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) - April 26, 2022
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	
Guarantee of Chubb INA Holdings Inc. 0.30% Senior Notes due 2024	  	CB/24A	  	New York Stock Exchange	
Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2027	  	CB/27	  	New York Stock Exchange	
Guarantee of Chubb INA Holdings Inc. 1.55% Senior Notes due 2028	  	CB/28	  	New York Stock Exchange	
Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2029	  	CB/29A	  	New York Stock Exchange	
Guarantee of Chubb INA Holdings Inc. 1.40% Senior Notes due 2031	  	CB/31	  	New York Stock Exchange	
Guarantee of Chubb INA Holdings Inc. 2.50% Senior Notes due 2038	  	CB/38A	  	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 April 26, 2022, Chubb Limited issued a Press Release reporting its first quarter 2022 results and the availability of its first quarter 2022 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 April 26, 2022, Reporting First Quarter 2022 Results		
			
99.2	  	First Quarter 2022 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/ Peter Enns	
	 	Peter Enns	
	 	Executive Vice President and Chief Financial Officer	
DATE: April 26, 2022

Exhibit 99.1

	  	Chubb Limited
Bärengasse 32
CH-8001 Zurich
Switzerland	  	www.chubb.com
@Chubb	
News Release
Chubb Reports First Quarter Net Income Per Share of $4.59 Versus
$5.07 Prior Year, and Record Core Operating Income Per Share of
$3.82, Up 51.6%; P&C Combined Ratio Was a Record 84.3%; Global
P&C Commercial Lines Net Premiums Written Up 10.3%, or 11.9% in
Constant Dollars
 
 	•	 	Net income was $1.97 billion versus $2.30 billion prior year and core operating income was $1.64 billion versus $1.14 billion prior year.	
 	•	 	Consolidated net premiums written were up 6.2%, or 8.1% in constant dollars. Global P&C net premiums written, which exclude Agriculture, were up 8.8%, or 10.7% in constant dollars, driven by growth in commercial lines of 11.9% and consumer lines of 7.9%.	
 	•	 	North America P&C net premiums written were up 6.8%, with commercial lines excluding Agriculture up 10.5%, consumer lines up 7.0%, and Agriculture down 65.9%. Agriculture included a $161 million return of premium to the federal government under the profit-sharing agreement reflecting the profitable 2021 crop year. Overseas General P&C net premiums written were up 6.5%, or 11.9% in constant dollars, including growth in commercial lines of 13.6% and consumer lines of 9.0%.	
 	•	 	P&C underwriting income was a record $1.28 billion, up 106.2%, leading to a record P&C combined ratio of 84.3%, compared with 91.8% prior year. P&C current accident year underwriting income excluding catastrophe losses was $1.38 billion, up 21.7%, leading to a record P&C current accident year combined ratio excluding catastrophe losses of 83.5%, compared with 85.2% prior year.	
 	•	 	Total pre-tax and after-tax P&C catastrophe losses were $333 million and $290 million, respectively, compared with $700 million and $570 million, respectively, last year.	
 	•	 	Operating cash flow was $2.44 billion.	
 	•	 	Annualized return on equity (ROE) was 13.6% and annualized core operating ROE was 11.3%. Annualized core operating return on tangible equity (ROTE) was 17.1%.	
ZURICH – April 26, 2022 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended March 31, 2022 of $1.97 billion, or $4.59 per share, and core operating income of $1.64 billion, or $3.82 per share. The P&C combined ratio was 84.3% compared to 91.8% prior year, and the current accident year P&C combined ratio excluding catastrophe losses was 83.5% compared to 85.2% prior year. Book and tangible book value per share decreased 4.4% and 6.8%, respectively, from December 31, 2021 and now stand at $133.82 and $87.93, respectively. Book value was unfavorably impacted by after-tax net realized and unrealized losses of $3.57 billion in the company’s investment portfolio, principally due to the mark-to-market impact from rising interest rates in our fixed income portfolio. The mark-to-market impact resulted in an unrealized loss position of $1.58 billion at March 31, 2022, compared with an unrealized gain position of $2.26 billion at December 31, 2021. Book and tangible book value per share excluding net unrealized investment gains (losses) increased 2.1% and 2.9%, respectively.

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

Chubb Limited News Release
 
Chubb Limited
First Quarter Summary
(in millions of U.S. dollars, except per share amounts and ratios)
(Unaudited)

																													
 	  	 	 	 	 	 	 	 	 	  	 	 	  	(Per Share)	 	
 	  	    2022    	 	 	    2021    	 	 	    Change    	 	  	 	 	  	2022	 	 	2021	 	 	Change	 	
	  	 	 	 	  				  	 	 	 	
Net income	  	$	1,974	 	 	$	2,300	 	 	 	(14.2)%	 	  				  	$	4.59	 	 	$	5.07	 	 	 	(9.5)%	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	9	 	 	 	16	 	 	 	(43.8)%	 	  				  	 	0.02	 	 	 	0.04	 	 	 	(50.0)%	 	
Adjusted net realized (gains) losses, net of tax	  	 	(343	) 	 	 	(1,174	) 	 	 	(70.8)%	 	  				  	 	(0.79	) 	 	 	(2.59	) 	 	 	(69.5)%	 	
	  	 	 	 	  				  	 	 	 	
Core operating income, net of tax	  	$	1,640	 	 	$	1,142	 	 	 	43.6%	 	  				  	$	3.82	 	 	$	2.52	 	 	 	51.6%	 	

Annualized return on equity (ROE)	  	 	13.6%	 	 	 	15.5%	 	 				  				  				 				 				
Core operating return on tangible equity (ROTE)	  	 	17.1%	 	 	 	12.8%	 	 				  				  				 				 				
Core operating ROE	  	 	11.3%	 	 	 	8.2%	 	 				  				  				 				 				
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “We had an excellent start to the year with record operating earnings and underwriting results, double-digit commercial premium growth accompanied by rate increases in excess of loss cost, and growing momentum in our consumer businesses globally. Core operating income per share of $3.82 was up 52%, P&C underwriting income more than doubled, and our P&C combined ratio was 84.3% – all records.
“Global P&C premiums, which exclude agriculture, increased 10.7% in constant dollars in the quarter, with commercial up 12% and consumer up 8%, though on a published basis growth was impacted by the increased strength of the dollar. Commercial premiums excluding agriculture increased 10.5% in North America and 13.6% in our international operations. Commercial P&C rates, which increased 8.7% and circa 10%, respectively, in our North America and international businesses, continue to exceed loss costs. Agriculture premiums were down in the quarter simply because of a return in premium to the government based on profitability last year and how revenue and losses are shared – a formulaic process.
“In our international consumer lines, growth is steadily recovering, with personal lines premiums up 10% and personal accident and supplemental health premiums up 8.6% in constant dollars. Our U.S. high net worth personal lines business had an excellent quarter, with growth of 7.4%.
“On the asset side of the balance sheet, adjusted net investment income was just over $900 million for the quarter. Given rising interest rates and widening spreads, we expect investment income to increase from here.
“We are off to a great start to the year, and I remain optimistic and confident in our ability to outperform.”

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

Chubb Limited News Release
 
Operating highlights for the quarter ended March 31, 2022 were as follows:

 Chubb Limited	  	Q1	 	  	Q1	 	  	 	 	
 (in millions of U.S. dollars except for percentages)	  	2022	 	  	2021	 	  	Change	 	
	  	 	 	 	
 P&C	  				  				  				
 Net premiums written (increase of 9.0% in constant dollars)	  	$	      8,613	 	  	$	8,042	 	  	 	7.1%	 	
  Commercial P&C (increase of 9.4% in constant dollars)	  	$	6,157	 	  	$	5,707	 	  	 	7.9%	 	
  Consumer P&C (increase of 7.9% in constant dollars)	  	$	2,456	 	  	$	2,335	 	  	 	5.2%	 	
 Underwriting income	  	$	1,283	 	  	$	622	 	  	 	106.2%	 	
 Combined ratio	  	 	84.3%	 	  	 	91.8%	 	  				
 Current accident year underwriting income excluding catastrophe losses	  	$	1,376	 	  	$	1,130	 	  	 	21.7%	 	
 Current accident year combined ratio excluding catastrophe losses	  	 	83.5%	 	  	 	85.2%	 	  				
				
 Global P&C (excludes Agriculture)	  				  				  				
 Net premiums written (increase of 10.7% in constant dollars)	  	$	8,551	 	  	$	7,859	 	  	 	8.8%	 	
  Commercial P&C (increase of 11.9% in constant dollars)	  	$	6,095	 	  	$	5,524	 	  	 	10.3%	 	
  Consumer P&C (increase of 7.9% in constant dollars)	  	$	2,456	 	  	$	      2,335	 	  	 	5.2%	 	
 Underwriting income	  	$	1,231	 	  	$	612	 	  	 	101.0%	 	
 Combined ratio	  	 	85.0%	 	  	 	91.9%	 	  				
 Current accident year underwriting income excluding catastrophe losses	  	$	1,350	 	  	$	1,114	 	  	 	21.1%	 	
 Current accident year combined ratio excluding catastrophe losses	  	 	83.6%	 	  	 	85.2%	 	  				
 
 	•	 	Consolidated net premiums earned increased 6.4%, or 8.0% in constant dollars. P&C net premiums earned increased 7.5%, or 9.1% in constant dollars, comprising growth in commercial and consumer lines of 9.9% and 2.2%, respectively, or 11.1% and 4.7%, respectively, in constant dollars.	
 	•	 	Pre-tax net investment income was $822 million compared with $863 million prior year, and adjusted net investment income was $901 million compared with $930 million prior year.	
 	•	 	Total capital returned to shareholders was $1.34 billion, including share repurchases of $1.0 billion, at an average purchase price of $205.53 per share, and dividends of $340 million.	
 	•	 	Total pre-tax and after-tax P&C catastrophe losses were $333 million (4.0 percentage points of the combined ratio) and $290 million, respectively, compared with $700 million (9.1 percentage points of the combined ratio) and $570 million, respectively, last year. The pre-tax catastrophe losses of $333 million comprised approximately 55% in North America P&C Insurance and 45% in Overseas General Insurance.	
 	•	 	Total pre-tax and after-tax favorable prior period development were $240 million (3.2 percentage points of the combined ratio) and $195 million, respectively, compared with $192 million (2.5 percentage points of the combined ratio) and $156 million, respectively, last year.	

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

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 March 31, 2022 are presented below:

 Chubb Limited	  	Q1	 	  	Q1	 	  	 	 	
 (in millions of U.S. dollars except for percentages)	  	2022	 	  	2021	 	  	Change	 	

 Total North America P&C Insurance	  				  				  				
 (Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural
 Insurance)	  				  				  				
 Net premiums written	  	$	5,281	 	  	$	4,945	 	  	 	6.8%	 	
  Commercial P&C	  	$	3,934	 	  	$	3,687	 	  	 	6.7%	 	
  Consumer P&C	  	$	1,347	 	  	$	1,258	 	  	 	7.0%	 	
 Combined ratio	  	 	80.6%	 	  	 	91.7%	 	  				
 Current accident year combined ratio excluding catastrophe losses	  	 	81.2%	 	  	 	82.9%	 	  				
				
  North America Commercial P&C Insurance	  				  				  				
  Net premiums written	  	$	4,039	 	  	$	3,664	 	  	 	10.2%	 	
  Commercial P&C excluding A&H	  	$	3,872	 	  	$	3,504	 	  	 	10.5%	 	
  Major accounts retail and excess and surplus (E&S) wholesale	  	$	2,195	 	  	$	2,004	 	  	 	9.5%	 	
  Middle market and small commercial	  	$	1,677	 	  	$	1,500	 	  	 	11.8%	 	
  Accident and health (A&H)	  	$	167	 	  	$	160	 	  	 	4.4%	 	
  Combined ratio	  	 	      81.1%	 	  	 	      90.6%	 	  				
  Current accident year combined ratio excluding catastrophe losses	  	 	81.7%	 	  	 	84.2%	 	  				
				
  North America Personal P&C Insurance	  				  				  				
  Net premiums written (1)	  	$	1,180	 	  	$	1,098	 	  	 	7.4%	 	
  Combined ratio	  	 	83.5%	 	  	 	95.1%	 	  				
  Current accident year combined ratio excluding catastrophe losses	  	 	79.6%	 	  	 	78.6%	 	  				
				
  North America Agricultural Insurance	  				  				  				
  Net premiums written	  	$	62	 	  	$	183	 	  	 	(65.9)%	 	
  Net premiums written excluding return premium for the 2021 crop year	  	$	223	 	  	$	183	 	  	 	22.0%	 	
  Combined ratio	  	 	NM	 	  	 	90.9%	 	  				
  Current accident year combined ratio excluding catastrophe losses	  	 	79.5%	 	  	 	84.7%	 	  				
				
 Overseas General Insurance	  				  				  				
 Net premiums written (increase of 11.9% in constant dollars)	  	$	3,079	 	  	$	2,890	 	  	 	6.5%	 	
  Commercial P&C (increase of 13.6% in constant dollars)	  	$	1,970	 	  	$	1,813	 	  	 	8.6%	 	
  Consumer P&C (increase of 9.0% in constant dollars)	  	$	1,109	 	  	$	1,077	 	  	 	3.0%	 	
 Combined ratio	  	 	88.9%	 	  	 	88.7%	 	  				
 Current accident year combined ratio excluding catastrophe losses	  	 	85.5%	 	  	 	87.6%	 	  				
 
(1) 	Net premiums written increased 5.6% excluding, primarily, reinstatement premiums and exposure-related cancellations in California.	
 
 	•	 	North America Commercial P&C Insurance: The current accident year combined ratio excluding catastrophe losses decreased 2.5 percentage points, including a 1.9 percentage point decrease in the loss ratio and a 0.6 percentage point decrease in the expense ratio.	
 	•	 	North America Personal P&C Insurance: The current accident year combined ratio excluding catastrophe losses increased 1.0 percentage point, including a 0.9 percentage point increase in the expense ratio.	

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

Chubb Limited News Release
 
 	•	 	North America Agricultural Insurance: The current accident year combined ratio excluding catastrophe losses decreased 5.2 percentage points, including a 4.6 percentage point decrease in the expense ratio and a 0.6 percentage point decrease in the loss ratio.	
 	•	 	Overseas General Insurance: The current accident year combined ratio excluding catastrophe losses decreased 2.1 percentage points, including a 1.6 percentage point decrease in the expense ratio and a 0.5 percentage point decrease in the loss ratio.	
 	•	 	Global Reinsurance: Net premiums written were $253 million, up 22.0%. The combined ratio was 79.0%, compared with 96.4% prior year. The current accident year combined ratio excluding catastrophe losses was 79.9% compared with 78.0% prior year.	
 	•	 	Life Insurance: Net premiums written were $586 million, down 5.5%, or 3.5% in constant dollars, and segment income was $115 million, up 10%. International life insurance net premiums written decreased 4.5%, or 0.4% in constant dollars, while net premiums written and deposits collected were down 1.1%, or were flat in constant dollars. International life insurance segment income increased 14.9%. Combined Insurance North America net premiums written decreased 7.4%, driven by the continuing impact of the pandemic on face-to-face and worksite sales, and segment income increased 6.1%.	

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

Chubb Limited News Release
 
All comparisons are with the same period last year unless otherwise specifically stated.
Please refer to the Chubb Limited Financial Supplement, dated March 31, 2022, 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 first quarter earnings conference call on Wednesday, April 27, 2022 beginning at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 800-304-0389 (within the United States) or 313-209-5140 (international), passcode 6283723. Please refer to the Chubb website under Events and Presentations for details. A replay of the call will be available until Wednesday, May 11, 2022 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 approximately 31,000 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.	  	6	

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 excluding return premium for the 2021 crop year is net premiums written in Q1 2022 adjusted to exclude the $161 million of return premium to the federal government related to the 2021 crop year true-up in the North America Agricultural Insurance segment. We believe this measure is 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 $16 million and $26 million in Q1 2022 and Q1 2021, respectively, and including investment income of $63 million and $41 million in Q1 2022 and Q1 2021, respectively, from partially owned investment companies (private equity partnerships) where our ownership interest is in excess of three percent that are accounted for under the equity method. The mark-to-market movement on these private equity partnerships are included in adjusted net realized gains (losses) as described below. 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 underwriting income (loss) 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, income tax expense and adjusted net realized gains (losses).
P&C current accident year underwriting income excluding catastrophe losses is P&C underwriting income adjusted to exclude catastrophe losses and prior period development (PPD). We believe it is useful to exclude catastrophe losses, as they are not predictable as to timing and amount, and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business.
Core operating income, net of tax, excludes from net income the after-tax impact of adjusted net realized gains (losses) 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

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

Chubb Limited News Release
 
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, related to the Chubb Corp acquisition due to the size and complexity of this acquisition. 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 non-GAAP financial measures. The numerator includes core operating income (loss), 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 that are heavily influenced by available market opportunities. We believe ROTE is meaningful because it measures the performance of our operations without the impact of goodwill and other intangible assets.
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.
P&C current accident year combined ratio excluding catastrophe losses excludes the impact of P&C catastrophe losses and PPD from the P&C 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. The agriculture insurance business is a different business in that it is a public sector and private sector partnership in which insurance rates, premium growth, and risk-sharing is not market-driven like the remainder of the company’s P&C insurance business. 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.
Book value per share and tangible book value per share excluding unrealized investment gains (losses), excludes the mark-to-market on the company’s fixed maturities portfolio. We believe that excluding these net unrealized gains (losses) would highlight the underlying growth in book value and tangible book value without the impact of interest rate volatility.
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.

