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

FORM 8-K

Current Report
Pursuant To Section 13 or 15 (d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) – October 26, 2017

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

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

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

 

Item 2.02.	Results of Operations and Financial Condition	
On October 26, 2017, Chubb Limited issued a Press Release reporting its third quarter 2017 results and the availability of its third quarter 2017 Financial Supplement. The Press Release and the Financial Supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are hereby incorporated herein by reference.
 
Item 9.01.	Financial Statements and Exhibits	
 
(d)	Exhibits	

Exhibit
Number	  	Description	
		
99.1	  	Press Release, Dated October 26, 2017, Reporting Third Quarter 2017 Results	
		
99.2	  	Third Quarter 2017 Financial Supplement	

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

Chubb Limited	
		
By:	 	/s/ Philip V. Bancroft	
	 	Philip V. Bancroft	
	 	Executive Vice President and Chief Financial Officer	
DATE: October 26, 2017

Exhibit 99.1

	  	Chubb Limited
Bärengasse 32
CH-8001 Zurich
Switzerland	  	www.chubb.com
@Chubb	
News Release
Chubb Reports Third Quarter Per Share Net Loss and Operating Loss of $(0.15) and $(0.13), Respectively, Including Catastrophe Losses of $3.27 Per Share, in Line with Midpoint of Preannounced Estimates; Book and Tangible Book Value per Share Essentially Unchanged
 
 	•	 	Pre-tax catastrophe losses, net of reinsurance and including reinstatement premiums, were $1,893 million in the quarter, including $650 million, $891 million, and $220 million from hurricanes Harvey, Irma, and Maria, respectively; $25 million from the earthquakes in Mexico; and $107 million from other catastrophe losses. After-tax catastrophe losses were $1,525 million in the quarter, or $3.27 per share.	
 
 	•	 	Net loss was $(70) million in the quarter compared with net income of $1,360 million in the prior year. Operating loss was $(60) million in the quarter compared with operating income of $1,356 million in the prior year.	
 
 	•	 	Excluding catastrophe losses, operating income was $1,465 million, or $3.12 per share, (1)  compared with $1,463 million, or $3.10 per share, in the prior year.	
 
 	•	 	Consolidated and P&C net premiums written were up 4.3% and 4.6%, respectively, to $7.9 billion and $7.4 billion. On a constant-dollar basis and excluding merger-related underwriting actions, (2) P&C net premiums written were up 4.0%.	
 
 	•	 	The P&C combined ratio was 110.8%, compared with 86.0% in 2016. The P&C combined ratio excluding catastrophe losses was 84.7%. The P&C current accident year combined ratio excluding catastrophe losses was 88.5%, compared with 88.9% in 2016. P&C current accident year underwriting income excluding catastrophe losses was $839 million, up 5.6%.	
 
 	•	 	Adjusted net investment income was a record $893 million, up 7.5%.	
 
 	•	 	Operating cash flow was a record $1.8 billion.	
 
 	•	 	Book value per share is up 0.5% from the prior quarter and 5.0% for the year. Tangible book value per share is down (0.3)% from the prior quarter and up 7.3% for the year.	
 
 	(1)	Weighted-average shares outstanding used in calculating net loss and operating loss per share exclude the effect of dilutive securities of 3.8 million shares. The operating income excluding catastrophe loss per share measure includes the effect of these dilutive securities. Refer to page 13 for additional information.	
 	(2)  	Merger-related underwriting actions include the cancellation of certain portfolios or lines of business that do not meet company underwriting standards, and a one-time unearned premium reserve (UPR) transfer in 2016 (further detailed below under operating highlights).	

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

Chubb Limited News Release
 
ZURICH – October 26, 2017 – Chubb Limited (NYSE: CB) today reported a net loss for the quarter ended September 30, 2017 of $(70) million, or $(0.15) per share, compared with net income of $1,360 million, or $2.88 per share, for the same quarter last year. Operating loss was $(60) million, or $(0.13) per share, compared with operating income of $1,356 million, or $2.88 per share, for the same quarter last year. The property and casualty (P&C) combined ratio was 110.8% for the quarter driven by significant catastrophe losses. Book value per share increased 0.5% and tangible book value per share decreased (0.3)% from June 30, 2017 and now stand at $108.74 and $65.06, respectively. Book value and tangible book value were favorably impacted by net realized and unrealized gains of $162 million after-tax in the company’s investment portfolio. Additionally, foreign currency movement favorably impacted book value by $675 million after-tax and tangible book value by $337 million after-tax.
Chubb Limited
Third Quarter Summary
(in millions, except per share amounts)
(Unaudited)

																									
 	  	 	 	 	 	 	 	 	 	 	(Per Share - Diluted)	 	
 	  	2017	 	 	2016	 	 	Change	 	 	2017	 	 	2016	 	 	Change	 	
Net (loss) income	  	$	(70	) 	 	$	1,360	 	 	 	NM	 	 	$	(0.15	) 	 	$	2.88	 	 	 	NM	 	
Chubb one-time integration and merger-related expenses, net of tax	  	 	36	 	 	 	85	 	 	 	(57.6	)% 	 	 	0.08	 	 	 	0.18	 	 	 	(55.6	)% 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	50	 	 	 	53	 	 	 	(5.7	)% 	 	 	0.11	 	 	 	0.11	 	 	 	0.0	% 	
Adjusted net realized (gains) losses, net of tax	  	 	(76	) 	 	 	(142	) 	 	 	46.5	% 	 	 	(0.17	) 	 	 	(0.29	) 	 	 	41.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating (loss) income, net of tax	  	$	(60	) 	 	$	1,356	 	 	 	NM	 	 	$	(0.13	) 	 	$	2.88	 	 	 	NM	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
For the three months ended September 30, 2017 and 2016, the tax expenses (benefits) related to the table above were $(14) million and $(30) million, respectively, for Chubb one-time integration and merger-related expenses; $(18) million and $(26) million, respectively, for amortization of fair value adjustment of acquired invested assets and long-term debt; $8 million and $27 million, respectively, for adjusted net realized gains and losses; and $(61) million and $306 million, respectively, for operating income.
For the nine months ended September 30, 2017, net income was $2,328 million, or $4.94 per share, compared with $2,525 million, or $5.44 per share, for 2016. Operating income was $2,295 million, or $4.87 per share, compared with $3,433 million, or $7.40 per share, for 2016. The P&C combined ratio for the nine months ended September 30, 2017 was 96.0%. Book value per share increased 5.0% and tangible book value per share increased 7.3% from December 31, 2016. Book value and tangible book value were favorably impacted by net realized and unrealized gains of $835 million after-tax in the company’s investment portfolio and $96 million of after-tax realized gains in the company’s variable annuity reinsurance business. Additionally, foreign currency movement favorably impacted book value by $902 million after-tax and tangible book value by $459 million after-tax. Annualized ROE and operating ROE were 6.3% and 6.4%, respectively, for the year.

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

Chubb Limited News Release
 
Chubb Limited
Nine Months Ended Summary
(in millions, except per share amounts)
(Unaudited)

																									
 	  	 	 	 	 	 	  	 	 	 	(Per Share - Diluted)	 	
 	  	2017	 	 	2016	 	  	Change	 	 	2017	 	 	2016	 	  	Change	 	
Net income	  	$	2,328	 	 	$	2,525	 	  	 	(7.8	)% 	 	$	4.94	 	 	$	5.44	 	  	 	(9.2	)% 	
Chubb one-time integration and merger-related expenses, net of tax	  	 	160	 	 	 	262	 	  	 	(38.9	)% 	 	 	0.34	 	 	 	0.56	 	  	 	(39.3	)% 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	157	 	 	 	178	 	  	 	(11.8	)% 	 	 	0.33	 	 	 	0.39	 	  	 	(15.4	)% 	
Adjusted net realized (gains) losses, net of tax	  	 	(350	) 	 	 	468	 	  	 	NM	 	 	 	(0.74	) 	 	 	1.01	 	  	 	NM	 	
	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Operating income, net of tax	  	$	2,295	 	 	$	3,433	 	  	 	(33.2	)% 	 	$	4.87	 	 	$	7.40	 	  	 	(34.2	)% 	
	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
For the nine months ended September 30, 2017 and 2016, the tax expenses (benefits) related to the table above were $(73) million and $(106) million, respectively, for Chubb one-time integration and merger-related expenses; $(62) million and $(79) million, respectively, for amortization of fair value adjustment of acquired invested assets and long-term debt; $25 million and $22 million, respectively, for adjusted net realized gains and losses; and $353 million and $719 million, respectively, for operating income.    
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “While it was a tough quarter for CATs, it’s the business we’re in. We experienced a series of significant natural catastrophes, including three hurricanes and two earthquakes, which will likely produce the third $100 billion-plus year for insured catastrophe losses globally for the industry in the last 12 years. We ran a 111% combined ratio and produced a loss of 13 cents per share, or essentially a quarter of our annual earnings, which is within our tolerance for risk and the amount of loss we would expect for these events. I’m proud of our claims and loss prevention organization’s response serving our customers in their time of need. They continue to distinguish our company. The Chubb brand is all about service – we truly aim to serve our customers and go beyond their expectations.
“Our underlying operating results demonstrate the strength and vitality of the company. P&C net premiums written grew about 4.5% in the quarter. Excluding the catastrophe losses, both operating earnings and underwriting results were simply excellent. Our two sources of income were both records in the quarter – net investment income, up 7.5%, and P&C current accident year underwriting income excluding catastrophe losses, up about 5.5%, with a current accident year combined ratio excluding catastrophes of 88.5%. We also had record operating cash flow of $1.8 billion.
“I believe we are at the beginning of a firming price environment, driven by years of soft pricing that has resulted in inadequate rates in many classes. The magnitude of this year’s CAT losses, which on a worldwide aggregate basis was between a one-in-five and one-in-10 year industry event, simply adds to the pressure to return to pricing that produces an adequate risk-adjusted return. In that regard, we intend as usual to demonstrate leadership.
“Our company is in great shape from the perspectives of risk management, growth opportunity and financial efficiency. We are investing aggressively in our future while delivering results to shareholders today, and we are optimistic about the future.”

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

Chubb Limited News Release
 
Operating highlights for the quarter ended September 30, 2017 were as follows:

Chubb Limited	  	Q3	 	 	Q3	 	 	 	 	
(in millions of U.S. dollars except for percentages)	  	2017	 	 	2016	 	 	Change	 	
Consolidated	  				 				 				
Net premiums written	  	$	7,902	 	 	$	7,573	 	 	 	4.3	% 	
Net (loss) income	  	$	(70	) 	 	$	1,360	 	 	 	NM	 	
P&C	  				 				 				
Net premiums written	  	$	7,363	 	 	$	7,041	 	 	 	4.6	% 	
Net premiums written constant-dollar	  				 	$	7,039	 	 	 	4.6	% 	
Net premiums written constant-dollar – excluding merger-related underwriting actions (1.3 pts) and one-time UPR transfer in 2016 (-1.9 pts)	  				 				 	 	4.0	% 	
				
Underwriting (loss) income	  	$	(784	) 	 	$	1,002	 	 	 	NM	 	
Combined ratio	  	 	110.8	% 	 	 	86.0	% 	 				
Current accident year underwriting income excluding catastrophe losses	  	$	839	 	 	$	797	 	 	 	5.6	% 	
Current accident year combined ratio excluding catastrophe losses	  	 	88.5	% 	 	 	88.9	% 	 				
				
Global P&C (excludes Agriculture)	  				 				 				
Net premiums written	  	$	6,437	 	 	$	6,192	 	 	 	4.0	% 	
Net premiums written constant-dollar	  				 	$	6,189	 	 	 	4.0	% 	
Net premiums written constant-dollar – excluding merger-related underwriting actions (1.4 pts) and one-time UPR transfer in 2016 (-2.1 pts)	  				 				 	 	3.3	% 	
Underwriting (loss) income	  	$	(870	) 	 	$	912	 	 	 	NM	 	
Combined ratio	  	 	113.6	% 	 	 	85.7	% 	 				
Current accident year underwriting income excluding catastrophe losses	  	$	752	 	 	$	717	 	 	 	5.3	% 	
Current accident year combined ratio excluding catastrophe losses	  	 	88.2	% 	 	 	88.8	% 	 				
 
 	•	 	Merger-related underwriting actions adversely impacted P&C net premiums written growth by $87 million, or 1.3 percentage points. In addition, net premiums written growth was favorably impacted by $128 million, or 1.9 percentage points, from a one-time unearned premium reserve (UPR) transfer in 2016 which reduced net premiums written in the prior year. Excluding merger-related underwriting actions and the one-time UPR transfer, P&C net premiums written increased 4.0%.	
 
 	•	 	Net premiums earned increased 1.5%. Excluding merger-related underwriting actions, P&C net premiums earned were up 2.9% compared to prior year.	
 
 	•	 	The P&C current accident year combined ratio excluding catastrophe losses was 88.5%, compared to 88.9% in the prior year, which included an adverse impact of 0.5 percentage points from initial year purchase accounting adjustments related to the acquisition of The Chubb Corporation (Chubb Corp). Excluding the purchase accounting adjustments, the P&C current accident year combined ratio excluding catastrophe losses were virtually flat with the prior year.	
 
 	•	 	Total pre-tax and after-tax catastrophe losses for the quarter were $1,893 million (26.0 percentage points of the combined ratio) and $1,525 million, respectively, compared with $144 million (2.0 percentage points of the combined ratio) and $107 million, respectively, last year.	

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

Chubb Limited News Release
 
 	•	 	Total pre-tax and after-tax favorable prior period development for the quarter were $270 million (3.7 percentage points of the combined ratio) and $206 million, respectively, compared with $349 million (4.9 percentage points of the combined ratio) and $252 million, respectively, last year. Favorable prior period development is net of a pre-tax environmental liability run-off charge in the company’s Brandywine operations of $77 million in the current quarter and $52 million in the prior year. Additionally, the prior year included a reserve take-down of $25 million related to an individual legacy liability case.	
 
 	•	 	Adjusted net investment income, which excludes a purchase accounting adjustment of $80 million, was a record $893 million. Adjusted net investment income for the quarter included a $44 million final distribution related to a co-investment by Chubb with one of the company’s private equity fund partners.	
 
 	•	 	Share repurchases totaled $232 million, or approximately 1.6 million shares, during the quarter. The company has repurchased approximately 5.0 million shares for $707 million through September 30, 2017.	
 
 	•	 	Net loss reserves increased $2,318 million in the quarter, primarily reflecting the significant catastrophe loss events in the period.	

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

Chubb Limited News Release
 
Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended September 30, 2017 are presented below:

Chubb Limited	  	Q3	 	 	Q3	 	 	 	 	
(in millions of U.S. dollars except for percentages)	  	2017	 	 	2016	 	 	Change	 	
North America Commercial P&C Insurance	  				 				 				
Net premiums written	  	$	3,089	 	 	$	3,110	 	 	 	(0.6	)% 	
Net premiums written – excluding merger-related underwriting actions (1.8 pts)	  				 				 	 	1.2	% 	
Combined ratio	  	 	109.6	% 	 	 	86.2	% 	 				
Current accident year combined ratio excluding catastrophe losses	  	 	88.7	% 	 	 	89.4	% 	 				
				
North America Personal P&C Insurance	  				 				 				
Net premiums written	  	$	1,194	 	 	$	1,011	 	 	 	18.0	% 	
Net premiums written – excluding one-time UPR transfer in 2016 (-13.2 pts) (1)	  				 				 	 	4.8	% 	
Combined ratio	  	 	120.8	% 	 	 	84.4	% 	 				
Current accident year combined ratio excluding catastrophe losses	  	 	77.5	% 	 	 	78.8	% 	 				
				
Overseas General Insurance	  				 				 				
Net premiums written	  	$	1,963	 	 	$	1,940	 	 	 	1.2	% 	
Net premiums written constant-dollar	  				 	$	1,941	 	 	 	1.2	% 	
Net premiums written constant-dollar – excluding merger-related underwriting actions (1.5 pts)	  				 				 	 	2.7	% 	
Combined ratio	  	 	101.6	% 	 	 	81.2	% 	 				
Current accident year combined ratio excluding catastrophe losses	  	 	90.6	% 	 	 	91.1	% 	 				
 
 	(1)  	The prior year included a one-time unearned premium reserve (UPR) transfer of $128 million which reduced net premiums written in Q3 2016.	
 
 	•	 	North America Agricultural Insurance: Net premiums written increased 9.0%. The combined ratio was 90.4%, compared with 88.9%. The current accident year combined ratio excluding catastrophe losses was 90.3%, compared with 90.1%.	
 
 	•	 	Global Reinsurance: Net premiums written increased 47.1%, or 47.9% in constant dollars, primarily due to net reinstatement premiums collected of $37 million related to catastrophe loss events in the quarter as well as a new treaty written of $14 million. The combined ratio was 187.4%, compared with 66.3%. The current accident year combined ratio excluding catastrophe losses was 82.2%, compared with 78.1%.	
 
 	•	 	Life Insurance: Segment income was $64 million, compared with $69 million. International life insurance net premiums written and deposits collected increased 28.1% in constant dollars.	

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

Chubb Limited News Release
 
Please refer to the Chubb Limited Financial Supplement , dated September 30, 2017, which is posted on the company’s investor relations website, investors.chubb.com , in the Financials section for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio, and debt and capital.
Chubb Limited will hold its third quarter earnings conference call on Friday, October 27, 2017, beginning at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 888-395-3241 (within the United States) or 719-325-2402 (international), passcode 7430195. Please refer to the Chubb investor relations website under Events and Presentations for details. A replay of the call will be available until Friday, November 10, 2017, 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, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: www.chubb.com .
Investor Contact
Helen Wilson: (441) 299-9283; helen.wilson@chubb.com
Media Contact
Jeffrey Zack: (212) 827-4444; jeffrey.zack@chubb.com
All comparisons are with the same period last year unless otherwise specifically stated.

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

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

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

Chubb Limited News Release
 
indicative of such future costs. We believe that excluding the Chubb integration and related expenses facilitates the comparison of our financial results to our historical operating results.
Operating income excluding catastrophe losses excludes the impact of catastrophe losses due to the significant size and number of these events in the third quarter of 2017 which could obscure the underlying operating results. We believe this measure provides a better evaluation of our operating performance and enhances the understanding of the trends in our property and casualty business. Operating income and Operating income excluding catastrophe losses should not be viewed as a substitute for net income determined in accordance with GAAP. References to operating income mean net of tax, whether or not noted.
P&C combined ratio is the sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and loss on the crop derivatives.
Current accident year P&C combined ratio excluding catastrophe losses excludes the impact of catastrophe losses and PPD. We believe this measure provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our property and casualty business that may be obscured by these items.
Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the operating results of the company’s Life Insurance and North America Agricultural Insurance segments. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.
International life 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.
Operating return on equity (ROE) or ROE calculated using operating income are annualized financial measures. The ROE numerator includes income adjusted to exclude after-tax adjusted net realized gains (losses), Chubb integration and related expenses, and the amortization of the fair value adjustment of acquired invested assets and long-term debt. The ROE denominator includes the average shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, net of tax. In addition, for 2016, the denominator was adjusted to account for the weighted-average impact of the $15,527 million issuance of common shares and equity awards related to the Chubb Corp acquisition on January 14, 2016. Operating ROE is a useful measure as it enhances the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity excluding the effect of unrealized gains and losses on our investments.
Net premiums written excluding merger-related underwriting actions and one-time unearned premium reserve (UPR) transfer in 2016 is a non-GAAP performance measure. Since the acquisition of the Chubb Corp, we have entered into new reinsurance agreements with third-party reinsurers for the Chubb Corp businesses and have taken other merger-related underwriting actions, including exiting certain types of business that do not meet our underwriting standards or adhere to our risk diversification strategy. We also excluded the net premiums written related to a one-time UPR transfer in 2016

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

Chubb Limited News Release
 
that reduced premiums in the prior year. We believe that this measure is meaningful to evaluate trends in our underlying business on a comparable basis.
Tangible book value per common share is shareholders’ equity less goodwill and other intangible assets divided by the shares outstanding. The intangibles related to the Chubb Corp acquisition are excluded from the tangible book value per share calculation net of tax. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful. In addition, we disclose per share measures for book value and tangible book value that exclude the impact of foreign currency fluctuations in order to adjust for the distortive effects of fluctuations in exchange rates.
Other income (expense) – operating excludes from consolidated Other income (expense) the portion of net realized gains and losses related to unconsolidated entities and gains and losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP. Net realized gains (losses) related to unconsolidated entities is excluded from operating income in order to enhance the understanding of our results of underwriting operations as they are heavily influenced by, and fluctuate in part according to, market conditions.
Chubb integration and related expenses include all internal and external costs directly related to the integration activities of the Chubb Corp acquisition, consisting primarily of personnel-related expenses, including severance and employee retention and relocation; consulting fees; and advisor fees. Chubb integration and related expenses also include interest expense related to the $5.3 billion senior notes issued in November 2015 in order to finance a portion of the Chubb Corp acquisition. We exclude this pre-acquisition interest expense from operating income because the operations for which the debt was issued were not part of our operating activities prior to the completion of the acquisition. Effective with the close of the Chubb Corp acquisition (January 14, 2016), the interest on this debt was considered a cost of our operations and is included within operating income.
See reconciliation of Non-GAAP Financial Measures on pages 32-37 in the Financial Supplement. These measures should not be viewed as a substitute for measures determined in accordance with GAAP, including premium, net income, return on equity, net investment income, and effective tax rate.
NM - not meaningful comparison

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

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, pricing, 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 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.	  	11	

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

									
 	  	September 30
2017	 	  	December 31
2016	 	
Assets	 	
Investments	  	$	102,424	 	  	$	99,094	 	
Cash	  	 	1,088	 	  	 	985	 	
Insurance and reinsurance balances receivable	  	 	9,551	 	  	 	8,970	 	
Reinsurance recoverable on losses and loss expenses	  	 	14,799	 	  	 	13,577	 	
			
Goodwill and other intangible assets	  	 	22,265	 	  	 	22,095	 	
Other assets	  	 	17,292	 	  	 	15,065	 	
	  	 	 	 	  	 	 	 	
Total assets	  	$	167,419	 	  	$	159,786	 	

Liabilities	 	
Unpaid losses and loss expenses	  	$	64,153	 	  	$	60,540	 	
Unearned premiums	  	 	15,456	 	  	 	14,779	 	
Other liabilities	  	 	37,339	 	  	 	36,192	 	
	  	 	 	 	  	 	 	 	
Total liabilities	  	$	116,948	 	  	$	111,511	 	

Shareholders’ equity	 	
Total shareholders’ equity	  	 	50,471	 	  	 	48,275	 	
	  	 	 	 	  	 	 	 	
Total liabilities and shareholders’ equity	  	$	167,419	 	  	$	159,786	 	

Book value per common share	  	$	108.74	 	  	$	103.60	 	
Tangible book value per common share	  	$	65.06	 	  	$	60.64	 	
Book value per common share excluding cumulative translation losses (1)	  	$	110.41	 	  	$	107.17	 	
Tangible book value per common share excluding cumulative translation losses (1)	  	$	66.57	 	  	$	63.10	 	

(1)	Cumulative translation losses were $776 million in 2017 ($702 million on tangible and $74 million on intangible net assets) and $1.7 billion in 2016 ($1,147 million on tangible and $516 million on intangible net assets)	

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

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

																	
			
 	  	Three Months Ended	 	  	Nine Months Ended	 	
 	  	September 30	 	  	September 30	 	
 	  	2017	 	 	2016	 	  	2017	 	  	2016	 	
Gross premiums written	  	$	9,710	 	 	$	9,483	 	  	$	27,416	 	  	$	26,146	 	
Net premiums written	  	 	7,902	 	 	 	7,573	 	  	 	22,193	 	  	 	21,207	 	
Net premiums earned	  	 	7,807	 	 	 	7,688	 	  	 	21,816	 	  	 	21,690	 	
Losses and loss expenses	  	 	6,247	 	 	 	4,269	 	  	 	14,182	 	  	 	12,197	 	
Policy benefits	  	 	169	 	 	 	155	 	  	 	500	 	  	 	427	 	
Policy acquisition costs	  	 	1,488	 	 	 	1,514	 	  	 	4,334	 	  	 	4,487	 	
Administrative expenses	  	 	714	 	 	 	772	 	  	 	2,096	 	  	 	2,373	 	
Net investment income	  	 	813	 	 	 	739	 	  	 	2,328	 	  	 	2,121	 	
Net realized gains (losses)	  	 	(10	) 	 	 	100	 	  	 	84	 	  	 	(510	) 	
Interest expense	  	 	150	 	 	 	152	 	  	 	451	 	  	 	451	 	
Other income (expense):	  				
Gains (losses) from separate account assets	  	 	24	 	 	 	22	 	  	 	70	 	  	 	22	 	
Other	  	 	94	 	 	 	69	 	  	 	263	 	  	 	70	 	
Amortization of purchased intangibles	  	 	65	 	 	 	4	 	  	 	194	 	  	 	16	 	
Chubb integration expenses	  	 	50	 	 	 	115	 	  	 	233	 	  	 	361	 	
Income tax expense (benefit)	  	 	(85	) 	 	 	277	 	  	 	243	 	  	 	556	 	
	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Net income (loss)	  	$	(70	) 	 	$	1,360	 	  	$	2,328	 	  	$	2,525	 	

Diluted earnings per share:	  				
Operating income (loss)	  	$	(0.13	)  (1)  	 	$	2.88	 	  	$	4.87	 	  	$	7.40	 	
Net income (loss)	  	$	(0.15	)  (1)  	 	$	2.88	 	  	$	4.94	 	  	$	5.44	 	
					
Weighted average diluted shares outstanding	  	 	466.4	 (1)  	 	 	471.4	 	  	 	471.6	 	  	 	464.1	 	
 
(1)	For the three months ended September 30, 2017, weighted-average shares outstanding used in calculating net loss and operating loss per share excludes the effect of dilutive securities of 3,820,673 shares. In periods where a net loss or operating loss is recognized, inclusion of incremental dilution is antidilutive.	

