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) – October 23, 2018

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 October 23, 2018, Chubb Limited issued a Press Release reporting its third quarter 2018 results and the availability of its third 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.
Item 9.01. Financial Statements and Exhibits
 
(d)	Exhibits	

Exhibit	
Number	  		Description	
			
99.1	  	Press Release, Dated October 23, 2018, Reporting Third Quarter 2018 Results		
			
99.2	  	Third 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: October 23, 2018

Exhibit 99.1

	  	Chubb Limited
Bärengasse 32
CH-8001 Zurich
Switzerland	  	www.chubb.com
@Chubb	
News Release
Chubb Reports Third Quarter Net Income Per Share and Core Operating Income Per Share of $2.64 and $2.41, Respectively, Including Catastrophe Losses of $0.80 Per Share; P&C Combined Ratio of 90.9%, or 84.8% Excluding Catastrophes
 
 	•	 	Core operating income was $1.1 billion compared with a loss of $(60) million prior year. Core operating income excluding catastrophe losses was $1.5 billion, or $3.21 per share, up 2.9% per share. On a current accident year basis, core operating income excluding catastrophe losses was $2.82 per share, up 5.2%.	
 
 	•	 	P&C net premiums written were $7.5 billion and Global P&C net premiums written, which exclude Agriculture, were $6.7 billion, up 2.5% and 3.5%, respectively, and up 2.8% and 3.9%, respectively, on a constant-dollar basis. Excluding merger-related actions, which are substantially completed, Global P&C net premiums written were up 4.4% in constant dollars.	
 
 	•	 	P&C underwriting income was $669 million. P&C current accident year underwriting income excluding catastrophe losses was $876 million, up 4.3%.	
 
 	•	 	P&C current accident year combined ratio excluding catastrophe losses was 88.2% compared with 88.5% prior year.	
 
 	•	 	Pre-tax catastrophe losses in the quarter were $450 million compared with $1,893 million prior year and $341 million on an expected basis for the third quarter 2018.	
 
 	•	 	Adjusted net investment income was $883 million pre-tax.	
 
 	•	 	Annualized ROE and core operating ROE were 9.7% and 8.7%, respectively.	
ZURICH – October 23, 2018 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended September 30, 2018 of $1,231 million, or $2.64 per share, compared with a net loss of $(70) million, or $(0.15) per share, for the same quarter last year. Core operating income was $1,122 million, or $2.41 per share, compared with a core operating loss of $(60) million, or $(0.13) per share, for the same quarter last year. The property and casualty (P&C) combined ratio was 90.9%. Book and tangible book value per share increased 0.4% and 1.3%, respectively, from June 30, 2018 and now stand at $110.46 and $66.83, respectively. Foreign currency movement (FX) unfavorably impacted book value by $425 million after-tax and tangible book value by $252 million after-tax.

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

Chubb Limited News Release

Chubb Limited
Third Quarter Summary
(in millions, except per share amounts)
(Unaudited)
																													
  	  	  	 	  	  	 	  	  	 	  	  	 	  	(Per Share - Diluted)	 	
 	  	2018	 	  	2017	 	  	Change	 	  	 	 	  	2018	 	  	2017	 	  	Change	 	
Net income (loss)	  	 	$1,231	 	  	 	$(70)	 	  	 	NM	 	  				  	 	$2.64	 	  	 	$(0.15)	 	  	 	NM	 	
Chubb integration expenses, net of tax	  	 	14	 	  	 	36	 	  	 	(61.1)%	 	  				  	 	0.03	 	  	 	0.08	 	  	 	(62.5)%	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	42	 	  	 	50	 	  	 	(16.0)%	 	  				  	 	0.09	 	  	 	0.11	 	  	 	(18.2)%	 	
Adjusted net realized (gains) losses, net of tax	  	 	(165)	 	  	 	(76)	 	  	 	117.1%	 	  				  	 	(0.35)	 	  	 	(0.17)	 	  	 	105.9%	 	
Core operating income (loss), net of tax	  	 	$1,122	 	  	 	$(60)	 	  	 	NM	 	  				  	 	$2.41	 	  	 	$(0.13)	 	  	 	NM	 	
For the three months ended September  30, 2018 and 2017, the tax expenses (benefits) related to the table above were $(2) million and $(14) million, respectively, for Chubb integration expenses; $(12) million and $(18) million, respectively, for amortization of fair value adjustment of acquired invested assets and long-term debt; $14  million and $8  million, respectively, for adjusted net realized gains and losses; and $183  million and $(61) million, respectively, for core operating income (loss).
For the nine months ended September 30, 2018, net income was $3,607 million, or $7.71 per share, compared with $2,328 million, or $4.94 per share, for 2017. Core operating income was $3,472 million, or $7.42 per share, compared with $2,295 million, or $4.87 per share, for 2017. The P&C combined ratio was 89.8% for the nine months ended September 30, 2018 compared with 96.0% prior year. The P&C current accident year combined ratio excluding catastrophe losses was 88.0% for the nine months ended September 30, 2018 and 2017. Book value per share remained essentially unchanged and tangible book value per share increased 1.5% from December 31, 2017. Book and tangible book value per share were unfavorably impacted by net realized and unrealized losses of $1,326 million after-tax in the company’s investment portfolio. In addition, FX unfavorably impacted book value by $572 million after-tax and tangible book value by $316 million after-tax.

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

Chubb Limited News Release

Chubb Limited
Nine Months Ended Summary
(in millions, except per share amounts)
(Unaudited)
																													
  	  	  	 	  	  	 	  	  	 	  	  	 	  	(Per Share - Diluted)	 	
 	  	2018	 	  	2017	 	  	Change	 	  	 	 	  	2018	 	  	2017	 	  	Change	 	
Net income	  	 	$3,607	 	  	 	$2,328	 	  	 	55.0%	 	  				  	 	$7.71	 	  	 	$4.94	 	  	 	56.1%	 	
Chubb integration expenses, net of tax	  	 	32	 	  	 	160	 	  	 	(80.0)%	 	  				  	 	0.07	 	  	 	0.34	 	  	 	(79.4)%	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	133	 	  	 	157	 	  	 	(15.3)%	 	  				  	 	0.29	 	  	 	0.33	 	  	 	(12.1)%	 	
Adjusted net realized (gains) losses, net of tax	  	 	(300)	 	  	 	(350)	 	  	 	(14.3)%	 	  				  	 	(0.65)	 	  	 	(0.74)	 	  	 	(12.2)%	 	
Core operating income, net of tax	  	 	$3,472	 	  	 	$2,295	 	  	 	51.3%	 	  				  	 	$7.42	 	  	 	$4.87	 	  	 	52.4%	 	
For the nine months ended September  30, 2018 and 2017, the tax expenses (benefits) related to the table above were $(7) million and $(73) million, respectively, for Chubb integration expenses; $(32) million and $(62) million, respectively, for amortization of fair value adjustment of acquired invested assets and long-term debt; $25  million for adjusted net realized gains and losses for both periods; and $550  million and $353  million, respectively, for core operating income.
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “As a global insurer with operations in 54 countries, we experienced an active quarter for natural catastrophes around the world, and Chubb’s underwriting excellence once again distinguished the company. We produced core operating income of $1.1 billion, or $2.41 per share, and a P&C combined ratio of 90.9%. Excluding catastrophes, our combined ratio of 84.8% reflects strong current accident year EPS, up 5% over prior year, and a nice contribution from positive prior period reserve development. The quality and balance of our earnings this quarter were evident, with P&C underwriting income of $669 million and net investment income of $883 million.
“Global P&C net premiums written, which exclude agriculture, increased 4% in the quarter in constant dollars. We had good growth in our U.S. commercial P&C divisions and simply excellent growth in our international P&C business. In our U.S. commercial P&C business excluding agriculture, net premiums increased 3.6%, or 4.6% excluding merger-related actions, which are now substantially completed and will be behind us after one more quarter. We achieved even stronger growth in our Overseas General operations, which include both commercial and consumer lines, with premiums up 7.5% in constant dollars. Our global presence and the expanded capabilities of today’s Chubb allow us to take advantage of growth opportunities in many areas without sacrificing underwriting standards.
“Commercial P&C pricing for the business we wrote was consistent with the prior quarter. Given market conditions, we are trading some growth for an underwriting profit – a proven strategy that requires discipline. We’re confident and optimistic about our ability to outperform the balance of the year and beyond.”

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

Chubb Limited News Release

Operating highlights for the quarter ended September 30, 2018 were as follows:

Chubb Limited
(in millions of U.S. dollars except for percentages)	  	 	Q3
    2018    	 
 	  	 
	Q3
    2017    	 
 	  	 	Change	 	
P&C	  				  				  				
Net premiums written (increase of 2.8% in constant dollars)	  	$	7,546	 	  	$	7,363	 	  	 	2.5%	 	
Net premiums written – excluding merger-related actions (increase of 3.3% in constant dollars)	  				  				  	 	2.9%	 	
Underwriting income (loss)	  	$	669	 	  	$	(784)	 	  	 	NM	 	
Combined ratio	  	 	90.9%	 	  	 	110.8%	 	  				
Current accident year underwriting income excluding catastrophe losses	  	$	876	 	  	$	839	 	  	 	4.3%	 	
Current accident year combined ratio excluding catastrophe losses	  	 	88.2%	 	  	 	88.5%	 	  				
				
Global P&C (excludes Agriculture)	  				  				  				
Net premiums written (increase of 3.9% in constant dollars)	  	$	6,662	 	  	$	6,437	 	  	 	3.5%	 	
Net premiums written – excluding merger-related actions (increase of 4.4% in constant dollars)	  				  				  	 	4.0%	 	
Underwriting income (loss)	  	$	590	 	  	$	(870)	 	  	 	NM	 	
Combined ratio	  	 	90.9%	 	  	 	113.6%	 	  				
Current accident year underwriting income excluding catastrophe losses	  	$	790	 	  	$	752	 	  	 	4.9%	 	
Current accident year combined ratio excluding catastrophe losses	  	 	87.9%	 	  	 	88.2%	 	  				
 
 	•	 	Net premiums earned increased 1.3%, or 1.6% in constant-dollar.	
 
 	•	 	Total pre-tax and after-tax catastrophe losses were $450 million (6.1 percentage points of the combined ratio) and $372 million, respectively, compared with $1,893 million (26.0 percentage points of the combined ratio) and $1,525 million, respectively, last year.	
 
 	•	 	Core operating income with an expected level of catastrophe losses was $1.2 billion, or $2.60 per share, up 1.6% per share on the same basis from last year. P&C combined ratio with an expected level of catastrophe losses was 89.4% compared with 89.3% prior year.	
 
 	•	 	Total pre-tax and after-tax favorable prior period development were $243 million (3.4 percentage points of the combined ratio) and $180 million, respectively, compared with $270 million (3.7 percentage points of the combined ratio) and $206 million, respectively, last year.	
 
 	•	 	Operating cash flow was $1.7 billion.	
 
 	•	 	Share repurchases totaled $379 million, or approximately 2.8 million shares, during the quarter and $703 million, or approximately 5.2 million shares, through September 30, 2018.	
 
 	•	 	Net loss reserves increased $269 million adjusted for foreign exchange.	

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

Chubb Limited News Release

Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended September 30, 2018 are presented below:

Chubb Limited
(in millions of U.S. dollars except for percentages)	  	 
	Q3
2018	 
 	  	 
	Q3
2017	 
 	  	 	Change	 	
Total North America P&C Insurance	  				  				  				
Net premiums written (increase of 2.4% excluding merger-related actions)	  	$	5,301	 	  	$	5,206	 	  	 	1.8%	 	
Combined ratio	  	 	89.9%	 	  	 	108.7%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	86.4%	 	  	 	86.5%	 	  				
				
North America Commercial P&C Insurance	  				  				  				
Net premiums written (increase of 4.6% excluding merger-related actions)	  	$	3,199	 	  	$	3,086	 	  	 	3.6%	 	
Net premiums written – Major accounts retail and excess and surplus (E&S) wholesale (increase of 5.4% excluding merger-related actions)	  	 	1,852	 	  	 	1,786	 	  	 	3.6%	 	
Net premiums written – Middle market and small commercial	  	 	1,347	 	  	 	1,300	 	  	 	3.6%	 	
Combined ratio	  	 	85.8%	 	  	 	109.6%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	86.7%	 	  	 	88.7%	 	  				
				
North America Personal P&C Insurance	  				  				  				
Net premiums written	  	$	1,218	 	  	$	1,194	 	  	 	2.0%	 	
Net premiums written adjusted for one-time accounting actions	  				  				  	 	2.7%	 	
Combined ratio	  	 	99.8%	 	  	 	120.8%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	83.2%	 	  	 	77.5%	 	  				
				
North America Agricultural Insurance	  				  				  				
Net premiums written	  	$	884	 	  	$	926	 	  	 	(4.5)%	 	
Combined ratio	  	 	90.7%	 	  	 	90.4%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	89.9%	 	  	 	90.3%	 	  				
				
Overseas General Insurance	  				  				  				
Net premiums written (increase of 7.5% in constant dollars)	  	$	      2,081	 	  	$	      1,966	 	  	 	5.9%	 	
Combined ratio	  	 	90.3%	 	  	 	101.6%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	90.0%	 	  	 	90.6%	 	  				
 
 	•	 	North America Commercial P&C Insurance: Net premiums written in the middle market and small commercial divisions increased 3.6%. This growth reflects a 5.2% increase in P&C lines and an increase of 0.2% in financial lines. Net premiums written in the small commercial division increased 29.8%.	
 
 	•	 	North America Personal P&C Insurance: The current accident year combined ratio excluding catastrophe losses was 83.2% compared with 77.5%, principally reflecting increasing frequency and severity of homeowners losses, primarily non-catastrophe water and fire losses.	
 
 	•	 	Global Reinsurance: Net premiums written decreased 14.3%, or 14.7% in constant dollars, principally due to higher reinstatement premiums collected in the prior year relating to the 2017 natural catastrophes. The combined ratio was 86.7% compared with 187.4%. The current accident year combined ratio excluding catastrophe losses was 82.8%, compared with 82.2%.	

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

Chubb Limited News Release

 
 	•	 	Life Insurance: Segment income was $78 million, up 22.6%. International life insurance income was $29 million, up $16 million, which included a favorable reserve development of $8 million in the current quarter. Combined Insurance North America contributed segment income of $37 million, up 1.5%, and net premiums written increased 5.8%.	
Please refer to the Chubb Limited Financial Supplement , dated September 30, 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 third quarter earnings conference call on Wednesday, October 24, 2018 beginning at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 888-394-8218 (within the United States) or 323-794-2588 (international), passcode 4557328. Please refer to the Chubb investor relations website under Events and Presentations for details. A replay of the call will be available until Wednesday, November 7, 2018 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 Contacts
Karen Beyer: (212) 827-4445; karen.beyer@chubb.com
Helen Wilson: (441) 299-9283; helen.wilson@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.	 	6	

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 (FX)). 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, which was $60 million in Q3 2018. Refer to page 3 in the Financial Supplement for the fair value adjustment in other periods. 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 (loss), net of tax excludes adjusted realized gains and 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.	 	7	

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 mean net of tax, whether or not noted.
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. We believe this measure provides 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. We believe it is useful to exclude catastrophe losses, as they are not predictable as to timing and amount. Core operating income, Core operating income excluding catastrophe losses, and Core operating income with expected level of 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.
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.
Current accident year P&C combined ratio excluding catastrophe losses and Current accident year core operating income 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. 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.
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.
International life gross and net premiums written and deposits collected and Life Insurance gross and net premiums written measures presented in this release 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

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

Chubb Limited News Release

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.
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 actions, including exiting certain types of business that do not meet our underwriting standards or adhere to our risk diversification strategy. We believe that this measure is meaningful to evaluate trends in our underlying business on a comparable basis.
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.
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 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 reconciliation of Non-GAAP Financial Measures on pages 32-38 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

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

Chubb Limited News Release

Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release, such as those related to company performance, including 2018 performance and growth opportunities, pricing, taxes, 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.	 	10	

Chubb Limited News Release

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

									
 	  	September 30
2018	 	  	December 31
2017	 	
Assets	  				  				
Investments	  	    $	101,163	 	  	    $	102,444	 	
Cash	  	 	1,053	 	  	 	728	 	
Insurance and reinsurance balances receivable	  	 	10,193	 	  	 	9,334	 	
Reinsurance recoverable on losses and loss expenses	  	 	15,088	 	  	 	15,034	 	
Goodwill and other intangible assets	  	 	21,471	 	  	 	22,054	 	
Other assets	  	 	18,716	 	  	 	17,428	 	
	  	 	 	 	  	 	 	 	
Total assets	  	    $	167,684	 	  	    $	167,022	 	

Liabilities	  				  				
Unpaid losses and loss expenses	  	    $	63,029	 	  	    $	63,179	 	
Unearned premiums	  	 	15,725	 	  	 	15,216	 	
Other liabilities	  	 	37,996	 	  	 	37,455	 	
	  	 	 	 	  	 	 	 	
Total liabilities	  	    $	116,750	 	  	    $	115,850	 	

Shareholders’ equity	  				  				
Total shareholders’ equity	  	 	50,934	 	  	 	51,172	 	
	  	 	 	 	  	 	 	 	
Total liabilities and shareholders’ equity	  	    $	167,684	 	  	    $	167,022	 	

Book value per common share	  	    $	110.46	 	  	    $	110.32	 	
Tangible book value per common share	  	    $	66.83	 	  	    $	65.87	 	
Book value per common share excluding cumulative translation losses (1)	  	    $	114.45	 	  	    $	112.88	 	
Tangible book value per common share excluding cumulative translation losses (1)	  	    $	69.67	 	  	    $	67.84	 	

(1)	Cumulative translation losses were $1.8  billion in 2018 ($1.3  billion on tangible and $528  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.	 	11	

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	 	 	Nine Months Ended	 	
 	  	September 30	 	 	September 30	 	
 	  	2018	 	 	2017	 	 	2018	 	 	2017	 	
Gross premiums written	  	  $	10,054	 	 	  $	9,710	 	 	  $	28,716	 	 	  $	27,416	 	
Net premiums written	  	 	8,110	 	 	 	7,902	 	 	 	23,229	 	 	 	22,193	 	
Net premiums earned	  	 	7,908	 	 	 	7,807	 	 	 	22,599	 	 	 	21,816	 	
Losses and loss expenses	  	 	4,868	 	 	 	6,247	 	 	 	13,457	 	 	 	14,182	 	
Policy benefits	  	 	127	 	 	 	169	 	 	 	428	 	 	 	500	 	
Policy acquisition costs	  	 	1,504	 	 	 	1,488	 	 	 	4,432	 	 	 	4,334	 	
Administrative expenses	  	 	719	 	 	 	714	 	 	 	2,158	 	 	 	2,096	 	
Net investment income	  	 	823	 	 	 	813	 	 	 	2,457	 	 	 	2,328	 	
Net realized gains (losses)	  	 	19	 	 	 	(10)	 	 	 	35	 	 	 	84	 	
Interest expense	  	 	164	 	 	 	150	 	 	 	488	 	 	 	451	 	
Other income (expense):	  				 				 				 				
Gains (losses) from separate account assets	  	 	(14	) 	 	 	24	 	 	 	(18	) 	 	 	70	 	
Other	  	 	159	 	 	 	94	 	 	 	325	 	 	 	263	 	
Amortization of purchased intangibles	  	 	83	 	 	 	65	 	 	 	253	 	 	 	194	 	
Chubb integration expenses	  	 	16	 	 	 	50	 	 	 	39	 	 	 	233	 	
Income tax expense (benefit)	  	 	183	 	 	 	(85)	 	 	 	536	 	 	 	243	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	  	  $	1,231	 	 	  $	(70)	 	 	  $	3,607	 	 	  $	2,328	 	

Diluted earnings per share:	  				 				 				 				
Net income (loss)	  	  $	2.64	 	 	  $	(0.15) 	(1)   	 	  $	7.71	 	 	  $	4.94	 	
Core operating income (loss)	  	  $	2.41	 	 	  $	(0.13) 	(1)   	 	  $	7.42	 	 	  $	4.87	 	
					
Weighted average diluted shares outstanding	  	 	466.0	 	 	 	466.4 	(1)   	 	 	468.0	 	 	 	471.6	 	
 
(1)	For the three months ended September  30, 2017, weighted-average shares outstanding used in calculating net loss and core operating loss per share excludes the effect of dilutive securities of 3,820,673 shares. In periods where a net loss or core operating loss is recognized, inclusion of incremental dilution is antidilutive.	

																	
					
P&C combined ratio	  				  				  				  				
Loss and loss expense ratio	  	 	63.6%	 	  	 	83.4%	 	  	 	61.4%	 	  	 	67.3%	 	
Policy acquisition cost ratio	  	 	18.6%	 	  	 	18.6%	 	  	 	19.2%	 	  	 	19.5%	 	
Administrative expense ratio	  	 	8.7%	 	  	 	8.8%	 	  	 	9.2%	 	  	 	9.2%	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
P&C combined ratio	  	 	90.9%	 	  	 	110.8%	 	  	 	89.8%	 	  	 	96.0%	 	
					
P&C underwriting income (loss)	  	  $	669	 	  	  $	(784)	 	  	  $	2,135	 	  	  $	807	 	

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

Chubb Limited News Release

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

																	
 	  	Three Months Ended	 	  	Nine Months Ended	 	
			
 	  	September 30	 	  	September 30	 	
 	  	2018	 	  	2017	 	  	2018	 	  	2017	 	
Gross Premiums Written	 	
North America Commercial P&C Insurance	  	  $	4,108	 	  	  $	3,919	 	  	  $	12,108	 	  	  $	11,649	 	
North America Personal P&C Insurance	  	 	1,369	 	  	 	1,338	 	  	 	4,039	 	  	 	3,892	 	
North America Agricultural Insurance	  	 	1,270	 	  	 	1,303	 	  	 	2,018	 	  	 	2,039	 	
Overseas General Insurance	  	 	2,541	 	  	 	2,380	 	  	 	8,156	 	  	 	7,519	 	
Global Reinsurance	  	 	167	 	  	 	202	 	  	 	605	 	  	 	642	 	
Life Insurance (1)	  	 	991	 	  	 	990	 	  	 	2,953	 	  	 	2,723	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	  $	10,446	 	  	  $	10,132	 	  	  $	29,879	 	  	  $	28,464	 	

Net Premiums Written	 	
North America Commercial P&C Insurance	  	  $	3,199	 	  	  $	3,086	 	  	  $	9,342	 	  	  $	9,019	 	
North America Personal P&C Insurance	  	 	1,218	 	  	 	1,194	 	  	 	3,601	 	  	 	3,433	 	
North America Agricultural Insurance	  	 	884	 	  	 	926	 	  	 	1,380	 	  	 	1,390	 	
Overseas General Insurance	  	 	2,081	 	  	 	1,966	 	  	 	6,664	 	  	 	6,185	 	
Global Reinsurance	  	 	164	 	  	 	191	 	  	 	554	 	  	 	580	 	
Life Insurance (1)	  	 	956	 	  	 	961	 	  	 	2,851	 	  	 	2,634	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	  $	8,502	 	  	  $	8,324	 	  	  $	24,392	 	  	  $	23,241	 	

Net Premiums Earned	 	
North America Commercial P&C Insurance	  	  $	3,019	 	  	  $	3,016	 	  	  $	9,325	 	  	  $	9,156	 	
North America Personal P&C Insurance	  	 	1,167	 	  	 	1,117	 	  	 	3,463	 	  	 	3,296	 	
North America Agricultural Insurance	  	 	857	 	  	 	898	 	  	 	1,251	 	  	 	1,256	 	
Overseas General Insurance	  	 	2,157	 	  	 	2,064	 	  	 	6,425	 	  	 	6,018	 	
Global Reinsurance	  	 	157	 	  	 	185	 	  	 	492	 	  	 	542	 	
Life Insurance	  	 	551	 	  	 	527	 	  	 	1,643	 	  	 	1,548	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	  $	7,908	 	  	  $	7,807	 	  	  $	22,599	 	  	  $	21,816	 	

Segment income (loss)	 	
North America Commercial P&C Insurance	  	  $	933	 	  	  $	212	 	  	  $	2,875	 	  	  $	2,101	 	
North America Personal P&C Insurance	  	 	57	 	  	 	(180)	 	  	 	252	 	  	 	206	 	
North America Agricultural Insurance	  	 	79	 	  	 	84	 	  	 	222	 	  	 	197	 	
Overseas General Insurance	  	 	363	 	  	 	131	 	  	 	1,095	 	  	 	756	 	
Global Reinsurance	  	 	97	 	  	 	(81)	 	  	 	325	 	  	 	146	 	
Life Insurance	  	 	78	 	  	 	64	 	  	 	219	 	  	 	178	 	
Corporate	  	 	(132)	 	  	 	(189)	 	  	 	(450)	 	  	 	(448)	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	  $	1,475	 	  	  $	41	 	  	  $	4,538	 	  	  $	3,136	 	

(1)	Life Insurance gross and net premiums written includes deposits collected on universal life and investment contracts in 2018 (Q3 $392 million, YTD $1,163 million) and 2017 (Q3 $422 million, YTD $1,048 million).	

