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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 11-K
PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 	þ 	ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934	
for the fiscal year ended December 31, 2015
OR
 
 	¨ 	TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934	
For the transition period from                to               
Commission file number 001-11778
A. Full title of the plan:
CAPITAL ACCUMULATION PLAN OF THE CHUBB
CORPORATION
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
Chubb Limited
Baerengasse 32
Zurich, Switzerland CH-8001

 

Table of Contents
Capital Accumulation Plan of The Chubb Corporation
Financial Statements and Supplemental Schedule
Year Ended December 31, 2015
 Contents

Report of Independent Registered Public Accounting Firm	  	 	1	  	
		
Financial Statements	  				
		
Statements of Net Assets Available for Benefits	  	 	3	  	
Statement of Changes in Net Assets Available for Benefits	  	 	4	  	
Notes to Financial Statements	  	 	5	  	
		
Supplemental Schedule	  				
		
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)	  	 	19	  	
		
Signature	  	 	20	  	
		
Exhibit 23.1	  	 	21	  	

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 Report of Independent Registered Public Accounting Firm
To the Chubb U.S. Retirement Committee
Capital Accumulation Plan of The Chubb Corporation
Report on the Financial Statements
We have audited the accompanying financial statements of the Capital Accumulation Plan of The Chubb Corporation, which comprise the statement of net assets available for benefits as of December 31, 2015, the related statement of changes in net assets available for benefits for the year ended December 31, 2015, and the related notes to the financial statements.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Plan’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Capital Accumulation Plan of The Chubb Corporation as of December 31, 2015, and the changes in net assets available for benefits for the year then ended in accordance with principles generally accepted in the United States of America.
 
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Report on Supplemental Information
Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The supplemental schedule of assets (held at end of year), is presented for the purpose of additional analysis and is not a required part of the financial statements but is supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. Such information is the responsibility of the Plan’s management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.
Other Matter
The financial statements of the Capital Accumulation Plan of The Chubb Corporation as of December 31, 2014, were audited by other auditors whose report dated June 25, 2015, expressed an unmodified opinion on those statements.
/s/ WeiserMazars LLP
Fort Washington, PA
October 3, 2016
 
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Capital Accumulation Plan of The Chubb Corporation
 Statements of Net Assets Available for Benefits

 	  	December 31	 	
 	  	2015	 	  	2014	 	
Assets	  				  				
Investments at fair value:	  				  				
The Chubb Corporation common stock	  	$	579,214,076	  	  	$	536,345,540	  	
Mutual funds	  	 	1,600,056,001	  	  	 	1,566,232,180	  	
Money market funds	  	 	355,825,096	  	  	 	52,282,123	  	
	  	 	 	 	  	 	 	 	
Total Investments at fair value	  	 	2,535,095,173	  	  	 	2,154,859,843	  	
Investments at contract value:	  				  				
Stable value funds	  	 	10,199,647	  	  	 	313,567,272	  	
	  	 	 	 	  	 	 	 	
Total Investments	  	 	2,545,294,820	  	  	 	2,468,427,115	  	
	  	 	 	 	  	 	 	 	
Receivables:	  				  				
Employer contributions	  	 	1,913,533	  	  	 	382,795	  	
Notes receivable from participants	  	 	26,550,638	  	  	 	26,312,964	  	
Accrued interest and dividends	  	 	2,547,359	  	  	 	2,596,405	  	
Due from broker	  	 	3,417,046	  	  	 	—  	  	
	  	 	 	 	  	 	 	 	
Total Receivables	  	 	34,428,576	  	  	 	29,292,164	  	
	  	 	 	 	  	 	 	 	
Total Assets	  	 	2,579,723,396	  	  	 	2,497,719,279	  	
Liabilities	  				  				
Due to broker	  	 	—  	  	  	 	1,896,454	  	
Accrued investment fees	  	 	3,048	  	  	 	73,285	  	
	  	 	 	 	  	 	 	 	
Total Liabilities	  	 	3,048	  	  	 	1,969,739	  	
	  	 	 	 	  	 	 	 	
Net assets available for benefits	  	$	2,579,720,348	  	  	$	2,495,749,540	  	
	  	 	 	 	  	 	 	 	
See accompanying notes.
 
