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) - February 4, 2020
Chubb Limited
(Exact name of registrant as specified in its charter)
					
Switzerland	 	1-11778	 	98-0091805	
(State or other jurisdiction
of Incorporation)	 	(Commission
File Number)	 	(I.R.S. Employer
Identification No.)	
Baerengasse 32
CH-8001 Zurich, Switzerland
(Address of principal executive offices)
Registrant’s telephone number, including area code: +41 (0)43 456 76 00
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 	☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	

 	☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	

 	☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	

 	☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	
Securities registered pursuant to Section 12(b) of the Act:
					
Title of each class	 	Trading
Symbol(s)      	 	Name of each exchange on which registered	
Common Shares, par value CHF 24.15 per share	 	CB	 	New York Stock Exchange	
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02. Results of Operations and Financial Condition
On February 4, 2020, Chubb Limited issued a Press Release reporting its fourth quarter and year-end 2019 results and the availability of its fourth quarter and year-end 2019 Financial Supplement. The Press Release and the Financial Supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are hereby incorporated herein by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.
Item 9.01. Financial Statements and Exhibits

(d)	Exhibits	
					
 	Exhibit
Number	 	 	Description	
 	 	 	 	 	
 	99.1	 	 	Press Release, Dated February 4, 2020, Reporting Fourth Quarter and Year-End 2019 Results	
 	 	 	 	 	
 	99.2	 	 	Fourth Quarter and Year-End 2019 Financial Supplement	
 	 	 	 	 	
 	104	 	 	Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)	

        SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
			
Chubb Limited	
 	 	 	
By:	 	/s/ Philip V. Bancroft	
	 	Philip V. Bancroft	
	 	Executive Vice President and Chief Financial Officer	

DATE: February 4, 2020

Exhibit 99.1

	  	Chubb Limited
Bärengasse 32
CH-8001 Zurich
Switzerland	  	www.chubb.com
@Chubb	
News Release
Chubb Reports Fourth Quarter Net Income Per Share of $2.57 versus
$0.76 Prior Year, and Core Operating Income Per Share of $2.28 versus
$2.02 Prior Year; Consolidated Net Premiums Written of $8.0 Billion, up
8.8%, or 9.6% in Constant Dollars
Full-Year Net Income Per Share was $9.71, up 14.4%, and Core
Operating Income Per Share was $10.11, up 7.1%; Consolidated Net
Premiums Written of $32.3 Billion, up 5.5%, or 7.0% in Constant Dollars
 
 	•	 	Fourth quarter net income was $1,173 million versus $355 million prior year, and core operating income was $1,040 million versus $935 million prior year.	
 
 	•	 	Fourth quarter P&C net premiums written were $7.4 billion, up 9.0%, or 9.8% in constant dollars.	
 
 	•	 	Fourth quarter P&C underwriting income was $533 million, up 12.0%, leading to a P&C combined ratio of 92.7% compared with 93.1% prior year.	
 
 	•	 	As previously announced, after-tax catastrophe losses in the quarter were $353 million compared with $506 million prior year. In addition, the fourth quarter Agriculture underwriting loss was $23 million pre-tax, with a 105.4% combined ratio, primarily attributable to crop yield shortfalls resulting from poor growing conditions, compared with underwriting income of $161 million pre-tax and a 49.5% combined ratio prior year.	
 
 	•	 	Fourth quarter Global P&C underwriting income, which excludes Agriculture, was $556 million, up 76.3%, leading to a Global P&C combined ratio of 91.9% compared with 95.2% prior year, and a current accident year combined ratio excluding catastrophe losses of 88.6% compared with 89.8% prior year.	
 
 	•	 	Full-year net income was $4.5 billion, up 12.4%, and core operating income was $4.6 billion, up 5.3%.	
 
 	•	 	Full-year P&C net premiums written were $29.9 billion, up 5.6%, or 7.0% in constant dollars.	
 
 	•	 	Full-year P&C combined ratio was 90.6% in 2019 and 2018. Global P&C combined ratio, which excludes Agriculture, was 90.3% compared with 91.5% prior year, and current accident year combined ratio excluding catastrophe losses was 88.6% compared with 88.4% prior year.	
 
 	•	 	Full-year Agriculture underwriting income was $89 million pre-tax with a 95.1% combined ratio, compared with $385 million pre-tax and a 75.5% combined ratio prior year.	
 
 	•	 	Full-year pre-tax net investment income was $3.4 billion and adjusted net investment income was $3.6 billion.	
 
 	•	 	Book and tangible book value per share were up 11.7% and 18.6%, respectively, for the year.	

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

Chubb Limited News Release

ZURICH – February 4, 2020 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended December 31, 2019 of $1,173 million, or $2.57 per share, compared with $355 million, or $0.76 per share, for the same quarter last year. Core operating income was $1,040 million, or $2.28 per share, compared with $935 million, or $2.02 per share, for the same quarter last year. The property and casualty (P&C) combined ratio was 92.7% and the Global P&C combined ratio, which excludes Agriculture, was 91.9%. Book and tangible book value per share increased 1.7% and 2.5%, respectively, from September 30, 2019 and now stand at $122.42 and $78.14, respectively. Book and tangible book value per share were favorably impacted by net realized and unrealized gains of $162 million after-tax in the company’s investment portfolio. In addition, foreign exchange favorably impacted book value by $111 million after-tax and tangible book value by $33 million after-tax. Annualized ROE and core operating ROE were 8.5% and 7.9%, respectively. Annualized core operating return on tangible equity was 12.8%.
Chubb Limited
Fourth Quarter Summary
(in millions of U.S. dollars, except per share amounts)
(Unaudited)
																													
  	  	  	 	  	  	 	  	  	 	  	  	 	  	(Per Share - Diluted)	 	
 	  	    2019    	 	  	    2018    	 	  	    Change    	 	  	 	 	  	    2019    	 	  	    2018    	 	  	    Change    	 	
Net income	  	 	$1,173	 	  	 	$355	 	  	 	231.0%	 	  				  	 	$2.57	 	  	 	$0.76	 	  	 	238.2%	 	
Chubb integration expenses, net of tax	  	 	12	 	  	 	15	 	  	 	(20.0)%	 	  				  	 	0.02	 	  	 	0.03	 	  	 	(33.3)%	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	25	 	  	 	42	 	  	 	(40.5)%	 	  				  	 	0.06	 	  	 	0.09	 	  	 	(33.3)%	 	
Adjusted net realized (gains) losses, net of tax	  	 	(170)	 	  	 	523	 	  	 	NM	 	  				  	 	(0.37)	 	  	 	1.14	 	  	 	NM	 	
Core operating income, net of tax	  	 	$1,040	 	  	 	$935	 	  	 	11.2%	 	  				  	 	$2.28	 	  	 	$2.02	 	  	 	12.9%	 	
For the three months ended December 31, 2019 and 2018, the tax expenses (benefits) related to the table above were $(2) million and $(5) million, respectively, for Chubb integration expenses; $(4) million and $(8) million, respectively, for amortization of fair value adjustment of acquired invested assets and long-term debt; $2 million and $(20) million, respectively, for adjusted net realized gains and losses; and $173 million and $192 million, respectively, for core operating income.
For the year ended December 31, 2019, net income was $4,454 million, or $9.71 per share, compared with $3,962 million, or $8.49 per share, for 2018. Core operating income was $4,641 million, or $10.11 per share, compared with $4,407 million, or $9.44 per share, for 2018. The P&C combined ratio was 90.6% and the Global P&C combined ratio, which excludes Agriculture, was 90.3%. Book and tangible book value per share increased 11.7% and 18.6%, respectively, from December 31, 2018. Book and tangible book value per share were favorably impacted by net realized and unrealized gains of $3.2 billion after-tax in the company’s investment portfolio, principally due to a decline in interest rates. Annualized ROE and core operating ROE were 8.4% and 9.0%, respectively. Annualized core operating return on tangible equity was 14.6%.

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

Chubb Limited News Release

Chubb Limited
Full Year Summary
(in millions of U.S. dollars, except per share amounts)
(Unaudited)
																													
  	  	  	 	  	  	 	  	  	 	  	  	 	  	(Per Share - Diluted)	 	
 	  	    2019    	 	  	    2018    	 	  	    Change    	 	  	 	 	  	2019    	 	  	    2018    	 	  	    Change    	 	
Net income	  	 	$4,454	 	  	 	$3,962	 	  	 	12.4%	 	  				  	 	$9.71	 	  	 	$8.49	 	  	 	14.4%	 	
Chubb integration expenses, net of tax	  	 	19	 	  	 	47	 	  	 	(59.6)%	 	  				  	 	0.04	 	  	 	0.10	 	  	 	(60.0)%	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	114	 	  	 	175	 	  	 	(34.9)%	 	  				  	 	0.25	 	  	 	0.37	 	  	 	(32.4)%	 	
Adjusted net realized (gains) losses, net of tax	  	 	54	 	  	 	223	 	  	 	(75.8)%	 	  				  	 	0.11	 	  	 	0.48	 	  	 	(77.1)%	 	
Core operating income, net of tax	  	 	$4,641	 	  	 	$4,407	 	  	 	5.3%	 	  				  	 	$10.11	 	  	 	$9.44	 	  	 	7.1%	 	
For the years ended December 31, 2019 and 2018, the tax expenses (benefits) related to the table above were $(4) million and $(12) million, respectively, for Chubb integration expenses; $(26) million and $(40) million, respectively, for amortization of fair value adjustment of acquired invested assets and long-term debt; $15 million and $5 million, respectively, for adjusted net realized gains and losses; and $810 million and $742 million, respectively, for core operating income.
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “It was a good quarter and year for Chubb. The quarter was marked by excellent premium revenue growth globally – our strongest organic growth in over five years. Core operating income per share was up 13% while our P&C combined ratio of 92.7% was an improvement over prior year. Our fourth quarter results benefited from lower year-over-year catastrophe losses. On the other hand, adverse weather conditions impacted our U.S. crop insurance business. The health of our property and casualty business is excellent – the global P&C combined ratio, which excludes agriculture, was 91.9% compared with 95.2% prior year, and on a current accident year basis excluding CATs, improved to 88.6% from 89.8% last year.
“P&C net premiums written in the quarter grew 9.8% in constant dollars, supported by a pricing and underwriting environment that continues to improve, with rates increasing at an accelerated pace quarter on quarter while spreading to more classes of business, risk types and countries. From what we have seen so far in ’20, this trend is continuing.
“Looking at our 12-month results, we completed a very good year with per share core operating earnings up over 7%, while net premiums written grew 7% in constant dollars and underwriting income was up about 4.5%. Global P&C underwriting income, which excludes agriculture, was up 18.5%, leading to a combined ratio of 90.3% compared with 91.5% prior year. Shareholder returns were quite strong for the year, with book and tangible book value per share up 11.7% and 18.6%, respectively, driven by a combination of income and the mark from falling interest rates.

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

Chubb Limited News Release

“We have started the new year in excellent shape and with a lot of momentum – our organization globally was built to capitalize on market conditions such as these. At the same time, we are focused on executing our many long-term strategic initiatives that will position us for long-term revenue and earnings growth.”
Operating highlights for the quarter ended December 31, 2019 were as follows:

Chubb Limited
(in millions of U.S. dollars except for percentages)	  	 
	Q4
    2019    	 
 	  	 	Q4
    2018    	 
 	  	 	Change	 	
P&C	  				  				  				
Net premiums written (increase of 9.8% in constant dollars)	  	$	7,375	 	  	$	6,768	 	  	 	9.0%	 	
Underwriting income	  	$	533	 	  	$	476	 	  	 	12.0%	 	
Combined ratio	  	 	92.7%	 	  	 	93.1%	 	  				
Current accident year underwriting income excluding catastrophe losses	  	$	730	 	  	$	808	 	  	 	(9.6)%	 	
Current accident year combined ratio excluding catastrophe losses	  	 	90.0%	 	  	 	88.3%	 	  				
				
Global P&C (excludes Agriculture)	  				  				  				
Net premiums written (increase of 8.9% in constant dollars)	  	$	7,099	 	  	$	6,571	 	  	 	8.0%	 	
Underwriting income	  	$	556	 	  	$	315	 	  	 	76.3%	 	
Combined ratio	  	 	91.9%	 	  	 	95.2%	 	  				
Current accident year underwriting income excluding catastrophe losses	  	$	789	 	  	$	670	 	  	 	17.7%	 	
Current accident year combined ratio excluding catastrophe losses	  	 	88.6%	 	  	 	89.8%	 	  				
				
North America Agricultural Insurance	  				  				  				
Net premiums written	  	$	276	 	  	$	197	 	  	 	40.4%	 	
Underwriting (loss) income	  	$	(23)	 	  	$	161	 	  	 	NM	 	
Combined ratio	  	 	105.4%	 	  	 	49.5%	 	  				
Current accident year underwriting (loss) income excluding catastrophe losses	  	$	(59)	 	  	$	138	 	  	 	NM	 	
Current accident year combined ratio excluding catastrophe losses	  	 	113.9%	 	  	 	56.8%	 	  				
 
 	•	 	Consolidated net premiums earned increased 6.3%, or 7.0% in constant dollars, and P&C net premiums earned increased 6.3%, or 7.1% in constant dollars.	
 
 	•	 	Agriculture net premiums written increased $79 million over the prior year, principally as a result of the premium-sharing formulas with the U.S. government which increases the premiums retained because of higher losses resulting from the crop yield shortfalls.	
 
 	•	 	Total pre-tax and after-tax catastrophe losses were $430 million (5.9 percentage points of the combined ratio) and $353 million, respectively, compared with $585 million (8.5 percentage points of the combined ratio) and $506 million, respectively, last year.	
 
 	•	 	Total pre-tax and after-tax favorable prior period development were $233 million (3.2 percentage points of the combined ratio) and $199 million, respectively, compared with $253 million (3.7 percentage points of the combined ratio) and $202 million, respectively, last year.	
 
 	•	 	Pre-tax net investment income was $858 million and adjusted net investment income was $893 million.	
 
 	•	 	Operating cash flow was $1.4 billion for the quarter.	

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

Chubb Limited News Release

 	•	 	Share repurchases totaled $310 million during the quarter at an average purchase price of $152.97 per share.	
Operating highlights for the year ended December 31, 2019 were as follows:

Chubb Limited
(in millions of U.S. dollars except for percentages)	  	 
	FY
2019	 
 	  	 
	FY
2018	 
 	  	 	Change	 	
P&C	  				  				  				
Net premiums written (increase of 7.0% in constant dollars)	  	$	29,883	 	  	$	28,309	 	  	 	5.6%	 	
Underwriting income	  	$	2,726	 	  	$	2,611	 	  	 	4.4%	 	
Combined ratio	  	 	90.6%	 	  	 	90.6%	 	  				
Current accident year underwriting income excluding catastrophe losses	  	$	3,121	 	  	$	3,341	 	  	 	(6.6)%	 	
Current accident year combined ratio excluding catastrophe losses	  	 	      89.2%	 	  	 	      88.0%	 	  				
				
Global P&C (excludes Agriculture)	  				  				  				
Net premiums written (increase of 6.6% in constant dollars)	  	$	28,073	 	  	$	26,732	 	  	 	5.0%	 	
Underwriting income	  	$	2,637	 	  	$	2,226	 	  	 	18.5%	 	
Combined ratio	  	 	90.3%	 	  	 	91.5%	 	  				
Current accident year underwriting income excluding catastrophe losses	  	$	3,104	 	  	$	3,045	 	  	 	2.0%	 	
Current accident year combined ratio excluding catastrophe losses	  	 	88.6%	 	  	 	88.4%	 	  				
				
North America Agricultural Insurance	  				  				  				
Net premiums written	  	$	1,810	 	  	$	1,577	 	  	 	14.8%	 	
Underwriting income	  	$	89	 	  	$	385	 	  	 	(77.0)%	 	
Combined ratio	  	 	95.1%	 	  	 	75.5%	 	  				
Current accident year underwriting income excluding catastrophe losses	  	$	17	 	  	$	296	 	  	 	(94.4)%	 	
Current accident year combined ratio excluding catastrophe losses	  	 	99.1%	 	  	 	81.6%	 	  				
 
 	•	 	Consolidated net premiums earned increased 4.1%, or 5.5% in constant dollars, and P&C net premiums earned increased 4.0%, or 5.4% in constant dollars.	
 
 	•	 	Total pre-tax and after-tax catastrophe losses were $1,187 million (4.1 percentage points of the combined ratio) and $966 million, respectively, compared with $1,626 million (5.9 percentage points of the combined ratio) and $1,354 million, respectively, last year.	
 
 	•	 	Total pre-tax and after-tax favorable prior period development were $792 million (2.7 percentage points of the combined ratio) and $624 million, respectively, compared with $896 million (3.3 percentage points of the combined ratio) and $706 million, respectively, last year.	
 
 	•	 	Pre-tax net investment income was $3.4 billion and adjusted net investment income was $3.6 billion.	
 
 	•	 	Operating cash flow was $6.3 billion for the year.	
 
 	•	 	Share repurchases totaled $1.53 billion for the year at an average purchase price of $146.61 per share.	
 
 	•	 	Net loss reserves increased $542 million, or $514 million adjusted for foreign exchange, for the year.	

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

Chubb Limited News Release

Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended December 31, 2019 are presented below:

Chubb Limited
(in millions of U.S. dollars except for percentages)	  	 
	Q4
2019	 
 	  	 
	Q4
2018	 
 	  	 	Change	 	
Total North America P&C Insurance	  				  				  				
Net premiums written	  	$	4,885	 	  	$	4,413	 	  	 	10.7%	 	
Combined ratio	  	 	88.7%	 	  	 	89.0%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	      87.5%	 	  	 	      85.3%	 	  				
				
North America Commercial P&C Insurance	  				  				  				
Net premiums written	  	$	3,438	 	  	$	3,143	 	  	 	9.4%	 	
Major accounts retail and excess and surplus (E&S) wholesale	  	$	2,036	 	  	$	1,841	 	  	 	10.6%	 	
Middle market and small commercial	  	$	1,402	 	  	$	1,302	 	  	 	7.6%	 	
Combined ratio	  	 	82.6%	 	  	 	91.3%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	86.4%	 	  	 	88.2%	 	  				
				
North America Personal P&C Insurance	  				  				  				
Net premiums written	  	$	1,171	 	  	$	1,073	 	  	 	9.2%	 	
Net premiums written adjusted primarily for UPR transfer in 2018	  				  				  	 	4.6%	 	
Combined ratio	  	 	99.6%	 	  	 	93.8%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	81.4%	 	  	 	85.5%	 	  				
				
North America Agricultural Insurance	  				  				  				
Net premiums written	  	$	276	 	  	$	197	 	  	 	40.4%	 	
Combined ratio	  	 	105.4%	 	  	 	49.5%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	113.9%	 	  	 	56.8%	 	  				
				
Overseas General Insurance	  				  				  				
Net premiums written	  	$	2,381	 	  	$	2,238	 	  	 	6.3%	 	
Net premiums written in constant dollars	  				  				  	 	8.8%	 	
Combined ratio	  	 	93.1%	 	  	 	92.1%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	91.2%	 	  	 	90.4%	 	  				
 
 	•	 	North America Commercial P&C Insurance: The current accident year combined ratio excluding catastrophe losses decreased 1.8 percentage points due to a 2.1 percentage points decrease in the loss ratio, reflecting high loss activity in commercial property lines in the prior year, partially offset by an increase of 0.3 percentage point in the expense ratio.	
 
 	•	 	North America Personal P&C Insurance: The current accident year combined ratio excluding catastrophe losses decreased 4.1 percentage points primarily due to a 4.0 percentage points decrease in the loss ratio, reflecting elevated homeowners loss activity in the prior year.	
 
 	•	 	North America Agricultural Insurance: The current accident year combined ratio excluding catastrophe losses increased 57.1 percentage points primarily attributable to crop yield shortfalls resulting from poor growing conditions.	

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

Chubb Limited News Release

 	•	 	Global Reinsurance: Net premiums written were $109 million, down 6.0%, or 4.8% in constant dollars. The combined ratio was 94.6% compared with 166.9% prior year. The current accident year combined ratio excluding catastrophe losses was 83.3%, compared with 83.2% prior year.	
 
 	•	 	Life Insurance: Net premiums written were $622 million, up 6.9%, principally reflecting growth in the Asian international life operations. Segment income was $90 million, up 0.6%. International life insurance segment income was $36 million, up 12.2%.	
Key segment items for the year ended December 31, 2019 are presented below:

Chubb Limited
(in millions of U.S. dollars except for percentages)	  	 
	FY
2019	 
 	  	 
	FY
2018	 
 	  	 	Change	 	
Total North America P&C Insurance	  				  				  				
Net premiums written	  	$	19,972	 	  	$	18,736	 	  	 	6.6%	 	
Combined ratio	  	 	87.8%	 	  	 	88.4%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	      87.1%	 	  	 	      85.5%	 	  				
				
North America Commercial P&C Insurance	  				  				  				
Net premiums written	  	$	13,375	 	  	$	12,485	 	  	 	7.1%	 	
Major accounts retail and excess and surplus (E&S) wholesale	  	$	7,950	 	  	$	7,370	 	  	 	7.9%	 	
Middle market and small commercial	  	$	5,425	 	  	$	5,115	 	  	 	6.1%	 	
Combined ratio	  	 	85.6%	 	  	 	87.0%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	87.4%	 	  	 	87.3%	 	  				
				
North America Personal P&C Insurance	  				  				  				
Net premiums written	  	$	4,787	 	  	$	4,674	 	  	 	2.4%	 	
Net premiums written adjusted primarily for prior year accounting policy alignment	  				  				  	 	3.3%	 	
Combined ratio	  	 	91.1%	 	  	 	96.6%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	81.4%	 	  	 	81.9%	 	  				
				
North America Agricultural Insurance	  				  				  				
Net premiums written	  	$	1,810	 	  	$	1,577	 	  	 	14.8%	 	
Combined ratio	  	 	95.1%	 	  	 	75.5%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	99.1%	 	  	 	81.6%	 	  				
				
Overseas General Insurance	  				  				  				
Net premiums written	  	$	9,262	 	  	$	8,902	 	  	 	4.0%	 	
Net premiums written in constant dollars	  				  				  	 	8.4%	 	
Combined ratio	  	 	91.6%	 	  	 	90.4%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	90.9%	 	  	 	90.5%	 	  				
 
 	•	 	North America Agricultural Insurance: The current accident year combined ratio excluding catastrophe losses increased 17.5 percentage points primarily attributable to crop yield shortfalls resulting from poor growing conditions.	

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

Chubb Limited News Release

 	•	 	Global Reinsurance: Net premiums written were $649 million, down 3.2%, or 1.7% in constant dollars. The combined ratio was 85.0% compared with 101.8% prior year. The current accident year combined ratio excluding catastrophe losses was 82.1%, compared with 81.6% prior year.	
 
 	•	 	Life Insurance: Net premiums written were $2,392 million, up 5.3%, or 6.4% in constant dollars, principally reflecting growth in the Asian international life operations. Segment income was $366 million, up 18.6%. International life insurance segment income was $152 million, up 48.0%.	
All comparisons are with the same period last year unless otherwise specifically stated.
Please refer to the Chubb Limited Financial Supplement, dated December 31, 2019, which is posted on the company’s investor relations website, investors.chubb.com, in the Financials section for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio, and debt and capital.
Chubb Limited will hold its fourth quarter earnings conference call on Wednesday, February 5, 2020 beginning at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 888-204-4368 (within the United States) or 323-994-2093 (international), passcode 7119857. Please refer to the Chubb website under Events and Presentations for details. A replay of the call will be available until Wednesday, February 19, 2020 and the archived webcast will be available on our website for approximately one month. To listen to the replay, please click here to register and receive dial-in numbers.
About Chubb
Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs more than 30,000 people worldwide. Additional information can be found at: www.chubb.com.
Investor Contact
Karen Beyer: (212) 827-4445; karen.beyer@chubb.com
Media Contact
Jeffrey Zack: (212) 827-4444; jeffrey.zack@chubb.com

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

Chubb Limited News Release

Regulation G - Non-GAAP Financial Measures
In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP).
Throughout this document there are various measures presented on a constant-dollar basis (i.e., excludes the impact of foreign exchange). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.
Net premiums written adjusted primarily for UPR transfer in 2018 and Net premiums written adjusted primarily for prior year accounting policy alignment are net premiums written in the company’s North America Personal P&C Insurance segment, adjusted to exclude the year-over-year net impact totaling $(48) million in Q4 2019 and $42 million for full-year 2019, comprising of additional reinsurance, accounting actions, and reinstatement premiums. We believe these measures are meaningful to evaluate trends in the underlying business on a comparable basis.
Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from the acquisition of The Chubb Corporation (Chubb Corp) of $35 million in Q4 2019 and $161 million for full-year 2019. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.
Adjusted net realized gains (losses), net of tax, includes net realized gains (losses) and net realized gains (losses) recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses.
P&C underwriting income is calculated by subtracting adjusted losses and loss expenses, policy acquisition costs and administrative expenses from net premiums earned by our P&C operations. We use P&C underwriting income and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest expense, amortization expense of purchased intangibles, Chubb integration expense, income tax expense and adjusted net realized gains (losses).
Current accident year underwriting income (loss) excluding catastrophe losses is underwriting income (loss) 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 includes underwriting income (loss), adjusted net investment income, other income (expense) – operating, and amortization expense of purchased intangibles.