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

Exhibit 99.2

Chubb Limited
Financial Supplement
for the Quarter Ended September 30, 2018
Investor Contacts
Karen Beyer: (212) 827-4445
Helen M. Wilson: (441) 299-9283
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, credit developments among reinsurers, and activities and expenses related to our post-acquisition integration of The Chubb Corporation.
Our forward-looking statements could also be affected by 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. 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	 	
	  	- Catastrophe Losses	  	 	6	 	
	  	- Summary Consolidated Balance Sheets	  	 	7	 	
	  	- Line of Business	  	 	8	 	
	  	- Consolidated Results by Segment	  	 	9 - 12	 	
			
III.	  	Segment Results	  				
	  	- North America Commercial P&C Insurance	  	 	13	 	
	  	- North America Personal P&C Insurance	  	 	14	 	
	  	- North America Agricultural Insurance	  	 	15	 	
	  	- Overseas General Insurance	  	 	16 - 17	 	
	  	- Global Reinsurance	  	 	18	 	
	  	- Life Insurance	  	 	19	 	
	  	- Corporate	  	 	20	 	
			
IV.	  	Balance Sheet Details	  				
	  	- Loss Reserve Rollforward	  	 	21	 	
	  	- Reinsurance Recoverable Analysis	  	 	22	 	
	  	- Investment Portfolio	  	 	23 - 26	 	
	  	- Net Realized and Unrealized Gains (Losses)	  	 	27 - 28	 	
	  	- Debt and Capital	  	 	29	 	
	  	- Computation of Basic and Diluted Earnings Per Share	  	 	30	 	
	  	- Book Value and Book Value per Common Share	  	 	31	 	
			
V.	  	Other Disclosures	  				
	  	- Non-GAAP Financial Measures	  	 	32 - 38	 	
	  	- Glossary	  	 	39	 	
The 2017 gross premiums written and net premiums written amounts for the North America Commercial P&C Insurance and Overseas General Insurance segments have been revised to reflect the transfer of certain multinational accounts between these segments to better align the reporting with the management of these businesses in 2018. The North America Commercial P&C Insurance segment transfers to (from) Overseas General Insurance segment in 2017 were: $12 million for Q1, $1 million for Q2, $3 million for Q3 and ($7) million for Q4. There is no impact on a consolidated basis.

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.

 	  	 	 	 	 	 	 	 	 	 	% Change ex	 	 	 	 	 	Constant $	 	 	C$ % Change ex	 	
 	  	 	 	 	 	 	 	% Change	 	 	Merger Actions  (1)	 	 	 	 	 	% Change	 	 	Merger Actions  (1)	 	
 	  	Three months ended September 30	 	 	3Q-18 vs.	 	 	3Q-18 vs.	 	 	Constant $	 	 	3Q-18 vs.	 	 	3Q-18 vs.	 	
 	  	2018	 	 	2017	 	 	3Q-17	 	 	3Q-17	 	 	2017	 	 	3Q-17	 	 	3Q-17	 	
	  				 				 				 				 				 				 				
Gross premiums written	  	$	10,054	 	 	$	9,710	 	 	 	3.5	% 	 				 	$	9,684	 	 	 	3.8	% 	 				
Net premiums written	  	$	8,110	 	 	$	7,902	 	 	 	2.6	% 	 				 	$	7,874	 	 	 	3.0	% 	 				
P&C net premiums written	  	$	7,546	 	 	$	7,363	 	 	 	2.5	% 	 	 	2.9	% 	 	$	7,337	 	 	 	2.8	% 	 	 	3.3	% 	
Global P&C net premiums written	  	$	6,662	 	 	$	6,437	 	 	 	3.5	% 	 	 	4.0	% 	 	$	6,411	 	 	 	3.9	% 	 	 	4.4	% 	
Net premiums earned	  	$	7,908	 	 	$	7,807	 	 	 	1.3	% 	 				 	$	7,781	 	 	 	1.6	% 	 				
Net investment income	  	$	823	 	 	$	813	 	 	 	1.3	% 	 				 	$	810	 	 	 	1.5	% 	 				
Adjusted net investment income	  	$	883	 	 	$	893	 	 	 	-1.1	% 	 				 	$	890	 	 	 	-0.9	% 	 				
Core operating income (loss)	  	$	1,122	 	 	$	(60	) 	 	 	NM	 	 				 	$	(64	) 	 	 	NM	 	 				
Net income (loss)	  	$	1,231	 	 	$	(70	) 	 	 	NM	 	 				 				 				 				
Operating cash flow	  	$	1,700	 	 	$	1,771	 	 				 				 				 				 				
P&C combined ratio	  				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	63.6	% 	 	 	83.4	% 	 				 				 				 				 				
Policy acquisition costs and administrative expense ratio	  	 	27.3	% 	 	 	27.4	% 	 				 				 				 				 				
	  	 	 	 	 	 	 	 	 				 				 				 				 				
Combined ratio	  	 	90.9	% 	 	 	110.8	% 	 				 				 				 				 				
P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)	  				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	61.1	% 	 	 	61.3	% 	 				 				 				 				 				
CAY policy acquisition costs and administrative expense ratio ex Cats	  	 	27.1	% 	 	 	27.2	% 	 				 				 				 				 				
	  	 	 	 	 	 	 	 	 				 				 				 				 				
CAY combined ratio ex Cats	  	 	88.2	% 	 	 	88.5	% 	 				 				 				 				 				
ROE	  	 	9.7	% 	 	 	-0.6	% 	 				 				 				 				 				
Core operating return on equity (ROE)	  	 	8.7	% 	 	 	-0.5	% 	 				 				 				 				 				
Effective tax rate (2)	  	 	12.9	% 	 	 	54.7	% 	 				 				 				 				 				
Core operating effective tax rate  (2)	  	 	14.1	% 	 	 	50.9	% 	 				 				 				 				 				
Diluted earnings per share	  				 				 				 				 				 				 				
Net income (loss) (3)	  	$	2.64	 	 	$	(0.15	) 	 	 	NM	 	 				 				 				 				
Core operating income (loss) (3)	  	$	2.41	 	 	$	(0.13	) 	 	 	NM	 	 				 				 				 				
Weighted average basic common shares outstanding	  	 	463.0	 	 	 	466.4	 	 				 				 				 				 				
Weighted average diluted common shares outstanding  (3)	  	 	466.0	 	 	 	466.4	 	 				 				 				 				 				
 
(1)	Consolidated and P&C net premiums written were adversely impacted by merger-related actions of $32 million in Q3 2018.	
(2)	For 2017, the effective tax rate reflects an income tax benefit as a result of pre-tax loss and pre-tax core operating loss.	
(3)	For the three months ended September 30, 2017, weighted-average shares outstanding used in calculating net loss and core operating loss per share excludes the effect of dilutive securities of 3,820,673 shares. In periods where a net loss or core operating loss is recognized, inclusion of incremental dilution is antidilutive.	

Financial Highlights - QTR	  	Page 1	

Chubb Limited
Consolidated Financial Highlights—Year To Date
(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)	 	
 	  	Nine months ended September 30	 	 	YTD-18 vs	 	 	YTD-18 vs	 	 	Constant $	 	 	YTD-18 vs	 	 	YTD-18 vs	 	
 	  	2018	 	 	2017	 	 	YTD-17	 	 	YTD-17	 	 	2017	 	 	YTD-17	 	 	YTD-17	 	
	  				 				 				 				 				 				 				
Gross premiums written	  	$	28,716	 	 	$	27,416	 	 	 	4.7	% 	 				 	$	27,682	 	 	 	3.7	% 	 				
Net premiums written	  	$	23,229	 	 	$	22,193	 	 	 	4.7	% 	 				 	$	22,427	 	 	 	3.6	% 	 				
P&C net premiums written	  	$	21,541	 	 	$	20,607	 	 	 	4.5	% 	 	 	5.1	% 	 	$	20,827	 	 	 	3.4	% 	 	 	4.0	% 	
Global P&C net premiums written	  	$	20,161	 	 	$	19,217	 	 	 	4.9	% 	 	 	5.6	% 	 	$	19,437	 	 	 	3.7	% 	 	 	4.4	% 	
Net premiums earned	  	$	22,599	 	 	$	21,816	 	 	 	3.6	% 	 				 	$	22,037	 	 	 	2.5	% 	 				
Net investment income	  	$	2,457	 	 	$	2,328	 	 	 	5.5	% 	 				 	$	2,335	 	 	 	5.2	% 	 				
Adjusted net investment income	  	$	2,650	 	 	$	2,584	 	 	 	2.5	% 	 				 	$	2,591	 	 	 	2.2	% 	 				
Core operating income	  	$	3,472	 	 	$	2,295	 	 	 	51.3	% 	 				 	$	2,326	 	 	 	49.2	% 	 				
Net income	  	$	3,607	 	 	$	2,328	 	 	 	55.0	% 	 				 				 				 				
Operating cash flow	  	$	3,897	 	 	$	3,411	 	 				 				 				 				 				
P&C combined ratio	  				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	61.4	% 	 	 	67.3	% 	 				 				 				 				 				
Policy acquisition costs and administrative expense ratio	  	 	28.4	% 	 	 	28.7	% 	 				 				 				 				 				
	  	 	 	 	 	 	 	 	 				 				 				 				 				
Combined ratio	  	 	89.8	% 	 	 	96.0	% 	 				 				 				 				 				
P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)	  				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	59.7	% 	 	 	59.4	% 	 				 				 				 				 				
CAY policy acquisition costs and administrative expense ratio ex Cats	  	 	28.3	% 	 	 	28.6	% 	 				 				 				 				 				
	  	 	 	 	 	 	 	 	 				 				 				 				 				
CAY combined ratio ex Cats	  	 	88.0	% 	 	 	88.0	% 	 				 				 				 				 				
ROE	  	 	9.4	% 	 	 	6.3	% 	 				 				 				 				 				
Core operating return on equity (ROE)	  	 	9.1	% 	 	 	6.4	% 	 				 				 				 				 				
Effective tax rate	  	 	12.9	% 	 	 	9.4	% 	 				 				 				 				 				
Core operating effective tax rate	  	 	13.7	% 	 	 	13.3	% 	 				 				 				 				 				
Diluted earnings per share	  				 				 				 				 				 				 				
Net income	  	$	7.71	 	 	$	4.94	 	 	 	56.1	% 	 				 				 				 				
Core operating income	  	$	7.42	 	 	$	4.87	 	 	 	52.4	% 	 				 				 				 				
Weighted average basic common shares outstanding	  	 	464.6	 	 	 	467.7	 	 				 				 				 				 				
Weighted average diluted common shares outstanding	  	 	468.0	 	 	 	471.6	 	 				 				 				 				 				
 	  	 	 	 	 	 	 	 	 	 	 	 	 	% Change	 	 	 	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	December 31	 	 	3Q-18 vs	 	 	 	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	2017	 	 	4Q-17	 	 	 	 	 	 	 	
Book value per common share	  	$	110.46	 	 				 				 	$	110.32	 	 	 	0.1	% 	 				 				
Tangible book value per common share	  	$	66.83	 	 				 				 	$	65.87	 	 	 	1.5	% 	 				 				
Total hybrid & financial debt/capitalization	  	 	20.3	% 	 	 	20.4	% 	 				 	 	20.1	% 	 				 				 				
 
(1)	Consolidated net premiums written were adversely impacted by merger-related actions of $128 million for YTD 2018, of which $125 million impacted P&C net premiums written.	

Financial Highlights - YTD	  	Page 2	

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

 	  	Consolidated Statements of Operations	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
										
 	  	 	  	3Q-18	 	  	2Q-18	 	  	1Q-18	 	  	4Q-17	 	  	3Q-17	 	  	YTD
2018	 	  	YTD
2017	 	  	Full Year
2017	 	
	  	Gross premiums written	  	$	10,054	 	  	$	9,929	 	  	$	8,733	 	  	$	8,960	 	  	$	9,710	 	  	$	28,716	 	  	$	27,416	 	  	$	36,376	 	
	  	Net premiums written	  	 	8,110	 	  	 	8,015	 	  	 	7,104	 	  	 	7,051	 	  	 	7,902	 	  	 	23,229	 	  	 	22,193	 	  	 	29,244	 	
	  	Net premiums earned	  	 	7,908	 	  	 	7,664	 	  	 	7,027	 	  	 	7,218	 	  	 	7,807	 	  	 	22,599	 	  	 	21,816	 	  	 	29,034	 	
(1)	  	Adjusted losses and loss expenses	  	 	4,876	 	  	 	4,479	 	  	 	4,100	 	  	 	4,272	 	  	 	6,252	 	  	 	13,455	 	  	 	14,189	 	  	 	18,461	 	
	  	Realized (gains) losses on crop derivatives	  	 	8	 	  	 	(8	) 	  	 	(2	) 	  	 	—  	 	  	 	5	 	  	 	(2	) 	  	 	7	 	  	 	7	 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Losses and loss expenses	  	 	4,868	 	  	 	4,487	 	  	 	4,102	 	  	 	4,272	 	  	 	6,247	 	  	 	13,457	 	  	 	14,182	 	  	 	18,454	 	
	  	Policy benefits	  	 	127	 	  	 	150	 	  	 	151	 	  	 	176	 	  	 	169	 	  	 	428	 	  	 	500	 	  	 	676	 	
	  	Policy acquisition costs	  	 	1,504	 	  	 	1,464	 	  	 	1,464	 	  	 	1,447	 	  	 	1,488	 	  	 	4,432	 	  	 	4,334	 	  	 	5,781	 	
	  	Administrative expenses	  	 	719	 	  	 	747	 	  	 	692	 	  	 	737	 	  	 	714	 	  	 	2,158	 	  	 	2,096	 	  	 	2,833	 	
(2)	  	Adjusted net investment income	  	 	883	 	  	 	890	 	  	 	877	 	  	 	873	 	  	 	893	 	  	 	2,650	 	  	 	2,584	 	  	 	3,457	 	
	  	Amortization expense of fair value adjustment on acquired invested assets	  	 	(60	) 	  	 	(62	) 	  	 	(71	) 	  	 	(76	) 	  	 	(80	) 	  	 	(193	) 	  	 	(256	) 	  	 	(332	) 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Net investment income	  	 	823	 	  	 	828	 	  	 	806	 	  	 	797	 	  	 	813	 	  	 	2,457	 	  	 	2,328	 	  	 	3,125	 	
(3)	  	Adjusted realized gains (losses)	  	 	27	 	  	 	10	 	  	 	(4	) 	  	 	—  	 	  	 	(5	) 	  	 	33	 	  	 	91	 	  	 	91	 	
	  	Realized gains (losses) on crop derivatives	  	 	(8	) 	  	 	8	 	  	 	2	 	  	 	—  	 	  	 	(5	) 	  	 	2	 	  	 	(7	) 	  	 	(7	) 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Net realized gains (losses)	  	 	19	 	  	 	18	 	  	 	(2	) 	  	 	—  	 	  	 	(10	) 	  	 	35	 	  	 	84	 	  	 	84	 	
(4)	  	Adjusted interest expense	  	 	170	 	  	 	177	 	  	 	169	 	  	 	168	 	  	 	162	 	  	 	516	 	  	 	488	 	  	 	656	 	
	  	Amortization benefit of fair value adjustment on acquired long term debt	  	 	(6	) 	  	 	(10	) 	  	 	(12	) 	  	 	(12	) 	  	 	(12	) 	  	 	(28	) 	  	 	(37	) 	  	 	(49	) 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Interest expense	  	 	164	 	  	 	167	 	  	 	157	 	  	 	156	 	  	 	150	 	  	 	488	 	  	 	451	 	  	 	607	 	
	  	Gains (losses) from fair value changes in separate account assets	  	 	(14	) 	  	 	(10	) 	  	 	6	 	  	 	27	 	  	 	24	 	  	 	(18	) 	  	 	70	 	  	 	97	 	
	  	Net realized gains (losses) related to unconsolidated entities	  	 	152	 	  	 	96	 	  	 	44	 	  	 	122	 	  	 	89	 	  	 	292	 	  	 	284	 	  	 	406	 	
	  	Other income (expense)—operating	  	 	7	 	  	 	29	 	  	 	(3	) 	  	 	(82	) 	  	 	5	 	  	 	33	 	  	 	(21	) 	  	 	(103	) 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Other income (expense)	  	 	145	 	  	 	115	 	  	 	47	 	  	 	67	 	  	 	118	 	  	 	307	 	  	 	333	 	  	 	400	 	
	  	Amortization expense of purchased intangibles	  	 	83	 	  	 	85	 	  	 	85	 	  	 	66	 	  	 	65	 	  	 	253	 	  	 	194	 	  	 	260	 	
	  	Chubb integration expenses	  	 	16	 	  	 	13	 	  	 	10	 	  	 	77	 	  	 	50	 	  	 	39	 	  	 	233	 	  	 	310	 	
	  	Income tax expense (benefit)	  	 	183	 	  	 	218	 	  	 	135	 	  	 	(382	) 	  	 	(85	) 	  	 	536	 	  	 	243	 	  	 	(139	) 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Net income (loss)	  	$	1,231	 	  	$	1,294	 	  	$	1,082	 	  	$	1,533	 	  	$	(70	) 	  	$	3,607	 	  	$	2,328	 	  	$	3,861	 	

(1)	Adjusted losses and loss expenses used throughout this report include 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	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
									
 	  	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	3Q-17	 	 	YTD
2018	 	 	YTD
2017	 	 	Full Year
2017	 	
P&C Underwriting income (Including Corporate and excluding Life Insurance)	  				 				 				 				 				 				 				 				
Gross premiums written	  	$	9,455	 	 	$	9,330	 	 	$	8,141	 	 	$	8,374	 	 	$	9,142	 	 	$	26,926	 	 	$	25,741	 	 	$	34,115	 	
Net premiums written	  	 	7,546	 	 	 	7,450	 	 	 	6,545	 	 	 	6,496	 	 	 	7,363	 	 	 	21,541	 	 	 	20,607	 	 	 	27,103	 	
Net premiums earned	  	 	7,357	 	 	 	7,112	 	 	 	6,487	 	 	 	6,665	 	 	 	7,280	 	 	 	20,956	 	 	 	20,268	 	 	 	26,933	 	
Adjusted losses and loss expenses	  	 	4,681	 	 	 	4,295	 	 	 	3,895	 	 	 	4,089	 	 	 	6,071	 	 	 	12,871	 	 	 	13,633	 	 	 	17,722	 	
Policy acquisition costs	  	 	1,365	 	 	 	1,326	 	 	 	1,336	 	 	 	1,293	 	 	 	1,356	 	 	 	4,027	 	 	 	3,958	 	 	 	5,251	 	
Administrative expenses	  	 	642	 	 	 	667	 	 	 	614	 	 	 	660	 	 	 	637	 	 	 	1,923	 	 	 	1,870	 	 	 	2,530	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C Underwriting income (loss)	  	$	669	 	 	$	824	 	 	$	642	 	 	$	623	 	 	$	(784	) 	 	$	2,135	 	 	$	807	 	 	$	1,430	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C CAY Underwriting income ex Cats	  	$	876	 	 	$	844	 	 	$	813	 	 	$	912	 	 	$	839	 	 	$	2,533	 	 	$	2,435	 	 	$	3,347	 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	2.5	% 	 	 	5.6	% 	 	 	5.8	% 	 	 	1.7	% 	 	 	4.6	% 	 	 	4.5	% 	 	 	5.0	% 	 	 	4.2	% 	
Net premiums written excluding merger-related actions (1)	  	 	2.9	% 	 	 	6.2	% 	 	 	6.6	% 	 	 	3.7	% 	 	 	3.9	% 	 	 	5.1	% 	 	 	7.1	% 	 	 	6.3	% 	
Net premiums earned	  	 	1.0	% 	 	 	5.8	% 	 	 	3.5	% 	 	 	2.2	% 	 	 	1.5	% 	 	 	3.4	% 	 	 	0.5	% 	 	 	0.9	% 	
Net premiums written constant $	  	 	2.8	% 	 	 	4.1	% 	 	 	3.4	% 	 	 	0.5	% 	 	 	4.6	% 	 	 	3.4	% 	 	 	5.3	% 	 	 	4.2	% 	
Net premiums written constant $ excluding merger-related actions (1)	  	 	3.3	% 	 	 	4.7	% 	 	 	4.1	% 	 	 	2.5	% 	 	 	4.0	% 	 	 	4.0	% 	 	 	7.5	% 	 	 	6.2	% 	
Net premiums earned constant $	  	 	1.4	% 	 	 	4.0	% 	 	 	1.6	% 	 	 	1.0	% 	 	 	1.3	% 	 	 	2.3	% 	 	 	0.7	% 	 	 	0.7	% 	
P&C combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	63.6	% 	 	 	60.4	% 	 	 	60.0	% 	 	 	61.4	% 	 	 	83.4	% 	 	 	61.4	% 	 	 	67.3	% 	 	 	65.8	% 	
Policy acquisition cost ratio	  	 	18.6	% 	 	 	18.6	% 	 	 	20.6	% 	 	 	19.4	% 	 	 	18.6	% 	 	 	19.2	% 	 	 	19.5	% 	 	 	19.5	% 	
Administrative expense ratio	  	 	8.7	% 	 	 	9.4	% 	 	 	9.5	% 	 	 	9.9	% 	 	 	8.8	% 	 	 	9.2	% 	 	 	9.2	% 	 	 	9.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	90.9	% 	 	 	88.4	% 	 	 	90.1	% 	 	 	90.7	% 	 	 	110.8	% 	 	 	89.8	% 	 	 	96.0	% 	 	 	94.7	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY P&C combined ratio ex Cats	  				 				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	61.1	% 	 	 	60.0	% 	 	 	57.7	% 	 	 	57.1	% 	 	 	61.3	% 	 	 	59.7	% 	 	 	59.4	% 	 	 	58.8	% 	
CAY policy acquisition costs and administrative expense ratio ex Cats	  	 	27.1	% 	 	 	28.1	% 	 	 	29.9	% 	 	 	29.3	% 	 	 	27.2	% 	 	 	28.3	% 	 	 	28.6	% 	 	 	28.8	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	88.2	% 	 	 	88.1	% 	 	 	87.6	% 	 	 	86.4	% 	 	 	88.5	% 	 	 	88.0	% 	 	 	88.0	% 	 	 	87.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	80	% 	 	 	80	% 	 	 	80	% 	 	 	78	% 	 	 	81	% 	 	 	80	% 	 	 	80	% 	 	 	79	% 	
Expense ratio	  	 	27.3	% 	 	 	28.0	% 	 	 	30.1	% 	 	 	29.3	% 	 	 	27.4	% 	 	 	28.4	% 	 	 	28.7	% 	 	 	28.9	% 	
Expense ratio excluding A&H	  	 	25.2	% 	 	 	25.9	% 	 	 	27.9	% 	 	 	27.2	% 	 	 	25.1	% 	 	 	26.3	% 	 	 	26.6	% 	 	 	26.8	% 	
Catastrophe reinstatement premiums (expenses) collected—pre-tax	  	$	4	 	 	$	—  	 	 	$	—  	 	 	$	(15	) 	 	$	22	 	 	$	4	 	 	$	22	 	 	$	7	 	
Catastrophe losses—pre-tax	  	$	454	 	 	$	211	 	 	$	380	 	 	$	432	 	 	$	1,915	 	 	$	1,045	 	 	$	2,321	 	 	$	2,753	 	
Favorable prior period development (PPD)—pre-tax	  	$	(243	) 	 	$	(191	) 	 	$	(209	) 	 	$	(158	) 	 	$	(270	) 	 	$	(643	) 	 	$	(671	) 	 	$	(829	) 	
 
(1)	Net premiums written were adversely impacted by merger-related actions of $32 million in Q3 2018 and $125 million for YTD 2018.	
Note: Refer to the Non-GAAP financial measures section for further information on the calculation of the components of combined ratios.