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

Chubb Limited News Release
 
See the reconciliation of Non-GAAP Financial Measures on pages 26-30 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
Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release, such as those related to company performance, pricing, growth opportunities, 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, infection rates and severity of pandemics, including COVID-19, and their effects on our business operations and claims activity, 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.	  	9	

Chubb Limited News Release

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

 

			
 	  	March 31
2022	 	  	December 31
2021	 	

  Assets	  				  				
  Investments	  	  $	118,247  	 	  	  $	122,323  	 	
  Cash	  	 	1,734  	 	  	 	1,659  	 	
  Insurance and reinsurance balances receivable	  	 	11,452  	 	  	 	11,322  	 	
  Reinsurance recoverable on losses and loss expenses	  	 	17,761  	 	  	 	17,366  	 	
  Goodwill and other intangible assets	  	 	20,643  	 	  	 	20,668  	 	
  Other assets	  	 	28,153  	 	  	 	26,716  	 	
	  	 	 	 	  	 	 	 	
  Total assets	  	  $	      197,990  	 	  	  $	      200,054  	 	

  Liabilities	  				  				
  Unpaid losses and loss expenses	  	  $	73,844  	 	  	  $	72,943  	 	
  Unearned premiums	  	 	19,586  	 	  	 	19,101  	 	
  Other liabilities	  	 	47,862  	 	  	 	48,296  	 	
	  	 	 	 	  	 	 	 	
  Total liabilities	  	  $	141,292  	 	  	  $	140,340  	 	

  Shareholders’ equity	  				  				
  Total shareholders’ equity	  	 	56,698  	 	  	 	59,714  	 	
	  	 	 	 	  	 	 	 	
  Total liabilities and shareholders’ equity	  	  $	197,990  	 	  	  $	200,054  	 	

  Book value per common share	  	  $	133.82  	 	  	  $	139.99  	 	
  Tangible book value per common share	  	  $	87.93  	 	  	  $	94.38  	 	
  Book value per common share excluding cumulative translation losses (1)	  	  $	138.72  	 	  	  $	145.02  	 	
  Tangible book value per common share excluding cumulative translation losses (1)	  	  $	91.25  	 	  	  $	97.70  	 	

 	(1)	  Cumulative translation losses were $2.1 billion in both 2022 and 2021 ($1.4 billion on tangible and $0.7 billion on intangible net assets).	

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

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
March 31	 	
 	  	  2022  	 	  	  2021  	 	
Gross premiums written	  	  $	      11,504  	 	  	  $	      10,545  	 	
Net premiums written	  	 	9,199  	 	  	 	8,662  	 	
Net premiums earned	  	 	8,746  	 	  	 	8,221  	 	
Losses and loss expenses	  	 	4,787  	 	  	 	5,053  	 	
Policy benefits	  	 	145  	 	  	 	167  	 	
Policy acquisition costs	  	 	1,737  	 	  	 	1,665  	 	
Administrative expenses	  	 	778  	 	  	 	744  	 	
Net investment income	  	 	822  	 	  	 	863  	 	
Net realized gains (losses)	  	 	101  	 	  	 	887  	 	
Interest expense	  	 	132  	 	  	 	122  	 	
Other income (expense):	  				  				
Gains (losses) from separate account assets	  	 	(31)  	 	  	 	4  	 	
Other	  	 	341  	 	  	 	486  	 	
Amortization of purchased intangibles	  	 	71  	 	  	 	72  	 	
Income tax expense	  	 	355  	 	  	 	338  	 	
	  	 	 	 	  	 	 	 	
Net income	  	  $	1,974  	 	  	  $	2,300  	 	

Diluted earnings per share:	  				  				
Net income	  	  $	4.59  	 	  	  $	5.07  	 	
Core operating income	  	  $	      3.82  	 	  	  $	2.52  	 	
			
Weighted average diluted shares outstanding	  	 	429.8  	 	  	 	453.3  	 	

P&C combined ratio	  				  				
Loss and loss expense ratio	  	 	56.5%  	 	  	 	63.7%  	 	
Policy acquisition cost ratio	  	 	19.3%  	 	  	 	19.5%  	 	
Administrative expense ratio	  	 	8.5%  	 	  	 	8.6%  	 	
	  	 	 	 	  	 	 	 	
P&C combined ratio	  	 	84.3%  	 	  	 	91.8%  	 	
			
P&C underwriting income	  	  $	1,283  	 	  	  $	622	 	

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

Exhibit 99.2

Chubb Limited
Financial Supplement
for the Quarter Ended March 31, 2022
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 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	 	
	  	- Summary Consolidated Balance Sheets	  	 	5	 	
	  	- Line of Business	  	 	6	 	
	  	- Consolidated Results by Segment	  	 	7 - 8	 	
			
III.	  	Segment Results	  				
	  	- North America Commercial P&C Insurance	  	 	9	 	
	  	- North America Personal P&C Insurance	  	 	10	 	
	  	- North America Agricultural Insurance	  	 	11	 	
	  	- Overseas General Insurance	  	 	12	 	
	  	- Global Reinsurance	  	 	13	 	
	  	- Life Insurance	  	 	14	 	
	  	- Corporate	  	 	15	 	
			
IV.	  	Balance Sheet Details	  				
	  	- Loss Reserve Rollforward	  	 	16	 	
	  	- Reinsurance Recoverable Analysis	  	 	17	 	
	  	- Investment Portfolio	  	 	18 -21	 	
	  	- Net Realized and Unrealized Gains (Losses)	  	 	22	 	
	  	- Debt and Capital	  	 	23	 	
	  	- Computation of Basic and Diluted Earnings Per Share	  	 	24	 	
	  	- Book Value and Book Value per Common Share	  	 	25	 	
			
V.	  	Other Disclosures	  				
	  	- Non-GAAP Financial Measures	  	 	26 -30	 	
	  	- Glossary	  	 	31	 	

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 March 31	 	 	 	 	 	Constant $	 	 	Constant $	 	
 	 	  2022  	 	 	  2021  	 	 	  % Change  	 	 	    2021    	 	 	    % Change    	 	

Gross premiums written	 	  $	    11,504	 	 	  $	    10,545	 	 	 	9.1%	 	 	$	10,372	 	 	 	10.9%	 	
						
Net premiums written	 	  $	9,199	 	 	  $	8,662	 	 	 	6.2%	 	 	$	8,511	 	 	 	8.1%	 	
						
P&C net premiums written	 	  $	8,613	 	 	  $	8,042	 	 	 	7.1%	 	 	$	7,904	 	 	 	9.0%	 	
						
Global P&C net premiums written	 	  $	8,551	 	 	  $	7,859	 	 	 	8.8%	 	 	$	7,721	 	 	 	10.7%	 	
						
Net premiums earned	 	  $	8,746	 	 	  $	8,221	 	 	 	6.4%	 	 	$	8,095	 	 	 	8.0%	 	
						
Net investment income	 	  $	822	 	 	  $	863	 	 	 	-4.8%	 	 	$	858	 	 	 	-4.3%	 	
						
Adjusted net investment income	 	  $	901	 	 	  $	930	 	 	 	-3.1%	 	 	$	925	 	 	 	-2.6%	 	
						
P&C underwriting income	 	  $	1,283	 	 	  $	622	 	 	 	106.2%	 	 	$	604	 	 	 	112.6%	 	
						
P&C CAY underwriting income ex Cats	 	  $	1,376	 	 	  $	1,130	 	 	 	21.7%	 	 	$	1,112	 	 	 	23.8%	 	
						
Core operating income	 	  $	1,640	 	 	  $	1,142	 	 	 	43.6%	 	 	$	1,125	 	 	 	45.7%	 	
						
Net income	 	  $	1,974	 	 	  $	2,300	 	 	 	-14.2%	 	 				 				
						
Operating cash flow	 	  $	2,440	 	 	  $	2,105	 	 				 				 				
						
P&C combined ratio	 				 				 				 				 				
						
Loss and loss expense ratio	 	 	56.5%	 	 	 	63.7%	 	 				 				 				
						
Policy acquisition cost and administrative expense ratio	 	 	27.8%	 	 	 	28.1%	 	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				
Combined ratio	 	 	84.3%	 	 	 	91.8%	 	 				 				 				
				
P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)	 	 				 				 				
						
CAY loss and loss expense ratio ex Cats	 	 	56.3%	 	 	 	57.2%	 	 				 				 				
						
CAY policy acquisition cost and administrative expense ratio ex Cats	 	 	27.2%	 	 	 	28.0%	 	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				
CAY combined ratio ex Cats	 	 	83.5%	 	 	 	85.2%	 	 				 				 				
						
Global P&C CAY combined ratio ex Cats	 				 				 				 				 				
						
CAY loss and loss expense ratio ex Cats	 	 	56.1%	 	 	 	57.0%	 	 				 				 				
						
CAY policy acquisition cost and administrative expense ratio ex Cats	 	 	27.5%	 	 	 	28.2%	 	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				
CAY combined ratio ex Cats	 	 	83.6%	 	 	 	85.2%	 	 				 				 				
						
ROE	 	 	13.6%	 	 	 	15.5%	 	 				 				 				
Core operating return on tangible equity (ROTE)	 	 	17.1%	 	 	 	12.8%	 	 				 				 				
Core operating return on equity (ROE)	 	 	11.3%	 	 	 	8.2%	 	 				 				 				
						
Effective tax rate	 	 	15.2%	 	 	 	12.8%	 	 				 				 				
						
Core operating effective tax rate	 	 	16.9%	 	 	 	15.5%	 	 				 				 				
						
Diluted earnings per share	 				 				 				 				 				
						
Net income	 	  $	4.59	 	 	  $	5.07	 	 	 	-9.5%	 	 				 				
						
Core operating income	 	  $	3.82	 	 	  $	2.52	 	 	 	51.6%	 	 				 				
						
Weighted average basic common shares outstanding	 	 	425.8	 	 	 	450.5	 	 				 				 				
Weighted average diluted common shares outstanding	 	 	429.8	 	 	 	453.3	 	 				 				 				
						
 	 	March 31
2022	 	 	December 31
2021	 	 	% Change
1Q-22 vs.
4Q-21	 	 	 	 	 	 	 	
Book value per common share	 	  $	            133.82	 	 	  $	          139.99	 	 	 	-4.4%	 	 				 				
						
Tangible book value per common share	 	  $	            87.93	 	 	  $	            94.38	 	 	 	-6.8%	 	 				 				

Financial Highlights	  	Page 1	

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

Consolidated Statements of Operations	 	      1Q-22      	 	      4Q-21      	 	      3Q-21      	 	      2Q-21      	 	      1Q-21      	 	    Full Year    
2021	

Gross premiums written	 	  $	11,504	  	 	  $	11,320	   	 	  $	13,055	   	 	  $	11,860	   	 	  $	10,545	   	 	  $	46,780	   	
							
Net premiums written	 	 	9,199	 	 	 	9,150	 	 	 	10,510	 	 	 	9,546	 	 	 	8,662	 	 	 	37,868	 	
							
Net premiums earned	 	 	8,746	 	 	 	9,321	 	 	 	10,000	 	 	 	8,813	 	 	 	8,221	 	 	 	36,355	 	
							
Adjusted losses and loss expenses (1)	 	 	4,786	 	 	 	5,292	 	 	 	6,639	 	 	 	5,003	 	 	 	5,054	 	 	 	21,988	 	
							
Realized (gains) losses on crop derivatives	 	 	(1	) 	 	 	-	 	 	 	10	 	 	 	(3	) 	 	 	1	 	 	 	8	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Losses and loss expenses	 	 	4,787	 	 	 	5,292	 	 	 	6,629	 	 	 	5,006	 	 	 	5,053	 	 	 	21,980	 	
							
Adjusted policy benefits (2)	 	 	176	 	 	 	199	 	 	 	175	 	 	 	170	 	 	 	163	 	 	 	707	 	
							
Gains (losses) from fair value changes in separate account liabilities	 	 	31	 	 	 	3	 	 	 	24	 	 	 	(15	) 	 	 	(4	) 	 	 	8	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy benefits	 	 	145	 	 	 	196	 	 	 	151	 	 	 	185	 	 	 	167	 	 	 	699	 	
							
Policy acquisition costs	 	 	1,737	 	 	 	1,777	 	 	 	1,778	 	 	 	1,698	 	 	 	1,665	 	 	 	6,918	 	
							
Administrative expenses	 	 	778	 	 	 	811	 	 	 	806	 	 	 	775	 	 	 	744	 	 	 	3,136	 	
							
Adjusted net investment income (3)	 	 	901	 	 	 	904	 	 	 	940	 	 	 	945	 	 	 	930	 	 	 	3,719	 	
							
Other (income) expense from private equity partnerships	 	 	(63	) 	 	 	(44	) 	 	 	(55	) 	 	 	(39	) 	 	 	(41	) 	 	 	(179	) 	
							
Amortization expense of fair value adjustment on acquired invested assets	 	 	(16	) 	 	 	(17	) 	 	 	(19	) 	 	 	(22	) 	 	 	(26	) 	 	 	(84	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income	 	 	822	 	 	 	843	 	 	 	866	 	 	 	884	 	 	 	863	 	 	 	3,456	 	
							
Adjusted realized gains (losses) (4)	 	 	100	 	 	 	319	 	 	 	(11	) 	 	 	(36	) 	 	 	888	 	 	 	1,160	 	
							
Realized gains (losses) on crop derivatives	 	 	1	 	 	 	-	 	 	 	(10	) 	 	 	3	 	 	 	(1	) 	 	 	(8	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net realized gains (losses)	 	 	101	 	 	 	319	 	 	 	(21	) 	 	 	(33	) 	 	 	887	 	 	 	1,152	 	
							
Adjusted interest expense (5)	 	 	137	 	 	 	131	 	 	 	127	 	 	 	127	 	 	 	127	 	 	 	512	 	
							
Amortization benefit of fair value adjustment on acquired long term debt	 	 	(5	) 	 	 	(5	) 	 	 	(5	) 	 	 	(5	) 	 	 	(5	) 	 	 	(20	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	132	 	 	 	126	 	 	 	122	 	 	 	122	 	 	 	122	 	 	 	492	 	
							
Gains (losses) from fair value changes in separate account assets	 	 	(31	) 	 	 	(3	) 	 	 	(24	) 	 	 	15	 	 	 	4	 	 	 	(8	) 	
							
Net realized gains (losses) related to unconsolidated entities	 	 	267	 	 	 	280	 	 	 	725	 	 	 	710	 	 	 	419	 	 	 	2,134	 	
							
Other income (expense) from private equity partnerships	 	 	63	 	 	 	44	 	 	 	55	 	 	 	39	 	 	 	41	 	 	 	179	 	
Other income (expense) - operating	 	 	11	 	 	 	14	 	 	 	7	 	 	 	13	 	 	 	26	 	 	 	60	 	

Other income (expense)	 	 	310	 	 	 	335	 	 	 	763	 	 	 	777	 	 	 	490	 	 	 	2,365	 	
							
Amortization expense of purchased intangibles	 	 	71	 	 	 	71	 	 	 	71	 	 	 	73	 	 	 	72	 	 	 	287	 	
							
Income tax expense	 	 	355	 	 	 	404	 	 	 	218	 	 	 	317	 	 	 	338	 	 	 	1,277	 	

Net income	 	  $	        1,974	 	 	  $	        2,141	 	 	  $	        1,833	 	 	  $	        2,265	 	 	  $	        2,300	 	 	  $	        8,539	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(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 and includes income from private equity partnerships where we hold more than three percent ownership.
(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.

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	    	      1Q-22      	  	      4Q-21      	  	      3Q-21      	  	      2Q-21      	  	      1Q-21      	  	    Full Year    
2021	
							
P&C underwriting income (Including Corporate and excluding Life Insurance)	    				  				  				  				  				  				
Gross premiums written	    	  $	10,885	  	  	  $	10,646	  	  	  $	12,409	  	  	  $	11,208	  	  	  $	9,890	  	  	  $	44,153	  	
Net premiums written	    	 	8,613	 	  	 	8,517	 	  	 	9,901	 	  	 	8,931	 	  	 	8,042	 	  	 	35,391	 	
Net premiums earned	    	 	8,195	 	  	 	8,708	 	  	 	9,411	 	  	 	8,208	 	  	 	7,626	 	  	 	33,953	 	
Adjusted losses and loss expenses	    	 	4,632	 	  	 	5,114	 	  	 	6,460	 	  	 	4,818	 	  	 	4,856	 	  	 	21,248	 	
Policy acquisition costs	    	 	1,586	 	  	 	1,603	 	  	 	1,610	 	  	 	1,507	 	  	 	1,486	 	  	 	6,206	 	
Administrative expenses	    	 	694	 	  	 	725	 	  	 	724	 	  	 	692	 	  	 	662	 	  	 	2,803	 	
	    	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
P&C underwriting income	    	  $	        1,283	 	  	  $	        1,266	 	  	  $	617	 	  	  $	1,191	 	  	  $	622	 	  	  $	3,696	 	
	    	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
P&C CAY underwriting income ex Cats	    	  $	1,376	 	  	  $	1,396	 	  	  $	        1,442	 	  	  $	        1,203	 	  	  $	        1,130	 	  	  $	        5,171	 	
							
% Change versus prior year period	    				  				  				  				  				  				
Net premiums written	    	 	7.1%	 	  	 	9.6%	 	  	 	16.9%	 	  	 	15.5%	 	  	 	9.7%	 	  	 	13.0%	 	
Net premiums written - Commercial	    	 	7.9%	 	  	 	12.9%	 	  	 	22.0%	 	  	 	19.9%	 	  	 	15.6%	 	  	 	17.7%	 	
Net premiums written - Consumer	    	 	5.2%	 	  	 	2.2%	 	  	 	4.0%	 	  	 	5.6%	 	  	 	-2.5%	 	  	 	2.3%	 	
							
Net premiums earned	    	 	7.5%	 	  	 	11.8%	 	  	 	15.2%	 	  	 	9.1%	 	  	 	6.5%	 	  	 	10.8%	 	
							
Net premiums written constant $	    	 	9.0%	 	  	 	9.3%	 	  	 	15.4%	 	  	 	12.7%	 	  	 	8.1%	 	  	 	11.5%	 	
Net premiums written - Commercial	    	 	9.4%	 	  	 	12.5%	 	  	 	20.7%	 	  	 	17.6%	 	  	 	13.9%	 	  	 	16.4%	 	
Net premiums written - Consumer	    	 	7.9%	 	  	 	2.0%	 	  	 	1.8%	 	  	 	2.1%	 	  	 	-3.9%	 	  	 	0.5%	 	
Net premiums earned constant $	    	 	9.1%	 	  	 	11.6%	 	  	 	13.7%	 	  	 	6.3%	 	  	 	5.1%	 	  	 	9.4%	 	
							
P&C combined ratio	    				  				  				  				  				  				
Loss and loss expense ratio	    	 	56.5%	 	  	 	58.7%	 	  	 	68.6%	 	  	 	58.7%	 	  	 	63.7%	 	  	 	62.6%	 	
Policy acquisition cost ratio	    	 	19.3%	 	  	 	18.4%	 	  	 	17.1%	 	  	 	18.4%	 	  	 	19.5%	 	  	 	18.3%	 	
Administrative expense ratio	    	 	8.5%	 	  	 	8.4%	 	  	 	7.7%	 	  	 	8.4%	 	  	 	8.6%	 	  	 	8.2%	 	
	    	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Combined ratio	    	 	84.3%	 	  	 	85.5%	 	  	 	93.4%	 	  	 	85.5%	 	  	 	91.8%	 	  	 	89.1%	 	

CAY P&C combined ratio ex Cats	    				  				  				  				  				  				
CAY loss and loss expense ratio ex Cats	    	 	56.3%	 	  	 	57.0%	 	  	 	60.1%	 	  	 	58.6%	 	  	 	57.2%	 	  	 	58.3%	 	
CAY policy acquisition cost and administrative expense ratio ex Cats	    	 	27.2%	 	  	 	26.9%	 	  	 	24.7%	 	  	 	26.8%	 	  	 	28.0%	 	  	 	26.5%	 	
	    	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
CAY combined ratio ex Cats	    	 	83.5%	 	  	 	83.9%	 	  	 	84.8%	 	  	 	85.4%	 	  	 	85.2%	 	  	 	84.8%	 	

Other ratios	    				  				  				  				  				  				
Net premiums written/gross premiums written	    	 	79%	 	  	 	80%	 	  	 	80%	 	  	 	80%	 	  	 	81%	 	  	 	80%	 	
							
Expense ratio	    	 	27.8%	 	  	 	26.8%	 	  	 	24.8%	 	  	 	26.8%	 	  	 	28.1%	 	  	 	26.5%	 	
Expense ratio excluding A&H	    	 	26.2%	 	  	 	25.1%	 	  	 	23.1%	 	  	 	25.1%	 	  	 	26.4%	 	  	 	24.8%	 	
							
Catastrophe reinstatement premiums (expensed) collected - pre-tax	    	  $	-	 	  	  $	8	 	  	  $	12	 	  	  $	8	 	  	  $	(18)	 	  	  $	10	 	
							
Catastrophe losses - pre-tax	    	  $	333	 	  	  $	283	 	  	  $	1,158	 	  	  $	288	 	  	  $	682	 	  	  $	2,411	 	
							
Favorable prior period development (PPD) - pre-tax	    	  $	(240)	 	  	  $	(145)	 	  	  $	(321)	 	  	  $	(268)	 	  	  $	(192	) 	  	  $	(926)	 	
							
Impact of catastrophe losses on P&C combined ratio - Unfavorable	    	 	4.0%	 	  	 	3.2%	 	  	 	12.2%	 	  	 	3.4%	 	  	 	9.1%	 	  	 	7.1%	 	
							
Impact of PPD on P&C combined ratio - Favorable	    	 	-3.2%	 	  	 	-1.6%	 	  	 	-3.6%	 	  	 	-3.3%	 	  	 	-2.5%	 	  	 	-2.8%	 	
							
Impact of Cats and PPD on P&C combined ratio - Unfavorable	    	 	0.8%	 	  	 	1.6%	 	  	 	8.6%	 	  	 	0.1%	 	  	 	6.6%	 	  	 	4.3%	 	

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 9), North America Personal P&C Insurance segment (refer to page 10), Overseas General Insurance segment (refer to page 12), Global Reinsurance segment (refer to page 13), and Corporate (refer to page 15). Global P&C excludes the North America Agricultural Insurance and Life Insurance segments.

