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) – July 25, 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 July 25, 2017, Chubb Limited issued a Press Release reporting its second quarter 2017 results and the availability of its second 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 July 25, 2017, Reporting Second Quarter 2017 Results	
		
99.2	  	Second 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: July 25, 2017

EXHIBIT INDEX

Number	  	Description	  	Method of Filing	 	
			
99.1	  	Press Release, Dated July 25, 2017, Reporting Second Quarter 2017 Results	  	 	Furnished herewith	 	
			
99.2	  	Second Quarter 2017 Financial Supplement	  	 	Furnished herewith	 	

Exhibit 99.1

	 		 	Chubb Limited
Bärengasse 32
CH-8001 Zurich
Switzerland	 	www.chubb.com
@Chubb	
News Release
Chubb Reports Second Quarter Net Income Per Share of $2.77 Versus $1.54 Prior Year and Operating Income Per Share of $2.50 Versus $2.25 Prior Year, Up 11%; P&C Combined Ratio is 88.0%
 
 	•	 	Net income was $1,305 million, up 79.6%, and operating income was $1,180 million, up 11.4%.	
 
 	•	 	Consolidated and P&C net premiums written were $7.6 billion and $7.1 billion, respectively, both down 0.8%. On a constant-dollar basis and excluding merger-related underwriting actions (1) , P&C net premiums written were up 2.6%.	
 
 	•	 	P&C underwriting income was $808 million, up 32.5%, or 19.7% on an “As If” (2) basis, leading to a P&C combined ratio of 88.0%, compared with 91.2% in 2016, or 90.2% on an “As If” basis.	
 
 	•	 	Adjusted net investment income was a record $855 million, up 4.8%.	
 
 	•	 	Annualized ROE and operating ROE were 10.5% and 9.8%, respectively.	
 
 	•	 	Book and tangible book value per share were up 2.7% and 4.3%, respectively, from prior quarter.	
 
 	•	 	Integration-related realized and annualized run-rate savings related to the ACE/Chubb merger are ahead of expectations. The company now expects to achieve annualized run-rate savings of $875 million by the end of 2018, up from the prior estimate of $800 million. Integration and merger-related expenses are now estimated to be $903 million, up from $809 million.	
 
 	(1)	Merger-related underwriting actions include the cancellation of certain portfolios or lines of business that do not meet company underwriting standards, and the purchase of additional reinsurance ( further detailed below under Operating highlights).	
 	(2)	2016 “As If” results exclude any impact to underwriting income from purchase accounting adjustments related to the acquisition of The Chubb Corporation (Chubb Corp). ACE Limited acquired Chubb Corp on January 14, 2016.	
ZURICH – July 25, 2017 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended June 30, 2017 of $1,305 million, or $2.77 per share, compared with $726 million, or $1.54 per share, for the same quarter last year. Operating income was $1,180 million, or $2.50 per share, compared with $1,058 million, or $2.25 per share, for the same quarter last year. The property and casualty (P&C) combined ratio was 88.0% for the quarter. Book value per share increased 2.7% and tangible book value per share increased 4.3% from March 31, 2017 and now stand at $108.19 and $65.23, respectively. Book value and tangible book value per share were favorably impacted by net realized and unrealized gains of $597 million after tax in the quarter, including $424 million in the company’s investment portfolio; favorable foreign currency movement of $109 million; and realized gains in the company’s variable annuity reinsurance business of $80 million.

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

Chubb Limited News Release
 
Chubb Limited
Second Quarter Summary
(in millions, except per share amounts)
(Unaudited)

 	  	 	 	 	 	 	  	 	 	 	(Per Share - Diluted)	 	
 	  	2017	 	 	2016	 	  	Change	 	 	2017	 	 	2016	 	  	Change	 	
Net income	  	$	1,305	 	 	$	726	 	  	 	79.6	% 	 	$	2.77	 	 	$	1.54	 	  	 	79.9	% 	
Chubb one-time integration and merger-related expenses, net of tax	  	 	50	 	 	 	71	 	  	 	(29.6	)% 	 	 	0.10	 	 	 	0.15	 	  	 	(33.3	)% 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	52	 	 	 	66	 	  	 	(21.2	)% 	 	 	0.11	 	 	 	0.14	 	  	 	(21.4	)% 	
Adjusted net realized (gains) losses, net of tax	  	 	(227	) 	 	 	195	 	  	 	NM	 	 	 	(0.48	) 	 	 	0.42	 	  	 	NM	 	
	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Operating income, net of tax	  	$	1,180	 	 	$	1,058	 	  	 	11.4	% 	 	$	2.50	 	 	$	2.25	 	  	 	11.1	% 	
	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
For the three months ended June 30, 2017 and 2016, the tax expenses (benefits) related to the table above were $(22) million and $(27) million, respectively, for Chubb one-time integration and merger-related expenses; $(20) million and $(29) million, respectively, for amortization of fair value adjustment of acquired invested assets and long-term debt; $19 million and $(1) million, respectively, for adjusted net realized gains and losses; and $223 million and $212 million, respectively, for operating income.
For the six months ended June 30, 2017, net income was $2,398 million, or $5.08 per share, compared with $1,165 million, or $2.53 per share, for 2016. Operating income was $2,355 million, or $4.99 per share, compared with $2,077 million, or $4.51 per share, for 2016. The P&C combined ratio for the six months ended June 30, 2017 was 87.8%. Book value per share increased 4.4% and tangible book value per share increased 7.6% from December 31, 2016. Book value and tangible book value per share were favorably impacted by net realized and unrealized gains of $958 million after tax, including $673 million in the company’s investment portfolio; favorable foreign currency movement of $227 million; and realized gains in the company’s variable annuity reinsurance business of $99 million.

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

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

 	  	 	 	 	 	 	  	 	 	 	(Per Share - Diluted)	 	
 	  	2017	 	 	2016	 	  	Change	 	 	2017	 	 	2016	 	  	Change	 	
Net income	  	$	2,398	 	 	$	1,165	 	  	 	105.8	% 	 	$	5.08	 	 	$	2.53	 	  	 	100.8	% 	
Chubb one-time integration and merger-related expenses, net of tax	  	 	124	 	 	 	177	 	  	 	(29.9	)% 	 	 	0.26	 	 	 	0.38	 	  	 	(31.6	)% 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	107	 	 	 	125	 	  	 	(14.4	)% 	 	 	0.23	 	 	 	0.27	 	  	 	(14.8	)% 	
Adjusted net realized (gains) losses, net of tax	  	 	(274	) 	 	 	610	 	  	 	NM	 	 	 	(0.58	) 	 	 	1.33	 	  	 	NM	 	
	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Operating income, net of tax	  	$	2,355	 	 	$	2,077	 	  	 	13.3	% 	 	$	4.99	 	 	$	4.51	 	  	 	10.6	% 	
	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
For the six months ended June 30, 2017 and 2016, the tax expenses (benefits) related to the table above were $(59) million and $(76) million, respectively, for Chubb one-time integration and merger-related expenses; $(44) million and $(53) million, respectively, for amortization of fair value adjustment of acquired invested assets and long-term debt; $17 million and $(5) million, respectively, for adjusted net realized gains and losses; and $414 million and $413 million, respectively, for operating income.
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “Chubb’s strong earnings this quarter were driven by world-class underwriting results and record investment income. After-tax operating income per share increased 11%, with operating earnings up 13% year-to-date. We had good book and tangible book value per share growth in the quarter of 2.7% and 4.3%, respectively, and produced an operating ROE of circa 10%.
“Our 88% P&C combined ratio, more than two points better than prior year, was truly distinguishing given soft market conditions that have continued for a number of years now. We benefited from a substantial improvement in both our expense ratio and our loss ratio as a result of merger-related efficiencies and underwriting actions as well as lower catastrophe losses. Total P&C underwriting income was up 20%.
“Although the commercial P&C market is soft around the globe, the trend for pricing improved for the business we wrote with rates flat or the rate of decline substantially slowing in most classes, while in some particularly stressed areas we achieved rate. Our premium revenue growth continued to trend better, as we projected, and was our best since the merger. We wrote less new business in line with our underwriting discipline while renewal retentions were steady.
“Overall, we are in excellent shape with our integration-related efficiency efforts and are now increasing the total annualized run-rate savings we will achieve by the end of 2018 to $875 million, up from $800 million.”

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

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

Chubb Limited	  	Q2	 	 	Q2	 	 	 	 	
(in millions of U.S. dollars except for percentages)	  	2017	 	 	2016	 	 	Change	 	
Consolidated	  				 				 				
Net premiums written	  	$	7,581	 	 	$	7,639	 	 	 	(0.8	)% 	
Net income	  	$	1,305	 	 	$	726	 	 	 	79.6	% 	
P&C	  				 				 				
Net premiums written	  	$	7,058	 	 	$	7,112	 	 	 	(0.8	)% 	
Net premiums written constant-dollar	  				 	$	7,069	 	 	 	(0.2	)% 	
Net premiums written constant-dollar – excluding merger-related underwriting actions (1.4 pts) and additional reinsurance (1.4 pts)	  				 				 	 	2.6	% 	
Underwriting income	  	$	808	 	 	$	609	 	 	 	32.5	% 	
Underwriting income – “As If”	  				 	$	675	 	 	 	19.7	% 	
Combined ratio	  	 	88.0	% 	 	 	91.2	% 	 				
Combined ratio – “As If”	  				 	 	90.2	% 	 				
Current accident year underwriting income excluding catastrophe losses	  	$	838	 	 	$	698	 	 	 	19.8	% 	
Current accident year combined ratio excluding catastrophe losses	  	 	87.5	% 	 	 	89.9	% 	 				
Current accident year combined ratio excluding catastrophe losses – “As If”	  				 	 	88.9	% 	 				
	  				 				 				
Global P&C (excludes Agriculture)	  				 				 				
Net premiums written	  	$	6,655	 	 	$	6,737	 	 	 	(1.2	)% 	
Net premiums written constant-dollar	  				 	$	6,694	 	 	 	(0.6	)% 	
Net premiums written constant-dollar – excluding merger-related underwriting actions (1.5 pts) and additional reinsurance (1.5 pts)	  				 				 	 	2.4	% 	
Underwriting income	  	$	785	 	 	$	595	 	 	 	31.6	% 	
Underwriting income – “As If”	  				 	$	661	 	 	 	18.7	% 	
Combined ratio	  	 	87.7	% 	 	 	90.9	% 	 				
Combined ratio – “As If”	  				 	 	89.9	% 	 				
Current accident year underwriting income excluding catastrophe losses	  	$	807	 	 	$	670	 	 	 	20.2	% 	
Current accident year combined ratio excluding catastrophe losses	  	 	87.4	% 	 	 	89.8	% 	 				
Current accident year combined ratio excluding catastrophe losses – “As If”	  				 	 	88.8	% 	 				
 
 	•	 	Merger-related underwriting actions and the purchase of additional reinsurance adversely impacted P&C net premiums written growth by $198 million, or 2.8 percentage points in constant dollars.	
 
 	•	 	Net premiums earned decreased 2.3%. Excluding merger-related underwriting actions, P&C net premiums earned were virtually flat with prior year.	
 
 	•	 	The P&C current accident year combined ratio excluding catastrophe losses was 87.5%, compared with 88.9% last year on an “As If” basis. The year-over-year decline of 1.4 percentage points reflects a favorable impact of 2.7 percentage points comprised of integration-related savings, post-retirement benefit savings, a favorable release of unallocated claims handling expense reserves and merger-related underwriting actions. The 2.7 percentage point benefit reduced the expense ratio by 1.7 percentage points and the loss and loss expense ratio by 1.0 percentage point. Partially offsetting this decline is an increase in the underlying loss and loss expense ratio of 1.2 percentage points, resulting in a flat loss and loss expense ratio compared with prior year.	

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

Chubb Limited News Release
 
 	•	 	Incremental realized integration-related savings in the quarter impacting the P&C segments were $104 million, which reduced administrative expenses by $67 million, policy acquisition costs by $11 million and losses and loss expenses by $26 million.	
 
 	•	 	Total pre-tax and after-tax catastrophe losses for the quarter were $200 million (3.0 percentage points of the combined ratio) and $152 million, respectively, compared with $390 million (5.7 percentage points of the combined ratio) and $311 million, respectively, last year.	
 
 	•	 	Total pre-tax and after-tax favorable prior period development for the quarter were $170 million (2.5 percentage points of the combined ratio) and $144 million, respectively, compared with $301 million (4.4 percentage points of the combined ratio) and $241 million, respectively, last year.	
 
 	•	 	Adjusted net investment income, which excludes a purchase accounting adjustment of $85 million, was a record $855 million. Adjusted net investment income for the quarter exceeded prior guidance due to higher private equity distributions and increased call activity in the company’s corporate bond portfolio.	
 
 	•	 	Operating cash flow was $627 million.	
 
 	•	 	Share repurchases totaled $335 million, or approximately 2.4 million shares, during the quarter. The company has repurchased approximately 3.4 million shares for $475 million through June 30, 2017.	
 
 	•	 	Net loss reserves increased $226 million in the quarter.	

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 June 30, 2017 are presented below:

Chubb Limited	  	Q2	 	 	Q2	 	 	 	 	
(in millions of U.S. dollars except for percentages)	  	2017	 	 	2016	 	 	Change	 	
North America Commercial P&C Insurance	  				 				 				
Net premiums written	  	$	3,204	 	 	$	3,245	 	 	 	(1.3	)% 	
Net premiums written – excluding merger-related underwriting actions (1.8 pts) and additional reinsurance (0.8 pts)	  				 				 	 	1.3	% 	
Combined ratio	  	 	85.2	% 	 	 	89.5	% 	 				
Combined ratio – “As If”	  				 	 	88.0	% 	 				
Current accident year combined ratio excluding catastrophe losses	  	 	86.1	% 	 	 	89.7	% 	 				
Current accident year combined ratio excluding catastrophe losses – “As If”	  				 	 	88.3	% 	 				
				
North America Personal P&C Insurance	  				 				 				
Net premiums written	  	$	1,255	 	 	$	1,231	 	 	 	2.0	% 	
Net premiums written – excluding additional reinsurance (6.0 pts)	  				 				 	 	8.0	% 	
Combined ratio	  	 	89.6	% 	 	 	90.1	% 	 				
Combined ratio – “As If”	  				 	 	87.6	% 	 				
Current accident year combined ratio excluding catastrophe losses	  	 	79.3	% 	 	 	83.0	% 	 				
Current accident year combined ratio excluding catastrophe losses – “As If”	  				 	 	80.5	% 	 				
				
Overseas General Insurance	  				 				 				
				
Net premiums written	  	$	2,006	 	 	$	2,031	 	 	 	(1.2	)% 	
Net premiums written constant-dollar	  				 	$	1,999	 	 	 	0.3	% 	
Net premiums written constant-dollar – excluding merger-related underwriting actions (1.9 pts) and additional reinsurance (0.1 pt)	  				 				 	 	2.3	% 	
Combined ratio	  	 	87.3	% 	 	 	90.9	% 	 				
Combined ratio – “As If”	  				 	 	91.3	% 	 				
Current accident year combined ratio excluding catastrophe losses	  	 	91.2	% 	 	 	91.5	% 	 				
Current accident year combined ratio excluding catastrophe losses – “As If”	  				 	 	92.0	% 	 				
 
 	•	 	North America Agricultural Insurance: Net premiums written increased 7.7%. The combined ratio was 93.3%, compared with 95.9%. The current accident year combined ratio excluding catastrophe losses was 91.1%, compared with 91.6%.	
 	•	 	Global Reinsurance: Net premiums written decreased 17.7%, or 16.5% in constant dollars, due to market conditions. The combined ratio was 60.2%, compared with 79.8%. The current accident year combined ratio excluding catastrophe losses was 77.0%, compared with 78.9%.	
 	•	 	Life Insurance: Segment income was $52 million, compared with $74 million, primarily reflecting the adverse impact of updating the long-term benefit ratio in the variable annuity business in the fourth quarter of 2016. International life insurance net premiums written and deposits collected increased 8.0% in constant dollars.	

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

Chubb Limited News Release
 
The following table presents actual and expected annualized and realized integration-related savings, integration and merger-related expenses, and post-retirement benefit savings by year:

 	  	Actual	 	  	Expected	 	
(in millions)	  	FY 2015	 	  	FY 2016	 	  	YTD 2017	 	  	FY 2017	 	  	FY 2018	 	  	Total	 	
Cumulative Chubb integration-related savings  (1)	  				  				  				  				  				  				
Annualized savings	  				  	$	578	 	  	$	775	 	  	$	825	 	  	$	875	 	  	$	875	 	
Realized savings	  				  	$	325	 	  	$	554	 	  	$	710	 	  	$	845	 	  	$	875	 	
Chubb integration and merger-related expenses (2)	  				  				  				  				  				  				
One-time integration expenses related to savings	  	$	22	 	  	$	299	 	  	$	144	 	  	$	233	 	  	$	18	 	  	$	572	 	
Other one-time merger-related expenses	  	 	11	 	  	 	193	 	  	 	39	 	  	 	116	 	  	 	12	 	  	 	331	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total expected integration and merger-related expenses	  	$	33	 	  	$	492	 	  	$	183	 	  	$	349	 	  	$	30	 	  	$	903	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Cumulative annualized post-retirement benefit savings	  				  	$	15	 	  	$	95	 	  	$	115	 	  	$	115	 	  	$	115	 	

 	(1)	Realized savings are the portion that is recorded in the financial statements in the current period. Annualized savings are the run rate of savings for the full year.	
 	(2)	Integration expenses related to savings are one-time costs that are directly attributable to the achievement of the annualized savings, including employee severance, third-party consulting fees, and systems integration expenses. Other merger-related expenses are one-time costs directly attributable to the merger, including rebranding, employee retention costs and other professional and legal fees related to the acquisition.	
Please refer to the Chubb Limited Financial Supplement , dated June 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 second quarter earnings conference call on Wednesday, July 26, 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 888-576-4380 (within the United States) or 719-325-2353 (international), passcode 9589358. Please refer to the Chubb investor relations website under Events and Presentations for details. A replay of the call will be available until Thursday, August 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.

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

Chubb Limited News Release
 
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.	  	8	

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.
2016 “As If” company measures presented throughout this section are prepared 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.
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

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

Chubb Limited News Release
 
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 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 should not be viewed as a substitute for net income determined in accordance with GAAP. In addition, we disclose operating income excluding the impact of foreign exchange in order to adjust for the distortive effects of fluctuations in exchange rates. 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 and net premiums earned excluding merger-related underwriting actions, including additional reinsurance are non-GAAP performance measures. 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 believe that these measures are meaningful to evaluate trends in our underlying business on a comparable basis.

