	 	 	  	 	 	  	 	 	 	Full Year	 	 	Full Year	 	
 	  	4Q-18	 	 	 	 	  	 	 	  	 	 	  	4Q-17	 	 	2018	 	 	2017	 	
Net income	  	$	355	 	 				  				  				  	$	1,533	 	 	$	3,962	 	 	$	3,861	 	
Core operating income	  	$	935	 	 				  				  				  	$	1,489	 	 	$	4,407	 	 	$	3,784	 	
Equity—beginning of period, as reported	  	$	50,934	 	 				  				  				  	$	50,471	 	 	$	51,172	 	 	$	48,275	 	
Less: unrealized gains (losses) on investments, net of deferred tax (1) (2)	  	 	(428	) 	 				  				  				  	 	1,643	 	 	 	1,154	 	 	 	1,058	 	
	  	 	 	 	 				  				  				  	 	 	 	 	 	 	 	 	 	 	 	
Equity—beginning of period, as adjusted	  	$	51,362	 	 				  				  				  	$	48,828	 	 	$	50,018	 	 	$	47,217	 	
	  	 	 	 	 				  				  				  	 	 	 	 	 	 	 	 	 	 	 	
Equity—end of period, as reported	  	$	50,312	 	 				  				  				  	$	51,172	 	 	$	50,312	 	 	$	51,172	 	
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	(545	) 	 				  				  				  	 	1,450	 	 	 	(545	) 	 	 	1,450	 	
	  	 	 	 	 				  				  				  	 	 	 	 	 	 	 	 	 	 	 	
Equity—end of period, as adjusted	  	$	50,857	 	 				  				  				  	$	49,722	 	 	$	50,857	 	 	$	49,722	 	
	  	 	 	 	 				  				  				  	 	 	 	 	 	 	 	 	 	 	 	
Weighted average equity, as reported	  	$	50,623	 	 				  				  				  	$	50,822	 	 	$	50,742	 	 	$	49,724	 	
Weighted average equity, as adjusted	  	$	51,110	 	 				  				  				  	$	49,275	 	 	$	50,438	 	 	$	48,470	 	
ROE	  	 	2.8	% 	 				  				  				  	 	12.1	% 	 	 	7.8	% 	 	 	7.8	% 	
Core operating ROE	  	 	7.3	% 	 				  				  				  	 	12.1	% 	 	 	8.7	% 	 	 	7.8	% 	
Core operating ROE with Mark-to-market on Private equities of $382 million	  				 				  				  				  				 	 	9.5	% 	 				
 
(1)	During Q1 2018, the company adopted new guidance that requires the reclassification of $417 million of unrealized appreciation to beginning retained earnings related to public equities and cost-method private equities.	
(2)	At December 31, 2018, the company reclassified tax expense of $121 million related to the unrealized appreciation of investments as of December 31, 2017 to beginning retained earnings representing the stranded tax effects related to the 2017 U.S. Tax Reform which reduced the tax expense on unrealized appreciation of investments. This reduction in tax was recorded in net income in Q4 2017 as part of the U.S. Tax Reform benefit.	
Core operating effective tax rate
The following table presents the reconciliation of effective tax rate to the Core operating effective tax rate:

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	 	Full Year	 	
 	  	4Q-18	 	 	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	2018	 	 	2017	 	
Tax expense (benefit), as reported	  	$	159	 	 	$	183	 	 	$	218	 	 	$	135	 	 	$	(382	) 	 	$	695	 	 	$	(139	) 	
Less: tax benefit on amortization of fair value of acquired invested assets and debt (1)	  	 	(8	) 	 	 	(12	) 	 	 	(11	) 	 	 	(9	) 	 	 	(23	) 	 	 	(40	) 	 	 	(85	) 	
Less: tax benefit on Chubb integration expenses	  	 	(5	) 	 	 	(2	) 	 	 	(3	) 	 	 	(2	) 	 	 	(20	) 	 	 	(12	) 	 	 	(93	) 	
Less: tax expense (benefit) on adjusted net realized gains (losses)	  	 	(20	) 	 	 	14	 	 	 	14	 	 	 	(3	) 	 	 	(20	) 	 	 	5	 	 	 	5	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tax expense (benefit), adjusted	  	$	192	 	 	$	183	 	 	$	218	 	 	$	149	 	 	$	(319	) 	 	$	742	 	 	$	34	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before tax, as reported	  	$	514	 	 	$	1,414	 	 	$	1,512	 	 	$	1,217	 	 	$	1,151	 	 	$	4,657	 	 	$	3,722	 	
Less: amortization of fair value of acquired invested assets and debt (1)	  	 	(50	) 	 	 	(54	) 	 	 	(52	) 	 	 	(59	) 	 	 	(64	) 	 	 	(215	) 	 	 	(283	) 	
Less: Chubb integration expenses	  	 	(20	) 	 	 	(16	) 	 	 	(13	) 	 	 	(10	) 	 	 	(77	) 	 	 	(59	) 	 	 	(310	) 	
Less: adjusted realized gains (losses)	  	 	(682	) 	 	 	27	 	 	 	10	 	 	 	(4	) 	 	 	—  	 	 	 	(649	) 	 	 	91	 	
Less: realized gains (losses) related to unconsolidated entities	  	 	139	 	 	 	152	 	 	 	96	 	 	 	44	 	 	 	122	 	 	 	431	 	 	 	406	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating income before tax	  	$	1,127	 	 	$	1,305	 	 	$	1,471	 	 	$	1,246	 	 	$	1,170	 	 	$	5,149	 	 	$	3,818	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effective tax rate	  	 	31.1	% 	 	 	12.9	% 	 	 	14.4	% 	 	 	11.1	% 	 	 	-33.1	% 	 	 	14.9	% 	 	 	-3.7	% 	
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt (1)	  	 	0.0	% 	 	 	0.4	% 	 	 	0.2	% 	 	 	0.2	% 	 	 	3.7	% 	 	 	0.2	% 	 	 	2.3	% 	
Adjustment for tax impact of Chubb integration expenses	  	 	0.1	% 	 	 	0.0	% 	 	 	0.1	% 	 	 	0.1	% 	 	 	3.8	% 	 	 	0.1	% 	 	 	2.6	% 	
Adjustment for tax impact of adjusted net realized gains (losses)	  	 	-14.1	% 	 	 	0.8	% 	 	 	0.1	% 	 	 	0.6	% 	 	 	-1.6	% 	 	 	-0.8	% 	 	 	-0.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating effective tax rate	  	 	17.1	% 	 	 	14.1	% 	 	 	14.8	% 	 	 	12.0	% 	 	 	-27.2	% 	 	 	14.4	% 	 	 	0.9	% 	

