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

FORM 8-K

Current Report
Pursuant To Section 13 or 15 (d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) – July 24, 2018

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

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

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

 

Item 2.02. Results of Operations and Financial Condition
On July 24, 2018, Chubb Limited issued a Press Release reporting its second quarter 2018 results and the availability of its second quarter 2018 Financial Supplement. The Press Release and the Financial Supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are hereby incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
 
(d)	Exhibits	

Exhibit	
Number	  		Description	
			
99.1	  	Press Release, Dated July 24, 2018, Reporting Second Quarter 2018 Results		
			
99.2	  	Second Quarter 2018 Financial Supplement		

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

Chubb Limited	
		
By:	 	/s/ Philip V. Bancroft	
	 	Philip V. Bancroft	
	 	Executive Vice President and Chief Financial Officer	
DATE: July 24, 2018

Exhibit 99.1

	  	Chubb Limited
Bärengasse 32
CH-8001 Zurich
Switzerland	  	www.chubb.com
@Chubb	
News Release
Chubb Reports Second Quarter Net Income Per Share of $2.76;
Core Operating Income Per Share of $2.68, up 7.2%; Net Premiums
Written of $8.0 Billion, Up 5.7%; Annualized ROE and Core Operating
ROE of 10.1% and 9.8%, Respectively
 
 	•	 	Net income and core operating income were both $1.3 billion.	
 
 	•	 	P&C net premiums written increased 5.6% to $7.5 billion and Global P&C net premiums written, which excludes Agriculture, increased 6.1% to $7.1 billion.	
 
 	•	 	P&C combined ratio was 88.4% compared with 88.0% prior year. P&C current accident year combined ratio excluding catastrophe losses was 88.1% compared with 87.5% prior year. P&C underwriting income was $824 million, up 2.1%.	
 
 	•	 	Adjusted net investment income was $890 million, pre-tax, up 4.0%.	
 
 	•	 	Operating cash flow was $1.6 billion.	
ZURICH – July 24, 2018 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended June 30, 2018 of $1,294 million, or $2.76 per share, compared with $1,305 million, or $2.77 per share, for the same quarter last year. Core operating income was $1,253 million, or $2.68 per share, compared with $1,180 million, or $2.50 per share, for the same quarter last year. The property and casualty (P&C) combined ratio was 88.4%. Book value per share decreased 0.1% and tangible book value per share increased 0.5% from March 31, 2018 and now stand at $109.97 and $66.00, respectively. Book value and tangible book value per share growth were unfavorably impacted by realized and unrealized losses of $407 million after-tax in the company’s investment portfolio, driven by rising interest rates. In addition, foreign currency movement (FX) unfavorably impacted book value by $457 million after-tax and tangible book value by $200 million after-tax.

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

Chubb Limited News Release

Chubb Limited
Second Quarter Summary
(in millions, except per share amounts)
(Unaudited)
																													
  	  	  	 	  	  	 	  	  	 	 	  	 	  	(Per Share - Diluted)	 	
 	  	2018	 	  	2017	 	  	Change	 	 	 	 	  	2018	 	  	2017	 	  	Change	 	
Net income	  	 	$1,294	 	  	 	$1,305	 	  	 	(0.8)	% 	 				  	 	$2.76	 	  	 	$2.77	 	  	 	(0.4)	% 	
Chubb integration expenses, net of tax	  	 	10	 	  	 	50	 	  	 	(80.0)	% 	 				  	 	0.02	 	  	 	0.10	 	  	 	(80.0)	% 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	41	 	  	 	52	 	  	 	(21.2)	% 	 				  	 	0.09	 	  	 	0.11	 	  	 	(18.2)	% 	
Adjusted net realized (gains) losses, net of tax	  	 	(92)	 	  	 	(227)	 	  	 	(59.5)	% 	 				  	 	(0.19)	 	  	 	(0.48)	 	  	 	(60.4)	% 	
Core operating income, net of tax	  	 	$1,253	 	  	 	$1,180	 	  	 	6.2	% 	 				  	 	$2.68	 	  	 	$2.50	 	  	 	7.2	% 	
For the three months ended June 30, 2018 and 2017, the tax expenses (benefits) related to the table above were $(3) million and $(22) million, respectively, for Chubb integration expenses; $(11) million and $(20) million, respectively, for amortization of fair value adjustment of acquired invested assets and long-term debt; $14 million and $19 million, respectively, for adjusted net realized gains and losses; and $218 million and $223 million, respectively, for core operating income.
For the six months ended June 30, 2018, net income was $2,376 million, or $5.07 per share, compared with $2,398 million, or $5.08 per share, for 2017. Core operating income was $2,350 million, or $5.01 per share, compared with $2,355 million, or $4.99 per share, for 2017. The P&C combined ratio was 89.2% for the six months ended June 30, 2018. Book value per share decreased 0.3% and tangible book value per share increased 0.2% from December 31, 2017. Book value and tangible book value per share were unfavorably impacted by net realized and unrealized losses of $1,345 million after-tax in the company’s investment portfolio. In addition, FX unfavorably impacted book value by $147 million after-tax and tangible book value by $64 million after-tax.

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

Chubb Limited News Release

Chubb Limited
Six Months Ended Summary
(in millions, except per share amounts)
(Unaudited)
																													
  	  	  	 	  	  	 	  	  	 	 	  	 	  	(Per Share - Diluted)	 	
 	  	2018	 	  	2017	 	  	Change	 	 	 	 	  	2018	 	  	2017	 	  	Change	 	
Net income	  	 	$2,376	 	  	 	$2,398	 	  	 	(0.9)	% 	 				  	 	$5.07	 	  	 	$5.08	 	  	 	(0.2)	% 	
Chubb integration expenses, net of tax	  	 	18	 	  	 	124	 	  	 	(85.5)	% 	 				  	 	0.04	 	  	 	0.26	 	  	 	(84.6)	% 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	91	 	  	 	107	 	  	 	(15.0)	% 	 				  	 	0.19	 	  	 	0.23	 	  	 	(17.4)	% 	
Adjusted net realized (gains) losses, net of tax	  	 	(135)	 	  	 	(274)	 	  	 	(50.7)	% 	 				  	 	(0.29)	 	  	 	(0.58)	 	  	 	(50.0)	% 	
Core operating income, net of tax	  	 	$2,350	 	  	 	$2,355	 	  	 	(0.2)	% 	 				  	 	$5.01	 	  	 	$4.99	 	  	 	0.4	% 	
For the six months ended June 30, 2018 and 2017, the tax expenses (benefits) related to the table above were $(5) million and $(59) million, respectively, for Chubb integration expenses; $(20) million and $(44) million, respectively, for amortization of fair value adjustment of acquired invested assets and long-term debt; $11 million and $17 million, respectively, for adjusted net realized gains and losses; and $367 million and $414 million, respectively, for core operating income.
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “Chubb’s second quarter after-tax core operating income per share was up over 7% from prior year, driven by excellent underwriting and investment results. Our 88.4% P&C combined ratio benefited from current accident year results and positive prior year reserve releases, while adjusted net investment income was up 4%.
“P&C net premiums written increased 5.6% in the quarter, with strong performances in many of our businesses globally such as our U.S. commercial and personal lines divisions and our Asia and Latin America P&C operations, both of which generated double-digit growth. We are benefiting from contributions that are only possible because of the scale and capabilities created by today’s Chubb. This includes a number of growth initiatives, by example, in our North American and international middle market and small commercial divisions, and the level of investment we are making in our digital efforts to improve our competitive profile.
“We are taking advantage of market conditions that continue to improve in the U.S. and some territories outside the U.S. with commercial P&C price increases this quarter in those locations the best we’ve seen in some time. We wrote more new business while renewing our customers at record retention levels. In sum, our organization is running on all cylinders and we’re optimistic about our ability to continue to perform at a high level.”

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

Chubb Limited News Release

Operating highlights for the quarter ended June 30, 2018 were as follows:

Chubb Limited
(in millions of U.S. dollars except for percentages)	  	 	Q2
    2018    	 
 	  	 	Q2
    2017    	 
 	  	 	Change	 	
P&C	  				  				  				
Net premiums written (including favorable FX of 1.5 pts)	  	$	7,450	 	  	$	7,058	 	  	 	5.6%	 	
Net premiums written – excluding merger-related actions	  				  				  	 	6.2%	 	
Underwriting income	  	$	824	 	  	$	808	 	  	 	2.1%	 	
Combined ratio	  	 	88.4%	 	  	 	88.0%	 	  				
Current accident year underwriting income excluding catastrophe losses	  	$	844	 	  	$	838	 	  	 	0.8%	 	
Current accident year combined ratio excluding catastrophe losses	  	 	88.1%	 	  	 	87.5%	 	  				
				
Global P&C (excludes Agriculture)	  				  				  				
Net premiums written (including favorable FX of 1.5 pts)	  	$	7,062	 	  	$	6,655	 	  	 	6.1%	 	
Net premiums written – excluding merger-related actions	  				  				  	 	6.8%	 	
Underwriting income	  	$	781	 	  	$	785	 	  	 	(0.4)%	 	
Combined ratio	  	 	88.4%	 	  	 	87.7%	 	  				
Current accident year underwriting income excluding catastrophe losses	  	$	799	 	  	$	807	 	  	 	(0.9)%	 	
Current accident year combined ratio excluding catastrophe losses	  	 	88.2%	 	  	 	87.4%	 	  				
 
 	•	 	The year-over-year increase in certain large structured transactions adversely impacted the P&C combined ratio by 0.3 percentage point, comprising a 1.0 percentage point increase in the loss ratio and a 0.7 percentage point decrease in the expense ratio.	
 
 	•	 	Net premiums earned increased 5.9%.	
 
 	•	 	Total pre-tax and after-tax catastrophe losses were $211 million (3.0 percentage points of the combined ratio) and $173 million, respectively, compared with $200 million (3.0 percentage points of the combined ratio) and $152 million, respectively, last year.	
 
 	•	 	Total pre-tax and after-tax favorable prior period development were $191 million (2.7 percentage points of the combined ratio) and $158 million, respectively, compared with $170 million (2.5 percentage points of the combined ratio) and $144 million, respectively, last year.	
 
 	•	 	Adjusted net investment income was $890 million, up 4.0%, which was just above the guidance range due to higher-than-projected private equity distributions.	
 
 	•	 	Operating cash flow was $1.6 billion.	
 
 	•	 	Share repurchases totaled $324 million, or approximately 2.4 million shares, during the quarter.	
 
 	•	 	Net loss reserves increased $194 million adjusted for FX.	

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

Chubb Limited News Release

Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended June 30, 2018 are presented below:

Chubb Limited	  	 	Q2	 	  	 	Q2	 	  				
(in millions of U.S. dollars except for percentages)	  	 	2018	 	  	 	2017	 	  	 	Change	 	
Total North America P&C Insurance	  				  				  				
Net premiums written	  	$	5,054	 	  	$	4,861	 	  	 	4.0%	 	
Net premiums written – excluding merger-related actions	  				  				  	 	4.9%	 	
Combined ratio	  	 	86.0%	 	  	 	86.9%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	85.4%	 	  	 	84.9%	 	  				
				
North America Commercial P&C Insurance	  				  				  				
Net premiums written	  	$	3,331	 	  	$	3,203	 	  	 	4.0%	 	
Net premiums written – excluding merger-related actions	  				  				  	 	5.4%	 	
Net premiums written – Major accounts retail and excess and surplus (E&S) wholesale	  				  				  	 	3.8%	 	
Net premiums written – Middle market and small commercial	  				  				  	 	4.4%	 	
Combined ratio	  	 	85.0%	 	  	 	85.2%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	87.4%	 	  	 	86.1%	 	  				
				
North America Personal P&C Insurance	  				  				  				
Net premiums written	  	$	1,335	 	  	$	1,255	 	  	 	6.4%	 	
Combined ratio	  	 	88.6%	 	  	 	89.6%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	79.3%	 	  	 	79.3%	 	  				
				
North America Agricultural Insurance	  				  				  				
Net premiums written	  	$	388	 	  	$	403	 	  	 	(3.7)%	 	
Combined ratio	  	 	87.9%	 	  	 	93.3%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	87.2%	 	  	 	91.1%	 	  				
				
Overseas General Insurance	  				  				  				
Net premiums written (including favorable FX of 4.5 pts)	  	$	      2,199	 	  	$	      2,007	 	  	 	9.6%	 	
Combined ratio	  	 	88.9%	 	  	 	87.3%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	91.0%	 	  	 	91.2%	 	  				
 
 	•	 	North America Commercial P&C Insurance: Net premiums written in the middle market and small commercial divisions increased 4.4%. This growth reflects a 5.7% increase in P&C lines and an increase of 1.6% in financial lines. Net premiums written in the small commercial division increased 26.5%.	
 	•	 	Global Reinsurance: Net premiums written increased 3.8%, or 1.5% in constant dollars. The combined ratio was 79.3%, compared with 60.2%. The current accident year combined ratio excluding catastrophe losses was 83.5%, compared with 77.0%, reflecting a shift in the mix of business from property catastrophe business towards casualty business, which generally has a higher loss ratio.	
 
 	•	 	Life Insurance: Segment income was $77 million, up 51.2%, which included International life insurance income of $25 million, up $16 million, or 168.2%. International life insurance net premiums written and deposits collected increased 18.7%, or 16.0% in constant dollars. Combined Insurance North America segment income was $37 million, up 9.2%, and net premiums written increased 6.9%.	

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

Chubb Limited News Release

Please refer to the Chubb Limited Financial Supplement , dated June 30, 2018, which is posted on the company’s investor relations website, investors.chubb.com , in the Financials section for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio, and debt and capital.
Chubb Limited will hold its second quarter earnings conference call on Wednesday, July 25, 2018, beginning at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 888-204-4368 (within the United States) or 323-994-2082 (international), passcode 9463834. Please refer to the Chubb investor relations website under Events and Presentations for details. A replay of the call will be available until Wednesday, August 8, 2018, and the archived webcast will be available for approximately one month. To listen to the replay, please click here to register and receive dial-in numbers.
About Chubb
Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries 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 and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: www.chubb.com .
Investor Contact
Helen Wilson: (441) 299-9283; helen.wilson@chubb.com
Media Contact
Jeffrey Zack: (212) 827-4444; jeffrey.zack@chubb.com
All comparisons are with the same period last year unless otherwise specifically stated.

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb.	 	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 (FX)). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.
Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets, which was $62 million in Q2 2018. Refer to page 3 in the Financial Supplement for the fair value adjustment in other periods. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.
Adjusted net realized gains (losses), net of tax includes net realized gains (losses) and net realized gains (losses) recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses. The P&C combined ratio includes adjusted losses and loss expenses in the ratio numerator.
Underwriting income, P&C underwriting income and Global P&C underwriting income are calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs and administrative expenses from net premiums earned. P&C underwriting income also includes gains (losses) on crop derivatives. We use underwriting income and operating ratios to monitor the results of our operations without the impact of certain factors, including adjusted net investment income, other income (expense), interest and income tax expense and adjusted net realized gains (losses).
Current accident year underwriting income excluding catastrophe losses is underwriting income adjusted to exclude catastrophe losses and prior period development (PPD). We believe it is useful to exclude catastrophe losses, as they are not predictable as to timing and amount, and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business.
Segment income (loss) includes underwriting income, adjusted net investment income, other income (expense) – operating, and amortization expense of purchased intangibles.
Core operating income, net of tax excludes adjusted realized gains and losses, Chubb integration expenses, and the amortization of the fair value adjustments of acquired debt and invested assets related to the Chubb Corp acquisition. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) because the amount of these gains (losses) is heavily influenced by the availability of market opportunities. We also exclude Chubb integration expenses

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

Chubb Limited News Release
 
related to the acquisition due to the size, complexity, and volume of this acquisition, which may not be indicative of such future costs. We believe that excluding the Chubb integration expenses facilitates the comparison of our financial results to our historical operating results. References to core operating income mean net of tax, whether or not noted.
P&C combined ratio is the sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the 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.
Current accident year P&C combined ratio excluding catastrophe losses excludes the impact of catastrophe losses and PPD. We believe this measure provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our property and casualty business that may be obscured by these items.
Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the operating results of the company’s Life Insurance and North America Agricultural Insurance segments. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.
International life gross and net premiums written and deposits collected and Life Insurance gross and net premiums written measures presented in this release 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.
Core operating return on equity (ROE) or ROE calculated using core operating income are annualized financial measures. The ROE numerator includes income adjusted to exclude after-tax adjusted net realized gains (losses), Chubb integration expenses, and the amortization of the fair value adjustment of acquired invested assets and long-term debt. The ROE denominator includes the average shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, net of tax. Core operating ROE is a useful measure as it enhances the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity excluding the effect of unrealized gains and losses on our investments.
Net premiums written excluding merger-related actions is a non-GAAP performance measure. Since the acquisition of the Chubb Corp, we have entered into new reinsurance agreements with third-party reinsurers for the Chubb Corp businesses and have taken other merger-related actions, including exiting certain types of business that do not meet our underwriting standards or adhere to our risk diversification strategy. We believe that this measure is meaningful to evaluate trends in our underlying business on a comparable basis.
Book value per common share, net of tax is shareholders’ equity divided by the shares outstanding. Tangible book value per common share, net of tax 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. In addition, we

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

Chubb Limited News Release
 
disclose per share measures for book value and tangible book value that exclude the impact of foreign currency fluctuations in order to adjust for the distortive effects of fluctuations in exchange rates.
Other income (expense) – operating excludes from consolidated Other income (expense) the portion of net realized gains and losses related to unconsolidated entities and gains and losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP. Net realized gains (losses) related to unconsolidated entities is excluded from core operating income in order to enhance the understanding of our results of underwriting operations as they are heavily influenced by, and fluctuate in part according to, market conditions.
Chubb integration expenses include all internal and external costs directly related to the integration activities of the Chubb Corp acquisition, consisting primarily of personnel-related expenses, including severance and employee retention and relocation; consulting fees; and advisor fees.
See reconciliation of Non-GAAP Financial Measures on pages 31-37 in the Financial Supplement. These measures should not be viewed as a substitute for measures determined in accordance with GAAP, including premium, net income, return on equity, net investment income, and effective tax rate.
NM - not meaningful comparison

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

Chubb Limited News Release
 
Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release, such as those related to company performance, including 2018 performance and growth opportunities, pricing, taxes, economic and market conditions, and our expectations and intentions and other statements that are not historical facts reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the following: competition, pricing and policy term trends, the levels of new and renewal business achieved, the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, loss of key employees or disruptions to our operations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war, economic, political, regulatory, insurance and reinsurance business conditions, potential strategic opportunities including acquisitions and our ability to achieve and integrate them, as well as management’s response to these factors, and other factors identified in our filings with the Securities and Exchange Commission (SEC).
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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

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

									
 	  	June 30
        2018        	 	  	December 31
2017	 	
Assets	  				  				
Investments	  	    $	101,186	 	  	    $	102,444	 	
Cash	  	 	1,000	 	  	 	728	 	
Insurance and reinsurance balances receivable	  	 	10,341	 	  	 	9,334	 	
Reinsurance recoverable on losses and loss expenses	  	 	14,792	 	  	 	15,034	 	
Goodwill and other intangible assets	  	 	21,759	 	  	 	22,054	 	
Other assets	  	 	18,456	 	  	 	17,428	 	
	  	 	 	 	  	 	 	 	
Total assets	  	    $	167,534	 	  	    $	167,022	 	

Liabilities	  				  				
Unpaid losses and loss expenses	  	    $	62,778	 	  	    $	63,179	 	
Unearned premiums	  	 	15,748	 	  	 	15,216	 	
Other liabilities	  	 	38,037	 	  	 	37,455	 	
	  	 	 	 	  	 	 	 	
Total liabilities	  	    $	116,563	 	  	    $	115,850	 	

Shareholders’ equity	  				  				
Total shareholders’ equity	  	 	50,971	 	  	 	51,172	 	
	  	 	 	 	  	 	 	 	
Total liabilities and shareholders’ equity	  	    $	167,534	 	  	    $	167,022	 	

Book value per common share	  	    $	109.97	 	  	    $	110.32	 	
Tangible book value per common share	  	    $	66.00	 	  	    $	65.87	 	
Book value per common share excluding cumulative translation losses (1)	  	    $	112.95	 	  	    $	112.88	 	
Tangible book value per common share excluding cumulative translation losses (1)	  	    $	68.21	 	  	    $	67.84	 	

(1)	Cumulative translation losses were $1.4  billion in 2018 ($1.0  billion on tangible and $356  million on intangible net assets) and $1.2  billion in 2017 ($914  million on tangible and $273  million on intangible net assets).	

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

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

																	
 	  	Three Months Ended	 	  	Six Months Ended	 	
 	  	June 30	 	  	June 30	 	
 	  	2018	 	  	2017	 	  	2018	 	  	2017	 	
Gross premiums written	  	  $	9,929	 	  	  $	9,305	 	  	  $	18,662	 	  	  $	17,706	 	
Net premiums written	  	 	8,015	 	  	 	7,581	 	  	 	15,119	 	  	 	14,291	 	
Net premiums earned	  	 	7,664	 	  	 	7,237	 	  	 	14,691	 	  	 	14,009	 	
Losses and loss expenses	  	 	4,487	 	  	 	4,146	 	  	 	8,589	 	  	 	7,935	 	
Policy benefits	  	 	150	 	  	 	163	 	  	 	301	 	  	 	331	 	
Policy acquisition costs	  	 	1,464	 	  	 	1,449	 	  	 	2,928	 	  	 	2,846	 	
Administrative expenses	  	 	747	 	  	 	706	 	  	 	1,439	 	  	 	1,382	 	
Net investment income	  	 	828	 	  	 	770	 	  	 	1,634	 	  	 	1,515	 	
Net realized gains (losses)	  	 	18	 	  	 	101	 	  	 	16	 	  	 	94	 	
Interest expense	  	 	167	 	  	 	147	 	  	 	324	 	  	 	301	 	
Other income (expense):	  				  				  				  				
Gains (losses) from separate account assets	  	 	(10)	 	  	 	16	 	  	 	(4)	 	  	 	46	 	
Other	  	 	125	 	  	 	129	 	  	 	166	 	  	 	169	 	
Amortization of purchased intangibles	  	 	85	 	  	 	65	 	  	 	170	 	  	 	129	 	
Chubb integration expenses	  	 	13	 	  	 	72	 	  	 	23	 	  	 	183	 	
Income tax expense	  	 	218	 	  	 	200	 	  	 	353	 	  	 	328	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net income	  	  $	1,294	 	  	  $	1,305	 	  	  $	2,376	 	  	  $	2,398	 	

Diluted earnings per share:	  				  				  				  				
Net income	  	  $	2.76	 	  	  $	2.77	 	  	  $	5.07	 	  	  $	5.08	 	
Core operating income	  	  $	2.68	 	  	  $	2.50	 	  	  $	5.01	 	  	  $	4.99	 	
					
Weighted average diluted shares outstanding	  	 	468.4	 	  	 	471.9	 	  	 	469.0	 	  	 	472.1	 	

P&C combined ratio	  				  				  				  				
Loss and loss expense ratio	  	 	60.4%	 	  	 	59.0%	 	  	 	60.2%	 	  	 	58.2%	 	
Policy acquisition cost ratio	  	 	18.6%	 	  	 	19.6%	 	  	 	19.6%	 	  	 	20.0%	 	
Administrative expense ratio	  	 	9.4%	 	  	 	9.4%	 	  	 	9.4%	 	  	 	9.6%	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
P&C combined ratio	  	 	88.4%	 	  	 	88.0%	 	  	 	89.2%	 	  	 	87.8%	 	
					
P&C underwriting income	  	  $	824	 	  	  $	808	 	  	  $	1,466	 	  	  $	1,591	 	

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

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

																	
 	  	Three Months Ended	 	  	Six Months Ended	 	
			
 	  	June 30	 	  	June 30	 	
 	  	2018	 	  	2017	 	  	    2018    	 	  	    2017    	 	
Gross Premiums Written	 	
North America Commercial P&C Insurance	  	  $	4,322	 	  	  $	4,077	 	  	  $	8,000	 	  	  $	7,730	 	
North America Personal P&C Insurance	  	 	1,489	 	  	 	1,409	 	  	 	2,670	 	  	 	2,554	 	
North America Agricultural Insurance	  	 	543	 	  	 	569	 	  	 	748	 	  	 	736	 	
Overseas General Insurance	  	 	2,743	 	  	 	2,465	 	  	 	5,615	 	  	 	5,139	 	
Global Reinsurance	  	 	233	 	  	 	228	 	  	 	438	 	  	 	440	 	
Life Insurance (1)	  	 	991	 	  	 	873	 	  	 	1,962	 	  	 	1,733	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	  $	10,321	 	  	  $	9,621	 	  	  $	19,433	 	  	  $	18,332	 	

Net Premiums Written	 	
North America Commercial P&C Insurance	  	  $	3,331	 	  	  $	3,203	 	  	  $	6,143	 	  	  $	5,933	 	
North America Personal P&C Insurance	  	 	1,335	 	  	 	1,255	 	  	 	2,383	 	  	 	2,239	 	
North America Agricultural Insurance	  	 	388	 	  	 	403	 	  	 	496	 	  	 	464	 	
Overseas General Insurance	  	 	2,199	 	  	 	2,007	 	  	 	4,583	 	  	 	4,219	 	
Global Reinsurance	  	 	197	 	  	 	190	 	  	 	390	 	  	 	389	 	
Life Insurance (1)	  	 	957	 	  	 	839	 	  	 	1,895	 	  	 	1,673	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	  $	8,407	 	  	  $	7,897	 	  	  $	15,890	 	  	  $	14,917	 	

Net Premiums Earned	 	
North America Commercial P&C Insurance	  	  $	3,277	 	  	  $	3,099	 	  	  $	6,306	 	  	  $	6,140	 	
North America Personal P&C Insurance	  	 	1,156	 	  	 	1,093	 	  	 	2,296	 	  	 	2,179	 	
North America Agricultural Insurance	  	 	351	 	  	 	344	 	  	 	394	 	  	 	358	 	
Overseas General Insurance	  	 	2,161	 	  	 	2,018	 	  	 	4,268	 	  	 	3,954	 	
Global Reinsurance	  	 	167	 	  	 	168	 	  	 	335	 	  	 	357	 	
Life Insurance	  	 	552	 	  	 	515	 	  	 	1,092	 	  	 	1,021	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	  $	7,664	 	  	  $	7,237	 	  	  $	14,691	 	  	  $	14,009	 	

Segment income (loss)	 	
North America Commercial P&C Insurance	  	  $	1,015	 	  	  $	952	 	  	  $	1,942	 	  	  $	1,889	 	
North America Personal P&C Insurance	  	 	187	 	  	 	164	 	  	 	195	 	  	 	386	 	
North America Agricultural Insurance	  	 	41	 	  	 	21	 	  	 	143	 	  	 	113	 	
Overseas General Insurance	  	 	396	 	  	 	396	 	  	 	732	 	  	 	625	 	
Global Reinsurance	  	 	106	 	  	 	131	 	  	 	228	 	  	 	227	 	
Life Insurance	  	 	77	 	  	 	52	 	  	 	141	 	  	 	114	 	
Corporate	  	 	(174)	 	  	 	(153)	 	  	 	(318)	 	  	 	(259)	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	  $	1,648	 	  	  $	1,563	 	  	  $	3,063	 	  	  $	3,095	 	

(1) 	Life Insurance gross and net premiums written includes deposits collected on universal life and investment contracts in 2018 (Q2 $392 million, YTD $771 million) and 2017 (Q2 $316 million, YTD $626 million).	