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

Chubb Limited News Release

Core operating income, net of tax, excludes from net income the after-tax impact of adjusted net realized gains (losses), Chubb integration expenses, and the amortization of fair value adjustment of acquired invested assets and long-term debt related to the Chubb Corp acquisition. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) because the amount of these gains (losses) are heavily influenced by, and fluctuate in part according to, the availability of market opportunities. We exclude the amortization of the fair value adjustments related to purchased invested assets and long-term debt and Chubb integration expenses due to the size and complexity of this acquisition. These integration expenses are distortive to our results and are not indicative of our underlying profitability. We believe that excluding these integration expenses facilitates the comparison of our financial results to our historical operating results. References to core operating income measures mean net of tax, whether or not noted.
Core operating return on equity (ROE) and Core operating return on tangible equity (ROTE) are annualized financial measures. The numerator includes core operating income, net of tax. The denominator includes the average shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, net of tax. For the ROTE calculation, the denominator is also adjusted to exclude goodwill and other intangible assets, net of tax. These measures enhance the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity and tangible equity excluding the effect of unrealized gains and losses on our investments.
P&C combined ratio is the sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the crop derivatives, as noted above.
Current accident year combined ratio excluding catastrophe losses excludes the impact of catastrophe losses and PPD from the combined ratio. We believe this measure provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our property and casualty business that may be obscured by these items.
Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the operating results of the company’s Life Insurance and North America Agricultural Insurance segments. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.
Tangible book value per common share is shareholders’ equity less goodwill and other intangible assets, net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful.
See the reconciliation of Non-GAAP Financial Measures on pages 30-36 in the Financial Supplement. These measures should not be viewed as a substitute for measures determined in accordance with GAAP, including premium, net income, return on equity, and net investment income.
NM - not meaningful comparison

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

Chubb Limited News Release

Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release, such as those related to company performance, including 2020 performance and growth opportunities, pricing, economic and market conditions, and our expectations and intentions and other statements that are not historical facts reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the following: competition, pricing and policy term trends, the levels of new and renewal business achieved, the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, loss of key employees or disruptions to our operations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war, economic, political, regulatory, insurance and reinsurance business conditions, potential strategic opportunities including acquisitions and our ability to achieve and integrate them, as well as management’s response to these factors, and other factors identified in our filings with the Securities and Exchange Commission (SEC).
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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

Chubb Limited News Release

Chubb Limited
Summary Consolidated Balance Sheets
(in millions of U.S. dollars, except per share data)
(Unaudited)
									
  	  	December 31
2019	 	  	December 31
2018	 	
Assets	  				  				
Investments	  	    $	109,234	 	  	    $	100,968	 	
Cash	  	 	1,537	 	  	 	1,247	 	
Insurance and reinsurance balances receivable	  	 	10,357	 	  	 	10,075	 	
Reinsurance recoverable on losses and loss expenses	  	 	15,181	 	  	 	15,993	 	
Goodwill and other intangible assets	  	 	21,359	 	  	 	21,414	 	
Other assets	  	 	19,275	 	  	 	18,074	 	
	  	 	 	 	  	 	 	 	
Total assets	  	    $	176,943	 	  	    $	167,771	 	

Liabilities	  				  				
Unpaid losses and loss expenses	  	    $	62,690	 	  	    $	62,960	 	
Unearned premiums	  	 	16,771	 	  	 	15,532	 	
Other liabilities	  	 	42,151	 	  	 	38,967	 	
	  	 	 	 	  	 	 	 	
Total liabilities	  	    $	121,612	 	  	    $	117,459	 	

Shareholders’ equity	  				  				
Total shareholders’ equity	  	 	55,331	 	  	 	50,312	 	
	  	 	 	 	  	 	 	 	
Total liabilities and shareholders’ equity	  	    $	176,943	 	  	    $	167,771	 	

Book value per common share	  	    $	122.42	 	  	    $	109.56	 	
Tangible book value per common share	  	    $	78.14	 	  	    $	65.89	 	
Book value per common share excluding cumulative translation losses (1)	  	    $	126.71	 	  	    $	113.87	 	
Tangible book value per common share excluding cumulative translation losses (1)	  	    $	81.16	 	  	    $	68.87	 	

(1)	Cumulative translation losses were $1.9 billion in 2019 ($1.3 billion on tangible and $0.6 billion on intangible net assets) and $2.0 billion in 2018 ($1.4 billion on tangible and $0.6 billion on intangible net assets).	

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

Chubb Limited News Release

Chubb Limited
Summary Consolidated Financial Data
(in millions of U.S. dollars, except share, per share data, and ratios)
(Unaudited)
																	
  	  	Three Months Ended	 	 	Year Ended	 	
 	  	December 31	 	 	December 31	 	
 	  	2019	 	 	2018	 	 	2019	 	 	2018	 	
Gross premiums written	  	  $	9,934	 	 	  $	9,252	 	 	  $	40,124	 	 	  $	37,968	 	
Net premiums written	  	 	7,997	 	 	 	7,350	 	 	 	32,275	 	 	 	30,579	 	
Net premiums earned	  	 	7,935	 	 	 	7,465	 	 	 	31,290	 	 	 	30,064	 	
Losses and loss expenses	  	 	4,865	 	 	 	4,610	 	 	 	18,730	 	 	 	18,067	 	
Policy benefits	  	 	225	 	 	 	162	 	 	 	740	 	 	 	590	 	
Policy acquisition costs	  	 	1,542	 	 	 	1,480	 	 	 	6,153	 	 	 	5,912	 	
Administrative expenses	  	 	810	 	 	 	728	 	 	 	3,030	 	 	 	2,886	 	
Net investment income	  	 	858	 	 	 	848	 	 	 	3,426	 	 	 	3,305	 	
Net realized gains (losses)	  	 	(55	) 	 	 	(687	) 	 	 	(530	) 	 	 	(652	) 	
Interest expense	  	 	134	 	 	 	153	 	 	 	552	 	 	 	641	 	
Other income (expense):	  				 				 				 				
Gains (losses) from separate account assets	  	 	24	 	 	 	(20	) 	 	 	44	 	 	 	(38	) 	
Other	  	 	246	 	 	 	147	 	 	 	552	 	 	 	472	 	
Amortization of purchased intangibles	  	 	76	 	 	 	86	 	 	 	305	 	 	 	339	 	
Chubb integration expenses	  	 	14	 	 	 	20	 	 	 	23	 	 	 	59	 	
Income tax expense	  	 	169	 	 	 	159	 	 	 	795	 	 	 	695	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	  $	1,173	 	 	  $	355	 	 	  $	4,454	 	 	  $	3,962	 	

Diluted earnings per share:	  				 				 				 				
Net income	  	  $	2.57	 	 	  $	0.76	 	 	  $	9.71	 	 	  $	8.49	 	
Core operating income	  	  $	2.28	 	 	  $	2.02	 	 	  $	10.11	 	 	  $	9.44	 	
					
Weighted average diluted shares outstanding	  	 	455.9	 	 	 	463.4	 	 	 	458.9	 	 	 	466.8	 	

					
P&C combined ratio	  				 				 				 				
Loss and loss expense ratio	  	 	64.0%	 	 	 	64.3%	 	 	 	62.1%	 	 	 	62.1%	 	
Policy acquisition cost ratio	  	 	18.8%	 	 	 	19.3%	 	 	 	19.1%	 	 	 	19.2%	 	
Administrative expense ratio	  	 	9.9%	 	 	 	9.5%	 	 	 	9.4%	 	 	 	9.3%	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C combined ratio	  	 	92.7%	 	 	 	93.1%	 	 	 	90.6%	 	 	 	90.6%	 	
					
P&C underwriting income	  	$	533	 	 	$	476	 	 	$	2,726	 	 	$	2,611	 	

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

Exhibit 99.2

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

Chubb Limited
Financial Supplement Table of Contents

 	  	 	  	Page	 	
			
I.	  	Financial Highlights	  				
	  	- Consolidated Financial Highlights	  	 	1	 	
			
II.	  	Consolidated Results	  				
	  	- Consolidated Statement of Operations	  	 	2	 	
	  	- P&C Results—Consecutive Quarters	  	 	3	 	
	  	- Global P&C Results—Consecutive Quarters	  	 	4	 	
	  	- Catastrophe Losses	  	 	5	 	
	  	- Summary Consolidated Balance Sheets	  	 	6	 	
	  	- Line of Business	  	 	7	 	
	  	- Consolidated Results by Segment	  	 	8 - 11	 	
			
III.	  	Segment Results	  				
	  	- North America Commercial P&C Insurance	  	 	12	 	
	  	- North America Personal P&C Insurance	  	 	13	 	
	  	- North America Agricultural Insurance	  	 	14	 	
	  	- Overseas General Insurance	  	 	15	 	
	  	- Global Reinsurance	  	 	16	 	
	  	- Life Insurance	  	 	17	 	
	  	- Corporate	  	 	18	 	
			
IV.	  	Balance Sheet Details	  				
	  	- Loss Reserve Rollforward	  	 	19	 	
	  	- Reinsurance Recoverable Analysis	  	 	20	 	
	  	- Investment Portfolio	  	 	21 - 24	 	
	  	- Net Realized and Unrealized Gains (Losses)	  	 	25 - 26	 	
	  	- Debt and Capital	  	 	27	 	
	  	- Computation of Basic and Diluted Earnings Per Share	  	 	28	 	
	  	- Book Value and Book Value per Common Share	  	 	29	 	
			
V.	  	Other Disclosures	  				
	  	- Non-GAAP Financial Measures	  	 	30 - 36	 	
	  	- Glossary	  	 	37	 	

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

 	 	Three months ended December 31	 	 	 	 	 	Constant $	 	 	Constant $	 	 	Year ended December 31	 	 	 	 	 	Constant $	 	 	Constant $	 	
 	 	2019	 	 	2018	 	 	% Change	 	 	2018	 	 	% Change	 	 	2019	 	 	2018	 	 	% Change	 	 	2018	 	 	% Change	 	
	 				 				 				 				 				 				 				 				 				 				
Gross premiums written	 	$	 9,934	 	 	$	9,252	 	 	 	7.4	% 	 	$	9,196	 	 	 	8.0	% 	 	$	40,124	 	 	$	37,968	 	 	 	5.7	% 	 	$	37,506	 	 	 	7.0	% 	
Net premiums written	 	$	7,997	 	 	$	7,350	 	 	 	8.8	% 	 	$	7,296	 	 	 	9.6	% 	 	$	32,275	 	 	$	30,579	 	 	 	5.5	% 	 	$	30,165	 	 	 	7.0	% 	
P&C net premiums written	 	$	7,375	 	 	$	6,768	 	 	 	9.0	% 	 	$	6,714	 	 	 	9.8	% 	 	$	29,883	 	 	$	28,309	 	 	 	5.6	% 	 	$	27,917	 	 	 	7.0	% 	
Net premiums earned	 	$	7,935	 	 	$	7,465	 	 	 	6.3	% 	 	$	7,414	 	 	 	7.0	% 	 	$	31,290	 	 	$	30,064	 	 	 	4.1	% 	 	$	29,654	 	 	 	5.5	% 	
Net investment income (1)	 	$	858	 	 	$	848	 	 	 	1.1	% 	 	$	848	 	 	 	1.1	% 	 	$	3,426	 	 	$	3,305	 	 	 	3.6	% 	 	$	3,287	 	 	 	4.2	% 	
Adjusted net investment income (1)	 	$	893	 	 	$	903	 	 	 	-1.2	% 	 	$	903	 	 	 	-1.2	% 	 	$	3,587	 	 	$	3,553	 	 	 	1.0	% 	 	$	3,535	 	 	 	1.5	% 	
P&C underwriting income	 	$	533	 	 	$	476	 	 	 	12.0	% 	 	$	472	 	 	 	12.8	% 	 	$	2,726	 	 	$	2,611	 	 	 	4.4	% 	 	$	2,553	 	 	 	6.8	% 	
Agriculture underwriting income (loss)	 	$	(23	) 	 	$	161	 	 	 	NM	 	 	$	161	 	 	 	NM	 	 	$	89	 	 	$	385	 	 	 	-77.0	% 	 	$	385	 	 	 	-77.0	% 	
Global P&C (excludes Agriculture) underwriting income	 	$	556	 	 	$	315	 	 	 	76.3	% 	 	$	311	 	 	 	78.4	% 	 	$	2,637	 	 	$	2,226	 	 	 	18.5	% 	 	$	2,168	 	 	 	21.6	% 	
Core operating income	 	$	1,040	 	 	$	935	 	 	 	11.2	% 	 	$	932	 	 	 	11.6	% 	 	$	4,641	 	 	$	4,407	 	 	 	5.3	% 	 	$	4,344	 	 	 	6.8	% 	
Net income	 	$	1,173	 	 	$	355	 	 	 	231.0	% 	 				 				 	$	4,454	 	 	$	3,962	 	 	 	12.4	% 	 				 				
Operating cash flow	 	$	1,429	 	 	$	1,583	 	 				 				 				 	$	6,342	 	 	$	5,480	 	 				 				 				
P&C combined ratio	 				 				 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	64.0	% 	 	 	64.3	% 	 				 				 				 	 	62.1	% 	 	 	62.1	% 	 				 				 				
Policy acquisition cost and administrative expense ratio	 	 	28.7	% 	 	 	28.8	% 	 				 				 				 	 	28.5	% 	 	 	28.5	% 	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
Combined ratio	 	 	92.7	% 	 	 	93.1	% 	 				 				 				 	 	90.6	% 	 	 	90.6	% 	 				 				 				
P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)	 				 				 				 				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	 	 	61.3	% 	 	 	59.5	% 	 				 				 				 	 	60.8	% 	 	 	59.6	% 	 				 				 				
CAY policy acquisition cost and administrative expense ratio ex Cats	 	 	28.7	% 	 	 	28.8	% 	 				 				 				 	 	28.4	% 	 	 	28.4	% 	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
CAY combined ratio ex Cats	 	 	90.0	% 	 	 	88.3	% 	 				 				 				 	 	89.2	% 	 	 	88.0	% 	 				 				 				
Global P&C CAY combined ratio ex Cats	 				 				 				 				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	 	 	58.1	% 	 	 	59.7	% 	 				 				 				 	 	58.6	% 	 	 	58.6	% 	 				 				 				
CAY policy acquisition cost and administrative expense ratio ex Cats	 	 	30.5	% 	 	 	30.1	% 	 				 				 				 	 	30.0	% 	 	 	29.8	% 	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
CAY combined ratio ex Cats	 	 	88.6	% 	 	 	89.8	% 	 				 				 				 	 	88.6	% 	 	 	88.4	% 	 				 				 				
ROE	 	 	8.5	% 	 	 	2.8	% 	 				 				 				 	 	8.4	% 	 	 	7.8	% 	 				 				 				
Core operating return on equity (ROE)	 	 	7.9	% 	 	 	7.3	% 	 				 				 				 	 	9.0	% 	 	 	8.7	% 	 				 				 				
Core operating return on tangible equity (ROTE)	 	 	12.8	% 	 	 	12.1	% 	 				 				 				 	 	14.6	% 	 	 	14.6	% 	 				 				 				
Effective tax rate	 	 	12.6	% 	 	 	31.1	% 	 				 				 				 	 	15.1	% 	 	 	14.9	% 	 				 				 				
Core operating effective tax rate	 	 	14.2	% 	 	 	17.1	% 	 				 				 				 	 	14.9	% 	 	 	14.4	% 	 				 				 				
Diluted earnings per share	 				 				 				 				 				 				 				 				 				 				
Net income	 	$	2.57	 	 	$	0.76	 	 	 	238.2	% 	 				 				 	$	9.71	 	 	$	8.49	 	 	 	14.4	% 	 				 				
Core operating income	 	$	2.28	 	 	$	2.02	 	 	 	12.9	% 	 				 				 	$	10.11	 	 	$	9.44	 	 	 	7.1	% 	 				 				
Weighted average basic common shares outstanding	 	 	452.7	 	 	 	460.6	 	 				 				 				 	 	455.9	 	 	 	463.6	 	 				 				 				
Weighted average diluted common shares outstanding	 	 	455.9	 	 	 	463.4	 	 				 				 				 	 	458.9	 	 	 	466.8	 	 				 				 				
											
 	 	 	 	 	 	 	 	% Change	 	 	 	 	 	% Change	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31	 	 	September 30	 	 	4Q-19 vs.	 	 	December 31	 	 	4Q-19 vs.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	2019	 	 	2019	 	 	3Q-19	 	 	2018	 	 	4Q-18	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share	 	$	122.42	 	 	$	120.33	 	 	 	1.7	% 	 	$	109.56	 	 	 	11.7	% 	 				 				 				 				 				
Tangible book value per common share	 	$	78.14	 	 	$	76.21	 	 	 	2.5	% 	 	$	65.89	 	 	 	18.6	% 	 				 				 				 				 				
 
(1)	Q4 2019 and full year 2019 include $4 million and $13 million, respectively, of interest income on notional pool programs, compared with $17 million and $104 million, respectively, prior year.	

Financial Highlights	  	Page 1	

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

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	 	Full Year	 	
 	  	4Q-19	 	 	3Q-19	 	 	2Q-19	 	 	1Q-19	 	 	4Q-18	 	 	2019	 	 	2018	 	
Gross premiums written	  	$	9,934	 	 	$	10,724	 	 	$	10,355	 	 	$	9,111	 	 	$	9,252	 	 	$	40,124	 	 	$	37,968	 	
Net premiums written	  	 	7,997	 	 	 	8,622	 	 	 	8,343	 	 	 	7,313	 	 	 	7,350	 	 	 	32,275	 	 	 	30,579	 	
Net premiums earned	  	 	7,935	 	 	 	8,327	 	 	 	7,891	 	 	 	7,137	 	 	 	7,465	 	 	 	31,290	 	 	 	30,064	 	
Adjusted losses and loss expenses (1)	  	 	4,865	 	 	 	5,066	 	 	 	4,708	 	 	 	4,099	 	 	 	4,615	 	 	 	18,738	 	 	 	18,070	 	
Realized (gains) losses on crop derivatives	  	 	—  	 	 	 	14	 	 	 	(7	) 	 	 	1	 	 	 	5	 	 	 	8	 	 	 	3	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Losses and loss expenses	  	 	4,865	 	 	 	5,052	 	 	 	4,715	 	 	 	4,098	 	 	 	4,610	 	 	 	18,730	 	 	 	18,067	 	
Adjusted policy benefits (2)	  	 	201	 	 	 	165	 	 	 	164	 	 	 	166	 	 	 	182	 	 	 	696	 	 	 	628	 	
Gains (losses) from fair value changes in separate account liabilities	  	 	(24	) 	 	 	7	 	 	 	3	 	 	 	(30	) 	 	 	20	 	 	 	(44	) 	 	 	38	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy benefits	  	 	225	 	 	 	158	 	 	 	161	 	 	 	196	 	 	 	162	 	 	 	740	 	 	 	590	 	
Policy acquisition costs	  	 	1,542	 	 	 	1,603	 	 	 	1,544	 	 	 	1,464	 	 	 	1,480	 	 	 	6,153	 	 	 	5,912	 	
Administrative expenses	  	 	810	 	 	 	752	 	 	 	758	 	 	 	710	 	 	 	728	 	 	 	3,030	 	 	 	2,886	 	
Adjusted net investment income (3)	  	 	893	 	 	 	910	 	 	 	902	 	 	 	882	 	 	 	903	 	 	 	3,587	 	 	 	3,553	 	
Amortization expense of fair value adjustment on acquired invested assets	  	 	(35	) 	 	 	(37	) 	 	 	(43	) 	 	 	(46	) 	 	 	(55	) 	 	 	(161	) 	 	 	(248	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income	  	 	858	 	 	 	873	 	 	 	859	 	 	 	836	 	 	 	848	 	 	 	3,426	 	 	 	3,305	 	
Adjusted realized gains (losses) (4)	  	 	(55	) 	 	 	(141	) 	 	 	(230	) 	 	 	(96	) 	 	 	(682	) 	 	 	(522	) 	 	 	(649	) 	
Realized gains (losses) on crop derivatives	  	 	—  	 	 	 	(14	) 	 	 	7	 	 	 	(1	) 	 	 	(5	) 	 	 	(8	) 	 	 	(3	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net realized gains (losses)	  	 	(55	) 	 	 	(155	) 	 	 	(223	) 	 	 	(97	) 	 	 	(687	) 	 	 	(530	) 	 	 	(652	) 	
Adjusted interest expense (5)	  	 	140	 	 	 	143	 	 	 	145	 	 	 	145	 	 	 	158	 	 	 	573	 	 	 	674	 	
Amortization benefit of fair value adjustment on acquired long term debt	  	 	(6	) 	 	 	(5	) 	 	 	(5	) 	 	 	(5	) 	 	 	(5	) 	 	 	(21	) 	 	 	(33	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	  	 	134	 	 	 	138	 	 	 	140	 	 	 	140	 	 	 	153	 	 	 	552	 	 	 	641	 	
Gains (losses) from fair value changes in separate account assets	  	 	24	 	 	 	(7	) 	 	 	(3	) 	 	 	30	 	 	 	(20	) 	 	 	44	 	 	 	(38	) 	
Net realized gains (losses) related to unconsolidated entities	  	 	227	 	 	 	41	 	 	 	219	 	 	 	(4	) 	 	 	139	 	 	 	483	 	 	 	431	 	
Other income (expense) - operating	  	 	19	 	 	 	23	 	 	 	14	 	 	 	13	 	 	 	8	 	 	 	69	 	 	 	41	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other income (expense)	  	 	270	 	 	 	57	 	 	 	230	 	 	 	39	 	 	 	127	 	 	 	596	 	 	 	434	 	
Amortization expense of purchased intangibles	  	 	76	 	 	 	76	 	 	 	77	 	 	 	76	 	 	 	86	 	 	 	305	 	 	 	339	 	
Chubb integration expenses	  	 	14	 	 	 	2	 	 	 	4	 	 	 	3	 	 	 	20	 	 	 	23	 	 	 	59	 	
Income tax expense	  	 	169	 	 	 	230	 	 	 	208	 	 	 	188	 	 	 	159	 	 	 	795	 	 	 	695	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	1,173	 	 	$	1,091	 	 	$	1,150	 	 	$	1,040	 	 	$	355	 	 	$	4,454	 	 	$	3,962	 	

(1)	Adjusted losses and loss expenses used throughout this report includes realized gains and losses on crop derivatives.	
(2)	Adjusted policy benefits used throughout this report excludes gains and losses from fair value changes in separate account liabilities.	
(3)	Adjusted net investment income used throughout this report excludes Amortization expense of fair value adjustment on acquired invested assets.	
(4)	Adjusted realized gains (losses) used throughout this report excludes realized gains and losses on crop derivatives.	
(5)	Adjusted interest expense used throughout this report excludes Amortization benefit of fair value adjustment on acquired long term debt. 2019 includes nil of interest expense on notional pool programs, compared with $15 million in Q4 2018 and $94 million for full year 2018.	

Statement of Operations	  	Page 2	

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

 	  	4Q-19	 	 	3Q-19	 	 	2Q-19	 	 	1Q-19	 	 	4Q-18	 	 	Full Year
2019	 	 	Full Year
2018	 	
P&C underwriting income (Including Corporate and excluding Life Insurance)	  				 				 				 				 				 				 				
Gross premiums written	  	$	 9,282	 	 	$	 10,082	 	 	$	 9,743	 	 	$	 8,500	 	 	$	 8,638	 	 	$	 37,607	 	 	$	 35,564	 	
Net premiums written	  	 	7,375	 	 	 	8,010	 	 	 	7,764	 	 	 	6,734	 	 	 	6,768	 	 	 	29,883	 	 	 	28,309	 	
Net premiums earned	  	 	7,322	 	 	 	7,729	 	 	 	7,320	 	 	 	6,576	 	 	 	6,890	 	 	 	28,947	 	 	 	27,846	 	
Adjusted losses and loss expenses	  	 	4,689	 	 	 	4,876	 	 	 	4,519	 	 	 	3,897	 	 	 	4,433	 	 	 	17,981	 	 	 	17,304	 	
Policy acquisition costs	  	 	1,376	 	 	 	1,427	 	 	 	1,394	 	 	 	1,336	 	 	 	1,328	 	 	 	5,533	 	 	 	5,355	 	
Administrative expenses	  	 	724	 	 	 	672	 	 	 	680	 	 	 	631	 	 	 	653	 	 	 	2,707	 	 	 	2,576	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C underwriting income	  	$	533	 	 	$	754	 	 	$	727	 	 	$	712	 	 	$	476	 	 	$	2,726	 	 	$	2,611	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C CAY underwriting income ex Cats	  	$	730	 	 	$	819	 	 	$	814	 	 	$	758	 	 	$	808	 	 	$	3,121	 	 	$	3,341	 	
% Change versus prior year period	  				 				 				 				 				 				 				
Net premiums written	  	 	9.0	% 	 	 	6.2	% 	 	 	4.2	% 	 	 	2.9	% 	 	 	4.2	% 	 	 	5.6	% 	 	 	4.4	% 	
Net premiums earned	  	 	6.3	% 	 	 	5.0	% 	 	 	2.9	% 	 	 	1.4	% 	 	 	3.4	% 	 	 	4.0	% 	 	 	3.4	% 	
Net premiums written constant $	  	 	9.8	% 	 	 	7.2	% 	 	 	6.0	% 	 	 	5.1	% 	 	 	5.8	% 	 	 	7.0	% 	 	 	4.0	% 	
Net premiums earned constant $	  	 	7.1	% 	 	 	6.1	% 	 	 	4.9	% 	 	 	3.5	% 	 	 	4.9	% 	 	 	5.4	% 	 	 	3.0	% 	
P&C combined ratio	  				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	64.0	% 	 	 	63.1	% 	 	 	61.7	% 	 	 	59.3	% 	 	 	64.3	% 	 	 	62.1	% 	 	 	62.1	% 	
Policy acquisition cost ratio	  	 	18.8	% 	 	 	18.4	% 	 	 	19.1	% 	 	 	20.3	% 	 	 	19.3	% 	 	 	19.1	% 	 	 	19.2	% 	
Administrative expense ratio	  	 	9.9	% 	 	 	8.7	% 	 	 	9.3	% 	 	 	9.6	% 	 	 	9.5	% 	 	 	9.4	% 	 	 	9.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	92.7	% 	 	 	90.2	% 	 	 	90.1	% 	 	 	89.2	% 	 	 	93.1	% 	 	 	90.6	% 	 	 	90.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY P&C combined ratio ex Cats	  				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	61.3	% 	 	 	62.4	% 	 	 	60.5	% 	 	 	58.6	% 	 	 	59.5	% 	 	 	60.8	% 	 	 	59.6	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	28.7	% 	 	 	27.1	% 	 	 	28.4	% 	 	 	29.9	% 	 	 	28.8	% 	 	 	28.4	% 	 	 	28.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	90.0	% 	 	 	89.5	% 	 	 	88.9	% 	 	 	88.5	% 	 	 	88.3	% 	 	 	89.2	% 	 	 	88.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other ratios	  				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	79	% 	 	 	79	% 	 	 	80	% 	 	 	79	% 	 	 	78	% 	 	 	79	% 	 	 	80	% 	
Expense ratio	  	 	28.7	% 	 	 	27.1	% 	 	 	28.4	% 	 	 	29.9	% 	 	 	28.8	% 	 	 	28.5	% 	 	 	28.5	% 	
Expense ratio excluding A&H	  	 	26.6	% 	 	 	25.1	% 	 	 	26.3	% 	 	 	28.0	% 	 	 	26.6	% 	 	 	26.4	% 	 	 	26.4	% 	
Catastrophe reinstatement premiums (expensed) collected—pre-tax	  	$	(14	) 	 	$	2	 	 	$	—  	 	 	$	—  	 	 	$	(8	) 	 	$	(12	) 	 	$	(4	) 	
Catastrophe losses—pre-tax	  	$	416	 	 	$	234	 	 	$	275	 	 	$	250	 	 	$	577	 	 	$	1,175	 	 	$	1,622	 	
Favorable prior period development (PPD)—pre-tax	  	$	(233	) 	 	$	(167	) 	 	$	(188	) 	 	$	(204	) 	 	$	(253	) 	 	$	(792	) 	 	$	(896	) 	
Impact of catastrophe losses on P&C combined ratio—Unfavorable	  	 	5.9	% 	 	 	3.0	% 	 	 	3.8	% 	 	 	3.8	% 	 	 	8.5	% 	 	 	4.1	% 	 	 	5.9	% 	
Impact of PPD on P&C combined ratio—Favorable	  	 	-3.2	% 	 	 	-2.3	% 	 	 	-2.6	% 	 	 	-3.1	% 	 	 	-3.7	% 	 	 	-2.7	% 	 	 	-3.3	% 	
Impact of Cats and PPD on P&C combined ratio—Unfavorable	  	 	2.7	% 	 	 	0.7	% 	 	 	1.2	% 	 	 	0.7	% 	 	 	4.8	% 	 	 	1.4	% 	 	 	2.6	% 	

