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) – April 30, 2019

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

 
					
Switzerland	 	1-11778	 	98-0091805	
(State or other jurisdiction
of Incorporation)	 	(Commission
File Number)	 	(I.R.S. Employer
Identification No.)	
Baerengasse 32
CH-8001 Zurich, Switzerland
(Address of principal executive offices)
Registrant’s telephone number, including area code: +41 (0)43 456 76 00
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 April 30, 2019, Chubb Limited issued a Press Release reporting its first quarter 2019 results and the availability of its first quarter 2019 Financial Supplement. The Press Release and the Financial Supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are hereby incorporated herein by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.
Item 9.01. Financial Statements and Exhibits
 
(d)	Exhibits	

	Exhibit
Number	  		Description	
			
99.1	  	Press Release, Dated April 30, 2019, Reporting First Quarter 2019 Results		
			
99.2	  	First Quarter 2019 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: April 30, 2019

Exhibit 99.1

	  	Chubb Limited
Bärengasse 32
CH-8001 Zurich
Switzerland	  	www.chubb.com
@Chubb	
News Release
Chubb Reports First Quarter Net Income Per Share of $2.25 and Core
Operating Income Per Share of $2.54, Up 8.5%; Consolidated Net
Premiums Written of $7.3 Billion, Up 2.9%, or 5.1% in Constant
Dollars; P&C Combined Ratio of 89.2%
 
 	•	 	Net income was $1.0 billion. Core operating income was $1.2 billion, up 6.7%. On a constant-dollar basis, core operating income was up 9.0%, or 10.9% on a per share basis.	
 
 	•	 	P&C underwriting income was $712 million, up 10.9%, or 14.5% in constant dollars, and Global P&C underwriting income was $639 million, up 18.4%, or 23.0% in constant dollars.	
 
 	•	 	P&C net premiums written were $6.7 billion, up 2.9%, or 5.1% in constant dollars.	
 
 	•	 	P&C combined ratio was 89.2% compared with 90.1% prior year. P&C current accident year combined ratio excluding catastrophe losses was 88.5% compared with 87.6% prior year.	
 
 	•	 	Pre-tax catastrophe losses were $250 million, or $201 million after-tax, in the quarter, compared with $380 million, or $303 million after-tax, prior year.	
 
 	•	 	Net investment income was $836 million pre-tax, and adjusted net investment income was $882 million pre-tax, in line with previous guidance.	
 
 	•	 	Annualized ROE and core operating ROE were 8.1% and 9.2%, respectively. Annualized core operating return on tangible equity was 15.1%.	
 
 	•	 	Book and tangible book value per share were up 4.3% and 6.9%, respectively, in the quarter.	
ZURICH – April 30, 2019 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended March 31, 2019 of $1,040 million, or $2.25 per share, compared with $1,082 million, or $2.30 per share, for the same quarter last year. Core operating income was $1,170 million, or $2.54 per share, compared with $1,097 million, or $2.34 per share, for the same quarter last year. The property and casualty (P&C) combined ratio was 89.2%. Book and tangible book value per share increased 4.3% and 6.9%, respectively, from December 31, 2018 and now stand at $114.27 and $70.46, respectively. Book and tangible book value per share were favorably impacted by net realized and unrealized gains of $1,402 million after-tax in the company’s investment portfolio, principally driven by a decline in interest rates.

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

Chubb Limited News Release

Chubb Limited
First Quarter Summary
(in millions of U.S. dollars, except per share amounts)
(Unaudited)
																													
  	  	  	 	  	  	 	  	  	 	  	  	 	  	(Per Share - Diluted)	 	
 	  	2019	 	  	2018	 	  	Change	 	  	 	 	  	2019	 	  	2018	 	  	Change	 	
Net income	  	 	$1,040	 	  	 	$1,082	 	  	 	(3.9)%	 	  				  	 	$2.25	 	  	 	$2.30	 	  	 	(2.2)%	 	
Chubb integration expenses, net of tax	  	 	2	 	  	 	8	 	  	 	(75.0)%	 	  				  	 	0.01	 	  	 	0.02	 	  	 	(50.0)%	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	33	 	  	 	50	 	  	 	(34.0)%	 	  				  	 	0.07	 	  	 	0.11	 	  	 	(36.4)%	 	
Adjusted net realized (gains) losses, net of tax	  	 	95	 	  	 	(43)	 	  	 	NM	 	  				  	 	0.21	 	  	 	(0.09)	 	  	 	NM	 	
Core operating income, net of tax	  	 	$1,170	 	  	 	$1,097	 	  	 	6.7%	 	  				  	 	$2.54	 	  	 	$2.34	 	  	 	8.5%	 	
For the three months ended March 31, 2019 and 2018, the tax expenses (benefits) related to the table above were $(1) million and $(2) million, respectively, for Chubb integration expenses; $(8) million and $(9) million, respectively, for amortization of fair value adjustment of acquired invested assets and long-term debt; $(5) million and $(3) million, respectively, for adjusted net realized gains and losses; and $202 million and $149 million, respectively, for core operating income.
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “Chubb had a very good first quarter with core operating income per share of $2.54, up 8.5% from prior year. Our underwriting results were highlighted by a P&C combined ratio of 89.2%. We grew premiums globally over 5% in constant dollars and took advantage of an improved pricing environment. In fact, in U.S. commercial lines, London wholesale and certain other international markets, it is the best we have seen in a number of years. Shareholder returns were quite strong with book and tangible book value per share growth of 4.3% and 6.9% and core operating and tangible ROE of 9.2% and 15.1%, respectively.
“Commercial P&C net premiums in North America were up 5% in the quarter, and in our international operations premiums were up 6% in constant dollars. Growth was broad-based across many of our businesses and territories.
“As announced in the quarter, following government approval, we are increasing our ownership stake in Huatai Insurance Group in China, which converts the company to a foreign invested enterprise and is a major milestone on the path to our goal of majority ownership. In the quarter, we also signed a 15-year exclusive distribution agreement with Banco de Chile. Initiatives such as these add to our global presence and position us to grow well into the future.”

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

Chubb Limited News Release

Operating highlights for the quarter ended March 31, 2019 were as follows:

Chubb Limited
(in millions of U.S. dollars except for percentages)	  	 	Q1
    2019    	 
 	  	 	Q1
    2018    	 
 	  	 	Change	 	
P&C	  				  				  				
Net premiums written (increase of 5.1% in constant dollars)	  	$	6,734	 	  	$	6,545	 	  	 	2.9%	 	
Underwriting income	  	$	712	 	  	$	642	 	  	 	10.9%	 	
Combined ratio	  	 	89.2%	 	  	 	90.1%	 	  				
Current accident year underwriting income excluding catastrophe losses	  	$	758	 	  	$	813	 	  	 	(6.8)%	 	
Current accident year combined ratio excluding catastrophe losses	  	 	88.5%	 	  	 	87.6%	 	  				
				
Global P&C (excludes Agriculture)	  				  				  				
Net premiums written (increase of 4.8% in constant dollars)	  	$	6,604	 	  	$	6,437	 	  	 	2.6%	 	
Underwriting income	  	$	639	 	  	$	540	 	  	 	18.4%	 	
Combined ratio	  	 	90.2%	 	  	 	91.6%	 	  				
Current accident year underwriting income excluding catastrophe losses	  	$	744	 	  	$	786	 	  	 	(5.4)%	 	
Current accident year combined ratio excluding catastrophe losses	  	 	88.6%	 	  	 	87.8%	 	  				
				
North America Agricultural Insurance	  				  				  				
Net premiums written	  	$	130	 	  	$	108	 	  	 	19.9%	 	
Current accident year combined ratio excluding catastrophe losses	  	 	83.9%	 	  	 	67.7%	 	  				
 
 	•	 	Net premiums earned increased 1.6%, or 3.6% in constant dollars.	
 
 	•	 	Total pre-tax and after-tax catastrophe losses were $250 million (3.8 percentage points of the combined ratio) and $201 million, respectively, compared with $380 million (5.8 percentage points of the combined ratio) and $303 million, respectively, last year.	
 
 	•	 	Total pre-tax and after-tax favorable prior period development were $204 million (3.1 percentage points of the combined ratio) and $161 million, respectively, compared with $209 million (3.3 percentage points of the combined ratio) and $166 million, respectively, last year.	
 
 	•	 	Net investment income was $836 million pre-tax, up 3.7%, and adjusted net investment income was $882 million pre-tax, up 0.6%.	
 
 	•	 	Operating cash flow was $1.3 billion.	
 
 	•	 	Share repurchases totaled $367 million during the quarter at an average purchase price of $133.28 per share.	
 
 	•	 	Net loss reserves increased $39 million. The underlying increase in loss reserves was mostly offset by catastrophe loss payments, the seasonality in the company’s crop insurance business and favorable prior period reserve development in the quarter.	
 
 	•	 	Book and tangible book value per share were favorably impacted by net realized and unrealized gains of $1,402 million after-tax in the company’s investment portfolio as noted above and realized gains of $51 million after-tax in the company’s variable annuity reinsurance business. In addition, foreign currency movement in the quarter, reflecting the weakening of the U.S. dollar against most major currencies, favorably impacted book value by $150 million after-tax and tangible book value by $78 million after-tax.	

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

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 March 31, 2019 are presented below:

Chubb Limited
(in millions of U.S. dollars except for percentages)	  	 
	Q1
2019	 
 	  	 
	Q1
2018	 
 	  	 	Change	 	
Total North America P&C Insurance	  				  				  				
Net premiums written	  	$	      4,137	 	  	$	      3,968	 	  	 	4.3%	 	
Combined ratio	  	 	86.4%	 	  	 	88.8%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	86.0%	 	  	 	84.7%	 	  				
				
North America Commercial P&C Insurance	  				  				  				
Net premiums written:	  	$	2,951	 	  	$	2,812	 	  	 	5.0%	 	
Major accounts retail and excess and surplus (E&S) wholesale	  	$	1,703	 	  	$	1,638	 	  	 	4.0%	 	
Middle market and small commercial	  	$	1,248	 	  	$	1,174	 	  	 	6.3%	 	
Combined ratio	  	 	86.6%	 	  	 	86.2%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	87.8%	 	  	 	87.0%	 	  				
				
North America Personal P&C Insurance	  				  				  				
Net premiums written	  	$	1,056	 	  	$	1,048	 	  	 	0.8%	 	
Net premiums written adjusted primarily for additional reinsurance	  				  				  	 	2.6%	 	
Combined ratio	  	 	91.5%	 	  	 	104.2%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	81.1%	 	  	 	79.7%	 	  				
				
North America Agricultural Insurance	  				  				  				
Net premiums written	  	$	130	 	  	$	108	 	  	 	19.9%	 	
Current accident year combined ratio excluding catastrophe losses	  	 	83.9%	 	  	 	67.7%	 	  				
				
Overseas General Insurance	  				  				  				
Net premiums written	  	$	2,395	 	  	$	2,384	 	  	 	0.4%	 	
Net premiums written in constant dollars	  				  				  	 	6.0%	 	
Combined ratio	  	 	92.3%	 	  	 	90.4%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	91.3%	 	  	 	90.7%	 	  				
 
 	•	 	North America Agricultural Insurance: Underwriting income of $73 million in the quarter included $61 million of favorable prior period development. The current accident year combined ratio excluding catastrophe losses was 83.9%, compared with 67.7% prior year, principally due to lower favorable expense adjustments in the current year related to the 2018 crop year true-up with the U.S. government.	
 
 	•	 	Global Reinsurance: Net premiums written increased 4.4%, or 6.4% in constant dollars. The combined ratio was 76.8% compared with 69.5% prior year. The current accident year combined ratio excluding catastrophe losses was 81.5%, compared with 77.0% prior year, primarily due to a shift in mix of business.	

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

Chubb Limited News Release

 
 	•	 	Life Insurance: Net premiums written increased 3.5%, or 5.2% in constant dollars, reflecting growth in Combined Insurance North America supplemental accident and health business and growth in the Asian international life operations. Segment income was $85 million, up 33.9%. International life insurance segment income was $34 million, up $17 million. Combined Insurance North America contributed segment income of $41 million, up 24.7%.	
Please refer to the Chubb Limited Financial Supplement , dated March 31, 2019, 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 first quarter earnings conference call on Wednesday, May 1, 2019 beginning at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 800-347-6311 (within the United States) or 323-794-2094 (international), passcode 5310561. Please refer to the Chubb investor relations website under Events and Presentations for details. A replay of the call will be available until Wednesday, May 15, 2019 and the archived webcast will be available for approximately one month. To listen to the replay, please click here to register and receive dial-in numbers.
About Chubb
Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs more than 30,000 people worldwide. Additional information can be found at: www.chubb.com .
Investor Contact
Karen Beyer: (212) 827-4445; karen.beyer@chubb.com
Media Contact
Jeffrey Zack: (212) 827-4444; jeffrey.zack@chubb.com
All comparisons are with the same period last year unless otherwise specifically stated.

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

Chubb Limited News Release

Regulation G - Non-GAAP Financial Measures
In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP).
Throughout this document there are various measures presented on a constant-dollar basis (i.e., excludes the impact of foreign exchange). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.
Net premiums written adjusted primarily for additional reinsurance is net premiums written in the company’s North America Personal P&C Insurance segment, adjusted to exclude additional reinsurance, reinstatement premiums, and prior year one-time accounting actions. We believe this measure is meaningful to evaluate trends in the underlying business on a comparable basis.
Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from the acquisition of The Chubb Corporation (Chubb Corp) of $46 million in Q1 2019. 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.
P&C underwriting income is calculated by subtracting adjusted losses and loss expenses, policy benefits, policy acquisition costs and administrative expenses from net premiums earned of our P&C operations. We use P&C underwriting income and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest expense, amortization expense of purchased intangibles, Chubb integration expense, income tax expense and adjusted net realized gains (losses).
Current accident year underwriting income excluding catastrophe losses is underwriting income adjusted to exclude catastrophe losses and prior period development (PPD). We believe it is useful to exclude catastrophe losses, as they are not predictable as to timing and amount, and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business.
Segment income (loss) includes underwriting income, adjusted net investment income, other income (expense) – operating, and amortization expense of purchased intangibles.
Core operating income, net of tax, excludes from net income the after-tax impact of adjusted net realized gains (losses), Chubb integration expenses, and the amortization of fair value adjustment of acquired invested assets and long-term debt related to the Chubb Corp acquisition. We believe this presentation enhances the understanding of our results of

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

Chubb Limited News Release

operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (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 the amortization of the fair value adjustments related to purchased invested assets and long-term debt and 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. References to core operating income measures mean net of tax, whether or not noted.
Core operating return on equity (ROE) and Core operating return on tangible equity (ROTE) are annualized financial measures. The numerator includes core operating income, net of tax. The denominator includes the average shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, net of tax. For the ROTE calculation, the denominator is also adjusted to exclude goodwill and other intangible assets, net of tax. These measures enhance the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity and tangible equity excluding the effect of unrealized gains and losses on our investments.
P&C combined ratio is the sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the crop derivatives.
Current accident year combined ratio excluding catastrophe losses excludes the impact of catastrophe losses and PPD from the combined ratio. We believe this measure provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our property and casualty business that may be obscured by these items.
Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the operating results of the company’s Life Insurance and North America Agricultural Insurance segments. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.
Life Insurance gross and net premiums written measures include 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.
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.
See the reconciliation of Non-GAAP Financial Measures on pages 27-30 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, and net investment income.
NM - not meaningful comparison

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

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 2019 performance and growth opportunities, pricing, economic and market conditions, and our expectations and intentions and other statements that are not historical facts reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the following: competition, pricing and policy term trends, the levels of new and renewal business achieved, the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, loss of key employees or disruptions to our operations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war, economic, political, regulatory, insurance and reinsurance business conditions, potential strategic opportunities including acquisitions and our ability to achieve and integrate them, as well as management’s response to these factors, and other factors identified in our filings with the Securities and Exchange Commission (SEC).
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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

Chubb Limited News Release

Chubb Limited
Summary Consolidated Balance Sheets
(in millions of U.S. dollars, except per share data)
(Unaudited)
									
  	  	March 31
2019	 	  	December 31
2018	 	
Assets	  				  				
Investments	  	    $	103,260	 	  	    $	100,968	 	
Cash	  	 	1,271	 	  	 	1,247	 	
Insurance and reinsurance balances receivable	  	 	9,826	 	  	 	10,075	 	
Reinsurance recoverable on losses and loss expenses	  	 	16,137	 	  	 	15,993	 	
Goodwill and other intangible assets	  	 	21,419	 	  	 	21,414	 	
Other assets	  	 	19,434	 	  	 	18,074	 	
	  	 	 	 	  	 	 	 	
Total assets	  	    $	171,347	 	  	    $	167,771	 	

Liabilities	  				  				
Unpaid losses and loss expenses	  	    $	63,143	 	  	    $	62,960	 	
Unearned premiums	  	 	15,909	 	  	 	15,532	 	
Other liabilities	  	 	39,940	 	  	 	38,967	 	
	  	 	 	 	  	 	 	 	
Total liabilities	  	    $	118,992	 	  	    $	117,459	 	

Shareholders’ equity	  				  				
Total shareholders’ equity	  	 	52,355	 	  	 	50,312	 	
	  	 	 	 	  	 	 	 	
Total liabilities and shareholders’ equity	  	    $	171,347	 	  	    $	167,771	 	

Book value per common share	  	    $	114.27	 	  	    $	109.56	 	
Tangible book value per common share	  	    $	70.46	 	  	    $	65.89	 	
Book value per common share excluding cumulative translation losses (1)	  	    $	118.28	 	  	    $	113.87	 	
Tangible book value per common share excluding cumulative translation losses (1)	  	    $	73.30	 	  	    $	68.87	 	

(1)	Cumulative translation losses were $1.8  billion in 2019 ($1.3  billion on tangible and $535  million on intangible net assets) and $2.0  billion in 2018 ($1.4  billion on tangible and $607  million on intangible net assets).	