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

Exhibit 99.2

Chubb Limited
Financial Supplement
for the Quarter Ended June 30, 2018
Investor Contact
Helen M. Wilson
Phone: (441) 299-9283
email: investorrelations@chubb.com
This report is for informational purposes only. It should be read in conjunction with documents filed by Chubb Limited with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this financial supplement reflect Chubb Limited’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from as indicated by such statements. For example, forward-looking statements related to financial performance, including exposures, reserves and recoverables, could be affected by the frequency 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, credit developments among reinsurers, and activities and expenses related to our post-acquisition integration of The Chubb Corporation.
Our forward-looking statements could also be affected by competition, pricing and policy term trends, market acceptance, changes in demand, actual market developments, rating agency action, possible terrorism or the outbreak and effects of war. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Chubb Limited
Financial Supplement Table of Contents

 	  	 	  	Page	 	
I.	  	Financial Highlights	  				
	  	- Consolidated Financial Highlights	  	 	1 - 2	 	
			
II.	  	Consolidated Results	  				
	  	- Consolidated Statement of Operations	  	 	3	 	
	  	- P&C Results—Consecutive Quarters	  	 	4	 	
	  	- Summary Consolidated Balance Sheets	  	 	5	 	
	  	- Line of Business	  	 	6	 	
	  	- Consolidated Results by Segment	  	 	7 - 10	 	
			
III.	  	Global P&C Results	  				
	  	- Global P&C Underwriting Results—Consecutive Quarters	  	 	11	 	
			
IV.	  	Segment Results	  				
	  	- North America Commercial P&C Insurance	  	 	12	 	
	  	- North America Personal P&C Insurance	  	 	13	 	
	  	- North America Agricultural Insurance	  	 	14	 	
	  	- Overseas General Insurance	  	 	15 - 16	 	
	  	- Global Reinsurance	  	 	17	 	
	  	- Life Insurance	  	 	18	 	
	  	- Corporate	  	 	19	 	
			
V.	  	Balance Sheet Details	  				
	  	- Loss Reserve Rollforward	  	 	20	 	
	  	- Reinsurance Recoverable Analysis	  	 	21	 	
	  	- Investment Portfolio	  	 	22 - 25	 	
	  	- Net Realized and Unrealized Gains (Losses)	  	 	26 - 27	 	
	  	- Debt and Capital	  	 	28	 	
	  	- Computation of Basic and Diluted Earnings Per Share	  	 	29	 	
	  	- Book Value and Book Value per Common Share	  	 	30	 	
			
VI.	  	Other Disclosures	  				
	  	- Non-GAAP Financial Measures	  	 	31 - 37	 	
	  	- Glossary	  	 	38	 	
The 2017 gross premiums written and net premiums written amounts for the North America Commercial P&C Insurance and Overseas General Insurance segments have been revised to reflect the transfer of certain multinational accounts between these segments to better align the reporting with the management of these businesses in 2018. The North America Commercial P&C Insurance segment transfers to (from) Overseas General Insurance segment in 2017 were: $12 million for Q1, $1 million for Q2, $3 million for Q3 and ($7) million for Q4. There is no impact on a consolidated basis.

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

 	  	Three months ended June 30	 	 	% Change
2Q-18 vs.	 	 	% Change ex
Merger Actions  (1)
 2Q-18 vs.	 	 	Constant $	 	  	Constant $
% Change
2Q-18 vs.	 	 	C$ % Change ex
Merger Actions  (1)
 2Q-18 vs.	 	
 	  	2018	 	 	2017	 	 	2Q-17	 	 	2Q-17	 	 	2017	 	  	2Q-17	 	 	2Q-17	 	
Gross premiums written	  	$	9,929	 	 	$	9,305	 	 	 	6.7	% 	 				 	$	9,414	 	  	 	5.5	% 	 				
Net premiums written	  	$	8,015	 	 	$	7,581	 	 	 	5.7	% 	 				 	$	7,688	 	  	 	4.3	% 	 				
P&C net premiums written	  	$	7,450	 	 	$	7,058	 	 	 	5.6	% 	 	 	6.2	% 	 	$	7,158	 	  	 	4.1	% 	 	 	4.7	% 	
Global P&C net premiums written	  	$	7,062	 	 	$	6,655	 	 	 	6.1	% 	 	 	6.8	% 	 	$	6,755	 	  	 	4.6	% 	 	 	5.2	% 	
Net premiums earned	  	$	7,664	 	 	$	7,237	 	 	 	5.9	% 	 				 	$	7,358	 	  	 	4.2	% 	 				
Net investment income	  	$	828	 	 	$	770	 	 	 	7.4	% 	 				 	$	775	 	  	 	6.9	% 	 				
Adjusted net investment income	  	$	890	 	 	$	855	 	 	 	4.0	% 	 				 	$	860	 	  	 	3.5	% 	 				
Core operating income	  	$	1,253	 	 	$	1,180	 	 	 	6.2	% 	 				 	$	1,200	 	  	 	4.5	% 	 				
Net income	  	$	1,294	 	 	$	1,305	 	 	 	-0.8	% 	 				 				  				 				
Operating cash flow	  	$	1,646	 	 	$	627	 	 				 				 				  				 				
P&C combined ratio (2)	  				 				 				 				 				  				 				
Loss and loss expense ratio	  	 	60.4	% 	 	 	59.0	% 	 				 				 				  				 				
Underwriting and administrative expense ratio	  	 	28.0	% 	 	 	29.0	% 	 				 				 				  				 				
	  	 	 	 	 	 	 	 	 				 				 				  				 				
Combined ratio	  	 	88.4	% 	 	 	88.0	% 	 				 				 				  				 				
P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats) (2)	  				 				 				 				 				  				 				
CAY loss and loss expense ratio ex Cats	  	 	60.0	% 	 	 	58.6	% 	 				 				 				  				 				
CAY underwriting and administrative expense ratio ex Cats	  	 	28.1	% 	 	 	28.9	% 	 				 				 				  				 				
	  	 	 	 	 	 	 	 	 				 				 				  				 				
CAY combined ratio ex Cats	  	 	88.1	% 	 	 	87.5	% 	 				 				 				  				 				
ROE	  	 	10.1	% 	 	 	10.5	% 	 				 				 				  				 				
Core operating return on equity (ROE)	  	 	9.8	% 	 	 	9.8	% 	 				 				 				  				 				
Effective tax rate	  	 	14.4	% 	 	 	13.3	% 	 				 				 				  				 				
Core operating effective tax rate	  	 	14.8	% 	 	 	16.0	% 	 				 				 				  				 				
Diluted earnings per share	  				 				 				 				 				  				 				
Net income	  	$	2.76	 	 	$	2.77	 	 	 	-0.4	% 	 				 				  				 				
Core operating income	  	$	2.68	 	 	$	2.50	 	 	 	7.2	% 	 				 				  				 				
Weighted average basic common shares outstanding	  	 	465.3	 	 	 	468.0	 	 				 				 				  				 				
Weighted average diluted common shares outstanding	  	 	468.4	 	 	 	471.9	 	 				 				 				  				 				
 
(1)	Consolidated net premiums written were adversely impacted by merger-related actions of $46 million in Q2 2018, of which $45 million impacted P&C net premiums written.	
(2)	The increase in combined ratio includes the year-over-year increase in certain large structured transactions, which adversely impacted the combined ratio by 0.3% comprising a 1.0% increase in the loss ratio and a 0.7% decrease in the expense ratio.	

Financial Highlights - QTR	  	Page 1	

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

 	  	Six months ended June 30	 	 	% Change
YTD-18 vs	 	 	% Change ex
Merger Actions  (1)
 YTD-18 vs	 	 	Constant $	 	 	Constant $
% Change
YTD-18 vs	 	 	C$ % Change ex
Merger Actions  (1)
 YTD-18 vs	 	
 	  	2018	 	 	2017	 	 	YTD-17	 	 	YTD-17	 	 	2017	 	 	YTD-17	 	 	YTD-17	 	
Gross premiums written	  	$	18,662	 	 	$	17,706	 	 	 	5.4	% 	 				 	$	17,998	 	 	 	3.7	% 	 				
Net premiums written	  	$	15,119	 	 	$	14,291	 	 	 	5.8	% 	 				 	$	14,553	 	 	 	3.9	% 	 				
P&C net premiums written	  	$	13,995	 	 	$	13,244	 	 	 	5.7	% 	 	 	6.4	% 	 	$	13,490	 	 	 	3.7	% 	 	 	4.4	% 	
Global P&C net premiums written	  	$	13,499	 	 	$	12,780	 	 	 	5.6	% 	 	 	6.4	% 	 	$	13,026	 	 	 	3.6	% 	 	 	4.3	% 	
Net premiums earned	  	$	14,691	 	 	$	14,009	 	 	 	4.9	% 	 				 	$	14,256	 	 	 	3.1	% 	 				
Net investment income	  	$	1,634	 	 	$	1,515	 	 	 	7.8	% 	 				 	$	1,525	 	 	 	7.2	% 	 				
Adjusted net investment income	  	$	1,767	 	 	$	1,691	 	 	 	4.5	% 	 				 	$	1,701	 	 	 	3.9	% 	 				
Core operating income	  	$	2,350	 	 	$	2,355	 	 	 	-0.2	% 	 				 	$	2,390	 	 	 	-1.6	% 	 				
Net income	  	$	2,376	 	 	$	2,398	 	 	 	-0.9	% 	 				 				 				 				
Operating cash flow	  	$	2,197	 	 	$	1,640	 	 				 				 				 				 				
P&C combined ratio (2)	  				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	60.2	% 	 	 	58.2	% 	 				 				 				 				 				
Underwriting and administrative expense ratio	  	 	29.0	% 	 	 	29.6	% 	 				 				 				 				 				
	  	 	 	 	 	 	 	 	 				 				 				 				 				
Combined ratio	  	 	89.2	% 	 	 	87.8	% 	 				 				 				 				 				
P&C Current Accident Year (CAY) combined ratio—ex Catastrophe losses (Cats) (3)	  				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	58.9	% 	 	 	58.4	% 	 				 				 				 				 				
CAY underwriting and administrative expense ratio ex Cats	  	 	28.9	% 	 	 	29.4	% 	 				 				 				 				 				
	  	 	 	 	 	 	 	 	 				 				 				 				 				
CAY combined ratio ex Cats	  	 	87.8	% 	 	 	87.8	% 	 				 				 				 				 				
ROE	  	 	9.3	% 	 	 	9.7	% 	 				 				 				 				 				
Core operating return on equity (ROE)	  	 	9.3	% 	 	 	9.8	% 	 				 				 				 				 				
Effective tax rate	  	 	12.9	% 	 	 	12.0	% 	 				 				 				 				 				
Core operating effective tax rate	  	 	13.5	% 	 	 	15.0	% 	 				 				 				 				 				
Diluted earnings per share	  				 				 				 				 				 				 				
Net income	  	$	5.07	 	 	$	5.08	 	 	 	-0.2	% 	 				 				 				 				
Core operating income	  	$	5.01	 	 	$	4.99	 	 	 	0.4	% 	 				 				 				 				
Weighted average basic common shares outstanding	  	 	465.5	 	 	 	468.2	 	 				 				 				 				 				
Weighted average diluted common shares outstanding	  	 	469.0	 	 	 	472.1	 	 				 				 				 				 				
 	  	 	 	 	 	 	 	 	 	 	December 31
2017	 	 	% Change
2Q-18 vs
4Q-17	 	 	 	 	 	 	 	
Book value per common share	  	$	109.97	 	 				 				 	$	110.32	 	 	 	-0.3	% 	 				 				
Book value per common share excluding foreign currency (4)	  	$	110.29	 	 				 				 	$	110.32	 	 	 	0.0	% 	 				 				
Tangible book value per common share	  	$	66.00	 	 				 				 	$	65.87	 	 	 	0.2	% 	 				 				
Tangible book value per common share excluding foreign currency (4)	  	$	66.14	 	 				 				 	$	65.87	 	 	 	0.4	% 	 				 				
Total hybrid & financial debt/capitalization	  	 	20.5	% 	 	 	20.4	% 	 				 	 	20.1	% 	 				 				 				
 
(1)	Consolidated net premiums written were adversely impacted by merger-related actions of $96 million for YTD 2018, of which $93 million impacted P&C net premiums written.	
(2)	The increase in combined ratio includes the year-over-year increase in certain large structured transactions, which adversely impacted the combined ratio by 0.1% comprising a 0.5% increase in the loss ratio and a 0.4% decrease in the expense ratio.	
(3)	The increase in combined ratio includes the year-over-year increase in certain large structured transactions, which adversely impacted the combined ratio by 0.2% comprising a 0.5% increase in the loss ratio and a 0.3% decrease in the expense ratio.	
(4)	For 2018, book value per common share and tangible book value per common share exclude the impact of foreign currency movement during the year.	

Financial Highlights - YTD	  	Page 2	

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

 	  	Consolidated Statements of Operations	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
										
 	  	 	  	2Q-18	 	  	1Q-18	 	  	4Q-17	 	  	3Q-17	 	  	2Q-17	 	  	YTD
2018	 	  	YTD
2017	 	  	Full Year
2017	 	
	  	Gross premiums written	  	$	9,929	 	  	$	8,733	 	  	$	8,960	 	  	$	9,710	 	  	$	9,305	 	  	$	18,662	 	  	$	17,706	 	  	$	36,376	 	
	  	Net premiums written	  	 	8,015	 	  	 	7,104	 	  	 	7,051	 	  	 	7,902	 	  	 	7,581	 	  	 	15,119	 	  	 	14,291	 	  	 	29,244	 	
	  	Net premiums earned	  	 	7,664	 	  	 	7,027	 	  	 	7,218	 	  	 	7,807	 	  	 	7,237	 	  	 	14,691	 	  	 	14,009	 	  	 	29,034	 	
(1)	  	Adjusted losses and loss expenses	  	 	4,479	 	  	 	4,100	 	  	 	4,272	 	  	 	6,252	 	  	 	4,148	 	  	 	8,579	 	  	 	7,937	 	  	 	18,461	 	
	  	Realized (gains) losses on crop derivatives	  	 	(8	) 	  	 	(2	) 	  	 	—  	 	  	 	5	 	  	 	2	 	  	 	(10	) 	  	 	2	 	  	 	7	 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Losses and loss expenses	  	 	4,487	 	  	 	4,102	 	  	 	4,272	 	  	 	6,247	 	  	 	4,146	 	  	 	8,589	 	  	 	7,935	 	  	 	18,454	 	
	  	Policy benefits	  	 	150	 	  	 	151	 	  	 	176	 	  	 	169	 	  	 	163	 	  	 	301	 	  	 	331	 	  	 	676	 	
	  	Policy acquisition costs	  	 	1,464	 	  	 	1,464	 	  	 	1,447	 	  	 	1,488	 	  	 	1,449	 	  	 	2,928	 	  	 	2,846	 	  	 	5,781	 	
	  	Administrative expenses	  	 	747	 	  	 	692	 	  	 	737	 	  	 	714	 	  	 	706	 	  	 	1,439	 	  	 	1,382	 	  	 	2,833	 	
(2)	  	Adjusted net investment income	  	 	890	 	  	 	877	 	  	 	873	 	  	 	893	 	  	 	855	 	  	 	1,767	 	  	 	1,691	 	  	 	3,457	 	
	  	Amortization expense of fair value adjustment on acquired invested assets	  	 	(62	) 	  	 	(71	) 	  	 	(76	) 	  	 	(80	) 	  	 	(85	) 	  	 	(133	) 	  	 	(176	) 	  	 	(332	) 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Net investment income	  	 	828	 	  	 	806	 	  	 	797	 	  	 	813	 	  	 	770	 	  	 	1,634	 	  	 	1,515	 	  	 	3,125	 	
(3)	  	Adjusted realized gains (losses)	  	 	10	 	  	 	(4	) 	  	 	—  	 	  	 	(5	) 	  	 	103	 	  	 	6	 	  	 	96	 	  	 	91	 	
	  	Realized gains (losses) on crop derivatives	  	 	8	 	  	 	2	 	  	 	—  	 	  	 	(5	) 	  	 	(2	) 	  	 	10	 	  	 	(2	) 	  	 	(7	) 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Net realized gains (losses)	  	 	18	 	  	 	(2	) 	  	 	—  	 	  	 	(10	) 	  	 	101	 	  	 	16	 	  	 	94	 	  	 	84	 	
(4)	  	Adjusted interest expense	  	 	177	 	  	 	169	 	  	 	168	 	  	 	162	 	  	 	160	 	  	 	346	 	  	 	326	 	  	 	656	 	
	  	Amortization benefit of fair value adjustment on acquired long term debt	  	 	(10	) 	  	 	(12	) 	  	 	(12	) 	  	 	(12	) 	  	 	(13	) 	  	 	(22	) 	  	 	(25	) 	  	 	(49	) 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Interest expense	  	 	167	 	  	 	157	 	  	 	156	 	  	 	150	 	  	 	147	 	  	 	324	 	  	 	301	 	  	 	607	 	
	  	Gains (losses) from fair value changes in separate account assets	  	 	(10	) 	  	 	6	 	  	 	27	 	  	 	24	 	  	 	16	 	  	 	(4	) 	  	 	46	 	  	 	97	 	
	  	Net realized gains (losses) related to unconsolidated entities	  	 	96	 	  	 	44	 	  	 	122	 	  	 	89	 	  	 	143	 	  	 	140	 	  	 	195	 	  	 	406	 	
	  	Other income (expense)—operating	  	 	29	 	  	 	(3	) 	  	 	(82	) 	  	 	5	 	  	 	(14	) 	  	 	26	 	  	 	(26	) 	  	 	(103	) 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Other income (expense)	  	 	115	 	  	 	47	 	  	 	67	 	  	 	118	 	  	 	145	 	  	 	162	 	  	 	215	 	  	 	400	 	
	  	Amortization expense of purchased intangibles	  	 	85	 	  	 	85	 	  	 	66	 	  	 	65	 	  	 	65	 	  	 	170	 	  	 	129	 	  	 	260	 	
	  	Chubb integration expenses	  	 	13	 	  	 	10	 	  	 	77	 	  	 	50	 	  	 	72	 	  	 	23	 	  	 	183	 	  	 	310	 	
	  	Income tax expense (benefit)	  	 	218	 	  	 	135	 	  	 	(382	) 	  	 	(85	) 	  	 	200	 	  	 	353	 	  	 	328	 	  	 	(139	) 	
	  		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	Net income (loss)	  	$	1,294	 	  	$	1,082	 	  	$	1,533	 	  	$	(70	) 	  	$	1,305	 	  	$	2,376	 	  	$	2,398	 	  	$	3,861	 	

(1)	Adjusted losses and loss expenses used throughout this report include realized gains and losses on crop derivatives.	
(2)	Adjusted net investment income used throughout this report excludes amortization of the fair value adjustment on acquired invested assets.	
(3)	Adjusted realized gains and losses used throughout this report excludes realized gains and losses on crop derivatives.	
(4)	Adjusted interest expense used throughout this report excludes amortization benefit of the fair value adjustment on acquired long term debt.	

Statement of Operations	  	Page 3	

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

Chubb Limited P&C Underwriting Results	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
									
 	  	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	3Q-17	 	 	2Q-17	 	 	YTD
2018	 	 	YTD
2017	 	 	Full Year
2017	 	
P&C Underwriting income (Including Corporate and excluding Life Insurance)	  				 				 				 				 				 				 				 				
Gross premiums written	  	$	9,330	 	 	$	8,141	 	 	$	8,374	 	 	$	9,142	 	 	$	8,748	 	 	$	17,471	 	 	$	16,599	 	 	$	34,115	 	
Net premiums written	  	 	7,450	 	 	 	6,545	 	 	 	6,496	 	 	 	7,363	 	 	 	7,058	 	 	 	13,995	 	 	 	13,244	 	 	 	27,103	 	
Net premiums earned	  	 	7,112	 	 	 	6,487	 	 	 	6,665	 	 	 	7,280	 	 	 	6,722	 	 	 	13,599	 	 	 	12,988	 	 	 	26,933	 	
Adjusted losses and loss expenses	  	 	4,295	 	 	 	3,895	 	 	 	4,089	 	 	 	6,071	 	 	 	3,966	 	 	 	8,190	 	 	 	7,562	 	 	 	17,722	 	
Policy acquisition costs	  	 	1,326	 	 	 	1,336	 	 	 	1,293	 	 	 	1,356	 	 	 	1,319	 	 	 	2,662	 	 	 	2,602	 	 	 	5,251	 	
Administrative expenses	  	 	667	 	 	 	614	 	 	 	660	 	 	 	637	 	 	 	629	 	 	 	1,281	 	 	 	1,233	 	 	 	2,530	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C Underwriting income (loss)	  	$	824	 	 	$	642	 	 	$	623	 	 	$	(784	) 	 	$	808	 	 	$	1,466	 	 	$	1,591	 	 	$	1,430	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C CAY Underwriting income ex Cats	  	$	844	 	 	$	813	 	 	$	912	 	 	$	839	 	 	$	838	 	 	$	1,657	 	 	$	1,596	 	 	$	3,347	 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	5.6	% 	 	 	5.8	% 	 	 	1.7	% 	 	 	4.6	% 	 	 	-0.8	% 	 	 	5.7	% 	 	 	5.2	% 	 	 	4.2	% 	
Net premiums written excluding merger-related actions (1)	  	 	6.2	% 	 	 	6.6	% 	 	 	3.7	% 	 	 	3.9	% 	 	 	2.0	% 	 	 	6.4	% 	 	 	8.9	% 	 	 	6.3	% 	
Net premiums earned	  	 	5.8	% 	 	 	3.5	% 	 	 	2.2	% 	 	 	1.5	% 	 	 	-2.5	% 	 	 	4.7	% 	 	 	0.0	% 	 	 	0.9	% 	
Net premiums written constant $	  	 	4.1	% 	 	 	3.4	% 	 	 	0.5	% 	 	 	4.6	% 	 	 	-0.2	% 	 	 	3.7	% 	 	 	5.8	% 	 	 	4.2	% 	
Net premiums written constant $ excluding merger-related actions (1)	  	 	4.7	% 	 	 	4.1	% 	 	 	2.5	% 	 	 	4.0	% 	 	 	2.6	% 	 	 	4.4	% 	 	 	9.5	% 	 	 	6.2	% 	
Net premiums earned constant $	  	 	4.0	% 	 	 	1.6	% 	 	 	1.0	% 	 	 	1.3	% 	 	 	-2.0	% 	 	 	2.9	% 	 	 	0.3	% 	 	 	0.7	% 	
P&C combined ratio (2)	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	60.4	% 	 	 	60.0	% 	 	 	61.4	% 	 	 	83.4	% 	 	 	59.0	% 	 	 	60.2	% 	 	 	58.2	% 	 	 	65.8	% 	
Policy acquisition cost ratio	  	 	18.6	% 	 	 	20.6	% 	 	 	19.4	% 	 	 	18.6	% 	 	 	19.6	% 	 	 	19.6	% 	 	 	20.0	% 	 	 	19.5	% 	
Administrative expense ratio	  	 	9.4	% 	 	 	9.5	% 	 	 	9.9	% 	 	 	8.8	% 	 	 	9.4	% 	 	 	9.4	% 	 	 	9.6	% 	 	 	9.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	88.4	% 	 	 	90.1	% 	 	 	90.7	% 	 	 	110.8	% 	 	 	88.0	% 	 	 	89.2	% 	 	 	87.8	% 	 	 	94.7	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY P&C combined ratio ex Cats (3)	  				 				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	60.0	% 	 	 	57.7	% 	 	 	57.1	% 	 	 	61.3	% 	 	 	58.6	% 	 	 	58.9	% 	 	 	58.4	% 	 	 	58.8	% 	
CAY underwriting and administrative expense ratio ex Cats	  	 	28.1	% 	 	 	29.9	% 	 	 	29.3	% 	 	 	27.2	% 	 	 	28.9	% 	 	 	28.9	% 	 	 	29.4	% 	 	 	28.8	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	88.1	% 	 	 	87.6	% 	 	 	86.4	% 	 	 	88.5	% 	 	 	87.5	% 	 	 	87.8	% 	 	 	87.8	% 	 	 	87.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	80	% 	 	 	80	% 	 	 	78	% 	 	 	81	% 	 	 	81	% 	 	 	80	% 	 	 	80	% 	 	 	79	% 	
Expense ratio	  	 	28.0	% 	 	 	30.1	% 	 	 	29.3	% 	 	 	27.4	% 	 	 	29.0	% 	 	 	29.0	% 	 	 	29.6	% 	 	 	28.9	% 	
Expense ratio excluding A&H	  	 	25.9	% 	 	 	27.9	% 	 	 	27.2	% 	 	 	25.1	% 	 	 	27.1	% 	 	 	26.9	% 	 	 	27.5	% 	 	 	26.8	% 	
Catastrophe reinstatement premiums (expenses) collected—pre-tax	  	$	—  	 	 	$	—  	 	 	$	(15	) 	 	$	22	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	7	 	
Catastrophe losses—pre-tax	  	$	211	 	 	$	380	 	 	$	432	 	 	$	1,915	 	 	$	200	 	 	$	591	 	 	$	406	 	 	$	2,753	 	
Favorable prior period development (PPD)—pre-tax	  	$	(191	) 	 	$	(209	) 	 	$	(158	) 	 	$	(270	) 	 	$	(170	) 	 	$	(400	) 	 	$	(401	) 	 	$	(829	) 	
 
(1)	Net premiums written were adversely impacted by merger-related actions of $45 million in Q2 2018 and $93 million for YTD 2018.	
(2)	The increase in combined ratio for QTD and YTD includes the year-over-year increase in certain large structured transactions, which adversely impacted the combined ratio by 0.3% and 0.1%, respectively, comprising a 1.0% and 0.5% increase, respectively, in the loss ratio and a 0.7% and 0.4% decrease, respectively, to the expense ratio.	
(3)	The increase in combined ratio for QTD and YTD includes the year-over-year increase in certain large structured transactions, which adversely impacted the combined ratio by 0.3% and 0.2%, respectively, comprising a 1.0% and 0.5% increase, respectively, in the loss ratio and a 0.7% and 0.3% decrease, respectively, to the expense ratio.	
Note: Refer to the Non-GAAP financial measures section for further information on the calculation of the components of combined ratios.

