UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant To Section 13 or 15 (d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) - February 2, 2021
Chubb Limited
(Exact name of registrant as specified in its charter)

Switzerland	 	1-11778	 	98-0091805	
(State or other jurisdiction
of Incorporation)	 	(Commission
File Number)	 	(I.R.S. Employer
Identification No.)	
Baerengasse 32
CH-8001 Zurich, Switzerland
(Address of principal executive offices)
Registrant’s telephone number, including area code: +41 (0)43 456 76 00
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
 	☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
 	☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
 	☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
 	☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	
Securities registered pursuant to Section 12(b) of the Act:

Title of each class	  	Trading
Symbol(s)	  	Name of each exchange on which registered	
Common Shares, par value CHF 24.15 per share	  	CB	  	New York Stock Exchange	
Guarantee of Chubb INA Holdings Inc. 0.30% Senior Notes due 2024	  	CB/24A	  	New York Stock Exchange	
Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2027	  	CB/27	  	New York Stock Exchange	
Guarantee of Chubb INA Holdings Inc. 1.55% Senior Notes due 2028	  	CB/28	  	New York Stock Exchange	
Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2029	  	CB/29A	  	New York Stock Exchange	
Guarantee of Chubb INA Holdings Inc. 1.40% Senior Notes due 2031	  	CB/31	  	New York Stock Exchange	
Guarantee of Chubb INA Holdings Inc. 2.50% Senior Notes due 2038	  	CB/38A	  	New York Stock Exchange	
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02. Results of Operations and Financial Condition
On February 2, 2021, Chubb Limited issued a Press Release reporting its fourth quarter and year-end 2020 results and the availability of its fourth quarter and year-end 2020 Financial Supplement. The Press Release and the Financial Supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are hereby incorporated herein by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.
Item 9.01. Financial Statements and Exhibits
(d)    Exhibits

Exhibit
Number	  		Description	
			
99.1	  	Press Release, Dated February 2, 2021, Reporting Fourth Quarter and Year-End 2020 Results		
			
99.2	  	Fourth Quarter and Year-End 2020 Financial Supplement		
			
 104	  	Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)		

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

Chubb Limited	
		
By:	 	/s/ Philip V. Bancroft	
	 	Philip V. Bancroft	
	 	Executive Vice President and Chief Financial Officer	
DATE: February 2, 2021

Exhibit 99.1

	  	Chubb Limited
Bärengasse 32
CH-8001 Zurich
Switzerland	  	www.chubb.com
@Chubb	
News Release
Chubb Reports Fourth Quarter Per Share Net Income and Core
Operating Income of $5.34 and $3.18, Up 107.8% and 39.5%,
Respectively; Consolidated Net Premiums Written of $8.41 Billion,
Up 5.2%, with Commercial P&C Lines Globally Up 10%
Full-Year Per Share Net Income and Core Operating Income of
$7.79 and $7.31, Respectively, with Net Catastrophe Losses Per
Share, Including COVID-19, of $6.12 Versus $2.11 Prior Year
 
 	•	 	Fourth quarter net income was $2.42 billion versus $1.17 billion prior year, and core operating income was $1.44 billion versus $1.04 billion prior year.	
 
 	•	 	Fourth quarter P&C net premiums written were up 5.4%, while Global P&C net premiums written, which exclude Agriculture, were up 6.0%, comprising 11.3% positive growth in commercial P&C lines globally and 3.9% negative growth in consumer lines primarily from outside North America.	
 
 	•	 	Fourth quarter pre-tax and after-tax catastrophe losses were $314 million and $271 million, respectively, compared with $430 million and $353 million, respectively, last year. There were no changes to the previously reported aggregate P&C COVID-19 incurred loss charge from June 30, 2020.	
 
 	•	 	Fourth quarter P&C underwriting income was $969 million, up 81.8%, leading to a P&C combined ratio of 87.6% compared with 92.7% prior year. The P&C current accident year combined ratio excluding catastrophe losses was 86.4% compared with 90.0% prior year.	
 
 	•	 	Commercial P&C rate increases in the quarter, which averaged 16.5% in North America Insurance and 18.5% in Overseas General Insurance, exceeded loss cost trends by 11.5 percentage points and 15.5 percentage points, respectively.	
 
 	•	 	Fourth quarter pre-tax net investment income was $847 million compared with $858 million prior year, and adjusted net investment income was $924 million compared with $917 million prior year. Operating cash flow was $2.54 billion.	
 
 	•	 	Full-year net income was $3.53 billion versus $4.45 billion prior year, and core operating income was $3.31 billion versus $4.64 billion prior year. After-tax catastrophe losses were $2.78 billion, compared with $966 million prior year, and included COVID-19 losses of $1.19 billion. The majority of the charge remains as incurred but not reported (IBNR).	

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

Chubb Limited News Release

 	•	 	Full-year consolidated net premiums written were $33.82 billion, up 4.8%. P&C net premiums written were up 4.8%, or 5.4% in constant dollars, comprising 9.3% positive growth in commercial P&C lines globally and 2.5% negative growth in consumer lines primarily from outside North America.	
 
 	•	 	Full-year P&C combined ratio was 96.1% compared with 90.6% prior year. The P&C current accident year combined ratio excluding catastrophe losses was 86.7% compared with 89.2% prior year.	
 
 	•	 	Book and tangible book value per share were up 7.7% and 12.2%, respectively, for the year.	
ZURICH – February 2, 2021 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended December 31, 2020 of $2.42 billion, or $5.34 per share, compared with $1.17 billion, or $2.57 per share, for the same quarter last year. Core operating income was $1.44 billion, or $3.18 per share, compared with $1.04 billion, or $2.28 per share, for the same quarter last year. Book and tangible book value per share increased 5.5% and 8.1%, respectively, from September 30, 2020 and now stand at $131.88 and $87.69, respectively. Book value was favorably impacted by total after-tax net realized and unrealized gains of $2.01 billion, including a gain of $1.63 billion in the investment portfolio, favorable foreign exchange of $348 million, and a gain in the company’s variable annuity reinsurance portfolio of $146 million. Annualized ROE and core operating ROE were 16.7% and 10.7%, respectively. Annualized core operating return on tangible equity was 17.1%.
Chubb Limited
Fourth Quarter Summary
(in millions of U.S. dollars, except per share amounts)
(Unaudited)
																													
  	  	  	 	  	  	 	  	  	 	  	  	 	  	(Per Share)    	 	
 	  	    2020    	 	  	    2019    	 	  	    Change    	 	  	 	 	  	    2020    	 	  	    2019    	 	  	    Change    	 	
Net income	  	 	$2,418	 	  	 	$1,173	 	  	 	106.2%	 	  				  	 	$5.34	 	  	 	$2.57	 	  	 	107.8%	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, and other, net of tax	  	 	18	 	  	 	37	 	  	 	(51.4)%	 	  				  	 	0.04	 	  	 	0.08	 	  	 	(50.0)%	 	
Adjusted net realized (gains) losses, net of tax	  	 	(996)	 	  	 	(170)	 	  	 	NM	 	  				  	 	(2.20)	 	  	 	(0.37)	 	  	 	NM	 	
Core operating income, net of tax	  	 	$1,440	 	  	 	$1,040	 	  	 	38.4%	 	  				  	 	$3.18	 	  	 	$2.28	 	  	 	39.5%	 	
For the three months ended December 31, 2020 and 2019, the tax expenses (benefits) related to the table above were $(3) million and $(6) million, respectively, for amortization of fair value adjustment of acquired invested assets and long-term debt, and other; $78 million and $2 million, respectively, for adjusted net realized gains and losses; and $259 million and $173 million, respectively, for core operating income.
For the year ended December 31, 2020, net income was $3.53 billion, or $7.79 per share, compared with $4.45 billion, or $9.71 per share, for 2019. Core operating income was $3.31 billion, or $7.31 per share, compared with $4.64 billion, or $10.11 per share, for 2019. Book and tangible book value per share increased 7.7% and 12.2%, respectively, from December 31, 2019. Book value was favorably impacted by total after-tax net realized and unrealized gains of $2.55 billion, including a gain of $3.12 billion in the investment portfolio and a loss of $310 million in the company’s variable annuity reinsurance portfolio. Annualized ROE and core operating ROE were both 6.2%. Annualized core operating return on tangible equity was 9.8%.

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

Chubb Limited News Release

Chubb Limited
Full Year Summary
(in millions of U.S. dollars, except per share amounts)
(Unaudited)
																													
  	  	  	 	  	  	 	  	  	 	  	  	 	  	(Per Share)    	 	
 	  	    2020    	 	  	    2019    	 	  	    Change    	 	  	 	 	  	    2020    	 	  	    2019    	 	  	    Change    	 	
Net income	  	 	$3,533	 	  	 	$4,454	 	  	 	(20.7)%	 	  				  	 	$7.79	 	  	 	$9.71	 	  	 	(19.8)%	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, and other, net of tax	  	 	78	 	  	 	133	 	  	 	(41.4)%	 	  				  	 	0.17	 	  	 	0.29	 	  	 	(41.4)%	 	
Adjusted net realized (gains) losses, net of tax	  	 	(298)	 	  	 	54	 	  	 	NM	 	  				  	 	(0.65)	 	  	 	0.11	 	  	 	NM	 	
Core operating income, net of tax	  	 	$3,313	 	  	 	$4,641	 	  	 	(28.6)%	 	  				  	 	$7.31	 	  	 	$10.11	 	  	 	(27.7)%	 	
For the years ended December 31, 2020 and 2019, the tax expenses (benefits) related to the table above were $(17) million and $(30) million, respectively, for amortization of fair value adjustment of acquired invested assets and long-term debt, and other; $24 million and $15 million, respectively, for adjusted net realized gains and losses; and $622 million and $810 million, respectively, for core operating income.
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “Chubb had an excellent fourth quarter finish to the year, highlighted by very strong earnings, resulting from continued underwriting margin improvement and double-digit commercial lines premium growth globally. Core operating income per share of $3.18 was up nearly 40% with net income per share a record. Our P&C underwriting income was up 82%, with a published combined ratio of 87.6% compared to 92.7% prior year. The margin improvement in our combined ratio was a result of both expense and loss ratio improvements that were broad based. Virtually all of our commercial P&C lines of business are achieving rates that exceed loss costs.
“In the quarter, Global P&C premium revenue, which excludes agriculture, grew 6%. Commercial lines grew over 11% as we capitalized on a strong and continuously improving pricing environment in most regions of the world. In fact, the pricing environment was the strongest we’ve seen since rates in certain classes began to rise about three years ago. Commercial rate increases averaged 16.5% and 18.5%, respectively, in our North America and international businesses. I expect the favorable underwriting conditions to continue. On the other hand, net premiums declined 3.9% in our consumer lines businesses globally, which have been impacted by the pandemic’s effects on consumer activity, but will improve as the year progresses. The one exception of note is our U.S. high net worth personal lines business, which grew in the quarter and the year – a testament to our market-leading franchise.
“For the year, we produced $3.3 billion of core operating income, published a P&C combined ratio of 96.1%, achieved premium revenue growth of 5.4% in constant dollars, with commercial lines growth of 9.3%, and grew tangible book value per share 12.2% – reasonably good results overall given the remarkable and unprecedented events we all faced.
“We are off to a good start in ‘21 with both growth and the level of commercial P&C rate increases resembling the underwriting conditions of the fourth quarter. With our leadership energized and our people focused, and given our full range of capabilities to bring to bear for our clients and business partners, we are confident in our ability to continue growing revenue and expanding underwriting margins.”

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

Chubb Limited News Release

Operating highlights for the quarter ended December 31, 2020 were as follows:

Chubb Limited
(in millions of U.S. dollars except for percentages)	  	 	Q4
    2020    	 
 	  	 
	Q4
    2019    	 
 	  	 	Change	 	
P&C	  				  				  				
Net premiums written (increase of 5.0% in constant dollars)	  	$	7,770	 	  	$	7,375	 	  	 	5.4%	 	
Underwriting income	  	$	969	 	  	$	533	 	  	 	81.8%	 	
Combined ratio	  	 	87.6%	 	  	 	92.7%	 	  				
Current accident year underwriting income excluding catastrophe losses	  	$	1,059	 	  	$	730	 	  	 	45.0%	 	
Current accident year combined ratio excluding catastrophe losses	  	 	86.4%	 	  	 	90.0%	 	  				
				
Global P&C (excludes Agriculture)	  				  				  				
Net premiums written (increase of 5.7% in constant dollars)	  	$	7,528	 	  	$	7,099	 	  	 	6.0%	 	
Underwriting income	  	$	933	 	  	$	556	 	  	 	67.8%	 	
Combined ratio	  	 	87.4%	 	  	 	91.9%	 	  				
Current accident year underwriting income excluding catastrophe losses	  	$	1,025	 	  	$	789	 	  	 	29.9%	 	
Current accident year combined ratio excluding catastrophe losses	  	 	86.1%	 	  	 	88.6%	 	  				
				
North America Agricultural Insurance	  				  				  				
Net premiums written	  	$	242	 	  	$	276	 	  	 	(12.2)%	 	
Underwriting income (loss)	  	$	36	 	  	$	(23)	 	  	 	NM	 	
Combined ratio	  	 	90.5%	 	  	 	105.4%	 	  				
Current accident year underwriting income (loss) excluding catastrophe losses	  	$	34	 	  	$	(59)	 	  	 	NM	 	
Current accident year combined ratio excluding catastrophe losses	  	 	91.1%	 	  	 	113.9%	 	  				
 
 	•	 	Consolidated net premiums earned increased 6.2%. P&C net premiums earned increased 6.3%, comprising growth of 9.4% in commercial P&C lines and growth of 0.2% in consumer lines.	
 
 	•	 	Total pre-tax and after-tax P&C catastrophe losses were $296 million (3.8 percentage points of the combined ratio) and $258 million, respectively, compared with $430 million (5.9 percentage points of the combined ratio) and $353 million, respectively, last year.	
 
 	•	 	The P&C current accident year combined ratio excluding catastrophe losses decreased 3.6 percentage points, with loss ratio-related margin improvement of 2.8 percentage points, and the balance expense ratio-related.	
 
 	•	 	The Global P&C current accident year combined ratio excluding catastrophe losses decreased 2.5 percentage points, with 1.1 percentage points of the margin improvement loss ratio-related and the balance expense ratio-related. Commercial lines had a 1.4 percentage point loss ratio improvement, with 1.2 percentage points coming from earned rate exceeding loss cost trend. Consumer lines had a 1.2 percentage point loss ratio improvement, with 1.1 percentage points coming from the impact of the health-related shutdown. The expense ratio improvement was 1.4 percentage points, including 0.6 percentage point in the acquisition cost ratio due to less consumer and more commercial premium. The remaining 0.8 percentage point improvement reflects 0.5 percentage point from efficiency and 0.3 percentage point from the impact of current operating conditions.	
 
 	•	 	Agriculture net premiums written decreased $34 million. The current accident year combined ratio excluding catastrophe losses decreased 22.8 percentage points, reflecting a more average crop loss year in 2020.	

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

Chubb Limited News Release

 	•	 	Total pre-tax and after-tax favorable prior period development were $206 million (2.6 percentage points of the combined ratio) and $189 million, respectively, compared with $233 million (3.2 percentage points of the combined ratio) and $199 million, respectively, last year.	
 
 	•	 	Pre-tax net investment income was $847 million and adjusted net investment income was $924 million.	
 
 	•	 	Operating cash flow was $2.54 billion for the quarter.	
 
 	•	 	Share repurchases totaled $190 million during the quarter at an average purchase price of $144.33 per share.	
Operating highlights for the year ended December 31, 2020 were as follows:

Chubb Limited
(in millions of U.S. dollars except for percentages)	  	 
	FY
    2020    	 
 	  	 
	FY
    2019    	 
 	  	 	Change	 	
P&C	  				  				  				
Net premiums written (increase of 5.4% in constant dollars)	  	$	31,306	 	  	$	29,883	 	  	 	4.8%	 	
Underwriting income	  	$	1,210	 	  	$	2,726	 	  	 	(55.6)%	 	
Combined ratio	  	 	96.1%	 	  	 	90.6%	 	  				
Current accident year underwriting income excluding catastrophe losses	  	$	4,074	 	  	$	3,121	 	  	 	30.5%	 	
Current accident year combined ratio excluding catastrophe losses	  	 	86.7%	 	  	 	89.2%	 	  				
				
Global P&C (excludes Agriculture)	  				  				  				
Net premiums written (increase of 5.7% in constant dollars)	  	$	29,460	 	  	$	28,073	 	  	 	4.9%	 	
Underwriting income	  	$	1,064	 	  	$	2,637	 	  	 	(59.7)%	 	
Combined ratio	  	 	96.3%	 	  	 	90.3%	 	  				
Current accident year underwriting income excluding catastrophe losses	  	$	3,902	 	  	$	3,104	 	  	 	25.6%	 	
Current accident year combined ratio excluding catastrophe losses	  	 	86.5%	 	  	 	88.6%	 	  				
				
North America Agricultural Insurance	  				  				  				
Net premiums written	  	$	1,846	 	  	$	1,810	 	  	 	2.0%	 	
Underwriting income	  	$	146	 	  	$	89	 	  	 	65.3%	 	
Combined ratio	  	 	92.0%	 	  	 	95.1%	 	  				
Current accident year underwriting income excluding catastrophe losses	  	$	172	 	  	$	17	 	  	 	NM	 	
Current accident year combined ratio excluding catastrophe losses	  	 	90.5%	 	  	 	99.1%	 	  				
 
 	•	 	Consolidated net premiums earned increased 5.8%, or 6.5% in constant dollars. P&C net premiums earned increased 5.8%, or 6.5% in constant dollars, comprising growth in commercial P&C lines and consumer lines of 8.9% and 1.5%, respectively.	
 
 	•	 	Total pre-tax and after-tax P&C catastrophe losses were $3.26 billion (10.6 percentage points of the combined ratio) and $2.76 billion, respectively, compared with $1.19 billion (4.1 percentage points of the combined ratio) and $966 million, respectively, last year.	
 
 	•	 	The P&C current accident year combined ratio excluding catastrophe losses decreased 2.5 percentage points, with loss ratio-related margin improvement of 1.6 percentage points, and the balance expense ratio-related.	
 
 	•	 	The Agriculture current accident year combined ratio excluding catastrophe losses decreased 8.6 percentage points, reflecting a more average crop loss year in 2020.	

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

Chubb Limited News Release

 	•	 	Total pre-tax and after-tax favorable prior period development were $395 million (1.2 percentage points of the combined ratio) and $357 million, respectively, compared with $792 million (2.7 percentage points of the combined ratio) and $624 million, respectively, last year.	
 
 	•	 	Pre-tax net investment income was $3.38 billion and adjusted net investment income was $3.61 billion.	
 
 	•	 	Operating cash flow was $9.79 billion for the year.	
 
 	•	 	Share repurchases totaled $516 million for the year at an average purchase price of $143.91 per share.	
Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended December 31, 2020 are presented below:

Chubb Limited
(in millions of U.S. dollars except for percentages)	  	 
	Q4
2020	 
 	 	 
	Q4
2019	 
 	  	 	Change	 	
Total North America P&C Insurance	  				 				  				
(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural Insurance)	  				 				  				
Net premiums written	  	$	5,167	 	 	$	4,885	 	  	 	5.8%	 	
Commercial P&C
(Comprising NA Commercial P&C Insurance, excluding A&H, and NA Agricultural Insurance)	  	$	3,805	 	 	$	3,514	 	  	 	8.3%	 	
Consumer P&C	  	$	1,362	 	 	$	1,371	 	  	 	(0.7)%	 	
Combined ratio	  	 	      81.3%	 	 	 	      88.7%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	83.4%	 	 	 	87.5%	 	  				
				
North America Commercial P&C Insurance	  				 				  				
Net premiums written	  	$	3,724	 	 	$	3,438	 	  	 	8.3%	 	
Commercial P&C excluding A&H	  	$	3,563	 	 	$	3,238	 	  	 	10.0%	 	
Major accounts retail and excess and surplus (E&S) wholesale	  	$	2,082	 	 	$	1,866	 	  	 	11.6%	 	
Middle market and small commercial	  	$	1,481	 	 	$	1,372	 	  	 	7.9%	 	
Accident and health (A&H)	  	$	161	 	 	$	200	 	  	 	(19.1)%	 	
Combined ratio	  	 	77.8%	* 	 	 	82.6%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	83.9%	 	 	 	86.4%	 	  				
				
North America Personal P&C Insurance	  				 				  				
Net premiums written	  	$	1,201	 	 	$	1,171	 	  	 	2.5%	 	
Combined ratio	  	 	88.6%	 	 	 	99.6%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	79.3%	 	 	 	81.4%	 	  				
				
North America Agricultural Insurance	  				 				  				
Net premiums written	  	$	242	 	 	$	276	 	  	 	(12.2)%	 	
Combined ratio	  	 	90.5%	 	 	 	105.4%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	91.1%	 	 	 	113.9%	 	  				
				
Overseas General Insurance	  				 				  				
Net premiums written (increase of 3.3% in constant dollars)	  	$	2,478	 	 	$	2,381	 	  	 	4.1%	 	
Commercial P&C (increase of 12.6% in constant dollars)	  	$	1,481	 	 	$	1,297	 	  	 	14.2%	 	
Consumer P&C (decrease of 8.1% in constant dollars)	  	$	997	 	 	$	1,084	 	  	 	(8.0)%	 	
Combined ratio	  	 	92.4%	* 	 	 	93.1%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	89.5%	 	 	 	91.2%	 	  				

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

Chubb Limited News Release

 	•	 	North America Commercial P&C Insurance: The current accident year combined ratio excluding catastrophe losses decreased 2.5 percentage points, including a 1.2 percentage point decrease in the loss ratio and a 1.3 percentage point decrease in the expense ratio.	
 
 	•	 	North America Personal P&C Insurance: The current accident year combined ratio excluding catastrophe losses decreased 2.1 percentage points, including a 1.7 percentage point decrease in the loss ratio and a 0.4 percentage point decrease in the expense ratio.	
 
 	•	 	Overseas General Insurance: The current accident year combined ratio excluding catastrophe losses decreased 1.7 percentage points, including a 0.5 percentage point decrease in the loss ratio and a 1.2 percentage point decrease in the expense ratio.	
 
 	•	 	Global Reinsurance: Net premiums written were $125 million, up 14.4%, or 12.9% in constant dollars. The combined ratio was 99.6% compared with 94.6% prior year. The current accident year combined ratio excluding catastrophe losses was 81.3% compared with 83.3% prior year.	
 
 	•	 	Life Insurance: Net premiums written were $640 million, up 3.0%. Segment income was $116 million, up $26 million, or 30.4% in constant dollars. International life insurance segment income was $32 million, down $4 million, due to a charge of $18 million for additional COVID-19 losses, offset by higher net investment income of $7 million and higher other income of $10 million.	
* While there was no change to the previously reported aggregate P&C COVID-19 incurred loss charge from June 30, 2020, there was a reallocation of losses between divisions resulting in a decrease of 1.4 percentage points to the combined ratio for North America Commercial P&C Insurance and an increase of 2.0 percentage points to the combined ratio for Overseas General Insurance.

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

Chubb Limited News Release

Key segment items for the year ended December 31, 2020 are presented below:

Chubb Limited
(in millions of U.S. dollars except for percentages)	  	 
	FY
2020	 
 	  	 
	FY
2019	 
 	  	 	Change	 	
Total North America P&C Insurance	  				  				  				
(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural Insurance)	  				  				  				
Net premiums written	  	$	21,240	 	  	$	19,972	 	  	 	6.4%	 	
Commercial P&C
(Comprising NA Commercial P&C Insurance, excluding A&H, and NA Agricultural Insurance)	  	$	15,627	 	  	$	14,381	 	  	 	8.7%	 	
Consumer P&C	  	$	5,613	 	  	$	5,591	 	  	 	0.4%	 	
Combined ratio	  	 	      92.9%	 	  	 	      87.8%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	84.2%	 	  	 	87.1%	 	  				
				
North America Commercial P&C Insurance	  				  				  				
Net premiums written	  	$	14,474	 	  	$	13,375	 	  	 	8.2%	 	
Commercial P&C excluding A&H	  	$	13,781	 	  	$	12,571	 	  	 	9.6%	 	
Major accounts retail and excess and surplus (E&S) wholesale	  	$	8,141	 	  	$	7,281	 	  	 	11.8%	 	
Middle market and small commercial	  	$	5,640	 	  	$	5,290	 	  	 	6.6%	 	
Accident and health (A&H)	  	$	693	 	  	$	804	 	  	 	(13.8)%	 	
Combined ratio	  	 	93.7%	 	  	 	85.6%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	85.3%	 	  	 	87.4%	 	  				
				
North America Personal P&C Insurance	  				  				  				
Net premiums written	  	$	4,920	 	  	$	4,787	 	  	 	2.8%	 	
Combined ratio	  	 	91.1%	 	  	 	91.1%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	78.7%	 	  	 	81.4%	 	  				
				
North America Agricultural Insurance	  				  				  				
Net premiums written	  	$	1,846	 	  	$	1,810	 	  	 	2.0%	 	
Combined ratio	  	 	92.0%	 	  	 	95.1%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	90.5%	 	  	 	99.1%	 	  				
				
Overseas General Insurance	  				  				  				
Net premiums written (increase of 2.9% in constant dollars)	  	$	9,335	 	  	$	9,262	 	  	 	0.8%	 	
Commercial P&C (increase of 10.8% in constant dollars)	  	$	5,421	 	  	$	4,968	 	  	 	9.1%	 	
Consumer P&C (decrease of 6.4% in constant dollars)	  	$	3,914	 	  	$	4,294	 	  	 	(8.9)%	 	
Combined ratio	  	 	95.4%	 	  	 	91.6%	 	  				
Current accident year combined ratio excluding catastrophe losses	  	 	89.4%	 	  	 	90.9%	 	  				
 
 	•	 	North America Commercial P&C Insurance: The current accident year combined ratio excluding catastrophe losses decreased 2.1 percentage points, including a 1.1 percentage point decrease in the loss ratio and a 1.0 percentage point decrease in the expense ratio.	
 