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Capital Accumulation Plan of The Chubb Corporation
 Statement of Changes in Net Assets Available for Benefits
Year Ended December 31, 2015

Additions	  				
Investment income:	  				
Net appreciation in fair value of investments	  	$	89,730,926	  	
Interest and dividends	  	 	91,822,623	  	
	  	 	 	 	
Total investment income	  	 	181,553,549	  	
	  	 	 	 	
Interest income on notes receivable from participants	  	 	1,090,670	  	
Contributions:	  				
Participant:	  				
Pre-tax	  	 	63,398,996	  	
After-tax	  	 	1,919,180	  	
Employer	  	 	30,828,782	  	
Rollovers	  	 	6,184,530	  	
	  	 	 	 	
Total contributions	  	 	102,331,488	  	
	  	 	 	 	
Total additions	  	 	284,975,707	  	
	  	 	 	 	
Deductions	  				
Deductions from net assets attributable to:	  				
Benefit payments	  	 	200,889,121	  	
Defaulted participant notes receivable, net	  	 	47,138	  	
Administrative expenses	  	 	68,640	  	
	  	 	 	 	
Total deductions	  	 	201,004,899	  	
	  	 	 	 	
Net increase	  	 	83,970,808	  	
Net assets available for benefits	  				
Beginning of year	  	 	2,495,749,540	  	
	  	 	 	 	
End of year	  	$	2,579,720,348	  	
	  	 	 	 	
See accompanying notes.
 
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Capital Accumulation Plan of The Chubb Corporation
 Notes to Financial Statements
December 31, 2015
1. Plan Description
The following is a brief description of the Capital Accumulation Plan of The Chubb Corporation (the “Plan”). Participants should refer to the Plan document, which is maintained by the Chubb U.S. Retirement Committee (the “Plan Administrator”), for a more complete description of the Plan’s provisions.
The Plan is a defined contribution plan and is subject to the provisions of the Employee Retirement Income Security Act (“ERISA”).
General
On June 30, 2015, The Chubb Corporation, a New Jersey corporation (the “Company”), entered into an Agreement and Plan of Merger (Merger Agreement) with ACE Limited (“ACE”), a company organized under the laws of Switzerland, and William Investment Holdings Corporation (“Merger Sub”), a New Jersey corporation and a wholly owned indirect subsidiary of ACE, which provided for the acquisition of the Company by ACE (the “Merger”).
On January 14, 2016, the Merger closed, with Merger Sub merging with and into the Company. On January 15, 2016, the Company was merged with and into ACE INA Holdings Inc., a wholly owned indirect subsidiary of ACE, with ACE INA Holdings Inc. continuing as the surviving corporation. In connection with the acquisition of the Company, ACE changed its name to Chubb Limited and ACE INA Holdings Inc. changed its name to Chubb INA Holdings Inc.
Under the terms of the Merger Agreement, the Plan terminated upon closing of the Merger. This closed the Plan to new contributions and rollovers while still allowing participants to exchange investments between options, with the exception of the Company Stock Fund and the ESOP Fund that were closed to new investment.
Unless otherwise noted, these Notes to Financial Statements reflect the Plan as of December 31, 2015, and therefore do not reflect the Merger or the Merger’s impact on the Plan.
Eligibility
An employee becomes eligible to participate in the Plan, and to receive employer matching contributions, on the first day of the month following completion of one full calendar month of service.
 