Global P&C (Including Corporate and excluding
Agriculture)	  	    1Q-22    	 	    4Q-21    	 	    3Q-21    	 	    2Q-21    	 	    1Q-21    	 	    Full Year    
2021	
							
Global P&C underwriting income	  				 				 				 				 				 				
Gross premiums written	  	  $	10,569	  	 	  $	10,275	   	 	  $	10,396	   	 	  $	10,502	   	 	  $	9,624	   	 	  $	40,797	   	
Net premiums written	  	 	8,551	 	 	 	8,239	 	 	 	8,486	 	 	 	8,419	 	 	 	7,859	 	 	 	33,003	 	
Net premiums earned	  	 	8,224	 	 	 	8,228	 	 	 	8,073	 	 	 	7,798	 	 	 	7,516	 	 	 	31,615	 	
Adjusted losses and loss expenses	  	 	4,724	 	 	 	4,706	 	 	 	5,322	 	 	 	4,487	 	 	 	4,771	 	 	 	19,286	 	
Policy acquisition costs	  	 	1,574	 	 	 	1,579	 	 	 	1,549	 	 	 	1,480	 	 	 	1,474	 	 	 	6,082	 	
Administrative expenses	  	 	695	 	 	 	738	 	 	 	720	 	 	 	689	 	 	 	659	 	 	 	2,806	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C underwriting income	  	  $	    1,231	 	 	  $	    1,205	 	 	  $	482	 	 	  $	1,142	 	 	  $	612	 	 	  $	3,441	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C CAY underwriting income ex Cats	  	  $	1,350	 	 	  $	1,310	 	 	  $	    1,292	 	 	  $	    1,150	 	 	  $	    1,114	 	 	  $	    4,866	 	
							
% Change versus prior year period	  				 				 				 				 				 				
Net premiums written	  	 	8.8%	 	 	 	9.5%	 	 	 	13.4%	 	 	 	15.7%	 	 	 	9.5%	 	 	 	12.0%	 	
Net premiums written - Commercial	  	 	10.3%	 	 	 	12.8%	 	 	 	17.8%	 	 	 	20.7%	 	 	 	15.5%	 	 	 	16.7%	 	
Net premiums written - Consumer	  	 	5.2%	 	 	 	2.2%	 	 	 	4.0%	 	 	 	5.6%	 	 	 	-2.5%	 	 	 	2.3%	 	
Net premiums earned	  	 	9.4%	 	 	 	11.1%	 	 	 	12.2%	 	 	 	9.1%	 	 	 	6.3%	 	 	 	9.7%	 	
							
Net premiums written constant $	  	 	10.7%	 	 	 	9.2%	 	 	 	11.7%	 	 	 	12.9%	 	 	 	7.9%	 	 	 	10.4%	 	
Net premiums written - Commercial	  	 	11.9%	 	 	 	12.4%	 	 	 	16.4%	 	 	 	18.2%	 	 	 	13.8%	 	 	 	15.2%	 	
Net premiums written - Consumer	  	 	7.9%	 	 	 	2.0%	 	 	 	1.8%	 	 	 	2.1%	 	 	 	-3.9%	 	 	 	0.5%	 	
Net premiums earned constant $	  	 	11.1%	 	 	 	10.9%	 	 	 	10.5%	 	 	 	6.2%	 	 	 	5.0%	 	 	 	8.2%	 	
							
Combined ratio	  				 				 				 				 				 				
Loss and loss expense ratio	  	 	57.4%	 	 	 	57.2%	 	 	 	65.9%	 	 	 	57.5%	 	 	 	63.5%	 	 	 	61.0%	 	
Policy acquisition cost ratio	  	 	19.1%	 	 	 	19.2%	 	 	 	19.2%	 	 	 	19.0%	 	 	 	19.6%	 	 	 	19.2%	 	
Administrative expense ratio	  	 	8.5%	 	 	 	9.0%	 	 	 	8.9%	 	 	 	8.9%	 	 	 	8.8%	 	 	 	8.9%	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	85.0%	 	 	 	85.4%	 	 	 	94.0%	 	 	 	85.4%	 	 	 	91.9%	 	 	 	89.1%	 	

CAY combined ratio ex Cats	  				 				 				 				 				 				
							
CAY loss and loss expense ratio ex Cats	  	 	56.1%	 	 	 	55.8%	 	 	 	56.2%	 	 	 	57.5%	 	 	 	57.0%	 	 	 	56.6%	 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	27.5%	 	 	 	28.3%	 	 	 	27.9%	 	 	 	27.8%	 	 	 	28.2%	 	 	 	28.0%	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	83.6%	 	 	 	84.1%	 	 	 	84.1%	 	 	 	85.3%	 	 	 	85.2%	 	 	 	84.6%	 	

Other ratios	  				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	81%	 	 	 	80%	 	 	 	82%	 	 	 	80%	 	 	 	82%	 	 	 	81%	 	
							
Expense ratio	  	 	27.6%	 	 	 	28.2%	 	 	 	28.1%	 	 	 	27.9%	 	 	 	28.4%	 	 	 	28.1%	 	
Expense ratio excluding A&H	  	 	26.0%	 	 	 	26.5%	 	 	 	26.4%	 	 	 	26.1%	 	 	 	26.6%	 	 	 	26.4%	 	
							
Catastrophe reinstatement premiums (expensed) collected - pre-tax	  	  $	-	 	 	  $	10	 	 	  $	12	 	 	  $	8	 	 	  $	(18)	 	 	  $	12	 	
							
Catastrophe losses - pre-tax	  	  $	333	 	 	  $	265	 	 	  $	1,150	 	 	  $	284	 	 	  $	674	 	 	  $	2,373	 	
							
Favorable prior period development (PPD) - pre-tax	  	  $	(214	) 	 	  $	(150	) 	 	  $	(328	) 	 	  $	(268	) 	 	  $	(190	) 	 	  $	(936	) 	

Global P&C	  	Page 4	

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

 	  	        March 31        
2022	  	      December 31      
2021	
Assets	  				  				
Fixed maturities available for sale, at fair value	  	  $	89,479	  	  	  $	93,108	  	
Fixed maturities held to maturity, at amortized cost	  	 	9,818	 	  	 	10,118	 	
Equity securities, at fair value	  	 	3,596	 	  	 	4,782	 	
Short-term investments, at fair value	  	 	3,407	 	  	 	3,146	 	
Other investments	  	 	11,947	 	  	 	11,169	 	
	  	 	 	 	  	 	 	 	
	  	 	118,247	 	  	 	122,323	 	
			
Cash	  	 	1,734	 	  	 	1,659	 	
Securities lending collateral	  	 	1,800	 	  	 	1,831	 	
Insurance and reinsurance balances receivable	  	 	11,452	 	  	 	11,322	 	
Reinsurance recoverable on losses and loss expenses	  	 	17,761	 	  	 	17,366	 	
Deferred policy acquisition costs	  	 	5,587	 	  	 	5,513	 	
Value of business acquired	  	 	231	 	  	 	236	 	
Prepaid reinsurance premiums	  	 	3,068	 	  	 	3,028	 	
Goodwill and other intangible assets	  	 	20,643	 	  	 	20,668	 	
Deferred tax assets	  	 	333	 	  	 	-	 	
Investments in partially-owned insurance companies	  	 	3,161	 	  	 	3,130	 	
Other assets	  	 	13,973	 	  	 	12,978	 	
	  	 	 	 	  	 	 	 	
Total assets	  	  $	            197,990	 	  	  $	            200,054	 	

Liabilities	  				  				
Unpaid losses and loss expenses	  	  $	73,844	 	  	  $	72,943	 	
Unearned premiums	  	 	19,586	 	  	 	19,101	 	
Future policy benefits	  	 	5,974	 	  	 	5,947	 	
Insurance and reinsurance balances payable	  	 	7,401	 	  	 	7,243	 	
Securities lending payable	  	 	1,800	 	  	 	1,831	 	
Accounts payable, accrued expenses, and other liabilities	  	 	16,320	 	  	 	16,410	 	
Deferred tax liabilities	  	 	-	 	  	 	389	 	
Short-term and long-term debt	  	 	16,059	 	  	 	16,168	 	
Trust preferred securities	  	 	308	 	  	 	308	 	
	  	 	 	 	  	 	 	 	
Total liabilities	  	 	141,292	 	  	 	140,340	 	
			
Shareholders’ equity	  				  				
Total shareholders’ equity, excl. AOCI	  	 	60,102	 	  	 	59,364	 	
Accumulated other comprehensive income (loss) (AOCI)	  	 	(3,404	) 	  	 	350	 	
	  	 	 	 	  	 	 	 	
Total shareholders’ equity	  	 	56,698	 	  	 	59,714	 	
	  	 	 	 	  	 	 	 	
Total liabilities and shareholders’ equity	  	  $	197,990	 	  	  $	200,054	 	

Book value per common share	  	  $	133.82	 	  	  $	139.99	 	
% change over prior quarter	  	 	-4.4%	 	  	 	1.7%	 	
Tangible book value per common share	  	  $	87.93	 	  	  $	94.38	 	
% change over prior quarter	  	 	-6.8%	 	  	 	2.7%	 	

Consol Bal Sheet	  	Page 5	

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

 	  	      1Q-22      	 	      1Q-21      	 	    % Change    	 	  	    Constant $    
% Change	 	
Net premiums written	  				 				 				  				
					
Commercial multiple peril (1)	  	  $	290	  	 	  $	263	  	 	 	10.0%	 	  	 	10.0%	 	
Commercial casualty	  	 	1,837	 	 	 	1,649	 	 	 	11.4%	 	  	 	12.8%	 	
Workers’ compensation	  	 	603	 	 	 	563	 	 	 	7.2%	 	  	 	7.2%	 	
Financial lines	  	 	1,182	 	 	 	1,090	 	 	 	8.5%	 	  	 	10.1%	 	
Surety	  	 	153	 	 	 	158	 	 	 	-3.1%	 	  	 	-1.7%	 	
					
Property and other short-tail lines	  	 	1,777	 	 	 	1,594	 	 	 	11.5%	 	  	 	14.3%	 	

Total Commercial P&C lines	  	 	5,842	 	 	 	5,317	 	 	 	9.9%	 	  	 	11.5%	 	
					
Agriculture	  	 	62	 	 	 	183	 	 	 	-65.9%	 	  	 	-65.9%	 	
					
Personal automobile	  	 	412	 	 	 	387	 	 	 	6.5%	 	  	 	9.0%	 	
Personal homeowners	  	 	830	 	 	 	775	 	 	 	7.1%	 	  	 	7.7%	 	
Personal other	  	 	495	 	 	 	468	 	 	 	5.7%	 	  	 	8.4%	 	

Total Personal lines	  	 	1,737	 	 	 	1,630	 	 	 	6.5%	 	  	 	8.2%	 	
					
Total Property and Casualty lines	  	 	7,641	 	 	 	7,130	 	 	 	7.2%	 	  	 	8.8%	 	
					
Global A&H lines (2)	  	 	975	 	 	 	982	 	 	 	-0.6%	 	  	 	2.8%	 	
Reinsurance lines	  	 	253	 	 	 	207	 	 	 	22.0%	 	  	 	22.4%	 	
Life	  	 	330	 	 	 	343	 	 	 	-4.0%	 	  	 	-0.2%	 	
	  	 	 	 	 	 	 	 	 				  				
Total consolidated	  	  $	        9,199	 	 	  $	        8,662	 	 	 	6.2%	 	  	 	8.1%	 	
	  	 	 	 	 	 	 	 	 				  				
(1) Commercial multiple peril represents retail package business (property and general liability).
(2) For purposes of this schedule only, A&H results from our Combined North America and International businesses, normally included in the Life Insurance and Overseas General Insurance segments, respectively, as well as the A&H results of our North America Commercial P&C segment, are included in Global A&H lines above.

Line of Business	  	Page 6	

Chubb Limited
Consolidated Results - Three months ended March 31, 2022
(in millions of U.S. dollars, except ratios)
(Unaudited)

 	  	North 
America 
Commercial P&C 	 	North 
America 
Personal P&C 	 	North 
America 
  Agricultural 	 	  Overseas 
General 	 	Global 	 	 	 	Total 	 	Life 	 	Total 	
  Q1 2022	  	 	 	Insurance 	 	Insurance 	 	Insurance 	 	Insurance 	 	 Reinsurance 	 	    Corporate 	 	                P&C 	 	    Insurance 	 	 Consolidated 	
											
Net premiums written	  				 	  $	4,039	  	 	  $	1,180	  	 	  $	62	  	 	  $	3,079	  	 	  $	253	  	 	  $	-	  	 	  $	8,613	  	 	  $	586	  	 	  $	9,199	  	
Net premiums earned	  	 	    	 	 	 	4,114	 	 	 	1,247	 	 	 	(29	) 	 	 	2,628	 	 	 	235	 	 	 	-	 	 	 	8,195	 	 	 	551	 	 	 	8,746	 	
											
Adjusted losses and loss expenses	  				 	 	2,497	 	 	 	713	 	 	 	(92	) 	 	 	1,389	 	 	 	115	 	 	 	10	 	 	 	4,632	 	 	 	154	 	 	 	4,786	 	
Adjusted policy benefits	  				 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	176	 	 	 	176	 	
Policy acquisition costs	  				 	 	573	 	 	 	260	 	 	 	12	 	 	 	679	 	 	 	62	 	 	 	-	 	 	 	1,586	 	 	 	151	 	 	 	1,737	 	
Administrative expenses	  				 	 	265	 	 	 	69	 	 	 	(1	) 	 	 	269	 	 	 	9	 	 	 	83	 	 	 	694	 	 	 	84	 	 	 	778	 	
	  				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  				 	 	779	 	 	 	205	 	 	 	52	 	 	 	291	 	 	 	49	 	 	 	(93	) 	 	 	1,283	 	 	 	(14	) 	 	 	1,269	 	
											
Adjusted net investment income	  				 	 	489	 	 	 	59	 	 	 	7	 	 	 	147	 	 	 	85	 	 	 	11	 	 	 	798	 	 	 	103	 	 	 	901	 	
											
Other income (expense) - operating	  				 	 	(6	) 	 	 	(1	) 	 	 	-	 	 	 	(2	) 	 	 	-	 	 	 	(8	) 	 	 	(17	) 	 	 	28	 	 	 	11	 	
											
Amortization expense of purchased intangibles	  				 	 	-	 	 	 	(2	) 	 	 	(7	) 	 	 	(14	) 	 	 	-	 	 	 	(46	) 	 	 	(69	) 	 	 	(2	) 	 	 	(71	) 	

											
Segment income (loss)	  				 	  $	      1,262	 	 	  $	        261	 	 	  $	        52	 	 	  $	        422	 	 	  $	        134	 	 	  $	        (136	) 	 	  $	        1,995	 	 	  $	        115	 	 	  $	        2,110	 	

											
Adjusted interest expense	  				 				 				 				 				 				 	 	(137	) 	 				 				 	 	(137	) 	
											
Income tax expense	  				 				 				 				 				 				 	 	(333	) 	 				 				 	 	(333	) 	

											
Core operating income (loss)	  				 				 				 				 				 				 	 	(606	) 	 				 				 	 	1,640	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $2 million tax benefit	  				 				 				 				 				 				 	 	(9	) 	 				 				 	 	(9	) 	
Adjusted net realized gains (losses), net of $24 million tax (1)	  				 				 				 				 				 				 	 	343	 	 				 				 	 	343	 	
	  				 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Net income (loss)	  				 				 				 				 				 				 	  $	(272	) 	 				 				 	  $	1,974	 	

Combined ratio	  				 	 	81.1%	 	 	 	83.5%	 	 	 	NM	 	 	 	88.9%	 	 	 	79.0%	 	 				 	 	84.3%	 	 				 				
CAY combined ratio ex Cats	  				 	 	81.7%	 	 	 	79.6%	 	 	 	79.5%	 	 	 	85.5%	 	 	 	79.9%	 	 				 	 	83.5%	 	 				 				
(1) Includes Net realized gains (losses) related to unconsolidated entities.