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 13), North America Personal P&C Insurance segment (refer to page 14), Overseas General Insurance segment (refer to page 16), Global Reinsurance segment (refer to page 18), and Corporate (refer to page 20). Global P&C excludes the North America Agricultural Insurance and Life Insurance segments.

Global P&C (Including Corporate and excluding Agriculture)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
									
 	  	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	3Q-17	 	 	YTD
2018	 	 	YTD
2017	 	 	Full Year
2017	 	
Global P&C Underwriting income	  				 				 				 				 				 				 				 				
Gross premiums written	  	$	8,185	 	 	$	8,787	 	 	$	 7,936	 	 	$	8,098	 	 	$	7,839	 	 	$	24,908	 	 	$	23,702	 	 	$	31,800	 	
Net premiums written	  	 	6,662	 	 	 	7,062	 	 	 	6,437	 	 	 	6,370	 	 	 	6,437	 	 	 	20,161	 	 	 	19,217	 	 	 	25,587	 	
Net premiums earned	  	 	6,500	 	 	 	6,761	 	 	 	6,444	 	 	 	6,413	 	 	 	6,382	 	 	 	19,705	 	 	 	19,012	 	 	 	25,425	 	
Adjusted losses and loss expenses	  	 	3,954	 	 	 	4,014	 	 	 	3,950	 	 	 	4,029	 	 	 	5,307	 	 	 	11,918	 	 	 	12,650	 	 	 	16,679	 	
Policy acquisition costs	  	 	1,316	 	 	 	1,300	 	 	 	1,337	 	 	 	1,287	 	 	 	1,307	 	 	 	3,953	 	 	 	3,883	 	 	 	5,170	 	
Administrative expenses	  	 	640	 	 	 	666	 	 	 	617	 	 	 	664	 	 	 	638	 	 	 	1,923	 	 	 	1,874	 	 	 	2,538	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C Underwriting income (loss)	  	$	590	 	 	$	781	 	 	$	540	 	 	$	433	 	 	$	(870	) 	 	$	1,911	 	 	$	605	 	 	$	1,038	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C CAY Underwriting income ex Cats	  	$	790	 	 	$	799	 	 	$	786	 	 	$	758	 	 	$	752	 	 	$	2,375	 	 	$	2,298	 	 	$	3,056	 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	3.5	% 	 	 	6.1	% 	 	 	5.1	% 	 	 	0.3	% 	 	 	4.0	% 	 	 	4.9	% 	 	 	4.8	% 	 	 	3.6	% 	
Net premiums written excluding merger-related actions (1)	  	 	4.0	% 	 	 	6.8	% 	 	 	5.9	% 	 	 	2.3	% 	 	 	3.3	% 	 	 	5.6	% 	 	 	7.0	% 	 	 	5.8	% 	
Net premiums earned	  	 	1.8	% 	 	 	6.0	% 	 	 	3.1	% 	 	 	0.6	% 	 	 	0.4	% 	 	 	3.6	% 	 	 	0.1	% 	 	 	0.2	% 	
Net premiums written constant $	  	 	3.9	% 	 	 	4.6	% 	 	 	2.6	% 	 	 	-0.8	% 	 	 	4.0	% 	 	 	3.7	% 	 	 	5.2	% 	 	 	3.6	% 	
Net premiums written constant $ excluding merger-related actions (1)	  	 	4.4	% 	 	 	5.2	% 	 	 	3.4	% 	 	 	1.2	% 	 	 	3.3	% 	 	 	4.4	% 	 	 	7.4	% 	 	 	5.8	% 	
Net premiums earned constant $	  	 	2.2	% 	 	 	4.1	% 	 	 	1.2	% 	 	 	-0.6	% 	 	 	0.3	% 	 	 	2.5	% 	 	 	0.3	% 	 	 	0.0	% 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	60.8	% 	 	 	59.4	% 	 	 	61.3	% 	 	 	62.8	% 	 	 	83.1	% 	 	 	60.5	% 	 	 	66.5	% 	 	 	65.6	% 	
Policy acquisition cost ratio	  	 	20.2	% 	 	 	19.2	% 	 	 	20.8	% 	 	 	20.1	% 	 	 	20.5	% 	 	 	20.0	% 	 	 	20.4	% 	 	 	20.3	% 	
Administrative expense ratio	  	 	9.9	% 	 	 	9.8	% 	 	 	9.5	% 	 	 	10.4	% 	 	 	10.0	% 	 	 	9.8	% 	 	 	9.9	% 	 	 	10.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	90.9	% 	 	 	88.4	% 	 	 	91.6	% 	 	 	93.3	% 	 	 	113.6	% 	 	 	90.3	% 	 	 	96.8	% 	 	 	95.9	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	58.1	% 	 	 	59.0	% 	 	 	57.6	% 	 	 	57.9	% 	 	 	58.0	% 	 	 	58.2	% 	 	 	57.7	% 	 	 	57.8	% 	
CAY policy acquisition costs and administrative expense ratio ex Cats	  	 	29.8	% 	 	 	29.2	% 	 	 	30.2	% 	 	 	30.3	% 	 	 	30.2	% 	 	 	29.8	% 	 	 	30.2	% 	 	 	30.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	87.9	% 	 	 	88.2	% 	 	 	87.8	% 	 	 	88.2	% 	 	 	88.2	% 	 	 	88.0	% 	 	 	87.9	% 	 	 	88.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	81	% 	 	 	80	% 	 	 	81	% 	 	 	79	% 	 	 	82	% 	 	 	81	% 	 	 	81	% 	 	 	80	% 	
Expense ratio	  	 	30.1	% 	 	 	29.0	% 	 	 	30.3	% 	 	 	30.5	% 	 	 	30.5	% 	 	 	29.8	% 	 	 	30.3	% 	 	 	30.3	% 	
Expense ratio excluding A&H	  	 	28.1	% 	 	 	27.0	% 	 	 	28.2	% 	 	 	28.4	% 	 	 	28.3	% 	 	 	27.7	% 	 	 	28.2	% 	 	 	28.3	% 	
Catastrophe reinstatement premiums (expenses) collected—pre-tax	  	$	4	 	 	$	—  	 	 	$	—  	 	 	$	(15	) 	 	$	22	 	 	$	4	 	 	$	22	 	 	$	7	 	
Catastrophe losses—pre-tax	  	$	446	 	 	$	209	 	 	$	379	 	 	$	432	 	 	$	1,910	 	 	$	1,034	 	 	$	2,303	 	 	$	2,735	 	
Favorable prior period development (PPD)—pre-tax	  	$	(242	) 	 	$	(191	) 	 	$	(133	) 	 	$	(122	) 	 	$	(266	) 	 	$	(566	) 	 	$	(588	) 	 	$	(710	) 	
 
(1)	Net premiums written were adversely impacted by merger-related actions of $32 million in Q3 2018 and $125 million for YTD 2018.	

Global P&C	  	Page 5	

Chubb Limited
Segments results—Catastrophe Loss Charges
(in millions of U.S. dollars)
(Unaudited)
Chubb Limited Catastrophe Loss Charges—Q3 2018

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Total	 	 	 	 	 	Total	 	
 	 	North	 	 	North	 	 	North	 	 	 	 	 	 	 	 	Consolidated	 	 	 	 	 	Consolidated	 	
 	 	America	 	 	America	 	 	America	 	 	Overseas	 	 	 	 	 	Excluding	 	 	Reinstatement	 	 	including	 	
 	 	Commercial P&C	 	 	Personal P&C	 	 	Agricultural	 	 	General	 	 	Global	 	 	Reinstatement	 	 	premiums	 	 	Reinstatement	 	
 	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Reinsurance	 	 	premiums	 	 	collected	 	 	premiums	 	
Catastrophe Loss Charges by Event—Gross	 				 				 				 				 				 				 				 				
Hurricane Florence	 	$	152	 	 	$	31	 	 	$	3	 	 	$	10	 	 	$	13	 	 	$	209	 	 				 				
U.S. Flooding, Hail, Tornadoes, and Wind Events (1)	 	 	205	 	 	 	44	 	 	 	1	 	 	 	—  	 	 	 	—  	 	 	 	250	 	 				 				
Colorado Rain and Hail Storm	 	 	14	 	 	 	59	 	 	 	—  	 	 	 	1	 	 	 	—  	 	 	 	74	 	 				 				
Typhoon Jebi	 	 	1	 	 	 	—  	 	 	 	—  	 	 	 	46	 	 	 	14	 	 	 	61	 	 				 				
Typhoon Mangkhut	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	17	 	 	 	—  	 	 	 	17	 	 				 				
Japan Flooding	 	 	2	 	 	 	—  	 	 	 	—  	 	 	 	8	 	 	 	7	 	 	 	17	 	 				 				
California Wildfires	 	 	4	 	 	 	4	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	8	 	 				 				
Other	 	 	23	 	 	 	3	 	 	 	4	 	 	 	6	 	 	 	13	 	 	 	49	 	 				 				
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 				
Total	 	$	401	 	 	$	141	 	 	$	8	 	 	$	88	 	 	$	47	 	 	$	685	 	 				 				
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 				
Catastrophe Loss Charges by Event—Net	 				 				 				 				 				 				 				 				
Hurricane Florence	 	$	108	 	 	$	31	 	 	$	3	 	 	$	10	 	 	$	9	 	 	$	161	 	 	$	1	 	 	$	160	 	
U.S. Flooding, Hail, Tornadoes, and Wind Events (1)	 	 	54	 	 	 	40	 	 	 	1	 	 	 	—  	 	 	 	—  	 	 	 	95	 	 	 	—  	 	 	 	95	 	
Colorado Rain and Hail Storm	 	 	12	 	 	 	58	 	 	 	—  	 	 	 	1	 	 	 	—  	 	 	 	71	 	 	 	—  	 	 	 	71	 	
Typhoon Jebi	 	 	1	 	 	 	—  	 	 	 	—  	 	 	 	39	 	 	 	12	 	 	 	52	 	 	 	2	 	 	 	50	 	
Typhoon Mangkhut	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	16	 	 	 	—  	 	 	 	16	 	 	 	—  	 	 	 	16	 	
Japan Flooding	 	 	1	 	 	 	—  	 	 	 	—  	 	 	 	8	 	 	 	4	 	 	 	13	 	 	 	—  	 	 	 	13	 	
California Wildfires	 	 	4	 	 	 	4	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	8	 	 	 	—  	 	 	 	8	 	
Other	 	 	16	 	 	 	3	 	 	 	4	 	 	 	6	 	 	 	9	 	 	 	38	 	 	 	1	 	 	 	37	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	196	 	 	$	136	 	 	$	8	 	 	$	80	 	 	$	34	 	 	$	454	 	 				 				
	 				 				 				 				 				 	 	 	 	 				 				
Reinstatement premiums collected	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	4	 	 				 	$	4	 	 				
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 				
Total impact before income tax	 	$	196	 	 	$	136	 	 	$	8	 	 	$	80	 	 	$	30	 	 				 				 	$	450	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 				 	 	 	 	
Income tax benefit	 				 				 				 				 				 				 				 	 	78	 	
	 				 				 				 				 				 				 				 	 	 	 	
Total impact after income tax	 				 				 				 				 				 				 				 	$	372	 	

(1)	This grouping comprised of 10 separate events, principally impacting the southern and northeastern regions of the U.S.	
Note: The above table represents catastrophe loss estimates for events that occurred in the current calendar year only (i.e., loss events occurring during the third quarter of 2018 and changes to catastrophe loss estimates that occurred in the first and second quarters of 2018). 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 and are excluded from the table above.

Catastrophe Losses	  	Page 6	

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

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

Consol Bal Sheet	  	Page 7	

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

 	  	 	 	  	 	 	  	 	 	 	Constant $	 	 	 	 	  	 	 	  	 	 	 	Constant $	 	
 	  	 	 	  	 	 	  	% Change	 	 	% Change	 	 	 	 	  	 	 	  	% Change	 	 	% Change	 	
 	  	 	 	  	 	 	  	3Q-18 vs.	 	 	3Q-18 vs.	 	 	YTD	 	  	YTD	 	  	YTD-18 vs.	 	 	YTD-18 vs.	 	
 	  	3Q-18	 	  	3Q-17	 	  	3Q-17	 	 	3Q-17	 	 	2018	 	  	2017	 	  	YTD-17	 	 	YTD-17	 	
Net premiums written	  				  				  				 				 				  				  				 				
Commercial multiple peril (1)	  	$	236	 	  	$	233	 	  	 	1.1	% 	 	 	1.1	% 	 	$	680	 	  	$	661	 	  	 	3.0	% 	 	 	2.9	% 	
Commercial casualty (2)	  	 	1,356	 	  	 	1,238	 	  	 	9.5	% 	 	 	9.2	% 	 	 	3,863	 	  	 	3,508	 	  	 	10.2	% 	 	 	8.8	% 	
Workers’ compensation (2)	  	 	491	 	  	 	470	 	  	 	4.3	% 	 	 	4.3	% 	 	 	1,571	 	  	 	1,536	 	  	 	2.2	% 	 	 	2.2	% 	
Professional liability	  	 	921	 	  	 	894	 	  	 	3.0	% 	 	 	1.6	% 	 	 	2,583	 	  	 	2,557	 	  	 	1.1	% 	 	 	-1.8	% 	
Surety	  	 	159	 	  	 	158	 	  	 	0.1	% 	 	 	2.7	% 	 	 	481	 	  	 	461	 	  	 	4.2	% 	 	 	4.2	% 	
Property and other short-tail lines (2)	  	 	911	 	  	 	891	 	  	 	2.3	% 	 	 	4.5	% 	 	 	3,061	 	  	 	2,990	 	  	 	2.3	% 	 	 	2.2	% 	
	  	 	 	 	  	 	 	 	  				 				 	 	 	 	  	 	 	 	  				 				
Total Commercial P&C	  	 	4,074	 	  	 	3,884	 	  	 	4.9	% 	 	 	5.0	% 	 	 	12,239	 	  	 	11,713	 	  	 	4.5	% 	 	 	3.4	% 	
Agriculture	  	 	884	 	  	 	926	 	  	 	-4.5	% 	 	 	-4.5	% 	 	 	1,380	 	  	 	1,390	 	  	 	-0.7	% 	 	 	-0.7	% 	
Personal automobile—North America	  	 	213	 	  	 	204	 	  	 	4.4	% 	 	 	4.4	% 	 	 	626	 	  	 	578	 	  	 	8.0	% 	 	 	8.0	% 	
Personal automobile—International	  	 	206	 	  	 	195	 	  	 	5.4	% 	 	 	10.5	% 	 	 	647	 	  	 	569	 	  	 	13.2	% 	 	 	12.2	% 	
Personal homeowners	  	 	895	 	  	 	877	 	  	 	1.9	% 	 	 	1.9	% 	 	 	2,615	 	  	 	2,499	 	  	 	4.6	% 	 	 	4.3	% 	
Personal other	  	 	362	 	  	 	355	 	  	 	2.2	% 	 	 	3.0	% 	 	 	1,138	 	  	 	1,080	 	  	 	5.6	% 	 	 	3.0	% 	
	  	 	 	 	  	 	 	 	  				 				 	 	 	 	  	 	 	 	  				 				
Total Personal lines	  	 	1,676	 	  	 	1,631	 	  	 	2.7	% 	 	 	3.4	% 	 	 	5,026	 	  	 	4,726	 	  	 	6.3	% 	 	 	5.4	% 	
Total Property and Casualty lines	  	 	6,634	 	  	 	6,441	 	  	 	3.0	% 	 	 	3.3	% 	 	 	18,645	 	  	 	17,829	 	  	 	4.6	% 	 	 	3.6	% 	
Global A&H lines (3)	  	 	1,048	 	  	 	1,014	 	  	 	3.4	% 	 	 	4.5	% 	 	 	3,236	 	  	 	3,033	 	  	 	6.7	% 	 	 	4.9	% 	
Reinsurance lines (4)	  	 	164	 	  	 	191	 	  	 	-14.3	% 	 	 	-14.7	% 	 	 	554	 	  	 	580	 	  	 	-4.5	% 	 	 	-5.9	% 	
Life	  	 	264	 	  	 	256	 	  	 	3.6	% 	 	 	4.0	% 	 	 	794	 	  	 	751	 	  	 	6.1	% 	 	 	4.6	% 	
	  	 	 	 	  	 	 	 	  				 				 	 	 	 	  	 	 	 	  				 				
Total consolidated	  	$	8,110	 	  	$	7,902	 	  	 	2.6	% 	 	 	3.0	% 	 	$	23,229	 	  	$	22,193	 	  	 	4.7	% 	 	 	3.6	% 	

(1)	Commercial multiple peril represents retail package business (property and general liability).	
(2)	YTD 2018 includes a reclassification of $84 million from Commercial casualty net premiums written to Property and other short-tail lines ($78 million) and Workers’ Compensation ($6 million) to better align the reporting with prior year. There is no impact on a consolidated basis.	
(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.	
(4)	The year-over-year decrease in net premiums written is primarily due to higher reinstatement premiums collected in the prior year relating to the 2017 natural catastrophes (year-over-year decrease of $33 million for both QTD and YTD).	

Line of Business	  	Page 8	

Chubb Limited
Consolidated Results—Three months ended September 30, 2018
(in millions of U.S. dollars, except ratios)
(Unaudited)

	Q3 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	 	$	3,199	 	 	$	1,218	 	 	$	884	 	 	$	2,081	 	 	$	164	 	 	$	—  	 	 	$	7,546	 	 	$	564	 	 	$	8,110	 		
Net premiums earned	 	 	3,019	 	 	 	1,167	 	 	 	857	 	 	 	2,157	 	 	 	157	 	 	 	—  	 	 	 	7,357	 	 	 	551	 	 	 	7,908	 		
Adjusted losses and loss expenses	 	 	1,881	 	 	 	860	 	 	 	727	 	 	 	1,114	 	 	 	86	 	 	 	13	 	 	 	4,681	 	 	 	195	 	 	 	4,876	 		
Policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	127	 	 	 	127	 		
(Gains) losses from fair value changes in separate account assets (1)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	14	 	 	 	14	 		
Policy acquisition costs	 	 	458	 	 	 	236	 	 	 	49	 	 	 	582	 	 	 	40	 	 	 	—  	 	 	 	1,365	 	 	 	139	 	 	 	1,504	 		
Administrative expenses	 	 	251	 	 	 	69	 	 	 	2	 	 	 	252	 	 	 	10	 	 	 	58	 	 	 	642	 	 	 	77	 	 	 	719	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Underwriting income (loss)	 	 	429	 	 	 	2	 	 	 	79	 	 	 	209	 	 	 	21	 	 	 	(71	) 	 	 	669	 	 	 	(1	) 	 	 	668	 		
Adjusted net investment income	 	 	503	 	 	 	59	 	 	 	7	 	 	 	155	 	 	 	63	 	 	 	11	 	 	 	798	 	 	 	85	 	 	 	883	 		
Other income (expense)—operating (1)	 	 	1	 	 	 	—  	 	 	 	—  	 	 	 	7	 	 	 	13	 	 	 	(8	) 	 	 	13	 	 	 	(6	) 	 	 	7	 		
Amortization expense of purchased intangibles	 	 	—  	 	 	 	(4	) 	 	 	(7	) 	 	 	(8	) 	 	 	—  	 	 	 	(64	) 	 	 	(83	) 	 	 	—  	 	 	 	(83	) 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Segment income (loss)	 	$	933	 	 	$	57	 	 	$	79	 	 	$	363	 	 	$	97	 	 	$	(132	) 	 	$	1,397	 	 	$	78	 	 	$	1,475	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted interest expense	 				 				 				 				 				 	 	(170	) 	 				 				 	 	(170	) 		
Income tax expense	 				 				 				 				 				 	 	(183	) 	 				 				 	 	(183	) 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Core operating income (loss)	 				 				 				 				 				 	 	(485	) 	 				 				 	 	1,122	 		
Chubb integration expenses, net of $2 million tax benefit	 				 				 				 				 				 	 	(14	) 	 				 				 	 	(14	) 		
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $12 million tax benefit (2)	 				 				 				 				 				 	 	(42	) 	 				 				 	 	(42	) 		
Adjusted net realized gains (losses), net of $14 million tax (3)	 				 				 				 				 				 	 	165	 	 				 				 	 	165	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Net income (loss)	 				 				 				 				 				 	$	(376	) 	 				 				 	$	1,231	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Combined ratio	 	 	85.8	% 	 	 	99.8	% 	 	 	90.7	% 	 	 	90.3	% 	 	 	86.7	% 	 				 	 	90.9	% 	 				 					
CAY combined ratio ex Cats	 	 	86.7	% 	 	 	83.2	% 	 	 	89.9	% 	 	 	90.0	% 	 	 	82.8	% 	 				 	 	88.2	% 	 				 					
 
(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 9	

Chubb Limited
Consolidated Results—Nine months ended September 30, 2018
(in millions of U.S. dollars, except ratios)
(Unaudited)