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

Chubb Limited News Release
 
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 31-36 in the Financial Supplement. These measures should not be viewed as a substitute for measures determined in accordance with GAAP or with SEC guidance under Article 11 for pro forma measures, including premium, net income, return on equity, adjusted net investment income, and effective tax rate.
NM – not meaningful comparison

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

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, merger-related savings and synergies, 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.	  	12	

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

 	  	June 30
2017	 	  	December 31
2016	 	
Assets	  				  				
Investments	  	$	100,208	 	  	$	99,094	 	
Cash	  	 	1,297	 	  	 	985	 	
Insurance and reinsurance balances receivable	  	 	9,662	 	  	 	8,970	 	
Reinsurance recoverable on losses and loss expenses	  	 	13,358	 	  	 	13,577	 	
Goodwill and other intangible assets	  	 	22,013	 	  	 	22,095	 	
Other assets	  	 	16,450	 	  	 	15,065	 	
	  	 	 	 	  	 	 	 	
Total assets	  	$	162,988	 	  	$	159,786	 	
	  	 	 	 	  	 	 	 	
Liabilities	  				  				
Unpaid losses and loss expenses	  	$	60,394	 	  	$	60,540	 	
Unearned premiums	  	 	15,289	 	  	 	14,779	 	
Other liabilities	  	 	36,956	 	  	 	36,192	 	
	  	 	 	 	  	 	 	 	
Total liabilities	  	$	112,639	 	  	$	111,511	 	
	  	 	 	 	  	 	 	 	
Shareholders’ equity	  				  				
Total shareholders’ equity	  	 	50,349	 	  	 	48,275	 	
	  	 	 	 	  	 	 	 	
Total liabilities and shareholders’ equity	  	$	162,988	 	  	$	159,786	 	
	  	 	 	 	  	 	 	 	
Book value per common share	  	$	108.19	 	  	$	103.60	 	
Tangible book value per common share	  	$	65.23	 	  	$	60.64	 	
Book value per common share excluding cumulative translation losses (1)	  	$	111.27	 	  	$	107.17	 	
Tangible book value per common share excluding cumulative translation losses (1)	  	$	67.42	 	  	$	63.10	 	
 
(1)	Cumulative translation losses were $1.4 billion in 2017 ($1,022 million on tangible and $412 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.	  	13	

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

 	  	Three Months Ended	 	 	Six Months Ended	 	
 	  	June 30	 	 	June 30	 	
 	  	2017	 	 	2016	 	 	2017	 	 	2016	 	
Gross premiums written	  	$	9,305	 	 	$	9,274	 	 	$	17,706	 	 	$	16,663	 	
Net premiums written	  	 	7,581	 	 	 	7,639	 	 	 	14,291	 	 	 	13,634	 	
Net premiums earned	  	 	7,237	 	 	 	7,405	 	 	 	14,009	 	 	 	14,002	 	
Losses and loss expenses	  	 	4,146	 	 	 	4,254	 	 	 	7,935	 	 	 	7,928	 	
Policy benefits	  	 	163	 	 	 	146	 	 	 	331	 	 	 	272	 	
Policy acquisition costs	  	 	1,449	 	 	 	1,560	 	 	 	2,846	 	 	 	2,973	 	
Administrative expenses	  	 	706	 	 	 	829	 	 	 	1,382	 	 	 	1,601	 	
Net investment income	  	 	770	 	 	 	708	 	 	 	1,515	 	 	 	1,382	 	
Net realized gains (losses)	  	 	101	 	 	 	(216	) 	 	 	94	 	 	 	(610	) 	
Interest expense	  	 	147	 	 	 	153	 	 	 	301	 	 	 	299	 	
Other income (expense):	  				 				 				 				
Gains (losses) from separate account assets	  	 	16	 	 	 	3	 	 	 	46	 	 	 	—  	 	
Other	  	 	129	 	 	 	26	 	 	 	169	 	 	 	1	 	
Amortization of purchased intangibles	  	 	65	 	 	 	5	 	 	 	129	 	 	 	12	 	
Chubb integration expenses	  	 	72	 	 	 	98	 	 	 	183	 	 	 	246	 	
Income tax expense	  	 	200	 	 	 	155	 	 	 	328	 	 	 	279	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	1,305	 	 	$	726	 	 	$	2,398	 	 	$	1,165	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings per share:	  				 				 				 				
Operating income	  	$	2.50	 	 	$	2.25	 	 	$	4.99	 	 	$	4.51	 	
Net income	  	$	2.77	 	 	$	1.54	 	 	$	5.08	 	 	$	2.53	 	
					
Weighted average diluted shares outstanding	  	 	471.9	 	 	 	471.2	 	 	 	472.1	 	 	 	460.5	 	
					
P&C combined ratio	  				 				 				 				
Loss and loss expense ratio	  	 	59.0	% 	 	 	59.6	% 	 	 	58.2	% 	 	 	58.5	% 	
Policy acquisition cost ratio	  	 	19.6	% 	 	 	20.6	% 	 	 	20.0	% 	 	 	20.9	% 	
Administrative expense ratio	  	 	9.4	% 	 	 	11.0	% 	 	 	9.6	% 	 	 	11.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C combined ratio	  	 	88.0	% 	 	 	91.2	% 	 	 	87.8	% 	 	 	90.6	% 	
					
P&C underwriting income	  	$	808	 	 	$	609	 	 	$	1,591	 	 	$	1,221	 	

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

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

 	  	Three Months Ended
June 30	 	 	Six Months Ended
June 30	 	
 	  	2017	 	 	2016	 	 	2017	 	 	2016	 	
Gross Premiums Written	 	 				 				
North America Commercial P&C Insurance	  	$	4,078	 	 	$	4,041	 	 	$	7,743	 	 	$	7,045	 	
North America Personal P&C Insurance	  	 	1,409	 	 	 	1,369	 	 	 	2,554	 	 	 	2,343	 	
North America Agricultural Insurance	  	 	569	 	 	 	545	 	 	 	736	 	 	 	681	 	
Overseas General Insurance	  	 	2,464	 	 	 	2,494	 	 	 	5,126	 	 	 	5,010	 	
Global Reinsurance	  	 	228	 	 	 	268	 	 	 	440	 	 	 	481	 	
Life Insurance	  	 	557	 	 	 	557	 	 	 	1,107	 	 	 	1,103	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	9,305	 	 	$	9,274	 	 	$	17,706	 	 	$	16,663	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Premiums Written	 	 				 				
North America Commercial P&C Insurance	  	$	3,204	 	 	$	3,245	 	 	$	5,946	 	 	$	5,547	 	
North America Personal P&C Insurance	  	 	1,255	 	 	 	1,231	 	 	 	2,239	 	 	 	2,102	 	
North America Agricultural Insurance	  	 	403	 	 	 	375	 	 	 	464	 	 	 	439	 	
Overseas General Insurance	  	 	2,006	 	 	 	2,031	 	 	 	4,206	 	 	 	4,072	 	
Global Reinsurance	  	 	190	 	 	 	230	 	 	 	389	 	 	 	431	 	
Life Insurance	  	 	523	 	 	 	527	 	 	 	1,047	 	 	 	1,043	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	7,581	 	 	$	7,639	 	 	$	14,291	 	 	$	13,634	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Premiums Earned	 	 				 				
North America Commercial P&C Insurance	  	$	3,099	 	 	$	3,148	 	 	$	6,140	 	 	$	6,044	 	
North America Personal P&C Insurance	  	 	1,093	 	 	 	1,140	 	 	 	2,179	 	 	 	2,164	 	
North America Agricultural Insurance	  	 	344	 	 	 	327	 	 	 	358	 	 	 	350	 	
Overseas General Insurance	  	 	2,018	 	 	 	2,093	 	 	 	3,954	 	 	 	4,048	 	
Global Reinsurance	  	 	168	 	 	 	185	 	 	 	357	 	 	 	387	 	
Life Insurance	  	 	515	 	 	 	512	 	 	 	1,021	 	 	 	1,009	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	7,237	 	 	$	7,405	 	 	$	14,009	 	 	$	14,002	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	 	 				 				
North America Commercial P&C Insurance	  	$	952	 	 	$	810	 	 	$	1,889	 	 	$	1,637	 	
North America Personal P&C Insurance	  	 	164	 	 	 	160	 	 	 	386	 	 	 	224	 	
North America Agricultural Insurance	  	 	21	 	 	 	11	 	 	 	113	 	 	 	62	 	
Overseas General Insurance	  	 	396	 	 	 	329	 	 	 	625	 	 	 	637	 	
Global Reinsurance	  	 	131	 	 	 	104	 	 	 	227	 	 	 	218	 	
Life Insurance	  	 	52	 	 	 	74	 	 	 	114	 	 	 	134	 	
Corporate	  	 	(153	) 	 	 	(52	) 	 	 	(259	) 	 	 	(107	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	1,563	 	 	$	1,436	 	 	$	3,095	 	 	$	2,805	 	

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

Exhibit 99.2

Chubb Limited
Financial Supplement
for the Quarter Ended June 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	 	
	 	- Summary Consolidated Balance Sheets	  	 	5	 	
	 	- Line of Business	  	 	6	 	
	 	- Consolidated Results by Segment	  	 	7 - 10	 	
			
III.	 	Global P&C Results	  				
	 	- Global P&C Underwriting Results - Consecutive Quarters	  	 	11	 	
			
IV.	 	Segment Results	  				
	 	- North America Commercial P&C Insurance	  	 	12	 	
	 	- North America Personal P&C Insurance	  	 	13	 	
	 	- North America Agricultural Insurance	  	 	14	 	
	 	- Overseas General Insurance	  	 	15 - 16	 	
	 	- Global Reinsurance	  	 	17	 	
	 	- Life Insurance	  	 	18	 	
	 	- Corporate	  	 	19	 	
			
V.	 	Balance Sheet Details	  				
	 	- Loss Reserve Rollforward	  	 	20	 	
	 	- Reinsurance Recoverable Analysis	  	 	21	 	
	 	- Investment Portfolio	  	 	22 - 25	 	
	 	- Net Realized and Unrealized Gains (Losses)	  	 	26 - 27	 	
	 	- Debt and Capital	  	 	28	 	
	 	- Computation of Basic and Diluted Earnings Per Share	  	 	29	 	
	 	- Book Value and Book Value per Common Share	  	 	30	 	
			
VI.	 	Other Disclosures	  				
	 	- Non-GAAP Financial Measures	  	 	31 - 36	 	
	 	- Glossary	  	 	37	 	
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)

 	  	 	 	 	 	 	 	 	 	 	 	 	  	Constant $	 	
 	  	 	 	 	 	 	 	% Change	 	 	 	 	  	% Change	 	
 	  	Three months ended June 30	 	 	2Q-17 vs.	 	 	Constant $	 	  	2Q-17 vs.	 	
 	  	2017	 	 	2016	 	 	2Q-16	 	 	2016	 	  	2Q-16	 	
Gross premiums written	  	$	9,305	 	 	$	9,274	 	 	 	0.3	% 	 	$	9,228	 	  	 	0.8	% 	
Net premiums written	  	$	7,581	 	 	$	7,639	 	 	 	-0.8	% 	 	$	7,598	 	  	 	-0.2	% 	
P&C net premiums written	  	$	7,058	 	 	$	7,112	 	 	 	-0.8	% 	 	$	7,069	 	  	 	-0.2	% 	
Global P&C net premiums written	  	$	6,655	 	 	$	6,737	 	 	 	-1.2	% 	 	$	6,694	 	  	 	-0.6	% 	
Net premiums earned	  	$	7,237	 	 	$	7,405	 	 	 	-2.3	% 	 	$	7,368	 	  	 	-1.8	% 	
Net investment income	  	$	770	 	 	$	708	 	 	 	8.8	% 	 	$	703	 	  	 	9.6	% 	
Adjusted net investment income	  	$	855	 	 	$	816	 	 	 	4.8	% 	 	$	811	 	  	 	5.5	% 	
Operating income	  	$	1,180	 	 	$	1,058	 	 	 	11.4	% 	 	$	1,054	 	  	 	11.8	% 	
Net income	  	$	1,305	 	 	$	726	 	 	 	79.6	% 	 				  				
Operating cash flow	  	$	627	 	 	$	1,133	 	 				 				  				
P&C combined ratio	  				 				 				 				  				
Loss and loss expense ratio	  	 	59.0	% 	 	 	59.6	% 	 				 				  				
Underwriting and administrative expense ratio	  	 	29.0	% 	 	 	31.6	% 	 				 				  				
	  	 	 	 	 	 	 	 	 				 				  				
Combined ratio	  	 	88.0	% 	 	 	91.2	% 	 				 				  				
P&C combined ratio - As If	  				 				 				 				  				
Loss and loss expense ratio - As If	  				 	 	59.6	% 	 				 				  				
Underwriting and administrative expense ratio - As If	  				 	 	30.6	% 	 				 				  				
	  				 	 	 	 	 				 				  				
Combined ratio - As If	  				 	 	90.2	% 	 				 				  				
Operating return on equity (ROE)	  	 	9.8	% 	 	 	9.5	% 	 				 				  				
ROE	  	 	10.5	% 	 	 	6.2	% 	 				 				  				
Operating effective tax rate	  	 	16.0	% 	 	 	16.7	% 	 				 				  				
Effective tax rate	  	 	13.3	% 	 	 	17.6	% 	 				 				  				
Diluted earnings per share	  				 				 				 				  				
Operating income	  	$	2.50	 	 	$	2.25	 	 	 	11.1	% 	 				  				
Net income	  	$	2.77	 	 	$	1.54	 	 	 	79.9	% 	 				  				
Weighted average basic common shares outstanding	  	 	468.0	 	 	 	467.7	 	 				 				  				
Weighted average diluted common shares outstanding	  	 	471.9	 	 	 	471.2	 	 				 				  				

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	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	Constant $	 	 	 	 	 	 	 	 	 	 	 	Constant $	 	
 	 	 	 	 	 	 	 	% Change	 	 	 	 	 	% Change	 	 	 	 	 	% Change	 	 	 	 	 	% Change	 	
 	 	Six months ended June 30	 	 	YTD-17 vs	 	 	Constant $	 	 	YTD-17 vs	 	 	YTD	 	 	YTD-17 vs	 	 	Constant $	 	 	YTD-17 vs	 	
 	 	2017	 	 	2016	 	 	YTD-16	 	 	2016	 	 	YTD-16	 	 	2016	 	 	YTD-16	 	 	2016	 	 	YTD-16	 	
Gross premiums written	 	$	17,706	 	 	$	16,663	 	 	 	6.3	% 	 	$	16,596	 	 	 	6.7	% 	 	$	17,595	 	 	 	0.6	% 	 	$	17,529	 	 	 	1.0	% 	
Net premiums written	 	$	14,291	 	 	$	13,634	 	 	 	4.8	% 	 	$	13,570	 	 	 	5.3	% 	 	$	14,489	 	 	 	-1.4	% 	 	$	14,425	 	 	 	-0.9	% 	
P&C net premiums written	 	$	13,244	 	 	$	12,591	 	 	 	5.2	% 	 	$	12,522	 	 	 	5.8	% 	 	$	13,445	 	 	 	-1.5	% 	 	$	13,375	 	 	 	-1.0	% 	
Global P&C net premiums written	 	$	12,780	 	 	$	12,152	 	 	 	5.2	% 	 	$	12,083	 	 	 	5.8	% 	 	$	13,006	 	 	 	-1.7	% 	 	$	12,936	 	 	 	-1.2	% 	
Net premiums earned	 	$	14,009	 	 	$	14,002	 	 	 	0.1	% 	 	$	13,964	 	 	 	0.3	% 	 				 				 				 				
Net investment income	 	$	1,515	 	 	$	1,382	 	 	 	9.6	% 	 	$	1,374	 	 	 	10.3	% 	 				 				 				 				
Adjusted net investment income	 	$	1,691	 	 	$	1,583	 	 	 	6.8	% 	 	$	1,575	 	 	 	7.4	% 	 				 				 				 				
Operating income	 	$	2,355	 	 	$	2,077	 	 	 	13.3	% 	 	$	2,070	 	 	 	13.7	% 	 				 				 				 				
Net income	 	$	2,398	 	 	$	1,165	 	 	 	105.8	% 	 				 				 				 				 				 				
Operating cash flow	 	$	1,640	 	 	$	2,153	 	 				 				 				 				 				 				 				
P&C combined ratio	 				 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	58.2	% 	 	 	58.5	% 	 				 				 				 	 	58.5	% 	 				 				 				
Underwriting and administrative expense ratio	 	 	29.6	% 	 	 	32.1	% 	 				 				 				 	 	31.1	% 	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 				 				 				
Combined ratio	 	 	87.8	% 	 	 	90.6	% 	 				 				 				 	 	89.6	% 	 				 				 				
Operating return on equity (ROE)	 	 	9.8	% 	 	 	9.8	% 	 				 				 				 				 				 				 				
ROE	 	 	9.7	% 	 	 	5.3	% 	 				 				 				 				 				 				 				
Operating effective tax rate	 	 	15.0	% 	 	 	16.6	% 	 				 				 				 				 				 				 				
Effective tax rate	 	 	12.0	% 	 	 	19.3	% 	 				 				 				 				 				 				 				
Diluted earnings per share	 				 				 				 				 				 				 				 				 				
Operating income	 	$	4.99	 	 	$	4.51	 	 	 	10.6	% 	 				 				 				 				 				 				
Net income	 	$	5.08	 	 	$	2.53	 	 	 	100.8	% 	 				 				 				 				 				 				
Full six months diluted earnings per share  (1)	 				 				 				 				 				 				 				 				 				
Operating income	 				 	$	4.54	 	 				 				 				 				 				 				 				
Net income	 				 	$	2.60	 	 				 				 				 				 				 				 				
 	 	 	 	 	 	 	 	 	 	 	December 31
2016	 	 	% Change
2Q-17 vs
4Q-16	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share	 	$	108.19	 	 				 				 	$	103.60	 	 	 	4.4	% 	 				 				 				 				
Tangible book value per common share	 	$	65.23	 	 				 				 	$	60.64	 	 	 	7.6	% 	 				 				 				 				
Weighted average basic common shares outstanding	 	 	468.2	 	 	 	457.1	 	 				 				 				 				 				 				 				
Weighted average diluted common shares outstanding	 	 	472.1	 	 	 	460.5	 	 				 				 				 				 				 				 				
Total hybrid & financial debt/capitalization	 	 	20.4	% 	 	 	22.1	% 	 				 	 	21.8	% 	 				 				 				 				 				
 
(1)	Full six 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.	