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

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	 	
 	  	March 31	 	
 	  	2019	 	 	2018	 	
Gross premiums written	  	  $	9,111	 	 	  $	8,733	 	
Net premiums written	  	 	7,313	 	 	 	7,104	 	
Net premiums earned	  	 	7,137	 	 	 	7,027	 	
Losses and loss expenses	  	 	4,098	 	 	 	4,102	 	
Policy benefits	  	 	196	 	 	 	151	 	
Policy acquisition costs	  	 	1,464	 	 	 	1,464	 	
Administrative expenses	  	 	710	 	 	 	692	 	
Net investment income	  	 	836	 	 	 	806	 	
Net realized gains (losses)	  	 	(97	) 	 	 	(2	) 	
Interest expense	  	 	140	 	 	 	157	 	
Other income (expense):	  				 				
Gains (losses) from separate account assets	  	 	30	 	 	 	6	 	
Other	  	 	9	 	 	 	41	 	
Amortization of purchased intangibles	  	 	76	 	 	 	85	 	
Chubb integration expenses	  	 	3	 	 	 	10	 	
Income tax expense	  	 	188	 	 	 	135	 	
	  	 	 	 	 	 	 	 	
Net income	  	  $	1,040	 	 	  $	1,082	 	

Diluted earnings per share:	  				 				
Net income	  	  $	2.25	 	 	  $	2.30	 	
Core operating income	  	  $	2.54	 	 	  $	2.34	 	
			
Weighted average diluted shares outstanding	  	 	461.5	 	 	 	469.5	 	

									
			
P&C combined ratio	  				  				
Loss and loss expense ratio	  	 	59.3%	 	  	 	60.0%	 	
Policy acquisition cost ratio	  	 	20.3%	 	  	 	20.6%	 	
Administrative expense ratio	  	 	9.6%	 	  	 	9.5%	 	
	  	 	 	 	  	 	 	 	
P&C combined ratio	  	 	89.2%	 	  	 	90.1%	 	
			
P&C underwriting income	  	  $	712	 	  	  $	642	 	

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

Chubb Limited News Release

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

									
 	  	Three Months Ended	 	
 	  	March 31	 	
 	  	2019	 	 	2018	 	
Gross Premiums Written	 	
North America Commercial P&C Insurance	  	  $	3,977	 	 	  $	3,678	 	
North America Personal P&C Insurance	  	 	1,207	 	 	 	1,181	 	
North America Agricultural Insurance	  	 	219	 	 	 	205	 	
Overseas General Insurance	  	 	2,876	 	 	 	2,872	 	
Global Reinsurance	  	 	221	 	 	 	205	 	
Life Insurance (1)	  	 	932	 	 	 	971	 	
	  	 	 	 	 	 	 	 	
Total	  	  $	9,432	 	 	  $	9,112	 	

Net Premiums Written	 	
North America Commercial P&C Insurance	  	  $	2,951	 	 	  $	2,812	 	
North America Personal P&C Insurance	  	 	1,056	 	 	 	1,048	 	
North America Agricultural Insurance	  	 	130	 	 	 	108	 	
Overseas General Insurance	  	 	2,395	 	 	 	2,384	 	
Global Reinsurance	  	 	202	 	 	 	193	 	
Life Insurance (1)	  	 	900	 	 	 	938	 	
	  	 	 	 	 	 	 	 	
Total	  	  $	7,634	 	 	  $	7,483	 	

Net Premiums Earned	 	
North America Commercial P&C Insurance	  	  $	3,085	 	 	  $	3,029	 	
North America Personal P&C Insurance	  	 	1,154	 	 	 	1,140	 	
North America Agricultural Insurance	  	 	55	 	 	 	43	 	
Overseas General Insurance	  	 	2,114	 	 	 	2,107	 	
Global Reinsurance	  	 	168	 	 	 	168	 	
Life Insurance	  	 	561	 	 	 	540	 	
	  	 	 	 	 	 	 	 	
Total	  	  $	7,137	 	 	  $	7,027	 	

Segment income (loss)	 	
North America Commercial P&C Insurance	  	  $	928	 	 	  $	927	 	
North America Personal P&C Insurance	  	 	159	 	 	 	8	 	
North America Agricultural Insurance	  	 	76	 	 	 	102	 	
Overseas General Insurance	  	 	292	 	 	 	336	 	
Global Reinsurance	  	 	104	 	 	 	122	 	
Life Insurance	  	 	85	 	 	 	64	 	
Corporate	  	 	(127	) 	 	 	(144	) 	
	  	 	 	 	 	 	 	 	
Total	  	  $	1,517	 	 	  $	1,415	 	

(1)	Life Insurance gross and net premiums written includes deposits collected on universal life and investment contracts in Q1 2019 ($321 million) and Q1 2018 ($379 million).	

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

Exhibit 99.2

Chubb Limited
Financial Supplement
for the Quarter Ended March 31, 2019
Investor Contact
Karen Beyer: (212) 827-4445
email: investorrelations@chubb.com
This report is for informational purposes only. It should be read in conjunction with documents filed by Chubb Limited with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this financial supplement reflect Chubb Limited’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from as indicated by such statements. For example, forward-looking statements related to financial performance, including exposures, reserves and recoverables, could be affected by the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, currency exchange fluctuations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance receivable and credit developments among reinsurers.
Our forward-looking statements could also be affected by, among other things, competition, pricing and policy term trends, market acceptance, changes in demand, actual market developments, rating agency action, possible terrorism or the outbreak and effects of war, and such other factors identified in our filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Chubb Limited
Financial Supplement Table of Contents

 	  	 	  	Page	
I.	  	Financial Highlights	  		
	  	- Consolidated Financial Highlights	  	1	
			
II.	  	Consolidated Results	  		
	  	- Consolidated Statement of Operations	  	2	
	  	- P&C Results—Consecutive Quarters	  	3	
	  	- Global P&C Results—Consecutive Quarters	  	4	
	  	- Catastrophe Losses	  	5	
	  	- Summary Consolidated Balance Sheets	  	6	
	  	- Line of Business	  	7	
	  	- Consolidated Results by Segment	  	8 - 9	
			
III.	  	Segment Results	  		
	  	- North America Commercial P&C Insurance	  	10	
	  	- North America Personal P&C Insurance	  	11	
	  	- North America Agricultural Insurance	  	12	
	  	- Overseas General Insurance	  	13	
	  	- Global Reinsurance	  	14	
	  	- Life Insurance	  	15	
	  	- Corporate	  	16	
			
IV.	  	Balance Sheet Details	  		
	  	- Loss Reserve Rollforward	  	17	
	  	- Reinsurance Recoverable Analysis	  	18	
	  	- Investment Portfolio	  	19 - 22	
	  	- Net Realized and Unrealized Gains (Losses)	  	23	
	  	- Debt and Capital	  	24	
	  	- Computation of Basic and Diluted Earnings Per Share	  	25	
	  	- Book Value and Book Value per Common Share	  	26	
			
V.	  	Other Disclosures	  		
	  	- Non-GAAP Financial Measures	  	27 - 30	
	  	- Glossary	  	31	

Chubb Limited
Consolidated Financial Highlights
(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.

 	  	Three months ended March 31	 	 	 	 	 	Constant $	 	  	Constant $	 	
 	  	2019	 	 	2018	 	 	% Change	 	 	2018	 	  	% Change	 	
	  				 				 				 				  				
Gross premiums written	  	$	9,111	 	 	$	8,733	 	 	 	4.3	% 	 	$	8,571	 	  	 	6.3	% 	
Net premiums written	  	$	7,313	 	 	$	7,104	 	 	 	2.9	% 	 	$	6,960	 	  	 	5.1	% 	
P&C net premiums written	  	$	6,734	 	 	$	6,545	 	 	 	2.9	% 	 	$	6,409	 	  	 	5.1	% 	
Global P&C net premiums written	  	$	6,604	 	 	$	6,437	 	 	 	2.6	% 	 	$	6,301	 	  	 	4.8	% 	
Net premiums earned	  	$	7,137	 	 	$	7,027	 	 	 	1.6	% 	 	$	6,886	 	  	 	3.6	% 	
Net investment income (1)	  	$	836	 	 	$	806	 	 	 	3.7	% 	 	$	799	 	  	 	4.6	% 	
Adjusted net investment income (1)	  	$	882	 	 	$	877	 	 	 	0.6	% 	 	$	870	 	  	 	1.3	% 	
Interest expense (2)	  	$	140	 	 	$	157	 	 	 	-10.8	% 	 	$	157	 	  	 	-10.8	% 	
Adjusted interest expense (2)	  	$	145	 	 	$	169	 	 	 	-14.2	% 	 	$	169	 	  	 	-14.2	% 	
Core operating income	  	$	1,170	 	 	$	1,097	 	 	 	6.7	% 	 	$	1,074	 	  	 	9.0	% 	
Net income	  	$	1,040	 	 	$	1,082	 	 	 	-3.9	% 	 				  				
Operating cash flow	  	$	1,322	 	 	$	551	 	 				 				  				
P&C combined ratio	  				 				 				 				  				
Loss and loss expense ratio	  	 	59.3	% 	 	 	60.0	% 	 				 				  				
Policy acquisition cost and administrative expense ratio	  	 	29.9	% 	 	 	30.1	% 	 				 				  				
	  	 	 	 	 	 	 	 	 				 				  				
Combined ratio	  	 	89.2	% 	 	 	90.1	% 	 				 				  				
Current Accident Year (CAY) P&C combined ratio ex Catastrophe losses (Cats)	  				 				 				 				  				
CAY loss and loss expense ratio ex Cats	  	 	58.6	% 	 	 	57.7	% 	 				 				  				
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	29.9	% 	 	 	29.9	% 	 				 				  				
	  	 	 	 	 	 	 	 	 				 				  				
CAY combined ratio ex Cats	  	 	88.5	% 	 	 	87.6	% 	 				 				  				
ROE	  	 	8.1	% 	 	 	8.4	% 	 				 				  				
Core operating return on equity (ROE)	  	 	9.2	% 	 	 	8.7	% 	 				 				  				
Core operating return on tangible equity (ROTE)	  	 	15.1	% 	 	 	14.6	% 	 				 				  				
Effective tax rate	  	 	15.3	% 	 	 	11.1	% 	 				 				  				
Core operating effective tax rate	  	 	14.7	% 	 	 	12.0	% 	 				 				  				
Diluted earnings per share	  				 				 				 				  				
Net income	  	$	2.25	 	 	$	2.30	 	 	 	-2.2	% 	 				  				
Core operating income	  	$	2.54	 	 	$	2.34	 	 	 	8.5	% 	 				  				
Weighted average basic common shares outstanding	  	 	458.8	 	 	 	465.7	 	 				 				  				
Weighted average diluted common shares outstanding	  	 	461.5	 	 	 	469.5	 	 				 				  				
						
 	  	 	 	 	December 31
2018	 	 	% Change
1Q-19 vs.
4Q-18	 	 	 	 	  	 	 	
Book value per common share	  	$	114.27	 	 	$	109.56	 	 	 	4.3	% 	 				  				
Tangible book value per common share	  	$	70.46	 	 	$	65.89	 	 	 	6.9	% 	 				  				
Total hybrid & financial debt/capitalization	  	 	19.8	% 	 	 	20.4	% 	 				 				  				
 
(1)	Q1 2019 includes $2 million of interest income on notional pool programs, compared with $24 million prior year.	
(2)	Q1 2019 includes $nil of interest expense on notional pool programs, compared with $22 million prior year.	

Financial Highlights	  	Page 1	

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

 	  	Consolidated Statements of Operations	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
								
 	  	 	  	1Q-19	 	  	4Q-18	 	  	3Q-18	 	  	2Q-18	 	  	1Q-18	 	  	Full Year
2018	 	
	  	Gross premiums written	  	$	 9,111	 	  	$	 9,252	 	  	$	 10,054	 	  	$	 9,929	 	  	$	 8,733	 	  	$	 37,968	 	
	  	Net premiums written	  	 	7,313	 	  	 	7,350	 	  	 	8,110	 	  	 	8,015	 	  	 	7,104	 	  	 	30,579	 	
	  	Net premiums earned	  	 	7,137	 	  	 	7,465	 	  	 	7,908	 	  	 	7,664	 	  	 	7,027	 	  	 	30,064	 	
(1)	  	Adjusted losses and loss expenses	  	 	4,099	 	  	 	4,615	 	  	 	4,876	 	  	 	4,479	 	  	 	4,100	 	  	 	18,070	 	
	  	Realized (gains) losses on crop derivatives	  	 	1	 	  	 	5	 	  	 	8	 	  	 	(8	) 	  	 	(2	) 	  	 	3	 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Losses and loss expenses	  	 	4,098	 	  	 	4,610	 	  	 	4,868	 	  	 	4,487	 	  	 	4,102	 	  	 	18,067	 	
	  	Policy benefits	  	 	196	 	  	 	162	 	  	 	127	 	  	 	150	 	  	 	151	 	  	 	590	 	
	  	Policy acquisition costs	  	 	1,464	 	  	 	1,480	 	  	 	1,504	 	  	 	1,464	 	  	 	1,464	 	  	 	5,912	 	
	  	Administrative expenses	  	 	710	 	  	 	728	 	  	 	719	 	  	 	747	 	  	 	692	 	  	 	2,886	 	
(2)	  	Adjusted net investment income	  	 	882	 	  	 	903	 	  	 	883	 	  	 	890	 	  	 	877	 	  	 	3,553	 	
	  	Amortization expense of fair value adjustment on acquired invested assets	  	 	(46	) 	  	 	(55	) 	  	 	(60	) 	  	 	(62	) 	  	 	(71	) 	  	 	(248	) 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Net investment income	  	 	836	 	  	 	848	 	  	 	823	 	  	 	828	 	  	 	806	 	  	 	3,305	 	
(3)	  	Adjusted realized gains (losses)	  	 	(96	) 	  	 	(682	) 	  	 	27	 	  	 	10	 	  	 	(4	) 	  	 	(649	) 	
	  	Realized gains (losses) on crop derivatives	  	 	(1	) 	  	 	(5	) 	  	 	(8	) 	  	 	8	 	  	 	2	 	  	 	(3	) 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Net realized gains (losses)	  	 	(97	) 	  	 	(687	) 	  	 	19	 	  	 	18	 	  	 	(2	) 	  	 	(652	) 	
(4)	  	Adjusted interest expense	  	 	145	 	  	 	158	 	  	 	170	 	  	 	177	 	  	 	169	 	  	 	674	 	
	  	Amortization benefit of fair value adjustment on acquired long term debt	  	 	(5	) 	  	 	(5	) 	  	 	(6	) 	  	 	(10	) 	  	 	(12	) 	  	 	(33	) 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Interest expense	  	 	140	 	  	 	153	 	  	 	164	 	  	 	167	 	  	 	157	 	  	 	641	 	
	  	Gains (losses) from fair value changes in separate account assets	  	 	30	 	  	 	(20	) 	  	 	(14	) 	  	 	(10	) 	  	 	6	 	  	 	(38	) 	
	  	Net realized gains (losses) related to unconsolidated entities	  	 	(4	) 	  	 	139	 	  	 	152	 	  	 	96	 	  	 	44	 	  	 	431	 	
	  	Other income (expense)—operating	  	 	13	 	  	 	8	 	  	 	7	 	  	 	29	 	  	 	(3	) 	  	 	41	 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Other income (expense)	  	 	39	 	  	 	127	 	  	 	145	 	  	 	115	 	  	 	47	 	  	 	434	 	
	  	Amortization expense of purchased intangibles	  	 	76	 	  	 	86	 	  	 	83	 	  	 	85	 	  	 	85	 	  	 	339	 	
	  	Chubb integration expenses	  	 	3	 	  	 	20	 	  	 	16	 	  	 	13	 	  	 	10	 	  	 	59	 	
	  	Income tax expense	  	 	188	 	  	 	159	 	  	 	183	 	  	 	218	 	  	 	135	 	  	 	695	 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Net income	  	$	1,040	 	  	$	355	 	  	$	1,231	 	  	$	1,294	 	  	$	1,082	 	  	$	3,962	 	

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

Statement of Operations	  	Page 2	

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

Chubb Limited P&C Underwriting Results	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
							