(1)	Related to the acquisition of The Chubb Corporation.	
Core operating income
The following table presents the reconciliation of Net income to Core operating income:

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	 	Full Year	 	
 	  	4Q-18	 	 	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	2018	 	 	2017	 	
Net income, as reported	  	$	355	 	 	$	1,231	 	 	$	1,294	 	 	$	1,082	 	 	$	1,533	 	 	$	3,962	 	 	$	3,861	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax (1)	  	 	(50	) 	 	 	(54	) 	 	 	(52	) 	 	 	(59	) 	 	 	(64	) 	 	 	(215	) 	 	 	(283	) 	
Tax benefit on amortization adjustment	  	 	8	 	 	 	12	 	 	 	11	 	 	 	9	 	 	 	23	 	 	 	40	 	 	 	85	 	
Chubb integration expenses, pre-tax	  	 	(20	) 	 	 	(16	) 	 	 	(13	) 	 	 	(10	) 	 	 	(77	) 	 	 	(59	) 	 	 	(310	) 	
Tax benefit on Chubb integration expenses	  	 	5	 	 	 	2	 	 	 	3	 	 	 	2	 	 	 	20	 	 	 	12	 	 	 	93	 	
Adjusted realized gains (losses), pre-tax	  	 	(682	) 	 	 	27	 	 	 	10	 	 	 	(4	) 	 	 	—  	 	 	 	(649	) 	 	 	91	 	
Net realized gains (losses) related to unconsolidated entities, pre-tax (2)	  	 	139	 	 	 	152	 	 	 	96	 	 	 	44	 	 	 	122	 	 	 	431	 	 	 	406	 	
Tax (expense) benefit on adjusted net realized gains (losses)	  	 	20	 	 	 	(14	) 	 	 	(14	) 	 	 	3	 	 	 	20	 	 	 	(5	) 	 	 	(5	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating income	  	$	935	 	 	$	1,122	 	 	$	1,253	 	 	$	1,097	 	 	$	1,489	 	 	$	4,407	 	 	$	3,784	 	

(1)	Related to the acquisition of The Chubb Corporation.	
(2)	Realized gains (losses) on partially-owned entities, which are investments where we hold more than an insignificant percentage of the investee’s shares. The net income or loss is included in other income (expense).	

Reconciliation Non-GAAP 2	  	Page 32	

Chubb Limited
Non-GAAP Financial Measures—3
(in millions of U.S. dollars, except share, per share data, and ratios)
(Unaudited)
Regulation G—Non-GAAP Financial Measures (continued)
Core operating income measures

							
 	  	4Q-18	 	 	4Q-17	 	 	% Change
4Q-18 vs.
4Q-17	 	 	Full Year
2018	 	 	Full Year
2017	 	 	% Change
2018 vs.
2017	 	
Core operating income	  	$	935	 	 	$	1,489	 	 				 	$	4,407	 	 	$	3,784	 	 				
Less: Catastrophe losses, after-tax	  	 	(506	) 	 	 	(331	) 	 				 	 	(1,354	) 	 	 	(2,171	) 	 				
	  	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 				
Core operating income ex Cats	  	 	1,441	 	 	 	1,820	 	 	 	-20.8	% 	 	 	5,761	 	 	 	5,955	 	 	 	-3.3	% 	
Less: Prior period development, after-tax	  	 	202	 	 	 	130	 	 				 	 	706	 	 	 	634	 	 				
	  	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 				
Core operating income ex Cats and PPD	  	$	1,239	 	 	$	1,690	 	 				 	$	5,055	 	 	$	5,321	 	 				
	  	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 				
Core operating income	  	$	935	 	 	$	1,489	 	 				 	$	4,407	 	 	$	3,784	 	 				
Add: Actual Cats above expected levels, after-tax	  	 	368	 	 	 	197	 	 				 	 	583	 	 	 	1,455	 	 				
	  	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 				
Core operating income w/ expected level of Cats	  	$	1,303	 	 	$	1,686	 	 	 	-22.8	% 	 	$	4,990	 	 	$	5,239	 	 	 	-4.8	% 	
	  	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 				
Diluted earnings per share	  				 				 				 				 				 				
	  	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 				
Core operating income ex Cats	  	$	3.11	 	 	$	3.88	 	 	 	-19.8	% 	 	$	12.34	 	 	$	12.64	 	 	 	-2.4	% 	
	  	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 				
Core operating income ex Cats and PPD	  	$	2.68	 	 	$	3.60	 	 	 	-25.6	% 	 	$	10.83	 	 	$	11.29	 	 	 	-4.1	% 	
	  	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 				
Core operating income w/ expected level of Cats	  	$	2.81	 	 	$	3.59	 	 	 	-21.7	% 	 	$	10.69	 	 	$	11.12	 	 	 	-3.9	% 	
	  	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 				
Core operating income ex Cats and $450 million tax reform benefit in 2017	  	$	3.11	 	 	$	2.92	 	 	 	6.5	% 	 				 				 				
	  	 	 	 	 	 	 	 	 				 				 				 				