 	•	 	North America Personal P&C Insurance: The current accident year combined ratio excluding catastrophe losses decreased 2.7 percentage points, including a 2.0 percentage point decrease in the loss ratio and a 0.7 percentage point decrease in the expense ratio.	

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

Chubb Limited News Release

 	•	 	Overseas General Insurance: The current accident year combined ratio excluding catastrophe losses decreased 1.5 percentage points, including a 0.5 percentage point decrease in the loss ratio and a 1.0 percentage point decrease in the expense ratio.	
 
 	•	 	Global Reinsurance: Net premiums written were $731 million, up 12.6%, or 12.1% in constant dollars. The combined ratio was 92.5% compared with 85.0% prior year. The current accident year combined ratio excluding catastrophe losses was 80.1% compared with 82.1% prior year.	
 
 	•	 	Life Insurance: Net premiums written were $2,514 million, up 5.1%, or 5.6% in constant dollars. Segment income was $401 million, up $35 million, or 10.1% in constant dollars. International life insurance segment income was $166 million, up $14 million, due to higher net investment income of $18 million and higher other income of $26 million, partially offset by a charge of $24 million for COVID-19 losses.	
All comparisons are with the same period last year unless otherwise specifically stated.
Please refer to the Chubb Limited Financial Supplement, dated December 31, 2020, which is posted on the company’s investor relations website, investors.chubb.com, in the Financials section for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio, and debt and capital.
Chubb Limited will hold its fourth quarter earnings conference call on Wednesday, February 3, 2021 beginning at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 888-220-8451 (within the United States) or 323-794-2590 (international), passcode 8213691. Please refer to the Chubb website under Events and Presentations for details. A replay of the call will be available until Wednesday, February 17, 2021 and the archived webcast will be available on our website for approximately one month. To listen to the replay, please click here to register and receive dial-in numbers.
About Chubb
Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: www.chubb.com.
Investor Contact
Karen Beyer: (212) 827-4445; karen.beyer@chubb.com
Media Contact
Jeffrey Zack: (212) 827-4444; jeffrey.zack@chubb.com

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

Chubb Limited News Release

Regulation G - Non-GAAP Financial Measures
In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP).
Throughout this document there are various measures presented on a constant-dollar basis (i.e., excludes the impact of foreign exchange). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.
Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from the acquisition of The Chubb Corporation (Chubb Corp) of $26 million in Q4 2020 and $116 million for full-year 2020 and including investment income of $51 million in Q4 2020 and $115 million for full-year 2020 from partially owned investment companies (private equity partnerships) where our ownership interest is in excess of three percent that are accounted for under the equity method. The mark-to-market movement on these private equity partnerships are included in adjusted net realized gains (losses) as described below. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.
Adjusted net realized gains (losses), net of tax, includes net realized gains (losses) and net realized gains (losses) recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses.
P&C underwriting income is calculated by subtracting adjusted losses and loss expenses, policy acquisition costs and administrative expenses from net premiums earned by our P&C operations. We use P&C underwriting income and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest expense, amortization expense of purchased intangibles, Chubb integration expenses, 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.
Core operating income, net of tax, excludes from net income the after-tax impact of adjusted net realized gains (losses), Chubb integration expenses, and the amortization of fair value adjustment of acquired invested assets and long-term debt related to the Chubb Corp acquisition. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) because the amount of these gains (losses) are heavily influenced by, and fluctuate in part according to, the availability of market opportunities. We exclude the amortization of the fair value adjustments related to purchased

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

Chubb Limited News Release

invested assets and long-term debt and Chubb integration expenses due to the size and complexity of this acquisition. These integration expenses are distortive to our results and are not indicative of our underlying profitability. We believe that excluding these integration expenses facilitates the comparison of our financial results to our historical operating results. References to core operating income measures mean net of tax, whether or not noted.
Core operating return on equity (ROE) and Core operating return on tangible equity (ROTE) are annualized non-GAAP financial measures. The numerator includes core operating income (loss), net of tax. The denominator includes the average shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, net of tax. For the ROTE calculation, the denominator is also adjusted to exclude goodwill and other intangible assets, net of tax. These measures enhances the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity and tangible equity excluding the effect of unrealized gains and losses on our investments.
P&C combined ratio is the sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the crop derivatives, as noted above.
Current accident year combined ratio excluding catastrophe losses excludes the impact of catastrophe losses and PPD from the combined ratio. We believe this measure provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our property and casualty business that may be obscured by these items.
Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the operating results of the company’s Life Insurance and North America Agricultural Insurance segments. The agriculture insurance business is a different business in that it is a public sector and private sector partnership in which insurance rates, premium growth, and risk-sharing is not market-driven like the remainder of the company’s P&C insurance business. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.
Tangible book value per common share is shareholders’ equity less goodwill and other intangible assets, net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful.
See the reconciliation of Non-GAAP Financial Measures on pages 29-35 in the Financial Supplement. These measures should not be viewed as a substitute for measures determined in accordance with GAAP, including premium, net income, return on equity, and net investment income.
NM - not meaningful comparison

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

Chubb Limited News Release

Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release, such as those related to company performance, including 2021 performance and the impact of the COVID-19 pandemic, pricing, economic and market conditions, and our expectations and intentions and other statements that are not historical facts, reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the following: competition, pricing and policy term trends, the levels of new and renewal business achieved, the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, loss of key employees or disruptions to our operations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, rating agency action, infection rates and severity of pandemics, including COVID-19, and their effects on our business operations and claims activity, possible terrorism or the outbreak and effects of war, economic, political, regulatory, insurance and reinsurance business conditions, potential strategic opportunities including acquisitions and our ability to achieve and integrate them, as well as management’s response to these factors, and other factors identified in our filings with the Securities and Exchange Commission (SEC).
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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

Chubb Limited News Release

Chubb Limited
Summary Consolidated Balance Sheets
(in millions of U.S. dollars, except per share data)
(Unaudited)
									
  	  	December 31
2020	 	  	December 31
2019	 	
	  	 	 	 	
Assets	  				  				
Investments	  	    $	118,669	 	  	$	109,234	 	
Cash	  	 	1,747	 	  	 	1,537	 	
Insurance and reinsurance balances receivable	  	 	10,480	 	  	 	10,357	 	
Reinsurance recoverable on losses and loss expenses	  	 	15,592	 	  	 	15,181	 	
Goodwill and other intangible assets	  	 	21,211	 	  	 	21,359	 	
Other assets	  	 	23,075	 	  	 	19,275	 	
	  	 	 	 	  	 	 	 	
Total assets	  	    $	  190,774	 	  	    $	  176,943	 	

Liabilities	  				  				
Unpaid losses and loss expenses	  	    $	67,811	 	  	    $	62,690	 	
Unearned premiums	  	 	17,652	 	  	 	16,771	 	
Other liabilities	  	 	45,870	 	  	 	42,151	 	
	  	 	 	 	  	 	 	 	
Total liabilities	  	    $	131,333	 	  	    $	121,612	 	

Shareholders’ equity	  				  				
Total shareholders’ equity	  	 	59,441	 	  	 	55,331	 	
	  	 	 	 	  	 	 	 	
Total liabilities and shareholders’ equity	  	    $	190,774	 	  	    $	176,943	 	

Book value per common share	  	    $	131.88	 	  	    $	122.42	 	
Tangible book value per common share	  	    $	87.69	 	  	    $	78.14	 	
Book value per common share excluding cumulative translation losses (1)	  	    $	135.51	 	  	    $	126.71	 	
Tangible book value per common share excluding cumulative translation losses (1)	  	    $	90.24	 	  	    $	81.16	 	

(1)	Cumulative translation losses were $1.6 billion in 2020 ($1.1 billion on tangible and $0.5 billion on intangible net assets) and $1.9 billion in 2019 ($1.3 billion on tangible and $0.6 billion on intangible net assets).	

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

Chubb Limited News Release

Chubb Limited
Summary Consolidated Financial Data
(in millions of U.S. dollars, except share, per share data, and ratios)
(Unaudited)
																	
  	  	Three Months Ended
December 31	 	 	Year Ended
December 31	 	
 	  	2020	 	  	2019	 	 	2020	 	 	2019	 	
Gross premiums written	  	  $	10,249	 	  	  $	  9,934	 	 	  $	41,261	 	 	  $	40,124	 	
Net premiums written	  	 	8,410	 	  	 	7,997	 	 	 	33,820	 	 	 	32,275	 	
Net premiums earned	  	 	8,430	 	  	 	7,935	 	 	 	33,117	 	 	 	31,290	 	
Losses and loss expenses	  	 	4,813	 	  	 	4,865	 	 	 	21,710	 	 	 	18,730	 	
Policy benefits	  	 	234	 	  	 	225	 	 	 	784	 	 	 	740	 	
Policy acquisition costs	  	 	1,694	 	  	 	1,542	 	 	 	6,547	 	 	 	6,153	 	
Administrative expenses	  	 	778	 	  	 	810	 	 	 	2,979	 	 	 	3,030	 	
Net investment income	  	 	847	 	  	 	858	 	 	 	3,375	 	 	 	3,426	 	
Net realized gains (losses)	  	 	571	 	  	 	(55	) 	 	 	(498	) 	 	 	(530	) 	
Interest expense	  	 	126	 	  	 	134	 	 	 	516	 	 	 	552	 	
Other income (expense):	  				  				 				 				
Gains (losses) from separate account assets	  	 	50	 	  	 	24	 	 	 	58	 	 	 	44	 	
Other	  	 	572	 	  	 	246	 	 	 	936	 	 	 	552	 	
Amortization of purchased intangibles	  	 	73	 	  	 	76	 	 	 	290	 	 	 	305	 	
Chubb integration expenses	  	 	—  	 	  	 	14	 	 	 	—  	 	 	 	23	 	
Income tax expense	  	 	334	 	  	 	169	 	 	 	629	 	 	 	795	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	  $	2,418	 	  	  $	1,173	 	 	  $	3,533	 	 	  $	4,454	 	

Diluted earnings per share:	  				  				 				 				
Net income	  	  $	5.34	 	  	  $	2.57	 	 	  $	7.79	 	 	  $	9.71	 	
Core operating income	  	  $	3.18	 	  	  $	2.28	 	 	  $	7.31	 	 	  $	10.11	 	
					
Weighted average diluted shares outstanding	  	 	453.3	 	  	 	455.9	 	 	 	453.4	 	 	 	458.9	 	

P&C combined ratio	  				  				 				 				
Loss and loss expense ratio	  	 	59.6%	 	  	 	64.0%	 	 	 	68.5%	 	 	 	62.1%	 	
Policy acquisition cost ratio	  	 	19.0%	 	  	 	18.8%	 	 	 	18.9%	 	 	 	19.1%	 	
Administrative expense ratio	  	 	9.0%	 	  	 	9.9%	 	 	 	8.7%	 	 	 	9.4%	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
P&C combined ratio	  	 	87.6%	 	  	 	92.7%	 	 	 	96.1%	 	 	 	90.6%	 	
					
P&C underwriting income	  	  $	969	 	  	  $	533	 	 	  $	1,210	 	 	  $	2,726	 	

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

Exhibit 99.2

Chubb Limited
Financial Supplement
for the Quarter and Year Ended December 31, 2020
Investor Contact
Karen Beyer: (212) 827-4445
email: investorrelations@chubb.com
This report is for informational purposes only. It should be read in conjunction with documents filed by Chubb Limited with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this financial supplement reflect Chubb Limited’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from such statements. For example, forward-looking statements related to financial performance, including exposures, reserves and recoverables, could be affected by the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, currency exchange fluctuations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance receivable and credit developments among reinsurers.
Our forward-looking statements could also be affected by, among other things, competition, pricing and policy term trends, market acceptance, changes in demand, actual market developments, rating agency action, possible terrorism or the outbreak and effects of war, and such other factors identified in our filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Chubb Limited
Financial Supplement Table of Contents

 	  	 	  	Page	 	
I.	  	Financial Highlights	  				
	  	- Consolidated Financial Highlights	  	 	1	 	
			
II.	  	Consolidated Results	  				
	  	- Consolidated Statement of Operations	  	 	2	 	
	  	- P&C Results—Consecutive Quarters	  	 	3	 	
	  	- Global P&C Results—Consecutive Quarters	  	 	4	 	
	  	- Summary Consolidated Balance Sheets	  	 	5	 	
	  	- Line of Business	  	 	6	 	
	  	- Consolidated Results by Segment	  	 	7 - 10	 	
			
III.	  	Segment Results	  				
	  	- North America Commercial P&C Insurance	  	 	11	 	
	  	- North America Personal P&C Insurance	  	 	12	 	
	  	- North America Agricultural Insurance	  	 	13	 	
	  	- Overseas General Insurance	  	 	14	 	
	  	- Global Reinsurance	  	 	15	 	
	  	- Life Insurance	  	 	16	 	
	  	- Corporate	  	 	17	 	
			
IV.	  	Balance Sheet Details	  				
	  	- Loss Reserve Rollforward	  	 	18	 	
	  	- Reinsurance Recoverable Analysis	  	 	19	 	
	  	- Investment Portfolio	  	 	20 - 23	 	
	  	- Net Realized and Unrealized Gains (Losses)	  	 	24 - 25	 	
	  	- Debt and Capital	  	 	26	 	
	  	- Computation of Basic and Diluted Earnings Per Share	  	 	27	 	
	  	- Book Value and Book Value per Common Share	  	 	28	 	
			
V.	  	Other Disclosures	  				
	  	- Non-GAAP Financial Measures	  	 	29 - 35	 	
	  	- Glossary	  	 	36	 	

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

 	 	Three months ended December 31	 	 	 	 	 	Constant $	 	 	Constant $	 	 	Year ended December 31	 	 	 	 	 	Constant $	 	 	Constant $	 	
 	 	2020	 	 	2019	 	 	% Change	 	 	2019	 	 	% Change	 	 	2020	 	 	2019	 	 	% Change	 	 	2019	 	 	% Change	 	
Gross premiums written	 	$	10,249	 	 	$	9,934	 	 	 	3.2	% 	 	$	9,969	 	 	 	2.8	% 	 	$	41,261	 	 	$	40,124	 	 	 	2.8	% 	 	$	39,899	 	 	 	3.4	% 	
Net premiums written	 	$	8,410	 	 	$	7,997	 	 	 	5.2	% 	 	$	8,018	 	 	 	4.9	% 	 	$	33,820	 	 	$	32,275	 	 	 	4.8	% 	 	$	32,072	 	 	 	5.5	% 	
P&C net premiums written	 	$	7,770	 	 	$	7,375	 	 	 	5.4	% 	 	$	7,397	 	 	 	5.0	% 	 	$	31,306	 	 	$	29,883	 	 	 	4.8	% 	 	$	29,692	 	 	 	5.4	% 	
P&C net premiums written adjusted for COVID-19 exposures (1)	 				 				 				 				 				 				 				 	 	5.5	% 	 				 	 	6.1	% 	
Net premiums earned	 	$	8,430	 	 	$	7,935	 	 	 	6.2	% 	 	$	7,959	 	 	 	5.9	% 	 	$	33,117	 	 	$	31,290	 	 	 	5.8	% 	 	$	31,104	 	 	 	6.5	% 	
Net investment income	 	$	847	 	 	$	858	 	 	 	-1.2	% 	 	$	858	 	 	 	-1.3	% 	 	$	3,375	 	 	$	3,426	 	 	 	-1.5	% 	 	$	3,415	 	 	 	-1.2	% 	
Adjusted net investment income	 	$	924	 	 	$	917	 	 	 	0.9	% 	 	$	917	 	 	 	0.8	% 	 	$	3,606	 	 	$	3,673	 	 	 	-1.8	% 	 	$	3,662	 	 	 	-1.5	% 	
P&C underwriting income	 	$	969	 	 	$	533	 	 	 	81.8	% 	 	$	533	 	 	 	81.6	% 	 	$	1,210	 	 	$	2,726	 	 	 	-55.6	% 	 	$	2,704	 	 	 	-55.3	% 	
P&C CAY underwriting income ex Cats	 	$	1,059	 	 	$	730	 	 	 	45.0	% 	 	$	732	 	 	 	44.7	% 	 	$	4,074	 	 	$	3,121	 	 	 	30.5	% 	 	$	3,101	 	 	 	31.4	% 	
Agriculture CAY underwriting income (loss) ex Cats	 	$	34	 	 	$	(59	) 	 	 	NM	 	 	$	(59	) 	 	 	NM	 	 	$	172	 	 	$	17	 	 	 	NM	 	 	$	17	 	 	 	NM	 	
Core operating income	 	$	1,440	 	 	$	1,040	 	 	 	38.4	% 	 	$	1,040	 	 	 	38.4	% 	 	$	3,313	 	 	$	4,641	 	 	 	-28.6	% 	 	$	4,615	 	 	 	-28.2	% 	
Net income	 	$	2,418	 	 	$	1,173	 	 	 	106.2	% 	 				 				 	$	3,533	 	 	$	4,454	 	 	 	-20.7	% 	 				 				
Operating cash flow	 	$	2,544	 	 	$	1,429	 	 				 				 				 	$	9,785	 	 	$	6,342	 	 				 				 				
P&C combined ratio	 				 				 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	59.6	% 	 	 	64.0	% 	 				 				 				 	 	68.5	% 	 	 	62.1	% 	 				 				 				
Policy acquisition cost and administrative expense ratio	 	 	28.0	% 	 	 	28.7	% 	 				 				 				 	 	27.6	% 	 	 	28.5	% 	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
Combined ratio	 	 	87.6	% 	 	 	92.7	% 	 				 				 				 	 	96.1	% 	 	 	90.6	% 	 				 				 				
P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)	 				 				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	 	 	58.5	% 	 	 	61.3	% 	 				 				 				 	 	59.2	% 	 	 	60.8	% 	 				 				 				
CAY policy acquisition cost and administrative expense ratio ex Cats	 	 	27.9	% 	 	 	28.7	% 	 				 				 				 	 	27.5	% 	 	 	28.4	% 	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
CAY combined ratio ex Cats	 	 	86.4	% 	 	 	90.0	% 	 				 				 				 	 	86.7	% 	 	 	89.2	% 	 				 				 				
Global P&C CAY combined ratio ex Cats	 				 				 				 				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	 	 	57.0	% 	 	 	58.1	% 	 				 				 				 	 	57.6	% 	 	 	58.6	% 	 				 				 				
CAY policy acquisition cost and administrative expense ratio ex Cats	 	 	29.1	% 	 	 	30.5	% 	 				 				 				 	 	28.9	% 	 	 	30.0	% 	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
CAY combined ratio ex Cats	 	 	86.1	% 	 	 	88.6	% 	 				 				 				 	 	86.5	% 	 	 	88.6	% 	 				 				 				
ROE	 	 	16.7	% 	 	 	8.5	% 	 				 				 				 	 	6.2	% 	 	 	8.4	% 	 				 				 				
Core operating return on equity (ROE)	 	 	10.7	% 	 	 	7.9	% 	 				 				 				 	 	6.2	% 	 	 	9.0	% 	 				 				 				
Core operating return on tangible equity (ROTE)	 	 	17.1	% 	 	 	12.8	% 	 				 				 				 	 	9.8	% 	 	 	14.6	% 	 				 				 				
Effective tax rate	 	 	12.1	% 	 	 	12.6	% 	 				 				 				 	 	15.1	% 	 	 	15.1	% 	 				 				 				
Core operating effective tax rate	 	 	15.2	% 	 	 	14.2	% 	 				 				 				 	 	15.8	% 	 	 	14.9	% 	 				 				 				
Earnings per share	 				 				 				 				 				 				 				 				 				 				
Net income	 	$	5.34	 	 	$	2.57	 	 	 	107.8	% 	 				 				 	$	7.79	 	 	$	9.71	 	 	 	-19.8	% 	 				 				
Core operating income	 	$	3.18	 	 	$	2.28	 	 	 	39.5	% 	 				 				 	$	7.31	 	 	$	10.11	 	 	 	-27.7	% 	 				 				
Weighted average basic common shares outstanding	 	 	451.4	 	 	 	452.7	 	 				 				 				 	 	451.6	 	 	 	455.9	 	 				 				 				
Weighted average diluted common shares outstanding	 	 	453.3	 	 	 	455.9	 	 				 				 				 	 	453.4	 	 	 	458.9	 	 				 				 				
											
 	 	December 31
2020	 	 	September 30
2020	 	 	% Change
4Q-20 vs.
3Q-20	 	 	December 31
2019	 	 	% Change
4Q-20 vs.
4Q-19	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share	 	$	131.88	 	 	$	124.98	 	 	 	5.5	% 	 	$	122.42	 	 	 	7.7	% 	 				 				 				 				 				
Tangible book value per common share	 	$	87.69	 	 	$	81.11	 	 	 	8.1	% 	 	$	78.14	 	 	 	12.2	% 	 				 				 				 				 				
 
(1)	Full year 2020 net premiums written were adversely impacted by COVID-19 including $184 million of exposure adjustments on in-force policies and $29 million of return premiums in North America Personal P&C Insurance.	

			
Financial Highlights	  	Page 1	

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

 	  	4Q-20	 	 	3Q-20	 	 	2Q-20	 	 	1Q-20	 	 	4Q-19	 	 	Full Year
2020	 	 	Full Year
2019	 	
Gross premiums written	  	$	10,249	 	 	$	11,220	 	 	$	10,040	 	 	$	9,752	 	 	$	9,934	 	 	$	41,261	 	 	$	40,124	 	
Net premiums written	  	 	8,410	 	 	 	9,078	 	 	 	8,355	 	 	 	7,977	 	 	 	7,997	 	 	 	33,820	 	 	 	32,275	 	
Net premiums earned	  	 	8,430	 	 	 	8,765	 	 	 	8,128	 	 	 	7,794	 	 	 	7,935	 	 	 	33,117	 	 	 	31,290	 	
Adjusted losses and loss expenses (1)	  	 	4,810	 	 	 	5,834	 	 	 	6,578	 	 	 	4,487	 	 	 	4,865	 	 	 	21,709	 	 	 	18,738	 	
Realized (gains) losses on crop derivatives	  	 	(3	) 	 	 	(1	) 	 	 	1	 	 	 	2	 	 	 	—  	 	 	 	(1	) 	 	 	8	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Losses and loss expenses	  	 	4,813	 	 	 	5,835	 	 	 	6,577	 	 	 	4,485	 	 	 	4,865	 	 	 	21,710	 	 	 	18,730	 	
Adjusted policy benefits (2)	  	 	184	 	 	 	174	 	 	 	183	 	 	 	185	 	 	 	201	 	 	 	726	 	 	 	696	 	
Gains (losses) from fair value changes in separate account liabilities	  	 	(50	) 	 	 	(24	) 	 	 	(40	) 	 	 	56	 	 	 	(24	) 	 	 	(58	) 	 	 	(44	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy benefits	  	 	234	 	 	 	198	 	 	 	223	 	 	 	129	 	 	 	225	 	 	 	784	 	 	 	740	 	
Policy acquisition costs	  	 	1,694	 	 	 	1,645	 	 	 	1,593	 	 	 	1,615	 	 	 	1,542	 	 	 	6,547	 	 	 	6,153	 	
Administrative expenses	  	 	778	 	 	 	733	 	 	 	727	 	 	 	741	 	 	 	810	 	 	 	2,979	 	 	 	3,030	 	
Adjusted net investment income (3)	  	 	924	 	 	 	900	 	 	 	865	 	 	 	917	 	 	 	917	 	 	 	3,606	 	 	 	3,673	 	
Other (income) expense from private equity partnerships	  	 	(51	) 	 	 	(32	) 	 	 	(8	) 	 	 	(24	) 	 	 	(24	) 	 	 	(115	) 	 	 	(86	) 	
Amortization expense of fair value adjustment on acquired invested assets	  	 	(26	) 	 	 	(28	) 	 	 	(30	) 	 	 	(32	) 	 	 	(35	) 	 	 	(116	) 	 	 	(161	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net investment income	  	 	847	 	 	 	840	 	 	 	827	 	 	 	861	 	 	 	858	 	 	 	3,375	 	 	 	3,426	 	
Adjusted realized gains (losses) (4)	  	 	568	 	 	 	(142	) 	 	 	31	 	 	 	(956	) 	 	 	(55	) 	 	 	(499	) 	 	 	(522	) 	
Realized gains (losses) on crop derivatives	  	 	3	 	 	 	1	 	 	 	(1	) 	 	 	(2	) 	 	 	—  	 	 	 	1	 	 	 	(8	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net realized gains (losses)	  	 	571	 	 	 	(141	) 	 	 	30	 	 	 	(958	) 	 	 	(55	) 	 	 	(498	) 	 	 	(530	) 	
Adjusted interest expense (5)	  	 	131	 	 	 	135	 	 	 	134	 	 	 	137	 	 	 	140	 	 	 	537	 	 	 	573	 	
Amortization benefit of fair value adjustment on acquired long term debt	  	 	(5	) 	 	 	(5	) 	 	 	(6	) 	 	 	(5	) 	 	 	(6	) 	 	 	(21	) 	 	 	(21	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	  	 	126	 	 	 	130	 	 	 	128	 	 	 	132	 	 	 	134	 	 	 	516	 	 	 	552	 	
Gains (losses) from fair value changes in separate account assets	  	 	50	 	 	 	24	 	 	 	40	 	 	 	(56	) 	 	 	24	 	 	 	58	 	 	 	44	 	
Net realized gains (losses) related to unconsolidated entities	  	 	506	 	 	 	422	 	 	 	(100	) 	 	 	(7	) 	 	 	227	 	 	 	821	 	 	 	483	 	
Other income (expense) from private equity partnerships	  	 	51	 	 	 	32	 	 	 	8	 	 	 	24	 	 	 	24	 	 	 	115	 	 	 	86	 	
Other income (expense)—operating	  	 	15	 	 	 	7	 	 	 	(6	) 	 	 	(16	) 	 	 	(5	) 	 	 	—  	 	 	 	(17	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other income (expense)	  	 	622	 	 	 	485	 	 	 	(58	) 	 	 	(55	) 	 	 	270	 	 	 	994	 	 	 	596	 	
Amortization expense of purchased intangibles	  	 	73	 	 	 	72	 	 	 	72	 	 	 	73	 	 	 	76	 	 	 	290	 	 	 	305	 	
Chubb integration expenses	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	14	 	 	 	—  	 	 	 	23	 	
Income tax expense (benefit)	  	 	334	 	 	 	142	 	 	 	(62	) 	 	 	215	 	 	 	169	 	 	 	629	 	 	 	795	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	  	$	2,418	 	 	$	1,194	 	 	$	(331	) 	 	$	252	 	 	$	1,173	 	 	$	3,533	 	 	$	4,454	 	

(1)	Adjusted losses and loss expenses used throughout this report includes realized gains and losses on crop derivatives.	
(2)	Adjusted policy benefits used throughout this report excludes gains and losses from fair value changes in separate account liabilities.	
(3)	Adjusted net investment income used throughout this report excludes Amortization expense of fair value adjustment on acquired invested assets and includes income from private equity partnerships where we hold more than three percent ownership.	
(4)	Adjusted realized gains (losses) used throughout this report excludes realized gains and losses on crop derivatives.	
(5)	Adjusted interest expense used throughout this report excludes Amortization benefit of fair value adjustment on acquired long term debt.	

