Chubb Limited (CB) 8-K Results of Operations and Financial Condition

Exhibit 99.2

Chubb Limited

Financial Supplement

Legacy ACE Limited Financial Results for the

Quarter and Year Ended December 31, 2015

Investor Contact

Helen M. Wilson

Phone: (441) 299-9283

email: investorrelations@chubb.com

This report is for informational purposes only. It should be read in conjunction with documents filed by Chubb Limited with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

Cautionary Statement Regarding Forward-Looking Statements:

Any forward-looking statements made in this financial supplement reflect Chubb’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from as indicated by such statements. For example, forward-looking statements related to financial performance including exposures, reserves and recoverables could be affected by the frequency of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, currency exchange fluctuations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance receivable and credit developments among reinsurers.

Our forward-looking statements could also be affected by competition, pricing and policy term trends, market acceptance, changes in demand, actual market developments, rating agency action, possible terrorism or the outbreak and effects of war. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Chubb Limited

Financial Supplement Table of Contents

		Page
I.	Financial Highlights
	- Consolidated Financial Highlights		1
II.	Consolidated Results
	- Consolidated Results - Consecutive Quarters		2
	- Summary Consolidated Balance Sheets		3
	- Consolidated Premiums and Operating Income by Line of Business		4
III.	Global P&C Results
	- Global P&C Results - Consecutive Quarters		5
IV.	Segment Results
	- Insurance – North American - For Reference Only		6
	- Insurance – North American P&C		7
	- Insurance – North American Agriculture		8
	- Insurance – Overseas General		9
	- Global Reinsurance		10
	- Life		11
V.	Balance Sheet Details
	- Loss Reserve Rollforward		12
	- Reinsurance Recoverable Analysis		13
	- Investment Portfolio		14 - 17
	- Net Realized and Unrealized Gains (Losses)		18
	- Debt and Capital		19
	- Computation of Basic and Diluted Earnings Per Share		20
	- Book Value and Book Value per Common Share		21
VI.	Other Disclosures
	- Non-GAAP Financial Measures		22 - 25
	- Glossary		26

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.

									Constant $											Constant $
					% Change				% Change						% Change					% Change
	Three months ended December 31				4Q-15 vs.		Constant $		4Q-15 vs.		Year ended December 31				2015 vs.			Constant $		2015 vs.
	2015		2014		4Q-14		2014 (1)		4Q-14(1)		2015		2014		2014			2014 (1)		2014 (1)
Gross premiums written	$	5,639	$	5,746		-1.9%	$	5,432		3.8%	$	23,811	$	23,390		1.8%		$	22,260		7.0%
Net premiums written	$	4,144	$	4,326		-4.2%	$	4,066		1.9%	$	17,713	$	17,799		-0.5%		$	16,853		5.1%
P&C net premiums written(2)	$	3,629	$	3,803		-4.6%	$	3,570		1.7%	$	15,715	$	15,787		-0.5%		$	14,925		5.3%
Global P&C net premiums written(2)	$	3,487	$	3,559		-2.0%	$	3,326		4.9%	$	14,369	$	14,197		1.2%		$	13,336		7.7%
Net premiums earned	$	4,207	$	4,370		-3.7%	$	4,118		2.2%	$	17,213	$	17,426		-1.2%		$	16,499		4.3%
Net investment income	$	532	$	577		-7.7%	$	563		-5.4%	$	2,194	$	2,252		-2.6%	��	$	2,209		-0.7%
Operating income	$	780	$	827		-5.8%	$	793		-1.6%	$	3,210	$	3,320		-3.3%		$	3,201		0.3%
Net income	$	683	$	555		23.0%					$	2,834	$	2,853		-0.7%
Comprehensive income	$	140	$	138		1.9%					$	908	$	2,892		-68.6%
Operating cash flow	$	1,165	$	1,274							$	3,864	$	4,496
P&C combined ratio(2)
Loss and loss expense ratio		58.0%		58.6%								58.2%		58.3%
Underwriting and administrative expense ratio		29.7%		29.9%								29.2%		29.4%
Combined ratio		87.7%		88.5%								87.4%		87.7%
Operating return on equity (ROE)		11.1%		11.8%								11.5%		12.0%
ROE		9.4%		7.5%								9.7%		9.8%
Operating effective tax rate(3)		11.1%		12.7%								13.3%		13.9%
Effective tax rate(4)		9.0%		29.5%								14.0%		18.2%
Diluted earnings per share
Operating income	$	2.38	$	2.47		-3.6%					$	9.76	$	9.79		-0.3%
Net income	$	2.08	$	1.66		25.3%					$	8.62	$	8.42		2.4%
Book value per common share											$	89.77	$	90.02		-0.3%
Book value per common share excluding foreign currency(5)											$	92.92	$	90.02		3.2%
Tangible book value per common share											$	72.25	$	72.61		-0.5%
Tangible book value per common share excluding foreign currency(5)											$	74.30	$	72.61		2.3%
Tangible book value per common share excluding acquisitions(5)											$	73.72	$	72.61		1.5%
Tangible book value per common share excluding acquisitions and foreign currency(5) (6)											$	75.76	$	72.61		4.3%
Weighted average basic common shares outstanding		324.6		331.1								325.6		335.6
Weighted average diluted common shares outstanding		327.8		334.6								328.8		339.0
Total hybrid & financial debt/capitalization(7)												25.1%		14.0%