																	
					
P&C combined ratio	  	 	 	 	 	 	 	 	 	 	 	 	
Loss and loss expense ratio	  	 	83.4	% 	 	 	57.0	% 	 	 	67.3	% 	 	 	58.0	% 	
Policy acquisition cost ratio	  	 	18.6	% 	 	 	19.3	% 	 	 	19.5	% 	 	 	20.3	% 	
Administrative expense ratio	  	 	8.8	% 	 	 	9.7	% 	 	 	9.2	% 	 	 	10.7	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C combined ratio	  	 	110.8	% 	 	 	86.0	% 	 	 	96.0	% 	 	 	89.0	% 	
					
P&C underwriting income (loss)	  	$	(784	) 	 	$	1,002	 	 	$	807	 	 	$	2,223	 	

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

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

																	
 	  	Three Months Ended	 	 	Nine Months Ended	 	
 	  	September 30	 	 	September 30	 	
 	  	2017	 	 	2016	 	 	2017	 	 	2016	 	
Gross Premiums Written	  				 				 				 				
North America Commercial P&C Insurance	  	$	3,922	 	 	$	3,832	 	 	$	11,665	 	 	$	10,877	 	
North America Personal P&C Insurance	  	 	1,338	 	 	 	1,323	 	 	 	3,892	 	 	 	3,666	 	
North America Agricultural Insurance	  	 	1,303	 	 	 	1,240	 	 	 	2,039	 	 	 	1,921	 	
Overseas General Insurance	  	 	2,377	 	 	 	2,383	 	 	 	7,503	 	 	 	7,393	 	
Global Reinsurance	  	 	202	 	 	 	143	 	 	 	642	 	 	 	624	 	
Life Insurance	  	 	568	 	 	 	562	 	 	 	1,675	 	 	 	1,665	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	9,710	 	 	$	9,483	 	 	$	27,416	 	 	$	26,146	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Premiums Written	  				 				 				 				
North America Commercial P&C Insurance	  	$	3,089	 	 	$	3,110	 	 	$	9,035	 	 	$	8,657	 	
North America Personal P&C Insurance	  	 	1,194	 	 	 	1,011	 	 	 	3,433	 	 	 	3,113	 	
North America Agricultural Insurance	  	 	926	 	 	 	849	 	 	 	1,390	 	 	 	1,288	 	
Overseas General Insurance	  	 	1,963	 	 	 	1,940	 	 	 	6,169	 	 	 	6,012	 	
Global Reinsurance	  	 	191	 	 	 	131	 	 	 	580	 	 	 	562	 	
Life Insurance	  	 	539	 	 	 	532	 	 	 	1,586	 	 	 	1,575	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	7,902	 	 	$	7,573	 	 	$	22,193	 	 	$	21,207	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Premiums Earned	  				 				 				 				
North America Commercial P&C Insurance	  	$	3,016	 	 	$	3,086	 	 	$	9,156	 	 	$	9,130	 	
North America Personal P&C Insurance	  	 	1,117	 	 	 	1,081	 	 	 	3,296	 	 	 	3,245	 	
North America Agricultural Insurance	  	 	898	 	 	 	819	 	 	 	1,256	 	 	 	1,169	 	
Overseas General Insurance	  	 	2,064	 	 	 	2,034	 	 	 	6,018	 	 	 	6,082	 	
Global Reinsurance	  	 	185	 	 	 	156	 	 	 	542	 	 	 	543	 	
Life Insurance	  	 	527	 	 	 	512	 	 	 	1,548	 	 	 	1,521	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	7,807	 	 	$	7,688	 	 	$	21,816	 	 	$	21,690	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	  				 				 				 				
North America Commercial P&C Insurance	  	$	212	 	 	$	900	 	 	$	2,101	 	 	$	2,537	 	
North America Personal P&C Insurance	  	 	(180	) 	 	 	216	 	 	 	206	 	 	 	440	 	
North America Agricultural Insurance	  	 	84	 	 	 	88	 	 	 	197	 	 	 	150	 	
Overseas General Insurance	  	 	131	 	 	 	530	 	 	 	756	 	 	 	1,167	 	
Global Reinsurance	  	 	(81	) 	 	 	120	 	 	 	146	 	 	 	338	 	
Life Insurance	  	 	64	 	 	 	69	 	 	 	178	 	 	 	203	 	
Corporate	  	 	(189	) 	 	 	(97	) 	 	 	(448	) 	 	 	(204	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	41	 	 	$	1,826	 	 	$	3,136	 	 	$	4,631	 	

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

Exhibit 99.2

Chubb Limited
Financial Supplement
for the Quarter Ended September 30, 2017
Investor Contact
Helen M. Wilson
Phone: (441) 299-9283
email: investorrelations@chubb.com
This report is for informational purposes only. It should be read in conjunction with documents filed by Chubb Limited with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this financial supplement reflect Chubb Limited’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from as indicated by such statements. For example, forward-looking statements related to financial performance including exposures, reserves and recoverables could be affected by the frequency of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, currency exchange fluctuations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance receivable, credit developments among reinsurers, and activities and expenses related to our post-acquisition integration of The Chubb Corporation.
Our forward-looking statements could also be affected by competition, pricing and policy term trends, market acceptance, changes in demand, actual market developments, rating agency action, possible terrorism or the outbreak and effects of war. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Chubb Limited
Financial Supplement Table of Contents

 	 	 	  	Page	 	
I.	 	Financial Highlights	  				
	 	- Consolidated Financial Highlights	  	 	1 - 2	 	
			
II.	 	Consolidated Results	  				
	 	- Consolidated Statement of Operations	  	 	3	 	
	 	- P&C Results - Consecutive Quarters	  	 	4	 	
	 	- Catastrophe Losses	  	 	5	 	
	 	- Summary Consolidated Balance Sheets	  	 	6	 	
	 	- Line of Business	  	 	7	 	
	 	- Consolidated Results by Segment	  	 	8 - 11	 	
			
III.	 	Global P&C Results	  				
	 	- Global P&C Underwriting Results - Consecutive Quarters	  	 	12	 	
			
IV.	 	Segment Results	  				
	 	- North America Commercial P&C Insurance	  	 	13	 	
	 	- North America Personal P&C Insurance	  	 	14	 	
	 	- North America Agricultural Insurance	  	 	15	 	
	 	- Overseas General Insurance	  	 	16 - 17		
	 	- Global Reinsurance	  	 	18	 	
	 	- Life Insurance	  	 	19	 	
	 	- Corporate	  	 	20	 	
			
V.	 	Balance Sheet Details	  				
	 	- Loss Reserve Rollforward	  	 	21	 	
	 	- Reinsurance Recoverable Analysis	  	 	22	 	
	 	- Investment Portfolio	  	 	23 - 26	 	
	 	- Net Realized and Unrealized Gains (Losses)	  	 	27 - 28	 	
	 	- Debt and Capital	  	 	29	 	
	 	- Computation of Basic and Diluted Earnings Per Share	  	 	30	 	
	 	- Book Value and Book Value per Common Share	  	 	31	 	
			
VI.	 	Other Disclosures	  				
	 	- Non-GAAP Financial Measures	  	 	32 - 37	 	
	 	- Glossary	  	 	38	 	
Note: The results herein are presented on an as-reported basis unless otherwise indicated.
For comparison purposes, key 2016 “As If” results, which include the results of operations of The Chubb Corporation (Chubb Corp) for the first 14 days of January 2016 prior to the acquisition closing date and exclude purchase accounting adjustments in underwriting income, are also included within the as-reported pages. These results are calculated on the same basis as presented in prior reports, are unaudited and are provided for informational purposes only. For more detailed 2016 results presented on an “As If” basis, refer to the Chubb Limited Financial Supplement for the quarter and year ended December 31, 2016.

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

 	  	Three months ended September 30	 	 	% Change
3Q-17 vs.	 	 	Constant $	 	  	Constant $
% Change
3Q-17 vs.	 	
 	  	2017	 	 	2016	 	 	3Q-16	 	 	2016	 	  	3Q-16	 	
Gross premiums written	  	$	9,710	 	 	$	9,483	 	 	 	2.4	% 	 	$	9,478	 	  	 	2.5	% 	
Net premiums written	  	$	7,902	 	 	$	7,573	 	 	 	4.3	% 	 	$	7,571	 	  	 	4.3	% 	
P&C net premiums written	  	$	7,363	 	 	$	7,041	 	 	 	4.6	% 	 	$	7,039	 	  	 	4.6	% 	
Global P&C net premiums written	  	$	6,437	 	 	$	6,192	 	 	 	4.0	% 	 	$	6,189	 	  	 	4.0	% 	
Net premiums earned	  	$	7,807	 	 	$	7,688	 	 	 	1.5	% 	 	$	7,698	 	  	 	1.4	% 	
Net investment income	  	$	813	 	 	$	739	 	 	 	9.8	% 	 	$	739	 	  	 	9.8	% 	
Adjusted net investment income	  	$	893	 	 	$	830	 	 	 	7.5	% 	 	$	830	 	  	 	7.5	% 	
Operating income (loss)	  	$	(60	) 	 	$	1,356	 	 	 	NM	 	 	$	1,364	 	  	 	NM	 	
Net income (loss)	  	$	(70	) 	 	$	1,360	 	 	 	NM	 	 				  				
Operating cash flow	  	$	1,771	 	 	$	1,684	 	 				 				  				
						
P&C combined ratio	  				 				 				 				  				
Loss and loss expense ratio	  	 	83.4	% 	 	 	57.0	% 	 				 				  				
Underwriting and administrative expense ratio	  	 	27.4	% 	 	 	29.0	% 	 				 				  				
	  	 	 	 	 	 	 	 	 				 				  				
Combined ratio	  	 	110.8	% 	 	 	86.0	% 	 				 				  				
						
P&C combined ratio - ex Cats and PPD	  				 				 				 				  				
Loss and loss expense ratio - ex Cats and PPD	  	 	61.3	% 	 	 	60.0	% 	 				 				  				
Underwriting and administrative expense ratio - ex Cats and PPD	  	 	27.2	% 	 	 	28.9	% 	 				 				  				
	  	 	 	 	 	 	 	 	 				 				  				
Combined ratio excluding catastrophe losses and PPD	  	 	88.5	% 	 	 	88.9	% 	 				 				  				
						
Operating return on equity (ROE)	  	 	-0.5	% 	 	 	12.0	% 	 				 				  				
ROE	  	 	-0.6	% 	 	 	11.4	% 	 				 				  				
						
Operating effective tax rate	  	 	50.9	% 	 	 	18.4	% 	 				 				  				
Effective tax rate	  	 	54.7	% 	 	 	17.0	% 	 				 				  				
						
Diluted earnings per share	  				 				 				 				  				
Operating income (loss) (1)	  	$	(0.13	) 	 	$	2.88	 	 	 	NM	 	 				  				
Net income (loss) (1)	  	$	(0.15	) 	 	$	2.88	 	 	 	NM	 	 				  				
						
Weighted average basic common shares outstanding	  	 	466.4	 	 	 	468.0	 	 				 				  				
Weighted average diluted common shares outstanding  (1)	  	 	466.4	 	 	 	471.4	 	 				 				  				
 
(1)	For the three months ended September 30, 2017, weighted-average shares outstanding used in calculating net loss and operating loss per share excludes the effect of dilutive securities of 3,820,673 shares. In periods where a net loss or operating loss is recognized, inclusion of incremental dilution is antidilutive.	

Financial Highlights - QTR	  	Page 1	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	As If	 	
 	 	Nine months ended September 30	 	 	% Change
YTD-17 vs	 	 	Constant $	 	 	Constant $
% Change
YTD-17 vs	 	 	YTD	 	 	% Change
YTD-17 vs	 	 	Constant $	 	 	Constant $
% Change
YTD-17 vs	 	
 	 	2017	 	 	2016	 	 	YTD-16	 	 	2016	 	 	YTD-16	 	 	2016	 	 	YTD-16	 	 	2016	 	 	YTD-16	 	
Gross premiums written	 	$	27,416	 	 	$	26,146	 	 	 	4.9	% 	 	$	26,074	 	 	 	5.1	% 	 	$	27,078	 	 	 	1.2	% 	 	$	27,007	 	 	 	1.5	% 	
Net premiums written	 	$	22,193	 	 	$	21,207	 	 	 	4.7	% 	 	$	21,141	 	 	 	5.0	% 	 	$	22,062	 	 	 	0.6	% 	 	$	21,996	 	 	 	0.9	% 	
P&C net premiums written	 	$	20,607	 	 	$	19,632	 	 	 	5.0	% 	 	$	19,561	 	 	 	5.3	% 	 	$	20,486	 	 	 	0.6	% 	 	$	20,415	 	 	 	0.9	% 	
Global P&C net premiums written	 	$	19,217	 	 	$	18,344	 	 	 	4.8	% 	 	$	18,273	 	 	 	5.2	% 	 	$	19,198	 	 	 	0.1	% 	 	$	19,126	 	 	 	0.5	% 	
Net premiums earned	 	$	21,816	 	 	$	21,690	 	 	 	0.6	% 	 	$	21,662	 	 	 	0.7	% 	 				 				 				 				
Net investment income	 	$	2,328	 	 	$	2,121	 	 	 	9.7	% 	 	$	2,113	 	 	 	10.1	% 	 				 				 				 				
Adjusted net investment income	 	$	2,584	 	 	$	2,413	 	 	 	7.0	% 	 	$	2,405	 	 	 	7.4	% 	 				 				 				 				
Operating income	 	$	2,295	 	 	$	3,433	 	 	 	-33.2	% 	 	$	3,434	 	 	 	-33.2	% 	 				 				 				 				
Net income	 	$	2,328	 	 	$	2,525	 	 	 	-7.8	% 	 				 				 				 				 				 				
Operating cash flow	 	$	3,411	 	 	$	3,837	 	 				 				 				 				 				 				 				
										
P&C combined ratio	 				 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	67.3	% 	 	 	58.0	% 	 				 				 				 	 	58.0	% 	 				 				 				
Underwriting and administrative expense ratio	 	 	28.7	% 	 	 	31.0	% 	 				 				 				 	 	30.2	% 	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 				 				 				
Combined ratio	 	 	96.0	% 	 	 	89.0	% 	 				 				 				 	 	88.2	% 	 				 				 				
										
P&C combined ratio - ex Cats and PPD	 				 				 				 				 				 				 				 				 				
Loss and loss expense ratio - ex Cats and PPD	 	 	59.4	% 	 	 	58.7	% 	 				 				 				 				 				 				 				
Underwriting and administrative expense ratio - ex Cats and PPD	 	 	28.6	% 	 	 	30.8	% 	 				 				 				 				 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 				 				 				 				
Combined ratio excluding catastrophe losses and PPD	 	 	88.0	% 	 	 	89.5	% 	 				 				 				 				 				 				 				
										
Operating return on equity (ROE)	 	 	6.4	% 	 	 	10.4	% 	 				 				 				 				 				 				 				
ROE	 	 	6.3	% 	 	 	7.4	% 	 				 				 				 				 				 				 				
										
Operating effective tax rate	 	 	13.3	% 	 	 	17.3	% 	 				 				 				 				 				 				 				
Effective tax rate	 	 	9.4	% 	 	 	18.1	% 	 				 				 				 				 				 				 				
										
Diluted earnings per share	 				 				 				 				 				 				 				 				 				
Operating income	 	$	4.87	 	 	$	7.40	 	 	 	-34.2	% 	 				 				 				 				 				 				
Net income	 	$	4.94	 	 	$	5.44	 	 	 	-9.2	% 	 				 				 				 				 				 				
										
Full nine months diluted earnings per share  (1)	 				 				 				 				 				 				 				 				 				
Operating income	 				 	$	7.42	 	 				 				 				 				 				 				 				
Net income	 				 	$	5.49	 	 				 				 				 				 				 				 				
										
 	 	 	 	 	 	 	 	December 31
2016	 	 	% Change
3Q-17 vs
4Q-16	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share	 	$	108.74	 	 				 	$	103.60	 	 	 	5.0	% 	 				 				 				 				 				
Book value per common share excluding foreign currency (2)	 	$	106.79	 	 				 	$	103.60	 	 	 	3.1	% 	 				 				 				 				 				
										
Tangible book value per common share	 	$	65.06	 	 				 	$	60.64	 	 	 	7.3	% 	 				 				 				 				 				
Tangible book value per common share excluding foreign currency  (2)	 	$	64.07	 	 				 	$	60.64	 	 	 	5.7	% 	 				 				 				 				 				
										
Weighted average basic common shares outstanding	 	 	467.7	 	 	 	460.6	 	 				 				 				 				 				 				 				
Weighted average diluted common shares outstanding	 	 	471.6	 	 	 	464.1	 	 				 				 				 				 				 				 				
										
Total hybrid & financial debt/capitalization	 	 	20.4	% 	 	 	21.7	% 	 	 	21.8	% 	 				 				 				 				 				 				
 
(1)	Full nine months diluted earnings per share includes the combined company results inclusive of the first 14 days of January 2016 and includes the impact of purchase accounting adjustments related to The Chubb Corporation acquisition.	
(2)	For 2017, book value per common share and tangible book value per common share exclude the impact of foreign currency movement during the year.	

Financial Highlights - YTD	  	Page 2	

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

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	3Q-17	 	 	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	2017	 	 	2016	 	 	2016	 	
Consolidated Statements of Operations	  				 				 				 				 				 				 				 				
									
Gross premiums written	  	$	9,710	 	 	$	9,305	 	 	$	8,401	 	 	$	8,837	 	 	$	9,483	 	 	$	27,416	 	 	$	26,146	 	 	$	34,983	 	
Net premiums written	  	 	7,902	 	 	 	7,581	 	 	 	6,710	 	 	 	6,938	 	 	 	7,573	 	 	 	22,193	 	 	 	21,207	 	 	 	28,145	 	
Net premiums earned	  	 	7,807	 	 	 	7,237	 	 	 	6,772	 	 	 	7,059	 	 	 	7,688	 	 	 	21,816	 	 	 	21,690	 	 	 	28,749	 	
(1) Adjusted losses and loss expenses	  	 	6,252	 	 	 	4,148	 	 	 	3,789	 	 	 	3,884	 	 	 	4,266	 	 	 	14,189	 	 	 	12,196	 	 	 	16,080	 	
Realized (gains) losses on crop derivatives	  	 	5	 	 	 	2	 	 	 	—  	 	 	 	6	 	 	 	(3	) 	 	 	7	 	 	 	(1	) 	 	 	5	 	
Pension curtailment benefit	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(23	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(23	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Losses and loss expenses	  	 	6,247	 	 	 	4,146	 	 	 	3,789	 	 	 	3,855	 	 	 	4,269	 	 	 	14,182	 	 	 	12,197	 	 	 	16,052	 	
Policy benefits	  	 	169	 	 	 	163	 	 	 	168	 	 	 	161	 	 	 	155	 	 	 	500	 	 	 	427	 	 	 	588	 	
Policy acquisition costs	  	 	1,488	 	 	 	1,449	 	 	 	1,397	 	 	 	1,417	 	 	 	1,514	 	 	 	4,334	 	 	 	4,487	 	 	 	5,904	 	
(2) Adjusted administrative expenses	  	 	714	 	 	 	706	 	 	 	676	 	 	 	798	 	 	 	772	 	 	 	2,096	 	 	 	2,373	 	 	 	3,171	 	
Pension curtailment benefit	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(90	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(90	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Administrative expenses	  	 	714	 	 	 	706	 	 	 	676	 	 	 	708	 	 	 	772	 	 	 	2,096	 	 	 	2,373	 	 	 	3,081	 	
(3) Adjusted net investment income	  	 	893	 	 	 	855	 	 	 	836	 	 	 	845	 	 	 	830	 	 	 	2,584	 	 	 	2,413	 	 	 	3,258	 	
Amortization expense of fair value adjustment on acquired invested assets	  	 	(80	) 	 	 	(85	) 	 	 	(91	) 	 	 	(101	) 	 	 	(91	) 	 	 	(256	) 	 	 	(292	) 	 	 	(393	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income	  	 	813	 	 	 	770	 	 	 	745	 	 	 	744	 	 	 	739	 	 	 	2,328	 	 	 	2,121	 	 	 	2,865	 	
(4) Adjusted realized gains (losses)	  	 	(5	) 	 	 	103	 	 	 	(7	) 	 	 	371	 	 	 	97	 	 	 	91	 	 	 	(511	) 	 	 	(140	) 	
Realized gains (losses) on crop derivatives	  	 	(5	) 	 	 	(2	) 	 	 	—  	 	 	 	(6	) 	 	 	3	 	 	 	(7	) 	 	 	1	 	 	 	(5	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net realized gains (losses)	  	 	(10	) 	 	 	101	 	 	 	(7	) 	 	 	365	 	 	 	100	 	 	 	84	 	 	 	(510	) 	 	 	(145	) 	
(5) Adjusted interest expense	  	 	162	 	 	 	160	 	 	 	166	 	 	 	167	 	 	 	164	 	 	 	488	 	 	 	479	 	 	 	646	 	
Interest expense related to pre-acquisition debt	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	7	 	 	 	7	 	
Amortization benefit of fair value adjustment on acquired long term debt	  	 	(12	) 	 	 	(13	) 	 	 	(12	) 	 	 	(13	) 	 	 	(12	) 	 	 	(37	) 	 	 	(35	) 	 	 	(48	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	  	 	150	 	 	 	147	 	 	 	154	 	 	 	154	 	 	 	152	 	 	 	451	 	 	 	451	 	 	 	605	 	
Gains (losses) from fair value changes in separate account assets	  	 	24	 	 	 	16	 	 	 	30	 	 	 	(11	) 	 	 	22	 	 	 	70	 	 	 	22	 	 	 	11	 	
Net realized gains (losses) related to unconsolidated entities	  	 	89	 	 	 	143	 	 	 	52	 	 	 	162	 	 	 	72	 	 	 	284	 	 	 	65	 	 	 	227	 	
Other income (expense) - operating	  	 	5	 	 	 	(14	) 	 	 	(12	) 	 	 	(21	) 	 	 	(3	) 	 	 	(21	) 	 	 	5	 	 	 	(16	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other income (expense)	  	 	118	 	 	 	145	 	 	 	70	 	 	 	130	 	 	 	91	 	 	 	333	 	 	 	92	 	 	 	222	 	
Amortization expense of purchased intangibles	  	 	65	 	 	 	65	 	 	 	64	 	 	 	3	 	 	 	4	 	 	 	194	 	 	 	16	 	 	 	19	 	
Chubb integration expenses	  	 	50	 	 	 	72	 	 	 	111	 	 	 	131	 	 	 	115	 	 	 	233	 	 	 	361	 	 	 	492	 	
Income tax expense (benefit)	  	 	(85	) 	 	 	200	 	 	 	128	 	 	 	259	 	 	 	277	 	 	 	243	 	 	 	556	 	 	 	815	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	  	$	(70	) 	 	$	1,305	 	 	$	1,093	 	 	$	1,610	 	 	$	1,360	 	 	$	2,328	 	 	$	2,525	 	 	$	4,135	 	

(1)	Adjusted losses and loss expenses used throughout this report exclude a portion of the one-time pension curtailment benefit, recorded in Corporate, and include realized gains and losses on crop derivatives.	
(2)	Adjusted administrative expenses used throughout this report exclude a portion of the one-time pension curtailment benefit.	
(3)	Adjusted net investment income used throughout this report excludes amortization of the fair value adjustment on acquired invested assets.	
(4)	Adjusted realized gains and losses used throughout this report excludes realized gains and losses on crop derivatives.	
(5)	Adjusted interest expense used throughout this report excludes interest expense related to pre-acquisition debt and amortization benefit of the fair value adjustment on acquired long term debt.	

Statement of Operations	  	Page 3	

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

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	3Q-17	 	 	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	2017	 	 	2016	 	 	2016	 	
Chubb Limited P&C Underwriting Results	  				 				 				 				 				 				 				 				
									
P&C Underwriting income (Including Corporate and excluding Life Insurance)	  				 				 				 				 				 				 				 				
Gross premiums written	  	$	9,142	 	 	$	8,748	 	 	$	7,851	 	 	$	8,260	 	 	$	8,921	 	 	$	25,741	 	 	$	24,481	 	 	$	32,741	 	
Net premiums written	  	 	7,363	 	 	 	7,058	 	 	 	6,186	 	 	 	6,389	 	 	 	7,041	 	 	 	20,607	 	 	 	19,632	 	 	 	26,021	 	
Net premiums earned	  	 	7,280	 	 	 	6,722	 	 	 	6,266	 	 	 	6,525	 	 	 	7,176	 	 	 	20,268	 	 	 	20,169	 	 	 	26,694	 	
Adjusted losses and loss expenses	  	 	6,071	 	 	 	3,966	 	 	 	3,596	 	 	 	3,719	 	 	 	4,092	 	 	 	13,633	 	 	 	11,698	 	 	 	15,417	 	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	  	 	1,356	 	 	 	1,319	 	 	 	1,283	 	 	 	1,150	 	 	 	1,067	 	 	 	3,958	 	 	 	2,686	 	 	 	3,836	 	
Amortization of acquired UPR intangible - Chubb Corp	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	144	 	 	 	320	 	 	 	—  	 	 	 	1,415	 	 	 	1,559	 	
Adjusted administrative expenses	  	 	637	 	 	 	629	 	 	 	604	 	 	 	717	 	 	 	695	 	 	 	1,870	 	 	 	2,147	 	 	 	2,864	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C Underwriting income (loss)	  	$	(784	) 	 	$	808	 	 	$	783	 	 	$	795	 	 	$	1,002	 	 	$	807	 	 	$	2,223	 	 	$	3,018	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C Underwriting income - As If	  				 				 				 	$	812	 	 	$	1,041	 	 				 	$	2,436	 	 	$	3,248	 	
									
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	4.6	% 	 	 	-0.8	% 	 	 	12.9	% 	 	 	76.1	% 	 	 	67.0	% 	 	 	5.0	% 	 	 	62.4	% 	 	 	65.6	% 	
Net premiums earned	  	 	1.5	% 	 	 	-2.5	% 	 	 	2.7	% 	 	 	76.3	% 	 	 	69.3	% 	 	 	0.5	% 	 	 	74.4	% 	 	 	74.8	% 	
Net premiums written constant $	  	 	4.6	% 	 	 	-0.2	% 	 	 	13.4	% 	 	 	77.1	% 	 	 	68.8	% 	 	 	5.3	% 	 	 	66.6	% 	 	 	69.1	% 	
Net premiums earned constant $	  	 	1.3	% 	 	 	-2.0	% 	 	 	2.8	% 	 	 	77.1	% 	 	 	71.0	% 	 	 	0.7	% 	 	 	78.6	% 	 	 	78.2	% 	
									
% Change versus prior year period - As If *	  				 				 				 				 				 				 				 				
Net premiums written	  	 	4.6	% 	 	 	-0.8	% 	 	 	-2.3	% 	 	 	-4.2	% 	 	 	-4.5	% 	 	 	0.6	% 	 	 	-5.4	% 	 	 	-5.1	% 	
Net premiums written constant $	  	 	4.6	% 	 	 	-0.2	% 	 	 	-1.9	% 	 	 	-3.5	% 	 	 	-3.4	% 	 	 	0.9	% 	 	 	-3.2	% 	 	 	-3.3	% 	
Net premiums written constant $ excluding merger-related underwriting actions, accounting policy alignment, and one-time UPR transfer in 2016 (1)	  	 	4.0	% 	 	 	2.6	% 	 	 	2.2	% 	 	 	-0.4	% 	 	 	1.1	% 	 	 	3.0	% 	 	 	-1.2	% 	 	 	-1.0	% 	
									
P&C combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	83.4	% 	 	 	59.0	% 	 	 	57.4	% 	 	 	57.0	% 	 	 	57.0	% 	 	 	67.3	% 	 	 	58.0	% 	 	 	57.8	% 	
Policy acquisition cost ratio	  	 	18.6	% 	 	 	19.6	% 	 	 	20.5	% 	 	 	19.8	% 	 	 	19.3	% 	 	 	19.5	% 	 	 	20.3	% 	 	 	20.2	% 	
Administrative expense ratio	  	 	8.8	% 	 	 	9.4	% 	 	 	9.6	% 	 	 	11.0	% 	 	 	9.7	% 	 	 	9.2	% 	 	 	10.7	% 	 	 	10.7	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	110.8	% 	 	 	88.0	% 	 	 	87.5	% 	 	 	87.8	% 	 	 	86.0	% 	 	 	96.0	% 	 	 	89.0	% 	 	 	88.7	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	88.5	% 	 	 	87.5	% 	 	 	88.0	% 	 	 	87.4	% 	 	 	88.9	% 	 	 	88.0	% 	 	 	89.5	% 	 	 	89.0	% 	
P&C Combined ratio - As If	  				 				 				 				 				 				 				 				
Loss and loss expense ratio - As If	  				 				 				 	 	57.0	% 	 	 	57.0	% 	 				 	 	58.0	% 	 	 	57.7	% 	
Policy acquisition cost ratio - As If	  				 				 				 	 	19.6	% 	 	 	18.8	% 	 				 	 	19.4	% 	 	 	19.5	% 	
Administrative expense ratio - As If	  				 				 				 	 	11.0	% 	 	 	9.7	% 	 				 	 	10.8	% 	 	 	10.8	% 	
	  				 				 				 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	
Combined ratio - As If	  				 				 				 	 	87.6	% 	 	 	85.5	% 	 				 	 	88.2	% 	 	 	88.0	% 	
	  				 				 				 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD - As If	  				 				 				 	 	87.1	% 	 	 	88.4	% 	 				 	 	88.7	% 	 	 	88.3	% 	
									
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	81	% 	 	 	81	% 	 	 	79	% 	 	 	77	% 	 	 	79	% 	 	 	80	% 	 	 	80	% 	 	 	79	% 	
									
P&C expense ratio	  	 	27.4	% 	 	 	29.0	% 	 	 	30.1	% 	 	 	30.8	% 	 	 	29.0	% 	 	 	28.7	% 	 	 	31.0	% 	 	 	30.9	% 	
P&C expense ratio excluding A&H	  	 	25.1	% 	 	 	27.1	% 	 	 	28.0	% 	 	 	28.8	% 	 	 	27.0	% 	 	 	26.6	% 	 	 	29.1	% 	 	 	29.0	% 	
									
Catastrophe reinstatement premiums collected - pre-tax	  	$	22	 	 	$	—  	 	 	$	—  	 	 	$	1	 	 	$	—  	 	 	$	22	 	 	$	6	 	 	$	7	 	
Catastrophe losses - pre-tax	  	$	1,915	 	 	$	200	 	 	$	206	 	 	$	269	 	 	$	144	 	 	$	2,321	 	 	$	798	 	 	$	1,067	 	
Favorable prior period development (PPD) - pre-tax	  	$	(270	) 	 	$	(170	) 	 	$	(231	) 	 	$	(238	) 	 	$	(349	) 	 	$	(671	) 	 	$	(897	) 	 	$	(1,135	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	61.3	% 	 	 	58.6	% 	 	 	58.1	% 	 	 	56.4	% 	 	 	60.0	% 	 	 	59.4	% 	 	 	58.7	% 	 	 	58.1	% 	
 
(1)	Net premiums written were adversely impacted by merger-related underwriting actions of $87 million in Q3 2017 and $472 million for YTD 2017, and by accounting policy alignment of $73 million for YTD 2017. In addition, Q3 2016 and YTD 2016 included a one-time unearned premium reserve (UPR) transfer of $128 million that reduced net premiums written in the prior year.	
*	Comparisons to 2015 are as if ACE and Chubb were one company.	
Note: See Glossary on page 38 for further information on the calculation of the components of combined ratios.