 	  	1Q-19	 	 	4Q-18	 	 	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	Full Year
2018	 	
P&C Underwriting income (Including Corporate and excluding Life Insurance)	  				 				 				 				 				 				
Gross premiums written	  	$	 8,500	 	 	$	 8,638	 	 	$	 9,455	 	 	$	 9,330	 	 	$	 8,141	 	 	$	 35,564	 	
Net premiums written	  	 	6,734	 	 	 	6,768	 	 	 	7,546	 	 	 	7,450	 	 	 	6,545	 	 	 	28,309	 	
Net premiums earned	  	 	6,576	 	 	 	6,890	 	 	 	7,357	 	 	 	7,112	 	 	 	6,487	 	 	 	27,846	 	
Adjusted losses and loss expenses	  	 	3,897	 	 	 	4,433	 	 	 	4,681	 	 	 	4,295	 	 	 	3,895	 	 	 	17,304	 	
Policy acquisition costs	  	 	1,336	 	 	 	1,328	 	 	 	1,365	 	 	 	1,326	 	 	 	1,336	 	 	 	5,355	 	
Administrative expenses	  	 	631	 	 	 	653	 	 	 	642	 	 	 	667	 	 	 	614	 	 	 	2,576	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C Underwriting income	  	$	712	 	 	$	476	 	 	$	669	 	 	$	824	 	 	$	642	 	 	$	2,611	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C CAY Underwriting income ex Cats	  	$	758	 	 	$	808	 	 	$	876	 	 	$	844	 	 	$	813	 	 	$	3,341	 	
% Change versus prior year period	  				 				 				 				 				 				
Net premiums written	  	 	2.9	% 	 	 	4.2	% 	 	 	2.5	% 	 	 	5.6	% 	 	 	5.8	% 	 	 	4.4	% 	
Net premiums written excluding merger-related actions	  				 	 	4.3	% 	 	 	2.9	% 	 	 	6.2	% 	 	 	6.6	% 	 	 	4.9	% 	
Net premiums earned	  	 	1.4	% 	 	 	3.4	% 	 	 	1.0	% 	 	 	5.8	% 	 	 	3.5	% 	 	 	3.4	% 	
Net premiums written constant $	  	 	5.1	% 	 	 	5.8	% 	 	 	2.8	% 	 	 	4.1	% 	 	 	3.4	% 	 	 	4.0	% 	
Net premiums written constant $ excluding merger-related actions	  				 	 	6.0	% 	 	 	3.3	% 	 	 	4.7	% 	 	 	4.1	% 	 	 	4.5	% 	
Net premiums earned constant $	  	 	3.5	% 	 	 	4.9	% 	 	 	1.4	% 	 	 	4.0	% 	 	 	1.6	% 	 	 	3.0	% 	
P&C combined ratio	  				 				 				 				 				 				
Loss and loss expense ratio	  	 	59.3	% 	 	 	64.3	% 	 	 	63.6	% 	 	 	60.4	% 	 	 	60.0	% 	 	 	62.1	% 	
Policy acquisition cost ratio	  	 	20.3	% 	 	 	19.3	% 	 	 	18.6	% 	 	 	18.6	% 	 	 	20.6	% 	 	 	19.2	% 	
Administrative expense ratio	  	 	9.6	% 	 	 	9.5	% 	 	 	8.7	% 	 	 	9.4	% 	 	 	9.5	% 	 	 	9.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	89.2	% 	 	 	93.1	% 	 	 	90.9	% 	 	 	88.4	% 	 	 	90.1	% 	 	 	90.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY P&C combined ratio ex Cats	  				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	58.6	% 	 	 	59.5	% 	 	 	61.1	% 	 	 	60.0	% 	 	 	57.7	% 	 	 	59.6	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	29.9	% 	 	 	28.8	% 	 	 	27.1	% 	 	 	28.1	% 	 	 	29.9	% 	 	 	28.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	88.5	% 	 	 	88.3	% 	 	 	88.2	% 	 	 	88.1	% 	 	 	87.6	% 	 	 	88.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other ratios	  				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	79	% 	 	 	78	% 	 	 	80	% 	 	 	80	% 	 	 	80	% 	 	 	80	% 	
Expense ratio	  	 	29.9	% 	 	 	28.8	% 	 	 	27.3	% 	 	 	28.0	% 	 	 	30.1	% 	 	 	28.5	% 	
Expense ratio excluding A&H	  	 	28.0	% 	 	 	26.6	% 	 	 	25.2	% 	 	 	25.9	% 	 	 	27.9	% 	 	 	26.4	% 	
Catastrophe reinstatement premiums (expensed) collected—pre-tax	  	$	—  	 	 	$	(8	) 	 	$	4	 	 	$	—  	 	 	$	—  	 	 	$	(4	) 	
Catastrophe losses—pre-tax	  	$	250	 	 	$	577	 	 	$	454	 	 	$	211	 	 	$	380	 	 	$	1,622	 	
Impact of catastrophe losses on P&C combined ratio	  	 	3.8	% 	 	 	8.5	% 	 	 	6.1	% 	 	 	3.0	% 	 	 	5.8	% 	 	 	5.9	% 	
Favorable prior period development (PPD)—pre-tax	  	$	(204	) 	 	$	(253	) 	 	$	(243	) 	 	$	(191	) 	 	$	(209	) 	 	$	(896	) 	

P&C Results	  	Page 3	

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 10), North America Personal P&C Insurance segment (refer to page 11), Overseas General Insurance segment (refer to page 13), Global Reinsurance segment (refer to page 14), and Corporate (refer to page 16). Global P&C excludes the North America Agricultural Insurance and Life Insurance segments.

Global P&C (Including Corporate and excluding Agriculture)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
							
 	  	1Q-19	 	 	4Q-18	 	 	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	Full Year
2018	 	
Global P&C Underwriting income	  				 				 				 				 				 				
Gross premiums written	  	$	 8,281	 	 	$	 8,365	 	 	$	 8,185	 	 	$	 8,787	 	 	$	 7,936	 	 	$	 33,273	 	
Net premiums written	  	 	6,604	 	 	 	6,571	 	 	 	6,662	 	 	 	7,062	 	 	 	6,437	 	 	 	26,732	 	
Net premiums earned	  	 	6,521	 	 	 	6,572	 	 	 	6,500	 	 	 	6,761	 	 	 	6,444	 	 	 	26,277	 	
Adjusted losses and loss expenses	  	 	3,923	 	 	 	4,272	 	 	 	3,954	 	 	 	4,014	 	 	 	3,950	 	 	 	16,190	 	
Policy acquisition costs	  	 	1,329	 	 	 	1,323	 	 	 	1,316	 	 	 	1,300	 	 	 	1,337	 	 	 	5,276	 	
Administrative expenses	  	 	630	 	 	 	662	 	 	 	640	 	 	 	666	 	 	 	617	 	 	 	2,585	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C Underwriting income	  	$	639	 	 	$	315	 	 	$	590	 	 	$	781	 	 	$	540	 	 	$	2,226	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C CAY Underwriting income ex Cats	  	$	744	 	 	$	670	 	 	$	790	 	 	$	799	 	 	$	786	 	 	$	3,045	 	
% Change versus prior year period	  				 				 				 				 				 				
Net premiums written	  	 	2.6	% 	 	 	3.2	% 	 	 	3.5	% 	 	 	6.1	% 	 	 	5.1	% 	 	 	4.5	% 	
Net premiums written excluding merger-related actions	  				 	 	3.3	% 	 	 	4.0	% 	 	 	6.8	% 	 	 	5.9	% 	 	 	5.0	% 	
Net premiums earned	  	 	1.2	% 	 	 	2.5	% 	 	 	1.8	% 	 	 	6.0	% 	 	 	3.1	% 	 	 	3.3	% 	
Net premiums written constant $	  	 	4.8	% 	 	 	4.8	% 	 	 	3.9	% 	 	 	4.6	% 	 	 	2.6	% 	 	 	4.0	% 	
Net premiums written constant $ excluding merger-related actions	  				 	 	5.0	% 	 	 	4.4	% 	 	 	5.2	% 	 	 	3.4	% 	 	 	4.5	% 	
Net premiums earned constant $	  	 	3.3	% 	 	 	4.0	% 	 	 	2.2	% 	 	 	4.1	% 	 	 	1.2	% 	 	 	2.9	% 	
Combined ratio	  				 				 				 				 				 				
Loss and loss expense ratio	  	 	60.2	% 	 	 	65.0	% 	 	 	60.8	% 	 	 	59.4	% 	 	 	61.3	% 	 	 	61.6	% 	
Policy acquisition cost ratio	  	 	20.4	% 	 	 	20.1	% 	 	 	20.2	% 	 	 	19.2	% 	 	 	20.8	% 	 	 	20.1	% 	
Administrative expense ratio	  	 	9.6	% 	 	 	10.1	% 	 	 	9.9	% 	 	 	9.8	% 	 	 	9.5	% 	 	 	9.8	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	90.2	% 	 	 	95.2	% 	 	 	90.9	% 	 	 	88.4	% 	 	 	91.6	% 	 	 	91.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	58.5	% 	 	 	59.7	% 	 	 	58.1	% 	 	 	59.0	% 	 	 	57.6	% 	 	 	58.6	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	30.1	% 	 	 	30.1	% 	 	 	29.8	% 	 	 	29.2	% 	 	 	30.2	% 	 	 	29.8	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	88.6	% 	 	 	89.8	% 	 	 	87.9	% 	 	 	88.2	% 	 	 	87.8	% 	 	 	88.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other ratios	  				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	80	% 	 	 	79	% 	 	 	81	% 	 	 	80	% 	 	 	81	% 	 	 	80	% 	
Expense ratio	  	 	30.0	% 	 	 	30.2	% 	 	 	30.1	% 	 	 	29.0	% 	 	 	30.3	% 	 	 	29.9	% 	
Expense ratio excluding A&H	  	 	28.1	% 	 	 	28.2	% 	 	 	28.1	% 	 	 	27.0	% 	 	 	28.2	% 	 	 	27.8	% 	
Catastrophe reinstatement premiums (expensed) collected—pre-tax	  	$	—  	 	 	$	(8	) 	 	$	4	 	 	$	—  	 	 	$	—  	 	 	$	(4	) 	
Catastrophe losses—pre-tax	  	$	248	 	 	$	567	 	 	$	446	 	 	$	209	 	 	$	379	 	 	$	1,601	 	
Favorable prior period development (PPD)—pre-tax	  	$	(143	) 	 	$	(220	) 	 	$	(242	) 	 	$	(191	) 	 	$	(133	) 	 	$	(786	) 	

Global P&C	  	Page 4	

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

Chubb Limited Catastrophe Loss Charges—Q1 2019	 	  				  				  				  				  				
 	  	North
America
Commercial P&C
Insurance	 	  	North
America
Personal P&C
Insurance	 	  	North
America
Agricultural
Insurance	 	  	Overseas
General
Insurance	 	  	Global
Reinsurance	 	  	Total
Consolidated
including
Reinstatement
premiums	 	
Catastrophe Loss Charges by Event—Net	  				  				  				  				  				  				
Winter-related storms	  	$	70	 	  	$	119	 	  	$	2	 	  	$	—  	 	  	$	—  	 	  	$	191	 	
U.S. flooding, hail, tornadoes, and wind events	  	 	24	 	  	 	10	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	34	 	
Australia storms	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	21	 	  	 	—  	 	  	 	21	 	
Other	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	4	 	  	 	—  	 	  	 	4	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total before income tax	  	$	94	 	  	$	129	 	  	$	2	 	  	$	25	 	  	$	—  	 	  	$	250	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Income tax benefit	  				  				  				  				  				  	 	49	 	
	  				  				  				  				  				  	 	 	 	
Total after income tax	  				  				  				  				  				  	$	201	 	
	  				  				  				  				  				  	 	 	 	
Note: The above table represents catastrophe loss estimates for 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 and are excluded from the table above.

Catastrophe Losses	  	Page 5	

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

 	  	March 31	 	 	December 31	 	
 	  	2019	 	 	2018	 	
Assets	  				 				
Fixed maturities available for sale, at fair value	  	$	80,663	 	 	$	78,470	 	
Fixed maturities held to maturity, at amortized cost	  	 	13,136	 	 	 	13,435	 	
Equity securities, at fair value	  	 	821	 	 	 	770	 	
Short-term investments, at fair value	  	 	3,078	 	 	 	3,016	 	
Other investments	  	 	5,562	 	 	 	5,277	 	
	  	 	 	 	 	 	 	 	
Total investments	  	 	103,260	 	 	 	100,968	 	
Cash	  	 	1,271	 	 	 	1,247	 	
Securities lending collateral	  	 	1,861	 	 	 	1,926	 	
Insurance and reinsurance balances receivable	  	 	9,826	 	 	 	10,075	 	
Reinsurance recoverable on losses and loss expenses	  	 	16,137	 	 	 	15,993	 	
Deferred policy acquisition costs	  	 	5,008	 	 	 	4,922	 	
Value of business acquired	  	 	289	 	 	 	295	 	
Prepaid reinsurance premiums	  	 	2,698	 	 	 	2,544	 	
Goodwill and other intangible assets	  	 	21,419	 	 	 	21,414	 	
Investments in partially-owned insurance companies	  	 	708	 	 	 	678	 	
Other assets	  	 	8,870	 	 	 	7,709	 	
	  	 	 	 	 	 	 	 	
Total assets	  	$	171,347	 	 	$	167,771	 	
	  	 	 	 	 	 	 	 	
Liabilities	  				 				
Unpaid losses and loss expenses	  	$	63,143	 	 	$	62,960	 	
Unearned premiums	  	 	15,909	 	 	 	15,532	 	
Future policy benefits	  	 	5,552	 	 	 	5,506	 	
Insurance and reinsurance balances payable	  	 	6,469	 	 	 	6,437	 	
Securities lending payable	  	 	1,861	 	 	 	1,926	 	
Accounts payable, accrued expenses, and other liabilities	  	 	12,629	 	 	 	11,890	 	
Deferred tax liabilities	  	 	541	 	 	 	304	 	
Short-term debt	  	 	509	 	 	 	509	 	
Long-term debt	  	 	12,071	 	 	 	12,087	 	
Trust preferred securities	  	 	308	 	 	 	308	 	
	  	 	 	 	 	 	 	 	
Total liabilities	  	 	118,992	 	 	 	117,459	 	
Shareholders’ equity	  				 				
Total shareholders’ equity, excl. AOCI	  	 	53,125	 	 	 	52,760	 	
Accumulated other comprehensive income (loss) (AOCI)	  	 	(770	) 	 	 	(2,448	) 	
	  	 	 	 	 	 	 	 	
Total shareholders’ equity	  	 	52,355	 	 	 	50,312	 	
	  	 	 	 	 	 	 	 	
Total liabilities and shareholders’ equity	  	$	171,347	 	 	$	167,771	 	
	  	 	 	 	 	 	 	 	
Book value per common share	  	$	114.27	 	 	$	109.56	 	
% change over prior quarter	  	 	4.3	% 	 	 	-0.8	% 	
Tangible book value per common share	  	$	70.46	 	 	$	65.89	 	
% change over prior quarter	  	 	6.9	% 	 	 	-1.4	% 	

Consol Bal Sheet	  	Page 6	

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

 	  	1Q-19	 	  	1Q-18	 	  	% Change	 	 	Constant $
% Change	 	
Net premiums written	  				  				  				 				
Commercial multiple peril (1)	  	$	219	 	  	$	200	 	  	 	9.0	% 	 	 	9.0	% 	
Commercial casualty	  	 	1,200	 	  	 	1,101	 	  	 	8.9	% 	 	 	10.4	% 	
Workers’ compensation	  	 	593	 	  	 	622	 	  	 	-4.6	% 	 	 	-4.6	% 	
Professional liability	  	 	786	 	  	 	773	 	  	 	1.7	% 	 	 	3.4	% 	
Surety	  	 	152	 	  	 	161	 	  	 	-5.4	% 	 	 	-2.5	% 	
Property and other short-tail lines	  	 	1,157	 	  	 	1,087	 	  	 	6.6	% 	 	 	9.4	% 	
	  	 	 	 	  	 	 	 	  				 				
Total Commercial P&C (2)	  	 	4,107	 	  	 	3,944	 	  	 	4.2	% 	 	 	5.7	% 	
Agriculture	  	 	130	 	  	 	108	 	  	 	19.9	% 	 	 	19.9	% 	
Personal automobile	  	 	421	 	  	 	398	 	  	 	6.0	% 	 	 	7.9	% 	
Personal homeowners	  	 	743	 	  	 	738	 	  	 	0.6	% 	 	 	1.1	% 	
Personal other	  	 	368	 	  	 	387	 	  	 	-4.9	% 	 	 	-1.0	% 	
	  	 	 	 	  	 	 	 	  				 				
Total Personal lines	  	 	1,532	 	  	 	1,523	 	  	 	0.6	% 	 	 	2.3	% 	
Total Property and Casualty lines	  	 	5,769	 	  	 	5,575	 	  	 	3.5	% 	 	 	5.1	% 	
Global A&H lines (3)	  	 	1,073	 	  	 	1,072	 	  	 	0.1	% 	 	 	5.0	% 	
Reinsurance lines	  	 	202	 	  	 	193	 	  	 	4.4	% 	 	 	6.4	% 	
Life	  	 	269	 	  	 	264	 	  	 	1.6	% 	 	 	4.1	% 	
	  	 	 	 	  	 	 	 	  				 				
Total consolidated	  	$	7,313	 	  	$	7,104	 	  	 	2.9	% 	 	 	5.1	% 	

(1)	Commercial multiple peril represents retail package business (property and general liability).	
(2)	Q1 2018 included a reclassification of $44 million from Commercial casualty, $2 million from Workers’ compensation, and $1 million from Commercial multiple peril to Property and other short-tail lines to better align the reporting with current year. There is no impact to total Commercial P&C.	
(3)	For purposes of this schedule only, A&H results from our Combined North America and International businesses, normally included in the Life Insurance and Overseas General Insurance segments, respectively, as well as the A&H results of our North America Commercial P&C segment, are included within the Global A&H lines above.	