Financial Highlights - YTD	  	Page 2	

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

 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	Consolidated Statements of Operations	  	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	2Q-16	 	 	2017	 	 	2016	 	 	2016	 	
	  	Gross premiums written	  	$	9,305	 	 	$	8,401	 	 	$	8,837	 	 	$	9,483	 	 	$	9,274	 	 	$	17,706	 	 	$	16,663	 	 	$	34,983	 	
	  	Net premiums written	  	 	7,581	 	 	 	6,710	 	 	 	6,938	 	 	 	7,573	 	 	 	7,639	 	 	 	14,291	 	 	 	13,634	 	 	 	28,145	 	
	  	Net premiums earned	  	 	7,237	 	 	 	6,772	 	 	 	7,059	 	 	 	7,688	 	 	 	7,405	 	 	 	14,009	 	 	 	14,002	 	 	 	28,749	 	
(1)	  	Adjusted losses and loss expenses	  	 	4,148	 	 	 	3,789	 	 	 	3,884	 	 	 	4,266	 	 	 	4,256	 	 	 	7,937	 	 	 	7,930	 	 	 	16,080	 	
	  	Realized (gains) losses on crop derivatives	  	 	2	 	 	 	—  	 	 	 	6	 	 	 	(3	) 	 	 	2	 	 	 	2	 	 	 	2	 	 	 	5	 	
	  	Pension curtailment benefit	  	 	—  	 	 	 	—  	 	 	 	(23	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(23	) 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	Losses and loss expenses	  	 	4,146	 	 	 	3,789	 	 	 	3,855	 	 	 	4,269	 	 	 	4,254	 	 	 	7,935	 	 	 	7,928	 	 	 	16,052	 	
	  	Policy benefits	  	 	163	 	 	 	168	 	 	 	161	 	 	 	155	 	 	 	146	 	 	 	331	 	 	 	272	 	 	 	588	 	
	  	Policy acquisition costs	  	 	1,449	 	 	 	1,397	 	 	 	1,417	 	 	 	1,514	 	 	 	1,560	 	 	 	2,846	 	 	 	2,973	 	 	 	5,904	 	
(2)	  	Adjusted administrative expenses	  	 	706	 	 	 	676	 	 	 	798	 	 	 	772	 	 	 	829	 	 	 	1,382	 	 	 	1,601	 	 	 	3,171	 	
	  	Pension curtailment benefit	  	 	—  	 	 	 	—  	 	 	 	(90	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(90	) 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	Administrative expenses	  	 	706	 	 	 	676	 	 	 	708	 	 	 	772	 	 	 	829	 	 	 	1,382	 	 	 	1,601	 	 	 	3,081	 	
(3)	  	Adjusted net investment income	  	 	855	 	 	 	836	 	 	 	845	 	 	 	830	 	 	 	816	 	 	 	1,691	 	 	 	1,583	 	 	 	3,258	 	
	  	Amortization expense of fair value adjustment on acquired invested assets	  	 	(85	) 	 	 	(91	) 	 	 	(101	) 	 	 	(91	) 	 	 	(108	) 	 	 	(176	) 	 	 	(201	) 	 	 	(393	) 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	Net investment income	  	 	770	 	 	 	745	 	 	 	744	 	 	 	739	 	 	 	708	 	 	 	1,515	 	 	 	1,382	 	 	 	2,865	 	
(4)	  	Adjusted realized gains (losses)	  	 	103	 	 	 	(7	) 	 	 	371	 	 	 	97	 	 	 	(214	) 	 	 	96	 	 	 	(608	) 	 	 	(140	) 	
	  	Realized gains (losses) on crop derivatives	  	 	(2	) 	 	 	—  	 	 	 	(6	) 	 	 	3	 	 	 	(2	) 	 	 	(2	) 	 	 	(2	) 	 	 	(5	) 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	Net realized gains (losses)	  	 	101	 	 	 	(7	) 	 	 	365	 	 	 	100	 	 	 	(216	) 	 	 	94	 	 	 	(610	) 	 	 	(145	) 	
(5)	  	Adjusted interest expense	  	 	160	 	 	 	166	 	 	 	167	 	 	 	164	 	 	 	166	 	 	 	326	 	 	 	315	 	 	 	646	 	
	  	Interest expense related to pre-acquisition debt	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	7	 	 	 	7	 	
	  	Amortization benefit of fair value adjustment on acquired long term debt	  	 	(13	) 	 	 	(12	) 	 	 	(13	) 	 	 	(12	) 	 	 	(13	) 	 	 	(25	) 	 	 	(23	) 	 	 	(48	) 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	Interest expense	  	 	147	 	 	 	154	 	 	 	154	 	 	 	152	 	 	 	153	 	 	 	301	 	 	 	299	 	 	 	605	 	
	  	Gains (losses) from fair value changes in separate account assets	  	 	16	 	 	 	30	 	 	 	(11	) 	 	 	22	 	 	 	3	 	 	 	46	 	 	 	—  	 	 	 	11	 	
	  	Net realized gains (losses) related to unconsolidated entities	  	 	143	 	 	 	52	 	 	 	162	 	 	 	72	 	 	 	18	 	 	 	195	 	 	 	(7	) 	 	 	227	 	
	  	Other income (expense) - operating	  	 	(14	) 	 	 	(12	) 	 	 	(21	) 	 	 	(3	) 	 	 	8	 	 	 	(26	) 	 	 	8	 	 	 	(16	) 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	Other income (expense)	  	 	145	 	 	 	70	 	 	 	130	 	 	 	91	 	 	 	29	 	 	 	215	 	 	 	1	 	 	 	222	 	
	  	Amortization expense of purchased intangibles	  	 	65	 	 	 	64	 	 	 	3	 	 	 	4	 	 	 	5	 	 	 	129	 	 	 	12	 	 	 	19	 	
	  	Chubb integration expenses	  	 	72	 	 	 	111	 	 	 	131	 	 	 	115	 	 	 	98	 	 	 	183	 	 	 	246	 	 	 	492	 	
	  	Income tax expense	  	 	200	 	 	 	128	 	 	 	259	 	 	 	277	 	 	 	155	 	 	 	328	 	 	 	279	 	 	 	815	 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	Net income	  	$	1,305	 	 	$	1,093	 	 	$	1,610	 	 	$	1,360	 	 	$	726	 	 	$	2,398	 	 	$	1,165	 	 	$	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	 	
Chubb Limited P&C Underwriting Results	  	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	2Q-16	 	 	2017	 	 	2016	 	 	2016	 	
P&C Underwriting Income (Including Corporate and excluding Life Insurance)	 	 				 				 				 				 				 				 				
Gross premiums written	  	$	8,748	 	 	$	7,851	 	 	$	8,260	 	 	$	8,921	 	 	$	8,717	 	 	$	16,599	 	 	$	15,560	 	 	$	32,741	 	
Net premiums written	  	 	7,058	 	 	 	6,186	 	 	 	6,389	 	 	 	7,041	 	 	 	7,112	 	 	 	13,244	 	 	 	12,591	 	 	 	26,021	 	
Net premiums earned	  	 	6,722	 	 	 	6,266	 	 	 	6,525	 	 	 	7,176	 	 	 	6,893	 	 	 	12,988	 	 	 	12,993	 	 	 	26,694	 	
Adjusted losses and loss expenses	  	 	3,966	 	 	 	3,596	 	 	 	3,719	 	 	 	4,092	 	 	 	4,109	 	 	 	7,562	 	 	 	7,606	 	 	 	15,417	 	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	  	 	1,319	 	 	 	1,283	 	 	 	1,150	 	 	 	1,067	 	 	 	898	 	 	 	2,602	 	 	 	1,619	 	 	 	3,836	 	
Amortization of acquired UPR intangible - Chubb Corp	  	 	—  	 	 	 	—  	 	 	 	144	 	 	 	320	 	 	 	525	 	 	 	—  	 	 	 	1,095	 	 	 	1,559	 	
Adjusted administrative expenses	  	 	629	 	 	 	604	 	 	 	717	 	 	 	695	 	 	 	752	 	 	 	1,233	 	 	 	1,452	 	 	 	2,864	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C Underwriting income	  	$	808	 	 	$	783	 	 	$	795	 	 	$	1,002	 	 	$	609	 	 	$	1,591	 	 	$	1,221	 	 	$	3,018	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C Underwriting income - As If	  				 				 	$	812	 	 	$	1,041	 	 	$	675	 	 				 	$	1,395	 	 	$	3,248	 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	-0.8	% 	 	 	12.9	% 	 	 	76.1	% 	 	 	67.0	% 	 	 	66.0	% 	 	 	5.2	% 	 	 	65.5	% 	 	 	65.6	% 	
Net premiums earned	  	 	-2.5	% 	 	 	2.7	% 	 	 	76.3	% 	 	 	69.3	% 	 	 	77.9	% 	 	 	0.0	% 	 	 	83.1	% 	 	 	74.8	% 	
Net premiums written constant $	  	 	-0.2	% 	 	 	13.4	% 	 	 	77.1	% 	 	 	68.8	% 	 	 	68.8	% 	 	 	5.8	% 	 	 	65.5	% 	 	 	69.1	% 	
Net premiums earned constant $	  	 	-2.0	% 	 	 	2.8	% 	 	 	77.1	% 	 	 	71.0	% 	 	 	81.1	% 	 	 	0.3	% 	 	 	83.1	% 	 	 	78.2	% 	
% Change versus prior year period - As If *	  				 				 				 				 				 				 				 				
Net premiums written	  	 	-0.8	% 	 	 	-2.3	% 	 	 	-4.2	% 	 	 	-4.5	% 	 	 	-6.2	% 	 	 	-1.5	% 	 	 	-5.9	% 	 	 	-5.1	% 	
Net premiums written constant $	  	 	-0.2	% 	 	 	-1.9	% 	 	 	-3.5	% 	 	 	-3.4	% 	 	 	-4.7	% 	 	 	-1.0	% 	 	 	-3.2	% 	 	 	-3.3	% 	
Net premiums written constant $ excluding merger-related underwriting actions & accounting policy alignment (1)	  	 	2.6	% 	 	 	2.2	% 	 	 	-0.4	% 	 	 	1.1	% 	 	 	-3.5	% 	 	 	2.5	% 	 	 	-2.3	% 	 	 	-1.0	% 	
P&C combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	59.0	% 	 	 	57.4	% 	 	 	57.0	% 	 	 	57.0	% 	 	 	59.6	% 	 	 	58.2	% 	 	 	58.5	% 	 	 	57.8	% 	
Policy acquisition cost ratio	  	 	19.6	% 	 	 	20.5	% 	 	 	19.8	% 	 	 	19.3	% 	 	 	20.6	% 	 	 	20.0	% 	 	 	20.9	% 	 	 	20.2	% 	
Administrative expense ratio	  	 	9.4	% 	 	 	9.6	% 	 	 	11.0	% 	 	 	9.7	% 	 	 	11.0	% 	 	 	9.6	% 	 	 	11.2	% 	 	 	10.7	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	88.0	% 	 	 	87.5	% 	 	 	87.8	% 	 	 	86.0	% 	 	 	91.2	% 	 	 	87.8	% 	 	 	90.6	% 	 	 	88.7	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	87.5	% 	 	 	88.0	% 	 	 	87.4	% 	 	 	88.9	% 	 	 	89.9	% 	 	 	87.8	% 	 	 	89.9	% 	 	 	89.0	% 	
P&C Combined ratio - As If	  				 				 				 				 				 				 				 				
Loss and loss expense ratio - As If	  				 				 	 	57.0	% 	 	 	57.0	% 	 	 	59.6	% 	 				 	 	58.5	% 	 	 	57.7	% 	
Policy acquisition cost ratio - As If	  				 				 	 	19.6	% 	 	 	18.8	% 	 	 	19.6	% 	 				 	 	19.8	% 	 	 	19.5	% 	
Administrative expense ratio - As If	  				 				 	 	11.0	% 	 	 	9.7	% 	 	 	11.0	% 	 				 	 	11.3	% 	 	 	10.8	% 	
	  				 				 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	
Combined ratio - As If	  				 				 	 	87.6	% 	 	 	85.5	% 	 	 	90.2	% 	 				 	 	89.6	% 	 	 	88.0	% 	
	  				 				 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD - As If	  				 				 	 	87.1	% 	 	 	88.4	% 	 	 	88.9	% 	 				 	 	88.9	% 	 	 	88.3	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	81	% 	 	 	79	% 	 	 	77	% 	 	 	79	% 	 	 	82	% 	 	 	80	% 	 	 	81	% 	 	 	79	% 	
P&C expense ratio	  	 	29.0	% 	 	 	30.1	% 	 	 	30.8	% 	 	 	29.0	% 	 	 	31.6	% 	 	 	29.6	% 	 	 	32.1	% 	 	 	30.9	% 	
P&C expense ratio excluding A&H	  	 	27.1	% 	 	 	28.0	% 	 	 	28.8	% 	 	 	27.0	% 	 	 	29.8	% 	 	 	27.5	% 	 	 	30.3	% 	 	 	29.0	% 	
Catastrophe reinstatement premiums (expensed) collected - pre-tax	  	$	—  	 	 	$	—  	 	 	$	1	 	 	$	—  	 	 	$	6	 	 	$	—  	 	 	$	6	 	 	$	7	 	
Catastrophe losses - pre-tax	  	$	200	 	 	$	206	 	 	$	269	 	 	$	144	 	 	$	396	 	 	$	406	 	 	$	654	 	 	$	1,067	 	
Favorable prior period development (PPD) - pre-tax	  	$	(170	) 	 	$	(231	) 	 	$	(238	) 	 	$	(349	) 	 	$	(301	) 	 	$	(401	) 	 	$	(548	) 	 	$	(1,135	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	58.6	% 	 	 	58.1	% 	 	 	56.4	% 	 	 	60.0	% 	 	 	58.4	% 	 	 	58.4	% 	 	 	57.9	% 	 	 	58.1	% 	
 
(1)	Net premiums written were adversely impacted by merger-related underwriting actions of $198 million in Q2 2017 and $385 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.	
Note: See Glossary on page 37 for further information on the calculation of the components of combined ratios.

P&C Results	  	Page 4	

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

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

Consol Bal Sheet	  	Page 5	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	C$ % Change	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	As If ex	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Merger Actions	 	
 	 	 	 	 	 	 	 	 	 	 	C$ % Change ex	 	 	 	 	 	 	 	 	 	 	 	 	 	 	& Acct	 	
 	 	 	 	 	 	 	 	% Change	 	 	Merger Actions  (1)	 	 	 	 	 	 	 	 	% Change	 	 	As If	 	 	Policy (1)	 	
 	 	 	 	 	 	 	 	2Q-17 vs.	 	 	2Q-17 vs.	 	 	YTD	 	 	YTD	 	 	YTD-17 vs	 	 	YTD	 	 	YTD-17 vs	 	
 	 	2Q-17	 	 	2Q-16	 	 	2Q-16	 	 	2Q-16	 	 	2017	 	 	2016	 	 	YTD-16	 	 	2016	 	 	YTD-16	 	
Net premiums written	 				 				 				 				 				 				 				 				 				
Commercial multiple peril (2)	 	$	227	 	 	$	236	 	 	 	-3.8	% 	 	 	-2.5	% 	 	$	428	 	 	$	368	 	 	 	16.3	% 	 	$	448	 	 	 	-3.3	% 	
Commercial casualty	 	 	961	 	 	 	893	 	 	 	7.6	% 	 	 	11.4	% 	 	 	1,688	 	 	 	1,536	 	 	 	9.9	% 	 	 	1,654	 	 	 	5.5	% 	
Workers’ compensation	 	 	478	 	 	 	548	 	 	 	-12.8	% 	 	 	-7.5	% 	 	 	1,066	 	 	 	996	 	 	 	7.0	% 	 	 	1,135	 	 	 	-2.4	% 	
Professional liability	 	 	913	 	 	 	927	 	 	 	-1.5	% 	 	 	0.8	% 	 	 	1,694	 	 	 	1,605	 	 	 	5.5	% 	 	 	1,741	 	 	 	0.1	% 	
Surety	 	 	153	 	 	 	149	 	 	 	2.7	% 	 	 	3.4	% 	 	 	303	 	 	 	283	 	 	 	7.1	% 	 	 	292	 	 	 	5.2	% 	
Property and other short-tail lines	 	 	1,054	 	 	 	1,097	 	 	 	-3.9	% 	 	 	-2.2	% 	 	 	2,086	 	 	 	2,030	 	 	 	2.8	% 	 	 	2,167	 	 	 	0.7	% 	
International other casualty	 	 	248	 	 	 	247	 	 	 	0.4	% 	 	 	3.7	% 	 	 	564	 	 	 	532	 	 	 	6.0	% 	 	 	588	 	 	 	3.5	% 	
	 	 	 	 	 	 	 	 	 				 				 	 	 	 	 	 	 	 	 				 	 	 	 	 				
Total Commercial P&C (1)	 	 	4,034	 	 	 	4,097	 	 	 	-1.5	% 	 	 	1.3	% 	 	 	7,829	 	 	 	7,350	 	 	 	6.5	% 	 	 	8,025	 	 	 	1.3	% 	
Agriculture	 	 	403	 	 	 	375	 	 	 	7.7	% 	 	 	7.7	% 	 	 	464	 	 	 	439	 	 	 	5.9	% 	 	 	439	 	 	 	5.9	% 	
Personal automobile - North America	 	 	209	 	 	 	190	 	 	 	10.0	% 	 	 	10.0	% 	 	 	374	 	 	 	332	 	 	 	12.7	% 	 	 	346	 	 	 	8.1	% 	
Personal automobile - International	 	 	188	 	 	 	165	 	 	 	13.9	% 	 	 	16.0	% 	 	 	374	 	 	 	345	 	 	 	8.4	% 	 	 	345	 	 	 	11.0	% 	
Personal homeowners	 	 	925	 	 	 	929	 	 	 	-0.4	% 	 	 	7.8	% 	 	 	1,622	 	 	 	1,569	 	 	 	3.4	% 	 	 	1,635	 	 	 	6.8	% 	
Personal other	 	 	363	 	 	 	363	 	 	 	0.0	% 	 	 	6.9	% 	 	 	725	 	 	 	681	 	 	 	6.5	% 	 	 	721	 	 	 	9.6	% 	
	 	 	 	 	 	 	 	 	 				 				 	 	 	 	 	 	 	 	 				 	 	 	 	 				
Total Personal lines  (1)	 	 	1,685	 	 	 	1,647	 	 	 	2.3	% 	 	 	8.7	% 	 	 	3,095	 	 	 	2,927	 	 	 	5.7	% 	 	 	3,047	 	 	 	8.1	% 	
Total Property and Casualty lines	 	 	6,122	 	 	 	6,119	 	 	 	0.0	% 	 	 	3.6	% 	 	 	11,388	 	 	 	10,716	 	 	 	6.3	% 	 	 	11,511	 	 	 	3.2	% 	
Global A&H lines  (1) (3)	 	 	1,025	 	 	 	1,029	 	 	 	-0.4	% 	 	 	1.7	% 	 	 	2,019	 	 	 	1,965	 	 	 	2.7	% 	 	 	2,004	 	 	 	1.7	% 	
Reinsurance lines  (1)	 	 	190	 	 	 	230	 	 	 	-17.7	% 	 	 	-16.5	% 	 	 	389	 	 	 	431	 	 	 	-9.9	% 	 	 	451	 	 	 	-10.5	% 	
Life  (1)	 	 	244	 	 	 	261	 	 	 	-6.5	% 	 	 	-4.9	% 	 	 	495	 	 	 	522	 	 	 	-5.2	% 	 	 	523	 	 	 	-1.7	% 	
	 	 	 	 	 	 	 	 	 				 				 	 	 	 	 	 	 	 	 				 	 	 	 	 				
Total consolidated	 	$	7,581	 	 	$	7,639	 	 	 	-0.8	% 	 	 	2.5	% 	 	$	14,291	 	 	$	13,634	 	 	 	4.8	% 	 	$	14,489	 	 	 	2.4	% 	

(1)	Q2 2017 and YTD 2017 include the adverse impact of merger-related underwriting actions, respectively, as follows: Commercial P&C $87 million and $181 million; Personal lines $97 million and $175 million; Global A&H lines $14 million and $19 million; Reinsurance lines $nil and $10 million; and Life $8 million and $24 million.	
YTD 2017 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.
(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 6	

Chubb Limited
Consolidated Results - Three months ended June 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	 	
Q2 2017	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Reinsurance	 	 	Corporate	 	 	P&C	 	 	Insurance	 	 	Consolidated	 	
Net premiums written	 	$	3,204	 	 	$	1,255	 	 	$	403	 	 	$	2,006	 	 	$	190	 	 	$	—  	 	 	$	7,058	 	 	$	523	 	 	$	7,581	 	
Net premiums earned	 	 	3,099	 	 	 	1,093	 	 	 	344	 	 	 	2,018	 	 	 	168	 	 	 	—  	 	 	 	6,722	 	 	 	515	 	 	 	7,237	 	
Adjusted losses and loss expenses	 	 	1,936	 	 	 	683	 	 	 	292	 	 	 	964	 	 	 	46	 	 	 	45	 	 	 	3,966	 	 	 	182	 	 	 	4,148	 	
Policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	163	 	 	 	163	 	
(Gains) losses from fair value changes in separate account assets (1)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(16	) 	 	 	(16	) 	
Policy acquisition costs	 	 	464	 	 	 	230	 	 	 	27	 	 	 	555	 	 	 	43	 	 	 	—  	 	 	 	1,319	 	 	 	130	 	 	 	1,449	 	
Administrative expenses	 	 	241	 	 	 	66	 	 	 	2	 	 	 	243	 	 	 	12	 	 	 	65	 	 	 	629	 	 	 	77	 	 	 	706	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	 	 	458	 	 	 	114	 	 	 	23	 	 	 	256	 	 	 	67	 	 	 	(110	) 	 	 	808	 	 	 	(21	) 	 	 	787	 	
Adjusted net investment income	 	 	490	 	 	 	56	 	 	 	6	 	 	 	148	 	 	 	65	 	 	 	13	 	 	 	778	 	 	 	77	 	 	 	855	 	
Other income (expense) - operating (1)	 	 	4	 	 	 	(1	) 	 	 	(1	) 	 	 	3	 	 	 	(1	) 	 	 	(14	) 	 	 	(10	) 	 	 	(4	) 	 	 	(14	) 	
Amortization expense of purchased intangibles	 	 	—  	 	 	 	(5	) 	 	 	(7	) 	 	 	(11	) 	 	 	—  	 	 	 	(42	) 	 	 	(65	) 	 	 	—  	 	 	 	(65	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	 	$	952	 	 	$	164	 	 	$	21	 	 	$	396	 	 	$	131	 	 	$	(153	) 	 	$	1,511	 	 	$	52	 	 	$	1,563	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted interest expense	 				 				 				 				 				 	 	(160	) 	 				 				 	 	(160	) 	
Income tax expense	 				 				 				 				 				 	 	(223	) 	 				 				 	 	(223	) 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Operating income (loss)	 				 				 				 				 				 	 	(536	) 	 				 				 	 	1,180	 	
Chubb integration expenses, net of $22 million tax benefit	 				 				 				 				 				 	 	(50	) 	 				 				 	 	(50	) 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $20 million tax benefit (2)	 				 				 				 				 				 	 	(52	) 	 				 				 	 	(52	) 	
Adjusted net realized gains (losses), net of $19 million tax (3)	 				 				 				 				 				 	 	227	 	 				 				 	 	227	 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Net Income	 				 				 				 				 				 	$	(411	) 	 				 				 	$	1,305	 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Combined ratio	 	 	85.2	% 	 	 	89.6	% 	 	 	93.3	% 	 	 	87.3	% 	 	 	60.2	% 	 				 	 	88.0	% 	 				 				
Combined ratio excluding catastrophe losses and PPD	 	 	86.1	% 	 	 	79.3	% 	 	 	91.1	% 	 	 	91.2	% 	 	 	77.0	% 	 				 	 	87.5	% 	 				 				
 
(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 7	

Chubb Limited
Consolidated Results - Six months ended June 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	 	
YTD 2017	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Reinsurance	 	 	Corporate	 	 	P&C	 	 	Insurance	 	 	Consolidated	 	
Net premiums written	 	$	5,946	 	 	$	2,239	 	 	$	464	 	 	$	4,206	 	 	$	389	 	 	$	—  	 	 	$	13,244	 	 	$	1,047	 	 	$	14,291	 	
Net premiums earned	 	 	6,140	 	 	 	2,179	 	 	 	358	 	 	 	3,954	 	 	 	357	 	 	 	—  	 	 	 	12,988	 	 	 	1,021	 	 	 	14,009	 	
Adjusted losses and loss expenses	 	 	3,796	 	 	 	1,316	 	 	 	219	 	 	 	2,035	 	 	 	140	 	 	 	56	 	 	 	7,562	 	 	 	375	 	 	 	7,937	 	
Policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	331	 	 	 	331	 	
(Gains) losses from fair value changes in separate account assets (1)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(46	) 	 	 	(46	) 	
Policy acquisition costs	 	 	951	 	 	 	447	 	 	 	26	 	 	 	1,084	 	 	 	94	 	 	 	—  	 	 	 	2,602	 	 	 	244	 	 	 	2,846	 	
Administrative expenses	 	 	472	 	 	 	131	 	 	 	(3	) 	 	 	488	 	 	 	22	 	 	 	123	 	 	 	1,233	 	 	 	149	 	 	 	1,382	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	 	 	921	 	 	 	285	 	 	 	116	 	 	 	347	 	 	 	101	 	 	 	(179	) 	 	 	1,591	 	 	 	(32	) 	 	 	1,559	 	
Adjusted net investment income	 	 	968	 	 	 	111	 	 	 	12	 	 	 	296	 	 	 	127	 	 	 	25	 	 	 	1,539	 	 	 	152	 	 	 	1,691	 	
Other income (expense) - operating (1)	 	 	—  	 	 	 	(2	) 	 	 	(1	) 	 	 	4	 	 	 	(1	) 	 	 	(21	) 	 	 	(21	) 	 	 	(5	) 	 	 	(26	) 	
Amortization expense of purchased intangibles	 	 	—  	 	 	 	(8	) 	 	 	(14	) 	 	 	(22	) 	 	 	—  	 	 	 	(84	) 	 	 	(128	) 	 	 	(1	) 	 	 	(129	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	 	$	1,889	 	 	$	386	 	 	$	113	 	 	$	625	 	 	$	227	 	 	$	(259	) 	 	$	2,981	 	 	$	114	 	 	$	3,095	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted interest expense	 				 				 				 				 				 	 	(326	) 	 				 				 	 	(326	) 	
Income tax expense	 				 				 				 				 				 	 	(414	) 	 				 				 	 	(414	) 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Operating income (loss)	 				 				 				 				 				 	 	(999	) 	 				 				 	 	2,355	 	
Chubb integration expenses, net of $59 million tax benefit	 				 				 				 				 				 	 	(124	) 	 				 				 	 	(124	) 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $44 million tax benefit (2)	 				 				 				 				 				 	 	(107	) 	 				 				 	 	(107	) 	
Adjusted net realized gains (losses), net of $17 million tax (3)	 				 				 				 				 				 	 	274	 	 				 				 	 	274	 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Net Income	 				 				 				 				 				 	$	(956	) 	 				 				 	$	2,398	 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Combined ratio	 	 	85.0	% 	 	 	86.9	% 	 	 	67.7	% 	 	 	91.2	% 	 	 	71.8	% 	 				 	 	87.8	% 	 				 				
Combined ratio excluding catastrophe losses and PPD	 	 	87.0	% 	 	 	78.8	% 	 	 	88.2	% 	 	 	91.6	% 	 	 	77.0	% 	 				 	 	87.8	% 	 				 				
 