P&C Results	  	Page 3	

Chubb Limited
Global P&C Underwriting Results—Consecutive Quarters
(in millions of U.S. dollars, except ratios)
(Unaudited)
Global P&C includes the company’s North America Commercial P&C Insurance segment (refer to page 12), North America Personal P&C Insurance segment (refer to page 13), Overseas General Insurance segment (refer to page 15), Global Reinsurance segment (refer to page 16), and Corporate (refer to page 18). Global P&C excludes the North America Agricultural Insurance and Life Insurance segments.
Global P&C (Including Corporate and excluding Agriculture)

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	 	Full Year	 	
 	  	4Q-19	 	 	3Q-19	 	 	2Q-19	 	 	1Q-19	 	 	4Q-18	 	 	2019	 	 	2018	 	
Global P&C underwriting income	  				 				 				 				 				 				 				
Gross premiums written	  	$	 9,000	 	 	$	 8,810	 	 	$	 9,101	 	 	$	 8,281	 	 	$	 8,365	 	 	$	 35,192	 	 	$	 33,273	 	
Net premiums written	  	 	7,099	 	 	 	7,072	 	 	 	7,298	 	 	 	6,604	 	 	 	6,571	 	 	 	28,073	 	 	 	26,732	 	
Net premiums earned	  	 	6,901	 	 	 	6,788	 	 	 	6,942	 	 	 	6,521	 	 	 	6,572	 	 	 	27,152	 	 	 	26,277	 	
Adjusted losses and loss expenses	  	 	4,236	 	 	 	3,996	 	 	 	4,210	 	 	 	3,923	 	 	 	4,272	 	 	 	16,365	 	 	 	16,190	 	
Policy acquisition costs	  	 	1,382	 	 	 	1,371	 	 	 	1,367	 	 	 	1,329	 	 	 	1,323	 	 	 	5,449	 	 	 	5,276	 	
Administrative expenses	  	 	727	 	 	 	668	 	 	 	676	 	 	 	630	 	 	 	662	 	 	 	2,701	 	 	 	2,585	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C underwriting income	  	$	556	 	 	$	753	 	 	$	689	 	 	$	639	 	 	$	315	 	 	$	2,637	 	 	$	2,226	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C CAY underwriting income ex Cats	  	$	789	 	 	$	797	 	 	$	774	 	 	$	744	 	 	$	670	 	 	$	3,104	 	 	$	3,045	 	
% Change versus prior year period	  				 				 				 				 				 				 				
Net premiums written	  	 	8.0	% 	 	 	6.2	% 	 	 	3.3	% 	 	 	2.6	% 	 	 	3.2	% 	 	 	5.0	% 	 	 	4.5	% 	
Net premiums earned	  	 	5.0	% 	 	 	4.4	% 	 	 	2.7	% 	 	 	1.2	% 	 	 	2.5	% 	 	 	3.3	% 	 	 	3.3	% 	
Net premiums written constant $	  	 	8.9	% 	 	 	7.3	% 	 	 	5.3	% 	 	 	4.8	% 	 	 	4.8	% 	 	 	6.6	% 	 	 	4.0	% 	
Net premiums earned constant $	  	 	5.8	% 	 	 	5.6	% 	 	 	4.7	% 	 	 	3.3	% 	 	 	4.0	% 	 	 	4.9	% 	 	 	2.9	% 	
Combined ratio	  				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	61.4	% 	 	 	58.9	% 	 	 	60.6	% 	 	 	60.2	% 	 	 	65.0	% 	 	 	60.3	% 	 	 	61.6	% 	
Policy acquisition cost ratio	  	 	20.0	% 	 	 	20.2	% 	 	 	19.7	% 	 	 	20.4	% 	 	 	20.1	% 	 	 	20.1	% 	 	 	20.1	% 	
Administrative expense ratio	  	 	10.5	% 	 	 	9.8	% 	 	 	9.8	% 	 	 	9.6	% 	 	 	10.1	% 	 	 	9.9	% 	 	 	9.8	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	91.9	% 	 	 	88.9	% 	 	 	90.1	% 	 	 	90.2	% 	 	 	95.2	% 	 	 	90.3	% 	 	 	91.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	58.1	% 	 	 	58.5	% 	 	 	59.4	% 	 	 	58.5	% 	 	 	59.7	% 	 	 	58.6	% 	 	 	58.6	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	30.5	% 	 	 	29.8	% 	 	 	29.4	% 	 	 	30.1	% 	 	 	30.1	% 	 	 	30.0	% 	 	 	29.8	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	88.6	% 	 	 	88.3	% 	 	 	88.8	% 	 	 	88.6	% 	 	 	89.8	% 	 	 	88.6	% 	 	 	88.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other ratios	  				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	79	% 	 	 	80	% 	 	 	80	% 	 	 	80	% 	 	 	79	% 	 	 	80	% 	 	 	80	% 	
Expense ratio	  	 	30.5	% 	 	 	30.0	% 	 	 	29.5	% 	 	 	30.0	% 	 	 	30.2	% 	 	 	30.0	% 	 	 	29.9	% 	
Expense ratio excluding A&H	  	 	28.6	% 	 	 	28.0	% 	 	 	27.4	% 	 	 	28.1	% 	 	 	28.2	% 	 	 	28.0	% 	 	 	27.8	% 	
Catastrophe reinstatement premiums (expensed) collected—pre-tax	  	$	(14	) 	 	$	2	 	 	$	—  	 	 	$	—  	 	 	$	(8	) 	 	$	(12	) 	 	$	(4	) 	
Catastrophe losses—pre-tax	  	$	415	 	 	$	231	 	 	$	273	 	 	$	248	 	 	$	567	 	 	$	1,167	 	 	$	1,601	 	
Favorable prior period development (PPD)—pre-tax	  	$	(196	) 	 	$	(185	) 	 	$	(188	) 	 	$	(143	) 	 	$	(220	) 	 	$	(712	) 	 	$	(786	) 	

Global P&C	  	Page 4	

Chubb Limited
Segments Results—Catastrophe Loss Charges
(in millions of U.S. dollars)
(Unaudited)
Chubb Limited Catastrophe Loss Charges—Q4 2019

 	 	North
America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Total
Consolidated
excluding
Reinstatement
premiums	 	 	Reinstatement
premiums
collected
(expensed)	 	 	Total
Consolidated
including
Reinstatement
premiums	 	
Catastrophe Loss Charges by Event—Net	 				 				 				 				 				 				 				 				
Tornado in Dallas, Texas	 	$	55	 	 	$	 145	 	 	$	 —  	 	 	$	 —  	 	 	$	2	 	 	$	202	 	 	$	 (11	) 	 	$	213	 	
California wildfires	 	 	11	 	 	 	45	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	56	 	 	 	—  	 	 	 	56	 	
Other U.S. flooding, hail, tornadoes, and wind events	 	 	21	 	 	 	19	 	 	 	—  	 	 	 	—  	 	 	 	1	 	 	 	41	 	 	 	—  	 	 	 	41	 	
Civil unrest in Hong Kong and Chile	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	33	 	 	 	—  	 	 	 	33	 	 	 	(4	) 	 	 	37	 	
Typhoon Hagibis	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	20	 	 	 	17	 	 	 	37	 	 	 	1	 	 	 	36	 	
International weather-related events	 	 	1	 	 	 	1	 	 	 	—  	 	 	 	23	 	 	 	—  	 	 	 	25	 	 	 	—  	 	 	 	25	 	
Australia wildfires	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	5	 	 	 	—  	 	 	 	5	 	 	 	—  	 	 	 	5	 	
Other (includes Cats development from Q1 through Q3)	 	 	14	 	 	 	4	 	 	 	1	 	 	 	2	 	 	 	(4	) 	 	 	17	 	 	 	—  	 	 	 	17	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	 102	 	 	$	214	 	 	$	1	 	 	$	83	 	 	$	16	 	 	$	416	 	 				 				
	 				 				 				 				 				 	 	 	 	 				 				
Reinstatement premiums collected (expensed)	 	 	—  	 	 	 	(11	) 	 	 	—  	 	 	 	(4	) 	 	 	1	 	 				 	$	(14	) 	 				
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	
Total before income tax	 	$	102	 	 	$	225	 	 	$	1	 	 	$	87	 	 	$	15	 	 				 				 	$	430	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 				 	 	 	 	
Income tax benefit	 				 				 				 				 				 				 				 	 	77	 	
	 				 				 				 				 				 				 				 	 	 	 	
Total after income tax	 				 				 				 				 				 				 				 	$	 353	 	
	 				 				 				 				 				 				 				 	 	 	 	
Note: The above table represents catastrophe loss estimates for events that occurred in the current calendar year only (i.e., loss events occurring during the fourth quarter of 2019 and changes to catastrophe loss estimates that occurred in the previous quarters of 2019). Changes in catastrophe loss estimates in the current calendar year that relate to loss events that occurred in previous calendar years are considered prior period development and are excluded from the table above.

Catastrophe Losses	  	Page 5	

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

 	  	December 31	 	 	September 30	 	 	June 30	 	 	March 31	 	 	December 31	 	
 	  	2019	 	 	2019	 	 	2019	 	 	2019	 	 	2018	 	
Assets	  				 				 				 				 				
Fixed maturities available for sale, at fair value	  	$	85,488	 	 	$	85,044	 	 	$	82,410	 	 	$	80,663	 	 	$	78,470	 	
Fixed maturities held to maturity, at amortized cost	  	 	12,581	 	 	 	12,622	 	 	 	12,838	 	 	 	13,136	 	 	 	13,435	 	
Equity securities, at fair value	  	 	812	 	 	 	722	 	 	 	715	 	 	 	821	 	 	 	770	 	
Short-term investments, at fair value	  	 	4,291	 	 	 	2,835	 	 	 	3,808	 	 	 	3,078	 	 	 	3,016	 	
Other investments	  	 	6,062	 	 	 	5,955	 	 	 	5,968	 	 	 	5,562	 	 	 	5,277	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investments	  	 	109,234	 	 	 	107,178	 	 	 	105,739	 	 	 	103,260	 	 	 	100,968	 	
Cash	  	 	1,537	 	 	 	1,478	 	 	 	1,270	 	 	 	1,271	 	 	 	1,247	 	
Securities lending collateral	  	 	994	 	 	 	962	 	 	 	1,727	 	 	 	1,861	 	 	 	1,926	 	
Insurance and reinsurance balances receivable	  	 	10,357	 	 	 	10,403	 	 	 	10,935	 	 	 	9,826	 	 	 	10,075	 	
Reinsurance recoverable on losses and loss expenses	  	 	15,181	 	 	 	15,527	 	 	 	15,445	 	 	 	16,137	 	 	 	15,993	 	
Deferred policy acquisition costs	  	 	5,242	 	 	 	5,148	 	 	 	5,113	 	 	 	5,008	 	 	 	4,922	 	
Value of business acquired	  	 	306	 	 	 	274	 	 	 	280	 	 	 	289	 	 	 	295	 	
Prepaid reinsurance premiums	  	 	2,647	 	 	 	2,691	 	 	 	2,765	 	 	 	2,698	 	 	 	2,544	 	
Goodwill and other intangible assets	  	 	21,359	 	 	 	21,378	 	 	 	21,566	 	 	 	21,419	 	 	 	21,414	 	
Investments in partially-owned insurance companies	  	 	1,332	 	 	 	1,064	 	 	 	1,050	 	 	 	708	 	 	 	678	 	
Other assets	  	 	8,754	 	 	 	9,045	 	 	 	8,626	 	 	 	8,870	 	 	 	7,709	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	 176,943	 	 	$	 175,148	 	 	$	 174,516	 	 	$	 171,347	 	 	$	 167,771	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Liabilities	  				 				 				 				 				
Unpaid losses and loss expenses	  	$	62,690	 	 	$	63,012	 	 	$	63,205	 	 	$	63,143	 	 	$	62,960	 	
Unearned premiums	  	 	16,771	 	 	 	16,571	 	 	 	16,403	 	 	 	15,909	 	 	 	15,532	 	
Future policy benefits	  	 	5,814	 	 	 	5,738	 	 	 	5,568	 	 	 	5,552	 	 	 	5,506	 	
Insurance and reinsurance balances payable	  	 	6,184	 	 	 	6,341	 	 	 	6,371	 	 	 	6,469	 	 	 	6,437	 	
Securities lending payable	  	 	994	 	 	 	962	 	 	 	1,727	 	 	 	1,861	 	 	 	1,926	 	
Accounts payable, accrued expenses, and other liabilities	  	 	13,189	 	 	 	13,583	 	 	 	13,055	 	 	 	12,629	 	 	 	11,890	 	
Deferred tax liabilities	  	 	804	 	 	 	766	 	 	 	697	 	 	 	541	 	 	 	304	 	
Short-term and long-term debt	  	 	14,858	 	 	 	13,295	 	 	 	13,380	 	 	 	12,580	 	 	 	12,596	 	
Trust preferred securities	  	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	121,612	 	 	 	120,576	 	 	 	120,714	 	 	 	118,992	 	 	 	117,459	 	
Shareholders’ equity	  				 				 				 				 				
Total shareholders’ equity, excl. AOCI	  	 	54,712	 	 	 	54,051	 	 	 	53,663	 	 	 	53,125	 	 	 	52,760	 	
Accumulated other comprehensive income (loss) (AOCI)	  	 	619	 	 	 	521	 	 	 	139	 	 	 	(770	) 	 	 	(2,448	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total shareholders’ equity	  	 	55,331	 	 	 	54,572	 	 	 	53,802	 	 	 	52,355	 	 	 	50,312	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and shareholders’ equity	  	$	176,943	 	 	$	175,148	 	 	$	174,516	 	 	$	171,347	 	 	$	167,771	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share	  	$	122.42	 	 	$	120.33	 	 	$	117.97	 	 	$	114.27	 	 	$	109.56	 	
% change over prior quarter	  	 	1.7	% 	 	 	2.0	% 	 	 	3.2	% 	 	 	4.3	% 	 	 	-0.8	% 	
Tangible book value per common share	  	$	78.14	 	 	$	76.21	 	 	$	73.74	 	 	$	70.46	 	 	$	65.89	 	
% change over prior quarter	  	 	2.5	% 	 	 	3.3	% 	 	 	4.7	% 	 	 	6.9	% 	 	 	-1.4	% 	

Consol Bal Sheet	  	Page 6	

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

 	  	 	 	  	 	 	  	 	 	 	Constant $	 	 	Full Year	 	  	Full Year	 	  	 	 	 	Constant $	 	
 	  	4Q-19	 	  	4Q-18	 	  	% Change	 	 	% Change	 	 	2019	 	  	2018	 	  	% Change	 	 	% Change	 	
Net premiums written	  				  				  				 				 				  				  				 				
Commercial multiple peril (1)	  	$	258	 	  	$	231	 	  	 	11.6	% 	 	 	11.6	% 	 	$	983	 	  	$	910	 	  	 	8.0	% 	 	 	8.0	% 	
Commercial casualty	  	 	1,474	 	  	 	1,293	 	  	 	14.2	% 	 	 	14.9	% 	 	 	5,654	 	  	 	5,204	 	  	 	8.7	% 	 	 	9.7	% 	
Workers’ compensation	  	 	561	 	  	 	579	 	  	 	-3.4	% 	 	 	-3.4	% 	 	 	2,098	 	  	 	2,094	 	  	 	0.1	% 	 	 	0.1	% 	
Professional liability	  	 	1,021	 	  	 	944	 	  	 	8.2	% 	 	 	9.3	% 	 	 	3,697	 	  	 	3,527	 	  	 	4.8	% 	 	 	6.3	% 	
Surety	  	 	163	 	  	 	154	 	  	 	5.0	% 	 	 	6.8	% 	 	 	639	 	  	 	635	 	  	 	0.6	% 	 	 	2.7	% 	
Property and other short-tail lines	  	 	1,058	 	  	 	946	 	  	 	11.8	% 	 	 	13.5	% 	 	 	4,468	 	  	 	4,016	 	  	 	11.3	% 	 	 	13.7	% 	
	  	 	 	 	  	 	 	 	  				 				 	 	 	 	  	 	 	 	  				 				
Total Commercial P&C (2)	  	 	4,535	 	  	 	4,147	 	  	 	9.4	% 	 	 	10.2	% 	 	 	17,539	 	  	 	16,386	 	  	 	7.0	% 	 	 	8.3	% 	
Agriculture	  	 	276	 	  	 	197	 	  	 	40.4	% 	 	 	40.4	% 	 	 	1,810	 	  	 	1,577	 	  	 	14.8	% 	 	 	14.8	% 	
Personal automobile	  	 	448	 	  	 	422	 	  	 	6.0	% 	 	 	5.3	% 	 	 	1,786	 	  	 	1,695	 	  	 	5.4	% 	 	 	6.0	% 	
Personal homeowners	  	 	867	 	  	 	776	 	  	 	11.7	% 	 	 	11.7	% 	 	 	3,513	 	  	 	3,391	 	  	 	3.6	% 	 	 	3.9	% 	
Personal other	  	 	391	 	  	 	370	 	  	 	5.4	% 	 	 	8.6	% 	 	 	1,514	 	  	 	1,508	 	  	 	0.3	% 	 	 	4.0	% 	
	  	 	 	 	  	 	 	 	  				 				 	 	 	 	  	 	 	 	  				 				
Total Personal lines	  	 	1,706	 	  	 	1,568	 	  	 	8.7	% 	 	 	9.2	% 	 	 	6,813	 	  	 	6,594	 	  	 	3.3	% 	 	 	4.4	% 	
Total Property and Casualty lines	  	 	6,517	 	  	 	5,912	 	  	 	10.2	% 	 	 	11.0	% 	 	 	26,162	 	  	 	24,557	 	  	 	6.5	% 	 	 	7.7	% 	
Global A&H lines (3)	  	 	1,060	 	  	 	1,041	 	  	 	1.8	% 	 	 	3.0	% 	 	 	4,315	 	  	 	4,277	 	  	 	0.9	% 	 	 	3.8	% 	
Reinsurance lines	  	 	109	 	  	 	117	 	  	 	-6.0	% 	 	 	-4.8	% 	 	 	649	 	  	 	671	 	  	 	-3.2	% 	 	 	-1.7	% 	
Life	  	 	311	 	  	 	280	 	  	 	11.5	% 	 	 	11.2	% 	 	 	1,149	 	  	 	1,074	 	  	 	7.0	% 	 	 	8.5	% 	
	  	 	 	 	  	 	 	 	  				 				 	 	 	 	  	 	 	 	  				 				
Total consolidated	  	$	 7,997	 	  	$	 7,350	 	  	 	8.8	% 	 	 	9.6	% 	 	$	 32,275	 	  	$	 30,579	 	  	 	5.5	% 	 	 	7.0	% 	

(1)	Commercial multiple peril represents retail package business (property and general liability).	
(2)	Full year 2018 included a reclassification of $56 million from Workers’ compensation and $1 million from Commercial multiple peril to Commercial casualty ($48 million) and Property and other short-tail lines ($9 million) to better align the reporting with current year. There is no impact to total Commercial P&C.	
(3)	For purposes of this schedule only, A&H results from our Combined North America and International businesses, normally included in the Life Insurance and Overseas General Insurance segments, respectively, as well as the A&H results of our North America Commercial P&C segment, are included within the Global A&H lines above.	

Line of Business	  	Page 7	

Chubb Limited
Consolidated Results—Three months ended December 31, 2019
(in millions of U.S. dollars, except ratios)
(Unaudited)

	Q4 2019	 	North
America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	 	Life
Insurance	 	 	Total
Consolidated	 	
Net premiums written	 	$	3,438	 	 	$	1,171	 	 	$	276	 	 	$	2,381	 	 	$	109	 	 	$	—  	 	 	$	7,375	 	 	$	622	 	 	$	7,997	 		
Net premiums earned	 	 	3,262	 	 	 	1,185	 	 	 	421	 	 	 	2,287	 	 	 	167	 	 	 	—  	 	 	 	7,322	 	 	 	613	 	 	 	7,935	 		
Adjusted losses and loss expenses	 	 	1,968	 	 	 	865	 	 	 	453	 	 	 	1,221	 	 	 	107	 	 	 	75	 	 	 	4,689	 	 	 	176	 	 	 	4,865	 		
Adjusted policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	201	 	 	 	201	 		
Policy acquisition costs	 	 	454	 	 	 	240	 	 	 	(6	) 	 	 	646	 	 	 	42	 	 	 	—  	 	 	 	1,376	 	 	 	166	 	 	 	1,542	 		
Administrative expenses	 	 	273	 	 	 	75	 	 	 	(3	) 	 	 	262	 	 	 	9	 	 	 	108	 	 	 	724	 	 	 	86	 	 	 	810	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Underwriting income (loss)	 	 	567	 	 	 	5	 	 	 	(23	) 	 	 	158	 	 	 	9	 	 	 	(183	) 	 	 	533	 	 	 	(16	) 	 	 	517	 		
Adjusted net investment income	 	 	519	 	 	 	64	 	 	 	8	 	 	 	145	 	 	 	54	 	 	 	8	 	 	 	798	 	 	 	95	 	 	 	893	 		
Other income (expense)—operating	 	 	(1	) 	 	 	(1	) 	 	 	—  	 	 	 	(2	) 	 	 	18	 	 	 	(6	) 	 	 	8	 	 	 	11	 	 	 	19	 		
Amortization expense of purchased intangibles	 	 	—  	 	 	 	(3	) 	 	 	(7	) 	 	 	(11	) 	 	 	—  	 	 	 	(55	) 	 	 	(76	) 	 	 	—  	 	 	 	(76	) 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Segment income (loss)	 	$	1,085	 	 	$	65	 	 	$	(22	) 	 	$	290	 	 	$	81	 	 	$	(236	) 	 	$	1,263	 	 	$	90	 	 	$	1,353	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted interest expense	 				 				 				 				 				 	 	(140	) 	 				 				 	 	(140	) 		
Income tax expense	 				 				 				 				 				 	 	(173	) 	 				 				 	 	(173	) 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Core operating income (loss)	 				 				 				 				 				 	 	(549	) 	 				 				 	 	1,040	 		
Chubb integration expenses, net of $2 million tax benefit	 				 				 				 				 				 	 	(12	) 	 				 				 	 	(12	) 		
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $4 million tax benefit	 				 				 				 				 				 	 	(25	) 	 				 				 	 	(25	) 		
Adjusted net realized gains (losses), net of $2 million tax (1)	 				 				 				 				 				 	 	170	 	 				 				 	 	170	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Net income (loss)	 				 				 				 				 				 	$	(416	) 	 				 				 	$	1,173	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Combined ratio	 	 	82.6	% 	 	 	99.6	% 	 	 	105.4	% 	 	 	93.1	% 	 	 	94.6	% 	 				 	 	92.7	% 	 				 					
CAY combined ratio ex Cats	 	 	86.4	% 	 	 	81.4	% 	 	 	113.9	% 	 	 	91.2	% 	 	 	83.3	% 	 				 	 	90.0	% 	 				 					
 
(1)	Includes Net realized gains (losses) related to unconsolidated entities.	