P&C Results	  	Page 4	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Total	 	 	 	 	 	Total	 	
 	 	North	 	 	North	 	 	North	 	 	 	 	 	 	 	 	Consolidated	 	 	Reinstatement	 	 	Consolidated	 	
 	 	America	 	 	America	 	 	America	 	 	Overseas	 	 	 	 	 	Excluding	 	 	premiums	 	 	including	 	
 	 	Commercial P&C	 	 	Personal P&C	 	 	Agricultural	 	 	General	 	 	Global	 	 	Reinstatement	 	 	collected	 	 	Reinstatement	 	
 	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Reinsurance	 	 	premiums	 	 	(expensed)	 	 	premiums	 	
Chubb Limited Catastrophe Loss Charges - Q3 2017	 				 				 				 				 				 				 				 				
									
Catastrophe Loss Charges by Event - Gross	 				 				 				 				 				 				 				 				
Hurricane Harvey	 	$	547	 	 	$	250	 	 	$	1	 	 	$	140	 	 	$	50	 	 	$	988	 	 				 				
Hurricane Irma	 	 	618	 	 	 	214	 	 	 	2	 	 	 	120	 	 	 	325	 	 	 	1,279	 	 				 				
Hurricane Maria	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	500	 	 	 	59	 	 	 	559	 	 				 				
Mexico Earthquakes	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	40	 	 	 	—  	 	 	 	40	 	 				 				
Other	 	 	38	 	 	 	44	 	 	 	2	 	 	 	24	 	 	 	10	 	 	 	118	 	 				 				
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 				
Total	 	$	1,203	 	 	$	508	 	 	$	5	 	 	$	824	 	 	$	444	 	 	$	2,984	 	 				 				
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 				
Catastrophe Loss Charges by Event - Net	 				 				 				 				 				 				 				 				
Hurricane Harvey	 	$	366	 	 	$	200	 	 	$	1	 	 	$	40	 	 	$	48	 	 	$	655	 	 	$	5	 	 	$	650	 	
Hurricane Irma	 	 	464	 	 	 	206	 	 	 	2	 	 	 	90	 	 	 	159	 	 	 	921	 	 	 	30	 	 	 	891	 	
Hurricane Maria	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	152	 	 	 	55	 	 	 	207	 	 	 	(13	) 	 	 	220	 	
Mexico Earthquakes	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	25	 	 	 	—  	 	 	 	25	 	 	 	—  	 	 	 	25	 	
Other	 	 	38	 	 	 	42	 	 	 	2	 	 	 	19	 	 	 	6	 	 	 	107	 	 	 	—  	 	 	 	107	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	868	 	 	$	448	 	 	$	5	 	 	$	326	 	 	$	268	 	 	$	1,915	 	 				 				
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 				
Reinstatement premiums collected (expensed)	 	 	(3	) 	 	 	(3	) 	 	 	—  	 	 	 	(9	) 	 	 	37	 	 				 	$	22	 	 				
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 				
Total impact before income tax	 	$	871	 	 	$	451	 	 	$	5	 	 	$	335	 	 	$	231	 	 				 				 	$	1,893	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 				 	 	 	 	
Income tax benefit	 				 				 				 				 				 				 				 	 	368	 	
	 				 				 				 				 				 				 				 	 	 	 	
Total impact after income tax	 				 				 				 				 				 				 				 	$	1,525	 	
	 				 				 				 				 				 				 				 	 	 	 	
Note: The above table represents initial catastrophe losses estimated based on modeled information, underwriter analysis, preliminary assessments, and an analysis of exposed limits within each region. These estimates, as well as the allocation of these losses by segment, may change as additional information emerges.    
At this time there is the potential that approximately $20 million of net catastrophe losses associated with hurricane Maria may be re-allocated from Overseas General Insurance segment to North America Commercial P&C Insurance segment as further claim detail are reported. There would be no impact to consolidated net losses from such a re-allocation.

Catastrophe Losses	  	Page 5	

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

 	  	September 30	 	 	June 30	 	 	March 31	 	 	December 31	 	
 	  	2017	 	 	2017	 	 	2017	 	 	2016	 	
Assets	  				 				 				 				
Fixed maturities available for sale, at fair value	  	$	83,686	 	 	$	81,645	 	 	$	80,806	 	 	$	80,115	 	
Fixed maturities held to maturity, at amortized cost	  	 	10,160	 	 	 	10,371	 	 	 	10,519	 	 	 	10,644	 	
Equity securities, at fair value	  	 	910	 	 	 	856	 	 	 	835	 	 	 	814	 	
Short-term investments, at fair value	  	 	2,991	 	 	 	2,651	 	 	 	2,780	 	 	 	3,002	 	
Other investments	  	 	4,677	 	 	 	4,685	 	 	 	4,551	 	 	 	4,519	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investments	  	 	102,424	 	 	 	100,208	 	 	 	99,491	 	 	 	99,094	 	
					
Cash	  	 	1,088	 	 	 	1,297	 	 	 	1,063	 	 	 	985	 	
Securities lending collateral	  	 	1,757	 	 	 	1,545	 	 	 	1,071	 	 	 	1,092	 	
Insurance and reinsurance balances receivable	  	 	9,551	 	 	 	9,662	 	 	 	8,880	 	 	 	8,970	 	
Reinsurance recoverable on losses and loss expenses	  	 	14,799	 	 	 	13,358	 	 	 	13,769	 	 	 	13,577	 	
Deferred policy acquisition costs	  	 	4,691	 	 	 	4,546	 	 	 	4,406	 	 	 	4,314	 	
Value of business acquired	  	 	339	 	 	 	337	 	 	 	345	 	 	 	355	 	
Prepaid reinsurance premiums	  	 	2,506	 	 	 	2,592	 	 	 	2,549	 	 	 	2,448	 	
Goodwill and other intangible assets	  	 	22,265	 	 	 	22,013	 	 	 	22,061	 	 	 	22,095	 	
Investments in partially-owned insurance companies	  	 	652	 	 	 	662	 	 	 	666	 	 	 	666	 	
Other assets	  	 	7,347	 	 	 	6,768	 	 	 	6,666	 	 	 	6,190	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	167,419	 	 	$	162,988	 	 	$	160,967	 	 	$	159,786	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Liabilities	  				 				 				 				
Unpaid losses and loss expenses	  	$	64,153	 	 	$	60,394	 	 	$	60,579	 	 	$	60,540	 	
Unearned premiums	  	 	15,456	 	 	 	15,289	 	 	 	14,857	 	 	 	14,779	 	
Future policy benefits	  	 	5,307	 	 	 	5,190	 	 	 	5,086	 	 	 	5,036	 	
Insurance and reinsurance balances payable	  	 	5,827	 	 	 	5,841	 	 	 	5,797	 	 	 	5,637	 	
Securities lending payable	  	 	1,757	 	 	 	1,546	 	 	 	1,072	 	 	 	1,093	 	
Accounts payable, accrued expenses, and other liabilities	  	 	10,422	 	 	 	10,360	 	 	 	10,477	 	 	 	10,020	 	
Deferred tax liabilities	  	 	1,139	 	 	 	1,122	 	 	 	967	 	 	 	988	 	
Short-term debt	  	 	1,020	 	 	 	922	 	 	 	300	 	 	 	500	 	
Long-term debt	  	 	11,559	 	 	 	11,667	 	 	 	12,300	 	 	 	12,610	 	
Trust preferred securities	  	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	116,948	 	 	 	112,639	 	 	 	111,743	 	 	 	111,511	 	
					
Shareholders’ equity	  				 				 				 				
Total shareholders’ equity, excl. AOCI	  	 	49,402	 	 	 	49,979	 	 	 	49,224	 	 	 	48,589	 	
Accumulated other comprehensive income (loss) (AOCI)	  	 	1,069	 	 	 	370	 	 	 	—  	 	 	 	(314	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total shareholders’ equity	  	 	50,471	 	 	 	50,349	 	 	 	49,224	 	 	 	48,275	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and shareholders’ equity	  	$	167,419	 	 	$	162,988	 	 	$	160,967	 	 	$	159,786	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share	  	$	108.74	 	 	$	108.19	 	 	$	105.35	 	 	$	103.60	 	
% change over prior quarter	  	 	0.5	% 	 	 	2.7	% 	 	 	1.7	% 	 	 	-0.3	% 	
Tangible book value per common share	  	$	65.06	 	 	$	65.23	 	 	$	62.52	 	 	$	60.64	 	
% change over prior quarter	  	 	-0.3	% 	 	 	4.3	% 	 	 	3.1	% 	 	 	0.6	% 	

Consol Bal Sheet	  	Page 6	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	C$ % Change	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	As If ex	 	
 	 	 	 	 	 	 	 	 	 	 	C$ % Change ex	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Merger Actions,	 	
 	 	 	 	 	 	 	 	 	 	 	Merger Actions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Acct Policy	 	
 	 	 	 	 	 	 	 	 	 	 	& one-time UPR	 	 	 	 	 	 	 	 	 	 	 	 	 	 	& one-time UPR	 	
 	 	 	 	 	 	 	 	% Change	 	 	Transfer (1)	 	 	 	 	 	 	 	 	% Change	 	 	As If	 	 	Transfer (1)	 	
 	 	 	 	 	 	 	 	3Q-17 vs.	 	 	3Q-17 vs.	 	 	YTD	 	 	YTD	 	 	YTD-17 vs	 	 	YTD	 	 	YTD-17 vs	 	
 	 	3Q-17	 	 	3Q-16	 	 	3Q-16	 	 	3Q-16	 	 	2017	 	 	2016	 	 	YTD-16	 	 	2016	 	 	YTD-16	 	
Net premiums written	 				 				 				 				 				 				 				 				 				
										
Commercial multiple peril (2)	 	$	233	 	 	$	228	 	 	 	2.2	% 	 	 	1.8	% 	 	$	661	 	 	$	596	 	 	 	10.9	% 	 	$	676	 	 	 	-1.6	% 	
Commercial casualty	 	 	992	 	 	 	966	 	 	 	2.7	% 	 	 	4.9	% 	 	 	2,680	 	 	 	2,502	 	 	 	7.1	% 	 	 	2,620	 	 	 	5.3	% 	
Workers’ compensation	 	 	470	 	 	 	471	 	 	 	-0.2	% 	 	 	4.5	% 	 	 	1,536	 	 	 	1,467	 	 	 	4.7	% 	 	 	1,606	 	 	 	-0.4	% 	
Professional liability	 	 	906	 	 	 	947	 	 	 	-4.3	% 	 	 	-4.4	% 	 	 	2,600	 	 	 	2,552	 	 	 	1.9	% 	 	 	2,688	 	 	 	-1.5	% 	
Surety	 	 	158	 	 	 	158	 	 	 	0.0	% 	 	 	0.6	% 	 	 	461	 	 	 	441	 	 	 	4.5	% 	 	 	450	 	 	 	3.6	% 	
Property and other short-tail lines	 	 	888	 	 	 	905	 	 	 	-1.9	% 	 	 	-0.4	% 	 	 	2,974	 	 	 	2,935	 	 	 	1.3	% 	 	 	3,072	 	 	 	0.4	% 	
International other casualty	 	 	237	 	 	 	239	 	 	 	-0.8	% 	 	 	-1.3	% 	 	 	801	 	 	 	771	 	 	 	3.9	% 	 	 	827	 	 	 	2.0	% 	
	 	 	 	 	 	 	 	 	 				 				 	 	 	 	 	 	 	 	 				 	 	 	 	 				
Total Commercial P&C (1)	 	 	3,884	 	 	 	3,914	 	 	 	-0.8	% 	 	 	0.6	% 	 	 	11,713	 	 	 	11,264	 	 	 	4.0	% 	 	 	11,939	 	 	 	1.0	% 	
										
Agriculture	 	 	926	 	 	 	849	 	 	 	9.0	% 	 	 	9.0	% 	 	 	1,390	 	 	 	1,288	 	 	 	7.9	% 	 	 	1,288	 	 	 	7.9	% 	
										
Personal automobile - North America	 	 	204	 	 	 	188	 	 	 	8.5	% 	 	 	8.5	% 	 	 	578	 	 	 	520	 	 	 	11.2	% 	 	 	534	 	 	 	8.2	% 	
Personal automobile - International	 	 	195	 	 	 	154	 	 	 	26.6	% 	 	 	30.7	% 	 	 	569	 	 	 	499	 	 	 	14.0	% 	 	 	499	 	 	 	17.1	% 	
Personal homeowners	 	 	877	 	 	 	712	 	 	 	23.2	% 	 	 	4.4	% 	 	 	2,499	 	 	 	2,281	 	 	 	9.6	% 	 	 	2,347	 	 	 	6.0	% 	
Personal other	 	 	355	 	 	 	367	 	 	 	-3.3	% 	 	 	0.5	% 	 	 	1,080	 	 	 	1,048	 	 	 	3.1	% 	 	 	1,088	 	 	 	6.5	% 	
	 	 	 	 	 	 	 	 	 				 				 	 	 	 	 	 	 	 	 				 	 	 	 	 				
Total Personal lines (1)	 	 	1,631	 	 	 	1,421	 	 	 	14.8	% 	 	 	6.6	% 	 	 	4,726	 	 	 	4,348	 	 	 	8.7	% 	 	 	4,468	 	 	 	7.6	% 	
										
Total Property and Casualty lines	 	 	6,441	 	 	 	6,184	 	 	 	4.2	% 	 	 	3.2	% 	 	 	17,829	 	 	 	16,900	 	 	 	5.5	% 	 	 	17,695	 	 	 	3.2	% 	
Global A&H lines (1) (3)	 	 	1,014	 	 	 	990	 	 	 	2.4	% 	 	 	3.7	% 	 	 	3,033	 	 	 	2,955	 	 	 	2.6	% 	 	 	2,994	 	 	 	2.4	% 	
Reinsurance lines (1)	 	 	191	 	 	 	131	 	 	 	47.1	% 	 	 	47.9	% 	 	 	580	 	 	 	562	 	 	 	3.3	% 	 	 	582	 	 	 	2.6	% 	
Life (1)	 	 	256	 	 	 	268	 	 	 	-4.5	% 	 	 	-1.1	% 	 	 	751	 	 	 	790	 	 	 	-4.9	% 	 	 	791	 	 	 	-1.5	% 	
	 	 	 	 	 	 	 	 	 				 				 	 	 	 	 	 	 	 	 				 	 	 	 	 				
Total consolidated	 	$	7,902	 	 	$	7,573	 	 	 	4.3	% 	 	 	3.9	% 	 	$	22,193	 	 	$	21,207	 	 	 	4.7	% 	 	$	22,062	 	 	 	2.9	% 	

(1)	Q3 2017 and YTD 2017 include the adverse impact of merger-related underwriting actions, respectively, as follows: Commercial P&C $52 million and $233 million; Personal lines $22 million and $197 million; Global A&H lines $13 million and $32 million; Reinsurance lines $nil and $10 million; and Life $9 million and $33 million. YTD 2017 also include the adverse impact of accounting policy alignment as follows: Commercial P&C $66 million, Personal lines $6 million and Global A&H lines $1 million. In addition, Q3 2016 and YTD 2016 included a one-time unearned premium reserve (UPR) transfer of $128 million that reduced net premiums written in the prior year.	
(2)	Commercial multiple peril represents retail package business (property and general liability).	
(3)	For purposes of this schedule only, A&H results from our Combined North America and International businesses, normally included in the Life Insurance and Overseas General Insurance segments, respectively, as well as the A&H results of our North America Commercial P&C segment, are included within the Global A&H lines above.	

Line of Business	  	Page 7	

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

 	 	North	 	 	North	 	 	North	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	America	 	 	America	 	 	America	 	 	Overseas	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Commercial P&C	 	 	Personal P&C	 	 	Agricultural	 	 	General	 	 	Global	 	 	 	 	 	Total	 	 	Life	 	 	Total	 	
 	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Reinsurance	 	 	Corporate	 	 	P&C	 	 	Insurance	 	 	Consolidated	 	
Q3 2017	 				 				 				 				 				 				 				 				 				
										
Net premiums written	 	$	3,089	 	 	$	1,194	 	 	$	926	 	 	$	1,963	 	 	$	191	 	 	$	—  	 	 	$	7,363	 	 	$	539	 	 	$	7,902	 	
Net premiums earned	 	 	3,016	 	 	 	1,117	 	 	 	898	 	 	 	2,064	 	 	 	185	 	 	 	—  	 	 	 	7,280	 	 	 	527	 	 	 	7,807	 	
Adjusted losses and loss expenses	 	 	2,580	 	 	 	1,062	 	 	 	764	 	 	 	1,281	 	 	 	295	 	 	 	89	 	 	 	6,071	 	 	 	181	 	 	 	6,252	 	
Policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	169	 	 	 	169	 	
(Gains) losses from fair value changes in separate account assets (1)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(24	) 	 	 	(24	) 	
Policy acquisition costs	 	 	469	 	 	 	226	 	 	 	49	 	 	 	569	 	 	 	43	 	 	 	—  	 	 	 	1,356	 	 	 	132	 	 	 	1,488	 	
Administrative expenses	 	 	256	 	 	 	61	 	 	 	(1	) 	 	 	246	 	 	 	11	 	 	 	64	 	 	 	637	 	 	 	77	 	 	 	714	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	 	 	(289	) 	 	 	(232	) 	 	 	86	 	 	 	(32	) 	 	 	(164	) 	 	 	(153	) 	 	 	(784	) 	 	 	(8	) 	 	 	(792	) 	
										
Adjusted net investment income	 	 	497	 	 	 	57	 	 	 	6	 	 	 	164	 	 	 	80	 	 	 	11	 	 	 	815	 	 	 	78	 	 	 	893	 	
Other income (expense) - operating (1)	 	 	4	 	 	 	(1	) 	 	 	—  	 	 	 	10	 	 	 	3	 	 	 	(6	) 	 	 	10	 	 	 	(5	) 	 	 	5	 	
Amortization expense of purchased intangibles	 	 	—  	 	 	 	(4	) 	 	 	(8	) 	 	 	(11	) 	 	 	—  	 	 	 	(41	) 	 	 	(64	) 	 	 	(1	) 	 	 	(65	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	 	$	212	 	 	$	(180	) 	 	$	84	 	 	$	131	 	 	$	(81	) 	 	$	(189	) 	 	$	(23	) 	 	$	64	 	 	$	41	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted interest expense	 				 				 				 				 				 	 	(162	) 	 				 				 	 	(162	) 	
Income tax benefit	 				 				 				 				 				 	 	61	 	 				 				 	 	61	 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Operating loss	 				 				 				 				 				 	 	(290	) 	 				 				 	 	(60	) 	
Chubb integration expenses, net of $14 million tax benefit	 				 				 				 				 				 	 	(36	) 	 				 				 	 	(36	) 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $18 million tax benefit (2)	 				 				 				 				 				 	 	(50	) 	 				 				 	 	(50	) 	
Adjusted net realized gains (losses), net of $8 million tax (3)	 				 				 				 				 				 	 	76	 	 				 				 	 	76	 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Net loss	 				 				 				 				 				 	$	(300	) 	 				 				 	$	(70	) 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Combined ratio	 	 	109.6	% 	 	 	120.8	% 	 	 	90.4	% 	 	 	101.6	% 	 	 	187.4	% 	 				 	 	110.8	% 	 				 				
Combined ratio excluding catastrophe losses and PPD	 	 	88.7	% 	 	 	77.5	% 	 	 	90.3	% 	 	 	90.6	% 	 	 	82.2	% 	 				 	 	88.5	% 	 				 				
 
(1)	For the Life Insurance segment, (gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified for underwriting income presentation from Other income (expense).	
(2)	Related to the acquisition of The Chubb Corporation.	
(3)	Includes net realized gains (losses) related to unconsolidated entities.	

Consol Results - QTD 2017	  	Page 8	

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

 	 	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	 	
YTD 2017	 				 				 				 				 				 				 				 				 				
										
Net premiums written	 	$	9,035	 	 	$	3,433	 	 	$	1,390	 	 	$	6,169	 	 	$	580	 	 	$	—  	 	 	$	20,607	 	 	$	1,586	 	 	$	22,193	 	
Net premiums earned	 	 	9,156	 	 	 	3,296	 	 	 	1,256	 	 	 	6,018	 	 	 	542	 	 	 	—  	 	 	 	20,268	 	 	 	1,548	 	 	 	21,816	 	
Adjusted losses and loss expenses	 	 	6,376	 	 	 	2,378	 	 	 	983	 	 	 	3,316	 	 	 	435	 	 	 	145	 	 	 	13,633	 	 	 	556	 	 	 	14,189	 	
Policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	500	 	 	 	500	 	
(Gains) losses from fair value changes in separate account assets (1)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(70	) 	 	 	(70	) 	
Policy acquisition costs	 	 	1,420	 	 	 	673	 	 	 	75	 	 	 	1,653	 	 	 	137	 	 	 	—  	 	 	 	3,958	 	 	 	376	 	 	 	4,334	 	
Administrative expenses	 	 	728	 	 	 	192	 	 	 	(4	) 	 	 	734	 	 	 	33	 	 	 	187	 	 	 	1,870	 	 	 	226	 	 	 	2,096	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	 	 	632	 	 	 	53	 	 	 	202	 	 	 	315	 	 	 	(63	) 	 	 	(332	) 	 	 	807	 	 	 	(40	) 	 	 	767	 	
										
Adjusted net investment income	 	 	1,465	 	 	 	168	 	 	 	18	 	 	 	460	 	 	 	207	 	 	 	36	 	 	 	2,354	 	 	 	230	 	 	 	2,584	 	
Other income (expense) - operating (1)	 	 	4	 	 	 	(3	) 	 	 	(1	) 	 	 	14	 	 	 	2	 	 	 	(27	) 	 	 	(11	) 	 	 	(10	) 	 	 	(21	) 	
Amortization expense of purchased intangibles	 	 	—  	 	 	 	(12	) 	 	 	(22	) 	 	 	(33	) 	 	 	—  	 	 	 	(125	) 	 	 	(192	) 	 	 	(2	) 	 	 	(194	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	 	$	2,101	 	 	$	206	 	 	$	197	 	 	$	756	 	 	$	146	 	 	$	(448	) 	 	$	2,958	 	 	$	178	 	 	$	3,136	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted interest expense	 				 				 				 				 				 	 	(488	) 	 				 				 	 	(488	) 	
Income tax expense	 				 				 				 				 				 	 	(353	) 	 				 				 	 	(353	) 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Operating income (loss)	 				 				 				 				 				 	 	(1,289	) 	 				 				 	 	2,295	 	
Chubb integration expenses, net of $73 million tax benefit	 				 				 				 				 				 	 	(160	) 	 				 				 	 	(160	) 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $62 million tax benefit (2)	 				 				 				 				 				 	 	(157	) 	 				 				 	 	(157	) 	
Adjusted net realized gains (losses), net of $25 million tax (3)	 				 				 				 				 				 	 	350	 	 				 				 	 	350	 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Net income (loss)	 				 				 				 				 				 	$	(1,256	) 	 				 				 	$	2,328	 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Combined ratio	 	 	93.1	% 	 	 	98.4	% 	 	 	83.9	% 	 	 	94.8	% 	 	 	111.5	% 	 				 	 	96.0	% 	 				 				
Combined ratio excluding catastrophe losses and PPD	 	 	87.6	% 	 	 	78.3	% 	 	 	89.6	% 	 	 	91.3	% 	 	 	78.6	% 	 				 	 	88.0	% 	 				 				
 
(1)	For the Life Insurance segment, (gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified for underwriting income presentation from Other income (expense).	
(2)	Related to the acquisition of The Chubb Corporation.	
(3)	Includes net realized gains (losses) related to unconsolidated entities.	