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Capital Accumulation Plan of The Chubb Corporation
Notes to Financial Statements (continued)
 
1. Plan Description (continued)
 
Contributions
Participants may elect to contribute pre-tax and after-tax contributions, up to the maximum amount permitted by the Internal Revenue Code, but not greater than 50% of their compensation, as defined by the Plan. Effective July 1, 2008, the Company amended the Plan to provide automatic enrollment for eligible employees with initial pre-tax contributions by the employees of 4% of their compensation with an increase of 1% annually thereafter, to a maximum of 10%. Effective January 1, 2015 the 10% cap maximum limit on contributions made via automatic escalation was lifted and automatic escalation was limited to participants who were auto enrolled. Participants may also make rollover contributions from other qualified plans. The Company matches 100% of participant pre-tax contributions up to 4% of their annual compensation as defined in the Plan. Participants age 50 and older who contribute at least 4% of pre-tax pay qualify to make unmatched additional “catch-up” contributions according to the schedules and maximum amounts permitted by the Internal Revenue Code for each year.
Vesting
Participants are immediately and fully vested in their contributions plus actual earnings thereon. Participants in the Plan become 100% vested in the Company’s matching contributions plus actual earning thereon after three years of service.
Forfeitures
Employees who terminate employment prior to becoming 100% vested may forfeit the nonvested portion of their account balance, plus actual earnings thereon. Forfeitures, plus earnings thereon, can be used by the Company to reduce future employer contributions and to pay administrative expenses. Participants that resume employment prior to incurring five consecutive one year breaks in service are entitled to have previously forfeited amounts restored to their account. If forfeitures for any Plan year are not sufficient to restore forfeited amounts, the Company is required to contribute the remaining balance. Forfeitures from employees for the year ended December 31, 2015 were $592,609 with a balance of $143,784 available to reduce future employer contributions or to pay administrative expenses. For 2014, forfeitures amounted to $548,701 with a December 31, 2014 balance of $124,380.
 
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Capital Accumulation Plan of The Chubb Corporation
Notes to Financial Statements (continued)
 
1. Plan Description (continued)
 
Participant Accounts
Contributions are invested by Fidelity Management Trust Company (the “Trustee”) according to the investment options elected by the participants and are held by the Trustee in a trust. For participants automatically enrolled, the investment option selected is the Vanguard Target Date Retirement mutual fund with a target date closest to the participant’s 65 th birthday.
Loans
Participants may borrow a minimum of $1,000 up to a maximum equal to the lesser of a) $50,000, b) 50% of their vested account balance, or c) 50% of the participant’s annualized rate of compensation, as defined, at the time the loan is requested. Each participant can have up to two loans outstanding at any time as long as the two loans, collectively, do not exceed the maximum limits. The principal portion of the loan is repayable by check or through payroll deductions and bears interest at the prime rate, plus 1%, as determined on the last day of the month preceding the loan. As of December 31, 2015 and 2014, the interest rates on outstanding loans ranged from 4% to 9%.
Loans that are in default are accounted for as a reduction of net assets available for benefits in the year the default occurs.
Payment of Benefits
Upon attaining the normal retirement age (65) or in certain circumstances, the attainment of age 59  1 ⁄ 2 , a participant is entitled to his or her vested benefits in the form of a lump sum payment, an annuity or installment payments, as prescribed by the Plan. In addition, participants may withdraw funds from the Plan upon termination of employment or, subject to the approval of the Plan Administrator, participants may request a withdrawal of a portion of their balance in the case of financial hardship, as defined. If a participant dies before or after retirement or after termination, any remaining balance in his or her account is paid to his or her estate or beneficiary under any of the following payment options: (a) a lump sum, (b) installments as elected by the participant prior to death, or (c) installment payments as elected by the participant’s beneficiary.
Upon request, any lump sum distribution to a participant or his or her beneficiary from Company common stock may be made in shares in lieu of cash payments.
 
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Capital Accumulation Plan of The Chubb Corporation
Notes to Financial Statements (continued)
 