P&C Results	  	Page 4	

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

 	  	June 30
2018	 	 	March 31
2018	 	 	December 31
2017	 	
Assets	  				 				 				
Fixed maturities available for sale, at fair value	  	$	77,963	 	 	$	79,111	 	 	$	78,939	 	
Fixed maturities held to maturity, at amortized cost	  	 	13,860	 	 	 	14,253	 	 	 	14,335	 	
Equity securities, at fair value	  	 	933	 	 	 	948	 	 	 	937	 	
Short-term investments, at fair value	  	 	3,171	 	 	 	2,874	 	 	 	3,561	 	
Other investments	  	 	5,259	 	 	 	4,919	 	 	 	4,672	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total investments	  	 	101,186	 	 	 	102,105	 	 	 	102,444	 	
Cash	  	 	1,000	 	 	 	1,988	 	 	 	728	 	
Securities lending collateral	  	 	2,355	 	 	 	2,039	 	 	 	1,737	 	
Insurance and reinsurance balances receivable	  	 	10,341	 	 	 	9,570	 	 	 	9,334	 	
Reinsurance recoverable on losses and loss expenses	  	 	14,792	 	 	 	14,982	 	 	 	15,034	 	
Deferred policy acquisition costs	  	 	4,916	 	 	 	4,843	 	 	 	4,723	 	
Value of business acquired	  	 	311	 	 	 	321	 	 	 	326	 	
Prepaid reinsurance premiums	  	 	2,686	 	 	 	2,600	 	 	 	2,529	 	
Goodwill and other intangible assets	  	 	21,759	 	 	 	22,123	 	 	 	22,054	 	
Investments in partially-owned insurance companies	  	 	675	 	 	 	664	 	 	 	662	 	
Other assets	  	 	7,513	 	 	 	7,546	 	 	 	7,451	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	167,534	 	 	$	168,781	 	 	$	167,022	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Liabilities	  				 				 				
Unpaid losses and loss expenses	  	$	62,778	 	 	$	63,139	 	 	$	63,179	 	
Unearned premiums	  	 	15,748	 	 	 	15,495	 	 	 	15,216	 	
Future policy benefits	  	 	5,470	 	 	 	5,412	 	 	 	5,321	 	
Insurance and reinsurance balances payable	  	 	6,448	 	 	 	6,148	 	 	 	5,868	 	
Securities lending payable	  	 	2,355	 	 	 	2,039	 	 	 	1,737	 	
Accounts payable, accrued expenses, and other liabilities	  	 	10,346	 	 	 	10,030	 	 	 	10,953	 	
Deferred tax liabilities	  	 	326	 	 	 	468	 	 	 	699	 	
Short-term debt	  	 	600	 	 	 	1,669	 	 	 	1,013	 	
Long-term debt	  	 	12,184	 	 	 	12,786	 	 	 	11,556	 	
Trust preferred securities	  	 	308	 	 	 	308	 	 	 	308	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	116,563	 	 	 	117,494	 	 	 	115,850	 	
Shareholders’ equity	  				 				 				
Total shareholders’ equity, excl. AOCI	  	 	52,491	 	 	 	51,789	 	 	 	50,629	 	
Accumulated other comprehensive income (loss) (AOCI)	  	 	(1,520	) 	 	 	(502	) 	 	 	543	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total shareholders’ equity	  	 	50,971	 	 	 	51,287	 	 	 	51,172	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and shareholders’ equity	  	$	167,534	 	 	$	168,781	 	 	$	167,022	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share	  	$	109.97	 	 	$	110.10	 	 	$	110.32	 	
% change over prior quarter	  	 	-0.1	% 	 	 	-0.2	% 	 	 	1.5	% 	
Tangible book value per common share	  	$	66.00	 	 	$	65.65	 	 	$	65.87	 	
% change over prior quarter	  	 	0.5	% 	 	 	-0.3	% 	 	 	1.2	% 	

Consol Bal Sheet	  	Page 5	

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

 	  	2Q-18	 	  	2Q-17	 	  	% Change
2Q-18 vs.
2Q-17	 	 	YTD
2018	 	  	YTD
2017	 	  	% Change
YTD-18 vs.
YTD-17	 	
Net premiums written	  				  				  				 				  				  				
Commercial multiple peril (1)	  	$	243	 	  	$	227	 	  	 	7.0	% 	 	$	444	 	  	$	428	 	  	 	3.7	% 	
Commercial casualty	  	 	1,446	 	  	 	1,221	 	  	 	18.4	% 	 	 	2,591	 	  	 	2,270	 	  	 	14.1	% 	
Workers’ compensation	  	 	450	 	  	 	478	 	  	 	-5.9	% 	 	 	1,074	 	  	 	1,066	 	  	 	0.8	% 	
Professional liability	  	 	889	 	  	 	900	 	  	 	-1.2	% 	 	 	1,662	 	  	 	1,663	 	  	 	-0.1	% 	
Surety	  	 	161	 	  	 	153	 	  	 	5.2	% 	 	 	322	 	  	 	303	 	  	 	6.3	% 	
Property and other short-tail lines	  	 	1,032	 	  	 	1,055	 	  	 	-2.2	% 	 	 	2,072	 	  	 	2,099	 	  	 	-1.3	% 	
	  	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  				
Total Commercial P&C	  	 	4,221	 	  	 	4,034	 	  	 	4.6	% 	 	 	8,165	 	  	 	7,829	 	  	 	4.3	% 	
Agriculture	  	 	388	 	  	 	403	 	  	 	-3.7	% 	 	 	496	 	  	 	464	 	  	 	6.8	% 	
Personal automobile—North America	  	 	229	 	  	 	209	 	  	 	9.6	% 	 	 	413	 	  	 	374	 	  	 	10.4	% 	
Personal automobile—International	  	 	227	 	  	 	188	 	  	 	20.7	% 	 	 	441	 	  	 	374	 	  	 	17.9	% 	
Personal homeowners	  	 	982	 	  	 	925	 	  	 	6.2	% 	 	 	1,720	 	  	 	1,622	 	  	 	6.0	% 	
Personal other	  	 	389	 	  	 	363	 	  	 	7.2	% 	 	 	776	 	  	 	725	 	  	 	7.0	% 	
	  	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  				
Total Personal lines	  	 	1,827	 	  	 	1,685	 	  	 	8.4	% 	 	 	3,350	 	  	 	3,095	 	  	 	8.2	% 	
Total Property and Casualty lines	  	 	6,436	 	  	 	6,122	 	  	 	5.1	% 	 	 	12,011	 	  	 	11,388	 	  	 	5.5	% 	
Global A&H lines (2)	  	 	1,116	 	  	 	1,025	 	  	 	8.9	% 	 	 	2,188	 	  	 	2,019	 	  	 	8.4	% 	
Reinsurance lines	  	 	197	 	  	 	190	 	  	 	3.8	% 	 	 	390	 	  	 	389	 	  	 	0.4	% 	
Life	  	 	266	 	  	 	244	 	  	 	9.0	% 	 	 	530	 	  	 	495	 	  	 	7.1	% 	
	  	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  				
Total consolidated	  	$	8,015	 	  	$	7,581	 	  	 	5.7	% 	 	$	15,119	 	  	$	14,291	 	  	 	5.8	% 	

(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 within the Global A&H lines above.	

Line of Business	  	Page 6	

Chubb Limited
Consolidated Results—Three months ended June 30, 2018
(in millions of U.S. dollars, except ratios)
(Unaudited)

Q2 2018	 	North
America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	 	Life
Insurance	 	 	Total
Consolidated	 	
Net premiums written	 	$	3,331	 	 	$	1,335	 	 	$	388	 	 	$	2,199	 	 	$	197	 	 	$	—  	 	 	$	7,450	 	 	$	565	 	 	$	8,015	 	
Net premiums earned	 	 	3,277	 	 	 	1,156	 	 	 	351	 	 	 	2,161	 	 	 	167	 	 	 	—  	 	 	 	7,112	 	 	 	552	 	 	 	7,664	 	
Adjusted losses and loss expenses	 	 	2,084	 	 	 	728	 	 	 	281	 	 	 	1,071	 	 	 	83	 	 	 	48	 	 	 	4,295	 	 	 	184	 	 	 	4,479	 	
Policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	150	 	 	 	150	 	
(Gains) losses from fair value changes in separate account assets (1)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	10	 	 	 	10	 	
Policy acquisition costs	 	 	448	 	 	 	228	 	 	 	26	 	 	 	584	 	 	 	40	 	 	 	—  	 	 	 	1,326	 	 	 	138	 	 	 	1,464	 	
Administrative expenses	 	 	253	 	 	 	68	 	 	 	1	 	 	 	266	 	 	 	9	 	 	 	70	 	 	 	667	 	 	 	80	 	 	 	747	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	 	 	492	 	 	 	132	 	 	 	43	 	 	 	240	 	 	 	35	 	 	 	(118	) 	 	 	824	 	 	 	(10	) 	 	 	814	 	
Adjusted net investment income	 	 	510	 	 	 	59	 	 	 	6	 	 	 	155	 	 	 	65	 	 	 	10	 	 	 	805	 	 	 	85	 	 	 	890	 	
Other income (expense)—operating (1)	 	 	13	 	 	 	(1	) 	 	 	(1	) 	 	 	12	 	 	 	6	 	 	 	(2	) 	 	 	27	 	 	 	2	 	 	 	29	 	
Amortization expense of purchased intangibles	 	 	—  	 	 	 	(3	) 	 	 	(7	) 	 	 	(11	) 	 	 	—  	 	 	 	(64	) 	 	 	(85	) 	 	 	—  	 	 	 	(85	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	 	$	1,015	 	 	$	187	 	 	$	41	 	 	$	396	 	 	$	106	 	 	$	(174	) 	 	$	1,571	 	 	$	77	 	 	$	1,648	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted interest expense	 				 				 				 				 				 	 	(177	) 	 				 				 	 	(177	) 	
Income tax expense	 				 				 				 				 				 	 	(218	) 	 				 				 	 	(218	) 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Core operating income (loss)	 				 				 				 				 				 	 	(569	) 	 				 				 	 	1,253	 	
Chubb integration expenses, net of $3 million tax benefit	 				 				 				 				 				 	 	(10	) 	 				 				 	 	(10	) 	
Amortization of fair value adjustment of acquired invested
assets and long-term debt, net of $11 million tax benefit (2)	 				 				 				 				 				 	 	(41	) 	 				 				 	 	(41	) 	
Adjusted net realized gains (losses), net of $14 million tax  (3)	 				 				 				 				 				 	 	92	 	 				 				 	 	92	 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Net income (loss)	 				 				 				 				 				 	$	(528	) 	 				 				 	$	1,294	 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Combined ratio	 	 	85.0	% 	 	 	88.6	% 	 	 	87.9	% 	 	 	88.9	% 	 	 	79.3	% 	 				 	 	88.4	% 	 				 				
CAY combined ratio ex Cats	 	 	87.4	% 	 	 	79.3	% 	 	 	87.2	% 	 	 	91.0	% 	 	 	83.5	% 	 				 	 	88.1	% 	 				 				
 
(1)	For the Life Insurance segment, (gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified for underwriting income (loss) presentation from Other income (expense).	
(2)	Related to the acquisition of The Chubb Corporation.	
(3)	Includes net realized gains (losses) related to unconsolidated entities.	

Consol Results - QTD 2018	  	Page 7	

Chubb Limited
Consolidated Results— Six months ended June 30, 2018
(in millions of U.S. dollars, except ratios)
(Unaudited)

YTD 2018	 	North
America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	 	Life
Insurance	 	 	Total
Consolidated	 	
Net premiums written	 	$	6,143	 	 	$	2,383	 	 	$	496	 	 	$	4,583	 	 	$	390	 	 	$	—  	 	 	$	13,995	 	 	$	1,124	 	 	$	15,119	 	
Net premiums earned	 	 	6,306	 	 	 	2,296	 	 	 	394	 	 	 	4,268	 	 	 	335	 	 	 	—  	 	 	 	13,599	 	 	 	1,092	 	 	 	14,691	 	
Adjusted losses and loss expenses	 	 	3,992	 	 	 	1,614	 	 	 	226	 	 	 	2,149	 	 	 	150	 	 	 	59	 	 	 	8,190	 	 	 	389	 	 	 	8,579	 	
Policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	301	 	 	 	301	 	
(Gains) losses from fair value changes in separate account assets (1)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	4	 	 	 	4	 	
Policy acquisition costs	 	 	920	 	 	 	465	 	 	 	25	 	 	 	1,172	 	 	 	80	 	 	 	—  	 	 	 	2,662	 	 	 	266	 	 	 	2,928	 	
Administrative expenses	 	 	484	 	 	 	133	 	 	 	(2	) 	 	 	505	 	 	 	19	 	 	 	142	 	 	 	1,281	 	 	 	158	 	 	 	1,439	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	 	 	910	 	 	 	84	 	 	 	145	 	 	 	442	 	 	 	86	 	 	 	(201	) 	 	 	1,466	 	 	 	(26	) 	 	 	1,440	 	
Adjusted net investment income	 	 	1,013	 	 	 	118	 	 	 	13	 	 	 	306	 	 	 	129	 	 	 	20	 	 	 	1,599	 	 	 	168	 	 	 	1,767	 	
Other income (expense)—operating (1)	 	 	19	 	 	 	(1	) 	 	 	(1	) 	 	 	5	 	 	 	13	 	 	 	(9	) 	 	 	26	 	 	 	—  	 	 	 	26	 	
Amortization expense of purchased intangibles	 	 	—  	 	 	 	(6	) 	 	 	(14	) 	 	 	(21	) 	 	 	—  	 	 	 	(128	) 	 	 	(169	) 	 	 	(1	) 	 	 	(170	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	 	$	1,942	 	 	$	195	 	 	$	143	 	 	$	732	 	 	$	228	 	 	$	(318	) 	 	$	2,922	 	 	$	141	 	 	$	3,063	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted interest expense	 				 				 				 				 				 	 	(346	) 	 				 				 	 	(346	) 	
Income tax expense	 				 				 				 				 				 	 	(367	) 	 				 				 	 	(367	) 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Core operating income (loss)	 				 				 				 				 				 	 	(1,031	) 	 				 				 	 	2,350	 	
Chubb integration expenses, net of $5 million tax benefit	 				 				 				 				 				 	 	(18	) 	 				 				 	 	(18	) 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $20 million tax benefit (2)	 				 				 				 				 				 	 	(91	) 	 				 				 	 	(91	) 	
Adjusted net realized gains (losses), net of $11 million tax (3)	 				 				 				 				 				 	 	135	 	 				 				 	 	135	 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Net income (loss)	 				 				 				 				 				 	$	(1,005	) 	 				 				 	$	2,376	 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Combined ratio	 	 	85.6	% 	 	 	96.3	% 	 	 	63.3	% 	 	 	89.6	% 	 	 	74.4	% 	 				 	 	89.2	% 	 				 				
CAY combined ratio ex Cats	 	 	87.2	% 	 	 	79.5	% 	 	 	83.5	% 	 	 	90.9	% 	 	 	80.3	% 	 				 	 	87.8	% 	 				 				
 
(1)	For the Life Insurance segment, (gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified for underwriting income (loss) presentation from Other income (expense).	
(2)	Related to the acquisition of The Chubb Corporation.	
(3)	Includes net realized gains (losses) related to unconsolidated entities.	

Consol Results - YTD 2018	  	Page 8	

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

Q2 2017	 	North
America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	 	Life
Insurance	 	 	Total
Consolidated	 	
Net premiums written	 	$	3,203	 	 	$	1,255	 	 	$	403	 	 	$	2,007	 	 	$	190	 	 	$	—  	 	 	$	7,058	 	 	$	523	 	 	$	7,581	 	
Net premiums earned	 	 	3,099	 	 	 	1,093	 	 	 	344	 	 	 	2,018	 	 	 	168	 	 	 	—  	 	 	 	6,722	 	 	 	515	 	 	 	7,237	 	
Adjusted losses and loss expenses	 	 	1,936	 	 	 	683	 	 	 	292	 	 	 	964	 	 	 	46	 	 	 	45	 	 	 	3,966	 	 	 	182	 	 	 	4,148	 	
Policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	163	 	 	 	163	 	
(Gains) losses from fair value changes in separate account assets (1)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(16	) 	 	 	(16	) 	
Policy acquisition costs	 	 	464	 	 	 	230	 	 	 	27	 	 	 	555	 	 	 	43	 	 	 	—  	 	 	 	1,319	 	 	 	130	 	 	 	1,449	 	
Administrative expenses	 	 	241	 	 	 	66	 	 	 	2	 	 	 	243	 	 	 	12	 	 	 	65	 	 	 	629	 	 	 	77	 	 	 	706	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	 	 	458	 	 	 	114	 	 	 	23	 	 	 	256	 	 	 	67	 	 	 	(110	) 	 	 	808	 	 	 	(21	) 	 	 	787	 	
Adjusted net investment income	 	 	490	 	 	 	56	 	 	 	6	 	 	 	148	 	 	 	65	 	 	 	13	 	 	 	778	 	 	 	77	 	 	 	855	 	
Other income (expense)—operating (1)	 	 	4	 	 	 	(1	) 	 	 	(1	) 	 	 	3	 	 	 	(1	) 	 	 	(14	) 	 	 	(10	) 	 	 	(4	) 	 	 	(14	) 	
Amortization expense of purchased intangibles	 	 	—  	 	 	 	(5	) 	 	 	(7	) 	 	 	(11	) 	 	 	—  	 	 	 	(42	) 	 	 	(65	) 	 	 	—  	 	 	 	(65	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	 	$	952	 	 	$	164	 	 	$	21	 	 	$	396	 	 	$	131	 	 	$	(153	) 	 	$	1,511	 	 	$	52	 	 	$	1,563	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted interest expense	 				 				 				 				 				 	 	(160	) 	 				 				 	 	(160	) 	
Income tax expense	 				 				 				 				 				 	 	(223	) 	 				 				 	 	(223	) 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Core operating income (loss)	 				 				 				 				 				 	 	(536	) 	 				 				 	 	1,180	 	
Chubb integration expenses, net of $22 million tax benefit	 				 				 				 				 				 	 	(50	) 	 				 				 	 	(50	) 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $20 million tax benefit (2)	 				 				 				 				 				 	 	(52	) 	 				 				 	 	(52	) 	
Adjusted net realized gains (losses), net of $19 million tax  (3)	 				 				 				 				 				 	 	227	 	 				 				 	 	227	 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Net income (loss)	 				 				 				 				 				 	$	(411	) 	 				 				 	$	1,305	 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Combined ratio	 	 	85.2	% 	 	 	89.6	% 	 	 	93.3	% 	 	 	87.3	% 	 	 	60.2	% 	 				 	 	88.0	% 	 				 				
CAY combined ratio ex Cats	 	 	86.1	% 	 	 	79.3	% 	 	 	91.1	% 	 	 	91.2	% 	 	 	77.0	% 	 				 	 	87.5	% 	 				 				
 
(1)	For the Life Insurance segment, (gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified for underwriting income (loss) presentation from Other income (expense).	
(2)	Related to the acquisition of The Chubb Corporation.	
(3)	Includes net realized gains (losses) related to unconsolidated entities.	

Consol Results - QTD 2017	  	Page 9	

Chubb Limited
Consolidated Results—Six months ended June 30, 2017
(in millions of U.S. dollars, except ratios)
(Unaudited)

YTD 2017	 	North
America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	 	Life
Insurance	 	 	Total
Consolidated	 	
Net premiums written	 	$	5,933	 	 	$	2,239	 	 	$	464	 	 	$	4,219	 	 	$	389	 	 	$	—  	 	 	$	13,244	 	 	$	1,047	 	 	$	14,291	 	
Net premiums earned	 	 	6,140	 	 	 	2,179	 	 	 	358	 	 	 	3,954	 	 	 	357	 	 	 	—  	 	 	 	12,988	 	 	 	1,021	 	 	 	14,009	 	
Adjusted losses and loss expenses	 	 	3,796	 	 	 	1,316	 	 	 	219	 	 	 	2,035	 	 	 	140	 	 	 	56	 	 	 	7,562	 	 	 	375	 	 	 	7,937	 	
Policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	331	 	 	 	331	 	
(Gains) losses from fair value changes in separate account assets (1)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(46	) 	 	 	(46	) 	
Policy acquisition costs	 	 	951	 	 	 	447	 	 	 	26	 	 	 	1,084	 	 	 	94	 	 	 	—  	 	 	 	2,602	 	 	 	244	 	 	 	2,846	 	
Administrative expenses	 	 	472	 	 	 	131	 	 	 	(3	) 	 	 	488	 	 	 	22	 	 	 	123	 	 	 	1,233	 	 	 	149	 	 	 	1,382	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	 	 	921	 	 	 	285	 	 	 	116	 	 	 	347	 	 	 	101	 	 	 	(179	) 	 	 	1,591	 	 	 	(32	) 	 	 	1,559	 	
Adjusted net investment income	 	 	968	 	 	 	111	 	 	 	12	 	 	 	296	 	 	 	127	 	 	 	25	 	 	 	1,539	 	 	 	152	 	 	 	1,691	 	
Other income (expense)—operating (1)	 	 	—  	 	 	 	(2	) 	 	 	(1	) 	 	 	4	 	 	 	(1	) 	 	 	(21	) 	 	 	(21	) 	 	 	(5	) 	 	 	(26	) 	
Amortization expense of purchased intangibles	 	 	—  	 	 	 	(8	) 	 	 	(14	) 	 	 	(22	) 	 	 	—  	 	 	 	(84	) 	 	 	(128	) 	 	 	(1	) 	 	 	(129	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	 	$	1,889	 	 	$	386	 	 	$	113	 	 	$	625	 	 	$	227	 	 	$	(259	) 	 	$	2,981	 	 	$	114	 	 	$	3,095	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted interest expense	 				 				 				 				 				 	 	(326	) 	 				 				 	 	(326	) 	
Income tax expense	 				 				 				 				 				 	 	(414	) 	 				 				 	 	(414	) 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Core operating income (loss)	 				 				 				 				 				 	 	(999	) 	 				 				 	 	2,355	 	
Chubb integration expenses, net of $59 million tax benefit	 				 				 				 				 				 	 	(124	) 	 				 				 	 	(124	) 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $44 million tax benefit (2)	 				 				 				 				 				 	 	(107	) 	 				 				 	 	(107	) 	
Adjusted net realized gains (losses), net of $17 million tax  (3)	 				 				 				 				 				 	 	274	 	 				 				 	 	274	 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Net income (loss)	 				 				 				 				 				 	$	(956	) 	 				 				 	$	2,398	 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Combined ratio	 	 	85.0	% 	 	 	86.9	% 	 	 	67.7	% 	 	 	91.2	% 	 	 	71.8	% 	 				 	 	87.8	% 	 				 				
CAY combined ratio ex Cats	 	 	87.0	% 	 	 	78.8	% 	 	 	88.2	% 	 	 	91.6	% 	 	 	77.0	% 	 				 	 	87.8	% 	 				 				
 
(1)	For the Life Insurance segment, (gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified for underwriting income (loss) presentation from Other income (expense).	
(2)	Related to the acquisition of The Chubb Corporation.	
(3)	Includes net realized gains (losses) related to unconsolidated entities.	