Consol Results - YTD 2017	  	Page 9	

Chubb Limited
Consolidated Results - Three months ended September 30, 2016
(in millions of U.S. dollars, except ratios)
(Unaudited)

 	 	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	 	
Q3 2016	 				 				 				 				 				 				 				 				 				
										
Net premiums written	 	$	3,110	 	 	$	1,011	 	 	$	849	 	 	$	1,940	 	 	$	131	 	 	$	—  	 	 	$	7,041	 	 	$	532	 	 	$	7,573	 	
Net premiums earned	 	 	3,086	 	 	 	1,081	 	 	 	819	 	 	 	2,034	 	 	 	156	 	 	 	—  	 	 	 	7,176	 	 	 	512	 	 	 	7,688	 	
Adjusted losses and loss expenses	 	 	1,863	 	 	 	594	 	 	 	680	 	 	 	843	 	 	 	49	 	 	 	63	 	 	 	4,092	 	 	 	174	 	 	 	4,266	 	
Policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	155	 	 	 	155	 	
(Gains) losses from fair value changes in separate account assets (1)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(22	) 	 	 	(22	) 	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	 	 	346	 	 	 	128	 	 	 	48	 	 	 	503	 	 	 	42	 	 	 	—  	 	 	 	1,067	 	 	 	127	 	 	 	1,194	 	
Amortization of acquired UPR intangible - Chubb Corp	 	 	176	 	 	 	101	 	 	 	—  	 	 	 	43	 	 	 	—  	 	 	 	—  	 	 	 	320	 	 	 	—  	 	 	 	320	 	
Administrative expenses	 	 	275	 	 	 	89	 	 	 	1	 	 	 	261	 	 	 	12	 	 	 	57	 	 	 	695	 	 	 	77	 	 	 	772	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	 	 	426	 	 	 	169	 	 	 	90	 	 	 	384	 	 	 	53	 	 	 	(120	) 	 	 	1,002	 	 	 	1	 	 	 	1,003	 	
Adjusted net investment income	 	 	477	 	 	 	53	 	 	 	5	 	 	 	152	 	 	 	67	 	 	 	5	 	 	 	759	 	 	 	71	 	 	 	830	 	
Other income (expense) - operating (1)	 	 	(3	) 	 	 	(2	) 	 	 	—  	 	 	 	6	 	 	 	—  	 	 	 	(2	) 	 	 	(1	) 	 	 	(2	) 	 	 	(3	) 	
Amortization (expense) benefit of purchased intangibles	 	 	—  	 	 	 	(4	) 	 	 	(7	) 	 	 	(12	) 	 	 	—  	 	 	 	20	 	 	 	(3	) 	 	 	(1	) 	 	 	(4	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	 	$	900	 	 	$	216	 	 	$	88	 	 	$	530	 	 	$	120	 	 	$	(97	) 	 	$	1,757	 	 	$	69	 	 	$	1,826	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted interest expense	 				 				 				 				 				 	 	(164	) 	 				 				 	 	(164	) 	
Income tax expense	 				 				 				 				 				 	 	(306	) 	 				 				 	 	(306	) 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Operating income (loss)	 				 				 				 				 				 	 	(567	) 	 				 				 	 	1,356	 	
Chubb integration and related expenses, net of $30 million tax benefit	 				 				 				 				 				 	 	(85	) 	 				 				 	 	(85	) 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $26 million tax benefit (2)	 				 				 				 				 				 	 	(53	) 	 				 				 	 	(53	) 	
Adjusted net realized gains (losses), net of $27 million tax (3)	 				 				 				 				 				 	 	142	 	 				 				 	 	142	 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Net income (loss)	 				 				 				 				 				 	$	(563	) 	 				 				 	$	1,360	 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Combined ratio	 	 	86.2	% 	 	 	84.4	% 	 	 	88.9	% 	 	 	81.2	% 	 	 	66.3	% 	 				 	 	86.0	% 	 				 				
Combined ratio excluding catastrophe losses and PPD	 	 	89.4	% 	 	 	78.8	% 	 	 	90.1	% 	 	 	91.1	% 	 	 	78.1	% 	 				 	 	88.9	% 	 				 				
Underwriting income (loss) - As If	 	$	452	 	 	$	187	 	 	$	90	 	 	$	379	 	 	$	53	 	 	$	(120	) 	 	$	1,041	 	 	$	1	 	 	$	1,042	 	
Combined ratio - As If	 	 	85.3	% 	 	 	82.8	% 	 	 	88.9	% 	 	 	81.4	% 	 	 	66.3	% 	 				 	 	85.5	% 	 				 				
Combined ratio excluding catastrophe losses and PPD - As If	 	 	88.6	% 	 	 	77.2	% 	 	 	90.1	% 	 	 	91.3	% 	 	 	78.1	% 	 				 	 	88.4	% 	 				 				
 
(1)	For the Life Insurance segment, (gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified for underwriting income presentation from Other income (expense).	
(2)	Related to the acquisition of The Chubb Corporation.	
(3)	Includes net realized gains (losses) related to unconsolidated entities.	

Consol Results - QTD 2016	  	Page 10	

Chubb Limited
Consolidated Results - Nine months ended September 30, 2016
(in millions of U.S. dollars, except ratios)
(Unaudited)

 	 	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	 	
YTD 2016	 				 				 				 				 				 				 				 				 				
										
Net premiums written	 	$	8,657	 	 	$	3,113	 	 	$	1,288	 	 	$	6,012	 	 	$	562	 	 	$	—  	 	 	$	19,632	 	 	$	1,575	 	 	$	21,207	 	
Net premiums earned	 	 	9,130	 	 	 	3,245	 	 	 	1,169	 	 	 	6,082	 	 	 	543	 	 	 	—  	 	 	 	20,169	 	 	 	1,521	 	 	 	21,690	 	
Adjusted losses and loss expenses	 	 	5,581	 	 	 	1,916	 	 	 	936	 	 	 	2,953	 	 	 	225	 	 	 	87	 	 	 	11,698	 	 	 	498	 	 	 	12,196	 	
Policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	427	 	 	 	427	 	
(Gains) losses from fair value changes in separate account assets  (1)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(22	) 	 	 	(22	) 	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	 	 	768	 	 	 	300	 	 	 	77	 	 	 	1,399	 	 	 	142	 	 	 	—  	 	 	 	2,686	 	 	 	386	 	 	 	3,072	 	
Amortization of acquired UPR intangible - Chubb Corp	 	 	781	 	 	 	447	 	 	 	—  	 	 	 	187	 	 	 	—  	 	 	 	—  	 	 	 	1,415	 	 	 	—  	 	 	 	1,415	 	
Administrative expenses	 	 	840	 	 	 	275	 	 	 	(1	) 	 	 	801	 	 	 	40	 	 	 	192	 	 	 	2,147	 	 	 	226	 	 	 	2,373	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	 	 	1,160	 	 	 	307	 	 	 	157	 	 	 	742	 	 	 	136	 	 	 	(279	) 	 	 	2,223	 	 	 	6	 	 	 	2,229	 	
Adjusted net investment income	 	 	1,371	 	 	 	155	 	 	 	15	 	 	 	445	 	 	 	199	 	 	 	21	 	 	 	2,206	 	 	 	207	 	 	 	2,413	 	
Other income (expense) - operating (1)	 	 	6	 	 	 	(6	) 	 	 	—  	 	 	 	16	 	 	 	3	 	 	 	(6	) 	 	 	13	 	 	 	(8	) 	 	 	5	 	
Amortization (expense) benefit of purchased intangibles	 	 	—  	 	 	 	(16	) 	 	 	(22	) 	 	 	(36	) 	 	 	—  	 	 	 	60	 	 	 	(14	) 	 	 	(2	) 	 	 	(16	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	 	$	2,537	 	 	$	440	 	 	$	150	 	 	$	1,167	 	 	$	338	 	 	$	(204	) 	 	$	4,428	 	 	$	203	 	 	$	4,631	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted interest expense	 				 				 				 				 				 	 	(479	) 	 				 				 	 	(479	) 	
Income tax expense	 				 				 				 				 				 	 	(719	) 	 				 				 	 	(719	) 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Operating income (loss)	 				 				 				 				 				 	 	(1,402	) 	 				 				 	 	3,433	 	
Chubb integration and related expenses, net of $106 million tax benefit	 				 				 				 				 				 	 	(262	) 	 				 				 	 	(262	) 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $79 million tax benefit  (2)	 				 				 				 				 				 	 	(178	) 	 				 				 	 	(178	) 	
Adjusted net realized gains (losses), net of $22 million tax  (3)	 				 				 				 				 				 	 	(468	) 	 				 				 	 	(468	) 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Net income (loss)	 				 				 				 				 				 	$	(2,310	) 	 				 				 	$	2,525	 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Combined ratio	 	 	87.3	% 	 	 	90.5	% 	 	 	86.6	% 	 	 	87.8	% 	 	 	75.0	% 	 				 	 	89.0	% 	 				 				
Combined ratio excluding catastrophe losses and PPD	 	 	89.5	% 	 	 	81.4	% 	 	 	90.0	% 	 	 	91.5	% 	 	 	78.5	% 	 				 	 	89.5	% 	 				 				
Underwriting income (loss) - As If	 	$	1,291	 	 	$	415	 	 	$	157	 	 	$	719	 	 	$	136	 	 	$	(282	) 	 	$	2,436	 	 	$	6	 	 	$	2,442	 	
Combined ratio - As If	 	 	86.2	% 	 	 	87.6	% 	 	 	86.6	% 	 	 	88.3	% 	 	 	75.0	% 	 				 	 	88.2	% 	 				 				
Combined ratio excluding catastrophe losses and PPD - As If	 	 	88.4	% 	 	 	78.8	% 	 	 	90.0	% 	 	 	92.0	% 	 	 	78.5	% 	 				 	 	88.7	% 	 				 				
 
(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 presentation from Other income (expense).	
(2)	Related to the acquisition of The Chubb Corporation.	
(3)	Includes net realized gains (losses) related to unconsolidated entities.	

Consol Results - YTD 2016	  	Page 11	

Chubb Limited
Global P&C Underwriting Results - Consecutive Quarters
(in millions of U.S. dollars, except ratios)
(Unaudited)
Global P&C includes the company’s North America Commercial P&C Insurance segment (refer to page 13), North America Personal P&C Insurance segment (refer to page 14), Overseas General Insurance segment (refer to page 16), Global Reinsurance segment (refer to page 18), and Corporate (refer to page 20). Global P&C excludes the North America Agricultural Insurance and Life Insurance segments.

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	 	3Q-17	 	 	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	2017	 	 	2016	 	 	2016	 	
Global P&C (Including Corporate and excluding Agriculture)	 				 				 				 				 				 				 				 				
Global P&C Underwriting income	 				 				 				 				 				 				 				 				
Gross premiums written	 	$	7,839	 	 	$	8,179	 	 	$	7,684	 	 	$	7,994	 	 	$	7,681	 	 	$	23,702	 	 	$	22,560	 	 	$	30,554	 	
Net premiums written	 	 	6,437	 	 	 	6,655	 	 	 	6,125	 	 	 	6,349	 	 	 	6,192	 	 	 	19,217	 	 	 	18,344	 	 	 	24,693	 	
Net premiums earned	 	 	6,382	 	 	 	6,378	 	 	 	6,252	 	 	 	6,378	 	 	 	6,357	 	 	 	19,012	 	 	 	19,000	 	 	 	25,378	 	
Adjusted losses and loss expenses	 	 	5,307	 	 	 	3,674	 	 	 	3,669	 	 	 	3,757	 	 	 	3,412	 	 	 	12,650	 	 	 	10,762	 	 	 	14,519	 	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	 	 	1,307	 	 	 	1,292	 	 	 	1,284	 	 	 	1,144	 	 	 	1,019	 	 	 	3,883	 	 	 	2,609	 	 	 	3,753	 	
Amortization of acquired UPR intangible - Chubb Corp	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	144	 	 	 	320	 	 	 	—  	 	 	 	1,415	 	 	 	1,559	 	
Adjusted administrative expenses	 	 	638	 	 	 	627	 	 	 	609	 	 	 	722	 	 	 	694	 	 	 	1,874	 	 	 	2,148	 	 	 	2,870	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C Underwriting income (loss)	 	$	(870	) 	 	$	785	 	 	$	690	 	 	$	611	 	 	$	912	 	 	$	605	 	 	$	2,066	 	 	$	2,677	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C Underwriting income - As If	 				 				 				 	$	628	 	 	$	951	 	 				 	$	2,279	 	 	$	2,907	 	
									
% Change versus prior year period	 				 				 				 				 				 				 				 				
Net premiums written	 	 	4.0	% 	 	 	-1.2	% 	 	 	13.1	% 	 	 	82.0	% 	 	 	78.0	% 	 	 	4.8	% 	 	 	68.6	% 	 	 	71.8	% 	
Net premiums earned	 	 	0.4	% 	 	 	-2.9	% 	 	 	2.9	% 	 	 	84.3	% 	 	 	81.6	% 	 	 	0.1	% 	 	 	82.0	% 	 	 	82.6	% 	
									
Net premiums written constant $	 	 	4.0	% 	 	 	-0.6	% 	 	 	13.7	% 	 	 	83.1	% 	 	 	80.3	% 	 	 	5.2	% 	 	 	73.4	% 	 	 	75.8	% 	
Net premiums earned constant $	 	 	0.3	% 	 	 	-2.3	% 	 	 	3.0	% 	 	 	85.3	% 	 	 	83.8	% 	 	 	0.3	% 	 	 	86.8	% 	 	 	86.4	% 	
									
% Change versus prior year period - As If *	 				 				 				 				 				 				 				 				
Net premiums written	 	 	4.0	% 	 	 	-1.2	% 	 	 	-2.3	% 	 	 	-2.8	% 	 	 	-6.7	% 	 	 	0.1	% 	 	 	-6.1	% 	 	 	-5.3	% 	
Net premiums written constant $	 	 	4.0	% 	 	 	-0.6	% 	 	 	-1.9	% 	 	 	-2.0	% 	 	 	-5.5	% 	 	 	0.5	% 	 	 	-3.9	% 	 	 	-3.4	% 	
Net premiums written constant $ excluding merger-related underwriting actions, accounting policy alignment, and one-time UPR transfer in 2016  (1)	 	 	3.3	% 	 	 	2.4	% 	 	 	2.3	% 	 	 	1.2	% 	 	 	-0.5	% 	 	 	2.7	% 	 	 	-1.6	% 	 	 	-1.0	% 	
									
Combined ratio	 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	83.1	% 	 	 	57.6	% 	 	 	58.7	% 	 	 	58.9	% 	 	 	53.7	% 	 	 	66.5	% 	 	 	56.6	% 	 	 	57.2	% 	
Policy acquisition cost ratio	 	 	20.5	% 	 	 	20.3	% 	 	 	20.5	% 	 	 	20.2	% 	 	 	21.1	% 	 	 	20.4	% 	 	 	21.2	% 	 	 	20.9	% 	
Administrative expense ratio	 	 	10.0	% 	 	 	9.8	% 	 	 	9.8	% 	 	 	11.3	% 	 	 	10.9	% 	 	 	9.9	% 	 	 	11.3	% 	 	 	11.4	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 	 	113.6	% 	 	 	87.7	% 	 	 	89.0	% 	 	 	90.4	% 	 	 	85.7	% 	 	 	96.8	% 	 	 	89.1	% 	 	 	89.5	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	 	 	88.2	% 	 	 	87.4	% 	 	 	88.2	% 	 	 	89.7	% 	 	 	88.8	% 	 	 	87.9	% 	 	 	89.5	% 	 	 	89.5	% 	
									
Combined ratio - As If	 				 				 				 				 				 				 				 				
Loss and loss expense ratio - As If	 				 				 				 	 	58.9	% 	 	 	53.7	% 	 				 	 	56.6	% 	 	 	57.2	% 	
Policy acquisition cost ratio - As If	 				 				 				 	 	20.0	% 	 	 	20.4	% 	 				 	 	20.2	% 	 	 	20.1	% 	
Administrative expense ratio - As If	 				 				 				 	 	11.3	% 	 	 	10.9	% 	 				 	 	11.4	% 	 	 	11.4	% 	
	 				 				 				 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	
Combined ratio - As If	 				 				 				 	 	90.2	% 	 	 	85.0	% 	 				 	 	88.2	% 	 	 	88.7	% 	
	 				 				 				 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD - As If	 				 				 				 	 	89.4	% 	 	 	88.2	% 	 				 	 	88.6	% 	 	 	88.8	% 	
									
Other ratios	 				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	 	 	82	% 	 	 	81	% 	 	 	80	% 	 	 	79	% 	 	 	81	% 	 	 	81	% 	 	 	81	% 	 	 	81	% 	
									
Expense ratio	 	 	30.5	% 	 	 	30.1	% 	 	 	30.3	% 	 	 	31.5	% 	 	 	32.0	% 	 	 	30.3	% 	 	 	32.5	% 	 	 	32.3	% 	
Expense ratio excluding A&H	 	 	28.3	% 	 	 	28.2	% 	 	 	28.1	% 	 	 	29.5	% 	 	 	30.0	% 	 	 	28.2	% 	 	 	30.7	% 	 	 	30.4	% 	
									
Catastrophe reinstatement premiums collected - pre-tax	 	$	22	 	 	$	—  	 	 	$	—  	 	 	$	1	 	 	$	—  	 	 	$	22	 	 	$	6	 	 	$	7	 	
Catastrophe losses - pre-tax	 	$	1,910	 	 	$	192	 	 	$	201	 	 	$	267	 	 	$	143	 	 	$	2,303	 	 	$	781	 	 	$	1,048	 	
Favorable prior period development (PPD) - pre-tax	 	$	(266	) 	 	$	(170	) 	 	$	(152	) 	 	$	(218	) 	 	$	(338	) 	 	$	(588	) 	 	$	(845	) 	 	$	(1,063	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	 	 	58.0	% 	 	 	57.3	% 	 	 	57.9	% 	 	 	58.2	% 	 	 	56.9	% 	 	 	57.7	% 	 	 	57.1	% 	 	 	57.4	% 	
 
(1)	Net premiums written were adversely impacted by merger-related underwriting actions of $87 million in Q3 2017 and $472 million for YTD 2017, and by accounting policy alignment of $73 million for YTD 2017. In addition, Q3 2016 and YTD 2016 included a one-time unearned premium reserve (UPR) transfer of $128 million that reduced net premiums written in the prior year.	
*	Comparisons to 2015 are as if ACE and Chubb were one company.	

Global P&C	  	Page 12	

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

 	 	3Q-17	 	 	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	YTD
2017	 	 	YTD
2016	 	 	Full Year
2016	 	
North America Commercial P&C Insurance	 				 				 				 				 				 				 				 				
									
Gross premiums written	 	$	3,922	 	 	$	4,078	 	 	$	3,665	 	 	$	4,109	 	 	$	3,832	 	 	$	11,665	 	 	$	10,877	 	 	$	14,986	 	
Net premiums written	 	 	3,089	 	 	 	3,204	 	 	 	2,742	 	 	 	3,083	 	 	 	3,110	 	 	 	9,035	 	 	 	8,657	 	 	 	11,740	 	
Net premiums earned	 	 	3,016	 	 	 	3,099	 	 	 	3,041	 	 	 	3,087	 	 	 	3,086	 	 	 	9,156	 	 	 	9,130	 	 	 	12,217	 	
Losses and loss expenses	 	 	2,580	 	 	 	1,936	 	 	 	1,860	 	 	 	1,858	 	 	 	1,863	 	 	 	6,376	 	 	 	5,581	 	 	 	7,439	 	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	 	 	469	 	 	 	464	 	 	 	487	 	 	 	396	 	 	 	346	 	 	 	1,420	 	 	 	768	 	 	 	1,164	 	
Amortization of acquired UPR intangible - Chubb Corp	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	78	 	 	 	176	 	 	 	—  	 	 	 	781	 	 	 	859	 	
Administrative expenses	 	 	256	 	 	 	241	 	 	 	231	 	 	 	285	 	 	 	275	 	 	 	728	 	 	 	840	 	 	 	1,125	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	 	 	(289	) 	 	 	458	 	 	 	463	 	 	 	470	 	 	 	426	 	 	 	632	 	 	 	1,160	 	 	 	1,630	 	
Net investment income	 	 	497	 	 	 	490	 	 	 	478	 	 	 	489	 	 	 	477	 	 	 	1,465	 	 	 	1,371	 	 	 	1,860	 	
Other income (expense) - operating	 	 	4	 	 	 	4	 	 	 	(4	) 	 	 	(4	) 	 	 	(3	) 	 	 	4	 	 	 	6	 	 	 	2	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	 	$	212	 	 	$	952	 	 	$	937	 	 	$	955	 	 	$	900	 	 	$	2,101	 	 	$	2,537	 	 	$	3,492	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income - As If	 				 				 				 	$	482	 	 	$	452	 	 				 	$	1,291	 	 	$	1,773	 	
									
Combined ratio	 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	85.5	% 	 	 	62.5	% 	 	 	61.2	% 	 	 	60.2	% 	 	 	60.4	% 	 	 	69.6	% 	 	 	61.1	% 	 	 	60.9	% 	
Policy acquisition cost ratio	 	 	15.5	% 	 	 	15.0	% 	 	 	16.0	% 	 	 	15.3	% 	 	 	16.9	% 	 	 	15.5	% 	 	 	17.0	% 	 	 	16.6	% 	
Administrative expense ratio	 	 	8.6	% 	 	 	7.7	% 	 	 	7.6	% 	 	 	9.3	% 	 	 	8.9	% 	 	 	8.0	% 	 	 	9.2	% 	 	 	9.2	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 	 	109.6	% 	 	 	85.2	% 	 	 	84.8	% 	 	 	84.8	% 	 	 	86.2	% 	 	 	93.1	% 	 	 	87.3	% 	 	 	86.7	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	 	 	88.7	% 	 	 	86.1	% 	 	 	87.9	% 	 	 	88.9	% 	 	 	89.4	% 	 	 	87.6	% 	 	 	89.5	% 	 	 	89.4	% 	
									
Combined ratio - As If	 				 				 				 				 				 				 				 				
Loss and loss expense ratio - As If	 				 				 				 	 	60.2	% 	 	 	60.4	% 	 				 	 	61.1	% 	 	 	60.9	% 	
Policy acquisition cost ratio - As If	 				 				 				 	 	14.9	% 	 	 	16.0	% 	 				 	 	15.7	% 	 	 	15.5	% 	
Administrative expense ratio - As If	 				 				 				 	 	9.3	% 	 	 	8.9	% 	 				 	 	9.4	% 	 	 	9.3	% 	
	 				 				 				 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	
Combined ratio - As If	 				 				 				 	 	84.4	% 	 	 	85.3	% 	 				 	 	86.2	% 	 	 	85.7	% 	
	 				 				 				 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD - As If	 				 				 				 	 	88.5	% 	 	 	88.6	% 	 				 	 	88.4	% 	 	 	88.4	% 	
									
Catastrophe reinstatement premiums expensed - pre-tax	 	$	(3	) 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	(3	) 	 	$	—  	 	 	$	—  	 	
Catastrophe losses - pre-tax	 	$	868	 	 	$	102	 	 	$	83	 	 	$	117	 	 	$	90	 	 	$	1,053	 	 	$	331	 	 	$	448	 	
Favorable prior period development (PPD) - pre-tax (1)	 	$	(236	) 	 	$	(131	) 	 	$	(179	) 	 	$	(245	) 	 	$	(187	) 	 	$	(546	) 	 	$	(533	) 	 	$	(778	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	 	 	65.2	% 	 	 	63.4	% 	 	 	64.4	% 	 	 	64.4	% 	 	 	63.8	% 	 	 	64.3	% 	 	 	63.5	% 	 	 	63.7	% 	
									
% Change versus prior year period	 				 				 				 				 				 				 				 				
Net premiums written	 	 	-0.6	% 	 	 	-1.3	% 	 	 	19.1	% 	 	 	97.9	% 	 	 	117.1	% 	 	 	4.4	% 	 	 	108.2	% 	 	 	105.4	% 	
Net premiums earned	 	 	-2.3	% 	 	 	-1.6	% 	 	 	5.0	% 	 	 	116.6	% 	 	 	119.1	% 	 	 	0.3	% 	 	 	117.0	% 	 	 	116.9	% 	
									
% Change versus prior year period - As If *	 				 				 				 				 				 				 				 				
Net premiums written	 	 	-0.6	% 	 	 	-1.3	% 	 	 	-2.8	% 	 	 	-5.1	% 	 	 	-2.4	% 	 	 	-1.5	% 	 	 	-2.0	% 	 	 	-2.8	% 	
Net premiums written excluding merger-related underwriting actions (2)	 	 	1.2	% 	 	 	1.3	% 	 	 	0.2	% 	 	 	-2.5	% 	 	 	0.0	% 	 	 	0.9	% 	 	 	-0.3	% 	 	 	-0.9	% 	
									
Other ratios	 				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	 	 	79	% 	 	 	79	% 	 	 	75	% 	 	 	75	% 	 	 	81	% 	 	 	77	% 	 	 	80	% 	 	 	78	% 	
									
Production by Size	 				 				 				 				 				 				 				 				
Net Premiums Written	 				 				 				 				 				 				 				 				
Major account & specialty (3)	 	$	1,792	 	 	$	1,959	 	 	$	1,568	 	 	$	1,880	 	 	$	1,841	 	 	$	5,319	 	 	$	5,269	 	 	$	7,149	 	
Commercial (3)	 	 	1,297	 	 	 	1,245	 	 	 	1,174	 	 	 	1,203	 	 	 	1,269	 	 	 	3,716	 	 	 	3,388	 	 	 	4,591	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	3,089	 	 	$	3,204	 	 	$	2,742	 	 	$	3,083	 	 	$	3,110	 	 	$	9,035	 	 	$	8,657	 	 	$	11,740	 	

(1)	For Q3 2017, favorable prior period development is net of $39 million unfavorable net earned premium adjustments and $6 million of unfavorable expense adjustments. For YTD 2017, favorable prior period development is net of $42 million of unfavorable net earned premium adjustments, $6 million of unfavorable expense adjustments, and $9M of unfavorable reinstatement premium adjustments.	
(2)	Net premiums written were adversely impacted by merger-related underwriting actions of $57 million in Q3 2017 and $225 million for YTD 2017.	
(3)	Major account & specialty: principally large corporate accounts and wholesale business. Commercial: principally middle market and small commercial accounts.	
*	Comparisons to 2015 are as if ACE and Chubb were one company.	