(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 8	

Chubb Limited
Consolidated Results - Three months ended June 30, 2016
(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	 	
Q2 2016	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Reinsurance	 	 	Corporate	 	 	P&C	 	 	Insurance	 	 	Consolidated	 	
Net premiums written	 	$	3,245	 	 	$	1,231	 	 	$	375	 	 	$	2,031	 	 	$	230	 	 	$	—  	 	 	$	7,112	 	 	$	527	 	 	$	7,639	 	
Net premiums earned	 	 	3,148	 	 	 	1,140	 	 	 	327	 	 	 	2,093	 	 	 	185	 	 	 	—  	 	 	 	6,893	 	 	 	512	 	 	 	7,405	 	
Adjusted losses and loss expenses	 	 	1,971	 	 	 	661	 	 	 	286	 	 	 	1,089	 	 	 	87	 	 	 	15	 	 	 	4,109	 	 	 	147	 	 	 	4,256	 	
Policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	146	 	 	 	146	 	
(Gains) losses from fair value changes in separate account assets (1)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(3	) 	 	 	(3	) 	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	 	 	255	 	 	 	104	 	 	 	25	 	 	 	467	 	 	 	47	 	 	 	—  	 	 	 	898	 	 	 	137	 	 	 	1,035	 	
Amortization of acquired UPR intangible - Chubb Corp	 	 	290	 	 	 	165	 	 	 	—  	 	 	 	70	 	 	 	—  	 	 	 	—  	 	 	 	525	 	 	 	—  	 	 	 	525	 	
Administrative expenses	 	 	299	 	 	 	98	 	 	 	2	 	 	 	277	 	 	 	14	 	 	 	62	 	 	 	752	 	 	 	77	 	 	 	829	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	 	 	333	 	 	 	112	 	 	 	14	 	 	 	190	 	 	 	37	 	 	 	(77	) 	 	 	609	 	 	 	8	 	 	 	617	 	
Adjusted net investment income	 	 	468	 	 	 	55	 	 	 	5	 	 	 	147	 	 	 	65	 	 	 	7	 	 	 	747	 	 	 	69	 	 	 	816	 	
Other income (expense) - operating (1)	 	 	9	 	 	 	(3	) 	 	 	—  	 	 	 	5	 	 	 	2	 	 	 	(2	) 	 	 	11	 	 	 	(3	) 	 	 	8	 	
Amortization (expense) benefit of purchased intangibles	 	 	—  	 	 	 	(4	) 	 	 	(8	) 	 	 	(13	) 	 	 	—  	 	 	 	20	 	 	 	(5	) 	 	 	—  	 	 	 	(5	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	 	$	810	 	 	$	160	 	 	$	11	 	 	$	329	 	 	$	104	 	 	$	(52	) 	 	$	1,362	 	 	$	74	 	 	$	1,436	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted interest expense	 				 				 				 				 				 	 	(166	) 	 				 				 	 	(166	) 	
Income tax expense	 				 				 				 				 				 	 	(212	) 	 				 				 	 	(212	) 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Operating income (loss)	 				 				 				 				 				 	 	(430	) 	 				 				 	 	1,058	 	
Chubb integration and related expenses, net of $27 million tax benefit	 				 				 				 				 				 	 	(71	) 	 				 				 	 	(71	) 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $29 million tax benefit (2)	 				 				 				 				 				 	 	(66	) 	 				 				 	 	(66	) 	
Adjusted net realized gains (losses), net of $1 million tax benefit (3)	 				 				 				 				 				 	 	(195	) 	 				 				 	 	(195	) 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Net Income	 				 				 				 				 				 	$	(762	) 	 				 				 	$	726	 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Combined ratio	 	 	89.5	% 	 	 	90.1	% 	 	 	95.9	% 	 	 	90.9	% 	 	 	79.8	% 	 				 	 	91.2	% 	 				 				
Combined ratio excluding catastrophe losses and PPD	 	 	89.7	% 	 	 	83.0	% 	 	 	91.6	% 	 	 	91.5	% 	 	 	78.9	% 	 				 	 	89.9	% 	 				 				
Underwriting income (loss) - As If	 	$	379	 	 	$	141	 	 	$	14	 	 	$	181	 	 	$	37	 	 	$	(77	) 	 	$	675	 	 	$	8	 	 	$	683	 	
Combined ratio - As If	 	 	88.0	% 	 	 	87.6	% 	 	 	95.9	% 	 	 	91.3	% 	 	 	79.8	% 	 				 	 	90.2	% 	 				 				
Combined ratio excluding catastrophe losses and PPD - As If	 	 	88.3	% 	 	 	80.5	% 	 	 	91.6	% 	 	 	92.0	% 	 	 	78.9	% 	 				 	 	88.9	% 	 				 				
 
(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 9	

Chubb Limited
Consolidated Results - Six months ended June 30, 2016
(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	 	
YTD 2016	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Reinsurance	 	 	Corporate	 	 	P&C	 	 	Insurance	 	 	Consolidated	 	
Net premiums written	 	$	5,547	 	 	$	2,102	 	 	$	439	 	 	$	4,072	 	 	$	431	 	 	$	—  	 	 	$	12,591	 	 	$	1,043	 	 	$	13,634	 	
Net premiums earned	 	 	6,044	 	 	 	2,164	 	 	 	350	 	 	 	4,048	 	 	 	387	 	 	 	—  	 	 	 	12,993	 	 	 	1,009	 	 	 	14,002	 	
Adjusted losses and loss expenses	 	 	3,718	 	 	 	1,322	 	 	 	256	 	 	 	2,110	 	 	 	176	 	 	 	24	 	 	 	7,606	 	 	 	324	 	 	 	7,930	 	
Policy benefits	 	 	—	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	272	 	 	 	272	 	
(Gains) losses from fair value changes in separate account assets (1)	 	 	—	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	 	 	422	 	 	 	172	 	 	 	29	 	 	 	896	 	 	 	100	 	 	 	—  	 	 	 	1,619	 	 	 	259	 	 	 	1,878	 	
Amortization of acquired UPR intangible - Chubb Corp	 	 	605	 	 	 	346	 	 	 	—  	 	 	 	144	 	 	 	—  	 	 	 	—  	 	 	 	1,095	 	 	 	—  	 	 	 	1,095	 	
Administrative expenses	 	 	565	 	 	 	186	 	 	 	(2	) 	 	 	540	 	 	 	28	 	 	 	135	 	 	 	1,452	 	 	 	149	 	 	 	1,601	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	 	 	734	 	 	 	138	 	 	 	67	 	 	 	358	 	 	 	83	 	 	 	(159	) 	 	 	1,221	 	 	 	5	 	 	 	1,226	 	
Adjusted net investment income	 	 	894	 	 	 	102	 	 	 	10	 	 	 	293	 	 	 	132	 	 	 	16	 	 	 	1,447	 	 	 	136	 	 	 	1,583	 	
Other income (expense) - operating (1)	 	 	9	 	 	 	(4	) 	 	 	—  	 	 	 	10	 	 	 	3	 	 	 	(4	) 	 	 	14	 	 	 	(6	) 	 	 	8	 	
Amortization (expense) benefit of purchased intangibles	 	 	—	 	 	 	(12	) 	 	 	(15	) 	 	 	(24	) 	 	 	—  	 	 	 	40	 	 	 	(11	) 	 	 	(1	) 	 	 	(12	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	 	$	1,637	 	 	$	224	 	 	$	62	 	 	$	637	 	 	$	218	 	 	$	(107	) 	 	$	2,671	 	 	$	134	 	 	$	2,805	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted interest expense	 				 				 				 				 				 	 	(315	) 	 				 				 	 	(315	) 	
Income tax expense	 				 				 				 				 				 	 	(413	) 	 				 				 	 	(413	) 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Operating income (loss)	 				 				 				 				 				 	 	(835	) 	 				 				 	 	2,077	 	
Chubb integration and related expenses, net of $76 million tax benefit	 				 				 				 				 				 	 	(177	) 	 				 				 	 	(177	) 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $53 million tax benefit (2)	 				 				 				 				 				 	 	(125	) 	 				 				 	 	(125	) 	
Adjusted net realized gains (losses), net of $5 million tax benefit (3)	 				 				 				 				 				 	 	(610	) 	 				 				 	 	(610	) 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Net Income	 				 				 				 				 				 	$	(1,747	) 	 				 				 	$	1,165	 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Combined ratio	 	 	87.9	% 	 	 	93.6	% 	 	 	81.0	% 	 	 	91.1	% 	 	 	78.5	% 	 				 	 	90.6	% 	 				 				
Combined ratio excluding catastrophe losses and PPD	 	 	89.6	% 	 	 	82.8	% 	 	 	89.7	% 	 	 	91.8	% 	 	 	78.7	% 	 				 	 	89.9	% 	 				 				
Underwriting income (loss) - As If	 	$	839	 	 	$	228	 	 	$	67	 	 	$	340	 	 	$	83	 	 	$	(162	) 	 	$	1,395	 	 	$	5	 	 	$	1,400	 	
Combined ratio - As If	 	 	86.6	% 	 	 	89.9	% 	 	 	81.0	% 	 	 	91.7	% 	 	 	78.5	% 	 				 	 	89.6	% 	 				 				
Combined ratio excluding catastrophe losses and PPD - As If	 	 	88.3	% 	 	 	79.6	% 	 	 	89.7	% 	 	 	92.3	% 	 	 	78.7	% 	 				 	 	88.9	% 	 				 				
 
(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 10	

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

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
Global P&C (Including Corporate and excluding Agriculture)	  	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	2Q-16	 	 	2017	 	 	2016	 	 	2016	 	
Global P&C Underwriting Income	  				 				 				 				 				 				 				 				
Gross premiums written	  	$	8,179	 	 	$	7,684	 	 	$	7,994	 	 	$	7,681	 	 	$	8,172	 	 	$	15,863	 	 	$	14,879	 	 	$	30,554	 	
Net premiums written	  	 	6,655	 	 	 	6,125	 	 	 	6,349	 	 	 	6,192	 	 	 	6,737	 	 	 	12,780	 	 	 	12,152	 	 	 	24,693	 	
Net premiums earned	  	 	6,378	 	 	 	6,252	 	 	 	6,378	 	 	 	6,357	 	 	 	6,566	 	 	 	12,630	 	 	 	12,643	 	 	 	25,378	 	
Adjusted losses and loss expenses	  	 	3,674	 	 	 	3,669	 	 	 	3,757	 	 	 	3,412	 	 	 	3,823	 	 	 	7,343	 	 	 	7,350	 	 	 	14,519	 	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	  	 	1,292	 	 	 	1,284	 	 	 	1,144	 	 	 	1,019	 	 	 	873	 	 	 	2,576	 	 	 	1,590	 	 	 	3,753	 	
Amortization of acquired UPR intangible - Chubb Corp	  	 	—  	 	 	 	—  	 	 	 	144	 	 	 	320	 	 	 	525	 	 	 	—  	 	 	 	1,095	 	 	 	1,559	 	
Adjusted administrative expenses	  	 	627	 	 	 	609	 	 	 	722	 	 	 	694	 	 	 	750	 	 	 	1,236	 	 	 	1,454	 	 	 	2,870	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C Underwriting income	  	$	785	 	 	$	690	 	 	$	611	 	 	$	912	 	 	$	595	 	 	$	1,475	 	 	$	1,154	 	 	$	2,677	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C Underwriting income - As If	  				 				 	$	628	 	 	$	951	 	 	$	661	 	 				 	$	1,328	 	 	$	2,907	 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	-1.2	% 	 	 	13.1	% 	 	 	82.0	% 	 	 	78.0	% 	 	 	72.5	% 	 	 	5.2	% 	 	 	64.2	% 	 	 	71.8	% 	
Net premiums earned	  	 	-2.9	% 	 	 	2.9	% 	 	 	84.3	% 	 	 	81.6	% 	 	 	84.8	% 	 	 	-0.1	% 	 	 	82.2	% 	 	 	82.6	% 	
Net premiums written constant $	  	 	-0.6	% 	 	 	13.7	% 	 	 	83.1	% 	 	 	80.3	% 	 	 	75.7	% 	 	 	5.8	% 	 	 	70.1	% 	 	 	75.8	% 	
Net premiums earned constant $	  	 	-2.3	% 	 	 	3.0	% 	 	 	85.3	% 	 	 	83.8	% 	 	 	88.4	% 	 	 	0.2	% 	 	 	88.4	% 	 	 	86.4	% 	
% Change versus prior year period - As If *	  				 				 				 				 				 				 				 				
Net premiums written	  	 	-1.2	% 	 	 	-2.3	% 	 	 	-2.8	% 	 	 	-6.7	% 	 	 	-6.5	% 	 	 	-1.7	% 	 	 	-5.9	% 	 	 	-5.3	% 	
Net premiums written constant $	  	 	-0.6	% 	 	 	-1.9	% 	 	 	-2.0	% 	 	 	-5.5	% 	 	 	-4.9	% 	 	 	-1.2	% 	 	 	-3.1	% 	 	 	-3.4	% 	
Net premiums written constant $ excluding merger-related underwriting actions & accounting policy alignment (1)	  	 	2.4	% 	 	 	2.3	% 	 	 	1.2	% 	 	 	-0.5	% 	 	 	-3.6	% 	 	 	2.3	% 	 	 	-2.2	% 	 	 	-1.0	% 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	57.6	% 	 	 	58.7	% 	 	 	58.9	% 	 	 	53.7	% 	 	 	58.2	% 	 	 	58.1	% 	 	 	58.1	% 	 	 	57.2	% 	
Policy acquisition cost ratio	  	 	20.3	% 	 	 	20.5	% 	 	 	20.2	% 	 	 	21.1	% 	 	 	21.3	% 	 	 	20.4	% 	 	 	21.2	% 	 	 	20.9	% 	
Administrative expense ratio	  	 	9.8	% 	 	 	9.8	% 	 	 	11.3	% 	 	 	10.9	% 	 	 	11.4	% 	 	 	9.8	% 	 	 	11.6	% 	 	 	11.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	87.7	% 	 	 	89.0	% 	 	 	90.4	% 	 	 	85.7	% 	 	 	90.9	% 	 	 	88.3	% 	 	 	90.9	% 	 	 	89.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	87.4	% 	 	 	88.2	% 	 	 	89.7	% 	 	 	88.8	% 	 	 	89.8	% 	 	 	87.8	% 	 	 	89.9	% 	 	 	89.5	% 	
Combined ratio - As If	  				 				 				 				 				 				 				 				
Loss and loss expense ratio - As If	  				 				 	 	58.9	% 	 	 	53.7	% 	 	 	58.2	% 	 				 	 	58.1	% 	 	 	57.2	% 	
Policy acquisition cost ratio - As If	  				 				 	 	20.0	% 	 	 	20.4	% 	 	 	20.3	% 	 				 	 	20.1	% 	 	 	20.1	% 	
Administrative expense ratio - As If	  				 				 	 	11.3	% 	 	 	10.9	% 	 	 	11.4	% 	 				 	 	11.6	% 	 	 	11.4	% 	
	  				 				 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	
Combined ratio - As If	  				 				 	 	90.2	% 	 	 	85.0	% 	 	 	89.9	% 	 				 	 	89.8	% 	 	 	88.7	% 	
	  				 				 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD - As If	  				 				 	 	89.4	% 	 	 	88.2	% 	 	 	88.8	% 	 				 	 	88.8	% 	 	 	88.8	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	81	% 	 	 	80	% 	 	 	79	% 	 	 	81	% 	 	 	82	% 	 	 	81	% 	 	 	82	% 	 	 	81	% 	
Expense ratio	  	 	30.1	% 	 	 	30.3	% 	 	 	31.5	% 	 	 	32.0	% 	 	 	32.7	% 	 	 	30.2	% 	 	 	32.8	% 	 	 	32.3	% 	
Expense ratio excluding A&H	  	 	28.2	% 	 	 	28.1	% 	 	 	29.5	% 	 	 	30.0	% 	 	 	31.0	% 	 	 	28.2	% 	 	 	31.0	% 	 	 	30.4	% 	
Catastrophe reinstatement premiums (expensed) collected - pre-tax	  	$	—  	 	 	$	—  	 	 	$	1	 	 	$	—  	 	 	$	6	 	 	$	—  	 	 	$	6	 	 	$	7	 	
Catastrophe losses - pre-tax	  	$	192	 	 	$	201	 	 	$	267	 	 	$	143	 	 	$	382	 	 	$	393	 	 	$	638	 	 	$	1,048	 	
Favorable prior period development (PPD) - pre-tax	  	$	(170	) 	 	$	(152	) 	 	$	(218	) 	 	$	(338	) 	 	$	(301	) 	 	$	(322	) 	 	$	(507	) 	 	$	(1,063	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	57.3	% 	 	 	57.9	% 	 	 	58.2	% 	 	 	56.9	% 	 	 	57.1	% 	 	 	57.6	% 	 	 	57.2	% 	 	 	57.4	% 	
 
(1)	Net premiums written were adversely impacted by merger-related underwriting actions of $198 million in Q2 2017 and $385 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.	