(1) Prior periods on a constant dollar basis.

(2) See non-GAAP financial measures.

(3) Operating effective tax rate is dependent upon the mix of earnings from different jurisdictions with various tax rates. A change in the geographic mix of earnings would change the effective tax rate. The decrease in the operating effective tax rate for the quarter was primarily due to a higher percentage of operating earnings being generated in lower tax paying jurisdictions.

(4) Q4 2014 and full year 2014 include $115 million due to a deferred tax charge related to unrealized foreign exchange losses.

(5) For 2015, book value per common share and tangible book value per common share exclude the impact of foreign currency movement during the year.

(6) For 2015, tangible book value per common share excludes the impact from goodwill and intangibles relating to the acquisition of the Fireman's Fund high net worth personal lines insurance business in the United States of $474 million.

(7) The leverage ratio in 2015 is higher primarily due to the issuance of $5.3 billion senior notes in November 2015 to finance a portion of the Chubb Corporation acquisition. See Debt and Capital page 19 for additional information.

Financial Highlights Page 1

Chubb Limited

Consolidated Results - Consecutive Quarters

(in millions of U.S. dollars, except ratios)

(Unaudited)

											Full Year		Full Year
Chubb Limited Consolidated	4Q-15		3Q-15		2Q-15		1Q-15		4Q-14		2015		2014
Consolidated Results (Including Corporate) Excluding Life Segment(1)
Gross premiums written	$	5,091	$	5,824	$	5,975	$	4,800	$	5,193	$	21,690	$	21,261
Net premiums written		3,629		4,217		4,284		3,585		3,803		15,715		15,787
Net premiums earned		3,701		4,239		3,873		3,453		3,871		15,266		15,464
Adjusted losses and loss expenses(1)		2,146		2,494		2,282		1,970		2,269		8,892		9,009
Policy acquisition costs		602		654		609		600		641		2,465		2,597
Administrative expenses		500		494		504		481		517		1,979		1,960
Underwriting income		453		597		478		402		444		1,930		1,898
Net investment income		465		483		496		485		508		1,929		1,984
Adjusted interest expense(2)		63		67		69		67		66		266		269
Other income (expense) - operating(3)		(2)		11		(2)		-		4		7		2
Amortization of intangible assets		34		51		54		30		29		169		105
Income tax expense		93		133		128		111		110		465		487
Operating income (including Corporate) excluding Life segment		726		840		721		679		751		2,966		3,023
Life segment operating income		54		57		67		66		76		244		297
Consolidated operating income		780		897		788		745		827		3,210		3,320
Chubb integration and related expenses, net of tax		(35)		(7)		-		-		-		(42)		-
Adjusted net realized gains (losses)(1)		(57)		(393)		128		(89)		(210)		(411)		(558)
Net realized gains (losses) related to unconsolidated entities		(17)		25		33		26		49		67		191
Income tax expense (benefit) on adjusted net realized gains (losses)		(12)		(6)		7		1		111		(10)		100
Consolidated net income	$	683	$	528	$	942	$	681	$	555	$	2,834	$	2,853
% Change versus prior year period(1)
Net premiums written as reported		-4.6%		-0.4%		5.5%		-2.9%		2.4%		-0.5%		4.9%
Net premiums earned as reported		-4.4%		-0.6%		0.8%		-1.0%		-0.3%		-1.3%		5.1%
Net premiums written constant $		1.7%		5.6%		11.6%		1.7%		5.0%		5.3%		5.9%
Net premiums earned constant $		1.6%		5.4%		7.0%		3.5%		2.1%		4.4%		6.2%
Other ratios
Net premiums written/gross premiums written(1)		71%		72%		72%		75%		73%		72%		74%
Operating effective tax rate		11.1%		13.5%		14.7%		13.7%		12.7%		13.3%		13.9%
P&C combined ratio(1)
Loss and loss expense ratio		58.0%		58.8%		58.9%		57.1%		58.6%		58.2%		58.3%
Policy acquisition cost ratio		16.2%		15.4%		15.7%		17.4%		16.6%		16.1%		16.8%
Administrative expense ratio		13.5%		11.7%		13.1%		13.9%		13.3%		13.1%		12.6%
Combined ratio		87.7%		85.9%		87.7%		88.4%		88.5%		87.4%		87.7%
Combined ratio excluding catastrophe losses and PPD		88.4%		89.2%		88.4%		89.3%		89.5%		88.8%		89.3%
P&C expense ratio		29.7%		27.1%		28.8%		31.3%		29.9%		29.2%		29.4%
P&C expense ratio excluding A&H		26.3%		23.6%		25.5%		27.9%		26.7%		25.7%		26.0%
Catastrophe reinstatement premiums collected - pre-tax	$	(1)	$	-	$	-	$	-	$	2	$	(1)	$	3
Catastrophe losses - pre-tax	$	74	$	72	$	124	$	51	$	71	$	321	$	291
Favorable prior period development (PPD) - pre-tax	$	(100)	$	(210)	$	(153)	$	(83)	$	(107)	$	(546)	$	(527)
Loss and loss expense ratio excluding catastrophe losses and PPD		58.5%		62.2%		59.7%		58.1%		59.6%		59.7%		59.8%