Statement of Operations	  	Page 2	

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

 	  	4Q-20	 	 	3Q-20	 	 	2Q-20	 	 	1Q-20	 	 	4Q-19	 	 	Full Year
2020	 	 	Full Year
2019	 	
P&C underwriting income (loss) (Including Corporate and excluding Life Insurance)	  				 				 				 				 				 				 				
Gross premiums written	  	$	9,571	 	 	$	10,575	 	 	$	9,387	 	 	$	9,069	 	 	$	9,282	 	 	$	38,602	 	 	$	37,607	 	
Net premiums written	  	 	7,770	 	 	 	8,468	 	 	 	7,736	 	 	 	7,332	 	 	 	7,375	 	 	 	31,306	 	 	 	29,883	 	
Net premiums earned	  	 	7,786	 	 	 	8,166	 	 	 	7,520	 	 	 	7,163	 	 	 	7,322	 	 	 	30,635	 	 	 	28,947	 	
Adjusted losses and loss expenses	  	 	4,642	 	 	 	5,651	 	 	 	6,407	 	 	 	4,285	 	 	 	4,689	 	 	 	20,985	 	 	 	17,981	 	
Policy acquisition costs	  	 	1,479	 	 	 	1,470	 	 	 	1,397	 	 	 	1,435	 	 	 	1,376	 	 	 	5,781	 	 	 	5,533	 	
Administrative expenses	  	 	696	 	 	 	653	 	 	 	645	 	 	 	665	 	 	 	724	 	 	 	2,659	 	 	 	2,707	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C underwriting income (loss)	  	$	969	 	 	$	392	 	 	$	(929	) 	 	$	778	 	 	$	533	 	 	$	1,210	 	 	$	2,726	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C CAY underwriting income ex Cats	  	$	1,059	 	 	$	1,171	 	 	$	947	 	 	$	897	 	 	$	730	 	 	$	4,074	 	 	$	3,121	 	
% Change versus prior year period	  				 				 				 				 				 				 				
Net premiums written	  	 	5.4	% 	 	 	5.7	% 	 	 	-0.4	% 	 	 	8.9	% 	 	 	9.0	% 	 	 	4.8	% 	 	 	5.6	% 	
Net premiums written adjusted for COVID-19 exposures (1)	  				 				 	 	2.1	% 	 				 				 	 	5.5	% 	 				
Net premiums earned	  	 	6.3	% 	 	 	5.7	% 	 	 	2.7	% 	 	 	8.9	% 	 	 	6.3	% 	 	 	5.8	% 	 	 	4.0	% 	
Net premiums written constant $	  	 	5.0	% 	 	 	6.4	% 	 	 	1.4	% 	 	 	9.3	% 	 	 	9.8	% 	 	 	5.4	% 	 	 	7.0	% 	
Net premiums written adjusted for COVID-19 exposures (1)	  				 				 	 	3.9	% 	 				 				 	 	6.1	% 	 				
Net premiums earned constant $	  	 	6.0	% 	 	 	6.3	% 	 	 	4.6	% 	 	 	9.3	% 	 	 	7.1	% 	 	 	6.5	% 	 	 	5.4	% 	
P&C combined ratio	  				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	59.6	% 	 	 	69.2	% 	 	 	85.2	% 	 	 	59.8	% 	 	 	64.0	% 	 	 	68.5	% 	 	 	62.1	% 	
Policy acquisition cost ratio	  	 	19.0	% 	 	 	18.0	% 	 	 	18.5	% 	 	 	20.0	% 	 	 	18.8	% 	 	 	18.9	% 	 	 	19.1	% 	
Administrative expense ratio	  	 	9.0	% 	 	 	8.0	% 	 	 	8.6	% 	 	 	9.3	% 	 	 	9.9	% 	 	 	8.7	% 	 	 	9.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	87.6	% 	 	 	95.2	% 	 	 	112.3	% 	 	 	89.1	% 	 	 	92.7	% 	 	 	96.1	% 	 	 	90.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY P&C combined ratio ex Cats	  				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	58.5	% 	 	 	59.7	% 	 	 	60.4	% 	 	 	58.2	% 	 	 	61.3	% 	 	 	59.2	% 	 	 	60.8	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	27.9	% 	 	 	26.0	% 	 	 	27.0	% 	 	 	29.3	% 	 	 	28.7	% 	 	 	27.5	% 	 	 	28.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	86.4	% 	 	 	85.7	% 	 	 	87.4	% 	 	 	87.5	% 	 	 	90.0	% 	 	 	86.7	% 	 	 	89.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other ratios	  				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	81	% 	 	 	80	% 	 	 	82	% 	 	 	81	% 	 	 	79	% 	 	 	81	% 	 	 	79	% 	
Expense ratio	  	 	28.0	% 	 	 	26.0	% 	 	 	27.1	% 	 	 	29.3	% 	 	 	28.7	% 	 	 	27.6	% 	 	 	28.5	% 	
Expense ratio excluding A&H	  	 	26.0	% 	 	 	24.0	% 	 	 	25.2	% 	 	 	27.5	% 	 	 	26.6	% 	 	 	25.6	% 	 	 	26.4	% 	
Catastrophe reinstatement premiums (expensed) collected—pre-tax	  	$	3	 	 	$	7	 	 	$	(20	) 	 	$	—  	 	 	$	(14	) 	 	$	(10	) 	 	$	(12	) 	
Catastrophe losses—pre-tax	  	$	299	 	 	$	932	 	 	$	1,781	 	 	$	237	 	 	$	416	 	 	$	3,249	 	 	$	1,175	 	
Unfavorable (favorable) prior period development (PPD)—pre-tax	  	$	(206	) 	 	$	(146	) 	 	$	75	 	 	$	(118	) 	 	$	(233	) 	 	$	(395	) 	 	$	(792	) 	
Impact of catastrophe losses ex COVID-19 on P&C combined ratio—Unfavorable	  	 	3.8	% 	 	 	11.3	% 	 	 	5.8	% 	 	 	3.1	% 	 	 	5.9	% 	 	 	6.1	% 	 	 	4.1	% 	
Impact of COVID-19 catastrophe losses on P&C combined ratio—Unfavorable	  	 	0.0	% 	 	 	0.0	% 	 	 	18.1	% 	 	 	0.2	% 	 	 	0.0	% 	 	 	4.5	% 	 	 	0.0	% 	
Impact of catastrophe losses on P&C combined ratio—Unfavorable	  	 	3.8	% 	 	 	11.3	% 	 	 	23.9	% 	 	 	3.3	% 	 	 	5.9	% 	 	 	10.6	% 	 	 	4.1	% 	
Impact of PPD on P&C combined ratio—Unfavorable (favorable)	  	 	-2.6	% 	 	 	-1.8	% 	 	 	1.0	% 	 	 	-1.7	% 	 	 	-3.2	% 	 	 	-1.2	% 	 	 	-2.7	% 	
Impact of Cats and PPD on P&C combined ratio—Unfavorable	  	 	1.2	% 	 	 	9.5	% 	 	 	24.9	% 	 	 	1.6	% 	 	 	2.7	% 	 	 	9.4	% 	 	 	1.4	% 	
 
(1)	Full year 2020 net premiums written were adversely impacted by COVID-19 including $184 million of exposure adjustments on in-force policies and $29 million of return premiums in North America Personal P&C Insurance.	

P&C Results	  	Page 3	

Chubb Limited
Global P&C Underwriting Results—Consecutive Quarters
(in millions of U.S. dollars, except ratios)
(Unaudited)
Global P&C includes the company’s North America Commercial P&C Insurance segment (refer to page 11), North America Personal P&C Insurance segment (refer to page 12), Overseas General Insurance segment (refer to page 14), Global Reinsurance segment (refer to page 15), and Corporate (refer to page 17). Global P&C excludes the North America Agricultural Insurance and Life Insurance segments.
Global P&C (Including Corporate and excluding Agriculture)

 	  	4Q-20	 	 	3Q-20	 	 	2Q-20	 	 	1Q-20	 	 	4Q-19	 	 	Full Year
2020	 	 	Full Year
2019	 	
Global P&C underwriting income (loss)	  				 				 				 				 				 				 				
Gross premiums written	  	$	9,259	 	 	$	9,243	 	 	$	8,735	 	 	$	8,849	 	 	$	9,000	 	 	$	36,086	 	 	$	35,192	 	
Net premiums written	  	 	7,528	 	 	 	7,482	 	 	 	7,275	 	 	 	7,175	 	 	 	7,099	 	 	 	29,460	 	 	 	28,073	 	
Net premiums earned	  	 	7,405	 	 	 	7,195	 	 	 	7,144	 	 	 	7,069	 	 	 	6,901	 	 	 	28,813	 	 	 	27,152	 	
Adjusted losses and loss expenses	  	 	4,321	 	 	 	4,806	 	 	 	6,094	 	 	 	4,220	 	 	 	4,236	 	 	 	19,441	 	 	 	16,365	 	
Policy acquisition costs	  	 	1,452	 	 	 	1,414	 	 	 	1,368	 	 	 	1,424	 	 	 	1,382	 	 	 	5,658	 	 	 	5,449	 	
Administrative expenses	  	 	699	 	 	 	648	 	 	 	642	 	 	 	661	 	 	 	727	 	 	 	2,650	 	 	 	2,701	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C underwriting income (loss)	  	$	933	 	 	$	327	 	 	$	(960	) 	 	$	764	 	 	$	556	 	 	$	1,064	 	 	$	2,637	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C CAY underwriting income ex Cats	  	$	1,025	 	 	$	1,078	 	 	$	910	 	 	$	889	 	 	$	789	 	 	$	3,902	 	 	$	3,104	 	
% Change versus prior year period	  				 				 				 				 				 				 				
Net premiums written	  	 	6.0	% 	 	 	5.8	% 	 	 	-0.3	% 	 	 	8.6	% 	 	 	8.0	% 	 	 	4.9	% 	 	 	5.0	% 	
Net premiums written adjusted for COVID-19 exposures (1)	  				 				 	 	2.3	% 	 				 				 	 	5.7	% 	 				
Net premiums earned	  	 	7.3	% 	 	 	6.0	% 	 	 	2.9	% 	 	 	8.4	% 	 	 	5.0	% 	 	 	6.1	% 	 	 	3.3	% 	
Net premiums written constant $	  	 	5.7	% 	 	 	6.6	% 	 	 	1.6	% 	 	 	9.1	% 	 	 	8.9	% 	 	 	5.7	% 	 	 	6.6	% 	
Net premiums written adjusted for COVID-19 exposures (1)	  				 				 	 	4.2	% 	 				 				 	 	6.4	% 	 				
Net premiums earned constant $	  	 	6.9	% 	 	 	6.7	% 	 	 	4.9	% 	 	 	8.8	% 	 	 	5.8	% 	 	 	6.8	% 	 	 	4.9	% 	
Combined ratio	  				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	58.4	% 	 	 	66.8	% 	 	 	85.3	% 	 	 	59.7	% 	 	 	61.4	% 	 	 	67.5	% 	 	 	60.3	% 	
Policy acquisition cost ratio	  	 	19.6	% 	 	 	19.7	% 	 	 	19.1	% 	 	 	20.2	% 	 	 	20.0	% 	 	 	19.6	% 	 	 	20.1	% 	
Administrative expense ratio	  	 	9.4	% 	 	 	9.0	% 	 	 	9.0	% 	 	 	9.3	% 	 	 	10.5	% 	 	 	9.2	% 	 	 	9.9	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	87.4	% 	 	 	95.5	% 	 	 	113.4	% 	 	 	89.2	% 	 	 	91.9	% 	 	 	96.3	% 	 	 	90.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	57.0	% 	 	 	56.4	% 	 	 	59.3	% 	 	 	57.9	% 	 	 	58.1	% 	 	 	57.6	% 	 	 	58.6	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	29.1	% 	 	 	28.6	% 	 	 	28.0	% 	 	 	29.5	% 	 	 	30.5	% 	 	 	28.9	% 	 	 	30.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	86.1	% 	 	 	85.0	% 	 	 	87.3	% 	 	 	87.4	% 	 	 	88.6	% 	 	 	86.5	% 	 	 	88.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other ratios	  				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	81	% 	 	 	81	% 	 	 	83	% 	 	 	81	% 	 	 	79	% 	 	 	82	% 	 	 	80	% 	
Expense ratio	  	 	29.0	% 	 	 	28.7	% 	 	 	28.1	% 	 	 	29.5	% 	 	 	30.5	% 	 	 	28.8	% 	 	 	30.0	% 	
Expense ratio excluding A&H	  	 	27.2	% 	 	 	26.7	% 	 	 	26.2	% 	 	 	27.7	% 	 	 	28.6	% 	 	 	26.9	% 	 	 	28.0	% 	
Catastrophe reinstatement premiums (expensed) collected—pre-tax	  	$	4	 	 	$	7	 	 	$	(20	) 	 	$	—  	 	 	$	(14	) 	 	$	(9	) 	 	$	(12	) 	
Catastrophe losses—pre-tax	  	$	288	 	 	$	922	 	 	$	1,775	 	 	$	229	 	 	$	415	 	 	$	3,214	 	 	$	1,167	 	
Unfavorable (favorable) prior period development (PPD)—pre-tax	  	$	(192	) 	 	$	(164	) 	 	$	75	 	 	$	(104	) 	 	$	(196	) 	 	$	(385	) 	 	$	(712	) 	
 
(1)	Full year 2020 net premiums written were adversely impacted by COVID-19 including $184 million of exposure adjustments on in-force policies and $29 million of return premiums in North America Personal P&C Insurance.	

			
Global P&C	  	Page 4	

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

 	  	December 31
2020	 	 	September 30
2020	 	 	June 30
2020	 	 	March 31
2020	 	 	December 31
2019	 	
Assets	  				 				 				 				 				
Fixed maturities available for sale, at fair value	  	$	90,699	 	 	$	89,852	 	 	$	86,712	 	 	$	81,523	 	 	$	85,488	 	
Fixed maturities held to maturity, at amortized cost	  	 	11,653	 	 	 	11,651	 	 	 	11,845	 	 	 	12,022	 	 	 	12,581	 	
Equity securities, at fair value	  	 	4,027	 	 	 	3,088	 	 	 	2,394	 	 	 	2,068	 	 	 	812	 	
Short-term investments, at fair value	  	 	4,345	 	 	 	4,660	 	 	 	4,003	 	 	 	3,586	 	 	 	4,291	 	
Other investments	  	 	7,945	 	 	 	6,796	 	 	 	5,923	 	 	 	6,075	 	 	 	6,062	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	118,669	 	 	 	116,047	 	 	 	110,877	 	 	 	105,274	 	 	 	109,234	 	
Cash	  	 	1,747	 	 	 	1,707	 	 	 	1,557	 	 	 	1,512	 	 	 	1,537	 	
Securities lending collateral	  	 	1,844	 	 	 	1,851	 	 	 	1,832	 	 	 	1,342	 	 	 	994	 	
Insurance and reinsurance balances receivable	  	 	10,480	 	 	 	10,588	 	 	 	10,853	 	 	 	10,058	 	 	 	10,357	 	
Reinsurance recoverable on losses and loss expenses	  	 	15,592	 	 	 	15,670	 	 	 	15,207	 	 	 	14,898	 	 	 	15,181	 	
Deferred policy acquisition costs	  	 	5,402	 	 	 	5,275	 	 	 	5,243	 	 	 	5,162	 	 	 	5,242	 	
Value of business acquired	  	 	263	 	 	 	286	 	 	 	290	 	 	 	289	 	 	 	306	 	
Prepaid reinsurance premiums	  	 	2,769	 	 	 	2,760	 	 	 	2,725	 	 	 	2,570	 	 	 	2,647	 	
Goodwill and other intangible assets	  	 	21,211	 	 	 	21,103	 	 	 	21,093	 	 	 	20,873	 	 	 	21,359	 	
Investments in partially-owned insurance companies	  	 	2,813	 	 	 	2,534	 	 	 	1,364	 	 	 	1,346	 	 	 	1,332	 	
Other assets	  	 	9,984	 	 	 	9,965	 	 	 	10,433	 	 	 	9,793	 	 	 	8,754	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	190,774	 	 	$	187,786	 	 	$	181,474	 	 	$	173,117	 	 	$	176,943	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Liabilities	  				 				 				 				 				
Unpaid losses and loss expenses	  	$	67,811	 	 	$	67,905	 	 	$	65,699	 	 	$	62,214	 	 	$	62,690	 	
Unearned premiums	  	 	17,652	 	 	 	17,502	 	 	 	17,081	 	 	 	16,459	 	 	 	16,771	 	
Future policy benefits	  	 	5,713	 	 	 	5,519	 	 	 	5,451	 	 	 	5,326	 	 	 	5,373	 	
Insurance and reinsurance balances payable	  	 	6,708	 	 	 	6,420	 	 	 	6,249	 	 	 	6,084	 	 	 	6,184	 	
Securities lending payable	  	 	1,844	 	 	 	1,851	 	 	 	1,832	 	 	 	1,342	 	 	 	994	 	
Accounts payable, accrued expenses, and other liabilities	  	 	15,457	 	 	 	14,923	 	 	 	14,442	 	 	 	13,913	 	 	 	13,630	 	
Deferred tax liabilities	  	 	892	 	 	 	815	 	 	 	696	 	 	 	473	 	 	 	804	 	
Short-term and long-term debt	  	 	14,948	 	 	 	16,130	 	 	 	14,956	 	 	 	14,810	 	 	 	14,858	 	
Trust preferred securities	  	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	131,333	 	 	 	131,373	 	 	 	126,714	 	 	 	120,929	 	 	 	121,612	 	
Shareholders’ equity	  				 				 				 				 				
Total shareholders’ equity, excl. AOCI	  	 	56,572	 	 	 	54,557	 	 	 	53,662	 	 	 	54,281	 	 	 	54,712	 	
Accumulated other comprehensive income (loss) (AOCI)	  	 	2,869	 	 	 	1,856	 	 	 	1,098	 	 	 	(2,093	) 	 	 	619	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total shareholders’ equity	  	 	59,441	 	 	 	56,413	 	 	 	54,760	 	 	 	52,188	 	 	 	55,331	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and shareholders’ equity	  	$	190,774	 	 	$	187,786	 	 	$	181,474	 	 	$	173,117	 	 	$	176,943	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share	  	$	131.88	 	 	$	124.98	 	 	$	121.32	 	 	$	115.62	 	 	$	122.42	 	
% change over prior quarter	  	 	5.5	% 	 	 	3.0	% 	 	 	4.9	% 	 	 	-5.6	% 	 	 	1.7	% 	
Tangible book value per common share	  	$	87.69	 	 	$	81.11	 	 	$	77.49	 	 	$	72.27	 	 	$	78.14	 	
% change over prior quarter	  	 	8.1	% 	 	 	4.7	% 	 	 	7.2	% 	 	 	-7.5	% 	 	 	2.5	% 	

Consol Bal Sheet	  	Page 5	

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

 	  	4Q-20	 	  	4Q-19	 	  	% Change	 	 	Constant $
% Change	 	 	Full Year
2020	 	  	Full Year
2019	 	  	% Change	 	 	Constant $
% Change	 	 	C$ adjusted
for COVID-19
exposures
% Change (1)	 	
Net premiums written	  				  				  				 				 				  				  				 				 				
Commercial multiple peril (2)	  	$	269	 	  	$	258	 	  	 	4.4	% 	 	 	4.4	% 	 	$	1,047	 	  	$	983	 	  	 	6.6	% 	 	 	6.6	% 	 	 	7.1	% 	
Commercial casualty	  	 	1,636	 	  	 	1,474	 	  	 	11.0	% 	 	 	10.2	% 	 	 	6,177	 	  	 	5,654	 	  	 	9.2	% 	 	 	9.3	% 	 	 	10.4	% 	
Workers’ compensation	  	 	530	 	  	 	561	 	  	 	-5.6	% 	 	 	-5.6	% 	 	 	2,015	 	  	 	2,098	 	  	 	-4.0	% 	 	 	-4.0	% 	 	 	1.8	% 	
Professional liability	  	 	1,189	 	  	 	1,021	 	  	 	16.5	% 	 	 	15.8	% 	 	 	4,201	 	  	 	3,697	 	  	 	13.6	% 	 	 	14.0	% 	 	 	14.0	% 	
Surety	  	 	137	 	  	 	163	 	  	 	-16.2	% 	 	 	-14.2	% 	 	 	531	 	  	 	639	 	  	 	-16.9	% 	 	 	-14.5	% 	 	 	-14.5	% 	
Property and other short-tail lines	  	 	1,283	 	  	 	1,058	 	  	 	21.3	% 	 	 	20.6	% 	 	 	5,231	 	  	 	4,468	 	  	 	17.1	% 	 	 	18.3	% 	 	 	18.3	% 	
	  	 	 	 	  	 	 	 	  				 				 	 	 	 	  	 	 	 	  				 				 				
Total Commercial P&C	  	 	5,044	 	  	 	4,535	 	  	 	11.2	% 	 	 	10.8	% 	 	 	19,202	 	  	 	17,539	 	  	 	9.5	% 	 	 	10.0	% 	 	 	11.0	% 	
Agriculture	  	 	242	 	  	 	276	 	  	 	-12.2	% 	 	 	-12.2	% 	 	 	1,846	 	  	 	1,810	 	  	 	2.0	% 	 	 	2.0	% 	 	 	2.0	% 	
Personal automobile	  	 	376	 	  	 	448	 	  	 	-15.9	% 	 	 	-13.2	% 	 	 	1,550	 	  	 	1,786	 	  	 	-13.2	% 	 	 	-10.0	% 	 	 	-8.3	% 	
Personal homeowners	  	 	919	 	  	 	867	 	  	 	6.0	% 	 	 	6.1	% 	 	 	3,627	 	  	 	3,513	 	  	 	3.2	% 	 	 	3.5	% 	 	 	3.5	% 	
Personal other	  	 	419	 	  	 	391	 	  	 	7.4	% 	 	 	5.0	% 	 	 	1,656	 	  	 	1,514	 	  	 	9.4	% 	 	 	9.8	% 	 	 	9.8	% 	
	  	 	 	 	  	 	 	 	  				 				 	 	 	 	  	 	 	 	  				 				 				
Total Personal lines	  	 	1,714	 	  	 	1,706	 	  	 	0.5	% 	 	 	0.9	% 	 	 	6,833	 	  	 	6,813	 	  	 	0.3	% 	 	 	1.5	% 	 	 	1.9	% 	
Total Property and Casualty lines	  	 	7,000	 	  	 	6,517	 	  	 	7.4	% 	 	 	7.2	% 	 	 	27,881	 	  	 	26,162	 	  	 	6.6	% 	 	 	7.2	% 	 	 	8.0	% 	
Global A&H lines (3)	  	 	928	 	  	 	1,060	 	  	 	-12.4	% 	 	 	-13.0	% 	 	 	3,859	 	  	 	4,315	 	  	 	-10.6	% 	 	 	-9.7	% 	 	 	-9.7	% 	
Reinsurance lines	  	 	125	 	  	 	109	 	  	 	14.4	% 	 	 	12.9	% 	 	 	731	 	  	 	649	 	  	 	12.6	% 	 	 	12.1	% 	 	 	12.1	% 	
Life	  	 	357	 	  	 	311	 	  	 	14.5	% 	 	 	15.0	% 	 	 	1,349	 	  	 	1,149	 	  	 	17.4	% 	 	 	18.4	% 	 	 	18.4	% 	
	  	 	 	 	  	 	 	 	  				 				 	 	 	 	  	 	 	 	  				 				 				
Total consolidated	  	$	8,410	 	  	$	7,997	 	  	 	5.2	% 	 	 	4.9	% 	 	$	33,820	 	  	$	32,275	 	  	 	4.8	% 	 	 	5.5	% 	 	 	6.1	% 	

(1)	Full year 2020 net premiums written were adversely impacted by COVID-19 including $184 million of exposure adjustments on in-force policies and $29 million of return premiums in North America Personal P&C Insurance.	
(2)	Commercial multiple peril represents retail package business (property and general liability).	
(3)	For purposes of this schedule only, A&H results from our Combined North America and International businesses, normally included in the Life Insurance and Overseas General Insurance segments, respectively, as well as the A&H results of our North America Commercial P&C segment, are included in Global A&H lines above.	