Global P&C	  	Page 11	

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

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	2Q-16	 	 	2017	 	 	2016	 	 	2016	 	
Gross premiums written	  	$	4,078	 	 	$	3,665	 	 	$	4,109	 	 	$	3,832	 	 	$	4,041	 	 	$	7,743	 	 	$	7,045	 	 	$	14,986	 	
Net premiums written	  	 	3,204	 	 	 	2,742	 	 	 	3,083	 	 	 	3,110	 	 	 	3,245	 	 	 	5,946	 	 	 	5,547	 	 	 	11,740	 	
Net premiums earned	  	 	3,099	 	 	 	3,041	 	 	 	3,087	 	 	 	3,086	 	 	 	3,148	 	 	 	6,140	 	 	 	6,044	 	 	 	12,217	 	
Losses and loss expenses	  	 	1,936	 	 	 	1,860	 	 	 	1,858	 	 	 	1,863	 	 	 	1,971	 	 	 	3,796	 	 	 	3,718	 	 	 	7,439	 	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	  	 	464	 	 	 	487	 	 	 	396	 	 	 	346	 	 	 	255	 	 	 	951	 	 	 	422	 	 	 	1,164	 	
Amortization of acquired UPR intangible - Chubb Corp	  	 	—  	 	 	 	—  	 	 	 	78	 	 	 	176	 	 	 	290	 	 	 	—  	 	 	 	605	 	 	 	859	 	
Administrative expenses	  	 	241	 	 	 	231	 	 	 	285	 	 	 	275	 	 	 	299	 	 	 	472	 	 	 	565	 	 	 	1,125	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	 	458	 	 	 	463	 	 	 	470	 	 	 	426	 	 	 	333	 	 	 	921	 	 	 	734	 	 	 	1,630	 	
Net investment income	  	 	490	 	 	 	478	 	 	 	489	 	 	 	477	 	 	 	468	 	 	 	968	 	 	 	894	 	 	 	1,860	 	
Other income (expense) - operating	  	 	4	 	 	 	(4	) 	 	 	(4	) 	 	 	(3	) 	 	 	9	 	 	 	—  	 	 	 	9	 	 	 	2	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	952	 	 	$	937	 	 	$	955	 	 	$	900	 	 	$	810	 	 	$	1,889	 	 	$	1,637	 	 	$	3,492	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income - As If	  				 				 	$	482	 	 	$	452	 	 	$	379	 	 				 	$	839	 	 	$	1,773	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	62.5	% 	 	 	61.2	% 	 	 	60.2	% 	 	 	60.4	% 	 	 	62.6	% 	 	 	61.8	% 	 	 	61.5	% 	 	 	60.9	% 	
Policy acquisition cost ratio	  	 	15.0	% 	 	 	16.0	% 	 	 	15.3	% 	 	 	16.9	% 	 	 	17.3	% 	 	 	15.5	% 	 	 	17.0	% 	 	 	16.6	% 	
Administrative expense ratio	  	 	7.7	% 	 	 	7.6	% 	 	 	9.3	% 	 	 	8.9	% 	 	 	9.6	% 	 	 	7.7	% 	 	 	9.4	% 	 	 	9.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	85.2	% 	 	 	84.8	% 	 	 	84.8	% 	 	 	86.2	% 	 	 	89.5	% 	 	 	85.0	% 	 	 	87.9	% 	 	 	86.7	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	86.1	% 	 	 	87.9	% 	 	 	88.9	% 	 	 	89.4	% 	 	 	89.7	% 	 	 	87.0	% 	 	 	89.6	% 	 	 	89.4	% 	
Combined ratio - As If	  				 				 				 				 				 				 				 				
Loss and loss expense ratio - As If	  				 				 	 	60.2	% 	 	 	60.4	% 	 	 	62.6	% 	 				 	 	61.5	% 	 	 	60.9	% 	
Policy acquisition cost ratio - As If	  				 				 	 	14.9	% 	 	 	16.0	% 	 	 	15.8	% 	 				 	 	15.5	% 	 	 	15.5	% 	
Administrative expense ratio - As If	  				 				 	 	9.3	% 	 	 	8.9	% 	 	 	9.6	% 	 				 	 	9.6	% 	 	 	9.3	% 	
	  				 				 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	
Combined ratio - As If	  				 				 	 	84.4	% 	 	 	85.3	% 	 	 	88.0	% 	 				 	 	86.6	% 	 	 	85.7	% 	
	  				 				 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD - As If	  				 				 	 	88.5	% 	 	 	88.6	% 	 	 	88.3	% 	 				 	 	88.3	% 	 	 	88.4	% 	
Catastrophe losses - pre-tax	  	$	102	 	 	$	83	 	 	$	117	 	 	$	90	 	 	$	160	 	 	$	185	 	 	$	241	 	 	$	448	 	
Favorable prior period development (PPD) - pre-tax	  	$	(131	) 	 	$	(179	) 	 	$	(245	) 	 	$	(187	) 	 	$	(168	) 	 	$	(310	) 	 	$	(346	) 	 	$	(778	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	63.4	% 	 	 	64.4	% 	 	 	64.4	% 	 	 	63.8	% 	 	 	62.9	% 	 	 	63.9	% 	 	 	63.3	% 	 	 	63.7	% 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	-1.3	% 	 	 	19.1	% 	 	 	97.9	% 	 	 	117.1	% 	 	 	127.4	% 	 	 	7.2	% 	 	 	103.6	% 	 	 	105.4	% 	
Net premiums earned	  	 	-1.6	% 	 	 	5.0	% 	 	 	116.6	% 	 	 	119.1	% 	 	 	121.8	% 	 	 	1.6	% 	 	 	115.9	% 	 	 	116.9	% 	
% Change versus prior year period - As If *	  				 				 				 				 				 				 				 				
Net premiums written	  	 	-1.3	% 	 	 	-2.8	% 	 	 	-5.1	% 	 	 	-2.4	% 	 	 	-0.2	% 	 	 	-2.0	% 	 	 	-1.9	% 	 	 	-2.8	% 	
Net premiums written excluding merger-related underwriting actions (1)	  	 	1.3	% 	 	 	0.2	% 	 	 	-2.5	% 	 	 	0.0	% 	 	 	1.6	% 	 	 	0.8	% 	 	 	-0.5	% 	 	 	-0.9	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	79	% 	 	 	75	% 	 	 	75	% 	 	 	81	% 	 	 	80	% 	 	 	77	% 	 	 	79	% 	 	 	78	% 	
Production by Size	  				 				 				 				 				 				 				 				
Net Premiums Written	  				 				 				 				 				 				 				 				
Major account & specialty (2)	  	$	1,959	 	 	$	1,568	 	 	$	1,880	 	 	$	1,841	 	 	$	1,956	 	 	$	3,527	 	 	$	3,428	 	 	$	7,149	 	
Commercial (2)	  	 	1,245	 	 	 	1,174	 	 	 	1,203	 	 	 	1,269	 	 	 	1,289	 	 	 	2,419	 	 	 	2,119	 	 	 	4,591	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	3,204	 	 	$	2,742	 	 	$	3,083	 	 	$	3,110	 	 	$	3,245	 	 	$	5,946	 	 	$	5,547	 	 	$	11,740	 	

(1)	Net premiums written were adversely impacted by merger-related underwriting actions of $84 million in Q2 2017 and $168 million for YTD 2017.	
(2)	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 12	

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

North America Personal P&C Insurance	  	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	2Q-16	 	 	YTD
2017	 	 	YTD
2016	 	 	Full Year
2016	 	
Gross premiums written	  	$	1,409	 	 	$	1,145	 	 	$	1,228	 	 	$	1,323	 	 	$	1,369	 	 	$	2,554	 	 	$	2,343	 	 	$	4,894	 	
Net premiums written	  	 	1,255	 	 	 	984	 	 	 	1,040	 	 	 	1,011	 	 	 	1,231	 	 	 	2,239	 	 	 	2,102	 	 	 	4,153	 	
Net premiums earned	  	 	1,093	 	 	 	1,086	 	 	 	1,074	 	 	 	1,081	 	 	 	1,140	 	 	 	2,179	 	 	 	2,164	 	 	 	4,319	 	
Losses and loss expenses	  	 	683	 	 	 	633	 	 	 	642	 	 	 	594	 	 	 	661	 	 	 	1,316	 	 	 	1,322	 	 	 	2,558	 	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	  	 	230	 	 	 	217	 	 	 	174	 	 	 	128	 	 	 	104	 	 	 	447	 	 	 	172	 	 	 	474	 	
Amortization of acquired UPR intangible - Chubb Corp	  	 	—  	 	 	 	—  	 	 	 	45	 	 	 	101	 	 	 	165	 	 	 	—  	 	 	 	346	 	 	 	492	 	
Administrative expenses	  	 	66	 	 	 	65	 	 	 	88	 	 	 	89	 	 	 	98	 	 	 	131	 	 	 	186	 	 	 	363	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	 	114	 	 	 	171	 	 	 	125	 	 	 	169	 	 	 	112	 	 	 	285	 	 	 	138	 	 	 	432	 	
Net investment income	  	 	56	 	 	 	55	 	 	 	52	 	 	 	53	 	 	 	55	 	 	 	111	 	 	 	102	 	 	 	207	 	
Other expense - operating	  	 	(1	) 	 	 	(1	) 	 	 	—  	 	 	 	(2	) 	 	 	(3	) 	 	 	(2	) 	 	 	(4	) 	 	 	(6	) 	
Amortization expense of purchased intangibles	  	 	(5	) 	 	 	(3	) 	 	 	(3	) 	 	 	(4	) 	 	 	(4	) 	 	 	(8	) 	 	 	(12	) 	 	 	(19	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	164	 	 	$	222	 	 	$	174	 	 	$	216	 	 	$	160	 	 	$	386	 	 	$	224	 	 	$	614	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income - As If	  				 				 	$	133	 	 	$	187	 	 	$	141	 	 				 	$	228	 	 	$	548	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	62.4	% 	 	 	58.3	% 	 	 	59.7	% 	 	 	54.9	% 	 	 	58.0	% 	 	 	60.4	% 	 	 	61.1	% 	 	 	59.2	% 	
Policy acquisition cost ratio	  	 	21.1	% 	 	 	20.0	% 	 	 	20.4	% 	 	 	21.2	% 	 	 	23.6	% 	 	 	20.5	% 	 	 	23.9	% 	 	 	22.4	% 	
Administrative expense ratio	  	 	6.1	% 	 	 	5.9	% 	 	 	8.2	% 	 	 	8.3	% 	 	 	8.5	% 	 	 	6.0	% 	 	 	8.6	% 	 	 	8.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	89.6	% 	 	 	84.2	% 	 	 	88.3	% 	 	 	84.4	% 	 	 	90.1	% 	 	 	86.9	% 	 	 	93.6	% 	 	 	90.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	79.3	% 	 	 	78.3	% 	 	 	82.9	% 	 	 	78.8	% 	 	 	83.0	% 	 	 	78.8	% 	 	 	82.8	% 	 	 	81.8	% 	
Combined ratio - As If	  				 				 				 				 				 				 				 				
Loss and loss expense ratio - As If	  				 				 	 	59.7	% 	 	 	54.9	% 	 	 	58.0	% 	 				 	 	60.4	% 	 	 	58.9	% 	
Policy acquisition cost ratio - As If	  				 				 	 	19.7	% 	 	 	19.6	% 	 	 	21.1	% 	 				 	 	20.8	% 	 	 	20.2	% 	
Administrative expense ratio - As If	  				 				 	 	8.2	% 	 	 	8.3	% 	 	 	8.5	% 	 				 	 	8.7	% 	 	 	8.5	% 	
	  				 				 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	
Combined ratio - As If	  				 				 	 	87.6	% 	 	 	82.8	% 	 	 	87.6	% 	 				 	 	89.9	% 	 	 	87.6	% 	
	  				 				 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD - As If	  				 				 	 	82.1	% 	 	 	77.2	% 	 	 	80.5	% 	 				 	 	79.6	% 	 	 	79.6	% 	
Catastrophe losses - pre-tax	  	$	77	 	 	$	68	 	 	$	51	 	 	$	22	 	 	$	97	 	 	$	145	 	 	$	253	 	 	$	326	 	
Unfavorable (favorable) prior period development (PPD) - pre-tax	  	$	37	 	 	$	(3	) 	 	$	7	 	 	$	38	 	 	$	(15	) 	 	$	34	 	 	$	(18	) 	 	$	27	 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	52.1	% 	 	 	52.4	% 	 	 	54.3	% 	 	 	49.3	% 	 	 	50.9	% 	 	 	52.2	% 	 	 	50.3	% 	 	 	51.0	% 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	2.0	% 	 	 	13.0	% 	 	 	344.7	% 	 	 	263.4	% 	 	 	125.1	% 	 	 	6.5	% 	 	 	209.2	% 	 	 	248.4	% 	
Net premiums earned	  	 	-4.0	% 	 	 	6.0	% 	 	 	311.9	% 	 	 	296.3	% 	 	 	322.4	% 	 	 	0.7	% 	 	 	422.0	% 	 	 	355.5	% 	
% Change versus prior year period - As If *	  				 				 				 				 				 				 				 				
Net premiums written	  	 	2.0	% 	 	 	1.3	% 	 	 	-4.8	% 	 	 	-16.4	% 	 	 	-20.6	% 	 	 	1.7	% 	 	 	-10.5	% 	 	 	-10.7	% 	
Net premiums written excluding merger-related underwriting actions (1)	  	 	8.0	% 	 	 	6.6	% 	 	 	1.8	% 	 	 	0.1	% 	 	 	-20.6	% 	 	 	7.4	% 	 	 	-10.5	% 	 	 	1.5	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	89	% 	 	 	86	% 	 	 	85	% 	 	 	76	% 	 	 	90	% 	 	 	88	% 	 	 	90	% 	 	 	85	% 	
 
(1)	Net premiums written were adversely impacted by merger-related underwriting actions of $75 million in Q2 2017 and $126 million for YTD 2017.	
*	Comparisons to 2015 are as if ACE and Chubb were one company.	

NA Personal	  	Page 13	

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

North America Agricultural Insurance	  	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	2Q-16	 	 	YTD
2017	 	 	YTD
2016	 	 	Full Year
2016	 	
Gross premiums written	  	$	569	 	 	$	167	 	 	$	266	 	 	$	1,240	 	 	$	545	 	 	$	736	 	 	$	681	 	 	$	2,187	 	
Net premiums written	  	 	403	 	 	 	61	 	 	 	40	 	 	 	849	 	 	 	375	 	 	 	464	 	 	 	439	 	 	 	1,328	 	
Net premiums earned	  	 	344	 	 	 	14	 	 	 	147	 	 	 	819	 	 	 	327	 	 	 	358	 	 	 	350	 	 	 	1,316	 	
Adjusted losses and loss expenses (1)	  	 	292	 	 	 	(73	) 	 	 	(38	) 	 	 	680	 	 	 	286	 	 	 	219	 	 	 	256	 	 	 	898	 	
Policy acquisition costs	  	 	27	 	 	 	(1	) 	 	 	6	 	 	 	48	 	 	 	25	 	 	 	26	 	 	 	29	 	 	 	83	 	
Administrative expenses	  	 	2	 	 	 	(5	) 	 	 	(5	) 	 	 	1	 	 	 	2	 	 	 	(3	) 	 	 	(2	) 	 	 	(6	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	 	23	 	 	 	93	 	 	 	184	 	 	 	90	 	 	 	14	 	 	 	116	 	 	 	67	 	 	 	341	 	
Net investment income	  	 	6	 	 	 	6	 	 	 	5	 	 	 	5	 	 	 	5	 	 	 	12	 	 	 	10	 	 	 	20	 	
Other expense - operating	  	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	
Amortization expense of purchased intangibles	  	 	(7	) 	 	 	(7	) 	 	 	(7	) 	 	 	(7	) 	 	 	(8	) 	 	 	(14	) 	 	 	(15	) 	 	 	(29	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	21	 	 	$	92	 	 	$	181	 	 	$	88	 	 	$	11	 	 	$	113	 	 	$	62	 	 	$	331	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	85.2	% 	 	 	NM	 	 	 	-26.0	% 	 	 	83.0	% 	 	 	87.5	% 	 	 	61.3	% 	 	 	73.3	% 	 	 	68.3	% 	
Policy acquisition cost ratio	  	 	7.7	% 	 	 	NM	 	 	 	3.9	% 	 	 	5.9	% 	 	 	7.7	% 	 	 	7.2	% 	 	 	8.2	% 	 	 	6.3	% 	
Administrative expense ratio	  	 	0.4	% 	 	 	NM	 	 	 	-3.3	% 	 	 	0.0	% 	 	 	0.7	% 	 	 	-0.8	% 	 	 	-0.5	% 	 	 	-0.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	93.3	% 	 	 	NM	 	 	 	-25.4	% 	 	 	88.9	% 	 	 	95.9	% 	 	 	67.7	% 	 	 	81.0	% 	 	 	74.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	91.1	% 	 	 	74.6	% 	 	 	-10.9	% 	 	 	90.1	% 	 	 	91.6	% 	 	 	88.2	% 	 	 	89.7	% 	 	 	78.9	% 	
Catastrophe losses - pre-tax	  	$	8	 	 	$	5	 	 	$	2	 	 	$	1	 	 	$	14	 	 	$	13	 	 	$	16	 	 	$	19	 	
Favorable prior period development (PPD) - pre-tax	  	$	—  	 	 	$	(79	) 	 	$	(20	) 	 	$	(11	) 	 	$	—  	 	 	$	(79	) 	 	$	(41	) 	 	$	(72	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	83.0	% 	 	 	75.8	% 	 	 	-16.9	% 	 	 	84.2	% 	 	 	83.3	% 	 	 	81.7	% 	 	 	81.8	% 	 	 	72.4	% 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	7.7	% 	 	 	-4.6	% 	 	 	-71.6	% 	 	 	15.2	% 	 	 	-1.2	% 	 	 	5.9	% 	 	 	-6.1	% 	 	 	-1.3	% 	
Net premiums earned	  	 	5.4	% 	 	 	-41.6	% 	 	 	-39.1	% 	 	 	10.9	% 	 	 	1.6	% 	 	 	2.3	% 	 	 	-9.3	% 	 	 	-3.6	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	71	% 	 	 	37	% 	 	 	15	% 	 	 	68	% 	 	 	69	% 	 	 	63	% 	 	 	64	% 	 	 	61	% 	
 
(1)	Includes realized gains/losses on crop derivatives.	

NA Agriculture	  	Page 14	

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

Overseas General Insurance	  	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	2Q-16	 	 	YTD
2017	 	 	YTD
2016	 	 	Full Year
2016	 	
Gross premiums written	  	$	2,464	 	 	$	2,662	 	 	$	2,542	 	 	$	2,383	 	 	$	2,494	 	 	$	5,126	 	 	$	5,010	 	 	$	9,935	 	
Net premiums written	  	 	2,006	 	 	 	2,200	 	 	 	2,112	 	 	 	1,940	 	 	 	2,031	 	 	 	4,206	 	 	 	4,072	 	 	 	8,124	 	
Net premiums earned	  	 	2,018	 	 	 	1,936	 	 	 	2,050	 	 	 	2,034	 	 	 	2,093	 	 	 	3,954	 	 	 	4,048	 	 	 	8,132	 	
Losses and loss expenses	  	 	964	 	 	 	1,071	 	 	 	1,052	 	 	 	843	 	 	 	1,089	 	 	 	2,035	 	 	 	2,110	 	 	 	4,005	 	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	  	 	555	 	 	 	529	 	 	 	529	 	 	 	503	 	 	 	467	 	 	 	1,084	 	 	 	896	 	 	 	1,928	 	
Amortization of acquired UPR intangible - Chubb Corp	  	 	—  	 	 	 	—  	 	 	 	21	 	 	 	43	 	 	 	70	 	 	 	—  	 	 	 	144	 	 	 	208	 	
Administrative expenses	  	 	243	 	 	 	245	 	 	 	256	 	 	 	261	 	 	 	277	 	 	 	488	 	 	 	540	 	 	 	1,057	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	 	256	 	 	 	91	 	 	 	192	 	 	 	384	 	 	 	190	 	 	 	347	 	 	 	358	 	 	 	934	 	
Net investment income	  	 	148	 	 	 	148	 	 	 	155	 	 	 	152	 	 	 	147	 	 	 	296	 	 	 	293	 	 	 	600	 	
Other income (expense) - operating	  	 	3	 	 	 	1	 	 	 	(5	) 	 	 	6	 	 	 	5	 	 	 	4	 	 	 	10	 	 	 	11	 	
Amortization expense of purchased intangibles	  	 	(11	) 	 	 	(11	) 	 	 	(12	) 	 	 	(12	) 	 	 	(13	) 	 	 	(22	) 	 	 	(24	) 	 	 	(48	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	396	 	 	$	229	 	 	$	330	 	 	$	530	 	 	$	329	 	 	$	625	 	 	$	637	 	 	$	1,497	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income - As If	  				 				 	$	189	 	 	$	379	 	 	$	181	 	 				 	$	340	 	 	$	908	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	47.8	% 	 	 	55.3	% 	 	 	51.3	% 	 	 	41.5	% 	 	 	52.1	% 	 	 	51.5	% 	 	 	52.1	% 	 	 	49.3	% 	
Policy acquisition cost ratio	  	 	27.5	% 	 	 	27.3	% 	 	 	26.9	% 	 	 	26.8	% 	 	 	25.6	% 	 	 	27.4	% 	 	 	25.7	% 	 	 	26.3	% 	
Administrative expense ratio	  	 	12.0	% 	 	 	12.7	% 	 	 	12.4	% 	 	 	12.9	% 	 	 	13.2	% 	 	 	12.3	% 	 	 	13.3	% 	 	 	12.9	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	87.3	% 	 	 	95.3	% 	 	 	90.6	% 	 	 	81.2	% 	 	 	90.9	% 	 	 	91.2	% 	 	 	91.1	% 	 	 	88.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	91.2	% 	 	 	92.1	% 	 	 	91.2	% 	 	 	91.1	% 	 	 	91.5	% 	 	 	91.6	% 	 	 	91.8	% 	 	 	91.5	% 	
Combined ratio - As If	  				 				 				 				 				 				 				 				
Loss and loss expense ratio - As If	  				 				 	 	51.3	% 	 	 	41.5	% 	 	 	52.1	% 	 				 	 	52.2	% 	 	 	49.3	% 	
Policy acquisition cost ratio - As If	  				 				 	 	27.1	% 	 	 	27.0	% 	 	 	26.0	% 	 				 	 	26.1	% 	 	 	26.6	% 	
Administrative expense ratio - As If	  				 				 	 	12.4	% 	 	 	12.9	% 	 	 	13.2	% 	 				 	 	13.4	% 	 	 	13.0	% 	
	  				 				 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	
Combined ratio - As If	  				 				 	 	90.8	% 	 	 	81.4	% 	 	 	91.3	% 	 				 	 	91.7	% 	 	 	88.9	% 	
	  				 				 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD - As If	  				 				 	 	91.4	% 	 	 	91.3	% 	 	 	92.0	% 	 				 	 	92.3	% 	 	 	91.9	% 	
Catastrophe reinstatement premiums expensed - pre-tax	  	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	
Catastrophe losses - pre-tax	  	$	10	 	 	$	50	 	 	$	72	 	 	$	20	 	 	$	73	 	 	$	60	 	 	$	91	 	 	$	183	 	
Unfavorable (favorable) prior period development (PPD) - pre-tax	  	$	(88	) 	 	$	12	 	 	$	(85	) 	 	$	(223	) 	 	$	(85	) 	 	$	(76	) 	 	$	(115	) 	 	$	(423	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	51.6	% 	 	 	52.1	% 	 	 	51.9	% 	 	 	51.4	% 	 	 	52.7	% 	 	 	51.9	% 	 	 	52.8	% 	 	 	52.2	% 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	-1.2	% 	 	 	7.8	% 	 	 	33.2	% 	 	 	22.5	% 	 	 	21.6	% 	 	 	3.3	% 	 	 	17.6	% 	 	 	22.5	% 	
Net premiums earned	  	 	-3.6	% 	 	 	-0.9	% 	 	 	30.2	% 	 	 	26.0	% 	 	 	27.3	% 	 	 	-2.3	% 	 	 	23.4	% 	 	 	25.7	% 	
Net premiums written constant $	  	 	0.3	% 	 	 	9.4	% 	 	 	34.7	% 	 	 	25.8	% 	 	 	26.7	% 	 	 	4.9	% 	 	 	26.4	% 	 	 	28.3	% 	
Net premiums earned constant $	  	 	-2.3	% 	 	 	-0.3	% 	 	 	31.4	% 	 	 	29.0	% 	 	 	32.4	% 	 	 	-1.3	% 	 	 	31.9	% 	 	 	31.0	% 	
% Change versus prior year period - As If *	  				 				 				 				 				 				 				 				
Net premiums written	  	 	-1.2	% 	 	 	-2.5	% 	 	 	1.6	% 	 	 	-5.7	% 	 	 	-5.0	% 	 	 	-1.9	% 	 	 	-7.1	% 	 	 	-4.7	% 	
Net premiums written constant $	  	 	0.3	% 	 	 	-1.2	% 	 	 	4.0	% 	 	 	-1.7	% 	 	 	0.5	% 	 	 	-0.5	% 	 	 	1.1	% 	 	 	1.2	% 	
Net premiums written constant $ excluding merger-related underwriting actions & accounting policy
alignment (1)	  	 	2.3	% 	 	 	4.2	% 	 	 	6.5	% 	 	 	0.7	% 	 	 	1.4	% 	 	 	3.2	% 	 	 	1.7	% 	 	 	2.6	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	81	% 	 	 	83	% 	 	 	83	% 	 	 	81	% 	 	 	81	% 	 	 	82	% 	 	 	81	% 	 	 	82	% 	
 