Consol Results—QTD 2019	  	Page 8	

Chubb Limited
Consolidated Results—Full Year 2019
(in millions of U.S. dollars, except ratios)
(Unaudited)

	Full Year 2019	 	North
America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	 	Life
Insurance	 	 	Total
Consolidated	 	
Net premiums written	 	$	13,375	 	 	$	4,787	 	 	$	1,810	 	 	$	9,262	 	 	$	649	 	 	$	—  	 	 	$	29,883	 	 	$	2,392	 	 	$	32,275	 		
Net premiums earned	 	 	12,922	 	 	 	4,694	 	 	 	1,795	 	 	 	8,882	 	 	 	654	 	 	 	—  	 	 	 	28,947	 	 	 	2,343	 	 	 	31,290	 		
Adjusted losses and loss expenses	 	 	8,206	 	 	 	3,043	 	 	 	1,616	 	 	 	4,606	 	 	 	352	 	 	 	158	 	 	 	17,981	 	 	 	757	 	 	 	18,738	 		
Adjusted policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	696	 	 	 	696	 		
Policy acquisition costs	 	 	1,831	 	 	 	948	 	 	 	84	 	 	 	2,501	 	 	 	169	 	 	 	—  	 	 	 	5,533	 	 	 	620	 	 	 	6,153	 		
Administrative expenses	 	 	1,028	 	 	 	286	 	 	 	6	 	 	 	1,033	 	 	 	35	 	 	 	319	 	 	 	2,707	 	 	 	323	 	 	 	3,030	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Underwriting income (loss)	 	 	1,857	 	 	 	417	 	 	 	89	 	 	 	742	 	 	 	98	 	 	 	(477	) 	 	 	2,726	 	 	 	(53	) 	 	 	2,673	 		
Adjusted net investment income	 	 	2,082	 	 	 	258	 	 	 	30	 	 	 	588	 	 	 	220	 	 	 	36	 	 	 	3,214	 	 	 	373	 	 	 	3,587	 		
Other income (expense)—operating	 	 	3	 	 	 	(3	) 	 	 	(1	) 	 	 	(12	) 	 	 	58	 	 	 	(24	) 	 	 	21	 	 	 	48	 	 	 	69	 		
Amortization expense of purchased intangibles	 	 	—  	 	 	 	(12	) 	 	 	(28	) 	 	 	(45	) 	 	 	—  	 	 	 	(218	) 	 	 	(303	) 	 	 	(2	) 	 	 	(305	) 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Segment income (loss)	 	$	3,942	 	 	$	660	 	 	$	90	 	 	$	1,273	 	 	$	376	 	 	$	(683	) 	 	$	5,658	 	 	$	366	 	 	$	6,024	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted interest expense	 				 				 				 				 				 	 	(573	) 	 				 				 	 	(573	) 		
Income tax expense	 				 				 				 				 				 	 	(810	) 	 				 				 	 	(810	) 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Core operating income (loss)	 				 				 				 				 				 	 	(2,066	) 	 				 				 	 	4,641	 		
Chubb integration expenses, net of $4 million tax benefit	 				 				 				 				 				 	 	(19	) 	 				 				 	 	(19	) 		
Amortization of fair value adjustment of acquired invested
assets and long-term debt, net of $26 million tax benefit	 				 				 				 				 				 	 	(114	) 	 				 				 	 	(114	) 		
Adjusted net realized gains (losses), net of $15 million tax (1)	 				 				 				 				 				 	 	(54	) 	 				 				 	 	(54	) 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Net income (loss)	 				 				 				 				 				 	$	(2,253	) 	 				 				 	$	4,454	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Combined ratio	 	 	85.6	% 	 	 	91.1	% 	 	 	95.1	% 	 	 	91.6	% 	 	 	85.0	% 	 				 	 	90.6	% 	 				 					
CAY combined ratio ex Cats	 	 	87.4	% 	 	 	81.4	% 	 	 	99.1	% 	 	 	90.9	% 	 	 	82.1	% 	 				 	 	89.2	% 	 				 					
 
(1)	Includes Net realized gains (losses) related to unconsolidated entities.	

Consol Results—FY 2019	  	Page 9	

Chubb Limited
Consolidated Results—Three months ended December 31, 2018
(in millions of U.S. dollars, except ratios)
(Unaudited)

	Q4 2018	 	North
America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	 	Life
Insurance	 	 	Total
Consolidated	 	
Net premiums written	 	$	3,143	 	 	$	1,073	 	 	$	197	 	 	$	2,238	 	 	$	117	 	 	$	—  	 	 	$	6,768	 	 	$	582	 	 	$	7,350	 		
Net premiums earned	 	 	3,077	 	 	 	1,130	 	 	 	318	 	 	 	2,187	 	 	 	178	 	 	 	—  	 	 	 	6,890	 	 	 	575	 	 	 	7,465	 		
Adjusted losses and loss expenses	 	 	2,127	 	 	 	755	 	 	 	161	 	 	 	1,166	 	 	 	243	 	 	 	(19	) 	 	 	4,433	 	 	 	182	 	 	 	4,615	 		
Adjusted policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	182	 	 	 	182	 		
Policy acquisition costs	 	 	451	 	 	 	238	 	 	 	5	 	 	 	592	 	 	 	42	 	 	 	—  	 	 	 	1,328	 	 	 	152	 	 	 	1,480	 		
Administrative expenses	 	 	231	 	 	 	67	 	 	 	(9	) 	 	 	257	 	 	 	12	 	 	 	95	 	 	 	653	 	 	 	75	 	 	 	728	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Underwriting income (loss)	 	 	268	 	 	 	70	 	 	 	161	 	 	 	172	 	 	 	(119	) 	 	 	(76	) 	 	 	476	 	 	 	(16	) 	 	 	460	 		
Adjusted net investment income	 	 	517	 	 	 	59	 	 	 	8	 	 	 	158	 	 	 	65	 	 	 	8	 	 	 	815	 	 	 	88	 	 	 	903	 		
Other income (expense)—operating	 	 	5	 	 	 	—  	 	 	 	(1	) 	 	 	(12	) 	 	 	6	 	 	 	(8	) 	 	 	(10	) 	 	 	18	 	 	 	8	 		
Amortization expense of purchased intangibles	 	 	—  	 	 	 	(3	) 	 	 	(7	) 	 	 	(12	) 	 	 	—  	 	 	 	(63	) 	 	 	(85	) 	 	 	(1	) 	 	 	(86	) 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Segment income (loss)	 	$	790	 	 	$	126	 	 	$	161	 	 	$	306	 	 	$	(48	) 	 	$	(139	) 	 	$	1,196	 	 	$	89		 	$	1,285	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted interest expense	 				 				 				 				 				 	 	(158	) 	 				 				 	 	(158	) 		
Income tax expense	 				 				 				 				 				 	 	(192	) 	 				 				 	 	(192	) 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Core operating income (loss)	 				 				 				 				 				 	 	(489	) 	 				 				 	 	935	 		
Chubb integration expenses, net of $5 million tax benefit	 				 				 				 				 				 	 	(15	) 	 				 				 	 	(15	) 		
Amortization of fair value adjustment of acquired invested
assets and long-term debt, net of $8 million tax benefit	 				 				 				 				 				 	 	(42	) 	 				 				 	 	(42	) 		
Adjusted net realized gains (losses), net of $20 million tax benefit (1)	 				 				 				 				 				 	 	(523	) 	 				 				 	 	(523	) 		
		 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Net income (loss)	 				 				 				 				 				 	$	(1,069	) 	 				 				 	$	355	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Combined ratio	 	 	91.3	% 	 	 	93.8	% 	 	 	49.5	% 	 	 	92.1	% 	 	 	166.9	% 	 				 	 	93.1	% 	 				 					
CAY combined ratio ex Cats	 	 	88.2	% 	 	 	85.5	% 	 	 	56.8	% 	 	 	90.4	% 	 	 	83.2	% 	 				 	 	88.3	% 	 				 					
 
(1)	Includes Net realized gains (losses) related to unconsolidated entities.	

Consol Results—QTD 2018	  	Page 10	

Chubb Limited
Consolidated Results—Full Year 2018
(in millions of U.S. dollars, except ratios)
(Unaudited)

	Full Year 2018	 	North
America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	 	Life
Insurance	 	 	Total
Consolidated	 	
Net premiums written	 	$	12,485	 	 	$	4,674	 	 	$	1,577	 	 	$	8,902	 	 	$	671	 	 	$	—  	 	 	$	28,309	 	 	$	2,270	 	 	$	30,579	 		
Net premiums earned	 	 	12,402	 	 	 	4,593	 	 	 	1,569	 	 	 	8,612	 	 	 	670	 	 	 	—  	 	 	 	27,846	 	 	 	2,218	 	 	 	30,064	 		
Adjusted losses and loss expenses	 	 	8,000	 	 	 	3,229	 	 	 	1,114	 	 	 	4,429	 	 	 	479	 	 	 	53	 	 	 	17,304	 	 	 	766	 	 	 	18,070	 		
Adjusted policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	628	 	 	 	628	 		
Policy acquisition costs	 	 	1,829	 	 	 	939	 	 	 	79	 	 	 	2,346	 	 	 	162	 	 	 	—  	 	 	 	5,355	 	 	 	557	 	 	 	5,912	 		
Administrative expenses	 	 	966	 	 	 	269	 	 	 	(9	) 	 	 	1,014	 	 	 	41	 	 	 	295	 	 	 	2,576	 	 	 	310	 	 	 	2,886	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Underwriting income (loss)	 	 	1,607	 	 	 	156	 	 	 	385	 	 	 	823	 	 	 	(12	) 	 	 	(348	) 	 	 	2,611	 	 	 	(43	) 	 	 	2,568	 		
Adjusted net investment income	 	 	2,033	 	 	 	236	 	 	 	28	 	 	 	619	 	 	 	257	 	 	 	39	 	 	 	3,212	 	 	 	341	 	 	 	3,553	 		
Other income (expense)—operating	 	 	25	 	 	 	(1	) 	 	 	(2	) 	 	 	—  	 	 	 	32	 	 	 	(25	) 	 	 	29	 	 	 	12	 	 	 	41	 		
Amortization expense of purchased intangibles	 	 	—  	 	 	 	(13	) 	 	 	(28	) 	 	 	(41	) 	 	 	—  	 	 	 	(255	) 	 	 	(337	) 	 	 	(2	) 	 	 	(339	) 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Segment income (loss)	 	$	3,665	 	 	$	378	 	 	$	383	 	 	$	1,401	 	 	$	277	 	 	$	(589	) 	 	$	5,515	 	 	$	308	 	 	$	5,823	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted interest expense	 				 				 				 				 				 	 	(674	) 	 				 				 	 	(674	) 		
Income tax expense	 				 				 				 				 				 	 	(742	) 	 				 				 	 	(742	) 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Core operating income (loss)	 				 				 				 				 				 	 	(2,005	) 	 				 				 	 	4,407	 		
Chubb integration expenses, net of $12 million tax benefit	 				 				 				 				 				 	 	(47	) 	 				 				 	 	(47	) 		
Amortization of fair value adjustment of acquired invested
assets and long-term debt, net of $40 million tax benefit	 				 				 				 				 				 	 	(175	) 	 				 				 	 	(175	) 		
Adjusted net realized gains (losses), net of $5 million tax (1)	 				 				 				 				 				 	 	(223	) 	 				 				 	 	(223	) 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Net income (loss)	 				 				 				 				 				 	$	(2,450	) 	 				 				 	$	3,962	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Combined ratio	 	 	87.0	% 	 	 	96.6	% 	 	 	75.5	% 	 	 	90.4	% 	 	 	101.8	% 	 				 	 	90.6	% 	 				 					
CAY combined ratio ex Cats	 	 	87.3	% 	 	 	81.9	% 	 	 	81.6	% 	 	 	90.5	% 	 	 	81.6	% 	 				 	 	88.0	% 	 				 					
 
(1)	Includes Net realized gains (losses) related to unconsolidated entities.	

Consol Results—FY 2018	  	Page 11	

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

 	  	4Q-19	 	 	3Q-19	 	 	2Q-19	 	 	1Q-19	 	 	4Q-18	 	 	Full Year
2019	 	 	Full Year
2018	 	
Gross premiums written	  	$	4,576	 	 	$	4,533	 	 	$	4,518	 	 	$	3,977	 	 	$	4,228	 	 	$	17,604	 	 	$	16,336	 	
Net premiums written	  	 	3,438	 	 	 	3,452	 	 	 	3,534	 	 	 	2,951	 	 	 	3,143	 	 	 	13,375	 	 	 	12,485	 	
Net premiums earned	  	 	3,262	 	 	 	3,185	 	 	 	3,390	 	 	 	3,085	 	 	 	3,077	 	 	 	12,922	 	 	 	12,402	 	
Losses and loss expenses	  	 	1,968	 	 	 	2,051	 	 	 	2,214	 	 	 	1,973	 	 	 	2,127	 	 	 	8,206	 	 	 	8,000	 	
Policy acquisition costs	  	 	454	 	 	 	459	 	 	 	459	 	 	 	459	 	 	 	451	 	 	 	1,831	 	 	 	1,829	 	
Administrative expenses	  	 	273	 	 	 	256	 	 	 	259	 	 	 	240	 	 	 	231	 	 	 	1,028	 	 	 	966	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	 	567	 	 	 	419	 	 	 	458	 	 	 	413	 	 	 	268	 	 	 	1,857	 	 	 	1,607	 	
Net investment income	  	 	519	 	 	 	532	 	 	 	521	 	 	 	510	 	 	 	517	 	 	 	2,082	 	 	 	2,033	 	
Other income (expense)—operating	  	 	(1	) 	 	 	1	 	 	 	(2	) 	 	 	5	 	 	 	5	 	 	 	3	 	 	 	25	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	1,085	 	 	$	952	 	 	$	977	 	 	$	928	 	 	$	790	 	 	$	3,942	 	 	$	3,665	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY underwriting income ex Cats	  	$	445	 	 	$	398	 	 	$	410	 	 	$	376	 	 	$	362	 	 	$	1,629	 	 	$	1,576	 	
Combined ratio	  				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	60.3	% 	 	 	64.4	% 	 	 	65.3	% 	 	 	63.9	% 	 	 	69.1	% 	 	 	63.5	% 	 	 	64.5	% 	
Policy acquisition cost ratio	  	 	13.9	% 	 	 	14.4	% 	 	 	13.6	% 	 	 	14.9	% 	 	 	14.7	% 	 	 	14.2	% 	 	 	14.7	% 	
Administrative expense ratio	  	 	8.4	% 	 	 	8.1	% 	 	 	7.6	% 	 	 	7.8	% 	 	 	7.5	% 	 	 	7.9	% 	 	 	7.8	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	82.6	% 	 	 	86.9	% 	 	 	86.5	% 	 	 	86.6	% 	 	 	91.3	% 	 	 	85.6	% 	 	 	87.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	64.0	% 	 	 	65.5	% 	 	 	66.7	% 	 	 	65.0	% 	 	 	66.1	% 	 	 	65.3	% 	 	 	64.9	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	22.4	% 	 	 	22.1	% 	 	 	21.2	% 	 	 	22.8	% 	 	 	22.1	% 	 	 	22.1	% 	 	 	22.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	86.4	% 	 	 	87.6	% 	 	 	87.9	% 	 	 	87.8	% 	 	 	88.2	% 	 	 	87.4	% 	 	 	87.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe losses—pre-tax	  	$	102	 	 	$	88	 	 	$	137	 	 	$	94	 	 	$	232	 	 	$	421	 	 	$	579	 	
Favorable prior period development (PPD)—pre-tax	  	$	(224	) 	 	$	(109	) 	 	$	(185	) 	 	$	(131	) 	 	$	(138	) 	 	$	(649	) 	 	$	(610	) 	
% Change versus prior year period	  				 				 				 				 				 				 				
Net premiums written	  	 	9.4	% 	 	 	7.9	% 	 	 	6.0	% 	 	 	5.0	% 	 	 	4.8	% 	 	 	7.1	% 	 	 	3.9	% 	
Net premiums earned	  	 	6.0	% 	 	 	5.5	% 	 	 	3.4	% 	 	 	1.9	% 	 	 	1.4	% 	 	 	4.2	% 	 	 	1.7	% 	
Other ratios	  				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	75	% 	 	 	76	% 	 	 	78	% 	 	 	74	% 	 	 	74	% 	 	 	76	% 	 	 	76	% 	
Production by Size—Net premiums written (1)	  				 				 				 				 				 				 				
Major Accounts & Specialty(2)	  	$	2,036	 	 	$	2,029	 	 	$	2,182	 	 	$	1,703	 	 	$	1,841	 	 	$	7,950	 	 	$	7,370	 	
Commercial (2)	  	 	1,402	 	 	 	1,423	 	 	 	1,352	 	 	 	1,248	 	 	 	1,302	 	 	 	5,425	 	 	 	5,115	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	3,438	 	 	$	3,452	 	 	$	3,534	 	 	$	2,951	 	 	$	3,143	 	 	$	13,375	 	 	$	12,485	 	

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

NA Commercial	  	Page 12	

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

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	 	Full Year	 	
 	  	4Q-19	 	 	3Q-19	 	 	2Q-19	 	 	1Q-19	 	 	4Q-18	 	 	2019	 	 	2018	 	
Gross premiums written	  	$	1,349	 	 	$	1,422	 	 	$	1,483	 	 	$	1,207	 	 	$	1,291	 	 	$	5,461	 	 	$	5,330	 	
Net premiums written	  	 	1,171	 	 	 	1,251	 	 	 	1,309	 	 	 	1,056	 	 	 	1,073	 	 	 	4,787	 	 	 	4,674	 	
Net premiums earned	  	 	1,185	 	 	 	1,187	 	 	 	1,168	 	 	 	1,154	 	 	 	1,130	 	 	 	4,694	 	 	 	4,593	 	
Losses and loss expenses	  	 	865	 	 	 	674	 	 	 	747	 	 	 	757	 	 	 	755	 	 	 	3,043	 	 	 	3,229	 	
Policy acquisition costs	  	 	240	 	 	 	240	 	 	 	237	 	 	 	231	 	 	 	238	 	 	 	948	 	 	 	939	 	
Administrative expenses	  	 	75	 	 	 	72	 	 	 	71	 	 	 	68	 	 	 	67	 	 	 	286	 	 	 	269	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	 	5	 	 	 	201	 	 	 	113	 	 	 	98	 	 	 	70	 	 	 	417	 	 	 	156	 	
Net investment income	  	 	64	 	 	 	66	 	 	 	64	 	 	 	64	 	 	 	59	 	 	 	258	 	 	 	236	 	
Other income (expense)—operating	  	 	(1	) 	 	 	(1	) 	 	 	(1	) 	 	 	—  	 	 	 	—  	 	 	 	(3	) 	 	 	(1	) 	
Amortization expense of purchased intangibles	  	 	(3	) 	 	 	(3	) 	 	 	(3	) 	 	 	(3	) 	 	 	(3	) 	 	 	(12	) 	 	 	(13	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	65	 	 	$	263	 	 	$	173	 	 	$	159	 	 	$	126	 	 	$	660	 	 	$	378	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY underwriting income ex Cats	  	$	223	 	 	$	222	 	 	$	214	 	 	$	217	 	 	$	168	 	 	$	876	 	 	$	834	 	
Combined ratio	  				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	73.0	% 	 	 	56.9	% 	 	 	64.0	% 	 	 	65.5	% 	 	 	66.8	% 	 	 	64.8	% 	 	 	70.3	% 	
Policy acquisition cost ratio	  	 	20.3	% 	 	 	20.2	% 	 	 	20.2	% 	 	 	20.1	% 	 	 	21.1	% 	 	 	20.2	% 	 	 	20.4	% 	
Administrative expense ratio	  	 	6.3	% 	 	 	6.0	% 	 	 	6.1	% 	 	 	5.9	% 	 	 	5.9	% 	 	 	6.1	% 	 	 	5.9	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	99.6	% 	 	 	83.1	% 	 	 	90.3	% 	 	 	91.5	% 	 	 	93.8	% 	 	 	91.1	% 	 	 	96.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	55.1	% 	 	 	55.1	% 	 	 	55.3	% 	 	 	55.1	% 	 	 	59.1	% 	 	 	55.1	% 	 	 	55.8	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	26.3	% 	 	 	26.2	% 	 	 	26.4	% 	 	 	26.0	% 	 	 	26.4	% 	 	 	26.3	% 	 	 	26.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	81.4	% 	 	 	81.3	% 	 	 	81.7	% 	 	 	81.1	% 	 	 	85.5	% 	 	 	81.4	% 	 	 	81.9	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe reinstatement premiums expensed—pre-tax	  	$	(11	) 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	(26	) 	 	$	(11	) 	 	$	(26	) 	
Catastrophe losses—pre-tax	  	$	214	 	 	$	83	 	 	$	117	 	 	$	129	 	 	$	90	 	 	$	543	 	 	$	611	 	
Unfavorable (favorable) prior period development (PPD)—pre-tax	  	$	(7	) 	 	$	(62	) 	 	$	(16	) 	 	$	(10	) 	 	$	(18	) 	 	$	(95	) 	 	$	41	 	
% Change versus prior year period	  				 				 				 				 				 				 				
Net premiums written	  	 	9.2	% 	 	 	2.7	% 	 	 	-2.0	% 	 	 	0.8	% 	 	 	-2.5	% 	 	 	2.4	% 	 	 	3.1	% 	
Net premiums written adjusted primarily for additional reinsurance	  	 	4.6	% 	 	 	3.9	% 	 	 	2.4	% 	 	 	2.6	% 	 	 	2.3	% 	 	 	3.3	% 	 	 	2.7	% 	
Net premiums earned	  	 	4.8	% 	 	 	1.7	% 	 	 	1.1	% 	 	 	1.2	% 	 	 	2.5	% 	 	 	2.2	% 	 	 	4.4	% 	
Other ratios	  				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	87	% 	 	 	88	% 	 	 	88	% 	 	 	88	% 	 	 	83	% 	 	 	88	% 	 	 	88	% 	

NA Personal	  	Page 13	

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

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	 	Full Year	 	
 	  	4Q-19	 	 	3Q-19	 	 	2Q-19	 	 	1Q-19	 	 	4Q-18	 	 	2019	 	 	2018	 	
Gross premiums written	  	$	282	 	 	$	 1,272	 	 	$	642	 	 	$	219	 	 	$	273	 	 	$	 2,415	 	 	$	 2,291	 	
Net premiums written	  	 	276	 	 	 	938	 	 	 	466	 	 	 	130	 	 	 	197	 	 	 	1,810	 	 	 	1,577	 	
Net premiums earned	  	 	421	 	 	 	941	 	 	 	378	 	 	 	55	 	 	 	318	 	 	 	1,795	 	 	 	1,569	 	
Adjusted losses and loss expenses (1)	  	 	453	 	 	 	880	 	 	 	309	 	 	 	(26	) 	 	 	161	 	 	 	1,616	 	 	 	1,114	 	
Policy acquisition costs	  	 	(6	) 	 	 	56	 	 	 	27	 	 	 	7	 	 	 	5	 	 	 	84	 	 	 	79	 	
Administrative expenses	  	 	(3	) 	 	 	4	 	 	 	4	 	 	 	1	 	 	 	(9	) 	 	 	6	 	 	 	(9	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  	 	(23	) 	 	 	1	 	 	 	38	 	 	 	73	 	 	 	161	 	 	 	89	 	 	 	385	 	
Net investment income	  	 	8	 	 	 	8	 	 	 	4	 	 	 	10	 	 	 	8	 	 	 	30	 	 	 	28	 	
Other income (expense)—operating	  	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	(1	) 	 	 	(2	) 	
Amortization expense of purchased intangibles	  	 	(7	) 	 	 	(7	) 	 	 	(7	) 	 	 	(7	) 	 	 	(7	) 	 	 	(28	) 	 	 	(28	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	  	$	(22	) 	 	$	2	 	 	$	34	 	 	$	76	 	 	$	161	 	 	$	90	 	 	$	383	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY underwriting income (loss) ex Cats	  	$	(59	) 	 	$	22	 	 	$	40	 	 	$	14	 	 	$	138	 	 	$	17	 	 	$	296	 	
Combined ratio	  				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	107.6	% 	 	 	93.5	% 	 	 	81.9	% 	 	 	NM	 	 	 	50.7	% 	 	 	90.1	% 	 	 	71.0	% 	
Policy acquisition cost ratio	  	 	-1.5	% 	 	 	6.0	% 	 	 	7.3	% 	 	 	NM	 	 	 	1.5	% 	 	 	4.7	% 	 	 	5.0	% 	
Administrative expense ratio	  	 	-0.7	% 	 	 	0.4	% 	 	 	0.9	% 	 	 	NM	 	 	 	-2.7	% 	 	 	0.3	% 	 	 	-0.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	105.4	% 	 	 	99.9	% 	 	 	90.1	% 	 	 	NM	 	 	 	49.5	% 	 	 	95.1	% 	 	 	75.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	113.6	% 	 	 	91.3	% 	 	 	81.4	% 	 	 	71.1	% 	 	 	56.0	% 	 	 	93.5	% 	 	 	76.7	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	0.3	% 	 	 	6.4	% 	 	 	8.2	% 	 	 	12.8	% 	 	 	0.8	% 	 	 	5.6	% 	 	 	4.9	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	113.9	% 	 	 	97.7	% 	 	 	89.6	% 	 	 	83.9	% 	 	 	56.8	% 	 	 	99.1	% 	 	 	81.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe losses—pre-tax	  	$	1	 	 	$	3	 	 	$	2	 	 	$	2	 	 	$	10	 	 	$	8	 	 	$	21	 	
Unfavorable (favorable) prior period development (PPD)—pre-tax	  	$	(37	) 	 	$	18	 	 	$	—  	 	 	$	 (61	) 	 	$	 (33	) 	 	$	(80	) 	 	$	(110	) 	
% Change versus prior year period	  				 				 				 				 				 				 				
Net premiums written	  	 	40.4	% 	 	 	6.2	% 	 	 	20.1	% 	 	 	19.9	% 	 	 	55.8	% 	 	 	14.8	% 	 	 	4.0	% 	
Net premiums earned	  	 	32.4	% 	 	 	9.8	% 	 	 	7.7	% 	 	 	27.4	% 	 	 	26.0	% 	 	 	14.4	% 	 	 	4.1	% 	
Other ratios	  				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	98	% 	 	 	74	% 	 	 	73	% 	 	 	59	% 	 	 	72	% 	 	 	75	% 	 	 	69	% 	
 
(1)	Includes Realized gains (losses) on crop derivatives.	