Line of Business	  	Page 6	

Chubb Limited
Consolidated Results—Three months ended December 31, 2020
(in millions of U.S. dollars, except ratios)
(Unaudited)

	Q4 2020	 	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	 	$	3,724	 	 	$	1,201	 	 	$	242	 	 	$	2,478	 	 	$	125	 	 	$	—  	 	 	$	7,770	 	 	$	640	 	 	$	8,410	 		
Net premiums earned	 	 	3,537	 	 	 	1,243	 	 	 	381	 	 	 	2,447	 	 	 	178	 	 	 	—  	 	 	 	7,786	 	 	 	644	 	 	 	8,430	 		
Adjusted losses and loss expenses	 	 	2,006	 	 	 	781	 	 	 	321	 	 	 	1,320	 	 	 	121	 	 	 	93	 	 	 	4,642	 	 	 	168	 	 	 	4,810	 		
Adjusted policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	184	 	 	 	184	 		
Policy acquisition costs	 	 	490	 	 	 	250	 	 	 	27	 	 	 	665	 	 	 	47	 	 	 	—  	 	 	 	1,479	 	 	 	215	 	 	 	1,694	 		
Administrative expenses	 	 	255	 	 	 	71	 	 	 	(3	) 	 	 	275	 	 	 	9	 	 	 	89	 	 	 	696	 	 	 	82	 	 	 	778	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Underwriting income (loss)	 	 	786	 	 	 	141	 	 	 	36	 	 	 	187	 	 	 	1	 	 	 	(182	) 	 	 	969	 	 	 	(5	) 	 	 	964	 		
Adjusted net investment income	 	 	517	 	 	 	65	 	 	 	7	 	 	 	138	 	 	 	93	 	 	 	4	 	 	 	824	 	 	 	100	 	 	 	924	 		
Other income (expense)—operating	 	 	(4	) 	 	 	(1	) 	 	 	—  	 	 	 	(3	) 	 	 	(1	) 	 	 	2	 	 	 	(7	) 	 	 	22	 	 	 	15	 		
Amortization expense of purchased intangibles	 	 	—  	 	 	 	(3	) 	 	 	(7	) 	 	 	(12	) 	 	 	—  	 	 	 	(50	) 	 	 	(72	) 	 	 	(1	) 	 	 	(73	) 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Segment income (loss)	 	$	1,299	 	 	$	202	 	 	$	36	 	 	$	310	 	 	$	93	 	 	$	(226	) 	 	$	1,714	 	 	$	116	 	 	$	1,830	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted interest expense	 				 				 				 				 				 	 	(131	) 	 				 				 	 	(131	) 		
Income tax expense	 				 				 				 				 				 	 	(259	) 	 				 				 	 	(259	) 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Core operating income (loss)	 				 				 				 				 				 	 	(616	) 	 				 				 	 	1,440	 		
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $3 million tax benefit	 				 				 				 				 				 	 	(18	) 	 				 				 	 	(18	) 		
Adjusted net realized gains (losses), net of $78 million tax (1)	 				 				 				 				 				 	 	996	 	 				 				 	 	996	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Net income	 				 				 				 				 				 	$	362	 	 				 				 	$	2,418	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Combined ratio	 	 	77.8	%* 	 	 	88.6	% 	 	 	90.5	% 	 	 	92.4	%* 	 	 	99.6	% 	 				 	 	87.6	% 	 				 					
CAY combined ratio ex Cats	 	 	83.9	% 	 	 	79.3	% 	 	 	91.1	% 	 	 	89.5	% 	 	 	81.3	% 	 				 	 	86.4	% 	 				 					
 
(1)	Includes Net realized gains (losses) related to unconsolidated entities.	
 
*	While there was no change to the previously reported aggregate P&C COVID-19 incurred loss charge from June 30, 2020, there was a reallocation of losses between divisions resulting in a decrease of 1.4 percentage points to the combined ratio for North America Commercial P&C Insurance and an increase of 2.0 percentage points to the combined ratio for Overseas General Insurance.	

			
Consol Results—QTD 2020	  	Page 7	

Chubb Limited
Consolidated Results—Full Year 2020
(in millions of U.S. dollars, except ratios)
(Unaudited)

	Full Year 2020	 	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	 	$	14,474	 	 	$	4,920	 	 	$	1,846	 	 	$	9,335	 	 	$	731	 	 	$	—  	 	 	$	31,306	 	 	$	2,514	 	 	$	33,820	 		
Net premiums earned	 	 	13,964	 	 	 	4,866	 	 	 	1,822	 	 	 	9,285	 	 	 	698	 	 	 	—  	 	 	 	30,635	 	 	 	2,482	 	 	 	33,117	 		
Adjusted losses and loss expenses	 	 	10,129	 	 	 	3,187	 	 	 	1,544	 	 	 	5,255	 	 	 	435	 	 	 	435	 	 	 	20,985	 	 	 	724	 	 	 	21,709	 		
Adjusted policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	726	 	 	 	726	 		
Policy acquisition costs	 	 	1,942	 	 	 	974	 	 	 	123	 	 	 	2,568	 	 	 	174	 	 	 	—  	 	 	 	5,781	 	 	 	766	 	 	 	6,547	 		
Administrative expenses	 	 	1,006	 	 	 	270	 	 	 	9	 	 	 	1,034	 	 	 	37	 	 	 	303	 	 	 	2,659	 	 	 	320	 	 	 	2,979	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Underwriting income (loss)	 	 	887	 	 	 	435	 	 	 	146	 	 	 	428	 	 	 	52	 	 	 	(738	) 	 	 	1,210	 	 	 	(54	) 	 	 	1,156	 		
Adjusted net investment income	 	 	2,061	 	 	 	260	 	 	 	30	 	 	 	534	 	 	 	307	 	 	 	29	 	 	 	3,221	 	 	 	385	 	 	 	3,606	 		
Other income (expense)—operating	 	 	(23	) 	 	 	(5	) 	 	 	(1	) 	 	 	(13	) 	 	 	(2	) 	 	 	(30	) 	 	 	(74	) 	 	 	74	 	 	 	—  	 		
Amortization expense of purchased intangibles	 	 	—  	 	 	 	(11	) 	 	 	(27	) 	 	 	(45	) 	 	 	—  	 	 	 	(203	) 	 	 	(286	) 	 	 	(4	) 	 	 	(290	) 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Segment income (loss)	 	$	2,925	 	 	$	679	 	 	$	148	 	 	$	904	 	 	$	357	 	 	$	(942	) 	 	$	4,071	 	 	$	401	 	 	$	4,472	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted interest expense	 				 				 				 				 				 	 	(537	) 	 				 				 	 	(537	) 		
Income tax expense	 				 				 				 				 				 	 	(622	) 	 				 				 	 	(622	) 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Core operating income (loss)	 				 				 				 				 				 	 	(2,101	) 	 				 				 	 	3,313	 		
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $17 million tax benefit	 				 				 				 				 				 	 	(78	) 	 				 				 	 	(78	) 		
Adjusted net realized gains (losses), net of $24 million tax (1)	 				 				 				 				 				 	 	298	 	 				 				 	 	298	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Net income (loss)	 				 				 				 				 				 	$	(1,881	) 	 				 				 	$	3,533	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Combined ratio	 	 	93.7	% 	 	 	91.1	% 	 	 	92.0	% 	 	 	95.4	% 	 	 	92.5	% 	 				 	 	96.1	% 	 				 					
CAY combined ratio ex Cats	 	 	85.3	% 	 	 	78.7	% 	 	 	90.5	% 	 	 	89.4	% 	 	 	80.1	% 	 				 	 	86.7	% 	 				 					
 
(1)	Includes Net realized gains (losses) related to unconsolidated entities.	

Consol Results—FY 2020	  	Page 8	

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

	Q4 2019	 	North
America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	 	Life
Insurance	 	 	Total
Consolidated	 	
Net premiums written	 	$	3,438	 	 	$	1,171	 	 	$	276	 	 	$	2,381	 	 	$	109	 	 	$	—  	 	 	$	7,375	 	 	$	622	 	 	$	7,997	 		
Net premiums earned	 	 	3,262	 	 	 	1,185	 	 	 	421	 	 	 	2,287	 	 	 	167	 	 	 	—  	 	 	 	7,322	 	 	 	613	 	 	 	7,935	 		
Adjusted losses and loss expenses	 	 	1,968	 	 	 	865	 	 	 	453	 	 	 	1,221	 	 	 	107	 	 	 	75	 	 	 	4,689	 	 	 	176	 	 	 	4,865	 		
Adjusted policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	201	 	 	 	201	 		
Policy acquisition costs	 	 	454	 	 	 	240	 	 	 	(6	) 	 	 	646	 	 	 	42	 	 	 	—  	 	 	 	1,376	 	 	 	166	 	 	 	1,542	 		
Administrative expenses	 	 	273	 	 	 	75	 	 	 	(3	) 	 	 	262	 	 	 	9	 	 	 	108	 	 	 	724	 	 	 	86	 	 	 	810	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Underwriting income (loss)	 	 	567	 	 	 	5	 	 	 	(23	) 	 	 	158	 	 	 	9	 	 	 	(183	) 	 	 	533	 	 	 	(16	) 	 	 	517	 		
Adjusted net investment income	 	 	525	 	 	 	64	 	 	 	8	 	 	 	144	 	 	 	73	 	 	 	8	 	 	 	822	 	 	 	95	 	 	 	917	 		
Other income (expense)—operating	 	 	(7	) 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	(1	) 	 	 	(6	) 	 	 	(16	) 	 	 	11	 	 	 	(5	) 		
Amortization expense of purchased intangibles	 	 	—  	 	 	 	(3	) 	 	 	(7	) 	 	 	(11	) 	 	 	—  	 	 	 	(55	) 	 	 	(76	) 	 	 	—  	 	 	 	(76	) 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Segment income (loss)	 	$	1,085	 	 	$	65	 	 	$	(22	) 	 	$	290	 	 	$	81	 	 	$	(236	) 	 	$	1,263	 	 	$	90	 	 	$	1,353	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted interest expense	 				 				 				 				 				 	 	(140	) 	 				 				 	 	(140	) 		
Income tax expense	 				 				 				 				 				 	 	(173	) 	 				 				 	 	(173	) 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Core operating income (loss)	 				 				 				 				 				 	 	(549	) 	 				 				 	 	1,040	 		
Chubb integration expenses, net of $2 million tax benefit	 				 				 				 				 				 	 	(12	) 	 				 				 	 	(12	) 		
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $4 million tax benefit	 				 				 				 				 				 	 	(25	) 	 				 				 	 	(25	) 		
Adjusted net realized gains (losses), net of $2 million tax (1)	 				 				 				 				 				 	 	170	 	 				 				 	 	170	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Net income (loss)	 				 				 				 				 				 	$	(416	) 	 				 				 	$	1,173	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Combined ratio	 	 	82.6	% 	 	 	99.6	% 	 	 	105.4	% 	 	 	93.1	% 	 	 	94.6	% 	 				 	 	92.7	% 	 				 					
CAY combined ratio ex Cats	 	 	86.4	% 	 	 	81.4	% 	 	 	113.9	% 	 	 	91.2	% 	 	 	83.3	% 	 				 	 	90.0	% 	 				 					
 
(1)	Includes Net realized gains (losses) related to unconsolidated entities.	

Consol Results—QTD 2019	  	Page 9	

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

	Full Year 2019	 	North
America
Commercial P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	 	Life
Insurance	 	 	Total
Consolidated	 	
Net premiums written	 	$	13,375	 	 	$	4,787	 	 	$	1,810	 	 	$	9,262	 	 	$	649	 	 	$	—  	 	 	$	29,883	 	 	$	2,392	 	 	$	32,275	 		
Net premiums earned	 	 	12,922	 	 	 	4,694	 	 	 	1,795	 	 	 	8,882	 	 	 	654	 	 	 	—  	 	 	 	28,947	 	 	 	2,343	 	 	 	31,290	 		
Adjusted losses and loss expenses	 	 	8,206	 	 	 	3,043	 	 	 	1,616	 	 	 	4,606	 	 	 	352	 	 	 	158	 	 	 	17,981	 	 	 	757	 	 	 	18,738	 		
Adjusted policy benefits	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	696	 	 	 	696	 		
Policy acquisition costs	 	 	1,831	 	 	 	948	 	 	 	84	 	 	 	2,501	 	 	 	169	 	 	 	—  	 	 	 	5,533	 	 	 	620	 	 	 	6,153	 		
Administrative expenses	 	 	1,028	 	 	 	286	 	 	 	6	 	 	 	1,033	 	 	 	35	 	 	 	319	 	 	 	2,707	 	 	 	323	 	 	 	3,030	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Underwriting income (loss)	 	 	1,857	 	 	 	417	 	 	 	89	 	 	 	742	 	 	 	98	 	 	 	(477	) 	 	 	2,726	 	 	 	(53	) 	 	 	2,673	 		
Adjusted net investment income	 	 	2,109	 	 	 	258	 	 	 	30	 	 	 	588	 	 	 	279	 	 	 	36	 	 	 	3,300	 	 	 	373	 	 	 	3,673	 		
Other income (expense)—operating	 	 	(24	) 	 	 	(3	) 	 	 	(1	) 	 	 	(12	) 	 	 	(1	) 	 	 	(24	) 	 	 	(65	) 	 	 	48	 	 	 	(17	) 		
Amortization expense of purchased intangibles	 	 	—  	 	 	 	(12	) 	 	 	(28	) 	 	 	(45	) 	 	 	—  	 	 	 	(218	) 	 	 	(303	) 	 	 	(2	) 	 	 	(305	) 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Segment income (loss)	 	$	3,942	 	 	$	660	 	 	$	90	 	 	$	1,273	 	 	$	376	 	 	$	(683	) 	 	$	5,658	 	 	$	366	 	 	$	6,024	 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted interest expense	 				 				 				 				 				 	 	(573	) 	 				 				 	 	(573	) 		
Income tax expense	 				 				 				 				 				 	 	(810	) 	 				 				 	 	(810	) 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Core operating income (loss)	 				 				 				 				 				 	 	(2,066	) 	 				 				 	 	4,641	 		
Chubb integration expenses, net of $4 million tax benefit	 				 				 				 				 				 	 	(19	) 	 				 				 	 	(19	) 		
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $26 million tax benefit	 				 				 				 				 				 	 	(114	) 	 				 				 	 	(114	) 		
Adjusted net realized gains (losses), net of $15 million tax (1)	 				 				 				 				 				 	 	(54	) 	 				 				 	 	(54	) 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Net income (loss)	 				 				 				 				 				 	$	(2,253	) 	 				 				 	$	4,454	 		
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 		
Combined ratio	 	 	85.6	% 	 	 	91.1	% 	 	 	95.1	% 	 	 	91.6	% 	 	 	85.0	% 	 				 	 	90.6	% 	 				 					
CAY combined ratio ex Cats	 	 	87.4	% 	 	 	81.4	% 	 	 	99.1	% 	 	 	90.9	% 	 	 	82.1	% 	 				 	 	89.2	% 	 				 					
 
(1)	Includes Net realized gains (losses) related to unconsolidated entities.	

Consol Results—FY 2019	  	Page 10	

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

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	 	Full Year	 	
 	  	4Q-20	 	 	3Q-20	 	 	2Q-20	 	 	1Q-20	 	 	4Q-19	 	 	2020	 	 	2019	 	
Gross premiums written	  	$	4,780	 	 	$	4,841	 	 	$	4,401	 	 	$	4,211	 	 	$	4,576	 	 	$	18,233	 	 	$	17,604	 	
Net premiums written	  	 	3,724	 	 	 	3,778	 	 	 	3,720	 	 	 	3,252	 	 	 	3,438	 	 	 	14,474	 	 	 	13,375	 	
Net premiums earned	  	 	3,537	 	 	 	3,456	 	 	 	3,595	 	 	 	3,376	 	 	 	3,262	 	 	 	13,964	 	 	 	12,922	 	
Losses and loss expenses	  	 	2,006	 	 	 	2,444	 	 	 	3,498	 	 	 	2,181	 	 	 	1,968	 	 	 	10,129	 	 	 	8,206	 	
Policy acquisition costs	  	 	490	 	 	 	489	 	 	 	471	 	 	 	492	 	 	 	454	 	 	 	1,942	 	 	 	1,831	 	
Administrative expenses	  	 	255	 	 	 	243	 	 	 	249	 	 	 	259	 	 	 	273	 	 	 	1,006	 	 	 	1,028	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  	 	786	 	 	 	280	 	 	 	(623	) 	 	 	444	 	 	 	567	 	 	 	887	 	 	 	1,857	 	
Adjusted net investment income	  	 	517	 	 	 	510	 	 	 	509	 	 	 	525	 	 	 	525	 	 	 	2,061	 	 	 	2,109	 	
Other income (expense)—operating	  	 	(4	) 	 	 	(7	) 	 	 	(6	) 	 	 	(6	) 	 	 	(7	) 	 	 	(23	) 	 	 	(24	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	  	$	1,299	 	 	$	783	 	 	$	(120	) 	 	$	963	 	 	$	1,085	 	 	$	2,925	 	 	$	3,942	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY underwriting income ex Cats	  	$	568	 	 	$	527	 	 	$	504	 	 	$	457	 	 	$	445	 	 	$	2,056	 	 	$	1,629	 	
Combined ratio	  				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	56.7	%* 	 	 	70.7	% 	 	 	97.3	% 	 	 	64.6	% 	 	 	60.3	% 	 	 	72.5	% 	 	 	63.5	% 	
Policy acquisition cost ratio	  	 	13.9	% 	 	 	14.2	% 	 	 	13.1	% 	 	 	14.6	% 	 	 	13.9	% 	 	 	14.0	% 	 	 	14.2	% 	
Administrative expense ratio	  	 	7.2	% 	 	 	7.0	% 	 	 	6.9	% 	 	 	7.6	% 	 	 	8.4	% 	 	 	7.2	% 	 	 	7.9	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	77.8	% 	 	 	91.9	% 	 	 	117.3	% 	 	 	86.8	% 	 	 	82.6	% 	 	 	93.7	% 	 	 	85.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	62.8	% 	 	 	63.8	% 	 	 	66.1	% 	 	 	64.2	% 	 	 	64.0	% 	 	 	64.2	% 	 	 	65.3	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	21.1	% 	 	 	21.1	% 	 	 	19.9	% 	 	 	22.3	% 	 	 	22.4	% 	 	 	21.1	% 	 	 	22.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	83.9	% 	 	 	84.9	% 	 	 	86.0	% 	 	 	86.5	% 	 	 	86.4	% 	 	 	85.3	% 	 	 	87.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe reinstatement premiums expensed—pre-tax	  	$	—  	 	 	$	—  	 	 	$	(3	) 	 	$	—  	 	 	$	—  	 	 	$	(3	) 	 	$	—  	 	
Catastrophe losses—pre-tax	  	$	33	 	 	$	447	 	 	$	1,270	 	 	$	118	 	 	$	102	 	 	$	1,868	 	 	$	421	 	
Favorable prior period development (PPD)—pre-tax	  	$	(251	) 	 	$	(200	) 	 	$	(146	) 	 	$	(105	) 	 	$	(224	) 	 	$	(702	) 	 	$	(649	) 	
% Change versus prior year period	  				 				 				 				 				 				 				
Net premiums written	  	 	8.3	% 	 	 	9.4	% 	 	 	5.3	% 	 	 	10.2	% 	 	 	9.4	% 	 	 	8.2	% 	 	 	7.1	% 	
Net premiums written—Commercial	  	 	10.0	% 	 	 	11.2	% 	 	 	6.9	% 	 	 	10.6	% 	 				 	 	9.6	% 	 				
Net premiums written—Consumer	  	 	-19.1	% 	 	 	-18.1	% 	 	 	-20.3	% 	 	 	3.8	% 	 				 	 	-13.8	% 	 				
Net premiums written adjusted for COVID-19 exposures (1)	  				 				 	 	9.8	% 	 				 				 	 	9.4	% 	 				
Net premiums earned	  	 	8.4	% 	 	 	8.5	% 	 	 	6.1	% 	 	 	9.4	% 	 	 	6.0	% 	 	 	8.1	% 	 	 	4.2	% 	
Other ratios	  				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	78	% 	 	 	78	% 	 	 	85	% 	 	 	77	% 	 	 	75	% 	 	 	79	% 	 	 	76	% 	
Production by Size—Net premiums written (2)	  				 				 				 				 				 				 				
Major Accounts & Specialty	  	$	2,229	 	 	$	2,294	 	 	$	2,350	 	 	$	1,874	 	 	$	2,049	 	 	$	8,747	 	 	$	7,991	 	
Commercial	  	 	1,495	 	 	 	1,484	 	 	 	1,370	 	 	 	1,378	 	 	 	1,389	 	 	 	5,727	 	 	 	5,384	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	3,724	 	 	$	3,778	 	 	$	3,720	 	 	$	3,252	 	 	$	3,438	 	 	$	14,474	 	 	$	13,375	 	

		

*	While there was no change to the previously reported aggregate P&C COVID-19 incurred loss charge from June 30, 2020, there was a reallocation of losses between divisions resulting in a decrease of 1.4 percentage points to the loss ratio for North America Commercial P&C Insurance and an increase of 2.0 percentage points to the loss ratio for Overseas General Insurance.	
 
(1)	Full year 2020 net premiums written were adversely impacted by COVID-19 including $160 million recorded in Q2 2020 of exposure adjustments on in-force policies.	
(2)	Major Accounts & Specialty: large corporate accounts and wholesale business. Commercial: principally middle market and small commercial accounts. Certain 2019 businesses, previously reported within Commercial, are now reported within Major Accounts & Specialty to align with 2020 reporting. The reclassifications are immaterial and have no impact to total reported North America Commercial P&C Insurance segment net premiums written.	