NA Commercial	  	Page 13	

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

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	3Q-17	 	 	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	2017	 	 	2016	 	 	2016	 	
North America Personal P&C Insurance	  				 				 				 				 				 				 				 				
									
Gross premiums written	  	$	1,338	 	 	$	1,409	 	 	$	1,145	 	 	$	1,228	 	 	$	1,323	 	 	$	3,892	 	 	$	3,666	 	 	$	4,894	 	
Net premiums written	  	 	1,194	 	 	 	1,255	 	 	 	984	 	 	 	1,040	 	 	 	1,011	 	 	 	3,433	 	 	 	3,113	 	 	 	4,153	 	
Net premiums earned	  	 	1,117	 	 	 	1,093	 	 	 	1,086	 	 	 	1,074	 	 	 	1,081	 	 	 	3,296	 	 	 	3,245	 	 	 	4,319	 	
Losses and loss expenses	  	 	1,062	 	 	 	683	 	 	 	633	 	 	 	642	 	 	 	594	 	 	 	2,378	 	 	 	1,916	 	 	 	2,558	 	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	  	 	226	 	 	 	230	 	 	 	217	 	 	 	174	 	 	 	128	 	 	 	673	 	 	 	300	 	 	 	474	 	
Amortization of acquired UPR intangible - Chubb Corp	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	45	 	 	 	101	 	 	 	—  	 	 	 	447	 	 	 	492	 	
Administrative expenses	  	 	61	 	 	 	66	 	 	 	65	 	 	 	88	 	 	 	89	 	 	 	192	 	 	 	275	 	 	 	363	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  	 	(232	) 	 	 	114	 	 	 	171	 	 	 	125	 	 	 	169	 	 	 	53	 	 	 	307	 	 	 	432	 	
Net investment income	  	 	57	 	 	 	56	 	 	 	55	 	 	 	52	 	 	 	53	 	 	 	168	 	 	 	155	 	 	 	207	 	
Other expense - operating	  	 	(1	) 	 	 	(1	) 	 	 	(1	) 	 	 	—  	 	 	 	(2	) 	 	 	(3	) 	 	 	(6	) 	 	 	(6	) 	
Amortization expense of purchased intangibles	  	 	(4	) 	 	 	(5	) 	 	 	(3	) 	 	 	(3	) 	 	 	(4	) 	 	 	(12	) 	 	 	(16	) 	 	 	(19	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	  	$	(180	) 	 	$	164	 	 	$	222	 	 	$	174	 	 	$	216	 	 	$	206	 	 	$	440	 	 	$	614	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income - As If	  				 				 				 	$	133	 	 	$	187	 	 				 	$	415	 	 	$	548	 	
									
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	95.1	% 	 	 	62.4	% 	 	 	58.3	% 	 	 	59.7	% 	 	 	54.9	% 	 	 	72.2	% 	 	 	59.1	% 	 	 	59.2	% 	
Policy acquisition cost ratio	  	 	20.2	% 	 	 	21.1	% 	 	 	20.0	% 	 	 	20.4	% 	 	 	21.2	% 	 	 	20.4	% 	 	 	23.0	% 	 	 	22.4	% 	
Administrative expense ratio	  	 	5.5	% 	 	 	6.1	% 	 	 	5.9	% 	 	 	8.2	% 	 	 	8.3	% 	 	 	5.8	% 	 	 	8.4	% 	 	 	8.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	120.8	% 	 	 	89.6	% 	 	 	84.2	% 	 	 	88.3	% 	 	 	84.4	% 	 	 	98.4	% 	 	 	90.5	% 	 	 	90.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	77.5	% 	 	 	79.3	% 	 	 	78.3	% 	 	 	82.9	% 	 	 	78.8	% 	 	 	78.3	% 	 	 	81.4	% 	 	 	81.8	% 	
									
Combined ratio - As If	  				 				 				 				 				 				 				 				
Loss and loss expense ratio - As If	  				 				 				 	 	59.7	% 	 	 	54.9	% 	 				 	 	58.7	% 	 	 	58.9	% 	
Policy acquisition cost ratio - As If	  				 				 				 	 	19.7	% 	 	 	19.6	% 	 				 	 	20.4	% 	 	 	20.2	% 	
Administrative expense ratio - As If	  				 				 				 	 	8.2	% 	 	 	8.3	% 	 				 	 	8.5	% 	 	 	8.5	% 	
	  				 				 				 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	
Combined ratio - As If	  				 				 				 	 	87.6	% 	 	 	82.8	% 	 				 	 	87.6	% 	 	 	87.6	% 	
	  				 				 				 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD - As If	  				 				 				 	 	82.1	% 	 	 	77.2	% 	 				 	 	78.8	% 	 	 	79.6	% 	
									
Catastrophe reinstatement premiums expensed - pre-tax	  	$	(3	) 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	(3	) 	 	$	—  	 	 	$	—  	 	
Catastrophe losses - pre-tax	  	$	448	 	 	$	77	 	 	$	68	 	 	$	51	 	 	$	22	 	 	$	593	 	 	$	275	 	 	$	326	 	
Unfavorable (favorable) prior period development (PPD) - pre-tax	  	$	32	 	 	$	37	 	 	$	(3	) 	 	$	7	 	 	$	38	 	 	$	66	 	 	$	20	 	 	$	27	 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	51.9	% 	 	 	52.1	% 	 	 	52.4	% 	 	 	54.3	% 	 	 	49.3	% 	 	 	52.1	% 	 	 	50.0	% 	 	 	51.0	% 	
									
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	18.0	% 	 	 	2.0	% 	 	 	13.0	% 	 	 	344.7	% 	 	 	263.4	% 	 	 	10.3	% 	 	 	225.0	% 	 	 	248.4	% 	
Net premiums earned	  	 	3.4	% 	 	 	-4.0	% 	 	 	6.0	% 	 	 	311.9	% 	 	 	296.3	% 	 	 	1.6	% 	 	 	372.1	% 	 	 	355.5	% 	
									
% Change versus prior year period - As If *	  				 				 				 				 				 				 				 				
Net premiums written	  	 	18.0	% 	 	 	2.0	% 	 	 	1.3	% 	 	 	-4.8	% 	 	 	-16.4	% 	 	 	6.8	% 	 	 	-12.4	% 	 	 	-10.7	% 	
Net premiums written excluding merger-related underwriting actions, and one-time UPR transfer in 2016 (1)	  	 	4.8	% 	 	 	8.0	% 	 	 	6.6	% 	 	 	1.8	% 	 	 	0.1	% 	 	 	6.5	% 	 	 	-7.0	% 	 	 	1.5	% 	
									
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	89	% 	 	 	89	% 	 	 	86	% 	 	 	85	% 	 	 	76	% 	 	 	88	% 	 	 	85	% 	 	 	85	% 	
 
(1)	Net premiums written were adversely impacted by merger-related underwriting actions of $126 million for YTD 2017. In addition, Q3 2016 and YTD 2016 included a one-time unearned premium reserve (UPR) transfer of $128 million that reduced net premiums written in the prior year.	
*	Comparisons to 2015 are as if ACE and Chubb were one company.	

NA Personal	  	Page 14	

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

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	3Q-17	 	 	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	2017	 	 	2016	 	 	2016	 	
North America Agricultural Insurance	  				 				 				 				 				 				 				 				
									
Gross premiums written	  	$	1,303	 	 	$	569	 	 	$	167	 	 	$	266	 	 	$	1,240	 	 	$	2,039	 	 	$	1,921	 	 	$	2,187	 	
Net premiums written	  	 	926	 	 	 	403	 	 	 	61	 	 	 	40	 	 	 	849	 	 	 	1,390	 	 	 	1,288	 	 	 	1,328	 	
Net premiums earned	  	 	898	 	 	 	344	 	 	 	14	 	 	 	147	 	 	 	819	 	 	 	1,256	 	 	 	1,169	 	 	 	1,316	 	
Adjusted losses and loss expenses (1)	  	 	764	 	 	 	292	 	 	 	(73	) 	 	 	(38	) 	 	 	680	 	 	 	983	 	 	 	936	 	 	 	898	 	
Policy acquisition costs	  	 	49	 	 	 	27	 	 	 	(1	) 	 	 	6	 	 	 	48	 	 	 	75	 	 	 	77	 	 	 	83	 	
Administrative expenses	  	 	(1	) 	 	 	2	 	 	 	(5	) 	 	 	(5	) 	 	 	1	 	 	 	(4	) 	 	 	(1	) 	 	 	(6	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	 	86	 	 	 	23	 	 	 	93	 	 	 	184	 	 	 	90	 	 	 	202	 	 	 	157	 	 	 	341	 	
Net investment income	  	 	6	 	 	 	6	 	 	 	6	 	 	 	5	 	 	 	5	 	 	 	18	 	 	 	15	 	 	 	20	 	
Other expense - operating	  	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	
Amortization expense of purchased intangibles	  	 	(8	) 	 	 	(7	) 	 	 	(7	) 	 	 	(7	) 	 	 	(7	) 	 	 	(22	) 	 	 	(22	) 	 	 	(29	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	84	 	 	$	21	 	 	$	92	 	 	$	181	 	 	$	88	 	 	$	197	 	 	$	150	 	 	$	331	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	85.1	% 	 	 	85.2	% 	 	 	NM	 	 	 	-26.0	% 	 	 	83.0	% 	 	 	78.3	% 	 	 	80.1	% 	 	 	68.3	% 	
Policy acquisition cost ratio	  	 	5.4	% 	 	 	7.7	% 	 	 	NM	 	 	 	3.9	% 	 	 	5.9	% 	 	 	6.0	% 	 	 	6.6	% 	 	 	6.3	% 	
Administrative expense ratio	  	 	-0.1	% 	 	 	0.4	% 	 	 	NM	 	 	 	-3.3	% 	 	 	0.0	% 	 	 	-0.4	% 	 	 	-0.1	% 	 	 	-0.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	90.4	% 	 	 	93.3	% 	 	 	NM	 	 	 	-25.4	% 	 	 	88.9	% 	 	 	83.9	% 	 	 	86.6	% 	 	 	74.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	90.3	% 	 	 	91.1	% 	 	 	74.6	% 	 	 	-10.9	% 	 	 	90.1	% 	 	 	89.6	% 	 	 	90.0	% 	 	 	78.9	% 	
									
Catastrophe losses - pre-tax	  	$	5	 	 	$	8	 	 	$	5	 	 	$	2	 	 	$	1	 	 	$	18	 	 	$	17	 	 	$	19	 	
Favorable prior period development (PPD) - pre-tax (2)	  	$	(4	) 	 	$	—  	 	 	$	(79	) 	 	$	(20	) 	 	$	(11	) 	 	$	(83	) 	 	$	(52	) 	 	$	(72	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	84.9	% 	 	 	83.0	% 	 	 	75.8	% 	 	 	-16.9	% 	 	 	84.2	% 	 	 	83.9	% 	 	 	83.4	% 	 	 	72.4	% 	
									
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	9.0	% 	 	 	7.7	% 	 	 	-4.6	% 	 	 	-71.6	% 	 	 	15.2	% 	 	 	7.9	% 	 	 	6.9	% 	 	 	-1.3	% 	
Net premiums earned	  	 	9.6	% 	 	 	5.4	% 	 	 	-41.6	% 	 	 	-39.1	% 	 	 	10.9	% 	 	 	7.4	% 	 	 	4.0	% 	 	 	-3.6	% 	
									
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	71	% 	 	 	71	% 	 	 	37	% 	 	 	15	% 	 	 	68	% 	 	 	68	% 	 	 	67	% 	 	 	61	% 	
 
(1)	Includes realized gains/losses on crop derivatives.	
(2)	For YTD 2017, favorable prior period development is net of $61 million of unfavorable net earned premium adjustments and $4 million of favorable profit-sharing commissions.	

NA Agriculture	  	Page 15	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	 	3Q-17	 	 	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	2017	 	 	2016	 	 	2016	 	
Overseas General Insurance	 				 				 				 				 				 				 				 				
									
Gross premiums written	 	$	2,377	 	 	$	2,464	 	 	$	2,662	 	 	$	2,542	 	 	$	2,383	 	 	$	7,503	 	 	$	7,393	 	 	$	9,935	 	
Net premiums written	 	 	1,963	 	 	 	2,006	 	 	 	2,200	 	 	 	2,112	 	 	 	1,940	 	 	 	6,169	 	 	 	6,012	 	 	 	8,124	 	
Net premiums earned	 	 	2,064	 	 	 	2,018	 	 	 	1,936	 	 	 	2,050	 	 	 	2,034	 	 	 	6,018	 	 	 	6,082	 	 	 	8,132	 	
Losses and loss expenses	 	 	1,281	 	 	 	964	 	 	 	1,071	 	 	 	1,052	 	 	 	843	 	 	 	3,316	 	 	 	2,953	 	 	 	4,005	 	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	 	 	569	 	 	 	555	 	 	 	529	 	 	 	529	 	 	 	503	 	 	 	1,653	 	 	 	1,399	 	 	 	1,928	 	
Amortization of acquired UPR intangible - Chubb Corp	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	21	 	 	 	43	 	 	 	—  	 	 	 	187	 	 	 	208	 	
Administrative expenses	 	 	246	 	 	 	243	 	 	 	245	 	 	 	256	 	 	 	261	 	 	 	734	 	 	 	801	 	 	 	1,057	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	 	 	(32	) 	 	 	256	 	 	 	91	 	 	 	192	 	 	 	384	 	 	 	315	 	 	 	742	 	 	 	934	 	
Net investment income	 	 	164	 	 	 	148	 	 	 	148	 	 	 	155	 	 	 	152	 	 	 	460	 	 	 	445	 	 	 	600	 	
Other income (expense) - operating	 	 	10	 	 	 	3	 	 	 	1	 	 	 	(5	) 	 	 	6	 	 	 	14	 	 	 	16	 	 	 	11	 	
Amortization expense of purchased intangibles	 	 	(11	) 	 	 	(11	) 	 	 	(11	) 	 	 	(12	) 	 	 	(12	) 	 	 	(33	) 	 	 	(36	) 	 	 	(48	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	 	$	131	 	 	$	396	 	 	$	229	 	 	$	330	 	 	$	530	 	 	$	756	 	 	$	1,167	 	 	$	1,497	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income - As If	 				 				 				 	$	189	 	 	$	379	 	 				 	$	719	 	 	$	908	 	
									
Combined ratio	 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	62.1	% 	 	 	47.8	% 	 	 	55.3	% 	 	 	51.3	% 	 	 	41.5	% 	 	 	55.1	% 	 	 	48.6	% 	 	 	49.3	% 	
Policy acquisition cost ratio	 	 	27.6	% 	 	 	27.5	% 	 	 	27.3	% 	 	 	26.9	% 	 	 	26.8	% 	 	 	27.5	% 	 	 	26.1	% 	 	 	26.3	% 	
Administrative expense ratio	 	 	11.9	% 	 	 	12.0	% 	 	 	12.7	% 	 	 	12.4	% 	 	 	12.9	% 	 	 	12.2	% 	 	 	13.1	% 	 	 	12.9	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 	 	101.6	% 	 	 	87.3	% 	 	 	95.3	% 	 	 	90.6	% 	 	 	81.2	% 	 	 	94.8	% 	 	 	87.8	% 	 	 	88.5	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	 	 	90.6	% 	 	 	91.2	% 	 	 	92.1	% 	 	 	91.2	% 	 	 	91.1	% 	 	 	91.3	% 	 	 	91.5	% 	 	 	91.5	% 	
									
Combined ratio - As If	 				 				 				 				 				 				 				 				
Loss and loss expense ratio - As If	 				 				 				 	 	51.3	% 	 	 	41.5	% 	 				 	 	48.7	% 	 	 	49.3	% 	
Policy acquisition cost ratio - As If	 				 				 				 	 	27.1	% 	 	 	27.0	% 	 				 	 	26.4	% 	 	 	26.6	% 	
Administrative expense ratio - As If	 				 				 				 	 	12.4	% 	 	 	12.9	% 	 				 	 	13.2	% 	 	 	13.0	% 	
	 				 				 				 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	
Combined ratio - As If	 				 				 				 	 	90.8	% 	 	 	81.4	% 	 				 	 	88.3	% 	 	 	88.9	% 	
	 				 				 				 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD - As If	 				 				 				 	 	91.4	% 	 	 	91.3	% 	 				 	 	92.0	% 	 	 	91.9	% 	
									
Catastrophe reinstatement premiums expensed - pre-tax	 	$	(9	) 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	(9	) 	 	$	—  	 	 	$	—  	 	
Catastrophe losses - pre-tax	 	$	326	 	 	$	10	 	 	$	50	 	 	$	72	 	 	$	20	 	 	$	386	 	 	$	111	 	 	$	183	 	
Unfavorable (favorable) prior period development (PPD) - pre-tax	 	$	(108	) 	 	$	(88	) 	 	$	12	 	 	$	(85	) 	 	$	(223	) 	 	$	(184	) 	 	$	(338	) 	 	$	(423	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	 	 	51.3	% 	 	 	51.6	% 	 	 	52.1	% 	 	 	51.9	% 	 	 	51.4	% 	 	 	51.7	% 	 	 	52.3	% 	 	 	52.2	% 	
									
% Change versus prior year period	 				 				 				 				 				 				 				 				
Net premiums written	 	 	1.2	% 	 	 	-1.2	% 	 	 	7.8	% 	 	 	33.2	% 	 	 	22.5	% 	 	 	2.6	% 	 	 	19.1	% 	 	 	22.5	% 	
Net premiums earned	 	 	1.4	% 	 	 	-3.6	% 	 	 	-0.9	% 	 	 	30.2	% 	 	 	26.0	% 	 	 	-1.1	% 	 	 	24.2	% 	 	 	25.7	% 	
									
Net premiums written constant $	 	 	1.2	% 	 	 	0.3	% 	 	 	9.4	% 	 	 	34.7	% 	 	 	25.8	% 	 	 	3.7	% 	 	 	26.2	% 	 	 	28.3	% 	
Net premiums earned constant $	 	 	0.9	% 	 	 	-2.3	% 	 	 	-0.3	% 	 	 	31.4	% 	 	 	29.0	% 	 	 	-0.6	% 	 	 	30.9	% 	 	 	31.0	% 	
									
% Change versus prior year period - As If *	 				 				 				 				 				 				 				 				
Net premiums written	 	 	1.2	% 	 	 	-1.2	% 	 	 	-2.5	% 	 	 	1.6	% 	 	 	-5.7	% 	 	 	-0.9	% 	 	 	-6.7	% 	 	 	-4.7	% 	
Net premiums written constant $	 	 	1.2	% 	 	 	0.3	% 	 	 	-1.2	% 	 	 	4.0	% 	 	 	-1.7	% 	 	 	0.0	% 	 	 	0.2	% 	 	 	1.2	% 	
Net premiums written constant $ excluding merger-related underwriting actions & accounting policy alignment (1)	 	 	2.7	% 	 	 	2.3	% 	 	 	4.2	% 	 	 	6.5	% 	 	 	0.7	% 	 	 	3.1	% 	 	 	1.3	% 	 	 	2.6	% 	
									
Other ratios	 				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	 	 	83	% 	 	 	81	% 	 	 	83	% 	 	 	83	% 	 	 	81	% 	 	 	82	% 	 	 	81	% 	 	 	82	% 	
 
(1)	Net premiums written were adversely impacted by merger-related underwriting actions of $30 million in Q3 2017 and $111 million for YTD 2017, and by accounting policy alignment of $73 million for YTD 2017.	
*	Comparisons to 2015 are as if ACE and Chubb were one company.	

Overseas General Insurance	  	Page 16	

Chubb Limited
Segment Results
(in millions of U.S. dollars)
(Unaudited)

 	 	3Q-17	 	 	3Q-16	 	 	% Change	 	 	Constant $
3Q-16 (1)	 	 	C$ % Change ex
Merger Actions  (2)	 	 	YTD-17	 	 	YTD-16	 	 	% Change	 	 	Constant $
As If
YTD-16 (1)	 	 	C$ % Change
As If ex
Merger Actions
& Acct
Policy (2)	 	
Overseas General Insurance - Production by Region	 				 				 				 				 				 				 				 				 				 				
											
Gross premiums written	 				 				 				 				 				 				 				 				 				 				
Europe	 	$	904	 	 	$	945	 	 	 	-4.3	% 	 	$	939	 	 	 	-2.5	% 	 	$	3,227	 	 	$	3,232	 	 	 	-0.2	% 	 	$	3,304	 	 	 	-0.6	% 	
Latin America	 	 	619	 	 	 	593	 	 	 	4.4	% 	 	 	600	 	 	 	7.0	% 	 	 	1,858	 	 	 	1,791	 	 	 	3.7	% 	 	 	1,855	 	 	 	5.3	% 	
Asia	 	 	771	 	 	 	760	 	 	 	1.4	% 	 	 	755	 	 	 	1.7	% 	 	 	2,179	 	 	 	2,112	 	 	 	3.2	% 	 	 	2,144	 	 	 	3.2	% 	
Other (3)	 	 	83	 	 	 	85	 	 	 	-2.4	% 	 	 	87	 	 	 	-4.6	% 	 	 	239	 	 	 	258	 	 	 	-7.4	% 	 	 	258	 	 	 	-7.4	% 	
	 	 	 	 	 	 	 	 	 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 				
Total	 	$	2,377	 	 	$	2,383	 	 	 	-0.3	% 	 	$	2,381	 	 	 	1.2	% 	 	$	7,503	 	 	$	7,393	 	 	 	1.5	% 	 	$	7,561	 	 	 	1.7	% 	
	 	 	 	 	 	 	 	 	 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 				
Net premiums written	 				 				 				 				 				 				 				 				 				 				
Europe	 	$	691	 	 	$	712	 	 	 	-2.9	% 	 	$	706	 	 	 	-0.4	% 	 	$	2,447	 	 	$	2,418	 	 	 	1.2	% 	 	$	2,497	 	 	 	0.2	% 	
Latin America	 	 	514	 	 	 	470	 	 	 	9.4	% 	 	 	480	 	 	 	11.9	% 	 	 	1,519	 	 	 	1,435	 	 	 	5.9	% 	 	 	1,486	 	 	 	8.8	% 	
Asia	 	 	681	 	 	 	663	 	 	 	2.7	% 	 	 	659	 	 	 	2.8	% 	 	 	1,931	 	 	 	1,874	 	 	 	3.0	% 	 	 	1,903	 	 	 	3.6	% 	
Other (3)	 	 	77	 	 	 	95	 	 	 	-18.9	% 	 	 	96	 	 	 	-19.8	% 	 	 	272	 	 	 	285	 	 	 	-4.6	% 	 	 	280	 	 	 	-2.9	% 	
	 	 	 	 	 	 	 	 	 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 				
Total	 	$	1,963	 	 	$	1,940	 	 	 	1.2	% 	 	$	1,941	 	 	 	2.7	% 	 	$	6,169	 	 	$	6,012	 	 	 	2.6	% 	 	$	6,166	 	 	 	3.1	% 	

(1)	Prior periods on a constant dollar basis.	
(2)	Gross premiums written and net premiums written were adversely impacted by merger-related underwriting actions of $30 million each in Q3 2017, and by $104 million and $111 million, respectively, for YTD 2017. Additionally, accounting policy alignment adversely impacted YTD 2017 gross premiums written and net premiums written by $73 million each.	
(3)	Primarily includes Eurasia and Africa, and the company’s international supplemental A&H business of Combined Insurance.	

Overseas General Ins. - Region	  	Page 17	

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

 	  	3Q-17	 	 	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	YTD
2017	 	 	YTD
2016	 	 	Full Year
2016	 	
Global Reinsurance	  				 				 				 				 				 				 				 				
									
Gross premiums written	  	$	202	 	 	$	228	 	 	$	212	 	 	$	115	 	 	$	143	 	 	$	642	 	 	$	624	 	 	$	739	 	
Net premiums written	  	 	191	 	 	 	190	 	 	 	199	 	 	 	114	 	 	 	131	 	 	 	580	 	 	 	562	 	 	 	676	 	
Net premiums earned	  	 	185	 	 	 	168	 	 	 	189	 	 	 	167	 	 	 	156	 	 	 	542	 	 	 	543	 	 	 	710	 	
Losses and loss expenses	  	 	295	 	 	 	46	 	 	 	94	 	 	 	100	 	 	 	49	 	 	 	435	 	 	 	225	 	 	 	325	 	
Policy acquisition costs	  	 	43	 	 	 	43	 	 	 	51	 	 	 	45	 	 	 	42	 	 	 	137	 	 	 	142	 	 	 	187	 	
Administrative expenses	  	 	11	 	 	 	12	 	 	 	10	 	 	 	12	 	 	 	12	 	 	 	33	 	 	 	40	 	 	 	52	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss) (1)	  	 	(164	) 	 	 	67	 	 	 	34	 	 	 	10	 	 	 	53	 	 	 	(63	) 	 	 	136	 	 	 	146	 	
Net investment income	  	 	80	 	 	 	65	 	 	 	62	 	 	 	64	 	 	 	67	 	 	 	207	 	 	 	199	 	 	 	263	 	
Other income (expense) - operating	  	 	3	 	 	 	(1	) 	 	 	—  	 	 	 	1	 	 	 	—  	 	 	 	2	 	 	 	3	 	 	 	4	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	  	$	(81	) 	 	$	131	 	 	$	96	 	 	$	75	 	 	$	120	 	 	$	146	 	 	$	338	 	 	$	413	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	158.2	% 	 	 	27.8	% 	 	 	49.6	% 	 	 	59.7	% 	 	 	31.3	% 	 	 	80.1	% 	 	 	41.5	% 	 	 	45.7	% 	
Policy acquisition cost ratio	  	 	23.4	% 	 	 	25.7	% 	 	 	26.8	% 	 	 	26.6	% 	 	 	27.1	% 	 	 	25.3	% 	 	 	26.3	% 	 	 	26.3	% 	
Administrative expense ratio	  	 	5.8	% 	 	 	6.7	% 	 	 	5.7	% 	 	 	7.7	% 	 	 	7.9	% 	 	 	6.1	% 	 	 	7.2	% 	 	 	7.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio (1)	  	 	187.4	% 	 	 	60.2	% 	 	 	82.1	% 	 	 	94.0	% 	 	 	66.3	% 	 	 	111.5	% 	 	 	75.0	% 	 	 	79.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD (1)	  	 	82.2	% 	 	 	77.0	% 	 	 	77.0	% 	 	 	78.8	% 	 	 	78.1	% 	 	 	78.6	% 	 	 	78.5	% 	 	 	78.6	% 	
									
Catastrophe reinstatement premiums collected - pre-tax	  	$	37	 	 	$	—  	 	 	$	—  	 	 	$	1	 	 	$	—  	 	 	$	37	 	 	$	6	 	 	$	7	 	
Catastrophe losses - pre-tax	  	$	268	 	 	$	3	 	 	$	—  	 	 	$	27	 	 	$	11	 	 	$	271	 	 	$	64	 	 	$	91	 	
Unfavorable (favorable) prior period development (PPD) - pre-tax (2)	  	$	(41	) 	 	$	(31	) 	 	$	8	 	 	$	—  	 	 	$	(28	) 	 	$	(64	) 	 	$	(78	) 	 	$	(78	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	46.5	% 	 	 	44.4	% 	 	 	43.2	% 	 	 	44.2	% 	 	 	44.2	% 	 	 	44.6	% 	 	 	45.3	% 	 	 	45.0	% 	
									
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written as reported	  	 	47.1	% 	 	 	-17.7	% 	 	 	-0.9	% 	 	 	4.0	% 	 	 	-29.4	% 	 	 	3.3	% 	 	 	-21.9	% 	 	 	-18.4	% 	
Net premiums earned as reported	  	 	20.4	% 	 	 	-9.6	% 	 	 	-6.4	% 	 	 	-16.9	% 	 	 	-23.5	% 	 	 	0.0	% 	 	 	-16.4	% 	 	 	-16.5	% 	
									
Net premiums written constant $	  	 	47.9	% 	 	 	-16.5	% 	 	 	0.2	% 	 	 	6.5	% 	 	 	-28.1	% 	 	 	4.5	% 	 	 	-20.7	% 	 	 	-17.1	% 	
Net premiums earned constant $	  	 	20.0	% 	 	 	-8.1	% 	 	 	-5.5	% 	 	 	-15.6	% 	 	 	-22.2	% 	 	 	1.0	% 	 	 	-15.2	% 	 	 	-15.3	% 	
									
% Change versus prior year period - As If *	  				 				 				 				 				 				 				 				
Net premiums written	  	 	47.1	% 	 	 	-17.7	% 	 	 	-9.8	% 	 	 	3.0	% 	 	 	-29.8	% 	 	 	-0.2	% 	 	 	-22.0	% 	 	 	-18.8	% 	
Net premiums written constant $	  	 	47.9	% 	 	 	-16.5	% 	 	 	-8.9	% 	 	 	5.5	% 	 	 	-28.5	% 	 	 	0.9	% 	 	 	-20.9	% 	 	 	-17.5	% 	
Net premiums written constant $ excluding merger-related underwriting actions (3)	  	 	47.9	% 	 	 	-16.5	% 	 	 	-4.3	% 	 	 	5.5	% 	 	 	-25.0	% 	 	 	2.6	% 	 	 	-18.7	% 	 	 	-15.6	% 	
									
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	95	% 	 	 	83	% 	 	 	94	% 	 	 	99	% 	 	 	91	% 	 	 	91	% 	 	 	90	% 	 	 	91	% 	
 
(1)	Underwriting income, Combined ratio, and Combined ratio excluding catastrophe losses and PPD on an “As If” basis are the same as those presented above.	
(2)	For Q3 2017, favorable prior period development is net of $3 million of net earned premium adjustments. For YTD 2017, favorable prior period development is gross of $4 million of net earned premium adjustments.	
(3)	Net premiums written were adversely impacted by merger-related underwriting actions of $10 million for YTD 2017.	
*	Comparisons to 2015 are as if ACE and Chubb were one company.	