Consol Results - QTD 2022	  	Page 7	

Chubb Limited
Consolidated Results - Three months ended March 31, 2021
(in millions of U.S. dollars, except ratios)
(Unaudited)

 	  	North 
America 
Commercial P&C 	 	North 
America 
Personal P&C 	 	North 
America 
  Agricultural 	 	    Overseas 
General 	 	Global 	 	 	 	Total 	 	Life 	 	Total 	
  Q1 2021	  	 	 	Insurance 	 	Insurance 	 	Insurance 	 	Insurance 	 	 Reinsurance 	 	    Corporate 	 	P&C 	 	Insurance 	 	Consolidated 	
											
Net premiums written	  				 	  $	3,664	  	 	  $	1,098	  	 	  $	183	  	 	  $	2,890	  	 	  $	207	  	 	  $	-	  	 	  $	8,042	  	 	  $	620	  	 	  $	8,662	  	
Net premiums earned	  				 	 	3,674	 	 	 	1,184	 	 	 	110	 	 	 	2,478	 	 	 	180	 	 	 	-	 	 	 	7,626	 	 	 	595	 	 	 	8,221	 	
Adjusted losses and loss expenses	  	 	    	 	 	 	2,560	 	 	 	819	 	 	 	85	 	 	 	1,263	 	 	 	120	 	 	 	9	 	 	 	4,856	 	 	 	198	 	 	 	5,054	 	
Adjusted policy benefits	  				 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	163	 	 	 	163	 	
Policy acquisition costs	  				 	 	514	 	 	 	247	 	 	 	12	 	 	 	668	 	 	 	45	 	 	 	-	 	 	 	1,486	 	 	 	179	 	 	 	1,665	 	
Administrative expenses	  				 	 	254	 	 	 	60	 	 	 	3	 	 	 	266	 	 	 	8	 	 	 	71	 	 	 	662	 	 	 	82	 	 	 	744	 	
	  				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  				 	 	346	 	 	 	58	 	 	 	10	 	 	 	281	 	 	 	7	 	 	 	(80	) 	 	 	622	 	 	 	(27	) 	 	 	595	 	
											
Adjusted net investment income	  				 	 	540	 	 	 	65	 	 	 	7	 	 	 	141	 	 	 	70	 	 	 	9	 	 	 	832	 	 	 	98	 	 	 	930	 	
											
Other income (expense) - operating	  				 	 	(2	) 	 	 	(1	) 	 	 	-	 	 	 	(1	) 	 	 	-	 	 	 	(4	) 	 	 	(8	) 	 	 	34	 	 	 	26	 	
											
Amortization expense of purchased intangibles	  				 	 	-	 	 	 	(3	) 	 	 	(7	) 	 	 	(12	) 	 	 	-	 	 	 	(49	) 	 	 	(71	) 	 	 	(1	) 	 	 	(72	) 	

											
Segment income (loss)	  				 	  $	        884	 	 	  $	        119	 	 	  $	        10	 	 	  $	        409	 	 	  $	        77	 	 	  $	        (124	) 	 	  $	        1,375	 	 	  $	        104	 	 	  $	        1,479	 	

											
Adjusted interest expense	  				 				 				 				 				 				 	 	(127	) 	 				 				 	 	(127	) 	
											
Income tax expense	  				 				 				 				 				 				 	 	(210	) 	 				 				 	 	(210	) 	

											
Core operating income (loss)	  				 				 				 				 				 				 	 	(461	) 	 				 				 	 	1,142	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $5 million tax benefit	  				 				 				 				 				 				 	 	(16	) 	 				 				 	 	(16	) 	
Adjusted net realized gains (losses), net of $133 million tax (1)	  				 				 				 				 				 				 	 	1,174	 	 				 				 	 	1,174	 	
	  				 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Net income	  				 				 				 				 				 				 	  $	697	 	 				 				 	  $	2,300	 	

Combined ratio	  				 	 	90.6%	 	 	 	95.1%	 	 	 	90.9%	 	 	 	88.7%	 	 	 	96.4%	 	 				 	 	91.8%	 	 				 				
CAY combined ratio ex Cats	  				 	 	84.2%	 	 	 	78.6%	 	 	 	84.7%	 	 	 	87.6%	 	 	 	78.0%	 	 				 	 	85.2%	 	 				 				
(1) Includes Net realized gains (losses) related to unconsolidated entities.

Consol Results - QTD 2021	  	Page 8	

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

North America Commercial P&C Insurance	  	    1Q-22    	 	     4Q-21     	 	        3Q-21        	 	        2Q-21        	 	        1Q-21        	 	    Full Year    
2021		

Gross premiums written	  	  $	5,132	  	 	  $	5,347	  	 	  $	5,471	  	 	  $	5,456	  	 	  $	4,545	  	 	  $	20,819	  		
								
Net premiums written	  	 	4,039	 	 	 	4,097	 	 	 	4,369	 	 	 	4,285	 	 	 	3,664	 	 	 	16,415	 		
Net premiums earned	  	 	4,114	 	 	 	4,030	 	 	 	3,954	 	 	 	3,803	 	 	 	3,674	 	 	 	15,461	 		
Losses and loss expenses	  	 	2,497	 	 	 	2,275	 	 	 	2,754	 	 	 	2,426	 	 	 	2,560	 	 	 	10,015	 		
Policy acquisition costs	  	 	573	 	 	 	542	 	 	 	537	 	 	 	489	 	 	 	514	 	 	 	2,082	 		
Administrative expenses	  	 	265	 	 	 	280	 	 	 	273	 	 	 	245	 	 	 	254	 	 	 	1,052	 		
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Underwriting income	  	 	779	 	 	 	933	 	 	 	390	 	 	 	643	 	 	 	346	 	 	 	2,312	 		
Adjusted net investment income	  	 	489	 	 	 	496	 	 	 	507	 	 	 	535	 	 	 	540	 	 	 	2,078	 		
Other income (expense) - operating	  	 	(6	) 	 	 	(7	) 	 	 	(8	) 	 	 	(14	) 	 	 	(2	) 	 	 	(31	) 		
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Segment income	  	  $	        1,262	 	 	  $	        1,422	 	 	  $	        889	 	 	  $	        1,164	 	 	  $	        884	 	 	  $	        4,359	 		
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
CAY underwriting income ex Cats	  	  $	752	 	 	  $	724	 	 	  $	705	 	 	  $	652	 	 	  $	581	 	 	  $	2,662	 		
								
Combined ratio	  				 				 				 				 				 					
Loss and loss expense ratio	  	 	60.7%	 	 	 	56.4%	 	 	 	69.7%	 	 	 	63.8%	 	 	 	69.7%	 	 	 	64.8%	 		
Policy acquisition cost ratio	  	 	13.9%	 	 	 	13.4%	 	 	 	13.5%	 	 	 	12.9%	 	 	 	14.0%	 	 	 	13.4%	 		
Administrative expense ratio	  	 	6.5%	 	 	 	7.0%	 	 	 	6.9%	 	 	 	6.4%	 	 	 	6.9%	 	 	 	6.8%	 		
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Combined ratio	  	 	81.1%	 	 	 	76.8%	 	 	 	90.1%	 	 	 	83.1%	 	 	 	90.6%	 	 	 	85.0%	 		

CAY combined ratio ex Cats	  				 				 				 				 				 					
CAY loss and loss expense ratio ex Cats	  	 	61.5%	 	 	 	61.6%	 	 	 	62.3%	 	 	 	63.7%	 	 	 	63.4%	 	 	 	62.7%	 		
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	20.2%	 	 	 	20.4%	 	 	 	20.1%	 	 	 	19.2%	 	 	 	20.8%	 	 	 	20.2%	 		
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
CAY combined ratio ex Cats	  	 	81.7%	 	 	 	82.0%	 	 	 	82.4%	 	 	 	82.9%	 	 	 	84.2%	 	 	 	82.9%	 		

Catastrophe losses - pre-tax	  	  $	81	 	 	  $	113	 	 	  $	472	 	 	  $	165	 	 	  $	362	 	 	  $	1,112	 		
Favorable prior period development (PPD) - pre-tax	  	  $	(108	) 	 	  $	(322	) 	 	  $	(157	) 	 	  $	(156	) 	 	  $	(127	) 	 	  $	(762	) 		
								
% Change versus prior year period	  				 				 				 				 				 					
								
Net premiums written	  	 	10.2%	 	 	 	10.0%	 	 	 	15.6%	 	 	 	15.2%	 	 	 	12.7%	 	 	 	13.4%	 		
Net premiums written - Commercial	  	 	10.5%	 	 	 	11.0%	 	 	 	16.6%	 	 	 	16.3%	 	 	 	14.7%	 	 	 	14.6%	 		
Net premiums written - Consumer	  	 	4.4%	 	 	 	-12.8%	 	 	 	-3.9%	 	 	 	-8.9%	 	 	 	-18.5%	 	 	 	-11.3%	 		
Net premiums earned	  	 	12.0%	 	 	 	14.0%	 	 	 	14.4%	 	 	 	5.8%	 	 	 	8.8%	 	 	 	10.7%	 		
								
Other ratios	  				 				 				 				 				 					
Net premiums written/gross premiums written	  	 	79%	 	 	 	77%	 	 	 	80%	 	 	 	79%	 	 	 	81%	 	 	 	79%	 		
								
Production - Net premiums written	  				 				 				 				 				 					
								
Commercial P&C excluding A&H (1)	  				 				 				 				 				 					
Major Accounts & Specialty	  	  $	2,195	 	 	  $	2,331	 	 	  $	2,485	 	 	  $	2,487	 	 	  $	2,004	 	 	  $	9,307	 		
Commercial	  	 	1,677	 	 	 	1,625	 	 	 	1,722	 	 	 	1,646	 	 	 	1,500	 	 	 	6,493	 		
A&H (Consumer)	  	 	167	 	 	 	141	 	 	 	162	 	 	 	152	 	 	 	160	 	 	 	615	 		
	  	 	 	 		
Total	  	  $	4,039	 	 	  $	4,097	 	 	  $	4,369	 	 	  $	4,285	 	 	  $	3,664	 	 	  $	16,415	 		
	  	 	 	 		
(1) Major Accounts & Specialty: large corporate accounts and wholesale business. Commercial: principally middle market and small commercial accounts.

NA Commercial	  	Page 9	

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

  North America Personal P&C Insurance	  	    1Q-22      	 	      4Q-21      	 	      3Q-21      	 	      2Q-21      	 	      1Q-21      	 	      Full Year      
2021		

Gross premiums written	  	  $	1,350	  	 	  $	1,421	  	 	  $	1,480	  	 	  $	1,544	  	 	  $	1,275	  	 	  $	5,720	  		
								
Net premiums written	  	 	1,180	 	 	 	1,241	 	 	 	1,300	 	 	 	1,363	 	 	 	1,098	 	 	 	5,002	 		
								
Net premiums earned	  	 	1,247	 	 	 	1,263	 	 	 	1,244	 	 	 	1,224	 	 	 	1,184	 	 	 	4,915	 		
								
Losses and loss expenses	  	 	713	 	 	 	583	 	 	 	846	 	 	 	676	 	 	 	819	 	 	 	2,924	 		
								
Policy acquisition costs	  	 	260	 	 	 	255	 	 	 	254	 	 	 	245	 	 	 	247	 	 	 	1,001	 		
								
Administrative expenses	  	 	69	 	 	 	76	 	 	 	73	 	 	 	67	 	 	 	60	 	 	 	276	 		

								
Underwriting income	  	 	205	 	 	 	349	 	 	 	71	 	 	 	236	 	 	 	58	 	 	 	714	 		
								
Net investment income	  	 	59	 	 	 	60	 	 	 	60	 	 	 	64	 	 	 	65	 	 	 	249	 		
								
Other income (expense) - operating	  	 	(1	) 	 	 	(1	) 	 	 	(1	) 	 	 	5	 	 	 	(1	) 	 	 	2	 		
								
Amortization expense of purchased intangibles	  	 	(2	) 	 	 	(2	) 	 	 	(2	) 	 	 	(3	) 	 	 	(3	) 	 	 	(10	) 		
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Segment income	  	  $	261	 	 	  $	406	 	 	  $	128	 	 	  $	302	 	 	  $	119	 	 	  $	955	 		
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
CAY underwriting income ex Cats	  	  $	254	 	 	  $	291	 	 	  $	286	 	 	  $	253	 	 	  $	258	 	 	  $	1,088	 		
								
Combined ratio	  				 				 				 				 				 					
Loss and loss expense ratio	  	 	57.2%	 	 	 	46.1%	 	 	 	68.0%	 	 	 	55.2%	 	 	 	69.2%	 	 	 	59.5%	 		
Policy acquisition cost ratio	  	 	20.8%	 	 	 	20.2%	 	 	 	20.4%	 	 	 	20.0%	 	 	 	20.9%	 	 	 	20.4%	 		
Administrative expense ratio	  	 	5.5%	 	 	 	6.0%	 	 	 	5.9%	 	 	 	5.5%	 	 	 	5.0%	 	 	 	5.6%	 		
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Combined ratio	  	 	83.5%	 	 	 	72.3%	 	 	 	94.3%	 	 	 	80.7%	 	 	 	95.1%	 	 	 	85.5%	 		

CAY combined ratio ex Cats	  				 				 				 				 				 					
								
CAY loss and loss expense ratio ex Cats	  	 	53.3%	 	 	 	50.8%	 	 	 	50.7%	 	 	 	53.6%	 	 	 	53.2%	 	 	 	52.0%	 		
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	26.3%	 	 	 	26.2%	 	 	 	26.3%	 	 	 	25.6%	 	 	 	25.4%	 	 	 	25.9%	 		
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
CAY combined ratio ex Cats	  	 	79.6%	 	 	 	77.0%	 	 	 	77.0%	 	 	 	79.2%	 	 	 	78.6%	 	 	 	77.9%	 		

Catastrophe reinstatement premiums (expensed) collected - pre-tax	  	  $	-	 	 	  $	-	 	 	  $	-	 	 	  $	7	 	 	  $	(23	) 	 	  $	(16	) 		
								
Unfavorable (favorable) Catastrophe losses - pre-tax	  	  $	100	 	 	  $	(19	) 	 	  $	397	 	 	  $	68	 	 	  $	217	 	 	  $	663	 		
								
Favorable prior period development (PPD) - pre-tax	  	  $	(51	) 	 	  $	(39	) 	 	  $	(182	) 	 	  $	(44	) 	 	  $	(40	) 	 	  $	(305	) 		
								
% Change versus prior year period	  				 				 				 				 				 					
								
Net premiums written(1)	  	 	7.4%	 	 	 	3.3%	 	 	 	1.2%	 	 	 	2.6%	 	 	 	-0.8%	 	 	 	1.7%	 		
Net premiums earned	  	 	5.3%	 	 	 	1.6%	 	 	 	1.0%	 	 	 	2.7%	 	 	 	-1.3%	 	 	 	1.0%	 		
								
Other ratios	  				 				 				 				 				 					
								
Net premiums written/gross premiums written	  	 	87%	 	 	 	87%	 	 	 	88%	 	 	 	88%	 	 	 	86%	 	 	 	87%	 		
(1) Q1 2022 net premiums written increased 5.6% primarily excluding reinstatement premiums and exposure-related cancellations in California.

NA Personal	  	Page 10	

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

  North America Agricultural Insurance	  	    1Q-22    	 	 	    4Q-21    	 	 	    3Q-21    	 	 	    2Q-21    	 	 	    1Q-21    	 	 	    Full Year    
2021	 	
							
Gross premiums written	  	  $	316	 	 	  $	371	 	 	  $	2,013	 	 	  $	706	 	 	  $	266	 	 	  $	3,356	 	
							
Net premiums written (1)	  	 	62	 	 	 	278	 	 	 	1,415	 	 	 	512	 	 	 	183	 	 	 	2,388	 	
							
Net premiums earned (1)	  	 	(29	) 	 	 	480	 	 	 	1,338	 	 	 	410	 	 	 	110	 	 	 	2,338	 	
							
Adjusted losses and loss expenses (1)	  	 	(92	) 	 	 	408	 	 	 	1,138	 	 	 	331	 	 	 	85	 	 	 	1,962	 	
Policy acquisition costs	  	 	12	 	 	 	24	 	 	 	61	 	 	 	27	 	 	 	12	 	 	 	124	 	
Administrative expenses	  	 	(1	) 	 	 	(13	) 	 	 	4	 	 	 	3	 	 	 	3	 	 	 	(3	) 	

Underwriting income	  	 	52	 	 	 	61	 	 	 	135	 	 	 	49	 	 	 	10	 	 	 	255	 	
Net investment income	  	 	7	 	 	 	7	 	 	 	6	 	 	 	8	 	 	 	7	 	 	 	28	 	
Other income (expense) - operating	  	 	-	 	 	 	(1	) 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	(1	) 	
Amortization expense of purchased intangibles	  	 	(7	) 	 	 	(6	) 	 	 	(7	) 	 	 	(6	) 	 	 	(7	) 	 	 	(26	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	  $	52	 	 	  $	61	 	 	  $	134	 	 	  $	51	 	 	  $	10	 	 	  $	256	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY underwriting income ex Cats	  	  $	26	 	 	  $	86	 	 	  $	150	 	 	  $	53	 	 	  $	16	 	 	  $	305	 	
							
Combined ratio	  				 				 				 				 				 				
							
Loss and loss expense ratio	  	 	NM	 	 	 	85.1%	 	 	 	85.0%	 	 	 	80.7%	 	 	 	77.5%	 	 	 	83.9%	 	
Policy acquisition cost ratio	  	 	NM	 	 	 	4.9%	 	 	 	4.6%	 	 	 	6.7%	 	 	 	10.7%	 	 	 	5.3%	 	
Administrative expense ratio	  	 	NM	 	 	 	-2.7%	 	 	 	0.3%	 	 	 	0.7%	 	 	 	2.7%	 	 	 	-0.1%	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	NM	 	 	 	87.3%	 	 	 	89.9%	 	 	 	88.1%	 	 	 	90.9%	 	 	 	89.1%	 	

CAY combined ratio ex Cats	  				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	70.6%	 	 	 	78.2%	 	 	 	84.0%	 	 	 	79.7%	 	 	 	71.2%	 	 	 	81.5%	 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	8.9%	 	 	 	3.0%	 	 	 	4.9%	 	 	 	7.4%	 	 	 	13.5%	 	 	 	5.3%	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	79.5%	 	 	 	81.2%	 	 	 	88.9%	 	 	 	87.1%	 	 	 	84.7%	 	 	 	86.8%	 	

Catastrophe reinstatement premiums expensed - pre-tax	  	  $	-	 	 	  $	(2	) 	 	  $	-	 	 	  $	-	 	 	  $	-	 	 	  $	(2	) 	
							
Catastrophe losses - pre-tax	  	  $	-	 	 	  $	18	 	 	  $	8	 	 	  $	4	 	 	  $	8	 	 	  $	38	 	
							
Unfavorable (favorable) prior period development (PPD) - pre-tax	  	  $	(26	) 	 	  $	5	 	 	  $	7	 	 	  $	-	 	 	  $	(2	) 	 	  $	10	 	
							
% Change versus prior year period	  				 				 				 				 				 				
Net premiums written	  	 	-65.9%	 	 	 	14.6%	 	 	 	43.6%	 	 	 	11.0%	 	 	 	16.5%	 	 	 	29.3%	 	
Net premiums earned	  	 	NM	 	 	 	25.8%	 	 	 	37.9%	 	 	 	8.9%	 	 	 	16.7%	 	 	 	28.3%	 	
							
Other ratios	  				 				 				 				 				 				
							
Net premiums written/gross premiums written	  	 	20%	 	 	 	75%	 	 	 	70%	 	 	 	72%	 	 	 	69%	 	 	 	71%	 	
(1) Q1 2022 includes $161 million reduction to net premiums written, net premiums earned and losses and loss expenses as a result of additional cessions to the government reflecting the profitable 2021 crop year due to lower than expected losses. There was no net impact to underwriting income.