(1)	Net premiums written were adversely impacted by merger-related underwriting actions of $39 million in Q2 2017 and $81 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 15	

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

 	  	2Q-17	 	  	2Q-16	 	  	% Change	 	 	Constant $
2Q-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)	 	
Gross premiums written	  				  				  				 				  				 				  				  				 				  				
Europe	  	$	1,006	 	  	$	1,084	 	  	 	-7.2	% 	 	$	1,030	 	  	 	-0.9	% 	 	$	2,323	 	  	$	2,287	 	  	 	1.6	% 	 	$	2,365	 	  	 	0.1	% 	
Latin America	  	 	632	 	  	 	607	 	  	 	4.1	% 	 	 	631	 	  	 	6.6	% 	 	 	1,239	 	  	 	1,198	 	  	 	3.4	% 	 	 	1,255	 	  	 	4.5	% 	
Asia	  	 	754	 	  	 	718	 	  	 	5.0	% 	 	 	716	 	  	 	3.3	% 	 	 	1,408	 	  	 	1,352	 	  	 	4.1	% 	 	 	1,389	 	  	 	4.0	% 	
Other (3)	  	 	72	 	  	 	85	 	  	 	-15.3	% 	 	 	84	 	  	 	-14.3	% 	 	 	156	 	  	 	173	 	  	 	-9.8	% 	 	 	171	 	  	 	-8.8	% 	
	  	 	 	 	  	 	 	 	  				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  				
Total	  	$	2,464	 	  	$	2,494	 	  	 	-1.2	% 	 	$	2,461	 	  	 	1.6	% 	 	$	5,126	 	  	$	5,010	 	  	 	2.3	% 	 	$	5,180	 	  	 	1.8	% 	
	  	 	 	 	  	 	 	 	  				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  				
Net premiums written	  				  				  				 				  				 				  				  				 				  				
Europe	  	$	726	 	  	$	807	 	  	 	-10.0	% 	 	$	763	 	  	 	-2.9	% 	 	$	1,756	 	  	$	1,706	 	  	 	2.9	% 	 	$	1,791	 	  	 	0.5	% 	
Latin America	  	 	508	 	  	 	483	 	  	 	5.2	% 	 	 	502	 	  	 	9.4	% 	 	 	1,005	 	  	 	965	 	  	 	4.1	% 	 	 	1,006	 	  	 	7.2	% 	
Asia	  	 	673	 	  	 	641	 	  	 	5.0	% 	 	 	639	 	  	 	3.4	% 	 	 	1,250	 	  	 	1,211	 	  	 	3.2	% 	 	 	1,244	 	  	 	4.0	% 	
Other (3)	  	 	99	 	  	 	100	 	  	 	-1.0	% 	 	 	95	 	  	 	4.2	% 	 	 	195	 	  	 	190	 	  	 	2.6	% 	 	 	184	 	  	 	6.0	% 	
	  	 	 	 	  	 	 	 	  				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  				
Total	  	$	2,006	 	  	$	2,031	 	  	 	-1.2	% 	 	$	1,999	 	  	 	2.3	% 	 	$	4,206	 	  	$	4,072	 	  	 	3.3	% 	 	$	4,225	 	  	 	3.2	% 	

(1)	Prior periods on a constant dollar basis	
(2)	Gross premiums written and net premiums written premiums were adversely impacted by merger-related underwriting actions of $37 million and $39 million, respectively, in Q2 2017, and by $74 million and $81 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 16	

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

Global Reinsurance	  	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	2Q-16	 	 	YTD
2017	 	 	YTD
2016	 	 	Full Year
2016	 	
Gross premiums written	  	$	228	 	 	$	212	 	 	$	115	 	 	$	143	 	 	$	268	 	 	$	440	 	 	$	481	 	 	$	739	 	
Net premiums written	  	 	190	 	 	 	199	 	 	 	114	 	 	 	131	 	 	 	230	 	 	 	389	 	 	 	431	 	 	 	676	 	
Net premiums earned	  	 	168	 	 	 	189	 	 	 	167	 	 	 	156	 	 	 	185	 	 	 	357	 	 	 	387	 	 	 	710	 	
Losses and loss expenses	  	 	46	 	 	 	94	 	 	 	100	 	 	 	49	 	 	 	87	 	 	 	140	 	 	 	176	 	 	 	325	 	
Policy acquisition costs	  	 	43	 	 	 	51	 	 	 	45	 	 	 	42	 	 	 	47	 	 	 	94	 	 	 	100	 	 	 	187	 	
Administrative expenses	  	 	12	 	 	 	10	 	 	 	12	 	 	 	12	 	 	 	14	 	 	 	22	 	 	 	28	 	 	 	52	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (1)	  	 	67	 	 	 	34	 	 	 	10	 	 	 	53	 	 	 	37	 	 	 	101	 	 	 	83	 	 	 	146	 	
Net investment income	  	 	65	 	 	 	62	 	 	 	64	 	 	 	67	 	 	 	65	 	 	 	127	 	 	 	132	 	 	 	263	 	
Other income (expense) - operating	  	 	(1	) 	 	 	—  	 	 	 	1	 	 	 	—  	 	 	 	2	 	 	 	(1	) 	 	 	3	 	 	 	4	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	131	 	 	$	96	 	 	$	75	 	 	$	120	 	 	$	104	 	 	$	227	 	 	$	218	 	 	$	413	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	27.8	% 	 	 	49.6	% 	 	 	59.7	% 	 	 	31.3	% 	 	 	46.9	% 	 	 	39.3	% 	 	 	45.5	% 	 	 	45.7	% 	
Policy acquisition cost ratio	  	 	25.7	% 	 	 	26.8	% 	 	 	26.6	% 	 	 	27.1	% 	 	 	25.5	% 	 	 	26.3	% 	 	 	25.9	% 	 	 	26.3	% 	
Administrative expense ratio	  	 	6.7	% 	 	 	5.7	% 	 	 	7.7	% 	 	 	7.9	% 	 	 	7.4	% 	 	 	6.2	% 	 	 	7.1	% 	 	 	7.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio (1)	  	 	60.2	% 	 	 	82.1	% 	 	 	94.0	% 	 	 	66.3	% 	 	 	79.8	% 	 	 	71.8	% 	 	 	78.5	% 	 	 	79.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD (1)	  	 	77.0	% 	 	 	77.0	% 	 	 	78.8	% 	 	 	78.1	% 	 	 	78.9	% 	 	 	77.0	% 	 	 	78.7	% 	 	 	78.6	% 	
Catastrophe reinstatement premiums collected - pre-tax	  	$	—  	 	 	$	—  	 	 	$	1	 	 	$	—  	 	 	$	6	 	 	$	—  	 	 	$	6	 	 	$	7	 	
Catastrophe losses - pre-tax	  	$	3	 	 	$	—  	 	 	$	27	 	 	$	11	 	 	$	52	 	 	$	3	 	 	$	53	 	 	$	91	 	
Unfavorable (favorable) prior period development (PPD) - pre-tax (2)	  	$	(31	) 	 	$	8	 	 	$	—  	 	 	$	(28	) 	 	$	(47	) 	 	$	(23	) 	 	$	(50	) 	 	$	(78	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	44.4	% 	 	 	43.2	% 	 	 	44.2	% 	 	 	44.2	% 	 	 	46.0	% 	 	 	43.8	% 	 	 	45.8	% 	 	 	45.0	% 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written as reported	  	 	-17.7	% 	 	 	-0.9	% 	 	 	4.0	% 	 	 	-29.4	% 	 	 	-11.9	% 	 	 	-9.9	% 	 	 	-19.3	% 	 	 	-18.4	% 	
Net premiums earned as reported	  	 	-9.6	% 	 	 	-6.4	% 	 	 	-16.9	% 	 	 	-23.5	% 	 	 	-15.7	% 	 	 	-7.9	% 	 	 	-13.2	% 	 	 	-16.5	% 	
Net premiums written constant $	  	 	-16.5	% 	 	 	0.2	% 	 	 	6.5	% 	 	 	-28.1	% 	 	 	-11.6	% 	 	 	-8.7	% 	 	 	-18.2	% 	 	 	-17.1	% 	
Net premiums earned constant $	  	 	-8.1	% 	 	 	-5.5	% 	 	 	-15.6	% 	 	 	-22.2	% 	 	 	-15.0	% 	 	 	-6.7	% 	 	 	-12.1	% 	 	 	-15.3	% 	
% Change versus prior year period - As If *	  				 				 				 				 				 				 				 				
Net premiums written	  	 	-17.7	% 	 	 	-9.8	% 	 	 	3.0	% 	 	 	-29.8	% 	 	 	-13.3	% 	 	 	-13.8	% 	 	 	-19.5	% 	 	 	-18.8	% 	
Net premiums written constant $	  	 	-16.5	% 	 	 	-8.9	% 	 	 	5.5	% 	 	 	-28.5	% 	 	 	-13.0	% 	 	 	-12.7	% 	 	 	-18.4	% 	 	 	-17.5	% 	
Net premiums written constant $ excluding merger-related underwriting actions (3)	  	 	-16.5	% 	 	 	-4.3	% 	 	 	5.5	% 	 	 	-25.0	% 	 	 	-9.2	% 	 	 	-10.5	% 	 	 	-16.6	% 	 	 	-15.6	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	83	% 	 	 	94	% 	 	 	99	% 	 	 	91	% 	 	 	86	% 	 	 	88	% 	 	 	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 YTD 2017, unfavorable prior period development is net of $7 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 17	

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

Life Insurance	  	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	2Q-16	 	 	YTD
2017	 	 	YTD
2016	 	 	Full Year
2016	 	
Gross premiums written	  	$	557	 	 	$	550	 	 	$	577	 	 	$	562	 	 	$	557	 	 	$	1,107	 	 	$	1,103	 	 	$	2,242	 	
Net premiums written	  	 	523	 	 	 	524	 	 	 	549	 	 	 	532	 	 	 	527	 	 	 	1,047	 	 	 	1,043	 	 	 	2,124	 	
Net premiums earned	  	 	515	 	 	 	506	 	 	 	534	 	 	 	512	 	 	 	512	 	 	 	1,021	 	 	 	1,009	 	 	 	2,055	 	
Losses and loss expenses	  	 	182	 	 	 	193	 	 	 	165	 	 	 	174	 	 	 	147	 	 	 	375	 	 	 	324	 	 	 	663	 	
Policy benefits (1)	  	 	163	 	 	 	168	 	 	 	161	 	 	 	155	 	 	 	146	 	 	 	331	 	 	 	272	 	 	 	588	 	
(Gains) losses from fair value changes in separate account assets  (1)	  	 	(16	) 	 	 	(30	) 	 	 	11	 	 	 	(22	) 	 	 	(3	) 	 	 	(46	) 	 	 	—  	 	 	 	(11	) 	
Policy acquisition costs	  	 	130	 	 	 	114	 	 	 	123	 	 	 	127	 	 	 	137	 	 	 	244	 	 	 	259	 	 	 	509	 	
Administrative expenses	  	 	77	 	 	 	72	 	 	 	81	 	 	 	77	 	 	 	77	 	 	 	149	 	 	 	149	 	 	 	307	 	
Net investment income	  	 	77	 	 	 	75	 	 	 	76	 	 	 	71	 	 	 	69	 	 	 	152	 	 	 	136	 	 	 	283	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Life Insurance underwriting income (2) (3)	  	 	56	 	 	 	64	 	 	 	69	 	 	 	72	 	 	 	77	 	 	 	120	 	 	 	141	 	 	 	282	 	
Other expense - operating	  	 	(4	) 	 	 	(1	) 	 	 	(8	) 	 	 	(2	) 	 	 	(3	) 	 	 	(5	) 	 	 	(6	) 	 	 	(16	) 	
Amortization expense of purchased intangibles	  	 	—  	 	 	 	(1	) 	 	 	(1	) 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	(1	) 	 	 	(3	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	52	 	 	$	62	 	 	$	60	 	 	$	69	 	 	$	74	 	 	$	114	 	 	$	134	 	 	$	263	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	-0.7	% 	 	 	1.6	% 	 	 	6.5	% 	 	 	8.1	% 	 	 	5.5	% 	 	 	0.4	% 	 	 	5.3	% 	 	 	6.3	% 	
Net premiums earned	  	 	0.8	% 	 	 	1.6	% 	 	 	5.7	% 	 	 	6.7	% 	 	 	5.1	% 	 	 	1.2	% 	 	 	5.0	% 	 	 	5.6	% 	
Net premiums written constant $	  	 	-1.0	% 	 	 	0.9	% 	 	 	6.9	% 	 	 	9.1	% 	 	 	8.2	% 	 	 	-0.1	% 	 	 	9.1	% 	 	 	8.5	% 	
Net premiums earned constant $	  	 	0.5	% 	 	 	0.7	% 	 	 	6.0	% 	 	 	7.6	% 	 	 	7.8	% 	 	 	0.6	% 	 	 	8.8	% 	 	 	7.8	% 	
% Change versus prior year period - As If *	  				 				 				 				 				 				 				 				
Net premiums written	  	 	-0.7	% 	 	 	1.3	% 	 	 	2.1	% 	 	 	3.4	% 	 	 	0.7	% 	 	 	0.3	% 	 	 	0.0	% 	 	 	1.6	% 	
Net premiums written constant $	  	 	-1.0	% 	 	 	0.6	% 	 	 	2.4	% 	 	 	4.3	% 	 	 	3.5	% 	 	 	-0.2	% 	 	 	4.0	% 	 	 	3.7	% 	
Net premiums written constant $ excluding merger-related underwriting actions (4)	  	 	0.5	% 	 	 	3.7	% 	 				 				 				 	 	2.1	% 	 				 				
 
(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 $8 million in Q2 2017 and $24 million for YTD 2017.	
International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses):

 	  	2Q-17	 	  	Constant $
2Q-16 (6)	 	  	Constant $
% Change
2Q-17 vs.
2Q-16 (6)	 	 	YTD-17	 	  	Constant $
YTD-16 (6)	 	  	Constant $
% Change
YTD-17 vs.
YTD-16 (6)	 	
International life insurance net premiums written	  	$	199	 	  	$	207	 	  	 	-3.5	% 	 	$	397	 	  	$	410	 	  	 	-3.2	% 	
International life insurance deposits (5)	  	 	316	 	  	 	270	 	  	 	16.8	% 	 	 	626	 	  	 	488	 	  	 	28.3	% 	
	  	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  				
Total international life insurance net premiums written and deposits	  	$	515	 	  	$	477	 	  	 	8.0	% 	 	$	1,023	 	  	$	898	 	  	 	13.9	% 	

(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 18	

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

Corporate	  	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	2Q-16	 	 	YTD
2017	 	 	YTD
2016	 	 	Full Year
2016	 	
Gross premiums written	  	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	
Net premiums written	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Net premiums earned	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Adjusted losses and loss expenses (1)	  	 	45	 	 	 	11	 	 	 	105	 	 	 	63	 	 	 	15	 	 	 	56	 	 	 	24	 	 	 	192	 	
Policy acquisition costs	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Adjusted administrative expenses (1)	  	 	65	 	 	 	58	 	 	 	81	 	 	 	57	 	 	 	62	 	 	 	123	 	 	 	135	 	 	 	273	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting loss	  	 	(110	) 	 	 	(69	) 	 	 	(186	) 	 	 	(120	) 	 	 	(77	) 	 	 	(179	) 	 	 	(159	) 	 	 	(465	) 	
Adjusted net investment income	  	 	13	 	 	 	12	 	 	 	4	 	 	 	5	 	 	 	7	 	 	 	25	 	 	 	16	 	 	 	25	 	
Other expense - operating	  	 	(14	) 	 	 	(7	) 	 	 	(4	) 	 	 	(2	) 	 	 	(2	) 	 	 	(21	) 	 	 	(4	) 	 	 	(10	) 	
Adjusted interest expense (1)	  	 	(160	) 	 	 	(166	) 	 	 	(167	) 	 	 	(164	) 	 	 	(166	) 	 	 	(326	) 	 	 	(315	) 	 	 	(646	) 	
Amortization (expense) benefit of purchased
intangibles (2)	  	 	(42	) 	 	 	(42	) 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	(84	) 	 	 	40	 	 	 	80	 	
Pension curtailment benefit (1)	  	 	—  	 	 	 	—  	 	 	 	113	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	113	 	
Income tax expense	  	 	(223	) 	 	 	(191	) 	 	 	(272	) 	 	 	(306	) 	 	 	(212	) 	 	 	(414	) 	 	 	(413	) 	 	 	(991	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating loss	  	 	(536	) 	 	 	(463	) 	 	 	(492	) 	 	 	(567	) 	 	 	(430	) 	 	 	(999	) 	 	 	(835	) 	 	 	(1,894	) 	
Chubb integration and related expenses, net of tax	  	 	(50	) 	 	 	(74	) 	 	 	(94	) 	 	 	(85	) 	 	 	(71	) 	 	 	(124	) 	 	 	(177	) 	 	 	(356	) 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	(52	) 	 	 	(55	) 	 	 	(66	) 	 	 	(53	) 	 	 	(66	) 	 	 	(107	) 	 	 	(125	) 	 	 	(244	) 	
Adjusted net realized gains (losses), net of tax (3)	  	 	227	 	 	 	47	 	 	 	487	 	 	 	142	 	 	 	(195	) 	 	 	274	 	 	 	(610	) 	 	 	19	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net loss	  	$	(411	) 	 	$	(545	) 	 	$	(165	) 	 	$	(563	) 	 	$	(762	) 	 	$	(956	) 	 	$	(1,747	) 	 	$	(2,475	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unfavorable prior period development (PPD) - pre-tax	  	$	43	 	 	$	10	 	 	$	105	 	 	$	62	 	 	$	14	 	 	$	53	 	 	$	22	 	 	$	189	 	
Underwriting loss - As If	  				 				 	$	(186	) 	 	$	(120	) 	 	$	(77	) 	 				 	$	(162	) 	 	$	(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 19	

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

 	  	Unpaid Losses	 	 	Net Paid to	 	
 	  	Gross	 	 	Ceded	 	 	Net	 	 	Incurred Ratio	 	
Balance at December 31, 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	 	 				
Add net recoverable on paid losses	  	 	—  	 	 	 	873	 	 	 	(873	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance including net recoverable on paid losses	  	$	60,394	 	 	$	13,358	 	 	$	47,036	 	 				

			
Loss Reserve Rollforward	  	Page 20	

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

Net Reinsurance Recoverable by Division	  	 	 	 	 	 	 	 	 	
 	  	June 30	 	 	March 31	 	 	December 31	 	
 	  	2017	 	 	2017	 	 	2016	 	
Reinsurance recoverable on paid losses and loss expenses	  				 				 				
Active operations	  	$	690	 	 	$	793	 	 	$	686	 	
Brandywine and Other Run-off	  	 	275	 	 	 	256	 	 	 	274	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	965	 	 	$	1,049	 	 	$	960	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Reinsurance recoverable on unpaid losses and loss expenses	  				 				 				
Active operations	  	$	11,536	 	 	$	11,799	 	 	$	11,632	 	
Brandywine and Other Run-off	  	 	1,192	 	 	 	1,255	 	 	 	1,285	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	12,728	 	 	$	13,054	 	 	$	12,917	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Gross reinsurance recoverable	  				 				 				
Active operations	  	$	12,226	 	 	$	12,592	 	 	$	12,318	 	
Brandywine and Other Run-off	  	 	1,467	 	 	 	1,511	 	 	 	1,559	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	13,693	 	 	$	14,103	 	 	$	13,877	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Provision for uncollectible reinsurance (1)	  				 				 				
Active operations	  	$	(192	) 	 	$	(191	) 	 	$	(159	) 	
Brandywine and Other Run-off	  	 	(143	) 	 	 	(143	) 	 	 	(141	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	(335	) 	 	$	(334	) 	 	$	(300	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Net reinsurance recoverable	  				 				 				
Active operations	  	$	12,034	 	 	$	12,401	 	 	$	12,159	 	
Brandywine and Other Run-off	  	 	1,324	 	 	 	1,368	 	 	 	1,418	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	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 21	