1. Plan Description (continued)
 
Administration Expenses
Unless paid by the Company, the Trustee pays the expenses of the Plan using plan assets. For 2015 and 2014, the following expenses have been paid by the Plan: (a) brokerage costs, (b) other expenses in connection with the purchase and sale of assets by the manager of funds, (c) fees paid for asset management, and (d) certain overhead expenses directly attributable to the administration of the Plan. Qualified Domestic Relations Order (QDRO) fees are paid for by the individual participant from the participant’s account, as these fees are not paid by the Plan sponsor or the Trustee.
Company Stock
Through January 14, 2016 the Plan permitted participants to invest in common stock of the Company through the Plan’s Company Stock Fund. The Plan also included an ESOP fund which is invested in Company stock. Participants in the ESOP fund are able to diversify their holdings out of the fund but are not permitted to purchase additional units. Both company stock funds may hold cash or short-term securities, although these are expected to be a small percentage of the fund’s net assets.
2. Summary of Significant Accounting Policies
Basis of Presentation
The accounting and financial reporting policies of the Plan are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP).
Fair Value Measurement
The Plan’s investments are valued at fair value as of December 31, 2015 and 2014 (see Note 4) with the exception of fully benefit-responsive investment contracts, which are carried at contract value, and participant loans, which are carried at their unpaid principal balance plus any accrued but unpaid interest.
 
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Capital Accumulation Plan of The Chubb Corporation
Notes to Financial Statements (continued)
 
2. Summary of Significant Accounting Policies (continued)
 
The Stable Value Portfolio (Fully Benefit-Responsive Investment Contracts)
The Plan includes investments in stable value funds that are fully benefit-responsive. The statements of net assets available for benefits present the fully benefit-responsive investment contracts at contract value. The statements of net assets available for benefits are also prepared on a contract value basis.
Fidelity Management Trust Co. acts as the manager of the Stable Value Portfolio (“SVP”).
It is the policy of the manager of the SVP to use its best efforts to maintain a stable net asset value of $1.00 per unit; however, there is no guarantee that the manager will be able to maintain this value.
The SVP is invested in short to intermediate term fixed income securities and cash equivalents represented by shares in a money market fund. In addition, the SVP includes “wrap” contracts issued by third parties and may include derivative instruments such as futures contracts and swap agreements.
A wrap contract is an agreement by a third party, such as a bank or insurance company, to make payments to a portfolio in certain circumstances. Wrap contracts are designed to allow a stable value portfolio to maintain a stable net asset value of $1.00 per unit and to protect the portfolio in extreme circumstances. In a typical wrap contract, the wrap issuer agrees to pay a portfolio the difference between the contract value and the fair value of the underlying assets once the fair value has been totally exhausted. This could happen if a portfolio experiences significant redemptions (redemption of most of a portfolio’s units) during a time when the fair value of a portfolio’s underlying assets is below contract value, and fair value is ultimately reduced to zero. If that occurs, the wrap issuer agrees to pay the portfolio an amount sufficient to cover unitholder redemptions and certain other payments (such as portfolio expenses), provided all the terms of the wrap contract have been met. Purchasing wrap contracts is similar to buying insurance, in that a portfolio pays a fee to protect against a relatively unlikely event (the redemption of most of the shares of a portfolio). Fees the SVP pays for wrap contracts are offset against interest income.
A wrap issuer may terminate a wrap contract at any time. In the event that the fair value of the SVP’s covered assets is below its contract value at the time of such termination, the manager of
 
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Capital Accumulation Plan of The Chubb Corporation
Notes to Financial Statements (continued)
 
2. Summary of Significant Accounting Policies (continued)
 
the SVP may elect to keep the wrap contract in place until such time as the fair value of the SVP’s covered assets is equal to its contract value, normally over the duration of the SVP’s covered assets measured at notification date.
Wrap contracts limit the ability of the SVP to transact at contract value upon the occurrence of certain events. Such events include the following: (i) amendments to the Plan including changes in the investment options, transfer procedures or withdrawal rights not consented to by the wrap issuer, (ii) termination of the Plan, (iii) changes to Plan’s prohibition of direct transfers from the SVP to a competing investment option, (iv) other Plan Sponsor events (e.g., divestitures or spin-offs of a subsidiary) that cause a significant withdrawal from the SVP or, (v) the failure of the plan to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA.
The crediting rate, and hence the SVP’s return, may be affected by many factors, including purchases and redemptions by unitholders. The impact depends on whether the fair value of the underlying assets is higher or lower than the contract value of those assets. If the fair value of the underlying assets is higher than their contract value, the crediting rate will ordinarily be higher than the yield of the underlying assets. If the fair value of underlying assets is lower than their contract value, the crediting rate will ordinarily be lower than the yield of the underlying assets.
As more fully described in Note 1, a plan termination would trigger an inability of the Plan’s participants to transact redemptions in the SVP at contract value. Therefore, subsequent to the Company’s and ACE’s shareholders’ approval of the merger, the Company instructed the manager to shorten the duration of the SVP portfolio and to amortize the excess of market value over book value over a period roughly anticipated to be within 12 months after the merger close. Thereafter, any remaining balance in the SVP is expected to be rolled into a money market fund.
Investment Income
Purchases and sales of securities are recorded on trade dates. Gains or losses on the sale of securities are based on historic cost. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis.
 