NA Agriculture	  	Page 11	

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

  Overseas General Insurance	  	      1Q-22      	 	      4Q-21      	 	      3Q-21      	 	      2Q-21      	 	      1Q-21      	 	      Full Year      
2021	
							
Gross premiums written	  	  $	3,798	  	 	  $	3,320	  	 	  $	3,202	  	 	  $	3,166	  	 	  $	3,574	  	 	  $	13,262	  	
Net premiums written	  	 	3,079	 	 	 	2,730	 	 	 	2,596	 	 	 	2,497	 	 	 	2,890	 	 	 	10,713	 	
Net premiums earned	  	 	2,628	 	 	 	2,720	 	 	 	2,664	 	 	 	2,579	 	 	 	2,478	 	 	 	10,441	 	
Losses and loss expenses	  	 	1,389	 	 	 	1,207	 	 	 	1,487	 	 	 	1,186	 	 	 	1,263	 	 	 	5,143	 	
Policy acquisition costs	  	 	679	 	 	 	729	 	 	 	703	 	 	 	699	 	 	 	668	 	 	 	2,799	 	
Administrative expenses	  	 	269	 	 	 	267	 	 	 	266	 	 	 	279	 	 	 	266	 	 	 	1,078	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	 	291	 	 	 	517	 	 	 	208	 	 	 	415	 	 	 	281	 	 	 	1,421	 	
Adjusted net investment income	  	 	147	 	 	 	150	 	 	 	157	 	 	 	149	 	 	 	141	 	 	 	597	 	
Other income (expense) - operating	  	 	(2	) 	 	 	3	 	 	 	-	 	 	 	(2	) 	 	 	(1	) 	 	 	-	 	
Amortization expense of purchased intangibles	  	 	(14	) 	 	 	(12	) 	 	 	(11	) 	 	 	(13	) 	 	 	(12	) 	 	 	(48	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	  $	422	 	 	  $	658	 	 	  $	354	 	 	  $	549	 	 	  $	409	 	 	  $	1,970	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY underwriting income ex Cats	  	  $	382	 	 	  $	365	 	 	  $	368	 	 	  $	299	 	 	  $	306	 	 	  $	1,338	 	
							
Combined ratio	  				 				 				 				 				 				
Loss and loss expense ratio	  	 	52.9%	 	 	 	44.4%	 	 	 	55.8%	 	 	 	46.0%	 	 	 	51.0%	 	 	 	49.3%	 	
Policy acquisition cost ratio	  	 	25.8%	 	 	 	26.8%	 	 	 	26.4%	 	 	 	27.1%	 	 	 	27.0%	 	 	 	26.8%	 	
Administrative expense ratio	  	 	10.2%	 	 	 	9.8%	 	 	 	10.0%	 	 	 	10.8%	 	 	 	10.7%	 	 	 	10.3%	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	88.9%	 	 	 	81.0%	 	 	 	92.2%	 	 	 	83.9%	 	 	 	88.7%	 	 	 	86.4%	 	

CAY combined ratio ex Cats	  				 				 				 				 				 				
							
CAY loss and loss expense ratio ex Cats	  	 	49.4%	 	 	 	50.0%	 	 	 	49.8%	 	 	 	50.6%	 	 	 	49.9%	 	 	 	50.1%	 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	36.1%	 	 	 	36.6%	 	 	 	36.4%	 	 	 	37.8%	 	 	 	37.7%	 	 	 	37.1%	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	85.5%	 	 	 	86.6%	 	 	 	86.2%	 	 	 	88.4%	 	 	 	87.6%	 	 	 	87.2%	 	

Catastrophe losses - pre-tax	  	  $	151	 	 	  $	80	 	 	  $	188	 	 	  $	40	 	 	  $	50	 	 	  $	358	 	
							
Favorable prior period development (PPD) - pre-tax	  	  $	(60	) 	 	  $	(232	) 	 	  $	(28	) 	 	  $	(156	) 	 	  $	(25	) 	 	  $	(441	) 	
							
% Change versus prior year period	  				 				 				 				 				 				
							
Net premiums written	  	 	6.5%	 	 	 	10.2%	 	 	 	15.9%	 	 	 	23.6%	 	 	 	11.2%	 	 	 	14.8%	 	
Net premiums written - Commercial	  	 	8.6%	 	 	 	15.0%	 	 	 	20.6%	 	 	 	32.4%	 	 	 	20.3%	 	 	 	21.4%	 	
Net premiums written - Consumer	  	 	3.0%	 	 	 	3.2%	 	 	 	9.2%	 	 	 	12.8%	 	 	 	-1.3%	 	 	 	5.6%	 	
Net premiums earned	  	 	6.0%	 	 	 	11.2%	 	 	 	13.9%	 	 	 	17.6%	 	 	 	7.4%	 	 	 	12.5%	 	
							
Net premiums written constant $	  	 	11.9%	 	 	 	9.9%	 	 	 	11.2%	 	 	 	15.0%	 	 	 	7.1%	 	 	 	10.6%	 	
Net premiums written - Commercial	  	 	13.6%	 	 	 	14.3%	 	 	 	16.0%	 	 	 	23.4%	 	 	 	15.2%	 	 	 	16.9%	 	
Net premiums written - Consumer	  	 	9.0%	 	 	 	3.3%	 	 	 	4.5%	 	 	 	4.6%	 	 	 	-4.2%	 	 	 	1.8%	 	
Net premiums earned constant $	  	 	11.0%	 	 	 	11.0%	 	 	 	9.7%	 	 	 	9.1%	 	 	 	3.7%	 	 	 	8.4%	 	
							
Other ratios: Net premiums written/gross premiums written	  	 	81%	 	 	 	82%	 	 	 	81%	 	 	 	79%	 	 	 	81%	 	 	 	81%	 	

Production by Region - Net premiums written	  	      1Q-22      	 	      1Q-21      	 	   % Change   	 	  Constant $  
% Change	 	                       	  	                         	
Europe, Middle East and Africa	  	  $	1,654	  	 	  $	1,551	  	 	 	6.6%	  	 	 	11.6%	  					
Latin America	  	 	605	 	 	 	537	 	 	 	12.8%	 	 	 	18.1%	 					
Asia Pacific ex Japan	  	 	668	 	 	 	637	 	 	 	4.9%	 	 	 	10.4%	 					
Japan	  	 	115	 	 	 	124	 	 	 	-7.4%	 	 	 	1.6%	 					
Other (1)	  	 	37	 	 	 	41	 	 	 	-10.7%	 	 	 	-7.8%	 					
	  	 	 	 	 	 	 	 	 				 								
Total	  	  $	3,079	 	 	  $	2,890	 	 	 	6.5%	 	 	 	11.9%	 					
	  	 	 	 	 	 	 	 	 				 								
(1) Includes the company’s international supplemental A&H business of Combined Insurance and other international operations.

Overseas General Insurance	  	Page 12	

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

  Global Reinsurance	  	      1Q-22      	 	      4Q-21      	 	      3Q-21      	 	      2Q-21      	 	      1Q-21      	 	      Full Year      
2021	
							
Gross premiums written	  	  $	289	  	 	  $	187	  	 	  $	243	  	 	  $	336	  	 	  $	230	  	 	  $	996	  	
Net premiums written	  	 	253	 	 	 	171	 	 	 	221	 	 	 	274	 	 	 	207	 	 	 	873	 	
Net premiums earned	  	 	235	 	 	 	215	 	 	 	211	 	 	 	192	 	 	 	180	 	 	 	798	 	
Losses and loss expenses	  	 	115	 	 	 	210	 	 	 	192	 	 	 	110	 	 	 	120	 	 	 	632	 	
Policy acquisition costs	  	 	62	 	 	 	53	 	 	 	55	 	 	 	47	 	 	 	45	 	 	 	200	 	
Administrative expenses	  	 	9	 	 	 	8	 	 	 	9	 	 	 	10	 	 	 	8	 	 	 	35	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  	 	49	 	 	 	(56	) 	 	 	(45	) 	 	 	25	 	 	 	7	 	 	 	(69	) 	
Adjusted net investment income	  	 	85	 	 	 	81	 	 	 	99	 	 	 	81	 	 	 	70	 	 	 	331	 	
Other income (expense) - operating	  	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	  $	134	 	 	  $	25	 	 	  $	54	 	 	  $	106	 	 	  $	77	 	 	  $	262	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY underwriting income ex Cats	  	  $	47	 	 	  $	39	 	 	  $	32	 	 	  $	35	 	 	  $	40	 	 	  $	146	 	
							
Combined ratio	  				 				 				 				 				 				
Loss and loss expense ratio	  	 	48.8%	 	 	 	97.6%	 	 	 	91.2%	 	 	 	56.8%	 	 	 	66.9%	 	 	 	79.2%	 	
Policy acquisition cost ratio	  	 	26.5%	 	 	 	24.6%	 	 	 	26.0%	 	 	 	24.7%	 	 	 	24.9%	 	 	 	25.1%	 	
Administrative expense ratio	  	 	3.7%	 	 	 	4.0%	 	 	 	4.2%	 	 	 	5.1%	 	 	 	4.6%	 	 	 	4.4%	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	79.0%	 	 	 	126.2%	 	 	 	121.4%	 	 	 	86.6%	 	 	 	96.4%	 	 	 	108.7%	 	

CAY combined ratio ex Cats	  				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	49.9%	 	 	 	51.3%	 	 	 	52.0%	 	 	 	50.9%	 	 	 	48.3%	 	 	 	50.7%	 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	30.0%	 	 	 	30.3%	 	 	 	31.5%	 	 	 	30.3%	 	 	 	29.7%	 	 	 	30.5%	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	79.9%	 	 	 	81.6%	 	 	 	83.5%	 	 	 	81.2%	 	 	 	78.0%	 	 	 	81.2%	 	

Catastrophe reinstatement premiums collected - pre-tax	  	  $	-	 	 	  $	10	 	 	  $	12	 	 	  $	1	 	 	  $	5	 	 	  $	28	 	
Catastrophe losses - pre-tax	  	  $	1	 	 	  $	91	 	 	  $	93	 	 	  $	11	 	 	  $	45	 	 	  $	240	 	
Unfavorable (favorable) prior period development (PPD) - pre-tax	  	  $	(3	) 	 	  $	14	 	 	  $	(4	) 	 	  $	-	 	 	  $	(7	) 	 	  $	3	 	
							
% Change versus prior year period	  				 				 				 				 				 				
Net premiums written as reported	  	 	22.0%	 	 	 	36.9%	 	 	 	22.3%	 	 	 	32.4%	 	 	 	-5.1%	 	 	 	19.5%	 	
Net premiums earned as reported	  	 	30.8%	 	 	 	20.6%	 	 	 	23.8%	 	 	 	17.8%	 	 	 	-3.3%	 	 	 	14.3%	 	
							
Net premiums written constant $	  	 	22.4%	 	 	 	35.9%	 	 	 	20.6%	 	 	 	30.7%	 	 	 	-6.2%	 	 	 	18.0%	 	
Net premiums earned constant $	  	 	32.1%	 	 	 	19.9%	 	 	 	21.8%	 	 	 	15.1%	 	 	 	-4.3%	 	 	 	12.8%	 	
							
Other ratios	  				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	87%	 	 	 	91%	 	 	 	91%	 	 	 	81%	 	 	 	90%	 	 	 	88%	 	

Global Reinsurance	  	Page 13	

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

  Life Insurance	  	      1Q-22      	 	      4Q-21      	 	      3Q-21      	 	      2Q-21      	 	      1Q-21      	 	      Full Year      
2021		

Gross premiums written	  	  $	619	  	 	  $	674	  	 	  $	646	  	 	  $	652	  	 	  $	655	  	 	  $	2,627	  		
Net premiums written	  	 	586	 	 	 	633	 	 	 	609	 	 	 	615	 	 	 	620	 	 	 	2,477	 		
Net premiums earned	  	 	551	 	 	 	613	 	 	 	589	 	 	 	605	 	 	 	595	 	 	 	2,402	 		
Losses and loss expenses	  	 	154	 	 	 	178	 	 	 	179	 	 	 	185	 	 	 	198	 	 	 	740	 		
Adjusted policy benefits	  	 	176	 	 	 	199	 	 	 	175	 	 	 	170	 	 	 	163	 	 	 	707	 		
Policy acquisition costs	  	 	151	 	 	 	174	 	 	 	168	 	 	 	191	 	 	 	179	 	 	 	712	 		
Administrative expenses	  	 	84	 	 	 	86	 	 	 	82	 	 	 	83	 	 	 	82	 	 	 	333	 		
Net investment income	  	 	103	 	 	 	106	 	 	 	102	 	 	 	101	 	 	 	98	 	 	 	407	 		
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Life Insurance underwriting income(1)	  	 	89	 	 	 	82	 	 	 	87	 	 	 	77	 	 	 	71	 	 	 	317	 		
Other income (expense) - operating	  	 	28	 	 	 	27	 	 	 	19	 	 	 	26	 	 	 	34	 	 	 	106	 		
Amortization expense of purchased intangibles	  	 	(2	) 	 	 	(1	) 	 	 	(2	) 	 	 	(1	) 	 	 	(1	) 	 	 	(5	) 		
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Segment income	  	  $	115	 	 	  $	108	 	 	  $	104	 	 	  $	102	 	 	  $	104	 	 	  $	418	 		

% Change versus prior year period	  				 				 				 				 				 					
Net premiums written	  	 	-5.5%	 	 	 	-1.3%	 	 	 	0.0%	 	 	 	-0.7%	 	 	 	-3.8%	 	 	 	-1.5%	 		
Net premiums earned	  	 	-7.5%	 	 	 	-4.9%	 	 	 	-1.6%	 	 	 	-0.4%	 	 	 	-5.7%	 	 	 	-3.2%	 		
								
Net premiums written constant $	  	 	-3.5%	 	 	 	-1.0%	 	 	 	-1.4%	 	 	 	-4.0%	 	 	 	-4.7%	 	 	 	-2.8%	 		
Net premiums earned constant $	  	 	-5.4%	 	 	 	-4.7%	 	 	 	-3.0%	 	 	 	-3.7%	 	 	 	-6.7%	 	 	 	-4.6%	 		
(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):

 	  	      1Q-22      	  	      1Q-21      	 	   % Change   	 	  Constant $  
% Change	 	                       	  	                         		
														
International life insurance net premiums written	  	  $	309	  	  	  $	324	  	 	 	-4.5%	  	 	 	-0.4%	  						
International life insurance deposits (2)	  	 	557	 	  	 	551	 	 	 	0.9%	 	 	 	0.3%	 						
	  	 	 	 	  	 	 	 	 				 									
Total international life insurance net premiums written and deposits	  	  $	866	 	  	  $	875	 	 	 	-1.1%	 	 	 	0.0%	 						

International life insurance segment income	  	  $	60	 	  	  $	52	 	 	 	14.9%	 	 	 	13.7%	 						
	  	 	 	 	  	 	 	 	 				 				 		  			
(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 14	

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

  Corporate	  	      1Q-22      	 	      4Q-21      	 	      3Q-21      	 	      2Q-21      	 	      1Q-21      	 	    Full Year    
2021	
							
Gross premiums written	  	  $	-	  	 	  $	-	  	 	  $	-	  	 	  $	-	  	 	  $	-	  	 	  $	-	  	
Net premiums written	  	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	
Net premiums earned	  	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	
							
Losses and loss expenses	  	 	10	 	 	 	431	 	 	 	43	 	 	 	89	 	 	 	9	 	 	 	572	 	
Policy acquisition costs	  	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	
Administrative expenses	  	 	83	 	 	 	107	 	 	 	99	 	 	 	88	 	 	 	71	 	 	 	365	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting loss	  	 	(93	) 	 	 	(538	) 	 	 	(142	) 	 	 	(177	) 	 	 	(80	) 	 	 	(937	) 	
Adjusted net investment income	  	 	11	 	 	 	4	 	 	 	9	 	 	 	7	 	 	 	9	 	 	 	29	 	
							
Other income (expense) - operating	  	 	(8	) 	 	 	(7	) 	 	 	(3	) 	 	 	(2	) 	 	 	(4	) 	 	 	(16	) 	
							
Adjusted interest expense	  	 	(137	) 	 	 	(131	) 	 	 	(127	) 	 	 	(127	) 	 	 	(127	) 	 	 	(512	) 	
Amortization expense of purchased intangibles	  	 	(46	) 	 	 	(50	) 	 	 	(49	) 	 	 	(50	) 	 	 	(49	) 	 	 	(198	) 	
Income tax expense	  	 	(333	) 	 	 	(309	) 	 	 	(194	) 	 	 	(304	) 	 	 	(210	) 	 	 	(1,017	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating loss	  	 	(606	) 	 	 	(1,031	) 	 	 	(506	) 	 	 	(653	) 	 	 	(461	) 	 	 	(2,651	) 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	(9	) 	 	 	(12	) 	 	 	(11	) 	 	 	(14	) 	 	 	(16	) 	 	 	(53	) 	
							
Adjusted net realized gains (losses), net of tax	  	 	343	 	 	 	504	 	 	 	687	 	 	 	658	 	 	 	1,174	 	 	 	3,023	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	  	  $	          (272	) 	 	  $	          (539	) 	 	  $	        170	 	 	  $	            (9	) 	 	  $	            697	 	 	  $	            319	 	