Core operating ROE with expected level of Cats

					
 	  	4Q-18	 	 	4Q-17	 	 	Full Year
2018	 	 	Full Year
2017	 	
Equity—beginning of period, as reported	  	$	50,934	 	 	$	50,471	 	 	$	51,172	 	 	$	48,275	 	
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	(428	) 	 	 	1,643	 	 	 	1,154	 	 	 	1,058	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity—beginning of period, as adjusted	  	$	51,362	 	 	$	48,828	 	 	$	50,018	 	 	$	47,217	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity—end of period, as reported	  	$	50,312	 	 	$	51,172	 	 	$	50,312	 	 	$	51,172	 	
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	(545	) 	 	 	1,450	 	 	 	(545	) 	 	 	1,450	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity—end of period, as adjusted	  	$	50,857	 	 	$	49,722	 	 	$	50,857	 	 	$	49,722	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Add: Actual Cats above expected levels, after-tax	  	 	368	 	 	 	197	 	 	 	583	 	 	 	1,455	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity—end of period, as adjusted, w/ expected level of Cats	  	$	51,225	 	 	$	49,919	 	 	$	51,440	 	 	$	51,177	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average equity, as reported	  	$	50,623	 	 	$	50,822	 	 	$	50,742	 	 	$	49,724	 	
Weighted average equity, as adjusted	  	$	51,110	 	 	$	49,275	 	 	$	50,438	 	 	$	48,470	 	
Weighted average equity, as adjusted, w/ expected level of Cats	  	$	51,294	 	 	$	49,374	 	 	$	50,729	 	 	$	49,197	 	
ROE	  	 	2.8	% 	 	 	12.1	% 	 	 	7.8	% 	 	 	7.8	% 	
Core operating ROE	  	 	7.3	% 	 	 	12.1	% 	 	 	8.7	% 	 	 	7.8	% 	
Core operating ROE, w/ expected level of Cats	  	 	10.2	% 	 	 	13.7	% 	 	 	9.8	% 	 	 	10.6	% 	
Reconciliation of Book Value and Tangible Book Value per Share, excluding Unrealized Gains (Losses) on Investments

 	  	December 31 2018	 	 	September 30 2018	 	 	June 30 2018	 	 	March 31 2018	 	  	January 1 2018	 	  	% Change
QTD
2018	 	 	% Change
Full Year
2018	 	
Book value	  	$	50,312	 	 	$	50,934	 	 	$	50,971	 	 	$	51,287	 	  	$	51,172	 	  				 				
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	(545	) 	 	 	(549	) 	 	 	(390	) 	 	 	45	 	  	 	1,154	 	  				 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  				 				
Adjusted book value	  	 	50,857	 	 	 	51,483	 	 	 	51,361	 	 	 	51,242	 	  	 	50,018	 	  				 				
Less: goodwill and other intangible assets, net of tax	  	 	20,054	 	 	 	20,121	 	 	 	20,380	 	 	 	20,706	 	  	 	20,621	 	  				 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  				 				
Adjusted tangible book value	  	$	30,803	 	 	$	31,362	 	 	$	30,981	 	 	$	30,536	 	  	$	29,397	 	  				 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  				 				
Denominator	  	 	459,203,378	 	 	 	461,100,790	 	 	 	463,502,164	 	 	 	465,831,486	 	  	 	463,833,179	 	  				 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  				 				
Adjusted book value per share	  	$	110.75	 	 	$	111.65	 	 	$	110.81	 	 	$	110.00	 	  	$	107.84	 	  	 	-0.8	% 	 	 	2.7	% 	
Adjusted tangible book value per share	  	$	67.08	 	 	$	68.02	 	 	$	66.84	 	 	$	65.55	 	  	$	63.38	 	  	 	-1.4	% 	 	 	5.8	% 	
P&C combined ratio with expected level of Cats
																	
