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

FORM 8-K

Current Report
Pursuant To Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) – October 25, 2016

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))	

 

Item 2.02. Results of Operations and Financial Condition
On October 25, 2016, Chubb Limited issued a Press Release reporting its third quarter 2016 results and the availability of its third quarter 2016 Financial Supplement. The Press Release and the Financial Supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are hereby incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
 
(d)	Exhibits	

Exhibit
Number	  	Description	
		
99.1	  	Press Release, Dated October 25, 2016, Reporting Third Quarter 2016 Results	
		
99.2	  	Third Quarter 2016 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 thereunto duly authorized.

Chubb Limited	
		
By:	 	 /s/ Philip V. Bancroft	
	 	Philip V. Bancroft	
	 	Executive Vice President and Chief Financial Officer	
DATE: October 25, 2016

EXHIBIT INDEX

Number	  	Description	  	Method of Filing	 	
			
99.1	  	Press Release, Dated October 25, 2016, Reporting Third Quarter 2016 Results	  	 	Furnished herewith	  	
			
99.2	  	Third Quarter 2016 Financial Supplement	  	 	Furnished herewith	  	

Exhibit 99.1

	  	Chubb Limited	  	www.chubb.com	
	  	Bärengasse 32
CH-8001 Zurich
Switzerland	  	@Chubb	
News Release
Chubb Reports Strong Third Quarter Net Income Per Share and Record Operating Income Per Share, Both $2.88, up 77.8% and 5.1%, Respectively; P&C Combined Ratio is 86.0%; Annualized ROE and Operating ROE are 11.4% and 12.0%, Respectively
 
 	•	 	P&C combined ratio of 86.0%, or 85.5% excluding the impact from purchase accounting adjustments, compared with 85.0% in 2015 on an “As If” basis.*	
 
 	•	 	Consolidated and P&C net premiums written of $7.6 billion and $7.0 billion, respectively, up 60.8% and 67.0%. On an “As If” basis, P&C net premiums written down 3.4% in constant dollars. Unfavorable foreign currency movement negatively impacted premium growth by 1.1%. Excluding merger-related underwriting actions, including additional reinsurance purchased, P&C net premiums written up 1.1% in constant dollars.	
 
 	•	 	Book value and tangible book value per share increased 2.4% and 5.5%, respectively, from prior quarter.	
 
 	•	 	Operating cash flow was $1.7 billion.	
 
 	•	 	Integration realized and annualized run-rate savings are ahead of schedule. The company now expects to achieve annualized run-rate savings of $800 million by the end of 2018, up from prior estimate of $750 million. Integration and merger-related expenses remain on track.	
 
*	2016 “As If” results do not include any impact from purchase accounting adjustments related to the acquisition. 2015 “As If” results include Legacy ACE plus Legacy Chubb historical results. ACE Limited acquired The Chubb Corporation (Chubb Corp) on January 14, 2016.	
ZURICH – October 25, 2016 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended September 30, 2016 of $1,360 million, or $2.88 per share, compared with $528 million, or $1.62 per share, for the same quarter last year. Operating income was $1,356 million, or $2.88 per share, compared with $897 million, or $2.74 per share, for the same quarter last year. The property and casualty (P&C) combined ratio for the quarter was 86.0%. Book value and tangible book value per share increased 2.4% and 5.5%, respectively, from June 30, 2016 and now stand at $103.96 and $60.26, respectively.

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

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

																									
 	  	 	 	 	 	 	 	 	 	 	(Per Share - Diluted)	 	
 	  	 	 	 	Legacy
ACE	 	 	 	 	 	 	 	 	Legacy
ACE	 	 	 	 	
 	  	2016	 	 	2015	 	 	Change	 	 	2016	 	 	2015	 	 	Change	 	
Operating income, net of tax	  	$	1,356	  	 	$	897	  	 	 	51.1	% 	 	$	2.88	  	 	$	2.74	  	 	 	5.1	% 	
Chubb one-time integration and merger-related expenses, net of tax	  	 	(85	) 	 	 	(7	) 	 	 	NM	  	 	 	(0.18	) 	 	 	(0.02	) 	 	 	NM	  	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	(53	) 	 	 	—  	  	 	 	NM	  	 	 	(0.11	) 	 	 	—  	  	 	 	NM	  	
Adjusted net realized gains (losses), net of tax	  	 	142	  	 	 	(362	) 	 	 	NM	  	 	 	0.29	  	 	 	(1.10	) 	 	 	NM	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	1,360	  	 	$	528	  	 	 	157.2	% 	 	$	2.88	  	 	$	1.62	  	 	 	77.8	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
For the three months ended September 30, 2016 and 2015, the tax expenses (benefits) related to the table above were $306 million and $140 million, respectively, for operating income; $(30) million and $(2) million, respectively, for Chubb one-time integration and merger-related expenses; and $27 million and $(6) million, respectively, for adjusted net realized gains and losses. For the three months ended September 30, 2016, the tax (benefit) related to the amortization of fair value adjustment of acquired invested assets and long-term debt was $(26) million.
For the nine months ended September 30, 2016, net income was $2,525 million, or $5.44 per share, compared with $2,151 million, or $6.53 per share, for 2015. Operating income was $3,433 million, or $7.40 per share, compared with $2,430 million, or $7.38 per share, for 2015. The P&C combined ratio for the nine months ended September 30, 2016 was 89.0%. Book value per share increased 15.8% and tangible book value per share decreased 16.6% from December 31, 2015 reflecting the impact of the Chubb Corp acquisition. Book value per share and tangible book value per share were favorably impacted by after-tax unrealized gains in the company’s investment portfolio of $1.7 billion and favorable foreign currency movement of $285 million.

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

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

																									
 	  	 	 	 	 	 	 	 	 	 	(Per Share - Diluted)	 	
 	  	 	 	 	Legacy
ACE	 	 	 	 	 	 	 	 	Legacy
ACE	 	 	 	 	
 	  	2016	 	 	2015	 	 	Change	 	 	2016	 	 	2015	 	 	Change	 	
Operating income, net of tax	  	$	3,433	  	 	$	2,430	  	 	 	41.3	% 	 	$	7.40	  	 	$	7.38	  	 	 	0.3	% 	
Chubb one-time integration and merger-related expenses, net of tax	  	 	(262	) 	 	 	(7	) 	 	 	NM	  	 	 	(0.56	) 	 	 	(0.02	) 	 	 	NM	  	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	(178	) 	 	 	—  	  	 	 	NM	  	 	 	(0.39	) 	 	 	—  	  	 	 	NM	  	
Adjusted net realized gains (losses), net of tax	  	 	(468	) 	 	 	(272	) 	 	 	(72.1	)% 	 	 	(1.01	) 	 	 	(0.83	) 	 	 	(21.7	)% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	2,525	  	 	$	2,151	  	 	 	17.4	% 	 	$	5.44	  	 	$	6.53	  	 	 	(16.7	)% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
For the nine months ended September 30, 2016 and 2015, the tax expenses (benefits) related to the table above were $719 million and $395 million, respectively, for operating income; $(106) million and $(2) million, respectively, for Chubb one-time integration and merger-related expenses; and $22 million and $2 million, respectively, for adjusted net realized gains and losses. For the nine months ended September 30, 2016, the tax (benefit) related to the amortization of fair value adjustment of acquired invested assets and long-term debt was $(79) million.
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “Chubb had an excellent quarter with record operating earnings per share and exceptionally strong underwriting results. Our after-tax operating income of $2.88 per share, up 5% over prior year, indicates the accretive nature of our merger, which is going well and is on track. The P&C combined ratio of 86% was simply world-class. For the quarter, our annualized operating ROE was 12% while book value and tangible book value per share grew 2.4% and 5.5%, respectively.
“Previously contemplated merger-related underwriting actions that we took on select portfolios of business, particularly a greater use of reinsurance, reduced P&C net premium growth in the quarter by about 4.5 points while improving our risk-reward profile. A competitive insurance market and relatively weak economic conditions globally impacted premium revenue in the quarter as new business meeting our standards was harder to come by. We will trade revenue for underwriting discipline all day long. We believe growth will improve as the impact from the underwriting actions dissipates and the power and capabilities of the new Chubb gain more steam. We are already seeing evidence of the effect our enhanced capabilities is having on revenue generation.
“We are in good shape with our integration-related efficiency efforts and we are now increasing the total annualized run-rate savings we will achieve by the end of 2018 to $800 million, up from $750 million.”

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

Chubb Limited News Release
 
Operating highlights for the quarter ended September 30, 2016 were as follows:

 	  	Legacy	 	 	 	 	
 	  	 	 	 	ACE	 	 	 	 	 	As If (1)	 	
Chubb Limited	  	Q3	 	 	Q3	 	 	 	 	 	Q3	 	 	Q3	 	 	 	 	
(in millions of U.S. dollars except for percentages)	  	2016	 	 	2015	 	 	Change	 	 	2016	 	 	2015	 	 	Change	 	
Consolidated	  				 				 				 				 				 				
Net premiums written	  	$	7,573	  	 	$	4,709	  	 	 	60.8	% 	 	$	7,573	  	 	$	7,890	  	 	 	(4.0	)% 	
Net income	  	$	1,360	  	 	$	528	  	 	 	157.2	% 	 				 				 				
							
P&C	  				 				 				 				 				 				
Net premiums written	  	$	7,041	  	 	$	4,217	  	 	 	67.0	% 	 	$	7,041	  	 	$	7,375	  	 	 	(4.5	)% 	
Net premiums written constant-dollar	  				 	$	4,171	  	 	 	68.8	% 	 				 	$	7,288	  	 	 	(3.4	)% 	
Net premiums written constant-dollar excluding merger-related underwriting actions (0.9 pts) and additional reinsurance (3.6 pts)	  				 				 				 				 				 	 	1.1	% 	
Underwriting income	  	$	1,002	  	 	$	597	  	 	 	67.7	% 	 	$	1,041	  	 	$	1,108	  	 	 	(6.0	)% 	
Combined ratio	  	 	86.0	% 	 	 	85.9	% 	 				 	 	85.5	% 	 	 	85.0	% 	 				
Current accident year underwriting income excluding catastrophe losses	  	$	797	  	 	$	459	  	 	 	73.2	% 	 	$	836	  	 	$	820	  	 	 	1.9	% 	
Current accident year combined ratio excluding catastrophe losses	  	 	88.9	% 	 	 	89.2	% 	 				 	 	88.4	% 	 	 	88.9	% 	 				
							
Global P&C (excludes Agriculture)	  				 				 				 				 				 				
Net premiums written	  	$	6,192	  	 	$	3,480	  	 	 	78.0	% 	 	$	6,192	  	 	$	6,638	  	 	 	(6.7	)% 	
Net premiums written constant-dollar	  				 	$	3,434	  	 	 	80.3	% 	 				 	$	6,551	  	 	 	(5.5	)% 	
Net premiums written constant-dollar excluding merger-related underwriting actions (1.0 pts) and additional reinsurance (4.0 pts)	  				 				 				 				 				 	 	(0.5	)% 	
Underwriting income	  	$	912	  	 	$	524	  	 	 	73.7	% 	 	$	951	  	 	$	1,035	  	 	 	(8.2	)% 	
Combined ratio	  	 	85.7	% 	 	 	85.0	% 	 				 	 	85.0	% 	 	 	84.5	% 	 				
Current accident year underwriting income excluding catastrophe losses	  	$	717	  	 	$	391	  	 	 	82.7	% 	 	$	756	  	 	$	752	  	 	 	0.4	% 	
Current accident year combined ratio excluding catastrophe losses	  	 	88.8	% 	 	 	88.8	% 	 				 	 	88.2	% 	 	 	88.7	% 	 				
 
(1)	Note about “As If” results: 2016 “As If” results do not include the unfavorable impact from purchase accounting adjustments related to the Chubb Corp acquisition of $39 million pre-tax in P&C underwriting income. 2015 “As If” results include Legacy ACE plus Legacy Chubb historical results. Refer to the Non-GAAP Financial Measures section of the Financial Supplement for a reconciliation of these measures to pro forma measures calculated in accordance with SEC guidance.	

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

Chubb Limited News Release
 
 	•	 	The purchase of additional merger-related reinsurance adversely impacted P&C net premiums written growth by $260 million, or 3.6 percentage points as noted in the table above, of which $200 million relates to personal lines and $60 million relates primarily to commercial P&C lines. The $200 million personal lines reinsurance premium included $128 million from a one-time unearned premium reserve (UPR) transfer which impacted net premiums written in the current quarter only. Excluding the one-time UPR transfer, the annual impact to personal lines of this new treaty is expected to be approximately $280 million.	
 
 	•	 	Global P&C net premiums written increased 78.0%, or 80.3% in constant dollars. On an “As If” basis, Global P&C net premiums written decreased 6.7%, or 5.5% in constant dollars. Excluding merger-related underwriting actions, including additional reinsurance, Global P&C net premiums written decreased 0.5% in constant dollars.	
 
 	•	 	Consolidated net premiums earned increased 62.9%, or 64.6% in constant dollars, reflecting the acquisition of Chubb Corp. On an “As If” basis, consolidated net premiums earned decreased 2.7%, or 1.6% in constant dollars.	
 
 	•	 	P&C net premiums earned increased 69.3%, or 71.0% in constant dollars, reflecting the acquisition of Chubb Corp. On an “As If” basis, P&C net premiums earned decreased 3.0%, or 1.9% in constant dollars.	
 
 	•	 	The P&C expense ratio was 29.0%, compared with 27.1% last year. On an “As If” basis, the P&C expense ratio was 28.5%, compared with 29.1% last year.	
 
 	•	 	Total pre-tax and after-tax catastrophe losses were $144 million (2.0 percentage points of the combined ratio) and $107 million, respectively, compared with $72 million (1.7 percentage points of the combined ratio) and $59 million, respectively, last year. On an “As If” basis, total pre-tax and after-tax catastrophe losses for the third quarter of 2015 were $101 million (1.4 percentage points of the combined ratio) and $78 million, respectively.	
 
 	•	 	Total pre-tax and after-tax favorable prior period development was $349 million (4.9 percentage points of the combined ratio) and $252 million, respectively, compared with $210 million pre-tax (5.0 percentage points of the combined ratio) and $180 million after-tax last year. Favorable prior period reserve development in the quarter is net of a pre-tax environmental liability run-off charge in the company’s Brandywine operation of $52 million. On an “As If” basis, total pre-tax and after-tax favorable prior period development for the third quarter of 2015 was $389 million (5.3 percentage points of the combined ratio) and $297 million, respectively.	
 
 	•	 	Adjusted net investment income, which excludes a purchase accounting adjustment not included in operating income, was $830 million.	
 
 	•	 	Net realized and unrealized gains pre-tax totaled $264 million, including unrealized gains of $95 million and net realized gains of $169 million. Net unrealized pre-tax gains comprised primarily unrealized gains of $214 million in the investment portfolio offset by unrealized foreign exchange losses of $124 million. Adjusted net realized gains included investment portfolio gains of $93 million, realized foreign exchange gains of $29 million and $44 million from derivative accounting related to the company’s variable annuity business.	
 
 	•	 	Operating cash flow was $1.7 billion.	
 
 	•	 	Net loss reserves increased $315 million, or $423 million adjusted for foreign exchange.	

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

Chubb Limited News Release
 
 	•	 	Book value per share increased 2.4% to $103.96 from $101.56 at June 30, 2016 and increased 15.8% from $89.77 at December 31, 2015. Book value per share for the year was favorably impacted by income, net realized and unrealized gains, and favorable foreign currency movement.	
 
 	•	 	Tangible book value per share increased 5.5% to $60.26 from $57.14 at June 30, 2016 and decreased 16.6% from $72.25 at December 31, 2015. Since the initial expected 29.3% dilution at acquisition, tangible book value per share has improved 12.7% in the first three quarters since the acquisition close, benefiting from income, net realized and unrealized gains, and favorable foreign currency movement.	
Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended September 30, 2016 are presented below:

 	  	Legacy	 	 	 	 	 	 	 	 	 	 	
 	  	 	 	 	ACE	 	 	 	 	 	As If	 	
Chubb Limited	  	Q3	 	 	Q3	 	 	 	 	 	Q3	 	 	Q3	 	 	 	 	
(in millions of U.S. dollars except for percentages)	  	2016	 	 	2015	 	 	Change	 	 	2016	 	 	2015	 	 	Change	 	
North America Commercial P&C Insurance	  				 				 				 				 				 				
Net premiums written	  	$	3,110	  	 	$	1,433	  	 	 	117.1	% 	 	$	3,110	  	 	$	3,186	  	 	 	(2.4	)% 	
Net premiums written excluding merger-related underwriting actions (0.9 pts) and additional reinsurance (1.5 pts)	  				 				 				 				 				 	 	0.0	% 	
Combined ratio	  	 	86.2	% 	 	 	85.8	% 	 				 	 	85.3	% 	 	 	82.5	% 	 				
Current accident year combined ratio excluding catastrophe losses	  	 	89.4	% 	 	 	89.3	% 	 				 	 	88.6	% 	 	 	88.4	% 	 				
							
North America Personal P&C Insurance	  				 				 				 				 				 				
Net premiums written	  	$	1,011	  	 	$	278	  	 	 	263.4	% 	 	$	1,011	  	 	$	1,210	  	 	 	(16.4	)% 	
Net premiums written excluding additional reinsurance (16.6 pts) and total Fireman’s Fund (2.9 pts)	  				 				 				 				 				 	 	3.1	% 	
Combined ratio	  	 	84.4	% 	 	 	83.7	% 	 				 	 	82.8	% 	 	 	81.8	% 	 				
Current accident year combined ratio excluding catastrophe losses	  	 	78.8	% 	 	 	70.5	% 	 				 	 	77.2	% 	 	 	77.6	% 	 				
Current accident year combined ratio excluding catastrophe losses and Fireman’s Fund non-recurring transfer	  				 	 	82.5	% 	 				 				 	 	80.4	% 	 				
							
Overseas General Insurance	  				 				 				 				 				 				
Net premiums written	  	$	1,940	  	 	$	1,584	  	 	 	22.5	% 	 	$	1,940	  	 	$	2,057	  	 	 	(5.7	)% 	
Net premiums written constant-dollar	  				 	$	1,542	  	 	 	25.8	% 	 				 	$	1,974	  	 	 	(1.7	)% 	
Net premiums written constant-dollar excluding merger-related underwriting actions (2.1 pts) and additional reinsurance (0.3 pts)	  				 				 				 				 				 	 	0.7	% 	
Combined ratio	  	 	81.2	% 	 	 	82.0	% 	 				 	 	81.4	% 	 	 	83.9	% 	 				
Current accident year combined ratio excluding catastrophe losses	  	 	91.1	% 	 	 	90.5	% 	 				 	 	91.3	% 	 	 	92.7	% 	 				

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

Chubb Limited News Release
 
 	•	 	North America Agricultural Insurance: Net premiums written increased 15.2% due to higher premium retention as a result of the premium-sharing formulas with the U.S. government and lower cessions under existing third-party proportional reinsurance programs. The combined ratio was 88.9%, compared with 90.2%. The current accident year combined ratio excluding catastrophe losses was 90.1%, compared with 90.8%.	
 
 	•	 	Global Reinsurance: Net premiums written decreased 29.4%, or 28.1% in constant dollars, due to market conditions and an additional retrocession placed during the quarter. Excluding the retrocession, net premiums written decreased 25.0% in constant dollars on an “As If” basis. The combined ratio was 66.3%, compared with 41.2%. The current accident year combined ratio excluding catastrophe losses was 78.1%, compared with 75.3%.	
 
 	•	 	Life Insurance: Segment income was $69 million compared to $65 million. International life insurance net premiums written increased 16.5%, or 19.3% in constant dollars.	
The following table shows expected annualized and realized integration-related savings and integration and merger-related expenses by year:

Chubb Limited	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
(in millions of U.S. dollars)	  	FY 2015	 	  	FY 2016	 	  	FY 2017	 	  	FY 2018	 	  	Total	 	
Chubb integration-related savings (1)	  				  				  				  				  				
Annualized savings	  	 	—  	  	  	$	515	  	  	$	740	  	  	$	800	  	  	$	800	  	
Realized savings	  	 	—  	  	  	$	310	  	  	$	580	  	  	$	760	  	  	$	800	  	
						
Chubb integration and merger-related expenses (2)	  				  				  				  				  				
One-time integration expenses related to savings	  	$	22	  	  	$	315	  	  	$	121	  	  	$	39	  	  	$	497	  	
Other one-time merger-related expenses	  	 	11	  	  	 	210	  	  	 	80	  	  	 	11	  	  	 	312	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total expected integration and merger-related expenses	  	$	33	  	  	$	525	  	  	$	201	  	  	$	50	  	  	$	809	  	
 
(1)  	Realized savings are the portion that is recorded in the financial statements in the current period. Annualized savings are the annualized run rate of the realized savings that will impact future years.	
(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 September 30, 2016, 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®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb.	  	7	

Chubb Limited News Release
 
Chubb Limited will hold its third quarter earnings conference call on Wednesday, October 26, 2016 beginning at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 888-695-0609 (within the United States) or 719-325-2173 (international), passcode 5501993. Please refer to the Chubb investor relations website under Events and Presentations for details. A replay of the call will be available until Thursday, November 10, 2016, and the archived webcast will be available for approximately one month. To listen to the replay, please click here to register and receive dial-in numbers.
About Chubb
Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: www.chubb.com.
Investor Contact
Helen Wilson: (441) 299-9283; helen.wilson@chubb.com
Media Contact
Jeffrey Zack: (212) 827-4444; jeffrey.zack@chubb.com
 
(1)  	All comparisons are with the same period last year unless specifically stated.	
Regulation G - Non-GAAP Financial Measures
In presenting our results, we included and discussed certain non-GAAP measures, including company measures on an “As If” basis. These non-GAAP measures and combined company 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.
“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

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

Chubb Limited News Release
 
purchase accounting in order to present the underlying profitability of our insurance business. We believe this measure provides visibility into our results and allows for comparability to our historical results and is consistent with how management evaluates results. We have discussed our results on an “As If” basis for both the current and prior year periods, which are defined as follows:
2016 “As If” results: The 2016 and 2015 As If underwriting results do not include the impact of purchase accounting adjustments (i.e., impact of the unearned premium reserves intangible amortization and the elimination of the historical policy acquisition costs as a result of purchase accounting related to the Chubb Corp acquisition).
2015 “As If” results: Legacy ACE plus Legacy Chubb historical results after accounting policy alignment adjustments, including reclassifying certain legacy Chubb Corp corporate expenses to administrative expense and redefining Chubb Corp segment underwriting income by allocating the amortization of deferred acquisition costs to each segment.
Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired assets. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.
Adjusted net realized gains (losses), net of tax includes net realized gains (losses) and net realized gains (losses) recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses. The P&C combined ratio includes adjusted losses and loss expenses in the ratio numerator.
Underwriting income, P&C underwriting income and Global P&C underwriting income are calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs and administrative expenses from net premiums earned. P&C underwriting income also includes gains (losses) on crop derivatives. We use underwriting income and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest and income tax expense and adjusted net realized gains (losses). Current accident year underwriting income excluding catastrophe losses is underwriting income adjusted to exclude catastrophe losses and prior period development (PPD). We believe it is useful to exclude catastrophe losses, as they are not predictable as to timing and amount, and PPD, as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business.
Segment income (loss) includes underwriting income, adjusted net investment income, other income (expense) – operating, and amortization expense of purchased intangibles.
Operating income, net of tax, excludes adjusted realized gains and losses, Chubb integration and related expenses, and the amortization of the fair value adjustments of acquired debt and invested assets related to the Chubb Corp acquisition. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) because the amount of these gains (losses) is heavily influenced by the availability of market opportunities. We also exclude Chubb integration and related expenses related to the acquisition due to the size, complexity, and volume of this acquisition, which may not be indicative of such future costs. We believe that excluding the Chubb integration and related expenses facilitates the

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

Chubb Limited News Release
 
comparison of our financial results to our historical operating results. These costs include legal and professional fees and all costs directly related to the integration activities of the Chubb acquisition including pre-acquisition interest expense on the $5.3 billion senior notes issued in November 2015. The interest expense on the $5.3 billion senior notes was included within operating income subsequent to the acquisition close (i.e., after January 14, 2016). 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.
P&C combined ratio excluding catastrophe losses and PPD and current accident year P&C combined ratio excluding catastrophe losses exclude impacts 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 American 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 American 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 is adjusted to include deposits collected on universal life and investment contracts (life deposits). Life deposits are not reflected as revenues in our consolidated statements of operations in accordance with GAAP. However, we include life deposits in presenting growth in our life insurance business because new life deposits are an important component of production and key to our efforts to grow our business.
Operating return on equity (ROE) or ROE calculated using operating income and operating return on tangible equity 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 the nine months ended September 30, 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.
Measures excluding Fireman’s Fund high net worth personal lines business. We acquired the Fireman’s Fund high net worth personal lines business in April 2015 and recognized as written premiums non-recurring unearned premiums reserves of $252 million. Due to the size of this non-recurring transfer, we believe that excluding this one-time benefit in 2015 will allow for comparability when assessing trends in our business. We present measures exclusive of Fireman’s Fund high net worth business from our 2016 and 2015 results in order to show its impact on our results and to highlight the impact of Fireman’s Fund low retention on our business.
Net premiums written 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 Legacy Chubb Corp businesses and have taken other merger-related

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

Chubb Limited News Release
 
underwriting actions, including exiting certain types of Legacy Chubb Corp 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 production on a comparable basis to the prior year As If we were one company in 2015.
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 and the acquisition during 2016 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 legal and professional fees and all costs directly related to the integration activities of the Chubb Corp acquisition as well as the pre-acquisition interest expense related to the $5.3 billion senior notes issued in November 2015 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 will is included within operating income.
See reconciliation of Non-GAAP Financial Measures on pages 39-47 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
Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release, such as those related to company performance, including 2016 performance and growth opportunities; integration activities and expected expense savings and income run rate; other expected benefits of the ACE and Chubb merger; and our plans, objectives, 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,

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

Chubb Limited News Release
 
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)

 
									
 	  	September 30	 	  	December 31	 	
 	  	2016	 	  	2015	 	
Assets	  				  				
Investments	  	$	101,036	  	  	$	66,251	  	
Cash	  	 	870	  	  	 	1,775	  	
Insurance and reinsurance balances receivable	  	 	8,493	  	  	 	5,323	  	
Reinsurance recoverable on losses and loss expenses	  	 	13,448	  	  	 	11,386	  	
Goodwill and other intangible assets	  	 	22,472	  	  	 	5,683	  	
Other assets	  	 	15,491	  	  	 	11,888	  	
	  	 	 	 	  	 	 	 	
Total assets	  	$	161,810	  	  	$	102,306	  	
	  	 	 	 	  	 	 	 	
Liabilities	  				  				
Unpaid losses and loss expenses	  	$	61,347	  	  	$	37,303	  	
Unearned premiums	  	 	15,054	  	  	 	8,439	  	
Other liabilities	  	 	37,037	  	  	 	27,429	  	
	  	 	 	 	  	 	 	 	
Total liabilities	  	$	113,438	  	  	$	73,171	  	
	  	 	 	 	  	 	 	 	
Shareholders’ equity	  				  				
Total shareholders’ equity	  	 	48,372	  	  	 	29,135	  	
	  	 	 	 	  	 	 	 	
Total liabilities and shareholders’ equity	  	$	161,810	  	  	$	102,306	  	
	  	 	 	 	  	 	 	 	
Book value per common share	  	$	103.96	  	  	$	89.77	  	
			
Tangible book value per common share	  	$	60.26	  	  	$	72.25	  	
Book value per common share excluding cumulative translation losses (1)	  	$	106.73	  	  	$	94.51	  	
Tangible book value per common share excluding cumulative translation losses (2)	  	$	62.24	  	  	$	75.30	  	

 
(1)  	Cumulative translation losses were $1.3 billion in 2016 and $1.5 billion in 2015	
(2)  	Cumulative translation losses were $368 million in 2016 and $550 million in 2015	

			
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	 	 	Nine Months Ended	 	
 	  	September 30	 	 	September 30	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
Gross premiums written	  	$	9,483	  	 	$	6,346	  	 	$	26,146	  	 	$	18,172	  	
Net premiums written	  	 	7,573	  	 	 	4,709	  	 	 	21,207	  	 	 	13,569	  	
Net premiums earned	  	 	7,688	  	 	 	4,719	  	 	 	21,690	  	 	 	13,006	  	
Losses and loss expenses	  	 	4,269	  	 	 	2,643	  	 	 	12,197	  	 	 	7,182	  	
Policy benefits	  	 	155	  	 	 	89	  	 	 	427	  	 	 	384	  	
Policy acquisition costs	  	 	1,514	  	 	 	771	  	 	 	4,487	  	 	 	2,205	  	
Administrative expenses	  	 	772	  	 	 	568	  	 	 	2,373	  	 	 	1,700	  	
Net investment income	  	 	739	  	 	 	549	  	 	 	2,121	  	 	 	1,662	  	
Net realized gains (losses)	  	 	100	  	 	 	(397	) 	 	 	(510	) 	 	 	(360	) 	
Interest expense	  	 	152	  	 	 	68	  	 	 	451	  	 	 	207	  	
Other income (expense):	  				 				 				 				
Gains (losses) from separate account assets	  	 	22	  	 	 	(49	) 	 	 	22	  	 	 	(32	) 	
Other	  	 	69	  	 	 	37	  	 	 	70	  	 	 	93	  	
Amortization of purchased intangibles	  	 	4	  	 	 	51	  	 	 	16	  	 	 	136	  	
Chubb integration expenses	  	 	115	  	 	 	9	  	 	 	361	  	 	 	9	  	
Income tax expense	  	 	277	  	 	 	132	  	 	 	556	  	 	 	395	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	1,360	  	 	$	528	  	 	$	2,525	  	 	$	2,151	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings per share:	  				 				 				 				
Operating income	  	$	2.88	  	 	$	2.74	  	 	$	7.40	  	 	$	7.38	  	
Net income	  	$	2.88	  	 	$	1.62	  	 	$	5.44	  	 	$	6.53	  	
					
Weighted average diluted shares outstanding	  	 	471.4	  	 	 	327.2	  	 	 	464.1	  	 	 	329.2	  	
 	 	 	 	 	
P&C combined ratio	  				 				 				 				
Loss and loss expense ratio	  	 	57.0	% 	 	 	58.8	% 	 	 	58.0	% 	 	 	58.3	% 	
Policy acquisition cost ratio	  	 	19.3	% 	 	 	15.4	% 	 	 	20.3	% 	 	 	16.1	% 	
Administrative expense ratio	  	 	9.7	% 	 	 	11.7	% 	 	 	10.7	% 	 	 	12.8	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C combined ratio	  	 	86.0	% 	 	 	85.9	% 	 	 	89.0	% 	 	 	87.2	% 	
					
P&C underwriting income	  	$	1,002	  	 	$	597	  	 	$	2,223	  	 	$	1,477	  	

			
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	 	 	Nine Months Ended	 	
 	  	September 30	 	 	September 30	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
Gross Premiums Written	  				 				 				 				
North America Commercial P&C Insurance	  	$	3,832	  	 	$	1,994	  	 	$	10,877	  	 	$	6,043	  	
North America Personal P&C Insurance	  	 	1,323	  	 	 	378	  	 	 	3,666	  	 	 	1,359	  	
North America Agricultural Insurance	  	 	1,240	  	 	 	1,243	  	 	 	1,921	  	 	 	1,937	  	
Overseas General Insurance	  	 	2,383	  	 	 	2,019	  	 	 	7,393	  	 	 	6,486	  	
Global Reinsurance	  	 	143	  	 	 	190	  	 	 	624	  	 	 	774	  	
Life Insurance	  	 	562	  	 	 	522	  	 	 	1,665	  	 	 	1,573	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	9,483	  	 	$	6,346	  	 	$	26,146	  	 	$	18,172	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Premiums Written	  				 				 				 				
North America Commercial P&C Insurance	  	$	3,110	  	 	$	1,433	  	 	$	8,657	  	 	$	4,158	  	
North America Personal P&C Insurance	  	 	1,011	  	 	 	278	  	 	 	3,113	  	 	 	958	  	
North America Agricultural Insurance	  	 	849	  	 	 	737	  	 	 	1,288	  	 	 	1,204	  	
Overseas General Insurance	  	 	1,940	  	 	 	1,584	  	 	 	6,012	  	 	 	5,047	  	
Global Reinsurance	  	 	131	  	 	 	185	  	 	 	562	  	 	 	719	  	
Life Insurance	  	 	532	  	 	 	492	  	 	 	1,575	  	 	 	1,483	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	7,573	  	 	$	4,709	  	 	$	21,207	  	 	$	13,569	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Premiums Earned	  				 				 				 				
North America Commercial P&C Insurance	  	$	3,086	  	 	$	1,410	  	 	$	9,130	  	 	$	4,209	  	
North America Personal P&C Insurance	  	 	1,081	  	 	 	272	  	 	 	3,245	  	 	 	687	  	
North America Agricultural Insurance	  	 	819	  	 	 	739	  	 	 	1,169	  	 	 	1,124	  	
Overseas General Insurance	  	 	2,034	  	 	 	1,615	  	 	 	6,082	  	 	 	4,896	  	
Global Reinsurance	  	 	156	  	 	 	203	  	 	 	543	  	 	 	649	  	
Life Insurance	  	 	512	  	 	 	480	  	 	 	1,521	  	 	 	1,441	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	7,688	  	 	$	4,719	  	 	$	21,690	  	 	$	13,006	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	  				 				 				 				
North America Commercial P&C Insurance	  	$	900	  	 	$	464	  	 	$	2,537	  	 	$	1,388	  	
North America Personal P&C Insurance	  	 	216	  	 	 	19	  	 	 	440	  	 	 	64	  	
North America Agricultural Insurance	  	 	88	  	 	 	71	  	 	 	150	  	 	 	135	  	
Overseas General Insurance	  	 	530	  	 	 	416	  	 	 	1,167	  	 	 	1,017	  	
Global Reinsurance	  	 	120	  	 	 	199	  	 	 	338	  	 	 	490	  	
Life Insurance	  	 	69	  	 	 	65	  	 	 	203	  	 	 	217	  	
Corporate	  	 	(97	) 	 	 	(129	) 	 	 	(204	) 	 	 	(279	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	1,826	  	 	$	1,105	  	 	$	4,631	  	 	$	3,032	  	

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

Exhibit 99.2

Chubb Limited
Financial Supplement
for the Quarter Ended September 30, 2016
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, Quarterly Reports on Form 10-Q and the closing reports on Form 8-K/A filed on March 24, 2016.