Unfavorable prior period development (PPD) - pre-tax	  	  $	8	 	 	  $	429	 	 	  $	43	 	 	  $	88	 	 	  $	9	 	 	  $	569	 	

Corporate	  	Page 15	

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

 	  	Unpaid Losses	 	 	 	 	  	Net Paid to	 	
 	  	        Gross        	 	 	        Ceded        	 	 	        Net        	 	 	 	 	  	   Incurred Ratio   	 	
 	  	 	 	 	 	 	  	 	 	
Balance at December 31, 2020	  	  $	67,811	 	 	$	14,647	 	 	$	53,164 	 	 	 	    	 	  				
						
Losses and loss expenses incurred	  	 	6,467	 	 	 	1,414	 	 	 	5,053 	 	 				  				
						
Losses and loss expenses paid	  	 	(5,100	) 	 	 	(1,207	) 	 	 	(3,893)	 	 				  	 	77%	 	
						
Other (incl. foreign exch. revaluation)	  	 	77	 	 	 	6	 	 	 	71 	 	 				  				

Balance at March 31, 2021	  	  $	69,255	 	 	$	14,860	 	 	$	54,395 	 	 				  				
						
Losses and loss expenses incurred	  	 	5,898	 	 	 	892	 	 	 	5,006 	 	 				  				
						
Losses and loss expenses paid	  	 	(5,100	) 	 	 	(1,107	) 	 	 	(3,993)	 	 				  	 	80%	 	
						
Other (incl. foreign exch. revaluation)	  	 	236	 	 	 	76	 	 	 	160 	 	 				  				

Balance at June 30, 2021	  	  $	                70,289	 	 	$	                14,721	 	 	$	                55,568 	 	 				  				
						
Losses and loss expenses incurred	  	 	8,492	 	 	 	1,863	 	 	 	6,629 	 	 				  				
						
Losses and loss expenses paid	  	 	(5,750	) 	 	 	(943	) 	 	 	(4,807)	 	 				  	 	73%	 	
						
Other (incl. foreign exch. revaluation)	  	 	(400	) 	 	 	(91	) 	 	 	(309)	 	 				  				

Balance at September 30, 2021	  	  $	72,631	 	 	$	15,550	 	 	$	57,081 	 	 				  				
						
Losses and loss expenses incurred	  	 	7,176	 	 	 	1,884	 	 	 	5,292 	 	 				  				
						
Losses and loss expenses paid	  	 	(6,292	) 	 	 	(1,101	) 	 	 	(5,191)	 	 				  	 	98%	 	
						
Other (incl. foreign exch. revaluation)	  	 	(572	) 	 	 	(149	) 	 	 	(423)	 	 				  				

Balance at December 31, 2021	  	  $	72,943	 	 	$	16,184	 	 	$	56,759 	 	 				  				
						
Losses and loss expenses incurred	  	 	6,260	 	 	 	1,473	 	 	 	4,787 	 	 				  				
						
Losses and loss expenses paid	  	 	(5,308	) 	 	 	(947	) 	 	 	(4,361)	 	 				  	 	91%	 	
						
Other (incl. foreign exch. revaluation)	  	 	(51	) 	 	 	(64	) 	 	 	13 	 	 				  				

Balance at March 31, 2022	  	  $	73,844	 	 	$	16,646	 	 	$	57,198 	 	 				  				
						
Add net recoverable on paid losses	  	 	-	 	 	 	1,115	 	 	 	(1,115)	 	 				  				

Balance including net recoverable on paid losses	  	  $	73,844	 	 	$	17,761	 	 	$	56,083 	 	 				  				

			
Loss Reserve Rollforward	  	Page 16	

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

 	  	      March 31      
2022	 	      December 31      
2021	
			
Reinsurance recoverable on paid losses and loss expenses	  				 				
			
Active operations	  	  $	978	  	 	  $	1,038	  	
			
Brandywine and Other Run-off	  	 	190	 	 	 	202	 	

Total	  	  $	1,168	 	 	  $	1,240	 	

Reinsurance recoverable on unpaid losses and loss expenses	  				 				
			
Active operations	  	  $	15,494	 	 	  $	14,965	 	
			
Brandywine and Other Run-off	  	 	1,428	 	 	 	1,490	 	

Total	  	  $	                16,922	 	 	  $	                16,455	 	

Gross reinsurance recoverable	  				 				
			
Active operations	  	  $	16,472	 	 	  $	16,003	 	
			
Brandywine and Other Run-off	  	 	1,618	 	 	 	1,692	 	

Total	  	  $	18,090	 	 	  $	17,695	 	

Provision for uncollectible reinsurance (1)	  				 				
			
Active operations	  	  $	(210	) 	 	  $	(190	) 	
			
Brandywine and Other Run-off	  	 	(119	) 	 	 	(139	) 	

Total	  	  $	(329	) 	 	  $	(329	) 	

Net reinsurance recoverable	  				 				
			
Active operations	  	  $	16,262	 	 	  $	15,813	 	
			
Brandywine and Other Run-off	  	 	1,499	 	 	 	1,553	 	

Total	  	  $	17,761	 	 	  $	17,366	 	
	  	 	 	 	 	 	 	 	
(1) The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $3.8 billion.

Reinsurance Recoverable	  	Page 17	

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

 	  	March 31	  	December 31	
 	  	2022	  	2021	
					
Market Value	  				 				  				 				
					
Fixed maturities available for sale	  	  $	89,479	  	 				  	  $	93,108	  	 				
					
Fixed maturities held to maturity	  	 	9,888	 	 				  	 	10,647	 	 				
					
Short-term investments	  	 	3,407	 	 				  	 	3,146	 	 				

Total fixed maturities	  	  $	102,774	 	 				  	  $	106,901	 	 				

Asset Allocation by Market Value	  				 				  				 				
					
U.S. Treasury / Agency	  	  $	3,276	 	 	 	3%	 	  	  $	3,458	 	 	 	3%	 	
					
Corporate and asset-backed securities	  	 	39,604	 	 	 	39%	 	  	 	41,264	 	 	 	39%	 	
					
Mortgage-backed securities	  	 	21,489	 	 	 	21%	 	  	 	22,292	 	 	 	21%	 	
					
Municipal	  	 	9,023	 	 	 	9%	 	  	 	9,650	 	 	 	9%	 	
					
Non-U.S.	  	 	25,975	 	 	 	25%	 	  	 	27,091	 	 	 	25%	 	
					
Short-term investments	  	 	3,407	 	 	 	3%	 	  	 	3,146	 	 	 	3%	 	

Total fixed maturities	  	  $	    102,774	 	 	 	            100%	 	  	  $	    106,901	 	 	 	            100%	 	

Credit Quality by Market Value	  				 				  				 				
					
AAA	  	  $	15,029	 	 	 	15%	 	  	  $	15,364	 	 	 	14%	 	
					
AA	  	 	33,592	 	 	 	33%	 	  	 	35,179	 	 	 	33%	 	
					
A	  	 	18,821	 	 	 	18%	 	  	 	20,171	 	 	 	19%	 	
					
BBB	  	 	16,820	 	 	 	16%	 	  	 	17,362	 	 	 	16%	 	
					
BB	  	 	9,065	 	 	 	9%	 	  	 	9,084	 	 	 	8%	 	
					
B	  	 	8,983	 	 	 	9%	 	  	 	9,202	 	 	 	9%	 	
					
Other	  	 	464	 	 	 	0%	 	  	 	539	 	 	 	1%	 	

Total fixed maturities	  	  $	102,774	 	 	 	100%	 	  	  $	106,901	 	 	 	100%	 	

Cost/Amortized Cost, net	  				 				  				 				
					
Fixed maturities available for sale	  	  $	91,499	 	 				  	  $	90,479	 	 				
					
Fixed maturities held to maturity	  	 	9,818	 	 				  	 	10,118	 	 				
					
Short-term investments	  	 	3,408	 	 				  	 	3,147	 	 				

Subtotal fixed maturities (1)	  	 	104,725	 	 				  	 	103,744	 	 				
					
Equity securities	  	 	3,596	 	 				  	 	4,782	 	 				
					
Other investments	  	 	11,947	 	 				  	 	11,169	 	 				

Total investment portfolio	  	  $	120,268	 	 				  	  $	119,695	 	 				

Avg. duration of fixed maturities	  	 	4.2 years	 	 				  	 	4.1 years	 	 				
					
Avg. market yield of fixed maturities	  	 	3.4%	 	 				  	 	2.3%	 	 				
					
Avg. credit quality	  	 	A/A	 	 				  	 	A/A	 	 				
					
Avg. yield on invested assets (2)	  	 	3.0%	 	 				  	 	3.1%	 	 				
(1) Net of valuation allowance for expected credit losses.
(2) Calculated using adjusted net investment income.

Investments	  	Page 18	

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 March 31, 2022	  				  				  				  				  				  				
							
Agency residential mortgage-backed securities (RMBS)	  	  $	85	 	  	$	17,567	 	  	  $	-	 	  	$	-	 	  	$	-	 	  	$	17,652 	 	
							
Non-agency RMBS	  	 	429	 	  	 	44	 	  	 	62	 	  	 	45	 	  	 	5	 	  	 	585 	 	
							
Commercial mortgage-backed securities	  	 	2,810	 	  	 	263	 	  	 	164	 	  	 	11	 	  	 	4	 	  	 	3,252 	 	
	  	 	 	 	
Total mortgage-backed securities at market value	  	  $	        3,324	 	  	$	          17,874	 	  	  $	            226	 	  	$	              56	 	  	$	            9	 	  	$	      21,489 	 	
	  	 	 	 	
U.S. Corporate and Asset-backed Fixed Income Portfolios

  Market Value at March 31, 2022	  	S&P Credit Rating	 	
 	  	Investment Grade	 	
 	  	AAA	 	  	AA	 	  	A	 	 	BBB	 	 	Total	 	

Asset-backed	  	  $	4,712	 	  	  $	826	 	  	$	40	 	 	$	38	 	 	$	5,616 	 	

Banks	  	 	-	 	  	 	6	 	  	 	1,680	 	 	 	1,825	 	 	 	3,511 	 	

Basic Materials	  	 	-	 	  	 	-	 	  	 	103	 	 	 	217	 	 	 	320 	 	

Communications	  	 	-	 	  	 	188	 	  	 	397	 	 	 	1,539	 	 	 	2,124 	 	

Consumer, Cyclical	  	 	-	 	  	 	219	 	  	 	604	 	 	 	773	 	 	 	1,596 	 	

Consumer, Non-Cyclical	  	 	53	 	  	 	586	 	  	 	1,796	 	 	 	1,770	 	 	 	4,205 	 	

Diversified Financial Services	  	 	1	 	  	 	186	 	  	 	387	 	 	 	315	 	 	 	889 	 	

Energy	  	 	-	 	  	 	135	 	  	 	157	 	 	 	828	 	 	 	1,120 	 	

Industrial	  	 	-	 	  	 	11	 	  	 	906	 	 	 	833	 	 	 	1,750 	 	

Utilities	  	 	3	 	  	 	2	 	  	 	993	 	 	 	625	 	 	 	1,623 	 	

All Others	  	 	218	 	  	 	599	 	  	 	1,563	 	 	 	1,433	 	 	 	3,813 	 	
	  	 	 	 	
Total	  	  $	        4,987	 	  	  $	        2,758	 	  	$	        8,626	 	 	$	          10,196	 	 	$	       26,567 	 	

Market Value at March 31, 2022	  	 	 	  	S&P Credit Rating	 	
 	  	 	 	  	Below Investment Grade	 	
 	  	 	 	  	BB	 	  	B	 	 	CCC	 	 	Total	 	

Asset-backed	  	 	                      	 	  	  $	24	 	  	$	7	 	 	$	1	 	 	$	32 	 	

Banks	  				  	 	-	 	  	 	-	 	 	 	-	 	 	 	- 	 	

Basic Materials	  				  	 	330	 	  	 	229	 	 	 	16	 	 	 	575 	 	

Communications	  				  	 	822	 	  	 	919	 	 	 	61	 	 	 	1,802 	 	

Consumer, Cyclical	  				  	 	1,061	 	  	 	1,205	 	 	 	42	 	 	 	2,308 	 	

Consumer, Non-Cyclical	  				  	 	1,134	 	  	 	1,675	 	 	 	70	 	 	 	2,879 	 	

Diversified Financial Services	  				  	 	203	 	  	 	213	 	 	 	5	 	 	 	421 	 	

Energy	  				  	 	688	 	  	 	343	 	 	 	2	 	 	 	1,033 	 	

Industrial	  				  	 	601	 	  	 	894	 	 	 	36	 	 	 	1,531 	 	

Utilities	  				  	 	216	 	  	 	104	 	 	 	-	 	 	 	320 	 	

All Others	  				  	 	953	 	  	 	1,126	 	 	 	57	 	 	 	2,136 	 	
	  				  	 	 	 	
Total	  				  	  $	      6,032	 	  	$	        6,715	 	 	$	          290	 	 	$	       13,037 	 	

			
Investments 2	  	Page 19	

Chubb Limited
Investment Portfolio - 3
(in millions of U.S. dollars)
(Unaudited)
Non-U.S. Fixed Income Portfolio 
March 31, 2022

Non-U.S. Government Securities	  	Market Value by S&P Credit Rating	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	

Canada	  	  $	        957	 	  	$	-	 	  	$	-	 	  	$	-	 	  	$	-	 	  	$	957 	 	
							
Republic of Korea	  	 	-	 	  	 	903	 	  	 	-	 	  	 	-	 	  	 	-	 	  	 	903 	 	
							
Province of Ontario	  	 	-	 	  	 	-	 	  	 	633	 	  	 	-	 	  	 	-	 	  	 	633 	 	
							
Federative Republic of Brazil	  	 	-	 	  	 	-	 	  	 	-	 	  	 	-	 	  	 	586	 	  	 	586 	 	
							
United Mexican States	  	 	-	 	  	 	-	 	  	 	-	 	  	 	571	 	  	 	-	 	  	 	571 	 	
							
Kingdom of Thailand	  	 	-	 	  	 	-	 	  	 	510	 	  	 	-	 	  	 	-	 	  	 	510 	 	
							
United Kingdom	  	 	-	 	  	 	487	 	  	 	-	 	  	 	-	 	  	 	-	 	  	 	487 	 	
							
Socialist Republic of Vietnam	  	 	-	 	  	 	-	 	  	 	-	 	  	 	-	 	  	 	470	 	  	 	470 	 	
							
Commonwealth of Australia	  	 	454	 	  	 	-	 	  	 	1	 	  	 	-	 	  	 	-	 	  	 	455 	 	
							
Province of Quebec	  	 	-	 	  	 	395	 	  	 	-	 	  	 	-	 	  	 	-	 	  	 	395 	 	
							
Other Non-U.S. Government Securities	  	 	413	 	  	 	1,928	 	  	 	1,152	 	  	 	667	 	  	 	919	 	  	 	5,079 	 	

Total	  	  $	        1,824	 	  	  $	        3,713	 	  	  $	        2,296	 	  	  $	        1,238	 	  	  $	        1,975	 	  	  $	        11,046 	 	

																									
Non-U.S. Corporate Securities	  	Market Value by S&P Credit Rating	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	

United Kingdom	  	  $	        45	 	  	  $	        34	 	  	  $	        817	 	  	  $	        952	 	  	  $	        489	 	  	  $	        2,337 	 	
							
Canada	  	 	81	 	  	 	115	 	  	 	650	 	  	 	609	 	  	 	405	 	  	 	1,860 	 	
							
United States (1)	  	 	-	 	  	 	-	 	  	 	244	 	  	 	265	 	  	 	745	 	  	 	1,254 	 	
							
France	  	 	6	 	  	 	41	 	  	 	635	 	  	 	458	 	  	 	80	 	  	 	1,220 	 	
							
Australia	  	 	68	 	  	 	169	 	  	 	366	 	  	 	347	 	  	 	11	 	  	 	961 	 	
							
Japan	  	 	-	 	  	 	-	 	  	 	671	 	  	 	92	 	  	 	-	 	  	 	763 	 	
							
Germany	  	 	61	 	  	 	36	 	  	 	173	 	  	 	251	 	  	 	57	 	  	 	578 	 	
							
Switzerland	  	 	49	 	  	 	5	 	  	 	269	 	  	 	210	 	  	 	19	 	  	 	552 	 	
							
Netherlands	  	 	47	 	  	 	5	 	  	 	243	 	  	 	118	 	  	 	114	 	  	 	527 	 	
							
China	  	 	-	 	  	 	6	 	  	 	266	 	  	 	95	 	  	 	27	 	  	 	394 	 	
							
Other Non-U.S. Corporate Securities	  	 	310	 	  	 	385	 	  	 	1,004	 	  	 	1,562	 	  	 	1,222	 	  	 	4,483 	 	

Total	  	  $	           667	 	  	  $	           796	 	  	  $	        5,338	 	  	  $	       4,959	 	  	  $	    3,169	 	  	  $	        14,929 	 	
	  	 	 	 	
(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 20	

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

 	 	 	March 31, 2022	 	            	  	    Market Value  	 	  	Rating    	

 	1	 	 	Bank of America Corp	 		  	  $	650	 	  	A-	
					
 	2	 	 	JP Morgan Chase & Co	 		  	 	571	 	  	A-	
					
 	3	 	 	Wells Fargo & Co	 		  	 	527	 	  	BBB+	
					
 	4	 	 	AT&T Inc	 		  	 	488	 	  	BBB	
					
 	5	 	 	Comcast Corp	 		  	 	453	 	  	A-	
					
 	6	 	 	Verizon Communications Inc	 		  	 	451	 	  	BBB+	
					
 	7	 	 	Morgan Stanley	 		  	 	436	 	  	BBB+	
					
 	8	 	 	Citigroup Inc	 		  	 	384	 	  	BBB+	
					
 	9	 	 	Goldman Sachs Group Inc	 		  	 	365	 	  	BBB+	
					
 	10	 	 	Anheuser-Busch InBev SA/NV	 		  	 	315	 	  	BBB+	

Investments 4	  	Page 21	

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

 	 	Three months ended March 31, 2022  	 	
	 	 	 	 	
 	 	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)  	 	
	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	
 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	
 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax  	 	
	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed income investments (1)	 	  $	        (89	) 	 	$	    22	 	 	$	    (67)	 	 	  $	    (4,652	) 	 	$	    812	 	 	$	    (3,840	) 	 	  $	    (4,741	) 	 	$	    834	 	 	$	    (3,907)	 	
Public equity:	 				 				 				 				 				 				 				 				 				
Realized gains (losses) on sales	 	 	255	 	 	 	(57	) 	 	 	198 	 	 	 	-	 	 	 	-	 	 	 	- 	 	 	 	255	 	 	 	(57	) 	 	 	198 	 	
Mark-to-market	 	 	(199	) 	 	 	36	 	 	 	(163)	 	 	 	-	 	 	 	-	 	 	 	- 	 	 	 	(199	) 	 	 	36	 	 	 	(163)	 	
Private equity: Mark-to-market	 	 	310	 	 	 	(6	) 	 	 	304 	 	 	 	-	 	 	 	-	 	 	 	- 	 	 	 	310	 	 	 	(6	) 	 	 	304 	 	
	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio	 	 	277	 	 	 	(5	) 	 	 	272 	 	 	 	(4,652	) 	 	 	812	 	 	 	(3,840	) 	 	 	(4,375	) 	 	 	807	 	 	 	(3,568)	 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (2)	 	 	77	 	 	 	-	 	 	 	77 	 	 	 	-	 	 	 	-	 	 	 	- 	 	 	 	77	 	 	 	-	 	 	 	77 	 	
Foreign exchange	 	 	75	 	 	 	(20	) 	 	 	55 	 	 	 	67	 	 	 	4	 	 	 	71 	 	 	 	142	 	 	 	(16	) 	 	 	126 	 	
Partially-owned entities (3)	 	 	12	 	 	 	-	 	 	 	12 	 	 	 	-	 	 	 	-	 	 	 	- 	 	 	 	12	 	 	 	-	 	 	 	12 	 	
Other (4)	 	 	(74	) 	 	 	1	 	 	 	(73)	 	 	 	19	 	 	 	(4	) 	 	 	15 	 	 	 	(55	) 	 	 	(3	) 	 	 	(58)	 	
	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	 	  $	        367	 	 	$	        (24	) 	 	$	        343 	 	 	  $	        (4,566	) 	 	$	        812	 	 	$	        (3,754	) 	 	  $	        (4,199	) 	 	$	        788	 	 	$	        (3,411)	 	
	 	 	 	 	 	 	 	 	 	 	 	 	
(1) The quarter includes pre-tax realized gains on fixed income derivatives of $47 million, a net increase of the valuation allowance of expected credit losses of $12 million, and impairments of $36 million for fixed maturities.
(2) The quarter includes $42 million of gains on applicable hedges. These gains 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 realized losses include impairment of assets related to the company’s Russian entities.