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

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

Investments	  	Page 22	

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

 	  	S&P Credit Rating	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
Market Value at June 30, 2017	  				  				  				  				  				  				
Agency residential mortgage-backed (RMBS)	  	$	—  	 	  	$	12,765	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	12,765	 	
Non-agency RMBS	  	 	1	 	  	 	5	 	  	 	60	 	  	 	3	 	  	 	28	 	  	 	97	 	
Commercial mortgage-backed	  	 	2,902	 	  	 	13	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	2,915	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total mortgage-backed securities at market value	  	$	2,903	 	  	$	12,783	 	  	$	60	 	  	$	3	 	  	$	28	 	  	$	15,777	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
U.S. Corporate and Asset-backed Fixed Income Portfolios
Market Value at June 30, 2017

 	  	S&P Credit Rating	 	
 	  	Investment Grade	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	Total	 	
Asset-backed	  	$	904	 	  	$	78	 	  	$	—  	 	  	$	—  	 	  	$	982	 	
Banks	  	 	—  	 	  	 	22	 	  	 	1,728	 	  	 	1,799	 	  	 	3,549	 	
Basic Materials	  	 	—  	 	  	 	—  	 	  	 	103	 	  	 	222	 	  	 	325	 	
Communications	  	 	—  	 	  	 	165	 	  	 	276	 	  	 	1,261	 	  	 	1,702	 	
Consumer, Cyclical	  	 	—  	 	  	 	224	 	  	 	604	 	  	 	690	 	  	 	1,518	 	
Consumer, Non-Cyclical	  	 	112	 	  	 	521	 	  	 	1,815	 	  	 	1,228	 	  	 	3,676	 	
Diversified Financial Services	  	 	27	 	  	 	15	 	  	 	507	 	  	 	202	 	  	 	751	 	
Energy	  	 	—  	 	  	 	57	 	  	 	81	 	  	 	612	 	  	 	750	 	
Industrial	  	 	—  	 	  	 	324	 	  	 	530	 	  	 	540	 	  	 	1,394	 	
Utilities	  	 	—  	 	  	 	7	 	  	 	1,105	 	  	 	446	 	  	 	1,558	 	
All Others	  	 	164	 	  	 	442	 	  	 	1,010	 	  	 	662	 	  	 	2,278	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	1,207	 	  	$	1,855	 	  	$	7,759	 	  	$	7,662	 	  	$	18,483	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Market Value at June 30, 2017

 	  	S&P Credit Rating	 	
 	  	Below Investment Grade	 	
 	  	BB	 	  	B	 	  	CCC	 	  	Total	 	
Asset-backed	  	$	3	 	  	$	2	 	  	$	10	 	  	$	15	 	
Banks	  	 	23	 	  	 	—  	 	  	 	—  	 	  	 	23	 	
Basic Materials	  	 	236	 	  	 	208	 	  	 	3	 	  	 	447	 	
Communications	  	 	890	 	  	 	706	 	  	 	4	 	  	 	1,600	 	
Consumer, Cyclical	  	 	1,145	 	  	 	663	 	  	 	55	 	  	 	1,863	 	
Consumer, Non-Cyclical	  	 	885	 	  	 	1,221	 	  	 	34	 	  	 	2,140	 	
Diversified Financial Services	  	 	152	 	  	 	129	 	  	 	1	 	  	 	282	 	
Energy	  	 	359	 	  	 	246	 	  	 	12	 	  	 	617	 	
Industrial	  	 	456	 	  	 	553	 	  	 	29	 	  	 	1,038	 	
Utilities	  	 	266	 	  	 	94	 	  	 	12	 	  	 	372	 	
All Others	  	 	577	 	  	 	586	 	  	 	21	 	  	 	1,184	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	4,992	 	  	$	4,408	 	  	$	181	 	  	$	9,581	 	

			
Investments 2	  	Page 23	

Chubb Limited
Investment Portfolio - 3
(in millions of U.S. dollars)
(Unaudited)
Non-U.S. Fixed Income Portfolio
June 30, 2017

Non-U.S. Government Securities	  	Market Value by S&P Credit Rating	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
United Kingdom	  	$	—  	 	  	$	1,406	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	1,406	 	
Republic of Korea	  	 	—  	 	  	 	1,058	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	1,058	 	
Canada	  	 	869	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	869	 	
Federative Republic of Brazil	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	798	 	  	 	798	 	
Province of Ontario	  	 	—  	 	  	 	9	 	  	 	620	 	  	 	—  	 	  	 	—  	 	  	 	629	 	
United Mexican States	  	 	—  	 	  	 	—  	 	  	 	400	 	  	 	106	 	  	 	—  	 	  	 	506	 	
Province of Quebec	  	 	—  	 	  	 	499	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	499	 	
Kingdom of Thailand	  	 	—  	 	  	 	—  	 	  	 	482	 	  	 	—  	 	  	 	—  	 	  	 	482	 	
Germany	  	 	389	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	389	 	
Australia	  	 	348	 	  	 	3	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	351	 	
Other Non-U.S. Government Securities	  	 	927	 	  	 	1,452	 	  	 	651	 	  	 	522	 	  	 	677	 	  	 	4,229	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	2,533	 	  	$	4,427	 	  	$	2,153	 	  	$	628	 	  	$	1,475	 	  	$	11,216	 	

Non-U.S. Corporate Securities	  	Market Value by S&P Credit Rating	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
United Kingdom	  	$	129	 	  	$	75	 	  	$	670	 	  	$	920	 	  	$	276	 	  	$	2,070	 	
Canada	  	 	91	 	  	 	180	 	  	 	360	 	  	 	464	 	  	 	278	 	  	 	1,373	 	
United States (1)	  	 	2	 	  	 	86	 	  	 	150	 	  	 	335	 	  	 	333	 	  	 	906	 	
France	  	 	9	 	  	 	31	 	  	 	511	 	  	 	254	 	  	 	32	 	  	 	837	 	
Netherlands	  	 	78	 	  	 	11	 	  	 	382	 	  	 	200	 	  	 	43	 	  	 	714	 	
Australia	  	 	84	 	  	 	138	 	  	 	336	 	  	 	133	 	  	 	22	 	  	 	713	 	
Germany	  	 	184	 	  	 	47	 	  	 	119	 	  	 	248	 	  	 	23	 	  	 	621	 	
Japan	  	 	—  	 	  	 	31	 	  	 	304	 	  	 	10	 	  	 	3	 	  	 	348	 	
Switzerland	  	 	34	 	  	 	20	 	  	 	122	 	  	 	138	 	  	 	21	 	  	 	335	 	
China	  	 	—  	 	  	 	108	 	  	 	134	 	  	 	36	 	  	 	7	 	  	 	285	 	
Other Non-U.S. Corporate Securities	  	 	416	 	  	 	373	 	  	 	844	 	  	 	799	 	  	 	502	 	  	 	2,934	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	1,027	 	  	$	1,100	 	  	$	3,932	 	  	$	3,537	 	  	$	1,540	 	  	$	11,136	 	

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

Investments 3	  	Page 24	

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

 	  	June 30, 2017	  	Market
Value	 	  	Rating	
1	  	Wells Fargo & Co	  	$	588	 	  	A	
2	  	JP Morgan Chase & Co	  	 	533	 	  	A-	
3	  	Goldman Sachs Group Inc	  	 	464	 	  	BBB+	
4	  	Anheuser-Busch InBev NV	  	 	433	 	  	A-	
5	  	General Electric Co	  	 	394	 	  	AA-	
6	  	Morgan Stanley	  	 	363	 	  	BBB+	
7	  	Verizon Communications Inc	  	 	356	 	  	BBB+	
8	  	Bank of America Corp	  	 	349	 	  	BBB+	
9	  	AT&T Inc	  	 	345	 	  	BBB+	
10	  	HSBC Holdings Plc	  	 	318	 	  	A	

Investments 4	  	Page 25	

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

 	 	Three months ended June 30, 2017	 	
 	 	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	
 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	
 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	
Fixed maturities	 	$	23	 	 	$	(8	) 	 	$	15	 	 	$	423	 	 	$	(141	) 	 	$	282	 	 	$	446	 	 	$	(149	) 	 	$	297	 	
Fixed income derivatives	 	 	(16	) 	 	 	2	 	 	 	(14	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(16	) 	 	 	2	 	 	 	(14	) 	
Public equity	 	 	2	 	 	 	(1	) 	 	 	1	 	 	 	15	 	 	 	(4	) 	 	 	11	 	 	 	17	 	 	 	(5	) 	 	 	12	 	
Private equity	 	 	145	 	 	 	(9	) 	 	 	136	 	 	 	(4	) 	 	 	(3	) 	 	 	(7	) 	 	 	141	 	 	 	(12	) 	 	 	129	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio  (1)	 	 	154	 	 	 	(16	) 	 	 	138	 	 	 	434	 	 	 	(148	) 	 	 	286	 	 	 	588	 	 	 	(164	) 	 	 	424	 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges  (2)	 	 	80	 	 	 	—  	 	 	 	80	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	80	 	 	 	—  	 	 	 	80	 	
Foreign exchange	 	 	14	 	 	 	(3	) 	 	 	11	 	 	 	102	 	 	 	(4	) 	 	 	98	 	 	 	116	 	 	 	(7	) 	 	 	109	 	
Partially-owned entities (3)	 	 	(2	) 	 	 	—  	 	 	 	(2	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(2	) 	 	 	—  	 	 	 	(2	) 	
Other  (4)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(35	) 	 	 	21	 	 	 	(14	) 	 	 	(35	) 	 	 	21	 	 	 	(14	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	 	$	246	 	 	$	(19	) 	 	$	227	 	 	$	501	 	 	$	(131	) 	 	$	370	 	 	$	747	 	 	$	(150	) 	 	$	597	 	

(1)	Other-than-temporary impairments for the quarter in realized gains (losses) include $4 million for fixed maturities, $3 million for public equity and $1 million for private equity.	
(2)	The quarter includes $38 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 June 30, 2016	 	
 	 	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	
 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	
 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	
Fixed maturities	 	$	7	 	 	$	(8	) 	 	$	(1	) 	 	$	954	 	 	$	(234	) 	 	$	720	 	 	$	961	 	 	$	(242	) 	 	$	719	 	
Fixed income derivatives	 	 	(47	) 	 	 	7	 	 	 	(40	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(47	) 	 	 	7	 	 	 	(40	) 	
Public equity	 	 	(5	) 	 	 	2	 	 	 	(3	) 	 	 	33	 	 	 	(10	) 	 	 	23	 	 	 	28	 	 	 	(8	) 	 	 	20	 	
Private equity	 	 	33	 	 	 	(5	) 	 	 	28	 	 	 	(42	) 	 	 	5	 	 	 	(37	) 	 	 	(9	) 	 	 	—  	 	 	 	(9	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio  (5)	 	 	(12	) 	 	 	(4	) 	 	 	(16	) 	 	 	945	 	 	 	(239	) 	 	 	706	 	 	 	933	 	 	 	(243	) 	 	 	690	 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges  (6)	 	 	(159	) 	 	 	—  	 	 	 	(159	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(159	) 	 	 	—  	 	 	 	(159	) 	
Foreign exchange	 	 	(22	) 	 	 	4	 	 	 	(18	) 	 	 	81	 	 	 	24	 	 	 	105	 	 	 	59	 	 	 	28	 	 	 	87	 	
Partially-owned entities (7)	 	 	(2	) 	 	 	1	 	 	 	(1	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(2	) 	 	 	1	 	 	 	(1	) 	
Other	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	1	 	 	 	2	 	 	 	3	 	 	 	—  	 	 	 	2	 	 	 	2	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	 	$	(196	) 	 	$	1	 	 	$	(195	) 	 	$	1,027	 	 	$	(213	) 	 	$	814	 	 	$	831	 	 	$	(212	) 	 	$	619	 	

(5)	Other-than-temporary impairments for the quarter in realized gains (losses) include $11 million for fixed maturities and $5 million for public equity.	
(6)	The quarter includes $28 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 26	

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

 	 	Six months ended June 30, 2017	 	
 	 	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	
 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	
 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	
Fixed maturities	 	$	11	 	 	$	(2	) 	 	$	9	 	 	$	679	 	 	$	(236	) 	 	$	443	 	 	$	690	 	 	$	(238	) 	 	$	452	 	
Fixed income derivatives	 	 	(10	) 	 	 	8	 	 	 	(2	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(10	) 	 	 	8	 	 	 	(2	) 	
Public equity	 	 	6	 	 	 	(1	) 	 	 	5	 	 	 	43	 	 	 	(14	) 	 	 	29	 	 	 	49	 	 	 	(15	) 	 	 	34	 	
Private equity	 	 	195	 	 	 	(27	) 	 	 	168	 	 	 	27	 	 	 	(6	) 	 	 	21	 	 	 	222	 	 	 	(33	) 	 	 	189	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment
portfolio (1)	 	 	202	 	 	 	(22	) 	 	 	180	 	 	 	749	 	 	 	(256	) 	 	 	493	 	 	 	951	 	 	 	(278	) 	 	 	673	 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (2)	 	 	99	 	 	 	—  	 	 	 	99	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	99	 	 	 	—  	 	 	 	99	 	
Foreign exchange	 	 	(5	) 	 	 	3	 	 	 	(2	) 	 	 	236	 	 	 	(7	) 	 	 	229	 	 	 	231	 	 	 	(4	) 	 	 	227	 	
Partially-owned entities (3)	 	 	(8	) 	 	 	2	 	 	 	(6	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(8	) 	 	 	2	 	 	 	(6	) 	
Other (4)	 	 	3	 	 	 	—  	 	 	 	3	 	 	 	(55	) 	 	 	17	 	 	 	(38	) 	 	 	(52	) 	 	 	17	 	 	 	(35	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	 	$	291	 	 	$	(17	) 	 	$	274	 	 	$	930	 	 	$	(246	) 	 	$	684	 	 	$	1,221	 	 	$	(263	) 	 	$	958	 	

(1)	Year to date other-than-temporary impairments in realized gains (losses) include $10 million for fixed maturities, $8 million for public equity and $9 million for private equity.	
(2)	Year to date includes $112 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.	

 	 	Six months ended June 30, 2016	 	
 	 	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	
 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	
 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	
Fixed maturities	 	$	(183	) 	 	$	6	 	 	$	(177	) 	 	$	2,042	 	 	$	(466	) 	 	$	1,576	 	 	$	1,859	 	 	$	(460	) 	 	$	1,399	 	
Fixed income derivatives	 	 	(86	) 	 	 	12	 	 	 	(74	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(86	) 	 	 	12	 	 	 	(74	) 	
Public equity	 	 	33	 	 	 	(11	) 	 	 	22	 	 	 	29	 	 	 	(9	) 	 	 	20	 	 	 	62	 	 	 	(20	) 	 	 	42	 	
Private equity	 	 	14	 	 	 	3	 	 	 	17	 	 	 	(69	) 	 	 	3	 	 	 	(66	) 	 	 	(55	) 	 	 	6	 	 	 	(49	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment
portfolio (5)	 	 	(222	) 	 	 	10	 	 	 	(212	) 	 	 	2,002	 	 	 	(472	) 	 	 	1,530	 	 	 	1,780	 	 	 	(462	) 	 	 	1,318	 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (6)	 	 	(402	) 	 	 	—  	 	 	 	(402	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(402	) 	 	 	—  	 	 	 	(402	) 	
Foreign exchange	 	 	17	 	 	 	(6	) 	 	 	11	 	 	 	393	 	 	 	(11	) 	 	 	382	 	 	 	410	 	 	 	(17	) 	 	 	393	 	
Partially-owned entities (7)	 	 	(5	) 	 	 	1	 	 	 	(4	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(5	) 	 	 	1	 	 	 	(4	) 	
Other	 	 	(3	) 	 	 	—  	 	 	 	(3	) 	 	 	3	 	 	 	1	 	 	 	4	 	 	 	—  	 	 	 	1	 	 	 	1	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	 	$	(615	) 	 	$	5	 	 	$	(610	) 	 	$	2,398	 	 	$	(482	) 	 	$	1,916	 	 	$	1,783	 	 	$	(477	) 	 	$	1,306	 	

(5)	Year to date other-than-temporary impairments in realized gains (losses) include $70 million for fixed maturities, $6 million for public equity and $3 million for private equity.	
(6)	Year to date includes $43 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 27	

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

 	  	 	 	 	 	 	 	 	 	 	Legacy ACE	 	
 	  	June 30	 	 	March 31	 	 	December 31	 	 	December 31	 	
 	  	2017	 	 	2017	 	 	2016	 	 	2015	 	
Financial Debt:	  				 				 				 				
Total short-term debt	  	$	922	 	 	$	300	 	 	$	500	 	 	$	—  	 	
Total long-term debt (1)	  	 	11,667	 	 	 	12,300	 	 	 	12,610	 	 	 	9,389	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total financial debt	  	$	12,589	 	 	$	12,600	 	 	$	13,110	 	 	$	9,389	 	
Hybrid debt:	  				 				 				 				
Total trust preferred securities	  	 	308	 	 	 	308	 	 	 	308	 	 	 	307	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	12,897	 	 	$	12,908	 	 	$	13,418	 	 	$	9,696	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capitalization:	  				 				 				 				
Shareholders’ equity	  	$	50,349	 	 	$	49,224	 	 	$	48,275	 	 	$	29,135	 	
Hybrid debt	  	 	308	 	 	 	308	 	 	 	308	 	 	 	307	 	
Financial debt	  	 	12,589	 	 	 	12,600	 	 	 	13,110	 	 	 	9,389	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total capitalization	  	$	63,246	 	 	$	62,132	 	 	$	61,693	 	 	$	38,831	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Leverage ratios (based on total capital):	  				 				 				 				
Hybrid debt	  	 	0.5	% 	 	 	0.5	% 	 	 	0.5	% 	 	 	0.8	% 	
Financial debt	  	 	19.9	% 	 	 	20.3	% 	 	 	21.3	% 	 	 	24.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total hybrid & financial debt	  	 	20.4	% 	 	 	20.8	% 	 	 	21.8	% 	 	 	25.0	% 	
Note: As of June 30, 2017, there was $0.4 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 28	

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

 	  	Three months ended June 30	 	 	Six months ended June 30	 	
 	  	2017	 	 	2016	 	 	2017	 	 	2016	 	
Numerator	  				 				 				 				
Operating income to common shares	  	$	1,180	 	 	$	1,058	 	 	$	2,355	 	 	$	2,077	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax (1)	  	 	(72	) 	 	 	(95	) 	 	 	(151	) 	 	 	(178	) 	
Tax benefit on amortization adjustment	  	 	20	 	 	 	29	 	 	 	44	 	 	 	53	 	
Chubb integration and related expenses, pre-tax	  	 	(72	) 	 	 	(98	) 	 	 	(183	) 	 	 	(253	) 	
Tax benefit on Chubb integration and related expenses	  	 	22	 	 	 	27	 	 	 	59	 	 	 	76	 	
Adjusted net realized gains (losses), pre-tax	  	 	246	 	 	 	(196	) 	 	 	291	 	 	 	(615	) 	
Tax (expense) benefit on adjusted net realized gains (losses)	  	 	(19	) 	 	 	1	 	 	 	(17	) 	 	 	5	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	1,305	 	 	$	726	 	 	$	2,398	 	 	$	1,165	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rollforward of Common Shares Outstanding	  				 				 				 				
Shares - beginning of period	  	 	467,223,019	 	 	 	464,283,520	 	 	 	465,968,716	 	 	 	324,563,441	 	
Share issuance for Chubb Acquisition	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	136,950,381	 	
Repurchase of shares	  	 	(2,381,566	) 	 	 	—  	 	 	 	(3,417,630	) 	 	 	—  	 	
Shares issued, excluding option exercises	  	 	107,167	 	 	 	297,586	 	 	 	1,791,540	 	 	 	2,469,747	 	
Issued for option exercises	  	 	426,521	 	 	 	431,874	 	 	 	1,032,515	 	 	 	1,029,411	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Shares - end of period	  	 	465,375,141	 	 	 	465,012,980	 	 	 	465,375,141	 	 	 	465,012,980	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Denominator	  				 				 				 				
Weighted average shares outstanding (2)	  	 	467,981,077	 	 	 	467,701,328	 	 	 	468,244,458	 	 	 	457,102,802	 	
Effect of other dilutive securities	  	 	3,872,860	 	 	 	3,455,969	 	 	 	3,900,678	 	 	 	3,379,559	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adj. wtd. avg. shares outstanding and assumed conversions	  	 	471,853,937	 	 	 	471,157,297	 	 	 	472,145,136	 	 	 	460,482,361	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	  				 				 				 				
Operating income	  	$	2.52	 	 	$	2.26	 	 	$	5.03	 	 	$	4.54	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)	  	 	(0.11	) 	 	 	(0.14	) 	 	 	(0.23	) 	 	 	(0.27	) 	
Chubb integration and related expenses, net of tax	  	 	(0.11	) 	 	 	(0.15	) 	 	 	(0.26	) 	 	 	(0.39	) 	
Adjusted net realized gains (losses), net of tax	  	 	0.49	 	 	 	(0.42	) 	 	 	0.58	 	 	 	(1.33	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	2.79	 	 	$	1.55	 	 	$	5.12	 	 	$	2.55	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings per share	  				 				 				 				
Operating income	  	$	2.50	 	 	$	2.25	 	 	$	4.99	 	 	$	4.51	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)	  	 	(0.11	) 	 	 	(0.14	) 	 	 	(0.23	) 	 	 	(0.27	) 	
Chubb integration and related expenses, net of tax	  	 	(0.10	) 	 	 	(0.15	) 	 	 	(0.26	) 	 	 	(0.38	) 	
Adjusted net realized gains (losses), net of tax	  	 	0.48	 	 	 	(0.42	) 	 	 	0.58	 	 	 	(1.33	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	2.77	 	 	$	1.54	 	 	$	5.08	 	 	$	2.53	 	