Line of Business	  	Page 7	

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

	Q1 2019	 	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	 	$	2,951	 	 	$	1,056	 	 	$	130	 	 	$	2,395	 	 	$	202	 	 	$	—  	 	 	$	6,734	 	 	$	579	 	 	$	7,313	 		
Net premiums earned	 	 	3,085	 	 	 	1,154	 	 	 	55	 	 	 	2,114	 	 	 	168	 	 	 	—  	 	 	 	6,576	 	 	 	561	 	 	 	7,137	 		
Adjusted losses and loss expenses	 	 	1,973	 	 	 	757	 	 	 	(26	) 	 	 	1,106	 	 	 	76	 	 	 	11	 	 	 	3,897	 	 	 	202	 	 	 	4,099	 		
Policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	196	 	 	 	196	 		
(Gains) losses from fair value
changes in separate account assets (1)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(30	) 	 	 	(30	) 		
Policy acquisition costs	 	 	459	 	 	 	231	 	 	 	7	 	 	 	596	 	 	 	43	 	 	 	—  	 	 	 	1,336	 	 	 	128	 	 	 	1,464	 		
Administrative expenses	 	 	240	 	 	 	68	 	 	 	1	 	 	 	249	 	 	 	10	 	 	 	63	 	 	 	631	 	 	 	79	 	 	 	710	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Underwriting income (loss)	 	 	413	 	 	 	98	 	 	 	73	 	 	 	163	 	 	 	39	 	 	 	(74	) 	 	 	712	 	 	 	(14	) 	 	 	698	 		
Adjusted net investment income	 	 	510	 	 	 	64	 	 	 	10	 	 	 	144	 	 	 	56	 	 	 	9	 	 	 	793	 	 	 	89	 	 	 	882	 		
Other income (expense)—operating (1)	 	 	5	 	 	 	—  	 	 	 	—  	 	 	 	(4	) 	 	 	9	 	 	 	(7	) 	 	 	3	 	 	 	10	 	 	 	13	 		
Amortization expense of purchased intangibles	 	 	—  	 	 	 	(3	) 	 	 	(7	) 	 	 	(11	) 	 	 	—  	 	 	 	(55	) 	 	 	(76	) 	 	 	—  	 	 	 	(76	) 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Segment income (loss)	 	$	928	 	 	$	159	 	 	$	76	 	 	$	292	 	 	$	104	 	 	$	(127	) 	 	$	1,432	 	 	$	85	 	 	$	1,517	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted interest expense	 				 				 				 				 				 	 	(145	) 	 				 				 	 	(145	) 		
Income tax expense	 				 				 				 				 				 	 	(202	) 	 				 				 	 	(202	) 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Core operating income (loss)	 				 				 				 				 				 	 	(474	) 	 				 				 	 	1,170	 		
Chubb integration expenses, net of $1 million tax benefit	 				 				 				 				 				 	 	(2	) 	 				 				 	 	(2	) 		
Amortization of fair value adjustment of acquired invested
assets and long-term debt, net of $8 million tax benefit	 				 				 				 				 				 	 	(33	) 	 				 				 	 	(33	) 		
Adjusted net realized gains (losses), net of $5 million tax benefit (2)	 				 				 				 				 				 	 	(95	) 	 				 				 	 	(95	) 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Net income (loss)	 				 				 				 				 				 	$	(604	) 	 				 				 	$	1,040	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Combined ratio	 	 	86.6	% 	 	 	91.5	% 	 	 	NM	 	 	 	92.3	% 	 	 	76.8	% 	 				 	 	89.2	% 	 				 					
CAY combined ratio ex Cats	 	 	87.8	% 	 	 	81.1	% 	 	 	83.9	% 	 	 	91.3	% 	 	 	81.5	% 	 				 	 	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)—operating.	
(2)	Includes Net realized gains (losses) related to unconsolidated entities.	

Consol Results 2019	  	Page 8	

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

	Q1 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	 	$	2,812	 	 	$	1,048	 	 	$	108	 	 	$	2,384	 	 	$	193	 	 	$	—  	 	 	$	6,545	 	 	$	559	 	 	$	7,104	 		
Net premiums earned	 	 	3,029	 	 	 	1,140	 	 	 	43	 	 	 	2,107	 	 	 	168	 	 	 	—  	 	 	 	6,487	 	 	 	540	 	 	 	7,027	 		
Adjusted losses and loss expenses	 	 	1,908	 	 	 	886	 	 	 	(55	) 	 	 	1,078	 	 	 	67	 	 	 	11	 	 	 	3,895	 	 	 	205	 	 	 	4,100	 		
Policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	151	 	 	 	151	 		
(Gains) losses from fair value changes in separate account assets (1)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(6	) 	 	 	(6	) 		
Policy acquisition costs	 	 	472	 	 	 	237	 	 	 	(1	) 	 	 	588	 	 	 	40	 	 	 	—  	 	 	 	1,336	 	 	 	128	 	 	 	1,464	 		
Administrative expenses	 	 	231	 	 	 	65	 	 	 	(3	) 	 	 	239	 	 	 	10	 	 	 	72	 	 	 	614	 	 	 	78	 	 	 	692	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Underwriting income (loss)	 	 	418	 	 	 	(48	) 	 	 	102	 	 	 	202	 	 	 	51	 	 	 	(83	) 	 	 	642	 	 	 	(16	) 	 	 	626	 		
Adjusted net investment income	 	 	503	 	 	 	59	 	 	 	7	 	 	 	151	 	 	 	64	 	 	 	10	 	 	 	794	 	 	 	83	 	 	 	877	 		
Other income (expense)—operating (1)	 	 	6	 	 	 	—  	 	 	 	—  	 	 	 	(7	) 	 	 	7	 	 	 	(7	) 	 	 	(1	) 	 	 	(2	) 	 	 	(3	) 		
Amortization expense of purchased intangibles	 	 	—  	 	 	 	(3	) 	 	 	(7	) 	 	 	(10	) 	 	 	—  	 	 	 	(64	) 	 	 	(84	) 	 	 	(1	) 	 	 	(85	) 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Segment income (loss)	 	$	927	 	 	$	8	 	 	$	102	 	 	$	336	 	 	$	122	 	 	$	(144	) 	 	$	1,351	 	 	$	64	 	 	$	1,415	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted interest expense	 				 				 				 				 				 	 	(169	) 	 				 				 	 	(169	) 		
Income tax expense	 				 				 				 				 				 	 	(149	) 	 				 				 	 	(149	) 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Core operating income (loss)	 				 				 				 				 				 	 	(462	) 	 				 				 	 	1,097	 		
Chubb integration expenses, net of $2 million tax benefit	 				 				 				 				 				 	 	(8	) 	 				 				 	 	(8	) 		
Amortization of fair value adjustment of acquired invested
assets and long-term debt, net of $9 million tax benefit	 				 				 				 				 				 	 	(50	) 	 				 				 	 	(50	) 		
Adjusted net realized gains (losses), net of $3 million tax benefit (2)	 				 				 				 				 				 	 	43	 	 				 				 	 	43	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Net income (loss)	 				 				 				 				 				 	$	(477	) 	 				 				 	$	1,082	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Combined ratio	 	 	86.2	% 	 	 	104.2	% 	 	 	NM	 	 	 	90.4	% 	 	 	69.5	% 	 				 	 	90.1	% 	 				 					
CAY combined ratio ex Cats	 	 	87.0	% 	 	 	79.7	% 	 	 	67.7	% 	 	 	90.7	% 	 	 	77.0	% 	 				 	 	87.6	% 	 				 					
 
(1)	For the Life Insurance segment, (Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified for underwriting income (loss) presentation from Other income (expense)—operating.	
(2)	Includes Net realized gains (losses) related to unconsolidated entities.	

Consol Results 2018	  	Page 9	

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

 	  	1Q-19	 	 	4Q-18	 	 	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	Full Year
2018	 	
Gross premiums written	  	$	3,977	 	 	$	4,228	 	 	$	4,108	 	 	$	4,322	 	 	$	3,678	 	 	$	16,336	 	
Net premiums written	  	 	2,951	 	 	 	3,143	 	 	 	3,199	 	 	 	3,331	 	 	 	2,812	 	 	 	12,485	 	
Net premiums earned	  	 	3,085	 	 	 	3,077	 	 	 	3,019	 	 	 	3,277	 	 	 	3,029	 	 	 	12,402	 	
Losses and loss expenses	  	 	1,973	 	 	 	2,127	 	 	 	1,881	 	 	 	2,084	 	 	 	1,908	 	 	 	8,000	 	
Policy acquisition costs	  	 	459	 	 	 	451	 	 	 	458	 	 	 	448	 	 	 	472	 	 	 	1,829	 	
Administrative expenses	  	 	240	 	 	 	231	 	 	 	251	 	 	 	253	 	 	 	231	 	 	 	966	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	 	413	 	 	 	268	 	 	 	429	 	 	 	492	 	 	 	418	 	 	 	1,607	 	
Net investment income	  	 	510	 	 	 	517	 	 	 	503	 	 	 	510	 	 	 	503	 	 	 	2,033	 	
Other income (expense)—operating	  	 	5	 	 	 	5	 	 	 	1	 	 	 	13	 	 	 	6	 	 	 	25	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	928	 	 	$	790	 	 	$	933	 	 	$	1,015	 	 	$	927	 	 	$	3,665	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY Underwriting income ex Cats	  	$	376	 	 	$	362	 	 	$	409	 	 	$	410	 	 	$	395	 	 	$	1,576	 	
Combined ratio	  				 				 				 				 				 				
Loss and loss expense ratio	  	 	63.9	% 	 	 	69.1	% 	 	 	62.3	% 	 	 	63.6	% 	 	 	63.0	% 	 	 	64.5	% 	
Policy acquisition cost ratio	  	 	14.9	% 	 	 	14.7	% 	 	 	15.2	% 	 	 	13.7	% 	 	 	15.6	% 	 	 	14.7	% 	
Administrative expense ratio	  	 	7.8	% 	 	 	7.5	% 	 	 	8.3	% 	 	 	7.7	% 	 	 	7.6	% 	 	 	7.8	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	86.6	% 	 	 	91.3	% 	 	 	85.8	% 	 	 	85.0	% 	 	 	86.2	% 	 	 	87.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	65.0	% 	 	 	66.1	% 	 	 	63.5	% 	 	 	66.0	% 	 	 	64.0	% 	 	 	64.9	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	22.8	% 	 	 	22.1	% 	 	 	23.2	% 	 	 	21.4	% 	 	 	23.0	% 	 	 	22.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	87.8	% 	 	 	88.2	% 	 	 	86.7	% 	 	 	87.4	% 	 	 	87.0	% 	 	 	87.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe losses—pre-tax	  	$	94	 	 	$	232	 	 	$	196	 	 	$	73	 	 	$	78	 	 	$	579	 	
Favorable prior period development (PPD)—pre-tax	  	$	(131	) 	 	$	(138	) 	 	$	(216	) 	 	$	(155	) 	 	$	(101	) 	 	$	(610	) 	
% Change versus prior year period	  				 				 				 				 				 				
Net premiums written	  	 	5.0	% 	 	 	4.8	% 	 	 	3.6	% 	 	 	4.0	% 	 	 	3.0	% 	 	 	3.9	% 	
Net premiums written excluding merger-related actions	  				 	 	5.1	% 	 	 	4.6	% 	 	 	5.4	% 	 	 	4.4	% 	 	 	4.9	% 	
Net premiums earned	  	 	1.9	% 	 	 	1.4	% 	 	 	0.1	% 	 	 	5.8	% 	 	 	-0.4	% 	 	 	1.7	% 	
Other ratios	  				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	74	% 	 	 	74	% 	 	 	78	% 	 	 	77	% 	 	 	76	% 	 	 	76	% 	
Production by Size—Net premiums written (1)	  				 				 				 				 				 				
Major Accounts & Specialty (2)	  	$	1,703	 	 	$	1,841	 	 	$	1,851	 	 	$	2,040	 	 	$	1,638	 	 	$	7,370	 	
Commercial (2)	  	 	1,248	 	 	 	1,302	 	 	 	1,348	 	 	 	1,291	 	 	 	1,174	 	 	 	5,115	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	2,951	 	 	$	3,143	 	 	$	3,199	 	 	$	3,331	 	 	$	2,812	 	 	$	12,485	 	

(1)	The 2018 net premiums written amounts for Major Accounts & Specialty and Commercial have been revised to better align the reporting with the current year. The Commercial transfers to (from) Major Accounts & Specialty in 2018 were: $8 million for Q1, ($1) million for Q3, and $2 million for Q4. There is no impact to total North America Commercial P&C Insurance.	
(2)	Major Accounts & Specialty: large corporate accounts and wholesale business. Commercial: principally middle market and small commercial accounts.	

NA Commercial	  	Page 10	

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

 	  	1Q-19	 	 	4Q-18	 	 	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	Full Year
2018	 	
Gross premiums written	  	$	1,207	 	 	$	1,291	 	 	$	1,369	 	 	$	1,489	 	 	$	1,181	 	 	$	5,330	 	
Net premiums written	  	 	1,056	 	 	 	1,073	 	 	 	1,218	 	 	 	1,335	 	 	 	1,048	 	 	 	4,674	 	
Net premiums earned	  	 	1,154	 	 	 	1,130	 	 	 	1,167	 	 	 	1,156	 	 	 	1,140	 	 	 	4,593	 	
Losses and loss expenses	  	 	757	 	 	 	755	 	 	 	860	 	 	 	728	 	 	 	886	 	 	 	3,229	 	
Policy acquisition costs	  	 	231	 	 	 	238	 	 	 	236	 	 	 	228	 	 	 	237	 	 	 	939	 	
Administrative expenses	  	 	68	 	 	 	67	 	 	 	69	 	 	 	68	 	 	 	65	 	 	 	269	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  	 	98	 	 	 	70	 	 	 	2	 	 	 	132	 	 	 	(48	) 	 	 	156	 	
Net investment income	  	 	64	 	 	 	59	 	 	 	59	 	 	 	59	 	 	 	59	 	 	 	236	 	
Other expense—operating	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	
Amortization expense of purchased intangibles	  	 	(3	) 	 	 	(3	) 	 	 	(4	) 	 	 	(3	) 	 	 	(3	) 	 	 	(13	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	159	 	 	$	126	 	 	$	57	 	 	$	187	 	 	$	8	 	 	$	378	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY Underwriting income ex Cats	  	$	217	 	 	$	168	 	 	$	196	 	 	$	240	 	 	$	230	 	 	$	834	 	
Combined ratio	  				 				 				 				 				 				
Loss and loss expense ratio	  	 	65.5	% 	 	 	66.8	% 	 	 	73.7	% 	 	 	63.0	% 	 	 	77.7	% 	 	 	70.3	% 	
Policy acquisition cost ratio	  	 	20.1	% 	 	 	21.1	% 	 	 	20.2	% 	 	 	19.7	% 	 	 	20.8	% 	 	 	20.4	% 	
Administrative expense ratio	  	 	5.9	% 	 	 	5.9	% 	 	 	5.9	% 	 	 	5.9	% 	 	 	5.7	% 	 	 	5.9	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	91.5	% 	 	 	93.8	% 	 	 	99.8	% 	 	 	88.6	% 	 	 	104.2	% 	 	 	96.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	55.1	% 	 	 	59.1	% 	 	 	57.1	% 	 	 	53.7	% 	 	 	53.3	% 	 	 	55.8	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	26.0	% 	 	 	26.4	% 	 	 	26.1	% 	 	 	25.6	% 	 	 	26.4	% 	 	 	26.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	81.1	% 	 	 	85.5	% 	 	 	83.2	% 	 	 	79.3	% 	 	 	79.7	% 	 	 	81.9	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe reinstatement premiums expensed—pre-tax	  	$	—  	 	 	$	(26	) 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	(26	) 	
Catastrophe losses—pre-tax	  	$	129	 	 	$	90	 	 	$	136	 	 	$	101	 	 	$	284	 	 	$	611	 	
Unfavorable (favorable) prior period development (PPD)—pre-tax	  	$	(10	) 	 	$	(18	) 	 	$	58	 	 	$	7	 	 	$	(6	) 	 	$	41	 	
% Change versus prior year period	  				 				 				 				 				 				
Net premiums written	  	 	0.8	% 	 	 	-2.5	% 	 	 	2.0	% 	 	 	6.4	% 	 	 	6.5	% 	 	 	3.1	% 	
Net premiums written adjusted primarily for additional reinsurance	  	 	2.6	% 	 	 	2.3	% 	 	 	2.7	% 	 	 	3.2	% 	 	 	2.7	% 	 	 	2.7	% 	
Net premiums earned	  	 	1.2	% 	 	 	2.5	% 	 	 	4.5	% 	 	 	5.6	% 	 	 	5.1	% 	 	 	4.4	% 	
Other ratios	  				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	88	% 	 	 	83	% 	 	 	89	% 	 	 	90	% 	 	 	89	% 	 	 	88	% 	