 	  	 	 	 	 	 	 	Full Year	 	 	Full Year	 	
 	  	4Q-18	 	 	4Q-17	 	 	2018	 	 	2017	 	
P&C combined ratio	  	 	93.1	% 	 	 	90.7	% 	 	 	90.6	% 	 	 	94.7	% 	
Less: Catastrophe losses	  	 	8.5	% 	 	 	6.7	% 	 	 	5.9	% 	 	 	10.2	% 	
Less: Prior period development	  	 	-3.7	% 	 	 	-2.4	% 	 	 	-3.3	% 	 	 	-3.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C CAY combined ratio excluding Cats	  	 	88.3	% 	 	 	86.4	% 	 	 	88.0	% 	 	 	87.6	% 	
Add: Expected level of Cats	  	 	2.4	% 	 	 	2.4	% 	 	 	3.4	% 	 	 	3.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C CAY combined ratio w/ expected level of Cats	  	 	90.7	% 	 	 	88.8	% 	 	 	91.4	% 	 	 	91.0	% 	
Add: Prior period development	  	 	-3.7	% 	 	 	-2.4	% 	 	 	-3.3	% 	 	 	-3.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C combined ratio w/ expected level of Cats	  	 	87.0	% 	 	 	86.4	% 	 	 	88.1	% 	 	 	87.9	% 	

			
Reconciliation Non-GAAP 3	  	Page 33	

Chubb Limited
Non-GAAP Financial Measures—4
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G—Non-GAAP Financial Measures (continued)
P&C combined ratio
The P&C combined ratio includes the impact of realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing will impact underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations.
The following tables present the calculation of combined ratio, as reported, for each segment to P&C combined ratio, adjusted for catastrophe losses (Cats) and prior period development (PPD).

	Q4 2018	 	 	 	North America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	
Numerator	 		 				 				 				 				 				 				 					
Losses and loss expenses	 		 				 				 				 				 				 				 					
Losses and loss expenses	 		 	$	2,127	 	 	$	755	 	 	$	156	 	 	$	 1,166	 	 	$	243	 	 	$	 (19)	 	 	$	4,428	 		
Realized (gains) losses on crop derivatives	 		 	 	—  	 	 	 	—  	 	 	 	5	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	5	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted losses and loss expenses	 	A	 	$	 2,127	 	 	$	755	 	 	$	161	 	 	$	1,166	 	 	$	243	 	 	$	 (19)	 	 	$	 4,433	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Catastrophe losses	 		 	 	(232	) 	 	 	(90	) 	 	 	(10	) 	 	 	(85	) 	 	 	(160	) 	 	 	—  	 	 	 	(577	) 		
PPD and related adjustments	 		 				 				 				 				 				 				 					
PPD, net of related adjustments—favorable (unfavorable)	 		 	 	138	 	 	 	18	 	 	 	33	 	 	 	46	 	 	 	(4	) 	 	 	22	 	 	 	253	 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1	 	 	 	—  	 	 	 	1	 		
Expense adjustments—unfavorable (favorable)	 		 	 	—  	 	 	 	—  	 	 	 	(6	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(6	) 		
PPD reinstatement premiums—unfavorable (favorable)	 		 	 	2	 	 	 	—  	 	 	 	—  	 	 	 	2	 	 	 	—  	 	 	 	—  	 	 	 	4	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
PPD—gross of related adjustments—favorable (unfavorable)	 		 	 	140	 	 	 	18	 	 	 	27	 	 	 	48	 	 	 	(3	) 	 	 	22	 	 	 	252	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
CAY loss and loss expense ex Cats	 	B	 	$	2,035	 	 	$	683	 	 	$	178	 	 	$	1,129	 	 	$	80	 	 	$	3	 	 	$	4,108	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses	 		 				 				 				 				 				 				 					
Policy acquisition costs and administrative expenses	 	C	 	$	682	 	 	$	305	 	 	 	$ (4	) 	 	$	849	 	 	$	54	 	 	$	95	 	 	$	1,981	 		
Expense adjustments—favorable (unfavorable)	 		 	 	—  	 	 	 	—  	 	 	 	6	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	6	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses, adjusted	 	D	 	$	682	 	 	$	305	 	 	$	2	 	 	$	849	 	 	$	54	 	 	$	95	 	 	$	1,987	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Denominator	 		 				 				 				 				 				 				 					
Net premiums earned	 	E	 	$	3,077	 	 	$	 1,130	 	 	$	318	 	 	$	2,187	 	 	$	178	 	 				 	$	6,890	 		
Reinstatement premiums (collected) expensed on catastrophe losses	 		 	 	—  	 	 	 	26	 	 	 	—  	 	 	 	—  	 	 	 	(18	) 	 				 	 	8	 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1	 	 				 	 	1	 		
PPD reinstatement premiums—unfavorable (favorable)	 		 	 	2	 	 	 	—  	 	 	 	—  	 	 	 	2	 	 	 	—  	 	 				 	 	4	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Net premiums earned excluding adjustments	 	F	 	$	3,079	 	 	$	1,156	 	 	$	318	 	 	$	2,189	 	 	$	161	 	 				 	$	6,903	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	 		 				 				 				 				 				 				 					
Losses and loss expense ratio	 	A/E	 	 	69.1	% 	 	 	66.8	% 	 	 	50.7	% 	 	 	53.3	% 	 	 	137.1	% 	 				 	 	64.3	% 		
Policy acquisition cost and administrative expense ratio	 	C/E	 	 	22.2	% 	 	 	27.0	% 	 	 	-1.2	% 	 	 	38.8	% 	 	 	29.8	% 	 				 	 	28.8	% 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	 		 	 	91.3	% 	 	 	93.8	% 	 	 	49.5	% 	 	 	92.1	% 	 	 	166.9	% 	 				 	 	93.1	% 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	 		 				 				 				 				 				 				 					
Loss and loss expense ratio, adjusted	 	B/F	 	 	66.1	% 	 	 	59.1	% 	 	 	56.0	% 	 	 	51.6	% 	 	 	50.1	% 	 				 	 	59.5	% 		
Policy acquisition cost and administrative expense ratio, adjusted	 	D/F	 	 	22.1	% 	 	 	26.4	% 	 	 	0.8	% 	 	 	38.8	% 	 	 	33.1	% 	 				 	 	28.8	% 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	 		 	 	88.2	% 	 	 	85.5	% 	 	 	56.8	% 	 	 	90.4	% 	 	 	83.2	% 	 				 	 	88.3	% 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Combined ratio	 		 				 				 				 				 				 				 					
Combined ratio	 		 				 				 				 				 				 				 	 	93.0	% 		
Add: impact of gains and losses on crop derivatives	 		 				 				 				 				 				 				 	 	0.1	% 		
	 		 				 				 				 				 				 				 	 	 	 		