Global Reinsurance	  	Page 18	

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

 	  	3Q-17	 	 	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	YTD
2017	 	 	YTD
2016	 	 	Full Year
2016	 	
Life Insurance	  				 				 				 				 				 				 				 				
									
Gross premiums written	  	$	568	 	 	$	557	 	 	$	550	 	 	$	577	 	 	$	562	 	 	$	1,675	 	 	$	1,665	 	 	$	2,242	 	
Net premiums written	  	 	539	 	 	 	523	 	 	 	524	 	 	 	549	 	 	 	532	 	 	 	1,586	 	 	 	1,575	 	 	 	2,124	 	
Net premiums earned	  	 	527	 	 	 	515	 	 	 	506	 	 	 	534	 	 	 	512	 	 	 	1,548	 	 	 	1,521	 	 	 	2,055	 	
Losses and loss expenses	  	 	181	 	 	 	182	 	 	 	193	 	 	 	165	 	 	 	174	 	 	 	556	 	 	 	498	 	 	 	663	 	
Policy benefits (1)	  	 	169	 	 	 	163	 	 	 	168	 	 	 	161	 	 	 	155	 	 	 	500	 	 	 	427	 	 	 	588	 	
(Gains) losses from fair value changes in separate account assets (1)	  	 	(24	) 	 	 	(16	) 	 	 	(30	) 	 	 	11	 	 	 	(22	) 	 	 	(70	) 	 	 	(22	) 	 	 	(11	) 	
Policy acquisition costs	  	 	132	 	 	 	130	 	 	 	114	 	 	 	123	 	 	 	127	 	 	 	376	 	 	 	386	 	 	 	509	 	
Administrative expenses	  	 	77	 	 	 	77	 	 	 	72	 	 	 	81	 	 	 	77	 	 	 	226	 	 	 	226	 	 	 	307	 	
Net investment income	  	 	78	 	 	 	77	 	 	 	75	 	 	 	76	 	 	 	71	 	 	 	230	 	 	 	207	 	 	 	283	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Life Insurance underwriting income (2) (3)	  	 	70	 	 	 	56	 	 	 	64	 	 	 	69	 	 	 	72	 	 	 	190	 	 	 	213	 	 	 	282	 	
Other expense - operating	  	 	(5	) 	 	 	(4	) 	 	 	(1	) 	 	 	(8	) 	 	 	(2	) 	 	 	(10	) 	 	 	(8	) 	 	 	(16	) 	
Amortization expense of purchased intangibles	  	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	(1	) 	 	 	(1	) 	 	 	(2	) 	 	 	(2	) 	 	 	(3	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	64	 	 	$	52	 	 	$	62	 	 	$	60	 	 	$	69	 	 	$	178	 	 	$	203	 	 	$	263	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	1.1	% 	 	 	-0.7	% 	 	 	1.6	% 	 	 	6.5	% 	 	 	8.1	% 	 	 	0.6	% 	 	 	6.2	% 	 	 	6.3	% 	
Net premiums earned	  	 	2.8	% 	 	 	0.8	% 	 	 	1.6	% 	 	 	5.7	% 	 	 	6.7	% 	 	 	1.8	% 	 	 	5.5	% 	 	 	5.6	% 	
									
Net premiums written constant $	  	 	1.1	% 	 	 	-1.0	% 	 	 	0.9	% 	 	 	6.9	% 	 	 	9.1	% 	 	 	0.3	% 	 	 	9.1	% 	 	 	8.5	% 	
Net premiums earned constant $	  	 	2.8	% 	 	 	0.5	% 	 	 	0.7	% 	 	 	6.0	% 	 	 	7.6	% 	 	 	1.3	% 	 	 	8.4	% 	 	 	7.8	% 	
									
% Change versus prior year period - As If *	  				 				 				 				 				 				 				 				
Net premiums written	  	 	1.1	% 	 	 	-0.7	% 	 	 	1.3	% 	 	 	2.1	% 	 	 	3.4	% 	 	 	0.6	% 	 	 	1.4	% 	 	 	1.6	% 	
Net premiums written constant $	  	 	1.1	% 	 	 	-1.0	% 	 	 	0.6	% 	 	 	2.4	% 	 	 	4.3	% 	 	 	0.3	% 	 	 	4.1	% 	 	 	3.7	% 	
Net premiums written constant $ excluding merger-related underwriting actions (4)	  	 	2.9	% 	 	 	0.5	% 	 	 	3.7	% 	 				 				 	 	2.4	% 	 				 				
 
(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.	
(3)	Life Insurance underwriting income on an “As If” basis is the same as reported Life Insurance underwriting income shown above.	
(4)	Net premiums written were adversely impacted by merger-related underwriting actions of $9 million in Q3 2017 and $33 million for YTD 2017.	
International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses):

 	  	3Q-17	 	  	Constant $
3Q-16  (6)	 	  	Constant $
% Change
3Q-17 vs.
3Q-16 (6)	 	 	YTD-17	 	  	Constant $
YTD-16 (6)	 	  	Constant $
% Change
YTD-17 vs.
YTD-16 (6)	 	
International life insurance net premiums written	  	$	203	 	  	$	209	 	  	 	-3.0	% 	 	$	600	 	  	$	620	 	  	 	-3.2	% 	
International life insurance deposits (5)	  	 	422	 	  	 	279	 	  	 	51.4	% 	 	 	1,048	 	  	 	767	 	  	 	36.7	% 	
	  	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  				
Total international life insurance net premiums written and deposits	  	$	625	 	  	$	488	 	  	 	28.1	% 	 	$	1,648	 	  	$	1,387	 	  	 	18.9	% 	

(5)	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.	
(6)	Prior periods on a constant dollar basis.	
*	Comparisons to 2015 are as if ACE and Chubb were one company.	

Life Insurance	  	Page 19	

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

 	  	3Q-17	 	 	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	YTD
2017	 	 	YTD
2016	 	 	Full Year
2016	 	
Corporate	  				 				 				 				 				 				 				 				
									
Gross premiums written	  	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	
Net premiums written	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Net premiums earned	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Adjusted losses and loss expenses (1)	  	 	89	 	 	 	45	 	 	 	11	 	 	 	105	 	 	 	63	 	 	 	145	 	 	 	87	 	 	 	192	 	
Policy acquisition costs	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Adjusted administrative expenses (1)	  	 	64	 	 	 	65	 	 	 	58	 	 	 	81	 	 	 	57	 	 	 	187	 	 	 	192	 	 	 	273	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting loss	  	 	(153	) 	 	 	(110	) 	 	 	(69	) 	 	 	(186	) 	 	 	(120	) 	 	 	(332	) 	 	 	(279	) 	 	 	(465	) 	
Adjusted net investment income	  	 	11	 	 	 	13	 	 	 	12	 	 	 	4	 	 	 	5	 	 	 	36	 	 	 	21	 	 	 	25	 	
Other expense - operating	  	 	(6	) 	 	 	(14	) 	 	 	(7	) 	 	 	(4	) 	 	 	(2	) 	 	 	(27	) 	 	 	(6	) 	 	 	(10	) 	
Adjusted interest expense (1)	  	 	(162	) 	 	 	(160	) 	 	 	(166	) 	 	 	(167	) 	 	 	(164	) 	 	 	(488	) 	 	 	(479	) 	 	 	(646	) 	
Amortization (expense) benefit of purchased intangibles (2)	  	 	(41	) 	 	 	(42	) 	 	 	(42	) 	 	 	20	 	 	 	20	 	 	 	(125	) 	 	 	60	 	 	 	80	 	
Pension curtailment benefit (1)	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	113	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	113	 	
Income tax (expense) benefit	  	 	61	 	 	 	(223	) 	 	 	(191	) 	 	 	(272	) 	 	 	(306	) 	 	 	(353	) 	 	 	(719	) 	 	 	(991	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating loss	  	 	(290	) 	 	 	(536	) 	 	 	(463	) 	 	 	(492	) 	 	 	(567	) 	 	 	(1,289	) 	 	 	(1,402	) 	 	 	(1,894	) 	
Chubb integration and related expenses, net of tax	  	 	(36	) 	 	 	(50	) 	 	 	(74	) 	 	 	(94	) 	 	 	(85	) 	 	 	(160	) 	 	 	(262	) 	 	 	(356	) 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	(50	) 	 	 	(52	) 	 	 	(55	) 	 	 	(66	) 	 	 	(53	) 	 	 	(157	) 	 	 	(178	) 	 	 	(244	) 	
Adjusted net realized gains (losses), net of tax (3)	  	 	76	 	 	 	227	 	 	 	47	 	 	 	487	 	 	 	142	 	 	 	350	 	 	 	(468	) 	 	 	19	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net loss	  	$	(300	) 	 	$	(411	) 	 	$	(545	) 	 	$	(165	) 	 	$	(563	) 	 	$	(1,256	) 	 	$	(2,310	) 	 	$	(2,475	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unfavorable prior period development (PPD) - pre-tax	  	$	87	 	 	$	43	 	 	$	10	 	 	$	105	 	 	$	62	 	 	$	140	 	 	$	84	 	 	$	189	 	
									
Underwriting loss - As If	  				 				 				 	$	(186	) 	 	$	(120	) 	 				 	$	(282	) 	 	$	(468	) 	
 
(1)	See non-GAAP financial measures.	
(2)	Related to the acquisition of The Chubb Corporation.	
(3)	Includes net realized gains (losses) related to unconsolidated entities.	

Corporate	  	Page 20	

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

 	  	Unpaid Losses	 	 	Net Paid to
Incurred Ratio	 	
 	  	Gross	 	 	Ceded	 	 	Net	 	 			
Balance at December 31, 2015	  	$	37,303	 	 	$	10,741	 	 	$	26,562	 	 				
Losses and loss expenses incurred	  	 	4,663	 	 	 	989	 	 	 	3,674	 	 				
Losses and loss expenses paid	  	 	(4,692	) 	 	 	(1,143	) 	 	 	(3,549	) 	 	 	97	% 	
Acquired reserve (Legacy Chubb)	  	 	22,878	 	 	 	1,515	 	 	 	21,363	 	 				
Other (incl. foreign exch. revaluation)	  	 	54	 	 	 	25	 	 	 	29	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at March 31, 2016	  	$	60,206	 	 	$	12,127	 	 	$	48,079	 	 				
Losses and loss expenses incurred	  	 	5,239	 	 	 	985	 	 	 	4,254	 	 				
Losses and loss expenses paid	  	 	(4,708	) 	 	 	(752	) 	 	 	(3,956	) 	 	 	93	% 	
Other (incl. foreign exch. revaluation)	  	 	82	 	 	 	36	 	 	 	46	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at June 30, 2016	  	$	60,819	 	 	$	12,396	 	 	$	48,423	 	 				
Losses and loss expenses incurred	  	 	5,335	 	 	 	1,066	 	 	 	4,269	 	 				
Losses and loss expenses paid	  	 	(4,612	) 	 	 	(782	) 	 	 	(3,830	) 	 	 	90	% 	
Other (incl. foreign exch. revaluation)	  	 	(195	) 	 	 	(4	) 	 	 	(191	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at September 30, 2016	  	$	61,347	 	 	$	12,676	 	 	$	48,671	 	 				
Losses and loss expenses incurred	  	 	4,960	 	 	 	1,105	 	 	 	3,855	 	 				
Losses and loss expenses paid	  	 	(5,425	) 	 	 	(1,045	) 	 	 	(4,380	) 	 	 	114	% 	
Other (incl. foreign exch. revaluation)	  	 	(342	) 	 	 	(28	) 	 	 	(314	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at December 31, 2016	  	$	60,540	 	 	$	12,708	 	 	$	47,832	 	 				
Losses and loss expenses incurred	  	 	4,752	 	 	 	963	 	 	 	3,789	 	 				
Losses and loss expenses paid	  	 	(4,830	) 	 	 	(923	) 	 	 	(3,907	) 	 	 	103	% 	
Other (incl. foreign exch. revaluation)	  	 	117	 	 	 	63	 	 	 	54	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at March 31, 2017	  	$	60,579	 	 	$	12,811	 	 	$	47,768	 	 				
Losses and loss expenses incurred	  	 	5,016	 	 	 	870	 	 	 	4,146	 	 				
Losses and loss expenses paid	  	 	(5,356	) 	 	 	(1,234	) 	 	 	(4,122	) 	 	 	99	% 	
Other (incl. foreign exch. revaluation)	  	 	155	 	 	 	38	 	 	 	117	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at June 30, 2017	  	$	60,394	 	 	$	12,485	 	 	$	47,909	 	 				
Losses and loss expenses incurred	  	 	8,410	 	 	 	2,163	 	 	 	6,247	 	 				
Losses and loss expenses paid	  	 	(5,207	) 	 	 	(909	) 	 	 	(4,298	) 	 	 	69	%  (1)  	
Other (incl. foreign exch. revaluation)	  	 	556	 	 	 	131	 	 	 	425	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at September 30, 2017	  	$	64,153	 	 	$	13,870	 	 	$	50,283	 	 				
Add net recoverable on paid losses	  	 	—  	 	 	 	929	 	 	 	(929	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance including net recoverable on paid losses	  	$	64,153	 	 	$	14,799	 	 	$	49,354	 	 				

(1)	The losses and loss expenses incurred increased $2.1 billion in the quarter, reflecting the significant catastrophe events in the period and resulting in the 69% net paid to incurred ratio for Q3 2017.	

Loss Reserve Rollforward	  	Page 21	

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

 	  	September 30	 	 	June 30	 	 	March 31	 	 	December 31	 	
 	  	2017	 	 	2017	 	 	2017	 	 	2016	 	
Net Reinsurance Recoverable by Division	  				 				 				 				
					
Reinsurance recoverable on paid losses and loss expenses	  				 				 				 				
Active operations	  	$	760	 	 	$	690	 	 	$	793	 	 	$	686	 	
Brandywine and Other Run-off	  	 	264	 	 	 	275	 	 	 	256	 	 	 	274	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	1,024	 	 	$	965	 	 	$	1,049	 	 	$	960	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reinsurance recoverable on unpaid losses and loss expenses	  				 				 				 				
Active operations	  	$	12,844	 	 	$	11,536	 	 	$	11,799	 	 	$	11,632	 	
Brandywine and Other Run-off	  	 	1,269	 	 	 	1,192	 	 	 	1,255	 	 	 	1,285	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	14,113	 	 	$	12,728	 	 	$	13,054	 	 	$	12,917	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross reinsurance recoverable	  				 				 				 				
Active operations	  	$	13,604	 	 	$	12,226	 	 	$	12,592	 	 	$	12,318	 	
Brandywine and Other Run-off	  	 	1,533	 	 	 	1,467	 	 	 	1,511	 	 	 	1,559	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	15,137	 	 	$	13,693	 	 	$	14,103	 	 	$	13,877	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Provision for uncollectible reinsurance (1)	  				 				 				 				
Active operations	  	$	(195	) 	 	$	(192	) 	 	$	(191	) 	 	$	(159	) 	
Brandywine and Other Run-off	  	 	(143	) 	 	 	(143	) 	 	 	(143	) 	 	 	(141	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	(338	) 	 	$	(335	) 	 	$	(334	) 	 	$	(300	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net reinsurance recoverable	  				 				 				 				
Active operations	  	$	13,409	 	 	$	12,034	 	 	$	12,401	 	 	$	12,159	 	
Brandywine and Other Run-off	  	 	1,390	 	 	 	1,324	 	 	 	1,368	 	 	 	1,418	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	14,799	 	 	$	13,358	 	 	$	13,769	 	 	$	13,577	 	

(1)	The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $3.4 billion.	

Reinsurance Recoverable	  	Page 22	

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

 	 	September 30	 	 	June 30	 	 	March 31	 	 	December 31	 	
 	 	2017	 	 	2017	 	 	2017	 	 	2016	 	
Market Value	 				 				 				 				 				 				 				 				
Fixed maturities available for sale	 	$	83,686	 	 				 	$	81,645	 	 				 	$	80,806	 	 				 	$	80,115	 	 				
Fixed maturities held to maturity	 	 	10,365	 	 				 	 	10,560	 	 				 	 	10,604	 	 				 	 	10,670	 	 				
Short-term investments	 	 	2,991	 	 				 	 	2,651	 	 				 	 	2,780	 	 				 	 	3,002	 	 				
	 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Total fixed maturities	 	$	97,042	 	 				 	$	94,856	 	 				 	$	94,190	 	 				 	$	93,787	 	 				
	 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Asset Allocation by Market Value	 				 				 				 				 				 				 				 				
Treasury	 	$	3,607	 	 	 	4	% 	 	$	3,117	 	 	 	3	% 	 	$	2,843	 	 	 	3	% 	 	$	2,832	 	 	 	3	% 	
Agency	 	 	596	 	 	 	1	% 	 	 	632	 	 	 	1	% 	 	 	664	 	 	 	1	% 	 	 	699	 	 	 	1	% 	
Corporate and asset-backed	 	 	27,815	 	 	 	29	% 	 	 	28,064	 	 	 	30	% 	 	 	27,582	 	 	 	30	% 	 	 	26,944	 	 	 	29	% 	
Mortgage-backed	 	 	16,669	 	 	 	17	% 	 	 	15,777	 	 	 	17	% 	 	 	15,500	 	 	 	16	% 	 	 	15,435	 	 	 	16	% 	
Municipal	 	 	21,621	 	 	 	22	% 	 	 	22,263	 	 	 	23	% 	 	 	22,803	 	 	 	24	% 	 	 	22,768	 	 	 	24	% 	
Non-U.S.	 	 	23,743	 	 	 	24	% 	 	 	22,352	 	 	 	23	% 	 	 	22,018	 	 	 	23	% 	 	 	22,107	 	 	 	24	% 	
Short-term investments	 	 	2,991	 	 	 	3	% 	 	 	2,651	 	 	 	3	% 	 	 	2,780	 	 	 	3	% 	 	 	3,002	 	 	 	3	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturities	 	$	97,042	 	 	 	100	% 	 	$	94,856	 	 	 	100	% 	 	$	94,190	 	 	 	100	% 	 	$	93,787	 	 	 	100	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Quality by Market Value	 				 				 				 				 				 				 				 				
AAA	 	$	15,411	 	 	 	16	% 	 	$	15,411	 	 	 	16	% 	 	$	15,523	 	 	 	16	% 	 	$	15,746	 	 	 	17	% 	
AA	 	 	36,947	 	 	 	38	% 	 	 	36,107	 	 	 	38	% 	 	 	35,866	 	 	 	39	% 	 	 	36,235	 	 	 	39	% 	
A	 	 	18,427	 	 	 	19	% 	 	 	18,011	 	 	 	19	% 	 	 	17,700	 	 	 	19	% 	 	 	17,519	 	 	 	19	% 	
BBB	 	 	12,862	 	 	 	13	% 	 	 	12,513	 	 	 	13	% 	 	 	12,524	 	 	 	13	% 	 	 	12,237	 	 	 	13	% 	
BB	 	 	7,421	 	 	 	8	% 	 	 	7,151	 	 	 	8	% 	 	 	7,203	 	 	 	8	% 	 	 	6,993	 	 	 	7	% 	
B	 	 	5,694	 	 	 	6	% 	 	 	5,390	 	 	 	6	% 	 	 	5,087	 	 	 	5	% 	 	 	4,814	 	 	 	5	% 	
Other	 	 	280	 	 	 	0	% 	 	 	273	 	 	 	0	% 	 	 	287	 	 	 	0	% 	 	 	243	 	 	 	0	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturities	 	$	97,042	 	 	 	100	% 	 	$	94,856	 	 	 	100	% 	 	$	94,190	 	 	 	100	% 	 	$	93,787	 	 	 	100	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost/Amortized Cost	 				 				 				 				 				 				 				 				
Fixed maturities available for sale	 	$	82,254	 	 				 	$	80,363	 	 				 	$	79,957	 	 				 	$	79,536	 	 				
Fixed maturities held to maturity	 	 	10,160	 	 				 	 	10,371	 	 				 	 	10,519	 	 				 	 	10,644	 	 				
Short-term investments	 	 	2,991	 	 				 	 	2,651	 	 				 	 	2,780	 	 				 	 	3,002	 	 				
	 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Subtotal fixed maturities	 	 	95,405	 	 				 	 	93,385	 	 				 	 	93,256	 	 				 	 	93,182	 	 				
Equity securities	 	 	723	 	 				 	 	697	 	 				 	 	699	 	 				 	 	706	 	 				
Other investments	 	 	4,429	 	 				 	 	4,410	 	 				 	 	4,271	 	 				 	 	4,270	 	 				
	 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Total investment portfolio	 	$	100,557	 	 				 	$	98,492	 	 				 	$	98,226	 	 				 	$	98,158	 	 				
	 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Avg. duration of fixed maturities	 	 	4.2 years	 	 				 	 	4.2 years	 	 				 	 	4.2 years	 	 				 	 	4.2 years	 	 				
Avg. market yield of fixed maturities	 	 	2.7	% 	 				 	 	2.7	% 	 				 	 	2.8	% 	 				 	 	2.8	% 	 				
Avg. credit quality	 	 	A/Aa	 	 				 	 	A/Aa	 	 				 	 	A/Aa	 	 				 	 	A/Aa	 	 				
Avg. yield on invested assets (1)	 	 	3.5	% 	 				 	 	3.4	% 	 				 	 	3.4	% 	 				 	 	3.4	% 	 				
 
(1)	Calculated using adjusted net investment income.	