NA Personal	  	Page 11	

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

 	  	1Q-19	 	 	4Q-18	 	 	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	Full Year
2018	 	
Gross premiums written	  	$	219	 	 	$	273	 	 	$	1,270	 	 	$	543	 	 	$	205	 	 	$	2,291	 	
Net premiums written	  	 	130	 	 	 	197	 	 	 	884	 	 	 	388	 	 	 	108	 	 	 	1,577	 	
Net premiums earned	  	 	55	 	 	 	318	 	 	 	857	 	 	 	351	 	 	 	43	 	 	 	1,569	 	
Adjusted losses and loss expenses (1)	  	 	(26	) 	 	 	161	 	 	 	727	 	 	 	281	 	 	 	(55	) 	 	 	1,114	 	
Policy acquisition costs	  	 	7	 	 	 	5	 	 	 	49	 	 	 	26	 	 	 	(1	) 	 	 	79	 	
Administrative expenses	  	 	1	 	 	 	(9	) 	 	 	2	 	 	 	1	 	 	 	(3	) 	 	 	(9	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	 	73	 	 	 	161	 	 	 	79	 	 	 	43	 	 	 	102	 	 	 	385	 	
Net investment income	  	 	10	 	 	 	8	 	 	 	7	 	 	 	6	 	 	 	7	 	 	 	28	 	
Other expense—operating	  	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(2	) 	
Amortization expense of purchased intangibles	  	 	(7	) 	 	 	(7	) 	 	 	(7	) 	 	 	(7	) 	 	 	(7	) 	 	 	(28	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	76	 	 	$	161	 	 	$	79	 	 	$	41	 	 	$	102	 	 	$	383	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY Underwriting income ex Cats	  	$	14	 	 	$	138	 	 	$	86	 	 	$	45	 	 	$	27	 	 	$	296	 	
Combined ratio	  				 				 				 				 				 				
Loss and loss expense ratio	  	 	NM	 	 	 	50.7	% 	 	 	84.9	% 	 	 	80.0	% 	 	 	NM	 	 	 	71.0	% 	
Policy acquisition cost ratio	  	 	NM	 	 	 	1.5	% 	 	 	5.7	% 	 	 	7.4	% 	 	 	NM	 	 	 	5.0	% 	
Administrative expense ratio	  	 	NM	 	 	 	-2.7	% 	 	 	0.1	% 	 	 	0.5	% 	 	 	NM	 	 	 	-0.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	NM	 	 	 	49.5	% 	 	 	90.7	% 	 	 	87.9	% 	 	 	NM	 	 	 	75.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	71.1	% 	 	 	56.0	% 	 	 	84.1	% 	 	 	79.3	% 	 	 	68.9	% 	 	 	76.7	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	12.8	% 	 	 	0.8	% 	 	 	5.8	% 	 	 	7.9	% 	 	 	-1.2	% 	 	 	4.9	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	83.9	% 	 	 	56.8	% 	 	 	89.9	% 	 	 	87.2	% 	 	 	67.7	% 	 	 	81.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe losses—pre-tax	  	$	2	 	 	$	10	 	 	$	8	 	 	$	2	 	 	$	1	 	 	$	21	 	
Favorable prior period development (PPD)—pre-tax	  	$	(61	) 	 	$	(33	) 	 	$	(1	) 	 	$	—  	 	 	$	(76	) 	 	$	(110	) 	
% Change versus prior year period	  				 				 				 				 				 				
Net premiums written	  	 	19.9	% 	 	 	55.8	% 	 	 	-4.5	% 	 	 	-3.7	% 	 	 	76.2	% 	 	 	4.0	% 	
Net premiums earned	  	 	27.4	% 	 	 	26.0	% 	 	 	-4.6	% 	 	 	2.2	% 	 	 	214.2	% 	 	 	4.1	% 	
Other ratios	  				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	59	% 	 	 	72	% 	 	 	70	% 	 	 	71	% 	 	 	53	% 	 	 	69	% 	
 
(1)	Includes Realized gains (losses) on crop derivatives.	

NA Agriculture	  	Page 12	

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

 	  	1Q-19	 	 	4Q-18	 	 	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	Full Year
2018	 	
Gross premiums written	  	$	2,876	 	 	$	2,729	 	 	$	2,541	 	 	$	2,743	 	 	$	2,872	 	 	$	10,885	 	
Net premiums written	  	 	2,395	 	 	 	2,238	 	 	 	2,081	 	 	 	2,199	 	 	 	2,384	 	 	 	8,902	 	
Net premiums earned	  	 	2,114	 	 	 	2,187	 	 	 	2,157	 	 	 	2,161	 	 	 	2,107	 	 	 	8,612	 	
Losses and loss expenses	  	 	1,106	 	 	 	1,166	 	 	 	1,114	 	 	 	1,071	 	 	 	1,078	 	 	 	4,429	 	
Policy acquisition costs	  	 	596	 	 	 	592	 	 	 	582	 	 	 	584	 	 	 	588	 	 	 	2,346	 	
Administrative expenses	  	 	249	 	 	 	257	 	 	 	252	 	 	 	266	 	 	 	239	 	 	 	1,014	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	 	163	 	 	 	172	 	 	 	209	 	 	 	240	 	 	 	202	 	 	 	823	 	
Net investment income	  	 	144	 	 	 	158	 	 	 	155	 	 	 	155	 	 	 	151	 	 	 	619	 	
Other income (expense)—operating	  	 	(4	) 	 	 	(12	) 	 	 	7	 	 	 	12	 	 	 	(7	) 	 	 	—  	 	
Amortization expense of purchased intangibles	  	 	(11	) 	 	 	(12	) 	 	 	(8	) 	 	 	(11	) 	 	 	(10	) 	 	 	(41	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	292	 	 	$	306	 	 	$	363	 	 	$	396	 	 	$	336	 	 	$	1,401	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY Underwriting income ex Cats	  	$	184	 	 	$	211	 	 	$	217	 	 	$	194	 	 	$	195	 	 	$	817	 	
Combined ratio	  				 				 				 				 				 				
Loss and loss expense ratio	  	 	52.3	% 	 	 	53.3	% 	 	 	51.7	% 	 	 	49.6	% 	 	 	51.1	% 	 	 	51.4	% 	
Policy acquisition cost ratio	  	 	28.2	% 	 	 	27.1	% 	 	 	26.9	% 	 	 	27.0	% 	 	 	27.9	% 	 	 	27.2	% 	
Administrative expense ratio	  	 	11.8	% 	 	 	11.7	% 	 	 	11.7	% 	 	 	12.3	% 	 	 	11.4	% 	 	 	11.8	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	92.3	% 	 	 	92.1	% 	 	 	90.3	% 	 	 	88.9	% 	 	 	90.4	% 	 	 	90.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	51.3	% 	 	 	51.6	% 	 	 	51.3	% 	 	 	51.7	% 	 	 	51.4	% 	 	 	51.5	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	40.0	% 	 	 	38.8	% 	 	 	38.7	% 	 	 	39.3	% 	 	 	39.3	% 	 	 	39.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	91.3	% 	 	 	90.4	% 	 	 	90.0	% 	 	 	91.0	% 	 	 	90.7	% 	 	 	90.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe losses—pre-tax	  	$	25	 	 	$	85	 	 	$	80	 	 	$	26	 	 	$	15	 	 	$	206	 	
Favorable prior period development (PPD)—pre-tax	  	$	(4	) 	 	$	(46	) 	 	$	(72	) 	 	$	(72	) 	 	$	(22	) 	 	$	(212	) 	
% Change versus prior year period	  				 				 				 				 				 				
Net premiums written	  	 	0.4	% 	 	 	3.4	% 	 	 	5.9	% 	 	 	9.6	% 	 	 	7.8	% 	 	 	6.6	% 	
Net premiums earned	  	 	0.3	% 	 	 	3.5	% 	 	 	4.5	% 	 	 	7.1	% 	 	 	8.8	% 	 	 	5.9	% 	
Net premiums written constant $	  	 	6.0	% 	 	 	7.9	% 	 	 	7.5	% 	 	 	5.1	% 	 	 	1.4	% 	 	 	5.3	% 	
Net premiums earned constant $	  	 	6.3	% 	 	 	7.9	% 	 	 	5.9	% 	 	 	2.0	% 	 	 	3.0	% 	 	 	4.7	% 	
Other ratios	  				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	83	% 	 	 	82	% 	 	 	82	% 	 	 	80	% 	 	 	83	% 	 	 	82	% 	
							
Production by Region—Net premiums written	  	1Q-19	 	 	1Q-18	 	 	% Change	 	 	Constant $
% Change	 	 	 	 	 	 	 	
Europe	  	$	1,106	 	 	$	1,110	 	 	 	-0.4	% 	 	 	4.2	% 	 				 				
Latin America	  	 	533	 	 	 	528	 	 	 	1.0	% 	 	 	12.8	% 	 				 				
Asia	  	 	669	 	 	 	657	 	 	 	1.7	% 	 	 	4.5	% 	 				 				
Other (1)	  	 	87	 	 	 	89	 	 	 	-1.9	% 	 	 	3.0	% 	 				 				
	  	 	 	 	 	 	 	 	 				 				 				 				
Total	  	$	2,395	 	 	$	2,384	 	 	 	0.4	% 	 	 	6.0	% 	 				 				

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

Overseas General Insurance	  	Page 13	

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

 	  	1Q-19	 	 	4Q-18	 	 	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	Full Year
2018	 	
Gross premiums written	  	$	221	 	 	$	117	 	 	$	167	 	 	$	233	 	 	$	205	 	 	$	722	 	
Net premiums written	  	 	202	 	 	 	117	 	 	 	164	 	 	 	197	 	 	 	193	 	 	 	671	 	
Net premiums earned	  	 	168	 	 	 	178	 	 	 	157	 	 	 	167	 	 	 	168	 	 	 	670	 	
Losses and loss expenses	  	 	76	 	 	 	243	 	 	 	86	 	 	 	83	 	 	 	67	 	 	 	479	 	
Policy acquisition costs	  	 	43	 	 	 	42	 	 	 	40	 	 	 	40	 	 	 	40	 	 	 	162	 	
Administrative expenses	  	 	10	 	 	 	12	 	 	 	10	 	 	 	9	 	 	 	10	 	 	 	41	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  	 	39	 	 	 	(119	) 	 	 	21	 	 	 	35	 	 	 	51	 	 	 	(12	) 	
Net investment income	  	 	56	 	 	 	65	 	 	 	63	 	 	 	65	 	 	 	64	 	 	 	257	 	
Other income (expense)—operating	  	 	9	 	 	 	6	 	 	 	13	 	 	 	6	 	 	 	7	 	 	 	32	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	  	$	104	 	 	$	(48	) 	 	$	97	 	 	$	106	 	 	$	122	 	 	$	277	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY Underwriting income ex Cats	  	$	31	 	 	$	27	 	 	$	27	 	 	$	28	 	 	$	39	 	 	$	121	 	
Combined ratio	  				 				 				 				 				 				
Loss and loss expense ratio	  	 	45.7	% 	 	 	137.1	% 	 	 	55.0	% 	 	 	49.4	% 	 	 	40.1	% 	 	 	71.6	% 	
Policy acquisition cost ratio	  	 	25.4	% 	 	 	23.7	% 	 	 	25.2	% 	 	 	24.2	% 	 	 	23.6	% 	 	 	24.2	% 	
Administrative expense ratio	  	 	5.7	% 	 	 	6.1	% 	 	 	6.5	% 	 	 	5.7	% 	 	 	5.8	% 	 	 	6.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	76.8	% 	 	 	166.9	% 	 	 	86.7	% 	 	 	79.3	% 	 	 	69.5	% 	 	 	101.8	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	50.5	% 	 	 	50.1	% 	 	 	51.2	% 	 	 	53.0	% 	 	 	47.7	% 	 	 	50.5	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	31.0	% 	 	 	33.1	% 	 	 	31.6	% 	 	 	30.5	% 	 	 	29.3	% 	 	 	31.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	81.5	% 	 	 	83.2	% 	 	 	82.8	% 	 	 	83.5	% 	 	 	77.0	% 	 	 	81.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe reinstatement premiums collected—pre-tax	  	$	—  	 	 	$	18	 	 	$	4	 	 	$	—  	 	 	$	—  	 	 	$	22	 	
Catastrophe losses—pre-tax	  	$	—  	 	 	$	160	 	 	$	34	 	 	$	9	 	 	$	2	 	 	$	205	 	
Unfavorable (favorable) prior period development (PPD)—pre-tax	  	$	(8	) 	 	$	4	 	 	$	(24	) 	 	$	(16	) 	 	$	(14	) 	 	$	(50	) 	
% Change versus prior year period	  				 				 				 				 				 				
Net premiums written as reported	  	 	4.4	% 	 	 	11.0	% 	 	 	-14.3	% 	 	 	3.8	% 	 	 	-3.0	% 	 	 	-2.1	% 	
Net premiums earned as reported	  	 	0.1	% 	 	 	10.2	% 	 	 	-15.7	% 	 	 	-0.6	% 	 	 	-11.0	% 	 	 	-4.9	% 	
Net premiums written constant $	  	 	6.4	% 	 	 	11.7	% 	 	 	-14.7	% 	 	 	1.5	% 	 	 	-4.8	% 	 	 	-3.3	% 	
Net premiums earned constant $	  	 	2.6	% 	 	 	10.6	% 	 	 	-16.0	% 	 	 	-3.1	% 	 	 	-12.8	% 	 	 	-6.0	% 	
Other ratios	  				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	91	% 	 	 	99	% 	 	 	98	% 	 	 	85	% 	 	 	94	% 	 	 	93	% 	

Global Reinsurance	  	Page 14	

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

 	  	1Q-19	 	 	4Q-18	 	 	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	Full Year
2018	 	
Gross premiums written	  	$	611	 	 	$	614	 	 	$	599	 	 	$	599	 	 	$	592	 	 	$	2,404	 	
Net premiums written	  	 	579	 	 	 	582	 	 	 	564	 	 	 	565	 	 	 	559	 	 	 	2,270	 	
Net premiums earned	  	 	561	 	 	 	575	 	 	 	551	 	 	 	552	 	 	 	540	 	 	 	2,218	 	
Losses and loss expenses	  	 	202	 	 	 	182	 	 	 	195	 	 	 	184	 	 	 	205	 	 	 	766	 	
Policy benefits (1)	  	 	196	 	 	 	162	 	 	 	127	 	 	 	150	 	 	 	151	 	 	 	590	 	
(Gains) losses from fair value changes in separate account assets (1)	  	 	(30	) 	 	 	20	 	 	 	14	 	 	 	10	 	 	 	(6	) 	 	 	38	 	
Policy acquisition costs	  	 	128	 	 	 	152	 	 	 	139	 	 	 	138	 	 	 	128	 	 	 	557	 	
Administrative expenses	  	 	79	 	 	 	75	 	 	 	77	 	 	 	80	 	 	 	78	 	 	 	310	 	
Net investment income	  	 	89	 	 	 	88	 	 	 	85	 	 	 	85	 	 	 	83	 	 	 	341	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Life Insurance underwriting income (2)	  	 	75	 	 	 	72	 	 	 	84	 	 	 	75	 	 	 	67	 	 	 	298	 	
Other income (expense)—operating	  	 	10	 	 	 	18	 	 	 	(6	) 	 	 	2	 	 	 	(2	) 	 	 	12	 	
Amortization expense of purchased intangibles	  	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	(2	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	85	 	 	$	89	 	 	$	78	 	 	$	77	 	 	$	64	 	 	$	308	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
% Change versus prior year period	  				 				 				 				 				 				
Net premiums written	  	 	3.5	% 	 	 	4.8	% 	 	 	4.8	% 	 	 	8.0	% 	 	 	6.7	% 	 	 	6.1	% 	
Net premiums earned	  	 	3.9	% 	 	 	3.9	% 	 	 	4.6	% 	 	 	7.2	% 	 	 	6.8	% 	 	 	5.6	% 	
Net premiums written constant $	  	 	5.2	% 	 	 	6.3	% 	 	 	5.1	% 	 	 	6.5	% 	 	 	5.0	% 	 	 	5.7	% 	
Net premiums earned constant $	  	 	5.5	% 	 	 	5.4	% 	 	 	4.9	% 	 	 	5.7	% 	 	 	5.0	% 	 	 	5.3	% 	
 
(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):

 	  	1Q-19	 	  	1Q-18	 	  	% Change	 	 	Constant $
% Change	 	
International life insurance net premiums written	  	$	227	 	  	$	217	 	  	 	4.4	% 	 	 	7.4	% 	
International life insurance deposits (3)	  	 	321	 	  	 	379	 	  	 	-15.1	% 	 	 	-12.3	% 	
	  	 	 	 	  	 	 	 	  				 				
Total international life insurance net premiums written and deposits	  	$	548	 	  	$	596	 	  	 	-8.0	% 	 	 	-5.1	% 	
	  	 	 	 	  	 	 	 	  				 				
International life insurance segment income	  	$	34	 	  	$	17	 	  	 	100.8	% 	 	 	106.6	% 	

(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 15	

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

 	  	1Q-19	 	 	4Q-18	 	 	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	Full Year
2018	 	
Gross premiums written	  	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	
Net premiums written	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Net premiums earned	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Losses and loss expenses	  	 	11	 	 	 	(19	) 	 	 	13	 	 	 	48	 	 	 	11	 	 	 	53	 	
Policy acquisition costs	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Administrative expenses	  	 	63	 	 	 	95	 	 	 	58	 	 	 	70	 	 	 	72	 	 	 	295	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting loss	  	 	(74	) 	 	 	(76	) 	 	 	(71	) 	 	 	(118	) 	 	 	(83	) 	 	 	(348	) 	
Adjusted net investment income	  	 	9	 	 	 	8	 	 	 	11	 	 	 	10	 	 	 	10	 	 	 	39	 	
Other expense—operating	  	 	(7	) 	 	 	(8	) 	 	 	(8	) 	 	 	(2	) 	 	 	(7	) 	 	 	(25	) 	
Adjusted interest expense	  	 	(145	) 	 	 	(158	) 	 	 	(170	) 	 	 	(177	) 	 	 	(169	) 	 	 	(674	) 	
Amortization expense of purchased intangibles	  	 	(55	) 	 	 	(63	) 	 	 	(64	) 	 	 	(64	) 	 	 	(64	) 	 	 	(255	) 	
Income tax expense	  	 	(202	) 	 	 	(192	) 	 	 	(183	) 	 	 	(218	) 	 	 	(149	) 	 	 	(742	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating loss	  	 	(474	) 	 	 	(489	) 	 	 	(485	) 	 	 	(569	) 	 	 	(462	) 	 	 	(2,005	) 	
Chubb integration expenses, net of tax	  	 	(2	) 	 	 	(15	) 	 	 	(14	) 	 	 	(10	) 	 	 	(8	) 	 	 	(47	) 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	(33	) 	 	 	(42	) 	 	 	(42	) 	 	 	(41	) 	 	 	(50	) 	 	 	(175	) 	
Adjusted net realized gains (losses), net of tax (1)	  	 	(95	) 	 	 	(523	) 	 	 	165	 	 	 	92	 	 	 	43	 	 	 	(223	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net loss	  	$	(604	) 	 	$	(1,069	) 	 	$	(376	) 	 	$	(528	) 	 	$	(477	) 	 	$	(2,450	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unfavorable (favorable) prior period development (PPD)—pre-tax	  	$	10	 	 	$	(22	) 	 	$	12	 	 	$	45	 	 	$	10	 	 	$	45	 	
 
(1)	Includes Net realized gains (losses) related to unconsolidated entities.	