(1) See non-GAAP financial measures.

(2) Excludes the pre-acquisition interest expense on the $5.3 billion senior notes issued in November 2015. See non-GAAP financial measures.

(3) Excludes portion of net realized investment gains and losses related to unconsolidated entities.

Consolidated Results Page 2

Chubb Limited

Summary Consolidated Balance Sheets

(in millions of U.S. dollars, except per share data)

(Unaudited)

	December 31		September 30		June 30		March 31		December 31
	2015		2015		2015		2015		2014
Assets
Fixed maturities available for sale, at fair value	$	43,587	$	48,278	$	48,701	$	50,410	$	49,395
Fixed maturities held to maturity, at amortized cost		8,430		8,564		8,676		6,982		7,331
Equity securities, at fair value		497		464		498		536		510
Short-term investments, at fair value		10,446		1,808		2,062		2,536		2,322
Other investments		3,291		3,270		3,328		3,430		3,346
Total investments		66,251		62,384		63,265		63,894		62,904
Cash		1,775		1,038		790		948		655
Securities lending collateral		1,046		1,011		1,080		1,033		1,330
Insurance and reinsurance balances receivable		5,323		5,290		5,757		5,026		5,426
Reinsurance recoverable on losses and loss expenses		11,386		11,231		11,775		11,588		11,992
Deferred policy acquisition costs		2,873		2,809		2,806		2,683		2,601
Value of business acquired		395		410		434		440		466
Prepaid reinsurance premiums		2,082		2,059		2,238		1,981		2,026
Goodwill and other intangible assets		5,683		5,713		5,969		5,516		5,724
Deferred tax assets		318		395		285		224		295
Investments in partially-owned insurance companies		653		654		638		590		504
Other assets		4,581		4,766		4,803		4,475		4,325
Total assets	$	102,366	$	97,760	$	99,840	$	98,398	$	98,248
Liabilities
Unpaid losses and loss expenses	$	37,303	$	37,564	$	38,230	$	37,326	$	38,315
Unearned premiums		8,439		8,510		8,879		8,182		8,222
Future policy benefits		4,807		4,776		4,835		4,744		4,754
Insurance and reinsurance balances payable		4,270		4,225		4,602		4,198		4,095
Securities lending payable		1,047		1,012		1,081		1,034		1,331
Accounts payable, accrued expenses, and other liabilities(1)		7,609		7,380		7,492		7,596		7,128
Short-term debt (1)		-		700		700		1,150		1,150
Long-term debt		9,447		4,157		4,157		4,157		3,357
Trust preferred securities		309		309		309		309		309
Total liabilities		73,231		68,633		70,285		68,696		68,661
Shareholders’ equity
Total shareholders’ equity, excl. AOCI		29,870		29,319		28,948		28,550		28,396
Accumulated other comprehensive income (AOCI)		(735)		(192)		607		1,152		1,191
Total shareholders’ equity		29,135		29,127		29,555		29,702		29,587
Total liabilities and shareholders’ equity	$	102,366	$	97,760	$	99,840	$	98,398	$	98,248
Book value per common share	$	89.77	$	89.88	$	91.27	$	90.81	$	90.02
% change over prior quarter		-0.1%		-1.5%		0.5%		0.9%		-0.4%
Tangible book value per common share	$	72.25	$	72.25	$	72.84	$	73.94	$	72.61
% change over prior quarter		0.0%		-0.8%		-1.5%		1.8%		-1.9%