 	 	Three months ended March 31, 2021	 	
 	 	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses) 	 	
	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	
 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	
 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax  	 	
	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed income investments (5)	 	  $	    133	 	 	  $	    (24	) 	 	$	    109 	 	 	  $	(2,317	) 	 	    $	    405	 	 	  $	    (1,912)	 	 	  $	    (2,184	) 	 	  $	    381	 	 	  $	    (1,803)	 	
Public equity:	 				 				 				 				 				 				 				 				 				
Realized gains (losses) on sales	 	 	45	 	 	 	(7	) 	 	 	38 	 	 	 	-	 	 	 	-	 	 	 	- 	 	 	 	45	 	 	 	(7	) 	 	 	38 	 	
Mark-to-market	 	 	322	 	 	 	(68	) 	 	 	254 	 	 	 	-	 	 	 	-	 	 	 	- 	 	 	 	322	 	 	 	(68	) 	 	 	254 	 	
Private equity: Mark-to-market	 	 	438	 	 	 	(14	) 	 	 	424 	 	 	 	-	 	 	 	-	 	 	 	- 	 	 	 	438	 	 	 	(14	) 	 	 	424 	 	
	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio	 	 	938	 	 	 	(113	) 	 	 	825 	 	 	 	(2,317	) 	 	 	405	 	 	 	(1,912)	 	 	 	(1,379	) 	 	 	292	 	 	 	(1,087)	 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (6)	 	 	275	 	 	 	-	 	 	 	275 	 	 	 	-	 	 	 	-	 	 	 	- 	 	 	 	275	 	 	 	-	 	 	 	275 	 	
Foreign exchange	 	 	76	 	 	 	(18	) 	 	 	58 	 	 	 	22	 	 	 	2	 	 	 	24 	 	 	 	98	 	 	 	(16	) 	 	 	82 	 	
Partially-owned entities (7)	 	 	19	 	 	 	(2	) 	 	 	17 	 	 	 	-	 	 	 	-	 	 	 	- 	 	 	 	19	 	 	 	(2	) 	 	 	17 	 	
Other	 	 	(1	) 	 	 	-	 	 	 	(1)	 	 	 	(28	) 	 	 	5	 	 	 	(23)	 	 	 	(29	) 	 	 	5	 	 	 	(24)	 	
	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	 	  $	      1,307	 	 	  $	     (133	) 	 	  $	     1,174 	 	 	  $	        (2,323	) 	 	  $	        412	 	 	  $	        (1,911)	 	 	  $	        (1,016	) 	 	  $	        279	 	 	  $	           (737)	 	
	 	 	 	 	 	 	 	 	 	 	 	 	
(5) The quarter includes pre-tax realized gains on fixed income derivatives of $109 million and a net reduction of the valuation allowance of expected credit losses of $6 million. There were no impairments during the quarter.
(6) The quarter includes $44 million of losses on applicable hedges. These losses are both pre-tax and after-tax.
(7) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.

Net Gains (Losses)	  	Page 22	

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

 	  	    March 31    
2022	 	  	December 31
2021	 	  	December 31
2020	 	
Financial Debt:	  				  				  				
				
Total short-term debt (1)	  	$	1,474 	 	  	$	999 	 	  	$	- 	 	
				
Total long-term debt (1)	  	 	14,585 	 	  	 	15,169 	 	  	 	14,948 	 	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total financial debt	  	$	16,059 	 	  	$	16,168 	 	  	$	14,948 	 	
				
Hybrid debt:	  				  				  				
				
Total trust preferred securities	  	 	308 	 	  	 	308 	 	  	 	308 	 	

Total	  	$	16,367 	 	  	$	16,476 	 	  	$	15,256 	 	

Capitalization:	  				  				  				
				
Shareholders’ equity	  	$	56,698 	 	  	$	59,714 	 	  	$	59,441 	 	
				
Hybrid debt	  	 	308 	 	  	 	308 	 	  	 	308 	 	
				
Financial debt	  	 	16,059 	 	  	 	16,168 	 	  	 	14,948 	 	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total capitalization	  	$	73,065 	 	  	$	76,190 	 	  	$	74,697 	 	

	  				  				  				
Leverage ratios (based on total capital):	  				  				  				
				
Hybrid debt	  	 	0.4%	 	  	 	0.4%	 	  	 	0.4%	 	
				
Financial debt	  	 	22.0%	 	  	 	21.2%	 	  	 	20.0%	 	

Total hybrid & financial debt	  	 	22.4%	 	  	 	21.6%	 	  	 	20.4%	 	
Note: As of March 31, 2022, there was $1.3 billion usage of credit facilities on total capacity of $3.7 billion.
(1) During Q1 2022, the $475 million 2.7% senior notes due to mature in March 2023 were reclassified to short-term debt.

Debt and Capital	  	Page 23	

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 March 31	 	
 	  	2022	 	  	2021	 	
Numerator	  				  				
Core operating income to common shares	  	$	1,640 	 	  	$	1,142 	 	
			
Amortization of fair value adjustment of acquired invested assets
and long-term debt, pre-tax	  	 	(11)	 	  	 	(21)	 	
			
Tax benefit on amortization adjustment	  	 	2 	 	  	 	5 	 	
			
Adjusted net realized gains (losses), pre-tax	  	 	367 	 	  	 	1,307 	 	
			
Tax expense on adjusted net realized gains (losses)	  	 	(24)	 	  	 	(133)	 	
	  	 	 	 	  	 	 	 	
Net income	  	$	1,974 	 	  	$	2,300 	 	

Rollforward of Common Shares Outstanding	  				  				
Shares - beginning of period	  	 	426,572,612 	 	  	 	450,732,625 	 	
			
Repurchase of shares	  	 	(4,869,900) 	 	  	 	(3,110,000)	 	
			
Shares issued, excluding option exercises	  	 	991,772 	 	  	 	1,007,105 	 	
			
Issued for option exercises	  	 	980,843 	 	  	 	1,047,229 	 	
	  	 	 	 	  	 	 	 	
Shares - end of period	  	 	423,675,327 	 	  	 	449,676,959 	 	

Denominator	  				  				
Weighted average shares outstanding (1)	  	 	425,805,105 	 	  	 	450,539,568 	 	
			
Effect of other dilutive securities	  	 	3,985,729 	 	  	 	2,795,971 	 	
	  	 	 	 	  	 	 	 	
Adj. wtd. avg. shares outstanding and assumed conversions	  	 	429,790,834 	 	  	 	453,335,539 	 	

Basic earnings per share	  				  				
Core operating income	  	$	3.85 	 	  	$	2.53 	 	
			
Amortization of fair value adjustment of acquired invested assets
and long-term debt, net of tax	  	 	(0.02)	 	  	 	(0.04)	 	
			
Adjusted net realized gains (losses), net of tax	  	 	0.81 	 	  	 	2.61 	 	

Net income	  	$	4.64 	 	  	$	5.10 	 	

Diluted earnings per share	  				  				
			
Core operating income	  	$	3.82 	 	  	$	2.52 	 	
			
Amortization of fair value adjustment of acquired invested assets
and long-term debt, net of tax	  	 	(0.02)	 	  	 	(0.04)	 	
			
Adjusted net realized gains (losses), net of tax	  	 	0.79 	 	  	 	2.59 	 	
	  	 	 	 	  	 	 	 	
Net income	  	$	4.59 	 	  	$	5.07 	 	
	  	 	 	 	  	 	 	 	
(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 24	

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

 	  	    March 31    
2022	 	    December 31    
2021	 	    March 31    
2021	
				
Shareholders’ equity	  	  $	56,698	  	 	  $	59,714	  	 	  $	59,076	  	
Less: goodwill and other intangible assets, net of tax	  	 	19,443	 	 	 	19,456	 	 	 	19,881	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Numerator for tangible book value per share	  	  $	37,255	 	 	  $	40,258	 	 	  $	39,195	 	

Book value - % change over prior quarter	  	 	-5.1%	 	 	 	0.7%	 	 	 	-0.6%	 	
Tangible book value - % change over prior quarter	  	 	-7.5%	 	 	 	1.7%	 	 	 	-0.8%	 	
				
Denominator	  	 	423,675,327	 	 	 	426,572,612	 	 	 	449,676,959	 	

Book value per common share	  	  $	133.82	 	 	  $	139.99	 	 	  $	131.37	 	
Tangible book value per common share	  	  $	87.93	 	 	  $	94.38	 	 	  $	87.16	 	
				
Reconciliation of Book Value	  				 				 				
				
Shareholders’ equity, beginning of quarter	  	  $	59,714	 	 	  $	59,318	 	 	  $	59,441	 	
Core operating income	  	 	1,640	 	 	 	1,649	 	 	 	1,142	 	
Amortization of fair value adjustment of acquired invested assets
and long-term debt	  	 	(9	) 	 	 	(12	) 	 	 	(16	) 	
Adjusted net realized gains (losses) (1)	  	 	343	 	 	 	504	 	 	 	1,174	 	
Net unrealized gains (losses) on investments	  	 	(3,840	) 	 	 	(630	) 	 	 	(1,912	) 	
Repurchase of shares	  	 	(1,001	) 	 	 	(905	) 	 	 	(519	) 	
Dividend declared on common shares	  	 	(340	) 	 	 	(342	) 	 	 	(352	) 	
Cumulative translation gains (losses)	  	 	71	 	 	 	(432	) 	 	 	24	 	
Postretirement benefit liability	  	 	15	 	 	 	434	 	 	 	(23	) 	
Other (2)	  	 	105	 	 	 	130	 	 	 	117	 	

	  	  $	56,698	 	 	  $	59,714	 	 	  $	59,076	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
(1) Includes net realized gains (losses) related to unconsolidated entities.
(2) 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 25	

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.
P&C underwriting income (loss) excludes the Life Insurance segment and 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 (loss) 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, income tax expense and adjusted net realized gains (losses).
P&C CAY underwriting income excluding catastrophe losses (Cats) is P&C underwriting income (loss) adjusted to exclude P&C 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.
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) and including investment income from partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of three percent that are accounted for under the equity method. The mark-to-market movement on these private equity partnerships are included in adjusted net realized gains (losses) as described below. 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.
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, other income (expense) from private equity partnerships, 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 (loss) 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) from private equity partnerships 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 combined ratio excludes 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 29-30.
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. The agriculture insurance business is a different business in that it is a public sector and private sector partnership in which insurance rates, premium growth, and risk-sharing is not market-driven like the remainder of the company’s P&C insurance business. 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) 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, related to the Chubb Corp acquisition due to the size and complexity of this acquisition. References to core operating income measures mean net of tax, whether or not noted.
Core operating effective tax rate is income tax expense (benefit) excluding tax expense (benefit) on adjusted net realized gains (losses), tax benefit on amortization of fair value of acquired invested assets and debt, divided by income excluding adjusted net realized gains (losses) before tax and amortization of fair value of acquired invested assets and debt 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. Refer to the definition of core operating income (loss), 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.

Reconciliation Non-GAAP	  	Page 26	

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:
																									
 	  	      1Q-22      	 	      4Q-21      	 	      3Q-21      	 	 	      2Q-21      	 	      1Q-21      	 	    Full Year    
2021	
Tax expense, as reported	  	  $	355	  	 	  $	404	  	 	  $	218	  	 	  $	317	  	 	  $	338	  	 	  $	1,277	  	
Less: tax benefit on amortization of fair value of acquired invested assets and debt	  	 	(2	) 	 	 	-	 	 	 	(3	) 	 	 	(3	) 	 	 	(5	) 	 	 	(11	) 	
Less: tax expense on adjusted net realized gains (losses)	  	 	24	 	 	 	95	 	 	 	27	 	 	 	16	 	 	 	133	 	 	 	271	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tax expense, adjusted	  	  $	333	 	 	  $	309	 	 	  $	194	 	 	  $	304	 	 	  $	210	 	 	  $	1,017	 	

Income before tax, as reported	  	  $	2,329	 	 	  $	2,545	 	 	  $	2,051	 	 	  $	2,582	 	 	  $	2,638	 	 	  $	9,816	 	
Less: amortization of fair value of acquired invested assets and debt	  	 	(11	) 	 	 	(12	) 	 	 	(14	) 	 	 	(17	) 	 	 	(21	) 	 	 	(64	) 	
Less: adjusted realized gains (losses)	  	 	100	 	 	 	319	 	 	 	(11	) 	 	 	(36	) 	 	 	888	 	 	 	1,160	 	
Less: realized gains (losses) related to unconsolidated entities	  	 	267	 	 	 	280	 	 	 	725	 	 	 	710	 	 	 	419	 	 	 	2,134	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating income before tax	  	  $	1,973	 	 	  $	1,958	 	 	  $	1,351	 	 	  $	1,925	 	 	  $	1,352	 	 	  $	6,586	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effective tax rate	  	 	15.2%	 	 	 	15.9%	 	 	 	10.7%	 	 	 	12.3%	 	 	 	12.8%	 	 	 	13.0%	 	
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt	  	 	0.0%	 	 	 	-0.1%	 	 	 	0.1%	 	 	 	0.0%	 	 	 	0.1%	 	 	 	0.0%	 	
Adjustment for tax impact of adjusted net realized gains (losses)	  	 	1.7%	 	 	 	-0.1%	 	 	 	3.6%	 	 	 	3.5%	 	 	 	2.6%	 	 	 	2.4%	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating effective tax rate	  	 	16.9%	 	 	 	15.7%	 	 	 	14.4%	 	 	 	15.8%	 	 	 	15.5%	 	 	 	15.4%	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating income
The following table presents the reconciliation of Net income to Core operating income:
																									
 	  	      1Q-22      	 	      4Q-21      	 	      3Q-21      	 	 	      2Q-21      	 	      1Q-21      	 	    Full Year    
2021	
Net income, as reported	  	  $	1,974	 	 	  $	2,141	 	 	  $	1,833	 	 	  $	2,265	 	 	  $	2,300	 	 	  $	8,539	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax	  	 	(11	) 	 	 	(12	) 	 	 	(14	) 	 	 	(17	) 	 	 	(21	) 	 	 	(64	) 	
Tax benefit on amortization adjustment	  	 	2	 	 	 	-	 	 	 	3	 	 	 	3	 	 	 	5	 	 	 	11	 	
Adjusted realized gains (losses), pre-tax	  	 	100	 	 	 	319	 	 	 	(11	) 	 	 	(36	) 	 	 	888	 	 	 	1,160	 	
Net realized gains (losses) related to unconsolidated entities, pre-tax (1)	  	 	267	 	 	 	280	 	 	 	725	 	 	 	710	 	 	 	419	 	 	 	2,134	 	
Tax expense on adjusted net realized gains (losses)	  	 	(24	) 	 	 	(95	) 	 	 	(27	) 	 	 	(16	) 	 	 	(133	) 	 	 	(271	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating income	  	  $	1,640	 	 	  $	1,649	 	 	  $	1,157	 	 	  $	1,621	 	 	  $	1,142	 	 	  $	5,569	 	

Catastrophe losses - after-tax	  	  $	290	 	 	  $	245	 	 	  $	943	 	 	  $	226	 	 	  $	570	 	 	  $	1,984	 	
Favorable prior period development (PPD) - after-tax	  	  $
 	 
(195	 
) 	 	  $	(149	) 	 	  $	(227	) 	 	  $	(224	) 	 	  $	(156	) 	 	  $	(756	) 	
							
Core operating income per share	  	  $	3.82	 	 	  $	3.81	 	 	  $	2.64	 	 	  $	3.62	 	 	  $	2.52	 	 	  $	12.56	 	
Impact of Cats on Core operating income per share - Unfavorable	  	  $	(0.67	) 	 	  $	(0.57	) 	 	  $	(2.15	) 	 	  $	(0.50	) 	 	  $	(1.26	) 	 	  $	(4.48	) 	
Impact of PPD on Core operating income per share - Favorable	  	  $	0.45	 	 	  $	0.35	 	 	  $	0.52	 	 	  $	0.50	 	 	  $	0.35	 	 	  $	1.70	 	
Impact of Cats and PPD on Core operating income per share - Unfavorable	  	  $	(0.22	) 	 	  $	(0.22	) 	 	  $	(1.63	) 	 	  $	-	 	 	  $	(0.91	) 	 	  $	(2.78	) 	
(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).
P&C Underwriting income and P&C CAY underwriting income ex Cats 
The following table presents the reconciliation of Net income to P&C CAY underwriting income ex Cats:

 	  	      1Q-22      	 	      4Q-21      	 	      3Q-21      	 	      2Q-21      	 	      1Q-21      	 	    Full Year    
2021	
Net income, as reported	  	$	1,974	  	 	$	2,141	  	 	$	1,833	  	 	$	2,265	  	 	$	2,300	  	 	$	8,539	  	
Less: Income tax expense	  	 	(355	) 	 	 	(404	) 	 	 	(218	) 	 	 	(317	) 	 	 	(338	) 	 	 	(1,277	) 	
Amortization expense of purchased intangibles	  	 	(71	) 	 	 	(71	) 	 	 	(71	) 	 	 	(73	) 	 	 	(72	) 	 	 	(287	) 	
Other income (expense)	  	 	310	 	 	 	335	 	 	 	763	 	 	 	777	 	 	 	490	 	 	 	2,365	 	
Interest expense	  	 	(132	) 	 	 	(126	) 	 	 	(122	) 	 	 	(122	) 	 	 	(122	) 	 	 	(492	) 	
Net investment income	  	 	822	 	 	 	843	 	 	 	866	 	 	 	884	 	 	 	863	 	 	 	3,456	 	
Net realized gains (losses)	  	 	101	 	 	 	319	 	 	 	(21	) 	 	 	(33	) 	 	 	887	 	 	 	1,152	 	
							
Life Insurance underlying income (loss) (1)	  	 	17	 	 	 	(21	) 	 	 	9	 	 	 	(39	) 	 	 	(31	) 	 	 	(82	) 	
Add: Realized gains (losses) on crop derivatives	  	 	1	 	 	 	—	 	 	 	(10	) 	 	 	3	 	 	 	(1	) 	 	 	(8	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C underwriting income	  	$	1,283	 	 	$	1,266	 	 	$	617	 	 	$	1,191	 	 	$	622	 	 	$	3,696	 	
Add: Catastrophe losses (including reinstatement premiums) - pre-tax	  	 	333	 	 	 	275	 	 	 	1,146	 	 	 	280	 	 	 	700	 	 	 	2,401	 	
Favorable prior period development (PPD) - pre-tax	  	 	(240	) 	 	 	(145	) 	 	 	(321	) 	 	 	(268	) 	 	 	(192	) 	 	 	(926	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C CAY underwriting income ex Cats	  	$	1,376	 	 	$	1,396	 	 	$	1,442	 	 	$	1,203	 	 	$	1,130	 	 	$	5,171	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Life Insurance underlying income (loss) is calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs and administrative expenses from net premiums earned related to the Life Insurance segment.