Segment Reporting and Combined Legacy ACE and Legacy Chubb Results (“As If”) Disclosures
Since the completion of its acquisition of The Chubb Corporation (referred to as Legacy Chubb) on January 14, 2016, Chubb Limited (formerly ACE Limited and referred to as Legacy ACE) began reporting its financial results within the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Corporate includes all run-off asbestos and environmental (A&E) exposures, the results of its Brandywine business, the results of its Westchester Specialty operations for 1996 and prior years, certain other run-off exposures and Legacy Chubb A&E and mass tort exposures. Revenue and expenses managed at the corporate level and Chubb integration expenses, which are incurred by the overall company, are included in Corporate. These integration costs are not related to the on-going business activities of the segments and are therefore excluded from our definition of segment income.
During the third quarter of 2016, the company further refined the definition of our segment measure to include amortization expense related to business combination intangible assets purchased by the segment and other purchase accounting related intangible assets, including agency relationships, renewal rights, and client lists. In the first and second quarter of 2016, these costs were included in Corporate. The amortization of intangible assets purchased as part of The Chubb Corporation acquisition is considered a Corporate cost as these are incurred by the overall company. This updated definition better aligns with how the business is managed as we continue to refine the process.   As the company progresses through the integration, it may continue to further refine its segments and segment income measures.
“As If” company measures presented throughout this document 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. We believe this measure provides visibility into our results and allows for comparability to our historical results and is consistent with how management evaluates results. We have discussed our results on an “As If” basis for both the current and prior year periods, which are defined as follows:
2016 “As If” results : The 2016 and 2015 As If underwriting results do not include any impact from purchase accounting adjustments. The first quarter and year to date combined company results are inclusive of the results of Legacy Chubb for the first 14 days of January 2016 when the acquisition had not yet been completed.
2015 “As If” results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.
“As If” company results presented throughout this document are unaudited and are provided for informational purposes only. A reconciliation of “As If” company results as defined above to pro forma results in accordance with SEC guidance under Article 11, is provided in the Reconciliation of non-GAAP section starting on page 39.
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 post-acquisition integration of Legacy ACE and Legacy Chubb.
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.

As If Results Definition	 		 		

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	  	 	4-5	  	
	 	- Summary Consolidated Balance Sheets	  	 	6	  	
	 	- Line of Business	  	 	7	  	
	 	- Consolidated Results by Segment	  	 	8-11	  	
	 	- Consolidated Results by Segment - “As If” Basis	  	 	12-13	  	
			
III.	 	Global P&C Results	  				
	 	- Global P&C Underwriting Results - Consecutive Quarters	  	 	14-15	  	
			
IV.	 	Segment Results	  				
	 	- North America Commercial P&C Insurance	  	 	16-17	  	
	 	- North America Personal P&C Insurance	  	 	18-19	  	
	 	- North America Agricultural Insurance	  	 	20	  	
	 	- Overseas General Insurance	  	 	21-22	  	
	 	- Global Reinsurance	  	 	23-24	  	
	 	- Life Insurance	  	 	25-26	  	
	 	- Corporate	  	 	27	  	
			
V.	 	Balance Sheet Details	  				
	 	- Loss Reserve Rollforward	  	 	28	  	
	 	- Reinsurance Recoverable Analysis	  	 	29	  	
	 	- Investment Portfolio	  	 	30-33	  	
	 	- Net Realized and Unrealized Gains (Losses)	  	 	34-35	  	
	 	- Debt and Capital	  	 	36	  	
	 	- Computation of Basic and Diluted Earnings Per Share	  	 	37	  	
	 	- Book Value and Book Value per Common Share	  	 	38	  	
			
VI.	 	Other Disclosures	  				
	 	- Non-GAAP Financial Measures	  	 	39-47	  	
	 	- Glossary	  	 	48	  	

Chubb Limited
Consolidated Financial Highlights - Quarter
(in millions of U.S. dollars, except share, per share data, and ratios)
(Unaudited)
Note: All dollar amounts in the Financial Supplement are rounded. However, percent changes and ratios are calculated using whole dollars. Accordingly, calculations using rounded dollars may differ.

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	As If *	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	Constant $	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Constant $	 	
 	 	 	 	 	 	 	 	% Change	 	 	 	 	 	% Change	 	 	 	 	 	 	 	 	% Change	 	 	 	 	 	% Change	 	
 	 	Three months ended September 30	 	 	3Q-16 vs.	 	 	Constant $	 	 	3Q-16 vs.	 	 	Three months ended September 30	 	 	3Q-16 vs.	 	 	Constant $	 	 	3Q-16 vs.	 	
 	 	2016	 	 	2015	 	 	3Q-15	 	 	2015 (1)	 	 	3Q-15 (1)	 	 	2016	 	 	2015	 	 	3Q-15	 	 	2015 (1)	 	 	3Q-15 (1)	 	
Gross premiums written	 	$	9,483	  	 	$	6,346	  	 	 	49.4	% 	 	$	6,288	  	 	 	50.8	% 	 	$	9,483	  	 	$	9,780	  	 	 	-3.0	% 	 	$	9,676	  	 	 	-2.0	% 	
Net premiums written	 	$	7,573	  	 	$	4,709	  	 	 	60.8	% 	 	$	4,659	  	 	 	62.5	% 	 	$	7,573	  	 	$	7,890	  	 	 	-4.0	% 	 	$	7,799	  	 	 	-2.9	% 	
P&C net premiums written	 	$	7,041	  	 	$	4,217	  	 	 	67.0	% 	 	$	4,171	  	 	 	68.8	% 	 	$	7,041	  	 	$	7,375	  	 	 	-4.5	% 	 	$	7,288	  	 	 	-3.4	% 	
Global P&C net premiums written	 	$	6,192	  	 	$	3,480	  	 	 	78.0	% 	 	$	3,434	  	 	 	80.3	% 	 	$	6,192	  	 	$	6,638	  	 	 	-6.7	% 	 	$	6,551	  	 	 	-5.5	% 	
Net premiums earned	 	$	7,688	  	 	$	4,719	  	 	 	62.9	% 	 	$	4,673	  	 	 	64.6	% 	 	$	7,688	  	 	$	7,903	  	 	 	-2.7	% 	 	$	7,811	  	 	 	-1.6	% 	
Net investment income	 	$	739	  	 	$	549	  	 	 	34.7	% 	 	$	544	  	 	 	36.0	% 	 				 				 				 				 				
Adjusted net investment income	 	$	830	  	 	$	549	  	 	 	51.2	% 	 	$	544	  	 	 	52.8	% 	 				 				 				 				 				
Operating income	 	$	1,356	  	 	$	897	  	 	 	51.1	% 	 	$	890	  	 	 	52.4	% 	 				 				 				 				 				
Net income	 	$	1,360	  	 	$	528	  	 	 	157.2	% 	 				 				 				 				 				 				 				
Comprehensive income (loss)	 	$	1,376	  	 	$	(271	) 	 	 	N/M	  	 				 				 				 				 				 				 				
Operating cash flow	 	$	1,684	  	 	$	808	  	 				 				 				 				 				 				 				 				
P&C combined ratio	 				 				 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	57.0	% 	 	 	58.8	% 	 				 				 				 	 	57.0	% 	 	 	55.9	% 	 				 				 				
Underwriting and administrative expense ratio	 	 	29.0	% 	 	 	27.1	% 	 				 				 				 	 	28.5	% 	 	 	29.1	% 	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
Combined ratio	 	 	86.0	% 	 	 	85.9	% 	 				 				 				 	 	85.5	% 	 	 	85.0	% 	 				 				 				
Operating return on equity (ROE)	 	 	12.0	% 	 	 	12.9	% 	 				 				 				 				 				 				 				 				
ROE	 	 	11.4	% 	 	 	7.2	% 	 				 				 				 				 				 				 				 				
Operating effective tax rate (2)	 	 	18.4	% 	 	 	13.5	% 	 				 				 				 				 				 				 				 				
Effective tax rate	 	 	17.0	% 	 	 	20.0	% 	 				 				 				 				 				 				 				 				
Diluted earnings per share	 				 				 				 				 				 				 				 				 				 				
Operating income	 	$	2.88	  	 	$	2.74	  	 	 	5.1	% 	 				 				 				 				 				 				 				
Net income	 	$	2.88	  	 	$	1.62	  	 	 	77.8	% 	 				 				 				 				 				 				 				
Weighted average basic common shares outstanding	 	 	468.0	  	 	 	324.2	  	 				 				 				 				 				 				 				 				
Weighted average diluted common shares outstanding	 	 	471.4	  	 	 	327.2	  	 				 				 				 				 				 				 				 				
 
(1)	Prior periods on a constant dollar basis.	
(2)	Operating effective tax rate is dependent upon the mix of earnings from different jurisdictions with various tax rates. A change in the geographic mix of earnings would change the effective tax rate. The increase in the operating effective tax rate for the quarter was primarily due to a higher percentage of operating earnings being generated in higher tax paying jurisdictions.	
*	2015 As If results: Legacy ACE plus Legacy Chubb historical results.   For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.	

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	 	
 	 	Nine months ended September 30	 	 	YTD-16 vs	 	 	Constant $	 	 	YTD-16 vs	 	 	Nine months ended September 30	 	 	YTD-16 vs	 	 	Constant $	 	 	YTD-16 vs	 	
 	 	2016	 	 	2015	 	 	YTD-15	 	 	2015 (1)	 	 	YTD-15 (1)	 	 	2016	 	 	2015	 	 	YTD-15	 	 	2015 (1)	 	 	YTD-15 (1)	 	
Gross premiums written	 	$	26,146	  	 	$	18,172	  	 	 	43.9	% 	 	$	17,746	  	 	 	47.3	% 	 	$	27,078	  	 	$	28,530	  	 	 	-5.1	% 	 	$	27,918	  	 	 	-3.0	% 	
Net premiums written	 	$	21,207	  	 	$	13,569	  	 	 	56.3	% 	 	$	13,225	  	 	 	60.4	% 	 	$	22,062	  	 	$	23,214	  	 	 	-5.0	% 	 	$	22,687	  	 	 	-2.8	% 	
P&C net premiums written	 	$	19,632	  	 	$	12,086	  	 	 	62.4	% 	 	$	11,781	  	 	 	66.6	% 	 	$	20,486	  	 	$	21,659	  	 	 	-5.4	% 	 	$	21,173	  	 	 	-3.2	% 	
Global P&C net premiums written	 	$	18,344	  	 	$	10,882	  	 	 	68.6	% 	 	$	10,577	  	 	 	73.4	% 	 	$	19,198	  	 	$	20,455	  	 	 	-6.1	% 	 	$	19,969	  	 	 	-3.9	% 	
Net premiums earned	 	$	21,690	  	 	$	13,006	  	 	 	66.8	% 	 	$	12,698	  	 	 	70.8	% 	 	$	22,081	  	 	$	22,443	  	 	 	-1.6	% 	 	$	21,979	  	 	 	0.5	% 	
Net investment income	 	$	2,121	  	 	$	1,662	  	 	 	27.7	% 	 	$	1,638	  	 	 	29.5	% 	 				 				 				 				 				
Adjusted net investment income	 	$	2,413	  	 	$	1,662	  	 	 	45.3	% 	 	$	1,638	  	 	 	47.4	% 	 				 				 				 				 				
Operating income (2)	 	$	3,433	  	 	$	2,430	  	 	 	41.3	% 	 	$	2,392	  	 	 	43.5	% 	 				 				 				 				 				
Net income	 	$	2,525	  	 	$	2,151	  	 	 	17.4	% 	 				 				 				 				 				 				 				
Comprehensive income	 	$	4,457	  	 	$	768	  	 	 	N/M	  	 				 				 				 				 				 				 				
Operating cash flow	 	$	3,837	  	 	$	2,699	  	 				 				 				 				 				 				 				 				
P&C combined ratio	 				 				 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	58.0	% 	 	 	58.3	% 	 				 				 				 	 	58.0	% 	 	 	57.2	% 	 				 				 				
Underwriting and administrative expense ratio	 	 	31.0	% 	 	 	28.9	% 	 				 				 				 	 	30.2	% 	 	 	30.4	% 	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
Combined ratio	 	 	89.0	% 	 	 	87.2	% 	 				 				 				 	 	88.2	% 	 	 	87.6	% 	 				 				 				
Operating return on equity (ROE)	 	 	10.4	% 	 	 	11.7	% 	 				 				 				 				 				 				 				 				
ROE	 	 	7.4	% 	 	 	9.8	% 	 				 				 				 				 				 				 				 				
Operating effective tax rate (2)	 	 	17.3	% 	 	 	14.0	% 	 				 				 				 				 				 				 				 				
Effective tax rate	 	 	18.1	% 	 	 	15.5	% 	 				 				 				 				 				 				 				 				
Diluted earnings per share	 				 				 				 				 				 				 				 				 				 				
Operating income	 	$	7.40	  	 	$	7.38	  	 	 	0.3	% 	 				 				 				 				 				 				 				
Net income	 	$	5.44	  	 	$	6.53	  	 	 	-16.7	% 	 				 				 				 				 				 				 				
Full nine months diluted earnings per share (3)	 				 				 				 				 				 				 				 				 				 				
Operating income	 	$	7.42	  	 	$	7.38	  	 	 	0.5	% 	 				 				 				 				 				 				 				
Net income	 	$	5.49	  	 	$	6.53	  	 	 	-15.9	% 	 				 				 				 				 				 				 				
											
 	 	 	 	 	 	 	 	 	 	 	 	 	 	% Change	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	December 31	 	 	3Q-16 vs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	2015	 	 	4Q-15	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share	 	$	103.96	  	 				 				 	$	89.77	  	 	 	15.8	% 	 				 				 				 				 				
Book value per common share excluding foreign currency (4)	 	$	103.35	  	 				 				 	$	89.77	  	 	 	15.1	% 	 				 				 				 				 				
Tangible book value per common share	 	$	60.26	  	 				 				 	$	72.25	  	 	 	-16.6	% 	 				 				 				 				 				
Tangible book value per common share excluding foreign currency (4)	 	$	60.05	  	 				 				 	$	72.25	  	 	 	-16.9	% 	 				 				 				 				 				
Weighted average basic common shares outstanding	 	 	460.6	  	 	 	325.9	  	 				 	 	325.6	  	 				 				 				 				 				 				
Weighted average diluted common shares outstanding	 	 	464.1	  	 	 	329.2	  	 				 	 	328.8	  	 				 				 				 				 				 				
Total hybrid & financial debt/capitalization	 	 	21.7	% 	 				 				 	 	25.0	% 	 				 				 				 				 				 				
 
(1)	Prior periods on a constant dollar basis.	
(2)	Operating effective tax rate is dependent upon the mix of earnings from different jurisdictions with various tax rates. A change in the geographic mix of earnings would change the effective tax rate. The increase in the operating effective tax rate for the year was primarily due to a higher percentage of operating earnings being generated in higher tax paying jurisdictions.	
(3)	Full nine months diluted earnings per share includes the combined company results inclusive of the first 14 days of January 2016 and includes the impact of purchase accounting adjustments related to The Chubb Corporation acquisition.	
(4)	For 2016, book value per common share and tangible book value per common share exclude the impact of foreign currency movement during the year.	
*	2016 As If results: The 2016 and 2015 As If underwriting results do not include any impact from purchase accounting adjustments. The YTD 2016 combined company results are inclusive of the first 14 days of January 2016.	
2015 As If results: Legacy ACE plus Legacy Chubb historical results.   For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

Financial Highlights - YTD	 		 	Page 2	

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

 	  	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	Legacy ACE	 	
 	  	 	  	 	 	  	 	 	  	 	 	  	Legacy ACE	 	  	YTD	 	  	YTD	 	  	Full Year	 	
 	  	 	  	    3Q-16    	 	  	    2Q-16    	 	  	    1Q-16    	 	  	    4Q-15    	 	  	    3Q-15    	 	  	2016	 	  	2015	 	  	2015	 	
	  	Gross premiums written	  	 	$9,483	  	  	 	$9,274	  	  	 	$7,389	  	  	 	$5,639	  	  	 	$6,346	  	  	 	$26,146	  	  	 	$18,172	  	  	 	$23,811	  	
	  	Net premiums written	  	 	7,573	  	  	 	7,639	  	  	 	5,995	  	  	 	4,144	  	  	 	4,709	  	  	 	21,207	  	  	 	13,569	  	  	 	17,713	  	
	  	Net premiums earned	  	 	7,688	  	  	 	7,405	  	  	 	6,597	  	  	 	4,207	  	  	 	4,719	  	  	 	21,690	  	  	 	13,006	  	  	 	17,213	  	
	  	Losses and loss expenses	  	 	4,269	  	  	 	4,254	  	  	 	3,674	  	  	 	2,302	  	  	 	2,643	  	  	 	12,197	  	  	 	7,182	  	  	 	9,484	  	
	  	Policy benefits	  	 	155	  	  	 	146	  	  	 	126	  	  	 	159	  	  	 	89	  	  	 	427	  	  	 	384	  	  	 	543	  	
	  	Policy acquisition costs	  	 	1,514	  	  	 	1,560	  	  	 	1,413	  	  	 	736	  	  	 	771	  	  	 	4,487	  	  	 	2,205	  	  	 	2,941	  	
	  	Administrative expenses	  	 	772	  	  	 	829	  	  	 	772	  	  	 	570	  	  	 	568	  	  	 	2,373	  	  	 	1,700	  	  	 	2,270	  	
	  	Net investment income:	  				  				  				  				  				  				  				  				
(1)	  	Adjusted net investment income	  	 	830	  	  	 	816	  	  	 	767	  	  	 	532	  	  	 	549	  	  	 	2,413	  	  	 	1,662	  	  	 	2,194	  	
	  	Amortization expense of fair value adjustment on acquired invested assets	  	 	(91)	  	  	 	(108)	  	  	 	(93)	  	  	 	—  	  	  	 	—  	  	  	 	(292)	  	  	 	—  	  	  	 	—  	  	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Total net investment income	  	 	739	  	  	 	708	  	  	 	674	  	  	 	532	  	  	 	549	  	  	 	2,121	  	  	 	1,662	  	  	 	2,194	  	
	  	Net realized gains (losses):	  				  				  				  				  				  				  				  				
(2)	  	Adjusted realized gains (losses)	  	 	97	  	  	 	(214)	  	  	 	(394)	  	  	 	(57)	  	  	 	(393)	  	  	 	(511)	  	  	 	(354)	  	  	 	(411)	  	
	  	Realized gains (losses) on crop derivatives	  	 	3	  	  	 	(2)	  	  	 	—  	  	  	 	(3)	  	  	 	(4)	  	  	 	1	  	  	 	(6)	  	  	 	(9)	  	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Total net realized gains (losses)	  	 	100	  	  	 	(216)	  	  	 	(394)	  	  	 	(60)	  	  	 	(397)	  	  	 	(510)	  	  	 	(360)	  	  	 	(420)	  	
	  	Interest expense:	  				  				  				  				  				  				  				  				
(3)	  	Adjusted interest expense	  	 	164	  	  	 	166	  	  	 	149	  	  	 	64	  	  	 	68	  	  	 	479	  	  	 	207	  	  	 	271	  	
	  	Interest expense related to pre-acquisition debt	  	 	—  	  	  	 	—  	  	  	 	7	  	  	 	29	  	  	 	—  	  	  	 	7	  	  	 	—  	  	  	 	29	  	
	  	Amortization benefit of fair value adjustment on acquired long term debt	  	 	(12)	  	  	 	(13)	  	  	 	(10)	  	  	 	—  	  	  	 	—  	  	  	 	(35)	  	  	 	—  	  	  	 	—  	  	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Total interest expense	  	 	152	  	  	 	153	  	  	 	146	  	  	 	93	  	  	 	68	  	  	 	451	  	  	 	207	  	  	 	300	  	
	  	Other income (expense):	  				  				  				  				  				  				  				  				
	  	Gains (losses) from fair value changes in separate account assets	  	 	22	  	  	 	3	  	  	 	(3)	  	  	 	13	  	  	 	(49)	  	  	 	22	  	  	 	(32)	  	  	 	(19)	  	
	  	Net realized gains (losses) related to unconsolidated entities	  	 	72	  	  	 	18	  	  	 	(25)	  	  	 	(17)	  	  	 	25	  	  	 	65	  	  	 	84	  	  	 	67	  	
	  	Other income (expense) - operating	  	 	(3)	  	  	 	8	  	  	 	—  	  	  	 	(6)	  	  	 	12	  	  	 	5	  	  	 	9	  	  	 	3	  	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Total other income (expense)	  	 	91	  	  	 	29	  	  	 	(28)	  	  	 	(10)	  	  	 	(12)	  	  	 	92	  	  	 	61	  	  	 	51	  	
	  	Amortization expense of purchased intangibles	  	 	4	  	  	 	5	  	  	 	7	  	  	 	35	  	  	 	51	  	  	 	16	  	  	 	136	  	  	 	171	  	
	  	Chubb integration expenses	  	 	115	  	  	 	98	  	  	 	148	  	  	 	24	  	  	 	9	  	  	 	361	  	  	 	9	  	  	 	33	  	
	  	Income tax expense	  	 	277	  	  	 	155	  	  	 	124	  	  	 	67	  	  	 	132	  	  	 	556	  	  	 	395	  	  	 	462	  	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Net income	  	 	$1,360	  	  	 	$726	  	  	 	$439	  	  	 	$683	  	  	 	$528	  	  	 	$2,525	  	  	 	$2,151	  	  	 	$2,834	  	

(1)	Adjusted net investment income used throughout this report excludes amortization of fair value adjustment on acquired invested assets.	
(2)	Adjusted realized gains (losses) used throughout this report excludes realized gains (losses) on crop derivatives.	
(3)	Adjusted interest expense used throughout this report excludes interest expense related to pre-acquisition debt and amortization benefit of fair value adjustment on acquired long term debt.	

Statement of Operations	 		 	Page 3	

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

 	 	 	 	 	 	 	 	 	 	 	Legacy ACE	 	 	 	 	 	Legacy ACE	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	 	3Q-16	 	 	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2016	 	 	2015	 	 	2015	 	
P&C Underwriting Income (Including Corporate and excluding Life Insurance)	 				 				 				 				 				 				 				 				
Gross premiums written	 	$	8,921	  	 	$	8,717	  	 	$	6,843	  	 	$	5,091	  	 	$	5,824	  	 	$	24,481	  	 	$	16,599	  	 	$	21,690	  	
Net premiums written	 	 	7,041	  	 	 	7,112	  	 	 	5,479	  	 	 	3,629	  	 	 	4,217	  	 	 	19,632	  	 	 	12,086	  	 	 	15,715	  	
Net premiums earned	 	 	7,176	  	 	 	6,893	  	 	 	6,100	  	 	 	3,701	  	 	 	4,239	  	 	 	20,169	  	 	 	11,565	  	 	 	15,266	  	
Adjusted losses and loss expenses	 	 	4,092	  	 	 	4,109	  	 	 	3,497	  	 	 	2,146	  	 	 	2,494	  	 	 	11,698	  	 	 	6,746	  	 	 	8,892	  	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	 	 	1,067	  	 	 	898	  	 	 	721	  	 	 	602	  	 	 	654	  	 	 	2,686	  	 	 	1,863	  	 	 	2,465	  	
Amortization of acquired UPR intangible (1)	 	 	320	  	 	 	525	  	 	 	570	  	 	 	—  	  	 	 	—  	  	 	 	1,415	  	 	 	—  	  	 	 	—  	  	
Administrative expenses	 	 	695	  	 	 	752	  	 	 	700	  	 	 	500	  	 	 	494	  	 	 	2,147	  	 	 	1,479	  	 	 	1,979	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C Underwriting income	 	$	1,002	  	 	$	609	  	 	$	612	  	 	$	453	  	 	$	597	  	 	$	2,223	  	 	$	1,477	  	 	$	1,930	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C Underwriting income excluding Fireman’s Fund non-recurring unearned premium reserve transfer	 				 				 	$	606	  	 	$	434	  	 	$	565	  	 	$	2,217	  	 	$	1,396	  	 	$	1,830	  	
% Change versus prior year period	 				 				 				 				 				 				 				 				
Net premiums written	 	 	67.0	% 	 	 	66.0	% 	 	 	52.8	% 	 	 	-4.6	% 	 	 	-0.4	% 	 	 	62.4	% 	 	 	0.8	% 	 	 	-0.5	% 	
Net premiums earned	 	 	69.3	% 	 	 	77.9	% 	 	 	76.7	% 	 	 	-4.4	% 	 	 	-0.6	% 	 	 	74.4	% 	 	 	-0.2	% 	 	 	-1.3	% 	
Net premiums written constant $	 	 	68.8	% 	 	 	68.8	% 	 	 	61.3	% 	 	 	1.7	% 	 	 	5.6	% 	 	 	66.6	% 	 	 	6.4	% 	 	 	5.3	% 	
Net premiums earned constant $	 	 	71.0	% 	 	 	81.1	% 	 	 	85.3	% 	 	 	1.6	% 	 	 	5.4	% 	 	 	78.6	% 	 	 	5.4	% 	 	 	4.4	% 	
Other ratios	 				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	 	 	79	% 	 	 	82	% 	 	 	80	% 	 	 	71	% 	 	 	72	% 	 	 	80	% 	 	 	73	% 	 	 	72	% 	
P&C combined ratio	 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	57.0	% 	 	 	59.6	% 	 	 	57.3	% 	 	 	58.0	% 	 	 	58.8	% 	 	 	58.0	% 	 	 	58.3	% 	 	 	58.2	% 	
Policy acquisition cost ratio	 	 	19.3	% 	 	 	20.6	% 	 	 	21.2	% 	 	 	16.2	% 	 	 	15.4	% 	 	 	20.3	% 	 	 	16.1	% 	 	 	16.1	% 	
Administrative expense ratio	 	 	9.7	% 	 	 	11.0	% 	 	 	11.5	% 	 	 	13.5	% 	 	 	11.7	% 	 	 	10.7	% 	 	 	12.8	% 	 	 	13.1	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 	 	86.0	% 	 	 	91.2	% 	 	 	90.0	% 	 	 	87.7	% 	 	 	85.9	% 	 	 	89.0	% 	 	 	87.2	% 	 	 	87.4	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	 	 	88.9	% 	 	 	89.9	% 	 	 	89.9	% 	 	 	88.4	% 	 	 	89.2	% 	 	 	89.5	% 	 	 	89.0	% 	 	 	88.8	% 	
Combined ratio excluding catastrophe losses, PPD and Fireman’s Fund non-recurring unearned premium reserve transfer	 				 				 	 	89.9	% 	 	 	88.9	% 	 	 	89.9	% 	 	 	88.8	% 	 	 	89.7	% 	 	 	89.5	% 	
P&C expense ratio	 	 	29.0	% 	 	 	31.6	% 	 	 	32.7	% 	 	 	29.7	% 	 	 	27.1	% 	 	 	31.0	% 	 	 	28.9	% 	 	 	29.2	% 	
P&C expense ratio excluding A&H	 	 	27.0	% 	 	 	29.8	% 	 	 	30.8	% 	 	 	26.3	% 	 	 	23.6	% 	 	 	29.1	% 	 	 	25.5	% 	 	 	25.7	% 	
Catastrophe reinstatement premiums (expensed) collected - pre-tax	 	$	—  	  	 	$	6	  	 	$	—  	  	 	$	(1	) 	 	$	—  	  	 	$	6	  	 	$	—  	  	 	$	(1	) 	
Catastrophe losses - pre-tax	 	$	144	  	 	$	396	  	 	$	258	  	 	$	74	  	 	$	72	  	 	$	798	  	 	$	247	  	 	$	321	  	
Favorable prior period development (PPD) - pre-tax	 	$	(349	) 	 	$	(301	) 	 	$	(247	) 	 	$	(100	) 	 	$	(210	) 	 	$	(897	) 	 	$	(446	) 	 	$	(546	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	 	 	60.0	% 	 	 	58.4	% 	 	 	57.4	% 	 	 	58.5	% 	 	 	62.2	% 	 	 	58.7	% 	 	 	60.1	% 	 	 	59.7	% 	

(1)	Purchase accounting adjustments related to the acquisition of The Chubb Corporation.	
Note: See Glossary on page 48 for further information on the calculation of the components of combined ratios.