P&C combined ratio	 		 				 				 				 				 				 				 	 	93.1	% 		
	 		 				 				 				 				 				 				 	 	 	 		
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

Reconciliation Non-GAAP 4	  	Page 34	

Chubb Limited
Non-GAAP Financial Measures—5
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G—Non-GAAP Financial Measures (continued)
P&C combined ratio (continued)

	Full Year 2018	  	 	  	North America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	
Numerator	  		  				 				 				 				 				 				 					
Losses and loss expenses	  		  				 				 				 				 				 				 					
Losses and loss expenses	  		  	$	8,000	 	 	$	3,229	 	 	$	1,111	 	 	$	4,429	 	 	$	479	 	 	$	53	 	 	$	17,301	 		
Realized (gains) losses on crop derivatives	  		  	 	—  	 	 	 	—  	 	 	 	3	 	 	 	—  	 	 	 	—  	 	 	 	—	 	 	 	3	 		
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted losses and loss expenses	  	A	  	$	8,000	 	 	$	3,229	 	 	$	1,114	 	 	$	4,429	 	 	$	479	 	 	$	53	 	 	$	17,304	 		
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Catastrophe losses	  		  	 	(579	) 	 	 	(611	) 	 	 	(21	) 	 	 	(206	) 	 	 	(205	) 	 	 	—	 	 	 	(1,622	) 		
PPD and related adjustments	  		  				 				 				 				 				 				 					
PPD, net of related adjustments—favorable (unfavorable)	  		  	 	610	 	 	 	(41	) 	 	 	110	 	 	 	212	 	 	 	50	 	 	 	(45	) 	 	 	896	 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	  		  	 	29	 	 	 	—  	 	 	 	40	 	 	 	—  	 	 	 	8	 	 	 	—  	 	 	 	77	 		
Expense adjustments—unfavorable (favorable)	  		  	 	7	 	 	 	—  	 	 	 	(10	) 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(4	) 		
PPD reinstatement premiums—unfavorable (favorable)	  		  	 	7	 	 	 	1	 	 	 	—  	 	 	 	4	 	 	 	—  	 	 	 	—  	 	 	 	12	 		
PPD—gross of related adjustments—favorable (unfavorable)	  		  	 	653	 	 	 	(40	) 	 	 	140	 	 	 	216	 	 	 	57	 	 	 	(45	) 	 	 	981	 		
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
CAY loss and loss expense ex Cats	  	B	  	$	8,074	 	 	$	2,578	 	 	$	1,233	 	 	$	4,439	 	 	$	331	 	 	$	8	 	 	$	16,663	 		
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses	  		  				 				 				 				 				 				 					
Policy acquisition costs and administrative expenses	  	C	  	$	2,795	 	 	$	1,208	 	 	$	70	 	 	$	3,360	 	 	$	203	 	 	$	295	 	 	$	7,931	 		
Expense adjustments—favorable (unfavorable)	  		  	 	(7	) 	 	 	—  	 	 	 	10	 	 	 	—  	 	 	 	1	 	 	 	—  	 	 	 	4	 		
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses, adjusted	  	D	  	$	2,788	 	 	$	1,208	 	 	$	80	 	 	$	3,360	 	 	$	204	 	 	$	295	 	 	$	7,935	 		
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Denominator	  		  				 				 				 				 				 				 					
Net premiums earned	  	E	  	$	12,402	 	 	$	4,593	 	 	$	1,569	 	 	$	8,612	 	 	$	670	 	 				 	$	27,846	 		
Reinstatement premiums (collected) expensed on catastrophe losses	  	 	—  	 	 	 	26	 	 	 	—  	 	 	 	—  	 	 	 	(22	) 	 				 	 	4	 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	  		  	 	29	 	 	 	—  	 	 	 	40	 	 	 	—  	 	 	 	8	 	 				 	 	77	 		
PPD reinstatement premiums—unfavorable (favorable)	  		  	 	7	 	 	 	1	 	 	 	—  	 	 	 	4	 	 	 	—  	 	 				 	 	12	 		
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Net premiums earned excluding adjustments	  	F	  	$	12,438	 	 	$	4,620	 	 	$	1,609	 	 	$	8,616	 	 	$	656	 	 				 	$	27,939	 		
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	  		  				 				 				 				 				 				 					
Losses and loss expense ratio	  	A/E	  	 	64.5	% 	 	 	70.3	% 	 	 	71.0	% 	 	 	51.4	% 	 	 	71.6	% 	 				 	 	62.1	% 		
Policy acquisition cost and administrative expense ratio	  	C/E	  	 	22.5	% 	 	 	26.3	% 	 	 	4.5	% 	 	 	39.0	% 	 	 	30.2	% 	 				 	 	28.5	% 		
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	  		  	 	87.0	% 	 	 	96.6	% 	 	 	75.5	% 	 	 	90.4	% 	 	 	101.8	% 	 				 	 	90.6	% 		
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	  		  				 				 				 				 				 				 					
Loss and loss expense ratio, adjusted	  	B/F	  	 	64.9	% 	 	 	55.8	% 	 	 	76.7	% 	 	 	51.5	% 	 	 	50.5	% 	 				 	 	59.6	% 		
Policy acquisition cost and administrative expense ratio, adjusted	  	D/F	  	 	22.4	% 	 	 	26.1	% 	 	 	4.9	% 	 	 	39.0	% 	 	 	31.1	% 	 				 	 	28.4	% 		
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	  		  	 	87.3	% 	 	 	81.9	% 	 	 	81.6	% 	 	 	90.5	% 	 	 	81.6	% 	 				 	 	88.0	% 		
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Combined ratio	  		  				 				 				 				 				 				 					
Combined ratio	  		  				 				 				 				 				 				 	 	90.6	% 		
Add: impact of gains and losses on crop derivatives	  		  				 				 				 				 				 				 	 	0.0	% 		
	  		  				 				 				 				 				 				 	 	 	 		