(1) Effective Q4 2015, repurchase agreements (previously reported in Short-term debt) is now reported in Accounts payable, accrued expenses, and other liabilities. Prior period amounts are reclassified to conform to the current presentation

Consol Bal Sheet Page 3

Chubb Limited

Consolidated Premiums and Operating Income by Line of Business

(in millions of U.S. dollars)

(Unaudited)

Chubb Limited Consolidated									Constant $										Constant $
					% Change				% Change						% Change		Constant $		% Change
					4Q-15 vs.		Constant $		4Q-15 vs.		Full Year		Full Year		2015 vs.		Full Year		2015 vs.
	4Q-15		4Q-14		4Q-14		4Q-14 (2)		4Q-14(2)		2015		2014		2014		2014 (2)		2014 (2)
Net premiums written
Property and all other	$	1,162	$	1,178		-1.5%					$	5,480	$	5,249		4.4%
Casualty		1,725		1,718		0.3%						6,360		6,213		2.3%
Subtotal		2,887		2,896		-0.4%	$	2,745		5.2%		11,840		11,462		3.3%	$	10,905		8.6%
Agriculture		142		244		-41.9%		244		-41.9%		1,346		1,590		-15.3%		1,590		-15.3%
Personal accident (A&H)(1)		859		920		-6.5%		831		3.4%		3,548		3,735		-5.0%		3,403		4.3%
Life		256		266		-3.2%		246		3.7%		979		1,012		-3.2%		955		2.5%
Total consolidated	$	4,144	$	4,326		-4.2%	$	4,066		1.9%	$	17,713	$	17,799		-0.5%	$	16,853		5.1%
% of Total Consolidated
Property and all other		28%		27%								31%		29%
Casualty		42%		40%								36%		35%
Subtotal		70%		67%								67%		64%
Agriculture		3%		6%								8%		9%
Personal accident (A&H)(1)		21%		21%								19%		21%
Life		6%		6%								6%		6%
Total consolidated		100%		100%								100%		100%
Net premiums earned
Property and all other	$	1,308	$	1,314		-0.5%					$	5,222	$	5,161		1.2%
Casualty		1,553		1,565		-0.9%						6,195		6,080		1.9%
Subtotal		2,861		2,879		-0.7%	$	2,728		4.8%		11,417		11,241		1.6%	$	10,691		6.8%
Agriculture		240		327		-26.2%		327		-26.2%		1,364		1,526		-10.6%		1,526		-10.6%
Personal accident (A&H)(1)		856		908		-5.6%		824		3.9%		3,501		3,678		-4.8%		3,355		4.4%
Life		250		256		-2.3%		239		4.5%		931		981		-5.1%		927		0.4%
Total consolidated	$	4,207	$	4,370		-3.7%	$	4,118		2.2%	$	17,213	$	17,426		-1.2%	$	16,499		4.3%
% of Total Consolidated
Property and all other		31%		30%								30%		29%
Casualty		37%		36%								36%		35%
Subtotal		68%		66%								66%		64%
Agriculture		6%		7%								8%		9%
Personal accident (A&H)(1)		20%		21%								20%		21%
Life		6%		6%								6%		6%
Total consolidated		100%		100%								100%		100%
Operating income, after-tax
Property, casualty, and all other	$	603	$	620		-3.1%	$	598		0.7%	$	2,485	$	2,584		-3.9%	$	2,511		-1.1%
Agriculture		43		45		-5.4%		45		-5.4%		149		96		55.1%		96		55.1%
Personal accident (A&H)(1)		101		121		-15.2%		108		-5.8%		438		481		-8.7%		434		1.1%
Life		33		41		-18.6%		42		-20.1%		138		159		-13.2%		160		-13.4%
Total consolidated	$	780	$	827		-5.8%	$	793		-1.6%	$	3,210	$	3,320		-3.3%	$	3,201		0.3%
% of Total Consolidated
Property, casualty, and all other		77%		75%								77%		78%
Agriculture		6%		5%								5%		3%
Personal accident (A&H)(1)		13%		15%								14%		14%
Life		4%		5%								4%		5%
Total consolidated		100%		100%								100%		100%

(1) For purposes of this schedule only, A&H results from our Combined North American and International businesses, normally included in the Life and Insurance – Overseas General segments, respectively, are included in the personal accident (A&H) line items above.