Investments	  	Page 23	

Chubb Limited
Investment Portfolio - 2
(in millions of U.S. dollars)
(Unaudited)

 	  	S&P Credit Rating	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
Mortgage-backed Fixed Income Portfolio	  				  				  				  				  				  				
							
Mortgage-backed securities	  				  				  				  				  				  				
							
Market Value at September 30, 2017	  				  				  				  				  				  				
Agency residential mortgage-backed (RMBS)	  	$	—  	 	  	$	13,744	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	13,744	 	
Non-agency RMBS	  	 	2	 	  	 	4	 	  	 	58	 	  	 	4	 	  	 	27	 	  	 	95	 	
Commercial mortgage-backed	  	 	2,817	 	  	 	13	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	2,830	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total mortgage-backed securities at market value	  	$	2,819	 	  	$	13,761	 	  	$	58	 	  	$	4	 	  	$	27	 	  	$	16,669	 	

																					
 	  	S&P Credit Rating	 	
 	  	Investment Grade	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	Total	 	
U.S. Corporate and Asset-backed Fixed Income Portfolios	  				  				  				  				  				
						
Market Value at September 30, 2017	  				  				  				  				  				
						
Asset-backed	  	$	841	 	  	$	59	 	  	$	—  	 	  	$	—  	 	  	$	900	 	
Banks	  	 	—  	 	  	 	19	 	  	 	1,647	 	  	 	1,742	 	  	 	3,408	 	
Basic Materials	  	 	—  	 	  	 	—  	 	  	 	104	 	  	 	235	 	  	 	339	 	
Communications	  	 	—  	 	  	 	165	 	  	 	281	 	  	 	1,308	 	  	 	1,754	 	
Consumer, Cyclical	  	 	—  	 	  	 	240	 	  	 	522	 	  	 	698	 	  	 	1,460	 	
Consumer, Non-Cyclical	  	 	109	 	  	 	534	 	  	 	1,780	 	  	 	1,252	 	  	 	3,675	 	
Diversified Financial Services	  	 	7	 	  	 	15	 	  	 	496	 	  	 	204	 	  	 	722	 	
Energy	  	 	—  	 	  	 	50	 	  	 	75	 	  	 	582	 	  	 	707	 	
Industrial	  	 	—  	 	  	 	326	 	  	 	513	 	  	 	543	 	  	 	1,382	 	
Utilities	  	 	—  	 	  	 	7	 	  	 	1,062	 	  	 	390	 	  	 	1,459	 	
All Others	  	 	165	 	  	 	448	 	  	 	996	 	  	 	673	 	  	 	2,282	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	1,122	 	  	$	1,863	 	  	$	7,476	 	  	$	7,627	 	  	$	18,088	 	

																	
 	  	S&P Credit Rating	 	
 	  	Below Investment Grade	 	
 	  	BB	 	  	B	 	  	CCC	 	  	Total	 	
Market Value at September 30, 2017	  				  				  				  				
					
Asset-backed	  	$	3	 	  	$	2	 	  	$	10	 	  	$	15	 	
Banks	  	 	23	 	  	 	—  	 	  	 	—  	 	  	 	23	 	
Basic Materials	  	 	290	 	  	 	171	 	  	 	—  	 	  	 	461	 	
Communications	  	 	930	 	  	 	719	 	  	 	4	 	  	 	1,653	 	
Consumer, Cyclical	  	 	1,129	 	  	 	668	 	  	 	67	 	  	 	1,864	 	
Consumer, Non-Cyclical	  	 	756	 	  	 	1,279	 	  	 	43	 	  	 	2,078	 	
Diversified Financial Services	  	 	168	 	  	 	130	 	  	 	8	 	  	 	306	 	
Energy	  	 	462	 	  	 	232	 	  	 	5	 	  	 	699	 	
Industrial	  	 	440	 	  	 	564	 	  	 	29	 	  	 	1,033	 	
Utilities	  	 	260	 	  	 	93	 	  	 	3	 	  	 	356	 	
All Others	  	 	554	 	  	 	658	 	  	 	27	 	  	 	1,239	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	5,015	 	  	$	4,516	 	  	$	196	 	  	$	9,727	 	

			
Investments 2	  	Page 24	

Chubb Limited
Investment Portfolio - 3
(in millions of U.S. dollars)
(Unaudited)

 	  	Market Value by S&P Credit Rating	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
Non-U.S. Fixed Income Portfolio	  				  				  				  				  				  				
September 30, 2017	  				  				  				  				  				  				
							
Non-U.S. Government Securities	  				  				  				  				  				  				
							
United Kingdom	  	$	—  	 	  	$	1,494	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	1,494	 	
Republic of Korea	  	 	—  	 	  	 	1,045	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	1,045	 	
Canada	  	 	973	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	973	 	
Federative Republic of Brazil	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	848	 	  	 	848	 	
Province of Ontario	  	 	—  	 	  	 	9	 	  	 	666	 	  	 	—  	 	  	 	—  	 	  	 	675	 	
United Mexican States	  	 	—  	 	  	 	—  	 	  	 	435	 	  	 	121	 	  	 	—  	 	  	 	556	 	
Province of Quebec	  	 	—  	 	  	 	545	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	545	 	
Kingdom of Thailand	  	 	—  	 	  	 	—  	 	  	 	517	 	  	 	—  	 	  	 	—  	 	  	 	517	 	
Federal Republic of Germany	  	 	423	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	423	 	
French Republic	  	 	—  	 	  	 	345	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	345	 	
Other Non-U.S. Government Securities	  	 	1,101	 	  	 	1,139	 	  	 	940	 	  	 	607	 	  	 	864	 	  	 	4,651	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	2,497	 	  	$	4,577	 	  	$	2,558	 	  	$	728	 	  	$	1,712	 	  	$	12,072	 	

 	  	Market Value by S&P Credit Rating	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
Non-U.S. Corporate Securities	  				  				  				  				  				  				
							
United Kingdom	  	$	137	 	  	$	96	 	  	$	631	 	  	$	963	 	  	$	247	 	  	$	2,074	 	
Canada	  	 	86	 	  	 	181	 	  	 	384	 	  	 	492	 	  	 	331	 	  	 	1,474	 	
United States (1)	  	 	2	 	  	 	85	 	  	 	158	 	  	 	343	 	  	 	370	 	  	 	958	 	
France	  	 	10	 	  	 	31	 	  	 	504	 	  	 	261	 	  	 	31	 	  	 	837	 	
Australia	  	 	107	 	  	 	153	 	  	 	367	 	  	 	145	 	  	 	21	 	  	 	793	 	
Netherlands	  	 	83	 	  	 	11	 	  	 	381	 	  	 	208	 	  	 	45	 	  	 	728	 	
Germany	  	 	167	 	  	 	50	 	  	 	119	 	  	 	250	 	  	 	24	 	  	 	610	 	
Switzerland	  	 	38	 	  	 	19	 	  	 	127	 	  	 	154	 	  	 	19	 	  	 	357	 	
Japan	  	 	—  	 	  	 	34	 	  	 	275	 	  	 	11	 	  	 	3	 	  	 	323	 	
China	  	 	—  	 	  	 	—  	 	  	 	259	 	  	 	51	 	  	 	11	 	  	 	321	 	
Other Non-U.S. Corporate Securities	  	 	404	 	  	 	386	 	  	 	875	 	  	 	936	 	  	 	595	 	  	 	3,196	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	1,034	 	  	$	1,046	 	  	$	4,080	 	  	$	3,814	 	  	$	1,697	 	  	$	11,671	 	

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

Investments 3	  	Page 25	

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

 	  	        September 30, 2017                     	  	Market Value	 	  	Rating	
1	  	Wells Fargo & Co	  	$	594	 	  	A	
2	  	JP Morgan Chase & Co	  	 	509	 	  	A-	
3	  	Anheuser-Busch InBev NV	  	 	447	 	  	A-	
4	  	Goldman Sachs Group Inc	  	 	440	 	  	BBB+	
5	  	AT&T Inc	  	 	408	 	  	BBB+	
6	  	General Electric Co	  	 	397	 	  	AA-	
7	  	Verizon Communications Inc	  	 	372	 	  	BBB+	
8	  	Citigroup Inc	  	 	345	 	  	BBB+	
9	  	Morgan Stanley	  	 	343	 	  	BBB+	
10	  	Bank of America Corp	  	 	331	 	  	BBB+	

Investments 4	  	Page 26	

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

 	  	Three months ended September 30, 2017	 	
 	  	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	  	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	
Fixed maturities	  	$	6	 	 	$	—  	 	 	$	6	 	 	$	134	 	 	$	(39	) 	 	$	95	 	 	$	140	 	 	$	(39	) 	 	$	101	 	
Fixed income derivatives	  	 	(14	) 	 	 	5	 	 	 	(9	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(14	) 	 	 	5	 	 	 	(9	) 	
Public equity	  	 	4	 	 	 	—  	 	 	 	4	 	 	 	36	 	 	 	(11	) 	 	 	25	 	 	 	40	 	 	 	(11	) 	 	 	29	 	
Private equity	  	 	84	 	 	 	(15	) 	 	 	69	 	 	 	(27	) 	 	 	(1	) 	 	 	(28	) 	 	 	57	 	 	 	(16	) 	 	 	41	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio (1)	  	 	80	 	 	 	(10	) 	 	 	70	 	 	 	143	 	 	 	(51	) 	 	 	92	 	 	 	223	 	 	 	(61	) 	 	 	162	 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (2)	  	 	(3	) 	 	 	—  	 	 	 	(3	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(3	) 	 	 	—  	 	 	 	(3	) 	
Foreign exchange	  	 	15	 	 	 	2	 	 	 	17	 	 	 	665	 	 	 	(7	) 	 	 	658	 	 	 	680	 	 	 	(5	) 	 	 	675	 	
Partially-owned entities (3)	  	 	2	 	 	 	—  	 	 	 	2	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	2	 	 	 	—  	 	 	 	2	 	
Other (4)	  	 	(10	) 	 	 	—  	 	 	 	(10	) 	 	 	(63	) 	 	 	12	 	 	 	(51	) 	 	 	(73	) 	 	 	12	 	 	 	(61	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	  	$	84	 	 	$	(8	) 	 	$	76	 	 	$	745	 	 	$	(46	) 	 	$	699	 	 	$	829	 	 	$	(54	) 	 	$	775	 	

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

  	  	Three months ended September 30, 2016	 	
 	  	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 maturities	  	$	27	 	  	$	(8	) 	 	$	19	 	  	 	195	 	 	 	(67	) 	 	$	128	 	 	$	222	 	 	$	(75	) 	 	$	147	 	
Fixed income derivatives	  	 	1	 	  	 	2	 	 	 	3	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1	 	 	 	2	 	 	 	3	 	
Public equity	  	 	6	 	  	 	(3	) 	 	 	3	 	  	 	23	 	 	 	(1	) 	 	 	22	 	 	 	29	 	 	 	(4	) 	 	 	25	 	
Private equity	  	 	59	 	  	 	(12	) 	 	 	47	 	  	 	(4	) 	 	 	(3	) 	 	 	(7	) 	 	 	55	 	 	 	(15	) 	 	 	40	 	
	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio (5)	  	 	93	 	  	 	(21	) 	 	 	72	 	  	 	214	 	 	 	(71	) 	 	 	143	 	 	 	307	 	 	 	(92	) 	 	 	215	 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (6)	  	 	44	 	  	 	—  	 	 	 	44	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	44	 	 	 	—  	 	 	 	44	 	
Foreign exchange	  	 	29	 	  	 	(6	) 	 	 	23	 	  	 	(124	) 	 	 	(7	) 	 	 	(131	) 	 	 	(95	) 	 	 	(13	) 	 	 	(108	) 	
Partially-owned entities (7)	  	 	—  	 	  	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Other	  	 	3	 	  	 	—  	 	 	 	3	 	  	 	5	 	 	 	(1	) 	 	 	4	 	 	 	8	 	 	 	(1	) 	 	 	7	 	
	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	  	$	169	 	  	$	(27	) 	 	$	142	 	  	$	95	 	 	$	(79	) 	 	$	16	 	 	$	264	 	 	$	(106	) 	 	$	158	 	

(5)	Other-than-temporary impairments for the quarter in realized gains (losses) include $7 million for fixed maturities, $1 million for public equity and $4 million for private equity.	
(6)	The quarter includes $45 million of losses on applicable hedges. These losses 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.	

Net Gains (Losses)	  	Page 27	

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

 	 	Nine months ended September 30, 2017	 	
 	 	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	
Fixed maturities	 	$	17	 	 	$	(2	) 	 	$	15	 	 	$	813	 	 	$	(275	) 	 	$	538	 	 	$	830	 	 	$	(277	) 	 	$	553	 	
Fixed income derivatives	 	 	(24	) 	 	 	13	 	 	 	(11	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(24	) 	 	 	13	 	 	 	(11	) 	
Public equity	 	 	10	 	 	 	(1	) 	 	 	9	 	 	 	79	 	 	 	(25	) 	 	 	54	 	 	 	89	 	 	 	(26	) 	 	 	63	 	
Private equity	 	 	279	 	 	 	(42	) 	 	 	237	 	 	 	—  	 	 	 	(7	) 	 	 	(7	) 	 	 	279	 	 	 	(49	) 	 	 	230	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio  (1)	 	 	282	 	 	 	(32	) 	 	 	250	 	 	 	892	 	 	 	(307	) 	 	 	585	 	 	 	1,174	 	 	 	(339	) 	 	 	835	 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (2)	 	 	96	 	 	 	—  	 	 	 	96	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	96	 	 	 	—  	 	 	 	96	 	
Foreign exchange	 	 	10	 	 	 	5	 	 	 	15	 	 	 	901	 	 	 	(14	) 	 	 	887	 	 	 	911	 	 	 	(9	) 	 	 	902	 	
Partially-owned entities (3)	 	 	(6	) 	 	 	2	 	 	 	(4	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(6	) 	 	 	2	 	 	 	(4	) 	
Other (4)	 	 	(7	) 	 	 	—  	 	 	 	(7	) 	 	 	(118	) 	 	 	29	 	 	 	(89	) 	 	 	(125	) 	 	 	29	 	 	 	(96	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	 	$	375	 	 	$	(25	) 	 	$	350	 	 	$	1,675	 	 	$	(292	) 	 	$	1,383	 	 	$	2,050	 	 	$	(317	) 	 	$	1,733	 	

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

 	  	Nine months ended September 30, 2016	 	
 	  	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 maturities	  	$	(156	) 	 	$	(2	) 	 	$	(158	) 	 	$	2,237	 	 	$	(533	) 	 	$	1,704	 	 	$	2,081	 	 	$	(535	) 	 	$	1,546	 	
Fixed income derivatives	  	 	(85	) 	 	 	14	 	 	 	(71	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(85	) 	 	 	14	 	 	 	(71	) 	
Public equity	  	 	39	 	 	 	(14	) 	 	 	25	 	 	 	52	 	 	 	(10	) 	 	 	42	 	 	 	91	 	 	 	(24	) 	 	 	67	 	
Private equity	  	 	73	 	 	 	(9	) 	 	 	64	 	 	 	(73	) 	 	 	—  	 	 	 	(73	) 	 	 	—  	 	 	 	(9	) 	 	 	(9	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio  (5)	  	 	(129	) 	 	 	(11	) 	 	 	(140	) 	 	 	2,216	 	 	 	(543	) 	 	 	1,673	 	 	 	2,087	 	 	 	(554	) 	 	 	1,533	 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges  (6)	  	 	(358	) 	 	 	—  	 	 	 	(358	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(358	) 	 	 	—  	 	 	 	(358	) 	
Foreign exchange	  	 	46	 	 	 	(12	) 	 	 	34	 	 	 	269	 	 	 	(18	) 	 	 	251	 	 	 	315	 	 	 	(30	) 	 	 	285	 	
Partially-owned entities (7)	  	 	(5	) 	 	 	1	 	 	 	(4	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(5	) 	 	 	1	 	 	 	(4	) 	
Other	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	8	 	 	 	—  	 	 	 	8	 	 	 	8	 	 	 	—  	 	 	 	8	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	  	$	(446	) 	 	$	(22	) 	 	$	(468	) 	 	$	2,493	 	 	$	(561	) 	 	$	1,932	 	 	$	2,047	 	 	$	(583	) 	 	$	1,464	 	

(5)	Year to date other-than-temporary impairments in realized gains (losses) include $77 million for fixed maturities, $7 million for public equity and $7 million for private equity.	
(6)	Year to date includes $88 million of losses on applicable hedges. These losses 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.	

Net Gains (Losses) 2	  	Page 28	

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

 	  	 	 	 	 	 	 	 	 	 	 	 	 	Legacy ACE	 	
 	  	September 30	 	 	June 30	 	 	March 31	 	 	December 31	 	 	December 31	 	
 	  	2017	 	 	2017	 	 	2017	 	 	2016	 	 	2015	 	
Financial Debt:	  				 				 				 				 				
Total short-term debt	  	$	1,020	 	 	$	922	 	 	$	300	 	 	$	500	 	 	$	—  	 	
Total long-term debt (1)	  	 	11,559	 	 	 	11,667	 	 	 	12,300	 	 	 	12,610	 	 	 	9,389	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total financial debt	  	$	12,579	 	 	$	12,589	 	 	$	12,600	 	 	$	13,110	 	 	$	9,389	 	
Hybrid debt:	  				 				 				 				 				
Total trust preferred securities	  	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	 	 	307	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	12,887	 	 	$	12,897	 	 	$	12,908	 	 	$	13,418	 	 	$	9,696	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capitalization:	  				 				 				 				 				
Shareholders’ equity	  	$	50,471	 	 	$	50,349	 	 	$	49,224	 	 	$	48,275	 	 	$	29,135	 	
Hybrid debt	  	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	 	 	307	 	
Financial debt	  	 	12,579	 	 	 	12,589	 	 	 	12,600	 	 	 	13,110	 	 	 	9,389	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total capitalization	  	$	63,358	 	 	$	63,246	 	 	$	62,132	 	 	$	61,693	 	 	$	38,831	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Leverage ratios (based on total capital):	  				 				 				 				 				
Hybrid debt	  	 	0.5	% 	 	 	0.5	% 	 	 	0.5	% 	 	 	0.5	% 	 	 	0.8	% 	
Financial debt	  	 	19.9	% 	 	 	19.9	% 	 	 	20.3	% 	 	 	21.3	% 	 	 	24.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total hybrid & financial debt	  	 	20.4	% 	 	 	20.4	% 	 	 	20.8	% 	 	 	21.8	% 	 	 	25.0	% 	
Note: As of September 30, 2017, there was $0.2 billion usage of credit facilities on a total commitment of $1.5 billion.
 
(1)	In connection with our acquisition of The Chubb Corporation, we assumed $3.3 billion par value of Legacy Chubb’s debt, fair valued at $3.8 billion for purchase accounting purposes. This included $1 billion of junior subordinated capital securities.	

Debt and Capital	  	Page 29	

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

 	 	Three months ended
September 30	 	 	Nine months ended
September 30	 	
 	 	2017	 	 	2016	 	 	2017	 	 	2016	 	
Numerator	 				 				 				 				
Operating income (loss) to common shares	 	$	(60	) 	 	$	1,356	 	 	$	2,295	 	 	$	3,433	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax (1)	 	 	(68	) 	 	 	(79	) 	 	 	(219	) 	 	 	(257	) 	
Tax benefit on amortization adjustment	 	 	18	 	 	 	26	 	 	 	62	 	 	 	79	 	
Chubb integration and related expenses, pre-tax	 	 	(50	) 	 	 	(115	) 	 	 	(233	) 	 	 	(368	) 	
Tax benefit on Chubb integration and related expenses	 	 	14	 	 	 	30	 	 	 	73	 	 	 	106	 	
Adjusted net realized gains (losses), pre-tax	 	 	84	 	 	 	169	 	 	 	375	 	 	 	(446	) 	
Tax (expense) benefit on adjusted net realized gains (losses)	 	 	(8	) 	 	 	(27	) 	 	 	(25	) 	 	 	(22	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	 	$	(70	) 	 	$	1,360	 	 	$	2,328	 	 	$	2,525	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rollforward of Common Shares Outstanding	 				 				 				 				
Shares - beginning of period	 	 	465,375,141	 	 	 	465,012,980	 	 	 	465,968,716	 	 	 	324,563,441	 	
Share Issuance for Chubb Acquisition	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	136,950,381	 	
Repurchase of shares	 	 	(1,615,383	) 	 	 	—  	 	 	 	(5,033,013	) 	 	 	—  	 	
Shares issued, excluding option exercises	 	 	148,087	 	 	 	34,510	 	 	 	1,939,627	 	 	 	2,504,257	 	
Issued for option exercises	 	 	250,674	 	 	 	238,620	 	 	 	1,283,189	 	 	 	1,268,031	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Shares - end of period	 	 	464,158,519	 	 	 	465,286,110	 	 	 	464,158,519	 	 	 	465,286,110	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Denominator	 				 				 				 				
Weighted average shares outstanding (2)	 	 	466,370,784	 	 	 	468,021,093	 	 	 	467,658,334	 	 	 	460,631,794	 	
Effect of other dilutive securities (3)	 	 	—  	 	 	 	3,375,269	 	 	 	3,961,572	 	 	 	3,439,017	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adj. wtd. avg. shares outstanding and assumed conversions	 	 	466,370,784	 	 	 	471,396,362	 	 	 	471,619,906	 	 	 	464,070,811	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 				 				 				 				
Operating income (loss)	 	$	(0.13	) 	 	$	2.90	 	 	$	4.91	 	 	$	7.45	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)	 	 	(0.11	) 	 	 	(0.11	) 	 	 	(0.34	) 	 	 	(0.39	) 	
Chubb integration and related expenses, net of tax	 	 	(0.08	) 	 	 	(0.18	) 	 	 	(0.34	) 	 	 	(0.57	) 	
Adjusted net realized gains (losses), net of tax	 	 	0.17	 	 	 	0.29	 	 	 	0.75	 	 	 	(1.01	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	 	$	(0.15	) 	 	$	2.90	 	 	$	4.98	 	 	$	5.48	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings per share	 				 				 				 				
Operating income (loss) (3)	 	$	(0.13	) 	 	$	2.88	 	 	$	4.87	 	 	$	7.40	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)	 	 	(0.11	) 	 	 	(0.11	) 	 	 	(0.33	) 	 	 	(0.39	) 	
Chubb integration and related expenses, net of tax	 	 	(0.08	) 	 	 	(0.18	) 	 	 	(0.34	) 	 	 	(0.56	) 	
Adjusted net realized gains (losses), net of tax	 	 	0.17	 	 	 	0.29	 	 	 	0.74	 	 	 	(1.01	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss) (3)	 	$	(0.15	) 	 	$	2.88	 	 	$	4.94	 	 	$	5.44	 	

(1)	Related to the acquisition of The Chubb Corporation.	
(2)	Includes unvested restricted stock units that are not included in common shares outstanding as the shares are not issued until time of vesting, but are eligible to receive dividends (participating securities).	
(3)	For the three months ended September 30, 2017, weighted-average shares outstanding used to calculate operating loss and net loss per share excludes the effect of dilutive securities of 3,820,673 shares. In periods where operating loss and net loss is recognized, inclusion of incremental dilution is anti-dilutive.	

Earnings per share	  	Page 30	

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

 	  	September 30
2017	 	 	June 30
2017	 	 	March 31
2017	 	 	December 31
2016	 	 	September 30
2016	 	
Reconciliation of Book Value per Common Share	  				 				 				 				 				
						
Shareholders’ equity	  	$	50,471	 	 	$	50,349	 	 	$	49,224	 	 	$	48,275	 	 	$	48,372	 	
Less: goodwill and other intangible assets, net of tax	  	 	20,274	 	 	 	19,994	 	 	 	20,013	 	 	 	20,019	 	 	 	20,332	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Numerator for tangible book value per share	  	$	30,197	 	 	$	30,355	 	 	$	29,211	 	 	$	28,256	 	 	$	28,040	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value - % change over prior quarter	  	 	0.2	% 	 	 	2.3	% 	 	 	2.0	% 	 	 	-0.2	% 	 	 	2.4	% 	
Tangible book value - % change over prior quarter	  	 	-0.5	% 	 	 	3.9	% 	 	 	3.4	% 	 	 	0.8	% 	 	 	5.5	% 	
						
Denominator	  	 	464,158,519	 	 	 	465,375,141	 	 	 	467,223,019	 	 	 	465,968,716	 	 	 	465,286,110	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share	  	$	108.74	 	 	$	108.19	 	 	$	105.35	 	 	$	103.60	 	 	$	103.96	 	
Tangible book value per common share	  	$	65.06	 	 	$	65.23	 	 	$	62.52	 	 	$	60.64	 	 	$	60.26	 	
						
Reconciliation of Book Value	  				 				 				 				 				
						
Shareholders’ equity, beginning of quarter	  	$	50,349	 	 	$	49,224	 	 	$	48,275	 	 	$	48,372	 	 	$	47,226	 	
Operating income (loss)	  	 	(60	) 	 	 	1,180	 	 	 	1,175	 	 	 	1,283	 	 	 	1,356	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)	  	 	(50	) 	 	 	(52	) 	 	 	(55	) 	 	 	(66	) 	 	 	(53	) 	
Chubb integration and related expenses, net of tax	  	 	(36	) 	 	 	(50	) 	 	 	(74	) 	 	 	(94	) 	 	 	(85	) 	
Adjusted net realized gains (losses), net of tax  (2)	  	 	76	 	 	 	227	 	 	 	47	 	 	 	487	 	 	 	142	 	
Net unrealized gains (losses) on the investment portfolio	  	 	92	 	 	 	286	 	 	 	207	 	 	 	(1,487	) 	 	 	143	 	
Repurchase of shares	  	 	(232	) 	 	 	(335	) 	 	 	(140	) 	 	 	—  	 	 	 	—  	 	
Dividend declared on common shares	  	 	(331	) 	 	 	(332	) 	 	 	(324	) 	 	 	(324	) 	 	 	(323	) 	
Cumulative translation	  	 	658	 	 	 	98	 	 	 	131	 	 	 	(375	) 	 	 	(131	) 	
Postretirement benefit liability	  	 	(51	) 	 	 	(14	) 	 	 	(24	) 	 	 	353	 	 	 	4	 	
Other (3)	  	 	56	 	 	 	117	 	 	 	6	 	 	 	126	 	 	 	93	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	$	50,471	 	 	$	50,349	 	 	$	49,224	 	 	$	48,275	 	 	$	48,372	 	

(1)	Related to the acquisition of The Chubb Corporation.	
(2)	Includes net realized gains (losses) related to unconsolidated entities.	
(3)	Other primarily includes proceeds from exercise of stock options and stock compensation.	

Reconciliation Book Value	  	Page 31	

Chubb Limited
Non-GAAP Financial Measures
(Unaudited)
Regulation G - Non-GAAP Financial Measures
In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP).
We provide financial measures such as gross premiums written, net premiums written, net premiums earned, and operating income (loss) on a constant-dollar basis. We believe it is useful to evaluate the trends in these measures exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.
Adjusted losses and loss expenses and adjusted administrative expenses are non-GAAP financial measures that exclude the one-time curtailment benefit related to the harmonization of the company’s U.S. pension plans. During the fourth quarter of 2016, the company harmonized and amended several U.S. retirement programs to create a unified retirement savings program which resulted in the one-time pension curtailment benefit. The portion of the benefit related to claims staff is excluded from adjusted losses and loss expenses with the remainder excluded from adjusted administrative expenses. We believe that excluding the impact of the one-time pension curtailment benefit provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our property & casualty business that may be obscured by this item. Adjusted losses and loss expenses also includes realized gains and losses on crop derivatives. The crop derivatives are purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing will impact underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations and therefore realized gains and losses from these derivatives are reclassified from adjusted net realized gains (losses), also a non-GAAP financial measure.
In presenting our segment income results, we have shown our performance with reference to underwriting results. Underwriting results are calculated by subtracting adjusted losses and loss expenses, policy benefits, policy acquisition costs, and adjusted administrative expenses from net premiums earned. We use underwriting results and operating ratios to monitor the results of our operations without the impact of certain factors, including investment income, other income and expenses, interest and income tax expense, and adjusted net realized gains (losses). P&C underwriting income is a non-GAAP financial measure which excludes the Life Insurance segment. P&C loss and loss expense ratio and P&C combined ratio (both non-GAAP financial measures) include adjusted losses and loss expenses in the ratio numerator. P&C expense ratio (a non-GAAP financial measure) and P&C combined ratio include policy acquisition costs and adjusted administrative expenses in the ratio numerator. A reconciliation of combined ratio to P&C combined ratio is provided on page 35.
P&C combined ratio excluding the impact of catastrophe losses and prior period development (PPD) and the P&C loss and loss expense ratio excluding the impact of catastrophe losses and PPD are non-GAAP financial measures. The loss ratio numerator includes adjusted losses and loss expenses and excludes catastrophe losses and PPD. The combined ratio numerator includes adjusted losses and loss expenses, policy acquisition costs, and adjusted administrative expenses. The denominator for both ratios includes net premiums earned adjusted to exclude the amount of reinstatement premiums (expensed) collected. In periods where there are adjustments on loss sensitive policies, these adjustments are excluded from PPD and net earned premiums when calculating the ratios. We believe that excluding the impact of catastrophe losses and PPD provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our property & casualty business that may be obscured by these items.
P&C expense ratio excluding accident and health (A&H) is a non-GAAP financial measure and excludes the impact of our A&H business from our P&C expense ratio. The expense ratio for the A&H business is typically higher than our traditional P&C business, and we believe that this measure provides better comparison to our peer companies that may not have a significant A&H block of business.
Global P&C performance metrics are non-GAAP financial measures and comprise consolidated 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.
Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment of acquired invested assets. Adjusted interest expense is interest expense excluding the amortization of the fair value adjustment of acquired debt and the interest expense on the $5.3 billion senior notes issued in November 2015 until the closing of the Chubb Corp acquisition on January 14, 2016. We believe that excluding these items are meaningful in order to present the underlying economics of the company’s business.
Other income (expense) – operating is a non-GAAP financial measure and excludes the portion of net realized gains and losses related to unconsolidated entities from other income (expense). These gains and losses are reported as net realized gains (losses) and represent the non-operating activities of entities where we hold more than an insignificant percentage of the investee’s shares. We exclude these gains and losses from other income (expense) to enhance the understanding of our segments’ operations as they are heavily influenced by, and fluctuate in part according to market conditions. Other income (expense) – operating and net realized gains and losses related to unconsolidated entities are recorded to Other income (expense) in our income statement on a GAAP basis.
Operating income (loss) is a non-GAAP financial measure that excludes the after-tax impact of adjusted net realized gains (losses), net realized gains (losses) included in other income (expense) related to partially owned entities, Chubb integration and related expenses, and the amortization of the fair value adjustments related to purchased invested assets and long-term debt from the Chubb Corp acquisition. We exclude realized gains and losses because the amount of these gains (losses) are heavily influenced by, and fluctuate in part according to the availability of market opportunities. We exclude Chubb integration and related expenses due to the size and complexity of this acquisition. These integration and related expenses are distortive to our results and are not indicative of our underlying profitability. We believe that excluding these integration and related expenses facilitates the comparison of our financial results to our historical operating results. Chubb integration expenses are incurred by the overall company and are therefore included in Corporate. The costs are not related to the on-going activities of the individual segments and are therefore excluded from our definition of segment income, as well. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. Operating income (loss) should not be viewed as a substitute for net income (loss) determined in accordance with GAAP.
Operating effective tax rate is a non-GAAP financial measure. The numerator excludes tax on adjusted net realized gains (losses), tax on net realized gains (losses) included in other income (expense) related to partially owned entities, tax on Chubb integration and related expenses, and tax on the amortization of the fair value adjustments related to purchased invested assets and long-term debt from the Chubb Corp acquisition. The denominator excludes these same items, before tax. Operating effective tax rate should not be viewed as a substitute for effective tax rate determined in accordance with GAAP.
Tangible book value per common share is a non-GAAP financial measure and 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. A reconciliation of tangible book value per share is provided on page 31. In addition, we disclose per share measures that exclude the impact of foreign currency fluctuations during 2016 in order to adjust for the distortive effects of fluctuations in exchange rates.
International life insurance net premiums written and deposits collected, is a non-GAAP financial measure. Deposits collected on universal life and investment contracts (life deposits) are not reflected as revenues in our consolidated statements of operations in accordance with GAAP. However, we include life deposits in presenting growth in our life insurance business because new life deposits are an important component of production and key to our efforts to grow our business.
2016 “As If” company measures presented throughout this section are prepared inclusive of the first 14 days of January 2016 prior to the acquisition close and exclusive of the impact of the unearned premium reserves intangible amortization and the elimination of the historical policy acquisition costs as a result of purchase accounting in order to present the underlying profitability of our insurance business. We believe these non-GAAP measures provide visibility into our results and trends in our business by allowing for a better assessment and comparability to our historical results. These measures are consistent with how management evaluates results.
Net premiums written excluding merger-related underwriting actions, accounting policy alignment, and one-time UPR transfer in 2016 is a non-GAAP performance measure. Since the acquisition of The Chubb Corporation, we have entered into new reinsurance agreements with third-party reinsurers for the Chubb Corp businesses and have taken other merger-related underwriting actions, including exiting certain types of business that do not meet our underwriting standards or adhere to our risk diversification strategy. We also exclude a merger-related accounting policy alignment adjustment and a one-time unearned premium reserve (UPR) transfer in 2016. We believe that these measures are meaningful to evaluate trends in our underlying business on a comparable basis.