P&C combined ratio	  		  				 				 				 				 				 				 	 	90.6	% 		
	  		  				 				 				 				 				 				 	 	 	 		
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

Reconciliation Non-GAAP 5	  	Page 35	

Chubb Limited
Non-GAAP Financial Measures—6
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G—Non-GAAP Financial Measures (continued)
P&C combined ratio (continued)

	Q4 2017	  	 	 	  	North America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	
Numerator	  				  				 				 				 				 				 				 					
Losses and loss expenses	  				  				 				 				 				 				 				 					
Losses and loss expenses	  				  	$	1,911	 	 	$	887	 	 	$	60	 	 	$	965	 	 	$	126	 	 	$	140	 	 	$	 4,089	 		
Realized (gains) losses on crop derivatives	  				  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted losses and loss expenses	  	 	A	 	  	$	1,911	 	 	$	887	 	 	$	60	 	 	$	965	 	 	$	126	 	 	$	140	 	 	$	4,089	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Catastrophe losses	  				  	 	(167	) 	 	 	(278	) 	 	 	—  	 	 	 	55	 	 	 	(42	) 	 	 	—  	 	 	 	(432	) 		
PPD and related adjustments	  				  				 				 				 				 				 				 					
PPD, net of related adjustments—favorable (unfavorable)	  				  	 	200	 	 	 	(3	) 	 	 	36	 	 	 	68	 	 	 	(5	) 	 	 	(138	) 	 	 	158	 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	  				  	 	—  	 	 	 	—  	 	 	 	5	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	5	 		
Expense adjustments—unfavorable (favorable)	  				  	 	—  	 	 	 	—  	 	 	 	(6	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(6	) 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
PPD—gross of related adjustments—favorable (unfavorable)	  				  	 	200	 	 	 	(3	) 	 	 	35	 	 	 	68	 	 	 	(5	) 	 	 	(138	) 	 	 	157	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
CAY loss and loss expense ex Cats	  	 	B	 	  	$	1,944	 	 	$	606	 	 	$	95	 	 	$	 1,088	 	 	$	79	 	 	$	2	 	 	$	3,814	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses	  				  				 				 				 				 				 				 					
Policy acquisition costs and administrative expenses	  	 	C	 	  	$	706	 	 	$	298	 	 	$	2	 	 	$	816	 	 	$	51	 	 	$	80	 	 	$	1,953	 		
Expense adjustments—favorable (unfavorable)	  				  	 	—  	 	 	 	—  	 	 	 	6	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	6	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses, adjusted	  	 	D	 	  	$	706	 	 	$	298	 	 	$	8	 	 	$	816	 	 	$	51	 	 	$	80	 	 	$	1,959	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Denominator	  				  				 				 				 				 				 				 					
Net premiums earned	  	 	E	 	  	$	3,035	 	 	$	 1,103	 	 	$	252	 	 	$	2,113	 	 	$	162	 	 				 	$	6,665	 		
Reinstatement premiums (collected) expensed on catastrophe losses	 	  	 	1	 	 	 	19	 	 	 	—  	 	 	 	(5	) 	 	 	—  	 	 				 	 	15	 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	  				  	 	—  	 	 	 	—  	 	 	 	5	 	 	 	—  	 	 	 	—  	 	 				 	 	5	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Net premiums earned excluding adjustments	  	 	F	 	  	$	3,036	 	 	$	1,122	 	 	$	257	 	 	$	2,108	 	 	$	162	 	 				 	$	6,685	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	  				  				 				 				 				 				 				 					
Losses and loss expense ratio	  	 	A/E	 	  	 	63.0	% 	 	 	80.4	% 	 	 	23.7	% 	 	 	45.7	% 	 	 	78.9	% 	 				 	 	61.4	% 		
Policy acquisition cost and administrative expense ratio	  	 	C/E	 	  	 	23.2	% 	 	 	27.1	% 	 	 	0.7	% 	 	 	38.6	% 	 	 	31.3	% 	 				 	 	29.3	% 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	  				  	 	86.2	% 	 	 	107.5	% 	 	 	24.4	% 	 	 	84.3	% 	 	 	110.2	% 	 				 	 	90.7	% 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	  				  				 				 				 				 				 				 					
Loss and loss expense ratio, adjusted	  	 	B/F	 	  	 	64.1	% 	 	 	54.0	% 	 	 	36.9	% 	 	 	51.6	% 	 	 	50.1	% 	 				 	 	57.1	% 		
Policy acquisition cost and administrative expense ratio, adjusted	  	 	D/F	 	  	 	23.2	% 	 	 	26.5	% 	 	 	3.1	% 	 	 	38.7	% 	 	 	31.3	% 	 				 	 	29.3	% 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	  				  	 	87.3	% 	 	 	80.5	% 	 	 	40.0	% 	 	 	90.3	% 	 	 	81.4	% 	 				 	 	86.4	% 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Combined ratio	  				  				 				 				 				 				 				 					
Combined ratio	  				  				 				 				 				 				 				 	 	90.7	% 		
Add: impact of gains and losses on crop derivatives	  				  				 				 				 				 				 				 	 	0.0	% 		
	  				  				 				 				 				 				 				 	 	 	 		