P&C Results - Reported	 		 	Page 4	

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

 	  	As If *	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	3Q-16	 	 	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2016	 	 	2015	 	 	2015	 	
P&C Underwriting Income (Including Corporate and excluding Life Insurance)	  				 				 				 				 				 				 				 				
Gross premiums written	  	$	8,921	  	 	$	8,717	  	 	$	7,774	  	 	$	8,359	  	 	$	9,234	  	 	$	25,412	  	 	$	26,882	  	 	$	35,241	  	
Net premiums written	  	 	7,041	  	 	 	7,112	  	 	 	6,333	  	 	 	6,671	  	 	 	7,375	  	 	 	20,486	  	 	 	21,659	  	 	 	28,330	  	
Net premiums earned	  	 	7,176	  	 	 	6,893	  	 	 	6,489	  	 	 	6,812	  	 	 	7,400	  	 	 	20,558	  	 	 	20,931	  	 	 	27,743	  	
Adjusted losses and loss expenses	  	 	4,092	  	 	 	4,109	  	 	 	3,719	  	 	 	3,835	  	 	 	4,134	  	 	 	11,920	  	 	 	11,981	  	 	 	15,816	  	
Policy acquisition costs	  	 	1,348	  	 	 	1,357	  	 	 	1,287	  	 	 	1,330	  	 	 	1,385	  	 	 	3,992	  	 	 	4,002	  	 	 	5,332	  	
Administrative expenses	  	 	695	  	 	 	752	  	 	 	763	  	 	 	780	  	 	 	773	  	 	 	2,210	  	 	 	2,357	  	 	 	3,137	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C Underwriting income	  	$	1,041	  	 	$	675	  	 	$	720	  	 	$	867	  	 	$	1,108	  	 	$	2,436	  	 	$	2,591	  	 	$	3,458	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C Underwriting income excluding Fireman’s Fund non-recurring unearned premium reserve transfer	  				 				 	$	714	  	 	$	848	  	 	$	1,076	  	 	$	2,430	  	 	$	2,510	  	 	$	3,358	  	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	-4.5	% 	 	 	-6.2	% 	 	 	-5.5	% 	 				 				 	 	-5.4	% 	 				 				
Net premiums earned	  	 	-3.0	% 	 	 	-1.4	% 	 	 	-0.7	% 	 				 				 	 	-1.8	% 	 				 				
Net premiums written constant $	  	 	-3.4	% 	 	 	-4.7	% 	 	 	-1.4	% 	 				 				 	 	-3.2	% 	 				 				
Net premiums earned constant $	  	 	-1.9	% 	 	 	0.1	% 	 	 	2.9	% 	 				 				 	 	0.3	% 	 				 				
Net premiums written constant $ excluding merger-related underwriting actions, including additional reinsurance (1)	  	 	1.1	% 	 				 				 				 				 	 	-1.2	% 	 				 				
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	79	% 	 	 	82	% 	 	 	81	% 	 	 	80	% 	 	 	80	% 	 	 	81	% 	 	 	81	% 	 	 	80	% 	
P&C combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	57.0	% 	 	 	59.6	% 	 	 	57.3	% 	 	 	56.3	% 	 	 	55.9	% 	 	 	58.0	% 	 	 	57.2	% 	 	 	57.0	% 	
Policy acquisition cost ratio	  	 	18.8	% 	 	 	19.6	% 	 	 	19.8	% 	 	 	19.5	% 	 	 	18.7	% 	 	 	19.4	% 	 	 	19.1	% 	 	 	19.2	% 	
Administrative expense ratio	  	 	9.7	% 	 	 	11.0	% 	 	 	11.8	% 	 	 	11.5	% 	 	 	10.4	% 	 	 	10.8	% 	 	 	11.3	% 	 	 	11.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	85.5	% 	 	 	90.2	% 	 	 	88.9	% 	 	 	87.3	% 	 	 	85.0	% 	 	 	88.2	% 	 	 	87.6	% 	 	 	87.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	88.4	% 	 	 	88.9	% 	 	 	88.8	% 	 	 	88.6	% 	 	 	88.9	% 	 	 	88.7	% 	 	 	88.7	% 	 	 	88.7	% 	
Combined ratio excluding catastrophe losses, PPD and Fireman’s Fund non-recurring unearned premium reserve transfer	  				 				 	 	88.8	% 	 	 	88.9	% 	 	 	89.4	% 	 	 	88.0	% 	 	 	89.1	% 	 	 	89.0	% 	
P&C expense ratio	  	 	28.5	% 	 	 	30.6	% 	 	 	31.6	% 	 	 	31.0	% 	 	 	29.1	% 	 	 	30.2	% 	 	 	30.4	% 	 	 	30.5	% 	
P&C expense ratio excluding A&H	  	 	26.4	% 	 	 	28.8	% 	 	 	29.8	% 	 	 	29.1	% 	 	 	27.3	% 	 	 	28.3	% 	 	 	28.5	% 	 	 	28.6	% 	
Catastrophe reinstatement premiums (expensed) collected - pre-tax	  	$	—  	  	 	$	6	  	 	$	—  	  	 	$	(1	) 	 	$	—  	  	 	$	6	  	 	$	—  	  	 	$	(1	) 	
Catastrophe losses - pre-tax	  	$	144	  	 	$	396	  	 	$	258	  	 	$	158	  	 	$	101	  	 	$	798	  	 	$	690	  	 	$	848	  	
Favorable prior period development (PPD) - pre-tax	  	$	(349	) 	 	$	(301	) 	 	$	(247	) 	 	$	(253	) 	 	$	(389	) 	 	$	(897	) 	 	$	(917	) 	 	$	(1,170	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	60.0	% 	 	 	58.4	% 	 	 	57.4	% 	 	 	57.6	% 	 	 	59.8	% 	 	 	58.6	% 	 	 	58.4	% 	 	 	58.2	% 	
 
(1)	Included in Q3 2016 is a decrease in net premiums written of $328 million, comprising of $260 million due to additional reinsurance purchased and $68 million due to other merger-related underwriting actions.	

*	2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.	
2015 As If results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

P&C Results - As If	 		 	Page 5	

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

 	  	 	 	 	 	 	 	 	 	 	Legacy ACE	 	
 	  	September 30	 	 	June 30	 	 	March 31	 	 	December 31	 	
 	  	2016	 	 	2016	 	 	2016	 	 	2015	 	
Assets	  				 				 				 				
Fixed maturities available for sale, at fair value	  	$	81,358	  	 	$	79,951	  	 	$	77,538	  	 	$	43,587	  	
Fixed maturities held to maturity, at amortized cost	  	 	10,927	  	 	 	11,090	  	 	 	11,280	  	 	 	8,430	  	
Equity securities, at fair value	  	 	803	  	 	 	787	  	 	 	893	  	 	 	497	  	
Short-term investments, at fair value	  	 	3,548	  	 	 	3,631	  	 	 	3,382	  	 	 	10,446	  	
Other investments	  	 	4,400	  	 	 	4,387	  	 	 	4,493	  	 	 	3,291	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investments	  	 	101,036	  	 	 	99,846	  	 	 	97,586	  	 	 	66,251	  	
Cash	  	 	870	  	 	 	1,011	  	 	 	1,091	  	 	 	1,775	  	
Securities lending collateral	  	 	1,140	  	 	 	1,142	  	 	 	1,003	  	 	 	1,046	  	
Insurance and reinsurance balances receivable	  	 	8,493	  	 	 	8,532	  	 	 	7,692	  	 	 	5,323	  	
Reinsurance recoverable on losses and loss expenses	  	 	13,448	  	 	 	13,235	  	 	 	12,891	  	 	 	11,386	  	
Deferred policy acquisition costs	  	 	4,238	  	 	 	3,948	  	 	 	3,376	  	 	 	2,873	  	
Value of business acquired	  	 	368	  	 	 	381	  	 	 	390	  	 	 	395	  	
Prepaid reinsurance premiums	  	 	2,449	  	 	 	2,464	  	 	 	2,376	  	 	 	2,082	  	
Goodwill and other intangible assets	  	 	22,472	  	 	 	22,923	  	 	 	23,359	  	 	 	5,683	  	
Deferred tax assets	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	318	  	
Investments in partially-owned insurance companies	  	 	665	  	 	 	658	  	 	 	654	  	 	 	653	  	
Other assets	  	 	6,631	  	 	 	6,063	  	 	 	6,226	  	 	 	4,521	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	161,810	  	 	$	160,203	  	 	$	156,644	  	 	$	102,306	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Liabilities	  				 				 				 				
Unpaid losses and loss expenses	  	$	61,347	  	 	$	60,819	  	 	$	60,206	  	 	$	37,303	  	
Unearned premiums	  	 	15,054	  	 	 	15,229	  	 	 	14,896	  	 	 	8,439	  	
Future policy benefits	  	 	5,010	  	 	 	4,975	  	 	 	4,869	  	 	 	4,807	  	
Insurance and reinsurance balances payable	  	 	4,885	  	 	 	4,944	  	 	 	4,733	  	 	 	4,270	  	
Securities lending payable	  	 	1,141	  	 	 	1,143	  	 	 	1,004	  	 	 	1,047	  	
Accounts payable, accrued expenses, and other liabilities	  	 	11,154	  	 	 	11,019	  	 	 	10,453	  	 	 	7,609	  	
Deferred tax liabilities	  	 	1,418	  	 	 	1,409	  	 	 	1,142	  	 	 	—  	  	
Short-term debt	  	 	500	  	 	 	500	  	 	 	500	  	 	 	—  	  	
Long-term debt	  	 	12,621	  	 	 	12,631	  	 	 	12,636	  	 	 	9,389	  	
Trust preferred securities	  	 	308	  	 	 	308	  	 	 	308	  	 	 	307	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	113,438	  	 	 	112,977	  	 	 	110,747	  	 	 	73,171	  	
Shareholders’ equity	  				 				 				 				
Total shareholders’ equity, excl. AOCI	  	 	47,175	  	 	 	46,045	  	 	 	45,530	  	 	 	29,870	  	
Accumulated other comprehensive income (AOCI)	  	 	1,197	  	 	 	1,181	  	 	 	367	  	 	 	(735	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total shareholders’ equity	  	 	48,372	  	 	 	47,226	  	 	 	45,897	  	 	 	29,135	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and shareholders’ equity	  	$	161,810	  	 	$	160,203	  	 	$	156,644	  	 	$	102,306	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share	  	$	103.96	  	 	$	101.56	  	 	$	98.85	  	 	$	89.77	  	
% change over prior quarter	  	 	2.4	% 	 	 	2.7	% 	 	 	10.1	% 	 	 	-0.1	% 	
Tangible book value per common share	  	$	60.26	  	 	$	57.14	  	 	$	53.83	  	 	$	72.25	  	
% change over prior quarter	  	 	5.5	% 	 	 	6.1	% 	 	 	-25.5	% 	 	 	0.0	% 	

Consol Bal Sheet	 		 	Page 6	

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

 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	 	Constant $	 	
 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	 	% Change	 	
 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	 	3Q-16 vs.	 	
 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	 	As If 3Q-15	 	
 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	 	Excluding	 	
 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	  	Constant $	 	 	Merger-related	 	
 	  	 	 	  	 	 	  	 	 	  	% Change	 	 	 	 	  	% Change	 	 	Underwriting	 	
 	  	 	 	  	 	 	  	 	 	  	3Q-16 vs.	 	 	Constant $  (1)	 	  	3Q-16 vs.	 	 	Actions	 	
 	  	 	 	  	Legacy ACE	 	  	As If	 	  	As If	 	 	As If	 	  	As If	 	 	and	 	
 	  	3Q-16	 	  	3Q-15	 	  	3Q-15	 	  	3Q-15	 	 	3Q-15	 	  	3Q-15	 	 	Total FF (2)	 	
Net premiums written	  				  				  				  				 				  				 				
								
Commercial multiple peril (3)	  	$	228	  	  	$	—  	  	  	$	247	  	  	 	-7.7	% 	 	$	247	  	  	 	-7.7	% 	 	 	-7.7	% 	
Commercial casualty	  	 	955	  	  	 	595	  	  	 	932	  	  	 	2.5	% 	 	 	930	  	  	 	2.7	% 	 	 	7.8	% 	
Workers’ compensation	  	 	471	  	  	 	178	  	  	 	493	  	  	 	-4.5	% 	 	 	493	  	  	 	-4.5	% 	 	 	-3.2	% 	
Professional liability	  	 	958	  	  	 	398	  	  	 	1,015	  	  	 	-5.6	% 	 	 	1,005	  	  	 	-4.7	% 	 	 	-2.6	% 	
Surety	  	 	158	  	  	 	86	  	  	 	161	  	  	 	-1.9	% 	 	 	156	  	  	 	1.3	% 	 	 	1.3	% 	
Property and other short-tail lines	  	 	905	  	  	 	635	  	  	 	983	  	  	 	-7.9	% 	 	 	961	  	  	 	-5.8	% 	 	 	-3.1	% 	
International other casualty	  	 	239	  	  	 	177	  	  	 	235	  	  	 	1.7	% 	 	 	226	  	  	 	5.8	% 	 	 	7.1	% 	
	  	 	 	 	  	 	 	 	  	 	 	 	  				 	 	 	 	  				 				
Total Commercial P&C (2)	  	 	3,914	  	  	 	2,069	  	  	 	4,066	  	  	 	-3.7	% 	 	 	4,018	  	  	 	-2.6	% 	 	 	0.0	% 	
								
Agriculture	  	 	849	  	  	 	737	  	  	 	737	  	  	 	15.2	% 	 	 	737	  	  	 	15.2	% 	 	 	15.2	% 	
								
Personal automobile	  	 	358	  	  	 	223	  	  	 	358	  	  	 	0.0	% 	 	 	348	  	  	 	2.9	% 	 	 	6.3	% 	
Personal homeowners	  	 	680	  	  	 	180	  	  	 	874	  	  	 	-22.2	% 	 	 	874	  	  	 	-22.2	% 	 	 	2.9	% 	
Personal other	  	 	383	  	  	 	188	  	  	 	404	  	  	 	-5.2	% 	 	 	388	  	  	 	-1.3	% 	 	 	0.8	% 	
	  	 	 	 	  	 	 	 	  	 	 	 	  				 	 	 	 	  				 				
Total Personal lines (2)	  	 	1,421	  	  	 	591	  	  	 	1,636	  	  	 	-13.1	% 	 	 	1,610	  	  	 	-11.7	% 	 	 	3.2	% 	
								
Total Property and Casualty lines	  	 	6,184	  	  	 	3,397	  	  	 	6,439	  	  	 	-4.0	% 	 	 	6,365	  	  	 	-2.8	% 	 	 	2.6	% 	
Other Lines	  				  				  				  				 				  				 				
Global A&H (2) (4)	  	 	990	  	  	 	889	  	  	 	1,005	  	  	 	-1.5	% 	 	 	994	  	  	 	-0.4	% 	 	 	1.0	% 	
Reinsurance (2)	  	 	131	  	  	 	185	  	  	 	185	  	  	 	-29.8	% 	 	 	182	  	  	 	-28.5	% 	 	 	-25.0	% 	
Life	  	 	268	  	  	 	238	  	  	 	261	  	  	 	2.7	% 	 	 	258	  	  	 	3.9	% 	 	 	3.9	% 	
	  	 	 	 	  	 	 	 	  	 	 	 	  				 	 	 	 	  				 				
Total consolidated	  	$	7,573	  	  	$	4,709	  	  	$	7,890	  	  	 	-4.0	% 	 	$	7,799	  	  	 	-2.9	% 	 	 	1.8	% 	

(1)	Prior periods on a constant dollar basis.	
(2)	Included in Commercial P&C is a decrease in net premiums written of $104 million, comprising of $54 million due to additional reinsurance purchased and $50 million due to other merger-related underwriting actions.	
Included in Personal lines is a decrease in net premiums written of $204 million, comprising of $200 million due to additional reinsurance purchased and $4 million due to other merger-related underwriting actions. Premium related to Fireman’s Fund high net worth personal lines business was $76 million in 2016 compared to $109 million in 2015.
Included in Global A&H is a decrease in net premiums written of $14 million due to merger-related underwriting actions.
Included in Reinsurance is a decrease in net premiums written of $6 million due to additional reinsurance purchased.
 
(3)	Commercial multiple peril represents retail package business (property and general liability).	
(4)	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 in the Global A&H line item above.	
2015 As If results: Legacy ACE plus Legacy Chubb historical results.

Line of Business	 		 	Page 7	

Chubb Limited
Consolidated Results - Three months ended September 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	 	
Q3 2016	  	Insurance	 	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Reinsurance	 	 	Corporate	 	 	P&C	 	 	Insurance	 	 	Consolidated	 	
Net premiums written	  	$	3,110	  	 	$	1,011	  	 	$	849	  	 	$	1,940	  	 	$	131	  	 	$	—  	  	 	$	7,041	  	 	$	532	  	 	$	7,573	  	
Net premiums earned	  	 	3,086	  	 	 	1,081	  	 	 	819	  	 	 	2,034	  	 	 	156	  	 	 	—  	  	 	 	7,176	  	 	 	512	  	 	 	7,688	  	
Adjusted losses and loss expenses	  	 	1,863	  	 	 	594	  	 	 	680	  	 	 	843	  	 	 	49	  	 	 	63	  	 	 	4,092	  	 	 	174	  	 	 	4,266	  	
Policy benefits	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	155	  	 	 	155	  	
(Gains) losses from fair value changes in separate account assets (1)	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(22	) 	 	 	(22	) 	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	  	 	346	  	 	 	128	  	 	 	48	  	 	 	503	  	 	 	42	  	 	 	—  	  	 	 	1,067	  	 	 	127	  	 	 	1,194	  	
Amortization of acquired UPR intangible (2)	  	 	176	  	 	 	101	  	 	 	—  	  	 	 	43	  	 	 	—  	  	 	 	—  	  	 	 	320	  	 	 	—  	  	 	 	320	  	
Administrative expenses	  	 	275	  	 	 	89	  	 	 	1	  	 	 	261	  	 	 	12	  	 	 	57	  	 	 	695	  	 	 	77	  	 	 	772	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  	 	426	  	 	 	169	  	 	 	90	  	 	 	384	  	 	 	53	  	 	 	(120	) 	 	 	1,002	  	 	 	1	  	 	 	1,003	  	
Adjusted net investment income	  	 	477	  	 	 	53	  	 	 	5	  	 	 	152	  	 	 	67	  	 	 	5	  	 	 	759	  	 	 	71	  	 	 	830	  	
Other income (expense) - operating (1)	  	 	(3	) 	 	 	(2	) 	 	 	—  	  	 	 	6	  	 	 	—  	  	 	 	(2	) 	 	 	(1	) 	 	 	(2	) 	 	 	(3	) 	
Amortization (expense) benefit of purchased intangibles	  	 	—  	  	 	 	(4	) 	 	 	(7	) 	 	 	(12	) 	 	 	—  	  	 	 	20	  	 	 	(3	) 	 	 	(1	) 	 	 	(4	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	  	$	900	  	 	$	216	  	 	$	88	  	 	$	530	  	 	$	120	  	 	$	(97	) 	 	$	1,757	  	 	$	69	  	 	$	1,826	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted interest expense	  				 				 				 				 				 	 	(164	) 	 				 				 	 	(164	) 	
Income tax expense	  				 				 				 				 				 	 	(306	) 	 				 				 	 	(306	) 	
	  				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Operating income (loss)	  				 				 				 				 				 	 	(567	) 	 				 				 	 	1,356	  	
Chubb integration expenses, net of $30 million tax benefit	  				 				 				 				 				 	 	(85	) 	 				 				 	 	(85	) 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $26 million tax benefit (2)	  				 				 				 				 				 	 	(53	) 	 				 				 	 	(53	) 	
Adjusted net realized gains (losses), net of $15 million tax	  				 				 				 				 				 	 	82	  	 				 				 	 	82	  	
Net realized gains (losses) related to unconsolidated entities, net of $12 million tax	  				 				 				 				 				 	 	60	  	 				 				 	 	60	  	
		 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Net income (loss)	  				 				 				 				 				 	$	(563	) 	 				 				 	$	1,360	  	
	  				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Combined ratio	  	 	86.2	% 	 	 	84.4	% 	 	 	88.9	% 	 	 	81.2	% 	 	 	66.3	% 	 				 	 	86.0	% 	 				 				
Combined ratio excluding catastrophe losses and PPD	  	 	89.4	% 	 	 	78.8	% 	 	 	90.1	% 	 	 	91.1	% 	 	 	78.1	% 	 				 	 	88.9	% 	 				 				
 
(1)	(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.	

Consol Results 2016 - QTD	 		 	Page 8	

Chubb Limited
Consolidated Results - Three months ended September 30, 2015
(in millions of U.S. dollars, except ratios)
(Unaudited)

 	  	Legacy ACE	 	
 	  	North	 	 	North	 	 	North	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	America	 	 	America	 	 	America	 	 	Overseas	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	Commercial P&C	 	 	Personal P&C	 	 	Agricultural	 	 	General	 	 	Global	 	 	 	 	 	Total	 	 	Life	 	 	Total	 	
Q3 2015	  	Insurance	 	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Reinsurance	 	 	Corporate	 	 	P&C	 	 	Insurance	 	 	Consolidated	 	
Net premiums written	  	$	1,433	  	 	$	278	  	 	$	737	  	 	$	1,584	  	 	$	185	  	 	$	—  	  	 	$	4,217	  	 	$	492	  	 	$	4,709	  	
Net premiums earned	  	 	1,410	  	 	 	272	  	 	 	739	  	 	 	1,615	  	 	 	203	  	 	 	—  	  	 	 	4,239	  	 	 	480	  	 	 	4,719	  	
Adjusted Losses and loss expenses	  	 	913	  	 	 	179	  	 	 	624	  	 	 	674	  	 	 	20	  	 	 	84	  	 	 	2,494	  	 	 	153	  	 	 	2,647	  	
Policy benefits	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	89	  	 	 	89	  	
(Gains) losses from fair value
changes in separate account assets (1)	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	49	  	 	 	49	  	
Policy acquisition costs	  	 	142	  	 	 	13	  	 	 	42	  	 	 	405	  	 	 	52	  	 	 	—  	  	 	 	654	  	 	 	117	  	 	 	771	  	
Administrative expenses	  	 	154	  	 	 	36	  	 	 	—  	  	 	 	246	  	 	 	12	  	 	 	46	  	 	 	494	  	 	 	74	  	 	 	568	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  	 	201	  	 	 	44	  	 	 	73	  	 	 	290	  	 	 	119	  	 	 	(130	) 	 	 	597	  	 	 	(2	) 	 	 	595	  	
Net investment income	  	 	260	  	 	 	7	  	 	 	5	  	 	 	132	  	 	 	76	  	 	 	3	  	 	 	483	  	 	 	66	  	 	 	549	  	
Other income (expense) - operating (1)	  	 	3	  	 	 	(1	) 	 	 	1	  	 	 	6	  	 	 	4	  	 	 	(2	) 	 	 	11	  	 	 	1	  	 	 	12	  	
Amortization expense of purchased intangibles	  	 	—  	  	 	 	(31	) 	 	 	(8	) 	 	 	(12	) 	 	 	—  	  	 	 	—  	  	 	 	(51	) 	 	 	—  	  	 	 	(51	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	  	$	464	  	 	$	19	  	 	$	71	  	 	$	416	  	 	$	199	  	 	$	(129	) 	 	$	1,040	  	 	$	65	  	 	$	1,105	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	  				 				 				 				 				 	 	(68	) 	 				 				 	 	(68	) 	
Income tax expense	  				 				 				 				 				 	 	(140	) 	 				 				 	 	(140	) 	
	  				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Operating income (loss)	  				 				 				 				 				 	 	(337	) 	 				 				 	 	897	  	
Chubb integration expenses, net of $2 million tax benefit	  				 				 				 				 				 	 	(7	) 	 				 				 	 	(7	) 	
Adjusted net realized gains (losses), net of $13 million tax benefit	  				 				 				 				 				 	 	(380	) 	 				 				 	 	(380	) 	
Net realized gains (losses) related to unconsolidated entities, net of $7 million tax	    	 				 				 				 				 	 	18	  	 				 				 	 	18	  	
		 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Net income (loss)	  				 				 				 				 				 	$	(706	) 	 				 				 	$	528	  	
	  				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Combined ratio	  	 	85.8	% 	 	 	83.7	% 	 	 	90.2	% 	 	 	82.0	% 	 	 	41.2	% 	 				 	 	85.9	% 	 				 				
Combined ratio excluding catastrophe losses and PPD	  	 	89.3	% 	 	 	70.5	% 	 	 	90.8	% 	 	 	90.5	% 	 	 	75.3	% 	 				 	 	89.2	% 	 				 				
 
(1)	(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).	

Consol Results 2015 - QTD	 		 	Page 9	

Chubb Limited
Consolidated Results - Nine months ended September 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	 	$	8,657	  	 	$	3,113	  	 	$	1,288	  	 	$	6,012	  	 	$	562	  	 	$	—  	  	 	$	19,632	  	 	$	1,575	  	 	$	21,207	  	
Net premiums earned	 	 	9,130	  	 	 	3,245	  	 	 	1,169	  	 	 	6,082	  	 	 	543	  	 	 	—  	  	 	 	20,169	  	 	 	1,521	  	 	 	21,690	  	
Adjusted losses and loss expenses	 	 	5,581	  	 	 	1,916	  	 	 	936	  	 	 	2,953	  	 	 	225	  	 	 	87	  	 	 	11,698	  	 	 	498	  	 	 	12,196	  	
Policy benefits	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	427	  	 	 	427	  	
(Gains) losses from fair value changes in separate account assets (1)	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(22	) 	 	 	(22	) 	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	 	 	768	  	 	 	300	  	 	 	77	  	 	 	1,399	  	 	 	142	  	 	 	—  	  	 	 	2,686	  	 	 	386	  	 	 	3,072	  	
Amortization of acquired UPR intangible (2)	 	 	781	  	 	 	447	  	 	 	—  	  	 	 	187	  	 	 	—  	  	 	 	—  	  	 	 	1,415	  	 	 	—  	  	 	 	1,415	  	
Administrative expenses	 	 	840	  	 	 	275	  	 	 	(1	) 	 	 	801	  	 	 	40	  	 	 	192	  	 	 	2,147	  	 	 	226	  	 	 	2,373	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	 	 	1,160	  	 	 	307	  	 	 	157	  	 	 	742	  	 	 	136	  	 	 	(279	) 	 	 	2,223	  	 	 	6	  	 	 	2,229	  	
Adjusted net investment income	 	 	1,371	  	 	 	155	  	 	 	15	  	 	 	445	  	 	 	199	  	 	 	21	  	 	 	2,206	  	 	 	207	  	 	 	2,413	  	
Other income (expense) - operating (1)	 	 	6	  	 	 	(6	) 	 	 	—  	  	 	 	16	  	 	 	3	  	 	 	(6	) 	 	 	13	  	 	 	(8	) 	 	 	5	  	
Amortization (expense) benefit of purchased intangibles	 	 	—  	  	 	 	(16	) 	 	 	(22	) 	 	 	(36	) 	 	 	—  	  	 	 	60	  	 	 	(14	) 	 	 	(2	) 	 	 	(16	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	 	$	2,537	  	 	$	440	  	 	$	150	  	 	$	1,167	  	 	$	338	  	 	$	(204	) 	 	$	4,428	  	 	$	203	  	 	$	4,631	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted interest expense	 				 				 				 				 				 	 	(479	) 	 				 				 	 	(479	) 	
Income tax expense	 				 				 				 				 				 	 	(719	) 	 				 				 	 	(719	) 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Operating income (loss)	 				 				 				 				 				 	 	(1,402	) 	 				 				 	 	3,433	  	
Chubb integration and related expenses, net of $106 million tax benefit	 				 				 				 				 				 	 	(262	) 	 				 				 	 	(262	) 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $79 million tax benefit  (2)	 				 				 				 				 				 	 	(178	) 	 				 				 	 	(178	) 	
Adjusted net realized gains (losses), net of $13 million tax	 				 				 				 				 				 	 	(524	) 	 				 				 	 	(524	) 	
Net realized gains (losses) related to unconsolidated entities, net of $9 million tax	 				 				 				 				 				 	 	56	  	 				 				 	 	56	  	
		 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Net income (loss)	 				 				 				 				 				 	$	(2,310	) 	 				 				 	$	2,525	  	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Combined ratio	 	 	87.3	% 	 	 	90.5	% 	 	 	86.6	% 	 	 	87.8	% 	 	 	75.0	% 	 				 	 	89.0	% 	 				 				
Combined ratio excluding catastrophe losses and PPD	 	 	89.5	% 	 	 	81.4	% 	 	 	90.0	% 	 	 	91.5	% 	 	 	78.5	% 	 				 	 	89.5	% 	 				 				
 
(1)	(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.	

Consol Results 2016 - YTD	 		 	Page 10	

Chubb Limited
Consolidated Results - Nine months ended September 30, 2015
(in millions of U.S. dollars, except ratios)
(Unaudited)

 	 	Legacy ACE	 	
 	 	North	 	 	North	 	 	North	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	America	 	 	America	 	 	America	 	 	Overseas	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Commercial P&C	 	 	Personal P&C	 	 	Agricultural	 	 	General	 	 	Global	 	 	 	 	 	Total	 	 	Life	 	 	Total	 	
YTD 2015	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Reinsurance	 	 	Corporate	 	 	P&C	 	 	Insurance	 	 	Consolidated	 	
Net premiums written	 	$	4,158	  	 	$	958	  	 	$	1,204	  	 	$	5,047	  	 	$	719	  	 	$	—  	  	 	$	12,086	  	 	$	1,483	  	 	$	13,569	  	
Net premiums earned	 	 	4,209	  	 	 	687	  	 	 	1,124	  	 	 	4,896	  	 	 	649	  	 	 	—  	  	 	 	11,565	  	 	 	1,441	  	 	 	13,006	  	
Adjusted losses and loss expenses	 	 	2,744	  	 	 	446	  	 	 	919	  	 	 	2,304	  	 	 	191	  	 	 	142	  	 	 	6,746	  	 	 	443	  	 	 	7,188	  	
Policy benefits	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	383	  	 	 	384	  	
(Gains) losses from fair value changes in separate account assets (1)	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	32	  	 	 	32	  	
Policy acquisition costs	 	 	403	  	 	 	43	  	 	 	61	  	 	 	1,190	  	 	 	166	  	 	 	—  	  	 	 	1,863	  	 	 	342	  	 	 	2,205	  	
Administrative expenses	 	 	459	  	 	 	89	  	 	 	3	  	 	 	756	  	 	 	37	  	 	 	135	  	 	 	1,479	  	 	 	221	  	 	 	1,700	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	 	 	603	  	 	 	109	  	 	 	141	  	 	 	646	  	 	 	255	  	 	 	(277	) 	 	 	1,477	  	 	 	20	  	 	 	1,497	  	
Net investment income	 	 	780	  	 	 	19	  	 	 	17	  	 	 	409	  	 	 	230	  	 	 	9	  	 	 	1,464	  	 	 	198	  	 	 	1,662	  	
Other income (expense) - operating (1)	 	 	5	  	 	 	(1	) 	 	 	(1	) 	 	 	12	  	 	 	5	  	 	 	(11	) 	 	 	9	  	 	 	—  	  	 	 	9	  	
Amortization expense of purchased intangibles	 	 	—  	  	 	 	(63	) 	 	 	(22	) 	 	 	(50	) 	 	 	—  	  	 	 	—  	  	 	 	(135	) 	 	 	(1	) 	 	 	(136	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	 	$	1,388	  	 	$	64	  	 	$	135	  	 	$	1,017	  	 	$	490	  	 	$	(279	) 	 	$	2,815	  	 	$	217	  	 	$	3,032	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 				 				 				 				 				 	 	(207	) 	 				 				 	 	(207	) 	
Income tax expense	 				 				 				 				 				 	 	(395	) 	 				 				 	 	(395	) 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Operating income (loss)	 				 				 				 				 				 	 	(881	) 	 				 				 	 	2,430	  	
Chubb integration expenses, net of $2 million tax benefit	 				 				 				 				 				 	 	(7	) 	 				 				 	 	(7	) 	
Adjusted net realized gains (losses), net of $10 million tax benefit	 				 				 				 				 				 	 	(344	) 	 				 				 	 	(344	) 	
Net realized gains (losses) related to unconsolidated entities, net of $12 million tax	 				 				 				 				 				 	 	72	  	 				 				 	 	72	  	
		 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Net income (loss)	 				 				 				 				 				 	$	(1,160	) 	 				 				 	$	2,151	  	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Combined ratio	 	 	85.7	% 	 	 	84.1	% 	 	 	87.5	% 	 	 	86.8	% 	 	 	60.6	% 	 				 	 	87.2	% 	 				 				
Combined ratio excluding catastrophe losses and PPD	 	 	88.7	% 	 	 	71.6	% 	 	 	90.1	% 	 	 	90.2	% 	 	 	76.8	% 	 				 	 	89.0	% 	 				 				
 
(1)	(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).	