Corporate	  	Page 16	

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 June 30, 2017	  	$	60,394	 	 	$	12,485	 	 	$	47,909	 	 				
Losses and loss expenses incurred	  	 	8,410	 	 	 	2,163	 	 	 	6,247	 	 				
Losses and loss expenses paid	  	 	(5,207	) 	 	 	(909	) 	 	 	(4,298	) 	 	 	69	% 	
Other (incl. foreign exch. revaluation)	  	 	556	 	 	 	131	 	 	 	425	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at September 30, 2017	  	$	64,153	 	 	$	13,870	 	 	$	50,283	 	 				
Losses and loss expenses incurred	  	 	5,755	 	 	 	1,483	 	 	 	4,272	 	 				
Losses and loss expenses paid	  	 	(6,419	) 	 	 	(1,298	) 	 	 	(5,121	) 	 	 	120	% 	
Other (incl. foreign exch. revaluation)	  	 	(310	) 	 	 	(41	) 	 	 	(269	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at December 31, 2017	  	$	63,179	 	 	$	14,014	 	 	$	49,165	 	 				
Losses and loss expenses incurred	  	 	5,028	 	 	 	926	 	 	 	4,102	 	 				
Losses and loss expenses paid	  	 	(5,448	) 	 	 	(1,206	) 	 	 	(4,242	) 	 	 	103	% 	
Other (incl. foreign exch. revaluation)	  	 	380	 	 	 	88	 	 	 	292	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at March 31, 2018	  	$	63,139	 	 	$	13,822	 	 	$	49,317	 	 				
Losses and loss expenses incurred	  	 	5,458	 	 	 	971	 	 	 	4,487	 	 				
Losses and loss expenses paid	  	 	(5,304	) 	 	 	(931	) 	 	 	(4,373	) 	 	 	97	% 	
Other (incl. foreign exch. revaluation)	  	 	(515	) 	 	 	(127	) 	 	 	(388	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at June 30, 2018	  	$	62,778	 	 	$	13,735	 	 	$	49,043	 	 				
Losses and loss expenses incurred	  	 	6,472	 	 	 	1,604	 	 	 	4,868	 	 				
Losses and loss expenses paid	  	 	(5,771	) 	 	 	(1,268	) 	 	 	(4,503	) 	 	 	93	% 	
Other (incl. foreign exch. revaluation)	  	 	(450	) 	 	 	(106	) 	 	 	(344	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at September 30, 2018	  	$	63,029	 	 	$	13,965	 	 	$	49,064	 	 				
Losses and loss expenses incurred	  	 	6,687	 	 	 	2,077	 	 	 	4,610	 	 				
Losses and loss expenses paid	  	 	(6,556	) 	 	 	(1,334	) 	 	 	(5,222	) 	 	 	113	% 	
Other (incl. foreign exch. revaluation)	  	 	(200	) 	 	 	(19	) 	 	 	(181	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at December 31, 2018	  	$	62,960	 	 	$	14,689	 	 	$	48,271	 	 				
Losses and loss expenses incurred	  	 	5,261	 	 	 	1,163	 	 	 	4,098	 	 				
Losses and loss expenses paid	  	 	(5,197	) 	 	 	(1,178	) 	 	 	(4,019	) 	 	 	98	% 	
Other (incl. foreign exch. revaluation)	  	 	119	 	 	 	33	 	 	 	86	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at March 31, 2019	  	$	63,143	 	 	$	14,707	 	 	$	48,436	 	 				
Add net recoverable on paid losses	  	 	—  	 	 	 	1,430	 	 	 	(1,430	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance including net recoverable on paid losses	  	$	63,143	 	 	$	16,137	 	 	$	47,006	 	 				

			
Loss Reserve Rollforward	  	Page 17	

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

 	  	March 31
2019	 	 	December 31
2018	 	
Reinsurance recoverable on paid losses and loss expenses	  				 				
Active operations	  	$	1,124	 	 	$	980	 	
Brandywine and Other Run-off	  	 	381	 	 	 	396	 	
	  	 	 	 	 	 	 	 	
Total	  	$	1,505	 	 	$	1,376	 	
	  	 	 	 	 	 	 	 	
Reinsurance recoverable on unpaid losses and loss expenses	  				 				
Active operations	  	$	13,720	 	 	$	13,705	 	
Brandywine and Other Run-off	  	 	1,235	 	 	 	1,235	 	
	  	 	 	 	 	 	 	 	
Total	  	$	14,955	 	 	$	14,940	 	
	  	 	 	 	 	 	 	 	
Gross reinsurance recoverable	  				 				
Active operations	  	$	14,844	 	 	$	14,685	 	
Brandywine and Other Run-off	  	 	1,616	 	 	 	1,631	 	
	  	 	 	 	 	 	 	 	
Total	  	$	16,460	 	 	$	16,316	 	
	  	 	 	 	 	 	 	 	
Provision for uncollectible reinsurance (1)	  				 				
Active operations	  	$	(187	) 	 	$	(185	) 	
Brandywine and Other Run-off	  	 	(136	) 	 	 	(138	) 	
	  	 	 	 	 	 	 	 	
Total	  	$	(323	) 	 	$	(323	) 	
	  	 	 	 	 	 	 	 	
Net reinsurance recoverable	  				 				
Active operations	  	$	14,657	 	 	$	14,500	 	
Brandywine and Other Run-off	  	 	1,480	 	 	 	1,493	 	
	  	 	 	 	 	 	 	 	
Total	  	$	 16,137	 	 	$	 15,993	 	

(1)	The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $3.9 billion.	

Reinsurance Recoverable	  	Page 18	

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

 	  	March 31
2019	 	 	December 31
2018	 	
Market Value	  				 				 				 				
Fixed maturities available for sale	  	$	80,663	 	 				 	$	78,470	 	 				
Fixed maturities held to maturity	  	 	13,240	 	 				 	 	13,259	 	 				
Short-term investments	  	 	3,078	 	 				 	 	3,016	 	 				
	  	 	 	 	 				 	 	 	 	 				
Total fixed maturities	  	$	96,981	 	 				 	$	94,745	 	 				
	  	 	 	 	 				 	 	 	 	 				
Asset Allocation by Market Value	  				 				 				 				
Treasury	  	$	4,551	 	 	 	5	% 	 	$	4,799	 	 	 	5	% 	
Agency	  	 	392	 	 	 	0	% 	 	 	528	 	 	 	1	% 	
Corporate and asset-backed	  	 	30,364	 	 	 	31	% 	 	 	29,091	 	 	 	31	% 	
Mortgage-backed	  	 	18,924	 	 	 	20	% 	 	 	18,026	 	 	 	19	% 	
Municipal	  	 	15,796	 	 	 	16	% 	 	 	16,327	 	 	 	17	% 	
Non-U.S.	  	 	23,876	 	 	 	25	% 	 	 	22,958	 	 	 	24	% 	
Short-term investments	  	 	3,078	 	 	 	3	% 	 	 	3,016	 	 	 	3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturities	  	$	96,981	 	 	 	100	% 	 	$	94,745	 	 	 	100	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Quality by Market Value	  				 				 				 				
AAA	  	$	14,917	 	 	 	16	% 	 	$	14,571	 	 	 	15	% 	
AA	  	 	37,023	 	 	 	38	% 	 	 	36,715	 	 	 	39	% 	
A	  	 	17,867	 	 	 	19	% 	 	 	17,253	 	 	 	18	% 	
BBB	  	 	11,961	 	 	 	12	% 	 	 	12,035	 	 	 	13	% 	
BB	  	 	8,807	 	 	 	9	% 	 	 	8,363	 	 	 	9	% 	
B	  	 	6,148	 	 	 	6	% 	 	 	5,596	 	 	 	6	% 	
Other	  	 	258	 	 	 	0	% 	 	 	212	 	 	 	0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturities	  	$	96,981	 	 	 	100	% 	 	$	94,745	 	 	 	100	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost/Amortized Cost	  				 				 				 				
Fixed maturities available for sale	  	$	79,624	 	 				 	$	79,323	 	 				
Fixed maturities held to maturity	  	 	13,136	 	 				 	 	13,435	 	 				
Short-term investments	  	 	3,078	 	 				 	 	3,016	 	 				
	  	 	 	 	 				 	 	 	 	 				
Subtotal fixed maturities	  	 	95,838	 	 				 	 	95,774	 	 				
Equity securities	  	 	821	 	 				 	 	770	 	 				
Other investments	  	 	5,562	 	 				 	 	5,277	 	 				
	  	 	 	 	 				 	 	 	 	 				
Total investment portfolio	  	$	102,221	 	 				 	$	101,821	 	 				
	  	 	 	 	 				 	 	 	 	 				
Avg. duration of fixed maturities	  	 	3.6 years	 	 				 	 	3.7 years	 	 				
Avg. market yield of fixed maturities	  	 	3.2	% 	 				 	 	3.7	% 	 				
Avg. credit quality	  	 	A/Aa	 	 				 	 	A/Aa	 	 				
Avg. yield on invested assets (1)	  	 	3.5	% 	 				 	 	3.5	% 	 				
 
(1)	Calculated using adjusted net investment income.	

Investments	  	Page 19	

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 March 31, 2019	  				  				  				  				  				  				
Agency residential mortgage-backed (RMBS)	  	$	—  	 	  	$	15,505	 	  	$	 —  	 	  	$	 —  	 	  	$	 —  	 	  	$	15,505	 	
Non-agency RMBS	  	 	25	 	  	 	47	 	  	 	69	 	  	 	27	 	  	 	20	 	  	 	188	 	
Commercial mortgage-backed	  	 	2,877	 	  	 	249	 	  	 	105	 	  	 	—  	 	  	 	—  	 	  	 	3,231	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total mortgage-backed securities at market value	  	$	2,902	 	  	$	15,801	 	  	$	174	 	  	$	27	 	  	$	20	 	  	$	18,924	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
U.S. Corporate and Asset-backed Fixed Income Portfolios

 	  	S&P Credit Rating	 	
 	  	Investment Grade	 	
Market Value at March 31, 2019	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	Total	 	
Asset-backed	  	$	 2,908	 	  	$	249	 	  	$	41	 	  	$	32	 	  	$	3,230	 	
Banks	  	 	—  	 	  	 	33	 	  	 	2,015	 	  	 	1,171	 	  	 	3,219	 	
Basic Materials	  	 	—  	 	  	 	—  	 	  	 	95	 	  	 	191	 	  	 	286	 	
Communications	  	 	—  	 	  	 	161	 	  	 	399	 	  	 	921	 	  	 	1,481	 	
Consumer, Cyclical	  	 	1	 	  	 	306	 	  	 	508	 	  	 	510	 	  	 	1,325	 	
Consumer, Non-Cyclical	  	 	59	 	  	 	506	 	  	 	1,452	 	  	 	1,426	 	  	 	3,443	 	
Diversified Financial Services	  	 	—  	 	  	 	104	 	  	 	380	 	  	 	279	 	  	 	763	 	
Energy	  	 	—  	 	  	 	49	 	  	 	180	 	  	 	473	 	  	 	702	 	
Industrial	  	 	—  	 	  	 	44	 	  	 	563	 	  	 	718	 	  	 	1,325	 	
Utilities	  	 	—  	 	  	 	17	 	  	 	755	 	  	 	332	 	  	 	1,104	 	
All Others	  	 	167	 	  	 	367	 	  	 	1,139	 	  	 	880	 	  	 	2,553	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	3,135	 	  	$	 1,836	 	  	$	 7,527	 	  	$	 6,933	 	  	$	 19,431	 	

																	
 	  	S&P Credit Rating	 	
 	  	Below Investment Grade	 	
Market Value at March 31, 2019	  	BB	 	  	B	 	  	CCC	 	  	Total	 	
Asset-backed	  	$	1	 	  	$	3	 	  	$	7	 	  	$	11	 	
Banks	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Basic Materials	  	 	401	 	  	 	185	 	  	 	—  	 	  	 	586	 	
Communications	  	 	934	 	  	 	689	 	  	 	34	 	  	 	1,657	 	
Consumer, Cyclical	  	 	1,074	 	  	 	621	 	  	 	22	 	  	 	1,717	 	
Consumer, Non-Cyclical	  	 	1,091	 	  	 	1,268	 	  	 	35	 	  	 	2,394	 	
Diversified Financial Services	  	 	205	 	  	 	160	 	  	 	9	 	  	 	374	 	
Energy	  	 	764	 	  	 	419	 	  	 	10	 	  	 	1,193	 	
Industrial	  	 	652	 	  	 	611	 	  	 	22	 	  	 	1,285	 	
Utilities	  	 	250	 	  	 	21	 	  	 	32	 	  	 	303	 	
All Others	  	 	877	 	  	 	511	 	  	 	25	 	  	 	1,413	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	6,249	 	  	$	4,488	 	  	$	196	 	  	$	10,933	 	

			
Investments 2	  	Page 20	

Chubb Limited
Investment Portfolio—3
(in millions of U.S. dollars)
(Unaudited)
Non-U.S. Fixed Income Portfolio
March 31, 2019

 	  	Market Value by S&P Credit Rating	 	
Non-U.S. Government Securities	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
United Kingdom	  	$	—  	 	  	$	1,138	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	1,138	 	
Republic of Korea	  	 	—  	 	  	 	1,088	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	1,088	 	
Canada	  	 	841	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	841	 	
Federative Republic of Brazil	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	763	 	  	 	763	 	
Province of Ontario	  	 	—  	 	  	 	9	 	  	 	659	 	  	 	—  	 	  	 	—  	 	  	 	668	 	
United Mexican States	  	 	—  	 	  	 	—  	 	  	 	421	 	  	 	142	 	  	 	—  	 	  	 	563	 	
Kingdom of Thailand	  	 	—  	 	  	 	—  	 	  	 	506	 	  	 	—  	 	  	 	—  	 	  	 	506	 	
Province of Quebec	  	 	—  	 	  	 	490	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	490	 	
Commonwealth of Australia	  	 	321	 	  	 	3	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	324	 	
Federal Republic of Germany	  	 	308	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	308	 	
Other Non-U.S. Government Securities	  	 	572	 	  	 	1,424	 	  	 	962	 	  	 	602	 	  	 	981	 	  	 	4,541	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	 2,042	 	  	$	 4,152	 	  	$	 2,548	 	  	$	744	 	  	$	 1,744	 	  	$	 11,230	 	

 	  	Market Value by S&P Credit Rating	 	
Non-U.S. Corporate Securities	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
United Kingdom	  	$	108	 	  	$	115	 	  	$	634	 	  	$	815	 	  	$	323	 	  	$	1,995	 	
Canada	  	 	97	 	  	 	278	 	  	 	330	 	  	 	490	 	  	 	350	 	  	 	1,545	 	
United States (1)	  	 	3	 	  	 	23	 	  	 	185	 	  	 	337	 	  	 	636	 	  	 	1,184	 	
France	  	 	7	 	  	 	36	 	  	 	598	 	  	 	274	 	  	 	42	 	  	 	957	 	
Australia	  	 	113	 	  	 	207	 	  	 	369	 	  	 	127	 	  	 	17	 	  	 	833	 	
Netherlands	  	 	59	 	  	 	91	 	  	 	281	 	  	 	144	 	  	 	104	 	  	 	679	 	
Germany	  	 	60	 	  	 	35	 	  	 	158	 	  	 	248	 	  	 	33	 	  	 	534	 	
Japan	  	 	—  	 	  	 	45	 	  	 	419	 	  	 	55	 	  	 	—  	 	  	 	519	 	
Switzerland	  	 	47	 	  	 	11	 	  	 	186	 	  	 	187	 	  	 	29	 	  	 	460	 	
China	  	 	—  	 	  	 	—  	 	  	 	279	 	  	 	60	 	  	 	36	 	  	 	375	 	
Other Non-U.S. Corporate Securities	  	 	412	 	  	 	435	 	  	 	953	 	  	 	1,055	 	  	 	710	 	  	 	3,565	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	906	 	  	$	1,276	 	  	$	4,392	 	  	$	 3,792	 	  	$	2,280	 	  	$	12,646	 	