NA Commercial	  	Page 11	

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

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	 	Full Year	 	
 	  	4Q-20	 	 	3Q-20	 	 	2Q-20	 	 	1Q-20	 	 	4Q-19	 	 	2020	 	 	2019	 	
Gross premiums written	  	$	1,348	 	 	$	1,448	 	 	$	1,511	 	 	$	1,265	 	 	$	1,349	 	 	$	5,572	 	 	$	5,461	 	
Net premiums written	  	 	1,201	 	 	 	1,285	 	 	 	1,327	 	 	 	1,107	 	 	 	1,171	 	 	 	4,920	 	 	 	4,787	 	
Net premiums earned	  	 	1,243	 	 	 	1,231	 	 	 	1,192	 	 	 	1,200	 	 	 	1,185	 	 	 	4,866	 	 	 	4,694	 	
Losses and loss expenses	  	 	781	 	 	 	961	 	 	 	762	 	 	 	683	 	 	 	865	 	 	 	3,187	 	 	 	3,043	 	
Policy acquisition costs	  	 	250	 	 	 	248	 	 	 	231	 	 	 	245	 	 	 	240	 	 	 	974	 	 	 	948	 	
Administrative expenses	  	 	71	 	 	 	65	 	 	 	66	 	 	 	68	 	 	 	75	 	 	 	270	 	 	 	286	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  	 	141	 	 	 	(43	) 	 	 	133	 	 	 	204	 	 	 	5	 	 	 	435	 	 	 	417	 	
Net investment income	  	 	65	 	 	 	64	 	 	 	65	 	 	 	66	 	 	 	64	 	 	 	260	 	 	 	258	 	
Other income (expense)—operating	  	 	(1	) 	 	 	(1	) 	 	 	(1	) 	 	 	(2	) 	 	 	(1	) 	 	 	(5	) 	 	 	(3	) 	
Amortization expense of purchased intangibles	  	 	(3	) 	 	 	(2	) 	 	 	(3	) 	 	 	(3	) 	 	 	(3	) 	 	 	(11	) 	 	 	(12	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	202	 	 	$	18	 	 	$	194	 	 	$	265	 	 	$	65	 	 	$	679	 	 	$	660	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY underwriting income ex Cats	  	$	254	 	 	$	310	 	 	$	242	 	 	$	226	 	 	$	223	 	 	$	1,032	 	 	$	876	 	
Combined ratio	  				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	62.8	% 	 	 	78.1	% 	 	 	63.8	% 	 	 	57.0	% 	 	 	73.0	% 	 	 	65.5	% 	 	 	64.8	% 	
Policy acquisition cost ratio	  	 	20.1	% 	 	 	20.1	% 	 	 	19.4	% 	 	 	20.4	% 	 	 	20.3	% 	 	 	20.0	% 	 	 	20.2	% 	
Administrative expense ratio	  	 	5.7	% 	 	 	5.3	% 	 	 	5.6	% 	 	 	5.6	% 	 	 	6.3	% 	 	 	5.6	% 	 	 	6.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	88.6	% 	 	 	103.5	% 	 	 	88.8	% 	 	 	83.0	% 	 	 	99.6	% 	 	 	91.1	% 	 	 	91.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	53.4	% 	 	 	49.2	% 	 	 	54.7	% 	 	 	55.1	% 	 	 	55.1	% 	 	 	53.1	% 	 	 	55.1	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	25.9	% 	 	 	25.6	% 	 	 	24.9	% 	 	 	26.1	% 	 	 	26.3	% 	 	 	25.6	% 	 	 	26.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	79.3	% 	 	 	74.8	% 	 	 	79.6	% 	 	 	81.2	% 	 	 	81.4	% 	 	 	78.7	% 	 	 	81.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe reinstatement premiums expensed—pre-tax	  	$	—  	 	 	$	—  	 	 	$	(1	) 	 	$	—  	 	 	$	(11	) 	 	$	(1	) 	 	$	(11	) 	
Catastrophe losses—pre-tax	  	$	98	 	 	$	305	 	 	$	109	 	 	$	21	 	 	$	214	 	 	$	533	 	 	$	543	 	
Unfavorable (favorable) prior period development (PPD)—pre-tax	  	$	15	 	 	$	48	 	 	$	(1	) 	 	$	1	 	 	$	(7	) 	 	$	63	 	 	$	(95	) 	
% Change versus prior year period	  				 				 				 				 				 				 				
Net premiums written	  	 	2.5	% 	 	 	2.8	% 	 	 	1.4	% 	 	 	4.8	% 	 	 	9.2	% 	 	 	2.8	% 	 	 	2.4	% 	
Net premiums earned	  	 	4.9	% 	 	 	3.8	% 	 	 	2.1	% 	 	 	3.9	% 	 	 	4.8	% 	 	 	3.7	% 	 	 	2.2	% 	
Other ratios	  				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	89	% 	 	 	89	% 	 	 	88	% 	 	 	88	% 	 	 	87	% 	 	 	88	% 	 	 	88	% 	

NA Personal	  	Page 12	

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

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	 	Full Year	 	
 	  	4Q-20	 	 	3Q-20	 	 	2Q-20	 	 	1Q-20	 	 	4Q-19	 	 	2020	 	 	2019	 	
Gross premiums written	  	$	312	 	 	$	1,332	 	 	$	652	 	 	$	220	 	 	$	282	 	 	$	2,516	 	 	$	2,415	 	
Net premiums written	  	 	242	 	 	 	986	 	 	 	461	 	 	 	157	 	 	 	276	 	 	 	1,846	 	 	 	1,810	 	
Net premiums earned	  	 	381	 	 	 	971	 	 	 	376	 	 	 	94	 	 	 	421	 	 	 	1,822	 	 	 	1,795	 	
Adjusted losses and loss expenses (1)	  	 	321	 	 	 	845	 	 	 	313	 	 	 	65	 	 	 	453	 	 	 	1,544	 	 	 	1,616	 	
Policy acquisition costs	  	 	27	 	 	 	56	 	 	 	29	 	 	 	11	 	 	 	(6	) 	 	 	123	 	 	 	84	 	
Administrative expenses	  	 	(3	) 	 	 	5	 	 	 	3	 	 	 	4	 	 	 	(3	) 	 	 	9	 	 	 	6	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  	 	36	 	 	 	65	 	 	 	31	 	 	 	14	 	 	 	(23	) 	 	 	146	 	 	 	89	 	
Net investment income	  	 	7	 	 	 	7	 	 	 	7	 	 	 	9	 	 	 	8	 	 	 	30	 	 	 	30	 	
Other income (expense)—operating	  	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	(1	) 	
Amortization expense of purchased intangibles	  	 	(7	) 	 	 	(7	) 	 	 	(6	) 	 	 	(7	) 	 	 	(7	) 	 	 	(27	) 	 	 	(28	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	  	$	36	 	 	$	65	 	 	$	31	 	 	$	16	 	 	$	(22	) 	 	$	148	 	 	$	90	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY underwriting income (loss) ex Cats	  	$	34	 	 	$	93	 	 	$	37	 	 	$	8	 	 	$	(59	) 	 	$	172	 	 	$	17	 	
Combined ratio	  				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	84.1	% 	 	 	87.1	% 	 	 	83.1	% 	 	 	69.6	% 	 	 	107.6	% 	 	 	84.7	% 	 	 	90.1	% 	
Policy acquisition cost ratio	  	 	7.0	% 	 	 	5.8	% 	 	 	7.8	% 	 	 	11.1	% 	 	 	-1.5	% 	 	 	6.8	% 	 	 	4.7	% 	
Administrative expense ratio	  	 	-0.6	% 	 	 	0.4	% 	 	 	0.9	% 	 	 	4.1	% 	 	 	-0.7	% 	 	 	0.5	% 	 	 	0.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	90.5	% 	 	 	93.3	% 	 	 	91.8	% 	 	 	84.8	% 	 	 	105.4	% 	 	 	92.0	% 	 	 	95.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	86.3	% 	 	 	84.2	% 	 	 	81.5	% 	 	 	76.2	% 	 	 	113.6	% 	 	 	83.7	% 	 	 	93.5	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	4.8	% 	 	 	6.2	% 	 	 	8.7	% 	 	 	14.7	% 	 	 	0.3	% 	 	 	6.8	% 	 	 	5.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	91.1	% 	 	 	90.4	% 	 	 	90.2	% 	 	 	90.9	% 	 	 	113.9	% 	 	 	90.5	% 	 	 	99.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe reinstatement premiums expensed—pre-tax	  	$	(1	) 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	(1	) 	 	$	—  	 	
Catastrophe losses—pre-tax	  	$	11	 	 	$	10	 	 	$	6	 	 	$	8	 	 	$	1	 	 	$	35	 	 	$	8	 	
Unfavorable (favorable) prior period development (PPD)—pre-tax	  	$	(14	) 	 	$	18	 	 	$	—  	 	 	$	(14	) 	 	$	(37	) 	 	$	(10	) 	 	$	(80	) 	
% Change versus prior year period	  				 				 				 				 				 				 				
Net premiums written	  	 	-12.2	% 	 	 	5.0	% 	 	 	-1.1	% 	 	 	21.2	% 	 	 	40.4	% 	 	 	2.0	% 	 	 	14.8	% 	
Net premiums earned	  	 	-9.4	% 	 	 	3.2	% 	 	 	-0.5	% 	 	 	71.8	% 	 	 	32.4	% 	 	 	1.5	% 	 	 	14.4	% 	
Other ratios	  				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	78	% 	 	 	74	% 	 	 	71	% 	 	 	71	% 	 	 	98	% 	 	 	73	% 	 	 	75	% 	
 
(1)	Includes Realized gains (losses) on crop derivatives	

NA Agriculture	  	Page 13	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	 	Full Year	 	
 	 	 	 	 	4Q-20	 	 	3Q-20	 	 	2Q-20	 	 	1Q-20	 	 	4Q-19	 	 	2020	 	 	2019	 	
Gross premiums written	 				 	$	3,001	 	 	$	2,756	 	 	$	2,561	 	 	$	3,131	 	 	$	2,964	 	 	$	11,449	 	 	$	11,408	 	
Net premiums written	 				 	 	2,478	 	 	 	2,238	 	 	 	2,021	 	 	 	2,598	 	 	 	2,381	 	 	 	9,335	 	 	 	9,262	 	
Net premiums earned	 				 	 	2,447	 	 	 	2,337	 	 	 	2,194	 	 	 	2,307	 	 	 	2,287	 	 	 	9,285	 	 	 	8,882	 	
Losses and loss expenses	 				 	 	1,320	 	 	 	1,192	 	 	 	1,485	 	 	 	1,258	 	 	 	1,221	 	 	 	5,255	 	 	 	4,606	 	
Policy acquisition costs	 				 	 	665	 	 	 	637	 	 	 	624	 	 	 	642	 	 	 	646	 	 	 	2,568	 	 	 	2,501	 	
Administrative expenses	 				 	 	275	 	 	 	260	 	 	 	241	 	 	 	258	 	 	 	262	 	 	 	1,034	 	 	 	1,033	 	
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	 				 	 	187	 	 	 	248	 	 	 	(156	) 	 	 	149	 	 	 	158	 	 	 	428	 	 	 	742	 	
Adjusted net investment income	 				 	 	138	 	 	 	130	 	 	 	121	 	 	 	145	 	 	 	144	 	 	 	534	 	 	 	588	 	
Other income (expense)—operating	 				 	 	(3	) 	 	 	(1	) 	 	 	(5	) 	 	 	(4	) 	 	 	(1	) 	 	 	(13	) 	 	 	(12	) 	
Amortization expense of purchased intangibles	 				 	 	(12	) 	 	 	(10	) 	 	 	(11	) 	 	 	(12	) 	 	 	(11	) 	 	 	(45	) 	 	 	(45	) 	
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	 				 	$	310	 	 	$	367	 	 	$	(51	) 	 	$	278	 	 	$	290	 	 	$	904	 	 	$	1,273	 	
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY underwriting income ex Cats	 				 	$	258	 	 	$	283	 	 	$	207	 	 	$	235	 	 	$	202	 	 	$	983	 	 	$	806	 	
Combined ratio	 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 				 	 	53.9	%* 	 	 	51.0	% 	 	 	67.7	% 	 	 	54.5	% 	 	 	53.3	% 	 	 	56.6	% 	 	 	51.9	% 	
Policy acquisition cost ratio	 				 	 	27.2	% 	 	 	27.3	% 	 	 	28.4	% 	 	 	27.8	% 	 	 	28.3	% 	 	 	27.7	% 	 	 	28.1	% 	
Administrative expense ratio	 				 	 	11.3	% 	 	 	11.1	% 	 	 	11.0	% 	 	 	11.2	% 	 	 	11.5	% 	 	 	11.1	% 	 	 	11.6	% 	
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 				 	 	92.4	% 	 	 	89.4	% 	 	 	107.1	% 	 	 	93.5	% 	 	 	93.1	% 	 	 	95.4	% 	 	 	91.6	% 	
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	 				 				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	 				 	 	51.0	% 	 	 	49.5	% 	 	 	51.6	% 	 	 	50.8	% 	 	 	51.5	% 	 	 	50.7	% 	 	 	51.2	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	 				 	 	38.5	% 	 	 	38.4	% 	 	 	39.1	% 	 	 	39.0	% 	 	 	39.7	% 	 	 	38.7	% 	 	 	39.7	% 	
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	 				 	 	89.5	% 	 	 	87.9	% 	 	 	90.7	% 	 	 	89.8	% 	 	 	91.2	% 	 	 	89.4	% 	 	 	90.9	% 	
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe reinstatement premiums (expensed) collected—pre-tax	 				 	$	1	 	 	$	—  	 	 	$	(16	) 	 	$	—  	 	 	$	(4	) 	 	$	(15	) 	 	$	(4	) 	
Catastrophe losses—pre-tax	 				 	$	122	 	 	$	95	 	 	$	383	 	 	$	90	 	 	$	83	 	 	$	690	 	 	$	152	 	
Favorable prior period development (PPD)—pre-tax	 				 	$	(50	) 	 	$	(60	) 	 	$	(36	) 	 	$	(4	) 	 	$	(43	) 	 	$	(150	) 	 	$	(92	) 	
% Change versus prior year period	 				 				 				 				 				 				 				 				
Net premiums written	 				 	 	4.1	% 	 	 	0.5	% 	 	 	-10.5	% 	 	 	8.5	% 	 	 	6.3	% 	 	 	0.8	% 	 	 	4.0	% 	
Net premiums written—Commercial	 				 	 	14.2	% 	 	 	10.4	% 	 	 	-1.6	% 	 	 	12.1	% 	 				 	 	9.1	% 	 				
Net premiums written—Consumer	 				 	 	-8.0	% 	 	 	-10.9	% 	 	 	-19.6	% 	 	 	3.8	% 	 				 	 	-8.9	% 	 				
Net premiums written adjusted for COVID-19 exposures (1)	 				 				 				 	 	-9.4	% 	 				 				 	 	1.1	% 	 				
Net premiums earned	 				 	 	7.0	% 	 	 	3.6	% 	 	 	-1.5	% 	 	 	9.2	% 	 	 	4.6	% 	 	 	4.5	% 	 	 	3.1	% 	
Net premiums written constant $	 				 	 	3.3	% 	 	 	2.8	% 	 	 	-5.1	% 	 	 	9.7	% 	 	 	8.8	% 	 	 	2.9	% 	 	 	8.4	% 	
Net premiums written adjusted for COVID-19 exposures (1)	 				 				 				 	 	-4.0	% 	 				 				 	 	3.2	% 	 				
Net premiums earned constant $	 				 	 	6.0	% 	 	 	5.7	% 	 	 	4.2	% 	 	 	10.5	% 	 	 	6.9	% 	 	 	6.6	% 	 	 	7.6	% 	
Other ratios	 				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	 				 	 	83	% 	 	 	81	% 	 	 	79	% 	 	 	83	% 	 	 	80	% 	 	 	82	% 	 	 	81	% 	
									
Production by Region—Net premiums written	 	 	 	 	 	 	 	 	 	 	Constant $	 	 	Full Year	 	 	Full Year	 	 	 	 	 	Constant $	 	
	 	4Q-20	 	 	4Q-19	 	 	% Change	 	 	% Change	 	 	2020	 	 	2019	 	 	% Change	 	 	% Change	 	
Europe	 	$	1,105	 	 	$	933	 	 	 	18.4	% 	 	 	13.0	% 	 	$	4,099	 	 	$	3,631	 	 	 	12.9	% 	 	 	12.1	% 	
Latin America	 	 	514	 	 	 	620	 	 	 	-17.1	% 	 	 	-9.8	% 	 	 	1,928	 	 	 	2,277	 	 	 	-15.3	% 	 	 	-6.7	% 	
Asia	 	 	762	 	 	 	762	 	 	 	0.0	% 	 	 	-3.0	% 	 	 	2,965	 	 	 	3,021	 	 	 	-1.9	% 	 	 	-1.9	% 	
Other (2)	 	 	97	 	 	 	66	 	 	 	48.6	% 	 	 	47.1	% 	 	 	343	 	 	 	333	 	 	 	3.2	% 	 	 	4.2	% 	
	 	 	 	 	 	 	 	 	 				 				 	 	 	 	 	 	 	 	 				 				
Total	 	$	2,478	 	 	$	2,381	 	 	 	4.1	% 	 	 	3.3	% 	 	$	9,335	 	 	$	9,262	 	 	 	0.8	% 	 	 	2.9	% 	

*	While there was no change to the previously reported aggregate P&C COVID-19 incurred loss charge from June 30, 2020, there was a reallocation of losses between divisions resulting in a decrease of 1.4 percentage points to the loss ratio for North America Commercial P&C Insurance and an increase of 2.0 percentage points to the loss ratio for Overseas General Insurance.	
 
(1)	Full year 2020 net premiums written were adversely impacted by COVID-19 including $24 million recorded in Q2 2020 of exposure adjustments on in-force policies.	
(2)	Primarily includes Eurasia and Africa, and the company’s international supplemental A&H business of Combined Insurance.	

Overseas General Insurance	  	Page 14	

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

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	 	Full Year	 	
 	  	4Q-20	 	 	3Q-20	 	 	2Q-20	 	 	1Q-20	 	 	4Q-19	 	 	2020	 	 	2019	 	
Gross premiums written	  	$	130	 	 	$	198	 	 	$	262	 	 	$	242	 	 	$	111	 	 	$	832	 	 	$	719	 	
Net premiums written	  	 	125	 	 	 	181	 	 	 	207	 	 	 	218	 	 	 	109	 	 	 	731	 	 	 	649	 	
Net premiums earned	  	 	178	 	 	 	171	 	 	 	163	 	 	 	186	 	 	 	167	 	 	 	698	 	 	 	654	 	
Losses and loss expenses	  	 	121	 	 	 	154	 	 	 	73	 	 	 	87	 	 	 	107	 	 	 	435	 	 	 	352	 	
Policy acquisition costs	  	 	47	 	 	 	40	 	 	 	42	 	 	 	45	 	 	 	42	 	 	 	174	 	 	 	169	 	
Administrative expenses	  	 	9	 	 	 	9	 	 	 	9	 	 	 	10	 	 	 	9	 	 	 	37	 	 	 	35	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  	 	1	 	 	 	(32	) 	 	 	39	 	 	 	44	 	 	 	9	 	 	 	52	 	 	 	98	 	
Adjusted net investment income	  	 	93	 	 	 	85	 	 	 	60	 	 	 	69	 	 	 	73	 	 	 	307	 	 	 	279	 	
Other income (expense)—operating	  	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	(2	) 	 	 	(1	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	93	 	 	$	53	 	 	$	98	 	 	$	113	 	 	$	81	 	 	$	357	 	 	$	376	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY underwriting income ex Cats	  	$	33	 	 	$	30	 	 	$	36	 	 	$	37	 	 	$	28	 	 	$	136	 	 	$	117	 	
Combined ratio	  				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	68.3	% 	 	 	89.6	% 	 	 	45.5	% 	 	 	46.5	% 	 	 	64.2	% 	 	 	62.3	% 	 	 	53.9	% 	
Policy acquisition cost ratio	  	 	25.9	% 	 	 	23.5	% 	 	 	25.5	% 	 	 	24.5	% 	 	 	24.7	% 	 	 	24.9	% 	 	 	25.7	% 	
Administrative expense ratio	  	 	5.4	% 	 	 	5.2	% 	 	 	5.6	% 	 	 	5.1	% 	 	 	5.7	% 	 	 	5.3	% 	 	 	5.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	99.6	% 	 	 	118.3	% 	 	 	76.6	% 	 	 	76.1	% 	 	 	94.6	% 	 	 	92.5	% 	 	 	85.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  				 				 				 				 				 				 				
CAY loss and loss expense ratio ex Cats	  	 	49.3	% 	 	 	49.7	% 	 	 	46.8	% 	 	 	50.4	% 	 	 	52.5	% 	 	 	49.1	% 	 	 	50.6	% 	
CAY policy acquisition cost and administrative expense ratio ex Cats	  	 	32.0	% 	 	 	31.1	% 	 	 	31.4	% 	 	 	29.6	% 	 	 	30.8	% 	 	 	31.0	% 	 	 	31.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAY combined ratio ex Cats	  	 	81.3	% 	 	 	80.8	% 	 	 	78.2	% 	 	 	80.0	% 	 	 	83.3	% 	 	 	80.1	% 	 	 	82.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe reinstatement premiums collected—pre-tax	  	$	3	 	 	$	7	 	 	$	—  	 	 	$	—  	 	 	$	1	 	 	$	10	 	 	$	3	 	
Catastrophe losses—pre-tax	  	$	35	 	 	$	75	 	 	$	13	 	 	$	—  	 	 	$	16	 	 	$	123	 	 	$	51	 	
Unfavorable (favorable) prior period development (PPD)—pre-tax	  	$	—  	 	 	$	(6	) 	 	$	(16	) 	 	$	(7	) 	 	$	4	 	 	$	(29	) 	 	$	(29	) 	
% Change versus prior year period	  				 				 				 				 				 				 				
Net premiums written as reported	  	 	14.4	% 	 	 	28.4	% 	 	 	4.6	% 	 	 	8.4	% 	 	 	-6.0	% 	 	 	12.6	% 	 	 	-3.2	% 	
Net premiums earned as reported	  	 	6.5	% 	 	 	6.7	% 	 	 	2.9	% 	 	 	10.4	% 	 	 	-5.8	% 	 	 	6.7	% 	 	 	-2.3	% 	
Net premiums written constant $	  	 	12.9	% 	 	 	27.2	% 	 	 	4.9	% 	 	 	7.9	% 	 	 	-4.8	% 	 	 	12.1	% 	 	 	-1.7	% 	
Net premiums earned constant $	  	 	5.1	% 	 	 	5.4	% 	 	 	4.0	% 	 	 	10.2	% 	 	 	-5.0	% 	 	 	6.2	% 	 	 	-0.8	% 	
Other ratios	  				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	96	% 	 	 	91	% 	 	 	79	% 	 	 	90	% 	 	 	99	% 	 	 	88	% 	 	 	90	% 	

Global Reinsurance	  	Page 15	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	 	Full Year	 	
 	 	 	 	 	4Q-20	 	 	3Q-20	 	 	2Q-20	 	 	1Q-20	 	 	4Q-19	 	 	2020	 	 	2019	 	
Gross premiums written	 	 	        	 	 	$	678	 	 	$	645	 	 	$	653	 	 	$	683	 	 	$	652	 	 	$	2,659	 	 	$	2,517	 	
Net premiums written	 				 	 	640	 	 	 	610	 	 	 	619	 	 	 	645	 	 	 	622	 	 	 	2,514	 	 	 	2,392	 	
Net premiums earned	 				 	 	644	 	 	 	599	 	 	 	608	 	 	 	631	 	 	 	613	 	 	 	2,482	 	 	 	2,343	 	
Losses and loss expenses	 				 	 	168	 	 	 	183	 	 	 	171	 	 	 	202	 	 	 	176	 	 	 	724	 	 	 	757	 	
Adjusted policy benefits	 				 	 	184	 	 	 	174	 	 	 	183	 	 	 	185	 	 	 	201	 	 	 	726	 	 	 	696	 	
Policy acquisition costs	 				 	 	215	 	 	 	175	 	 	 	196	 	 	 	180	 	 	 	166	 	 	 	766	 	 	 	620	 	
Administrative expenses	 				 	 	82	 	 	 	80	 	 	 	82	 	 	 	76	 	 	 	86	 	 	 	320	 	 	 	323	 	
Net investment income	 				 	 	100	 	 	 	95	 	 	 	95	 	 	 	95	 	 	 	95	 	 	 	385	 	 	 	373	 	
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Life Insurance underwriting income(1)	 				 	 	95	 	 	 	82	 	 	 	71	 	 	 	83	 	 	 	79	 	 	 	331	 	 	 	320	 	
Other income (expense)—operating	 				 	 	22	 	 	 	23	 	 	 	17	 	 	 	12	 	 	 	11	 	 	 	74	 	 	 	48	 	
Amortization expense of purchased intangibles	 				 	 	(1	) 	 	 	(1	) 	 	 	(1	) 	 	 	(1	) 	 	 	—  	 	 	 	(4	) 	 	 	(2	) 	
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	 				 	$	116	 	 	$	104	 	 	$	87	 	 	$	94	 	 	$	90	 	 	$	401	 	 	$	366	 	
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
% Change versus prior year period	 				 				 				 				 				 				 				 				
Net premiums written	 				 	 	3.0	% 	 	 	-0.4	% 	 	 	7.0	% 	 	 	11.4	% 	 	 	6.9	% 	 	 	5.1	% 	 	 	5.3	% 	
Net premiums earned	 				 	 	5.0	% 	 	 	0.0	% 	 	 	6.5	% 	 	 	12.6	% 	 	 	6.6	% 	 	 	5.9	% 	 	 	5.6	% 	
Net premiums written constant $	 				 	 	3.1	% 	 	 	0.2	% 	 	 	8.5	% 	 	 	11.3	% 	 	 	6.8	% 	 	 	5.6	% 	 	 	6.4	% 	
Net premiums earned constant $	 				 	 	5.2	% 	 	 	0.7	% 	 	 	8.0	% 	 	 	12.5	% 	 	 	6.5	% 	 	 	6.5	% 	 	 	6.6	% 	

(1)   We assess the performance of our Life Insurance business based on Life Insurance underwriting income which includes Net investment income and (Gains) losses from fair value changes in separate account assets.
 