P&C combined ratio	  				  				 				 				 				 				 				 	 	90.7	% 		
	  				  				 				 				 				 				 				 	 	 	 		
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

Reconciliation Non-GAAP 6	  	Page 36	

Chubb Limited
Non-GAAP Financial Measures—7
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G—Non-GAAP Financial Measures (continued)
P&C combined ratio (continued)

	Full Year 2017	  	 	  	North America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	
Numerator	  		  				 				 				 				 				 				 					
Losses and loss expenses	  		  				 				 				 				 				 				 					
Losses and loss expenses	  		  	$	8,287	 	 	$	3,265	 	 	$	1,036	 	 	$	4,281	 	 	$	561	 	 	$	285	 	 	$	17,715	 		
Realized (gains) losses on crop derivatives	  		  	 	—  	 	 	 	—  	 	 	 	7	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	7	 		
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted losses and loss expenses	  	A	  	$	8,287	 	 	$	3,265	 	 	$	1,043	 	 	$	4,281	 	 	$	561	 	 	$	285	 	 	$	17,722	 		
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Catastrophe losses	  		  	 	(1,220	) 	 	 	(871	) 	 	 	(18	) 	 	 	(331	) 	 	 	(313	) 	 	 	—  	 	 	 	(2,753	) 		
PPD and related adjustments	  		  				 				 				 				 				 				 					
PPD, net of related adjustments—favorable (unfavorable)	  		  	 	746	 	 	 	(69	) 	 	 	119	 	 	 	252	 	 	 	59	 	 	 	(278	) 	 	 	829	 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	  		  	 	42	 	 	 	—  	 	 	 	66	 	 	 	—  	 	 	 	(4	) 	 	 	—  	 	 	 	104	 		
Expense adjustments—unfavorable (favorable)	  		  	 	6	 	 	 	—  	 	 	 	(11	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(5	) 		
PPD reinstatement premiums—unfavorable (favorable)	  		  	 	9	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	9	 		
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
PPD—gross of related adjustments—favorable (unfavorable)	  		  	 	803	 	 	 	(69	) 	 	 	174	 	 	 	252	 	 	 	55	 	 	 	(278	) 	 	 	937	 		
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
CAY loss and loss expense ex Cats	  	B	  	$	7,870	 	 	$	2,325	 	 	$	1,199	 	 	$	4,202	 	 	$	303	 	 	$	7	 	 	$	15,906	 		
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses	  		  				 				 				 				 				 				 					
Policy acquisition costs and administrative expenses	  	C	  	$	2,854	 	 	$	1,163	 	 	$	73	 	 	$	3,203	 	 	$	221	 	 	$	267	 	 	$	7,781	 		
Expense adjustments—favorable (unfavorable)	  		  	 	(6	) 	 	 	—  	 	 	 	11	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	5	 		
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses, adjusted	  	D	  	$	2,848	 	 	$	1,163	 	 	$	84	 	 	$	3,203	 	 	$	221	 	 	$	267	 	 	$	7,786	 		
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Denominator	  		  				 				 				 				 				 				 					
Net premiums earned	  	E	  	$	12,191	 	 	$	4,399	 	 	$	1,508	 	 	$	8,131	 	 	$	704	 	 				 	$	26,933	 		
Reinstatement premiums (collected) expensed on catastrophe losses	  		  	 	4	 	 	 	22	 	 	 	—  	 	 	 	4	 	 	 	(37	) 	 				 	 	(7	) 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	  		  	 	42	 	 	 	—  	 	 	 	66	 	 	 	—  	 	 	 	(4	) 	 				 	 	104	 		
PPD reinstatement premiums—unfavorable (favorable)	  		  	 	9	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 				 	 	9	 		
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Net premiums earned excluding adjustments	  	F	  	$	12,246	 	 	$	4,421	 	 	$	1,574	 	 	$	8,135	 	 	$	663	 	 				 	$	27,039	 		
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	  		  				 				 				 				 				 				 					
Losses and loss expense ratio	  	A/E	  	 	68.0	% 	 	 	74.2	% 	 	 	69.2	% 	 	 	52.6	% 	 	 	79.8	% 	 				 	 	65.8	% 		
Policy acquisition cost and administrative expense ratio	  	C/E	  	 	23.4	% 	 	 	26.5	% 	 	 	4.8	% 	 	 	39.4	% 	 	 	31.4	% 	 				 	 	28.9	% 		
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	  		  	 	91.4	% 	 	 	100.7	% 	 	 	74.0	% 	 	 	92.0	% 	 	 	111.2	% 	 				 	 	94.7	% 		
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	  		  				 				 				 				 				 				 					
Loss and loss expense ratio, adjusted	  	B/F	  	 	64.3	% 	 	 	52.6	% 	 	 	76.2	% 	 	 	51.7	% 	 	 	46.0	% 	 				 	 	58.8	% 		
Policy acquisition cost and administrative expense ratio, adjusted	  	D/F	  	 	23.2	% 	 	 	26.3	% 	 	 	5.3	% 	 	 	39.3	% 	 	 	33.2	% 	 				 	 	28.8	% 		
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	  		  	 	87.5	% 	 	 	78.9	% 	 	 	81.5	% 	 	 	91.0	% 	 	 	79.2	% 	 				 	 	87.6	% 		
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Combined ratio	  		  				 				 				 				 				 				 					
Combined ratio	  		  				 				 				 				 				 				 	 	94.7	% 		
Add: impact of gains and losses on crop derivatives	  		  				 				 				 				 				 				 	 	0.0	% 		
	  		  				 				 				 				 				 				 	 	 	 		