Consol Results - YTD 2017	  	Page 10	

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

Global P&C (Including Corporate and excluding Agriculture)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
									
 	  	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	3Q-17	 	 	2Q-17	 	 	YTD
2018	 	 	YTD
2017	 	 	Full Year
2017	 	
Global P&C Underwriting income	  				 				 				 				 				 				 				 				
Gross premiums written	  	$	8,787	 	 	$	7,936	 	 	$	8,098	 	 	$	7,839	 	 	$	8,179	 	 	$	16,723	 	 	$	15,863	 	 	$	31,800	 	
Net premiums written	  	 	7,062	 	 	 	6,437	 	 	 	6,370	 	 	 	6,437	 	 	 	6,655	 	 	 	13,499	 	 	 	12,780	 	 	 	25,587	 	
Net premiums earned	  	 	6,761	 	 	 	6,444	 	 	 	6,413	 	 	 	6,382	 	 	 	6,378	 	 	 	13,205	 	 	 	12,630	 	 	 	25,425	 	
Adjusted losses and loss expenses	  	 	4,014	 	 	 	3,950	 	 	 	4,029	 	 	 	5,307	 	 	 	3,674	 	 	 	7,964	 	 	 	7,343	 	 	 	16,679	 	
Policy acquisition costs	  	 	1,300	 	 	 	1,337	 	 	 	1,287	 	 	 	1,307	 	 	 	1,292	 	 	 	2,637	 	 	 	2,576	 	 	 	5,170	 	
Administrative expenses	  	 	666	 	 	 	617	 	 	 	664	 	 	 	638	 	 	 	627	 	 	 	1,283	 	 	 	1,236	 	 	 	2,538	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C Underwriting income (loss)	  	$	781	 	 	$	540	 	 	$	433	 	 	$	(870	) 	 	$	785	 	 	$	1,321	 	 	$	1,475	 	 	$	1,038	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C CAY Underwriting income ex Cats	  	$	799	 	 	$	786	 	 	$	758	 	 	$	752	 	 	$	807	 	 	$	1,585	 	 	$	1,546	 	 	$	3,056	 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	6.1	% 	 	 	5.1	% 	 	 	0.3	% 	 	 	4.0	% 	 	 	-1.2	% 	 	 	5.6	% 	 	 	5.2	% 	 	 	3.6	% 	
Net premiums written excluding merger-related actions (1)	  	 	6.8	% 	 	 	5.9	% 	 	 	2.3	% 	 	 	3.3	% 	 	 	1.7	% 	 	 	6.4	% 	 	 	9.0	% 	 	 	5.8	% 	
Net premiums earned	  	 	6.0	% 	 	 	3.1	% 	 	 	0.6	% 	 	 	0.4	% 	 	 	-2.9	% 	 	 	4.5	% 	 	 	-0.1	% 	 	 	0.2	% 	
Net premiums written constant $	  	 	4.6	% 	 	 	2.6	% 	 	 	-0.8	% 	 	 	4.0	% 	 	 	-0.6	% 	 	 	3.6	% 	 	 	5.8	% 	 	 	3.6	% 	
Net premiums written constant $ excluding merger-related actions (1)	  	 	5.2	% 	 	 	3.4	% 	 	 	1.2	% 	 	 	3.3	% 	 	 	2.4	% 	 	 	4.3	% 	 	 	9.6	% 	 	 	5.8	% 	
Net premiums earned constant $	  	 	4.1	% 	 	 	1.2	% 	 	 	-0.6	% 	 	 	0.3	% 	 	 	-2.3	% 	 	 	2.7	% 	 	 	0.2	% 	 	 	0.0	% 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	59.4	% 	 	 	61.3	% 	 	 	62.8	% 	 	 	83.1	% 	 	 	57.6	% 	 	 	60.3	% 	 	 	58.1	% 	 	 	65.6	% 	
Policy acquisition cost ratio	  	 	19.2	% 	 	 	20.8	% 	 	 	20.1	% 	 	 	20.5	% 	 	 	20.3	% 	 	 	20.0	% 	 	 	20.4	% 	 	 	20.3	% 	
Administrative expense ratio	  	 	9.8	% 	 	 	9.5	% 	 	 	10.4	% 	 	 	10.0	% 	 	 	9.8	% 	 	 	9.7	% 	 	 	9.8	% 	 	 	10.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	88.4	% 	 	 	91.6	% 	 	 	93.3	% 	 	 	113.6	% 	 	 	87.7	% 	 	 	90.0	% 	 	 	88.3	% 	 	 	95.9	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	59.0	% 	 	 	57.6	% 	 	 	57.9	% 	 	 	58.0	% 	 	 	57.3	% 	 	 	58.3	% 	 	 	57.6	% 	 	 	57.8	% 	
CAY underwriting and administrative expense ratio ex Cats	  	 	29.2	% 	 	 	30.2	% 	 	 	30.3	% 	 	 	30.2	% 	 	 	30.1	% 	 	 	29.7	% 	 	 	30.2	% 	 	 	30.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	88.2	% 	 	 	87.8	% 	 	 	88.2	% 	 	 	88.2	% 	 	 	87.4	% 	 	 	88.0	% 	 	 	87.8	% 	 	 	88.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	80	% 	 	 	81	% 	 	 	79	% 	 	 	82	% 	 	 	81	% 	 	 	81	% 	 	 	81	% 	 	 	80	% 	
Expense ratio	  	 	29.0	% 	 	 	30.3	% 	 	 	30.5	% 	 	 	30.5	% 	 	 	30.1	% 	 	 	29.7	% 	 	 	30.2	% 	 	 	30.3	% 	
Expense ratio excluding A&H	  	 	27.0	% 	 	 	28.2	% 	 	 	28.4	% 	 	 	28.3	% 	 	 	28.2	% 	 	 	27.6	% 	 	 	28.2	% 	 	 	28.3	% 	
Catastrophe reinstatement premiums (expenses) collected—pre-tax	  	$	—  	 	 	$	—  	 	 	$	(15	) 	 	$	22	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	7	 	
Catastrophe losses—pre-tax	  	$	209	 	 	$	379	 	 	$	432	 	 	$	1,910	 	 	$	192	 	 	$	588	 	 	$	393	 	 	$	2,735	 	
Favorable prior period development (PPD)—pre-tax	  	$	(191	) 	 	$	(133	) 	 	$	(122	) 	 	$	(266	) 	 	$	(170	) 	 	$	(324	) 	 	$	(322	) 	 	$	(710	) 	
 
(1)	Net premiums written were adversely impacted by merger-related actions of $45 million in Q2 2018 and $93 million for YTD 2018.	

Global P&C	  	Page 11	

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

 	  	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	3Q-17	 	 	2Q-17	 	 	YTD
2018	 	 	YTD
2017	 	 	Full Year
2017	 	
Gross premiums written (1)	  	$	4,322	 	 	$	3,678	 	 	$	4,102	 	 	$	3,919	 	 	$	4,077	 	 	$	8,000	 	 	$	7,730	 	 	$	15,751	 	
Net premiums written (1)	  	 	3,331	 	 	 	2,812	 	 	 	3,000	 	 	 	3,086	 	 	 	3,203	 	 	 	6,143	 	 	 	5,933	 	 	 	12,019	 	
Net premiums earned	  	 	3,277	 	 	 	3,029	 	 	 	3,035	 	 	 	3,016	 	 	 	3,099	 	 	 	6,306	 	 	 	6,140	 	 	 	12,191	 	
Losses and loss expenses	  	 	2,084	 	 	 	1,908	 	 	 	1,911	 	 	 	2,580	 	 	 	1,936	 	 	 	3,992	 	 	 	3,796	 	 	 	8,287	 	
Policy acquisition costs	  	 	448	 	 	 	472	 	 	 	453	 	 	 	469	 	 	 	464	 	 	 	920	 	 	 	951	 	 	 	1,873	 	
Administrative expenses	  	 	253	 	 	 	231	 	 	 	253	 	 	 	256	 	 	 	241	 	 	 	484	 	 	 	472	 	 	 	981	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  	 	492	 	 	 	418	 	 	 	418	 	 	 	(289	) 	 	 	458	 	 	 	910	 	 	 	921	 	 	 	1,050	 	
Net investment income	  	 	510	 	 	 	503	 	 	 	496	 	 	 	497	 	 	 	490	 	 	 	1,013	 	 	 	968	 	 	 	1,961	 	
Other income (expense)—operating	  	 	13	 	 	 	6	 	 	 	(5	) 	 	 	4	 	 	 	4	 	 	 	19	 	 	 	—  	 	 	 	(1	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	1,015	 	 	$	927	 	 	$	909	 	 	$	212	 	 	$	952	 	 	$	1,942	 	 	$	1,889	 	 	$	3,010	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY Underwriting income ex Cats	  	$	410	 	 	$	395	 	 	$	386	 	 	$	346	 	 	$	429	 	 	$	805	 	 	$	796	 	 	$	1,528	 	
Combined ratio (2)	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	63.6	% 	 	 	63.0	% 	 	 	63.0	% 	 	 	85.5	% 	 	 	62.5	% 	 	 	63.3	% 	 	 	61.8	% 	 	 	68.0	% 	
Policy acquisition cost ratio	  	 	13.7	% 	 	 	15.6	% 	 	 	14.9	% 	 	 	15.5	% 	 	 	15.0	% 	 	 	14.6	% 	 	 	15.5	% 	 	 	15.4	% 	
Administrative expense ratio	  	 	7.7	% 	 	 	7.6	% 	 	 	8.3	% 	 	 	8.6	% 	 	 	7.7	% 	 	 	7.7	% 	 	 	7.7	% 	 	 	8.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	85.0	% 	 	 	86.2	% 	 	 	86.2	% 	 	 	109.6	% 	 	 	85.2	% 	 	 	85.6	% 	 	 	85.0	% 	 	 	91.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats (3)	  				 				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	66.0	% 	 	 	64.0	% 	 	 	64.1	% 	 	 	65.2	% 	 	 	63.4	% 	 	 	65.0	% 	 	 	63.9	% 	 	 	64.3	% 	
CAY underwriting and administrative expense ratio ex Cats	  	 	21.4	% 	 	 	23.0	% 	 	 	23.2	% 	 	 	23.5	% 	 	 	22.7	% 	 	 	22.2	% 	 	 	23.1	% 	 	 	23.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	87.4	% 	 	 	87.0	% 	 	 	87.3	% 	 	 	88.7	% 	 	 	86.1	% 	 	 	87.2	% 	 	 	87.0	% 	 	 	87.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe reinstatement premiums expensed—pre-tax	  	$	—  	 	 	$	—  	 	 	$	(1	) 	 	$	(3	) 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	(4	) 	
Catastrophe losses—pre-tax	  	$	73	 	 	$	78	 	 	$	167	 	 	$	868	 	 	$	102	 	 	$	151	 	 	$	185	 	 	$	1,220	 	
Favorable prior period development (PPD)—pre-tax (4)	  	$	(155	) 	 	$	(101	) 	 	$	(200	) 	 	$	(236	) 	 	$	(131	) 	 	$	(256	) 	 	$	(310	) 	 	$	(746	) 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	4.0	% 	 	 	3.0	% 	 	 	-2.7	% 	 	 	-0.7	% 	 	 	-1.3	% 	 	 	3.5	% 	 	 	7.0	% 	 	 	2.4	% 	
Net premiums written excluding merger-related actions (5)	  	 	5.4	% 	 	 	4.4	% 	 	 	-1.0	% 	 	 	1.1	% 	 	 	1.3	% 	 	 	4.9	% 	 	 	10.0	% 	 	 	4.7	% 	
Net premiums earned	  	 	5.8	% 	 	 	-0.4	% 	 	 	-1.7	% 	 	 	-2.3	% 	 	 	-1.6	% 	 	 	2.7	% 	 	 	1.6	% 	 	 	-0.2	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	77	% 	 	 	76	% 	 	 	73	% 	 	 	79	% 	 	 	79	% 	 	 	77	% 	 	 	77	% 	 	 	76	% 	
Production by Size	  				 				 				 				 				 				 				 				
Net Premiums Written (1)	  				 				 				 				 				 				 				 				
Major Accounts & Specialty (6)	  	$	2,040	 	 	$	1,630	 	 	$	1,753	 	 	$	1,786	 	 	$	1,965	 	 	$	3,670	 	 	$	3,537	 	 	$	7,076	 	
Commercial (6)	  	 	1,291	 	 	 	1,182	 	 	 	1,247	 	 	 	1,300	 	 	 	1,238	 	 	 	2,473	 	 	 	2,396	 	 	 	4,943	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	3,331	 	 	$	2,812	 	 	$	3,000	 	 	$	3,086	 	 	$	3,203	 	 	$	6,143	 	 	$	5,933	 	 	$	12,019	 	

(1)	2017 amounts (Q1: $12 million; Q2: $1 million; Q3: $3 million; Q4: $(7) million) have been revised to reflect the North America Commercial P&C Insurance segment transfer of certain multinational accounts to (from) the Overseas General Insurance segment to better align the reporting with the management of these businesses in 2018. There is no impact on a consolidated basis.	
(2)	The increase in combined ratio for QTD and YTD includes the year-over-year increase in certain large structured transactions, which adversely impacted the combined ratio by 0.9% and 0.4%, respectively, comprising a 2.0% and 1.0% increase, respectively, in the loss ratio and a 1.1% and 0.6% decrease, respectively, to the expense ratio.	
(3)	The increase in combined ratio for QTD and YTD includes the year-over-year increase in certain large structured transactions, which adversely impacted the combined ratio by 0.7% and 0.4%, respectively, comprising a 1.8% and 1.0% increase, respectively, in the loss ratio and a 1.1% and 0.6% decrease, respectively, to the expense ratio.	
(4)	For Q2 2018, favorable prior period development is net of $11 million of favorable net premiums earned adjustments. For YTD 2018, favorable prior period development is net of $11 million of favorable net premiums earned adjustments, $6 million of unfavorable expense adjustments and $4 million of unfavorable reinstatement premium adjustments.	
For Q2 2017, favorable prior period development is net of $2 million of unfavorable net premiums earned adjustments. For YTD 2017, favorable prior period development is net of $2 million of unfavorable net premiums earned adjustments and $9 million of unfavorable reinstatement premium adjustments.
(5)	Q2 2018 and YTD 2018 include the adverse impact of merger-related underwriting actions, respectively, as follows: Major Accounts & Specialty $41 million and $79 million; Commercial $2 million and $4 million.	
(6)	Major Accounts & Specialty: principally large corporate accounts and wholesale business. Commercial: principally middle market and small commercial accounts.	

NA Commercial	  	Page 12	

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

 	  	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	3Q-17	 	 	2Q-17	 	 	YTD
2018	 	 	YTD
2017	 	 	Full Year
2017	 	
Gross premiums written	  	$	1,489	 	 	$	1,181	 	 	$	1,260	 	 	$	1,338	 	 	$	1,409	 	 	$	2,670	 	 	$	2,554	 	 	$	5,152	 	
Net premiums written	  	 	1,335	 	 	 	1,048	 	 	 	1,100	 	 	 	1,194	 	 	 	1,255	 	 	 	2,383	 	 	 	2,239	 	 	 	4,533	 	
Net premiums earned	  	 	1,156	 	 	 	1,140	 	 	 	1,103	 	 	 	1,117	 	 	 	1,093	 	 	 	2,296	 	 	 	2,179	 	 	 	4,399	 	
Losses and loss expenses	  	 	728	 	 	 	886	 	 	 	887	 	 	 	1,062	 	 	 	683	 	 	 	1,614	 	 	 	1,316	 	 	 	3,265	 	
Policy acquisition costs	  	 	228	 	 	 	237	 	 	 	226	 	 	 	226	 	 	 	230	 	 	 	465	 	 	 	447	 	 	 	899	 	
Administrative expenses	  	 	68	 	 	 	65	 	 	 	72	 	 	 	61	 	 	 	66	 	 	 	133	 	 	 	131	 	 	 	264	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  	 	132	 	 	 	(48	) 	 	 	(82	) 	 	 	(232	) 	 	 	114	 	 	 	84	 	 	 	285	 	 	 	(29	) 	
Net investment income	  	 	59	 	 	 	59	 	 	 	58	 	 	 	57	 	 	 	56	 	 	 	118	 	 	 	111	 	 	 	226	 	
Other expense—operating	  	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	(1	) 	 	 	(1	) 	 	 	(1	) 	 	 	(2	) 	 	 	(4	) 	
Amortization expense of purchased intangibles	  	 	(3	) 	 	 	(3	) 	 	 	(4	) 	 	 	(4	) 	 	 	(5	) 	 	 	(6	) 	 	 	(8	) 	 	 	(16	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	  	$	187	 	 	$	8	 	 	$	(29	) 	 	$	(180	) 	 	$	164	 	 	$	195	 	 	$	386	 	 	$	177	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY Underwriting income ex Cats	  	$	240	 	 	$	230	 	 	$	218	 	 	$	251	 	 	$	228	 	 	$	470	 	 	$	464	 	 	$	933	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	63.0	% 	 	 	77.7	% 	 	 	80.4	% 	 	 	95.1	% 	 	 	62.4	% 	 	 	70.3	% 	 	 	60.4	% 	 	 	74.2	% 	
Policy acquisition cost ratio	  	 	19.7	% 	 	 	20.8	% 	 	 	20.5	% 	 	 	20.2	% 	 	 	21.1	% 	 	 	20.2	% 	 	 	20.5	% 	 	 	20.4	% 	
Administrative expense ratio	  	 	5.9	% 	 	 	5.7	% 	 	 	6.6	% 	 	 	5.5	% 	 	 	6.1	% 	 	 	5.8	% 	 	 	6.0	% 	 	 	6.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	88.6	% 	 	 	104.2	% 	 	 	107.5	% 	 	 	120.8	% 	 	 	89.6	% 	 	 	96.3	% 	 	 	86.9	% 	 	 	100.7	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	53.7	% 	 	 	53.3	% 	 	 	54.0	% 	 	 	51.9	% 	 	 	52.1	% 	 	 	53.5	% 	 	 	52.2	% 	 	 	52.6	% 	
CAY underwriting and administrative expense ratio ex Cats	  	 	25.6	% 	 	 	26.4	% 	 	 	26.5	% 	 	 	25.6	% 	 	 	27.2	% 	 	 	26.0	% 	 	 	26.6	% 	 	 	26.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	79.3	% 	 	 	79.7	% 	 	 	80.5	% 	 	 	77.5	% 	 	 	79.3	% 	 	 	79.5	% 	 	 	78.8	% 	 	 	78.9	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe reinstatement premiums expensed—pre-tax	  	$	—  	 	 	$	—  	 	 	$	(19	) 	 	$	(3	) 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	(22	) 	
Catastrophe losses—pre-tax	  	$	101	 	 	$	284	 	 	$	278	 	 	$	448	 	 	$	77	 	 	$	385	 	 	$	145	 	 	$	871	 	
Unfavorable (favorable) prior period development (PPD)—pre-tax	  	$	7	 	 	$	(6	) 	 	$	3	 	 	$	32	 	 	$	37	 	 	$	1	 	 	$	34	 	 	$	69	 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	6.4	% 	 	 	6.5	% 	 	 	5.8	% 	 	 	18.0	% 	 	 	2.0	% 	 	 	6.4	% 	 	 	6.5	% 	 	 	9.1	% 	
Net premiums earned	  	 	5.6	% 	 	 	5.1	% 	 	 	2.6	% 	 	 	3.4	% 	 	 	-4.0	% 	 	 	5.3	% 	 	 	0.7	% 	 	 	1.9	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	90	% 	 	 	89	% 	 	 	87	% 	 	 	89	% 	 	 	89	% 	 	 	89	% 	 	 	88	% 	 	 	88	% 	

NA Personal	  	Page 13	

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

 	  	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	3Q-17	 	 	2Q-17	 	 	YTD
2018	 	 	YTD
2017	 	 	Full Year
2017	 	
Gross premiums written	  	$	543	 	 	$	205	 	 	$	276	 	 	$	1,303	 	 	$	569	 	 	$	748	 	 	$	736	 	 	$	2,315	 	
Net premiums written	  	 	388	 	 	 	108	 	 	 	126	 	 	 	926	 	 	 	403	 	 	 	496	 	 	 	464	 	 	 	1,516	 	
Net premiums earned	  	 	351	 	 	 	43	 	 	 	252	 	 	 	898	 	 	 	344	 	 	 	394	 	 	 	358	 	 	 	1,508	 	
Adjusted losses and loss expenses (1)	  	 	281	 	 	 	(55	) 	 	 	60	 	 	 	764	 	 	 	292	 	 	 	226	 	 	 	219	 	 	 	1,043	 	
Policy acquisition costs	  	 	26	 	 	 	(1	) 	 	 	6	 	 	 	49	 	 	 	27	 	 	 	25	 	 	 	26	 	 	 	81	 	
Administrative expenses	  	 	1	 	 	 	(3	) 	 	 	(4	) 	 	 	(1	) 	 	 	2	 	 	 	(2	) 	 	 	(3	) 	 	 	(8	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	 	43	 	 	 	102	 	 	 	190	 	 	 	86	 	 	 	23	 	 	 	145	 	 	 	116	 	 	 	392	 	
Net investment income	  	 	6	 	 	 	7	 	 	 	7	 	 	 	6	 	 	 	6	 	 	 	13	 	 	 	12	 	 	 	25	 	
Other expense—operating	  	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	(1	) 	 	 	(1	) 	 	 	(2	) 	
Amortization expense of purchased intangibles	  	 	(7	) 	 	 	(7	) 	 	 	(7	) 	 	 	(8	) 	 	 	(7	) 	 	 	(14	) 	 	 	(14	) 	 	 	(29	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	41	 	 	$	102	 	 	$	189	 	 	$	84	 	 	$	21	 	 	$	143	 	 	$	113	 	 	$	386	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY Underwriting income ex Cats	  	$	45	 	 	$	27	 	 	$	154	 	 	$	87	 	 	$	31	 	 	$	72	 	 	$	50	 	 	$	291	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	80.0	% 	 	 	NM	 	 	 	23.7	% 	 	 	85.1	% 	 	 	85.2	% 	 	 	57.4	% 	 	 	61.3	% 	 	 	69.2	% 	
Policy acquisition cost ratio	  	 	7.4	% 	 	 	NM	 	 	 	2.4	% 	 	 	5.4	% 	 	 	7.7	% 	 	 	6.3	% 	 	 	7.2	% 	 	 	5.4	% 	
Administrative expense ratio	  	 	0.5	% 	 	 	NM	 	 	 	-1.7	% 	 	 	-0.1	% 	 	 	0.4	% 	 	 	-0.4	% 	 	 	-0.8	% 	 	 	-0.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	87.9	% 	 	 	NM	 	 	 	24.4	% 	 	 	90.4	% 	 	 	93.3	% 	 	 	63.3	% 	 	 	67.7	% 	 	 	74.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	79.3	% 	 	 	68.9	% 	 	 	36.9	% 	 	 	84.9	% 	 	 	83.0	% 	 	 	77.3	% 	 	 	81.7	% 	 	 	76.2	% 	
CAY underwriting and administrative expense ratio ex Cats	  	 	7.9	% 	 	 	-1.2	% 	 	 	3.1	% 	 	 	5.4	% 	 	 	8.1	% 	 	 	6.2	% 	 	 	6.5	% 	 	 	5.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	87.2	% 	 	 	67.7	% 	 	 	40.0	% 	 	 	90.3	% 	 	 	91.1	% 	 	 	83.5	% 	 	 	88.2	% 	 	 	81.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe losses—pre-tax	  	$	2	 	 	$	1	 	 	$	—  	 	 	$	5	 	 	$	8	 	 	$	3	 	 	$	13	 	 	$	18	 	
Favorable prior period development (PPD)—pre-tax (2)	  	$	—  	 	 	$	(76	) 	 	$	(36	) 	 	$	(4	) 	 	$	—  	 	 	$	(76	) 	 	$	(79	) 	 	$	(119	) 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	-3.7	% 	 	 	76.2	% 	 	 	214.3	% 	 	 	9.0	% 	 	 	7.7	% 	 	 	6.8	% 	 	 	5.9	% 	 	 	14.2	% 	
Net premiums earned	  	 	2.2	% 	 	 	214.2	% 	 	 	72.3	% 	 	 	9.6	% 	 	 	5.4	% 	 	 	10.3	% 	 	 	2.3	% 	 	 	14.6	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	71	% 	 	 	53	% 	 	 	46	% 	 	 	71	% 	 	 	71	% 	 	 	66	% 	 	 	63	% 	 	 	66	% 	
 
(1)	Includes realized gains/losses on crop derivatives.	
(2)	For YTD 2018, favorable prior period development is net of $40 million unfavorable net premiums earned adjustments and $4 million of favorable profit-sharing commissions. For YTD 2017, favorable prior period development is net of $61 million unfavorable net premiums earned adjustments and $5 million of favorable profit-sharing commissions.	