(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 21	

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

 	 		                         March 31, 2019                        	  	Market Value	 	  	 	 	  	Rating	
1	 	Wells Fargo & Co	  	$	578	 	  				  	A-		
2	 	Bank of America Corp	  	 	518	 	  				  	A-		
3	 	JP Morgan Chase & Co	  	 	479	 	  				  	A-		
4	 	Comcast Corp	  	 	380	 	  				  	A-		
5	 	HSBC Holdings Plc	  	 	354	 	  				  	A		
6	 	Verizon Communications Inc	  	 	336	 	  				  	BBB+		
7	 	Anheuser-Busch InBev NV	  	 	334	 	  				  	A-		
8	 	Citigroup Inc	  	 	327	 	  				  	BBB+		
9	 	AT&T Inc	  	 	316	 	  				  	BBB		
10	 	Morgan Stanley	  	 	302	 	  				  	BBB+		

Investments 4	  	Page 22	

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

 	  	Three months ended March 31, 2019	 	
 	  	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)	  	$	(151	) 	 	$	8	 	 	$	(143	) 	 	$	1,889	 	 	$	(330	) 	 	$	1,559	 	 	$	1,738	 	 	$	(322	) 	 	$	1,416	 	
Public equity	  	 	(22	) 	 	 	5	 	 	 	(17	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(22	) 	 	 	5	 	 	 	(17	) 	
Private equity	  	 	(7	) 	 	 	4	 	 	 	(3	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(7	) 	 	 	4	 	 	 	(3	) 	
Mark-to-market on public and private equity	  	 	15	 	 	 	(9	) 	 	 	6	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	15	 	 	 	(9	) 	 	 	6	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio	  	 	(165	) 	 	 	8	 	 	 	(157	) 	 	 	1,889	 	 	 	(330	) 	 	 	1,559	 	 	 	1,724	 	 	 	(322	) 	 	 	1,402	 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (2)	  	 	51	 	 	 	—  	 	 	 	51	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	51	 	 	 	—  	 	 	 	51	 	
Foreign exchange	  	 	13	 	 	 	(3	) 	 	 	10	 	 	 	147	 	 	 	(7	) 	 	 	140	 	 	 	160	 	 	 	(10	) 	 	 	150	 	
Partially-owned entities (3)	  	 	1	 	 	 	—  	 	 	 	1	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1	 	 	 	—  	 	 	 	1	 	
Other (4)	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(27	) 	 	 	6	 	 	 	(21	) 	 	 	(27	) 	 	 	6	 	 	 	(21	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	  	$	(100	) 	 	$	5	 	 	$	(95	) 	 	$	2,009	 	 	$	(331	) 	 	$	1,678	 	 	$	1,909	 	 	$	(326	) 	 	$	1,583	 	

(1)   The quarter includes $107 million pre-tax realized losses on fixed income derivatives. Other-than-temporary impairments for the quarter in realized gains (losses) were $13 million pre-tax for fixed maturities.
(2)   The quarter includes $63 million of losses on applicable hedges. These losses are both pre-tax and after-tax.
(3)   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.
(4)   Other unrealized gains (losses) are primarily related to the company’s postretirement programs.	    
    
    
    	
		
  	  	Three months ended March 31, 2018	 	
 	  	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	  	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	
Fixed income investments (5)	  	$	(6	) 	 	$	2	 	 	$	(4	) 	 	$	(1,211	) 	 	$	223	 	 	$	(988	) 	 	$	(1,217	) 	 	$	225	 	 	$	(992	) 	
Public equity	  	 	10	 	 	 	(2	) 	 	 	8	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	10	 	 	 	(2	) 	 	 	8	 	
Private equity	  	 	44	 	 	 	(9	) 	 	 	35	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	44	 	 	 	(9	) 	 	 	35	 	
Mark-to-market on public and private equity	  	 	8	 	 	 	3	 	 	 	11	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	8	 	 	 	3	 	 	 	11	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio	  	 	56	 	 	 	(6	) 	 	 	50	 	 	 	(1,211	) 	 	 	223	 	 	 	(988	) 	 	 	(1,155	) 	 	 	217	 	 	 	(938	) 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (6)	  	 	60	 	 	 	—  	 	 	 	60	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	60	 	 	 	—  	 	 	 	60	 	
Foreign exchange	  	 	(77	) 	 	 	9	 	 	 	(68	) 	 	 	397	 	 	 	(19	) 	 	 	378	 	 	 	320	 	 	 	(10	) 	 	 	310	 	
Partially-owned entities (7)	  	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	
Other (8)	  	 	2	 	 	 	—  	 	 	 	2	 	 	 	(23	) 	 	 	4	 	 	 	(19	) 	 	 	(21	) 	 	 	4	 	 	 	(17	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	  	$	40	 	 	$	3	 	 	$	43	 	 	$	(837	) 	 	$	208	 	 	$	(629	) 	 	$	(797	) 	 	$	211	 	 	$	(586	) 	

(5)	The quarter includes $17 million pre-tax realized gains on fixed income derivatives. Other-than-temporary impairments for the quarter in realized gains (losses) were $1 million for fixed maturities.	
(6)	The quarter includes $22 million of gains on applicable hedges. These gains are both pre-tax and after-tax.	
(7)	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.	
(8)	Other unrealized gains (losses) are primarily related to the company’s postretirement programs.	

Net Gains (Losses)	  	Page 23	

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

 	  	March 31
2019	 	 	December 31
2018	 	 	December 31
2017	 	
Financial Debt:	  				 				 				
Total short-term debt	  	$	509	 	 	$	509	 	 	$	1,013	 	
Total long-term debt	  	 	12,071	 	 	 	12,087	 	 	 	11,556	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total financial debt	  	$	12,580	 	 	$	12,596	 	 	$	12,569	 	
Hybrid debt:	  				 				 				
Total trust preferred securities	  	 	308	 	 	 	308	 	 	 	308	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	12,888	 	 	$	12,904	 	 	$	12,877	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Capitalization:	  				 				 				
Shareholders’ equity	  	$	52,355	 	 	$	50,312	 	 	$	51,172	 	
Hybrid debt	  	 	308	 	 	 	308	 	 	 	308	 	
Financial debt	  	 	12,580	 	 	 	12,596	 	 	 	12,569	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total capitalization	  	$	 65,243	 	 	$	 63,216	 	 	$	 64,049	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Leverage ratios (based on total capital):	  				 				 				
Hybrid debt	  	 	0.5	% 	 	 	0.5	% 	 	 	0.5	% 	
Financial debt	  	 	19.3	% 	 	 	19.9	% 	 	 	19.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total hybrid & financial debt	  	 	19.8	% 	 	 	20.4	% 	 	 	20.1	% 	
Note: As of March 31, 2019, there was $0.7 billion usage of credit facilities on a total commitment of $1.0 billion.

Debt and Capital	  	Page 24	

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 March 31	 	
 	  	2019	 	 	2018	 	
	  	 	 	 	
Numerator	  				 				
Core operating income to common shares	  	$	1,170	 	 	$	1,097	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax	  	 	(41	) 	 	 	(59	) 	
Tax benefit on amortization adjustment	  	 	8	 	 	 	9	 	
Chubb integration expenses, pre-tax	  	 	(3	) 	 	 	(10	) 	
Tax benefit on Chubb integration expenses	  	 	1	 	 	 	2	 	
Adjusted net realized gains (losses), pre-tax	  	 	(100	) 	 	 	40	 	
Tax benefit on adjusted net realized gains (losses)	  	 	5	 	 	 	3	 	
	  	 	 	 	 	 	 	 	
Net income	  	$	1,040	 	 	$	1,082	 	
	  	 	 	 	 	 	 	 	
Rollforward of Common Shares Outstanding	  				 				
Shares—beginning of period	  	 	459,203,378	 	 	 	463,833,179	 	
Repurchase of shares	  	 	(2,753,754	) 	 	 	—  	 	
Shares issued, excluding option exercises	  	 	1,167,876	 	 	 	1,575,789	 	
Issued for option exercises	  	 	561,705	 	 	 	422,518	 	
	  	 	 	 	 	 	 	 	
Shares—end of period	  	 	458,179,205	 	 	 	465,831,486	 	
	  	 	 	 	 	 	 	 	
Denominator	  				 				
Weighted average shares outstanding (1)	  	 	458,805,185	 	 	 	465,703,240	 	
Effect of other dilutive securities	  	 	2,731,755	 	 	 	3,770,351	 	
	  	 	 	 	 	 	 	 	
Adj. wtd. avg. shares outstanding and assumed conversions	  	 	461,536,940	 	 	 	469,473,591	 	
	  	 	 	 	 	 	 	 	
Basic earnings per share	  				 				
Core operating income	  	$	2.55	 	 	$	2.35	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	(0.07	) 	 	 	(0.11	) 	
Chubb integration expenses, net of tax	  	 	(0.01	) 	 	 	(0.02	) 	
Adjusted net realized gains (losses), net of tax	  	 	(0.20	) 	 	 	0.10	 	
	  	 	 	 	 	 	 	 	
Net income	  	$	2.27	 	 	$	2.32	 	
	  	 	 	 	 	 	 	 	
Diluted earnings per share	  				 				
Core operating income	  	$	2.54	 	 	$	2.34	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	(0.07	) 	 	 	(0.11	) 	
Chubb integration expenses, net of tax	  	 	(0.01	) 	 	 	(0.02	) 	
Adjusted net realized gains (losses), net of tax	  	 	(0.21	) 	 	 	0.09	 	
	  	 	 	 	 	 	 	 	
Net income	  	$	2.25	 	 	$	2.30	 	

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

Earnings per share	  	Page 25	

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

 	  	March 31
2019	 	 	December 31
2018	 	 	March 31
2018	 	
Shareholders’ equity	  	$	52,355	 	 	$	50,312	 	 	$	51,287	 	
Less: goodwill and other intangible assets, net of tax	  	 	20,070	 	 	 	20,054	 	 	 	20,706	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Numerator for tangible book value per share	  	$	32,285	 	 	$	30,258	 	 	$	30,581	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Book value—% change over prior quarter	  	 	4.1	% 	 	 	-1.2	% 	 	 	0.2	% 	
Tangible book value—% change over prior quarter	  	 	6.7	% 	 	 	-1.8	% 	 	 	0.1	% 	
Denominator	  	 	458,179,205	 	 	 	459,203,378	 	 	 	465,831,486	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share	  	$	114.27	 	 	$	109.56	 	 	$	110.10	 	
Tangible book value per common share	  	$	70.46	 	 	$	65.89	 	 	$	65.65	 	
Reconciliation of Book Value	  				 				 				
Shareholders’ equity, beginning of quarter (1)	  	$	50,300	 	 	$	50,934	 	 	$	51,172	 	
Core operating income	  	 	1,170	 	 	 	935	 	 	 	1,097	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	(33	) 	 	 	(42	) 	 	 	(50	) 	
Chubb integration expenses, net of tax	  	 	(2	) 	 	 	(15	) 	 	 	(8	) 	
Adjusted net realized gains (losses), net of tax (2)	  	 	(95	) 	 	 	(523	) 	 	 	43	 	
Net unrealized gains (losses) on the investment portfolio	  	 	1,559	 	 	 	(117	) 	 	 	(988	) 	
Repurchase of shares	  	 	(367	) 	 	 	(318	) 	 	 	—  	 	
Dividend declared on common shares	  	 	(335	) 	 	 	(336	) 	 	 	(332	) 	
Cumulative translation	  	 	140	 	 	 	(113	) 	 	 	378	 	
Postretirement benefit liability	  	 	(21	) 	 	 	(205	) 	 	 	(18	) 	
Other (3)	  	 	39	 	 	 	112	 	 	 	(7	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	
	  	$	52,355	 	 	$	50,312	 	 	$	51,287	 	

(1)	January 1, 2019 included a $12 million after-tax reduction to beginning equity related to the adoption of new accounting guidance on premium amortization of purchased callable debt securities.	
(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 26	

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).
Throughout this document there are various measures presented on a constant-dollar basis (i.e., excludes the impact of foreign exchange). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.
Underwriting income is calculated by subtracting adjusted losses and loss expenses, policy benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest expense, amortization expense of purchased intangibles, Chubb integration expense, income tax expense and adjusted net realized gains (losses).
CAY underwriting income excluding catastrophe losses (Cats) is underwriting income adjusted to exclude Cats and prior period development (PPD). We believe it is useful to exclude Cats, 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.
Adjusted losses and loss expenses include 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.
Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from the acquisition of The Chubb Corporation (Chubb Corp). 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 interest expense is interest expense excluding the amortization of the fair value adjustment on acquired long-term debt, related to the Chubb Corp acquisition due to the size and complexity of this acquisition.
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. 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.
P&C underwriting income and P&C combined ratio exclude the Life Insurance segment. P&C loss and loss expense ratio and P&C combined ratio include adjusted losses and loss expenses in the ratio numerator. P&C expense ratio 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 29-30.
CAY P&C combined ratio excluding catastrophe losses excludes Cats and PPD from the P&C combined ratio. We exclude Cats 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. The combined ratio numerator is adjusted to exclude Cats, net premiums earned adjustments on PPD, prior period expense adjustments and reinstatement premiums on PPD, and the denominator is adjusted to exclude net premiums earned adjustments on PPD and reinstatement premiums on Cats and PPD. 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 this measure provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our P&C business that may be obscured by these items. This measure is commonly reported among our peer companies and allows for a better comparison.
Expense ratio excluding accident and health (A&H) 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 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.
Core operating income, net of tax, excludes from net income, the after-tax impact of adjusted net realized gains (losses), Chubb integration expenses, and the amortization of fair value adjustment of acquired invested assets and long-term debt 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) are heavily influenced by, and fluctuate in part according to the availability of market opportunities. We exclude the amortization of the fair value adjustments related to purchased invested assets and long-term debt and 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. References to core operating income measures mean net of tax, whether or not noted.
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.
International life insurance net premiums written and deposits collected 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.
Net premiums written excluding merger-related actions is a meaningful measure to evaluate trends in our underlying business on a comparable basis. Since the acquisition of the Chubb Corp, we have entered into new reinsurance agreements with third-party reinsurers for the Chubb Corp businesses and have taken other merger-related underwriting actions, including exiting certain types of business that do not meet our underwriting standards or adhere to our risk diversification strategy. We exclude the impact of accounting policy alignment to conform the timing of premium recognition of certain Chubb Corp foreign subsidiaries to be on the same basis as Chubb Limited.
Net premiums written adjusted primarily for additional reinsurance in the company’s North America Personal P&C Insurance segment, adjusted to exclude $18 million of additional reinsurance, reinstatement premiums, and one-time accounting actions in Q1 2019. In addition to excluding additional reinsurance and the one-time accounting actions for the reasons noted above, we exclude the impact of Fireman’s Fund non-renewal and unearned premium reserve (UPR) transfer. We believe this measure is meaningful to evaluate trends in the underlying business on a comparable basis.

Reconciliation Non-GAAP	  	Page 27	

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 income
The following table presents the reconciliation of Net income to Core operating income:

  	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	
 	  	1Q-19	 	 	4Q-18	 	 	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	2018	 	
Net income, as reported	  	$	1,040	 	 	$	355	 	 	$	1,231	 	 	$	1,294	 	 	$	1,082	 	 	$	3,962	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax	  	 	(41	) 	 	 	(50	) 	 	 	(54	) 	 	 	(52	) 	 	 	(59	) 	 	 	(215	) 	
Tax benefit on amortization adjustment	  	 	8	 	 	 	8	 	 	 	12	 	 	 	11	 	 	 	9	 	 	 	40	 	
Chubb integration expenses, pre-tax	  	 	(3	) 	 	 	(20	) 	 	 	(16	) 	 	 	(13	) 	 	 	(10	) 	 	 	(59	) 	
Tax benefit on Chubb integration expenses	  	 	1	 	 	 	5	 	 	 	2	 	 	 	3	 	 	 	2	 	 	 	12	 	
Adjusted realized gains (losses), pre-tax	  	 	(96	) 	 	 	(682	) 	 	 	27	 	 	 	10	 	 	 	(4	) 	 	 	(649	) 	
Net realized gains (losses) related to unconsolidated entities, pre-tax (1)	  	 	(4	) 	 	 	139	 	 	 	152	 	 	 	96	 	 	 	44	 	 	 	431	 	
Tax (expense) benefit on adjusted net realized gains (losses)	  	 	5	 	 	 	20	 	 	 	(14	) 	 	 	(14	) 	 	 	3	 	 	 	(5	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating income	  	$	1,170	 	 	$	935	 	 	$	1,122	 	 	$	1,253	 	 	$	1,097	 	 	$	4,407	 	

(1)   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).
 
Core operating ROE
 	
    

	
Core operating return on equity (ROE) and Core operating return on tangible equity (ROTE) are annualized financial measures. The numerator includes core operating income, net of tax. The denominator includes the average shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, net of tax. For the ROTE calculation, the denominator is also adjusted to exclude goodwill and other intangible assets, net of tax. These measures enhances the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity and tangible equity excluding the effect of unrealized gains and losses on our investments.