International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses):
 	
    

	
  	 	 	 	 	 	 	 	 	 	 	Constant $	 	 	Full Year	 	 	Full Year	 	 	 	 	 	Constant $	 	
 	 	4Q-20	 	 	4Q-19	 	 	% Change	 	 	% Change	 	 	2020	 	 	2019	 	 	% Change	 	 	% Change	 	
International life insurance net premiums written	 	$	333	 	 	$	266	 	 	 	25.1	% 	 	 	25.8	% 	 	$	1,198	 	 	$	981	 	 	 	22.1	% 	 	 	23.4	% 	
International life insurance deposits (2)	 	 	444	 	 	 	404	 	 	 	9.8	% 	 	 	5.0	% 	 	 	1,559	 	 	 	1,463	 	 	 	6.5	% 	 	 	3.7	% 	
	 	 	 	 	 	 	 	 	 				 				 	 	 	 	 	 	 	 	 				 				
Total international life insurance net premiums written and deposits	 	$	777	 	 	$	670	 	 	 	15.9	% 	 	 	13.0	% 	 	$	2,757	 	 	$	2,444	 	 	 	12.8	% 	 	 	11.4	% 	
	 	 	 	 	 	 	 	 	 				 				 	 	 	 	 	 	 	 	 				 				
International life insurance segment income	 	$	32	 	 	$	36	 	 	 	-9.2	% 	 	 	-7.0	% 	 	$	166	 	 	$	152	 	 	 	9.4	% 	 	 	10.8	% 	

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

Life Insurance	  	Page 16	

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

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	 	Full Year	 	
 	  	4Q-20	 	 	3Q-20	 	 	2Q-20	 	 	1Q-20	 	 	4Q-19	 	 	2020	 	 	2019	 	
Gross premiums written	  	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	
Net premiums written	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Net premiums earned	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Losses and loss expenses	  	 	93	 	 	 	55	 	 	 	276	 	 	 	11	 	 	 	75	 	 	 	435	 	 	 	158	 	
Policy acquisition costs	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Administrative expenses	  	 	89	 	 	 	71	 	 	 	77	 	 	 	66	 	 	 	108	 	 	 	303	 	 	 	319	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting loss	  	 	(182	) 	 	 	(126	) 	 	 	(353	) 	 	 	(77	) 	 	 	(183	) 	 	 	(738	) 	 	 	(477	) 	
Adjusted net investment income	  	 	4	 	 	 	9	 	 	 	8	 	 	 	8	 	 	 	8	 	 	 	29	 	 	 	36	 	
Other income (expense)—operating	  	 	2	 	 	 	(7	) 	 	 	(9	) 	 	 	(16	) 	 	 	(6	) 	 	 	(30	) 	 	 	(24	) 	
Adjusted interest expense	  	 	(131	) 	 	 	(135	) 	 	 	(134	) 	 	 	(137	) 	 	 	(140	) 	 	 	(537	) 	 	 	(573	) 	
Amortization expense of purchased intangibles	  	 	(50	) 	 	 	(52	) 	 	 	(51	) 	 	 	(50	) 	 	 	(55	) 	 	 	(203	) 	 	 	(218	) 	
Income tax (expense) benefit	  	 	(259	) 	 	 	(172	) 	 	 	46	 	 	 	(237	) 	 	 	(173	) 	 	 	(622	) 	 	 	(810	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating loss	  	 	(616	) 	 	 	(483	) 	 	 	(493	) 	 	 	(509	) 	 	 	(549	) 	 	 	(2,101	) 	 	 	(2,066	) 	
Chubb integration expenses, net of tax	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(12	) 	 	 	—  	 	 	 	(19	) 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	(18	) 	 	 	(19	) 	 	 	(19	) 	 	 	(22	) 	 	 	(25	) 	 	 	(78	) 	 	 	(114	) 	
Adjusted net realized gains (losses), net of tax(1)	  	 	996	 	 	 	306	 	 	 	(58	) 	 	 	(946	) 	 	 	170	 	 	 	298	 	 	 	(54	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	  	$	362	 	 	$	(196	) 	 	$	(570	) 	 	$	(1,477	) 	 	$	(416	) 	 	$	(1,881	) 	 	$	(2,253	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unfavorable prior period development (PPD)—pre-tax	  	$	94	 	 	$	54	 	 	$	274	 	 	$	11	 	 	$	74	 	 	$	433	 	 	$	153	 	
 
(1)	Includes Net realized gains (losses) related to unconsolidated entities	

Corporate	  	Page 17	

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

 	  	Unpaid Losses	 	 	Net Paid to	 	
 	  	Gross	 	 	Ceded	 	 	Net	 	 	Incurred Ratio	 	
Balance at December 31, 2018	  	$	62,960	 	 	$	14,689	 	 	$	48,271	 	 				
Losses and loss expenses incurred	  	 	5,261	 	 	 	1,163	 	 	 	4,098	 	 				
Losses and loss expenses paid	  	 	(5,197	) 	 	 	(1,178	) 	 	 	(4,019	) 	 	 	98	% 	
Other (incl. foreign exch. revaluation)	  	 	119	 	 	 	33	 	 	 	86	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at March 31, 2019	  	$	63,143	 	 	$	14,707	 	 	$	48,436	 	 				
Losses and loss expenses incurred	  	 	5,758	 	 	 	1,043	 	 	 	4,715	 	 				
Losses and loss expenses paid	  	 	(5,581	) 	 	 	(1,489	) 	 	 	(4,092	) 	 	 	87	% 	
Other (incl. foreign exch. revaluation)	  	 	(115	) 	 	 	(28	) 	 	 	(87	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at June 30, 2019	  	$	63,205	 	 	$	14,233	 	 	$	48,972	 	 				
Losses and loss expenses incurred	  	 	6,783	 	 	 	1,731	 	 	 	5,052	 	 				
Losses and loss expenses paid	  	 	(6,751	) 	 	 	(1,568	) 	 	 	(5,183	) 	 	 	103	% 	
Other (incl. foreign exch. revaluation)	  	 	(225	) 	 	 	(64	) 	 	 	(161	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at September 30, 2019	  	$	63,012	 	 	$	14,332	 	 	$	48,680	 	 				
Losses and loss expenses incurred	  	 	5,855	 	 	 	990	 	 	 	4,865	 	 				
Losses and loss expenses paid	  	 	(6,382	) 	 	 	(1,203	) 	 	 	(5,179	) 	 	 	106	% 	
Other (incl. foreign exch. revaluation)	  	 	205	 	 	 	62	 	 	 	143	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at December 31, 2019	  	$	62,690	 	 	$	14,181	 	 	$	48,509	 	 				
Losses and loss expenses incurred	  	 	5,569	 	 	 	1,084	 	 	 	4,485	 	 				
Losses and loss expenses paid	  	 	(5,345	) 	 	 	(1,090	) 	 	 	(4,255	) 	 	 	95	% 	
Other (incl. foreign exch. revaluation)	  	 	(700	) 	 	 	(135	) 	 	 	(565	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at March 31, 2020	  	$	62,214	 	 	$	14,040	 	 	$	48,174	 	 				
Losses and loss expenses incurred	  	 	7,825	 	 	 	1,248	 	 	 	6,577	 	 				
Losses and loss expenses paid	  	 	(4,874	) 	 	 	(1,024	) 	 	 	(3,850	) 	 	 	59	% (1) 	
Other (incl. foreign exch. revaluation)	  	 	534	 	 	 	97	 	 	 	437	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at June 30, 2020	  	$	65,699	 	 	$	14,361	 	 	$	51,338	 	 				
Losses and loss expenses incurred	  	 	7,288	 	 	 	1,453	 	 	 	5,835	 	 				
Losses and loss expenses paid	  	 	(5,342	) 	 	 	(1,084	) 	 	 	(4,258	) 	 	 	73	% 	
Other (incl. foreign exch. revaluation)	  	 	260	 	 	 	37	 	 	 	223	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at September 30, 2020	  	$	67,905	 	 	$	14,767	 	 	$	53,138	 	 				
Losses and loss expenses incurred	  	 	6,029	 	 	 	1,216	 	 	 	4,813	 	 				
Losses and loss expenses paid	  	 	(6,492	) 	 	 	(1,421	) 	 	 	(5,071	) 	 	 	105	% 	
Other (incl. foreign exch. revaluation)	  	 	369	 	 	 	85	 	 	 	284	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at December 31, 2020	  	$	67,811	 	 	$	14,647	 	 	$	53,164	 	 				
Add net recoverable on paid losses	  	 	—  	 	 	 	945	 	 	 	(945	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance including net recoverable on paid losses	  	$	67,811	 	 	$	15,592	 	 	$	52,219	 	 				

(1)	The losses and loss expenses incurred increased $2.1 billion in Q2 2020, principally reflecting the significant catastrophe events in the period, principally COVID-19, and resulting in the 59% net paid to incurred ratio for Q2 2020.	

Loss Reserve Rollforward	  	Page 18	

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

 	  	December 31	 	 	September 30	 	 	June 30	 	 	March 31	 	 	December 31	 	
 	  	2020	 	 	2020	 	 	2020	 	 	2020	 	 	2019	 	
Reinsurance recoverable on paid losses and loss expenses	  				 				 				 				 				
Active operations	  	$	789	 	 	$	784	 	 	$	736	 	 	$	748	 	 	$	887	 	
Brandywine and Other Run-off	  	 	213	 	 	 	184	 	 	 	173	 	 	 	177	 	 	 	189	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	1,002	 	 	$	968	 	 	$	909	 	 	$	925	 	 	$	1,076	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reinsurance recoverable on unpaid losses and loss expenses	  				 				 				 				 				
Active operations	  	$	13,629	 	 	$	13,707	 	 	$	13,315	 	 	$	13,088	 	 	$	13,223	 	
Brandywine and Other Run-off	  	 	1,275	 	 	 	1,315	 	 	 	1,286	 	 	 	1,190	 	 	 	1,198	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	14,904	 	 	$	15,022	 	 	$	14,601	 	 	$	14,278	 	 	$	14,421	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross reinsurance recoverable	  				 				 				 				 				
Active operations	  	$	14,418	 	 	$	14,491	 	 	$	14,051	 	 	$	13,836	 	 	$	14,110	 	
Brandywine and Other Run-off	  	 	1,488	 	 	 	1,499	 	 	 	1,459	 	 	 	1,367	 	 	 	1,387	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	15,906	 	 	$	15,990	 	 	$	15,510	 	 	$	15,203	 	 	$	15,497	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Provision for uncollectible reinsurance (1)	  				 				 				 				 				
Active operations	  	$	(178	) 	 	$	(185	) 	 	$	(177	) 	 	$	(176	) 	 	$	(180	) 	
Brandywine and Other Run-off	  	 	(136	) 	 	 	(135	) 	 	 	(126	) 	 	 	(129	) 	 	 	(136	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	(314	) 	 	$	(320	) 	 	$	(303	) 	 	$	(305	) 	 	$	(316	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net reinsurance recoverable	  				 				 				 				 				
Active operations	  	$	14,240	 	 	$	14,306	 	 	$	13,874	 	 	$	13,660	 	 	$	13,930	 	
Brandywine and Other Run-off	  	 	1,352	 	 	 	1,364	 	 	 	1,333	 	 	 	1,238	 	 	 	1,251	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	15,592	 	 	$	15,670	 	 	$	15,207	 	 	$	14,898	 	 	$	15,181	 	

(1)	The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $3.5 billion.	

Reinsurance Recoverable	  	Page 19	

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

 	  	December 31	 	 	September 30	 	 	June 30	 	 	March 31	 	 	December 31	 	
 	  	2020	 	 	2020	 	 	2020	 	 	2020	 	 	2019	 	
Market Value	  				 				 				 				 				 				 				 				 				 				
Fixed maturities available for sale	  	$	90,699	 	 				 	$	89,852	 	 				 	$	86,712	 	 				 	$	81,523	 	 				 	$	85,488	 	 				
Fixed maturities held to maturity	  	 	12,510	 	 				 	 	12,473	 	 				 	 	12,620	 	 				 	 	12,468	 	 				 	 	13,005	 	 				
Short-term investments	  	 	4,345	 	 				 	 	4,660	 	 				 	 	4,003	 	 				 	 	3,586	 	 				 	 	4,291	 	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Total fixed maturities	  	$	107,554	 	 				 	$	106,985	 	 				 	$	103,335	 	 				 	$	97,577	 	 				 	$	102,784	 	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Asset Allocation by Market Value	  				 				 				 				 				 				 				 				 				 				
U.S. Treasury / Agency	  	$	4,122	 	 	 	4	% 	 	$	4,100	 	 	 	4	% 	 	$	4,190	 	 	 	4	% 	 	$	4,296	 	 	 	4	% 	 	$	4,630	 	 	 	5	% 	
Corporate and asset-backed securities	  	 	38,769	 	 	 	36	% 	 	 	37,712	 	 	 	35	% 	 	 	36,345	 	 	 	35	% 	 	 	32,990	 	 	 	33	% 	 	 	34,259	 	 	 	33	% 	
Mortgage-backed securities	  	 	20,616	 	 	 	19	% 	 	 	21,590	 	 	 	20	% 	 	 	20,529	 	 	 	20	% 	 	 	20,252	 	 	 	21	% 	 	 	21,588	 	 	 	21	% 	
Municipal	  	 	11,943	 	 	 	11	% 	 	 	12,267	 	 	 	12	% 	 	 	12,291	 	 	 	12	% 	 	 	12,266	 	 	 	13	% 	 	 	12,824	 	 	 	12	% 	
Non-U.S.	  	 	27,759	 	 	 	26	% 	 	 	26,656	 	 	 	25	% 	 	 	25,977	 	 	 	25	% 	 	 	24,187	 	 	 	25	% 	 	 	25,192	 	 	 	25	% 	
Short-term investments	  	 	4,345	 	 	 	4	% 	 	 	4,660	 	 	 	4	% 	 	 	4,003	 	 	 	4	% 	 	 	3,586	 	 	 	4	% 	 	 	4,291	 	 	 	4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturities	  	$	107,554	 	 	 	100	% 	 	$	106,985	 	 	 	100	% 	 	$	103,335	 	 	 	100	% 	 	$	97,577	 	 	 	100	% 	 	$	102,784	 	 	 	100	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Quality by Market Value	  				 				 				 				 				 				 				 				 				 				
AAA	  	$	15,622	 	 	 	15	% 	 	$	16,177	 	 	 	15	% 	 	$	15,411	 	 	 	15	% 	 	$	14,577	 	 	 	15	% 	 	$	15,714	 	 	 	15	% 	
AA	  	 	36,125	 	 	 	33	% 	 	 	36,759	 	 	 	34	% 	 	 	35,600	 	 	 	35	% 	 	 	35,437	 	 	 	36	% 	 	 	37,504	 	 	 	37	% 	
A	  	 	19,712	 	 	 	18	% 	 	 	19,359	 	 	 	18	% 	 	 	19,703	 	 	 	19	% 	 	 	18,375	 	 	 	19	% 	 	 	19,236	 	 	 	19	% 	
BBB	  	 	17,542	 	 	 	16	% 	 	 	17,009	 	 	 	16	% 	 	 	15,690	 	 	 	15	% 	 	 	13,617	 	 	 	14	% 	 	 	13,650	 	 	 	13	% 	
BB	  	 	9,699	 	 	 	9	% 	 	 	9,609	 	 	 	9	% 	 	 	9,302	 	 	 	9	% 	 	 	8,661	 	 	 	9	% 	 	 	9,474	 	 	 	9	% 	
B	  	 	8,267	 	 	 	8	% 	 	 	7,466	 	 	 	7	% 	 	 	7,124	 	 	 	7	% 	 	 	6,487	 	 	 	7	% 	 	 	6,897	 	 	 	7	% 	
Other	  	 	587	 	 	 	1	% 	 	 	606	 	 	 	1	% 	 	 	505	 	 	 	0	% 	 	 	423	 	 	 	0	% 	 	 	309	 	 	 	0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturities	  	$	107,554	 	 	 	100	% 	 	$	106,985	 	 	 	100	% 	 	$	103,335	 	 	 	100	% 	 	$	97,577	 	 	 	100	% 	 	$	102,784	 	 	 	100	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost/Amortized Cost, net	  				 				 				 				 				 				 				 				 				 				
Fixed maturities available for sale (1)	  	$	85,168	 	 				 	$	85,167	 	 				 	$	82,671	 	 				 	$	80,776	 	 				 	$	82,580	 	 				
Fixed maturities held to maturity (1)	  	 	11,653	 	 				 	 	11,651	 	 				 	 	11,845	 	 				 	 	12,022	 	 				 	 	12,581	 	 				
Short-term investments (1)	  	 	4,349	 	 				 	 	4,662	 	 				 	 	4,002	 	 				 	 	3,582	 	 				 	 	4,291	 	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Subtotal fixed maturities	  	 	101,170	 	 				 	 	101,480	 	 				 	 	98,518	 	 				 	 	96,380	 	 				 	 	99,452	 	 				
Equity securities	  	 	4,027	 	 				 	 	3,088	 	 				 	 	2,394	 	 				 	 	2,068	 	 				 	 	812	 	 				
Other investments	  	 	7,945	 	 				 	 	6,796	 	 				 	 	5,923	 	 				 	 	6,075	 	 				 	 	6,062	 	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Total investment portfolio	  	$	113,142	 	 				 	$	111,364	 	 				 	$	106,835	 	 				 	$	104,523	 	 				 	$	106,326	 	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Avg. duration of fixed maturities	  	 	4.0 years	 	 				 	 	4.0 years	 	 				 	 	4.0 years	 	 				 	 	3.9 years	 	 				 	 	3.8 years	 	 				
Avg. market yield of fixed maturities	  	 	1.7	% 	 				 	 	1.9	% 	 				 	 	2.2	% 	 				 	 	3.0	% 	 				 	 	2.7	% 	 				
Avg. credit quality	  	 	A/Aa	 	 				 	 	A/Aa	 	 				 	 	A/Aa	 	 				 	 	A/Aa	 	 				 	 	A/Aa	 	 				
Avg. yield on invested assets (2)	  	 	3.3	% 	 				 	 	3.3	% 	 				 	 	3.3	% 	 				 	 	3.5	% 	 				 	 	3.5	% 	 				
 
(1)	Net of valuation allowance for expected credit losses.	
(2)	Calculated using adjusted net investment income.	

Investments	  	Page 20	

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

Mortgage-backed securities	  	S&P Credit Rating	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
	  	 	 	 	
Market Value at December 31, 2020	  				  				  				  				  				  				
Agency residential mortgage-backed securities (RMBS)	  	$	126	 	  	$	16,886	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	17,012	 	
Non-agency RMBS	  	 	123	 	  	 	39	 	  	 	84	 	  	 	20	 	  	 	10	 	  	 	276	 	
Commercial mortgage-backed securities	  	 	2,878	 	  	 	284	 	  	 	151	 	  	 	12	 	  	 	3	 	  	 	3,328	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total mortgage-backed securities at market value	  	$	3,127	 	  	$	17,209	 	  	$	235	 	  	$	32	 	  	$	13	 	  	$	20,616	 	

U.S. Corporate and Asset-backed Fixed Income Portfolios	  				  				  				  				  				  				
			
Market Value at December 31, 2020	  	 	 	  	S&P Credit Rating	 	
 	  	 	 	  	Investment Grade	 	
 	  	 	 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	Total	 	
	  				  	 	 	 	
Asset-backed	  				  	$	3,454	 	  	$	504	 	  	$	34	 	  	$	35	 	  	$	4,027	 	
Banks	  				  	 	—  	 	  	 	12	 	  	 	1,942	 	  	 	2,187	 	  	 	4,141	 	
Basic Materials	  				  	 	—  	 	  	 	—  	 	  	 	78	 	  	 	260	 	  	 	338	 	
Communications	  				  	 	—  	 	  	 	223	 	  	 	459	 	  	 	1,436	 	  	 	2,118	 	
Consumer, Cyclical	  				  	 	—  	 	  	 	282	 	  	 	507	 	  	 	782	 	  	 	1,571	 	
Consumer, Non-Cyclical	  				  	 	55	 	  	 	552	 	  	 	1,678	 	  	 	2,008	 	  	 	4,293	 	
Diversified Financial Services	  				  	 	7	 	  	 	230	 	  	 	415	 	  	 	429	 	  	 	1,081	 	
Energy	  				  	 	—  	 	  	 	92	 	  	 	210	 	  	 	718	 	  	 	1,020	 	
Industrial	  				  	 	—  	 	  	 	13	 	  	 	951	 	  	 	955	 	  	 	1,919	 	
Utilities	  				  	 	—  	 	  	 	3	 	  	 	1,134	 	  	 	469	 	  	 	1,606	 	
All Others	  				  	 	253	 	  	 	481	 	  	 	1,630	 	  	 	1,183	 	  	 	3,547	 	
	  				  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  				  	$	3,769	 	  	$	2,392	 	  	$	9,038	 	  	$	10,462	 	  	$	25,661	 	

Market Value at December 31, 2020	  	 	 	  	 	 	  	S&P Credit Rating	 	
 	  	 	 	  	 	 	  	Below Investment Grade	 	
 	  	 	 	  	 	 	  	BB	 	  	B	 	  	CCC	 	  	Total	 	
	  				  				  	 	 	 	
Asset-backed	  				  				  	$	7	 	  	$	19	 	  	$	3	 	  	$	29	 	
Banks	  				  				  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Basic Materials	  				  				  	 	317	 	  	 	262	 	  	 	1	 	  	 	580	 	
Communications	  				  				  	 	937	 	  	 	831	 	  	 	67	 	  	 	1,835	 	
Consumer, Cyclical	  				  				  	 	1,010	 	  	 	1,094	 	  	 	140	 	  	 	2,244	 	
Consumer, Non-Cyclical	  				  				  	 	1,323	 	  	 	1,513	 	  	 	77	 	  	 	2,913	 	
Diversified Financial Services	  				  				  	 	214	 	  	 	108	 	  	 	7	 	  	 	329	 	
Energy	  				  				  	 	817	 	  	 	355	 	  	 	24	 	  	 	1,196	 	
Industrial	  				  				  	 	794	 	  	 	867	 	  	 	18	 	  	 	1,679	 	
Utilities	  				  				  	 	400	 	  	 	43	 	  	 	2	 	  	 	445	 	
All Others	  				  				  	 	862	 	  	 	953	 	  	 	43	 	  	 	1,858	 	
	  				  				  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  				  				  	$	6,681	 	  	$	6,045	 	  	$	382	 	  	$	13,108	 	

			
Investments 2	  	Page 21	

Chubb Limited
Investment Portfolio—3
(in millions of U.S. dollars)
(Unaudited)
Non-U.S. Fixed Income Portfolio
December 31, 2020

Non-U.S. Government Securities	  	Market Value by S&P Credit Rating	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
	  	 	 	 	
Republic of Korea	  	$	—  	 	  	$	1,085	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	1,085	 	
Canada	  	 	992	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	992	 	
United Kingdom	  	 	—  	 	  	 	907	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	907	 	
Province of Ontario	  	 	—  	 	  	 	—  	 	  	 	728	 	  	 	—  	 	  	 	—  	 	  	 	728	 	
Kingdom of Thailand	  	 	—  	 	  	 	—  	 	  	 	637	 	  	 	—  	 	  	 	—  	 	  	 	637	 	
United Mexican States	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	558	 	  	 	—  	 	  	 	558	 	
Province of Quebec	  	 	—  	 	  	 	530	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	530	 	
Federative Republic of Brazil	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	509	 	  	 	509	 	
Commonwealth of Australia	  	 	470	 	  	 	—  	 	  	 	1	 	  	 	—  	 	  	 	—  	 	  	 	471	 	
Socialist Republic of Vietnam	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	394	 	  	 	394	 	
Other Non-U.S. Government Securities	  	 	569	 	  	 	2,017	 	  	 	1,213	 	  	 	941	 	  	 	1,004	 	  	 	5,744	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	2,031	 	  	$	4,539	 	  	$	2,579	 	  	$	1,499	 	  	$	1,907	 	  	$	12,555	 	

Non-U.S. Corporate Securities	  	Market Value by S&P Credit Rating	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
	  	 	 	 	
United Kingdom	  	$	68	 	  	$	40	 	  	$	840	 	  	$	999	 	  	$	475	 	  	$	2,422	 	
Canada	  	 	103	 	  	 	244	 	  	 	467	 	  	 	605	 	  	 	415	 	  	 	1,834	 	
United States (1)	  	 	—  	 	  	 	—  	 	  	 	209	 	  	 	298	 	  	 	733	 	  	 	1,240	 	
France	  	 	9	 	  	 	48	 	  	 	680	 	  	 	382	 	  	 	64	 	  	 	1,183	 	
Australia	  	 	107	 	  	 	204	 	  	 	327	 	  	 	254	 	  	 	24	 	  	 	916	 	
Netherlands	  	 	54	 	  	 	98	 	  	 	218	 	  	 	147	 	  	 	117	 	  	 	634	 	
Germany	  	 	117	 	  	 	43	 	  	 	118	 	  	 	285	 	  	 	62	 	  	 	625	 	
Japan	  	 	—  	 	  	 	7	 	  	 	528	 	  	 	67	 	  	 	—  	 	  	 	602	 	
Switzerland	  	 	54	 	  	 	7	 	  	 	270	 	  	 	196	 	  	 	33	 	  	 	560	 	
China	  	 	—  	 	  	 	—  	 	  	 	283	 	  	 	97	 	  	 	79	 	  	 	459	 	
Other Non-U.S. Corporate Securities	  	 	372	 	  	 	399	 	  	 	1,052	 	  	 	1,754	 	  	 	1,152	 	  	 	4,729	 	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	884	 	  	$	1,090	 	  	$	4,992	 	  	$	5,084	 	  	$	3,154	 	  	$	15,204	 	