Consol Results 2015 - YTD	 		 	Page 11	

Chubb Limited
Segment Results - As If Basis
(in millions of U.S. dollars, except ratios)
(Unaudited)

 	 	As If * (excluding purchase accounting adjustments)	 	
 	 	North America	 	 	North
America	 	 	North
America	 	 	Overseas	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Commercial P&C	 	 	Personal P&C	 	 	Agricultural	 	 	General	 	 	Global	 	 	 	 	 	 	 	 	 	 	 	Total	 	
Q3 2016	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Reinsurance	 	 	Corporate	 	 	Total P&C	 	 	Life Insurance	 	 	Consolidated	 	
Net premiums written	 	$	3,110	  	 	$	1,011	  	 	$	849	  	 	$	1,940	  	 	$	131	  	 	$	—  	  	 	$	7,041	  	 	$	532	  	 	$	7,573	  	
Net premiums earned	 	 	3,086	  	 	 	1,081	  	 	 	819	  	 	 	2,034	  	 	 	156	  	 	 	—  	  	 	 	7,176	  	 	 	512	  	 	 	7,688	  	
Adjusted losses and loss expenses	 	 	1,863	  	 	 	594	  	 	 	680	  	 	 	843	  	 	 	49	  	 	 	63	  	 	 	4,092	  	 	 	174	  	 	 	4,266	  	
Policy benefits	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	155	  	 	 	155	  	
(Gains) losses from fair value changes in separate account assets	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(22	) 	 	 	(22	) 	
Policy acquisition costs	 	 	496	  	 	 	211	  	 	 	48	  	 	 	551	  	 	 	42	  	 	 	—  	  	 	 	1,348	  	 	 	127	  	 	 	1,475	  	
Administrative expenses	 	 	275	  	 	 	89	  	 	 	1	  	 	 	261	  	 	 	12	  	 	 	57	  	 	 	695	  	 	 	77	  	 	 	772	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted underwriting income (loss)	 	$	452	  	 	$	187	  	 	$	90	  	 	$	379	  	 	$	53	  	 	$	(120	) 	 	$	1,041	  	 	$	1	  	 	$	1,042	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted combined ratio	 	 	85.3	% 	 	 	82.8	% 	 	 	88.9	% 	 	 	81.4	% 	 	 	66.3	% 	 				 	 	85.5	% 	 				 				
Adjusted combined ratio excluding catastrophe losses and PPD	 	 	88.6	% 	 	 	77.2	% 	 	 	90.1	% 	 	 	91.3	% 	 	 	78.1	% 	 				 	 	88.4	% 	 				 				
		
 	 	As If * (excluding purchase accounting adjustments)	 	
 	 	North America	 	 	North
America	 	 	North
America	 	 	Overseas	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Commercial P&C	 	 	Personal P&C	 	 	Agricultural	 	 	General	 	 	Global	 	 	 	 	 	 	 	 	 	 	 	Total	 	
Q3 2015	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Reinsurance	 	 	Corporate	 	 	Total P&C	 	 	Life Insurance	 	 	Consolidated	 	
Net premiums written	 	$	3,186	  	 	$	1,210	  	 	$	737	  	 	$	2,057	  	 	$	185	  	 	$	—  	  	 	$	7,375	  	 	$	515	  	 	$	7,890	  	
Net premiums earned	 	 	3,156	  	 	 	1,147	  	 	 	739	  	 	 	2,146	  	 	 	212	  	 	 	—  	  	 	 	7,400	  	 	 	503	  	 	 	7,903	  	
Adjusted losses and loss expenses	 	 	1,798	  	 	 	629	  	 	 	624	  	 	 	948	  	 	 	21	  	 	 	114	  	 	 	4,134	  	 	 	165	  	 	 	4,299	  	
Policy benefits	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	89	  	 	 	89	  	
(Gains) losses from fair value changes in separate account assets	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	49	  	 	 	49	  	
Policy acquisition costs	 	 	517	  	 	 	211	  	 	 	42	  	 	 	563	  	 	 	52	  	 	 	—  	  	 	 	1,385	  	 	 	120	  	 	 	1,505	  	
Administrative expenses	 	 	288	  	 	 	98	  	 	 	—  	  	 	 	290	  	 	 	13	  	 	 	84	  	 	 	773	  	 	 	83	  	 	 	856	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	 	$	553	  	 	$	209	  	 	$	73	  	 	$	345	  	 	$	126	  	 	$	(198	) 	 	$	1,108	  	 	$	(3	) 	 	$	1,105	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income excluding Fireman’s Fund non-recurring unearned premium reserve transfer	 				 	$	177	  	 				 				 				 				 	$	1,076	  	 				 	$	1,073	  	
Combined ratio	 	 	82.5	% 	 	 	81.8	% 	 	 	90.2	% 	 	 	83.9	% 	 	 	40.3	% 	 				 	 	85.0	% 	 				 				
Combined ratio excluding catastrophe losses and PPD	 	 	88.4	% 	 	 	77.6	% 	 	 	90.8	% 	 	 	92.7	% 	 	 	75.4	% 	 				 	 	88.9	% 	 				 				
Combined ratio excluding catastrophe losses, PPD and Fireman’s Fund non-recurring unearned premium reserve transfer	 				 	 	80.4	% 	 				 				 				 				 	 	89.4	% 	 				 				

The following table presents the reconciliation of Q3 2016 underwriting income (loss) for each segment to Q3 2016 adjusted underwriting income (loss) shown above.

 	 	North America	 	 	North
America	 	 	North
America	 	 	Overseas	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Commercial P&C	 	 	Personal P&C	 	 	Agricultural	 	 	General	 	 	Global	 	 	 	 	 	 	 	 	 	 	 	Total	 	
Q3 2016	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Reinsurance	 	 	Corporate	 	 	Total P&C	 	 	Life Insurance	 	 	Consolidated	 	
Underwriting income (loss)	 	$	426	  	 	$	169	  	 	$	90	  	 	$	384	  	 	$	53	  	 	$	(120	) 	 	$	1,002	  	 	$	1	  	 	$	1,003	  	
Less: amortization of acquired UPR intangible (1)	 	 	176	  	 	 	101	  	 	 	—  	  	 	 	43	  	 	 	—  	  	 	 	—  	  	 	 	320	  	 	 	—  	  	 	 	320	  	
Add: elimination of DAC benefit (1)	 	 	(150	) 	 	 	(83	) 	 	 	—  	  	 	 	(48	) 	 	 	—  	  	 	 	—  	  	 	 	(281	) 	 	 	—  	  	 	 	(281	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted underwriting income (loss)	 	$	452	  	 	$	187	  	 	$	90	  	 	$	379	  	 	$	53	  	 	$	(120	) 	 	$	1,041	  	 	$	1	  	 	$	1,042	  	

(1)	Related to the acquisition of The Chubb Corporation.	
*	2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments.	
2015 As If results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

As If - QTD	 		 	Page 12	

Chubb Limited
Segment Results - As If Basis
(in millions of U.S. dollars, except ratios)
(Unaudited)

 	 	As If * (excluding purchase accounting adjustments)	 	
 	 	North America	 	 	North
America	 	 	North
America	 	 	Overseas	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Commercial P&C	 	 	Personal P&C	 	 	Agricultural	 	 	General	 	 	Global	 	 	 	 	 	 	 	 	 	 	 	Total	 	
YTD 2016	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Reinsurance	 	 	Corporate	 	 	Total P&C	 	 	Life Insurance	 	 	Consolidated	 	
Net premiums written	 	$	9,176	  	 	$	3,213	  	 	$	1,288	  	 	$	6,227	  	 	$	582	  	 	$	—  	  	 	$	20,486	  	 	$	1,576	  	 	$	22,062	  	
Net premiums earned	 	 	9,338	  	 	 	3,355	  	 	 	1,169	  	 	 	6,153	  	 	 	543	  	 	 	—  	  	 	 	20,558	  	 	 	1,523	  	 	 	22,081	  	
Adjusted losses and loss expenses	 	 	5,708	  	 	 	1,969	  	 	 	936	  	 	 	2,995	  	 	 	225	  	 	 	87	  	 	 	11,920	  	 	 	498	  	 	 	12,418	  	
Policy benefits	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	427	  	 	 	427	  	
(Gains) losses from fair value changes in separate account assets	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(22	) 	 	 	(22	) 	
Policy acquisition costs	 	 	1,464	  	 	 	683	  	 	 	77	  	 	 	1,626	  	 	 	142	  	 	 	—  	  	 	 	3,992	  	 	 	387	  	 	 	4,379	  	
Administrative expenses	 	 	875	  	 	 	288	  	 	 	(1	) 	 	 	813	  	 	 	40	  	 	 	195	  	 	 	2,210	  	 	 	227	  	 	 	2,437	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted underwriting income (loss)	 	$	1,291	  	 	$	415	  	 	$	157	  	 	$	719	  	 	$	136	  	 	$	(282	) 	 	$	2,436	  	 	$	6	  	 	$	2,442	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted combined ratio	 	 	86.2	% 	 	 	87.6	% 	 	 	86.6	% 	 	 	88.3	% 	 	 	75.0	% 	 				 	 	88.2	% 	 				 				
Adjusted combined ratio excluding catastrophe losses and PPD	 	 	88.4	% 	 	 	78.8	% 	 	 	90.0	% 	 	 	92.0	% 	 	 	78.5	% 	 				 	 	88.7	% 	 				 				
		
 	 	As If * (excluding purchase accounting adjustments)	 	
 	 	North America	 	 	North
America	 	 	North
America	 	 	Overseas	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Commercial P&C	 	 	Personal P&C	 	 	Agricultural	 	 	General	 	 	Global	 	 	 	 	 	 	 	 	 	 	 	Total	 	
YTD 2015	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Reinsurance	 	 	Corporate	 	 	Total P&C	 	 	Life Insurance	 	 	Consolidated	 	
Net premiums written	 	$	9,367	  	 	$	3,669	  	 	$	1,204	  	 	$	6,673	  	 	$	746	  	 	$	—  	  	 	$	21,659	  	 	$	1,555	  	 	$	23,214	  	
Net premiums earned	 	 	9,344	  	 	 	3,314	  	 	 	1,124	  	 	 	6,482	  	 	 	667	  	 	 	—  	  	 	 	20,931	  	 	 	1,512	  	 	 	22,443	  	
Adjusted losses and loss expenses	 	 	5,498	  	 	 	2,072	  	 	 	919	  	 	 	3,109	  	 	 	192	  	 	 	191	  	 	 	11,981	  	 	 	477	  	 	 	12,458	  	
Policy benefits	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	384	  	 	 	384	  	
(Gains) losses from fair value changes in separate account assets	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	32	  	 	 	32	  	
Policy acquisition costs	 	 	1,482	  	 	 	630	  	 	 	61	  	 	 	1,663	  	 	 	166	  	 	 	—  	  	 	 	4,002	  	 	 	356	  	 	 	4,358	  	
Administrative expenses	 	 	883	  	 	 	283	  	 	 	3	  	 	 	911	  	 	 	43	  	 	 	234	  	 	 	2,357	  	 	 	248	  	 	 	2,605	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	 	$	1,481	  	 	$	329	  	 	$	141	  	 	$	799	  	 	$	266	  	 	$	(425	) 	 	$	2,591	  	 	$	15	  	 	$	2,606	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income excluding Fireman’s Fund non-recurring unearned premium reserve transfer	 				 	$	229	  	 				 				 				 				 	$	2,491	  	 				 	$	2,506	  	
Combined ratio	 	 	84.2	% 	 	 	90.1	% 	 	 	87.5	% 	 	 	87.7	% 	 	 	59.9	% 	 				 	 	87.6	% 	 				 				
Combined ratio excluding catastrophe losses and PPD	 	 	88.2	% 	 	 	79.1	% 	 	 	90.1	% 	 	 	91.7	% 	 	 	77.2	% 	 				 	 	88.7	% 	 				 				
Combined ratio excluding catastrophe losses, PPD and Fireman’s Fund non-recurring unearned premium reserve transfer	 				 	 	81.5	% 	 				 				 				 				 	 	89.1	% 	 				 				

The following table presents the reconciliation of YTD 2016 underwriting income (loss) for each segment to YTD 2016 adjusted underwriting income (loss) shown above.

 	 	North America	 	 	North
America	 	 	North
America	 	 	Overseas	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Commercial P&C	 	 	Personal P&C	 	 	Agricultural	 	 	General	 	 	Global	 	 	 	 	 	 	 	 	 	 	 	Total	 	
YTD 2016	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Insurance	 	 	Reinsurance	 	 	Corporate	 	 	Total P&C	 	 	Life Insurance	 	 	Consolidated	 	
Underwriting income (loss)	 	$	1,160	  	 	$	307	  	 	$	157	  	 	$	742	  	 	$	136	  	 	$	(279	) 	 	$	2,223	  	 	$	6	  	 	$	2,229	  	
Add: Pre-acquisition underwriting income (loss) (14 days prior to close)	 	 	13	  	 	 	30	  	 	 	—  	  	 	 	4	  	 	 	—  	  	 	 	(3	) 	 	 	44	  	 	 	—  	  	 	 	44	  	
Less: amortization of acquired UPR intangible (1)	 	 	781	  	 	 	447	  	 	 	—  	  	 	 	187	  	 	 	—  	  	 	 	—  	  	 	 	1,415	  	 	 	—  	  	 	 	1,415	  	
Add: elimination of DAC benefit (1)	 	 	(663	) 	 	 	(369	) 	 	 	—  	  	 	 	(214	) 	 	 	—  	  	 	 	—  	  	 	 	(1,246	) 	 	 	—  	  	 	 	(1,246	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted underwriting income (loss)	 	$	1,291	  	 	$	415	  	 	$	157	  	 	$	719	  	 	$	136	  	 	$	(282	) 	 	$	2,436	  	 	$	6	  	 	$	2,442	  	

(1)	Related to the acquisition of The Chubb Corporation.	
*	2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The YTD 2016 As If company results are inclusive of the first 14 days of January 2016.	
2015 As If results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

As If - YTD	 		 	Page 13	

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 16), North America Personal P&C Insurance segment (refer to page 18), Overseas General Insurance segment (refer to page 21), Global Reinsurance segment (refer to page 23), and Corporate (refer to page 27). Global P&C excludes the North America Agricultural Insurance and Life Insurance segments.
Global P&C (Including Corporate and excluding Agriculture)

 	  	 	 	 	 	 	 	 	 	 	Legacy ACE	 	 	 	 	 	Legacy ACE	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	3Q-16	 	 	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2016	 	 	2015	 	 	2015	 	
Global P&C Underwriting Income	  				 				 				 				 				 				 				 				
Gross premiums written	  	$	7,681	  	 	$	8,172	  	 	$	6,707	  	 	$	4,821	  	 	$	4,581	  	 	$	22,560	  	 	$	14,662	  	 	$	19,483	  	
Net premiums written	  	 	6,192	  	 	 	6,737	  	 	 	5,415	  	 	 	3,487	  	 	 	3,480	  	 	 	18,344	  	 	 	10,882	  	 	 	14,369	  	
Net premiums earned	  	 	6,357	  	 	 	6,566	  	 	 	6,077	  	 	 	3,461	  	 	 	3,500	  	 	 	19,000	  	 	 	10,441	  	 	 	13,902	  	
Losses and loss expenses	  	 	3,412	  	 	 	3,823	  	 	 	3,527	  	 	 	1,968	  	 	 	1,870	  	 	 	10,762	  	 	 	5,827	  	 	 	7,795	  	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	  	 	1,019	  	 	 	873	  	 	 	717	  	 	 	594	  	 	 	612	  	 	 	2,609	  	 	 	1,802	  	 	 	2,396	  	
Amortization of acquired UPR intangible (1)	  	 	320	  	 	 	525	  	 	 	570	  	 	 	—  	  	 	 	—  	  	 	 	1,415	  	 	 	—  	  	 	 	—  	  	
Administrative expenses	  	 	694	  	 	 	750	  	 	 	704	  	 	 	502	  	 	 	494	  	 	 	2,148	  	 	 	1,476	  	 	 	1,978	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C Underwriting income	  	$	912	  	 	$	595	  	 	$	559	  	 	$	397	  	 	$	524	  	 	$	2,066	  	 	$	1,336	  	 	$	1,733	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C Underwriting income excluding Fireman’s Fund non-recurring unearned premium reserve transfer	  				 				 	$	553	  	 	$	378	  	 	$	492	  	 	$	2,060	  	 	$	1,255	  	 	$	1,633	  	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	78.0	% 	 	 	72.5	% 	 	 	54.9	% 	 	 	-2.0	% 	 	 	0.3	% 	 	 	68.6	% 	 	 	2.3	% 	 	 	1.2	% 	
Net premiums earned	  	 	81.6	% 	 	 	84.8	% 	 	 	79.4	% 	 	 	-2.4	% 	 	 	0.0	% 	 	 	82.0	% 	 	 	0.5	% 	 	 	-0.3	% 	
Net premiums written constant $	  	 	80.3	% 	 	 	75.7	% 	 	 	63.6	% 	 	 	4.9	% 	 	 	7.8	% 	 	 	73.4	% 	 	 	8.7	% 	 	 	7.7	% 	
Net premiums earned constant $	  	 	83.8	% 	 	 	88.4	% 	 	 	88.3	% 	 	 	4.3	% 	 	 	7.6	% 	 	 	86.8	% 	 	 	6.8	% 	 	 	6.2	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	81	% 	 	 	82	% 	 	 	81	% 	 	 	72	% 	 	 	76	% 	 	 	81	% 	 	 	74	% 	 	 	74	% 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	53.7	% 	 	 	58.2	% 	 	 	58.0	% 	 	 	56.9	% 	 	 	53.4	% 	 	 	56.6	% 	 	 	55.8	% 	 	 	56.1	% 	
Policy acquisition cost ratio	  	 	21.1	% 	 	 	21.3	% 	 	 	21.2	% 	 	 	17.1	% 	 	 	17.5	% 	 	 	21.2	% 	 	 	17.3	% 	 	 	17.2	% 	
Administrative expense ratio	  	 	10.9	% 	 	 	11.4	% 	 	 	11.6	% 	 	 	14.5	% 	 	 	14.1	% 	 	 	11.3	% 	 	 	14.1	% 	 	 	14.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	85.7	% 	 	 	90.9	% 	 	 	90.8	% 	 	 	88.5	% 	 	 	85.0	% 	 	 	89.1	% 	 	 	87.2	% 	 	 	87.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	88.8	% 	 	 	89.8	% 	 	 	90.0	% 	 	 	89.1	% 	 	 	88.8	% 	 	 	89.5	% 	 	 	88.8	% 	 	 	88.9	% 	
Combined ratio excluding catastrophe losses, PPD and Fireman’s Fund non-recurring unearned premium reserve transfer	  				 				 	 	90.1	% 	 	 	89.6	% 	 	 	89.8	% 	 	 	88.8	% 	 	 	89.6	% 	 	 	89.6	% 	
Expense ratio	  	 	32.0	% 	 	 	32.7	% 	 	 	32.8	% 	 	 	31.6	% 	 	 	31.6	% 	 	 	32.5	% 	 	 	31.4	% 	 	 	31.4	% 	
Expense ratio excluding A&H	  	 	30.0	% 	 	 	31.0	% 	 	 	31.0	% 	 	 	28.3	% 	 	 	28.2	% 	 	 	30.7	% 	 	 	28.1	% 	 	 	28.1	% 	
Catastrophe reinstatement premiums (expensed) collected - pre-tax	  	$	—  	  	 	$	6	  	 	$	—  	  	 	$	(1	) 	 	$	—  	  	 	$	6	  	 	$	—  	  	 	$	(1	) 	
Catastrophe losses - pre-tax	  	$	143	  	 	$	382	  	 	$	256	  	 	$	73	  	 	$	72	  	 	$	781	  	 	$	239	  	 	$	312	  	
Favorable prior period development (PPD) - pre-tax	  	$	(338	) 	 	$	(301	) 	 	$	(206	) 	 	$	(93	) 	 	$	(205	) 	 	$	(845	) 	 	$	(408	) 	 	$	(501	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	56.9	% 	 	 	57.1	% 	 	 	57.2	% 	 	 	57.3	% 	 	 	57.3	% 	 	 	57.1	% 	 	 	57.5	% 	 	 	57.4	% 	
 
(1)	Related to the acquisition of The Chubb Corporation.	

Global P&C - Reported	 		 	Page 14	

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 17), North America Personal P&C Insurance segment (refer to page 19), Overseas General Insurance segment (refer to page 22), Global Reinsurance segment (refer to page 24), and Corporate (refer to page 27). Global P&C excludes the North America Agricultural Insurance and Life Insurance segments.
Global P&C (Including Corporate and excluding Agriculture)

 	  	As If *	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	3Q-16	 	 	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2016	 	 	2015	 	 	2015	 	
Global P&C Underwriting Income	  				 				 				 				 				 				 				 				
Gross premiums written	  	$	7,681	  	 	$	8,172	  	 	$	7,638	  	 	$	8,089	  	 	$	7,991	  	 	$	23,491	  	 	$	24,945	  	 	$	33,034	  	
Net premiums written	  	 	6,192	  	 	 	6,737	  	 	 	6,269	  	 	 	6,529	  	 	 	6,638	  	 	 	19,198	  	 	 	20,455	  	 	 	26,984	  	
Net premiums earned	  	 	6,357	  	 	 	6,566	  	 	 	6,466	  	 	 	6,572	  	 	 	6,661	  	 	 	19,389	  	 	 	19,807	  	 	 	26,379	  	
Losses and loss expenses	  	 	3,412	  	 	 	3,823	  	 	 	3,749	  	 	 	3,657	  	 	 	3,510	  	 	 	10,984	  	 	 	11,062	  	 	 	14,719	  	
Policy acquisition costs	  	 	1,300	  	 	 	1,332	  	 	 	1,283	  	 	 	1,322	  	 	 	1,343	  	 	 	3,915	  	 	 	3,941	  	 	 	5,263	  	
Administrative expenses	  	 	694	  	 	 	750	  	 	 	767	  	 	 	782	  	 	 	773	  	 	 	2,211	  	 	 	2,354	  	 	 	3,136	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C Underwriting income	  	$	951	  	 	$	661	  	 	$	667	  	 	$	811	  	 	$	1,035	  	 	$	2,279	  	 	$	2,450	  	 	$	3,261	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C Underwriting income excluding Fireman’s Fund non-recurring unearned premium reserve transfer	  				 				 	$	661	  	 	$	792	  	 	$	1,003	  	 	$	2,273	  	 	$	2,369	  	 	$	3,161	  	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	-6.7	% 	 	 	-6.5	% 	 	 	-5.2	% 	 				 				 	 	-6.1	% 	 				 				
Net premiums earned	  	 	-4.5	% 	 	 	-1.6	% 	 	 	-0.1	% 	 				 				 	 	-2.1	% 	 				 				
Net premiums written constant $	  	 	-5.5	% 	 	 	-4.9	% 	 	 	-1.0	% 	 				 				 	 	-3.9	% 	 				 				
Net premiums earned constant $	  	 	-3.3	% 	 	 	0.0	% 	 	 	3.6	% 	 				 				 	 	0.0	% 	 				 				
Net premiums written constant $ excluding merger-related underwriting actions, including additional reinsurance (1)	  	 	-0.5	% 	 				 				 				 				 	 	-1.6	% 	 				 				
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	81	% 	 	 	82	% 	 	 	82	% 	 	 	81	% 	 	 	83	% 	 	 	82	% 	 	 	82	% 	 	 	82	% 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	53.7	% 	 	 	58.2	% 	 	 	58.0	% 	 	 	55.6	% 	 	 	52.7	% 	 	 	56.6	% 	 	 	55.8	% 	 	 	55.8	% 	
Policy acquisition cost ratio	  	 	20.4	% 	 	 	20.3	% 	 	 	19.9	% 	 	 	20.1	% 	 	 	20.1	% 	 	 	20.2	% 	 	 	19.9	% 	 	 	19.9	% 	
Administrative expense ratio	  	 	10.9	% 	 	 	11.4	% 	 	 	11.8	% 	 	 	12.0	% 	 	 	11.7	% 	 	 	11.4	% 	 	 	11.9	% 	 	 	11.9	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	85.0	% 	 	 	89.9	% 	 	 	89.7	% 	 	 	87.7	% 	 	 	84.5	% 	 	 	88.2	% 	 	 	87.6	% 	 	 	87.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	88.2	% 	 	 	88.8	% 	 	 	88.9	% 	 	 	89.0	% 	 	 	88.7	% 	 	 	88.6	% 	 	 	88.6	% 	 	 	88.7	% 	
Combined ratio excluding catastrophe losses, PPD and Fireman’s Fund non-recurring unearned premium reserve transfer	  				 				 	 	89.0	% 	 	 	89.3	% 	 	 	89.2	% 	 	 	87.9	% 	 	 	89.0	% 	 	 	89.1	% 	
Expense ratio	  	 	31.3	% 	 	 	31.7	% 	 	 	31.7	% 	 	 	32.1	% 	 	 	31.8	% 	 	 	31.6	% 	 	 	31.8	% 	 	 	31.8	% 	
Expense ratio excluding A&H	  	 	29.3	% 	 	 	29.9	% 	 	 	29.9	% 	 	 	30.2	% 	 	 	29.9	% 	 	 	29.7	% 	 	 	29.9	% 	 	 	30.0	% 	
Catastrophe reinstatement premiums (expensed) collected - pre-tax	  	$	—  	  	 	$	6	  	 	$	—  	  	 	$	(1	) 	 	$	—  	  	 	$	6	  	 	$	—  	  	 	$	(1	) 	
Catastrophe losses - pre-tax	  	$	143	  	 	$	382	  	 	$	256	  	 	$	157	  	 	$	101	  	 	$	781	  	 	$	682	  	 	$	839	  	
Favorable prior period development (PPD) - pre-tax	  	$	(338	) 	 	$	(301	) 	 	$	(206	) 	 	$	(246	) 	 	$	(384	) 	 	$	(845	) 	 	$	(879	) 	 	$	(1,125	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	56.9	% 	 	 	57.1	% 	 	 	57.2	% 	 	 	56.9	% 	 	 	57.0	% 	 	 	57.1	% 	 	 	56.9	% 	 	 	56.9	% 	
 
(1)	Included in Q3 2016 is a decrease in net premiums written of $328 million, comprising of $260 million due to additional reinsurance purchased and $68 million due to other merger-related underwriting actions.	
*	2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.	
2015 As If results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

Global P&C - As If	 		 	Page 15	

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

 	 	 	 	 	 	 	 	 	 	 	Legacy ACE	 	 	 	 	 	Legacy ACE	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	 	3Q-16	 	 	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2016	 	 	2015	 	 	2015	 	
Gross premiums written	 	$	3,832	  	 	$	4,041	  	 	$	3,004	  	 	$	2,408	  	 	$	1,994	  	 	$	10,877	  	 	$	6,043	  	 	$	8,451	  	
Net premiums written	 	 	3,110	  	 	 	3,245	  	 	 	2,302	  	 	 	1,557	  	 	 	1,433	  	 	 	8,657	  	 	 	4,158	  	 	 	5,715	  	
Net premiums earned	 	 	3,086	  	 	 	3,148	  	 	 	2,896	  	 	 	1,425	  	 	 	1,410	  	 	 	9,130	  	 	 	4,209	  	 	 	5,634	  	
Losses and loss expenses	 	 	1,863	  	 	 	1,971	  	 	 	1,747	  	 	 	917	  	 	 	913	  	 	 	5,581	  	 	 	2,744	  	 	 	3,661	  	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	 	 	346	  	 	 	255	  	 	 	167	  	 	 	128	  	 	 	142	  	 	 	768	  	 	 	403	  	 	 	531	  	
Amortization of acquired UPR intangible (1)	 	 	176	  	 	 	290	  	 	 	315	  	 	 	—  	  	 	 	—  	  	 	 	781	  	 	 	—  	  	 	 	—  	  	
Administrative expenses	 	 	275	  	 	 	299	  	 	 	266	  	 	 	162	  	 	 	154	  	 	 	840	  	 	 	459	  	 	 	621	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	 	 	426	  	 	 	333	  	 	 	401	  	 	 	218	  	 	 	201	  	 	 	1,160	  	 	 	603	  	 	 	821	  	
Adjusted net investment income	 	 	477	  	 	 	468	  	 	 	426	  	 	 	252	  	 	 	260	  	 	 	1,371	  	 	 	780	  	 	 	1,032	  	
Other income (expense) - operating	 	 	(3	) 	 	 	9	  	 	 	—  	  	 	 	2	  	 	 	3	  	 	 	6	  	 	 	5	  	 	 	7	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	 	$	900	  	 	$	810	  	 	$	827	  	 	$	472	  	 	$	464	  	 	$	2,537	  	 	$	1,388	  	 	$	1,860	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	60.4	% 	 	 	62.6	% 	 	 	60.3	% 	 	 	64.4	% 	 	 	64.7	% 	 	 	61.1	% 	 	 	65.2	% 	 	 	65.0	% 	
Policy acquisition cost ratio	 	 	16.9	% 	 	 	17.3	% 	 	 	16.7	% 	 	 	8.9	% 	 	 	10.1	% 	 	 	17.0	% 	 	 	9.6	% 	 	 	9.4	% 	
Administrative expense ratio	 	 	8.9	% 	 	 	9.6	% 	 	 	9.1	% 	 	 	11.3	% 	 	 	11.0	% 	 	 	9.2	% 	 	 	10.9	% 	 	 	11.0	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 	 	86.2	% 	 	 	89.5	% 	 	 	86.1	% 	 	 	84.6	% 	 	 	85.8	% 	 	 	87.3	% 	 	 	85.7	% 	 	 	85.4	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	 	 	89.4	% 	 	 	89.7	% 	 	 	89.5	% 	 	 	88.3	% 	 	 	89.3	% 	 	 	89.5	% 	 	 	88.7	% 	 	 	88.6	% 	
Catastrophe losses - pre-tax	 	$	90	  	 	$	160	  	 	$	81	  	 	$	25	  	 	$	10	  	 	$	331	  	 	$	60	  	 	$	85	  	
Favorable prior period development (PPD) - pre-tax	 	$	(187	) 	 	$	(168	) 	 	$	(178	) 	 	$	(79	) 	 	$	(59	) 	 	$	(533	) 	 	$	(185	) 	 	$	(264	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	 	 	63.8	% 	 	 	62.9	% 	 	 	63.7	% 	 	 	67.8	% 	 	 	68.3	% 	 	 	63.5	% 	 	 	68.3	% 	 	 	68.2	% 	
% Change versus prior year period	 				 				 				 				 				 				 				 				
Net premiums written	 	 	117.1	% 	 	 	127.4	% 	 	 	77.4	% 	 	 	2.1	% 	 	 	2.9	% 	 	 	108.2	% 	 	 	-0.1	% 	 	 	0.5	% 	
Net premiums earned	 	 	119.1	% 	 	 	121.8	% 	 	 	109.9	% 	 	 	0.5	% 	 	 	2.3	% 	 	 	117.0	% 	 	 	1.9	% 	 	 	1.6	% 	
Other ratios	 				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	 	 	81	% 	 	 	80	% 	 	 	77	% 	 	 	65	% 	 	 	72	% 	 	 	80	% 	 	 	69	% 	 	 	68	% 	
 
(1)	Related to the acquisition of The Chubb Corporation.	