NA Agriculture	  	Page 14	

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

 	  	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	3Q-17	 	 	2Q-17	 	 	YTD
2018	 	 	YTD
2017	 	 	Full Year
2017	 	
Gross premiums written (1)	  	$	2,743	 	 	$	2,872	 	 	$	2,632	 	 	$	2,380	 	 	$	2,465	 	 	$	5,615	 	 	$	5,139	 	 	$	10,151	 	
Net premiums written (1)	  	 	2,199	 	 	 	2,384	 	 	 	2,165	 	 	 	1,966	 	 	 	2,007	 	 	 	4,583	 	 	 	4,219	 	 	 	8,350	 	
Net premiums earned	  	 	2,161	 	 	 	2,107	 	 	 	2,113	 	 	 	2,064	 	 	 	2,018	 	 	 	4,268	 	 	 	3,954	 	 	 	8,131	 	
Losses and loss expenses	  	 	1,071	 	 	 	1,078	 	 	 	965	 	 	 	1,281	 	 	 	964	 	 	 	2,149	 	 	 	2,035	 	 	 	4,281	 	
Policy acquisition costs	  	 	584	 	 	 	588	 	 	 	568	 	 	 	569	 	 	 	555	 	 	 	1,172	 	 	 	1,084	 	 	 	2,221	 	
Administrative expenses	  	 	266	 	 	 	239	 	 	 	248	 	 	 	246	 	 	 	243	 	 	 	505	 	 	 	488	 	 	 	982	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  	 	240	 	 	 	202	 	 	 	332	 	 	 	(32	) 	 	 	256	 	 	 	442	 	 	 	347	 	 	 	647	 	
Net investment income	  	 	155	 	 	 	151	 	 	 	150	 	 	 	164	 	 	 	148	 	 	 	306	 	 	 	296	 	 	 	610	 	
Other income (expense)—operating	  	 	12	 	 	 	(7	) 	 	 	(10	) 	 	 	10	 	 	 	3	 	 	 	5	 	 	 	4	 	 	 	4	 	
Amortization expense of purchased intangibles	  	 	(11	) 	 	 	(10	) 	 	 	(12	) 	 	 	(11	) 	 	 	(11	) 	 	 	(21	) 	 	 	(22	) 	 	 	(45	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	396	 	 	$	336	 	 	$	460	 	 	$	131	 	 	$	396	 	 	$	732	 	 	$	625	 	 	$	1,216	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY Underwriting income ex Cats	  	$	194	 	 	$	195	 	 	$	204	 	 	$	195	 	 	$	178	 	 	$	389	 	 	$	331	 	 	$	730	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	49.6	% 	 	 	51.1	% 	 	 	45.7	% 	 	 	62.1	% 	 	 	47.8	% 	 	 	50.4	% 	 	 	51.5	% 	 	 	52.6	% 	
Policy acquisition cost ratio	  	 	27.0	% 	 	 	27.9	% 	 	 	26.9	% 	 	 	27.6	% 	 	 	27.5	% 	 	 	27.4	% 	 	 	27.4	% 	 	 	27.3	% 	
Administrative expense ratio	  	 	12.3	% 	 	 	11.4	% 	 	 	11.7	% 	 	 	11.9	% 	 	 	12.0	% 	 	 	11.8	% 	 	 	12.3	% 	 	 	12.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	88.9	% 	 	 	90.4	% 	 	 	84.3	% 	 	 	101.6	% 	 	 	87.3	% 	 	 	89.6	% 	 	 	91.2	% 	 	 	92.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	51.7	% 	 	 	51.4	% 	 	 	51.6	% 	 	 	51.3	% 	 	 	51.6	% 	 	 	51.6	% 	 	 	51.9	% 	 	 	51.7	% 	
CAY underwriting and administrative expense ratio ex Cats	  	 	39.3	% 	 	 	39.3	% 	 	 	38.7	% 	 	 	39.3	% 	 	 	39.6	% 	 	 	39.3	% 	 	 	39.7	% 	 	 	39.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	91.0	% 	 	 	90.7	% 	 	 	90.3	% 	 	 	90.6	% 	 	 	91.2	% 	 	 	90.9	% 	 	 	91.6	% 	 	 	91.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe reinstatement premiums (expenses) collected—pre-tax	  	$	—  	 	 	$	—  	 	 	$	5	 	 	$	(9	) 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	(4	) 	
Catastrophe losses—pre-tax	  	$	26	 	 	$	15	 	 	$	(55	) 	 	$	326	 	 	$	10	 	 	$	41	 	 	$	60	 	 	$	331	 	
Favorable prior period development (PPD)—pre-tax	  	$	(72	) 	 	$	(22	) 	 	$	(68	) 	 	$	(108	) 	 	$	(88	) 	 	$	(94	) 	 	$	(76	) 	 	$	(252	) 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	9.6	% 	 	 	7.8	% 	 	 	2.5	% 	 	 	1.3	% 	 	 	-1.1	% 	 	 	8.6	% 	 	 	3.6	% 	 	 	2.8	% 	
Net premiums earned	  	 	7.1	% 	 	 	8.8	% 	 	 	3.1	% 	 	 	1.4	% 	 	 	-3.6	% 	 	 	7.9	% 	 	 	-2.3	% 	 	 	0.0	% 	
Net premiums written constant $	  	 	5.1	% 	 	 	1.4	% 	 	 	-0.2	% 	 	 	1.3	% 	 	 	0.3	% 	 	 	3.1	% 	 	 	5.2	% 	 	 	2.8	% 	
Net premiums earned constant $	  	 	2.0	% 	 	 	3.0	% 	 	 	0.2	% 	 	 	0.9	% 	 	 	-2.3	% 	 	 	2.5	% 	 	 	-1.3	% 	 	 	-0.4	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	80	% 	 	 	83	% 	 	 	82	% 	 	 	83	% 	 	 	81	% 	 	 	82	% 	 	 	82	% 	 	 	82	% 	
 
(1)	2017 amounts (Q1: $12 million; Q2: $1 million; Q3: $3 million; Q4: $(7) million) have been revised to reflect the North America Commercial P&C Insurance segment transfer of certain multinational accounts to (from) the Overseas General Insurance segment to better align the reporting with the management of these businesses in 2018. There is no impact on a consolidated basis.	

Overseas General Insurance	  	Page 15	

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

 	  	2Q-18	 	  	2Q-17	 	  	% Change
2Q-18 vs.
2Q-17	 	 	Constant $
2Q-17	 	  	Constant $
% Change
2Q-18 vs.
2Q-17	 	 	YTD
2018	 	  	YTD
2017	 	  	% Change
YTD-18 vs.
YTD-17	 	 	Constant $
YTD
2017	 	  	Constant $
% Change
YTD-18 vs.
YTD-17	 	
Net premiums written	  				  				  				 				  				 				  				  				 				  				
Europe	  	$	804	 	  	$	726	 	  	 	10.7	% 	 	$	793	 	  	 	1.4	% 	 	$	1,914	 	  	$	1,756	 	  	 	9.0	% 	 	$	1,921	 	  	 	-0.4	% 	
Latin America	  	 	550	 	  	 	508	 	  	 	8.3	% 	 	 	494	 	  	 	11.3	% 	 	 	1,078	 	  	 	1,005	 	  	 	7.3	% 	 	 	1,001	 	  	 	7.7	% 	
Asia	  	 	764	 	  	 	673	 	  	 	13.5	% 	 	 	701	 	  	 	9.0	% 	 	 	1,421	 	  	 	1,250	 	  	 	13.7	% 	 	 	1,305	 	  	 	8.9	% 	
Other (1) (2)	  	 	81	 	  	 	100	 	  	 	-19.0	% 	 	 	104	 	  	 	-22.1	% 	 	 	170	 	  	 	208	 	  	 	-18.3	% 	 	 	216	 	  	 	-21.3	% 	
	  	 	 	 	  	 	 	 	  				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  				
Total	  	$	2,199	 	  	$	2,007	 	  	 	9.6	% 	 	$	2,092	 	  	 	5.1	% 	 	$	4,583	 	  	$	4,219	 	  	 	8.6	% 	 	$	4,443	 	  	 	3.1	% 	

(1)	Q2 2017 and YTD 2017 was revised to include $1 million and $13 million, respectively, representing the transfer of certain multinational accounts from the North America Commercial P&C Insurance segment to better align the reporting with the management of these businesses in 2018. There is no impact on a consolidated basis.	
(2)	Primarily includes Eurasia and Africa, and the company’s international supplemental A&H business of Combined Insurance.	

Overseas General Ins. - Region	  	Page 16	

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

 	  	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	3Q-17	 	 	2Q-17	 	 	YTD
2018	 	 	YTD
2017	 	 	Full Year
2017	 	
Gross premiums written	  	$	233	 	 	$	205	 	 	$	104	 	 	$	202	 	 	$	228	 	 	$	438	 	 	$	440	 	 	$	746	 	
Net premiums written	  	 	197	 	 	 	193	 	 	 	105	 	 	 	191	 	 	 	190	 	 	 	390	 	 	 	389	 	 	 	685	 	
Net premiums earned	  	 	167	 	 	 	168	 	 	 	162	 	 	 	185	 	 	 	168	 	 	 	335	 	 	 	357	 	 	 	704	 	
Losses and loss expenses	  	 	83	 	 	 	67	 	 	 	126	 	 	 	295	 	 	 	46	 	 	 	150	 	 	 	140	 	 	 	561	 	
Policy acquisition costs	  	 	40	 	 	 	40	 	 	 	40	 	 	 	43	 	 	 	43	 	 	 	80	 	 	 	94	 	 	 	177	 	
Administrative expenses	  	 	9	 	 	 	10	 	 	 	11	 	 	 	11	 	 	 	12	 	 	 	19	 	 	 	22	 	 	 	44	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  	 	35	 	 	 	51	 	 	 	(15	) 	 	 	(164	) 	 	 	67	 	 	 	86	 	 	 	101	 	 	 	(78	) 	
Net investment income	  	 	65	 	 	 	64	 	 	 	66	 	 	 	80	 	 	 	65	 	 	 	129	 	 	 	127	 	 	 	273	 	
Other income (expense)—operating	  	 	6	 	 	 	7	 	 	 	(1	) 	 	 	3	 	 	 	(1	) 	 	 	13	 	 	 	(1	) 	 	 	1	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	  	$	106	 	 	$	122	 	 	$	50	 	 	$	(81	) 	 	$	131	 	 	$	228	 	 	$	227	 	 	$	196	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY Underwriting income ex Cats	  	$	28	 	 	$	39	 	 	$	32	 	 	$	26	 	 	$	39	 	 	$	67	 	 	$	81	 	 	$	139	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	49.4	% 	 	 	40.1	% 	 	 	78.9	% 	 	 	158.2	% 	 	 	27.8	% 	 	 	44.8	% 	 	 	39.3	% 	 	 	79.8	% 	
Policy acquisition cost ratio	  	 	24.2	% 	 	 	23.6	% 	 	 	24.4	% 	 	 	23.4	% 	 	 	25.7	% 	 	 	23.9	% 	 	 	26.3	% 	 	 	25.1	% 	
Administrative expense ratio	  	 	5.7	% 	 	 	5.8	% 	 	 	6.9	% 	 	 	5.8	% 	 	 	6.7	% 	 	 	5.7	% 	 	 	6.2	% 	 	 	6.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	79.3	% 	 	 	69.5	% 	 	 	110.2	% 	 	 	187.4	% 	 	 	60.2	% 	 	 	74.4	% 	 	 	71.8	% 	 	 	111.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	53.0	% 	 	 	47.7	% 	 	 	50.1	% 	 	 	46.5	% 	 	 	44.4	% 	 	 	50.4	% 	 	 	43.8	% 	 	 	46.0	% 	
CAY underwriting and administrative expense ratio ex Cats	  	 	30.5	% 	 	 	29.3	% 	 	 	31.3	% 	 	 	35.7	% 	 	 	32.6	% 	 	 	29.9	% 	 	 	33.2	% 	 	 	33.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	83.5	% 	 	 	77.0	% 	 	 	81.4	% 	 	 	82.2	% 	 	 	77.0	% 	 	 	80.3	% 	 	 	77.0	% 	 	 	79.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe reinstatement premiums collected—pre-tax	  	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	37	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	37	 	
Catastrophe losses—pre-tax	  	$	9	 	 	$	2	 	 	$	42	 	 	$	268	 	 	$	3	 	 	$	11	 	 	$	3	 	 	$	313	 	
Unfavorable (favorable) prior period development (PPD)—pre-tax (1)	  	$	(16	) 	 	$	(14	) 	 	$	5	 	 	$	(41	) 	 	$	(31	) 	 	$	(30	) 	 	$	(23	) 	 	$	(59	) 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written as reported	  	 	3.8	% 	 	 	-3.0	% 	 	 	-8.2	% 	 	 	47.1	% 	 	 	-17.7	% 	 	 	0.4	% 	 	 	-9.9	% 	 	 	1.4	% 	
Net premiums earned as reported	  	 	-0.6	% 	 	 	-11.0	% 	 	 	-3.4	% 	 	 	20.4	% 	 	 	-9.6	% 	 	 	-6.1	% 	 	 	-7.9	% 	 	 	-0.7	% 	
Net premiums written constant $	  	 	1.5	% 	 	 	-4.8	% 	 	 	-9.3	% 	 	 	47.9	% 	 	 	-16.5	% 	 	 	-1.7	% 	 	 	-8.7	% 	 	 	2.2	% 	
Net premiums earned constant $	  	 	-3.1	% 	 	 	-12.8	% 	 	 	-5.1	% 	 	 	20.0	% 	 	 	-8.1	% 	 	 	-8.2	% 	 	 	-6.7	% 	 	 	-0.4	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	85	% 	 	 	94	% 	 	 	100	% 	 	 	95	% 	 	 	83	% 	 	 	89	% 	 	 	88	% 	 	 	92	% 	
 
(1)	Q2 2018 and YTD 2018 favorable prior period development is net of $2 million and $3 million of unfavorable net premiums earned adjustments, respectively, and includes $1 million of favorable acquisition expense adjustments for both periods. YTD 2017 includes $7 million of favorable net premiums earned adjustments.	

Global Reinsurance	  	Page 17	

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

 	  	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	3Q-17	 	 	2Q-17	 	 	YTD
2018	 	 	YTD
2017	 	 	Full Year
2017	 	
Gross premiums written	  	$	599	 	 	$	592	 	 	$	586	 	 	$	568	 	 	$	557	 	 	$	1,191	 	 	$	1,107	 	 	$	2,261	 	
Net premiums written	  	 	565	 	 	 	559	 	 	 	555	 	 	 	539	 	 	 	523	 	 	 	1,124	 	 	 	1,047	 	 	 	2,141	 	
Net premiums earned	  	 	552	 	 	 	540	 	 	 	553	 	 	 	527	 	 	 	515	 	 	 	1,092	 	 	 	1,021	 	 	 	2,101	 	
Losses and loss expenses	  	 	184	 	 	 	205	 	 	 	183	 	 	 	181	 	 	 	182	 	 	 	389	 	 	 	375	 	 	 	739	 	
Policy benefits (1)	  	 	150	 	 	 	151	 	 	 	176	 	 	 	169	 	 	 	163	 	 	 	301	 	 	 	331	 	 	 	676	 	
(Gains) losses from fair value changes in separate account assets  (1)	  	 	10	 	 	 	(6	) 	 	 	(27	) 	 	 	(24	) 	 	 	(16	) 	 	 	4	 	 	 	(46	) 	 	 	(97	) 	
Policy acquisition costs	  	 	138	 	 	 	128	 	 	 	154	 	 	 	132	 	 	 	130	 	 	 	266	 	 	 	244	 	 	 	530	 	
Administrative expenses	  	 	80	 	 	 	78	 	 	 	77	 	 	 	77	 	 	 	77	 	 	 	158	 	 	 	149	 	 	 	303	 	
Net investment income	  	 	85	 	 	 	83	 	 	 	83	 	 	 	78	 	 	 	77	 	 	 	168	 	 	 	152	 	 	 	313	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Life Insurance underwriting income (2)	  	 	75	 	 	 	67	 	 	 	73	 	 	 	70	 	 	 	56	 	 	 	142	 	 	 	120	 	 	 	263	 	
Other income (expense)—operating	  	 	2	 	 	 	(2	) 	 	 	(3	) 	 	 	(5	) 	 	 	(4	) 	 	 	—  	 	 	 	(5	) 	 	 	(13	) 	
Amortization expense of purchased intangibles	  	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	(1	) 	 	 	(2	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	77	 	 	$	64	 	 	$	70	 	 	$	64	 	 	$	52	 	 	$	141	 	 	$	114	 	 	$	248	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	8.0	% 	 	 	6.7	% 	 	 	1.2	% 	 	 	1.1	% 	 	 	-0.7	% 	 	 	7.4	% 	 	 	0.4	% 	 	 	0.8	% 	
Net premiums earned	  	 	7.2	% 	 	 	6.8	% 	 	 	3.5	% 	 	 	2.8	% 	 	 	0.8	% 	 	 	7.0	% 	 	 	1.2	% 	 	 	2.2	% 	
Net premiums written constant $	  	 	6.5	% 	 	 	5.0	% 	 	 	0.3	% 	 	 	1.1	% 	 	 	-1.0	% 	 	 	5.8	% 	 	 	-0.1	% 	 	 	0.3	% 	
Net premiums earned constant $	  	 	5.7	% 	 	 	5.0	% 	 	 	2.3	% 	 	 	2.8	% 	 	 	0.5	% 	 	 	5.4	% 	 	 	0.6	% 	 	 	1.6	% 	
 
(1)	(Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified from Other income (expense) for purposes of presenting Life Insurance underwriting income. The offsetting movement in the separate account liabilities is included in Policy benefits.	
(2)	We assess the performance of our Life Insurance business based on Life Insurance underwriting income which includes Net investment income and (Gains) losses from fair value changes in separate account assets.	
International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses):

 	  	2Q-18	 	  	2Q-17	 	  	% Change
2Q-18 vs.
2Q-17	 	 	Constant $
% Change
2Q-18 vs.
2Q-17	 	 	YTD-18	 	  	YTD-17	 	  	% Change
YTD-18 vs.
YTD-17	 	 	Constant $
% Change
YTD-18 vs.
YTD-17	 	
International life insurance net premiums written	  	$	220	 	  	$	199	 	  	 	10.2	% 	 	 	7.9	% 	 	$	437	 	  	$	397	 	  	 	10.1	% 	 	 	7.1	% 	
International life insurance deposits (3)	  	 	392	 	  	 	316	 	  	 	24.1	% 	 	 	21.1	% 	 	 	771	 	  	 	626	 	  	 	23.0	% 	 	 	19.0	% 	
	  	 	 	 	  	 	 	 	  				 				 	 	 	 	  	 	 	 	  				 				
Total international life insurance net premiums written and deposits	  	$	612	 	  	$	515	 	  	 	18.7	% 	 	 	16.0	% 	 	$	1,208	 	  	$	1,023	 	  	 	18.0	% 	 	 	14.4	% 	
	  	 	 	 	  	 	 	 	  				 				 	 	 	 	  	 	 	 	  				 				
International life insurance segment income	  	$	25	 	  	$	9	 	  	 	168.2	% 	 	 	188.3	% 	 	$	42	 	  	$	22	 	  	 	90.1	% 	 	 	95.9	% 	

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

Life Insurance	  	Page 18	

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

 	  	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	3Q-17	 	 	2Q-17	 	 	YTD
2018	 	 	YTD
2017	 	 	Full Year
2017	 	
Gross premiums written	  	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	
Net premiums written	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Net premiums earned	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Losses and loss expenses	  	 	48	 	 	 	11	 	 	 	140	 	 	 	89	 	 	 	45	 	 	 	59	 	 	 	56	 	 	 	285	 	
Policy acquisition costs	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Administrative expenses	  	 	70	 	 	 	72	 	 	 	80	 	 	 	64	 	 	 	65	 	 	 	142	 	 	 	123	 	 	 	267	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting loss	  	 	(118	) 	 	 	(83	) 	 	 	(220	) 	 	 	(153	) 	 	 	(110	) 	 	 	(201	) 	 	 	(179	) 	 	 	(552	) 	
Adjusted net investment income	  	 	10	 	 	 	10	 	 	 	13	 	 	 	11	 	 	 	13	 	 	 	20	 	 	 	25	 	 	 	49	 	
Other expense—operating	  	 	(2	) 	 	 	(7	) 	 	 	(61	) 	 	 	(6	) 	 	 	(14	) 	 	 	(9	) 	 	 	(21	) 	 	 	(88	) 	
Adjusted interest expense (1)	  	 	(177	) 	 	 	(169	) 	 	 	(168	) 	 	 	(162	) 	 	 	(160	) 	 	 	(346	) 	 	 	(326	) 	 	 	(656	) 	
Amortization expense of purchased intangibles	  	 	(64	) 	 	 	(64	) 	 	 	(43	) 	 	 	(41	) 	 	 	(42	) 	 	 	(128	) 	 	 	(84	) 	 	 	(168	) 	
2017 tax reform transition benefit	  	 	—  	 	 	 	—  	 	 	 	450	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	450	 	
Income tax (expense) benefit ex 2017 tax reform transition benefit	  	 	(218	) 	 	 	(149	) 	 	 	(131	) 	 	 	61	 	 	 	(223	) 	 	 	(367	) 	 	 	(414	) 	 	 	(484	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating loss	  	 	(569	) 	 	 	(462	) 	 	 	(160	) 	 	 	(290	) 	 	 	(536	) 	 	 	(1,031	) 	 	 	(999	) 	 	 	(1,449	) 	
Chubb integration expenses, net of tax	  	 	(10	) 	 	 	(8	) 	 	 	(57	) 	 	 	(36	) 	 	 	(50	) 	 	 	(18	) 	 	 	(124	) 	 	 	(217	) 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	(41	) 	 	 	(50	) 	 	 	(41	) 	 	 	(50	) 	 	 	(52	) 	 	 	(91	) 	 	 	(107	) 	 	 	(198	) 	
Adjusted net realized gains (losses), net of tax (2)	  	 	92	 	 	 	43	 	 	 	142	 	 	 	76	 	 	 	227	 	 	 	135	 	 	 	274	 	 	 	492	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net loss	  	$	(528	) 	 	$	(477	) 	 	$	(116	) 	 	$	(300	) 	 	$	(411	) 	 	$	(1,005	) 	 	$	(956	) 	 	$	(1,372	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unfavorable prior period development (PPD)—pre-tax	  	$	45	 	 	$	10	 	 	$	138	 	 	$	87	 	 	$	43	 	 	$	55	 	 	$	53	 	 	$	278	 	
 
(1)	See Non-GAAP financial measures.	
(2)	Includes net realized gains (losses) related to unconsolidated entities.	

Corporate	  	Page 19	

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

 	  	Unpaid Losses	 	  	Net Paid to
Incurred Ratio	 	
 	  	Gross	 	  	Ceded	 	  	Net	 				
Balance at December 31, 2016	  	$	60,540	 	  	$	12,708	 	  	$	47,832	 	  				
Losses and loss expenses incurred	  	 	4,752	 	  	 	963	 	  	 	3,789	 	  				
Losses and loss expenses paid	  	 	(4,830	) 	  	 	(923	) 	  	 	(3,907	) 	  	 	103	% 	
Other (incl. foreign exch. revaluation)	  	 	117	 	  	 	63	 	  	 	54	 	  				
	  	 	 	 	  	 	 	 	  	 	 	 	  				
Balance at March 31, 2017	  	$	60,579	 	  	$	12,811	 	  	$	47,768	 	  				
Losses and loss expenses incurred	  	 	5,016	 	  	 	870	 	  	 	4,146	 	  				
Losses and loss expenses paid	  	 	(5,356	) 	  	 	(1,234	) 	  	 	(4,122	) 	  	 	99	% 	
Other (incl. foreign exch. revaluation)	  	 	155	 	  	 	38	 	  	 	117	 	  				
	  	 	 	 	  	 	 	 	  	 	 	 	  				
Balance at June 30, 2017	  	$	60,394	 	  	$	12,485	 	  	$	47,909	 	  				
Losses and loss expenses incurred	  	 	8,410	 	  	 	2,163	 	  	 	6,247	 	  				
Losses and loss expenses paid	  	 	(5,207	) 	  	 	(909	) 	  	 	(4,298	) 	  	 	69	% 	
Other (incl. foreign exch. revaluation)	  	 	556	 	  	 	131	 	  	 	425	 	  				
	  	 	 	 	  	 	 	 	  	 	 	 	  				
Balance at September 30, 2017	  	$	64,153	 	  	$	13,870	 	  	$	50,283	 	  				
Losses and loss expenses incurred	  	 	5,755	 	  	 	1,483	 	  	 	4,272	 	  				
Losses and loss expenses paid	  	 	(6,419	) 	  	 	(1,298	) 	  	 	(5,121	) 	  	 	120	% 	
Other (incl. foreign exch. revaluation)	  	 	(310	) 	  	 	(41	) 	  	 	(269	) 	  				
	  	 	 	 	  	 	 	 	  	 	 	 	  				
Balance at December 31, 2017	  	$	63,179	 	  	$	14,014	 	  	$	49,165	 	  				
Losses and loss expenses incurred	  	 	5,028	 	  	 	926	 	  	 	4,102	 	  				
Losses and loss expenses paid	  	 	(5,448	) 	  	 	(1,206	) 	  	 	(4,242	) 	  	 	103	% 	
Other (incl. foreign exch. revaluation)	  	 	380	 	  	 	88	 	  	 	292	 	  				
	  	 	 	 	  	 	 	 	  	 	 	 	  				
Balance at March 31, 2018	  	$	63,139	 	  	$	13,822	 	  	$	49,317	 	  				
Losses and loss expenses incurred	  	 	5,458	 	  	 	971	 	  	 	4,487	 	  				
Losses and loss expenses paid	  	 	(5,304	) 	  	 	(931	) 	  	 	(4,373	) 	  	 	97	% 	
Other (incl. foreign exch. revaluation)	  	 	(515	) 	  	 	(127	) 	  	 	(388	) 	  				
	  	 	 	 	  	 	 	 	  	 	 	 	  				
Balance at June 30, 2018	  	$	62,778	 	  	$	13,735	 	  	$	49,043	 	  				
Add net recoverable on paid losses	  	 	—  	 	  	 	1,057	 	  	 	(1,057	) 	  				
	  	 	 	 	  	 	 	 	  	 	 	 	  				
Balance including net recoverable on paid losses	  	$	62,778	 	  	$	14,792	 	  	$	47,986	 	  				

			
Loss Reserve Rollforward	  	Page 20	

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

 	  	June 30
2018	 	  	March 31
2018	 	  	December 31
2017	 	
Reinsurance recoverable on paid losses and loss expenses	  				  				  				
Active operations	  	$	901	 	  	$	972	 	  	$	808	 	
Brandywine and Other Run-off	  	 	238	 	  	 	271	 	  	 	286	 	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	1,139	 	  	$	1,243	 	  	$	1,094	 	
	  	 	 	 	  	 	 	 	  	 	 	 	
Reinsurance recoverable on unpaid losses and loss expenses	  				  				  				
Active operations	  	$	12,763	 	  	$	12,842	 	  	$	12,992	 	
Brandywine and Other Run-off	  	 	1,209	 	  	 	1,217	 	  	 	1,269	 	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	13,972	 	  	$	14,059	 	  	$	14,261	 	
	  	 	 	 	  	 	 	 	  	 	 	 	
Gross reinsurance recoverable	  				  				  				
Active operations	  	$	13,664	 	  	$	13,814	 	  	$	13,800	 	
Brandywine and Other Run-off	  	 	1,447	 	  	 	1,488	 	  	 	1,555	 	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	15,111	 	  	$	15,302	 	  	$	15,355	 	
	  	 	 	 	  	 	 	 	  	 	 	 	
Provision for uncollectible reinsurance (1)	  				  				  				
Active operations	  	$	(189	) 	  	$	(188	) 	  	$	(183	) 	
Brandywine and Other Run-off	  	 	(130	) 	  	 	(132	) 	  	 	(138	) 	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	(319	) 	  	$	(320	) 	  	$	(321	) 	
	  	 	 	 	  	 	 	 	  	 	 	 	
Net reinsurance recoverable	  				  				  				
Active operations	  	$	13,475	 	  	$	13,626	 	  	$	13,617	 	
Brandywine and Other Run-off	  	 	1,317	 	  	 	1,356	 	  	 	1,417	 	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	14,792	 	  	$	14,982	 	  	$	15,034	 	

(1)	The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $3.7 billion.	