	YTD 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	 	$	9,342	 	 	$	3,601	 	 	$	1,380	 	 	$	6,664	 	 	$	554	 	 	$	—  	 	 	$	21,541	 	 	$	1,688	 	 	$	23,229	 		
Net premiums earned	 	 	9,325	 	 	 	3,463	 	 	 	1,251	 	 	 	6,425	 	 	 	492	 	 	 	—  	 	 	 	20,956	 	 	 	1,643	 	 	 	22,599	 		
Adjusted losses and loss expenses	 	 	5,873	 	 	 	2,474	 	 	 	953	 	 	 	3,263	 	 	 	236	 	 	 	72	 	 	 	12,871	 	 	 	584	 	 	 	13,455	 		
Policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	428	 	 	 	428	 		
(Gains) losses from fair value changes in separate account assets (1)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	18	 	 	 	18	 		
Policy acquisition costs	 	 	1,378	 	 	 	701	 	 	 	74	 	 	 	1,754	 	 	 	120	 	 	 	—  	 	 	 	4,027	 	 	 	405	 	 	 	4,432	 		
Administrative expenses	 	 	735	 	 	 	202	 	 	 	—  	 	 	 	757	 	 	 	29	 	 	 	200	 	 	 	1,923	 	 	 	235	 	 	 	2,158	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Underwriting income (loss)	 	 	1,339	 	 	 	86	 	 	 	224	 	 	 	651	 	 	 	107	 	 	 	(272	) 	 	 	2,135	 	 	 	(27	) 	 	 	2,108	 		
Adjusted net investment income	 	 	1,516	 	 	 	177	 	 	 	20	 	 	 	461	 	 	 	192	 	 	 	31	 	 	 	2,397	 	 	 	253	 	 	 	2,650	 		
Other income (expense)—operating (1)	 	 	20	 	 	 	(1	) 	 	 	(1	) 	 	 	12	 	 	 	26	 	 	 	(17	) 	 	 	39	 	 	 	(6	) 	 	 	33	 		
Amortization expense of purchased intangibles	 	 	—  	 	 	 	(10	) 	 	 	(21	) 	 	 	(29	) 	 	 	—  	 	 	 	(192	) 	 	 	(252	) 	 	 	(1	) 	 	 	(253	) 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Segment income (loss)	 	$	2,875	 	 	$	252	 	 	$	222	 	 	$	1,095	 	 	$	325	 	 	$	(450	) 	 	$	4,319	 	 	$	219	 	 	$	4,538	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted interest expense	 				 				 				 				 				 	 	(516	) 	 				 				 	 	(516	) 		
Income tax expense	 				 				 				 				 				 	 	(550	) 	 				 				 	 	(550	) 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Core operating income (loss)	 				 				 				 				 				 	 	(1,516	) 	 				 				 	 	3,472	 		
Chubb integration expenses, net of $7 million tax benefit	 				 				 				 				 				 	 	(32	) 	 				 				 	 	(32	) 		
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $32 million tax benefit (2)	 				 				 				 				 				 	 	(133	) 	 				 				 	 	(133	) 		
Adjusted net realized gains (losses), net of $25 million tax (3)	 				 				 				 				 				 	 	300	 	 				 				 	 	300	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Net income (loss)	 				 				 				 				 				 	$	(1,381	) 	 				 				 	$	3,607	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Combined ratio	 	 	85.6	% 	 	 	97.5	% 	 	 	82.1	% 	 	 	89.9	% 	 	 	78.3	% 	 				 	 	89.8	% 	 				 					
CAY combined ratio ex Cats	 	 	87.0	% 	 	 	80.8	% 	 	 	87.8	% 	 	 	90.6	% 	 	 	81.1	% 	 				 	 	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 - YTD 2018	  	Page 10	

Chubb Limited
Consolidated Results—Three months ended September 30, 2017
(in millions of U.S. dollars, except ratios)
(Unaudited)

	Q3 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	 	$	3,086	 	 	$	1,194	 	 	$	926	 	 	$	1,966	 	 	$	191	 	 	$	—  	 	 	$	7,363	 	 	$	539	 	 	$	7,902	 		
Net premiums earned	 	 	3,016	 	 	 	1,117	 	 	 	898	 	 	 	2,064	 	 	 	185	 	 	 	—  	 	 	 	7,280	 	 	 	527	 	 	 	7,807	 		
Adjusted losses and loss expenses	 	 	2,580	 	 	 	1,062	 	 	 	764	 	 	 	1,281	 	 	 	295	 	 	 	89	 	 	 	6,071	 	 	 	181	 	 	 	6,252	 		
Policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	169	 	 	 	169	 		
(Gains) losses from fair value changes in separate account assets (1)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(24	) 	 	 	(24	) 		
Policy acquisition costs	 	 	469	 	 	 	226	 	 	 	49	 	 	 	569	 	 	 	43	 	 	 	—  	 	 	 	1,356	 	 	 	132	 	 	 	1,488	 		
Administrative expenses	 	 	256	 	 	 	61	 	 	 	(1	) 	 	 	246	 	 	 	11	 	 	 	64	 	 	 	637	 	 	 	77	 	 	 	714	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Underwriting income (loss)	 	 	(289	) 	 	 	(232	) 	 	 	86	 	 	 	(32	) 	 	 	(164	) 	 	 	(153	) 	 	 	(784	) 	 	 	(8	) 	 	 	(792	) 		
Adjusted net investment income	 	 	497	 	 	 	57	 	 	 	6	 	 	 	164	 	 	 	80	 	 	 	11	 	 	 	815	 	 	 	78	 	 	 	893	 		
Other income (expense)—operating (1)	 	 	4	 	 	 	(1	) 	 	 	—  	 	 	 	10	 	 	 	3	 	 	 	(6	) 	 	 	10	 	 	 	(5	) 	 	 	5	 		
Amortization expense of purchased intangibles	 	 	—  	 	 	 	(4	) 	 	 	(8	) 	 	 	(11	) 	 	 	—  	 	 	 	(41	) 	 	 	(64	) 	 	 	(1	) 	 	 	(65	) 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Segment income (loss)	 	$	212	 	 	$	(180	) 	 	$	84	 	 	$	131	 	 	$	(81	) 	 	$	(189	) 	 	$	(23	) 	 	$	64	 	 	$	41	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted interest expense	 				 				 				 				 				 	 	(162	) 	 				 				 	 	(162	) 		
Income tax benefit	 				 				 				 				 				 	 	61	 	 				 				 	 	61	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Core operating loss	 				 				 				 				 				 	 	(290	) 	 				 				 	 	(60	) 		
Chubb integration expenses, net of $14 million tax benefit	 				 				 				 				 				 	 	(36	) 	 				 				 	 	(36	) 		
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $18 million tax benefit (2)	 				 				 				 				 				 	 	(50	) 	 				 				 	 	(50	) 		
Adjusted net realized gains (losses), net of $8 million tax (3)	 				 				 				 				 				 	 	76	 	 				 				 	 	76	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Net loss	 				 				 				 				 				 	$	(300	) 	 				 				 	$	(70	) 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Combined ratio	 	 	109.6	% 	 	 	120.8	% 	 	 	90.4	% 	 	 	101.6	% 	 	 	187.4	% 	 				 	 	110.8	% 	 				 					
CAY combined ratio ex Cats	 	 	88.7	% 	 	 	77.5	% 	 	 	90.3	% 	 	 	90.6	% 	 	 	82.2	% 	 				 	 	88.5	% 	 				 					
 
(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 2017	  	Page 11	

Chubb Limited
Consolidated Results—Nine months ended September 30, 2017
(in millions of U.S. dollars, except ratios)
(Unaudited)

	YTD 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	 	$	9,019	 	 	$	3,433	 	 	$	1,390	 	 	$	6,185	 	 	$	580	 	 	$	—  	 	 	$	20,607	 	 	$	1,586	 	 	$	22,193	 		
Net premiums earned	 	 	9,156	 	 	 	3,296	 	 	 	1,256	 	 	 	6,018	 	 	 	542	 	 	 	—  	 	 	 	20,268	 	 	 	1,548	 	 	 	21,816	 		
Adjusted losses and loss expenses	 	 	6,376	 	 	 	2,378	 	 	 	983	 	 	 	3,316	 	 	 	435	 	 	 	145	 	 	 	13,633	 	 	 	556	 	 	 	14,189	 		
Policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	500	 	 	 	500	 		
(Gains) losses from fair value changes in separate account assets (1)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(70	) 	 	 	(70	) 		
Policy acquisition costs	 	 	1,420	 	 	 	673	 	 	 	75	 	 	 	1,653	 	 	 	137	 	 	 	—  	 	 	 	3,958	 	 	 	376	 	 	 	4,334	 		
Administrative expenses	 	 	728	 	 	 	192	 	 	 	(4	) 	 	 	734	 	 	 	33	 	 	 	187	 	 	 	1,870	 	 	 	226	 	 	 	2,096	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Underwriting income (loss)	 	 	632	 	 	 	53	 	 	 	202	 	 	 	315	 	 	 	(63	) 	 	 	(332	) 	 	 	807	 	 	 	(40	) 	 	 	767	 		
Adjusted net investment income	 	 	1,465	 	 	 	168	 	 	 	18	 	 	 	460	 	 	 	207	 	 	 	36	 	 	 	2,354	 	 	 	230	 	 	 	2,584	 		
Other income (expense)—operating (1)	 	 	4	 	 	 	(3	) 	 	 	(1	) 	 	 	14	 	 	 	2	 	 	 	(27	) 	 	 	(11	) 	 	 	(10	) 	 	 	(21	) 		
Amortization expense of purchased intangibles	 	 	—  	 	 	 	(12	) 	 	 	(22	) 	 	 	(33	) 	 	 	—  	 	 	 	(125	) 	 	 	(192	) 	 	 	(2	) 	 	 	(194	) 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Segment income (loss)	 	$	2,101	 	 	$	206	 	 	$	197	 	 	$	756	 	 	$	146	 	 	$	(448	) 	 	$	2,958	 	 	$	178	 	 	$	3,136	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted interest expense	 				 				 				 				 				 	 	(488	) 	 				 				 	 	(488	) 		
Income tax expense	 				 				 				 				 				 	 	(353	) 	 				 				 	 	(353	) 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Core operating income (loss)	 				 				 				 				 				 	 	(1,289	) 	 				 				 	 	2,295	 		
Chubb integration expenses, net of $73 million tax benefit	 				 				 				 				 				 	 	(160	) 	 				 				 	 	(160	) 		
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $62 million tax benefit (2)	 				 				 				 				 				 	 	(157	) 	 				 				 	 	(157	) 		
Adjusted net realized gains (losses), net of $25 million tax (3)	 				 				 				 				 				 	 	350	 	 				 				 	 	350	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Net income (loss)	 				 				 				 				 				 	$	(1,256	) 	 				 				 	$	2,328	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Combined ratio	 	 	93.1	% 	 	 	98.4	% 	 	 	83.9	% 	 	 	94.8	% 	 	 	111.5	% 	 				 	 	96.0	% 	 				 					
CAY combined ratio ex Cats	 	 	87.6	% 	 	 	78.3	% 	 	 	    89.6	% 	 	 	    91.3	% 	 	 	78.6	% 	 				 	 	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 - YTD 2017	  	Page 12	

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

 	  	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	3Q-17	 	 	YTD
2018	 	 	YTD
2017	 	 	Full Year
2017	 	
Gross premiums written (1)	  	$	4,108	 	 	$	4,322	 	 	$	3,678	 	 	$	4,102	 	 	$	3,919	 	 	$	12,108	 	 	$	11,649	 	 	$	15,751	 	
Net premiums written (1)	  	 	3,199	 	 	 	3,331	 	 	 	2,812	 	 	 	3,000	 	 	 	3,086	 	 	 	9,342	 	 	 	9,019	 	 	 	12,019	 	
Net premiums earned	  	 	3,019	 	 	 	3,277	 	 	 	3,029	 	 	 	3,035	 	 	 	3,016	 	 	 	9,325	 	 	 	9,156	 	 	 	12,191	 	
Losses and loss expenses	  	 	1,881	 	 	 	2,084	 	 	 	1,908	 	 	 	1,911	 	 	 	2,580	 	 	 	5,873	 	 	 	6,376	 	 	 	8,287	 	
Policy acquisition costs	  	 	458	 	 	 	448	 	 	 	472	 	 	 	453	 	 	 	469	 	 	 	1,378	 	 	 	1,420	 	 	 	1,873	 	
Administrative expenses	  	 	251	 	 	 	253	 	 	 	231	 	 	 	253	 	 	 	256	 	 	 	735	 	 	 	728	 	 	 	981	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  	 	429	 	 	 	492	 	 	 	418	 	 	 	418	 	 	 	(289	) 	 	 	1,339	 	 	 	632	 	 	 	1,050	 	
Net investment income	  	 	503	 	 	 	510	 	 	 	503	 	 	 	496	 	 	 	497	 	 	 	1,516	 	 	 	1,465	 	 	 	1,961	 	
Other income (expense)—operating	  	 	1	 	 	 	13	 	 	 	6	 	 	 	(5	) 	 	 	4	 	 	 	20	 	 	 	4	 	 	 	(1	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	933	 	 	$	1,015	 	 	$	927	 	 	$	909	 	 	$	212	 	 	$	2,875	 	 	$	2,101	 	 	$	3,010	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY Underwriting income ex Cats	  	$	409	 	 	$	410	 	 	$	395	 	 	$	386	 	 	$	346	 	 	$	1,214	 	 	$	1,142	 	 	$	1,528	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	62.3	% 	 	 	63.6	% 	 	 	63.0	% 	 	 	63.0	% 	 	 	85.5	% 	 	 	63.0	% 	 	 	69.6	% 	 	 	68.0	% 	
Policy acquisition cost ratio	  	 	15.2	% 	 	 	13.7	% 	 	 	15.6	% 	 	 	14.9	% 	 	 	15.5	% 	 	 	14.7	% 	 	 	15.5	% 	 	 	15.4	% 	
Administrative expense ratio	  	 	8.3	% 	 	 	7.7	% 	 	 	7.6	% 	 	 	8.3	% 	 	 	8.6	% 	 	 	7.9	% 	 	 	8.0	% 	 	 	8.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	85.8	% 	 	 	85.0	% 	 	 	86.2	% 	 	 	86.2	% 	 	 	109.6	% 	 	 	85.6	% 	 	 	93.1	% 	 	 	91.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	63.5	% 	 	 	66.0	% 	 	 	64.0	% 	 	 	64.1	% 	 	 	65.2	% 	 	 	64.5	% 	 	 	64.3	% 	 	 	64.3	% 	
CAY policy acquisition costs and administrative expense ratio ex Cats	  	 	23.2	% 	 	 	21.4	% 	 	 	23.0	% 	 	 	23.2	% 	 	 	23.5	% 	 	 	22.5	% 	 	 	23.3	% 	 	 	23.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	86.7	% 	 	 	87.4	% 	 	 	87.0	% 	 	 	87.3	% 	 	 	88.7	% 	 	 	87.0	% 	 	 	87.6	% 	 	 	87.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe reinstatement premiums expensed—pre-tax	  	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	(1	) 	 	$	(3	) 	 	$	—  	 	 	$	(3	) 	 	$	(4	) 	
Catastrophe losses—pre-tax	  	$	196	 	 	$	73	 	 	$	78	 	 	$	167	 	 	$	868	 	 	$	347	 	 	$	1,053	 	 	$	1,220	 	
Favorable prior period development (PPD)—pre-tax (2)	  	$	(216	) 	 	$	(155	) 	 	$	(101	) 	 	$	(200	) 	 	$	(236	) 	 	$	(472	) 	 	$	(546	) 	 	$	(746	) 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	3.6	% 	 	 	4.0	% 	 	 	3.0	% 	 	 	-2.7	% 	 	 	-0.7	% 	 	 	3.6	% 	 	 	4.2	% 	 	 	2.4	% 	
Net premiums written excluding merger-related actions (3)	  	 	4.6	% 	 	 	5.4	% 	 	 	4.4	% 	 	 	-1.0	% 	 	 	1.1	% 	 	 	4.8	% 	 	 	6.8	% 	 	 	4.7	% 	
Net premiums earned	  	 	0.1	% 	 	 	5.8	% 	 	 	-0.4	% 	 	 	-1.7	% 	 	 	-2.3	% 	 	 	1.8	% 	 	 	0.3	% 	 	 	-0.2	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	78	% 	 	 	77	% 	 	 	76	% 	 	 	73	% 	 	 	79	% 	 	 	77	% 	 	 	77	% 	 	 	76	% 	
Production by Size	  				 				 				 				 				 				 				 				
Net Premiums Written (1)	  				 				 				 				 				 				 				 				
Major Accounts & Specialty (4)	  	$	1,852	 	 	$	2,040	 	 	$	1,630	 	 	$	1,753	 	 	$	1,786	 	 	$	5,522	 	 	$	5,323	 	 	$	7,076	 	
Commercial (4)	  	 	1,347	 	 	 	1,291	 	 	 	1,182	 	 	 	1,247	 	 	 	1,300	 	 	 	3,820	 	 	 	3,696	 	 	 	4,943	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	3,199	 	 	$	3,331	 	 	$	2,812	 	 	$	3,000	 	 	$	3,086	 	 	$	9,342	 	 	$	9,019	 	 	$	12,019	 	

(1)	2017 amounts (Q1: $12 million; Q2: $1 million; Q3: $3 million; Q4: $(7) million) have been revised to reflect the North America Commercial P&C Insurance segment transfer of certain multinational accounts to (from) the Overseas General Insurance segment to better align the reporting with the management of these businesses in 2018. There is no impact on a consolidated basis.	
(2)	For Q3 2018, favorable prior period development is net of $40 million of unfavorable net premiums earned adjustments, $1 million of unfavorable expense adjustments and $1 million of unfavorable reinstatement premium adjustments. For YTD 2018, favorable prior period development is net of $29 million of unfavorable net premiums earned adjustments, $7 million of unfavorable expense adjustments and $5 million of unfavorable reinstatement premium adjustments.	
For Q3 2017, favorable prior period development is net of $39 million of unfavorable net premiums earned adjustments and $6 million of unfavorable expense adjustments. For YTD 2017, favorable prior period development is net of $42 million of unfavorable net premiums earned adjustments, $6 million of unfavorable expense adjustments and $9 million of unfavorable reinstatement premium adjustments.
(3)	Q3 2018 and YTD 2018 include the adverse impact of merger-related actions, respectively, as follows: Major Accounts & Specialty $31 million and $110 million; Commercial $nil and $4 million.	
(4)	Major Accounts & Specialty: principally large corporate accounts and wholesale business. Commercial: principally middle market and small commercial accounts.	

NA Commercial	  	Page 13	

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

 	  	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	3Q-17	 	 	YTD
2018	 	 	YTD
2017	 	 	Full Year
2017	 	
Gross premiums written	  	$	1,369	 	 	$	1,489	 	 	$	1,181	 	 	$	1,260	 	 	$	1,338	 	 	$	4,039	 	 	$	3,892	 	 	$	5,152	 	
Net premiums written	  	 	1,218	 	 	 	1,335	 	 	 	1,048	 	 	 	1,100	 	 	 	1,194	 	 	 	3,601	 	 	 	3,433	 	 	 	4,533	 	
Net premiums earned	  	 	1,167	 	 	 	1,156	 	 	 	1,140	 	 	 	1,103	 	 	 	1,117	 	 	 	3,463	 	 	 	3,296	 	 	 	4,399	 	
Losses and loss expenses	  	 	860	 	 	 	728	 	 	 	886	 	 	 	887	 	 	 	1,062	 	 	 	2,474	 	 	 	2,378	 	 	 	3,265	 	
Policy acquisition costs	  	 	236	 	 	 	228	 	 	 	237	 	 	 	226	 	 	 	226	 	 	 	701	 	 	 	673	 	 	 	899	 	
Administrative expenses	  	 	69	 	 	 	68	 	 	 	65	 	 	 	72	 	 	 	61	 	 	 	202	 	 	 	192	 	 	 	264	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  	 	2	 	 	 	132	 	 	 	(48	) 	 	 	(82	) 	 	 	(232	) 	 	 	86	 	 	 	53	 	 	 	(29	) 	
Net investment income	  	 	59	 	 	 	59	 	 	 	59	 	 	 	58	 	 	 	57	 	 	 	177	 	 	 	168	 	 	 	226	 	
Other expense—operating	  	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	(1	) 	 	 	(1	) 	 	 	(3	) 	 	 	(4	) 	
Amortization expense of purchased intangibles	  	 	(4	) 	 	 	(3	) 	 	 	(3	) 	 	 	(4	) 	 	 	(4	) 	 	 	(10	) 	 	 	(12	) 	 	 	(16	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	  	$	57	 	 	$	187	 	 	$	8	 	 	$	(29	) 	 	$	(180	) 	 	$	252	 	 	$	206	 	 	$	177	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY Underwriting income ex Cats	  	$	196	 	 	$	240	 	 	$	230	 	 	$	218	 	 	$	251	 	 	$	666	 	 	$	715	 	 	$	933	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	73.7	% 	 	 	63.0	% 	 	 	77.7	% 	 	 	80.4	% 	 	 	95.1	% 	 	 	71.5	% 	 	 	72.2	% 	 	 	74.2	% 	
Policy acquisition cost ratio	  	 	20.2	% 	 	 	19.7	% 	 	 	20.8	% 	 	 	20.5	% 	 	 	20.2	% 	 	 	20.2	% 	 	 	20.4	% 	 	 	20.4	% 	
Administrative expense ratio	  	 	5.9	% 	 	 	5.9	% 	 	 	5.7	% 	 	 	6.6	% 	 	 	5.5	% 	 	 	5.8	% 	 	 	5.8	% 	 	 	6.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	99.8	% 	 	 	88.6	% 	 	 	104.2	% 	 	 	107.5	% 	 	 	120.8	% 	 	 	97.5	% 	 	 	98.4	% 	 	 	100.7	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	57.1	% 	 	 	53.7	% 	 	 	53.3	% 	 	 	54.0	% 	 	 	51.9	% 	 	 	54.7	% 	 	 	52.1	% 	 	 	52.6	% 	
CAY policy acquisition costs and administrative expense ratio ex Cats	  	 	26.1	% 	 	 	25.6	% 	 	 	26.4	% 	 	 	26.5	% 	 	 	25.6	% 	 	 	26.1	% 	 	 	26.2	% 	 	 	26.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	83.2	% 	 	 	79.3	% 	 	 	79.7	% 	 	 	80.5	% 	 	 	77.5	% 	 	 	80.8	% 	 	 	78.3	% 	 	 	78.9	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe reinstatement premiums expensed—pre-tax	  	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	(19	) 	 	$	(3	) 	 	$	—  	 	 	$	(3	) 	 	$	(22	) 	
Catastrophe losses—pre-tax	  	$	136	 	 	$	101	 	 	$	284	 	 	$	278	 	 	$	448	 	 	$	521	 	 	$	593	 	 	$	871	 	
Unfavorable (favorable) prior period development (PPD)—pre-tax  (1)	  	$	58	 	 	$	7	 	 	$	(6	) 	 	$	3	 	 	$	32	 	 	$	59	 	 	$	66	 	 	$	69	 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	2.0	% 	 	 	6.4	% 	 	 	6.5	% 	 	 	5.8	% 	 	 	18.0	% 	 	 	4.9	% 	 	 	10.3	% 	 	 	9.1	% 	
Net premiums written excluding merger-related actions, one-time accounting actions, Fireman’s Fund non-renewal and Reinstatement premiums	  	 	2.7	% 	 	 	3.2	% 	 	 	2.7	% 	 				 				 	 	2.9	% 	 				 				
Net premiums earned	  	 	4.5	% 	 	 	5.6	% 	 	 	5.1	% 	 	 	2.6	% 	 	 	3.4	% 	 	 	5.1	% 	 	 	1.6	% 	 	 	1.9	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	89	% 	 	 	90	% 	 	 	89	% 	 	 	87	% 	 	 	89	% 	 	 	89	% 	 	 	88	% 	 	 	88	% 	
 
(1)	For Q3 2018 and YTD 2018, unfavorable prior period development is net of $1 million of unfavorable reinstatement premium adjustments.	