NA Commercial - Reported	 		 	Page 16	

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

 	  	As If*	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	3Q-16	 	 	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2016	 	 	2015	 	 	2015	 	
Gross premiums written	  	$	3,832	  	 	$	4,041	  	 	$	3,572	  	 	$	4,237	  	 	$	3,906	  	 	$	11,445	  	 	$	11,706	  	 	$	15,943	  	
Net premiums written	  	 	3,110	  	 	 	3,245	  	 	 	2,821	  	 	 	3,247	  	 	 	3,186	  	 	 	9,176	  	 	 	9,367	  	 	 	12,614	  	
Net premiums earned	  	 	3,086	  	 	 	3,148	  	 	 	3,104	  	 	 	3,140	  	 	 	3,156	  	 	 	9,338	  	 	 	9,344	  	 	 	12,484	  	
Losses and loss expenses	  	 	1,863	  	 	 	1,971	  	 	 	1,874	  	 	 	1,844	  	 	 	1,798	  	 	 	5,708	  	 	 	5,498	  	 	 	7,342	  	
Policy acquisition costs	  	 	496	  	 	 	499	  	 	 	469	  	 	 	498	  	 	 	517	  	 	 	1,464	  	 	 	1,482	  	 	 	1,980	  	
Administrative expenses	  	 	275	  	 	 	299	  	 	 	301	  	 	 	304	  	 	 	288	  	 	 	875	  	 	 	883	  	 	 	1,187	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	$	452	  	 	$	379	  	 	$	460	  	 	$	494	  	 	$	553	  	 	$	1,291	  	 	$	1,481	  	 	$	1,975	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	60.4	% 	 	 	62.6	% 	 	 	60.4	% 	 	 	58.7	% 	 	 	57.0	% 	 	 	61.1	% 	 	 	58.8	% 	 	 	58.8	% 	
Policy acquisition cost ratio	  	 	16.0	% 	 	 	15.8	% 	 	 	15.1	% 	 	 	15.9	% 	 	 	16.3	% 	 	 	15.7	% 	 	 	15.9	% 	 	 	15.9	% 	
Administrative expense ratio	  	 	8.9	% 	 	 	9.6	% 	 	 	9.7	% 	 	 	9.6	% 	 	 	9.2	% 	 	 	9.4	% 	 	 	9.5	% 	 	 	9.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	85.3	% 	 	 	88.0	% 	 	 	85.2	% 	 	 	84.2	% 	 	 	82.5	% 	 	 	86.2	% 	 	 	84.2	% 	 	 	84.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	88.6	% 	 	 	88.3	% 	 	 	88.3	% 	 	 	88.5	% 	 	 	88.4	% 	 	 	88.4	% 	 	 	88.2	% 	 	 	88.3	% 	
Catastrophe losses - pre-tax	  	$	90	  	 	$	160	  	 	$	81	  	 	$	84	  	 	$	18	  	 	$	331	  	 	$	184	  	 	$	268	  	
Favorable prior period development (PPD) - pre-tax	  	$	(187	) 	 	$	(168	) 	 	$	(178	) 	 	$	(220	) 	 	$	(202	) 	 	$	(533	) 	 	$	(563	) 	 	$	(783	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	63.8	% 	 	 	62.9	% 	 	 	63.5	% 	 	 	62.9	% 	 	 	62.9	% 	 	 	63.4	% 	 	 	63.0	% 	 	 	62.9	% 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	-2.4	% 	 	 	-0.2	% 	 	 	-3.7	% 	 				 				 	 	-2.0	% 	 				 				
Net premiums earned	  	 	-2.2	% 	 	 	1.1	% 	 	 	1.0	% 	 				 				 	 	0.0	% 	 				 				
Net premiums written excluding merger-related underwriting actions, including additional reinsurance (1)	  	 	0.0	% 	 				 				 				 				 	 	-0.3	% 	 				 				
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	81	% 	 	 	80	% 	 	 	79	% 	 	 	77	% 	 	 	82	% 	 	 	80	% 	 	 	80	% 	 	 	79	% 	

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Production by Size	  	3Q-16	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Premiums Written	  				 				 				 				 				 				 				 				
Major account & specialty (2)	  	$	1,832	  	 				 				 				 				 				 				 				
Commercial (3)	  	 	1,278	  	 				 				 				 				 				 				 				
	  	 	 	 	 				 				 				 				 				 				 				
Total	  	$	3,110	  	 				 				 				 				 				 				 				

(1)	Included in Q3 2016 is a decrease in net premiums written of $75 million, comprising of $47 million due to additional reinsurance purchased and $28 million due to other merger-related underwriting actions.	
(2)	Principally large corporate accounts and wholesale business.	
(3)	Principally middle market and small commercial accounts.	

*	2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.	
2015 As If results: Legacy ACE plus Legacy Chubb historical results.   For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

NA Commercial - As If	 		 	Page 17	

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

 	  	 	 	 	 	 	 	 	 	 	Legacy ACE	 	 	 	 	 	Legacy ACE	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	3Q-16	 	 	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2016	 	 	2015	 	 	2015	 	
Gross premiums written	  	$	1,323	  	 	$	1,369	  	 	$	974	  	 	$	314	  	 	$	378	  	 	$	3,666	  	 	$	1,359	  	 	$	1,673	  	
Net premiums written	  	 	1,011	  	 	 	1,231	  	 	 	871	  	 	 	234	  	 	 	278	  	 	 	3,113	  	 	 	958	  	 	 	1,192	  	
Net premiums earned	  	 	1,081	  	 	 	1,140	  	 	 	1,024	  	 	 	261	  	 	 	272	  	 	 	3,245	  	 	 	687	  	 	 	948	  	
Losses and loss expenses	  	 	594	  	 	 	661	  	 	 	661	  	 	 	144	  	 	 	179	  	 	 	1,916	  	 	 	446	  	 	 	590	  	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	  	 	128	  	 	 	104	  	 	 	68	  	 	 	26	  	 	 	13	  	 	 	300	  	 	 	43	  	 	 	69	  	
Amortization of acquired UPR intangible (1)	  	 	101	  	 	 	165	  	 	 	181	  	 	 	—  	  	 	 	—  	  	 	 	447	  	 	 	—  	  	 	 	—  	  	
Administrative expenses	  	 	89	  	 	 	98	  	 	 	88	  	 	 	34	  	 	 	36	  	 	 	275	  	 	 	89	  	 	 	123	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	 	169	  	 	 	112	  	 	 	26	  	 	 	57	  	 	 	44	  	 	 	307	  	 	 	109	  	 	 	166	  	
Adjusted net investment income	  	 	53	  	 	 	55	  	 	 	47	  	 	 	6	  	 	 	7	  	 	 	155	  	 	 	19	  	 	 	25	  	
Other expense - operating	  	 	(2	) 	 	 	(3	) 	 	 	(1	) 	 	 	(1	) 	 	 	(1	) 	 	 	(6	) 	 	 	(1	) 	 	 	(2	) 	
Amortization expense of purchased intangibles	  	 	(4	) 	 	 	(4	) 	 	 	(8	) 	 	 	(15	) 	 	 	(31	) 	 	 	(16	) 	 	 	(63	) 	 	 	(78	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	216	  	 	$	160	  	 	$	64	  	 	$	47	  	 	$	19	  	 	$	440	  	 	$	64	  	 	$	111	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income excluding Fireman’s Fund non-recurring unearned premium reserve transfer	  				 				 	$	20	  	 	$	38	  	 	$	12	  	 	$	301	  	 	$	28	  	 	$	66	  	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	54.9	% 	 	 	58.0	% 	 	 	64.6	% 	 	 	55.2	% 	 	 	65.8	% 	 	 	59.1	% 	 	 	64.9	% 	 	 	62.3	% 	
Policy acquisition cost ratio	  	 	21.2	% 	 	 	23.6	% 	 	 	24.3	% 	 	 	10.1	% 	 	 	4.9	% 	 	 	23.0	% 	 	 	6.3	% 	 	 	7.3	% 	
Administrative expense ratio	  	 	8.3	% 	 	 	8.5	% 	 	 	8.6	% 	 	 	13.1	% 	 	 	13.0	% 	 	 	8.4	% 	 	 	12.9	% 	 	 	13.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	84.4	% 	 	 	90.1	% 	 	 	97.5	% 	 	 	78.4	% 	 	 	83.7	% 	 	 	90.5	% 	 	 	84.1	% 	 	 	82.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	78.8	% 	 	 	83.0	% 	 	 	82.5	% 	 	 	77.5	% 	 	 	70.5	% 	 	 	81.4	% 	 	 	71.6	% 	 	 	73.2	% 	
Combined ratio excluding catastrophe losses, PPD and Fireman’s Fund non-recurring unearned premium reserve transfer	  				 				 	 	83.1	% 	 	 	84.6	% 	 	 	82.5	% 	 	 	81.7	% 	 	 	83.5	% 	 	 	83.8	% 	
Catastrophe losses - pre-tax	  	$	22	  	 	$	97	  	 	$	156	  	 	$	2	  	 	$	12	  	 	$	275	  	 	$	61	  	 	$	63	  	
Unfavorable (favorable) prior period development (PPD) - pre-tax	  	$	38	  	 	$	(15	) 	 	$	(3	) 	 	$	—  	  	 	$	25	  	 	$	20	  	 	$	25	  	 	$	25	  	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	49.3	% 	 	 	50.9	% 	 	 	49.6	% 	 	 	54.3	% 	 	 	52.6	% 	 	 	50.0	% 	 	 	52.4	% 	 	 	52.9	% 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	263.4	% 	 	 	125.1	% 	 	 	NM	  	 	 	62.7	% 	 	 	86.0	% 	 	 	225.0	% 	 	 	120.9	% 	 	 	106.4	% 	
Net premiums earned	  	 	296.3	% 	 	 	322.4	% 	 	 	NM	  	 	 	82.5	% 	 	 	92.6	% 	 	 	372.1	% 	 	 	64.6	% 	 	 	69.2	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	76	% 	 	 	90	% 	 	 	89	% 	 	 	75	% 	 	 	74	% 	 	 	85	% 	 	 	70	% 	 	 	71	% 	
 
(1)	Related to the acquisition of The Chubb Corporation.	

NA Personal - Reported	 		 	Page 18	

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

 	  	As If*	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	3Q-16	 	 	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2016	 	 	2015	 	 	2015	 	
Gross premiums written	  	$	1,323	  	 	$	1,369	  	 	$	1,083	  	 	$	1,226	  	 	$	1,368	  	 	$	3,775	  	 	$	4,218	  	 	$	5,444	  	
Net premiums written	  	 	1,011	  	 	 	1,231	  	 	 	971	  	 	 	1,093	  	 	 	1,210	  	 	 	3,213	  	 	 	3,669	  	 	 	4,762	  	
Net premiums earned	  	 	1,081	  	 	 	1,140	  	 	 	1,134	  	 	 	1,140	  	 	 	1,147	  	 	 	3,355	  	 	 	3,314	  	 	 	4,454	  	
Losses and loss expenses	  	 	594	  	 	 	661	  	 	 	714	  	 	 	597	  	 	 	629	  	 	 	1,969	  	 	 	2,072	  	 	 	2,669	  	
Policy acquisition costs	  	 	211	  	 	 	240	  	 	 	232	  	 	 	228	  	 	 	211	  	 	 	683	  	 	 	630	  	 	 	858	  	
Administrative expenses	  	 	89	  	 	 	98	  	 	 	101	  	 	 	96	  	 	 	98	  	 	 	288	  	 	 	283	  	 	 	379	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	$	187	  	 	$	141	  	 	$	87	  	 	$	219	  	 	$	209	  	 	$	415	  	 	$	329	  	 	$	548	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income excluding Fireman’s Fund non-recurring unearned premium reserve transfer	  				 				 	$	81	  	 	$	200	  	 	$	177	  	 	$	409	  	 	$	248	  	 	$	448	  	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	54.9	% 	 	 	58.0	% 	 	 	62.9	% 	 	 	52.4	% 	 	 	54.9	% 	 	 	58.7	% 	 	 	62.5	% 	 	 	59.9	% 	
Policy acquisition cost ratio	  	 	19.6	% 	 	 	21.1	% 	 	 	20.5	% 	 	 	20.0	% 	 	 	18.4	% 	 	 	20.4	% 	 	 	19.1	% 	 	 	19.3	% 	
Administrative expense ratio	  	 	8.3	% 	 	 	8.5	% 	 	 	8.9	% 	 	 	8.5	% 	 	 	8.5	% 	 	 	8.5	% 	 	 	8.5	% 	 	 	8.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	82.8	% 	 	 	87.6	% 	 	 	92.3	% 	 	 	80.9	% 	 	 	81.8	% 	 	 	87.6	% 	 	 	90.1	% 	 	 	87.7	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	77.2	% 	 	 	80.5	% 	 	 	78.7	% 	 	 	80.9	% 	 	 	77.6	% 	 	 	78.8	% 	 	 	79.1	% 	 	 	79.5	% 	
Combined ratio excluding catastrophe losses, PPD and Fireman’s Fund non-recurring unearned premium reserve transfer	  				 				 	 	79.3	% 	 	 	82.5	% 	 	 	80.4	% 	 	 	79.0	% 	 	 	81.5	% 	 	 	81.8	% 	
Catastrophe losses - pre-tax	  	$	22	  	 	$	97	  	 	$	156	  	 	$	15	  	 	$	30	  	 	$	275	  	 	$	368	  	 	$	383	  	
Unfavorable (favorable) prior period development (PPD) - pre-tax	  	$	38	  	 	$	(15	) 	 	$	(3	) 	 	$	(15	) 	 	$	19	  	 	$	20	  	 	$	(3	) 	 	$	(18	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	49.3	% 	 	 	50.9	% 	 	 	49.3	% 	 	 	52.4	% 	 	 	50.7	% 	 	 	49.9	% 	 	 	51.5	% 	 	 	51.7	% 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	-16.4	% 	 	 	-20.6	% 	 	 	6.8	% 	 				 				 	 	-12.4	% 	 				 				
Net premiums earned	  	 	-5.9	% 	 	 	-1.8	% 	 	 	12.7	% 	 				 				 	 	1.2	% 	 				 				
Net premiums written excluding merger-related underwriting actions, including additional reinsurance and total Fireman’s Fund (1)	  	 	3.1	% 	 				 				 				 				 	 	1.4	% 	 				 				
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	76	% 	 	 	90	% 	 	 	90	% 	 	 	89	% 	 	 	89	% 	 	 	85	% 	 	 	87	% 	 	 	87	% 	
 
(1)	Included in Q3 2016 is a decrease in net premiums written of $200 million due to additional reinsurance purchased. Q3 2016 and YTD 2016 included net premiums written of $76 million and $191 million, respectively, related to Fireman’s Fund high net worth personal lines business. Q3 2015 and YTD 2015 included Fireman’s Fund net premiums written of $109 million and $487 million, respectively.	
*	2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.	
2015 As If results: Legacy ACE plus Legacy Chubb historical results.   For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

NA Personal - As If	 		 	Page 19	

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

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	3Q-16	 	 	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2016	 	 	2015	 	 	2015	 	
Gross premiums written	  	$	1,240	  	 	$	545	  	 	$	136	  	 	$	270	  	 	$	1,243	  	 	$	1,921	  	 	$	1,937	  	 	$	2,207	  	
Net premiums written	  	 	849	  	 	 	375	  	 	 	64	  	 	 	142	  	 	 	737	  	 	 	1,288	  	 	 	1,204	  	 	 	1,346	  	
Net premiums earned	  	 	819	  	 	 	327	  	 	 	23	  	 	 	240	  	 	 	739	  	 	 	1,169	  	 	 	1,124	  	 	 	1,364	  	
Losses and loss expenses (1)	  	 	680	  	 	 	286	  	 	 	(30	) 	 	 	178	  	 	 	624	  	 	 	936	  	 	 	919	  	 	 	1,097	  	
Policy acquisition costs	  	 	48	  	 	 	25	  	 	 	4	  	 	 	8	  	 	 	42	  	 	 	77	  	 	 	61	  	 	 	69	  	
Administrative expenses	  	 	1	  	 	 	2	  	 	 	(4	) 	 	 	(2	) 	 	 	—  	  	 	 	(1	) 	 	 	3	  	 	 	1	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	 	90	  	 	 	14	  	 	 	53	  	 	 	56	  	 	 	73	  	 	 	157	  	 	 	141	  	 	 	197	  	
Net investment income	  	 	5	  	 	 	5	  	 	 	5	  	 	 	6	  	 	 	5	  	 	 	15	  	 	 	17	  	 	 	23	  	
Other income (expense) - operating	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1	  	 	 	—  	  	 	 	(1	) 	 	 	(1	) 	
Amortization expense of purchased intangibles	  	 	(7	) 	 	 	(8	) 	 	 	(7	) 	 	 	(8	) 	 	 	(8	) 	 	 	(22	) 	 	 	(22	) 	 	 	(30	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	88	  	 	$	11	  	 	$	51	  	 	$	54	  	 	$	71	  	 	$	150	  	 	$	135	  	 	$	189	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	83.0	% 	 	 	87.5	% 	 	 	-125.2	% 	 	 	73.9	% 	 	 	84.5	% 	 	 	80.1	% 	 	 	81.8	% 	 	 	80.4	% 	
Policy acquisition cost ratio	  	 	5.9	% 	 	 	7.7	% 	 	 	15.9	% 	 	 	3.4	% 	 	 	5.7	% 	 	 	6.6	% 	 	 	5.4	% 	 	 	5.1	% 	
Administrative expense ratio	  	 	0.0	% 	 	 	0.7	% 	 	 	-17.6	% 	 	 	-0.9	% 	 	 	0.0	% 	 	 	-0.1	% 	 	 	0.3	% 	 	 	0.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	88.9	% 	 	 	95.9	% 	 	 	-126.9	% 	 	 	76.4	% 	 	 	90.2	% 	 	 	86.6	% 	 	 	87.5	% 	 	 	85.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	90.1	% 	 	 	91.6	% 	 	 	80.6	% 	 	 	79.2	% 	 	 	90.8	% 	 	 	90.0	% 	 	 	90.1	% 	 	 	88.2	% 	
Catastrophe losses - pre-tax	  	$	1	  	 	$	14	  	 	$	2	  	 	$	1	  	 	$	—  	  	 	$	17	  	 	$	8	  	 	$	9	  	
Favorable prior period development (PPD) - pre-tax	  	$	(11	) 	 	$	—  	  	 	$	(41	) 	 	$	(7	) 	 	$	(5	) 	 	$	(52	) 	 	$	(38	) 	 	$	(45	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	84.2	% 	 	 	83.3	% 	 	 	75.1	% 	 	 	75.4	% 	 	 	85.1	% 	 	 	83.4	% 	 	 	84.4	% 	 	 	82.8	% 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	15.2	% 	 	 	-1.2	% 	 	 	-27.0	% 	 	 	-41.9	% 	 	 	-3.5	% 	 	 	6.9	% 	 	 	-10.5	% 	 	 	-15.3	% 	
Net premiums earned	  	 	10.9	% 	 	 	1.6	% 	 	 	-63.7	% 	 	 	-26.2	% 	 	 	-3.6	% 	 	 	4.0	% 	 	 	-6.3	% 	 	 	-10.6	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	68	% 	 	 	69	% 	 	 	47	% 	 	 	52	% 	 	 	59	% 	 	 	67	% 	 	 	62	% 	 	 	61	% 	
 
(1)	Includes realized gains/losses on crop derivatives.	

NA Agriculture	 		 	Page 20	

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

 	 	 	 	 	 	 	 	 	 	 	Legacy ACE	 	 	 	 	 	Legacy ACE	 	
 	 	3Q-16	 	 	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	YTD
2016	 	 	YTD
2015	 	 	Full Year
2015	 	
Gross premiums written	 	$	2,383	  	 	$	2,494	  	 	$	2,516	  	 	$	1,990	  	 	$	2,019	  	 	$	7,393	  	 	$	6,486	  	 	$	8,476	  	
Net premiums written	 	 	1,940	  	 	 	2,031	  	 	 	2,041	  	 	 	1,587	  	 	 	1,584	  	 	 	6,012	  	 	 	5,047	  	 	 	6,634	  	
Net premiums earned	 	 	2,034	  	 	 	2,093	  	 	 	1,955	  	 	 	1,575	  	 	 	1,615	  	 	 	6,082	  	 	 	4,896	  	 	 	6,471	  	
Losses and loss expenses	 	 	843	  	 	 	1,089	  	 	 	1,021	  	 	 	748	  	 	 	674	  	 	 	2,953	  	 	 	2,304	  	 	 	3,052	  	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	 	 	503	  	 	 	467	  	 	 	429	  	 	 	391	  	 	 	405	  	 	 	1,399	  	 	 	1,190	  	 	 	1,581	  	
Amortization of acquired UPR intangible (1)	 	 	43	  	 	 	70	  	 	 	74	  	 	 	—  	  	 	 	—  	  	 	 	187	  	 	 	—  	  	 	 	—  	  	
Administrative expenses	 	 	261	  	 	 	277	  	 	 	263	  	 	 	241	  	 	 	246	  	 	 	801	  	 	 	756	  	 	 	997	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	 	 	384	  	 	 	190	  	 	 	168	  	 	 	195	  	 	 	290	  	 	 	742	  	 	 	646	  	 	 	841	  	
Adjusted net investment income	 	 	152	  	 	 	147	  	 	 	146	  	 	 	125	  	 	 	132	  	 	 	445	  	 	 	409	  	 	 	534	  	
Other income - operating	 	 	6	  	 	 	5	  	 	 	5	  	 	 	5	  	 	 	6	  	 	 	16	  	 	 	12	  	 	 	17	  	
Amortization expense of purchased intangibles	 	 	(12	) 	 	 	(13	) 	 	 	(11	) 	 	 	(11	) 	 	 	(12	) 	 	 	(36	) 	 	 	(50	) 	 	 	(61	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	 	$	530	  	 	$	329	  	 	$	308	  	 	$	314	  	 	$	416	  	 	$	1,167	  	 	$	1,017	  	 	$	1,331	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	41.5	% 	 	 	52.1	% 	 	 	52.2	% 	 	 	47.5	% 	 	 	41.7	% 	 	 	48.6	% 	 	 	47.1	% 	 	 	47.2	% 	
Policy acquisition cost ratio	 	 	26.8	% 	 	 	25.6	% 	 	 	25.7	% 	 	 	24.8	% 	 	 	25.1	% 	 	 	26.1	% 	 	 	24.3	% 	 	 	24.4	% 	
Administrative expense ratio	 	 	12.9	% 	 	 	13.2	% 	 	 	13.5	% 	 	 	15.3	% 	 	 	15.2	% 	 	 	13.1	% 	 	 	15.4	% 	 	 	15.4	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 	 	81.2	% 	 	 	90.9	% 	 	 	91.4	% 	 	 	87.6	% 	 	 	82.0	% 	 	 	87.8	% 	 	 	86.8	% 	 	 	87.0	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	 	 	91.1	% 	 	 	91.5	% 	 	 	92.0	% 	 	 	89.7	% 	 	 	90.5	% 	 	 	91.5	% 	 	 	90.2	% 	 	 	90.1	% 	
Catastrophe reinstatement premiums expensed - pre-tax	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	(2	) 	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	(2	) 	
Catastrophe losses - pre-tax	 	$	20	  	 	$	73	  	 	$	18	  	 	$	40	  	 	$	39	  	 	$	111	  	 	$	102	  	 	$	142	  	
Favorable prior period development (PPD) - pre-tax	 	$	(223	) 	 	$	(85	) 	 	$	(30	) 	 	$	(74	) 	 	$	(177	) 	 	$	(338	) 	 	$	(269	) 	 	$	(343	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	 	 	51.4	% 	 	 	52.7	% 	 	 	52.8	% 	 	 	49.6	% 	 	 	50.2	% 	 	 	52.3	% 	 	 	50.5	% 	 	 	50.3	% 	
% Change versus prior year period	 				 				 				 				 				 				 				 				
Net premiums written as reported	 	 	22.5	% 	 	 	21.6	% 	 	 	13.8	% 	 	 	-9.3	% 	 	 	-7.9	% 	 	 	19.1	% 	 	 	-3.9	% 	 	 	-5.2	% 	
Net premiums earned as reported	 	 	26.0	% 	 	 	27.3	% 	 	 	19.4	% 	 	 	-10.5	% 	 	 	-6.4	% 	 	 	24.2	% 	 	 	-3.0	% 	 	 	-4.9	% 	
Net premiums written constant $	 	 	25.8	% 	 	 	26.7	% 	 	 	26.1	% 	 	 	3.6	% 	 	 	6.1	% 	 	 	26.2	% 	 	 	8.3	% 	 	 	7.1	% 	
Net premiums earned constant $	 	 	29.0	% 	 	 	32.4	% 	 	 	31.3	% 	 	 	1.7	% 	 	 	7.8	% 	 	 	30.9	% 	 	 	9.5	% 	 	 	7.5	% 	
Other ratios	 				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	 	 	81	% 	 	 	81	% 	 	 	81	% 	 	 	80	% 	 	 	78	% 	 	 	81	% 	 	 	78	% 	 	 	78	% 	
 
(1)	Related to the acquisition of The Chubb Corporation.	

Overseas General Insurance - RP	 		 	Page 21	

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

 	 	As If*	 	
 	 	3Q-16	 	 	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	YTD
2016	 	 	YTD
2015	 	 	Full Year
2015	 	
Gross premiums written	 	$	2,383	  	 	$	2,494	  	 	$	2,749	  	 	$	2,515	  	 	$	2,526	  	 	$	7,626	  	 	$	8,211	  	 	$	10,726	  	
Net premiums written	 	 	1,940	  	 	 	2,031	  	 	 	2,256	  	 	 	2,078	  	 	 	2,057	  	 	 	6,227	  	 	 	6,673	  	 	 	8,751	  	
Net premiums earned	 	 	2,034	  	 	 	2,093	  	 	 	2,026	  	 	 	2,084	  	 	 	2,146	  	 	 	6,153	  	 	 	6,482	  	 	 	8,566	  	
Losses and loss expenses	 	 	843	  	 	 	1,089	  	 	 	1,063	  	 	 	1,011	  	 	 	948	  	 	 	2,995	  	 	 	3,109	  	 	 	4,120	  	
Policy acquisition costs	 	 	551	  	 	 	546	  	 	 	529	  	 	 	547	  	 	 	563	  	 	 	1,626	  	 	 	1,663	  	 	 	2,210	  	
Administrative expenses	 	 	261	  	 	 	277	  	 	 	275	  	 	 	287	  	 	 	290	  	 	 	813	  	 	 	911	  	 	 	1,198	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	 	$	379	  	 	$	181	  	 	$	159	  	 	$	239	  	 	$	345	  	 	$	719	  	 	$	799	  	 	$	1,038	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	41.5	% 	 	 	52.1	% 	 	 	52.4	% 	 	 	48.5	% 	 	 	44.2	% 	 	 	48.7	% 	 	 	48.0	% 	 	 	48.1	% 	
Policy acquisition cost ratio	 	 	27.0	% 	 	 	26.0	% 	 	 	26.1	% 	 	 	26.3	% 	 	 	26.2	% 	 	 	26.4	% 	 	 	25.7	% 	 	 	25.8	% 	
Administrative expense ratio	 	 	12.9	% 	 	 	13.2	% 	 	 	13.7	% 	 	 	13.7	% 	 	 	13.5	% 	 	 	13.2	% 	 	 	14.0	% 	 	 	14.0	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 	 	81.4	% 	 	 	91.3	% 	 	 	92.2	% 	 	 	88.5	% 	 	 	83.9	% 	 	 	88.3	% 	 	 	87.7	% 	 	 	87.9	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	 	 	91.3	% 	 	 	92.0	% 	 	 	92.8	% 	 	 	91.2	% 	 	 	92.7	% 	 	 	92.0	% 	 	 	91.7	% 	 	 	91.5	% 	
Catastrophe reinstatement premiums expensed - pre-tax	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	(2	) 	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	(2	) 	
Catastrophe losses - pre-tax	 	$	20	  	 	$	73	  	 	$	18	  	 	$	49	  	 	$	42	  	 	$	111	  	 	$	113	  	 	$	162	  	
Favorable prior period development (PPD) - pre-tax	 	$	(223	) 	 	$	(85	) 	 	$	(30	) 	 	$	(106	) 	 	$	(231	) 	 	$	(338	) 	 	$	(371	) 	 	$	(477	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	 	 	51.4	% 	 	 	52.7	% 	 	 	53.0	% 	 	 	51.2	% 	 	 	52.9	% 	 	 	52.4	% 	 	 	51.9	% 	 	 	51.8	% 	
% Change versus prior year period	 				 				 				 				 				 				 				 				
Net premiums written as reported	 	 	-5.7	% 	 	 	-5.0	% 	 	 	-9.0	% 	 				 				 	 	-6.7	% 	 				 				
Net premiums earned as reported	 	 	-5.1	% 	 	 	-3.5	% 	 	 	-6.4	% 	 				 				 	 	-5.0	% 	 				 				
Net premiums written constant $	 	 	-1.7	% 	 	 	0.5	% 	 	 	1.7	% 	 				 				 	 	0.2	% 	 				 				
Net premiums earned constant $	 	 	-1.3	% 	 	 	1.2	% 	 	 	4.0	% 	 				 				 	 	1.2	% 	 				 				
Net premiums written constant $ excluding merger-related underwriting actions, including additional reinsurance (1)	 	 	0.7	% 	 				 				 				 				 	 	1.3	% 	 				 				
Other ratios	 				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	 	 	81	% 	 	 	81	% 	 	 	82	% 	 	 	83	% 	 	 	81	% 	 	 	82	% 	 	 	81	% 	 	 	82	% 	

																																									
											
Production by Region	 	   3Q-16   	 	 	   3Q-15   	 	 	% Change
3Q-16 vs
3Q-15	 	 	Constant $
3Q-15  (2)	 	 	Constant $
% Change
3Q-16 vs
3Q-15 (2)	 	 	   YTD-16   	 	 	   YTD-15   	 	 	% Change
YTD-16 vs
YTD-15	 	 	Constant $
YTD-15 (2)	 	 	Constant $
% Change
YTD-16 vs
YTD-15 (2)	 	
Gross premiums written	 				 				 				 				 				 				 				 				 				 				
Europe	 	$	945	  	 	$	1,015	  	 	 	-6.9	% 	 	$	963	  	 	 	-1.9	% 	 	$	3,427	  	 	$	3,602	  	 	 	-4.9	% 	 	$	3,456	  	 	 	-0.8	% 	
Latin America	 	 	593	  	 	 	682	  	 	 	-13.0	% 	 	 	635	  	 	 	-6.6	% 	 	 	1,807	  	 	 	2,188	  	 	 	-17.4	% 	 	 	1,876	  	 	 	-3.7	% 	
Asia	 	 	760	  	 	 	737	  	 	 	3.1	% 	 	 	751	  	 	 	1.2	% 	 	 	2,134	  	 	 	2,129	  	 	 	0.2	% 	 	 	2,071	  	 	 	3.0	% 	
Other (3)	 	 	85	  	 	 	92	  	 	 	-7.6	% 	 	 	89	  	 	 	-4.5	% 	 	 	258	  	 	 	292	  	 	 	-11.6	% 	 	 	280	  	 	 	-7.9	% 	
	 	 	 	 	 	 	 	 	 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 				
Total	 	$	2,383	  	 	$	2,526	  	 	 	-5.7	% 	 	$	2,438	  	 	 	-2.3	% 	 	$	7,626	  	 	$	8,211	  	 	 	-7.1	% 	 	$	7,683	  	 	 	-0.7	% 	
	 	 	 	 	 	 	 	 	 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 				
Net Premiums Written	 				 				 				 				 				 				 				 				 				 				
Europe	 	$	712	  	 	$	756	  	 	 	-5.8	% 	 	$	713	  	 	 	-0.1	% 	 	$	2,598	  	 	$	2,751	  	 	 	-5.6	% 	 	$	2,631	  	 	 	-1.3	% 	
Latin America	 	 	470	  	 	 	555	  	 	 	-15.3	% 	 	 	510	  	 	 	-7.8	% 	 	 	1,449	  	 	 	1,751	  	 	 	-17.2	% 	 	 	1,486	  	 	 	-2.5	% 	
Asia	 	 	663	  	 	 	646	  	 	 	2.6	% 	 	 	657	  	 	 	0.9	% 	 	 	1,895	  	 	 	1,870	  	 	 	1.3	% 	 	 	1,817	  	 	 	4.3	% 	
Other (3)	 	 	95	  	 	 	100	  	 	 	-5.0	% 	 	 	94	  	 	 	1.1	% 	 	 	285	  	 	 	301	  	 	 	-5.3	% 	 	 	279	  	 	 	2.2	% 	
	 	 	 	 	 	 	 	 	 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 				
Total	 	$	1,940	  	 	$	2,057	  	 	 	-5.7	% 	 	$	1,974	  	 	 	-1.7	% 	 	$	6,227	  	 	$	6,673	  	 	 	-6.7	% 	 	$	6,213	  	 	 	0.2	% 	

(1)	Included in Q3 2016 is a decrease in net premiums written of $47 million, comprising of $7 million due to additional reinsurance purchased and $40 million due to other merger-related underwriting actions.	
(2)	Prior periods on a constant dollar basis.	
(3)	Primarily includes Eurasia and Africa, and the company’s international supplemental A&H business of Combined Insurance.	
*	2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.	
2015 As If results: Legacy ACE plus Legacy Chubb historical results.   For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