NA Agriculture	  	Page 14	

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

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	 	Full Year	 	 	 	 	
 	  	4Q-19	 	 	3Q-19	 	 	2Q-19	 	 	1Q-19	 	 	4Q-18	 	 	2019	 	 	2018	 	 	 	 	
Gross premiums written	  	$	2,964	 	 	$	2,705	 	 	$	 2,863	 	 	$	 2,876	 	 	$	 2,729	 	 	$	 11,408	 	 	$	 10,885	 	 				
Net premiums written	  	 	2,381	 	 	 	2,228	 	 	 	2,258	 	 	 	2,395	 	 	 	2,238	 	 	 	9,262	 	 	 	8,902	 	 				
Net premiums earned	  	 	2,287	 	 	 	2,256	 	 	 	2,225	 	 	 	2,114	 	 	 	2,187	 	 	 	8,882	 	 	 	8,612	 	 				
Losses and loss expenses	  	 	1,221	 	 	 	1,154	 	 	 	1,125	 	 	 	1,106	 	 	 	1,166	 	 	 	4,606	 	 	 	4,429	 	 				
Policy acquisition costs	  	 	646	 	 	 	630	 	 	 	629	 	 	 	596	 	 	 	592	 	 	 	2,501	 	 	 	2,346	 	 				
Administrative expenses	  	 	262	 	 	 	257	 	 	 	265	 	 	 	249	 	 	 	257	 	 	 	1,033	 	 	 	1,014	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Underwriting income	  	 	158	 	 	 	215	 	 	 	206	 	 	 	163	 	 	 	172	 	 	 	742	 	 	 	823	 	 				
Net investment income	  	 	145	 	 	 	148	 	 	 	151	 	 	 	144	 	 	 	158	 	 	 	588	 	 	 	619	 	 				
Other income (expense)—operating	  	 	(2	) 	 	 	(3	) 	 	 	(3	) 	 	 	(4	) 	 	 	(12	) 	 	 	(12	) 	 	 	—  	 	 				
Amortization expense of purchased intangibles	  	 	(11	) 	 	 	(11	) 	 	 	(12	) 	 	 	(11	) 	 	 	(12	) 	 	 	(45	) 	 	 	(41	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Segment income	  	$	290	 	 	$	349	 	 	$	342	 	 	$	292	 	 	$	306	 	 	$	1,273	 	 	$	1,401	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
CAY underwriting income ex Cats	  	$	202	 	 	$	225	 	 	$	195	 	 	$	184	 	 	$	211	 	 	$	806	 	 	$	817	 	 				
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	53.3	% 	 	 	51.1	% 	 	 	50.6	% 	 	 	52.3	% 	 	 	53.3	% 	 	 	51.9	% 	 	 	51.4	% 	 				
Policy acquisition cost ratio	  	 	28.3	% 	 	 	28.0	% 	 	 	28.3	% 	 	 	28.2	% 	 	 	27.1	% 	 	 	28.1	% 	 	 	27.2	% 	 				
Administrative expense ratio	  	 	11.5	% 	 	 	11.4	% 	 	 	11.9	% 	 	 	11.8	% 	 	 	11.7	% 	 	 	11.6	% 	 	 	11.8	% 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Combined ratio	  	 	93.1	% 	 	 	90.5	% 	 	 	90.8	% 	 	 	92.3	% 	 	 	92.1	% 	 	 	91.6	% 	 	 	90.4	% 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
CAY combined ratio ex Cats	  				 				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	51.5	% 	 	 	50.7	% 	 	 	51.1	% 	 	 	51.3	% 	 	 	51.6	% 	 	 	51.2	% 	 	 	51.5	% 	 				
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	39.7	% 	 	 	39.3	% 	 	 	40.1	% 	 	 	40.0	% 	 	 	38.8	% 	 	 	39.7	% 	 	 	39.0	% 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
CAY combined ratio ex Cats	  	 	91.2	% 	 	 	90.0	% 	 	 	91.2	% 	 	 	91.3	% 	 	 	90.4	% 	 	 	90.9	% 	 	 	90.5	% 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Catastrophe reinstatement premiums expensed—pre-tax	  	$	(4	) 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	(4	) 	 	$	—  	 	 				
Catastrophe losses—pre-tax	  	$	83	 	 	$	35	 	 	$	9	 	 	$	25	 	 	$	85	 	 	$	152	 	 	$	206	 	 				
Favorable prior period development (PPD)—pre-tax	  	$	(43	) 	 	$	(25	) 	 	$	(20	) 	 	$	(4	) 	 	$	(46	) 	 	$	(92	) 	 	$	(212	) 	 				
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	6.3	% 	 	 	7.1	% 	 	 	2.7	% 	 	 	0.4	% 	 	 	3.4	% 	 	 	4.0	% 	 	 	6.6	% 	 				
Net premiums earned	  	 	4.6	% 	 	 	4.6	% 	 	 	3.0	% 	 	 	0.3	% 	 	 	3.5	% 	 	 	3.1	% 	 	 	5.9	% 	 				
Net premiums written constant $	  	 	8.8	% 	 	 	10.7	% 	 	 	8.5	% 	 	 	6.0	% 	 	 	7.9	% 	 	 	8.4	% 	 	 	5.3	% 	 				
Net premiums earned constant $	  	 	6.9	% 	 	 	8.0	% 	 	 	9.2	% 	 	 	6.3	% 	 	 	7.9	% 	 	 	7.6	% 	 	 	4.7	% 	 				
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	80	% 	 	 	82	% 	 	 	79	% 	 	 	83	% 	 	 	82	% 	 	 	81	% 	 	 	82	% 	 				

 	  	 	 	 	 	 	 	 	 	 	Constant $	 	 	Full Year	 	 	Full Year	 	 	 	 	 	Constant $	 	
Production by Region—Net premiums written	  	4Q-19	 	 	4Q-18	 	 	% Change	 	 	% Change	 	 	2019	 	 	2018	 	 	% Change	 	 	% Change	 	
Europe	  	$	933	 	 	$	867	 	 	 	7.6	% 	 	 	11.4	% 	 	$	3,631	 	 	$	3,508	 	 	 	3.5	% 	 	 	8.2	% 	
Latin America	  	 	620	 	 	 	584	 	 	 	6.2	% 	 	 	9.1	% 	 	 	2,277	 	 	 	2,181	 	 	 	4.4	% 	 	 	10.6	% 	
Asia	  	 	762	 	 	 	708	 	 	 	7.5	% 	 	 	8.2	% 	 	 	3,021	 	 	 	2,884	 	 	 	4.7	% 	 	 	7.6	% 	
Other (1)	  	 	66	 	 	 	79	 	 	 	-16.9	% 	 	 	-15.8	% 	 	 	333	 	 	 	329	 	 	 	1.1	% 	 	 	4.8	% 	
	  	 	 	 	 	 	 	 	 				 				 	 	 	 	 	 	 	 	 				 				
Total	  	$	 2,381	 	 	$	 2,238	 	 	 	6.3	% 	 	 	8.8	% 	 	$	9,262	 	 	$	8,902	 	 	 	4.0	% 	 	 	8.4	% 	

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

Overseas General Insurance	  	Page 15	

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

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	 	Full Year	 	
 	  	4Q-19	 	 	3Q-19	 	 	2Q-19	 	 	1Q-19	 	 	4Q-18	 	 	2019	 	 	2018	 	
Gross premiums written	  	$	111	 	 	$	150	 	 	$	237	 	 	$	221	 	 	$	117	 	 	$	719	 	 	$	722	 	
Net premiums written	  	 	109	 	 	 	141	 	 	 	197	 	 	 	202	 	 	 	117	 	 	 	649	 	 	 	671	 	
Net premiums earned	  	 	167	 	 	 	160	 	 	 	159	 	 	 	168	 	 	 	178	 	 	 	654	 	 	 	670	 	
Losses and loss expenses	  	 	107	 	 	 	79	 	 	 	90	 	 	 	76	 	 	 	243	 	 	 	352	 	 	 	479	 	
Policy acquisition costs	  	 	42	 	 	 	42	 	 	 	42	 	 	 	43	 	 	 	42	 	 	 	169	 	 	 	162	 	
Administrative expenses	  	 	9	 	 	 	9	 	 	 	7	 	 	 	10	 	 	 	12	 	 	 	35	 	 	 	41	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  	 	9	 	 	 	30	 	 	 	20	 	 	 	39	 	 	 	(119	) 	 	 	98	 	 	 	(12	) 	
Net investment income	  	 	54	 	 	 	55	 	 	 	55	 	 	 	56	 	 	 	65	 	 	 	220	 	 	 	257	 	
Other income (expense)—operating	  	 	18	 	 	 	16	 	 	 	15	 	 	 	9	 	 	 	6	 	 	 	58	 	 	 	32	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	  	$	81	 	 	$	101	 	 	$	90	 	 	$	104	 	 	$	(48	) 	 	$	376	 	 	$	277	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY underwriting income ex Cats	  	$	28	 	 	$	28	 	 	$	30	 	 	$	31	 	 	$	27	 	 	$	117	 	 	$	121	 	
Combined ratio	  				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	64.2	% 	 	 	49.6	% 	 	 	55.9	% 	 	 	45.7	% 	 	 	137.1	% 	 	 	53.9	% 	 	 	71.6	% 	
Policy acquisition cost ratio	  	 	24.7	% 	 	 	26.2	% 	 	 	26.9	% 	 	 	25.4	% 	 	 	23.7	% 	 	 	25.7	% 	 	 	24.2	% 	
Administrative expense ratio	  	 	5.7	% 	 	 	5.3	% 	 	 	4.9	% 	 	 	5.7	% 	 	 	6.1	% 	 	 	5.4	% 	 	 	6.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	94.6	% 	 	 	81.1	% 	 	 	87.7	% 	 	 	76.8	% 	 	 	166.9	% 	 	 	85.0	% 	 	 	101.8	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	52.5	% 	 	 	49.9	% 	 	 	49.7	% 	 	 	50.5	% 	 	 	50.1	% 	 	 	50.6	% 	 	 	50.5	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	30.8	% 	 	 	32.2	% 	 	 	32.0	% 	 	 	31.0	% 	 	 	33.1	% 	 	 	31.5	% 	 	 	31.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	83.3	% 	 	 	82.1	% 	 	 	81.7	% 	 	 	81.5	% 	 	 	83.2	% 	 	 	82.1	% 	 	 	81.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe reinstatement premiums collected—pre-tax	  	$	1	 	 	$	2	 	 	$	—  	 	 	$	—  	 	 	$	18	 	 	$	3	 	 	$	22	 	
Catastrophe losses—pre-tax	  	$	16	 	 	$	25	 	 	$	10	 	 	$	—  	 	 	$	160	 	 	$	51	 	 	$	205	 	
Unfavorable (favorable) prior period development (PPD)—pre-tax	  	$	4	 	 	$	(25	) 	 	$	—  	 	 	$	(8	) 	 	$	4	 	 	$	 (29	) 	 	$	(50	) 	
% Change versus prior year period	  				 				 				 				 				 				 				
Net premiums written as reported	  	 	-6.0	% 	 	 	-14.0	% 	 	 	0.2	% 	 	 	4.4	% 	 	 	11.0	% 	 	 	-3.2	% 	 	 	-2.1	% 	
Net premiums earned as reported	  	 	-5.8	% 	 	 	1.9	% 	 	 	-5.0	% 	 	 	0.1	% 	 	 	10.2	% 	 	 	-2.3	% 	 	 	-4.9	% 	
Net premiums written constant $	  	 	-4.8	% 	 	 	-12.8	% 	 	 	1.3	% 	 	 	6.4	% 	 	 	11.7	% 	 	 	-1.7	% 	 	 	-3.3	% 	
Net premiums earned constant $	  	 	-5.0	% 	 	 	3.1	% 	 	 	-3.5	% 	 	 	2.6	% 	 	 	10.6	% 	 	 	-0.8	% 	 	 	-6.0	% 	
Other ratios	  				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	99	% 	 	 	94	% 	 	 	83	% 	 	 	91	% 	 	 	99	% 	 	 	90	% 	 	 	93	% 	

Global Reinsurance	  	Page 16	

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

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	 	Full Year	 	
 	  	4Q-19	 	 	3Q-19	 	 	2Q-19	 	 	1Q-19	 	 	4Q-18	 	 	2019	 	 	2018	 	
Gross premiums written	  	$	 652	 	 	$	 642	 	 	$	 612	 	 	$	 611	 	 	$	 614	 	 	$	 2,517	 	 	$	 2,404	 	
Net premiums written	  	 	622	 	 	 	612	 	 	 	579	 	 	 	579	 	 	 	582	 	 	 	2,392	 	 	 	2,270	 	
Net premiums earned	  	 	613	 	 	 	598	 	 	 	571	 	 	 	561	 	 	 	575	 	 	 	2,343	 	 	 	2,218	 	
Losses and loss expenses	  	 	176	 	 	 	190	 	 	 	189	 	 	 	202	 	 	 	182	 	 	 	757	 	 	 	766	 	
Adjusted policy benefits	  	 	201	 	 	 	165	 	 	 	164	 	 	 	166	 	 	 	182	 	 	 	696	 	 	 	628	 	
Policy acquisition costs	  	 	166	 	 	 	176	 	 	 	150	 	 	 	128	 	 	 	152	 	 	 	620	 	 	 	557	 	
Administrative expenses	  	 	86	 	 	 	80	 	 	 	78	 	 	 	79	 	 	 	75	 	 	 	323	 	 	 	310	 	
Net investment income	  	 	95	 	 	 	92	 	 	 	97	 	 	 	89	 	 	 	88	 	 	 	373	 	 	 	341	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Life Insurance underwriting income(1)	  	 	79	 	 	 	79	 	 	 	87	 	 	 	75	 	 	 	72	 	 	 	320	 	 	 	298	 	
Other income (expense)—operating	  	 	11	 	 	 	17	 	 	 	10	 	 	 	10	 	 	 	18	 	 	 	48	 	 	 	12	 	
Amortization expense of purchased intangibles	  	 	—  	 	 	 	(1	) 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	(2	) 	 	 	(2	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	90	 	 	$	95	 	 	$	96	 	 	$	85	 	 	$	89	 	 	$	366	 	 	$	308	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
% Change versus prior year period	  				 				 				 				 				 				 				
Net premiums written	  	 	6.9	% 	 	 	8.5	% 	 	 	2.5	% 	 	 	3.5	% 	 	 	4.8	% 	 	 	5.3	% 	 	 	6.1	% 	
Net premiums earned	  	 	6.6	% 	 	 	8.7	% 	 	 	3.4	% 	 	 	3.9	% 	 	 	3.9	% 	 	 	5.6	% 	 	 	5.6	% 	
Net premiums written constant $	  	 	6.8	% 	 	 	9.1	% 	 	 	4.3	% 	 	 	5.2	% 	 	 	6.3	% 	 	 	6.4	% 	 	 	5.7	% 	
Net premiums earned constant $	  	 	6.5	% 	 	 	9.3	% 	 	 	5.2	% 	 	 	5.5	% 	 	 	5.4	% 	 	 	6.6	% 	 	 	5.3	% 	
 
(1)	We assess the performance of our Life Insurance business based on Life Insurance underwriting income which includes Net investment income and (Gains) losses from fair value changes in separate account assets.	
International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses):

 	  	 	 	  	 	 	  	 	 	 	Constant $	 	 	Full Year	 	  	Full Year	 	  	 	 	 	Constant $	 	
 	  	4Q-19	 	  	4Q-18	 	  	% Change	 	 	% Change	 	 	2019	 	  	2018	 	  	% Change	 	 	% Change	 	
International life insurance net premiums written	  	$	 266	 	  	$	 233	 	  	 	14.6	% 	 	 	14.1	% 	 	$	981	 	  	$	887	 	  	 	10.6	% 	 	 	12.6	% 	
International life insurance deposits (2)	  	 	404	 	  	 	375	 	  	 	7.9	% 	 	 	8.1	% 	 	 	1,463	 	  	 	1,538	 	  	 	-4.9	% 	 	 	-2.3	% 	
	  	 	 	 	  	 	 	 	  				 				 	 	 	 	  	 	 	 	  				 				
Total international life insurance net premiums written and deposits	  	$	670	 	  	$	608	 	  	 	10.5	% 	 	 	10.4	% 	 	$	 2,444	 	  	$	 2,425	 	  	 	0.8	% 	 	 	3.2	% 	
	  	 	 	 	  	 	 	 	  				 				 	 	 	 	  	 	 	 	  				 				
International life insurance segment income	  	$	36	 	  	$	32	 	  	 	12.2	% 	 	 	11.2	% 	 	$	152	 	  	$	103	 	  	 	48.0	% 	 	 	51.0	% 	

(2)	Includes deposits collected on universal life and investment contracts. Consistent with GAAP, premiums collected on universal life and investment contracts are considered deposits and excluded from revenues.	

Life Insurance	  	Page 17	

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

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	 	Full Year	 	
 	  	4Q-19	 	 	3Q-19	 	 	2Q-19	 	 	1Q-19	 	 	4Q-18	 	 	2019	 	 	2018	 	
Gross premiums written	  	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	
Net premiums written	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Net premiums earned	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Losses and loss expenses	  	 	75	 	 	 	38	 	 	 	34	 	 	 	11	 	 	 	(19	) 	 	 	158	 	 	 	53	 	
Policy acquisition costs	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Administrative expenses	  	 	108	 	 	 	74	 	 	 	74	 	 	 	63	 	 	 	95	 	 	 	319	 	 	 	295	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting loss	  	 	(183	) 	 	 	(112	) 	 	 	(108	) 	 	 	(74	) 	 	 	(76	) 	 	 	(477	) 	 	 	(348	) 	
Adjusted net investment income	  	 	8	 	 	 	9	 	 	 	10	 	 	 	9	 	 	 	8	 	 	 	36	 	 	 	39	 	
Other income (expense)—operating	  	 	(6	) 	 	 	(7	) 	 	 	(4	) 	 	 	(7	) 	 	 	(8	) 	 	 	(24	) 	 	 	(25	) 	
Adjusted interest expense	  	 	(140	) 	 	 	(143	) 	 	 	(145	) 	 	 	(145	) 	 	 	(158	) 	 	 	(573	) 	 	 	(674	) 	
Amortization expense of purchased intangibles	  	 	(55	) 	 	 	(54	) 	 	 	(54	) 	 	 	(55	) 	 	 	(63	) 	 	 	(218	) 	 	 	(255	) 	
Income tax expense	  	 	(173	) 	 	 	(219	) 	 	 	(216	) 	 	 	(202	) 	 	 	(192	) 	 	 	(810	) 	 	 	(742	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating loss	  	 	(549	) 	 	 	(526	) 	 	 	(517	) 	 	 	(474	) 	 	 	(489	) 	 	 	(2,066	) 	 	 	(2,005	) 	
Chubb integration expenses, net of tax	  	 	(12	) 	 	 	(2	) 	 	 	(3	) 	 	 	(2	) 	 	 	(15	) 	 	 	(19	) 	 	 	(47	) 	
Amortization of fair value adjustment of acquired invested assets
and long-term debt, net of tax	  	 	(25	) 	 	 	(24	) 	 	 	(32	) 	 	 	(33	) 	 	 	(42	) 	 	 	(114	) 	 	 	(175	) 	
Adjusted net realized gains (losses), net of tax(1)	  	 	170	 	 	 	(119	) 	 	 	(10	) 	 	 	(95	) 	 	 	(523	) 	 	 	(54	) 	 	 	(223	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net loss	  	$	 (416	) 	 	$	 (671	) 	 	$	 (562	) 	 	$	 (604	) 	 	$	 (1,069	) 	 	$	 (2,253	) 	 	$	 (2,450	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unfavorable (favorable) prior period development (PPD)—pre-tax	  	$	74	 	 	$	36	 	 	$	33	 	 	$	10	 	 	$	(22	) 	 	$	153	 	 	$	45	 	
 
(1)	Includes Net realized gains (losses) related to unconsolidated entities.	

Corporate	  	Page 18	

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

 	  	Unpaid Losses	 	 	Net Paid to	 	
 	  	Gross	 	 	Ceded	 	 	Net	 	 	Incurred Ratio	 	
Balance at June 30, 2017	  	$	60,394	 	 	$	12,485	 	 	$	47,909	 	 				
Losses and loss expenses incurred	  	 	8,410	 	 	 	2,163	 	 	 	6,247	 	 				
Losses and loss expenses paid	  	 	(5,207	) 	 	 	(909	) 	 	 	(4,298	) 	 	 	69	% 	
Other (incl. foreign exch. revaluation)	  	 	556	 	 	 	131	 	 	 	425	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at September 30, 2017	  	$	64,153	 	 	$	13,870	 	 	$	50,283	 	 				
Losses and loss expenses incurred	  	 	5,755	 	 	 	1,483	 	 	 	4,272	 	 				
Losses and loss expenses paid	  	 	(6,419	) 	 	 	(1,298	) 	 	 	(5,121	) 	 	 	120	% 	
Other (incl. foreign exch. revaluation)	  	 	(310	) 	 	 	(41	) 	 	 	(269	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at December 31, 2017	  	$	63,179	 	 	$	14,014	 	 	$	49,165	 	 				
Losses and loss expenses incurred	  	 	5,028	 	 	 	926	 	 	 	4,102	 	 				
Losses and loss expenses paid	  	 	(5,448	) 	 	 	(1,206	) 	 	 	(4,242	) 	 	 	103	% 	
Other (incl. foreign exch. revaluation)	  	 	380	 	 	 	88	 	 	 	292	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at March 31, 2018	  	$	63,139	 	 	$	13,822	 	 	$	49,317	 	 				
Losses and loss expenses incurred	  	 	5,458	 	 	 	971	 	 	 	4,487	 	 				
Losses and loss expenses paid	  	 	(5,304	) 	 	 	(931	) 	 	 	(4,373	) 	 	 	97	% 	
Other (incl. foreign exch. revaluation)	  	 	(515	) 	 	 	(127	) 	 	 	(388	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at June 30, 2018	  	$	62,778	 	 	$	13,735	 	 	$	49,043	 	 				
Losses and loss expenses incurred	  	 	6,472	 	 	 	1,604	 	 	 	4,868	 	 				
Losses and loss expenses paid	  	 	(5,771	) 	 	 	(1,268	) 	 	 	(4,503	) 	 	 	93	% 	
Other (incl. foreign exch. revaluation)	  	 	(450	) 	 	 	(106	) 	 	 	(344	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at September 30, 2018	  	$	63,029	 	 	$	13,965	 	 	$	49,064	 	 				
Losses and loss expenses incurred	  	 	6,687	 	 	 	2,077	 	 	 	4,610	 	 				
Losses and loss expenses paid	  	 	(6,556	) 	 	 	(1,334	) 	 	 	(5,222	) 	 	 	113	% 	
Other (incl. foreign exch. revaluation)	  	 	(200	) 	 	 	(19	) 	 	 	(181	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at December 31, 2018	  	$	62,960	 	 	$	14,689	 	 	$	48,271	 	 				
Losses and loss expenses incurred	  	 	5,261	 	 	 	1,163	 	 	 	4,098	 	 				
Losses and loss expenses paid	  	 	(5,197	) 	 	 	(1,178	) 	 	 	(4,019	) 	 	 	98	% 	
Other (incl. foreign exch. revaluation)	  	 	119	 	 	 	33	 	 	 	86	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at March 31, 2019	  	$	63,143	 	 	$	14,707	 	 	$	48,436	 	 				
Losses and loss expenses incurred	  	 	5,758	 	 	 	1,043	 	 	 	4,715	 	 				
Losses and loss expenses paid	  	 	(5,581	) 	 	 	(1,489	) 	 	 	(4,092	) 	 	 	87	% 	
Other (incl. foreign exch. revaluation)	  	 	(115	) 	 	 	(28	) 	 	 	(87	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at June 30, 2019	  	$	63,205	 	 	$	14,233	 	 	$	48,972	 	 				
Losses and loss expenses incurred	  	 	6,783	 	 	 	1,731	 	 	 	5,052	 	 				
Losses and loss expenses paid	  	 	(6,751	) 	 	 	(1,568	) 	 	 	(5,183	) 	 	 	103	% 	
Other (incl. foreign exch. revaluation)	  	 	(225	) 	 	 	(64	) 	 	 	(161	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at September 30, 2019	  	$	63,012	 	 	$	14,332	 	 	$	48,680	 	 				
Losses and loss expenses incurred	  	 	5,855	 	 	 	990	 	 	 	4,865	 	 				
Losses and loss expenses paid	  	 	(6,382	) 	 	 	(1,203	) 	 	 	(5,179	) 	 	 	106	% 	
Other (incl. foreign exch. revaluation)	  	 	205	 	 	 	62	 	 	 	143	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at December 31, 2019	  	$	62,690	 	 	$	14,181	 	 	$	48,509	 	 				
Add net recoverable on paid losses	  	 	—  	 	 	 	1,000	 	 	 	(1,000	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance including net recoverable on paid losses	  	$	62,690	 	 	$	15,181	 	 	$	47,509	 	 				

			
Loss Reserve Rollforward	  	Page 19	

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

 	  	December 31
2019	 	 	September 30
2019	 	 	June 30
2019	 	 	March 31
2019	 	 	December 31
2018	 	
Reinsurance recoverable on paid losses and loss expenses	  				 				 				 				 				
Active operations	  	$	887	 	 	$	1,072	 	 	$	1,079	 	 	$	1,124	 	 	$	980	 	
Brandywine and Other Run-off	  	 	189	 	 	 	193	 	 	 	209	 	 	 	381	 	 	 	396	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	1,076	 	 	$	1,265	 	 	$	1,288	 	 	$	1,505	 	 	$	1,376	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reinsurance recoverable on unpaid losses and loss expenses	  				 				 				 				 				
Active operations	  	$	13,223	 	 	$	13,427	 	 	$	13,315	 	 	$	13,720	 	 	$	13,705	 	
Brandywine and Other Run-off	  	 	1,198	 	 	 	1,155	 	 	 	1,166	 	 	 	1,235	 	 	 	1,235	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	14,421	 	 	$	14,582	 	 	$	14,481	 	 	$	14,955	 	 	$	14,940	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross reinsurance recoverable	  				 				 				 				 				
Active operations	  	$	14,110	 	 	$	14,499	 	 	$	14,394	 	 	$	14,844	 	 	$	14,685	 	
Brandywine and Other Run-off	  	 	1,387	 	 	 	1,348	 	 	 	1,375	 	 	 	1,616	 	 	 	1,631	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	15,497	 	 	$	15,847	 	 	$	15,769	 	 	$	16,460	 	 	$	16,316	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Provision for uncollectible reinsurance (1)	  				 				 				 				 				
Active operations	  	$	(180	) 	 	$	(187	) 	 	$	(187	) 	 	$	(187	) 	 	$	(185	) 	
Brandywine and Other Run-off	  	 	(136	) 	 	 	(133	) 	 	 	(137	) 	 	 	(136	) 	 	 	(138	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	(316	) 	 	$	(320	) 	 	$	(324	) 	 	$	(323	) 	 	$	(323	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net reinsurance recoverable	  				 				 				 				 				
Active operations	  	$	13,930	 	 	$	14,312	 	 	$	14,207	 	 	$	14,657	 	 	$	14,500	 	
Brandywine and Other Run-off	  	 	1,251	 	 	 	1,215	 	 	 	1,238	 	 	 	1,480	 	 	 	1,493	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	15,181	 	 	$	15,527	 	 	$	15,445	 	 	$	16,137	 	 	$	15,993	 	