NA Personal	  	Page 14	

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

 	  	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	3Q-17	 	 	YTD
2018	 	 	YTD
2017	 	 	Full Year
2017	 	
Gross premiums written	  	$	1,270	 	 	$	543	 	 	$	205	 	 	$	276	 	 	$	1,303	 	 	$	2,018	 	 	$	2,039	 	 	$	2,315	 	
Net premiums written	  	 	884	 	 	 	388	 	 	 	108	 	 	 	126	 	 	 	926	 	 	 	1,380	 	 	 	1,390	 	 	 	1,516	 	
Net premiums earned	  	 	857	 	 	 	351	 	 	 	43	 	 	 	252	 	 	 	898	 	 	 	1,251	 	 	 	1,256	 	 	 	1,508	 	
Adjusted losses and loss expenses (1)	  	 	727	 	 	 	281	 	 	 	(55	) 	 	 	60	 	 	 	764	 	 	 	953	 	 	 	983	 	 	 	1,043	 	
Policy acquisition costs	  	 	49	 	 	 	26	 	 	 	(1	) 	 	 	6	 	 	 	49	 	 	 	74	 	 	 	75	 	 	 	81	 	
Administrative expenses	  	 	2	 	 	 	1	 	 	 	(3	) 	 	 	(4	) 	 	 	(1	) 	 	 	—  	 	 	 	(4	) 	 	 	(8	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	 	79	 	 	 	43	 	 	 	102	 	 	 	190	 	 	 	86	 	 	 	224	 	 	 	202	 	 	 	392	 	
Net investment income	  	 	7	 	 	 	6	 	 	 	7	 	 	 	7	 	 	 	6	 	 	 	20	 	 	 	18	 	 	 	25	 	
Other expense—operating	  	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	(1	) 	 	 	(2	) 	
Amortization expense of purchased intangibles	  	 	(7	) 	 	 	(7	) 	 	 	(7	) 	 	 	(7	) 	 	 	(8	) 	 	 	(21	) 	 	 	(22	) 	 	 	(29	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	79	 	 	$	41	 	 	$	102	 	 	$	189	 	 	$	84	 	 	$	222	 	 	$	197	 	 	$	386	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY Underwriting income ex Cats	  	$	86	 	 	$	45	 	 	$	27	 	 	$	154	 	 	$	87	 	 	$	158	 	 	$	137	 	 	$	291	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	84.9	% 	 	 	80.0	% 	 	 	NM	 	 	 	23.7	% 	 	 	85.1	% 	 	 	76.2	% 	 	 	78.3	% 	 	 	69.2	% 	
Policy acquisition cost ratio	  	 	5.7	% 	 	 	7.4	% 	 	 	NM	 	 	 	2.4	% 	 	 	5.4	% 	 	 	5.9	% 	 	 	6.0	% 	 	 	5.4	% 	
Administrative expense ratio	  	 	0.1	% 	 	 	0.5	% 	 	 	NM	 	 	 	-1.7	% 	 	 	-0.1	% 	 	 	0.0	% 	 	 	-0.4	% 	 	 	-0.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	90.7	% 	 	 	87.9	% 	 	 	NM	 	 	 	24.4	% 	 	 	90.4	% 	 	 	82.1	% 	 	 	83.9	% 	 	 	74.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	84.1	% 	 	 	79.3	% 	 	 	68.9	% 	 	 	36.9	% 	 	 	84.9	% 	 	 	81.8	% 	 	 	83.9	% 	 	 	76.2	% 	
CAY policy acquisition costs and administrative expense ratio ex Cats	  	 	5.8	% 	 	 	7.9	% 	 	 	-1.2	% 	 	 	3.1	% 	 	 	5.4	% 	 	 	6.0	% 	 	 	5.7	% 	 	 	5.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	89.9	% 	 	 	87.2	% 	 	 	67.7	% 	 	 	40.0	% 	 	 	90.3	% 	 	 	87.8	% 	 	 	89.6	% 	 	 	81.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe losses—pre-tax	  	$	8	 	 	$	2	 	 	$	1	 	 	$	—  	 	 	$	5	 	 	$	11	 	 	$	18	 	 	$	18	 	
Favorable prior period development (PPD)—pre-tax (2)	  	$	(1	) 	 	$	—  	 	 	$	(76	) 	 	$	(36	) 	 	$	(4	) 	 	$	(77	) 	 	$	(83	) 	 	$	(119	) 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	-4.5	% 	 	 	-3.7	% 	 	 	76.2	% 	 	 	214.3	% 	 	 	9.0	% 	 	 	-0.7	% 	 	 	7.9	% 	 	 	14.2	% 	
Net premiums earned	  	 	-4.6	% 	 	 	2.2	% 	 	 	214.2	% 	 	 	72.3	% 	 	 	9.6	% 	 	 	-0.3	% 	 	 	7.4	% 	 	 	14.6	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	70	% 	 	 	71	% 	 	 	53	% 	 	 	46	% 	 	 	71	% 	 	 	68	% 	 	 	68	% 	 	 	66	% 	
 
(1)	Includes realized gains/losses on crop derivatives.	
(2)	For YTD 2018, favorable prior period development is net of $40 million of unfavorable net premiums earned adjustments and $4 million of favorable profit-sharing commissions. For YTD 2017, favorable prior period development is net of $61 million of unfavorable net premiums earned adjustments and $4 million of favorable profit-sharing commissions.	

NA Agriculture	  	Page 15	

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

 	  	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	3Q-17	 	 	YTD
2018	 	 	YTD
2017	 	 	Full Year
2017	 	
Gross premiums written (1)	  	$	2,541	 	 	$	2,743	 	 	$	2,872	 	 	$	2,632	 	 	$	2,380	 	 	$	8,156	 	 	$	7,519	 	 	$	10,151	 	
Net premiums written (1)	  	 	2,081	 	 	 	2,199	 	 	 	2,384	 	 	 	2,165	 	 	 	1,966	 	 	 	6,664	 	 	 	6,185	 	 	 	8,350	 	
Net premiums earned	  	 	2,157	 	 	 	2,161	 	 	 	2,107	 	 	 	2,113	 	 	 	2,064	 	 	 	6,425	 	 	 	6,018	 	 	 	8,131	 	
Losses and loss expenses	  	 	1,114	 	 	 	1,071	 	 	 	1,078	 	 	 	965	 	 	 	1,281	 	 	 	3,263	 	 	 	3,316	 	 	 	4,281	 	
Policy acquisition costs	  	 	582	 	 	 	584	 	 	 	588	 	 	 	568	 	 	 	569	 	 	 	1,754	 	 	 	1,653	 	 	 	2,221	 	
Administrative expenses	  	 	252	 	 	 	266	 	 	 	239	 	 	 	248	 	 	 	246	 	 	 	757	 	 	 	734	 	 	 	982	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  	 	209	 	 	 	240	 	 	 	202	 	 	 	332	 	 	 	(32	) 	 	 	651	 	 	 	315	 	 	 	647	 	
Net investment income	  	 	155	 	 	 	155	 	 	 	151	 	 	 	150	 	 	 	164	 	 	 	461	 	 	 	460	 	 	 	610	 	
Other income (expense)—operating	  	 	7	 	 	 	12	 	 	 	(7	) 	 	 	(10	) 	 	 	10	 	 	 	12	 	 	 	14	 	 	 	4	 	
Amortization expense of purchased intangibles	  	 	(8	) 	 	 	(11	) 	 	 	(10	) 	 	 	(12	) 	 	 	(11	) 	 	 	(29	) 	 	 	(33	) 	 	 	(45	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	363	 	 	$	396	 	 	$	336	 	 	$	460	 	 	$	131	 	 	$	1,095	 	 	$	756	 	 	$	1,216	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY Underwriting income ex Cats	  	$	217	 	 	$	194	 	 	$	195	 	 	$	204	 	 	$	195	 	 	$	606	 	 	$	526	 	 	$	730	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	51.7	% 	 	 	49.6	% 	 	 	51.1	% 	 	 	45.7	% 	 	 	62.1	% 	 	 	50.8	% 	 	 	55.1	% 	 	 	52.6	% 	
Policy acquisition cost ratio	  	 	26.9	% 	 	 	27.0	% 	 	 	27.9	% 	 	 	26.9	% 	 	 	27.6	% 	 	 	27.3	% 	 	 	27.5	% 	 	 	27.3	% 	
Administrative expense ratio	  	 	11.7	% 	 	 	12.3	% 	 	 	11.4	% 	 	 	11.7	% 	 	 	11.9	% 	 	 	11.8	% 	 	 	12.2	% 	 	 	12.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	90.3	% 	 	 	88.9	% 	 	 	90.4	% 	 	 	84.3	% 	 	 	101.6	% 	 	 	89.9	% 	 	 	94.8	% 	 	 	92.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	51.3	% 	 	 	51.7	% 	 	 	51.4	% 	 	 	51.6	% 	 	 	51.3	% 	 	 	51.5	% 	 	 	51.7	% 	 	 	51.7	% 	
CAY policy acquisition costs and administrative expense ratio ex Cats	  	 	38.7	% 	 	 	39.3	% 	 	 	39.3	% 	 	 	38.7	% 	 	 	39.3	% 	 	 	39.1	% 	 	 	39.6	% 	 	 	39.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	90.0	% 	 	 	91.0	% 	 	 	90.7	% 	 	 	90.3	% 	 	 	90.6	% 	 	 	90.6	% 	 	 	91.3	% 	 	 	91.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe reinstatement premiums (expenses) collected—pre-tax	  	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	5	 	 	$	(9	) 	 	$	—  	 	 	$	(9	) 	 	$	(4	) 	
Catastrophe losses—pre-tax	  	$	80	 	 	$	26	 	 	$	15	 	 	$	(55	) 	 	$	326	 	 	$	121	 	 	$	386	 	 	$	331	 	
Favorable prior period development (PPD)—pre-tax (2)	  	$	(72	) 	 	$	(72	) 	 	$	(22	) 	 	$	(68	) 	 	$	(108	) 	 	$	(166	) 	 	$	(184	) 	 	$	(252	) 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	5.9	% 	 	 	9.6	% 	 	 	7.8	% 	 	 	2.5	% 	 	 	1.3	% 	 	 	7.7	% 	 	 	2.9	% 	 	 	2.8	% 	
Net premiums earned	  	 	4.5	% 	 	 	7.1	% 	 	 	8.8	% 	 	 	3.1	% 	 	 	1.4	% 	 	 	6.8	% 	 	 	-1.1	% 	 	 	0.0	% 	
Net premiums written constant $	  	 	7.5	% 	 	 	5.1	% 	 	 	1.4	% 	 	 	-0.2	% 	 	 	1.3	% 	 	 	4.5	% 	 	 	3.9	% 	 	 	2.8	% 	
Net premiums earned constant $	  	 	5.9	% 	 	 	2.0	% 	 	 	3.0	% 	 	 	0.2	% 	 	 	0.9	% 	 	 	3.6	% 	 	 	-0.6	% 	 	 	-0.4	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	82	% 	 	 	80	% 	 	 	83	% 	 	 	82	% 	 	 	83	% 	 	 	82	% 	 	 	82	% 	 	 	82	% 	
 
(1)	2017 amounts (Q1: $12 million; Q2: $1 million; Q3: $3 million; Q4: $(7) million) have been revised to reflect the North America Commercial P&C Insurance segment transfer of certain multinational accounts to (from) the Overseas General Insurance segment to better align the reporting with the management of these businesses in 2018. There is no impact on a consolidated basis.	
(2)	For Q3 2018 and YTD 2018, favorable prior period development is net of $2 million of unfavorable reinstatement premium adjustments.	

Overseas General Insurance	  	Page 16	

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

 	  	3Q-18	 	  	3Q-17	 	  	% Change
3Q-18 vs.
3Q-17	 	 	Constant $
3Q-17	 	  	Constant $
% Change
3Q-18 vs.
3Q-17	 	 	YTD
2018	 	  	YTD
2017	 	  	% Change
YTD-18 vs.
YTD-17	 	 	Constant $
YTD
2017	 	  	Constant $
% Change
YTD-18 vs.
YTD-17	 	
Net premiums written	  				  				  				 				  				 				  				  				 				  				
Europe	  	$	727	 	  	$	691	 	  	 	5.2	% 	 	$	703	 	  	 	3.4	% 	 	$	2,641	 	  	$	2,447	 	  	 	7.9	% 	 	$	2,624	 	  	 	0.6	% 	
Latin America	  	 	519	 	  	 	514	 	  	 	1.0	% 	 	 	473	 	  	 	9.7	% 	 	 	1,597	 	  	 	1,519	 	  	 	5.1	% 	 	 	1,474	 	  	 	8.3	% 	
Asia	  	 	755	 	  	 	681	 	  	 	10.9	% 	 	 	683	 	  	 	10.5	% 	 	 	2,176	 	  	 	1,931	 	  	 	12.7	% 	 	 	1,988	 	  	 	9.5	% 	
Other (1) (2)	  	 	80	 	  	 	80	 	  	 	0.0	% 	 	 	78	 	  	 	2.6	% 	 	 	250	 	  	 	288	 	  	 	-13.2	% 	 	 	294	 	  	 	-15.0	% 	
	  	 	 	 	  	 	 	 	  				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  				
Total	  	$	2,081	 	  	$	1,966	 	  	 	5.9	% 	 	$	1,937	 	  	 	7.5	% 	 	$	6,664	 	  	$	6,185	 	  	 	7.7	% 	 	$	6,380	 	  	 	4.5	% 	

(1)	Q3 2017 and YTD 2017 was revised to include $3 million and $16 million, respectively, representing the transfer of certain multinational accounts from the North America Commercial P&C Insurance segment to better align the reporting with the management of these businesses in 2018. There is no impact on a consolidated basis.	
(2)	Primarily includes Eurasia and Africa, and the company’s international supplemental A&H business of Combined Insurance.	

Overseas General Ins. - Region	  	Page 17	

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

 	  	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	3Q-17	 	 	YTD
2018	 	 	YTD
2017	 	 	Full Year
2017	 	
Gross premiums written	  	$	167	 	 	$	233	 	 	$	205	 	 	$	104	 	 	$	202	 	 	$	605	 	 	$	642	 	 	$	746	 	
Net premiums written	  	 	164	 	 	 	197	 	 	 	193	 	 	 	105	 	 	 	191	 	 	 	554	 	 	 	580	 	 	 	685	 	
Net premiums earned	  	 	157	 	 	 	167	 	 	 	168	 	 	 	162	 	 	 	185	 	 	 	492	 	 	 	542	 	 	 	704	 	
Losses and loss expenses	  	 	86	 	 	 	83	 	 	 	67	 	 	 	126	 	 	 	295	 	 	 	236	 	 	 	435	 	 	 	561	 	
Policy acquisition costs	  	 	40	 	 	 	40	 	 	 	40	 	 	 	40	 	 	 	43	 	 	 	120	 	 	 	137	 	 	 	177	 	
Administrative expenses	  	 	10	 	 	 	9	 	 	 	10	 	 	 	11	 	 	 	11	 	 	 	29	 	 	 	33	 	 	 	44	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  	 	21	 	 	 	35	 	 	 	51	 	 	 	(15	) 	 	 	(164	) 	 	 	107	 	 	 	(63	) 	 	 	(78	) 	
Net investment income	  	 	63	 	 	 	65	 	 	 	64	 	 	 	66	 	 	 	80	 	 	 	192	 	 	 	207	 	 	 	273	 	
Other income (expense)—operating	  	 	13	 	 	 	6	 	 	 	7	 	 	 	(1	) 	 	 	3	 	 	 	26	 	 	 	2	 	 	 	1	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	  	$	97	 	 	$	106	 	 	$	122	 	 	$	50	 	 	$	(81	) 	 	$	325	 	 	$	146	 	 	$	196	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY Underwriting income ex Cats	  	$	27	 	 	$	28	 	 	$	39	 	 	$	32	 	 	$	26	 	 	$	94	 	 	$	107	 	 	$	139	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	55.0	% 	 	 	49.4	% 	 	 	40.1	% 	 	 	78.9	% 	 	 	158.2	% 	 	 	48.0	% 	 	 	80.1	% 	 	 	79.8	% 	
Policy acquisition cost ratio	  	 	25.2	% 	 	 	24.2	% 	 	 	23.6	% 	 	 	24.4	% 	 	 	23.4	% 	 	 	24.3	% 	 	 	25.3	% 	 	 	25.1	% 	
Administrative expense ratio	  	 	6.5	% 	 	 	5.7	% 	 	 	5.8	% 	 	 	6.9	% 	 	 	5.8	% 	 	 	6.0	% 	 	 	6.1	% 	 	 	6.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	86.7	% 	 	 	79.3	% 	 	 	69.5	% 	 	 	110.2	% 	 	 	187.4	% 	 	 	78.3	% 	 	 	111.5	% 	 	 	111.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	51.2	% 	 	 	53.0	% 	 	 	47.7	% 	 	 	50.1	% 	 	 	46.5	% 	 	 	50.6	% 	 	 	44.6	% 	 	 	46.0	% 	
CAY policy acquisition costs and administrative expense ratio ex Cats	  	 	31.6	% 	 	 	30.5	% 	 	 	29.3	% 	 	 	31.3	% 	 	 	35.7	% 	 	 	30.5	% 	 	 	34.0	% 	 	 	33.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	82.8	% 	 	 	83.5	% 	 	 	77.0	% 	 	 	81.4	% 	 	 	82.2	% 	 	 	81.1	% 	 	 	78.6	% 	 	 	79.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe reinstatement premiums collected—pre-tax	  	$	4	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	37	 	 	$	4	 	 	$	37	 	 	$	37	 	
Catastrophe losses—pre-tax	  	$	34	 	 	$	9	 	 	$	2	 	 	$	42	 	 	$	268	 	 	$	45	 	 	$	271	 	 	$	313	 	
Unfavorable (favorable) prior period development (PPD)—pre-tax (1)	  	$	(24	) 	 	$	(16	) 	 	$	(14	) 	 	$	5	 	 	$	(41	) 	 	$	(54	) 	 	$	(64	) 	 	$	(59	) 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written as reported	  	 	-14.3	% 	 	 	3.8	% 	 	 	-3.0	% 	 	 	-8.2	% 	 	 	47.1	% 	 	 	-4.5	% 	 	 	3.3	% 	 	 	1.4	% 	
Net premiums earned as reported	  	 	-15.7	% 	 	 	-0.6	% 	 	 	-11.0	% 	 	 	-3.4	% 	 	 	20.4	% 	 	 	-9.4	% 	 	 	0.0	% 	 	 	-0.7	% 	
Net premiums written constant $	  	 	-14.7	% 	 	 	1.5	% 	 	 	-4.8	% 	 	 	-9.3	% 	 	 	47.9	% 	 	 	-5.9	% 	 	 	4.5	% 	 	 	2.2	% 	
Net premiums earned constant $	  	 	-16.0	% 	 	 	-3.1	% 	 	 	-12.8	% 	 	 	-5.1	% 	 	 	20.0	% 	 	 	-10.8	% 	 	 	1.0	% 	 	 	-0.4	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	98	% 	 	 	85	% 	 	 	94	% 	 	 	100	% 	 	 	95	% 	 	 	92	% 	 	 	91	% 	 	 	92	% 	
 
(1)	For Q3 2018, favorable prior period development is net of $4 million of unfavorable net premiums earned adjustments. For YTD 2018, favorable prior period development is net of $7 million of unfavorable net premiums earned adjustments and $1 million of favorable acquisition expense adjustments. For Q3 2017, favorable prior period development is net of $3 million of unfavorable net premiums earned adjustments. For YTD 2017, favorable prior period development is net of $4 million of favorable net premiums earned adjustments.	