(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 22	

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

 	  		                             December 31, 2020                    	  	Market Value	 	  	 	 	  	Rating	 	
1	  	Wells Fargo & Co	  	$	764	 	  				  	 	BBB+	 		
2	  	Bank of America Corp	  	 	689	 	  				  	 	A-	 		
3	  	JP Morgan Chase & Co	  	 	646	 	  				  	 	A-	 		
4	  	Comcast Corp	  	 	528	 	  				  	 	A-	 		
5	  	Morgan Stanley	  	 	466	 	  				  	 	BBB+	 		
6	  	Citigroup Inc	  	 	443	 	  				  	 	BBB+	 		
7	  	Verizon Communications Inc	  	 	418	 	  				  	 	BBB+	 		
8	  	AT&T Inc	  	 	415	 	  				  	 	BBB	 		
9	  	Goldman Sachs Group Inc	  	 	405	 	  				  	 	BBB+	 		
10	  	HSBC Holdings Plc	  	 	387	 	  				  	 	A-	 		

Investments 4	  	Page 23	

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

 	 	Three months ended December 31, 2020	 	
 	 	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	
	 	 	 	 	
Fixed income investments (1)	 	$	65	 	 	$	(8	) 	 	$	57	 	 	$	845	 	 	$	(127	) 	 	$	718	 	 	$	910	 	 	$	(135	) 	 	$	775	 	
Public equity:	 				 				 				 				 				 				 				 				 				
Realized gains (losses) on sales	 	 	258	 	 	 	(52	) 	 	 	206	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	258	 	 	 	(52	) 	 	 	206	 	
Mark-to-market	 	 	209	 	 	 	(30	) 	 	 	179	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	209	 	 	 	(30	) 	 	 	179	 	
Private equity:	 				 				 				 				 				 				 				 				 				
Realized gains (losses) on sales	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Mark-to-market	 	 	485	 	 	 	(18	) 	 	 	467	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	485	 	 	 	(18	) 	 	 	467	 	
	 	 	 	 	
Total investment portfolio	 	 	1,017	 	 	 	(108	) 	 	 	909	 	 	 	845	 	 	 	(127	) 	 	 	718	 	 	 	1,862	 	 	 	(235	) 	 	 	1,627	 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (2)	 	 	146	 	 	 	—  	 	 	 	146	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	146	 	 	 	—  	 	 	 	146	 	
Foreign exchange	 	 	(132	) 	 	 	37	 	 	 	(95	) 	 	 	474	 	 	 	(31	) 	 	 	443	 	 	 	342	 	 	 	6	 	 	 	348	 	
Partially-owned entities (3)	 	 	60	 	 	 	(10	) 	 	 	50	 	 	 	(12	) 	 	 	—  	 	 	 	(12	) 	 	 	48	 	 	 	(10	) 	 	 	38	 	
Other	 	 	(17	) 	 	 	3	 	 	 	(14	) 	 	 	(173	) 	 	 	37	 	 	 	(136	) 	 	 	(190	) 	 	 	40	 	 	 	(150	) 	
	 	 	 	 	
Net gains (losses)	 	$	1,074	 	 	$	(78	) 	 	$	996	 	 	$	1,134	 	 	$	(121	) 	 	$	1,013	 	 	$	2,208	 	 	$	(199	) 	 	$	2,009	 	

(1)   The quarter includes pre-tax realized gains on fixed income derivatives of $43 million, a net reduction of the valuation allowance of expected credit losses of $15 million, and impairments of $7 million for fixed maturities during the quarter.
(2)   The quarter includes $78 million of losses on applicable hedges. These losses are both pre-tax and after-tax.
(3)   Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.	    
    
    	
		
  	 	Three months ended December 31, 2019	 	
 	 	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	
	 	 	 	 	
Fixed income investments (4)	 	$	4	 	 	$	(2	) 	 	$	2	 	 	$	(96	) 	 	$	29	 	 	$	(67	) 	 	$	(92	) 	 	$	27	 	 	$	(65	) 	
Public equity (4):	 				 				 				 				 				 				 				 				 				
Realized gains (losses) on sales	 	 	(18	) 	 	 	4	 	 	 	(14	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(18	) 	 	 	4	 	 	 	(14	) 	
Mark-to-market	 	 	37	 	 	 	(7	) 	 	 	30	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	37	 	 	 	(7	) 	 	 	30	 	
Private equity:	 				 				 				 				 				 				 				 				 				
Realized gains (losses) on sales	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	
Mark-to-market	 	 	222	 	 	 	(10	) 	 	 	212	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	222	 	 	 	(10	) 	 	 	212	 	
	 	 	 	 	
Total investment portfolio	 	 	  244	 	 	 	(15	) 	 	 	229	 	 	 	(96	) 	 	 	29	 	 	 	(67	) 	 	 	148	 	 	 	14	 	 	 	162	 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (5)	 	 	4	 	 	 	—  	 	 	 	4	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	4	 	 	 	—  	 	 	 	4	 	
Foreign exchange	 	 	(79	) 	 	 	13	 	 	 	(66	) 	 	 	156	 	 	 	21	 	 	 	177	 	 	 	77	 	 	 	34	 	 	 	111	 	
Partially-owned entities (6)	 	 	4	 	 	 	—  	 	 	 	4	 	 	 	(3	) 	 	 	—  	 	 	 	(3	) 	 	 	1	 	 	 	—  	 	 	 	1	 	
Other	 	 	(1	) 	 	 	—  	 	 	 	(1	) 	 	 	(14	) 	 	 	5	 	 	 	(9	) 	 	 	(15	) 	 	 	5	 	 	 	(10	) 	
	 	 	 	 	
Net gains (losses)	 	$	172	 	 	$	(2	) 	 	$	170	 	 	$	43	 	 	$	55	 	 	$	98	 	 	$	215	 	 	$	53	 	 	$	268	 	

(4)	The quarter includes pre-tax realized losses on derivatives of: $8 million in fixed income and $19 million in public equity. Other-than-temporary impairments for the quarter in realized losses were $8 million pre-tax for fixed maturities.	
(5)	The quarter includes $49 million of losses on applicable hedges. These losses are both pre-tax and after-tax.	
(6)	Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.	

Net Gains (Losses)	  	Page 24	

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

 	 	Year ended December 31, 2020	 	
 	 	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	 	Gains
(Losses)
Pre-Tax	 	 	Tax
(Expense)
Benefit	 	 	Gains
(Losses)
After-Tax	 	
	 	 	 	 	
Fixed income investments (1)	 	$	(242	) 	 	$	24	 	 	$	(218	) 	 	$	2,604	 	 	$	(462	) 	 	$	2,142	 	 	$	2,362	 	 	$	(438	) 	 	$	1,924	 	
Public equity (1):	 				 				 				 				 				 				 				 				 				
Realized gains (losses) on sales	 	 	497	 	 	 	(96	) 	 	 	401	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	497	 	 	 	(96	) 	 	 	401	 	
Mark-to-market	 	 	131	 	 	 	(22	) 	 	 	109	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	131	 	 	 	(22	) 	 	 	109	 	
Private equity:	 				 				 				 				 				 				 				 				 				
Realized gains (losses) on sales	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Mark-to-market	 	 	714	 	 	 	(24	) 	 	 	690	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	714	 	 	 	(24	) 	 	 	690	 	
	 	 	 	 	
Total investment portfolio	 	 	1,100	 	 	 	(118	) 	 	 	982	 	 	 	2,604	 	 	 	(462	) 	 	 	2,142	 	 	 	3,704	 	 	 	(580	) 	 	 	3,124	 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (2)	 	 	(310	) 	 	 	—  	 	 	 	(310	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(310	) 	 	 	—  	 	 	 	(310	) 	
Foreign exchange	 	 	(483	) 	 	 	92	 	 	 	(391	) 	 	 	306	 	 	 	(4	) 	 	 	302	 	 	 	(177	) 	 	 	88	 	 	 	(89	) 	
Partially-owned entities (3)	 	 	75	 	 	 	(10	) 	 	 	65	 	 	 	(12	) 	 	 	—  	 	 	 	(12	) 	 	 	63	 	 	 	(10	) 	 	 	53	 	
Other	 	 	(60	) 	 	 	12	 	 	 	(48	) 	 	 	(232	) 	 	 	50	 	 	 	(182	) 	 	 	(292	) 	 	 	62	 	 	 	(230	) 	
	 	 	 	 	
Net gains (losses)	 	$	322	 	 	$	(24	) 	 	$	298	 	 	$	2,666	 	 	$	(416	) 	 	$	2,250	 	 	$	2,988	 	 	$	(440	) 	 	$	2,548	 	

(1)	Full year includes pre-tax realized gains on equity derivatives of $42 million, realized gains on fixed income derivatives of $39 million, a net reduction of the valuation allowance of expected credit losses of $11 million, and impairments of $170 million related to certain securities the company intended to sell and securities written to market entering default.	
(2)	Full year includes $108 million of losses on applicable hedges. These losses are both pre-tax and after-tax.	
(3)	Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.	

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

(4)	Full year includes pre-tax realized losses on derivatives of: $382 million in fixed income and $53 million in public equity. Full year other-than-temporary impairments in realized losses were $58 million pre-tax for fixed maturities.	
(5)	Full year includes $138 million of losses on applicable hedges. These losses are both pre-tax and after-tax.	
(6)	Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.	

Net Gains (Losses) 2	  	Page 25	

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

 	  	December 31
2020	 	 	September 30
2020	 	 	June 30
2020	 	 	March 31
2020	 	 	December 31
2019	 	 	December 31
2018	 	
Financial Debt:	  				 				 				 				 				 				
Total short-term debt (1)	  	$	—  	 	 	$	1,300	 	 	$	1,300	 	 	$	1,300	 	 	$	1,299	 	 	$	509	 	
Total long-term debt	  	 	14,948	 	 	 	14,830	 	 	 	13,656	 	 	 	13,510	 	 	 	13,559	 	 	 	12,087	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total financial debt	  	$	14,948	 	 	$	16,130	 	 	$	14,956	 	 	$	14,810	 	 	$	14,858	 	 	$	12,596	 	
Hybrid debt:	  				 				 				 				 				 				
Total trust preferred securities	  	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	15,256	 	 	$	16,438	 	 	$	15,264	 	 	$	15,118	 	 	$	15,166	 	 	$	12,904	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capitalization:	  				 				 				 				 				 				
Shareholders’ equity	  	$	59,441	 	 	$	56,413	 	 	$	54,760	 	 	$	52,197	 	 	$	55,331	 	 	$	50,312	 	
Hybrid debt	  	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	 	 	308	 	
Financial debt	  	 	14,948	 	 	 	16,130	 	 	 	14,956	 	 	 	14,810	 	 	 	14,858	 	 	 	12,596	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total capitalization	  	$	74,697	 	 	$	72,851	 	 	$	70,024	 	 	$	67,315	 	 	$	70,497	 	 	$	63,216	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Leverage ratios (based on total capital):	  				 				 				 				 				 				
Hybrid debt	  	 	0.4	% 	 	 	0.4	% 	 	 	0.4	% 	 	 	0.5	% 	 	 	0.4	% 	 	 	0.5	% 	
Financial debt	  	 	20.0	% 	 	 	22.1	% 	 	 	21.4	% 	 	 	22.0	% 	 	 	21.1	% 	 	 	19.9	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total hybrid & financial debt	  	 	20.4	% 	 	 	22.5	% 	 	 	21.8	% 	 	 	22.5	% 	 	 	21.5	% 	 	 	20.4	% 	
Note: As of December 31, 2020, there was $1.7 billion usage of credit facilities on total capacity of $4.0 billion.
 
(1)	During Q4 2020, the $1.3 billion 2.3% senior notes matured and were fully paid.	

Debt and Capital	  	Page 26	

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

 	  	Three months ended December 31	 	 	Year ended December 31	 	
 	  	2020	 	 	2019	 	 	2020	 	 	2019	 	
Numerator	  				 				 				 				
Core operating income to common shares	  	$	1,440	 	 	$	1,040	 	 	$	3,313	 	 	$	4,641	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax	  	 	(21	) 	 	 	(29	) 	 	 	(95	) 	 	 	(140	) 	
Tax benefit on amortization adjustment	  	 	3	 	 	 	4	 	 	 	17	 	 	 	26	 	
Chubb integration expenses, pre-tax	  	 	—  	 	 	 	(14	) 	 	 	—  	 	 	 	(23	) 	
Tax benefit on Chubb integration expenses	  	 	—  	 	 	 	2	 	 	 	—  	 	 	 	4	 	
Adjusted net realized gains (losses), pre-tax	  	 	1,074	 	 	 	172	 	 	 	322	 	 	 	(39	) 	
Tax (expense) benefit on adjusted net realized gains (losses)	  	 	(78	) 	 	 	(2	) 	 	 	(24	) 	 	 	(15	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	2,418	 	 	$	1,173	 	 	$	3,533	 	 	$	4,454	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rollforward of Common Shares Outstanding	  				 				 				 				
Shares—beginning of period	  	 	451,376,194	 	 	 	453,533,642	 	 	 	451,971,567	 	 	 	459,203,378	 	
Repurchase of shares	  	 	(1,318,000	) 	 	 	(2,024,400	) 	 	 	(3,584,150	) 	 	 	(10,442,238	) 	
Shares issued, excluding option exercises	  	 	172,744	 	 	 	120,831	 	 	 	1,186,575	 	 	 	1,267,773	 	
Issued for option exercises	  	 	501,687	 	 	 	341,494	 	 	 	1,158,633	 	 	 	1,942,654	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Shares—end of period	  	 	450,732,625	 	 	 	451,971,567	 	 	 	450,732,625	 	 	 	451,971,567	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Denominator	  				 				 				 				
Weighted average shares outstanding (1)	  	 	451,380,981	 	 	 	452,714,275	 	 	 	451,602,820	 	 	 	455,910,463	 	
Effect of other dilutive securities	  	 	1,901,816	 	 	 	3,222,730	 	 	 	1,838,692	 	 	 	3,004,200	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adj. wtd. avg. shares outstanding and assumed conversions	  	 	453,282,797	 	 	 	455,937,005	 	 	 	453,441,512	 	 	 	458,914,663	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	  				 				 				 				
Core operating income	  	$	3.19	 	 	$	2.30	 	 	$	7.34	 	 	$	10.18	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	(0.04	) 	 	 	(0.06	) 	 	 	(0.17	) 	 	 	(0.25	) 	
Chubb integration expenses, net of tax	  	 	—  	 	 	 	(0.02	) 	 	 	—  	 	 	 	(0.04	) 	
Adjusted net realized gains (losses), net of tax	  	 	2.21	 	 	 	0.37	 	 	 	0.65	 	 	 	(0.12	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	5.36	 	 	$	2.59	 	 	$	7.82	 	 	$	9.77	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings per share	  				 				 				 				
Core operating income	  	$	3.18	 	 	$	2.28	 	 	$	7.31	 	 	$	10.11	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	(0.04	) 	 	 	(0.06	) 	 	 	(0.17	) 	 	 	(0.25	) 	
Chubb integration expenses, net of tax	  	 	—  	 	 	 	(0.02	) 	 	 	—  	 	 	 	(0.04	) 	
Adjusted net realized gains (losses), net of tax	  	 	2.20	 	 	 	0.37	 	 	 	0.65	 	 	 	(0.11	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	5.34	 	 	$	2.57	 	 	$	7.79	 	 	$	9.71	 	

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

Earnings per share	  	Page 27	

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

 	  	December 31	 	 	September 30	 	 	June 30	 	 	March 31	 	 	December 31	 	
 	  	2020	 	 	2020	 	 	2020	 	 	2020	 	 	2019	 	
Shareholders’ equity	  	$	59,441	 	 	$	56,413	 	 	$	54,760	 	 	$	52,188	 	 	$	55,331	 	
Less: goodwill and other intangible assets, net of tax	  	 	19,916	 	 	 	19,802	 	 	 	19,783	 	 	 	19,569	 	 	 	20,012	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Numerator for tangible book value per share	  	$	39,525	 	 	$	36,611	 	 	$	34,977	 	 	$	32,619	 	 	$	35,319	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value—% change over prior quarter	  	 	5.4	% 	 	 	3.0	% 	 	 	4.9	% 	 	 	-5.7	% 	 	 	1.4	% 	
Tangible book value—% change over prior quarter	  	 	8.0	% 	 	 	4.7	% 	 	 	7.2	% 	 	 	-7.6	% 	 	 	2.2	% 	
Denominator	  	 	450,732,625	 	 	 	451,376,194	 	 	 	451,360,023	 	 	 	451,367,782	 	 	 	451,971,567	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share	  	$	131.88	 	 	$	124.98	 	 	$	121.32	 	 	$	115.62	 	 	$	122.42	 	
Tangible book value per common share	  	$	87.69	 	 	$	81.11	 	 	$	77.49	 	 	$	72.27	 	 	$	78.14	 	
Reconciliation of Book Value	  				 				 				 				 				
Shareholders’ equity, beginning of quarter (1)	  	$	56,413	 	 	$	54,760	 	 	$	52,188	 	 	$	55,259	 	 	$	54,572	 	
Core operating income (loss)	  	 	1,440	 	 	 	907	 	 	 	(254	) 	 	 	1,220	 	 	 	1,040	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt	  	 	(18	) 	 	 	(19	) 	 	 	(19	) 	 	 	(22	) 	 	 	(25	) 	
Chubb integration expenses	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(12	) 	
Adjusted net realized gains (losses) (2)	  	 	996	 	 	 	306	 	 	 	(58	) 	 	 	(946	) 	 	 	170	 	
Net unrealized gains (losses) on investments	  	 	706	 	 	 	543	 	 	 	2,757	 	 	 	(1,876	) 	 	 	(70	) 	
Repurchase of shares	  	 	(190	) 	 	 	—  	 	 	 	—  	 	 	 	(326	) 	 	 	(310	) 	
Dividend declared on common shares	  	 	(352	) 	 	 	(353	) 	 	 	(353	) 	 	 	(340	) 	 	 	(340	) 	
Cumulative translation gains (losses)	  	 	443	 	 	 	233	 	 	 	451	 	 	 	(825	) 	 	 	177	 	
Postretirement benefit liability	  	 	(136	) 	 	 	(18	) 	 	 	(17	) 	 	 	(11	) 	 	 	(9	) 	
Other (3)	  	 	139	 	 	 	54	 	 	 	65	 	 	 	55	 	 	 	138	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	$	59,441	 	 	$	56,413	 	 	$	54,760	 	 	$	52,188	 	 	$	55,331	 	

(1)	January 1, 2020 included a $72 million after-tax reduction to beginning equity principally related to the adoption of the current expected credit loss accounting guidance.	
(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 28	

Chubb Limited
Non-GAAP Financial Measures
(Unaudited)
Regulation G—Non-GAAP Financial Measures
In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP).
Throughout this document there are various measures presented on a constant-dollar basis (i.e., excludes the impact of foreign exchange). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.
Underwriting income (loss) is calculated by subtracting adjusted losses and loss expenses, adjusted policy benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income (loss) and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest expense, amortization expense of purchased intangibles, Chubb integration expense, income tax expense and adjusted net realized gains (losses).
CAY underwriting income excluding catastrophe losses (Cats) is underwriting income (loss) adjusted to exclude Cats and prior period development (PPD). We believe it is useful to exclude Cats, as they are not predictable as to timing and amount, and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business.
Adjusted losses and loss expenses include realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses.
Adjusted policy benefits includes gains and losses from fair value changes in separate account assets, as well as the offsetting movement in separate account liabilities, for purposes of reporting Life Insurance underwriting income. The gains and losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified from Other (income) expense. We view gains and losses from fair value changes in both separate account assets and liabilities as part of the results of our underwriting operations, and therefore these gains and losses are reclassified to adjusted policy benefits.
Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from the acquisition of The Chubb Corporation (Chubb Corp) and including investment income from partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of three percent that are accounted for under the equity method. The mark-to-market movement on these private equity partnerships are included in adjusted net realized gains (losses) as described below. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.
Adjusted net realized gains (losses), net of tax, includes net realized gains (losses) and net realized gains (losses) recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives.
Adjusted interest expense is interest expense excluding the amortization of the fair value adjustment on acquired long-term debt, related to the Chubb Corp acquisition due to the size and complexity of this acquisition.
Other income (expense)—operating excludes from consolidated Other income (expense) the portion of net realized gains and losses related to unconsolidated entities, other income (expense) from private equity partnerships, and gains and losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP. Net realized gains (losses) related to unconsolidated entities is excluded from core operating income (loss) in order to enhance the understanding of our results of underwriting operations as they are heavily influenced by, and fluctuate in part according to, market conditions. Other income (expense) from private equity partnerships and net realized gains and losses related to unconsolidated entities are recorded to Other income (expense) in our income statement on a GAAP basis.
P&C underwriting income and P&C combined ratio exclude the Life Insurance segment. P&C loss and loss expense ratio and P&C combined ratio include adjusted losses and loss expenses in the ratio numerator. P&C expense ratio and P&C combined ratio include policy acquisition costs and administrative expenses in the ratio numerator. A reconciliation of combined ratio to P&C combined ratio is provided on pages 32-35.
CAY P&C combined ratio excluding catastrophe losses excludes Cats and PPD from the P&C combined ratio. We exclude Cats as they are not predictable as to timing and amount and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. The combined ratio numerator is adjusted to exclude Cats, net premiums earned adjustments on PPD, prior period expense adjustments and reinstatement premiums on PPD, and the denominator is adjusted to exclude net premiums earned adjustments on PPD and reinstatement premiums on Cats and PPD. In periods where there are adjustments on loss sensitive policies, these adjustments are excluded from PPD and net premiums earned when calculating the ratios. We believe this measure provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our P&C business that may be obscured by these items. This measure is commonly reported among our peer companies and allows for a better comparison.
Expense ratio excluding accident and health (A&H) excludes the impact of our A&H business from our expense ratio. The expense ratio for the A&H business is typically higher than our traditional P&C business, and we believe that this measure provides better comparison to our peer companies that may not have a significant A&H block of business.
Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the operating results of the company’s Life Insurance and North America Agricultural Insurance segments. The agriculture insurance business is a different business in that it is a public sector and private sector partnership in which insurance rates, premium growth, and risk-sharing is not market-driven like the remainder of the company’s P&C insurance business. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.
Core operating income (loss), net of tax, excludes from net income, the after-tax impact of adjusted net realized gains (losses), Chubb integration expenses, and the amortization of fair value adjustment of acquired invested assets and long-term debt related to the Chubb Corp acquisition. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) because the amount of these gains (losses) are heavily influenced by, and fluctuate in part according to the availability of market opportunities. We exclude the amortization of the fair value adjustments related to purchased invested assets and long-term debt and Chubb integration expenses due to the size and complexity of this acquisition. These integration expenses are distortive to our results and are not indicative of our underlying profitability. We believe that excluding these integration expenses facilitates the comparison of our financial results to our historical operating results. References to core operating income measures mean net of tax, whether or not noted.
Core operating effective tax rate is income tax expense (benefit) excluding tax expense (benefit) on adjusted net realized gains (losses), tax benefit on amortization of fair value of acquired invested assets and debt, and tax benefit on Chubb integration expenses, divided by income excluding adjusted net realized gains (losses) before tax, amortization of fair value of acquired invested assets and debt before tax, and Chubb integration expenses before tax. We believe the use of this measure is meaningful to show the tax on the underlying performance of our insurance business, by excluding the tax on adjusted net realized gains (losses), the tax on amortization of the fair value adjustments related to purchased invested assets and long-term debt and the tax on Chubb integration expenses. Refer to the definition of core operating income (loss), net of tax above for more information on these adjustments.
Book value per common share, is shareholders’ equity divided by the shares outstanding. Tangible book value per common share, is shareholders’ equity less goodwill and other intangible assets, net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Book value per common share excluding mark-to-market, excludes unrealized investment gains (losses). Tangible book value per common share excluding mark-to-market, excludes goodwill and other intangible assets, net of tax, as well as unrealized investment gains (losses), net of tax. We exclude unrealized investment gains (losses) because the amount of these gains (losses) is heavily influenced by changes in market conditions, including interest rate changes, and we believe that excluding these gains and losses would highlight the underlying growth in book value and tangible book value.
International life insurance net premiums written and deposits collected includes deposits collected on universal life and investment contracts (life deposits). Life deposits are not reflected as revenues in our consolidated statements of operations in accordance with GAAP. However, we include life deposits in presenting growth in our life insurance business because new life deposits are an important component of production and key to our efforts to grow our business.