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

Reinsurance Recoverable	  	Page 20	

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

 	  	December 31	 	 	September 30	 	 	June 30	 	 	March 31	 	 	December 31	 	
 	  	2019	 	 	2019	 	 	2019	 	 	2019	 	 	2018	 	
Market Value	  				 				 				 				 				 				 				 				 				 				
Fixed maturities available for sale	  	$	85,488	 	 				 	$	85,044	 	 				 	$	82,410	 	 				 	$	80,663	 	 				 	$	78,470	 	 				
Fixed maturities held to maturity	  	 	13,005	 	 				 	 	13,096	 	 				 	 	13,177	 	 				 	 	13,240	 	 				 	 	13,259	 	 				
Short-term investments	  	 	4,291	 	 				 	 	2,835	 	 				 	 	3,808	 	 				 	 	3,078	 	 				 	 	3,016	 	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Total fixed maturities	  	$	102,784	 	 				 	$	100,975	 	 				 	$	99,395	 	 				 	$	96,981	 	 				 	$	94,745	 	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Asset Allocation by Market Value	  				 				 				 				 				 				 				 				 				 				
Treasury / Agency	  	$	4,630	 	 	 	5	% 	 	$	4,840	 	 	 	5	% 	 	$	4,833	 	 	 	5	% 	 	$	4,943	 	 	 	5	% 	 	$	5,327	 	 	 	6	% 	
Corporate and asset-backed	  	 	34,259	 	 	 	33	% 	 	 	33,881	 	 	 	34	% 	 	 	32,261	 	 	 	32	% 	 	 	30,364	 	 	 	31	% 	 	 	29,091	 	 	 	31	% 	
Mortgage-backed	  	 	21,588	 	 	 	21	% 	 	 	21,488	 	 	 	21	% 	 	 	20,468	 	 	 	21	% 	 	 	18,924	 	 	 	20	% 	 	 	18,026	 	 	 	19	% 	
Municipal	  	 	12,824	 	 	 	12	% 	 	 	13,369	 	 	 	13	% 	 	 	13,854	 	 	 	14	% 	 	 	15,796	 	 	 	16	% 	 	 	16,327	 	 	 	17	% 	
Non-U.S.	  	 	25,192	 	 	 	25	% 	 	 	24,562	 	 	 	24	% 	 	 	24,171	 	 	 	24	% 	 	 	23,876	 	 	 	25	% 	 	 	22,958	 	 	 	24	% 	
Short-term investments	  	 	4,291	 	 	 	4	% 	 	 	2,835	 	 	 	3	% 	 	 	3,808	 	 	 	4	% 	 	 	3,078	 	 	 	3	% 	 	 	3,016	 	 	 	3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturities	  	$	102,784	 	 	 	100	% 	 	$	100,975	 	 	 	100	% 	 	$	99,395	 	 	 	100	% 	 	$	96,981	 	 	 	100	% 	 	$	94,745	 	 	 	100	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Quality by Market Value	  				 				 				 				 				 				 				 				 				 				
AAA	  	$	15,714	 	 	 	15	% 	 	$	14,696	 	 	 	15	% 	 	$	15,276	 	 	 	15	% 	 	$	14,917	 	 	 	16	% 	 	$	14,571	 	 	 	15	% 	
AA	  	 	37,504	 	 	 	37	% 	 	 	37,752	 	 	 	37	% 	 	 	37,211	 	 	 	38	% 	 	 	37,023	 	 	 	38	% 	 	 	36,715	 	 	 	39	% 	
A	  	 	19,236	 	 	 	19	% 	 	 	18,977	 	 	 	19	% 	 	 	18,476	 	 	 	19	% 	 	 	17,867	 	 	 	19	% 	 	 	17,253	 	 	 	18	% 	
BBB	  	 	13,650	 	 	 	13	% 	 	 	13,228	 	 	 	13	% 	 	 	12,682	 	 	 	13	% 	 	 	11,961	 	 	 	12	% 	 	 	12,035	 	 	 	13	% 	
BB	  	 	9,474	 	 	 	9	% 	 	 	9,317	 	 	 	9	% 	 	 	9,161	 	 	 	9	% 	 	 	8,807	 	 	 	9	% 	 	 	8,363	 	 	 	9	% 	
B	  	 	6,897	 	 	 	7	% 	 	 	6,739	 	 	 	7	% 	 	 	6,375	 	 	 	6	% 	 	 	6,148	 	 	 	6	% 	 	 	5,596	 	 	 	6	% 	
Other	  	 	309	 	 	 	0	% 	 	 	266	 	 	 	0	% 	 	 	214	 	 	 	0	% 	 	 	258	 	 	 	0	% 	 	 	212	 	 	 	0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturities	  	$	102,784	 	 	 	100	% 	 	$	100,975	 	 	 	100	% 	 	$	99,395	 	 	 	100	% 	 	$	96,981	 	 	 	100	% 	 	$	94,745	 	 	 	100	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost/Amortized Cost	  				 				 				 				 				 				 				 				 				 				
Fixed maturities available for sale	  	$	82,580	 	 				 	$	82,036	 	 				 	$	80,119	 	 				 	$	79,624	 	 				 	$	79,323	 	 				
Fixed maturities held to maturity	  	 	12,581	 	 				 	 	12,622	 	 				 	 	12,838	 	 				 	 	13,136	 	 				 	 	13,435	 	 				
Short-term investments	  	 	4,291	 	 				 	 	2,838	 	 				 	 	3,808	 	 				 	 	3,078	 	 				 	 	3,016	 	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Subtotal fixed maturities	  	 	99,452	 	 				 	 	97,496	 	 				 	 	96,765	 	 				 	 	95,838	 	 				 	 	95,774	 	 				
Equity securities	  	 	812	 	 				 	 	722	 	 				 	 	715	 	 				 	 	821	 	 				 	 	770	 	 				
Other investments	  	 	6,062	 	 				 	 	5,955	 	 				 	 	5,968	 	 				 	 	5,562	 	 				 	 	5,277	 	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Total investment portfolio	  	$	106,326	 	 				 	$	104,173	 	 				 	$	103,448	 	 				 	$	102,221	 	 				 	$	101,821	 	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Avg. duration of fixed maturities	  	 	3.8 years	 	 				 	 	3.8 years	 	 				 	 	3.8 years	 	 				 	 	3.6 years	 	 				 	 	3.7 years	 	 				
Avg. market yield of fixed maturities	  	 	2.7	% 	 				 	 	2.7	% 	 				 	 	2.9	% 	 				 	 	3.2	% 	 				 	 	3.7	% 	 				
Avg. credit quality	  	 	A/Aa	 	 				 	 	A/Aa	 	 				 	 	A/Aa	 	 				 	 	A/Aa	 	 				 	 	A/Aa	 	 				
Avg. yield on invested assets (1)	  	 	3.4	% 	 				 	 	3.5	% 	 				 	 	3.5	% 	 				 	 	3.5	% 	 				 	 	3.5	% 	 				
 
(1)	Calculated using adjusted net investment income.	

Investments	  	Page 21	

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 December 31, 2019	  				  				  				  				  				  				
Agency residential mortgage-backed (RMBS)	  	$	187	 	  	$	17,722	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	17,909	 	
Non-agency RMBS	  	 	184	 	  	 	32	 	  	 	75	 	  	 	18	 	  	 	10	 	  	 	319	 	
Commercial mortgage-backed	  	 	2,946	 	  	 	272	 	  	 	136	 	  	 	6	 	  	 	—  	 	  	 	3,360	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total mortgage-backed securities at market value	  	$	3,317	 	  	$	18,026	 	  	$	211	 	  	$	24	 	  	$	10	 	  	$	21,588	 	

U.S. Corporate and Asset-backed Fixed Income Portfolios	  				  				  				  				  				  				
			
Market Value at December 31, 2019	  	 	 	  	S&P Credit Rating	 	
 	  	 	 	  	Investment Grade	 	
 	  	 	 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	Total	 	
	  				  	 	 	 	
Asset-backed	  				  	$	3,274	 	  	$	331	 	  	$	64	 	  	$	69	 	  	$	3,738	 	
Banks	  				  	 	—  	 	  	 	34	 	  	 	2,243	 	  	 	1,390	 	  	 	3,667	 	
Basic Materials	  				  	 	—  	 	  	 	—  	 	  	 	97	 	  	 	201	 	  	 	298	 	
Communications	  				  	 	—  	 	  	 	165	 	  	 	487	 	  	 	1,084	 	  	 	1,736	 	
Consumer, Cyclical	  				  	 	—  	 	  	 	354	 	  	 	501	 	  	 	584	 	  	 	1,439	 	
Consumer, Non-Cyclical	  				  	 	60	 	  	 	572	 	  	 	1,733	 	  	 	1,261	 	  	 	3,626	 	
Diversified Financial Services	  				  	 	7	 	  	 	110	 	  	 	360	 	  	 	377	 	  	 	854	 	
Energy	  				  	 	—  	 	  	 	70	 	  	 	214	 	  	 	879	 	  	 	1,163	 	
Industrial	  				  	 	—  	 	  	 	53	 	  	 	678	 	  	 	814	 	  	 	1,545	 	
Utilities	  				  	 	—  	 	  	 	3	 	  	 	869	 	  	 	414	 	  	 	1,286	 	
All Others	  				  	 	200	 	  	 	357	 	  	 	1,393	 	  	 	1,077	 	  	 	3,027	 	
	  				  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  				  	$	3,541	 	  	$	2,049	 	  	$	8,639	 	  	$	8,150	 	  	$	22,379	 	

Market Value at December 31, 2019	  	 	 	  	 	 	  	S&P Credit Rating	 	
 	  	 	 	  	 	 	  	Below Investment Grade	 	
 	  	 	 	  	 	 	  	BB	 	  	B	 	  	CCC	 	  	Total	 	
	  				  				  	 	 	 	
Asset-backed	  				  				  	$	—  	 	  	$	18	 	  	$	5	 	  	$	23	 	
Banks	  				  				  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Basic Materials	  				  				  	 	365	 	  	 	211	 	  	 	4	 	  	 	580	 	
Communications	  				  				  	 	910	 	  	 	805	 	  	 	37	 	  	 	1,752	 	
Consumer, Cyclical	  				  				  	 	1,196	 	  	 	750	 	  	 	34	 	  	 	1,980	 	
Consumer, Non-Cyclical	  				  				  	 	1,307	 	  	 	1,390	 	  	 	30	 	  	 	2,727	 	
Diversified Financial Services	  				  				  	 	173	 	  	 	161	 	  	 	8	 	  	 	342	 	
Energy	  				  				  	 	687	 	  	 	373	 	  	 	1	 	  	 	1,061	 	
Industrial	  				  				  	 	746	 	  	 	664	 	  	 	16	 	  	 	1,426	 	
Utilities	  				  				  	 	272	 	  	 	36	 	  	 	10	 	  	 	318	 	
All Others	  				  				  	 	988	 	  	 	647	 	  	 	36	 	  	 	1,671	 	
	  				  				  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  				  				  	$	6,644	 	  	$	5,055	 	  	$	181	 	  	$	11,880	 	

			
Investments 2	  	Page 22	

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

Non-U.S. Government Securities	  	Market Value by S&P Credit Rating	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
	  	 	 	 	
Republic of Korea	  	$	—  	 	  	$	1,032	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	1,032	 	
United Kingdom	  	 	—  	 	  	 	924	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	924	 	
Canada	  	 	835	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	835	 	
Federative Republic of Brazil	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	688	 	  	 	688	 	
Kingdom of Thailand	  	 	—  	 	  	 	—  	 	  	 	652	 	  	 	—  	 	  	 	—  	 	  	 	652	 	
Province of Ontario	  	 	—  	 	  	 	9	 	  	 	635	 	  	 	—  	 	  	 	—  	 	  	 	644	 	
United Mexican States	  	 	—  	 	  	 	—  	 	  	 	455	 	  	 	112	 	  	 	—  	 	  	 	567	 	
Province of Quebec	  	 	—  	 	  	 	496	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	496	 	
Commonwealth of Australia	  	 	362	 	  	 	—  	 	  	 	3	 	  	 	—  	 	  	 	—  	 	  	 	365	 	
Socialist Republic of Vietnam	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	362	 	  	 	362	 	
Other Non-U.S. Government Securities	  	 	876	 	  	 	1,501	 	  	 	969	 	  	 	659	 	  	 	885	 	  	 	4,890	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	2,073	 	  	$	3,962	 	  	$	2,714	 	  	$	771	 	  	$	1,935	 	  	$	11,455	 	

Non-U.S. Corporate Securities	  	Market Value by S&P Credit Rating	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
	  	 	 	 	
United Kingdom	  	$	78	 	  	$	124	 	  	$	807	 	  	$	906	 	  	$	401	 	  	$	2,316	 	
Canada	  	 	105	 	  	 	278	 	  	 	417	 	  	 	541	 	  	 	440	 	  	 	1,781	 	
United States (1)	  	 	—  	 	  	 	—  	 	  	 	209	 	  	 	307	 	  	 	640	 	  	 	1,156	 	
France	  	 	8	 	  	 	41	 	  	 	729	 	  	 	308	 	  	 	50	 	  	 	1,136	 	
Australia	  	 	108	 	  	 	186	 	  	 	355	 	  	 	142	 	  	 	22	 	  	 	813	 	
Netherlands	  	 	48	 	  	 	92	 	  	 	285	 	  	 	141	 	  	 	119	 	  	 	685	 	
Japan	  	 	—  	 	  	 	48	 	  	 	467	 	  	 	72	 	  	 	—  	 	  	 	587	 	
Germany	  	 	66	 	  	 	41	 	  	 	150	 	  	 	268	 	  	 	35	 	  	 	560	 	
Switzerland	  	 	49	 	  	 	3	 	  	 	230	 	  	 	193	 	  	 	36	 	  	 	511	 	
China	  	 	—  	 	  	 	—  	 	  	 	249	 	  	 	73	 	  	 	49	 	  	 	371	 	
Other Non-U.S. Corporate Securities	  	 	373	 	  	 	450	 	  	 	948	 	  	 	1,242	 	  	 	808	 	  	 	3,821	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	835	 	  	$	1,263	 	  	$	4,846	 	  	$	4,193	 	  	$	2,600	 	  	$	13,737	 	

(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 23	

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

 	 		                             December 31, 2019                    	  	Market Value	 	  	 	 	  	Rating	
1	 	Wells Fargo & Co	  	$	637	 	  				  	A-		
2	 	Bank of America Corp	  	 	575	 	  				  	A-		
3	 	JP Morgan Chase & Co	  	 	568	 	  				  	A-		
4	 	Comcast Corp	  	 	461	 	  				  	A-		
5	 	HSBC Holdings Plc	  	 	396	 	  				  	A		
6	 	AT&T Inc	  	 	392	 	  				  	BBB		
7	 	Citigroup Inc	  	 	392	 	  				  	BBB+		
8	 	Verizon Communications Inc	  	 	381	 	  				  	BBB+		
9	 	Goldman Sachs Group Inc	  	 	369	 	  				  	BBB+		
10	 	Morgan Stanley	  	 	358	 	  				  	BBB+		

Investments 4	  	Page 24	

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

 	  	Three months ended December 31, 2019	 	
 	  	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	  	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	
Fixed income investments (1)	  	$	4	 	 	$	(2	) 	 	$	2	 	 	$	(96	) 	 	$	29	 	 	$	(67	) 	 	$	(92	) 	 	$	27	 	 	$	(65	) 	
Public equity (1):	  				 				 				 				 				 				 				 				 				
Realized gains (losses) on sales	  	 	(18	) 	 	 	4	 	 	 	(14	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(18	) 	 	 	4	 	 	 	(14	) 	
Mark-to-market	  	 	37	 	 	 	(7	) 	 	 	30	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	37	 	 	 	(7	) 	 	 	30	 	
Private equity:	  				 				 				 				 				 				 				 				 				
Realized gains (losses) on sales	  	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	
Mark-to-market	  	 	222	 	 	 	(10	) 	 	 	212	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	222	 	 	 	(10	) 	 	 	212	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio	  	 	244	 	 	 	(15	) 	 	 	229	 	 	 	(96	) 	 	 	29	 	 	 	(67	) 	 	 	148	 	 	 	14	 	 	 	162	 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (2)	  	 	4	 	 	 	—  	 	 	 	4	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	4	 	 	 	—  	 	 	 	4	 	
Foreign exchange	  	 	(79	) 	 	 	13	 	 	 	(66	) 	 	 	156	 	 	 	21	 	 	 	177	 	 	 	77	 	 	 	34	 	 	 	111	 	
Partially-owned entities (3)	  	 	4	 	 	 	—  	 	 	 	4	 	 	 	(3	) 	 	 	—  	 	 	 	(3	) 	 	 	1	 	 	 	—  	 	 	 	1	 	
Other (4)	  	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	(14	) 	 	 	5	 	 	 	(9	) 	 	 	(15	) 	 	 	5	 	 	 	(10	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	  	$	172	 	 	$	(2	) 	 	$	170	 	 	$	43	 	 	$	55	 	 	$	98	 	 	$	215	 	 	$	53	 	 	$	268	 	

(1)   The quarter includes pre-tax realized losses on derivatives of: $8 million in fixed income and $19 million in public equity. Other-than-temporary impairments for the quarter in realized losses were $8 million pre-tax for fixed maturities.
(2)   The quarter includes $49 million of losses on applicable hedges. These losses are both pre-tax and after-tax.
(3)   Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.
(4)   Other unrealized gains (losses) are primarily related to the company’s postretirement programs.
 	
    
    
    
    
	
  	  	Three months ended December 31, 2018	 	
 	  	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	  	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	
Fixed income investments (5)	  	$	(313	) 	 	$	21	 	 	$	(292	) 	 	$	(75	) 	 	$	(42	) 	 	$	(117	) 	 	$	(388	) 	 	$	(21	) 	 	$	(409	) 	
Public equity:	  				 				 				 				 				 				 				 				 				
Realized gains (losses) on sales	  	 	9	 	 	 	(1	) 	 	 	8	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	9	 	 	 	(1	) 	 	 	8	 	
Mark-to-market	  	 	(88	) 	 	 	17	 	 	 	(71	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(88	) 	 	 	17	 	 	 	(71	) 	
Private equity:	  				 				 				 				 				 				 				 				 				
Realized gains (losses) on sales	  	 	120	 	 	 	—  	 	 	 	120	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	120	 	 	 	—  	 	 	 	120	 	
Mark-to-market	  	 	(19	) 	 	 	(12	) 	 	 	(31	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(19	) 	 	 	(12	) 	 	 	(31	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio	  	 	(291	) 	 	 	25	 	 	 	(266	) 	 	 	(75	) 	 	 	(42	) 	 	 	(117	) 	 	 	(366	) 	 	 	(17	) 	 	 	(383	) 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (6)	  	 	(263	) 	 	 	—  	 	 	 	(263	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(263	) 	 	 	—  	 	 	 	(263	) 	
Foreign exchange	  	 	29	 	 	 	(11	) 	 	 	18	 	 	 	(143	) 	 	 	30	 	 	 	(113	) 	 	 	(114	) 	 	 	19	 	 	 	(95	) 	
Partially-owned entities (7)	  	 	8	 	 	 	—  	 	 	 	8	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	8	 	 	 	—  	 	 	 	8	 	
Other (8)	  	 	(26	) 	 	 	6	 	 	 	(20	) 	 	 	(260	) 	 	 	55	 	 	 	(205	) 	 	 	(286	) 	 	 	61	 	 	 	(225	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	  	$	(543	) 	 	$	20	 	 	$	(523	) 	 	$	(478	) 	 	$	43	 	 	$	(435	) 	 	$	(1,021	) 	 	$	63	 	 	$	(958	) 	

(5)   The quarter includes $153 million pre-tax realized losses on fixed income derivatives. Other-than-temporary impairments for the quarter in realized losses were $33 million pre-tax for fixed maturities.
(6)   The quarter includes $118 million of gains on applicable hedges. These gains are both pre-tax and after-tax.
 
(7)   Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.
 
(8)   Other realized losses, pre-tax, primarily includes $23 million related to impairment of fixed assets. Other unrealized gains (losses) are primarily related to the company’s post-retirement programs.	    
    

    

    	

Net Gains (Losses)	  	Page 25	

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

 	 	Year ended December 31, 2019	 	
 	 	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax (Expense)
Benefit	 	 	Gains (Losses)
After-Tax	 	
Fixed income investments (1)	 	$	(413	) 	 	$	8	 	 	$	(405	) 	 	$	3,738	 	 	$	(647	) 	 	$	3,091	 	 	$	3,325	 	 	$	(639	) 	 	$	2,686	 	
Public equity (1):	 				 				 				 				 				 				 				 				 				
Realized gains (losses) on sales	 	 	5	 	 	 	(1	) 	 	 	4	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	5	 	 	 	(1	) 	 	 	4	 	
Mark-to-market	 	 	46	 	 	 	(10	) 	 	 	36	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	46	 	 	 	(10	) 	 	 	36	 	
Private equity:	 				 				 				 				 				 				 				 				 				
Realized gains (losses) on sales	 	 	(5	) 	 	 	—  	 	 	 	(5	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(5	) 	 	 	—  	 	 	 	(5	) 	
Mark-to-market	 	 	449	 	 	 	(10	) 	 	 	439	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	449	 	 	 	(10	) 	 	 	439	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio	 	 	82	 	 	 	(13	) 	 	 	69	 	 	 	3,738	 	 	 	(647	) 	 	 	3,091	 	 	 	3,820	 	 	 	(660	) 	 	 	3,160	 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (2)	 	 	(142	) 	 	 	—  	 	 	 	(142	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(142	) 	 	 	—  	 	 	 	(142	) 	
Foreign exchange	 	 	7	 	 	 	(1	) 	 	 	6	 	 	 	13	 	 	 	24	 	 	 	37	 	 	 	20	 	 	 	23	 	 	 	43	 	
Partially-owned entities (3)	 	 	19	 	 	 	(1	) 	 	 	18	 	 	 	(3	) 	 	 	—  	 	 	 	(3	) 	 	 	16	 	 	 	(1	) 	 	 	15	 	
Other (4)	 	 	(5	) 	 	 	—  	 	 	 	(5	) 	 	 	(76	) 	 	 	18	 	 	 	(58	) 	 	 	(81	) 	 	 	18	 	 	 	(63	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	 	$	(39	) 	 	$	(15	) 	 	$	(54	) 	 	$	3,672	 	 	$	(605	) 	 	$	3,067	 	 	$	3,633	 	 	$	(620	) 	 	$	3,013	 	

(1)   Full year includes pre-tax realized losses on derivatives of: $382 million in fixed income and $53 million in public equity. Full year other-than-temporary impairments in realized losses were $58 million pre-tax for fixed maturities.
(2)   Full year includes $138 million of losses on applicable hedges. These losses are both pre-tax and after-tax.
(3)   Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.
(4)   Other unrealized gains (losses) are primarily related to the company’s postretirement programs.
 	
    
    
    
    
	
  	 	Year ended December 31, 2018	 	
 	 	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax (Expense)
Benefit	 	 	Gains (Losses)
After-Tax	 	
Fixed income investments (5)	 	$	(377	) 	 	$	30	 	 	$	(347	) 	 	$	(1,996	) 	 	$	297	 	 	$	(1,699	) 	 	$	(2,373	) 	 	$	327	 	 	$	(2,046	) 	
Public equity:	 				 				 				 				 				 				 				 				 				
Realized gains (losses) on sales	 	 	70	 	 	 	(13	) 	 	 	57	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	70	 	 	 	(13	) 	 	 	57	 	
Mark-to-market	 	 	(129	) 	 	 	27	 	 	 	(102	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(129	) 	 	 	27	 	 	 	(102	) 	
Private equity:	 				 				 				 				 				 				 				 				 				
Realized gains (losses) on sales	 	 	120	 	 	 	—  	 	 	 	120	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	120	 	 	 	—  	 	 	 	120	 	
Mark-to-market	 	 	298	 	 	 	(36	) 	 	 	262	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	298	 	 	 	(36	) 	 	 	262	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio	 	 	(18	) 	 	 	8	 	 	 	(10	) 	 	 	(1,996	) 	 	 	297	 	 	 	(1,699	) 	 	 	(2,014	) 	 	 	305	 	 	 	(1,709	) 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (6)	 	 	(252	) 	 	 	—  	 	 	 	(252	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(252	) 	 	 	—  	 	 	 	(252	) 	
Foreign exchange	 	 	131	 	 	 	(31	) 	 	 	100	 	 	 	(802	) 	 	 	35	 	 	 	(767	) 	 	 	(671	) 	 	 	4	 	 	 	(667	) 	
Partially-owned entities (7)	 	 	8	 	 	 	—  	 	 	 	8	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	8	 	 	 	—  	 	 	 	8	 	
Other (8)	 	 	(87	) 	 	 	18	 	 	 	(69	) 	 	 	(321	) 	 	 	67	 	 	 	(254	) 	 	 	(408	) 	 	 	85	 	 	 	(323	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	 	$	(218	) 	 	$	(5	) 	 	$	(223	) 	 	$	(3,119	) 	 	$	399	 	 	$	(2,720	) 	 	$	(3,337	) 	 	$	394	 	 	$	(2,943	) 	

(5)   Full year includes $75 million pre-tax realized losses on fixed income derivatives. Full year other-than-temporary impairments in realized losses were $49 million pre-tax for fixed maturities.
 
(6)   Full year includes $4 million of losses on applicable hedges. These losses are both pre-tax and after-tax.
 
(7)   Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.
 
(8)   Other realized losses, pre-tax, primarily includes $36 million related to the early redemption of the $1.0 billion junior subordinated capital securities in April 2018, $24 million related to lease impairments, and $23 million related to impairment of fixed assets. Other unrealized gains (losses) are primarily related to the company’s post-retirement programs.	
    

    

    

    	

Net Gains (Losses) 2	  	Page 26	

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

 	  	December 31
2019	 	 	September 30
2019	 	 	June 30
2019	 	 	March 31
2019	 	 	December 31
2018	 	 	December 31
2017	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Financial Debt:	  				 				 				 				 				 				
Total short-term debt (1)	  	$	1,299	 	 	$	10	 	 	$	9	 	 	$	509	 	 	$	509	 	 	$	1,013	 	
Total long-term debt (1) (2)	  	 	13,559	 	 	 	13,285	 	 	 	13,371	 	 	 	      12,071	 	 	 	12,087	 	 	 	11,556	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total financial debt	  	$	14,858	 	 	$	13,295	 	 	$	13,380	 	 	$	12,580	 	 	$	12,596	 	 	$	12,569	 	
Hybrid debt:	  				 				 				 				 				 				
Total trust preferred securities	  	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	15,166	 	 	$	13,603	 	 	$	13,688	 	 	$	12,888	 	 	$	12,904	 	 	$	12,877	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capitalization:	  				 				 				 				 				 				
Shareholders’ equity	  	$	55,331	 	 	$	54,572	 	 	$	53,802	 	 	$	52,355	 	 	$	50,312	 	 	$	51,172	 	
Hybrid debt	  	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	
Financial debt	  	 	14,858	 	 	 	13,295	 	 	 	      13,380	 	 	 	12,580	 	 	 	12,596	 	 	 	12,569	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total capitalization	  	$	70,497	 	 	$	68,175	 	 	$	67,490	 	 	$	65,243	 	 	$	63,216	 	 	$	64,049	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Leverage ratios (based on total capital):	  				 				 				 				 				 				
Hybrid debt	  	 	0.4	% 	 	 	0.5	% 	 	 	0.5	% 	 	 	0.5	% 	 	 	0.5	% 	 	 	0.5	% 	
Financial debt	  	 	21.1	% 	 	 	19.5	% 	 	 	19.8	% 	 	 	19.3	% 	 	 	19.9	% 	 	 	19.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total hybrid & financial debt	  	 	21.5	% 	 	 	20.0	% 	 	 	20.3	% 	 	 	19.8	% 	 	 	20.4	% 	 	 	20.1	% 	
Note: As of December 31, 2019, there was $0.6 billion usage of credit facilities on a total commitment of $1.0 billion.
 