Overseas General Ins. – As If	 		 	Page 22	

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

 	  	 	 	 	 	 	 	 	 	 	Legacy ACE	 	 	 	 	 	Legacy ACE	 	
 	  	3Q-16	 	 	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	YTD
2016	 	 	YTD
2015	 	 	Full Year
2015	 	
Gross premiums written	  	$	143	  	 	$	268	  	 	$	213	  	 	$	109	  	 	$	190	  	 	$	624	  	 	$	774	  	 	$	883	  	
Net premiums written	  	 	131	  	 	 	230	  	 	 	201	  	 	 	109	  	 	 	185	  	 	 	562	  	 	 	719	  	 	 	828	  	
Net premiums earned	  	 	156	  	 	 	185	  	 	 	202	  	 	 	200	  	 	 	203	  	 	 	543	  	 	 	649	  	 	 	849	  	
Losses and loss expenses	  	 	49	  	 	 	87	  	 	 	89	  	 	 	99	  	 	 	20	  	 	 	225	  	 	 	191	  	 	 	290	  	
Policy acquisition costs	  	 	42	  	 	 	47	  	 	 	53	  	 	 	48	  	 	 	52	  	 	 	142	  	 	 	166	  	 	 	214	  	
Administrative expenses	  	 	12	  	 	 	14	  	 	 	14	  	 	 	12	  	 	 	12	  	 	 	40	  	 	 	37	  	 	 	49	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	 	53	  	 	 	37	  	 	 	46	  	 	 	41	  	 	 	119	  	 	 	136	  	 	 	255	  	 	 	296	  	
Net investment income	  	 	67	  	 	 	65	  	 	 	67	  	 	 	70	  	 	 	76	  	 	 	199	  	 	 	230	  	 	 	300	  	
Other income - operating	  	 	—  	  	 	 	2	  	 	 	1	  	 	 	1	  	 	 	4	  	 	 	3	  	 	 	5	  	 	 	6	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	120	  	 	$	104	  	 	$	114	  	 	$	112	  	 	$	199	  	 	$	338	  	 	$	490	  	 	$	602	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	31.3	% 	 	 	46.9	% 	 	 	44.3	% 	 	 	49.7	% 	 	 	9.6	% 	 	 	41.5	% 	 	 	29.4	% 	 	 	34.2	% 	
Policy acquisition cost ratio	  	 	27.1	% 	 	 	25.5	% 	 	 	26.2	% 	 	 	24.1	% 	 	 	25.4	% 	 	 	26.3	% 	 	 	25.5	% 	 	 	25.2	% 	
Administrative expense ratio	  	 	7.9	% 	 	 	7.4	% 	 	 	6.8	% 	 	 	6.0	% 	 	 	6.2	% 	 	 	7.2	% 	 	 	5.7	% 	 	 	5.8	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	66.3	% 	 	 	79.8	% 	 	 	77.3	% 	 	 	79.8	% 	 	 	41.2	% 	 	 	75.0	% 	 	 	60.6	% 	 	 	65.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	78.1	% 	 	 	78.9	% 	 	 	78.5	% 	 	 	76.6	% 	 	 	75.3	% 	 	 	78.5	% 	 	 	76.8	% 	 	 	76.8	% 	
Catastrophe reinstatement premiums collected - pre-tax	  	$	—  	  	 	$	6	  	 	$	—  	  	 	$	1	  	 	$	—  	  	 	$	6	  	 	$	—  	  	 	$	1	  	
Catastrophe losses - pre-tax	  	$	11	  	 	$	52	  	 	$	1	  	 	$	6	  	 	$	11	  	 	$	64	  	 	$	16	  	 	$	22	  	
Favorable prior period development (PPD) - pre-tax	  	$	(28	) 	 	$	(47	) 	 	$	(3	) 	 	$	—  	  	 	$	(78	) 	 	$	(78	) 	 	$	(119	) 	 	$	(119	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	44.2	% 	 	 	46.0	% 	 	 	45.5	% 	 	 	46.5	% 	 	 	44.3	% 	 	 	45.3	% 	 	 	45.7	% 	 	 	45.9	% 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written as reported	  	 	-29.4	% 	 	 	-11.9	% 	 	 	-26.3	% 	 	 	-22.1	% 	 	 	-11.5	% 	 	 	-21.9	% 	 	 	-9.5	% 	 	 	-11.4	% 	
Net premiums earned as reported	  	 	-23.5	% 	 	 	-15.7	% 	 	 	-10.7	% 	 	 	-11.3	% 	 	 	-20.4	% 	 	 	-16.4	% 	 	 	-18.8	% 	 	 	-17.2	% 	
Net premiums written constant $	  	 	-28.1	% 	 	 	-11.6	% 	 	 	-24.6	% 	 	 	-20.2	% 	 	 	-9.5	% 	 	 	-20.7	% 	 	 	-7.4	% 	 	 	-9.3	% 	
Net premiums earned constant $	  	 	-22.2	% 	 	 	-15.0	% 	 	 	-9.2	% 	 	 	-9.0	% 	 	 	-18.1	% 	 	 	-15.2	% 	 	 	-16.8	% 	 	 	-15.1	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	91	% 	 	 	86	% 	 	 	94	% 	 	 	100	% 	 	 	97	% 	 	 	90	% 	 	 	93	% 	 	 	94	% 	

Global Reinsurance - Reported	 		 	Page 23	

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

 	  	As If*	 	
 	  	3Q-16	 	 	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	YTD
2016	 	 	YTD
2015	 	 	Full Year
2015	 	
Gross premiums written	  	$	143	  	 	$	268	  	 	$	234	  	 	$	111	  	 	$	191	  	 	$	645	  	 	$	810	  	 	$	921	  	
Net premiums written	  	 	131	  	 	 	230	  	 	 	221	  	 	 	111	  	 	 	185	  	 	 	582	  	 	 	746	  	 	 	857	  	
Net premiums earned	  	 	156	  	 	 	185	  	 	 	202	  	 	 	208	  	 	 	212	  	 	 	543	  	 	 	667	  	 	 	875	  	
Losses and loss expenses	  	 	49	  	 	 	87	  	 	 	89	  	 	 	103	  	 	 	21	  	 	 	225	  	 	 	192	  	 	 	295	  	
Policy acquisition costs	  	 	42	  	 	 	47	  	 	 	53	  	 	 	48	  	 	 	52	  	 	 	142	  	 	 	166	  	 	 	214	  	
Administrative expenses	  	 	12	  	 	 	14	  	 	 	14	  	 	 	12	  	 	 	13	  	 	 	40	  	 	 	43	  	 	 	55	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	$	53	  	 	$	37	  	 	$	46	  	 	$	45	  	 	$	126	  	 	$	136	  	 	$	266	  	 	$	311	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	31.3	% 	 	 	46.9	% 	 	 	44.3	% 	 	 	49.2	% 	 	 	9.7	% 	 	 	41.5	% 	 	 	28.8	% 	 	 	33.7	% 	
Policy acquisition cost ratio	  	 	27.1	% 	 	 	25.5	% 	 	 	26.2	% 	 	 	23.6	% 	 	 	24.3	% 	 	 	26.3	% 	 	 	24.6	% 	 	 	24.4	% 	
Administrative expense ratio	  	 	7.9	% 	 	 	7.4	% 	 	 	6.8	% 	 	 	5.8	% 	 	 	6.3	% 	 	 	7.2	% 	 	 	6.5	% 	 	 	6.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	66.3	% 	 	 	79.8	% 	 	 	77.3	% 	 	 	78.6	% 	 	 	40.3	% 	 	 	75.0	% 	 	 	59.9	% 	 	 	64.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	78.1	% 	 	 	78.9	% 	 	 	78.5	% 	 	 	77.8	% 	 	 	75.4	% 	 	 	78.5	% 	 	 	77.2	% 	 	 	77.3	% 	
Catastrophe reinstatement premiums collected - pre-tax	  	$	—  	  	 	$	6	  	 	$	—  	  	 	$	1	  	 	$	—  	  	 	$	6	  	 	$	—  	  	 	$	1	  	
Catastrophe losses - pre-tax	  	$	11	  	 	$	52	  	 	$	1	  	 	$	9	  	 	$	11	  	 	$	64	  	 	$	17	  	 	$	26	  	
Favorable prior period development (PPD) - pre-tax	  	$	(28	) 	 	$	(47	) 	 	$	(3	) 	 	$	(7	) 	 	$	(84	) 	 	$	(78	) 	 	$	(131	) 	 	$	(138	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	44.2	% 	 	 	46.0	% 	 	 	45.5	% 	 	 	48.4	% 	 	 	45.3	% 	 	 	45.3	% 	 	 	46.2	% 	 	 	46.7	% 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written as reported	  	 	-29.8	% 	 	 	-13.3	% 	 	 	-25.1	% 	 				 				 	 	-22.0	% 	 				 				
Net premiums earned as reported	  	 	-26.8	% 	 	 	-18.2	% 	 	 	-11.5	% 	 				 				 	 	-18.6	% 	 				 				
Net premiums written constant $	  	 	-28.5	% 	 	 	-13.0	% 	 	 	-23.4	% 	 				 				 	 	-20.9	% 	 				 				
Net premiums earned constant $	  	 	-25.6	% 	 	 	-17.6	% 	 	 	-10.0	% 	 				 				 	 	-17.5	% 	 				 				
Net premiums written constant $ excluding merger-related underwriting actions, including additional reinsurance (1)	  	 	-25.0	% 	 				 				 				 				 	 	-18.7	% 	 				 				
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	91	% 	 	 	86	% 	 	 	94	% 	 	 	99	% 	 	 	97	% 	 	 	90	% 	 	 	92	% 	 	 	93	% 	
 
(1)	Included in Q3 2016 is a decrease in net premiums written of $6 million due to additional reinsurance purchased.	
*	2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.	
2015 As If results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

Global Reinsurance – As If	 		 	Page 24	

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

 	 	 	 	 	 	 	 	 	 	 	Legacy ACE	 	 	 	 	 	Legacy ACE	 	
 	 	3Q-16	 	 	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	YTD
2016	 	 	YTD
2015	 	 	Full Year
2015	 	
Gross premiums written	 	$	562	  	 	$	557	  	 	$	546	  	 	$	548	  	 	$	522	  	 	$	1,665	  	 	$	1,573	  	 	$	2,121	  	
Net premiums written	 	 	532	  	 	 	527	  	 	 	516	  	 	 	515	  	 	 	492	  	 	 	1,575	  	 	 	1,483	  	 	 	1,998	  	
Net premiums earned	 	 	512	  	 	 	512	  	 	 	497	  	 	 	506	  	 	 	480	  	 	 	1,521	  	 	 	1,441	  	 	 	1,947	  	
Losses and loss expenses	 	 	174	  	 	 	147	  	 	 	177	  	 	 	159	  	 	 	153	  	 	 	498	  	 	 	442	  	 	 	601	  	
Policy benefits (1)	 	 	155	  	 	 	146	  	 	 	126	  	 	 	159	  	 	 	89	  	 	 	427	  	 	 	384	  	 	 	543	  	
(Gains) losses from fair value changes in separate account assets  (1)	 	 	(22	) 	 	 	(3	) 	 	 	3	  	 	 	(13	) 	 	 	49	  	 	 	(22	) 	 	 	32	  	 	 	19	  	
Policy acquisition costs	 	 	127	  	 	 	137	  	 	 	122	  	 	 	134	  	 	 	117	  	 	 	386	  	 	 	342	  	 	 	476	  	
Administrative expenses	 	 	77	  	 	 	77	  	 	 	72	  	 	 	70	  	 	 	74	  	 	 	226	  	 	 	221	  	 	 	291	  	
Net investment income	 	 	71	  	 	 	69	  	 	 	67	  	 	 	67	  	 	 	66	  	 	 	207	  	 	 	198	  	 	 	265	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Life Insurance underwriting income (2)	 	 	72	  	 	 	77	  	 	 	64	  	 	 	64	  	 	 	64	  	 	 	213	  	 	 	218	  	 	 	282	  	
Other income (expense) - operating (1)	 	 	(2	) 	 	 	(3	) 	 	 	(3	) 	 	 	(4	) 	 	 	1	  	 	 	(8	) 	 	 	—  	  	 	 	(4	) 	
Amortization expense of purchased intangibles	 	 	(1	) 	 	 	—  	  	 	 	(1	) 	 	 	(1	) 	 	 	—  	  	 	 	(2	) 	 	 	(1	) 	 	 	(2	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	 	$	69	  	 	$	74	  	 	$	60	  	 	$	59	  	 	$	65	  	 	$	203	  	 	$	217	  	 	$	276	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
% Change versus prior year period	 				 				 				 				 				 				 				 				
Net premiums written	 	 	8.1	% 	 	 	5.5	% 	 	 	5.1	% 	 	 	-1.6	% 	 	 	-0.8	% 	 	 	6.2	% 	 	 	-0.4	% 	 	 	-0.7	% 	
Net premiums earned	 	 	6.7	% 	 	 	5.1	% 	 	 	4.9	% 	 	 	1.4	% 	 	 	-1.9	% 	 	 	5.5	% 	 	 	-1.5	% 	 	 	-0.8	% 	
Net premiums written constant $	 	 	9.1	% 	 	 	8.2	% 	 	 	10.2	% 	 	 	3.7	% 	 	 	4.4	% 	 	 	9.1	% 	 	 	3.7	% 	 	 	3.7	% 	
Net premiums earned constant $	 	 	7.6	% 	 	 	7.8	% 	 	 	9.8	% 	 	 	6.8	% 	 	 	3.4	% 	 	 	8.4	% 	 	 	2.4	% 	 	 	3.5	% 	
 
(1)	(Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified from Other income (expense) for purposes of presenting Life Insurance underwriting income. The offsetting movement in the separate account liabilities is included in Policy benefits.	
(2)	We assess the performance of our Life Insurance business based on Life Insurance underwriting income which includes Net investment income and (Gains) losses from fair value changes in separate account assets.	
International life insurance net premiums written and deposits breakdown (excludes Combined North American and Life reinsurance businesses):

 	  	    3Q-16    	 	  	Constant $
3Q-15  (4)	 	  	Constant $
% Change
3Q-16 vs.
3Q-15 (4)	 	 	    YTD-16    	 	  	Constant $
YTD-15 (4)	 	  	Constant $
% Change
YTD-16 vs
YTD-15 (4)	 	
International life insurance net premiums written	  	$	209	  	  	$	175	  	  	 	19.3	% 	 	$	616	  	  	$	514	  	  	 	19.8	% 	
International life insurance deposits (3)	  	 	273	  	  	 	211	  	  	 	29.8	% 	 	 	748	  	  	 	703	  	  	 	6.5	% 	
	  	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  				
Total international life insurance net premiums written and deposits	  	$	482	  	  	$	386	  	  	 	25.0	% 	 	$	1,364	  	  	$	1,217	  	  	 	12.1	% 	

(3)	Includes deposits collected on universal life and investment contracts. Consistent with GAAP, premiums collected on universal life and investment contracts are considered deposits and excluded from revenues.	
(4)	Prior periods on a constant dollar basis.	

Life Insurance – Reported	 		 	Page 25	

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

 	 	As If*	 	
 	 	3Q-16	 	 	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	YTD
2016	 	 	YTD
2015	 	 	Full Year
2015	 	
Gross premiums written	 	$	562	  	 	$	557	  	 	$	547	  	 	$	572	  	 	$	546	  	 	$	1,666	  	 	$	1,648	  	 	$	2,220	  	
Net premiums written	 	 	532	  	 	 	527	  	 	 	517	  	 	 	538	  	 	 	515	  	 	 	1,576	  	 	 	1,555	  	 	 	2,093	  	
Net premiums earned	 	 	512	  	 	 	512	  	 	 	499	  	 	 	531	  	 	 	503	  	 	 	1,523	  	 	 	1,512	  	 	 	2,043	  	
Losses and loss expenses	 	 	174	  	 	 	147	  	 	 	177	  	 	 	171	  	 	 	165	  	 	 	498	  	 	 	477	  	 	 	648	  	
Policy benefits (1)	 	 	155	  	 	 	146	  	 	 	126	  	 	 	159	  	 	 	89	  	 	 	427	  	 	 	384	  	 	 	543	  	
(Gains) losses from fair value changes in separate account assets (1)	 	 	(22	) 	 	 	(3	) 	 	 	3	  	 	 	(13	) 	 	 	49	  	 	 	(22	) 	 	 	32	  	 	 	19	  	
Policy acquisition costs	 	 	127	  	 	 	137	  	 	 	123	  	 	 	138	  	 	 	120	  	 	 	387	  	 	 	356	  	 	 	494	  	
Administrative expenses	 	 	77	  	 	 	77	  	 	 	73	  	 	 	80	  	 	 	83	  	 	 	227	  	 	 	248	  	 	 	328	  	
Net investment income	 	 	71	  	 	 	69	  	 	 	67	  	 	 	67	  	 	 	66	  	 	 	207	  	 	 	198	  	 	 	265	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Life Insurance underwriting income (2)	 	$	72	  	 	$	77	  	 	$	64	  	 	$	63	  	 	$	63	  	 	$	213	  	 	$	213	  	 	$	276	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
% Change versus prior year period	 				 				 				 				 				 				 				 				
Net premiums written	 	 	3.4	% 	 	 	0.7	% 	 	 	0.0	% 	 				 				 	 	1.4	% 	 				 				
Net premiums earned	 	 	1.6	% 	 	 	0.2	% 	 	 	0.2	% 	 				 				 	 	0.7	% 	 				 				
Net premiums written constant $	 	 	4.3	% 	 	 	3.5	% 	 	 	4.6	% 	 				 				 	 	4.1	% 	 				 				
Net premiums earned constant $	 	 	2.5	% 	 	 	2.9	% 	 	 	4.7	% 	 				 				 	 	3.3	% 	 				 				
 
(1)	(Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified from Other income (expense). 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.	
*	2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.	
2015 As If results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

Life Insurance – As If	 		 	Page 26	

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

 	  	 	 	 	 	 	 	 	 	 	Legacy ACE	 	 	 	 	 	Legacy ACE	 	
 	  	3Q-16	 	 	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	YTD
2016	 	 	YTD
2015	 	 	Full Year
2015	 	
Gross premiums written	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	
Net premiums written	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Net premiums earned	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Losses and loss expenses	  	 	63	  	 	 	15	  	 	 	9	  	 	 	60	  	 	 	84	  	 	 	87	  	 	 	142	  	 	 	202	  	
Policy acquisition costs	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1	  	
Administrative expenses	  	 	57	  	 	 	62	  	 	 	73	  	 	 	53	  	 	 	46	  	 	 	192	  	 	 	135	  	 	 	188	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting loss	  	 	(120	) 	 	 	(77	) 	 	 	(82	) 	 	 	(114	) 	 	 	(130	) 	 	 	(279	) 	 	 	(277	) 	 	 	(391	) 	
Net investment income	  	 	5	  	 	 	7	  	 	 	9	  	 	 	6	  	 	 	3	  	 	 	21	  	 	 	9	  	 	 	15	  	
Other expense - operating	  	 	(2	) 	 	 	(2	) 	 	 	(2	) 	 	 	(9	) 	 	 	(2	) 	 	 	(6	) 	 	 	(11	) 	 	 	(20	) 	
Adjusted interest expense (1)	  	 	(164	) 	 	 	(166	) 	 	 	(149	) 	 	 	(64	) 	 	 	(68	) 	 	 	(479	) 	 	 	(207	) 	 	 	(271	) 	
Amortization benefit of purchased intangibles (2)	  	 	20	  	 	 	20	  	 	 	20	  	 	 	—  	  	 	 	—  	  	 	 	60	  	 	 	—  	  	 	 	—  	  	
Income tax expense	  	 	(306	) 	 	 	(212	) 	 	 	(201	) 	 	 	(97	) 	 	 	(140	) 	 	 	(719	) 	 	 	(395	) 	 	 	(492	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating loss	  	 	(567	) 	 	 	(430	) 	 	 	(405	) 	 	 	(278	) 	 	 	(337	) 	 	 	(1,402	) 	 	 	(881	) 	 	 	(1,159	) 	
Chubb integration and related expenses, net of tax	  	 	(85	) 	 	 	(71	) 	 	 	(106	) 	 	 	(35	) 	 	 	(7	) 	 	 	(262	) 	 	 	(7	) 	 	 	(42	) 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)	  	 	(53	) 	 	 	(66	) 	 	 	(59	) 	 	 	—  	  	 	 	—  	  	 	 	(178	) 	 	 	—  	  	 	 	—  	  	
Adjusted net realized gains (losses) (1)	  	 	97	  	 	 	(214	) 	 	 	(394	) 	 	 	(57	) 	 	 	(393	) 	 	 	(511	) 	 	 	(354	) 	 	 	(411	) 	
Net realized gains (losses) related to unconsolidated entities	  	 	72	  	 	 	18	  	 	 	(25	) 	 	 	(17	) 	 	 	25	  	 	 	65	  	 	 	84	  	 	 	67	  	
Income tax (expense) benefit on adjusted net realized gains (losses)	  	 	(27	) 	 	 	1	  	 	 	4	  	 	 	12	  	 	 	6	  	 	 	(22	) 	 	 	(2	) 	 	 	10	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net loss	  	$	(563	) 	 	$	(762	) 	 	$	(985	) 	 	$	(375	) 	 	$	(706	) 	 	$	(2,310	) 	 	$	(1,160	) 	 	$	(1,535	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unfavorable prior period development (PPD) - pre-tax	  	$	62	  	 	$	14	  	 	$	8	  	 	$	60	  	 	$	84	  	 	$	84	  	 	$	140	  	 	$	200	  	
		
 	  	As If*	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	3Q-16	 	 	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2016	 	 	2015	 	 	2015	 	
Gross premiums written	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	
Net premiums written	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Net premiums earned	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Losses and loss expenses	  	 	63	  	 	 	15	  	 	 	9	  	 	 	102	  	 	 	114	  	 	 	87	  	 	 	191	  	 	 	293	  	
Policy acquisition costs	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1	  	
Administrative expenses	  	 	57	  	 	 	62	  	 	 	76	  	 	 	83	  	 	 	84	  	 	 	195	  	 	 	234	  	 	 	317	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting loss	  	$	(120	) 	 	$	(77	) 	 	$	(85	) 	 	$	(186	) 	 	$	(198	) 	 	$	(282	) 	 	$	(425	) 	 	$	(611	) 	
Unfavorable prior period development (PPD) - pre-tax	  	$	62	  	 	$	14	  	 	$	8	  	 	$	102	  	 	$	114	  	 	$	84	  	 	$	189	  	 	$	291	  	
 
(1)	See non-GAAP financial measures.	
(2)	Related to the acquisition of The Chubb Corporation.	
*	2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.	
2015 As If results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

Corporate	 		 	Page 27	

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, 2014	  	$	38,315	  	 	$	11,307	  	 	$	27,008	  	 				
Losses and loss expenses incurred	  	 	2,743	  	 	 	621	  	 	 	2,122	  	 				
Losses and loss expenses paid	  	 	(3,062	) 	 	 	(744	) 	 	 	(2,318	) 	 	 	109	% 	
Other (incl. foreign exch. revaluation)	  	 	(670	) 	 	 	(197	) 	 	 	(473	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at March 31, 2015	  	$	37,326	  	 	$	10,987	  	 	$	26,339	  	 				
Losses and loss expenses incurred	  	 	3,065	  	 	 	648	  	 	 	2,417	  	 				
Losses and loss expenses paid	  	 	(2,830	) 	 	 	(547	) 	 	 	(2,283	) 	 	 	94	% 	
Other (incl. foreign exch. revaluation)	  	 	669	  	 	 	60	  	 	 	609	  	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at June 30, 2015	  	$	38,230	  	 	$	11,148	  	 	$	27,082	  	 				
Losses and loss expenses incurred	  	 	3,252	  	 	 	609	  	 	 	2,643	  	 				
Losses and loss expenses paid	  	 	(3,391	) 	 	 	(908	) 	 	 	(2,483	) 	 	 	94	% 	
Other (incl. foreign exch. revaluation)	  	 	(527	) 	 	 	(193	) 	 	 	(334	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at September 30, 2015	  	$	37,564	  	 	$	10,656	  	 	$	26,908	  	 				
Losses and loss expenses incurred	  	 	3,481	  	 	 	1,179	  	 	 	2,302	  	 				
Losses and loss expenses paid	  	 	(3,616	) 	 	 	(1,050	) 	 	 	(2,566	) 	 	 	111	% 	
Other (incl. foreign exch. revaluation)	  	 	(126	) 	 	 	(44	) 	 	 	(82	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
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	  	 				
Add net recoverable on paid losses	  	 	—  	  	 	 	772	  	 	 	(772	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance including net recoverable on paid losses	  	$	61,347	  	 	$	13,448	  	 	$	47,899	  	 				

					
Loss Reserve Rollforward	 		 	Page 28	

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

 	  	 	 	 	 	 	 	 	 	 	Legacy ACE	 	
 	  	September 30	 	 	June 30	 	 	March 31	 	 	December 31	 	
 	  	2016	 	 	2016	 	 	2016	 	 	2015	 	
Reinsurance recoverable on paid losses and loss expenses	  				 				 				 				
Active operations	  	$	558	  	 	$	598	  	 	$	592	  	 	$	450	  	
Brandywine and Other Run-off	  	 	300	  	 	 	323	  	 	 	269	  	 	 	288	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	858	  	 	$	921	  	 	$	861	  	 	$	738	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reinsurance recoverable on unpaid losses and loss expenses	  				 				 				 				
Active operations	  	$	11,790	  	 	$	11,535	  	 	$	11,169	  	 	$	9,884	  	
Brandywine and Other Run-off	  	 	1,113	  	 	 	1,097	  	 	 	1,182	  	 	 	1,092	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	12,903	  	 	$	12,632	  	 	$	12,351	  	 	$	10,976	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross reinsurance recoverable	  				 				 				 				
Active operations	  	$	12,348	  	 	$	12,133	  	 	$	11,761	  	 	$	10,334	  	
Brandywine and Other Run-off	  	 	1,413	  	 	 	1,420	  	 	 	1,451	  	 	 	1,380	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	13,761	  	 	$	13,553	  	 	$	13,212	  	 	$	11,714	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Provision for uncollectible reinsurance (1)	  				 				 				 				
Active operations	  	$	(163	) 	 	$	(162	) 	 	$	(164	) 	 	$	(194	) 	
Brandywine and Other Run-off	  	 	(150	) 	 	 	(156	) 	 	 	(157	) 	 	 	(134	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	(313	) 	 	$	(318	) 	 	$	(321	) 	 	$	(328	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net reinsurance recoverable	  				 				 				 				
Active operations	  	$	12,185	  	 	$	11,971	  	 	$	11,597	  	 	$	10,140	  	
Brandywine and Other Run-off	  	 	1,263	  	 	 	1,264	  	 	 	1,294	  	 	 	1,246	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	13,448	  	 	$	13,235	  	 	$	12,891	  	 	$	11,386	  	

(1)	The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $3.2 billion.	

Reinsurance Recoverable	 		 	Page 29	

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

 	  	 	 	 	 	 	 	 	 	 	Legacy ACE	 	
 	  	September 30	 	 	June 30	 	 	March 31	 	 	December 31	 	
 	  	2016	 	 	2016	 	 	2016	 	 	2015	 	
Market Value	  				 				 				 				 				 				 				 				
Fixed maturities available for sale	  	$	81,358	  	 				 	$	79,951	  	 				 	$	77,538	  	 				 	$	43,587	  	 				
Fixed maturities held to maturity	  	 	11,366	  	 				 	 	11,581	  	 				 	 	11,580	  	 				 	 	8,552	  	 				
Short-term investments	  	 	3,548	  	 				 	 	3,631	  	 				 	 	3,382	  	 				 	 	10,446	  	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Total fixed maturities	  	$	96,272	  	 				 	$	95,163	  	 				 	$	92,500	  	 				 	$	62,585	  	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Asset Allocation by Market Value	  				 				 				 				 				 				 				 				
Treasury	  	$	2,885	  	 	 	3	% 	 	$	2,864	  	 	 	3	% 	 	$	3,145	  	 	 	3	% 	 	$	2,395	  	 	 	4	% 	
Agency	  	 	558	  	 	 	1	% 	 	 	550	  	 	 	1	% 	 	 	634	  	 	 	1	% 	 	 	878	  	 	 	1	% 	
Corporate and asset-backed	  	 	26,754	  	 	 	28	% 	 	 	25,450	  	 	 	27	% 	 	 	24,060	  	 	 	26	% 	 	 	17,985	  	 	 	28	% 	
Mortgage-backed	  	 	15,040	  	 	 	15	% 	 	 	14,440	  	 	 	15	% 	 	 	13,757	  	 	 	15	% 	 	 	11,701	  	 	 	19	% 	
Municipal	  	 	24,240	  	 	 	25	% 	 	 	24,975	  	 	 	26	% 	 	 	24,945	  	 	 	27	% 	 	 	4,950	  	 	 	8	% 	
Non-U.S.	  	 	23,247	  	 	 	24	% 	 	 	23,253	  	 	 	24	% 	 	 	22,577	  	 	 	24	% 	 	 	14,230	  	 	 	23	% 	
Short-term investments	  	 	3,548	  	 	 	4	% 	 	 	3,631	  	 	 	4	% 	 	 	3,382	  	 	 	4	% 	 	 	10,446	  	 	 	17	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturities	  	$	96,272	  	 	 	100	% 	 	$	95,163	  	 	 	100	% 	 	$	92,500	  	 	 	100	% 	 	$	62,585	  	 	 	100	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Quality by Market Value	  				 				 				 				 				 				 				 				
AAA	  	$	16,878	  	 	 	17	% 	 	$	17,412	  	 	 	18	% 	 	$	19,524	  	 	 	21	% 	 	$	14,369	  	 	 	23	% 	
AA	  	 	37,325	  	 	 	39	% 	 	 	36,802	  	 	 	39	% 	 	 	34,399	  	 	 	37	% 	 	 	22,141	  	 	 	36	% 	
A	  	 	17,956	  	 	 	19	% 	 	 	18,016	  	 	 	19	% 	 	 	17,726	  	 	 	19	% 	 	 	10,163	  	 	 	16	% 	
BBB	  	 	12,387	  	 	 	13	% 	 	 	12,148	  	 	 	13	% 	 	 	11,604	  	 	 	13	% 	 	 	8,941	  	 	 	14	% 	
BB	  	 	6,719	  	 	 	7	% 	 	 	6,465	  	 	 	7	% 	 	 	5,484	  	 	 	6	% 	 	 	3,775	  	 	 	6	% 	
B	  	 	4,722	  	 	 	5	% 	 	 	4,061	  	 	 	4	% 	 	 	3,494	  	 	 	4	% 	 	 	3,018	  	 	 	5	% 	
Other	  	 	285	  	 	 	0	% 	 	 	259	  	 	 	0	% 	 	 	269	  	 	 	0	% 	 	 	178	  	 	 	0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturities	  	$	96,272	  	 	 	100	% 	 	$	95,163	  	 	 	100	% 	 	$	92,500	  	 	 	100	% 	 	$	62,585	  	 	 	100	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost/Amortized Cost	  				 				 				 				 				 				 				 				
Fixed maturities available for sale	  	$	78,630	  	 				 	$	77,436	  	 				 	$	75,991	  	 				 	$	43,149	  	 				
Fixed maturities held to maturity	  	 	10,927	  	 				 	 	11,090	  	 				 	 	11,280	  	 				 	 	8,430	  	 				
Short-term investments	  	 	3,548	  	 				 	 	3,631	  	 				 	 	3,382	  	 				 	 	10,446	  	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Subtotal fixed maturities	  	 	93,105	  	 				 	 	92,157	  	 				 	 	90,653	  	 				 	 	62,025	  	 				
Equity securities	  	 	695	  	 				 	 	703	  	 				 	 	841	  	 				 	 	441	  	 				
Other investments	  	 	4,170	  	 				 	 	4,152	  	 				 	 	4,233	  	 				 	 	2,993	  	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Total investment portfolio	  	$	97,970	  	 				 	$	97,012	  	 				 	$	95,727	  	 				 	$	65,459	  	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Avg. duration of fixed maturities	  	 	3.9 years	  	 				 	 	3.9 years	  	 				 	 	3.9 years	  	 				 	 	3.5 years	  	 				
Avg. market yield of fixed maturities	  	 	2.2	% 	 				 	 	2.3	% 	 				 	 	2.5	% 	 				 	 	2.8	% 	 				
Avg. credit quality	  	 	A/Aa	  	 				 	 	A/Aa	  	 				 	 	AA/Aa	  	 				 	 	A/Aa	  	 				
Avg. yield on invested assets (1)	  	 	3.4	% 	 				 	 	3.4	% 	 				 	 	3.4	% 	 				 	 	3.4	% 	 				
 
(1)	Calculated using adjusted net investment income.	