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Capital Accumulation Plan of The Chubb Corporation
Notes to Financial Statements (continued)
 
2. Summary of Significant Accounting Policies (continued)
 
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes and supplemental schedule. Actual results could differ from those estimates.
Payment of Benefits
Benefit payments to participants are recorded when paid.
Subsequent Events
Management performed an evaluation of subsequent events through October 3, 2016, the date the financial statements were available to be issued.
On January 14, 2016, the Company was acquired by ACE pursuant to the Merger Agreement. Refer to Note 1 for information on the impact of the merger on the Plan.
New Accounting Pronouncements
In May 2015, the FASB issued Accounting Standards Update 2015-07, Disclosures for Investments in Certain Entities that Calculate Net Asset Value Per Share (or its Equivalent), (ASU 2015-07). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy investments for which fair values are estimated using the net asset value practical expedient provided by Accounting Standards Codification 820, Fair Value Measurement. Disclosures about investments in certain entities that calculate net asset value per share are limited under ASU 2015-07 to those investments for which the entity has elected to estimate the fair value using the net asset value practical expedient. ASU 2015-07 is effective for entities (other than public business entities) for fiscal years beginning after December 15, 2016, with retrospective application to all periods presented. Early application is permitted. Management elected adoption of ASU 2015-07 for the 2015 Plan year and, accordingly, the presentation of the fair value measurement note herein has been changed to reflect such adoption.
In July 2015, the FASB issued Accounting Standards Update 2015-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (Part I) Fully Benefit-Responsive Investment Contracts, (Part
 
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Capital Accumulation Plan of The Chubb Corporation
Notes to Financial Statements (continued)
 
2. Summary of Significant Accounting Policies (continued)
 
II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient (ASU 2015-12). Part I of ASU 2015-12 eliminates the requirements to measure the fair value of fully benefit-responsive investment contracts and provide certain disclosures. Contract value is the only required measure for fully benefit-responsive investment contracts. Part II of ASU 2015-12 eliminates the requirements to disclose individual investments that represent 5 percent or more of net assets available for benefits and the net appreciation or depreciation in fair value of investments by general type. It also simplifies the level of disaggregation of investments that are measured using fair value. Plans will continue to disaggregate investments that are measured using fair value by general type; however, plans are no longer required to also disaggregate investments by nature, characteristics and risks. Further, the disclosure of information about fair value measurements shall be provided by general type of plan asset. Part III of ASU 2015-12 allows a plan with a fiscal year end that doesn’t coincide with the end of a calendar month to measure its investments and investment-related accounts using the month end closest to its fiscal year end. ASU 2015-12 is effective for fiscal years beginning after December 15, 2015. Parts I and II are to be applied retrospectively. Part III is to be applied prospectively. Plans can early adopt any of the ASU 2015-12’s three parts without early adopting the other parts. Management has elected to early adopt Parts I and II for the 2015 Plan year and, accordingly, the presentation of the financial statements and notes herein have been changed to reflect such adoption. Part III is not applicable to the Plan.
 