Reconciliation Non-GAAP	  	Page 32	

Chubb Limited
Non-GAAP Financial Measures - 2
(in millions of U.S. dollars)
(Unaudited)
Regulation G - Non-GAAP Financial Measures (continued)
Operating income (loss)
The following table presents the reconciliation of Net income (loss) to Operating income (loss):

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	3Q-17	 	 	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	2017	 	 	2016	 	 	2016	 	
Net income (loss), as reported	  	$	(70	) 	 	$	1,305	 	 	$	1,093	 	 	$	1,610	 	 	$	1,360	 	 	$	2,328	 	 	$	2,525	 	 	$	4,135	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax (1)	  	 	(68	) 	 	 	(72	) 	 	 	(79	) 	 	 	(88	) 	 	 	(79	) 	 	 	(219	) 	 	 	(257	) 	 	 	(345	) 	
Tax benefit on amortization adjustment	  	 	18	 	 	 	20	 	 	 	24	 	 	 	22	 	 	 	26	 	 	 	62	 	 	 	79	 	 	 	101	 	
Chubb integration and related expenses, pre tax	  	 	(50	) 	 	 	(72	) 	 	 	(111	) 	 	 	(131	) 	 	 	(115	) 	 	 	(233	) 	 	 	(368	) 	 	 	(499	) 	
Tax benefit on Chubb integration and related expenses	  	 	14	 	 	 	22	 	 	 	37	 	 	 	37	 	 	 	30	 	 	 	73	 	 	 	106	 	 	 	143	 	
Adjusted net realized gains (losses)	  	 	(5	) 	 	 	103	 	 	 	(7	) 	 	 	371	 	 	 	97	 	 	 	91	 	 	 	(511	) 	 	 	(140	) 	
Net realized gains (losses) related to unconsolidated entities (2)	  	 	89	 	 	 	143	 	 	 	52	 	 	 	162	 	 	 	72	 	 	 	284	 	 	 	65	 	 	 	227	 	
Tax (expense) benefit on adjusted net realized gains (losses)	  	 	(8	) 	 	 	(19	) 	 	 	2	 	 	 	(46	) 	 	 	(27	) 	 	 	(25	) 	 	 	(22	) 	 	 	(68	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss)	  	$	(60	) 	 	$	1,180	 	 	$	1,175	 	 	$	1,283	 	 	$	1,356	 	 	$	2,295	 	 	$	3,433	 	 	$	4,716	 	

(1)	Related to the acquisition of The Chubb Corporation.	
(2)	Realized gains (losses) on partially-owned entities, which are investments where we hold more than an insignificant percentage of the investee’s shares. The net income or loss is included in other income (expense).	
The following table presents the reconciliation of Net income (loss) to P&C and Global P&C Underwriting income (loss):

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	3Q-17	 	 	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	2017	 	 	2016	 	 	2016	 	
Net income (loss)	  	$	(70	) 	 	$	1,305	 	 	$	1,093	 	 	$	1,610	 	 	$	1,360	 	 	$	2,328	 	 	$	2,525	 	 	$	4,135	 	
Income tax expense (benefit)	  	 	(85	) 	 	 	200	 	 	 	128	 	 	 	259	 	 	 	277	 	 	 	243	 	 	 	556	 	 	 	815	 	
Net realized (gains) losses related to unconsolidated entities	  	 	(89	) 	 	 	(143	) 	 	 	(52	) 	 	 	(162	) 	 	 	(72	) 	 	 	(284	) 	 	 	(65	) 	 	 	(227	) 	
Adjusted realized (gains) losses	  	 	5	 	 	 	(103	) 	 	 	7	 	 	 	(371	) 	 	 	(97	) 	 	 	(91	) 	 	 	511	 	 	 	140	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt	  	 	68	 	 	 	72	 	 	 	79	 	 	 	88	 	 	 	79	 	 	 	219	 	 	 	257	 	 	 	345	 	
Chubb integration and related expenses	  	 	50	 	 	 	72	 	 	 	111	 	 	 	131	 	 	 	115	 	 	 	233	 	 	 	368	 	 	 	499	 	
Adjusted interest expense	  	 	162	 	 	 	160	 	 	 	166	 	 	 	167	 	 	 	164	 	 	 	488	 	 	 	479	 	 	 	646	 	
Pension curtailment benefit	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(113	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(113	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated segment income	  	 	41	 	 	 	1,563	 	 	 	1,532	 	 	 	1,609	 	 	 	1,826	 	 	 	3,136	 	 	 	4,631	 	 	 	6,240	 	
Less: Life Insurance segment income	  	 	64	 	 	 	52	 	 	 	62	 	 	 	60	 	 	 	69	 	 	 	178	 	 	 	203	 	 	 	263	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C segment income (loss)	  	 	(23	) 	 	 	1,511	 	 	 	1,470	 	 	 	1,549	 	 	 	1,757	 	 	 	2,958	 	 	 	4,428	 	 	 	5,977	 	
Less: amortization expense of purchased intangibles (excluding Life Insurance)	  	 	64	 	 	 	65	 	 	 	63	 	 	 	2	 	 	 	3	 	 	 	192	 	 	 	14	 	 	 	16	 	
Less: other (income) expense - operating (excluding Life Insurance)	  	 	(10	) 	 	 	10	 	 	 	11	 	 	 	13	 	 	 	1	 	 	 	11	 	 	 	(13	) 	 	 	—  	 	
Less: adjusted net investment income (excluding Life Insurance)	  	 	(815	) 	 	 	(778	) 	 	 	(761	) 	 	 	(769	) 	 	 	(759	) 	 	 	(2,354	) 	 	 	(2,206	) 	 	 	(2,975	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C Underwriting income (loss) (Including Corporate and excluding Life Insurance)	  	 	(784	) 	 	 	808	 	 	 	783	 	 	 	795	 	 	 	1,002	 	 	 	807	 	 	 	2,223	 	 	 	3,018	 	
Less: Agricultural Insurance Underwriting income	  	 	86	 	 	 	23	 	 	 	93	 	 	 	184	 	 	 	90	 	 	 	202	 	 	 	157	 	 	 	341	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C Underwriting income (loss) (Including Corporate and excluding Agriculture)	  	$	(870	) 	 	$	785	 	 	$	690	 	 	$	611	 	 	$	912	 	 	$	605	 	 	$	2,066	 	 	$	2,677	 	

			
Reconciliation Non-GAAP 2	  	Page 33	

Chubb Limited
Non-GAAP Financial Measures - 3
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G - Non-GAAP Financial Measures (continued)
Operating ROE
Operating return on equity (ROE) or ROE calculated using operating income (loss): The ROE numerator includes income adjusted to exclude after-tax adjusted net realized gains (losses), Chubb integration and related expenses, and the amortization of the fair value adjustment of acquired invested assets and long-term debt. The ROE denominator includes the average shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, net of tax. In addition, for 2016, the denominator was adjusted to account for the weighted-average impact of the $15,527 million issuance of common shares and equity awards related to The Chubb Corp acquisition on January 14, 2016. Operating ROE is a useful measure as it enhances the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity excluding the effect of unrealized gains and losses on our investments.

 	  	3Q-17	 	 	3Q-16	 	 	YTD
2017	 	 	YTD
2016	 	 	Full Year
2016	 	
Net income (loss)	  	$	(70	) 	 	$	1,360	 	 	$	2,328	 	 	$	2,525	 	 	$	4,135	 	
Operating income (loss)	  	$	(60	) 	 	$	1,356	 	 	$	2,295	 	 	$	3,433	 	 	$	4,716	 	
						
Equity - beginning of period, as reported	  	$	50,349	 	 	$	47,226	 	 	$	48,275	 	 	$	29,135	 	 	$	29,135	 	
Add: weighted average impact of equity issuance	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	14,734	 	 	 	14,931	 	
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	1,551	 	 	 	2,404	 	 	 	1,058	 	 	 	874	 	 	 	874	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity - beginning of period, as adjusted	  	$	48,798	 	 	$	44,822	 	 	$	47,217	 	 	$	42,995	 	 	$	43,192	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity - end of period, as reported	  	$	50,471	 	 	$	48,372	 	 	$	50,471	 	 	$	48,372	 	 	$	48,275	 	
Less: weighted average impact of equity issuance	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	793	 	 	 	596	 	
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	1,643	 	 	 	2,547	 	 	 	1,643	 	 	 	2,547	 	 	 	1,058	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity - end of period, as adjusted	  	$	48,828	 	 	$	45,825	 	 	$	48,828	 	 	$	45,032	 	 	$	46,621	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average equity, as reported	  	$	50,410	 	 	$	47,799	 	 	$	49,373	 	 	$	45,724	 	 	$	45,873	 	
Weighted average equity, as adjusted	  	$	48,813	 	 	$	45,324	 	 	$	48,023	 	 	$	44,014	 	 	$	44,907	 	
Operating ROE	  	 	-0.5	% 	 	 	12.0	% 	 	 	6.4	% 	 	 	10.4	% 	 	 	10.5	% 	
ROE	  	 	-0.6	% 	 	 	11.4	% 	 	 	6.3	% 	 	 	7.4	% 	 	 	9.0	% 	
Operating effective tax rate
The following table presents the reconciliation of effective tax rate to the operating effective tax rate:

 	  	3Q-17	 	 	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	YTD
2017	 	 	YTD
2016	 	 	Full Year
2016	 	
Tax expense (benefit), as reported	  	$	(85	) 	 	$	200	 	 	$	128	 	 	$	259	 	 	$	277	 	 	$	243	 	 	$	556	 	 	$	815	 	
Tax benefit on amortization of fair value of acquired invested assets and debt (1)	  	 	(18	) 	 	 	(20	) 	 	 	(24	) 	 	 	(22	) 	 	 	(26	) 	 	 	(62	) 	 	 	(79	) 	 	 	(101	) 	
Tax benefit on Chubb integration and related expenses	  	 	(14	) 	 	 	(22	) 	 	 	(37	) 	 	 	(37	) 	 	 	(30	) 	 	 	(73	) 	 	 	(106	) 	 	 	(143	) 	
Tax expense (benefit) on adjusted net realized gains (losses)	  	 	8	 	 	 	19	 	 	 	(2	) 	 	 	46	 	 	 	27	 	 	 	25	 	 	 	22	 	 	 	68	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tax expense (benefit), adjusted	  	$	(61	) 	 	$	223	 	 	$	191	 	 	$	272	 	 	$	306	 	 	$	353	 	 	$	719	 	 	$	991	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before tax, as reported	  	$	(155	) 	 	$	1,505	 	 	$	1,221	 	 	$	1,869	 	 	$	1,637	 	 	$	2,571	 	 	$	3,081	 	 	$	4,950	 	
Less: amortization of fair value of acquired invested assets and debt (1)	  	 	(68	) 	 	 	(72	) 	 	 	(79	) 	 	 	(88	) 	 	 	(79	) 	 	 	(219	) 	 	 	(257	) 	 	 	(345	) 	
Less: Chubb integration and related expenses	  	 	(50	) 	 	 	(72	) 	 	 	(111	) 	 	 	(131	) 	 	 	(115	) 	 	 	(233	) 	 	 	(368	) 	 	 	(499	) 	
Less: adjusted realized gains (losses)	  	 	(5	) 	 	 	103	 	 	 	(7	) 	 	 	371	 	 	 	97	 	 	 	91	 	 	 	(511	) 	 	 	(140	) 	
Less: realized gains (losses) related to unconsolidated entities	  	 	89	 	 	 	143	 	 	 	52	 	 	 	162	 	 	 	72	 	 	 	284	 	 	 	65	 	 	 	227	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before tax	  	$	(121	) 	 	$	1,403	 	 	$	1,366	 	 	$	1,555	 	 	$	1,662	 	 	$	2,648	 	 	$	4,152	 	 	$	5,707	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effective tax rate	  	 	54.7	% 	 	 	13.3	% 	 	 	10.5	% 	 	 	13.8	% 	 	 	17.0	% 	 	 	9.4	% 	 	 	18.1	% 	 	 	16.5	% 	
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt (1)	  	 	8.6	% 	 	 	0.6	% 	 	 	1.0	% 	 	 	0.5	% 	 	 	0.7	% 	 	 	1.4	% 	 	 	0.9	% 	 	 	0.8	% 	
Adjustment for tax impact of Chubb integration and related expenses	  	 	6.6	% 	 	 	0.8	% 	 	 	1.7	% 	 	 	1.0	% 	 	 	0.6	% 	 	 	1.7	% 	 	 	1.1	% 	 	 	1.1	% 	
Adjustment for tax impact of adjusted net realized gains (losses)	  	 	-19.0	% 	 	 	1.3	% 	 	 	0.8	% 	 	 	2.3	% 	 	 	0.1	% 	 	 	0.8	% 	 	 	-2.8	% 	 	 	-1.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating effective tax rate	  	 	50.9	% 	 	 	16.0	% 	 	 	14.0	% 	 	 	17.6	% 	 	 	18.4	% 	 	 	13.3	% 	 	 	17.3	% 	 	 	17.4	% 	

(1)	Related to the acquisition of The Chubb Corporation	

Reconciliation Non-GAAP 3	  	Page 34	

Chubb Limited
Non-GAAP Financial Measures - 4
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G - Non-GAAP Financial Measures (continued)
Chubb integration and related expenses, net of tax
Chubb integration and related expenses is a non-GAAP financial measure and includes all internal and external costs directly related to the integration activities of The Chubb Corp acquisition, consisting primarily of personnel-related expenses, including severance and employee retention and relocation; consulting fees; and advisor fees. Chubb integration and related expenses also include interest expense on the $5.3 billion senior notes issued in November 2015. We exclude Chubb integration expenses related to The Chubb Corp acquisition from operating income (loss) due to the size and complexity of this acquisition. We exclude the pre-acquisition interest expense from operating income (loss) because the operations for which the debt was issued were not part of our operating activities prior to the completion of the acquisition. Effective with the close of The Chubb Corp acquisition (January 14, 2016), the interest on this debt was considered a cost of our operations and is included within operating income (loss). These integration and related expenses are distortive to our results and are not indicative of our underlying profitability. We believe that excluding these integration and related expenses facilitate the comparison of our financial results to our historical operating results. The following table presents the reconciliation of Chubb integration expenses on a GAAP basis to Chubb integration and related expenses.

 	  	3Q-17	 	  	2Q-17	 	  	1Q-17	 	  	4Q-16	 	  	3Q-16	 	  	YTD
2017	 	  	YTD
2016	 	  	Full Year
2016	 	
Chubb integration expenses, net of tax	  	$	36	 	  	$	50	 	  	$	74	 	  	$	94	 	  	$	85	 	  	$	160	 	  	$	258	 	  	$	352	 	
Add: pre-acquisition interest expense related to $5.3 billion senior notes, net of tax	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	4	 	  	 	4	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Chubb integration and related expenses, net of tax	  	 	36	 	  	 	50	 	  	 	74	 	  	 	94	 	  	 	85	 	  	 	160	 	  	 	262	 	  	 	356	 	
Tax benefit	  	 	14	 	  	 	22	 	  	 	37	 	  	 	37	 	  	 	30	 	  	 	73	 	  	 	106	 	  	 	143	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Chubb integration and related expenses, pre-tax	  	$	50	 	  	$	72	 	  	$	111	 	  	$	131	 	  	$	115	 	  	$	233	 	  	$	368	 	  	$	499	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
P&C combined ratio
The following table presents the reconciliation of combined ratio to 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 P&C combined ratio also excludes the one-time pension curtailment benefit of $113 million recognized in the fourth quarter of 2016. We believe that excluding the impact of the one-time pension curtailment provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our property & casualty business that may be obscured by this item.

 	  	3Q-17	 	 	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	YTD
2017	 	 	YTD
2016	 	 	Full Year
2016	 	
Combined ratio	  	 	110.7	% 	 	 	88.0	% 	 	 	87.5	% 	 	 	86.0	% 	 	 	86.0	% 	 	 	96.0	% 	 	 	89.0	% 	 	 	88.3	% 	
Less: impact of pension curtailment benefit	  	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	1.7	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.4	% 	
Add: impact of gains and losses on crop derivatives	  	 	0.1	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.1	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C combined ratio	  	 	110.8	% 	 	 	88.0	% 	 	 	87.5	% 	 	 	87.8	% 	 	 	86.0	% 	 	 	96.0	% 	 	 	89.0	% 	 	 	88.7	% 	

Reconciliation Non-GAAP 4	  	Page 35	

Chubb Limited
Non-GAAP Financial Measures - 5
(in millions of U.S. dollars, except share and per share data)
(Unaudited)
Regulation G - Non-GAAP Financial Measures (continued)
The following presents the reconciliation of earnings per share to earnings per share, including the 14 day stub period for YTD 2016:

 	  	YTD
2016	 	 	 	  	YTD
2016	 	
Numerator	  				 	Denominator	  				
Operating income as reported	  	$	3,433	 	 	Weighted average shares outstanding and assumed conversions	  	 	464,070,811	 	
Add: 14-day stub period income	  				 	Impact of shares issued in connection with Chubb Corp acquisition	  	 	6,719,638	 	
Underwriting income	  	 	44	 	 	As If adjusted weighted average shares outstanding	  	 	470,790,449	 	
Net investment income	  	 	45	 	 		  				
Interest expense	  	 	(9	) 	 	Diluted earnings per share, including 14 day stub period	  				
Income tax expense	  	 	(20	) 	 	Operating income per share	  	$	7.42	 	
	  	 	 	 	 		  				
Total 14-day stub period income	  	 	60	 	 	Net income per share	  	$	5.49	 	
	  	 	 	 	 		  				
As If operating income, including 14 day stub period	  	$	3,493	 	 		  				
	  	 	 	 	 		  				
Net income as reported	  	$	2,525	 	 		  				
Add: 14-day stub period income from above	  	 	60	 	 		  				
	  	 	 	 	 		  				
As If net income, including 14 day stub period	  	$	2,585	 	 		  				

			
Reconciliation Non-GAAP 5	  	Page 36	

Chubb Limited
Non-GAAP Financial Measures - 6
(in millions of U.S. dollars)
(Unaudited)
Regulation G - Non-GAAP Financial Measures (continued)
The following tables presents the reconciliation of reported underwriting income (loss) for each segment to underwriting income (loss) on an “As If” basis.

 	 	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	 	
Q3 2016	 				 				 				 				 				 				 				 				 				
										
Underwriting income (loss)	 	$	426	 	 	$	169	 	 	$	90	 	 	$	384	 	 	$	53	 	 	$	(120	) 	 	$	1,002	 	 	$	1	 	 	$	1,003	 	
Less: amortization of acquired UPR intangible - Chubb Corp	 	 	176	 	 	 	101	 	 	 	—  	 	 	 	43	 	 	 	—  	 	 	 	—  	 	 	 	320	 	 	 	—  	 	 	 	320	 	
Add: elimination of DAC benefit - Chubb Corp	 	 	(150	) 	 	 	(83	) 	 	 	—  	 	 	 	(48	) 	 	 	—  	 	 	 	—  	 	 	 	(281	) 	 	 	—  	 	 	 	(281	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss) - As If	 	$	452	 	 	$	187	 	 	$	90	 	 	$	379	 	 	$	53	 	 	$	(120	) 	 	$	1,041	 	 	$	1	 	 	$	1,042	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Q4 2016	 				 				 				 				 				 				 				 				 				
										
Underwriting income (loss)	 	$	470	 	 	$	125	 	 	$	184	 	 	$	192	 	 	$	10	 	 	$	(186	) 	 	$	795	 	 	$	(7	) 	 	$	788	 	
Less: amortization of acquired UPR intangible - Chubb Corp	 	 	78	 	 	 	45	 	 	 	—  	 	 	 	21	 	 	 	—  	 	 	 	—  	 	 	 	144	 	 	 	—  	 	 	 	144	 	
Add: elimination of DAC benefit - Chubb Corp	 	 	(66	) 	 	 	(37	) 	 	 	—  	 	 	 	(24	) 	 	 	—  	 	 	 	—  	 	 	 	(127	) 	 	 	—  	 	 	 	(127	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss) - As If	 	$	482	 	 	$	133	 	 	$	184	 	 	$	189	 	 	$	10	 	 	$	(186	) 	 	$	812	 	 	$	(7	) 	 	$	805	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
YTD 2016	 				 				 				 				 				 				 				 				 				
										
Underwriting income (loss)	 	$	1,160	 	 	$	307	 	 	$	157	 	 	$	742	 	 	$	136	 	 	$	(279	) 	 	$	2,223	 	 	$	6	 	 	$	2,229	 	
Add: Pre-acquisition underwriting income (loss) (14 days prior to close)	 	 	13	 	 	 	30	 	 	 	—  	 	 	 	4	 	 	 	—  	 	 	 	(3	) 	 	 	44	 	 	 	—  	 	 	 	44	 	
Less: amortization of acquired UPR intangible - Chubb Corp	 	 	781	 	 	 	447	 	 	 	—  	 	 	 	187	 	 	 	—  	 	 	 	—  	 	 	 	1,415	 	 	 	—  	 	 	 	1,415	 	
Add: elimination of DAC benefit - Chubb Corp	 	 	(663	) 	 	 	(369	) 	 	 	—  	 	 	 	(214	) 	 	 	—  	 	 	 	—  	 	 	 	(1,246	) 	 	 	—  	 	 	 	(1,246	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss) - As If	 	$	1,291	 	 	$	415	 	 	$	157	 	 	$	719	 	 	$	136	 	 	$	(282	) 	 	$	2,436	 	 	$	6	 	 	$	2,442	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Full Year 2016	 				 				 				 				 				 				 				 				 				
										
Underwriting income (loss)	 	$	1,630	 	 	$	432	 	 	$	341	 	 	$	934	 	 	$	146	 	 	$	(465	) 	 	$	3,018	 	 	$	(1	) 	 	$	3,017	 	
Add: Pre-acquisition underwriting income (loss) (14 days prior to close)	 	 	13	 	 	 	30	 	 	 	—  	 	 	 	4	 	 	 	—  	 	 	 	(3	) 	 	 	44	 	 	 	—  	 	 	 	44	 	
Less: amortization of acquired UPR intangible - Chubb Corp	 	 	859	 	 	 	492	 	 	 	—  	 	 	 	208	 	 	 	—  	 	 	 	—  	 	 	 	1,559	 	 	 	—  	 	 	 	1,559	 	
Add: elimination of DAC benefit - Chubb Corp	 	 	(729	) 	 	 	(406	) 	 	 	—  	 	 	 	(238	) 	 	 	—  	 	 	 	—  	 	 	 	(1,373	) 	 	 	—  	 	 	 	(1,373	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss) - As If	 	$	1,773	 	 	$	548	 	 	$	341	 	 	$	908	 	 	$	146	 	 	$	(468	) 	 	$	3,248	 	 	$	(1	) 	 	$	3,247	 	

			
Reconciliation Non-GAAP 6	  	Page 37	

Chubb Limited
Glossary
Chubb Limited Consolidated comprises all segments including Corporate.
Book value per common share: Shareholders’ equity divided by the shares outstanding.
P&C combined ratio: The sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding both the life business and the one-time pension curtailment benefit in Q4 2016 and including realized gains and losses on crop derivatives.
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 and related 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 and related expenses before tax.
Tangible book value per common share: Shareholders’ equity less goodwill and other intangible assets divided by the shares outstanding.
Average market yield of fixed maturities: Weighted average yield to maturity of our fixed income portfolio based on the market prices of the holdings as of that date.
Average yield on invested assets: Net investment income divided by average cost of fixed maturities and other investments, and average market value of equity securities.
Tangible capital: Total capitalization less goodwill and other intangible assets.
Total capitalization: Short-term debt, long-term debt, trust preferreds, and shareholders’ equity.
NM: Not meaningful.
Chubb integration and related expenses: Chubb integration expenses comprise legal and professional fees and all other costs directly related to the integration activities of the Chubb Corp acquisition including the pre-acquisition interest expense on the $5.3 billion senior notes issued in November 2015. The pre-acquisition interest expense is included in operating income subsequent to January 14th, 2016, the date of the acquisition close. 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.

Glossary	  	Page 38