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

Earnings per share	  	Page 29	

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

 	  	June 30	 	 	March 31	 	 	December 31	 	 	June 30	 	
 	  	2017	 	 	2017	 	 	2016	 	 	2016	 	
Shareholders’ equity	  	$	50,349	 	 	$	49,224	 	 	$	48,275	 	 	$	47,226	 	
Less: goodwill and other intangible assets, net of tax	  	 	19,994	 	 	 	20,013	 	 	 	20,019	 	 	 	20,656	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Numerator for tangible book value per share	  	$	30,355	 	 	$	29,211	 	 	$	28,256	 	 	$	26,570	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value - % change over prior quarter	  	 	2.3	% 	 	 	2.0	% 	 	 	-0.2	% 	 	 	2.9	% 	
Tangible book value - % change over prior quarter	  	 	3.9	% 	 	 	3.4	% 	 	 	0.8	% 	 	 	6.3	% 	
Denominator	  	 	465,375,141	 	 	 	467,223,019	 	 	 	465,968,716	 	 	 	465,012,980	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share	  	$	108.19	 	 	$	105.35	 	 	$	103.60	 	 	$	101.56	 	
Tangible book value per common share	  	$	65.23	 	 	$	62.52	 	 	$	60.64	 	 	$	57.14	 	
Reconciliation of Book Value	  				 				 				 				
Shareholders’ equity, beginning of quarter	  	$	49,224	 	 	$	48,275	 	 	$	48,372	 	 	$	45,897	 	
Operating income	  	 	1,180	 	 	 	1,175	 	 	 	1,283	 	 	 	1,058	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)	  	 	(52	) 	 	 	(55	) 	 	 	(66	) 	 	 	(66	) 	
Chubb integration and related expenses, net of tax	  	 	(50	) 	 	 	(74	) 	 	 	(94	) 	 	 	(71	) 	
Adjusted net realized gains (losses), net
of tax (2)	  	 	227	 	 	 	47	 	 	 	487	 	 	 	(195	) 	
Net unrealized gains (losses) on the investment portfolio	  	 	286	 	 	 	207	 	 	 	(1,487	) 	 	 	706	 	
Repurchase of shares	  	 	(335	) 	 	 	(140	) 	 	 	—  	 	 	 	—  	 	
Dividend declared on common shares	  	 	(332	) 	 	 	(324	) 	 	 	(324	) 	 	 	(323	) 	
Cumulative translation	  	 	98	 	 	 	131	 	 	 	(375	) 	 	 	105	 	
Postretirement benefit liability	  	 	(14	) 	 	 	(24	) 	 	 	353	 	 	 	3	 	
Other (3)	  	 	117	 	 	 	6	 	 	 	126	 	 	 	112	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	$	50,349	 	 	$	49,224	 	 	$	48,275	 	 	$	47,226	 	

(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 30	

Chubb Limited
Non-GAAP Financial Measures
(Unaudited)
Regulation G - Non-GAAP Financial Measures
In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP).
We provide financial measures such as gross premiums written, net premiums written, net premiums earned, and operating income 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 34.
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 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 should not be viewed as a substitute for net income 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 30. 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 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. We believe that these measures are meaningful to evaluate trends in our underlying business on a comparable basis.

Reconciliation Non-GAAP	  	Page 31	

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

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	2Q-16	 	 	2017	 	 	2016	 	 	2016	 	
Net income, as reported	  	$	1,305	 	 	$	1,093	 	 	$	1,610	 	 	$	1,360	 	 	$	726	 	 	$	2,398	 	 	$	1,165	 	 	$	4,135	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax (1)	  	 	(72	) 	 	 	(79	) 	 	 	(88	) 	 	 	(79	) 	 	 	(95	) 	 	 	(151	) 	 	 	(178	) 	 	 	(345	) 	
Tax benefit on amortization adjustment	  	 	20	 	 	 	24	 	 	 	22	 	 	 	26	 	 	 	29	 	 	 	44	 	 	 	53	 	 	 	101	 	
Chubb integration and related expenses, pre tax	  	 	(72	) 	 	 	(111	) 	 	 	(131	) 	 	 	(115	) 	 	 	(98	) 	 	 	(183	) 	 	 	(253	) 	 	 	(499	) 	
Tax benefit on Chubb integration and related expenses	  	 	22	 	 	 	37	 	 	 	37	 	 	 	30	 	 	 	27	 	 	 	59	 	 	 	76	 	 	 	143	 	
Adjusted net realized gains (losses)	  	 	103	 	 	 	(7	) 	 	 	371	 	 	 	97	 	 	 	(214	) 	 	 	96	 	 	 	(608	) 	 	 	(140	) 	
Net realized gains (losses) related to unconsolidated entities (2)	  	 	143	 	 	 	52	 	 	 	162	 	 	 	72	 	 	 	18	 	 	 	195	 	 	 	(7	) 	 	 	227	 	
Tax (expense) benefit on adjusted net realized gains (losses)	  	 	(19	) 	 	 	2	 	 	 	(46	) 	 	 	(27	) 	 	 	1	 	 	 	(17	) 	 	 	5	 	 	 	(68	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	$	1,180	 	 	$	1,175	 	 	$	1,283	 	 	$	1,356	 	 	$	1,058	 	 	$	2,355	 	 	$	2,077	 	 	$	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 to P&C and Global P&C Underwriting Income:

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	2Q-16	 	 	2017	 	 	2016	 	 	2016	 	
Net Income	  	$	1,305	 	 	$	1,093	 	 	$	1,610	 	 	$	1,360	 	 	$	726	 	 	$	2,398	 	 	$	1,165	 	 	$	4,135	 	
Income tax expense	  	 	200	 	 	 	128	 	 	 	259	 	 	 	277	 	 	 	155	 	 	 	328	 	 	 	279	 	 	 	815	 	
Net realized (gains) losses related to unconsolidated entities	  	 	(143	) 	 	 	(52	) 	 	 	(162	) 	 	 	(72	) 	 	 	(18	) 	 	 	(195	) 	 	 	7	 	 	 	(227	) 	
Adjusted realized (gains) losses	  	 	(103	) 	 	 	7	 	 	 	(371	) 	 	 	(97	) 	 	 	214	 	 	 	(96	) 	 	 	608	 	 	 	140	 	
Amortization of fair value adjustment of acquired invested assets
and long-term debt	  	 	72	 	 	 	79	 	 	 	88	 	 	 	79	 	 	 	95	 	 	 	151	 	 	 	178	 	 	 	345	 	
Chubb integration and related expenses	  	 	72	 	 	 	111	 	 	 	131	 	 	 	115	 	 	 	98	 	 	 	183	 	 	 	253	 	 	 	499	 	
Adjusted interest expense	  	 	160	 	 	 	166	 	 	 	167	 	 	 	164	 	 	 	166	 	 	 	326	 	 	 	315	 	 	 	646	 	
Pension curtailment benefit	  	 	—  	 	 	 	—  	 	 	 	(113	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(113	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated segment income	  	 	1,563	 	 	 	1,532	 	 	 	1,609	 	 	 	1,826	 	 	 	1,436	 	 	 	3,095	 	 	 	2,805	 	 	 	6,240	 	
Less: Life Insurance segment income	  	 	52	 	 	 	62	 	 	 	60	 	 	 	69	 	 	 	74	 	 	 	114	 	 	 	134	 	 	 	263	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C segment income	  	 	1,511	 	 	 	1,470	 	 	 	1,549	 	 	 	1,757	 	 	 	1,362	 	 	 	2,981	 	 	 	2,671	 	 	 	5,977	 	
Less: amortization expense of purchased intangibles (excluding Life Insurance)	  	 	65	 	 	 	63	 	 	 	2	 	 	 	3	 	 	 	5	 	 	 	128	 	 	 	11	 	 	 	16	 	
Less: other (income) expense - operating (excluding Life Insurance)	  	 	10	 	 	 	11	 	 	 	13	 	 	 	1	 	 	 	(11	) 	 	 	21	 	 	 	(14	) 	 	 	—  	 	
Less: adjusted net investment income (excluding Life Insurance)	  	 	(778	) 	 	 	(761	) 	 	 	(769	) 	 	 	(759	) 	 	 	(747	) 	 	 	(1,539	) 	 	 	(1,447	) 	 	 	(2,975	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C Underwriting income (Including Corporate and excluding Life Insurance)	  	 	808	 	 	 	783	 	 	 	795	 	 	 	1,002	 	 	 	609	 	 	 	1,591	 	 	 	1,221	 	 	 	3,018	 	
Less: Agricultural Insurance Underwriting income	  	 	23	 	 	 	93	 	 	 	184	 	 	 	90	 	 	 	14	 	 	 	116	 	 	 	67	 	 	 	341	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C Underwriting income (Including Corporate and excluding Agriculture)	  	$	785	 	 	$	690	 	 	$	611	 	 	$	912	 	 	$	595	 	 	$	1,475	 	 	$	1,154	 	 	$	2,677	 	

			
Reconciliation Non-GAAP 2	  	Page 32	

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: 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 measures as it enhances the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity excluding the effect of unrealized gains and losses on our investments.

 	  	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	2Q-17	 	 	2Q-16	 	 	2017	 	 	2016	 	 	2016	 	
Net income	  	$	1,305	 	 	$	726	 	 	$	2,398	 	 	$	1,165	 	 	$	4,135	 	
Operating income	  	$	1,180	 	 	$	1,058	 	 	$	2,355	 	 	$	2,077	 	 	$	4,716	 	
Equity - beginning of period, as reported	  	$	49,224	 	 	$	45,897	 	 	$	48,275	 	 	$	29,135	 	 	$	29,135	 	
Add: weighted average impact of equity issuance	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	14,333	 	 	 	14,931	 	
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	1,265	 	 	 	1,698	 	 	 	1,058	 	 	 	874	 	 	 	874	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity - beginning of period, as adjusted	  	$	47,959	 	 	$	44,199	 	 	$	47,217	 	 	$	42,594	 	 	$	43,192	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity - end of period, as reported	  	$	50,349	 	 	$	47,226	 	 	$	50,349	 	 	$	47,226	 	 	$	48,275	 	
Less: weighted average impact of equity issuance	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1,194	 	 	 	596	 	
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	1,551	 	 	 	2,404	 	 	 	1,551	 	 	 	2,404	 	 	 	1,058	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity - end of period, as adjusted	  	$	48,798	 	 	$	44,822	 	 	$	48,798	 	 	$	43,628	 	 	$	46,621	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average equity, as reported	  	$	49,787	 	 	$	46,562	 	 	$	49,312	 	 	$	44,750	 	 	$	45,873	 	
Weighted average equity, as adjusted	  	$	48,379	 	 	$	44,511	 	 	$	48,008	 	 	$	43,111	 	 	$	44,907	 	
Operating ROE	  	 	9.8	% 	 	 	9.5	% 	 	 	9.8	% 	 	 	9.8	% 	 	 	10.5	% 	
ROE	  	 	10.5	% 	 	 	6.2	% 	 	 	9.7	% 	 	 	5.3	% 	 	 	9.0	% 	
Operating effective tax rate
The following table presents the reconciliation of effective tax rate to the operating effective tax rate:

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	2Q-16	 	 	2017	 	 	2016	 	 	2016	 	
Tax expense, as reported	  	$	200	 	 	$	128	 	 	$	259	 	 	$	277	 	 	$	155	 	 	$	328	 	 	$	279	 	 	$	815	 	
Tax benefit on amortization of fair value of acquired invested assets and debt (1)	  	 	(20	) 	 	 	(24	) 	 	 	(22	) 	 	 	(26	) 	 	 	(29	) 	 	 	(44	) 	 	 	(53	) 	 	 	(101	) 	
Tax benefit on Chubb integration and related expenses	  	 	(22	) 	 	 	(37	) 	 	 	(37	) 	 	 	(30	) 	 	 	(27	) 	 	 	(59	) 	 	 	(76	) 	 	 	(143	) 	
Tax expense (benefit) on adjusted net realized gains (losses)	  	 	19	 	 	 	(2	) 	 	 	46	 	 	 	27	 	 	 	(1	) 	 	 	17	 	 	 	(5	) 	 	 	68	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tax expense, adjusted	  	$	223	 	 	$	191	 	 	$	272	 	 	$	306	 	 	$	212	 	 	$	414	 	 	$	413	 	 	$	991	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before tax, as reported	  	$	1,505	 	 	$	1,221	 	 	$	1,869	 	 	$	1,637	 	 	$	881	 	 	$	2,726	 	 	$	1,444	 	 	$	4,950	 	
Less: amortization of fair value of acquired invested assets and debt (1)	  	 	(72	) 	 	 	(79	) 	 	 	(88	) 	 	 	(79	) 	 	 	(95	) 	 	 	(151	) 	 	 	(178	) 	 	 	(345	) 	
Less: Chubb integration and related expenses	  	 	(72	) 	 	 	(111	) 	 	 	(131	) 	 	 	(115	) 	 	 	(98	) 	 	 	(183	) 	 	 	(253	) 	 	 	(499	) 	
Less: adjusted realized gains (losses)	  	 	103	 	 	 	(7	) 	 	 	371	 	 	 	97	 	 	 	(214	) 	 	 	96	 	 	 	(608	) 	 	 	(140	) 	
Less: realized gains (losses) related to unconsolidated entities	  	 	143	 	 	 	52	 	 	 	162	 	 	 	72	 	 	 	18	 	 	 	195	 	 	 	(7	) 	 	 	227	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before tax	  	$	1,403	 	 	$	1,366	 	 	$	1,555	 	 	$	1,662	 	 	$	1,270	 	 	$	2,769	 	 	$	2,490	 	 	$	5,707	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effective tax rate	  	 	13.3	% 	 	 	10.5	% 	 	 	13.8	% 	 	 	17.0	% 	 	 	17.6	% 	 	 	12.0	% 	 	 	19.3	% 	 	 	16.5	% 	
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt (1)	  	 	0.6	% 	 	 	1.0	% 	 	 	0.5	% 	 	 	0.7	% 	 	 	1.1	% 	 	 	0.8	% 	 	 	1.0	% 	 	 	0.8	% 	
Adjustment for tax impact of Chubb integration and related expenses	  	 	0.8	% 	 	 	1.7	% 	 	 	1.0	% 	 	 	0.6	% 	 	 	0.9	% 	 	 	1.2	% 	 	 	1.5	% 	 	 	1.1	% 	
Adjustment for tax impact of adjusted net realized gains (losses)	  	 	1.3	% 	 	 	0.8	% 	 	 	2.3	% 	 	 	0.1	% 	 	 	-2.9	% 	 	 	1.0	% 	 	 	-5.2	% 	 	 	-1.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating effective tax rate	  	 	16.0	% 	 	 	14.0	% 	 	 	17.6	% 	 	 	18.4	% 	 	 	16.7	% 	 	 	15.0	% 	 	 	16.6	% 	 	 	17.4	% 	

(1)	Related to the acquisition of The Chubb Corporation	

Reconciliation Non-GAAP 3	  	Page 33	

Chubb Limited
Non-GAAP Financial Measures - 4
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G - Non-GAAP Financial Measures (continued)
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 due to the size and complexity of this acquisition. We exclude the 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. 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.

 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	YTD	 	  	YTD	 	  	Full Year	 	
 	  	2Q-17	 	  	1Q-17	 	  	4Q-16	 	  	3Q-16	 	  	2Q-16	 	  	2017	 	  	2016	 	  	2016	 	
Chubb integration expenses, net of tax	  	$	50	 	  	$	74	 	  	$	94	 	  	$	85	 	  	$	71	 	  	$	124	 	  	$	173	 	  	$	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	  	 	50	 	  	 	74	 	  	 	94	 	  	 	85	 	  	 	71	 	  	 	124	 	  	 	177	 	  	 	356	 	
Tax benefit	  	 	22	 	  	 	37	 	  	 	37	 	  	 	30	 	  	 	27	 	  	 	59	 	  	 	76	 	  	 	143	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Chubb integration and related expenses, pre-tax	  	$	72	 	  	$	111	 	  	$	131	 	  	$	115	 	  	$	98	 	  	$	183	 	  	$	253	 	  	$	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.

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	2Q-17	 	 	1Q-17	 	 	4Q-16	 	 	3Q-16	 	 	2Q-16	 	 	2017	 	 	2016	 	 	2016	 	
Combined ratio	  	 	88.0	% 	 	 	87.5	% 	 	 	86.0	% 	 	 	86.0	% 	 	 	91.2	% 	 	 	87.8	% 	 	 	90.6	% 	 	 	88.3	% 	
Less: impact of pension curtailment benefit	  	 	0.0	% 	 	 	0.0	% 	 	 	1.7	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.4	% 	
Add: impact of gains and losses on crop derivatives	  	 	0.0	% 	 	 	0.0	% 	 	 	0.1	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C combined ratio	  	 	88.0	% 	 	 	87.5	% 	 	 	87.8	% 	 	 	86.0	% 	 	 	91.2	% 	 	 	87.8	% 	 	 	90.6	% 	 	 	88.7	% 	

Reconciliation Non-GAAP 4	  	Page 34	

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	 	
Numerator	  	2016	 	
Operating income as reported	  	$	2,077	 	
Add: 14-day stub period income	  				
Underwriting income	  	 	44	 	
Net investment income	  	 	45	 	
Interest expense	  	 	(9	) 	
Income tax expense	  	 	(20	) 	
	  	 	 	 	
Total 14-day stub period income	  	 	60	 	
	  	 	 	 	
As If operating income, including 14 day stub period	  	$	2,137	 	
	  	 	 	 	
Net income as reported	  	$	1,165	 	
Add: 14-day stub period income from above	  	 	60	 	
	  	 	 	 	
As If net income, including 14 day stub period	  	$	1,225	 	

					
 	  	YTD	 	
Denominator	  	2016	 	
Weighted average shares outstanding and assumed conversions	  	 	460,482,361	 	
Impact of shares issued in connection with Chubb Corp acquisition	  	 	10,116,378	 	
As If adjusted weighted average shares outstanding	  	 	470,598,739	 	
Diluted earnings per share, including 14 day stub period	  				
Operating income per share	  	$	4.54	 	
Net income per share	  	$	2.60	 	

			
Reconciliation Non-GAAP 5	  	Page 35	

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	 	 	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	 	
Q2 2016	 				 				 				 				 				 				 				 				 				
Underwriting income (loss)	 	$	333	 	 	$	112	 	 	$	14	 	 	$	190	 	 	$	37	 	 	$	(77	) 	 	$	609	 	 	$	8	 	 	$	617	 	
Less: amortization of acquired UPR intangible - Chubb Corp	 	 	290	 	 	 	165	 	 	 	—  	 	 	 	70	 	 	 	—  	 	 	 	—  	 	 	 	525	 	 	 	—  	 	 	 	525	 	
Add: elimination of DAC benefit - Chubb Corp	 	 	(244	) 	 	 	(136	) 	 	 	—  	 	 	 	(79	) 	 	 	—  	 	 	 	—  	 	 	 	(459	) 	 	 	—  	 	 	 	(459	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss) - As If	 	$	379	 	 	$	141	 	 	$	14	 	 	$	181	 	 	$	37	 	 	$	(77	) 	 	$	675	 	 	$	8	 	 	$	683	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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)	 	$	734	 	 	$	138	 	 	$	67	 	 	$	358	 	 	$	83	 	 	$	(159	) 	 	$	1,221	 	 	$	5	 	 	$	1,226	 	
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	 	 	605	 	 	 	346	 	 	 	—  	 	 	 	144	 	 	 	—  	 	 	 	—  	 	 	 	1,095	 	 	 	—  	 	 	 	1,095	 	
Add: elimination of DAC benefit - Chubb Corp	 	 	(513	) 	 	 	(286	) 	 	 	—  	 	 	 	(166	) 	 	 	—  	 	 	 	—  	 	 	 	(965	) 	 	 	—  	 	 	 	(965	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss) - As If	 	$	839	 	 	$	228	 	 	$	67	 	 	$	340	 	 	$	83	 	 	$	(162	) 	 	$	1,395	 	 	$	5	 	 	$	1,400	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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 36	

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 37