Global Reinsurance	  	Page 18	

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

 	  	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	3Q-17	 	 	YTD
2018	 	 	YTD
2017	 	 	Full Year
2017	 	
Gross premiums written	  	$	599	 	 	$	599	 	 	$	592	 	 	$	586	 	 	$	568	 	 	$	1,790	 	 	$	1,675	 	 	$	2,261	 	
Net premiums written	  	 	 564	 	 	 	 565	 	 	 	 559	 	 	 	 555	 	 	 	 539	 	 	 	1,688	 	 	 	1,586	 	 	 	2,141	 	
Net premiums earned	  	 	551	 	 	 	552	 	 	 	540	 	 	 	553	 	 	 	527	 	 	 	1,643	 	 	 	1,548	 	 	 	2,101	 	
Losses and loss expenses	  	 	195	 	 	 	184	 	 	 	205	 	 	 	183	 	 	 	181	 	 	 	584	 	 	 	556	 	 	 	739	 	
Policy benefits (1)	  	 	127	 	 	 	150	 	 	 	151	 	 	 	176	 	 	 	169	 	 	 	428	 	 	 	500	 	 	 	676	 	
(Gains) losses from fair value changes in separate account assets (1)	  	 	14	 	 	 	10	 	 	 	(6	) 	 	 	(27	) 	 	 	(24	) 	 	 	18	 	 	 	(70	) 	 	 	(97	) 	
Policy acquisition costs	  	 	139	 	 	 	138	 	 	 	128	 	 	 	154	 	 	 	132	 	 	 	405	 	 	 	376	 	 	 	530	 	
Administrative expenses	  	 	77	 	 	 	80	 	 	 	78	 	 	 	77	 	 	 	77	 	 	 	235	 	 	 	226	 	 	 	303	 	
Net investment income	  	 	85	 	 	 	85	 	 	 	83	 	 	 	83	 	 	 	78	 	 	 	253	 	 	 	230	 	 	 	313	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Life Insurance underwriting income (2)	  	 	84	 	 	 	75	 	 	 	67	 	 	 	73	 	 	 	70	 	 	 	226	 	 	 	190	 	 	 	263	 	
Other income (expense)—operating	  	 	(6	) 	 	 	2	 	 	 	(2	) 	 	 	(3	) 	 	 	(5	) 	 	 	(6	) 	 	 	(10	) 	 	 	(13	) 	
Amortization expense of purchased intangibles	  	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	(1	) 	 	 	(2	) 	 	 	(2	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	78	 	 	$	77	 	 	$	64	 	 	$	70	 	 	$	64	 	 	$	219	 	 	$	178	 	 	$	248	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	4.8	% 	 	 	8.0	% 	 	 	6.7	% 	 	 	1.2	% 	 	 	1.1	% 	 	 	6.5	% 	 	 	0.6	% 	 	 	0.8	% 	
Net premiums earned	  	 	4.6	% 	 	 	7.2	% 	 	 	6.8	% 	 	 	3.5	% 	 	 	2.8	% 	 	 	6.2	% 	 	 	1.8	% 	 	 	2.2	% 	
Net premiums written constant $	  	 	5.1	% 	 	 	6.5	% 	 	 	5.0	% 	 	 	0.3	% 	 	 	1.1	% 	 	 	5.5	% 	 	 	0.3	% 	 	 	0.3	% 	
Net premiums earned constant $	  	 	4.9	% 	 	 	5.7	% 	 	 	5.0	% 	 	 	2.3	% 	 	 	2.8	% 	 	 	5.2	% 	 	 	1.3	% 	 	 	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):

 	  	3Q-18	 	 	3Q-17	 	 	% Change
3Q-18 vs.
3Q-17	 	 	Constant $
% Change
3Q-18 vs.
3Q-17	 	 	YTD-18	 	 	YTD-17	 	 	% Change
YTD-18  vs.
YTD-17	 	 	Constant $
% Change
YTD-18 vs.
YTD-17	 	
International life insurance net premiums written	  	$	217	     	 	$	203	     	 	 	6.9	% 	 	 	7.4	% 	 	$	 654	     	 	$	 600	     	 	 	9.0	% 	 	 	7.2	% 	
International life insurance deposits (3)	  	 	392	 	 	 	422	 	 	 	-7.1	% 	 	 	-7.1	% 	 	 	1,163	 	 	 	1,048	 	 	 	10.9	% 	 	 	8.7	% 	
	  	 	 	 	 	 	 	 	 				 				 	 	 	 	 	 	 	 	 				 				
Total international life insurance net premiums written and deposits	  	$	609	 	 	$	625	 	 	 	-2.5	% 	 	 	-2.4	% 	 	$	1,817	 	 	$	1,648	 	 	 	10.2	% 	 	 	8.1	% 	
	  	 	 	 	 	 	 	 	 				 				 	 	 	 	 	 	 	 	 				 				
International life insurance segment income	  	$	29	 	 	$	13	 	 	 	122.1	% 	 	 	128.7	% 	 	$	71	 	 	$	35	 	 	 	101.7	% 	 	 	107.8	% 	

(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 19	

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

 	  	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	3Q-17	 	 	YTD
2018	 	 	YTD
2017	 	 	Full Year
2017	 	
Gross premiums written	  	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	
Net premiums written	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Net premiums earned	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Losses and loss expenses	  	 	13	 	 	 	48	 	 	 	11	 	 	 	140	 	 	 	89	 	 	 	72	 	 	 	145	 	 	 	285	 	
Policy acquisition costs	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Administrative expenses	  	 	58	 	 	 	70	 	 	 	72	 	 	 	80	 	 	 	64	 	 	 	200	 	 	 	187	 	 	 	267	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting loss	  	 	(71	) 	 	 	(118	) 	 	 	(83	) 	 	 	(220	) 	 	 	(153	) 	 	 	(272	) 	 	 	(332	) 	 	 	(552	) 	
Adjusted net investment income	  	 	11	 	 	 	10	 	 	 	10	 	 	 	13	 	 	 	11	 	 	 	31	 	 	 	36	 	 	 	49	 	
Other expense—operating	  	 	(8	) 	 	 	(2	) 	 	 	(7	) 	 	 	(61	) 	 	 	(6	) 	 	 	(17	) 	 	 	(27	) 	 	 	(88	) 	
Adjusted interest expense (1)	  	 	(170	) 	 	 	(177	) 	 	 	(169	) 	 	 	(168	) 	 	 	(162	) 	 	 	(516	) 	 	 	(488	) 	 	 	(656	) 	
Amortization expense of purchased intangibles	  	 	(64	) 	 	 	(64	) 	 	 	(64	) 	 	 	(43	) 	 	 	(41	) 	 	 	(192	) 	 	 	(125	) 	 	 	(168	) 	
2017 tax reform transition benefit	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	450	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	450	 	
Income tax (expense) benefit ex 2017 tax reform transition benefit	  	 	(183	) 	 	 	(218	) 	 	 	(149	) 	 	 	(131	) 	 	 	61	 	 	 	(550	) 	 	 	(353	) 	 	 	(484	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating loss	  	 	(485	) 	 	 	(569	) 	 	 	(462	) 	 	 	(160	) 	 	 	(290	) 	 	 	(1,516	) 	 	 	(1,289	) 	 	 	(1,449	) 	
Chubb integration expenses, net of tax	  	 	(14	) 	 	 	(10	) 	 	 	(8	) 	 	 	(57	) 	 	 	(36	) 	 	 	(32	) 	 	 	(160	) 	 	 	(217	) 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	(42	) 	 	 	(41	) 	 	 	(50	) 	 	 	(41	) 	 	 	(50	) 	 	 	(133	) 	 	 	(157	) 	 	 	(198	) 	
Adjusted net realized gains (losses), net of tax (2)	  	 	165	 	 	 	92	 	 	 	43	 	 	 	142	 	 	 	76	 	 	 	300	 	 	 	350	 	 	 	492	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net loss	  	$	(376	) 	 	$	(528	) 	 	$	(477	) 	 	$	(116	) 	 	$	 (300)	 	 	$	(1,381)	 	 	$	(1,256)	 	 	$	(1,372)	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unfavorable prior period development (PPD)—pre-tax	  	$	12	 	 	$	45	 	 	$	10	 	 	$	138	 	 	$	87	 	 	$	67	 	 	$	140	 	 	$	278	 	
 
(1)	See Non-GAAP financial measures.	
(2)	Includes net realized gains (losses) related to unconsolidated entities.	

Corporate	  	Page 20	

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	 	  				
Add net recoverable on paid losses	  	 	—  	 	  	 	1,123	 	  	 	(1,123	) 	  				
	  	 	 	 	  	 	 	 	  	 	 	 	  				
Balance including net recoverable on paid losses	  	$	63,029	 	  	$	15,088	 	  	$	47,941	 	  				

			
Loss Reserve Rollforward	  	Page 21	

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

 	  	September 30
2018	 	 	June 30
2018	 	 	March 31
2018	 	 	December 31
2017	 	
Reinsurance recoverable on paid losses and loss expenses	  				 				 				 				
Active operations	  	$	911	 	 	$	901	 	 	$	972	 	 	$	808	 	
Brandywine and Other Run-off	  	 	290	 	 	 	238	 	 	 	271	 	 	 	286	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	1,201	 	 	$	1,139	 	 	$	1,243	 	 	$	1,094	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reinsurance recoverable on unpaid losses and loss expenses	  				 				 				 				
Active operations	  	$	12,989	 	 	$	12,763	 	 	$	12,842	 	 	$	12,992	 	
Brandywine and Other Run-off	  	 	1,214	 	 	 	1,209	 	 	 	1,217	 	 	 	1,269	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	14,203	 	 	$	13,972	 	 	$	14,059	 	 	$	14,261	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross reinsurance recoverable	  				 				 				 				
Active operations	  	$	13,900	 	 	$	13,664	 	 	$	13,814	 	 	$	13,800	 	
Brandywine and Other Run-off	  	 	1,504	 	 	 	1,447	 	 	 	1,488	 	 	 	1,555	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	15,404	 	 	$	15,111	 	 	$	15,302	 	 	$	15,355	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Provision for uncollectible reinsurance (1)	  				 				 				 				
Active operations	  	$	(189	) 	 	$	(189	) 	 	$	(188	) 	 	$	(183	) 	
Brandywine and Other Run-off	  	 	(127	) 	 	 	(130	) 	 	 	(132	) 	 	 	(138	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	(316	) 	 	$	(319	) 	 	$	(320	) 	 	$	(321	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net reinsurance recoverable	  				 				 				 				
Active operations	  	$	13,711	 	 	$	13,475	 	 	$	13,626	 	 	$	13,617	 	
Brandywine and Other Run-off	  	 	1,377	 	 	 	1,317	 	 	 	1,356	 	 	 	1,417	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	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 22	

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

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

Investments	  	Page 23	

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 September 30, 2018	  				  				  				  				  				  				
Agency residential mortgage-backed (RMBS)	  	$	—  	 	  	$	15,065	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	15,065	 	
Non-agency RMBS	  	 	26	 	  	 	47	 	  	 	73	 	  	 	26	 	  	 	22	 	  	 	194	 	
Commercial mortgage-backed	  	 	2,804	 	  	 	240	 	  	 	98	 	  	 	—  	 	  	 	—  	 	  	 	3,142	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total mortgage-backed securities at market value	  	$	2,830	 	  	$	15,352	 	  	$	171	 	  	$	26	 	  	$	22	 	  	$	18,401	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
U.S. Corporate and Asset-backed Fixed Income Portfolios

 	  	S&P Credit Rating	 	
 	  	Investment Grade	 	
Market Value at September 30, 2018	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	Total	 	
Asset-backed	  	$	1,612	 	  	$	136	 	  	$	46	 	  	$	29	 	  	$	1,823	 	
Banks	  	 	1	 	  	 	31	 	  	 	1,726	 	  	 	1,346	 	  	 	3,104	 	
Basic Materials	  	 	—  	 	  	 	—  	 	  	 	53	 	  	 	219	 	  	 	272	 	
Communications	  	 	—  	 	  	 	162	 	  	 	220	 	  	 	1,135	 	  	 	1,517	 	
Consumer, Cyclical	  	 	—  	 	  	 	275	 	  	 	482	 	  	 	583	 	  	 	1,340	 	
Consumer, Non-Cyclical	  	 	98	 	  	 	446	 	  	 	1,611	 	  	 	1,422	 	  	 	3,577	 	
Diversified Financial Services	  	 	7	 	  	 	41	 	  	 	545	 	  	 	202	 	  	 	795	 	
Energy	  	 	—  	 	  	 	48	 	  	 	90	 	  	 	506	 	  	 	644	 	
Industrial	  	 	—  	 	  	 	44	 	  	 	690	 	  	 	533	 	  	 	1,267	 	
Utilities	  	 	—  	 	  	 	18	 	  	 	712	 	  	 	391	 	  	 	1,121	 	
All Others	  	 	159	 	  	 	310	 	  	 	940	 	  	 	778	 	  	 	2,187	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	1,877	 	  	$	1,511	 	  	$	7,115	 	  	$	7,144	 	  	$	17,647	 	

																	
 	  	S&P Credit Rating	 	
 	  	Below Investment Grade	 	
Market Value at September 30, 2018	  	BB	 	  	B	 	  	CCC	 	  	Total	 	
Asset-backed	  	$	6	 	  	$	3	 	  	$	8	 	  	$	17	 	
Banks	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Basic Materials	  	 	328	 	  	 	189	 	  	 	—  	 	  	 	517	 	
Communications	  	 	738	 	  	 	692	 	  	 	21	 	  	 	1,451	 	
Consumer, Cyclical	  	 	1,064	 	  	 	588	 	  	 	35	 	  	 	1,687	 	
Consumer, Non-Cyclical	  	 	904	 	  	 	1,076	 	  	 	53	 	  	 	2,033	 	
Diversified Financial Services	  	 	181	 	  	 	162	 	  	 	5	 	  	 	348	 	
Energy	  	 	642	 	  	 	316	 	  	 	7	 	  	 	965	 	
Industrial	  	 	584	 	  	 	508	 	  	 	25	 	  	 	1,117	 	
Utilities	  	 	224	 	  	 	21	 	  	 	—  	 	  	 	245	 	
All Others	  	 	790	 	  	 	543	 	  	 	13	 	  	 	1,346	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	5,461	 	  	$	4,098	 	  	$	167	 	  	$	9,726	 	

			
Investments 2	  	Page 24	

Chubb Limited
Investment Portfolio—3
(in millions of U.S. dollars)
(Unaudited)
Non-U.S. Fixed Income Portfolio
September 30, 2018

 	  	Market Value by S&P Credit Rating	 	
Non-U.S. Government Securities	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
United Kingdom	  	$	—  	 	  	$	1,166	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	1,166	 	
Republic of Korea	  	 	—  	 	  	 	1,069	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	1,069	 	
Canada	  	 	960	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	960	 	
Federative Republic of Brazil	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	656	 	  	 	656	 	
Province of Ontario	  	 	—  	 	  	 	8	 	  	 	609	 	  	 	—  	 	  	 	—  	 	  	 	617	 	
United Mexican States	  	 	—  	 	  	 	—  	 	  	 	423	 	  	 	123	 	  	 	—  	 	  	 	546	 	
Province of Quebec	  	 	—  	 	  	 	504	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	504	 	
Federal Republic of Germany	  	 	462	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	462	 	
Kingdom of Thailand	  	 	—  	 	  	 	—  	 	  	 	432	 	  	 	—  	 	  	 	—  	 	  	 	432	 	
French Republic	  	 	—  	 	  	 	303	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	303	 	
Other Non-U.S. Government Securities	  	 	905	 	  	 	1,014	 	  	 	845	 	  	 	555	 	  	 	857	 	  	 	4,176	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	2,327	 	  	$	4,064	 	  	$	2,309	 	  	$	678	 	  	$	1,513	 	  	$	10,891	 	

 	  	Market Value by S&P Credit Rating	 	
Non-U.S. Corporate Securities	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
United Kingdom	  	$	113	 	  	$	94	 	  	$	665	 	  	$	882	 	  	$	301	 	  	$	2,055	 	
Canada	  	 	107	 	  	 	288	 	  	 	276	 	  	 	466	 	  	 	343	 	  	 	1,480	 	
United States (1)	  	 	3	 	  	 	26	 	  	 	172	 	  	 	346	 	  	 	499	 	  	 	1,046	 	
France	  	 	7	 	  	 	46	 	  	 	518	 	  	 	328	 	  	 	42	 	  	 	941	 	
Australia	  	 	113	 	  	 	207	 	  	 	357	 	  	 	134	 	  	 	10	 	  	 	821	 	
Netherlands	  	 	60	 	  	 	9	 	  	 	316	 	  	 	157	 	  	 	83	 	  	 	625	 	
Germany	  	 	113	 	  	 	38	 	  	 	139	 	  	 	256	 	  	 	23	 	  	 	569	 	
Switzerland	  	 	49	 	  	 	17	 	  	 	191	 	  	 	186	 	  	 	23	 	  	 	466	 	
Japan	  	 	—  	 	  	 	38	 	  	 	396	 	  	 	7	 	  	 	—  	 	  	 	441	 	
China	  	 	—  	 	  	 	—  	 	  	 	264	 	  	 	44	 	  	 	19	 	  	 	327	 	
Other Non-U.S. Corporate Securities	  	 	400	 	  	 	479	 	  	 	958	 	  	 	877	 	  	 	565	 	  	 	3,279	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	965	 	  	$	1,242	 	  	$	4,252	 	  	$	3,683	 	  	$	1,908	 	  	$	12,050	 	

(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 25	

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

 	 		                         September 30, 2018                        	  	Market Value	 	  	 	 	  	Rating	
1	 	Wells Fargo & Co	  	$	533	 	  				  	A-		
2	 	JP Morgan Chase & Co	  	 	429	 	  				  	A-		
3	 	AT&T Inc	  	 	419	 	  				  	BBB		
4	 	Bank of America Corp	  	 	406	 	  				  	A-		
5	 	Goldman Sachs Group Inc	  	 	358	 	  				  	BBB+		
6	 	Anheuser-Busch InBev NV	  	 	357	 	  				  	A-		
7	 	Verizon Communications Inc	  	 	333	 	  				  	BBB+		
8	 	HSBC Holdings Plc	  	 	308	 	  				  	A		
9	 	Morgan Stanley	  	 	302	 	  				  	BBB+		
10	 	Citigroup Inc	  	 	291	 	  				  	BBB+		

Investments 4	  	Page 26	

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

 	  	Three months ended September 30, 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) (2)	  	$	(1	) 	 	$	(2	) 	 	$	(3	) 	 	$	(213	) 	 	$	54	 	  	$	(159	) 	 	$	(214	) 	 	$	52	 	 	$	(162	) 	
Public equity	  	 	48	 	 	 	(9	) 	 	 	39	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	48	 	 	 	(9	) 	 	 	39	 	
Private equity	  	 	152	 	 	 	(8	) 	 	 	144	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	152	 	 	 	(8	) 	 	 	144	 	
Mark-to-market on public and private equity  (3)	  	 	(8	) 	 	 	6	 	 	 	(2	) 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	(8	) 	 	 	6	 	 	 	(2	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio	  	 	191	 	 	 	(13	) 	 	 	178	 	 	 	(213	) 	 	 	54	 	  	 	(159	) 	 	 	(22	) 	 	 	41	 	 	 	19	 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges  (4)	  	 	(46	) 	 	 	—  	 	 	 	(46	) 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	(46	) 	 	 	—  	 	 	 	(46	) 	
Foreign exchange	  	 	39	 	 	 	(2	) 	 	 	37	 	 	 	(482	) 	 	 	20	 	  	 	(462	) 	 	 	(443	) 	 	 	18	 	 	 	(425	) 	
Partially-owned entities (5)	  	 	1	 	 	 	—  	 	 	 	1	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	1	 	 	 	—  	 	 	 	1	 	
Other (6)	  	 	(6	) 	 	 	1	 	 	 	(5	) 	 	 	(21	) 	 	 	3	 	  	 	(18	) 	 	 	(27	) 	 	 	4	 	 	 	(23	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	  	$	179	 	 	$	(14	) 	 	$	165	 	 	$	(716	) 	 	$	77	 	  	$	(639	) 	 	$	(537	) 	 	$	63	 	 	$	(474	) 	

(1)	The net impact of rising interest rates on the Company’s investment portfolio was $135 million, after-tax, comprising of unrealized losses of $159 million, partially offset by a realized gain on interest rate swaps of $24 million. Total investment portfolio gains of $178 million includes $24 million realized gains on interest rate swaps. Excluding the interest rate swaps, total investment portfolio realized gains was $154 million.	
(2)	Realized gains (losses) in the quarter include $31 million after-tax gains on fixed income derivatives. Other-than-temporary impairments for the quarter in realized gains (losses) were $11 million pre-tax for fixed maturities.	
(3)	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.	
(4)	The quarter includes $100 million of losses on applicable hedges. These losses 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 unrealized losses are primarily related to the company’s post-retirement programs.	

 	  	Three months ended September 30, 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)	  	$	(8	) 	 	$	5	 	 	$	(3	) 	 	$	134	 	 	$	(39	) 	 	$	95	 	 	$	126	 	 	$	(34	) 	 	$	92	 	
Public equity	  	 	4	 	 	 	—  	 	 	 	4	 	 	 	36	 	 	 	(11	) 	 	 	25	 	 	 	40	 	 	 	(11	) 	 	 	29	 	
Private equity	  	 	84	 	 	 	(15	) 	 	 	69	 	 	 	(27	) 	 	 	(1	) 	 	 	(28	) 	 	 	57	 	 	 	(16	) 	 	 	41	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio (8)	  	 	80	 	 	 	(10	) 	 	 	70	 	 	 	143	 	 	 	(51	) 	 	 	92	 	 	 	223	 	 	 	(61	) 	 	 	162	 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges  (9)	  	 	(3	) 	 	 	—  	 	 	 	(3	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(3	) 	 	 	—  	 	 	 	(3	) 	
Foreign exchange	  	 	15	 	 	 	2	 	 	 	17	 	 	 	665	 	 	 	(7	) 	 	 	658	 	 	 	680	 	 	 	(5	) 	 	 	675	 	
Partially-owned entities (10)	  	 	2	 	 	 	—  	 	 	 	2	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	2	 	 	 	—  	 	 	 	2	 	
Other (11)	  	 	(10	) 	 	 	—  	 	 	 	(10	) 	 	 	(63	) 	 	 	12	 	 	 	(51	) 	 	 	(73	) 	 	 	12	 	 	 	(61	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	  	$	84	 	 	$	(8	) 	 	$	76	 	 	$	745	 	 	$	(46	) 	 	$	699	 	 	$	829	 	 	$	(54	) 	 	$	775	 	

(7)	The quarter includes $9 million after-tax realized losses on fixed income derivatives.	
(8)	Other-than-temporary impairments for the quarter in realized gains (losses) include $5 million for fixed maturities, $1 million for public equity and $2 million for private equity.	
(9)	The quarter includes $57 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 losses are primarily related to the company’s post-retirement programs.	

Net Gains (Losses)	  	Page 27	

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

 	  	Nine months ended September 30, 2018	 	
 	  	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	  	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	  	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	
 	  	(Losses)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	  	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	
 	  	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	  	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	
Fixed income investments (1)	  	$	(64	) 	 	$	9	 	 	$	(55	) 	 	$	(1,921	) 	 	$	339	 	  	$	(1,582	) 	 	$	(1,985	) 	 	$	348	 	 	$	(1,637	) 	
Public equity	  	 	63	 	 	 	(12	) 	 	 	51	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	63	 	 	 	(12	) 	 	 	51	 	
Private equity	  	 	292	 	 	 	(23	) 	 	 	269	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	292	 	 	 	(23	) 	 	 	269	 	
Mark-to-market on public and private equity (2)	  	 	(18	) 	 	 	9	 	 	 	(9	) 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	(18	) 	 	 	9	 	 	 	(9	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio	  	 	273	 	 	 	(17	) 	 	 	256	 	 	 	(1,921	) 	 	 	339	 	  	 	(1,582	) 	 	 	(1,648	) 	 	 	322	 	 	 	(1,326	) 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges  (3)	  	 	11	 	 	 	—  	 	 	 	11	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	11	 	 	 	—  	 	 	 	11	 	
Foreign exchange	  	 	102	 	 	 	(20	) 	 	 	82	 	 	 	(659	) 	 	 	5	 	  	 	(654	) 	 	 	(557	) 	 	 	(15	) 	 	 	(572	) 	
Partially-owned entities (4)	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Other (5)	  	 	(61	) 	 	 	12	 	 	 	(49	) 	 	 	(61	) 	 	 	12	 	  	 	(49	) 	 	 	(122	) 	 	 	24	 	 	 	(98	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	  	$	325	 	 	$	(25	) 	 	$	300	 	 	$	(2,641	) 	 	$	356	 	  	$	(2,285	) 	 	$	(2,316	) 	 	$	331	 	 	$	(1,985	) 	

(1)	Year to date includes $68 pre-tax million after-tax realized gains on fixed income derivatives. Year to date other-than-temporary impairments in realized gains (losses) were $16 pre-tax 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)	Year to date includes $122 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 primarily include $36 million related to the early redemption of the $1.0 billion junior subordinated capital securities in April 2018 and $22 million related to lease impairments. Other unrealized losses are primarily related to the company’s post-retirement programs.	

 	  	Nine months ended September 30, 2017	 	
 	  	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	  	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	
 	  	(Losses)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	
 	  	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	
Fixed income investments (6)	  	$	(7	) 	 	$	11	 	 	$	4	 	 	$	813	 	 	$	(275	) 	 	$	538	 	 	$	806	 	 	$	(264	) 	 	$	542	 	
Public equity	  	 	10	 	 	 	(1	) 	 	 	9	 	 	 	79	 	 	 	(25	) 	 	 	54	 	 	 	89	 	 	 	(26	) 	 	 	63	 	
Private equity	  	 	279	 	 	 	(42	) 	 	 	237	 	 	 	—  	 	 	 	(7	) 	 	 	(7	) 	 	 	279	 	 	 	(49	) 	 	 	230	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio (7)	  	 	282	 	 	 	(32	) 	 	 	250	 	 	 	892	 	 	 	(307	) 	 	 	585	 	 	 	1,174	 	 	 	(339	) 	 	 	835	 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges  (8)	  	 	96	 	 	 	—  	 	 	 	96	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	96	 	 	 	—  	 	 	 	96	 	
Foreign exchange	  	 	10	 	 	 	5	 	 	 	15	 	 	 	901	 	 	 	(14	) 	 	 	887	 	 	 	911	 	 	 	(9	) 	 	 	902	 	
Partially-owned entities (9)	  	 	(6	) 	 	 	2	 	 	 	(4	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(6	) 	 	 	2	 	 	 	(4	) 	
Other (10)	  	 	(7	) 	 	 	—  	 	 	 	(7	) 	 	 	(118	) 	 	 	29	 	 	 	(89	) 	 	 	(125	) 	 	 	29	 	 	 	(96	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	  	$	375	 	 	$	(25	) 	 	$	350	 	 	$	1,675	 	 	$	(292	) 	 	$	1,383	 	 	$	2,050	 	 	$	(317	) 	 	$	1,733	 	

(6)	Year to date includes $11 million after-tax realized losses on fixed income derivatives.	
(7)	Year to date other-than-temporary impairments in realized gains (losses) include $15 million for fixed maturities, $9 million for public equity and $11 million for private equity.	
(8)	Year to date includes $169 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 losses are primarily related to the company’s post-retirement programs.	