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Capital Accumulation Plan of The Chubb Corporation
Notes to Financial Statements (continued)
 
3. Investments
The following open-end wrap contract was held by the SVP at December 31, 2015:

Wrap Contract Provider	  	Rating	 	  	Underlying
Assets at Fair
Value	 	  	Underlying
Assets at
Contract Value	 	
The Prudential Insurance Co. of America	  	 	AA-	  	  	$	13,844,454	  	  	$	10,199,647	  	
The following open-end wrap contracts were held by the SVP at December 31, 2014:

Wrap Contract Provider	  	Rating	 	  	Underlying
Assets at Fair
Value	 	  	Underlying
Assets at
Contract Value	 	
American General Life Insurance Co.	  	 	A+	  	  	$	51,179,585	  	  	$	50,282,286	  	
JPMorgan Chase Bank, NA	  	 	A+	  	  	 	72,927,550	  	  	 	71,648,958	  	
Transamerica Premier Life Insurance Co.	  	 	AA-	  	  	 	82,673,206	  	  	 	81,164,107	  	
State Street Bank & Trust Co.	  	 	AA-	  	  	 	79,624,929	  	  	 	78,171,473	  	
The Prudential Insurance Co. of America	  	 	AA-	  	  	 	32,876,857	  	  	 	32,300,448	  	
	  				  	 	 	 	  	 	 	 	
Total wrap contracts	  				  	$	319,282,127	  	  	$	313,567,272	  	

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Capital Accumulation Plan of The Chubb Corporation
Notes to Financial Statements (continued)
 
4. Fair Value Measurements
ASC 820, Fair Value Measurements and Disclosures, establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described as follows:
 
 	•	 	Level 1  – Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.	
 
 	•	 	Level 2   – Inputs to the valuation methodology include: (a) quoted prices for similar assets or liabilities in active markets; (b) quoted prices for identical or similar assets or liabilities in inactive markets; (c) inputs other than quoted prices that are observable for the asset or liability; and (d) inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.	
 
 	•	 	Level 3   – Certain inputs to the valuation methodology are unobservable and significant to the fair value measurement.	
The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2015 and 2014, other than those required by the adoption of ASU 2015-07 and ASU 2015-12:
 
 	•	 	The Chubb Corporation Common Stock : Valued at the closing price reported on the New York Stock Exchange (the active market on which the security is traded).	
 
 	•	 	Mutual and Money Market Funds : Valued based on quoted market prices, or if unavailable, directly from the fund company, representing the fair value of assets, minus liabilities.	
 
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Capital Accumulation Plan of The Chubb Corporation
Notes to Financial Statements (continued)
 
4. Fair Value Measurements (continued)

 	•	 	Stable Value Funds : Valued at the fair values of the underlying fixed income securities and terms of the underlying investment contracts as further discussed in Note 2. Fair values for the underlying fixed income securities are determined by utilizing prices obtained from a third party, nationally recognized pricing service or, in the case of securities for which prices are not provided by a pricing service, from third party brokers.	
Assets at fair value as of December 31, 2015 are as follows:

 	  	Level 1	 	  	Level 2	 	  	Level 3	 	  	Total	 	
The Chubb Corporation common stock	  	$	579,214,076	  	  	$	—  	  	  	$	—  	  	  	$	579,214,076	  	
Mutual funds	  	 	1,600,056,001	  	  	 	—  	  	  	 	—  	  	  	 	1,600,056,001	  	
Money market funds	  	 	355,825,096	  	  	 	—  	  	  	 	—  	  	  	 	355,825,096	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total assets at fair value	  	$	2,535,095,173	  	  	$	—  	  	  	$	—  	  	  	 	2,535,095,173	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  				
Stable value funds	  				  				  				  	 	10,199,647	  	
	  				  				  				  	 	 	 	
Total investments	  				  				  				  	$	2,545,294,820	  	
	  				  				  				  	 	 	 	
Assets at fair value as of December 31, 2014 are as follows:

 	  	Level 1	 	  	Level 2	 	  	Level 3	 	  	Total	 	
The Chubb Corporation common stock	  	$	536,345,540	  	  	$	—  	  	  	$	—  	  	  	$	536,345,540	  	
Mutual funds	  	 	1,566,232,180	  	  	 	—  	  	  	 	—  	  	  	 	1,566,232,180	  	
Money market funds	  	 	52,282,123	  	  	 	—  	  	  	 	—  	  	  	 	52,282,123	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total assets at fair value	  	$	2,154,859,843	  	  	$	—  	  	  	$	—  	  	  	 	2,154,859,843	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  				
Stable value funds	  				  				  				  	 	313,567,272	  	
	  				  				  				  	 	 	 	