Investments	 		 	Page 30	

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 September 30, 2016	  				  				  				  				  				  				
Agency residential mortgage-backed (RMBS)	  	$	—  	  	  	$	12,175	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	  	$	12,175	  	
Non-agency RMBS	  	 	1	  	  	 	5	  	  	 	11	  	  	 	5	  	  	 	34	  	  	 	56	  	
Commercial mortgage-backed	  	 	2,776	  	  	 	27	  	  	 	6	  	  	 	—  	  	  	 	—  	  	  	 	2,809	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total mortgage-backed securities at market value	  	$	2,777	  	  	$	12,207	  	  	$	17	  	  	$	5	  	  	$	34	  	  	$	15,040	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
U.S. Corporate and Asset-backed Fixed Income Portfolios
Market Value at September 30, 2016

 	  	S&P Credit Rating	 	
 	  	Investment Grade	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	Total	 	
Asset-backed	  	$	788	  	  	$	32	  	  	$	—  	  	  	$	—  	  	  	$	820	  	
Banks	  	 	—  	  	  	 	17	  	  	 	1,659	  	  	 	1,688	  	  	 	3,364	  	
Basic Materials	  	 	—  	  	  	 	—  	  	  	 	93	  	  	 	265	  	  	 	358	  	
Communications	  	 	—  	  	  	 	167	  	  	 	274	  	  	 	1,263	  	  	 	1,704	  	
Consumer, Cyclical	  	 	—  	  	  	 	189	  	  	 	632	  	  	 	745	  	  	 	1,566	  	
Consumer, Non-Cyclical	  	 	116	  	  	 	548	  	  	 	1,841	  	  	 	1,099	  	  	 	3,604	  	
Diversified Financial Services	  	 	28	  	  	 	29	  	  	 	499	  	  	 	216	  	  	 	772	  	
Energy	  	 	—  	  	  	 	60	  	  	 	105	  	  	 	733	  	  	 	898	  	
Industrial	  	 	—  	  	  	 	388	  	  	 	559	  	  	 	509	  	  	 	1,456	  	
Utilities	  	 	1	  	  	 	8	  	  	 	1,008	  	  	 	658	  	  	 	1,675	  	
All Others	  	 	115	  	  	 	512	  	  	 	824	  	  	 	634	  	  	 	2,085	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	1,048	  	  	$	1,950	  	  	$	7,494	  	  	$	7,810	  	  	$	18,302	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Market Value at September 30, 2016

 	  	S&P Credit Rating	 	
 	  	Below Investment Grade	 	
 	  	BB	 	  	B	 	  	CCC	 	  	Total	 	
Asset-backed	  	$	3	  	  	$	3	  	  	$	10	  	  	$	16	  	
Banks	  	 	25	  	  	 	—  	  	  	 	—  	  	  	 	25	  	
Basic Materials	  	 	197	  	  	 	171	  	  	 	3	  	  	 	371	  	
Communications	  	 	858	  	  	 	783	  	  	 	19	  	  	 	1,660	  	
Consumer, Cyclical	  	 	1,002	  	  	 	693	  	  	 	34	  	  	 	1,729	  	
Consumer, Non-Cyclical	  	 	762	  	  	 	1,071	  	  	 	36	  	  	 	1,869	  	
Diversified Financial Services	  	 	193	  	  	 	41	  	  	 	4	  	  	 	238	  	
Energy	  	 	349	  	  	 	133	  	  	 	22	  	  	 	504	  	
Industrial	  	 	391	  	  	 	419	  	  	 	32	  	  	 	842	  	
Utilities	  	 	272	  	  	 	78	  	  	 	1	  	  	 	351	  	
All Others	  	 	453	  	  	 	376	  	  	 	18	  	  	 	847	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	4,505	  	  	$	3,768	  	  	$	179	  	  	$	8,452	  	

					
Investments 2	 		 	Page 31	

Chubb Limited
Investment Portfolio - 3
(in millions of U.S. dollars)
(Unaudited)
Non-U.S. Fixed Income Portfolio
September 30, 2016
Non-U.S. Government Securities

 	  	Market Value by S&P Credit Rating	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
United Kingdom	  	$	—  	  	  	$	1,719	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	  	$	1,719	  	
Canada	  	 	1,187	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	1,187	  	
Republic of Korea	  	 	—  	  	  	 	1,117	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	1,117	  	
Federative Republic of Brazil	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	808	  	  	 	808	  	
Province of Ontario	  	 	—  	  	  	 	1	  	  	 	493	  	  	 	—  	  	  	 	—  	  	  	 	494	  	
Germany	  	 	465	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	465	  	
Kingdom of Thailand	  	 	—  	  	  	 	—  	  	  	 	436	  	  	 	—  	  	  	 	—  	  	  	 	436	  	
United Mexican States	  	 	—  	  	  	 	—  	  	  	 	292	  	  	 	140	  	  	 	—  	  	  	 	432	  	
Province of Quebec	  	 	—  	  	  	 	8	  	  	 	415	  	  	 	—  	  	  	 	—  	  	  	 	423	  	
Australia	  	 	317	  	  	 	3	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	320	  	
Other Non-U.S. Government Securities	  	 	1,148	  	  	 	1,552	  	  	 	513	  	  	 	391	  	  	 	688	  	  	 	4,292	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	3,117	  	  	$	4,400	  	  	$	2,149	  	  	$	531	  	  	$	1,496	  	  	$	11,693	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-U.S. Corporate Securities

 	  	Market Value by S&P Credit Rating	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
United Kingdom	  	$	102	  	  	$	127	  	  	$	807	  	  	$	913	  	  	$	270	  	  	$	2,219	  	
Canada	  	 	115	  	  	 	318	  	  	 	310	  	  	 	461	  	  	 	239	  	  	 	1,443	  	
United States (1)	  	 	2	  	  	 	93	  	  	 	183	  	  	 	317	  	  	 	283	  	  	 	878	  	
France	  	 	22	  	  	 	49	  	  	 	487	  	  	 	277	  	  	 	38	  	  	 	873	  	
Netherlands	  	 	96	  	  	 	12	  	  	 	434	  	  	 	234	  	  	 	51	  	  	 	827	  	
Australia	  	 	100	  	  	 	156	  	  	 	275	  	  	 	94	  	  	 	41	  	  	 	666	  	
Germany	  	 	144	  	  	 	67	  	  	 	128	  	  	 	248	  	  	 	30	  	  	 	617	  	
Japan	  	 	—  	  	  	 	38	  	  	 	357	  	  	 	18	  	  	 	10	  	  	 	423	  	
Switzerland	  	 	31	  	  	 	19	  	  	 	116	  	  	 	141	  	  	 	38	  	  	 	345	  	
China	  	 	—  	  	  	 	127	  	  	 	121	  	  	 	24	  	  	 	5	  	  	 	277	  	
Other Non-U.S. Corporate Securities	  	 	475	  	  	 	452	  	  	 	832	  	  	 	701	  	  	 	526	  	  	 	2,986	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	1,087	  	  	$	1,458	  	  	$	4,050	  	  	$	3,428	  	  	$	1,531	  	  	$	11,554	  	

(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 32	

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

 	  	September 30, 2016	  	Market Value	 	  	        Rating        	
1	  	JP Morgan Chase & Co	  	$	572	  	  	A-	
2	  	Wells Fargo & Co	  	 	487	  	  	A	
3	  	General Electric Co	  	 	448	  	  	AA-	
4	  	Goldman Sachs Group Inc	  	 	430	  	  	BBB+	
5	  	Anheuser-Busch InBev NV	  	 	371	  	  	A-	
6	  	Verizon Communications Inc	  	 	365	  	  	BBB+	
7	  	Morgan Stanley	  	 	342	  	  	BBB+	
8	  	AT&T Inc	  	 	340	  	  	BBB+	
9	  	Bank of America Corp	  	 	339	  	  	BBB+	
10	  	Berkshire Hathaway Inc	  	 	331	  	  	AA	

Investments 4	 		 	Page 33	

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

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

(1)	Other-than-temporary impairments for the quarter includes $7 million for fixed maturities, $1 million for public equity and $4 million for private equity.	
(2)	The quarter includes $45 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. The net income or loss is included in other income (expense).	

 	 	Legacy ACE	 	
 	 	Three months ended September 30, 2015	 	
 	 	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	
 	 	(Losses)  (4)	 	 	(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	 	$	(51	) 	 	$	5	  	 	$	(46	) 	 	$	(237	) 	 	$	8	  	 	$	(229	) 	 	$	(288	) 	 	$	13	  	 	$	(275	) 	
Fixed income derivatives	 	 	(22	) 	 	 	4	  	 	 	(18	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(22	) 	 	 	4	  	 	 	(18	) 	
Public equity	 	 	2	  	 	 	(1	) 	 	 	1	  	 	 	(34	) 	 	 	9	  	 	 	(25	) 	 	 	(32	) 	 	 	8	  	 	 	(24	) 	
Private equity	 	 	9	  	 	 	(5	) 	 	 	4	  	 	 	(12	) 	 	 	—  	  	 	 	(12	) 	 	 	(3	) 	 	 	(5	) 	 	 	(8	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio	 	 	(62	) 	 	 	3	  	 	 	(59	) 	 	 	(283	) 	 	 	17	  	 	 	(266	) 	 	 	(345	) 	 	 	20	  	 	 	(325	) 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (5)	 	 	(313	) 	 	 	—  	  	 	 	(313	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(313	) 	 	 	—  	  	 	 	(313	) 	
Foreign exchange	 	 	(2	) 	 	 	5	  	 	 	3	  	 	 	(575	) 	 	 	28	  	 	 	(547	) 	 	 	(577	) 	 	 	33	  	 	 	(544	) 	
Partially-owned entities (6)	 	 	14	  	 	 	(2	) 	 	 	12	  	 	 	10	  	 	 	—  	  	 	 	10	  	 	 	24	  	 	 	(2	) 	 	 	22	  	
Other	 	 	(5	) 	 	 	—  	  	 	 	(5	) 	 	 	4	  	 	 	—  	  	 	 	4	  	 	 	(1	) 	 	 	—  	  	 	 	(1	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	 	$	(368	) 	 	$	6	  	 	$	(362	) 	 	$	(844	) 	 	$	45	  	 	$	(799	) 	 	$	(1,212	) 	 	$	51	  	 	$	(1,161	) 	

(4)	Other-than-temporary impairments for the quarter includes $26 million for fixed maturities, $3 million for public equity and $1 million for private equity.	
(5)	The quarter includes $83 million of gains on applicable hedges. These gains are both pre-tax and after-tax.	
(6)	Partially-owned entities 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).	

Net Gains (Losses) 1	 		 	Page 34	

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

 	  	Nine months ended September 30, 2016	 	
 	  	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	  	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	
 	  	(Losses)  (1)	 	 	(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	  	$	(156	) 	 	$	(2	) 	 	$	(158	) 	 	$	2,237	  	 	$	(533	) 	 	$	1,704	  	 	$	2,081	  	 	$	(535	) 	 	$	1,546	  	
Fixed income derivatives	  	 	(85	) 	 	 	14	  	 	 	(71	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(85	) 	 	 	14	  	 	 	(71	) 	
Public equity	  	 	39	  	 	 	(14	) 	 	 	25	  	 	 	52	  	 	 	(10	) 	 	 	42	  	 	 	91	  	 	 	(24	) 	 	 	67	  	
Private equity	  	 	73	  	 	 	(9	) 	 	 	64	  	 	 	(73	) 	 	 	—  	  	 	 	(73	) 	 	 	—  	  	 	 	(9	) 	 	 	(9	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio	  	 	(129	) 	 	 	(11	) 	 	 	(140	) 	 	 	2,216	  	 	 	(543	) 	 	 	1,673	  	 	 	2,087	  	 	 	(554	) 	 	 	1,533	  	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (2)	  	 	(358	) 	 	 	—  	  	 	 	(358	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(358	) 	 	 	—  	  	 	 	(358	) 	
Foreign exchange	  	 	46	  	 	 	(12	) 	 	 	34	  	 	 	269	  	 	 	(18	) 	 	 	251	  	 	 	315	  	 	 	(30	) 	 	 	285	  	
Partially-owned entities (3)	  	 	(5	) 	 	 	1	  	 	 	(4	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(5	) 	 	 	1	  	 	 	(4	) 	
Other	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	8	  	 	 	—  	  	 	 	8	  	 	 	8	  	 	 	—  	  	 	 	8	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	  	$	(446	) 	 	$	(22	) 	 	$	(468	) 	 	$	2,493	  	 	$	(561	) 	 	$	1,932	  	 	$	2,047	  	 	$	(583	) 	 	$	1,464	  	

(1)	Year to date other-than-temporary impairments includes $77 million for fixed maturities, $7 million for public equity and $7 million for private equity.	
(2)	Year to date includes $88 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. The net income or loss is included in other income (expense).	

 	  	Legacy ACE	 	
 	  	Nine months ended September 30, 2015	 	
 	  	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	  	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	
 	  	(Losses)  (4)	 	 	(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	  	$	(50	) 	 	$	—  	  	 	$	(50	) 	 	$	(630	) 	 	$	101	  	 	$	(529	) 	 	$	(680	) 	 	$	101	  	 	$	(579	) 	
Fixed income derivatives	  	 	6	  	 	 	1	  	 	 	7	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	6	  	 	 	1	  	 	 	7	  	
Public equity	  	 	32	  	 	 	(10	) 	 	 	22	  	 	 	(40	) 	 	 	11	  	 	 	(29	) 	 	 	(8	) 	 	 	1	  	 	 	(7	) 	
Private equity	  	 	49	  	 	 	(8	) 	 	 	41	  	 	 	(19	) 	 	 	—  	  	 	 	(19	) 	 	 	30	  	 	 	(8	) 	 	 	22	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio	  	 	37	  	 	 	(17	) 	 	 	20	  	 	 	(689	) 	 	 	112	  	 	 	(577	) 	 	 	(652	) 	 	 	95	  	 	 	(557	) 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (5)	  	 	(268	) 	 	 	—  	  	 	 	(268	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(268	) 	 	 	—  	  	 	 	(268	) 	
Foreign exchange	  	 	(73	) 	 	 	17	  	 	 	(56	) 	 	 	(860	) 	 	 	35	  	 	 	(825	) 	 	 	(933	) 	 	 	52	  	 	 	(881	) 	
Partially-owned entities (6)	  	 	45	  	 	 	(4	) 	 	 	41	  	 	 	10	  	 	 	—  	  	 	 	10	  	 	 	55	  	 	 	(4	) 	 	 	51	  	
Other	  	 	(11	) 	 	 	2	  	 	 	(9	) 	 	 	11	  	 	 	(2	) 	 	 	9	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	  	$	(270	) 	 	$	(2	) 	 	$	(272	) 	 	$	(1,528	) 	 	$	145	  	 	$	(1,383	) 	 	$	(1,798	) 	 	$	143	  	 	$	(1,655	) 	

(4)	Year to date other-than-temporary impairments includes $46 million for fixed maturities, $4 million for public equities and $1 million for private equity.	
(5)	Year to date includes $69 million of gains on applicable hedges. These gains are both pre-tax and after-tax.	
(6)	Partially-owned entities 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).	

Net Gains (Losses) 2	 		 	Page 35	

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

 	  	 	 	 	 	 	 	 	 	 	Legacy ACE	 	
 	  	September 30	 	 	June 30	 	 	March 31	 	 	December 31	 	 	December 31	 	
 	  	2016	 	 	2016	 	 	2016	 	 	2015	 	 	2014	 	
Financial Debt:	  				 				 				 				 				
Total short-term debt	  	$	500	  	 	$	500	  	 	$	500	  	 	$	—  	  	 	$	1,150	  	
Total long-term debt (1)	  	 	12,621	  	 	 	12,631	  	 	 	12,636	  	 	 	9,389	  	 	 	3,334	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total financial debt	  	$	13,121	  	 	$	13,131	  	 	$	13,136	  	 	$	9,389	  	 	$	4,484	  	
Hybrid debt:	  				 				 				 				 				
Total trust preferred securities	  	 	308	  	 	 	308	  	 	 	308	  	 	 	307	  	 	 	307	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	13,429	  	 	$	13,439	  	 	$	13,444	  	 	$	9,696	  	 	$	4,791	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capitalization:	  				 				 				 				 				
Shareholders’ equity	  	$	48,372	  	 	$	47,226	  	 	$	45,897	  	 	$	29,135	  	 	$	29,587	  	
Hybrid debt	  	 	308	  	 	 	308	  	 	 	308	  	 	 	307	  	 	 	307	  	
Financial debt	  	 	13,121	  	 	 	13,131	  	 	 	13,136	  	 	 	9,389	  	 	 	4,484	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total capitalization	  	$	61,801	  	 	$	60,665	  	 	$	59,341	  	 	$	38,831	  	 	$	34,378	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Leverage ratios (based on total capital):	  				 				 				 				 				
Hybrid debt	  	 	0.5	% 	 	 	0.5	% 	 	 	0.5	% 	 	 	0.8	% 	 	 	0.9	% 	
Financial debt	  	 	21.2	% 	 	 	21.6	% 	 	 	22.1	% 	 	 	24.2	% 	 	 	13.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total hybrid & financial debt	  	 	21.7	% 	 	 	22.1	% 	 	 	22.6	% 	 	 	25.0	% 	 	 	13.9	% 	
Note: As of September 30, 2016, there was $0.5 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 36	

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

 	  	Three months ended September 30	 	 	Nine months ended September 30	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
Numerator	  				 				 				 				
Operating income to common shares	  	$	1,356	  	 	$	897	  	 	$	3,433	  	 	$	2,430	  	
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax (1)	  	 	(79	) 	 	 	—  	  	 	 	(257	) 	 	 	—  	  	
Tax benefit on amortization adjustment	  	 	26	  	 	 	—  	  	 	 	79	  	 	 	—  	  	
Chubb integration and related expenses, pre-tax	  	 	(115	) 	 	 	(9	) 	 	 	(368	) 	 	 	(9	) 	
Tax benefit on Chubb integration and related expenses	  	 	30	  	 	 	2	  	 	 	106	  	 	 	2	  	
Adjusted net realized gains (losses), pre-tax	  	 	169	  	 	 	(368	) 	 	 	(446	) 	 	 	(270	) 	
Tax (expense) benefit on adjusted net realized gains (losses)	  	 	(27	) 	 	 	6	  	 	 	(22	) 	 	 	(2	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	1,360	  	 	$	528	  	 	$	2,525	  	 	$	2,151	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rollforward of Common Shares Outstanding	  				 				 				 				
Shares - beginning of period	  	 	465,012,980	  	 	 	323,814,281	  	 	 	324,563,441	  	 	 	328,659,686	  	
Share Issuance for Chubb Acquisition	  	 	—  	  	 	 	—  	  	 	 	136,950,381	  	 	 	—  	  	
Repurchase of shares	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(6,677,663	) 	
Shares issued, excluding option exercises	  	 	34,510	  	 	 	(78,863	) 	 	 	2,504,257	  	 	 	1,039,238	  	
Issued for option exercises	  	 	238,620	  	 	 	326,950	  	 	 	1,268,031	  	 	 	1,041,107	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Shares - end of period	  	 	465,286,110	  	 	 	324,062,368	  	 	 	465,286,110	  	 	 	324,062,368	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Denominator	  				 				 				 				
Weighted average shares outstanding	  	 	468,021,093	  	 	 	324,210,936	  	 	 	460,631,794	  	 	 	325,904,502	  	
Effect of other dilutive securities	  	 	3,375,269	  	 	 	2,962,484	  	 	 	3,439,017	  	 	 	3,269,724	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adj. wtd. avg. shares outstanding and assumed conversions	  	 	471,396,362	  	 	 	327,173,420	  	 	 	464,070,811	  	 	 	329,174,226	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	  				 				 				 				
Operating income	  	$	2.90	  	 	$	2.77	  	 	$	7.45	  	 	$	7.46	  	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)	  	 	(0.11	) 	 	 	—  	  	 	 	(0.39	) 	 	 	—  	  	
Chubb integration and related expenses, net of tax	  	 	(0.18	) 	 	 	(0.02	) 	 	 	(0.57	) 	 	 	(0.02	) 	
Adjusted net realized gains (losses), net of tax	  	 	0.29	  	 	 	(1.12	) 	 	 	(1.01	) 	 	 	(0.84	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	2.90	  	 	$	1.63	  	 	$	5.48	  	 	$	6.60	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings per share	  				 				 				 				
Operating income	  	$	2.88	  	 	$	2.74	  	 	$	7.40	  	 	$	7.38	  	
Amortization of fair value adjustment of acquired invested assets and long-term debt (1)	  	 	(0.11	) 	 	 	—  	  	 	 	(0.39	) 	 	 	—  	  	
Chubb integration and related expenses	  	 	(0.18	) 	 	 	(0.02	) 	 	 	(0.56	) 	 	 	(0.02	) 	
Adjusted net realized gains (losses)	  	 	0.29	  	 	 	(1.10	) 	 	 	(1.01	) 	 	 	(0.83	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	2.88	  	 	$	1.62	  	 	$	5.44	  	 	$	6.53	  	

(1)	Related to the acquisition of The Chubb Corporation.	

Earnings per share	 		 	Page 37	

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

 	  	September 30	 	 	June 30	 	 	March 31	 	 	December 31	 	 	September 30	 	
 	  	2016	 	 	2016	 	 	2016	 	 	2015	 	 	2015	 	
Shareholders’ equity	  	$	48,372	  	 	$	47,226	  	 	$	45,897	  	 	$	29,135	  	 	$	29,127	  	
Less: goodwill and other intangible assets, net of tax	  	 	20,332	  	 	 	20,656	  	 	 	20,904	  	 	 	5,683	  	 	 	5,713	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Numerator for tangible book value per share	  	$	28,040	  	 	$	26,570	  	 	$	24,993	  	 	$	23,452	  	 	$	23,414	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value - % change over prior quarter	  	 	2.4	% 	 	 	2.9	% 	 	 	57.5	% 	 	 	0.0	% 	 	 	-1.4	% 	
Tangible book value - % change over prior quarter	  	 	5.5	% 	 	 	6.3	% 	 	 	6.6	% 	 	 	0.2	% 	 	 	-0.7	% 	
Denominator	  	 	465,286,110	  	 	 	465,012,980	  	 	 	464,283,520	  	 	 	324,563,441	  	 	 	324,062,368	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share	  	$	103.96	  	 	$	101.56	  	 	$	98.85	  	 	$	89.77	  	 	$	89.88	  	
Tangible book value per common share	  	$	60.26	  	 	$	57.14	  	 	$	53.83	  	 	$	72.25	  	 	$	72.25	  	
Reconciliation of Book Value	  				 				 				 				 				
Shareholders’ equity, beginning of quarter	  	$	47,226	  	 	$	45,897	  	 	$	29,135	  	 	$	29,127	  	 	$	29,555	  	
Operating income	  	 	1,356	  	 	 	1,058	  	 	 	1,019	  	 	 	780	  	 	 	897	  	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)	  	 	(53	) 	 	 	(66	) 	 	 	(59	) 	 	 	—  	  	 	 	—  	  	
Chubb integration and related expenses, net of tax	  	 	(85	) 	 	 	(71	) 	 	 	(106	) 	 	 	(35	) 	 	 	(7	) 	
Adjusted net realized gains (losses), net of tax	  	 	142	  	 	 	(195	) 	 	 	(415	) 	 	 	(62	) 	 	 	(362	) 	
Net unrealized gains (losses) on the investment portfolio	  	 	143	  	 	 	706	  	 	 	824	  	 	 	(411	) 	 	 	(255	) 	
Share Issuance related to acquisition of The Chubb Corp.	  	 	—  	  	 	 	—  	  	 	 	15,204	  	 	 	—  	  	 	 	—  	  	
Fair value of equity awards assumed in acquisition of The Chubb Corp.	  	 	—  	  	 	 	—  	  	 	 	323	  	 	 	—  	  	 	 	—  	  	
Dividend declared on common shares	  	 	(323	) 	 	 	(323	) 	 	 	(314	) 	 	 	(218	) 	 	 	(218	) 	
Cumulative translation	  	 	(131	) 	 	 	105	  	 	 	277	  	 	 	(133	) 	 	 	(547	) 	
Pension liability	  	 	4	  	 	 	3	  	 	 	1	  	 	 	1	  	 	 	3	  	
Other (2)	  	 	93	  	 	 	112	  	 	 	8	  	 	 	86	  	 	 	61	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	$	48,372	  	 	$	47,226	  	 	$	45,897	  	 	$	29,135	  	 	$	29,127	  	

(1)	Related to the acquisition of The Chubb Corporation.	
(2)	Other primarily includes proceeds from exercise of stock options and stock compensation.	

Reconciliation Book Value	 		 	Page 38	

Chubb Limited
Non-GAAP Financial Measures
(in millions of U.S. dollars)
(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 net realized gains (losses) is a non-GAAP financial measure that 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 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 to Adjusted losses and loss expenses (a non-GAAP financial measure). Adjusted losses and loss expenses include gains and losses on crop derivatives. 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. A reconciliation of GAAP combined ratio to P&C combined ratio is provided on page 41.
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 underwriting operations as they are heavily influenced by, and fluctuate in part according to market conditions. The focus of our business is underwriting operations. Excluding results that are not underwriting related provide visibility into the effectiveness of our company pricing underwriting risks. Results based on market conditions, such as realized gains and losses from our investment portfolio, and results that are driven by unusual items, such as the size and complexity of our recent Chubb Corp acquisition and the related integration costs and purchase accounting adjustments, are not indicative measure of our effectiveness in pricing underwriting risks.
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 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. North America Agricultural Insurance underwriting income includes gains (losses) on crop derivatives.
P&C combined ratio excluding catastrophe losses and prior period development (PPD) is a non-GAAP financial measure. The ratio numerator includes adjusted losses and loss expenses, policy acquisition costs, and administrative expenses adjusted to exclude catastrophe losses and PPD. The ratio denominator includes net premiums earned adjusted to exclude the amount of reinstatement premiums (expensed) collected and net earned premium adjustments on loss sensitive policies. 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 loss and loss expense ratio excluding the impact of catastrophe losses and PPD is a non-GAAP financial measure. The loss ratio numerator includes adjusted losses and loss expenses and excludes catastrophe losses and PPD. The loss ratio denominator includes Net premiums earned adjusted to exclude the amount of reinstatement premiums (expensed) collected. In periods where there are adjustments on loss sensitive policies, these adjustments are excluded from PPD and net earned premiums when calculating this ratio. 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 consolidated 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.
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.
Operating effective tax rate is a non-GAAP financial measure. The numerator excludes tax on adjusted net realized gains (losses). The denominator excludes adjusted net realized gains (losses), before tax. We exclude adjusted net realized gains (losses) and the related tax impact because these amounts are heavily influenced by, and fluctuate in part according to, the availability of market opportunities. 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 38. Tangible book value per common share excluding acquisitions is shareholders’ equity less goodwill and other intangible assets, net of tax, divided by the shares outstanding. The numerator adds back the goodwill and other intangible assets, net of tax, related to the acquisition of The Chubb Corporation in order to adjust for the distortive effect of the acquisition. 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.
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) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. We also exclude Chubb integration and related expenses due to the size and complexity of this acquisition. 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. 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. These expenses include legal and professional fees and all other costs directly related to the integration activities of The Chubb Corp acquisition. In addition, we excluded the pre-acquisition interest expense on the $5.3 billion senior notes issued in November 2015 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), this debt was considered a cost of our operations and interest expense associated with this debt is included within operating income. 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.
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 pre-acquisition interest expense on the $5.3 billion senior notes issued in November 2015. We believe that excluding these items are meaningful in order to present the underlying economics of the company’s business.
Net premiums written excluding merger-related underwriting actions, including additional reinsurance are non-GAAP performance measures. Since the acquisition of The Chubb Corporation, we have entered into reinsurance agreements with third-party reinsurers for the Legacy Chubb Corp businesses and have taken other merger-related underwriting actions, in conformity with our underwriting and risk diversification strategy. We believe that these measures are meaningful to evaluate trends in our production on a comparable basis to the prior year As If we were one company in 2015.
We acquired the Fireman’s Fund high net worth personal lines business in April 2015 and recognized as written premiums non-recurring unearned premiums reserves of $252 million. Due to the size of this non-recurring transfer, we believe that excluding this one-time benefit in 2015 will allow for comparability when assessing trends in our business. We present measures exclusive of Fireman’s Fund high net worth business from our 2016 and 2015 results in order to show its impact on our results and to highlight the impact of Fireman’s Fund low retention on our business.

Reconciliation Non-GAAP	 		 	Page 39	

Chubb Limited
Non-GAAP Financial Measures - 2
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G - Non-GAAP Financial Measures (continued)
Operating income
Operating income is a common performance measure for insurance companies and is presented throughout this report.
The following table presents the reconciliation of Net income to Operating income:

 	  	3Q-16	 	 	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	YTD
2016	 	 	YTD
2015	 	 	Full Year
2015	 	
Net income, as reported	  	$	1,360	  	 	$	726	  	 	$	439	  	 	$	683	  	 	$	528	  	 	$	2,525	  	 	$	2,151	  	 	$	2,834	  	
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax (1)	  	 	(79	) 	 	 	(95	) 	 	 	(83	) 	 	 	—  	  	 	 	—  	  	 	 	(257	) 	 	 	—  	  	 	 	—  	  	
Tax benefit on amortization adjustment	  	 	26	  	 	 	29	  	 	 	24	  	 	 	—  	  	 	 	—  	  	 	 	79	  	 	 	—  	  	 	 	—  	  	
Chubb integration and related expenses, pre tax	  	 	(115	) 	 	 	(98	) 	 	 	(155	) 	 	 	(53	) 	 	 	(9	) 	 	 	(368	) 	 	 	(9	) 	 	 	(62	) 	
Tax benefit on Chubb integration and related expenses	  	 	30	  	 	 	27	  	 	 	49	  	 	 	18	  	 	 	2	  	 	 	106	  	 	 	2	  	 	 	20	  	
Adjusted net realized gains (losses)	  	 	97	  	 	 	(214	) 	 	 	(394	) 	 	 	(57	) 	 	 	(393	) 	 	 	(511	) 	 	 	(354	) 	 	 	(411	) 	
Net realized gains (losses) related to unconsolidated entities  (2)	  	 	72	  	 	 	18	  	 	 	(25	) 	 	 	(17	) 	 	 	25	  	 	 	65	  	 	 	84	  	 	 	67	  	
Tax (expense) benefit on adjusted net realized gains (losses)	  	 	(27	) 	 	 	1	  	 	 	4	  	 	 	12	  	 	 	6	  	 	 	(22	) 	 	 	(2	) 	 	 	10	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	$	1,356	  	 	$	1,058	  	 	$	1,019	  	 	$	780	  	 	$	897	  	 	$	3,433	  	 	$	2,430	  	 	$	3,210	  	

(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).	
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 the nine months ended September 30, 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 . To annualize YTD 2016 operating ROE, include the 14-day stub period adjustment in the numerator (i.e., include income from the first 14 days of January of approximately $60 million to account for the distortive impact of Q1 not having a full quarter given the acquisition close 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.