Net Gains (Losses) 2	  	Page 28	

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

 	  	September 30
2018	 	 	June 30
2018	 	 	March 31
2018	 	 	December 31
2017	 	 	December 31
2016	 	
Financial Debt:	  				 				 				 				 				
Total short-term debt (1)	  	$	500	 	 	$	600	 	 	$	1,669	 	 	$	1,013	 	 	$	500	 	
Total long-term debt	  	 	12,149	 	 	 	12,184	 	 	 	12,786	 	 	 	11,556	 	 	 	12,610	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total financial debt	  	$	12,649	 	 	$	12,784	 	 	$	14,455	 	 	$	12,569	 	 	$	13,110	 	
Hybrid debt:	  				 				 				 				 				
Total trust preferred securities	  	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	12,957	 	 	$	13,092	 	 	$	14,763	 	 	$	12,877	 	 	$	13,418	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capitalization:	  				 				 				 				 				
Shareholders’ equity	  	$	50,934	 	 	$	50,971	 	 	$	51,287	 	 	$	51,172	 	 	$	48,275	 	
Hybrid debt	  	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	
Financial debt	  	 	12,649	 	 	 	12,784	 	 	 	14,455	 	 	 	12,569	 	 	 	13,110	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total capitalization	  	$	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	% 	
Financial debt	  	 	19.8	% 	 	 	20.0	% 	 	 	21.9	% 	 	 	19.6	% 	 	 	21.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total hybrid & financial debt	  	 	20.3	% 	 	 	20.5	% 	 	 	22.4	% 	 	 	20.1	% 	 	 	21.8	% 	
Note: As of September 30, 2018, there was $0.4 billion usage of credit facilities on a total commitment of $1.0 billion.
 
(1)	During August 2018, the $100 million 6.6% senior notes matured and were fully paid.	

Debt and Capital	  	Page 29	

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 September 30	 	 	Nine months ended September 30	 	
 	  	2018	 	 	2017	 	 	2018	 	 	2017	 	
Numerator	  				 				 				 				
Core operating income (loss) to common shares	  	$	1,122	 	 	$	(60	) 	 	$	3,472	 	 	$	2,295	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax (1)	  	 	(54	) 	 	 	(68	) 	 	 	(165	) 	 	 	(219	) 	
Tax benefit on amortization adjustment	  	 	12	 	 	 	18	 	 	 	32	 	 	 	62	 	
Chubb integration expenses, pre-tax	  	 	(16	) 	 	 	(50	) 	 	 	(39	) 	 	 	(233	) 	
Tax benefit on Chubb integration expenses	  	 	2	 	 	 	14	 	 	 	7	 	 	 	73	 	
Adjusted net realized gains (losses), pre-tax	  	 	179	 	 	 	84	 	 	 	325	 	 	 	375	 	
Tax expense on adjusted net realized gains (losses)	  	 	(14	) 	 	 	(8	) 	 	 	(25	) 	 	 	(25	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	  	$	1,231	 	 	$	(70	) 	 	$	3,607	 	 	$	2,328	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rollforward of Common Shares Outstanding	  				 				 				 				
Shares—beginning of period	  	 	463,502,164	 	 	 	465,375,141	 	 	 	463,833,179	 	 	 	465,968,716	 	
Repurchase of shares	  	 	(2,781,307	) 	 	 	(1,615,383	) 	 	 	(5,225,162	) 	 	 	(5,033,013	) 	
Shares issued, excluding option exercises	  	 	(13,598	) 	 	 	148,087	 	 	 	1,582,169	 	 	 	1,939,627	 	
Issued for option exercises	  	 	393,531	 	 	 	250,674	 	 	 	910,604	 	 	 	1,283,189	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Shares—end of period	  	 	461,100,790	 	 	 	464,158,519	 	 	 	461,100,790	 	 	 	464,158,519	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Denominator	  				 				 				 				
Weighted average shares outstanding (2)	  	 	462,981,973	 	 	 	466,370,784	 	 	 	464,644,013	 	 	 	467,658,334	 	
Effect of other dilutive securities (3)	  	 	3,034,525	 	 	 	—  	 	 	 	3,360,511	 	 	 	3,961,572	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adj. wtd. avg. shares outstanding and assumed conversions	  	 	466,016,498	 	 	 	466,370,784	 	 	 	468,004,524	 	 	 	471,619,906	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	  				 				 				 				
Core operating income (loss)	  	$	2.42	 	 	$	(0.13	) 	 	$	7.47	 	 	$	4.91	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)	  	 	(0.09	) 	 	 	(0.11	) 	 	 	(0.29	) 	 	 	(0.34	) 	
Chubb integration expenses, net of tax	  	 	(0.03	) 	 	 	(0.08	) 	 	 	(0.07	) 	 	 	(0.34	) 	
Adjusted net realized gains (losses), net of tax	  	 	0.36	 	 	 	0.17	 	 	 	0.65	 	 	 	0.75	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	  	$	2.66	 	 	$	(0.15	) 	 	$	7.76	 	 	$	4.98	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings per share	  				 				 				 				
Core operating income (loss) (3)	  	$	2.41	 	 	$	(0.13	) 	 	$	7.42	 	 	$	4.87	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)	  	 	(0.09	) 	 	 	(0.11	) 	 	 	(0.29	) 	 	 	(0.33	) 	
Chubb integration expenses, net of tax	  	 	(0.03	) 	 	 	(0.08	) 	 	 	(0.07	) 	 	 	(0.34	) 	
Adjusted net realized gains (losses), net of tax	  	 	0.35	 	 	 	0.17	 	 	 	0.65	 	 	 	0.74	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss) (3)	  	$	2.64	 	 	$	(0.15	) 	 	$	7.71	 	 	$	4.94	 	

(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).	
(3)	For the three months ended September 30, 2017, weighted-average shares outstanding used to calculate core operating loss and net loss per share excludes the effect of dilutive securities of 3,820,673 shares. In periods where core operating loss and net loss is recognized, inclusion of incremental dilution is anti-dilutive.	

Earnings per share	  	Page 30	

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

 	  	September 30	 	 	June 30	 	 	March 31	 	 	December 31	 	 	September 30	 	
 	  	2018	 	 	2018	 	 	2018	 	 	2017	 	 	2017	 	
Shareholders’ equity	  	$	50,934	 	 	$	50,971	 	 	$	51,287	 	 	$	51,172	 	 	$	50,471	 	
Less: goodwill and other intangible assets, net of tax	  	 	20,121	 	 	 	20,380	 	 	 	20,706	 	 	 	20,621	 	 	 	20,274	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Numerator for tangible book value per share	  	$	30,813	 	 	$	30,591	 	 	$	30,581	 	 	$	30,551	 	 	$	30,197	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value—% change over prior quarter	  	 	-0.1	% 	 	 	-0.6	% 	 	 	0.2	% 	 	 	1.4	% 	 	 	0.2	% 	
Tangible book value—% change over prior quarter	  	 	0.7	% 	 	 	0.0	% 	 	 	0.1	% 	 	 	1.2	% 	 	 	-0.5	% 	
Denominator	  	 	461,100,790	 	 	 	463,502,164	 	 	 	465,831,486	 	 	 	463,833,179	 	 	 	464,158,519	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share	  	$	110.46	 	 	$	109.97	 	 	$	110.10	 	 	$	110.32	 	 	$	108.74	 	
Tangible book value per common share	  	$	66.83	 	 	$	66.00	 	 	$	65.65	 	 	$	65.87	 	 	$	65.06	 	
Reconciliation of Book Value	  				 				 				 				 				
Shareholders’ equity, beginning of quarter	  	$	50,971	 	 	$	51,287	 	 	$	51,172	 	 	$	50,471	 	 	$	50,349	 	
Core operating income (loss)	  	 	1,122	 	 	 	1,253	 	 	 	1,097	 	 	 	1,489	 	 	 	(60	) 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax  (1)	  	 	(42	) 	 	 	(41	) 	 	 	(50	) 	 	 	(41	) 	 	 	(50	) 	
Chubb integration expenses, net of tax	  	 	(14	) 	 	 	(10	) 	 	 	(8	) 	 	 	(57	) 	 	 	(36	) 	
Adjusted net realized gains (losses), net of tax (2)	  	 	165	 	 	 	92	 	 	 	43	 	 	 	142	 	 	 	76	 	
Net unrealized gains (losses) on the investment portfolio	  	 	(159	) 	 	 	(435	) 	 	 	(988	) 	 	 	(193	) 	 	 	92	 	
Repurchase of shares	  	 	(379	) 	 	 	(324	) 	 	 	—  	 	 	 	(123	) 	 	 	(232	) 	
Dividend declared on common shares	  	 	(337	) 	 	 	(339	) 	 	 	(332	) 	 	 	(330	) 	 	 	(331	) 	
Cumulative translation	  	 	(462	) 	 	 	(570	) 	 	 	378	 	 	 	(411	) 	 	 	658	 	
Postretirement benefit liability	  	 	(18	) 	 	 	(13	) 	 	 	(18	) 	 	 	78	 	 	 	(51	) 	
Other (3)	  	 	87	 	 	 	71	 	 	 	(7	) 	 	 	147	 	 	 	56	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	$	50,934	 	 	$	50,971	 	 	$	51,287	 	 	$	51,172	 	 	$	50,471	 	

(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 31	

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 and 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 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 35-38.
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 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. We believe this measure provides 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 Corporation, we have entered into new reinsurance agreements with third-party reinsurers for the Chubb Corp businesses and have taken other merger-related actions, including exiting certain types of business that do not meet our underwriting standards or adhere to our risk diversification strategy. We believe that these measures are meaningful to evaluate trends in our underlying business on a comparable basis.

Reconciliation Non-GAAP	  	Page 32	

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 (loss): 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.

 	  	 	 	 	 	 	  	 	 	  	 	 	  	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	3Q-18	 	 	 	 	  	 	 	  	 	 	  	3Q-17	 	 	2018	 	 	2017	 	 	2017	 	
Net income (loss)	  	$	1,231	 	 				  				  				  	$	(70	) 	 	$	3,607	 	 	$	2,328	 	 	$	3,861	 	
Core operating income (loss)	  	$	1,122	 	 				  				  				  	$	(60	) 	 	$	3,472	 	 	$	2,295	 	 	$	3,784	 	
Equity—beginning of period, as reported	  	$	50,971	 	 				  				  				  	$	50,349	 	 	$	51,172	 	 	$	48,275	 	 	$	48,275	 	
Less: unrealized gains (losses) on investments, net of deferred tax (1)	  	 	(390	) 	 				  				  				  	 	1,551	 	 	 	1,033	 	 	 	1,058	 	 	 	1,058	 	
	  	 	 	 	 				  				  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity—beginning of period, as adjusted	  	$	51,361	 	 				  				  				  	$	48,798	 	 	$	50,139	 	 	$	47,217	 	 	$	47,217	 	
	  	 	 	 	 				  				  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity—end of period, as reported	  	$	50,934	 	 				  				  				  	$	50,471	 	 	$	50,934	 	 	$	50,471	 	 	$	51,172	 	
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	(549	) 	 				  				  				  	 	1,643	 	 	 	(549	) 	 	 	1,643	 	 	 	1,450	 	
	  	 	 	 	 				  				  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity—end of period, as adjusted	  	$	51,483	 	 				  				  				  	$	48,828	 	 	$	51,483	 	 	$	48,828	 	 	$	49,722	 	
	  	 	 	 	 				  				  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average equity, as reported	  	$	50,953	 	 				  				  				  	$	50,410	 	 	$	51,053	 	 	$	49,373	 	 	$	49,724	 	
Weighted average equity, as adjusted	  	$	51,422	 	 				  				  				  	$	48,813	 	 	$	50,811	 	 	$	48,023	 	 	$	48,470	 	
ROE	  	 	9.7	% 	 				  				  				  	 	-0.6	% 	 	 	9.4	% 	 	 	6.3	% 	 	 	7.8	% 	
Core operating ROE	  	 	8.7	% 	 				  				  				  	 	-0.5	% 	 	 	9.1	% 	 	 	6.4	% 	 	 	7.8	% 	
 
(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.	
Core operating effective tax rate
The following table presents the reconciliation of effective tax rate to the core operating effective tax rate:

 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	3Q-17	 	 	2018	 	 	2017	 	 	2017	 	
Tax expense (benefit), as reported	  	$	183	 	 	$	218	 	 	$	135	 	 	$	(382	) 	 	$	(85	) 	 	$	536	 	 	$	243	 	 	$	(139	) 	
Less: tax benefit on amortization of fair value of acquired invested assets and debt (1)	  	 	(12	) 	 	 	(11	) 	 	 	(9	) 	 	 	(23	) 	 	 	(18	) 	 	 	(32	) 	 	 	(62	) 	 	 	(85	) 	
Less: tax benefit on Chubb integration expenses	  	 	(2	) 	 	 	(3	) 	 	 	(2	) 	 	 	(20	) 	 	 	(14	) 	 	 	(7	) 	 	 	(73	) 	 	 	(93	) 	
Less: tax expense (benefit) on adjusted net realized gains (losses)	  	 	14	 	 	 	14	 	 	 	(3	) 	 	 	(20	) 	 	 	8	 	 	 	25	 	 	 	25	 	 	 	5	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tax expense (benefit), adjusted	  	$	183	 	 	$	218	 	 	$	149	 	 	$	(319	) 	 	$	(61	) 	 	$	550	 	 	$	353	 	 	$	34	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before tax, as reported	  	$	1,414	 	 	$	1,512	 	 	$	1,217	 	 	$	1,151	 	 	$	(155	) 	 	$	4,143	 	 	$	2,571	 	 	$	3,722	 	
Less: amortization of fair value of acquired invested assets and debt (1)	  	 	(54	) 	 	 	(52	) 	 	 	(59	) 	 	 	(64	) 	 	 	(68	) 	 	 	(165	) 	 	 	(219	) 	 	 	(283	) 	
Less: Chubb integration expenses	  	 	(16	) 	 	 	(13	) 	 	 	(10	) 	 	 	(77	) 	 	 	(50	) 	 	 	(39	) 	 	 	(233	) 	 	 	(310	) 	
Less: adjusted realized gains (losses)	  	 	27	 	 	 	10	 	 	 	(4	) 	 	 	—  	 	 	 	(5	) 	 	 	33	 	 	 	91	 	 	 	91	 	
Less: realized gains (losses) related to unconsolidated entities	  	 	152	 	 	 	96	 	 	 	44	 	 	 	122	 	 	 	89	 	 	 	292	 	 	 	284	 	 	 	406	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating income (loss) before tax	  	$	1,305	 	 	$	1,471	 	 	$	1,246	 	 	$	1,170	 	 	$	(121	) 	 	$	4,022	 	 	$	2,648	 	 	$	3,818	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effective tax rate	  	 	12.9	% 	 	 	14.4	% 	 	 	11.1	% 	 	 	-33.1	% 	 	 	54.7	% 	 	 	12.9	% 	 	 	9.4	% 	 	 	-3.7	% 	
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt (1)	  	 	0.4	% 	 	 	0.2	% 	 	 	0.2	% 	 	 	3.7	% 	 	 	8.6	% 	 	 	0.2	% 	 	 	1.4	% 	 	 	2.3	% 	
Adjustment for tax impact of Chubb integration expenses	  	 	0.0	% 	 	 	0.1	% 	 	 	0.1	% 	 	 	3.8	% 	 	 	6.6	% 	 	 	0.0	% 	 	 	1.7	% 	 	 	2.6	% 	
Adjustment for tax impact of adjusted net realized gains (losses)	  	 	0.8	% 	 	 	0.1	% 	 	 	0.6	% 	 	 	-1.6	% 	 	 	-19.0	% 	 	 	0.6	% 	 	 	0.8	% 	 	 	-0.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating effective tax rate	  	 	14.1	% 	 	 	14.8	% 	 	 	12.0	% 	 	 	-27.2	% 	 	 	50.9	% 	 	 	13.7	% 	 	 	13.3	% 	 	 	0.9	% 	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	3Q-17	 	 	2018	 	 	2017	 	 	2017	 	
Net income (loss), as reported	  	$	1,231	 	 	$	1,294	 	 	$	1,082	 	 	$	1,533	 	 	$	(70	) 	 	$	3,607	 	 	$	2,328	 	 	$	3,861	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax (1)	  	 	(54	) 	 	 	(52	) 	 	 	(59	) 	 	 	(64	) 	 	 	(68	) 	 	 	(165	) 	 	 	(219	) 	 	 	(283	) 	
Tax benefit on amortization of fair value of acquired invested assets and debt	  	 	12	 	 	 	11	 	 	 	9	 	 	 	23	 	 	 	18	 	 	 	32	 	 	 	62	 	 	 	85	 	
Chubb integration expenses, pre-tax	  	 	(16	) 	 	 	(13	) 	 	 	(10	) 	 	 	(77	) 	 	 	(50	) 	 	 	(39	) 	 	 	(233	) 	 	 	(310	) 	
Tax benefit on Chubb integration expenses	  	 	2	 	 	 	3	 	 	 	2	 	 	 	20	 	 	 	14	 	 	 	7	 	 	 	73	 	 	 	93	 	
Adjusted net realized gains (losses)	  	 	27	 	 	 	10	 	 	 	(4	) 	 	 	—  	 	 	 	(5	) 	 	 	33	 	 	 	91	 	 	 	91	 	
Net realized gains (losses) related to unconsolidated entities (2)	  	 	152	 	 	 	96	 	 	 	44	 	 	 	122	 	 	 	89	 	 	 	292	 	 	 	284	 	 	 	406	 	
Tax benefit (expense) on adjusted net realized gains (losses)	  	 	(14	) 	 	 	(14	) 	 	 	3	 	 	 	20	 	 	 	(8	) 	 	 	(25	) 	 	 	(25	) 	 	 	(5	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating income (loss)	  	$	1,122	 	 	$	1,253	 	 	$	1,097	 	 	$	1,489	 	 	$	(60	) 	 	$	3,472	 	 	$	2,295	 	 	$	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 33	

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

 	  	 	 	 	 	 	 	% Change	 	 	 	 	 	 	 	 	% Change	 	 	 	 	
 	  	 	 	 	 	 	 	3Q-18 vs.	 	 	YTD	 	 	YTD	 	 	YTD-18 vs	 	 	Full Year	 	
 	  	3Q-18	 	 	3Q-17	 	 	3Q-17	 	 	2018	 	 	2017	 	 	YTD-17	 	 	2017	 	
Core operating income (loss)	  	$	1,122	 	 	$	(60	) 	 				 	$	3,472	 	 	$	2,295	 	 				 	$	3,784	 	
Less: Catastrophe losses, after-tax	  	 	(372	) 	 	 	(1,525	) 	 				 	 	(848	) 	 	 	(1,841	) 	 				 	 	(2,171	) 	
	  	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	
Core operating income ex Cats	  	$	1,494	 	 	$	1,465	 	 	 	1.9	% 	 	$	4,320	 	 	$	4,136	 	 	 	4.4	% 	 	$	5,955	 	
Less: Prior period development, after-tax	  	 	180	 	 	 	206	 	 				 	 	504	 	 	 	505	 	 				 	 	634	 	
	  	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	
Core operating income ex Cats and PPD	  	$	1,314	 	 	$	1,259	 	 				 	$	3,816	 	 	$	3,631	 	 				 	$	5,321	 	
	  	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	
Core operating income (loss)	  	$	1,122	 	 	$	(60	) 	 				 	$	3,472	 	 	$	2,295	 	 				 	$	3,784	 	
Add: Actual Cats above expected levels, after-tax	  	 	90	 	 	 	1,263	 	 				 	 	215	 	 	 	1,258	 	 				 	 	1,455	 	
	  	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	
Core operating income w/ expected level of Cats	  	$	1,212	 	 	$	1,203	 	 	 	0.7	% 	 	$	3,687	 	 	$	3,553	 	 	 	3.8	% 	 	$	5,239	 	

Diluted earnings per share	  				 				 				 				 				 				 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating income ex Cats	  	$	3.21	 	 	$	3.12	 	 	 	2.9	% 	 	$	9.23	 	 	$	8.77	 	 	 	5.2	% 	 	$	12.64	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating income ex Cats and PPD	  	$	2.82	 	 	$	2.68	 	 	 	5.2	% 	 	$	8.15	 	 	$	7.70	 	 	 	5.8	% 	 	$	11.29	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating income w/ expected level of Cats	  	$	2.60	 	 	$	2.56	 	 	 	1.6	% 	 	$	7.88	 	 	$	7.53	 	 	 	4.6	% 	 	$	11.12	 	

 
Core operating ROE with expected level of Cats
 	  				 				 				 				 				
 	  	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	3Q-18	 	 	3Q-17	 	 	2018	 	 	2017	 	 	2017	 	
Equity - beginning of period, as reported	  	$	50,971	 	 	$	50,349	 	 	$	51,172	 	 	$	48,275	 	 	$	48,275	 	
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	(390	) 	 	 	1,551	 	 	 	1,033	 	 	 	1,058	 	 	 	1,058	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity - beginning of period, as adjusted	  	$	51,361	 	 	$	48,798	 	 	$	50,139	 	 	$	47,217	 	 	$	47,217	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity - end of period, as reported	  	$	50,934	 	 	$	50,471	 	 	$	50,934	 	 	$	50,471	 	 	$	51,172	 	
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	(549	) 	 	 	1,643	 	 	 	(549	) 	 	 	1,643	 	 	 	1,450	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity - end of period, as adjusted	  	$	51,483	 	 	$	48,828	 	 	$	51,483	 	 	$	48,828	 	 	$	49,722	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Add: Actual Cats above expected levels, after-tax	  	 	90	 	 	 	1,263	 	 	 	215	 	 	 	1,258	 	 	 	1,455	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity - end of period, as adjusted, w/ expected level of Cats	  	$	51,573	 	 	$	50,091	 	 	$	51,698	 	 	$	50,086	 	 	$	51,177	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average equity, as reported	  	$	50,953	 	 	$	50,410	 	 	$	51,053	 	 	$	49,373	 	 	$	49,724	 	
Weighted average equity, as adjusted	  	$	51,422	 	 	$	48,813	 	 	$	50,811	 	 	$	48,023	 	 	$	48,470	 	
Weighted average equity, as adjusted, w/ expected level of Cats	  	$	51,467	 	 	$	49,445	 	 	$	50,919	 	 	$	48,652	 	 	$	49,197	 	
ROE	  	 	9.7	% 	 	 	-0.6	% 	 	 	9.4	% 	 	 	6.3	% 	 	 	7.8	% 	
Core operating ROE	  	 	8.7	% 	 	 	-0.5	% 	 	 	9.1	% 	 	 	6.4	% 	 	 	7.8	% 	
Core operating ROE, w/ expected level of Cats	  	 	9.4	% 	 	 	9.7	% 	 	 	9.7	% 	 	 	9.7	% 	 	 	10.6	% 	
Reconciliation of Book Value and Tangible Book Value per Share, excluding Unrealized Gains (Losses) on Investments

 	  	 	 	  	 	 	  	 	 	  	 	 	  	% Change	 	 	% Change	 	
 	  	September 30	 	  	June 30	 	  	March 31	 	  	January 1	 	  	QTD	 	 	YTD	 	
 	  	2018	 	  	2018	 	  	2018	 	  	2018	 	  	2018	 	 	2018	 	
Adjusted book value	  	$	51,483	 	  	$	51,361	 	  	$	51,242	 	  	$	50,139	 	  				 				
Less: goodwill and other intangible assets, net of tax	  	 	20,121	 	  	 	20,380	 	  	 	20,706	 	  	 	20,621	 	  				 				
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  				 				
Adjusted tangible book value	  	$	31,362	 	  	$	30,981	 	  	$	30,536	 	  	$	29,518	 	  				 				
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  				 				
Denominator	  	 	461,100,790	 	  	 	463,502,164	 	  	 	465,831,486	 	  	 	463,833,179	 	  				 				
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  				 				
Adjusted book value per share	  	$	111.65	 	  	$	110.81	 	  	$	110.00	 	  	$	108.10	 	  	 	0.8	% 	 	 	3.3	% 	
Adjusted tangible book value per share	  	$	68.02	 	  	$	66.84	 	  	$	65.55	 	  	$	63.64	 	  	 	1.8	% 	 	 	6.9	% 	
P&C combined ratio with expected level of Cats

 	  	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	3Q-18	 	 	3Q-17	 	 	2018	 	 	2017	 	 	2017	 	
P&C combined ratio	  	 	90.9	% 	 	 	110.8	% 	 	 	89.8	% 	 	 	96.0	% 	 	 	94.7	% 	
Less: Catastrophe losses	  	 	6.1	% 	 	 	26.0	% 	 	 	5.0	% 	 	 	11.3	% 	 	 	10.2	% 	
Less: Prior period development	  	 	-3.4	% 	 	 	-3.7	% 	 	 	-3.2	% 	 	 	-3.3	% 	 	 	-3.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C CAY combined ratio excluding Cats	  	 	88.2	% 	 	 	88.5	% 	 	 	88.0	% 	 	 	88.0	% 	 	 	87.6	% 	
Add: Expected level of Cats	  	 	4.6	% 	 	 	4.5	% 	 	 	3.6	% 	 	 	3.7	% 	 	 	3.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C CAY combined ratio w/ expected level of Cats	  	 	92.8	% 	 	 	93.0	% 	 	 	91.6	% 	 	 	91.7	% 	 	 	91.0	% 	
Add: Prior period development	  	 	-3.4	% 	 	 	-3.7	% 	 	 	-3.2	% 	 	 	-3.3	% 	 	 	-3.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C combined ratio w/ expected level of Cats	  	 	89.4	% 	 	 	89.3	% 	 	 	88.4	% 	 	 	88.4	% 	 	 	87.9	% 	

			
Reconciliation Non-GAAP 3	  	Page 34	

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 PPD.