			
Reconciliation Non-GAAP	  	Page 29	

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

  	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	 	Full Year	 	
 	  	4Q-20	 	 	3Q-20	 	 	2Q-20	 	 	1Q-20	 	 	4Q-19	 	 	2020	 	 	2019	 	
Tax expense (benefit), as reported	  	$	334	 	 	$	142	 	 	$	(62	) 	 	$	215	 	 	$	169	 	 	$	629	 	 	$	795	 	
Less: tax benefit on amortization of fair value of acquired invested assets and debt	  	 	(3	) 	 	 	(4	) 	 	 	(5	) 	 	 	(5	) 	 	 	(4	) 	 	 	(17	) 	 	 	(26	) 	
Less: tax benefit on Chubb integration expenses	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(2	) 	 	 	—  	 	 	 	(4	) 	
Less: tax expense (benefit) on adjusted net realized gains (losses)	  	 	78	 	 	 	(26	) 	 	 	(11	) 	 	 	(17	) 	 	 	2	 	 	 	24	 	 	 	15	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tax expense (benefit), adjusted	  	$	259	 	 	$	172	 	 	$	(46	) 	 	$	237	 	 	$	173	 	 	$	622	 	 	$	810	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before tax, as reported	  	$	2,752	 	 	$	1,336	 	 	$	(393	) 	 	$	467	 	 	$	1,342	 	 	$	4,162	 	 	$	5,249	 	
Less: amortization of fair value of acquired invested assets and debt	  	 	(21	) 	 	 	(23	) 	 	 	(24	) 	 	 	(27	) 	 	 	(29	) 	 	 	(95	) 	 	 	(140	) 	
Less: Chubb integration expenses	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(14	) 	 	 	—  	 	 	 	(23	) 	
Less: adjusted realized gains (losses)	  	 	568	 	 	 	(142	) 	 	 	31	 	 	 	(956	) 	 	 	(55	) 	 	 	(499	) 	 	 	(522	) 	
Less: realized gains (losses) related to unconsolidated entities	  	 	506	 	 	 	422	 	 	 	(100	) 	 	 	(7	) 	 	 	227	 	 	 	821	 	 	 	483	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating income (loss) before tax	  	$	1,699	 	 	$	1,079	 	 	$	(300	) 	 	$	1,457	 	 	$	1,213	 	 	$	3,935	 	 	$	5,451	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effective tax rate	  	 	12.1	% 	 	 	10.7	% 	 	 	15.8	% 	 	 	46.0	% 	 	 	12.6	% 	 	 	15.1	% 	 	 	15.1	% 	
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt	  	 	0.0	% 	 	 	0.0	% 	 	 	-0.4	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.1	% 	 	 	0.1	% 	
Adjustment for tax impact of Chubb integration expenses	  	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	
Adjustment for tax impact of adjusted net realized gains (losses)	  	 	3.1	% 	 	 	5.3	% 	 	 	-0.1	% 	 	 	-29.7	% 	 	 	1.6	% 	 	 	0.6	% 	 	 	-0.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating effective tax rate	  	 	15.2	% 	 	 	16.0	% 	 	 	15.3	% 	 	 	16.3	% 	 	 	14.2	% 	 	 	15.8	% 	 	 	14.9	% 	

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

 
	
  	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	 	Full Year	 	
 	  	4Q-20	 	 	3Q-20	 	 	2Q-20	 	 	1Q-20	 	 	4Q-19	 	 	2020	 	 	2019	 	
Net income (loss), as reported	  	$	2,418	 	 	$	1,194	 	 	$	(331	) 	 	$	252	 	 	$	1,173	 	 	$	3,533	 	 	$	4,454	 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax	  	 	(21	) 	 	 	(23	) 	 	 	(24	) 	 	 	(27	) 	 	 	(29	) 	 	 	(95	) 	 	 	(140	) 	
Tax benefit on amortization adjustment	  	 	3	 	 	 	4	 	 	 	5	 	 	 	5	 	 	 	4	 	 	 	17	 	 	 	26	 	
Chubb integration expenses, pre-tax	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(14	) 	 	 	—  	 	 	 	(23	) 	
Tax benefit on Chubb integration expenses	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	2	 	 	 	—  	 	 	 	4	 	
Adjusted realized gains (losses), pre-tax	  	 	568	 	 	 	(142	) 	 	 	31	 	 	 	(956	) 	 	 	(55	) 	 	 	(499	) 	 	 	(522	) 	
Net realized gains (losses) related to unconsolidated entities, pre-tax (1)	  	 	506	 	 	 	422	 	 	 	(100	) 	 	 	(7	) 	 	 	227	 	 	 	821	 	 	 	483	 	
Tax (expense) benefit on adjusted net realized gains (losses)	  	 	(78	) 	 	 	26	 	 	 	11	 	 	 	17	 	 	 	(2	) 	 	 	(24	) 	 	 	(15	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Core operating income (loss)	  	$	1,440	 	 	$	907	 	 	$	(254	) 	 	$	1,220	 	 	$	1,040	 	 	$	3,313	 	 	$	4,641	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Catastrophe losses—after-tax	  	$	271	 	 	$	797	 	 	$	1,510	 	 	$	199	 	 	$	353	 	 	$	2,777	 	 	$	966	 	
Unfavorable (favorable) prior period development (PPD)—after-tax	  	$	(189	) 	 	$	(126	) 	 	$	52	 	 	$	(94	) 	 	$	(199	) 	 	$	(357	) 	 	$	(624	) 	
Core operating income (loss) per share	  	$	3.18	 	 	$	2.00	 	 	$	(0.56	) 	 	$	2.68	 	 	$	2.28	 	 	$	7.31	 	 	$	10.11	 	
Impact of Cats on Core operating income per share—Unfavorable	  	$	(0.60	) 	 	$	(1.76	) 	 	$	(3.35	) 	 	$	(0.44	) 	 	$	(0.77	) 	 	$	(6.12	) 	 	$	(2.11	) 	
Impact of PPD on Core operating income per share—Favorable (unfavorable)	  	$	0.42	 	 	$	0.28	 	 	$	(0.11	) 	 	$	0.21	 	 	$	0.43	 	 	$	0.79	 	 	$	1.36	 	
Impact of Cats and PPD on Core operating income per share —Unfavorable	  	$	(0.18	) 	 	$	(1.48	) 	 	$	(3.46	) 	 	$	(0.23	) 	 	$	(0.34	) 	 	$	(5.33	) 	 	$	(0.75	) 	
 
(1)	Realized gains (losses) on partially-owned entities, which are investments where we hold more than an insignificant percentage of the investee’s shares. The net income or loss is included in other income (expense).	

			
Reconciliation Non-GAAP 2	  	Page 30	

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

  	  	4Q-20	 	 	4Q-19	 	 	Full Year
2020	 	 	Full Year
2019	 	 	 	 	
Net income	  	$	2,418	 	 	$	1,173	 	 	$	3,533	 	 	$	4,454	 	 				
Core operating income	  	$	1,440	 	 	$	1,040	 	 	$	3,313	 	 	$	4,641	 	 				
Equity—beginning of period, as reported (1)	  	$	56,413	 	 	$	54,572	 	 	$	55,259	 	 	$	50,300	 	 				
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	3,967	 	 	 	2,613	 	 	 	2,543	 	 	 	(545	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Equity—beginning of period, as adjusted	  	$	52,446	 	 	$	51,959	 	 	$	52,716	 	 	$	50,845	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Less: goodwill and other intangible assets, net of tax	  	$	19,802	 	 	$	20,010	 	 	$	20,012	 	 	$	20,054	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Equity—beginning of period, as adjusted ex goodwill and other intangible assets	  	$	32,644	 	 	$	31,949	 	 	$	32,704	 	 	$	30,791	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Equity—end of period, as reported	  	$	59,441	 	 	$	55,331	 	 	$	59,441	 	 	$	55,331	 	 				
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	4,673	 	 	 	2,543	 	 	 	4,673	 	 	 	2,543	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Equity—end of period, as adjusted	  	$	54,768	 	 	$	52,788	 	 	$	54,768	 	 	$	52,788	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Less: goodwill and other intangible assets, net of tax	  	 	19,916	 	 	 	20,012	 	 	 	19,916	 	 	 	20,012	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Equity—end of period, as adjusted ex goodwill and other intangible assets	  	$	34,852	 	 	$	32,776	 	 	$	34,852	 	 	$	32,776	 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Weighted average equity, as reported	  	$	57,927	 	 	$	54,952	 	 	$	57,350	 	 	$	52,816	 	 				
Weighted average equity, as adjusted	  	$	53,607	 	 	$	52,374	 	 	$	53,742	 	 	$	51,817	 	 				
Weighted average equity, as adjusted ex goodwill and other intangible assets	  	$	33,748	 	 	$	32,363	 	 	$	33,778	 	 	$	31,784	 	 				
ROE	  	 	16.7	% 	 	 	8.5	% 	 	 	6.2	% 	 	 	8.4	% 	 				
Core operating ROE	  	 	10.7	% 	 	 	7.9	% 	 	 	6.2	% 	 	 	9.0	% 	 				
Core operating ROTE	  	 	17.1	% 	 	 	12.8	% 	 	 	9.8	% 	 	 	14.6	% 	 				
Private equities realized gains, after-tax (2)	  	$	467	 	 	$	211	 	 	$	690	 	 	$	434	 	 				
Impact of Private equities if included in Core operating ROE—Favorable (2)	  	 	3.5 pts	 	 	 	1.7 pts	 	 	 	1.3 pts	 	 	 	0.8 pt	 	 				
	
Reconciliation of Book Value and Tangible Book Value per Share, excluding mark-to-market

  	  	December 31	 	 	September 30	 	 	December 31	 	 	QTD	 	 	Full Year	 	
 	  	2020	 	 	2020	 	 	2019	 	 	% Change	 	 	% Change	 	
Book value	  	$	59,441	 	 	$	56,413	 	 	$	55,331	 	 				 				
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	4,673	 	 	 	3,967	 	 	 	2,543	 	 				 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				 				
Book value excluding mark-to-market	  	 	54,768	 	 	 	52,446	 	 	 	52,788	 	 				 				
Less: goodwill and other intangible assets, net of tax	  	 	19,916	 	 	 	19,802	 	 	 	20,012	 	 				 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				 				
Tangible book value excluding mark-to-market	  	$	34,852	 	 	$	32,644	 	 	$	32,776	 	 				 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				 				
Denominator	  	 	450,732,625	 	 	 	451,376,194	 	 	 	451,971,567	 	 				 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				 				
Book value per share excluding mark-to-market	  	$	121.51	 	 	$	116.19	 	 	$	116.80	 	 	 	4.6	% 	 	 	4.0	% 	
Tangible book value per share excluding mark-to-market	  	$	77.32	 	 	$	72.32	 	 	$	72.52	 	 	 	6.9	% 	 	 	6.6	% 	
 
(1)	January 1, 2020 included a $72 million after-tax reduction to beginning equity principally related to the adoption of the current expected credit loss accounting guidance.	
(2)	We record the change in the fair value mark and gains (losses) on sales of private equity funds as realized gains (losses) instead of investment income.	

Reconciliation Non-GAAP 3	  	Page 31	

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

	Q4 2020	 	 	 	 	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	 				 	$	2,006	 	 	$	781	 	 	$	324	 	 	$	1,320	 	 	$	121	 	 	$	93	 	 	$	4,645	 		
Realized (gains) losses on crop derivatives	 				 	 	—  	 	 	 	—  	 	 	 	(3	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(3	) 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted losses and loss expenses	 	 	A	 	 	$	2,006	 	 	$	781	 	 	$	321	 	 	$	1,320	 	 	$	121	 	 	$	93	 	 	$	4,642	 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Catastrophe losses and related adjustments	 				 				 				 				 				 				 				 					
Catastrophe losses, net of related adjustments	 				 	 	(33	) 	 	 	(98	) 	 	 	(12	) 	 	 	(121	) 	 	 	(32	) 	 	 	—  	 	 	 	(296	) 		
Reinstatement premiums collected (expensed) on catastrophe losses	 				 	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	1	 	 	 	3	 	 	 	—  	 	 	 	3	 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Catastrophe losses, gross of related adjustments	 				 	 	(33	) 	 	 	(98	) 	 	 	(11	) 	 	 	(122	) 	 	 	(35	) 	 	 	—  	 	 	 	(299	) 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
PPD and related adjustments	 				 				 				 				 				 				 				 					
PPD, net of related adjustments—favorable (unfavorable)	 				 	 	251	 	 	 	(15	) 	 	 	14	 	 	 	50	 	 	 	—  	 	 	 	(94	) 	 	 	206	 		
Expense adjustments—unfavorable (favorable)	 				 	 	—  	 	 	 	—  	 	 	 	6	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	6	 		
PPD reinstatement premiums—unfavorable (favorable)	 				 	 	—  	 	 	 	(10	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(10	) 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
PPD, gross of related adjustments—favorable (unfavorable)	 				 	 	251	 	 	 	(25	) 	 	 	20	 	 	 	50	 	 	 	—  	 	 	 	(94	) 	 	 	202	 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
CAY loss and loss expense ex Cats	 	 	B	 	 	$	2,224	 	 	$	658	 	 	$	330	 	 	$	1,248	 	 	$	86	 	 	$	(1	) 	 	$	4,545	 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses	 				 				 				 				 				 				 				 					
Policy acquisition costs and administrative expenses	 	 	C	 	 	$	745	 	 	$	321	 	 	$	24	 	 	$	940	 	 	$	56	 	 	$	89	 	 	$	2,175	 		
Expense adjustments—favorable (unfavorable)	 				 	 	—  	 	 	 	—  	 	 	 	(6	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(6	) 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses, adjusted	 	 	D	 	 	$	745	 	 	$	321	 	 	$	18	 	 	$	940	 	 	$	56	 	 	$	89	 	 	$	2,169	 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Denominator	 				 				 				 				 				 				 				 					
Net premiums earned	 	 	E	 	 	$	3,537	 	 	$	1,243	 	 	$	381	 	 	$	2,447	 	 	$	178	 	 				 	$	7,786	 		
Reinstatement premiums (collected) expensed on catastrophe losses	 				 	 	—  	 	 	 	—  	 	 	 	1	 	 	 	(1	) 	 	 	(3	) 	 				 	 	(3	) 		
PPD reinstatement premiums—unfavorable (favorable)	 				 	 	—  	 	 	 	(10	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 				 	 	(10	) 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Net premiums earned excluding adjustments	 	 	F	 	 	$	3,537	 	 	$	1,233	 	 	$	382	 	 	$	2,446	 	 	$	175	 	 				 	$	7,773	 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	 				 				 				 				 				 				 				 					
Loss and loss expense ratio	 	 	A/E	 	 	 	56.7	% 	 	 	62.8	% 	 	 	84.1	% 	 	 	53.9	% 	 	 	68.3	% 	 				 	 	59.6	% 		
Policy acquisition cost and administrative expense ratio	 	 	C/E	 	 	 	21.1	% 	 	 	25.8	% 	 	 	6.4	% 	 	 	38.5	% 	 	 	31.3	% 	 				 	 	28.0	% 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	 				 	 	77.8	% 	 	 	88.6	% 	 	 	90.5	% 	 	 	92.4	% 	 	 	99.6	% 	 				 	 	87.6	% 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	 				 				 				 				 				 				 				 					
Loss and loss expense ratio, adjusted	 	 	B/F	 	 	 	62.8	% 	 	 	53.4	% 	 	 	86.3	% 	 	 	51.0	% 	 	 	49.3	% 	 				 	 	58.5	% 		
Policy acquisition cost and administrative expense ratio, adjusted	 	 	D/F	 	 	 	21.1	% 	 	 	25.9	% 	 	 	4.8	% 	 	 	38.5	% 	 	 	32.0	% 	 				 	 	27.9	% 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	 				 	 	83.9	% 	 	 	79.3	% 	 	 	91.1	% 	 	 	89.5	% 	 	 	81.3	% 	 				 	 	86.4	% 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Combined ratio	 				 				 				 				 				 				 				 					
Combined ratio	 				 				 				 				 				 				 				 	 	87.6	% 		
Add: impact of gains and losses on crop derivatives	 				 				 				 				 				 				 				 	 	0.0	% 		
	 				 				 				 				 				 				 				 	 	 	 		
P&C combined ratio	 				 				 				 				 				 				 				 	 	87.6	% 		
	 				 				 				 				 				 				 				 	 	 	 		
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

Reconciliation Non-GAAP 4	  	Page 32	

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

	Full Year 2020	 	 	 	 	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	 				 	$	10,129	 	 	$	3,187	 	 	$	1,545	 	 	$	5,255	 	 	$	435	 	 	$	435	 	 	$	20,986	 		
Realized (gains) losses on crop derivatives	 				 	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(1	) 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Adjusted losses and loss expenses	 	 	A	 	 	$	10,129	 	 	$	3,187	 	 	$	1,544	 	 	$	5,255	 	 	$	435	 	 	$	435	 	 	$	20,985	 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Catastrophe losses and related adjustments	 				 				 				 				 				 				 				 					
Catastrophe losses, net of related adjustments	 				 	 	(1,871	) 	 	 	(534	) 	 	 	(36	) 	 	 	(705	) 	 	 	(113	) 	 	 	—  	 	 	 	(3,259	) 		
Reinstatement premiums collected (expensed) on catastrophe losses	 				 	 	(3	) 	 	 	(1	) 	 	 	(1	) 	 	 	(15	) 	 	 	10	 	 	 	—  	 	 	 	(10	) 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Catastrophe losses, gross of related adjustments	 				 	 	(1,868	) 	 	 	(533	) 	 	 	(35	) 	 	 	(690	) 	 	 	(123	) 	 	 	—  	 	 	 	(3,249	) 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
PPD and related adjustments	 				 				 				 				 				 				 				 					
PPD, net of related adjustments—favorable (unfavorable)	 				 	 	702	 	 	 	(63	) 	 	 	10	 	 	 	150	 	 	 	29	 	 	 	(433	) 	 	 	395	 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	 				 	 	32	 	 	 	—  	 	 	 	3	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	35	 		
Expense adjustments—unfavorable (favorable)	 				 	 	(1	) 	 	 	—  	 	 	 	6	 	 	 	—  	 	 	 	(2	) 	 	 	—  	 	 	 	3	 		
PPD reinstatement premiums—unfavorable (favorable)	 				 	 	—  	 	 	 	(18	) 	 	 	—  	 	 	 	—  	 	 	 	(1	) 	 	 	—  	 	 	 	(19	) 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
PPD, gross of related adjustments—favorable (unfavorable)	 				 	 	733	 	 	 	(81	) 	 	 	19	 	 	 	150	 	 	 	26	 	 	 	(433	) 	 	 	414	 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
CAY loss and loss expense ex Cats	 	 	B	 	 	$	8,994	 	 	$	2,573	 	 	$	1,528	 	 	$	4,715	 	 	$	338	 	 	$	2	 	 	$	18,150	 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses	 				 				 				 				 				 				 				 					
Policy acquisition costs and administrative expenses	 	 	C	 	 	$	2,948	 	 	$	1,244	 	 	$	132	 	 	$	3,602	 	 	$	211	 	 	$	303	 	 	$	8,440	 		
Expense adjustments—favorable (unfavorable)	 				 	 	1	 	 	 	—  	 	 	 	(6	) 	 	 	—  	 	 	 	2	 	 	 	—  	 	 	 	(3	) 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Policy acquisition costs and administrative expenses, adjusted	 	 	D	 	 	$	2,949	 	 	$	1,244	 	 	$	126	 	 	$	3,602	 	 	$	213	 	 	$	303	 	 	$	8,437	 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
Denominator	 				 				 				 				 				 				 				 					
Net premiums earned	 	 	E	 	 	$	13,964	 	 	$	4,866	 	 	$	1,822	 	 	$	9,285	 	 	$	698	 	 				 	$	30,635	 		
Reinstatement premiums (collected) expensed on catastrophe losses	 				 	 	3	 	 	 	1	 	 	 	1	 	 	 	15	 	 	 	(10	) 	 				 	 	10	 		
Net premiums earned adjustments on PPD—unfavorable (favorable)	 				 	 	32	 	 	 	—  	 	 	 	3	 	 	 	—  	 	 	 	—  	 	 				 	 	35	 		
PPD reinstatement premiums—unfavorable (favorable)	 				 	 	—  	 	 	 	(18	) 	 	 	—  	 	 	 	—  	 	 	 	(1	) 	 				 	 	(19	) 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Net premiums earned excluding adjustments	 	 	F	 	 	$	13,999	 	 	$	4,849	 	 	$	1,826	 	 	$	9,300	 	 	$	687	 	 				 	$	30,661	 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	 				 				 				 				 				 				 				 					
Loss and loss expense ratio	 	 	A/E	 	 	 	72.5	% 	 	 	65.5	% 	 	 	84.7	% 	 	 	56.6	% 	 	 	62.3	% 	 				 	 	68.5	% 		
Policy acquisition cost and administrative expense ratio	 	 	C/E	 	 	 	21.2	% 	 	 	25.6	% 	 	 	7.3	% 	 	 	38.8	% 	 	 	30.2	% 	 				 	 	27.6	% 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
P&C combined ratio	 				 	 	93.7	% 	 	 	91.1	% 	 	 	92.0	% 	 	 	95.4	% 	 	 	92.5	% 	 				 	 	96.1	% 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	 				 				 				 				 				 				 				 					
Loss and loss expense ratio, adjusted	 	 	B/F	 	 	 	64.2	% 	 	 	53.1	% 	 	 	83.7	% 	 	 	50.7	% 	 	 	49.1	% 	 				 	 	59.2	% 		
Policy acquisition cost and administrative expense ratio, adjusted	 	 	D/F	 	 	 	21.1	% 	 	 	25.6	% 	 	 	6.8	% 	 	 	38.7	% 	 	 	31.0	% 	 				 	 	27.5	% 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
CAY P&C combined ratio ex Cats	 				 	 	85.3	% 	 	 	78.7	% 	 	 	90.5	% 	 	 	89.4	% 	 	 	80.1	% 	 				 	 	86.7	% 		
	 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 		
Combined ratio	 				 				 				 				 				 				 				 					
Combined ratio	 				 				 				 				 				 				 				 	 	96.1	% 		
Add: impact of gains and losses on crop derivatives	 				 				 				 				 				 				 				 	 	0.0	% 		
	 				 				 				 				 				 				 				 	 	 	 		
P&C combined ratio	 				 				 				 				 				 				 				 	 	96.1	% 		
	 				 				 				 				 				 				 				 	 	 	 		
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

Reconciliation Non-GAAP 5	  	Page 33	

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

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

Reconciliation Non-GAAP 6	  	Page 34	

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

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

Reconciliation Non-GAAP 7	  	Page 35	

Chubb Limited
Glossary
Chubb Limited Consolidated comprises all segments including Corporate.
P&C combined ratio: The sum of the loss and loss expense ratio, policy acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the crop derivatives.
Book value per common share: Shareholders’ equity divided by the shares outstanding.
Tangible book value per common share: Shareholders’ equity less goodwill and other intangible assets, net of tax, divided by the shares outstanding.
Average market yield of fixed maturities: Weighted average yield to maturity of our fixed income portfolio based on the market prices of the holdings as of that date.
Average yield on invested assets: Adjusted net investment income divided by average cost of fixed maturities and other investments, and average market value of equity securities.
Total capitalization: The sum of the short-term debt, long-term debt, trust preferreds, and shareholders’ equity.
Chubb integration expenses: Chubb integration expenses comprise legal and professional fees and all other costs directly related to the integration activities of the Chubb Corp acquisition. Chubb integration expenses are incurred by the overall company and are therefore included in Corporate. These costs are not related to the on-going business activities of the segments and are therefore excluded from our definition of segment income.
Catastrophe losses (Cats): We generally define catastrophe loss events consistent with the definition of the Property Claims Service (PCS) for events in the U.S. and Canada. PCS defines a catastrophe as an event that causes damage of $25 million or more in insured losses and affects a significant number of insureds, including from pandemics such as COVID-19. For events outside of the U.S. and Canada, we generally use a similar definition. Catastrophe loss events are events that occurred in the current calendar year only. Changes in catastrophe loss estimates in the current calendar year that relate to loss events that occurred in previous calendar years are considered prior period development.
Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years.
Reinstatement premiums are additional premiums paid on certain reinsurance agreements in order to reinstate coverage that had been exhausted by loss occurrences. The reinstatement premium amount is typically a pro rata portion of the original ceded premium paid based on how much of the reinsurance limit had been exhausted.
Net premiums earned adjustments within prior period development are adjustments to the initial premium earned on retrospectively rated policies based on actual claim experience that develops after the policy period ends. The premium adjustments correlate to the prior period loss development on these same policies and are fully earned in the period the adjustments are recorded.
Prior period expense adjustments typically relate to either profit commission reserves or policyholder dividend reserves based on actual claim experience that develops after the policy period ends. The expense adjustments correlate to the prior period loss development on these same policies.
Segment income (loss) includes underwriting income (loss), adjusted net investment income, other income (expense) – operating, and amortization expense of purchased intangibles.
Commercial P&C lines includes Commercial P&C, Agriculture and Reinsurance lines of business.
Consumer P&C lines includes Personal and Global accident and health (A&H) lines of business.
NM: Not meaningful.

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