Reinsurance Recoverable	  	Page 21	

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

 	  	June 30
2018	 	 	March 31
2018	 	 	December 31
2017	 	
Market Value	  				 				 				 				 				 				
Fixed maturities available for sale	  	$	77,963	 	 				 	$	79,111	 	 				 	$	78,939	 	 				
Fixed maturities held to maturity	  	 	13,665	 	 				 	 	14,122	 	 				 	 	14,474	 	 				
Short-term investments	  	 	3,171	 	 				 	 	2,874	 	 				 	 	3,561	 	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Total fixed maturities	  	$	94,799	 	 				 	$	96,107	 	 				 	$	96,974	 	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Asset Allocation by Market Value	  				 				 				 				 				 				
Treasury	  	$	4,246	 	 	 	4	% 	 	$	4,277	 	 	 	4	% 	 	$	4,049	 	 	 	4	% 	
Agency	  	 	651	 	 	 	1	% 	 	 	593	 	 	 	1	% 	 	 	564	 	 	 	1	% 	
Corporate and asset-backed	  	 	27,150	 	 	 	29	% 	 	 	26,564	 	 	 	28	% 	 	 	27,215	 	 	 	28	% 	
Mortgage-backed	  	 	18,068	 	 	 	19	% 	 	 	18,467	 	 	 	19	% 	 	 	18,032	 	 	 	19	% 	
Municipal	  	 	17,827	 	 	 	19	% 	 	 	19,550	 	 	 	20	% 	 	 	20,766	 	 	 	21	% 	
Non-U.S.	  	 	23,686	 	 	 	25	% 	 	 	23,782	 	 	 	25	% 	 	 	22,787	 	 	 	23	% 	
Short-term investments	  	 	3,171	 	 	 	3	% 	 	 	2,874	 	 	 	3	% 	 	 	3,561	 	 	 	4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturities	  	$	94,799	 	 	 	100	% 	 	$	96,107	 	 	 	100	% 	 	$	96,974	 	 	 	100	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Quality by Market Value	  				 				 				 				 				 				
AAA	  	$	14,952	 	 	 	16	% 	 	$	14,723	 	 	 	15	% 	 	$	15,512	 	 	 	16	% 	
AA	  	 	36,292	 	 	 	38	% 	 	 	37,322	 	 	 	39	% 	 	 	37,407	 	 	 	39	% 	
A	  	 	17,735	 	 	 	19	% 	 	 	18,306	 	 	 	19	% 	 	 	18,369	 	 	 	19	% 	
BBB	  	 	12,473	 	 	 	13	% 	 	 	12,616	 	 	 	13	% 	 	 	12,377	 	 	 	13	% 	
BB	  	 	7,788	 	 	 	8	% 	 	 	7,710	 	 	 	8	% 	 	 	7,941	 	 	 	8	% 	
B	  	 	5,356	 	 	 	6	% 	 	 	5,235	 	 	 	6	% 	 	 	5,135	 	 	 	5	% 	
Other	  	 	203	 	 	 	0	% 	 	 	195	 	 	 	0	% 	 	 	233	 	 	 	0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturities	  	$	94,799	 	 	 	100	% 	 	$	96,107	 	 	 	100	% 	 	$	96,974	 	 	 	100	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost/Amortized Cost	  				 				 				 				 				 				
Fixed maturities available for sale	  	$	78,546	 	 				 	$	79,208	 	 				 	$	77,835	 	 				
Fixed maturities held to maturity	  	 	13,860	 	 				 	 	14,253	 	 				 	 	14,335	 	 				
Short-term investments	  	 	3,171	 	 				 	 	2,874	 	 				 	 	3,561	 	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Subtotal fixed maturities	  	 	95,577	 	 				 	 	96,335	 	 				 	 	95,731	 	 				
Equity securities	  	 	933	 	 				 	 	948	 	 				 	 	737	 	 				
Other investments	  	 	5,259	 	 				 	 	4,919	 	 				 	 	4,417	 	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Total investment portfolio	  	$	101,769	 	 				 	$	102,202	 	 				 	$	100,885	 	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Avg. duration of fixed maturities	  	 	4.2 years	 	 				 	 	4.3 years	 	 				 	 	4.2 years	 	 				
Avg. market yield of fixed maturities	  	 	3.4	% 	 				 	 	3.3	% 	 				 	 	2.9	% 	 				
Avg. credit quality	  	 	A/Aa	 	 				 	 	A/Aa	 	 				 	 	A/Aa	 	 				
Avg. yield on invested assets (1)	  	 	3.5	% 	 				 	 	3.4	% 	 				 	 	3.5	% 	 				
 
(1)	Calculated using adjusted net investment income.	

Investments	  	Page 22	

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

Mortgage-backed Fixed Income Portfolio	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
	  				  				  				  				  				  				
 	  	S&P Credit Rating	 	
Mortgage-backed securities	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
Market Value at June 30, 2018	  				  				  				  				  				  				
Agency residential mortgage-backed (RMBS)	  	$	—  	 	  	$	14,688	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	14,688	 	
Non-agency RMBS	  	 	27	 	  	 	47	 	  	 	73	 	  	 	28	 	  	 	23	 	  	 	198	 	
Commercial mortgage-backed	  	 	2,871	 	  	 	214	 	  	 	97	 	  	 	—  	 	  	 	—  	 	  	 	3,182	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total mortgage-backed securities at market value	  	$	2,898	 	  	$	14,949	 	  	$	170	 	  	$	28	 	  	$	23	 	  	$	18,068	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
U.S. Corporate and Asset-backed Fixed Income Portfolios

 	  	S&P Credit Rating	 	
 	  	Investment Grade	 	
Market Value at June 30, 2018	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	Total	 	
Asset-backed	  	$	1,202	 	  	$	128	 	  	$	46	 	  	$	29	 	  	$	1,405	 	
Banks	  	 	1	 	  	 	30	 	  	 	1,620	 	  	 	1,369	 	  	 	3,020	 	
Basic Materials	  	 	—  	 	  	 	—  	 	  	 	99	 	  	 	212	 	  	 	311	 	
Communications	  	 	—  	 	  	 	162	 	  	 	225	 	  	 	1,179	 	  	 	1,566	 	
Consumer, Cyclical	  	 	—  	 	  	 	276	 	  	 	517	 	  	 	626	 	  	 	1,419	 	
Consumer, Non-Cyclical	  	 	104	 	  	 	466	 	  	 	1,640	 	  	 	1,487	 	  	 	3,697	 	
Diversified Financial Services	  	 	2	 	  	 	16	 	  	 	485	 	  	 	234	 	  	 	737	 	
Energy	  	 	—  	 	  	 	47	 	  	 	63	 	  	 	511	 	  	 	621	 	
Industrial	  	 	—  	 	  	 	26	 	  	 	722	 	  	 	567	 	  	 	1,315	 	
Utilities	  	 	—  	 	  	 	24	 	  	 	756	 	  	 	391	 	  	 	1,171	 	
All Others	  	 	158	 	  	 	371	 	  	 	956	 	  	 	784	 	  	 	2,269	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	1,467	 	  	$	1,546	 	  	$	7,129	 	  	$	7,389	 	  	$	17,531	 	

																	
 	  	S&P Credit Rating	 	
 	  	Below Investment Grade	 	
Market Value at June 30, 2018	  	BB	 	  	B	 	  	CCC	 	  	Total	 	
Asset-backed	  	$	3	 	  	$	2	 	  	$	9	 	  	$	14	 	
Banks	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Basic Materials	  	 	322	 	  	 	166	 	  	 	—  	 	  	 	488	 	
Communications	  	 	746	 	  	 	720	 	  	 	7	 	  	 	1,473	 	
Consumer, Cyclical	  	 	1,093	 	  	 	614	 	  	 	39	 	  	 	1,746	 	
Consumer, Non-Cyclical	  	 	803	 	  	 	1,219	 	  	 	42	 	  	 	2,064	 	
Diversified Financial Services	  	 	191	 	  	 	137	 	  	 	—  	 	  	 	328	 	
Energy	  	 	700	 	  	 	255	 	  	 	9	 	  	 	964	 	
Industrial	  	 	573	 	  	 	448	 	  	 	14	 	  	 	1,035	 	
Utilities	  	 	217	 	  	 	39	 	  	 	—  	 	  	 	256	 	
All Others	  	 	765	 	  	 	470	 	  	 	16	 	  	 	1,251	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	5,413	 	  	$	4,070	 	  	$	136	 	  	$	9,619	 	

			
Investments 2	  	Page 23	

Chubb Limited
Investment Portfolio—3
(in millions of U.S. dollars)
(Unaudited)
Non-U.S. Fixed Income Portfolio
June 30, 2018

 	  	Market Value by S&P Credit Rating	 	
Non-U.S. Government Securities	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
United Kingdom	  	$	—  	 	  	$	1,360	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	1,360	 	
Republic of Korea	  	 	—  	 	  	 	1,091	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	1,091	 	
Canada	  	 	975	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	975	 	
Federative Republic of Brazil	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	713	 	  	 	713	 	
Province of Ontario	  	 	—  	 	  	 	9	 	  	 	628	 	  	 	—  	 	  	 	—  	 	  	 	637	 	
United Mexican States	  	 	—  	 	  	 	—  	 	  	 	395	 	  	 	123	 	  	 	—  	 	  	 	518	 	
Federal Republic of Germany	  	 	512	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	512	 	
Province of Quebec	  	 	—  	 	  	 	502	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	502	 	
Kingdom of Thailand	  	 	—  	 	  	 	—  	 	  	 	435	 	  	 	—  	 	  	 	—  	 	  	 	435	 	
French Republic	  	 	—  	 	  	 	314	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	314	 	
Other Non-U.S. Government Securities	  	 	942	 	  	 	1,025	 	  	 	876	 	  	 	559	 	  	 	954	 	  	 	4,356	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	2,429	 	  	$	4,301	 	  	$	2,334	 	  	$	682	 	  	$	1,667	 	  	$	11,413	 	

 	  	Market Value by S&P Credit Rating	 	
Non-U.S. Corporate Securities	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
United Kingdom	  	$	130	 	  	$	91	 	  	$	670	 	  	$	938	 	  	$	300	 	  	$	2,129	 	
Canada	  	 	110	 	  	 	206	 	  	 	381	 	  	 	496	 	  	 	317	 	  	 	1,510	 	
United States (1)	  	 	3	 	  	 	25	 	  	 	183	 	  	 	366	 	  	 	471	 	  	 	1,048	 	
France	  	 	6	 	  	 	46	 	  	 	537	 	  	 	329	 	  	 	29	 	  	 	947	 	
Australia	  	 	123	 	  	 	197	 	  	 	369	 	  	 	141	 	  	 	10	 	  	 	840	 	
Netherlands	  	 	66	 	  	 	10	 	  	 	330	 	  	 	171	 	  	 	61	 	  	 	638	 	
Germany	  	 	134	 	  	 	39	 	  	 	136	 	  	 	272	 	  	 	32	 	  	 	613	 	
Switzerland	  	 	49	 	  	 	17	 	  	 	179	 	  	 	187	 	  	 	25	 	  	 	457	 	
Japan	  	 	—  	 	  	 	35	 	  	 	406	 	  	 	7	 	  	 	—  	 	  	 	448	 	
Sweden	  	 	64	 	  	 	186	 	  	 	67	 	  	 	20	 	  	 	10	 	  	 	347	 	
Other Non-U.S. Corporate Securities	  	 	371	 	  	 	298	 	  	 	1,145	 	  	 	918	 	  	 	564	 	  	 	3,296	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	1,056	 	  	$	1,150	 	  	$	4,403	 	  	$	3,845	 	  	$	1,819	 	  	$	12,273	 	

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

Investments 3	  	Page 24	

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

 	  	                             June 30, 2018                            	  	Market Value	 	  	Rating	
1	  	Wells Fargo & Co	  	$	535	 	  	A-	
2	  	AT&T Inc	  	 	455	 	  	BBB	
3	  	JP Morgan Chase & Co	  	 	411	 	  	A-	
4	  	Goldman Sachs Group Inc	  	 	382	 	  	BBB+	
5	  	Anheuser-Busch InBev NV	  	 	362	 	  	A-	
6	  	Verizon Communications Inc	  	 	330	 	  	BBB+	
7	  	Bank of America Corp	  	 	321	 	  	A-	
8	  	HSBC Holdings Plc	  	 	303	 	  	A	
9	  	Morgan Stanley	  	 	302	 	  	BBB+	
10	  	General Electric Co	  	 	280	 	  	A	

Investments 4	  	Page 25	

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

 	  	Three months ended June 30, 2018	 	
 	  	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	  	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	  	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	
Fixed maturities (1)	  	$	(81	) 	 	$	12	 	 	$	(69	) 	 	$	(497	) 	 	$	62	 	  	$	(435	) 	 	$	(578	) 	 	$	74	 	 	$	(504	) 	
Fixed income derivatives	  	 	24	 	 	 	(3	) 	 	 	21	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	24	 	 	 	(3	) 	 	 	21	 	
Public equity	  	 	5	 	 	 	(1	) 	 	 	4	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	5	 	 	 	(1	) 	 	 	4	 	
Private equity	  	 	96	 	 	 	(6	) 	 	 	90	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	96	 	 	 	(6	) 	 	 	90	 	
Mark-to-market on public and private equity (2)	  	 	(18	) 	 	 	—  	 	 	 	(18	) 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	(18	) 	 	 	—  	 	 	 	(18	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio	  	 	26	 	 	 	2	 	 	 	28	 	 	 	(497	) 	 	 	62	 	  	 	(435	) 	 	 	(471	) 	 	 	64	 	 	 	(407	) 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (3)	  	 	(3	) 	 	 	—  	 	 	 	(3	) 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	(3	) 	 	 	—  	 	 	 	(3	) 	
Foreign exchange	  	 	140	 	 	 	(27	) 	 	 	113	 	 	 	(574	) 	 	 	4	 	  	 	(570	) 	 	 	(434	) 	 	 	(23	) 	 	 	(457	) 	
Partially-owned entities (4)	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Other (5)	  	 	(57	) 	 	 	11	 	 	 	(46	) 	 	 	(17	) 	 	 	5	 	  	 	(12	) 	 	 	(74	) 	 	 	16	 	 	 	(58	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	  	$	106	 	 	$	(14	) 	 	$	92	 	 	$	(1,088	) 	 	$	71	 	  	$	(1,017	) 	 	$	(982	) 	 	$	57	 	 	$	(925	) 	

(1)	Other-than-temporary impairments for the quarter in realized gains (losses) were $4 million for fixed maturities.	
(2)	Effective Q1 2018, the company adopted new guidance that requires the recognition of mark-to-market changes of public equities and cost-method private equities to be recognized through realized gains (losses) on the income statement. Previously these unrealized gains (losses) were recorded through other comprehensive income (loss) on the balance sheet.	
(3)	The quarter includes $44 million of losses on applicable hedges. These losses are both pre-tax and after-tax.	
(4)	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.	
(5)	Other realized losses primarily include $36 million related to the early redemption of the $1.0 billion junior subordinated capital securities in April 2018 and $22 million related to lease impairments. Other unrealized losses are primarily related to the company’s post-retirement programs.	

 	  	Three months ended June 30, 2017	 	
 	  	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	  	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	
 	  	(Losses)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	
 	  	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	
Fixed maturities	  	$	23	 	 	$	(8	) 	 	$	15	 	 	$	423	 	 	$	(141	) 	 	$	282	 	 	$	446	 	 	$	(149	) 	 	$	297	 	
Fixed income derivatives	  	 	(16	) 	 	 	2	 	 	 	(14	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(16	) 	 	 	2	 	 	 	(14	) 	
Public equity	  	 	2	 	 	 	(1	) 	 	 	1	 	 	 	15	 	 	 	(4	) 	 	 	11	 	 	 	17	 	 	 	(5	) 	 	 	12	 	
Private equity	  	 	145	 	 	 	(9	) 	 	 	136	 	 	 	(4	) 	 	 	(3	) 	 	 	(7	) 	 	 	141	 	 	 	(12	) 	 	 	129	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio (6)	  	 	154	 	 	 	(16	) 	 	 	138	 	 	 	434	 	 	 	(148	) 	 	 	286	 	 	 	588	 	 	 	(164	) 	 	 	424	 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (7)	  	 	80	 	 	 	—  	 	 	 	80	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	80	 	 	 	—  	 	 	 	80	 	
Foreign exchange	  	 	14	 	 	 	(3	) 	 	 	11	 	 	 	102	 	 	 	(4	) 	 	 	98	 	 	 	116	 	 	 	(7	) 	 	 	109	 	
Partially-owned entities (8)	  	 	(2	) 	 	 	—  	 	 	 	(2	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(2	) 	 	 	—  	 	 	 	(2	) 	
Other (9)	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(35	) 	 	 	21	 	 	 	(14	) 	 	 	(35	) 	 	 	21	 	 	 	(14	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	  	$	246	 	 	$	(19	) 	 	$	227	 	 	$	501	 	 	$	(131	) 	 	$	370	 	 	$	747	 	 	$	(150	) 	 	$	597	 	

(6)	Other-than-temporary impairments for the quarter in realized gains (losses) include $4 million for fixed maturities, $3 million for public equity and $1 million for private equity.	
(7)	The quarter includes $38 million of losses on applicable hedges. These losses are both pre-tax and after-tax.	
(8)	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.	
(9)	Other unrealized losses are primarily related to the company’s post-retirement programs.	

Net Gains (Losses)	  	Page 26	

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

 	  	Six months ended June 30, 2018	 	
 	  	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	  	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	
 	  	(Losses)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	
 	  	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	
Fixed maturities (1)	  	$	(104	) 	 	$	15	 	 	$	(89	) 	 	$	(1,708	) 	 	$	285	 	 	$	(1,423	) 	 	$	(1,812	) 	 	$	300	 	 	$	(1,512	) 	
Fixed income derivatives	  	 	41	 	 	 	(4	) 	 	 	37	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	41	 	 	 	(4	) 	 	 	37	 	
Public equity	  	 	15	 	 	 	(3	) 	 	 	12	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	15	 	 	 	(3	) 	 	 	12	 	
Private equity	  	 	140	 	 	 	(15	) 	 	 	125	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	140	 	 	 	(15	) 	 	 	125	 	
Mark-to-market on public and private equity (2)	  	 	(10	) 	 	 	3	 	 	 	(7	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 				 				 	 	—  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio	  	 	82	 	 	 	(4	) 	 	 	78	 	 	 	(1,708	) 	 	 	285	 	 	 	(1,423	) 	 	 	(1,626	) 	 	 	281	 	 	 	(1,345	) 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges  (3)	  	 	57	 	 	 	—  	 	 	 	57	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	57	 	 	 	—  	 	 	 	57	 	
Foreign exchange	  	 	63	 	 	 	(18	) 	 	 	45	 	 	 	(177	) 	 	 	(15	) 	 	 	(192	) 	 	 	(114	) 	 	 	(33	) 	 	 	(147	) 	
Partially-owned entities (4)	  	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	
Other (5)	  	 	(55	) 	 	 	11	 	 	 	(44	) 	 	 	(40	) 	 	 	9	 	 	 	(31	) 	 	 	(95	) 	 	 	20	 	 	 	(75	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	  	$	146	 	 	$	(11	) 	 	$	135	 	 	$	(1,925	) 	 	$	279	 	 	$	(1,646	) 	 	$	(1,779	) 	 	$	268	 	 	$	(1,511	) 	

(1)	Year to date other-than-temporary impairments in realized gains (losses) were $5 million for fixed maturities.	
(2)	Effective Q1 2018, the company adopted new guidance that requires the recognition of mark-to-market changes of public equities and cost-method private equities to be recognized through realized gains (losses) on the income statement. Previously these unrealized gains (losses) were recorded through other comprehensive income (loss) on the balance sheet.	
(3)	Year to date includes $22 million of losses on applicable hedges. These losses are both pre-tax and after-tax.	
(4)	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.	
(5)	Other realized losses primarily include $36 million related to the early redemption of the $1.0 billion junior subordinated capital securities in April 2018 and $22 million related to lease impairments. Other unrealized losses are primarily related to the company’s post-retirement programs.	

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

(6)	Year to date other-than-temporary impairments in realized gains (losses) include $10 million for fixed maturities, $8 million for public equity and $9 million for private equity.	
(7)	Year to date includes $112 million of losses on applicable hedges. These losses are both pre-tax and after-tax.	
(8)	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.	
(9)	Other unrealized losses are primarily related to the company’s post-retirement programs.	

Net Gains (Losses) 2	  	Page 27	

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

 	  	June 30
2018	 	 	March 31
2018	 	 	December 31
2017	 	 	December 31
2016	 	
Financial Debt:	  				 				 				 				
Total short-term debt (1) (2)	  	$	600	 	 	$	1,669	 	 	$	1,013	 	 	$	500	 	
Total long-term debt (2)	  	 	12,184	 	 	 	12,786	 	 	 	11,556	 	 	 	12,610	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total financial debt	  	$	12,784	 	 	$	14,455	 	 	$	12,569	 	 	$	13,110	 	
Hybrid debt:	  				 				 				 				
Total trust preferred securities	  	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	13,092	 	 	$	14,763	 	 	$	12,877	 	 	$	13,418	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capitalization:	  				 				 				 				
Shareholders’ equity	  	$	50,971	 	 	$	51,287	 	 	$	51,172	 	 	$	48,275	 	
Hybrid debt	  	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	
Financial debt	  	 	12,784	 	 	 	14,455	 	 	 	12,569	 	 	 	13,110	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total capitalization	  	$	64,063	 	 	$	66,050	 	 	$	64,049	 	 	$	61,693	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Leverage ratios (based on total capital):	  				 				 				 				
Hybrid debt	  	 	0.5	% 	 	 	0.5	% 	 	 	0.5	% 	 	 	0.5	% 	
Financial debt	  	 	20.0	% 	 	 	21.9	% 	 	 	19.6	% 	 	 	21.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total hybrid & financial debt	  	 	20.5	% 	 	 	22.4	% 	 	 	20.1	% 	 	 	21.8	% 	
Note: As of June 30, 2018, there was $0.4 billion usage of credit facilities on a total commitment of $1.0 billion.
 
(1)	During Q2 2018, the $1.0 billion junior subordinated capital securities were redeemed and the $600 million 5.75% senior notes matured and were fully paid.	
(2)	During Q2 2018, the $500 million 5.9% senior notes were reclassified to short-term debt.	