(1)	During Q4 2019, the $1.3 billion 2.3% senior notes were reclassified to short-term debt.	
(2)	In December 2019, we issued $1.6 billion of senior notes in the European market (€700 million at 0.30% due 2024 and €700 million at 0.875% due 2029).	

Debt and Capital	  	Page 27	

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 December 31	 	 	Year ended December 31	 	
 	  	2019	 	 	2018	 	 	2019	 	 	2018	 	
	  	 	 	 	 	 	 	 	
Numerator	  				 				 				 				
Core operating income to common shares	  	$	1,040	 	 	$	935	 	 	$	4,641	 	 	$	4,407	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax	  	 	(29	) 	 	 	(50	) 	 	 	(140	) 	 	 	(215	) 	
Tax benefit on amortization adjustment	  	 	4	 	 	 	8	 	 	 	26	 	 	 	40	 	
Chubb integration expenses, pre-tax	  	 	(14	) 	 	 	(20	) 	 	 	(23	) 	 	 	(59	) 	
Tax benefit on Chubb integration expenses	  	 	2	 	 	 	5	 	 	 	4	 	 	 	12	 	
Adjusted net realized gains (losses), pre-tax	  	 	172	 	 	 	(543	) 	 	 	(39	) 	 	 	(218	) 	
Tax (expense) benefit on adjusted net realized gains (losses)	  	 	(2	) 	 	 	20	 	 	 	(15	) 	 	 	(5	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	1,173	 	 	$	355	 	 	$	4,454	 	 	$	3,962	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rollforward of Common Shares Outstanding	  				 				 				 				
Shares—beginning of period	  	 	453,533,642	 	 	 	461,100,790	 	 	 	459,203,378	 	 	 	463,833,179	 	
Repurchase of shares	  	 	(2,024,400	) 	 	 	(2,493,873	) 	 	 	(10,442,238	) 	 	 	(7,719,035	) 	
Shares issued, excluding option exercises	  	 	120,831	 	 	 	441,681	 	 	 	1,267,773	 	 	 	2,023,850	 	
Issued for option exercises	  	 	341,494	 	 	 	154,780	 	 	 	1,942,654	 	 	 	1,065,384	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Shares—end of period	  	 	451,971,567	 	 	 	459,203,378	 	 	 	451,971,567	 	 	 	459,203,378	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Denominator	  				 				 				 				
Weighted average shares outstanding (1)	  	 	452,714,275	 	 	 	460,636,999	 	 	 	455,910,463	 	 	 	463,629,203	 	
Effect of other dilutive securities	  	 	3,222,730	 	 	 	2,783,223	 	 	 	3,004,200	 	 	 	3,173,145	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adj. wtd. avg. shares outstanding and assumed conversions	  	 	455,937,005	 	 	 	463,420,222	 	 	 	458,914,663	 	 	 	466,802,348	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	  				 				 				 				
Core operating income	  	$	2.30	 	 	$	2.03	 	 	$	10.18	 	 	$	9.51	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	(0.06	) 	 	 	(0.09	) 	 	 	(0.25	) 	 	 	(0.38	) 	
Chubb integration expenses, net of tax	  	 	(0.02	) 	 	 	(0.03	) 	 	 	(0.04	) 	 	 	(0.10	) 	
Adjusted net realized gains (losses), net of tax	  	 	0.37	 	 	 	(1.14	) 	 	 	(0.12	) 	 	 	(0.48	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	2.59	 	 	$	0.77	 	 	$	9.77	 	 	$	8.55	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings per share	  				 				 				 				
Core operating income	  	$	2.28	 	 	$	2.02	 	 	$	10.11	 	 	$	9.44	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	(0.06	) 	 	 	(0.09	) 	 	 	(0.25	) 	 	 	(0.37	) 	
Chubb integration expenses, net of tax	  	 	(0.02	) 	 	 	(0.03	) 	 	 	(0.04	) 	 	 	(0.10	) 	
Adjusted net realized gains (losses), net of tax	  	 	0.37	 	 	 	(1.14	) 	 	 	(0.11	) 	 	 	(0.48	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	2.57	 	 	$	0.76	 	 	$	9.71	 	 	$	8.49	 	

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

Earnings per share	  	Page 28	

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

 	  	December 31
2019	 	 	September 30
2019	 	 	June 30
2019	 	 	March 31
2019	 	 	December 31
2018	 	
Shareholders’ equity	  	$	55,331	 	 	$	54,572	 	 	$	53,802	 	 	$	52,355	 	 	$	50,312	 	
Less: goodwill and other intangible assets, net of tax	  	 	20,012	 	 	 	20,010	 	 	 	20,170	 	 	 	20,070	 	 	 	20,054	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Numerator for tangible book value per share	  	$	35,319	 	 	$	34,562	 	 	$	33,632	 	 	$	32,285	 	 	$	30,258	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value—% change over prior quarter	  	 	1.4	% 	 	 	1.4	% 	 	 	2.8	% 	 	 	4.1	% 	 	 	-1.2	% 	
Tangible book value—% change over prior quarter	  	 	2.2	% 	 	 	2.8	% 	 	 	4.2	% 	 	 	6.7	% 	 	 	-1.8	% 	
Denominator	  	 	451,971,567	 	 	 	453,533,642	 	 	 	456,077,819	 	 	 	458,179,205	 	 	 	459,203,378	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share	  	$	122.42	 	 	$	120.33	 	 	$	117.97	 	 	$	114.27	 	 	$	109.56	 	
Tangible book value per common share	  	$	78.14	 	 	$	76.21	 	 	$	73.74	 	 	$	70.46	 	 	$	65.89	 	
Reconciliation of Book Value	  				 				 				 				 				
Shareholders’ equity, beginning of quarter (1)	  	$	54,572	 	 	$	53,802	 	 	$	52,355	 	 	$	50,300	 	 	$	50,934	 	
Core operating income	  	 	1,040	 	 	 	1,236	 	 	 	1,195	 	 	 	1,170	 	 	 	935	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt	  	 	(25	) 	 	 	(24	) 	 	 	(32	) 	 	 	(33	) 	 	 	(42	) 	
Chubb integration expenses	  	 	(12	) 	 	 	(2	) 	 	 	(3	) 	 	 	(2	) 	 	 	(15	) 	
Adjusted net realized gains (losses) (2)	  	 	170	 	 	 	(119	) 	 	 	(10	) 	 	 	(95	) 	 	 	(523	) 	
Net unrealized gains (losses) on investments	  	 	(70	) 	 	 	580	 	 	 	1,019	 	 	 	1,559	 	 	 	(117	) 	
Repurchase of shares	  	 	(310	) 	 	 	(478	) 	 	 	(376	) 	 	 	(367	) 	 	 	(318	) 	
Dividend declared on common shares	  	 	(340	) 	 	 	(341	) 	 	 	(344	) 	 	 	(335	) 	 	 	(336	) 	
Cumulative translation gains (losses)	  	 	177	 	 	 	(185	) 	 	 	(95	) 	 	 	140	 	 	 	(113	) 	
Postretirement benefit liability	  	 	(9	) 	 	 	(13	) 	 	 	(15	) 	 	 	(21	) 	 	 	(205	) 	
Other (3)	  	 	138	 	 	 	116	 	 	 	108	 	 	 	39	 	 	 	112	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	$	55,331	 	 	$	54,572	 	 	$	53,802	 	 	$	52,355	 	 	$	50,312	 	

(1)	January 1, 2019 included a $12 million after-tax reduction to beginning equity related to the adoption of new accounting guidance on premium amortization of purchased callable debt securities.	
(2)	Includes net realized gains (losses) related to unconsolidated entities.	
(3)	Other primarily includes proceeds from exercise of stock options and stock compensation, offset by the value of any share cancellations for restricted stock vesting taxes.	

Reconciliation Book Value	  	Page 29	

Chubb Limited
Non-GAAP Financial Measures
(Unaudited)
Regulation G—Non-GAAP Financial Measures
In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP).
Throughout this document there are various measures presented on a constant-dollar basis (i.e., excludes the impact of foreign exchange). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.
Underwriting income is calculated by subtracting adjusted losses and loss expenses, adjusted policy benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest expense, amortization expense of purchased intangibles, Chubb integration expense, income tax expense and adjusted net realized gains (losses).
CAY underwriting income excluding catastrophe losses (Cats) is underwriting income adjusted to exclude Cats and prior period development (PPD). We believe it is useful to exclude Cats, as they are not predictable as to timing and amount, and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business.
Segment income (loss) includes underwriting income, adjusted net investment income, other income (expense) – operating, and amortization expense of purchased intangibles.
Adjusted losses and loss expenses include realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses.
Adjusted policy benefits includes gains and losses from fair value changes in separate account assets, as well as the offsetting movement in separate account liabilities, for purposes of reporting Life Insurance underwriting income. The gains and 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. We view gains and losses from fair value changes in both separate account assets and liabilities as part of the results of our underwriting operations, and therefore these gains and losses are reclassified to adjusted policy benefits.
Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from the acquisition of The Chubb Corporation (Chubb Corp). We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.
Adjusted interest expense is interest expense excluding the amortization of the fair value adjustment on acquired long-term debt, related to the Chubb Corp acquisition due to the size and complexity of this acquisition.
Other income (expense) – operating excludes from consolidated Other income (expense) the portion of net realized gains and losses related to unconsolidated entities and gains and losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP. Net realized gains (losses) related to unconsolidated entities is excluded from core operating income in order to enhance the understanding of our results of underwriting operations as they are heavily influenced by, and fluctuate in part according to, market conditions. Other income (expense) – operating and net realized gains and losses related to unconsolidated entities are recorded to Other income (expense) in our income statement on a GAAP basis.
P&C underwriting income and P&C combined ratio exclude the Life Insurance segment. P&C loss and loss expense ratio and P&C combined ratio include adjusted losses and loss expenses in the ratio numerator. P&C expense ratio and P&C combined ratio include policy acquisition costs and administrative expenses in the ratio numerator. A reconciliation of combined ratio to P&C combined ratio is provided on pages 33-36.
CAY P&C combined ratio excluding catastrophe losses excludes Cats and PPD from the P&C combined ratio. We exclude Cats as they are not predictable as to timing and amount and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. The combined ratio numerator is adjusted to exclude Cats, net premiums earned adjustments on PPD, prior period expense adjustments and reinstatement premiums on PPD, and the denominator is adjusted to exclude net premiums earned adjustments on PPD and reinstatement premiums on Cats and PPD. In periods where there are adjustments on loss sensitive policies, these adjustments are excluded from PPD and net premiums earned when calculating the ratios. We believe this measure provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our P&C business that may be obscured by these items. This measure is commonly reported among our peer companies and allows for a better comparison.
Expense ratio excluding accident and health (A&H) excludes the impact of our A&H business from our expense ratio. The expense ratio for the A&H business is typically higher than our traditional P&C business, and we believe that this measure provides better comparison to our peer companies that may not have a significant A&H block of business.
Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the operating results of the company’s Life Insurance and North America Agricultural Insurance segments. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.
Core operating income, net of tax, excludes from net income, the after-tax impact of adjusted net realized gains (losses), Chubb integration expenses, and the amortization of fair value adjustment of acquired invested assets and long-term debt related to the Chubb Corp acquisition. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) because the amount of these gains (losses) are heavily influenced by, and fluctuate in part according to the availability of market opportunities. We exclude the amortization of the fair value adjustments related to purchased invested assets and long-term debt and Chubb integration expenses due to the size and complexity of this acquisition. These integration expenses are distortive to our results and are not indicative of our underlying profitability. We believe that excluding these integration expenses facilitates the comparison of our financial results to our historical operating results. References to core operating income measures mean net of tax, whether or not noted.
Core operating effective tax rate is income tax expense excluding tax expense (benefit) on adjusted net realized gains (losses), tax benefit on amortization of fair value of acquired invested assets and debt, and tax benefit on Chubb integration expenses, divided by income excluding adjusted net realized gains (losses) before tax, amortization of fair value of acquired invested assets and debt before tax, and Chubb integration expenses before tax. We believe the use of this measure is meaningful to show the tax on the underlying performance of our insurance business, by excluding the tax on adjusted net realized gains (losses), the tax on amortization of the fair value adjustments related to purchased invested assets and long-term debt and the tax on Chubb integration expenses. Refer to the definition of core operating income, net of tax above for more information on these adjustments.
Book value per common share, is shareholders’ equity divided by the shares outstanding. Tangible book value per common share, 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. Book value per common share excluding mark-to-market, excludes unrealized investment gains (losses). Tangible book value per common share excluding mark-to-market, excludes goodwill and other intangible assets, net of tax, as well as unrealized investment gains (losses), net of tax. We exclude unrealized investment gains (losses) because the amount of these gains (losses) is heavily influenced by changes in market conditions, including interest rate changes, and we believe that excluding these gains and losses would highlight the underlying growth in book value and tangible book value.
International life insurance net premiums written and deposits collected includes deposits collected on universal life and investment contracts (life deposits). Life deposits are not reflected as revenues in our consolidated statements of operations in accordance with GAAP. However, we include life deposits in presenting growth in our life insurance business because new life deposits are an important component of production and key to our efforts to grow our business.
Net premiums written adjusted primarily for additional reinsurance is net premiums written in the company’s North America Personal P&C Insurance segment, adjusted to exclude the year-over-year net impact for the quarter and full-year of $(48) million and $42 million, respectively, of additional reinsurance, reinstatement premiums, and accounting actions. In addition to excluding additional reinsurance and the accounting actions, we exclude the impact of Fireman’s Fund non-renewal and unearned premium reserve (UPR) transfer. We believe this measure is meaningful to evaluate trends in the underlying business on a comparable basis.

Reconciliation Non-GAAP	  	Page 30	

Chubb Limited
Non-GAAP Financial Measures—2
(in millions of U.S. dollars, except per share data and ratios)
(Unaudited)
Regulation G—Non-GAAP Financial Measures (continued)
Core operating effective tax rate
The following table presents the reconciliation of effective tax rate to the Core operating effective tax rate:

  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	 	Full Year	 	
 	  	4Q-19	 	 	3Q-19	 	 	2Q-19	 	 	1Q-19	 	 	4Q-18	 	 	2019	 	 	2018	 	
Tax expense, as reported	  	$	169	 	 	$	230	 	 	$	208	 	 	$	188	 	 	$	159	 	 	$	795	 	 	$	695	 	
Less: tax benefit on amortization of fair value of acquired invested assets and debt	  	 	(4	) 	 	 	(8	) 	 	 	(6	) 	 	 	(8	) 	 	 	(8	) 	 	 	(26	) 	 	 	(40	) 	
Less: tax benefit on Chubb integration expenses	  	 	(2	) 	 	 	—  	 	 	 	(1	) 	 	 	(1	) 	 	 	(5	) 	 	 	(4	) 	 	 	(12	) 	
Less: tax expense (benefit) on adjusted net realized gains (losses)	  	 	2	 	 	 	19	 	 	 	(1	) 	 	 	(5	) 	 	 	(20	) 	 	 	15	 	 	 	5	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tax expense, adjusted	  	$	173	 	 	$	219	 	 	$	216	 	 	$	202	 	 	$	192	 	 	$	810	 	 	$	742	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before tax, as reported	  	$	1,342	 	 	$	1,321	 	 	$	1,358	 	 	$	1,228	 	 	$	514	 	 	$	5,249	 	 	$	4,657	 	
Less: amortization of fair value of acquired invested assets and debt	  	 	(29	) 	 	 	(32	) 	 	 	(38	) 	 	 	(41	) 	 	 	(50	) 	 	 	(140	) 	 	 	(215	) 	
Less: Chubb integration expenses	  	 	(14	) 	 	 	(2	) 	 	 	(4	) 	 	 	(3	) 	 	 	(20	) 	 	 	(23	) 	 	 	(59	) 	
Less: adjusted realized gains (losses)	  	 	(55	) 	 	 	(141	) 	 	 	(230	) 	 	 	(96	) 	 	 	(682	) 	 	 	(522	) 	 	 	(649	) 	
Less: realized gains (losses) related to unconsolidated entities	  	 	227	 	 	 	41	 	 	 	219	 	 	 	(4	) 	 	 	139	 	 	 	483	 	 	 	431	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating income before tax	  	$	1,213	 	 	$	1,455	 	 	$	1,411	 	 	$	1,372	 	 	$	1,127	 	 	$	5,451	 	 	$	5,149	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effective tax rate	  	 	12.6	% 	 	 	17.4	% 	 	 	15.3	% 	 	 	15.3	% 	 	 	31.1	% 	 	 	15.1	% 	 	 	14.9	% 	
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt	  	 	0.0	% 	 	 	0.2	% 	 	 	0.1	% 	 	 	0.1	% 	 	 	0.0	% 	 	 	0.1	% 	 	 	0.2	% 	
Adjustment for tax impact of Chubb integration expenses	  	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.1	% 	 	 	0.0	% 	 	 	0.1	% 	
Adjustment for tax impact of adjusted net realized gains (losses)	  	 	1.6	% 	 	 	-2.5	% 	 	 	-0.1	% 	 	 	-0.7	% 	 	 	-14.1	% 	 	 	-0.3	% 	 	 	-0.8	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating effective tax rate	  	 	14.2	% 	 	 	15.1	% 	 	 	15.3	% 	 	 	14.7	% 	 	 	17.1	% 	 	 	14.9	% 	 	 	14.4	% 	

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

 
	
  	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	 	Full Year	 	
 	  	4Q-19	 	 	3Q-19	 	 	2Q-19	 	 	1Q-19	 	 	4Q-18	 	 	2019	 	 	2018	 	
Net income, as reported	  	$	1,173	 	 	$	1,091	 	 	$	1,150	 	 	$	1,040	 	 	$	355	 	 	$	4,454	 	 	$	3,962	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax	  	 	(29	) 	 	 	(32	) 	 	 	(38	) 	 	 	(41	) 	 	 	(50	) 	 	 	(140	) 	 	 	(215	) 	
Tax benefit on amortization adjustment	  	 	4	 	 	 	8	 	 	 	6	 	 	 	8	 	 	 	8	 	 	 	26	 	 	 	40	 	
Chubb integration expenses, pre-tax	  	 	(14	) 	 	 	(2	) 	 	 	(4	) 	 	 	(3	) 	 	 	(20	) 	 	 	(23	) 	 	 	(59	) 	
Tax benefit on Chubb integration expenses	  	 	2	 	 	 	—  	 	 	 	1	 	 	 	1	 	 	 	5	 	 	 	4	 	 	 	12	 	
Adjusted realized gains (losses), pre-tax	  	 	(55	) 	 	 	(141	) 	 	 	(230	) 	 	 	(96	) 	 	 	(682	) 	 	 	(522	) 	 	 	(649	) 	
Net realized gains (losses) related to unconsolidated entities, pre-tax (1)	  	 	227	 	 	 	41	 	 	 	219	 	 	 	(4	) 	 	 	139	 	 	 	483	 	 	 	431	 	
Tax (expense) benefit on adjusted net realized gains (losses)	  	 	(2	) 	 	 	(19	) 	 	 	1	 	 	 	5	 	 	 	20	 	 	 	(15	) 	 	 	(5	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating income	  	$	1,040	 	 	$	1,236	 	 	$	1,195	 	 	$	1,170	 	 	$	935	 	 	$	4,641	 	 	$	4,407	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe losses—after-tax	  	$	353	 	 	$	191	 	 	$	221	 	 	$	201	 	 	$	506	 	 	$	966	 	 	$	1,354	 	
Favorable prior period development (PPD)—after-tax	  	$	(199	) 	 	$	(112	) 	 	$	(152	) 	 	$	(161	) 	 	$	(202	) 	 	$	(624	) 	 	$	(706	) 	
Core operating income per share	  	$	2.28	 	 	$	2.70	 	 	$	2.60	 	 	$	2.54	 	 	$	2.02	 	 	$	10.11	 	 	$	9.44	 	
Impact of Cats on Core operating income per share—Unfavorable	  	$	(0.77	) 	 	$	(0.41	) 	 	$	(0.48	) 	 	$	(0.43	) 	 	$	(1.09	) 	 	$	(2.11	) 	 	$	(2.90	) 	
Impact of PPD on Core operating income per share—Favorable	  	$	0.43	 	 	$	0.24	 	 	$	0.33	 	 	$	0.35	 	 	$	0.43	 	 	$	1.36	 	 	$	1.51	 	
Impact of Cats and PPD on Core operating income per share—Unfavorable	  	$	(0.34	) 	 	$	(0.17	) 	 	$	(0.15	) 	 	$	(0.08	) 	 	$	(0.66	) 	 	$	(0.75	) 	 	$	(1.39	) 	
 
(1)	Realized gains (losses) on partially-owned entities, which are investments where we hold more than an insignificant percentage of the investee’s shares. The net income or loss is included in other income (expense).	

Reconciliation Non-GAAP 2	  	Page 31	

Chubb Limited
Non-GAAP Financial Measures—3
(in millions of U.S. dollars, except share, per share data, and ratios)
(Unaudited)
Regulation G—Non-GAAP Financial Measures (continued)
Core operating ROE
Core operating return on equity (ROE) and Core operating return on tangible equity (ROTE) are annualized non-GAAP financial measures. The numerator includes core operating income, net of tax. The denominator includes the average shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, net of tax. For the ROTE calculation, the denominator is also adjusted to exclude goodwill and other intangible assets, net of tax. These measures enhances the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity and tangible equity excluding the effect of unrealized gains and losses on our investments.

  	  	4Q-19	 	 	4Q-18	 	 	Full Year 2019	 	 	Full Year 2018	 	
Net income	  	$	1,173	 	 	$	355	 	 	$	4,454	 	 	$	3,962	 	
Core operating income	  	$	1,040	 	 	$	935	 	 	$	4,641	 	 	$	4,407	 	
Equity—beginning of period, as reported (1)	  	$	54,572	 	 	$	50,934	 	 	$	50,300	 	 	$	51,172	 	
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	2,613	 	 	 	(428	) 	 	 	(545	) 	 	 	1,154	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity—beginning of period, as adjusted	  	$	         51,959	 	 	$	         51,362	 	 	$	         50,845	 	 	$	         50,018	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Less: goodwill and other intangible assets, net of tax	  	$	20,010	 	 	$	20,121	 	 	$	20,054	 	 	$	20,621	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity—beginning of period, as adjusted ex goodwill and other intangible assets	  	$	31,949	 	 	$	31,241	 	 	$	30,791	 	 	$	29,397	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity—end of period, as reported	  	$	55,331	 	 	$	50,312	 	 	$	55,331	 	 	$	50,312	 	
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	2,543	 	 	 	(545	) 	 	 	2,543	 	 	 	(545	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity—end of period, as adjusted	  	$	52,788	 	 	$	50,857	 	 	$	52,788	 	 	$	50,857	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Less: goodwill and other intangible assets, net of tax	  	 	20,012	 	 	 	20,054	 	 	 	20,012	 	 	 	20,054	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity—end of period, as adjusted ex goodwill and other intangible assets	  	$	32,776	 	 	$	30,803	 	 	$	32,776	 	 	$	30,803	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average equity, as reported	  	$	54,952	 	 	$	50,623	 	 	$	52,816	 	 	$	50,742	 	
Weighted average equity, as adjusted	  	$	52,374	 	 	$	51,110	 	 	$	51,817	 	 	$	50,438	 	
Weighted average equity, as adjusted ex goodwill and other intangible assets	  	$	32,363	 	 	$	31,022	 	 	$	31,784	 	 	$	30,100	 	
ROE	  	 	8.5	% 	 	 	2.8	% 	 	 	8.4	% 	 	 	7.8	% 	
Core operating ROE	  	 	7.9	% 	 	 	7.3	% 	 	 	9.0	% 	 	 	8.7	% 	
Core operating ROTE	  	 	12.8	% 	 	 	12.1	% 	 	 	14.6	% 	 	 	14.6	% 	
Private equities realized gains (losses), after-tax (2)	  	$	211	 	 	$	89	 	 	$	434	 	 	$	382	 	
Impact of Private equities if included in Core operating ROE - Favorable (2)	  	 	1.7 pts	 	 	 	0.7 pt	 	 	 	0.8 pt	 	 	 	0.8 pt	 	
	
Reconciliation of Book Value and Tangible Book Value per Share, excluding mark-to-market

  	  	December 31
2019	 	 	December 31
2018	 	 	% Change	 	 	 	 	
Book value	  	$	55,331	 	 	$	50,312	 	 				 				
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	2,543	 	 	 	(545	) 	 				 				
	  	 	 	 	 	 	 	 	 				 				
Book value excluding mark-to-market	  	 	52,788	 	 	 	50,857	 	 				 				
Less: goodwill and other intangible assets, net of tax	  	 	20,012	 	 	 	20,054	 	 				 				
	  	 	 	 	 	 	 	 	 				 				
Tangible book value excluding mark-to-market	  	$	32,776	 	 	$	30,803	 	 				 				
	  	 	 	 	 	 	 	 	 				 				
Denominator	  	 	451,971,567	 	 	 	459,203,378	 	 				 				
	  	 	 	 	 	 	 	 	 				 				
Book value per share excluding mark-to-market	  	$	116.80	 	 	$	110.75	 	 	 	5.5	% 	 				
Tangible book value per share excluding mark-to-market	  	$	72.52	 	 	$	67.08	 	 	 	8.1	% 	 				
 
(1)	January 1, 2019 included a $12 million after-tax reduction to beginning equity related to the adoption of new accounting guidance on premium amortization of purchased callable debt securities.	
(2)	We record the change in the fair value mark and gains (losses) on sales of private equity funds as realized gains (losses) instead of investment income.	