	Q3 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	  				  	$	1,881	 	 	$	860	 	 	$	719	 	 	$	1,114	 	 	$	86	 	 	$	13	 	 	$	4,673	 		
Realized (gains) losses on crop derivatives	  				  	 	—  	 	 	 	—  	 	 	 	8	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	8	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted losses and loss expenses	  	 	A	 	  	$	1,881	 	 	$	860	 	 	$	727	 	 	$	1,114	 	 	$	86	 	 	$	13	 	 	$	4,681	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Catastrophe losses	  				  	 	(196	) 	 	 	(136	) 	 	 	(8	) 	 	 	(80	) 	 	 	(34	) 	 	 	—  	 	 	 	(454	) 		
PPD and related adjustments	  				  				 				 				 				 				 				 					
PPD, net of related adjustments—favorable (unfavorable)	  				  	 	216	 	 	 	(58	) 	 	 	1	 	 	 	72	 	 	 	24	 	 	 	(12	) 	 	 	243	 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	 	  	 	40	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	4	 	 	 	—  	 	 	 	44	 		
Expense adjustments—unfavorable (favorable)	  				  	 	1	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1	 		
PPD reinstatement premiums—unfavorable (favorable)	  				  	 	1	 	 	 	1	 	 	 	—  	 	 	 	2	 	 	 	—  	 	 	 	—  	 	 	 	4	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
PPD—gross of related adjustments—favorable (unfavorable)	  				  	 	258	 	 	 	(57	) 	 	 	1	 	 	 	74	 	 	 	28	 	 	 	(12	) 	 	 	292	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
CAY loss and loss expense ex Cats	  	 	B	 	  	$	1,943	 	 	$	667	 	 	$	720	 	 	$	1,108	 	 	$	80	 	 	$	1	 	 	$	4,519	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses	  				  				 				 				 				 				 				 					
Policy acquisition costs and administrative expenses	  	 	C	 	  	$	709	 	 	$	305	 	 	$	51	 	 	$	834	 	 	$	50	 	 	$	58	 	 	$	2,007	 		
Expense adjustments—favorable (unfavorable)	  				  	 	(1	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(1	) 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses, adjusted	  	 	D	 	  	$	708	 	 	$	305	 	 	$	51	 	 	$	834	 	 	$	50	 	 	$	58	 	 	$	2,006	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Denominator	  				  				 				 				 				 				 				 					
Net premiums earned	  	 	E	 	  	$	3,019	 	 	$	1,167	 	 	$	857	 	 	$	2,157	 	 	$	157	 	 				 	$	7,357	 		
Reinstatement premiums (collected) expensed on catastrophe losses	  				  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(4	) 	 				 	 	(4	) 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	  				  	 	40	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	4	 	 				 	 	44	 		
PPD reinstatement premiums—unfavorable (favorable)	  				  	 	1	 	 	 	1	 	 	 	—  	 	 	 	2	 	 	 	—  	 	 				 	 	4	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Net premiums earned excluding adjustments	  	 	F	 	  	$	3,060	 	 	$	1,168	 	 	$	857	 	 	$	2,159	 	 	$	157	 	 				 	$	7,401	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	  				  				 				 				 				 				 				 					
Losses and loss expense ratio	  	 	A/E	 	  	 	62.3	% 	 	 	73.7	% 	 	 	84.9	% 	 	 	51.7	% 	 	 	55.0	% 	 				 	 	63.6	% 		
Policy acquisition costs and administrative expense ratio	  	 	C/E	 	  	 	23.5	% 	 	 	26.1	% 	 	 	5.8	% 	 	 	38.6	% 	 	 	31.7	% 	 				 	 	27.3	% 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	  				  	 	85.8	% 	 	 	99.8	% 	 	 	90.7	% 	 	 	90.3	% 	 	 	86.7	% 	 				 	 	90.9	% 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	  				  				 				 				 				 				 				 					
Loss and loss expense ratio, adjusted	  	 	B/F	 	  	 	63.5	% 	 	 	57.1	% 	 	 	84.1	% 	 	 	51.3	% 	 	 	51.2	% 	 				 	 	61.1	% 		
Policy acquisition costs and administrative expense ratio, adjusted	  	 	D/F	 	  	 	23.2	% 	 	 	26.1	% 	 	 	5.8	% 	 	 	38.7	% 	 	 	31.6	% 	 				 	 	27.1	% 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	  				  	 	86.7	% 	 	 	83.2	% 	 	 	89.9	% 	 	 	90.0	% 	 	 	82.8	% 	 				 	 	88.2	% 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Combined ratio	  				  				 				 				 				 				 				 					
Combined ratio	  				  				 				 				 				 				 				 	 	90.8	% 		
Add: impact of gains and losses on crop derivatives	  				  				 				 				 				 				 				 	 	0.1	% 		
	  				  				 				 				 				 				 				 	 	 	 		
P&C combined ratio	  				  				 				 				 				 				 				 	 	90.9	% 		
	  				  				 				 				 				 				 				 	 	 	 		
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 35	

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)

	YTD 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	  				  	$	5,873	 	 	$	2,474	 	 	$	955	 	 	$	3,263	 	 	$	236	 	 	$	72	 	 	$	12,873	 		
Realized (gains) losses on crop derivatives	  				  	 	—  	 	 	 	—  	 	 	 	(2	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(2	) 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted losses and loss expenses	  	 	A	 	  	$	5,873	 	 	$	2,474	 	 	$	953	 	 	$	3,263	 	 	$	236	 	 	$	72	 	 	$	12,871	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Catastrophe losses	  				  	 	(347	) 	 	 	(521	) 	 	 	(11	) 	 	 	(121	) 	 	 	(45	) 	 	 	—  	 	 	 	(1,045	) 		
PPD and related adjustments	  				  				 				 				 				 				 				 					
PPD, net of related adjustments—favorable (unfavorable)	  				  	 	472	 	 	 	(59	) 	 	 	77	 	 	 	166	 	 	 	54	 	 	 	(67	) 	 	 	643	 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	  				  	 	29	 	 	 	—  	 	 	 	40	 	 	 	—  	 	 	 	7	 	 	 	—  	 	 	 	76	 		
Expense adjustments—unfavorable (favorable)	  				  	 	7	 	 	 	—  	 	 	 	(4	) 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	2	 		
PPD reinstatement premiums—unfavorable (favorable)	  				  	 	5	 	 	 	1	 	 	 	—  	 	 	 	2	 	 	 	—  	 	 	 	—  	 	 	 	8	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
PPD—gross of related adjustments—favorable (unfavorable)	  				  	 	513	 	 	 	(58	) 	 	 	113	 	 	 	168	 	 	 	60	 	 	 	(67	) 	 	 	729	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
CAY loss and loss expense ex Cats	  	 	B	 	  	$	6,039	 	 	$	1,895	 	 	$	1,055	 	 	$	3,310	 	 	$	251	 	 	$	5	 	 	$	12,555	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses	  				  				 				 				 				 				 				 					
Policy acquisition costs and administrative expenses	  	 	C	 	  	$	2,113	 	 	$	903	 	 	$	74	 	 	$	2,511	 	 	$	149	 	 	$	200	 	 	$	5,950	 		
Expense adjustments—favorable (unfavorable)	  				  	 	(7	) 	 	 	—  	 	 	 	4	 	 	 	—  	 	 	 	1	 	 	 	—  	 	 	 	(2	) 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses, adjusted	  	 	D	 	  	$	2,106	 	 	$	903	 	 	$	78	 	 	$	2,511	 	 	$	150	 	 	$	200	 	 	$	5,948	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Denominator	  				  				 				 				 				 				 				 					
Net premiums earned	  	 	E	 	  	$	9,325	 	 	$	3,463	 	 	$	1,251	 	 	$	6,425	 	 	$	492	 	 				 	$	20,956	 		
Reinstatement premiums (collected) expensed on catastrophe losses	  				  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(4	) 	 				 	 	(4	) 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	  				  	 	29	 	 	 	—  	 	 	 	40	 	 	 	—  	 	 	 	7	 	 				 	 	76	 		
PPD reinstatement premiums—unfavorable (favorable)	  				  	 	5	 	 	 	1	 	 	 	—  	 	 	 	2	 	 	 	—  	 	 				 	 	8	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Net premiums earned excluding adjustments	  	 	F	 	  	$	9,359	 	 	$	3,464	 	 	$	1,291	 	 	$	6,427	 	 	$	495	 	 				 	$	21,036	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	  				  				 				 				 				 				 				 					
Losses and loss expense ratio	  	 	A/E	 	  	 	63.0	% 	 	 	71.5	% 	 	 	76.2	% 	 	 	50.8	% 	 	 	48.0	% 	 				 	 	61.4	% 		
Policy acquisition costs and administrative expense ratio	  	 	C/E	 	  	 	22.6	% 	 	 	26.0	% 	 	 	5.9	% 	 	 	39.1	% 	 	 	30.3	% 	 				 	 	28.4	% 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	  				  	 	85.6	% 	 	 	97.5	% 	 	 	82.1	% 	 	 	89.9	% 	 	 	78.3	% 	 				 	 	89.8	% 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	  				  				 				 				 				 				 				 					
Loss and loss expense ratio, adjusted	  	 	B/F	 	  	 	64.5	% 	 	 	54.7	% 	 	 	81.8	% 	 	 	51.5	% 	 	 	50.6	% 	 				 	 	59.7	% 		
Policy acquisition costs and administrative expense ratio, adjusted	  	 	D/F	 	  	 	22.5	% 	 	 	26.1	% 	 	 	6.0	% 	 	 	39.1	% 	 	 	30.5	% 	 				 	 	28.3	% 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	  				  	 	87.0	% 	 	 	80.8	% 	 	 	87.8	% 	 	 	90.6	% 	 	 	81.1	% 	 				 	 	88.0	% 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Combined ratio	  				  				 				 				 				 				 				 					
Combined ratio	  				  				 				 				 				 				 				 	 	89.8	% 		
Add: impact of gains and losses on crop derivatives	  				  				 				 				 				 				 				 	 	0.0	% 		
	  				  				 				 				 				 				 				 	 	 	 		
P&C combined ratio	  				  				 				 				 				 				 				 	 	89.8	% 		
	  				  				 				 				 				 				 				 	 	 	 		
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 36	

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)

	Q3 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	  				  	$	2,580	 	 	$	1,062	 	 	$	759	 	 	$	1,281	 	 	$	295	 	 	$	89	 	 	$	6,066	 		
Realized (gains) losses on crop derivatives	  				  	 	—  	 	 	 	—  	 	 	 	5	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	5	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted losses and loss expenses	  	 	A	 	  	$	2,580	 	 	$	1,062	 	 	$	764	 	 	$	1,281	 	 	$	295	 	 	$	89	 	 	$	6,071	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Catastrophe losses	  				  	 	(868	) 	 	 	(448	) 	 	 	(5	) 	 	 	(326	) 	 	 	(268	) 	 	 	—  	 	 	 	(1,915	) 		
PPD and related adjustments	  				  				 				 				 				 				 				 					
PPD, net of related adjustments—favorable (unfavorable)	  				  	 	236	 	 	 	(32	) 	 	 	4	 	 	 	108	 	 	 	41	 	 	 	(87	) 	 	 	270	 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	  				  	 	39	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	3	 	 	 	—  	 	 	 	42	 		
Expense adjustments—unfavorable (favorable)	  				  	 	6	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	6	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
PPD—gross of related adjustments—favorable (unfavorable)	  				  	 	281	 	 	 	(32	) 	 	 	4	 	 	 	108	 	 	 	44	 	 	 	(87	) 	 	 	318	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
CAY loss and loss expense ex Cats	  	 	B	 	  	$	1,993	 	 	$	582	 	 	$	763	 	 	$	1,063	 	 	$	71	 	 	$	2	 	 	$	4,474	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses	  				  				 				 				 				 				 				 					
Policy acquisition costs and administrative expenses	  	 	C	 	  	$	725	 	 	$	287	 	 	$	48	 	 	$	815	 	 	$	54	 	 	$	64	 	 	$	1,993	 		
Expense adjustments—favorable (unfavorable)	  				  	 	(6	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(6	) 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses, adjusted	  	 	D	 	  	$	719	 	 	$	287	 	 	$	48	 	 	$	815	 	 	$	54	 	 	$	64	 	 	$	1,987	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Denominator	  				  				 				 				 				 				 				 					
Net premiums earned	  	 	E	 	  	$	3,016	 	 	$	1,117	 	 	$	898	 	 	$	2,064	 	 	$	185	 	 				 	$	7,280	 		
Reinstatement premiums (collected) expensed on catastrophe losses	  				  	 	3	 	 	 	3	 	 	 	—  	 	 	 	9	 	 	 	(37	) 	 				 	 	(22	) 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	  				  	 	39	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	3	 	 				 	 	42	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Net premiums earned excluding adjustments	  	 	F	 	  	$	3,058	 	 	$	1,120	 	 	$	898	 	 	$	2,073	 	 	$	151	 	 				 	$	7,300	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	  				  				 				 				 				 				 				 					
Losses and loss expense ratio	  	 	A/E	 	  	 	85.5	% 	 	 	95.1	% 	 	 	85.1	% 	 	 	62.1	% 	 	 	158.2	% 	 				 	 	83.4	% 		
Policy acquisition costs and administrative expense ratio	  	 	C/E	 	  	 	24.1	% 	 	 	25.7	% 	 	 	5.3	% 	 	 	39.5	% 	 	 	29.2	% 	 				 	 	27.4	% 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	  				  	 	109.6	% 	 	 	120.8	% 	 	 	90.4	% 	 	 	101.6	% 	 	 	187.4	% 	 				 	 	110.8	% 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	  				  				 				 				 				 				 				 					
Loss and loss expense ratio, adjusted	  	 	B/F	 	  	 	65.2	% 	 	 	51.9	% 	 	 	84.9	% 	 	 	51.3	% 	 	 	46.5	% 	 				 	 	61.3	% 		
Policy acquisition costs and administrative expense ratio, adjusted	  	 	D/F	 	  	 	23.5	% 	 	 	25.6	% 	 	 	5.4	% 	 	 	39.3	% 	 	 	35.7	% 	 				 	 	27.2	% 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	  				  	 	88.7	% 	 	 	77.5	% 	 	 	90.3	% 	 	 	90.6	% 	 	 	82.2	% 	 				 	 	88.5	% 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Combined ratio	  				  				 				 				 				 				 				 					
Combined ratio	  				  				 				 				 				 				 				 	 	110.7	% 		
Add: impact of gains and losses on crop derivatives	  				  				 				 				 				 				 				 	 	0.1	% 		
	  				  				 				 				 				 				 				 	 	 	 		
P&C combined ratio	  				  				 				 				 				 				 				 	 	110.8	% 		
	  				  				 				 				 				 				 				 	 	 	 		
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 37	

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)

	YTD 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	  				  	$	6,376	 	 	$	2,378	 	 	$	976	 	 	$	3,316	 	 	$	435	 	 	$	145	 	 	$	13,626	 		
Realized (gains) losses on crop derivatives	  				  	 	—  	 	 	 	—  	 	 	 	7	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	7	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted losses and loss expenses	  	 	A	 	  	$	6,376	 	 	$	2,378	 	 	$	983	 	 	$	3,316	 	 	$	435	 	 	$	145	 	 	$	13,633	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Catastrophe losses	  				  	 	(1,053	) 	 	 	(593	) 	 	 	(18	) 	 	 	(386	) 	 	 	(271	) 	 	 	—  	 	 	 	(2,321	) 		
PPD and related adjustments	  				  				 				 				 				 				 				 					
PPD, net of related adjustments—favorable (unfavorable)	  				  	 	546	 	 	 	(66	) 	 	 	83	 	 	 	184	 	 	 	64	 	 	 	(140	) 	 	 	671	 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	  				  	 	42	 	 	 	—  	 	 	 	61	 	 	 	—  	 	 	 	(4	) 	 	 	—  	 	 	 	99	 		
Expense adjustments—unfavorable (favorable)	  				  	 	6	 	 	 	—  	 	 	 	(4	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	2	 		
PPD reinstatement premiums—unfavorable (favorable)	  				  	 	9	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	9	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
PPD—gross of related adjustments—favorable (unfavorable)	  				  	 	603	 	 	 	(66	) 	 	 	140	 	 	 	184	 	 	 	60	 	 	 	(140	) 	 	 	781	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
CAY loss and loss expense ex Cats	  	 	B	 	  	$	5,926	 	 	$	1,719	 	 	$	1,105	 	 	$	3,114	 	 	$	224	 	 	$	5	 	 	$	12,093	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses	  				  				 				 				 				 				 				 					
Policy acquisition costs and administrative expenses	  	 	C	 	  	$	2,148	 	 	$	865	 	 	$	71	 	 	$	2,387	 	 	$	170	 	 	$	187	 	 	$	5,828	 		
Expense adjustments—favorable (unfavorable)	  				  	 	(6	) 	 	 	—  	 	 	 	4	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(2	) 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses, adjusted	  	 	D	 	  	$	2,142	 	 	$	865	 	 	$	75	 	 	$	2,387	 	 	$	170	 	 	$	187	 	 	$	5,826	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Denominator	  				  				 				 				 				 				 				 					
Net premiums earned	  	 	E	 	  	$	9,156	 	 	$	3,296	 	 	$	1,256	 	 	$	6,018	 	 	$	542	 	 				 	$	20,268	 		
Reinstatement premiums (collected) expensed on catastrophe losses	  				  	 	3	 	 	 	3	 	 	 	—  	 	 	 	9	 	 	 	(37	) 	 				 	 	(22	) 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	  				  	 	42	 	 	 	—  	 	 	 	61	 	 	 	—  	 	 	 	(4	) 	 				 	 	99	 		
PPD reinstatement premiums—unfavorable (favorable)	  				  	 	9	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 				 	 	9	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Net premiums earned excluding adjustments	  	 	F	 	  	$	9,210	 	 	$	3,299	 	 	$	1,317	 	 	$	6,027	 	 	$	501	 	 				 	$	20,354	 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	  				  				 				 				 				 				 				 					
Losses and loss expense ratio	  	 	A/E	 	  	 	69.6	% 	 	 	72.2	% 	 	 	78.3	% 	 	 	55.1	% 	 	 	80.1	% 	 				 	 	67.3	% 		
Policy acquisition costs and administrative expense ratio	  	 	C/E	 	  	 	23.5	% 	 	 	26.2	% 	 	 	5.6	% 	 	 	39.7	% 	 	 	31.4	% 	 				 	 	28.7	% 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	  				  	 	93.1	% 	 	 	98.4	% 	 	 	83.9	% 	 	 	94.8	% 	 	 	111.5	% 	 				 	 	96.0	% 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	  				  				 				 				 				 				 				 					
Loss and loss expense ratio, adjusted	  	 	B/F	 	  	 	64.3	% 	 	 	52.1	% 	 	 	83.9	% 	 	 	51.7	% 	 	 	44.6	% 	 				 	 	59.4	% 		
Policy acquisition costs and administrative expense ratio, adjusted	  	 	D/F	 	  	 	23.3	% 	 	 	26.2	% 	 	 	5.7	% 	 	 	39.6	% 	 	 	34.0	% 	 				 	 	28.6	% 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	  				  	 	87.6	% 	 	 	78.3	% 	 	 	89.6	% 	 	 	91.3	% 	 	 	78.6	% 	 				 	 	88.0	% 		
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Combined ratio	  				  				 				 				 				 				 				 					
Combined ratio	  				  				 				 				 				 				 				 	 	96.0	% 		
Add: impact of gains and losses on crop derivatives	  				  				 				 				 				 				 				 	 	0.0	% 		
	  				  				 				 				 				 				 				 	 	 	 		
P&C combined ratio	  				  				 				 				 				 				 				 	 	96.0	% 		
	  				  				 				 				 				 				 				 	 	 	 		
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 38	

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: Net investment income divided by average cost of fixed maturities and other investments, and average market value of equity securities.
Tangible capital: Total capitalization less goodwill and other intangible assets.
Total capitalization: Short-term debt, long-term debt, trust preferreds, and shareholders' equity.
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 39