																					
 	  	3Q-16	 	 	3Q-15	 	 	YTD
2016	 	 	YTD
2015	 	 	Full Year
2015	 	
Net income	  	$	1,360	  	 	$	528	  	 	$	2,525	  	 	$	2,151	  	 	$	2,834	  	
Operating income	  	$	1,356	  	 	$	897	  	 	$	3,433	  	 	$	2,430	  	 	$	3,210	  	
Equity - beginning of period, as reported	  	$	47,226	  	 	$	29,555	  	 	$	29,135	  	 	$	29,587	  	 	$	29,587	  	
Add: weighted average impact of equity issuance (260 days)	  	 	—  	  	 	 	—  	  	 	 	14,734	  	 	 	—  	  	 	 	—  	  	
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	2,404	  	 	 	1,540	  	 	 	874	  	 	 	1,851	  	 	 	1,851	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity - beginning of period, as adjusted	  	$	44,822	  	 	$	28,015	  	 	$	42,995	  	 	$	27,736	  	 	$	27,736	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity - end of period, as reported	  	$	48,372	  	 	$	29,127	  	 	$	48,372	  	 	$	29,127	  	 	$	29,135	  	
Less: weighted average impact of equity issuance (14 days)	  	 	—  	  	 	 	—  	  	 	 	793	  	 	 	—  	  	 	 	—  	  	
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	2,547	  	 	 	1,285	  	 	 	2,547	  	 	 	1,285	  	 	 	874	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity - end of period, as adjusted	  	$	45,825	  	 	$	27,842	  	 	$	45,032	  	 	$	27,842	  	 	$	28,261	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average equity, as reported	  	$	47,799	  	 	$	29,341	  	 	$	45,724	  	 	$	29,357	  	 	$	29,361	  	
Weighted average equity, as adjusted	  	$	45,324	  	 	$	27,929	  	 	$	44,014	  	 	$	27,789	  	 	$	27,999	  	
Operating ROE	  	 	12.0	% 	 	 	12.9	% 	 	 	10.4	% 	 	 	11.7	% 	 	 	11.5	% 	
ROE	  	 	11.4	% 	 	 	7.2	% 	 	 	7.4	% 	 	 	9.8	% 	 	 	9.7	% 	

Reconciliation Non-GAAP 2	 		 	Page 40	

Chubb Limited
Non-GAAP Financial Measures - 3
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G - Non-GAAP Financial Measures (continued)
Operating effective tax rate
The following table presents the reconciliation of effective tax rate to the operating effective tax rate:

 	  	3Q-16	 	 	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	YTD
2016	 	 	YTD
2015	 	 	Full Year
2015	 	
Tax expense, as reported	  	$	277	  	 	$	155	  	 	$	124	  	 	$	67	  	 	$	132	  	 	$	556	  	 	$	395	  	 	$	462	  	
Tax benefit on amortization of fair value of acquired invested assets and debt (1)	  	 	(26	) 	 	 	(29	) 	 	 	(24	) 	 	 	—  	  	 	 	—  	  	 	 	(79	) 	 	 	—  	  	 	 	—  	  	
Tax benefit on Chubb integration and related expenses	  	 	(30	) 	 	 	(27	) 	 	 	(49	) 	 	 	(18	) 	 	 	(2	) 	 	 	(106	) 	 	 	(2	) 	 	 	(20	) 	
Tax expense (benefit) on adjusted net realized gains (losses)	  	 	27	  	 	 	(1	) 	 	 	(4	) 	 	 	(12	) 	 	 	(6	) 	 	 	22	  	 	 	2	  	 	 	(10	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tax expense, adjusted	  	$	306	  	 	$	212	  	 	$	201	  	 	$	97	  	 	$	140	  	 	$	719	  	 	$	395	  	 	$	492	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before tax, as reported	  	$	1,637	  	 	$	881	  	 	$	563	  	 	$	750	  	 	$	660	  	 	$	3,081	  	 	$	2,546	  	 	$	3,296	  	
Less: amortization of fair value of acquired invested assets and debt (1)	  	 	(79	) 	 	 	(95	) 	 	 	(83	) 	 	 	—  	  	 	 	—  	  	 	 	(257	) 	 	 	—  	  	 	 	—  	  	
Less: Chubb integration and related expenses	  	 	(115	) 	 	 	(98	) 	 	 	(155	) 	 	 	(53	) 	 	 	(9	) 	 	 	(368	) 	 	 	(9	) 	 	 	(62	) 	
Less: adjusted realized gains (losses)	  	 	97	  	 	 	(214	) 	 	 	(394	) 	 	 	(57	) 	 	 	(393	) 	 	 	(511	) 	 	 	(354	) 	 	 	(411	) 	
Less: realized gains (losses) related to unconsolidated entities	  	 	72	  	 	 	18	  	 	 	(25	) 	 	 	(17	) 	 	 	25	  	 	 	65	  	 	 	84	  	 	 	67	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before tax	  	$	1,662	  	 	$	1,270	  	 	$	1,220	  	 	$	877	  	 	$	1,037	  	 	$	4,152	  	 	$	2,825	  	 	$	3,702	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effective tax rate	  	 	17.0	% 	 	 	17.6	% 	 	 	22.1	% 	 	 	9.0	% 	 	 	20.0	% 	 	 	18.1	% 	 	 	15.5	% 	 	 	14.0	% 	
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt (1)	  	 	0.7	% 	 	 	1.1	% 	 	 	0.9	% 	 	 	—  	  	 	 	—  	  	 	 	0.9	% 	 	 	—  	  	 	 	—  	  	
Adjustment for tax impact of Chubb integration and related expenses	  	 	0.6	% 	 	 	0.9	% 	 	 	2.2	% 	 	 	1.5	% 	 	 	-0.1	% 	 	 	1.1	% 	 	 	—  	  	 	 	0.3	% 	
Adjustment for tax impact of adjusted net realized gains (losses)	  	 	0.1	% 	 	 	-2.9	% 	 	 	-8.7	% 	 	 	0.6	% 	 	 	-6.4	% 	 	 	-2.8	% 	 	 	-1.5	% 	 	 	-1.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating effective tax rate	  	 	18.4	% 	 	 	16.7	% 	 	 	16.5	% 	 	 	11.1	% 	 	 	13.5	% 	 	 	17.3	% 	 	 	14.0	% 	 	 	13.3	% 	

(1)	Related to the acquisition of The Chubb Corporation	
P&C combined ratio
The following table presents the reconciliation of GAAP 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.

 	  	3Q-16	 	 	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	YTD
2016	 	 	YTD
2015	 	 	Full Year
2015	 	
GAAP combined ratio	  	 	86.0	% 	 	 	91.2	% 	 	 	90.0	% 	 	 	87.7	% 	 	 	85.8	% 	 	 	89.0	% 	 	 	87.2	% 	 	 	87.3	% 	
Impact of gains and losses on crop derivatives	  	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.1	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C combined ratio	  	 	86.0	% 	 	 	91.2	% 	 	 	90.0	% 	 	 	87.7	% 	 	 	85.9	% 	 	 	89.0	% 	 	 	87.2	% 	 	 	87.4	% 	

Reconciliation Non-GAAP 3	 		 	Page 41	

Chubb Limited
Non-GAAP Financial Measures - 4
(in millions of U.S. dollars, except share data)
(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 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. 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.

 	  	3Q-16	 	  	2Q-16	 	  	1Q-16	 	  	4Q-15	 	  	3Q-15	 	  	YTD
2016	 	  	YTD
2015	 	  	Full Year
2015	 	
Chubb integration expenses, net of tax	  	$	85	  	  	$	71	  	  	$	102	  	  	$	16	  	  	$	7	  	  	$	258	  	  	$	7	  	  	$	23	  	
Add: pre-acquisition interest expense related to $5.3 billion senior notes, net of tax	  	 	—  	  	  	 	—  	  	  	 	4	  	  	 	19	  	  	 	—  	  	  	 	4	  	  	 	—  	  	  	 	19	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Chubb integration and related expenses, net of tax	  	 	85	  	  	 	71	  	  	 	106	  	  	 	35	  	  	 	7	  	  	 	262	  	  	 	7	  	  	 	42	  	
Tax benefit	  	 	30	  	  	 	27	  	  	 	49	  	  	 	18	  	  	 	2	  	  	 	106	  	  	 	2	  	  	 	20	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Chubb integration and related expenses, pre- tax	  	$	115	  	  	$	98	  	  	$	155	  	  	$	53	  	  	$	9	  	  	$	368	  	  	$	9	  	  	$	62	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
As If Results
As If results presented throughout this document are prepared exclusive of purchase accounting adjustments in order to present the underlying profitability of our insurance business. We believe that excluding these adjustments provide visibility and comparability into our results. As If is defined as follows:
2016 As If results: The 2016 and 2015 As If underwriting results do not include any impact from purchase accounting adjustments. The first quarter and year to date combined company results are inclusive of the first 14 days of January 2016.
2015 As If results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.
The following presents the reconciliation of earnings per share to earnings per share, including the 14 day stub period for YTD 2016:

					
Numerator	  	YTD
2016	 	
Operating income as reported	  	$	3,433	  	
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	  	$	3,493	  	
	  	 	 	 	
Net income as reported	  	$	2,525	  	
Add: 14-day stub period income from above	  	 	60	  	
	  	 	 	 	
As If net income, including 14 day stub period	  	$	2,585	  	

					
Denominator	  	YTD
2016	 	
Weighted average shares outstanding and assumed conversions	  	 	464,070,811	  	
Impact of shares issued in connection with Chubb Corp acquisition	  	 	6,719,638	  	
As If adjusted weighted average shares outstanding	  	 	470,790,449	  	
Diluted earnings per share, including 14 day stub period	  				
Operating income per share	  	$	7.42	  	
Net income per share	  	$	5.49	  	

					
Reconciliation Non-GAAP 4	 		 	Page 42	

Chubb Limited
Non-GAAP Financial Measures - 5
(in millions of U.S. dollars)
(Unaudited)
Regulation G - Non-GAAP Financial Measures (continued)
The following table presents the reconciliation of Q1 2016 As If underwriting income excluding purchase accounting adjustments and including 14 days prior to the acquisition (14 Day Stub Period) to Q1 2016 underwriting results.

 	 	 	 	 	Purchase Accounting
adjustments (1)	 	 	14 Day Stub Period	 	 	 	 	
 	 	Total
Consolidated
As If*
(Excluding
Purchase
Accounting)	 	 	Acquisition
expense
elimination	 	 	UPR
intangible
amortization	 	 	North
America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Life
Insurance	 	 	Corporate	 	 	Total
Consolidated	 	
Q1 2016	 				 				 				 				 				 				 				 				 				 				
Net premiums written	 	$	6,850	  	 				 				 	$	519	  	 	$	100	  	 	$	215	  	 	$	20	  	 	$	1	  	 	$	—  	  	 	$	5,995	  	
Net premiums earned	 	 	6,988	  	 				 				 	 	208	  	 	 	109	  	 	 	72	  	 	 	—  	  	 	 	2	  	 	 	—  	  	 	 	6,597	  	
Losses and loss expenses	 	 	3,896	  	 				 				 	 	127	  	 	 	53	  	 	 	42	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	3,674	  	
Policy benefits	 	 	126	  	 				 				 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	126	  	
(Gains) losses from fair value changes in separate account assets	 	 	3	  	 				 				 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	3	  	
Policy acquisition costs	 	 	1,410	  	 	 	(506	) 	 				 	 	33	  	 	 	14	  	 	 	13	  	 	 	—  	  	 	 	1	  	 	 	—  	  	 	 	843	  	
Amortization of acquired UPR intangible	 	 	—  	  	 				 	 	570	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	570	  	
Administrative expenses	 	 	836	  	 				 				 	 	35	  	 	 	13	  	 	 	12	  	 	 	—  	  	 	 	1	  	 	 	3	  	 	 	772	  	
	 	 	 	 	 				 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted underwriting income (loss)	 	$	717	  	 				 				 	$	13	  	 	$	29	  	 	$	5	  	 	$	—  	  	 	$	—  	  	 	$	(3	) 	 	$	609	  	
 
(1)	Purchase accounting adjustments include the amortization of the fair value adjustment related to unearned premiums at the date of purchase amortized over the remaining coverage period. In addition, as part of purchase accounting, we recognize a benefit (Acquisition expense elimination) associated with the acquired unearned premiums being recognized over the remaining coverage period with no expense for the historical acquisition costs.	
The following table presents the reconciliation of underwriting income excluding purchase accounting adjustments, as used throughout this report (As If), to Pro Forma results calculated in accordance with SEC guidance under Article 11:

 	  	 	 	 	 	 	  	 	 	 	 	 	 	Purchase Accounting
adjustments (1)	 	  	 	 	
 	  	Legacy ACE	 	 	Legacy Chubb	 	  	Accounting
policy
alignment  (2)	 	 	As If*	 	 	Acquisition
expense
elimination	 	 	UPR
intangible
amortization	 	  	SEC
Pro Forma
2015 (3)	 	
Q1 2015	  				 				  				 				 				 				  				
Net premiums written	  	$	4,076	  	 	$	3,106	  	  	$	34	  	 	$	7,216	  	 				 				  	$	7,216	  	
Net premiums earned	  	 	3,927	  	 	 	3,105	  	  	 	5	  	 	 	7,037	  	 				 				  	 	7,037	  	
Losses and loss expenses	  	 	2,122	  	 	 	1,920	  	  	 	(1	) 	 	 	4,041	  	 				 				  	 	4,041	  	
Policy benefits	  	 	142	  	 	 	—  	  	  	 	—  	  	 	 	142	  	 				 				  	 	142	  	
(Gains) losses from fair value
changes in separate account assets	  	 	(11	) 	 	 	—  	  	  	 	—  	  	 	 	(11	) 	 				 				  	 	(11	) 	
Policy acquisition costs	  	 	707	  	 	 	626	  	  	 	64	  	 	 	1,397	  	 	 	(543	) 	 				  	 	854	  	
Amortization of acquired UPR intangible	  	 	—  	  	 	 	—  	  	  	 	—  	  	 	 	—  	  	 				 	 	674	  	  	 	674	  	
Administrative expenses	  	 	554	  	 	 	354	  	  	 	(33	) 	 	 	875	  	 				 				  	 	875	  	
	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 				 				  	 	 	 	
Underwriting income (loss)	  	$	413	  	 	$	205	  	  	$	(25	) 	 	$	593	  	 				 				  	$	462	  	
 
(1)	As if acquisition occurred on January 1, 2015.	
(2)	Refer to the closing Form 8-K/A filed on March 24, 2016 for further information on these adjustments.	
(3)	Based on SEC guidance under Article 11.	
*	2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 As If company results are inclusive of the first 14 days of January 2016.	
2015 As If results: Legacy ACE plus Legacy Chubb historical results.   For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

Reconciliation Non-GAAP 5	 		 	Page 43	

Chubb Limited
Non-GAAP Financial Measures - 6
(in millions of U.S. dollars)
(Unaudited)
Regulation G - Non-GAAP Financial Measures (continued)
The following presents the reconciliation of Q2 2016 As If underwriting income excluding purchase accounting adjustments to Q2 2016 underwriting results.

 	  	 	 	 	Purchase Accounting
adjustments (1)	 	  	 	 	
 	  	Total
Consolidated
As If*
(Excluding
Purchase
Accounting)	 	 	Acquisition
expense
elimination	 	 	UPR
intangible
amortization	 	  	Total
Consolidated	 	
Q2 2016	  				 				 				  				
Net premiums written	  	$	7,639	  	 				 				  	$	7,639	  	
Net premiums earned	  	 	7,405	  	 				 				  	 	7,405	  	
Losses and loss expenses	  	 	4,256	  	 				 				  	 	4,256	  	
Policy benefits	  	 	146	  	 				 				  	 	146	  	
(Gains) losses from fair value changes in separate account assets	  	 	(3	) 	 				 				  	 	(3	) 	
Policy acquisition costs	  	 	1,494	  	 	 	(459	) 	 				  	 	1,035	  	
Amortization of acquired UPR intangible	  	 	—  	  	 				 	 	525	  	  	 	525	  	
Administrative expenses	  	 	829	  	 				 				  	 	829	  	
	  	 	 	 	 				 				  	 	 	 	
Adjusted underwriting income	  	$	683	  	 				 				  	$	617	 (1)  	
 
(1)	Purchase accounting adjustments include the amortization of the fair value adjustment related to unearned premiums at the date of purchase amortized over the remaining coverage period. In addition, as part of purchase accounting, we recognize a benefit (Acquisition expense elimination) associated with the acquired unearned premiums being recognized over the remaining coverage period with no expense for the historical acquisition costs.	
The following table presents the reconciliation of underwriting income excluding purchase accounting adjustments, as used throughout this report (As If), to Pro Forma results calculated in accordance with SEC guidance under Article 11:

 	  	 	 	 	 	 	  	 	 	 	 	 	 	Purchase Accounting
adjustments (1)	 	  	 	 	
 	  	Legacy ACE	 	 	Legacy Chubb	 	  	Accounting
policy
alignment  (2)	 	 	As If*	 	 	Acquisition
expense
elimination	 	 	UPR
intangible
amortization	 	  	SEC
Pro Forma
2015 (3)	 	
Q2 2015	  				 				  				 				 				 				  				
Net premiums written	  	$	4,784	  	 	$	3,309	  	  	$	15	  	 	$	8,108	  	 				 				  	$	8,108	  	
Net premiums earned	  	 	4,360	  	 	 	3,133	  	  	 	10	  	 	 	7,503	  	 				 				  	 	7,503	  	
Losses and loss expenses	  	 	2,419	  	 	 	1,707	  	  	 	(8	) 	 	 	4,118	  	 				 				  	 	4,118	  	
Policy benefits	  	 	153	  	 	 	—  	  	  	 	—  	  	 	 	153	  	 				 				  	 	153	  	
(Gains) losses from fair value
changes in separate account assets	  	 	(6	) 	 	 	—  	  	  	 	—  	  	 	 	(6	) 	 				 				  	 	(6	) 	
Policy acquisition costs	  	 	727	  	 	 	652	  	  	 	77	  	 	 	1,456	  	 	 	(395	) 	 				  	 	1,061	  	
Amortization of acquired UPR intangible	  	 	—  	  	 	 	—  	  	  	 	—  	  	 	 	—  	  	 				 	 	489	  	  	 	489	  	
Administrative expenses	  	 	578	  	 	 	346	  	  	 	(50	) 	 	 	874	  	 				 				  	 	874	  	
	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 				 				  	 	 	 	
Underwriting income (loss)	  	$	489	  	 	$	428	  	  	$	(9	) 	 	$	908	  	 				 				  	$	814	  	
 
(1)	As if acquisition occurred on January 1, 2015. Purchase accounting adjustments include the amortization of the fair value adjustment related to unearned premiums at the date of purchase amortized over the remaining coverage period. In addition, as part of purchase accounting, we recognize a benefit (Acquisition expense elimination) associated with the acquired unearned premiums being recognized over the remaining coverage period with no expense for the historical acquisition costs.	
(2)	Refer to the closing Form 8-K/A filed on March 24, 2016 for further information on these adjustments.	
(3)	Based on SEC guidance under Article 11.	
*	2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments.	
2015 As If results: Legacy ACE plus Legacy Chubb historical results.   For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

Reconciliation Non-GAAP 6	 		 	Page 44	

Chubb Limited
Non-GAAP Financial Measures - 7
(in millions of U.S. dollars)
(Unaudited)
Regulation G - Non-GAAP Financial Measures (continued)
The following presents the reconciliation of Q3 2016 As If underwriting income excluding purchase accounting adjustments to Q3 2016 underwriting results.

 	  	 	 	 	Purchase Accounting
adjustments (1)	 	  	 	 	
 	  	Total
Consolidated
As If*
(Excluding
Purchase
Accounting)	 	 	Acquisition
expense
elimination	 	 	UPR
intangible
amortization	 	  	Total
Consolidated	 	
Q3 2016	  				 				 				  				
Net premiums written	  	$	7,573	  	 				 				  	$	7,573	  	
Net premiums earned	  	 	7,688	  	 				 				  	 	7,688	  	
Losses and loss expenses	  	 	4,266	  	 				 				  	 	4,266	  	
Policy benefits	  	 	155	  	 				 				  	 	155	  	
(Gains) losses from fair value changes in separate account assets	  	 	(22	) 	 				 				  	 	(22	) 	
Policy acquisition costs	  	 	1,475	  	 	 	(281	) 	 				  	 	1,194	  	
Amortization of acquired UPR intangible	  	 	—  	  	 				 	 	320	  	  	 	320	  	
Administrative expenses	  	 	772	  	 				 				  	 	772	  	
	  	 	 	 	 				 				  	 	 	 	
Adjusted underwriting income	  	$	1,042	  	 				 				  	$	1,003	 (1)  	
 
(1)	Refer to page 8 for a reconciliation of underwriting income to net income. Purchase accounting adjustments include the amortization of the fair value adjustment related to unearned premiums at the date of purchase amortized over the remaining coverage period. In addition, as part of purchase accounting, we recognize a benefit (Acquisition expense elimination) associated with the acquired unearned premiums being recognized over the remaining coverage period with no expense for the historical acquisition costs.	
The following table presents the reconciliation of underwriting income excluding purchase accounting adjustments, as used throughout this report (As If), to Pro Forma results calculated in accordance with SEC guidance under Article 11:

 	  	 	 	  	 	 	 	 	 	  	Purchase Accounting
adjustments (1)	 	  	 	 	
 	  	Legacy ACE	 	  	Legacy Chubb	 	  	Accounting
policy
alignment  (2)	 	 	As If*	 	  	Acquisition
expense
elimination	 	 	UPR
intangible
amortization	 	  	SEC
Pro Forma
2015 (3)	 	
Q3 2015	  				  				  				 				  				 				  				
Net premiums written	  	$	4,709	  	  	$	3,171	  	  	$	10	  	 	$	7,890	  	  				 				  	$	7,890	  	
Net premiums earned	  	 	4,719	  	  	 	3,166	  	  	 	18	  	 	 	7,903	  	  				 				  	 	7,903	  	
Losses and loss expenses	  	 	2,647	  	  	 	1,633	  	  	 	19	  	 	 	4,299	  	  				 				  	 	4,299	  	
Policy benefits	  	 	89	  	  	 	—  	  	  	 	—  	  	 	 	89	  	  				 				  	 	89	  	
(Gains) losses from fair value
changes in separate account assets	  	 	49	  	  	 	—  	  	  	 	—  	  	 	 	49	  	  				 				  	 	49	  	
Policy acquisition costs	  	 	771	  	  	 	663	  	  	 	71	  	 	 	1,505	  	  	 	(247	) 	 				  	 	1,258	  	
Amortization of acquired UPR intangible	  	 	—  	  	  	 	—  	  	  	 	—  	  	 	 	—  	  	  				 	 	288	  	  	 	288	  	
Administrative expenses	  	 	568	  	  	 	345	  	  	 	(57	) 	 	 	856	  	  				 				  	 	856	  	
	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  				 				  	 	 	 	
Underwriting income (loss)	  	$	595	  	  	$	525	  	  	$	(15	) 	 	$	1,105	  	  				 				  	$	1,064	  	
 
(1)	As if acquisition occurred on January 1, 2015. Purchase accounting adjustments include the amortization of the fair value adjustment related to unearned premiums at the date of purchase amortized over the remaining coverage period. In addition, as part of purchase accounting, we recognize a benefit (Acquisition expense elimination) associated with the acquired unearned premiums being recognized over the remaining coverage period with no expense for the historical acquisition costs.	
(2)	Refer to the closing Form 8-K/A filed on March 24, 2016 for further information on these adjustments.	
(3)	Based on SEC guidance under Article 11.	

*	2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments.	
2015 As If results: Legacy ACE plus Legacy Chubb historical results.   For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

Reconciliation Non-GAAP 7	 		 	Page 45	

Chubb Limited
Non-GAAP Financial Measures - 8
(in millions of U.S. dollars)
(Unaudited)
Regulation G - Non-GAAP Financial Measures (continued)
The following presents the reconciliation of YTD 2016 As If underwriting income excluding purchase accounting adjustments and including 14 days prior to the acquisition (14 Day Stub Period) to YTD 2016 as reported underwriting results.

 	 	 	 	 	Purchase Accounting
adjustments (1)	 	 	14 Day Stub Period	 	 	 	 	
 	 	Total
Consolidated
As If*
(Excluding
Purchase
Accounting)	 	 	Acquisition
expense
elimination	 	 	UPR
intangible
amortization	 	 	North
America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Life
Insurance	 	 	Corporate	 	 	Total
Consolidated	 	
Nine months ended September 30, 2016	 				 				 				 				 				 				 				 				 				 				
Net premiums written	 	$	22,062	  	 				 				 	$	519	  	 	$	100	  	 	$	215	  	 	$	20	  	 	$	1	  	 	$	—  	  	 	$	21,207	  	
Net premiums earned	 	 	22,081	  	 				 				 	 	208	  	 	 	109	  	 	 	72	  	 	 	—  	  	 	 	2	  	 	 	—  	  	 	 	21,690	  	
Losses and loss expenses	 	 	12,418	  	 				 				 	 	127	  	 	 	53	  	 	 	42	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	12,196	  	
Policy benefits	 	 	427	  	 				 				 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	427	  	
(Gains) losses from fair value changes in separate account assets	 	 	(22	) 	 				 				 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(22	) 	
Policy acquisition costs	 	 	4,379	  	 	 	(1,246	) 	 				 	 	33	  	 	 	14	  	 	 	13	  	 	 	—  	  	 	 	1	  	 	 	—  	  	 	 	3,072	  	
Amortization of acquired UPR intangible	 	 	—  	  	 				 	 	1,415	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,415	  	
Administrative expenses	 	 	2,437	  	 				 				 	 	35	  	 	 	13	  	 	 	12	  	 	 	—  	  	 	 	1	  	 	 	3	  	 	 	2,373	  	
	 	 	 	 	 				 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted underwriting income (loss)	 	$	2,442	  	 				 				 	$	13	  	 	$	29	  	 	$	5	  	 	$	—  	  	 	$	—  	  	 	$	(3	) 	 	$	2,229	(1)  	
 
(1)	Refer to page 10 for a reconciliation of underwriting income to net income. Purchase accounting adjustments include the amortization of the fair value adjustment related to unearned premiums at the date of purchase amortized over the remaining coverage period. In addition, as part of purchase accounting, we recognize a benefit (Acquisition expense elimination) associated with the acquired unearned premiums being recognized over the remaining coverage period with no expense for the historical acquisition costs.	
The following table presents the reconciliation of underwriting income excluding purchase accounting adjustments, as used throughout this report (“As If”), to Pro Forma results calculated in accordance with SEC guidance under Article 11:

 	 	 	 	 	 	 	 	 	 	 	 	 	 	Purchase Accounting
adjustments (1)	 	 	 	 	
 	 	Legacy ACE	 	 	Legacy Chubb	 	 	Accounting
policy
alignment  (2)	 	 	As If*	 	 	Acquisition
expense
elimination	 	 	UPR
intangible
amortization	 	 	SEC
Pro Forma
2015 (3)	 	
Nine months ended September 30, 2015	 				 				 				 				 				 				 				
Net premiums written	 	$	13,569	  	 	$	9,586	  	 	$	59	  	 	$	23,214	  	 				 				 	$	23,214	  	
Net premiums earned	 	 	13,006	  	 	 	9,404	  	 	 	33	  	 	 	22,443	  	 				 				 	 	22,443	  	
Losses and loss expenses	 	 	7,188	  	 	 	5,260	  	 	 	10	  	 	 	12,458	  	 				 				 	 	12,458	  	
Policy benefits	 	 	384	  	 	 	—  	  	 	 	—  	  	 	 	384	  	 				 				 	 	384	  	
(Gains) losses from fair value changes in separate account assets	 	 	32	  	 	 	—  	  	 	 	—  	  	 	 	32	  	 				 				 	 	32	  	
Policy acquisition costs	 	 	2,205	  	 	 	1,941	  	 	 	212	  	 	 	4,358	  	 	 	(1,185	) 	 				 	 	3,173	  	
Amortization of acquired UPR intangible	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 				 	 	1,451	  	 	 	1,451	  	
Administrative expenses	 	 	1,700	  	 	 	1,045	  	 	 	(140	) 	 	 	2,605	  	 				 				 	 	2,605	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 				 	 	 	 	
Underwriting income (loss)	 	$	1,497	  	 	$	1,158	  	 	$	(49	) 	 	$	2,606	  	 				 				 	$	2,340	  	
 
(1)	As if acquisition occurred on January 1, 2015. Purchase accounting adjustments include the amortization of the fair value adjustment related to unearned premiums at the date of purchase amortized over the remaining coverage period. In addition, as part of purchase accounting, we recognize a benefit (Acquisition expense elimination) associated with the acquired unearned premiums being recognized over the remaining coverage period with no expense for the historical acquisition costs.	
(2)	Refer to the closing Form 8-K/A filed on March 24, 2016 for further information on these adjustments.	
(3)	Based on SEC guidance under Article 11.	
*	2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.	
2015 As If results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

Reconciliation Non-GAAP 8	 		 	Page 46	

Chubb Limited
Non-GAAP Financial Measures - 9
(in millions of U.S. dollars)
(Unaudited)
Regulation G - Non-GAAP Financial Measures (continued)
The following tables present the reconciliation of combined company underwriting income (“As If”) used throughout this report to Pro Forma results calculated in accordance with SEC guidance under Article 11:

 	  	 	 	  	 	 	 	 	 	 	Purchase Accounting
adjustments (1)	 	  	 	 	
 	  	Legacy ACE	 	 	Legacy Chubb	 	  	Accounting
policy
alignment (2)	 	 	As If*	 	 	Acquisition
expense
elimination	 	 	UPR
intangible
amortization	 	  	SEC
Pro Forma
2015 (3)	 	
Q4 2015	  				 				  				 				 				 				  				
Net premiums written	  	$	4,144	  	 	$	3,047	  	  	$	18	  	 	$	7,209	  	 				 				  	$	7,209	  	
Net premiums earned	  	 	4,207	  	 	 	3,114	  	  	 	22	  	 	 	7,343	  	 				 				  	 	7,343	  	
Losses and loss expenses	  	 	2,305	  	 	 	1,693	  	  	 	8	  	 	 	4,006	  	 				 				  	 	4,006	  	
Policy benefits	  	 	159	  	 	 	—  	  	  	 	—  	  	 	 	159	  	 				 				  	 	159	  	
(Gains) losses from fair value changes in separate account assets	  	 	(13	) 	 	 	—  	  	  	 	—  	  	 	 	(13	) 	 				 				  	 	(13	) 	
Policy acquisition costs	  	 	736	  	 	 	652	  	  	 	80	  	 	 	1,468	  	 	 	(99	) 	 				  	 	1,369	  	
Amortization of acquired UPR intangible	  	 	—  	  	 	 	—  	  	  	 	—  	  	 	 	—  	  	 				 	 	99	  	  	 	99	  	
Administrative expenses	  	 	570	  	 	 	334	  	  	 	(44	) 	 	 	860	  	 				 				  	 	860	  	
	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 				 				  	 	 	 	
Underwriting income (loss)	  	$	450	  	 	$	435	  	  	$	(22	) 	 	$	863	  	 				 				  	$	863	  	
							
 	  	 	 	 	 	 	  	 	 	 	 	 	 	Purchase Accounting
adjustments (1)	 	  	 	 	
 	  	Legacy ACE	 	 	Legacy Chubb	 	  	Accounting
policy
alignment  (2)	 	 	As If*	 	 	Acquisition
expense
elimination	 	 	UPR
intangible
amortization	 	  	SEC
Pro Forma
2015 (3)	 	
Full Year 2015	  				 				  				 				 				 				  				
Net premiums written	  	$	17,713	  	 	$	12,633	  	  	$	77	  	 	$	30,423	  	 				 				  	$	30,423	  	
Net premiums earned	  	 	17,213	  	 	 	12,518	  	  	 	55	  	 	 	29,786	  	 				 				  	 	29,786	  	
Losses and loss expenses	  	 	9,493	  	 	 	6,953	  	  	 	18	  	 	 	16,464	  	 				 				  	 	16,464	  	
Policy benefits	  	 	543	  	 	 	—  	  	  	 	—  	  	 	 	543	  	 				 				  	 	543	  	
(Gains) losses from fair value changes in separate account assets	  	 	19	  	 	 	—  	  	  	 	—  	  	 	 	19	  	 				 				  	 	19	  	
Policy acquisition costs	  	 	2,941	  	 	 	2,593	  	  	 	292	  	 	 	5,826	  	 	 	(1,284	) 	 				  	 	4,542	  	
Amortization of acquired UPR intangible	  	 	—  	  	 	 	—  	  	  	 	—  	  	 	 	—  	  	 				 	 	1,550	  	  	 	1,550	  	
Administrative expenses	  	 	2,270	  	 	 	1,379	  	  	 	(184	) 	 	 	3,465	  	 				 				  	 	3,465	  	
	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 				 				  	 	 	 	
Underwriting income (loss)	  	$	1,947	  	 	$	1,593	  	  	$	(71	) 	 	$	3,469	  	 				 				  	$	3,203	  	
 
(1)	As if acquisition occurred on January 1, 2015. Purchase accounting adjustments include the amortization of the fair value adjustment related to unearned premiums at the date of purchase amortized over the remaining coverage period. In addition, as part of purchase accounting, we recognize a benefit (Acquisition expense elimination) associated with the acquired unearned premiums being recognized over the remaining coverage period with no expense for the historical acquisition costs.	
(2)	Refer to the closing Form 8-K/A filed on March 24, 2016 for further information on these adjustments.	
(3)	Based on SEC guidance under Article 11.	
*	2015 As If results: Legacy ACE plus Legacy Chubb historical results.   For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.	

Reconciliation Non-GAAP 9	 		 	Page 47	

Chubb Limited
Glossary
Chubb Limited Consolidated comprises all segments including Corporate.
Book value per common share: Shareholders’ equity divided by the shares outstanding.
Combined ratio:   The sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding life business.
Operating effective tax rate:   Income tax expense excluding tax expense (benefit) on adjusted net realized gains (losses) divided by income excluding adjusted net realized gains (losses) 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 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 48