Debt and Capital	  	Page 28	

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

 	  	Three months ended June 30	 	 	Six months ended June 30	 	
 	  	2018	 	 	2017	 	 	2018	 	 	2017	 	
Numerator	  				 				 				 				
Core operating income to common shares	  	$	1,253	 	 	$	1,180	 	 	$	2,350	 	 	$	2,355	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax (1)	  	 	(52	) 	 	 	(72	) 	 	 	(111	) 	 	 	(151	) 	
Tax benefit on amortization adjustment	  	 	11	 	 	 	20	 	 	 	20	 	 	 	44	 	
Chubb integration expenses, pre-tax	  	 	(13	) 	 	 	(72	) 	 	 	(23	) 	 	 	(183	) 	
Tax benefit on Chubb integration expenses	  	 	3	 	 	 	22	 	 	 	5	 	 	 	59	 	
Adjusted net realized gains (losses), pre-tax	  	 	106	 	 	 	246	 	 	 	146	 	 	 	291	 	
Tax expense on adjusted net realized gains (losses)	  	 	(14	) 	 	 	(19	) 	 	 	(11	) 	 	 	(17	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	1,294	 	 	$	1,305	 	 	$	2,376	 	 	$	2,398	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rollforward of Common Shares Outstanding	  				 				 				 				
Shares—beginning of period	  	 	465,831,486	 	 	 	467,223,019	 	 	 	463,833,179	 	 	 	465,968,716	 	
Repurchase of shares	  	 	(2,443,855	) 	 	 	(2,381,566	) 	 	 	(2,443,855	) 	 	 	(3,417,630	) 	
Shares issued, excluding option exercises	  	 	19,978	 	 	 	107,167	 	 	 	1,595,767	 	 	 	1,791,540	 	
Issued for option exercises	  	 	94,555	 	 	 	426,521	 	 	 	517,073	 	 	 	1,032,515	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Shares—end of period	  	 	463,502,164	 	 	 	465,375,141	 	 	 	463,502,164	 	 	 	465,375,141	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Denominator	  				 				 				 				
Weighted average shares outstanding (2)	  	 	465,276,597	 	 	 	467,981,077	 	 	 	465,488,724	 	 	 	468,244,458	 	
Effect of other dilutive securities	  	 	3,103,727	 	 	 	3,872,860	 	 	 	3,489,013	 	 	 	3,900,678	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adj. wtd. avg. shares outstanding and assumed conversions	  	 	468,380,324	 	 	 	471,853,937	 	 	 	468,977,737	 	 	 	472,145,136	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	  				 				 				 				
Core operating income	  	$	2.69	 	 	$	2.52	 	 	$	5.05	 	 	$	5.03	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)	  	 	(0.09	) 	 	 	(0.11	) 	 	 	(0.19	) 	 	 	(0.23	) 	
Chubb integration expenses, net of tax	  	 	(0.02	) 	 	 	(0.11	) 	 	 	(0.04	) 	 	 	(0.26	) 	
Adjusted net realized gains (losses), net of tax	  	 	0.20	 	 	 	0.49	 	 	 	0.28	 	 	 	0.58	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	2.78	 	 	$	2.79	 	 	$	5.10	 	 	$	5.12	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings per share	  				 				 				 				
Core operating income	  	$	2.68	 	 	$	2.50	 	 	$	5.01	 	 	$	4.99	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)	  	 	(0.09	) 	 	 	(0.11	) 	 	 	(0.19	) 	 	 	(0.23	) 	
Chubb integration expenses, net of tax	  	 	(0.02	) 	 	 	(0.10	) 	 	 	(0.04	) 	 	 	(0.26	) 	
Adjusted net realized gains (losses), net of tax	  	 	0.19	 	 	 	0.48	 	 	 	0.29	 	 	 	0.58	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	2.76	 	 	$	2.77	 	 	$	5.07	 	 	$	5.08	 	

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

Earnings Per Share	  	Page 29	

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

 	  	June 30
2018	 	 	March 31
2018	 	 	December 31
2017	 	 	June 30
2017	 	
Shareholders’ equity	  	$	50,971	 	 	$	51,287	 	 	$	51,172	 	 	$	50,349	 	
Less: goodwill and other intangible assets, net of tax	  	 	20,380	 	 	 	20,706	 	 	 	20,621	 	 	 	19,994	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Numerator for tangible book value per share	  	$	30,591	 	 	$	30,581	 	 	$	30,551	 	 	$	30,355	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value—% change over prior quarter	  	 	-0.6	% 	 	 	0.2	% 	 	 	1.4	% 	 	 	2.3	% 	
Tangible book value—% change over prior quarter	  	 	0.0	% 	 	 	0.1	% 	 	 	1.2	% 	 	 	3.9	% 	
Denominator	  	 	463,502,164	 	 	 	465,831,486	 	 	 	463,833,179	 	 	 	465,375,141	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share	  	$	109.97	 	 	$	110.10	 	 	$	110.32	 	 	$	108.19	 	
Tangible book value per common share	  	$	66.00	 	 	$	65.65	 	 	$	65.87	 	 	$	65.23	 	
Reconciliation of Book Value	  				 				 				 				
Shareholders’ equity, beginning of quarter	  	$	51,287	 	 	$	51,172	 	 	$	50,471	 	 	$	49,224	 	
Core operating income	  	 	1,253	 	 	 	1,097	 	 	 	1,489	 	 	 	1,180	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)	  	 	(41	) 	 	 	(50	) 	 	 	(41	) 	 	 	(52	) 	
Chubb integration expenses, net of tax	  	 	(10	) 	 	 	(8	) 	 	 	(57	) 	 	 	(50	) 	
Adjusted net realized gains (losses), net of tax (2)	  	 	92	 	 	 	43	 	 	 	142	 	 	 	227	 	
Net unrealized gains (losses) on the investment portfolio	  	 	(435	) 	 	 	(988	) 	 	 	(193	) 	 	 	286	 	
Repurchase of shares	  	 	(324	) 	 	 	—  	 	 	 	(123	) 	 	 	(335	) 	
Dividend declared on common shares	  	 	(339	) 	 	 	(332	) 	 	 	(330	) 	 	 	(332	) 	
Cumulative translation	  	 	(570	) 	 	 	378	 	 	 	(411	) 	 	 	98	 	
Postretirement benefit liability	  	 	(13	) 	 	 	(18	) 	 	 	78	 	 	 	(14	) 	
Other (3)	  	 	71	 	 	 	(7	) 	 	 	147	 	 	 	117	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	$	50,971	 	 	$	51,287	 	 	$	51,172	 	 	$	50,349	 	

(1)	Related to the acquisition of The Chubb Corporation.	
(2)	Includes net realized gains (losses) related to unconsolidated entities.	
(3)	Other primarily includes proceeds from exercise of stock options and stock compensation, offset by the value of any share cancellations for restricted stock vesting taxes.	

Reconciliation Book Value	  	Page 30	

Chubb Limited
Non-GAAP Financial Measures
(Unaudited)
Regulation G - Non-GAAP Financial Measures
In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP).
We provide financial measures such as gross premiums written, net premiums written, net premiums earned, and core operating income (loss) on a constant-dollar basis. We believe it is useful to evaluate the trends in these measures exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.
Adjusted losses and loss expenses includes realized gains and losses on crop derivatives. The crop derivatives are purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing will impact underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations and therefore realized gains and losses from these derivatives are reclassified from adjusted net realized gains (losses), also a non-GAAP financial measure.
Adjusted net realized gains (losses), net of tax includes net realized gains (losses) and net realized gains (losses) recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses. The P&C combined ratio includes adjusted losses and loss expenses in the ratio numerator.
In presenting our segment income (loss) results, we have shown our performance with reference to underwriting results. Underwriting results are calculated by subtracting adjusted losses and loss expenses, policy benefits, policy acquisition costs, and administrative expenses from net premiums earned. We use underwriting results and adjusted operating ratios to monitor the results of our operations without the impact of certain factors, including investment income, other income and expenses, interest and income tax expense, and adjusted net realized gains (losses). P&C underwriting income is a non-GAAP financial measure which excludes the Life Insurance segment. P&C loss and loss expense ratio and P&C combined ratio (both non-GAAP financial measures) include adjusted losses and loss expenses in the ratio numerator. P&C expense ratio (a non-GAAP financial measure) and P&C combined ratio include policy acquisition costs and administrative expenses in the ratio numerator. A reconciliation of combined ratio to P&C combined ratio is provided on pages 34-37.
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. 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.
CAY P&C combined ratio excluding the impact of catastrophe losses and prior period development (PPD) is a non-GAAP financial measure. The combined ratio numerator includes adjusted losses and loss expenses, policy acquisition costs, and administrative expenses. The denominator includes net premiums earned adjusted to exclude the amount of reinstatement premiums (expensed) collected. In periods where there are adjustments on loss sensitive policies, these adjustments are excluded from PPD and net premiums earned when calculating the ratios. We believe that excluding the impact of catastrophe losses and PPD provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our property & casualty business that may be obscured by these items.
Expense ratio excluding accident and health (A&H) is a non-GAAP financial measure and excludes the impact of our A&H business from our expense ratio. The expense ratio for the A&H business is typically higher than our traditional P&C business, and we believe that this measure provides better comparison to our peer companies that may not have a significant A&H block of business.
Global P&C performance metrics are non-GAAP financial measures and comprise consolidated adjusted operating results (including corporate) and exclude the adjusted operating results of the company’s Life Insurance and North America Agricultural Insurance segments. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.
Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.
Other income (expense) – operating is a non-GAAP financial measure and excludes the portion of net realized gains and losses related to unconsolidated entities from other income (expense). These gains and losses are reported as net realized gains (losses) and represent the non-operating activities of entities where we hold more than an insignificant percentage of the investee’s shares. We exclude these gains and losses from other income (expense) to enhance the understanding of our segments’ operations as they are heavily influenced by, and fluctuate in part according to market conditions. Other income (expense) – operating and net realized gains and losses related to unconsolidated entities are recorded to Other income (expense) in our income statement on a GAAP basis.
Core operating income (loss) is a non-GAAP financial measure that excludes the after-tax impact of adjusted net realized gains (losses), net realized gains (losses) included in other income (expense) related to partially owned entities, Chubb integration expenses, and the amortization of the fair value adjustments related to purchased invested assets and long-term debt from the Chubb Corp acquisition. We exclude adjusted realized gains and losses because the amount of these gains (losses) are heavily influenced by, and fluctuate in part according to the availability of market opportunities. We exclude Chubb integration expenses due to the size and complexity of this acquisition. These integration expenses are distortive to our results and are not indicative of our underlying profitability. We believe that excluding these integration expenses facilitates the comparison of our financial results to our historical operating results. Chubb integration expenses are incurred by the overall company and are therefore included in Corporate. The costs are not related to the on-going activities of the individual segments and are therefore excluded from our definition of segment income (loss), as well.
Core operating income excluding catastrophe losses excludes the impact of catastrophe losses due to the significant size and number of these events which could obscure the underlying operating results. We believe this measure provides a better evaluation of our operating performance and enhances the understanding of the trends in our property and casualty business. Core operating income with expected level of catastrophe losses is a non-GAAP financial measure which excludes catastrophe losses above or below management’s view of typical catastrophe losses for that period. The adjustment for normalized catastrophe activity reduces the unusually large impact of catastrophe activity which could obscure our underlying performance. Current accident year core operating income excluding catastrophe losses is core operating 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 underlying performance. Core operating income, Core operating income excluding catastrophe losses, Core operating income with expected level of catastrophe losses, and Current accident year core operating income excluding catastrophe losses should not be viewed as a substitute for net income determined in accordance with GAAP. References to core operating income measures mean net of tax, whether or not noted.
Core operating effective tax rate is a non-GAAP financial measure. The numerator excludes tax on adjusted net realized gains (losses), tax on Chubb integration expenses, and tax on the amortization of the fair value adjustments related to purchased invested assets and long-term debt from the Chubb Corp acquisition. The denominator is core operating income (loss), before tax. Core operating effective tax rate should not be viewed as a substitute for effective tax rate determined in accordance with GAAP.
Book value per common share, net of tax is shareholders’ equity divided by the shares outstanding. Tangible book value per common share, net of tax 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. In addition, we disclose per share measures for book value and tangible book value that exclude the impact of foreign currency fluctuations in order to adjust for the distortive effects of fluctuations in exchange rates. Adjusted book value per common share, net of tax, excludes unrealized investment gains (losses). Adjusted tangible book value per common share, net of tax, excludes goodwill and other intangible assets, net of tax, as well as unrealized investment gains (losses). 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. We believe these measures are meaningful to understanding growth in book and tangible book value by highlighting the underlying profitability relative to shareholders’ equity excluding the effect of unrealized gains and losses on our investments.
International life insurance net premiums written and deposits collected, is a non-GAAP financial measure. Deposits collected on universal life and investment contracts (life deposits) are not reflected as revenues in our consolidated statements of operations in accordance with GAAP. However, we include life deposits in presenting growth in our life insurance business because new life deposits are an important component of production and key to our efforts to grow our business.
Net premiums written excluding merger-related actions is a non-GAAP performance measure. Since the acquisition of The Chubb Corporation, we have entered into new reinsurance agreements with third-party reinsurers for the Chubb Corp businesses and have taken other merger-related actions, including exiting certain types of business that do not meet our underwriting standards or adhere to our risk diversification strategy. We believe that these measures are meaningful to evaluate trends in our underlying business on a comparable basis.

Reconciliation Non-GAAP	  	Page 31	

Chubb Limited
Non-GAAP Financial Measures—2
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G—Non-GAAP Financial Measures (continued)
Core operating ROE
Core operating return on equity (ROE) or ROE calculated using core operating income: The ROE numerator includes income adjusted to exclude after-tax adjusted net realized gains (losses), Chubb integration expenses, and the amortization of the fair value adjustment of acquired invested assets and long-term debt. The ROE denominator includes the average shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, net of tax. Core operating ROE is a useful measure as it enhances the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity excluding the effect of unrealized gains and losses on our investments.

 	  	2Q-18	 	 	 	 	  	 	 	  	 	 	  	2Q-17	 	 	YTD
2018	 	 	YTD
2017	 	 	Full Year
2017	 	
Net income	  	$	1,294	 	 				  				  				  	$	1,305	 	 	$	2,376	 	 	$	2,398	 	 	$	3,861	 	
Core operating income	  	$	1,253	 	 				  				  				  	$	1,180	 	 	$	2,350	 	 	$	2,355	 	 	$	3,784	 	
Equity—beginning of period, as reported	  	$	51,287	 	 				  				  				  	$	49,224	 	 	$	51,172	 	 	$	48,275	 	 	$	48,275	 	
Less: unrealized gains on investments, net of deferred tax (1)	  	 	45	 	 				  				  				  	 	1,265	 	 	 	1,033	 	 	 	1,058	 	 	 	1,058	 	
	  	 	 	 	 				  				  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity—beginning of period, as adjusted	  	$	51,242	 	 				  				  				  	$	47,959	 	 	$	50,139	 	 	$	47,217	 	 	$	47,217	 	
	  	 	 	 	 				  				  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity—end of period, as reported	  	$	50,971	 	 				  				  				  	$	50,349	 	 	$	50,971	 	 	$	50,349	 	 	$	51,172	 	
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	(390	) 	 				  				  				  	 	1,551	 	 	 	(390	) 	 	 	1,551	 	 	 	1,450	 	
	  	 	 	 	 				  				  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity—end of period, as adjusted	  	$	51,361	 	 				  				  				  	$	48,798	 	 	$	51,361	 	 	$	48,798	 	 	$	49,722	 	
	  	 	 	 	 				  				  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average equity, as reported	  	$	51,129	 	 				  				  				  	$	49,787	 	 	$	51,072	 	 	$	49,312	 	 	$	49,724	 	
Weighted average equity, as adjusted	  	$	51,302	 	 				  				  				  	$	48,379	 	 	$	50,750	 	 	$	48,008	 	 	$	48,470	 	
ROE	  	 	10.1	% 	 				  				  				  	 	10.5	% 	 	 	9.3	% 	 	 	9.7	% 	 	 	7.8	% 	
Core operating ROE	  	 	9.8	% 	 				  				  				  	 	9.8	% 	 	 	9.3	% 	 	 	9.8	% 	 	 	7.8	% 	
 
(1)	During Q1 2018, the company adopted new guidance that requires the reclassification of $417 million of unrealized appreciation to beginning retained earnings related to public equities and cost-method private equities. Refer to footnote 2 on pages 26 and 27 for further information.	
Core operating effective tax rate
The following table presents the reconciliation of effective tax rate to the core operating effective tax rate:
																																	
 	  	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	3Q-17	 	 	2Q-17	 	 	YTD
2018	 	 	YTD
2017	 	 	Full Year
2017	 	
Tax expense (benefit), as reported	  	$	218	 	 	$	135	 	 	$	(382	) 	 	$	(85	) 	 	$	200	 	 	$	353	 	 	$	328	 	 	$	(139	) 	
Less: tax benefit on amortization of fair value of acquired invested assets and debt (1)	  	 	(11	) 	 	 	(9	) 	 	 	(23	) 	 	 	(18	) 	 	 	(20	) 	 	 	(20	) 	 	 	(44	) 	 	 	(85	) 	
Less: tax benefit on Chubb integration expenses	  	 	(3	) 	 	 	(2	) 	 	 	(20	) 	 	 	(14	) 	 	 	(22	) 	 	 	(5	) 	 	 	(59	) 	 	 	(93	) 	
Less: tax expense (benefit) on adjusted net realized gains (losses)	  	 	14	 	 	 	(3	) 	 	 	(20	) 	 	 	8	 	 	 	19	 	 	 	11	 	 	 	17	 	 	 	5	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tax expense (benefit), adjusted	  	$	218	 	 	$	149	 	 	$	(319	) 	 	$	(61	) 	 	$	223	 	 	$	367	 	 	$	414	 	 	$	34	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before tax, as reported	  	$	1,512	 	 	$	1,217	 	 	$	1,151	 	 	$	(155	) 	 	$	1,505	 	 	$	2,729	 	 	$	2,726	 	 	$	3,722	 	
Less: amortization of fair value of acquired invested assets and debt (1)	  	 	(52	) 	 	 	(59	) 	 	 	(64	) 	 	 	(68	) 	 	 	(72	) 	 	 	(111	) 	 	 	(151	) 	 	 	(283	) 	
Less: Chubb integration expenses	  	 	(13	) 	 	 	(10	) 	 	 	(77	) 	 	 	(50	) 	 	 	(72	) 	 	 	(23	) 	 	 	(183	) 	 	 	(310	) 	
Less: adjusted realized gains (losses)	  	 	10	 	 	 	(4	) 	 	 	—  	 	 	 	(5	) 	 	 	103	 	 	 	6	 	 	 	96	 	 	 	91	 	
Less: realized gains (losses) related to unconsolidated entities	  	 	96	 	 	 	44	 	 	 	122	 	 	 	89	 	 	 	143	 	 	 	140	 	 	 	195	 	 	 	406	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating income (loss) before tax	  	$	1,471	 	 	$	1,246	 	 	$	1,170	 	 	$	(121	) 	 	$	1,403	 	 	$	2,717	 	 	$	2,769	 	 	$	3,818	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effective tax rate	  	 	14.4	% 	 	 	11.1	% 	 	 	-33.1	% 	 	 	54.7	% 	 	 	13.3	% 	 	 	12.9	% 	 	 	12.0	% 	 	 	-3.7	% 	
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt (1)	  	 	0.2	% 	 	 	0.2	% 	 	 	3.7	% 	 	 	8.6	% 	 	 	0.6	% 	 	 	0.2	% 	 	 	0.8	% 	 	 	2.3	% 	
Adjustment for tax impact of Chubb integration expenses	  	 	0.1	% 	 	 	0.1	% 	 	 	3.8	% 	 	 	6.6	% 	 	 	0.8	% 	 	 	0.1	% 	 	 	1.2	% 	 	 	2.6	% 	
Adjustment for tax impact of adjusted net realized gains (losses)	  	 	0.1	% 	 	 	0.6	% 	 	 	-1.6	% 	 	 	-19.0	% 	 	 	1.3	% 	 	 	0.3	% 	 	 	1.0	% 	 	 	-0.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating effective tax rate	  	 	14.8	% 	 	 	12.0	% 	 	 	-27.2	% 	 	 	50.9	% 	 	 	16.0	% 	 	 	13.5	% 	 	 	15.0	% 	 	 	0.9	% 	

(1)	Related to the acquisition of The Chubb Corporation.	
Core operating income (loss)
The following table presents the reconciliation of Net income (loss) to Core operating income (loss):
																																	
 	  	2Q-18	 	 	1Q-18	 	 	4Q-17	 	 	3Q-17	 	 	2Q-17	 	 	YTD
2018	 	 	YTD
2017	 	 	Full Year
2017	 	
Net income (loss), as reported	  	$	1,294	 	 	$	1,082	 	 	$	1,533	 	 	$	(70	) 	 	$	1,305	 	 	$	2,376	 	 	$	2,398	 	 	$	3,861	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax (1)	  	 	(52	) 	 	 	(59	) 	 	 	(64	) 	 	 	(68	) 	 	 	(72	) 	 	 	(111	) 	 	 	(151	) 	 	 	(283	) 	
Tax benefit on amortization adjustment	  	 	11	 	 	 	9	 	 	 	23	 	 	 	18	 	 	 	20	 	 	 	20	 	 	 	44	 	 	 	85	 	
Chubb integration expenses, pre-tax	  	 	(13	) 	 	 	(10	) 	 	 	(77	) 	 	 	(50	) 	 	 	(72	) 	 	 	(23	) 	 	 	(183	) 	 	 	(310	) 	
Tax benefit on Chubb integration expenses	  	 	3	 	 	 	2	 	 	 	20	 	 	 	14	 	 	 	22	 	 	 	5	 	 	 	59	 	 	 	93	 	
Adjusted net realized gains (losses)	  	 	10	 	 	 	(4	) 	 	 	—  	 	 	 	(5	) 	 	 	103	 	 	 	6	 	 	 	96	 	 	 	91	 	
Net realized gains (losses) related to unconsolidated entities (2)	  	 	96	 	 	 	44	 	 	 	122	 	 	 	89	 	 	 	143	 	 	 	140	 	 	 	195	 	 	 	406	 	
Tax benefit (expense) on adjusted net realized gains (losses)	  	 	(14	) 	 	 	3	 	 	 	20	 	 	 	(8	) 	 	 	(19	) 	 	 	(11	) 	 	 	(17	) 	 	 	(5	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating income (loss)	  	$	1,253	 	 	$	1,097	 	 	$	1,489	 	 	$	(60	) 	 	$	1,180	 	 	$	2,350	 	 	$	2,355	 	 	$	3,784	 	

(1)	Related to the acquisition of The Chubb Corporation.	
(2)	Realized gains (losses) on partially-owned entities, which are investments where we hold more than an insignificant percentage of the investee’s shares. The net income or loss is included in other income (expense).	