Total investments	  				  				  				  	$	2,468,427,115	  	

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Table of Contents
Capital Accumulation Plan of The Chubb Corporation
Notes to Financial Statements (continued)
 
5. Related Party Transactions
Certain Plan investments are shares of funds managed by Fidelity Management Trust Company (“FMTC”). FMTC is the trustee as defined by the Plan and, therefore, FMTC qualifies as a party-in-interest. Fees paid to FMTC by the Plan for management and administrative services amounted to $67,493 for the year ended December 31, 2015.
6. Income Tax Status
The Plan has received a determination letter from the Internal Revenue Service dated June 27, 2014, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the Code) and therefore, the related trust is exempt from taxation. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. Although the Plan has been amended since receiving the determination letter, the Plan Administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and therefore, believes the Plan is qualified and the related trust is tax-exempt. However, the Plan Administrator has indicated that it will take the necessary steps, if any, to bring the Plan’s operations into compliance with the Code.
Accounting principles generally accepted in the United States require plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2015 and 2014 there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan Administrator believes it is no longer subject to income tax examinations for years prior to 2012.
7. Risks and Uncertainties
The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is reasonably assured that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statements of net assets available for benefits.
The Plan’s exposure to concentration of credit risk is limited by the diversification of investments. Additionally, the investments within each fund election are further diversified into
 
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Table of Contents
Capital Accumulation Plan of The Chubb Corporation
Notes to Financial Statements (continued)
 
7. Risks and Uncertainties (continued)
 
various financial instruments, with the exception of Company common stock. The Plan’s exposure to credit risk on fully benefit-responsive investment contracts is limited to the fair value of the contracts with each counterparty.
8. Reconciliation of Financial Statements to Form 5500
The following is a reconciliation between the statement of net assets available for benefits per the accompanying financial statements and the Form 5500:

 	  	December 31	 	
 	  	2015	 	 	2014	 	
Net assets available for benefits per Form 5500	  	$	2,583,365,155	  	 	$	2,501,464,395	  	
Adjustment from fair value to contract value for fully benefit-responsive investment contracts	  	 	(3,644,807	) 	 	 	(5,714,855	) 	
	  	 	 	 	 	 	 	 	
Net assets available for benefits per financial statements	  	$	2,579,720,348	  	 	$	2,495,749,540	  	
	  	 	 	 	 	 	 	 	
The following is a reconciliation between the statement of changes in net assets available for benefits per the accompanying financial statements and the Form 5500:

 	  	2015	 	
Net income (loss) per Form 5500	  	$	81,900,760	  	
Change in adjustment from fair value to contract value for fully benefit-responsive investment contracts	  	 	2,070,048	  	
	  	 	 	 	
Net increase per financial statements	  	$	83,970,808	  	

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Table of Contents
Supplemental Schedule
 
18

Table of Contents
 Capital Accumulation Plan of The Chubb Corporation
EIN #13-2595722 – Plan # 002
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2015