Reconciliation Non-GAAP 2	  	Page 27	

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 and Core operating ROTE
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 (loss), 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 that are heavily influenced by available market opportunities. We believe ROTE is meaningful because it measures the performance of our operations without the impact of goodwill and other intangible assets.

 	  	      1Q-22      	 	      1Q-21      	 	      Full Year      
2021	
Net income	  	  $	1,974	  	 	  $	2,300	  	 	  $	8,539	  	
Core operating income	  	  $	1,640	 	 	  $	1,142	 	 	  $	5,569	 	
				
Equity - beginning of period, as reported	  	  $	59,714	 	 	  $	           59,441	 	 	  $	59,441	 	
				
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	2,256	 	 	 	4,673	 	 	 	4,673	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Equity - beginning of period, as adjusted	  	  $	57,458	 	 	  $	54,768	 	 	  $	54,768	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Less: goodwill and other intangible assets, net of tax	  	 	19,456	 	 	 	19,916	 	 	 	19,916	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Equity - beginning of period, as adjusted ex goodwill and other intangible assets	  	  $	38,002	 	 	  $	34,852	 	 	  $	34,852	 	

Equity - end of period, as reported	  	  $	56,698	 	 	  $	59,076	 	 	  $	59,714	 	
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	(1,584	) 	 	 	2,761	 	 	 	2,256	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Equity - end of period, as adjusted	  	  $	58,282	 	 	  $	56,315	 	 	  $	57,458	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Less: goodwill and other intangible assets, net of tax	  	 	19,443	 	 	 	19,881	 	 	 	19,456	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Equity - end of period, as adjusted ex goodwill and other intangible assets	  	  $	         38,839	 	 	  $	36,434	 	 	  $	38,002	 	

Weighted average equity, as reported	  	  $	58,206	 	 	  $	59,259	 	 	  $	59,578	 	
Weighted average equity, as adjusted	  	  $	57,870	 	 	  $	55,542	 	 	  $	56,113	 	
Weighted average equity, as adjusted ex goodwill and other intangible assets	  	  $	38,421	 	 	  $	35,643	 	 	  $	36,427	 	
				
ROE	  	 	13.6%	 	 	 	15.5%	 	 	 	14.3%	 	
				
Core operating ROTE	  	 	17.1%	 	 	 	12.8%	 	 	 	15.3%	 	
				
Core operating ROE	  	 	11.3%	 	 	 	8.2%	 	 	 	9.9%	 	
				
Private equities realized gains (losses), after-tax (1)	  	  $	304	 	 	  $	424	 	 	  $	2,053	 	
				
Impact of Private equities if included in Core operating ROE - Favorable (1)	  	 	2.1 pts	 	 	 	3.1 pts	 	 	 	3.7 pts	 	
Reconciliation of Book Value and Tangible Book Value per Share, excluding mark-to-market 

 	  	    March 31    
2022	 	  December 31  
2021	 	     % Change     	
Book value	  	  $	56,698	  	 	  $	59,714	  	 				
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	(1,584	) 	 	 	2,256	 	 				
	  	 	 	 	 	 	 	 	 				
Book value excluding mark-to-market	  	 	58,282	 	 	 	57,458	 	 				
Less: goodwill and other intangible assets, net of tax	  	 	19,443	 	 	 	19,456	 	 				
	  	 	 	 	 	 	 	 	 				
Tangible book value excluding mark-to-market	  	  $	38,839	 	 	  $	38,002	 	 				
	  	 	 	 	 	 	 	 	 				
Denominator	  	 	423,675,327	 	 	 	426,572,612	 	 				
	  	 	 	 	 	 	 	 	 				
Book value per share excluding mark-to-market	  	  $	137.56	 	 	  $	134.70	 	 	 	2.1%	 	
Tangible book value per share excluding mark-to-market	  	  $	91.67	 	 	  $	89.09	 	 	 	2.9%	 	
(1) 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 28	

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).

	Q1 2022	  	 	  	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	  		  	  $	2,497	  	 	  $	713	  	 	  $	(91	)  	 	  $	1,389	  	 	  $	115	  	 	  $	10	  	 	  $	4,633	  	
									
Realized (gains) losses on crop derivatives	  		  	 	-	 	 	 	-	 	 	 	(1	) 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	(1	) 	

Adjusted losses and loss expenses	  	A	  	  $	             2,497	 	 	  $	             713	 	 	  $	             (92	) 	 	  $	             1,389	 	 	  $	         115	 	 	  $	            10	 	 	  $	            4,632	 	

Catastrophe losses and related adjustments	  		  				 				 				 				 				 				 				
Catastrophe losses, net of related adjustments	  		  	 	(81	) 	 	 	(100	) 	 	 	-	 	 	 	(151	) 	 	 	(1	) 	 	 	-	 	 	 	(333	) 	
Reinstatement premiums collected (expensed) on catastrophe losses	  		  	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe losses, gross of related adjustments	  		  	 	(81	) 	 	 	(100	) 	 	 	-	 	 	 	(151	) 	 	 	(1	) 	 	 	-	 	 	 	(333	) 	

PPD and related adjustments	  		  				 				 				 				 				 				 				
PPD, net of related adjustments - favorable (unfavorable)	  		  	 	108	 	 	 	51	 	 	 	26	 	 	 	60	 	 	 	3	 	 	 	(8	) 	 	 	240	 	
Net premiums earned adjustments on PPD - unfavorable (favorable)	  		  	 	-	 	 	 	-	 	 	 	159	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	159	 	
Expense adjustments - unfavorable (favorable)	  		  	 	6	 	 	 	-	 	 	 	(1	) 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	5	 	
PPD reinstatement premiums - unfavorable (favorable)	  		  	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	1	 	 	 	-	 	 	 	1	 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
PPD, gross of related adjustments - favorable (unfavorable)	  		  	 	114	 	 	 	51	 	 	 	184	 	 	 	60	 	 	 	4	 	 	 	(8	) 	 	 	405	 	

CAY loss and loss expense ex Cats	  	B	  	  $	2,530	 	 	  $	664	 	 	  $	92	 	 	  $	1,298	 	 	  $	118	 	 	  $	2	 	 	  $	4,704	 	

Policy acquisition costs and administrative expenses	  		  				 				 				 				 				 				 				
Policy acquisition costs and administrative expenses	  	C	  	  $	838	 	 	  $	329	 	 	  $	11	 	 	  $	948	 	 	  $	71	 	 	  $	83	 	 	  $	2,280	 	
Expense adjustments - favorable (unfavorable)	  		  	 	(6	) 	 	 	-	 	 	 	1	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	(5	) 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and administrative expenses, adjusted	  	D	  	  $	832	 	 	  $	329	 	 	  $	12	 	 	  $	948	 	 	  $	71	 	 	  $	83	 	 	  $	2,275	 	

Denominator	  		  				 				 				 				 				 				 				
									
Net premiums earned	  	E	  	  $	4,114	 	 	  $	1,247	 	 	  $	(29	) 	 	  $	2,628	 	 	  $	235	 	 				 	  $	8,195	 	
									
Net premiums earned adjustments on PPD - unfavorable (favorable)	  		  	 	-	 	 	 	-	 	 	 	159	 	 	 	-	 	 	 	-	 	 				 	 	159	 	
									
PPD reinstatement premiums - unfavorable (favorable)	  		  	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	1	 	 				 	 	1	 	

Net premiums earned excluding adjustments	  	F	  	$	4,114	 	 	$	1,247	 	 	$	130	 	 	$	2,628	 	 	$	236	 	 				 	$	8,355	 	

P&C combined ratio	  		  				 				 				 				 				 				 				
									
Loss and loss expense ratio	  	A/E	  	 	60.7%	 	 	 	57.2%	 	 	 	318.4%	 	 	 	52.9%	 	 	 	48.8%	 	 				 	 	56.5%	 	
Policy acquisition cost and administrative expense ratio	  	C/E	  	 	20.4%	 	 	 	26.3%	 	 	 	-36.8%	 	 	 	36.0%	 	 	 	30.2%	 	 				 	 	27.8%	 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
P&C combined ratio	  		  	 	81.1%	 	 	 	83.5%	 	 	 	281.6%	 	 	 	88.9%	 	 	 	79.0%	 	 				 	 	84.3%	 	

CAY P&C combined ratio ex Cats	  		  				 				 				 				 				 				 				
									
Loss and loss expense ratio, adjusted	  	B/F	  	 	61.5%	 	 	 	53.3%	 	 	 	70.6%	 	 	 	49.4%	 	 	 	49.9%	 	 				 	 	56.3%	 	
Policy acquisition cost and administrative expense ratio, adjusted	  	D/F	  	 	20.2%	 	 	 	26.3%	 	 	 	8.9%	 	 	 	36.1%	 	 	 	30.0%	 	 				 	 	27.2%	 	

CAY P&C combined ratio ex Cats	  		  	 	81.7%	 	 	 	79.6%	 	 	 	79.5%	 	 	 	85.5%	 	 	 	79.9%	 	 				 	 	83.5%	 	

Combined ratio	  		  				 				 				 				 				 				 				
									
Combined ratio	  		  				 				 				 				 				 				 	 	84.3%	 	
									
Add: impact of gains and losses on crop derivatives	  		  				 				 				 				 				 				 	 	0.0%	 	

									
P&C combined ratio	  		  				 				 				 				 				 				 	 	84.3%	 	
	  		  				 				 				 				 				 				 	 	 	 	
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 29	

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)

 	  	North
America
Commercial P&C	 	North
America
Personal P&C	 	North
America
Agricultural	 	Overseas
General	 	Global	 	 	 	Total  	
  Q1 2021	  	 	  	Insurance	 	Insurance	 	Insurance	 	Insurance	 	Reinsurance	 	Corporate	 	P&C  	
Numerator	  		  				 				 				 				 				 				 				
Losses and loss expenses	  		  				 				 				 				 				 				 				
Losses and loss expenses	  		  	  $	2,560	 	 	  $	819	 	 	  $	84	 	 	  $	1,263	 	 	  $	120	 	 	  $	9	 	 	  $	4,855	 	
Realized (gains) losses on crop derivatives	  		  	 	-	 	 	 	-	 	 	 	1	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	1	 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted losses and loss expenses	  	A	  	  $	            2,560	 	 	  $	            819	 	 	  $	            85	 	 	  $	            1,263	 	 	  $	            120	 	 	  $	            9	 	 	  $	            4,856	 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe losses and related adjustments	  		  				 				 				 				 				 				 				
Catastrophe losses, net of related adjustments	  		  	 	(362	) 	 	 	(240	) 	 	 	(8	) 	 	 	(50	) 	 	 	(40	) 	 	 	-	 	 	 	(700	) 	
Reinstatement premiums collected (expensed) on catastrophe losses	  		  	 	-	 	 	 	(23	) 	 	 	-	 	 	 	-	 	 	 	5	 	 	 	-	 	 	 	(18	) 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe losses, gross of related adjustments	  		  	 	(362	) 	 	 	(217	) 	 	 	(8	) 	 	 	(50	) 	 	 	(45	) 	 	 	-	 	 	 	(682	) 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
PPD and related adjustments	  		  				 				 				 				 				 				 				
PPD, net of related adjustments - favorable (unfavorable)	  		  	 	127	 	 	 	40	 	 	 	2	 	 	 	25	 	 	 	7	 	 	 	(9	) 	 	 	192	 	
Net premiums earned adjustments on PPD - unfavorable (favorable)	  		  	 	-	 	 	 	-	 	 	 	(2	) 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	(2	) 	
Expense adjustments - unfavorable (favorable)	  		  	 	3	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	3	 	
PPD reinstatement premiums - unfavorable (favorable)	  		  	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	3	 	 	 	-	 	 	 	3	 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
PPD, gross of related adjustments - favorable (unfavorable)	  		  	 	130	 	 	 	40	 	 	 	-	 	 	 	25	 	 	 	10	 	 	 	(9	) 	 	 	196	 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY loss and loss expense ex Cats	  	B	  	  $	2,328	 	 	  $	642	 	 	  $	77	 	 	  $	1,238	 	 	  $	85	 	 	  $	-	 	 	  $	4,370	 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and administrative expenses	  		  				 				 				 				 				 				 				
Policy acquisition costs and administrative expenses	  	C	  	  $	768	 	 	  $	307	 	 	  $	15	 	 	  $	934	 	 	  $	53	 	 	  $	71	 	 	  $	2,148	 	
Expense adjustments - favorable (unfavorable)	  		  	 	(3	) 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	(3	) 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and administrative expenses, adjusted	  	D	  	  $	765	 	 	  $	307	 	 	  $	15	 	 	  $	934	 	 	  $	53	 	 	  $	71	 	 	  $	2,145	 	

Denominator	  		  				 				 				 				 				 				 				
Net premiums earned	  	E	  	  $	3,674	 	 	  $	1,184	 	 	  $	110	 	 	  $	2,478	 	 	  $	180	 	 				 	  $	7,626	 	
Reinstatement premiums (collected) expensed on catastrophe losses	  		  	 	-	 	 	 	23	 	 	 	-	 	 	 	-	 	 	 	(5	) 	 				 	 	18	 	
Net premiums earned adjustments on PPD - unfavorable (favorable)	  		  	 	-	 	 	 	-	 	 	 	(2	) 	 	 	-	 	 	 	-	 	 				 	 	(2	) 	
PPD reinstatement premiums - unfavorable (favorable)	  		  	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	3	 	 				 	 	3	 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Net premiums earned excluding adjustments	  	F	  	  $	3,674	 	 	  $	1,207	 	 	  $	108	 	 	  $	2,478	 	 	  $	178	 	 				 	  $	7,645	 	

P&C combined ratio	  		  				 				 				 				 				 				 				
Loss and loss expense ratio	  	A/E	  	 	69.7%	 	 	 	69.2%	 	 	 	77.5%	 	 	 	51.0%	 	 	 	66.9%	 	 				 	 	63.7%	 	
Policy acquisition cost and administrative expense ratio	  	C/E	  	 	20.9%	 	 	 	25.9%	 	 	 	13.4%	 	 	 	37.7%	 	 	 	29.5%	 	 				 	 	28.1%	 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
P&C combined ratio	  		  	 	90.6%	 	 	 	95.1%	 	 	 	90.9%	 	 	 	88.7%	 	 	 	96.4%	 	 				 	 	91.8%	 	

CAY P&C combined ratio ex Cats	  		  				 				 				 				 				 				 				
Loss and loss expense ratio, adjusted	  	B/F	  	 	63.4%	 	 	 	53.2%	 	 	 	71.2%	 	 	 	49.9%	 	 	 	48.3%	 	 				 	 	57.2%	 	
Policy acquisition cost and administrative expense ratio, adjusted	  	D/F	  	 	20.8%	 	 	 	25.4%	 	 	 	13.5%	 	 	 	37.7%	 	 	 	29.7%	 	 				 	 	28.0%	 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
CAY P&C combined ratio ex Cats	  		  	 	84.2%	 	 	 	78.6%	 	 	 	84.7%	 	 	 	87.6%	 	 	 	78.0%	 	 				 	 	85.2%	 	

Combined ratio	  		  				 				 				 				 				 				 				
Combined ratio	  		  				 				 				 				 				 				 	 	91.8%	 	
Add: impact of gains and losses on crop derivatives	  		  				 				 				 				 				 				 	 	0.0%	 	
	  		  				 				 				 				 				 				 	 	 	 	
P&C combined ratio	  		  				 				 				 				 				 				 	 	91.8%	 	
	  		  				 				 				 				 				 				 	 	 	 	
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 30	

Chubb Limited
Glossary
Chubb Limited Consolidated comprises all segments including Corporate.
P&C combined ratio: The sum of the loss and loss expense ratio, policy 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.
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 losses and affects a significant number of insureds, including from pandemics such as COVID-19. 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.
Segment income (loss) includes underwriting income (loss), adjusted net investment income, other income (expense) – operating, and amortization expense of purchased intangibles.
Commercial P&C lines includes Commercial P&C, Agriculture and Reinsurance lines of business.
Consumer P&C lines includes Personal and Global accident and health (A&H) lines of business.
NM: Not meaningful.

Glossary	  	Page 31