Reconciliation Non-GAAP 2	  	Page 32	

Chubb Limited
Non-GAAP Financial Measures - 3
(in millions of U.S. dollars, except per share data, and ratios)
(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)	 	
								
Core operating income measures	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
								
 	  	2Q-18	 	 	2Q-17	 	 	% Change
2Q-18 vs.
2Q-17	 	 	YTD
2018	 	 	YTD
2017	 	 	% Change
YTD-18 vs
YTD-17	 	 	Full Year
2017	 	
Core operating income	  	$	1,253	 	 	$	1,180	 	 				 	$	2,350	 	 	$	2,355	 	 				 	$	3,784	 	
Less: Catastrophe losses, after-tax	  	 	(173	) 	 	 	(152	) 	 				 	 	(476	) 	 	 	(316	) 	 				 	 	(2,171	) 	
	  	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	
Core operating income ex Cats	  	$	1,426	 	 	$	1,332	 	 	 	7.0	% 	 	$	2,826	 	 	$	2,671	 	 	 	5.8	% 	 	$	5,955	 	
Less: Prior period development, after-tax	  	 	158	 	 	 	144	 	 				 	 	324	 	 	 	299	 	 				 	 	634	 	
	  	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	
Core operating income ex Cats and PPD	  	$	1,268	 	 	$	1,188	 	 				 	$	2,502	 	 	$	2,372	 	 				 	$	5,321	 	
	  	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	
Core operating income	  	$	1,253	 	 	$	1,180	 	 				 	$	2,350	 	 	$	2,355	 	 				 	$	3,784	 	
Add: Actual Cats above (below) expected levels, after-tax	  	 	(10	) 	 	 	(13	) 	 				 	 	125	 	 	 	(5	) 	 				 	 	1,455	 	
	  	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	
Core operating income w/ expected level of Cats	  	$	1,243	 	 	$	1,167	 	 	 	6.5	% 	 	$	2,475	 	 	$	2,350	 	 	 	5.4	% 	 	$	5,239	 	

Diluted earnings per share	  				 				 				 				 				 				 				
	  	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	
Core operating income ex Cats	  	$	3.05	 	 	$	2.82	 	 	 	8.2	% 	 	$	6.03	 	 	$	5.66	 	 	 	6.5	% 	 	$	12.64	 	
	  	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	
Core operating income ex Cats and PPD	  	$	2.71	 	 	$	2.52	 	 	 	7.5	% 	 	$	5.34	 	 	$	5.02	 	 	 	6.4	% 	 	$	11.29	 	
	  	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	
Core operating income w/ expected level of Cats	  	$	2.65	 	 	$	2.47	 	 	 	7.3	% 	 	$	5.28	 	 	$	4.98	 	 	 	6.0	% 	 	$	11.12	 	

																					
Core operating ROE with expected level of Cats
 	 	 	 	 	 	 	 	
  	  	2Q-18	 	 	2Q-17	 	 	YTD
2018	 	 	YTD
2017	 	 	Full Year
2017	 	
Equity - beginning of period, as reported	  	$	51,287	 	 	$	49,224	 	 	$	51,172	 	 	$	48,275	 	 	$	48,275	 	
Less: unrealized gains on investments, net of deferred tax	  	 	45	 	 	 	1,265	 	 	 	1,033	 	 	 	1,058	 	 	 	1,058	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity - beginning of period, as adjusted	  	$	51,242	 	 	$	47,959	 	 	$	50,139	 	 	$	47,217	 	 	$	47,217	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity - end of period, as reported	  	$	50,971	 	 	$	50,349	 	 	$	50,971	 	 	$	50,349	 	 	$	51,172	 	
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	(390	) 	 	 	1,551	 	 	 	(390	) 	 	 	1,551	 	 	 	1,450	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity - end of period, as adjusted	  	$	51,361	 	 	$	48,798	 	 	$	51,361	 	 	$	48,798	 	 	$	49,722	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Add: Actual Cats above (below) expected levels, after-tax	  	 	(10	) 	 	 	(13	) 	 	 	125	 	 	 	(5	) 	 	 	1,455	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity - end of period, as adjusted, w/ expected level of Cats	  	$	51,351	 	 	$	48,785	 	 	$	51,486	 	 	$	48,793	 	 	$	51,177	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average equity, as reported	  	$	51,129	 	 	$	49,787	 	 	$	51,072	 	 	$	49,312	 	 	$	49,724	 	
Weighted average equity, as adjusted	  	$	51,302	 	 	$	48,379	 	 	$	50,750	 	 	$	48,008	 	 	$	48,470	 	
Weighted average equity, as adjusted, w/ expected level of Cats	  	$	51,297	 	 	$	48,372	 	 	$	50,813	 	 	$	48,005	 	 	$	49,197	 	
ROE	  	 	10.1	% 	 	 	10.5	% 	 	 	9.3	% 	 	 	9.7	% 	 	 	7.8	% 	
Core operating ROE	  	 	9.8	% 	 	 	9.8	% 	 	 	9.3	% 	 	 	9.8	% 	 	 	7.8	% 	
Core operating ROE, w/ expected level of Cats	  	 	9.7	% 	 	 	9.7	% 	 	 	9.7	% 	 	 	9.8	% 	 	 	10.6	% 	

																					
	
Reconciliation of Book Value and Tangible Book Value per Share, excluding Unrealized  Gains (Losses) on Investments
 	 	
 	  	June 30
2018	 	  	March 31
2018	 	  	January 1
2018	 	  	% Change
QTD
2018	 	 	% Change
YTD
2018	 	
Adjusted book value	  	$	51,361	 	  	$	51,242	 	  	$	50,139	 	  				 				
Less: goodwill and other intangible assets, net of tax	  	 	20,380	 	  	 	20,706	 	  	 	20,621	 	  				 				
	  	 	 	 	  	 	 	 	  	 	 	 	  				 				
Adjusted tangible book value	  	$	30,981	 	  	$	30,536	 	  	$	29,518	 	  				 				
	  	 	 	 	  	 	 	 	  	 	 	 	  				 				
Denominator	  	 	463,502,164	 	  	 	465,831,486	 	  	 	463,833,179	 	  				 				
	  	 	 	 	  	 	 	 	  	 	 	 	  				 				
Adjusted book value per share	  	$	110.81	 	  	$	110.00	 	  	$	108.10	 	  	 	0.7	% 	 	 	2.5	% 	
Adjusted tangible book value per share	  	$	66.84	 	  	$	65.55	 	  	$	63.64	 	  	 	2.0	% 	 	 	5.0	% 	

P&C combined ratio with expected level of Cats
 	 	
  	  	2Q-18	 	 	2Q-17	 	 	YTD
2018	 	 	YTD
2017	 	 	Full Year
2017	 	
P&C combined ratio	  	 	88.4	% 	 	 	88.0	% 	 	 	89.2	% 	 	 	87.8	% 	 	 	94.7	% 	
Less: Catastrophe losses	  	 	3.0	% 	 	 	3.0	% 	 	 	4.4	% 	 	 	3.1	% 	 	 	10.2	% 	
Less: Prior period development	  	 	-2.7	% 	 	 	-2.5	% 	 	 	-3.0	% 	 	 	-3.1	% 	 	 	-3.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C CAY combined ratio excluding Cats	  	 	88.1	% 	 	 	87.5	% 	 	 	87.8	% 	 	 	87.8	% 	 	 	87.6	% 	
Add: Expected level of Cats	  	 	3.2	% 	 	 	3.2	% 	 	 	3.2	% 	 	 	3.1	% 	 	 	3.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C CAY combined ratio w/ expected level of Cats	  	 	91.3	% 	 	 	90.7	% 	 	 	91.0	% 	 	 	90.9	% 	 	 	91.0	% 	
Add: Prior period development	  	 	-2.7	% 	 	 	-2.5	% 	 	 	-3.0	% 	 	 	-3.1	% 	 	 	-3.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C combined ratio w/ expected level of Cats	  	 	88.6	% 	 	 	88.2	% 	 	 	88.0	% 	 	 	87.8	% 	 	 	87.9	% 	

			
Reconciliation Non-GAAP 3	  	Page 33	

Chubb Limited
Non-GAAP Financial Measures—4
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G—Non-GAAP Financial Measures (continued)
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 PPD.

Q2 2018	  	 	 	  	North
America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	
Numerator	  				  				 				 				 				 				 				 				
Losses and loss expenses	  				  				 				 				 				 				 				 				
Losses and loss expenses	  				  	$	2,084	 	 	$	728	 	 	$	289	 	 	$	1,071	 	 	$	83	 	 	$	48	 	 	$	4,303	 	
Realized (gains) losses on crop derivatives	  				  	 	—  	 	 	 	—  	 	 	 	(8	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(8	) 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted losses and loss expenses	  	 	A	 	  	$	2,084	 	 	$	728	 	 	$	281	 	 	$	1,071	 	 	$	83	 	 	$	48	 	 	$	4,295	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe losses	  				  	 	(73	) 	 	 	(101	) 	 	 	(2	) 	 	 	(26	) 	 	 	(9	) 	 	 	—  	 	 	 	(211	) 	
PPD and related adjustments	  				  				 				 				 				 				 				 				
PPD, net of related adjustments—favorable (unfavorable)	  				  	 	155	 	 	 	(7	) 	 	 	—  	 	 	 	72	 	 	 	16	 	 	 	(45	) 	 	 	191	 	
Net premiums earned adjustments on PPD—unfavorable (favorable)	  				  	 	(11	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	2	 	 	 	—  	 	 	 	(9	) 	
Expense adjustments—unfavorable (favorable)	  				  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
PPD—gross of related adjustments—favorable (unfavorable)	  				  	 	144	 	 	 	(7	) 	 	 	—  	 	 	 	72	 	 	 	17	 	 	 	(45	) 	 	 	181	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY loss and loss expense ex Cats	  	 	B	 	  	$	2,155	 	 	$	620	 	 	$	279	 	 	$	1,117	 	 	$	91	 	 	$	3	 	 	$	4,265	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and administrative expenses	  				  				 				 				 				 				 				 				
Policy acquisition costs and administrative expenses	  	 	C	 	  	$	701	 	 	$	296	 	 	$	27	 	 	$	850	 	 	$	49	 	 	$	70	 	 	$	1,993	 	
Expense adjustments—favorable (unfavorable)	  				  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1	 	 	 	—  	 	 	 	1	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and administrative expenses, adjusted	  	 	D	 	  	$	701	 	 	$	296	 	 	$	27	 	 	$	850	 	 	$	50	 	 	$	70	 	 	$	1,994	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Denominator	  				  				 				 				 				 				 				 				
Net premiums earned	  	 	E	 	  	$	3,277	 	 	$	1,156	 	 	$	351	 	 	$	2,161	 	 	$	167	 	 				 	$	7,112	 	
Net premiums earned adjustments on PPD—unfavorable (favorable)	  				  	 	(11	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	2	 	 				 	 	(9	) 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Net premiums earned excluding adjustments	  	 	F	 	  	$	3,266	 	 	$	1,156	 	 	$	351	 	 	$	2,161	 	 	$	169	 	 				 	$	7,103	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
P&C Combined ratio	  				  				 				 				 				 				 				 				
Losses and loss expense ratio	  	 	A/E	 	  	 	63.6	% 	 	 	63.0	% 	 	 	80.0	% 	 	 	49.6	% 	 	 	49.4	% 	 				 	 	60.4	% 	
Policy acquisition costs and administrative expense ratio	  	 	C/E	 	  	 	21.4	% 	 	 	25.6	% 	 	 	7.9	% 	 	 	39.3	% 	 	 	29.9	% 	 				 	 	28.0	% 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
P&C Combined ratio	  				  	 	85.0	% 	 	 	88.6	% 	 	 	87.9	% 	 	 	88.9	% 	 	 	79.3	% 	 				 	 	88.4	% 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
CAY P&C combined ratio ex Cats	  				  				 				 				 				 				 				 				
Loss and loss expense ratio, adjusted	  	 	B/F	 	  	 	66.0	% 	 	 	53.7	% 	 	 	79.3	% 	 	 	51.7	% 	 	 	53.0	% 	 				 	 	60.0	% 	
Policy acquisition costs and administrative expense ratio, adjusted	  	 	D/F	 	  	 	21.4	% 	 	 	25.6	% 	 	 	7.9	% 	 	 	39.3	% 	 	 	30.5	% 	 				 	 	28.1	% 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
CAY P&C combined ratio ex Cats	  				  	 	87.4	% 	 	 	79.3	% 	 	 	87.2	% 	 	 	91.0	% 	 	 	83.5	% 	 				 	 	88.1	% 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Combined ratio	  				  				 				 				 				 				 				 				
Combined ratio	  				  				 				 				 				 				 				 	 	88.5	% 	
Add: impact of gains and losses on crop derivatives	  				  				 				 				 				 				 				 	 	-0.1	% 	
	  				  				 				 				 				 				 				 	 	 	 	
P&C Combined ratio	  				  				 				 				 				 				 				 	 	88.4	% 	
	  				  				 				 				 				 				 				 	 	 	 	
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 34	

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)

YTD 2018	  	 	 	  	North
America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	
Numerator	  				  				 				 				 				 				 				 				
Losses and loss expenses	  				  				 				 				 				 				 				 				
Losses and loss expenses	  				  	$	3,992	 	 	$	1,614	 	 	$	236	 	 	$	2,149	 	 	$	150	 	 	$	59	 	 	$	8,200	 	
Realized (gains) losses on crop derivatives	  				  	 	—  	 	 	 	—  	 	 	 	(10	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(10	) 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted losses and loss expenses	  	 	A	 	  	$	3,992	 	 	$	1,614	 	 	$	226	 	 	$	2,149	 	 	$	150	 	 	$	59	 	 	$	8,190	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe losses	  				  	 	(151	) 	 	 	(385	) 	 	 	(3	) 	 	 	(41	) 	 	 	(11	) 	 	 	—  	 	 	 	(591	) 	
PPD and related adjustments	  				  				 				 				 				 				 				 				
PPD, net of related adjustments—favorable (unfavorable)	  				  	 	256	 	 	 	(1	) 	 	 	76	 	 	 	94	 	 	 	30	 	 	 	(55	) 	 	 	400	 	
Net premiums earned adjustments on PPD—unfavorable (favorable)	  				  	 	(11	) 	 	 	—  	 	 	 	40	 	 	 	—  	 	 	 	3	 	 	 	—  	 	 	 	32	 	
Expense adjustments—unfavorable (favorable)	  				  	 	6	 	 	 	—  	 	 	 	(4	) 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	1	 	
PPD reinstatement premiums	  				  	 	4	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	4	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
PPD—gross of related adjustments—favorable (unfavorable)	  				  	 	255	 	 	 	(1	) 	 	 	112	 	 	 	94	 	 	 	32	 	 	 	(55	) 	 	 	437	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY loss and loss expense ex Cats	  	 	B	 	  	$	4,096	 	 	$	1,228	 	 	$	335	 	 	$	2,202	 	 	$	171	 	 	$	4	 	 	$	8,036	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and administrative expenses	  				  				 				 				 				 				 				 				
Policy acquisition costs and administrative expenses	  	 	C	 	  	$	1,404	 	 	$	598	 	 	$	23	 	 	$	1,677	 	 	$	99	 	 	$	142	 	 	$	3,943	 	
Expense adjustments—favorable (unfavorable)	  				  	 	(6	) 	 	 	—  	 	 	 	4	 	 	 	—  	 	 	 	1	 	 	 	—  	 	 	 	(1	) 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and administrative expenses, adjusted	  	 	D	 	  	$	1,398	 	 	$	598	 	 	$	27	 	 	$	1,677	 	 	$	100	 	 	$	142	 	 	$	3,942	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Denominator	  				  				 				 				 				 				 				 				
Net premiums earned	  	 	E	 	  	$	6,306	 	 	$	2,296	 	 	$	394	 	 	$	4,268	 	 	$	335	 	 				 	$	13,599	 	
Net premiums earned adjustments on PPD—unfavorable (favorable)	  				  	 	(11	) 	 	 	—  	 	 	 	40	 	 	 	—  	 	 	 	3	 	 				 	 	32	 	
Reinstatement premiums expensed on PPD	  				  	 	4	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 				 	 	4	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Net premiums earned excluding adjustments	  	 	F	 	  	$	6,299	 	 	$	2,296	 	 	$	434	 	 	$	4,268	 	 	$	338	 	 				 	$	13,635	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
P&C Combined ratio	  				  				 				 				 				 				 				 				
Losses and loss expense ratio	  	 	A/E	 	  	 	63.3	% 	 	 	70.3	% 	 	 	57.4	% 	 	 	50.4	% 	 	 	44.8	% 	 				 	 	60.2	% 	
Policy acquisition costs and administrative expense ratio	  	 	C/E	 	  	 	22.3	% 	 	 	26.0	% 	 	 	5.9	% 	 	 	39.2	% 	 	 	29.6	% 	 				 	 	29.0	% 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
P&C Combined ratio	  				  	 	85.6	% 	 	 	96.3	% 	 	 	63.3	% 	 	 	89.6	% 	 	 	74.4	% 	 				 	 	89.2	% 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
CAY P&C combined ratio ex Cats	  				  				 				 				 				 				 				 				
Loss and loss expense ratio, adjusted	  	 	B/F	 	  	 	65.0	% 	 	 	53.5	% 	 	 	77.3	% 	 	 	51.6	% 	 	 	50.4	% 	 				 	 	58.9	% 	
Policy acquisition costs and administrative expense ratio, adjusted	  	 	D/F	 	  	 	22.2	% 	 	 	26.0	% 	 	 	6.2	% 	 	 	39.3	% 	 	 	29.9	% 	 				 	 	28.9	% 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
CAY P&C combined ratio ex Cats	  				  	 	87.2	% 	 	 	79.5	% 	 	 	83.5	% 	 	 	90.9	% 	 	 	80.3	% 	 				 	 	87.8	% 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Combined ratio	  				  				 				 				 				 				 				 				
Combined ratio	  				  				 				 				 				 				 				 	 	89.3	% 	
Add: impact of gains and losses on crop derivatives	  				  				 				 				 				 				 				 	 	-0.1	% 	
	  				  				 				 				 				 				 				 	 	 	 	
P&C Combined ratio	  				  				 				 				 				 				 				 	 	89.2	% 	
	  				  				 				 				 				 				 				 	 	 	 	
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 35	

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

Q2 2017	  	 	 	  	North
America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	
Numerator	  				  				 				 				 				 				 				 				
Losses and loss expenses	  				  				 				 				 				 				 				 				
Losses and loss expenses	  				  	$	1,936	 	 	$	683	 	 	$	290	 	 	$	964	 	 	$	46	 	 	$	45	 	 	$	3,964	 	
Realized (gains) losses on crop derivatives	  				  	 	—  	 	 	 	—  	 	 	 	2	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	2	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted losses and loss expenses	  	 	A	 	  	$	1,936	 	 	$	683	 	 	$	292	 	 	$	964	 	 	$	46	 	 	$	45	 	 	$	3,966	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe losses	  				  	 	(102	) 	 	 	(77	) 	 	 	(8	) 	 	 	(10	) 	 	 	(3	) 	 	 	—  	 	 	 	(200	) 	
PPD and related adjustments	  				  				 				 				 				 				 				 				
PPD, net of related adjustments—favorable (unfavorable)	  				  	 	131	 	 	 	(37	) 	 	 	—  	 	 	 	88	 	 	 	31	 	 	 	(43	) 	 	 	170	 	
Net premiums earned adjustments on PPD—unfavorable (favorable)	  				  	 	2	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	2	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
PPD—gross of related adjustments—favorable (unfavorable)	  				  	 	133	 	 	 	(37	) 	 	 	—  	 	 	 	88	 	 	 	31	 	 	 	(43	) 	 	 	172	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY loss and loss expense ex Cats	  	 	B	 	  	$	1,967	 	 	$	569	 	 	$	284	 	 	$	1,042	 	 	$	74	 	 	$	2	 	 	$	3,938	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and administrative expenses	  				  				 				 				 				 				 				 				
Policy acquisition costs and administrative expenses	  	 	C	 	  	$	705	 	 	$	296	 	 	$	29	 	 	$	798	 	 	$	55	 	 	$	65	 	 	$	1,948	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and administrative expenses, adjusted	  	 	D	 	  	$	705	 	 	$	296	 	 	$	29	 	 	$	798	 	 	$	55	 	 	$	65	 	 	$	1,948	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Denominator	  				  				 				 				 				 				 				 				
Net premiums earned	  	 	E	 	  	$	3,099	 	 	$	1,093	 	 	$	344	 	 	$	2,018	 	 	$	168	 	 				 	$	6,722	 	
Net premiums earned adjustments on PPD—unfavorable (favorable)	  				  	 	2	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 				 	 	2	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Net premiums earned excluding adjustments	  	 	F	 	  	$	3,101	 	 	$	1,093	 	 	$	344	 	 	$	2,018	 	 	$	168	 	 				 	$	6,724	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
P&C Combined ratio	  				  				 				 				 				 				 				 				
Losses and loss expense ratio	  	 	A/E	 	  	 	62.5	% 	 	 	62.4	% 	 	 	85.2	% 	 	 	47.8	% 	 	 	27.8	% 	 				 	 	59.0	% 	
Policy acquisition costs and administrative expense ratio	  	 	C/E	 	  	 	22.7	% 	 	 	27.2	% 	 	 	8.1	% 	 	 	39.5	% 	 	 	32.4	% 	 				 	 	29.0	% 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
P&C Combined ratio	  				  	 	85.2	% 	 	 	89.6	% 	 	 	93.3	% 	 	 	87.3	% 	 	 	60.2	% 	 				 	 	88.0	% 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
CAY P&C combined ratio ex Cats	  				  				 				 				 				 				 				 				
Loss and loss expense ratio, adjusted	  	 	B/F	 	  	 	63.4	% 	 	 	52.1	% 	 	 	83.0	% 	 	 	51.6	% 	 	 	44.4	% 	 				 	 	58.6	% 	
Policy acquisition costs and administrative expense ratio, adjusted	  	 	D/F	 	  	 	22.7	% 	 	 	27.2	% 	 	 	8.1	% 	 	 	39.6	% 	 	 	32.6	% 	 				 	 	28.9	% 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
CAY P&C combined ratio ex Cats	  				  	 	86.1	% 	 	 	79.3	% 	 	 	91.1	% 	 	 	91.2	% 	 	 	77.0	% 	 				 	 	87.5	% 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Combined ratio	  				  				 				 				 				 				 				 				
Combined ratio	  				  				 				 				 				 				 				 	 	88.0	% 	
Add: impact of gains and losses on crop derivatives	  				  				 				 				 				 				 				 	 	0.0	% 	
	  				  				 				 				 				 				 				 	 	 	 	
P&C Combined ratio	  				  				 				 				 				 				 				 	 	88.0	% 	
	  				  				 				 				 				 				 				 	 	 	 	
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

Reconciliation Non-GAAP 6	  	Page 36	

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

YTD 2017	  	 	 	  	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	  				  	$	3,796	 	 	$	1,316	 	 	$	217	 	 	$	2,035	 	 	$	140	 	 	$	56	 	 	$	7,560	 	
Realized (gains) losses on crop derivatives	  				  	 	—  	 	 	 	—  	 	 	 	2	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	2	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted losses and loss expenses	  	 	A	 	  	$	3,796	 	 	$	1,316	 	 	$	219	 	 	$	2,035	 	 	$	140	 	 	$	56	 	 	$	7,562	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe losses	  				  	 	(185	) 	 	 	(145	) 	 	 	(13	) 	 	 	(60	) 	 	 	(3	) 	 	 	—  	 	 	 	(406	) 	
PPD and related adjustments	  				  				 				 				 				 				 				 				
PPD, net of related adjustments—favorable (unfavorable)	  				  	 	310	 	 	 	(34	) 	 	 	79	 	 	 	76	 	 	 	23	 	 	 	(53	) 	 	 	401	 	
Net premiums earned adjustments on PPD—unfavorable (favorable)	  				  	 	2	 	 	 	—  	 	 	 	61	 	 	 	—  	 	 	 	(7	) 	 	 	—  	 	 	 	56	 	
Expense adjustments—unfavorable (favorable)	  				  	 	—  	 	 	 	—  	 	 	 	(5	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(5	) 	
PPD reinstatement premiums	  				  	 	9	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	9	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
PPD—gross of related adjustments—favorable (unfavorable)	  				  	 	321	 	 	 	(34	) 	 	 	135	 	 	 	76	 	 	 	16	 	 	 	(53	) 	 	 	461	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY loss and loss expense ex Cats	  	 	B	 	  	$	3,932	 	 	$	1,137	 	 	$	341	 	 	$	2,051	 	 	$	153	 	 	$	3	 	 	$	7,617	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and administrative expenses	  				  				 				 				 				 				 				 				
Policy acquisition costs and administrative expenses	  	 	C	 	  	$	1,423	 	 	$	578	 	 	$	23	 	 	$	1,572	 	 	$	116	 	 	$	123	 	 	$	3,835	 	
Expense adjustments—favorable (unfavorable)	  				  	 	—  	 	 	 	—  	 	 	 	5	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	5	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and administrative expenses, adjusted	  	 	D	 	  	$	1,423	 	 	$	578	 	 	$	28	 	 	$	1,572	 	 	$	116	 	 	$	123	 	 	$	3,840	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Denominator	  				  				 				 				 				 				 				 				
Net premiums earned	  	 	E	 	  	$	6,140	 	 	$	2,179	 	 	$	358	 	 	$	3,954	 	 	$	357	 	 				 	$	12,988	 	
Net premiums earned adjustments on PPD—unfavorable (favorable)	  				  	 	2	 	 	 	—  	 	 	 	61	 	 	 	—  	 	 	 	(7	) 	 				 	 	56	 	
Reinstatement premiums expensed on PPD	  				  	 	9	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 				 	 	9	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Net premiums earned excluding adjustments	  	 	F	 	  	$	6,151	 	 	$	2,179	 	 	$	419	 	 	$	3,954	 	 	$	350	 	 				 	$	13,053	 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
P&C Combined ratio	  				  				 				 				 				 				 				 				
Losses and loss expense ratio	  	 	A/E	 	  	 	61.8	% 	 	 	60.4	% 	 	 	61.3	% 	 	 	51.5	% 	 	 	39.3	% 	 				 	 	58.2	% 	
Policy acquisition costs and administrative expense ratio	  	 	C/E	 	  	 	23.2	% 	 	 	26.5	% 	 	 	6.4	% 	 	 	39.7	% 	 	 	32.5	% 	 				 	 	29.6	% 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
P&C Combined ratio	  				  	 	85.0	% 	 	 	86.9	% 	 	 	67.7	% 	 	 	91.2	% 	 	 	71.8	% 	 				 	 	87.8	% 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
CAY P&C combined ratio ex Cats	  				  				 				 				 				 				 				 				
Loss and loss expense ratio, adjusted	  	 	B/F	 	  	 	63.9	% 	 	 	52.2	% 	 	 	81.7	% 	 	 	51.9	% 	 	 	43.8	% 	 				 	 	58.4	% 	
Policy acquisition costs and administrative expense ratio, adjusted	  	 	D/F	 	  	 	23.1	% 	 	 	26.6	% 	 	 	6.5	% 	 	 	39.7	% 	 	 	33.2	% 	 				 	 	29.4	% 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
CAY P&C combined ratio ex Cats	  				  	 	87.0	% 	 	 	78.8	% 	 	 	88.2	% 	 	 	91.6	% 	 	 	77.0	% 	 				 	 	87.8	% 	
	  				  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Combined ratio	  				  				 				 				 				 				 				 				
Combined ratio	  				  				 				 				 				 				 				 	 	87.8	% 	
Add: impact of gains and losses on crop derivatives	  				  				 				 				 				 				 				 	 	0.0	% 	
	  				  				 				 				 				 				 				 	 	 	 	
P&C Combined ratio	  				  				 				 				 				 				 				 	 	87.8	% 	
	  				  				 				 				 				 				 				 	 	 	 	
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 7	  	Page 37	

Chubb Limited
Glossary
Chubb Limited Consolidated comprises all segments including Corporate.
Book value per common share: Shareholders’ equity divided by the shares outstanding.
P&C combined ratio: The sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding the life business and including realized gains and losses on crop derivatives.
Core operating effective tax rate: Income tax expense excluding tax expense (benefit) on adjusted net realized gains (losses), tax benefit on amortization of fair value of acquired invested assets and debt, and tax benefit on Chubb integration expenses, divided by income excluding adjusted net realized gains (losses) before tax, amortization of fair value of acquired invested assets and debt before tax, and Chubb integration expenses before tax.
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: Net investment income divided by average cost of fixed maturities and other investments, and average market value of equity securities.
Tangible capital: Total capitalization less goodwill and other intangible assets.
Total capitalization: Short-term debt, long-term debt, trust preferreds, and shareholders’ equity.
Chubb integration expenses: Chubb integration expenses comprise legal and professional fees and all other costs directly related to the integration activities of the Chubb Corp acquisition. Chubb integration expenses are incurred by the overall company and are therefore included in Corporate. These costs are not related to the on-going business activities of the segments and are therefore excluded from our definition of segment income.
NM: Not meaningful.

Glossary	  	Page 38