Reconciliation Non-GAAP 3	  	Page 32	

Chubb Limited
Non-GAAP Financial Measures—4
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G—Non-GAAP Financial Measures (continued)
P&C combined ratio
The P&C combined ratio includes the impact of realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing will impact underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations.
The following tables present the calculation of combined ratio, as reported, for each segment to P&C combined ratio, adjusted for catastrophe losses (Cats) and prior period development (PPD).

	Q4 2019	 	 	 	North
America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	
Numerator	 		 				 				 				 				 				 				 					
Losses and loss expenses	 		 				 				 				 				 				 				 					
Losses and loss expenses	 		 	$	1,968	 	 	$	865	 	 	$	453	 	 	$	1,221	 	 	$	107	 	 	$	75	 	 	$	4,689	 		
Realized (gains) losses on crop derivatives	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted losses and loss expenses	 	A	 	$	1,968	 	 	$	865	 	 	$	453	 	 	$	1,221	 	 	$	107	 	 	$	75	 	 	$	4,689	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Catastrophe losses and related adjustments	 		 				 				 				 				 				 				 					
Catastrophe losses, net of related adjustments	 		 	 	(102	) 	 	 	(225	) 	 	 	(1	) 	 	 	(87	) 	 	 	(15	) 	 	 	—  	 	 	 	(430	) 		
Reinstatement premiums collected (expensed) on catastrophe losses	 		 	 	—  	 	 	 	(11	) 	 	 	—  	 	 	 	(4	) 	 	 	1	 	 	 	—  	 	 	 	(14	) 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Catastrophe losses, gross of related adjustments	 		 	 	(102	) 	 	 	(214	) 	 	 	(1	) 	 	 	(83	) 	 	 	(16	) 	 	 	—	 	 	 	(416	) 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
PPD and related adjustments	 		 				 				 				 				 				 				 					
PPD, net of related adjustments—favorable (unfavorable)	 		 	 	224	 	 	 	7	 	 	 	37	 	 	 	43	 	 	 	(4	) 	 	 	(74	) 	 	 	233	 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	 		 	 	—  	 	 	 	—  	 	 	 	4	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	4	 		
Expense adjustments—unfavorable (favorable)	 		 	 	—  	 	 	 	—  	 	 	 	(10	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(10	) 		
PPD reinstatement premiums—unfavorable (favorable)	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
PPD, gross of related adjustments—favorable (unfavorable)	 		 	 	224	 	 	 	7	 	 	 	31	 	 	 	43	 	 	 	(5	) 	 	 	(74	) 	 	 	226	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
CAY loss and loss expense ex Cats	 	B	 	$	2,090	 	 	$	658	 	 	$	483	 	 	$	1,181	 	 	$	86	 	 	$	1	 	 	$	4,499	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses	 		 				 				 				 				 				 				 					
Policy acquisition costs and administrative expenses	 	C	 	$	727	 	 	$	315	 	 	$	(9	) 	 	$	908	 	 	$	51	 	 	$	108	 	 	$	2,100	 		
Expense adjustments—favorable (unfavorable)	 		 	 	—  	 	 	 	—  	 	 	 	10	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	10	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses, adjusted	 	D	 	$	727	 	 	$	315	 	 	$	1	 	 	$	908	 	 	$	51	 	 	$	108	 	 	$	2,110	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Denominator	 		 				 				 				 				 				 				 					
Net premiums earned	 	E	 	$	3,262	 	 	$	1,185	 	 	$	421	 	 	$	2,287	 	 	$	167	 	 				 	$	7,322	 		
Reinstatement premiums (collected) expensed on catastrophe losses	 		 	 	—  	 	 	 	11	 	 	 	—  	 	 	 	4	 	 	 	(1	) 	 				 	 	14	 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	 		 	 	—  	 	 	 	—  	 	 	 	4	 	 	 	—  	 	 	 	—  	 	 				 	 	4	 		
PPD reinstatement premiums—unfavorable (favorable)	 		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(1	) 	 				 	 	(1	) 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Net premiums earned excluding adjustments	 	F	 	$	3,262	 	 	$	1,196	 	 	$	425	 	 	$	2,291	 	 	$	165	 	 				 	$	7,339	 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	 		 				 				 				 				 				 				 					
Loss and loss expense ratio	 	A/E	 	 	60.3	% 	 	 	73.0	% 	 	 	107.6	% 	 	 	53.3	% 	 	 	64.2	% 	 				 	 	64.0	% 		
Policy acquisition cost and administrative expense ratio	 	C/E	 	 	22.3	% 	 	 	26.6	% 	 	 	-2.2	% 	 	 	39.8	% 	 	 	30.4	% 	 				 	 	28.7	% 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	 		 	 	82.6	% 	 	 	99.6	% 	 	 	105.4	% 	 	 	93.1	% 	 	 	94.6	% 	 				 	 	92.7	% 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	 		 				 				 				 				 				 				 					
Loss and loss expense ratio, adjusted	 	B/F	 	 	64.0	% 	 	 	55.1	% 	 	 	113.6	% 	 	 	51.5	% 	 	 	52.5	% 	 				 	 	61.3	% 		
Policy acquisition cost and administrative expense ratio, adjusted	 	D/F	 	 	22.4	% 	 	 	26.3	% 	 	 	0.3	% 	 	 	39.7	% 	 	 	30.8	% 	 				 	 	28.7	% 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	 		 	 	86.4	% 	 	 	81.4	% 	 	 	113.9	% 	 	 	91.2	% 	 	 	83.3	% 	 				 	 	90.0	% 		
	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Combined ratio	 		 				 				 				 				 				 				 					
Combined ratio	 		 				 				 				 				 				 				 	 	92.7	% 		
Add: impact of gains and losses on crop derivatives	 		 				 				 				 				 				 				 	 	0.0	% 		
	 		 				 				 				 				 				 				 	 	 	 		
P&C combined ratio	 		 				 				 				 				 				 				 	 	92.7	% 		
	 		 				 				 				 				 				 				 	 	 	 		
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

Reconciliation Non-GAAP 4	  	Page 33	

Chubb Limited
Non-GAAP Financial Measures—5
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G—Non-GAAP Financial Measures (continued)
P&C combined ratio (continued)

	Full Year 2019	  	 	 	North
America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	
Numerator	  		 				 				 				 				 				 				 					
Losses and loss expenses	  		 				 				 				 				 				 				 					
Losses and loss expenses	  		 	$	8,206	 	 	$	3,043	 	 	$	1,608	 	 	$	4,606	 	 	$	352	 	 	$	158	 	 	$	17,973	 		
Realized (gains) losses on crop derivatives	  		 	 	—  	 	 	 	—  	 	 	 	8	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	8	 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted losses and loss expenses	  	A	 	$	8,206	 	 	$	3,043	 	 	$	1,616	 	 	$	4,606	 	 	$	352	 	 	$	158	 	 	$	17,981	 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Catastrophe losses and related adjustments	  		 				 				 				 				 				 				 					
Catastrophe losses, net of related adjustments	  		 	 	(421	) 	 	 	(554	) 	 	 	(8	) 	 	 	(156	) 	 	 	(48	) 	 	 	—  	 	 	 	(1,187	) 		
Reinstatement premiums collected (expensed) on catastrophe losses	  		 	 	—  	 	 	 	(11	) 	 	 	—  	 	 	 	(4	) 	 	 	3	 	 	 	—  	 	 	 	(12	) 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Catastrophe losses, gross of related adjustments	  		 	 	(421	) 	 	 	(543	) 	 	 	(8	) 	 	 	(152	) 	 	 	(51	) 	 	 	—  	 	 	 	(1,175	) 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
PPD and related adjustments	  		 				 				 				 				 				 				 					
PPD, net of related adjustments—favorable (unfavorable)	  		 	 	649	 	 	 	95	 	 	 	80	 	 	 	92	 	 	 	29	 	 	 	(153	) 	 	 	792	 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	  		 	 	38	 	 	 	—  	 	 	 	36	 	 	 	—  	 	 	 	1	 	 	 	—  	 	 	 	75	 		
Expense adjustments—unfavorable (favorable)	  		 	 	(3	) 	 	 	—  	 	 	 	(13	) 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(17	) 		
PPD reinstatement premiums—unfavorable (favorable)	  		 	 	(1	) 	 	 	(4	) 	 	 	—  	 	 	 	1	 	 	 	(1	) 	 	 	—  	 	 	 	(5	) 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
PPD, gross of related adjustments—favorable (unfavorable)	  		 	 	683	 	 	 	91	 	 	 	103	 	 	 	93	 	 	 	28	 	 	 	(153	) 	 	 	845	 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
CAY loss and loss expense ex Cats	  	B	 	$	8,468	 	 	$	2,591	 	 	$	1,711	 	 	$	4,547	 	 	$	329	 	 	$	5	 	 	$	17,651	 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses	  		 				 				 				 				 				 				 					
Policy acquisition costs and administrative expenses	  	C	 	$	2,859	 	 	$	1,234	 	 	$	90	 	 	$	3,534	 	 	$	204	 	 	$	319	 	 	$	8,240	 		
Expense adjustments—favorable (unfavorable)	  		 	 	3	 	 	 	—  	 	 	 	13	 	 	 	—  	 	 	 	1	 	 	 	—  	 	 	 	17	 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses, adjusted	  	D	 	$	2,862	 	 	$	1,234	 	 	$	103	 	 	$	3,534	 	 	$	205	 	 	$	319	 	 	$	8,257	 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Denominator	  		 				 				 				 				 				 				 					
Net premiums earned	  	E	 	$	12,922	 	 	$	4,694	 	 	$	1,795	 	 	$	8,882	 	 	$	654	 	 				 	$	28,947	 		
Reinstatement premiums (collected) expensed on catastrophe losses	  		 	 	—  	 	 	 	11	 	 	 	—  	 	 	 	4	 	 	 	(3	) 	 				 	 	12	 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	  		 	 	38	 	 	 	—  	 	 	 	36	 	 	 	—  	 	 	 	1	 	 				 	 	75	 		
PPD reinstatement premiums—unfavorable (favorable)	  		 	 	(1	) 	 	 	(4	) 	 	 	—  	 	 	 	1	 	 	 	(1	) 	 				 	 	(5	) 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Net premiums earned excluding adjustments	  	F	 	$	12,959	 	 	$	4,701	 	 	$	1,831	 	 	$	8,887	 	 	$	651	 	 				 	$	29,029	 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	  		 				 				 				 				 				 				 					
Loss and loss expense ratio	  	A/E	 	 	63.5	% 	 	 	64.8	% 	 	 	90.1	% 	 	 	51.9	% 	 	 	53.9	% 	 				 	 	62.1	% 		
Policy acquisition cost and administrative expense ratio	  	C/E	 	 	22.1	% 	 	 	26.3	% 	 	 	5.0	% 	 	 	39.7	% 	 	 	31.1	% 	 				 	 	28.5	% 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	  		 	 	85.6	% 	 	 	91.1	% 	 	 	95.1	% 	 	 	91.6	% 	 	 	85.0	% 	 				 	 	90.6	% 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	  		 				 				 				 				 				 				 					
Loss and loss expense ratio, adjusted	  	B/F	 	 	65.3	% 	 	 	55.1	% 	 	 	93.5	% 	 	 	51.2	% 	 	 	50.6	% 	 				 	 	60.8	% 		
Policy acquisition cost and administrative expense ratio, adjusted	  	D/F	 	 	22.1	% 	 	 	26.3	% 	 	 	5.6	% 	 	 	39.7	% 	 	 	31.5	% 	 				 	 	28.4	% 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	  		 	 	87.4	% 	 	 	81.4	% 	 	 	99.1	% 	 	 	90.9	% 	 	 	82.1	% 	 				 	 	89.2	% 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Combined ratio	  		 				 				 				 				 				 				 					
Combined ratio	  		 				 				 				 				 				 				 	 	90.6	% 		
Add: impact of gains and losses on crop derivatives	  		 				 				 				 				 				 				 	 	0.0	% 		
	  		 				 				 				 				 				 				 	 	 	 		
P&C combined ratio	  		 				 				 				 				 				 				 	 	90.6	% 		
	  		 				 				 				 				 				 				 	 	 	 		
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

Reconciliation Non-GAAP 5	  	Page 34	

Chubb Limited
Non-GAAP Financial Measures—6
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G—Non-GAAP Financial Measures (continued)
P&C combined ratio (continued)

	Q4 2018	  	 	 	North
America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	
Numerator	  		 				 				 				 				 				 				 					
Losses and loss expenses	  		 				 				 				 				 				 				 					
Losses and loss expenses	  		 	$	2,127	 	 	$	755	 	 	$	156	 	 	$	1,166	 	 	$	243	 	 	$	(19	) 	 	$	4,428	 		
Realized (gains) losses on crop derivatives	  		 	 	—  	 	 	 	—  	 	 	 	5	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	5	 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted losses and loss expenses	  	A	 	$	2,127	 	 	$	755	 	 	$	161	 	 	$	1,166	 	 	$	243	 	 	$	(19	) 	 	$	4,433	 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Catastrophe losses and related adjustments	  		 				 				 				 				 				 				 					
Catastrophe losses, net of related adjustments	  		 	 	(232	) 	 	 	(116	) 	 	 	(10	) 	 	 	(85	) 	 	 	(142	) 	 	 	—  	 	 	 	(585	) 		
Reinstatement premiums collected (expensed) on catastrophe losses	  		 	 	—  	 	 	 	(26	) 	 	 	—  	 	 	 	—  	 	 	 	18	 	 	 	—  	 	 	 	(8	) 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Catastrophe losses, gross of related adjustments	  		 	 	(232	) 	 	 	(90	) 	 	 	(10	) 	 	 	(85	) 	 	 	(160	) 	 	 	—  	 	 	 	(577	) 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
PPD and related adjustments	  		 				 				 				 				 				 				 					
PPD, net of related adjustments—favorable (unfavorable)	  		 	 	138	 	 	 	18	 	 	 	33	 	 	 	46	 	 	 	(4	) 	 	 	22	 	 	 	253	 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	  		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1	 	 	 	—  	 	 	 	1	 		
Expense adjustments—unfavorable (favorable)	  		 	 	—  	 	 	 	—  	 	 	 	(6	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(6	) 		
PPD reinstatement premiums—unfavorable (favorable)	  		 	 	2	 	 	 	—  	 	 	 	—  	 	 	 	2	 	 	 	—  	 	 	 	—  	 	 	 	4	 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
PPD, gross of related adjustments—favorable (unfavorable)	  		 	 	140	 	 	 	18	 	 	 	27	 	 	 	48	 	 	 	(3	) 	 	 	22	 	 	 	252	 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
CAY loss and loss expense ex Cats	  	B	 	$	2,035	 	 	$	683	 	 	$	178	 	 	$	1,129	 	 	$	80	 	 	$	3	 	 	$	4,108	 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses	  		 				 				 				 				 				 				 					
Policy acquisition costs and administrative expenses	  	C	 	$	682	 	 	$	305	 	 	$	(4	) 	 	$	849	 	 	$	54	 	 	$	95	 	 	$	1,981	 		
Expense adjustments—favorable (unfavorable)	  		 	 	—  	 	 	 	—  	 	 	 	6	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	6	 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses, adjusted	  	D	 	$	682	 	 	$	305	 	 	$	2	 	 	$	849	 	 	$	54	 	 	$	95	 	 	$	1,987	 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Denominator	  		 				 				 				 				 				 				 					
Net premiums earned	  	E	 	$	3,077	 	 	$	1,130	 	 	$	318	 	 	$	2,187	 	 	$	178	 	 				 	$	6,890	 		
Reinstatement premiums (collected) expensed on catastrophe losses	  		 	 	—  	 	 	 	26	 	 	 	—  	 	 	 	—  	 	 	 	(18	) 	 				 	 	8	 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	  		 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1	 	 				 	 	1	 		
PPD reinstatement premiums—unfavorable (favorable)	  		 	 	2	 	 	 	—  	 	 	 	—  	 	 	 	2	 	 	 	—  	 	 				 	 	4	 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Net premiums earned excluding adjustments	  	F	 	$	3,079	 	 	$	1,156	 	 	$	318	 	 	$	2,189	 	 	$	161	 	 				 	$	6,903	 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	  		 				 				 				 				 				 				 					
Loss and loss expense ratio	  	A/E	 	 	69.1	% 	 	 	66.8	% 	 	 	50.7	% 	 	 	53.3	% 	 	 	137.1	% 	 				 	 	64.3	% 		
Policy acquisition cost and administrative expense ratio	  	C/E	 	 	22.2	% 	 	 	27.0	% 	 	 	-1.2	% 	 	 	38.8	% 	 	 	29.8	% 	 				 	 	28.8	% 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	  		 	 	91.3	% 	 	 	93.8	% 	 	 	49.5	% 	 	 	92.1	% 	 	 	166.9	% 	 				 	 	93.1	% 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	  		 				 				 				 				 				 				 					
Loss and loss expense ratio, adjusted	  	B/F	 	 	66.1	% 	 	 	59.1	% 	 	 	56.0	% 	 	 	51.6	% 	 	 	50.1	% 	 				 	 	59.5	% 		
Policy acquisition cost and administrative expense ratio, adjusted	  	D/F	 	 	22.1	% 	 	 	26.4	% 	 	 	0.8	% 	 	 	38.8	% 	 	 	33.1	% 	 				 	 	28.8	% 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	  		 	 	88.2	% 	 	 	85.5	% 	 	 	56.8	% 	 	 	90.4	% 	 	 	83.2	% 	 				 	 	88.3	% 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Combined ratio	  		 				 				 				 				 				 				 					
Combined ratio	  		 				 				 				 				 				 				 	 	93.0	% 		
Add: impact of gains and losses on crop derivatives	  		 				 				 				 				 				 				 	 	0.1	% 		
	  		 				 				 				 				 				 				 	 	 	 		
P&C combined ratio	  		 				 				 				 				 				 				 	 	93.1	% 		
	  		 				 				 				 				 				 				 	 	 	 		
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

Reconciliation Non-GAAP 6	  	Page 35	

Chubb Limited
Non-GAAP Financial Measures—7
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G—Non-GAAP Financial Measures (continued)
P&C combined ratio (continued)

	Full Year 2018	  	 	 	North
America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	
Numerator	  		 				 				 				 				 				 				 					
Losses and loss expenses	  		 				 				 				 				 				 				 					
Losses and loss expenses	  		 	$	8,000	 	 	$	3,229	 	 	$	1,111	 	 	$	4,429	 	 	$	479	 	 	$	53	 	 	$	17,301	 		
Realized (gains) losses on crop derivatives	  		 	 	—  	 	 	 	—  	 	 	 	3	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	3	 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted losses and loss expenses	  	A	 	$	8,000	 	 	$	3,229	 	 	$	1,114	 	 	$	4,429	 	 	$	479	 	 	$	53	 	 	$	17,304	 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Catastrophe losses and related adjustments	  		 				 				 				 				 				 				 					
Catastrophe losses, net of related adjustments	  		 	 	(579	) 	 	 	(637	) 	 	 	(21	) 	 	 	(206	) 	 	 	(183	) 	 	 	—  	 	 	 	(1,626	) 		
Reinstatement premiums collected (expensed) on catastrophe losses	  		 	 	—  	 	 	 	(26	) 	 	 	—  	 	 	 	—  	 	 	 	22	 	 	 	—  	 	 	 	(4	) 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Catastrophe losses, gross of related adjustments	  		 	 	(579	) 	 	 	(611	) 	 	 	(21	) 	 	 	(206	) 	 	 	(205	) 	 	 	—  	 	 	 	(1,622	) 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
PPD and related adjustments	  		 				 				 				 				 				 				 					
PPD, net of related adjustments—favorable (unfavorable)	  		 	 	610	 	 	 	(41	) 	 	 	110	 	 	 	212	 	 	 	50	 	 	 	(45	) 	 	 	896	 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	  		 	 	29	 	 	 	—  	 	 	 	40	 	 	 	—  	 	 	 	8	 	 	 	—  	 	 	 	77	 		
Expense adjustments—unfavorable (favorable)	  		 	 	7	 	 	 	—  	 	 	 	(10	) 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(4	) 		
PPD reinstatement premiums—unfavorable (favorable)	  		 	 	7	 	 	 	1	 	 	 	—  	 	 	 	4	 	 	 	—  	 	 	 	—  	 	 	 	12	 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
PPD, gross of related adjustments—favorable (unfavorable)	  		 	 	653	 	 	 	(40	) 	 	 	140	 	 	 	216	 	 	 	57	 	 	 	(45	) 	 	 	981	 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
CAY loss and loss expense ex Cats	  	B	 	$	8,074	 	 	$	2,578	 	 	$	1,233	 	 	$	4,439	 	 	$	331	 	 	$	8	 	 	$	16,663	 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses	  		 				 				 				 				 				 				 					
Policy acquisition costs and administrative expenses	  	C	 	$	2,795	 	 	$	1,208	 	 	$	70	 	 	$	3,360	 	 	$	203	 	 	$	295	 	 	$	7,931	 		
Expense adjustments—favorable (unfavorable)	  		 	 	(7	) 	 	 	—  	 	 	 	10	 	 	 	—  	 	 	 	1	 	 	 	—  	 	 	 	4	 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses, adjusted	  	D	 	$	2,788	 	 	$	1,208	 	 	$	80	 	 	$	3,360	 	 	$	204	 	 	$	295	 	 	$	7,935	 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Denominator	  		 				 				 				 				 				 				 					
Net premiums earned	  	E	 	$	12,402	 	 	$	4,593	 	 	$	1,569	 	 	$	8,612	 	 	$	670	 	 				 	$	27,846	 		
Reinstatement premiums (collected) expensed on catastrophe losses	  		 	 	—  	 	 	 	26	 	 	 	—  	 	 	 	—  	 	 	 	(22	) 	 				 	 	4	 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	  		 	 	29	 	 	 	—  	 	 	 	40	 	 	 	—  	 	 	 	8	 	 				 	 	77	 		
PPD reinstatement premiums—unfavorable (favorable)	  		 	 	7	 	 	 	1	 	 	 	—  	 	 	 	4	 	 	 	—  	 	 				 	 	12	 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Net premiums earned excluding adjustments	  	F	 	$	12,438	 	 	$	4,620	 	 	$	1,609	 	 	$	8,616	 	 	$	656	 	 				 	$	27,939	 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	  		 				 				 				 				 				 				 					
Loss and loss expense ratio	  	A/E	 	 	64.5	% 	 	 	70.3	% 	 	 	71.0	% 	 	 	51.4	% 	 	 	71.6	% 	 				 	 	62.1	% 		
Policy acquisition cost and administrative expense ratio	  	C/E	 	 	22.5	% 	 	 	26.3	% 	 	 	4.5	% 	 	 	39.0	% 	 	 	30.2	% 	 				 	 	28.5	% 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	  		 	 	87.0	% 	 	 	96.6	% 	 	 	75.5	% 	 	 	90.4	% 	 	 	101.8	% 	 				 	 	90.6	% 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	  		 				 				 				 				 				 				 					
Loss and loss expense ratio, adjusted	  	B/F	 	 	64.9	% 	 	 	55.8	% 	 	 	76.7	% 	 	 	51.5	% 	 	 	50.5	% 	 				 	 	59.6	% 		
Policy acquisition cost and administrative expense ratio, adjusted	  	D/F	 	 	22.4	% 	 	 	26.1	% 	 	 	4.9	% 	 	 	39.0	% 	 	 	31.1	% 	 				 	 	28.4	% 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	  		 	 	87.3	% 	 	 	81.9	% 	 	 	81.6	% 	 	 	90.5	% 	 	 	81.6	% 	 				 	 	88.0	% 		
	  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Combined ratio	  		 				 				 				 				 				 				 					
Combined ratio	  		 				 				 				 				 				 				 	 	90.6	% 		
Add: impact of gains and losses on crop derivatives	  		 				 				 				 				 				 				 	 	0.0	% 		
	  		 				 				 				 				 				 				 	 	 	 		
P&C combined ratio	  		 				 				 				 				 				 				 	 	90.6	% 		
	  		 				 				 				 				 				 				 	 	 	 		
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

Reconciliation Non-GAAP 7	  	Page 36	

Chubb Limited
Glossary
Chubb Limited Consolidated comprises all segments including Corporate.
P&C combined ratio: The sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the crop derivatives.
Book value per common share: Shareholders’ equity divided by the shares outstanding.
Tangible book value per common share: Shareholders’ equity less goodwill and other intangible assets, net of tax, divided by the shares outstanding.
Average market yield of fixed maturities: Weighted average yield to maturity of our fixed income portfolio based on the market prices of the holdings as of that date.
Average yield on invested assets: Adjusted net investment income divided by average cost of fixed maturities and other investments, and average market value of equity securities.
Total capitalization: The sum of the short-term debt, long-term debt, trust preferreds, and shareholders’ equity.
Chubb integration expenses: Chubb integration expenses comprise legal and professional fees and all other costs directly related to the integration activities of the Chubb Corp acquisition. Chubb integration expenses are incurred by the overall company and are therefore included in Corporate. These costs are not related to the on-going business activities of the segments and are therefore excluded from our definition of segment income.
Catastrophe losses (Cats): We generally define catastrophe loss events consistent with the definition of the Property Claims Service (PCS) for events in the U.S. and Canada. PCS defines a catastrophe as an event that causes damage of $25 million or more in insured property losses and affects a significant number of insureds. For events outside of the U.S. and Canada, we generally use a similar definition. Catastrophe loss events are events that occurred in the current calendar year only. Changes in catastrophe loss estimates in the current calendar year that relate to loss events that occurred in previous calendar years are considered prior period development.
Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years.
Reinstatement premiums are additional premiums paid on certain reinsurance agreements in order to reinstate coverage that had been exhausted by loss occurrences. The reinstatement premium amount is typically a pro rata portion of the original ceded premium paid based on how much of the reinsurance limit had been exhausted.
Net premiums earned adjustments within prior period development are adjustments to the initial premium earned on retrospectively rated policies based on actual claim experience that develops after the policy period ends. The premium adjustments correlate to the prior period loss development on these same policies and are fully earned in the period the adjustments are recorded.
Prior period expense adjustments typically relate to either profit commission reserves or policyholder dividend reserves based on actual claim experience that develops after the policy period ends. The expense adjustments correlate to the prior period loss development on these same policies.
NM: Not meaningful.

Glossary	  	Page 37