P&C combined ratio	  		  				 				 				 				 				 				 	 	94.7	% 		
	  		  				 				 				 				 				 				 	 	 	 		
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

Reconciliation Non-GAAP 7	  	Page 37	

Chubb Limited
Glossary
Chubb Limited Consolidated comprises all segments including Corporate.
Book value per common share: Shareholders’ equity divided by the shares outstanding.
P&C combined ratio: The sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding the life business and including realized gains and losses on crop derivatives.
Core operating effective tax rate: Income tax expense excluding tax expense (benefit) on adjusted net realized gains (losses), tax benefit on amortization of fair value of acquired invested assets and debt, and tax benefit on Chubb integration expenses, divided by income excluding adjusted net realized gains (losses) before tax, amortization of fair value of acquired invested assets and debt before tax, and Chubb integration expenses before tax.
Tangible book value per common share: Shareholders’ equity less goodwill and other intangible assets, net of tax, divided by the shares outstanding.
Average market yield of fixed maturities: Weighted average yield to maturity of our fixed income portfolio based on the market prices of the holdings as of that date.
Average yield on invested assets: Adjusted net investment income divided by average cost of fixed maturities and other investments, and average market value of equity securities.
Total capitalization: The sum of the short-term debt, long-term debt, trust preferreds, and shareholders’ equity.
Tangible capital: Total capitalization less goodwill and other intangible assets.
Chubb integration expenses: Chubb integration expenses comprise legal and professional fees and all other costs directly related to the integration activities of the Chubb Corp acquisition. Chubb integration expenses are incurred by the overall company and are therefore included in Corporate. These costs are not related to the on-going business activities of the segments and are therefore excluded from our definition of segment income.
Catastrophe losses (Cats): We generally define catastrophe loss events consistent with the definition of the Property Claims Service (PCS) for events in the U.S. and Canada. PCS defines a catastrophe as an event that causes damage of $25 million or more in insured property losses and affects a significant number of insureds. For events outside of the U.S. and Canada, we generally use a similar definition. Catastrophe loss events are events that occurred in the current calendar year only. Changes in catastrophe loss estimates in the current calendar year that relate to loss events that occurred in previous calendar years are considered prior period development.
Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years.
Reinstatement premiums are additional premiums paid on certain reinsurance agreements in order to reinstate coverage that had been exhausted by loss occurrences. The reinstatement premium amount is typically a pro rata portion of the original ceded premium paid based on how much of the reinsurance limit had been exhausted.
Net premiums earned adjustments within prior period development are adjustments to the initial premium earned on retrospectively rated policies based on actual claim experience that develops after the policy period ends. The premium adjustments correlate to the prior period loss development on these same policies and are fully earned in the period the adjustments are recorded.
Prior period expense adjustments typically relate to either profit commission reserves or policyholder dividend reserves based on actual claim experience that develops after the policy period ends. The expense adjustments correlate to the prior period loss development on these same policies.
NM: Not meaningful.

Glossary	  	Page 38