  	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	
 	  	 	 	 	 	 	 	1Q-19	 	 	 	 	 	1Q-18	 	 	2018	 	
Net income	  				 				 	$	1,040	 	 				 	$	1,082	 	 	$	3,962	 	
Core operating income	  				 				 	$	1,170	 	 				 	$	1,097	 	 	$	4,407	 	
Equity—beginning of period, as reported (1)	  				 				 	$	50,300	 	 				 	$	51,172	 	 	$	51,172	 	
Less: unrealized gains (losses) on investments, net of deferred tax	  				 				 	 	(545	) 	 				 	 	1,033	 	 	 	1,154	 	
	  				 				 	 	 	 	 				 	 	 	 	 	 	 	 	
Equity—beginning of period, as adjusted	  				 				 	$	50,845	 	 				 	$	50,139	 	 	$	50,018	 	
	  				 				 	 	 	 	 				 	 	 	 	 	 	 	 	
Less: goodwill and other intangible assets, net of tax	  				 				 	$	20,054	 	 				 	$	20,621	 	 	$	20,621	 	
	  				 				 	 	 	 	 				 	 	 	 	 	 	 	 	
Equity—beginning of period, as adjusted ex goodwill and other intangible assets	  				 				 	$	30,791	 	 				 	$	29,518	 	 	$	29,397	 	
	  				 				 	 	 	 	 				 	 	 	 	 	 	 	 	
Equity—end of period, as reported	  				 				 	$	52,355	 	 				 	$	51,287	 	 	$	50,312	 	
Less: unrealized gains (losses) on investments, net of deferred tax	  				 				 	 	1,014	 	 				 	 	45	 	 	 	(545	) 	
	  				 				 	 	 	 	 				 	 	 	 	 	 	 	 	
Equity—end of period, as adjusted	  				 				 	$	51,341	 	 				 	$	51,242	 	 	$	50,857	 	
	  				 				 	 	 	 	 				 	 	 	 	 	 	 	 	
Less: goodwill and other intangible assets, net of tax	  				 				 	$	20,070	 	 				 	$	20,706	 	 	$	20,054	 	
	  				 				 	 	 	 	 				 	 	 	 	 	 	 	 	
Equity—end of period, as adjusted ex goodwill and other intangible assets	  				 				 	$	31,271	 	 				 	$	30,536	 	 	$	30,803	 	
	  				 				 	 	 	 	 				 	 	 	 	 	 	 	 	
Weighted average equity, as reported	  				 				 	$	51,328	 	 				 	$	51,230	 	 	$	50,742	 	
Weighted average equity, as adjusted	  				 				 	$	51,093	 	 				 	$	50,691	 	 	$	50,438	 	
Weighted average equity, as adjusted ex goodwill and other intangible assets	  				 				 	$	31,031	 	 				 	$	30,027	 	 	$	30,100	 	
ROE	  				 				 	 	8.1	% 	 				 	 	8.4	% 	 	 	7.8	% 	
Core operating ROE	  				 				 	 	9.2	% 	 				 	 	8.7	% 	 	 	8.7	% 	
Core operating ROTE	  				 				 	 	15.1	% 	 				 	 	14.6	% 	 	 	14.6	% 	

(1)   January 1, 2019 included a $12 million after-tax reduction to beginning equity related to the adoption of new accounting guidance on premium amortization of purchased callable debt securities.
 
Core operating effective tax rate
 	
    

	
The following table presents the reconciliation of effective tax rate to the Core operating effective tax rate:

  	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	
 	  	1Q-19	 	 	4Q-18	 	 	3Q-18	 	 	2Q-18	 	 	1Q-18	 	 	2018	 	
Tax expense, as reported	  	$	188	 	 	$	159	 	 	$	183	 	 	$	218	 	 	$	135	 	 	$	695	 	
Less: tax benefit on amortization of fair value of acquired invested assets and debt	  	 	(8	) 	 	 	(8	) 	 	 	(12	) 	 	 	(11	) 	 	 	(9	) 	 	 	(40	) 	
Less: tax benefit on Chubb integration expenses	  	 	(1	) 	 	 	(5	) 	 	 	(2	) 	 	 	(3	) 	 	 	(2	) 	 	 	(12	) 	
Less: tax expense (benefit) on adjusted net realized gains (losses)	  	 	(5	) 	 	 	(20	) 	 	 	14	 	 	 	14	 	 	 	(3	) 	 	 	5	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tax expense, adjusted	  	$	202	 	 	$	192	 	 	$	183	 	 	$	218	 	 	$	149	 	 	$	742	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before tax, as reported	  	$	1,228	 	 	$	514	 	 	$	1,414	 	 	$	1,512	 	 	$	1,217	 	 	$	4,657	 	
Less: amortization of fair value of acquired invested assets and debt	  	 	(41	) 	 	 	(50	) 	 	 	(54	) 	 	 	(52	) 	 	 	(59	) 	 	 	(215	) 	
Less: Chubb integration expenses	  	 	(3	) 	 	 	(20	) 	 	 	(16	) 	 	 	(13	) 	 	 	(10	) 	 	 	(59	) 	
Less: adjusted realized gains (losses)	  	 	(96	) 	 	 	(682	) 	 	 	27	 	 	 	10	 	 	 	(4	) 	 	 	(649	) 	
Less: realized gains (losses) related to unconsolidated entities	  	 	(4	) 	 	 	139	 	 	 	152	 	 	 	96	 	 	 	44	 	 	 	431	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating income before tax	  	$	1,372	 	 	$	1,127	 	 	$	1,305	 	 	$	1,471	 	 	$	1,246	 	 	$	5,149	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effective tax rate	  	 	15.3	% 	 	 	31.1	% 	 	 	12.9	% 	 	 	14.4	% 	 	 	11.1	% 	 	 	14.9	% 	
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt	  	 	0.1	% 	 	 	0.0	% 	 	 	0.4	% 	 	 	0.2	% 	 	 	0.2	% 	 	 	0.2	% 	
Adjustment for tax impact of Chubb integration expenses	  	 	0.0	% 	 	 	0.1	% 	 	 	0.0	% 	 	 	0.1	% 	 	 	0.1	% 	 	 	0.1	% 	
Adjustment for tax impact of adjusted net realized gains (losses)	  	 	-0.7	% 	 	 	-14.1	% 	 	 	0.8	% 	 	 	0.1	% 	 	 	0.6	% 	 	 	-0.8	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating effective tax rate	  	 	14.7	% 	 	 	17.1	% 	 	 	14.1	% 	 	 	14.8	% 	 	 	12.0	% 	 	 	14.4	% 	

			
Reconciliation Non-GAAP 2	  	Page 28	

Chubb Limited
Non-GAAP Financial Measures—3
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G—Non-GAAP Financial Measures (continued)
P&C combined ratio
The P&C combined ratio includes the impact of realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing will impact underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations.
The following tables present the calculation of combined ratio, as reported, for each segment to P&C combined ratio, adjusted for catastrophe losses (Cats) and prior period development (PPD).

	Q1 2019	 	 	 	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	 		 	$	1,973	 	 	$	757	 	 	$	(27	) 	 	$	1,106	 	 	$	76	 	 	$	11	 	 	$	3,896	 		
Realized (gains) losses on crop derivatives	 		 	 	—  	 	 	 	—  	 	 	 	1	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted losses and loss expenses	 	A	 	$	1,973	 	 	$	757	 	 	$	(26	) 	 	$	1,106	 	 	$	76	 	 	$	11	 	 	$	3,897	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Catastrophe losses	 		 	 	(94	) 	 	 	(129	) 	 	 	(2	) 	 	 	(25	) 	 	 	—  	 	 	 	—  	 	 	 	(250	) 		
PPD and related adjustments	 		 				 				 				 				 				 				 					
PPD, net of related adjustments—favorable (unfavorable)	 		 	 	131	 	 	 	10	 	 	 	61	 	 	 	4	 	 	 	8	 	 	 	(10	) 	 	 	204	 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	 		 	 	2	 	 	 	—  	 	 	 	32	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	34	 		
Expense adjustments—unfavorable (favorable)	 		 	 	(4	) 	 	 	—  	 	 	 	(3	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(7	) 		
PPD reinstatement premiums—unfavorable (favorable)	 		 	 	—  	 	 	 	(3	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(3	) 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
PPD—gross of related adjustments—favorable (unfavorable)	 		 	 	129	 	 	 	7	 	 	 	90	 	 	 	4	 	 	 	8	 	 	 	(10	) 	 	 	228	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
CAY loss and loss expense ex Cats	 	B	 	$	2,008	 	 	$	635	 	 	$	62	 	 	$	1,085	 	 	$	84	 	 	$	1	 	 	$	3,875	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses	 		 				 				 				 				 				 				 					
Policy acquisition costs and administrative expenses	 	C	 	$	699	 	 	$	299	 	 	$	8	 	 	$	845	 	 	$	53	 	 	$	63	 	 	$	1,967	 		
Expense adjustments—favorable (unfavorable)	 		 	 	4	 	 	 	—  	 	 	 	3	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	7	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses, adjusted	 	D	 	$	703	 	 	$	299	 	 	$	11	 	 	$	845	 	 	$	53	 	 	$	63	 	 	$	1,974	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Denominator	 		 				 				 				 				 				 				 					
Net premiums earned	 	E	 	$	3,085	 	 	$	1,154	 	 	$	55	 	 	$	2,114	 	 	$	168	 	 				 	$	6,576	 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	 		 	 	2	 	 	 	—  	 	 	 	32	 	 	 	—  	 	 	 	—  	 	 				 	 	34	 		
PPD reinstatement premiums—unfavorable (favorable)	 		 	 	—  	 	 	 	(3	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 				 	 	(3	) 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Net premiums earned excluding adjustments	 	F	 	$	3,087	 	 	$	1,151	 	 	$	87	 	 	$	2,114	 	 	$	168	 	 				 	$	6,607	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	 		 				 				 				 				 				 				 					
Loss and loss expense ratio	 	A/E	 	 	63.9	% 	 	 	65.5	% 	 	 	-48.3	% 	 	 	52.3	% 	 	 	45.7	% 	 				 	 	59.3	% 		
Policy acquisition cost and administrative expense ratio	 	C/E	 	 	22.7	% 	 	 	26.0	% 	 	 	14.7	% 	 	 	40.0	% 	 	 	31.1	% 	 				 	 	29.9	% 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	 		 	 	86.6	% 	 	 	91.5	% 	 	 	-33.6	% 	 	 	92.3	% 	 	 	76.8	% 	 				 	 	89.2	% 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	 		 				 				 				 				 				 				 					
Loss and loss expense ratio, adjusted	 	B/F	 	 	65.0	% 	 	 	55.1	% 	 	 	71.1	% 	 	 	51.3	% 	 	 	50.5	% 	 				 	 	58.6	% 		
Policy acquisition cost and administrative expense ratio, adjusted	 	D/F	 	 	22.8	% 	 	 	26.0	% 	 	 	12.8	% 	 	 	40.0	% 	 	 	31.0	% 	 				 	 	29.9	% 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	 		 	 	87.8	% 	 	 	81.1	% 	 	 	83.9	% 	 	 	91.3	% 	 	 	81.5	% 	 				 	 	88.5	% 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Combined ratio	 		 				 				 				 				 				 				 					
Combined ratio	 		 				 				 				 				 				 				 	 	89.2	% 		
Add: impact of gains and losses on crop derivatives	 		 				 				 				 				 				 				 	 	0.0	% 		
	 		 				 				 				 				 				 				 	 	 	 		
P&C combined ratio	 		 				 				 				 				 				 				 	 	89.2	% 		
	 		 				 				 				 				 				 				 	 	 	 		
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 3	  	Page 29	

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 (continued)

	Q1 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	 		 	$	1,908	 	 	$	886	 	 	$	(53	) 	 	$	1,078	 	 	$	67	 	 	$	11	 	 	$	3,897	 		
Realized (gains) losses on crop derivatives	 		 	 	—  	 	 	 	—  	 	 	 	(2	) 	 	 	—  	 	 	 	—	 	 	 	—  	 	 	 	(2	) 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted losses and loss expenses	 	A	 	$	1,908	 	 	$	886	 	 	$	(55	) 	 	$	1,078	 	 	$	67	 	 	$	11	 	 	$	3,895	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Catastrophe losses	 		 	 	(78	) 	 	 	(284	) 	 	 	(1	) 	 	 	(15	) 	 	 	(2	) 	 	 	—  	 	 	 	(380	) 		
PPD and related adjustments	 		 				 				 				 				 				 				 					
PPD, net of related adjustments—favorable (unfavorable)	 		 	 	101	 	 	 	6	 	 	 	76	 	 	 	22	 	 	 	14	 	 	 	(10	) 	 	 	209	 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	 		 	 	—  	 	 	 	—  	 	 	 	40	 	 	 	—  	 	 	 	1	 	 	 	—  	 	 	 	41	 		
Expense adjustments—unfavorable (favorable)	 		 	 	6	 	 	 	—  	 	 	 	(4	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	2	 		
PPD reinstatement premiums—unfavorable (favorable)	 		 	 	4	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	4	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
PPD—gross of related adjustments—favorable (unfavorable)	 		 	 	111	 	 	 	6	 	 	 	112	 	 	 	22	 	 	 	15	 	 	 	(10	) 	 	 	256	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
CAY loss and loss expense ex Cats	 	B	 	$	1,941	 	 	$	608	 	 	$	56	 	 	$	1,085	 	 	$	80	 	 	$	1	 	 	$	3,771	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses	 		 				 				 				 				 				 				 					
Policy acquisition costs and administrative expenses	 	C	 	$	703	 	 	$	302	 	 	 	$ (4)	 	 	$	827	 	 	$	50	 	 	$	72	 	 	$	1,950	 		
Expense adjustments—favorable (unfavorable)	 		 	 	(6	) 	 	 	—  	 	 	 	4	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(2	) 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses, adjusted	 	D	 	$	697	 	 	$	302	 	 	$	—  	 	 	$	827	 	 	$	50	 	 	$	72	 	 	$	1,948	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Denominator	 		 				 				 				 				 				 				 					
Net premiums earned	 	E	 	$	3,029	 	 	$	1,140	 	 	$	43	 	 	$	2,107	 	 	$	168	 	 				 	$	6,487	 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	 		 	 	—  	 	 	 	—  	 	 	 	40	 	 	 	—  	 	 	 	1	 	 				 	 	41	 		
PPD reinstatement premiums—unfavorable (favorable)	 		 	 	4	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 				 	 	4	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Net premiums earned excluding adjustments	 	F	 	$	3,033	 	 	$	1,140	 	 	$	83	 	 	$	2,107	 	 	$	169	 	 				 	$	6,532	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	 		 				 				 				 				 				 				 					
Loss and loss expense ratio	 	A/E	 	 	63.0	% 	 	 	77.7	% 	 	 	-127.6	% 	 	 	51.1	% 	 	 	40.1	% 	 				 	 	60.0	% 		
Policy acquisition cost and administrative expense ratio	 	C/E	 	 	23.2	% 	 	 	26.5	% 	 	 	-10.7	% 	 	 	39.3	% 	 	 	29.4	% 	 				 	 	30.1	% 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	 		 	 	86.2	% 	 	 	104.2	% 	 	 	-138.3	% 	 	 	90.4	% 	 	 	69.5	% 	 				 	 	90.1	% 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	 		 				 				 				 				 				 				 					
Loss and loss expense ratio, adjusted	 	B/F	 	 	64.0	% 	 	 	53.3	% 	 	 	68.9	% 	 	 	51.4	% 	 	 	47.7	% 	 				 	 	57.7	% 		
Policy acquisition cost and administrative expense ratio, adjusted	 	D/F	 	 	23.0	% 	 	 	26.4	% 	 	 	-1.2	% 	 	 	39.3	% 	 	 	29.3	% 	 				 	 	29.9	% 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	 		 	 	87.0	% 	 	 	79.7	% 	 	 	67.7	% 	 	 	90.7	% 	 	 	77.0	% 	 				 	 	87.6	% 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Combined ratio	 		 				 				 				 				 				 				 					
Combined ratio	 		 				 				 				 				 				 				 	 	90.1	% 		
Add: impact of gains and losses on crop derivatives	 		 				 				 				 				 				 				 	 	0.0	% 		
	 		 				 				 				 				 				 				 	 	 	 		
P&C combined ratio	 		 				 				 				 				 				 				 	 	90.1	% 		
	 		 				 				 				 				 				 				 	 	 	 		
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

Reconciliation Non-GAAP 4	  	Page 30	

Chubb Limited
Glossary
Chubb Limited Consolidated comprises all segments including Corporate.
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 the realized gains and losses on the crop derivatives.
Book value per common share: Shareholders’ equity divided by the shares outstanding.
Tangible book value per common share: Shareholders’ equity less goodwill and other intangible assets, net of tax, divided by the shares outstanding.
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.
Average market yield of fixed maturities: Weighted average yield to maturity of our fixed income portfolio based on the market prices of the holdings as of that date.
Average yield on invested assets: Adjusted net investment income divided by average cost of fixed maturities and other investments, and average market value of equity securities.
Total capitalization: The sum of the short-term debt, long-term debt, trust preferreds, and shareholders’ equity.
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 31