(a)	  	(b)	  	(c)	  	(d) ***	 	  	(e)	 	
 	  	Identity of Issue, Borrower,
Lessor or Similar Party	  	Description of Investments, Including
Maturity Date, Rate of Interest,
Collateral, Par or Maturity Date	  	Cost	 	  	Current Value	 	
*	  	Stable Value Fund:	  		  				  				
	  	Prudential	  	The Prudential Insurance Co. of America	  				  	$	13,844,454	  	
	  	Common Stock:	  		  				  				
**	  	The Chubb Corporation	  	Common Stock	  				  	 	579,214,076	  	
	  	Mutual Funds:	  		  				  				
	  	Dodge & Cox	  	Dodge & Cox Balanced	  				  	 	150,001,247	  	
	  	T. Rowe Price	  	T. Rowe Price Mid Cap Growth	  				  	 	119,187,593	  	
	  	Morgan Stanley	  	MSIF CP FX Inc 1	  				  	 	74,106,832	  	
	  	Vanguard	  	Vanguard Value Index Inst.	  				  	 	99,769,849	  	
	  	Janus	  	Janus High Yield Bond	  				  	 	47,173,811	  	
	  	Goldman Sachs	  	GS Midcap Value Ins.	  				  	 	44,345,892	  	
	  	Vanguard	  	Vanguard Small Growth Index Inst.	  				  	 	36,677,899	  	
**	  	Fidelity Spartan	  	Spartan 500 Ind. Advan.	  				  	 	188,068,215	  	
**	  	Fidelity	  	Fidelity Contrafund K	  				  	 	243,924,723	  	
**	  	Fidelity	  	Fidelity Diversified International K	  				  	 	114,442,443	  	
**	  	Fidelity	  	Fidelity Fund K	  				  	 	40,963,590	  	
**	  	Fidelity	  	Fidelity OTC K	  				  	 	112,529,114	  	
	  	Royce	  	Royce Low Priced Stock IS	  				  	 	23,141,539	  	
	  	Vanguard	  	Vanguard Target Retirement Income	  				  	 	7,540,159	  	
	  	Vanguard	  	Vanguard Target Retirement 2010	  				  	 	4,251,598	  	
	  	Vanguard	  	Vanguard Target Retirement 2015	  				  	 	29,636,358	  	
	  	Vanguard	  	Vanguard Target Retirement 2020	  				  	 	69,356,713	  	
	  	Vanguard	  	Vanguard Target Retirement 2025	  				  	 	54,217,448	  	
	  	Vanguard	  	Vanguard Target Retirement 2030	  				  	 	42,194,684	  	
	  	Vanguard	  	Vanguard Target Retirement 2035	  				  	 	30,256,918	  	
	  	Vanguard	  	Vanguard Target Retirement 2040	  				  	 	16,578,574	  	
	  	Vanguard	  	Vanguard Target Retirement 2045	  				  	 	16,637,152	  	
	  	Vanguard	  	Vanguard Target Retirement 2050	  				  	 	10,050,757	  	
	  	Vanguard	  	Vanguard Target Retirement 2055	  				  	 	4,380,913	  	
	  	Vanguard	  	Vanguard Target Retirement 2060	  				  	 	1,393,259	  	
	  	Wells Fargo	  	Wells Fargo Advantage Emerging Markets Fund	  				  	 	19,228,721	  	
	  	Money Market Funds:	  		  				  				
**	  	Fimm Government Port C1 I	  	Money Market Fund	  				  	 	51,591,645	  	
**	  	Interest Bearing Cash	  	Money Market Fund	  				  	 	10,178	  	
**	  	Fidelity STIF	  	Money Market Fund	  				  	 	304,223,273	  	
	  	Participant loans	  	Interest rates from 4.00% – 9.00%	  	 	-0-	  	  	 	26,550,638	  	
	  		  		  				  	 	 	 	
	  		  		  				  	$	2,575,490,265	  	

*	Excluding adjustment from fair value to contract value for fully benefit-responsive investment contract of $3,644,807.	
**	Party-in-interest to the Plan.	
***	Cost not disclosed as all investments are participant directed.	
 
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Table of Contents
 SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Chubb U.S. Retirement Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

CAPITAL ACCUMULATION PLAN OF THE CHUBB CORPORATION	
		
By:	 	  /s/ Carolyn L. Kennedy	
	 	  Carolyn L. Kennedy, Chair of the
  Chubb U.S. Retirement
  Administrative Committee	
Dated: October 3, 2016
 
20

Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in the Registration Statement (Form S-8: No. 333-208998) pertaining to the Capital Accumulation Plan of The Chubb Corporation of our report dated October 3, 2016, with respect to the financial statements and supplemental schedule of the Capital Accumulation Plan of The Chubb Corporation included in this Annual Report (Form 11-K) for the year ended December 31, 2015.
/s/ WeiserMazars LLP
Fort Washington, PA
October 3, 2016
 
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