(2) Prior periods on a constant-dollar basis.

Line of Business Page 4

Chubb Limited

Global P&C Results - Consecutive Quarters

(in millions of U.S. dollars, except ratios)

(Unaudited)

Global P&C includes the company’s Insurance – North American P&C segment (refer to page 7), Insurance – Overseas General segment (refer to page 9), Global Reinsurance segment (refer to page 10), and Corporate (not separately disclosed in the Financial Supplement). Global P&C excludes the Insurance – North American Agriculture segment.

Global P&C (Including Corporate)	4Q-15		3Q-15		2Q-15		1Q-15		4Q-14		Full Year     2015		Full Year     2014
Gross premiums written	$	4,821	$	4,581	$	5,409	$	4,672	$	4,891	$	19,483	$	18,883
Net premiums written		3,487		3,480		3,905		3,497		3,559		14,369		14,197
Net premiums earned		3,461		3,500		3,552		3,389		3,544		13,902		13,938
Losses and loss expenses		1,968		1,870		2,009		1,948		2,017		7,795		7,709
Policy acquisition costs		594		612		586		604		629		2,396		2,516
Administrative expenses		502		494		500		482		513		1,978		1,951
Underwriting income		397		524		457		355		385		1,733		1,762
Net investment income		459		478		490		479		501		1,906		1,958
Adjusted interest expense		63		67		69		67		66		266		269
Other income (expense) - operating(1)		(2)		10		(1)		1		5		8		4
Amortization of intangible assets		26		43		47		23		21		139		74
Income tax expense		82		118		124		101		98		425		454
Global P&C operating income		683		784		706		644		706		2,817		2,927
Chubb integration and related expenses, net of tax		(35)		(7)		-		-		-		(42)		-
Net realized gains (losses)		(111)		(67)		25		(30)		(67)		(183)		(178)
Net realized gains (losses) related to unconsolidated entities		(17)		13		16		12		43		24		185
Income tax expense (benefit) on net realized gains (losses)		(11)		(7)		5		-		110		(13)		101
Global P&C net income	$	531	$	730	$	742	$	626	$	572	$	2,629	$	2,833
% Change versus prior year period
Net premiums written as reported		-2.0%		0.3%		6.4%		0.0%		3.0%		1.2%		5.7%
Net premiums earned as reported		-2.4%		0.0%		1.2%		0.1%		2.6%		-0.3%		7.0%
Net premiums written constant $		4.9%		7.8%		13.2%		5.0%		5.8%		7.7%		6.9%
Net premiums earned constant $		4.3%		7.6%		8.0%		4.8%		5.4%		6.2%		8.2%
Other ratios
Net premiums written/gross premiums written		72%		76%		72%		75%		73%		74%		75%
Combined ratio
Loss and loss expense ratio		56.9%		53.4%		56.5%		57.5%		56.9%		56.1%		55.3%
Policy acquisition cost ratio		17.1%		17.5%		16.5%		17.8%		17.8%		17.2%		18.0%
Administrative expense ratio		14.5%		14.1%		14.1%		14.2%		14.4%		14.2%		14.1%
Combined ratio		88.5%		85.0%		87.1%		89.5%		89.1%		87.5%		87.4%
Combined ratio excluding catastrophe losses and PPD		89.1%		88.8%		88.2%		89.5%		90.2%		88.9%		89.4%
Expense ratio		31.6%		31.6%		30.6%		32.0%		32.2%		31.4%		32.1%
Expense ratio excluding A&H		28.3%		28.2%		27.4%		28.7%		29.2%		28.1%		28.8%
Catastrophe reinstatement premiums collected - pre-tax	$	(1)	$	-	$	-	$	-	$	2	$	(1)	$	3
Catastrophe losses - pre-tax	$	73	$	72	$	117	$	50	$	70	$	312	$	278
Favorable prior period development (PPD) - pre-tax	$	(93)	$	(205)	$	(153)	$	(50)	$	(106)	$	(501)	$	(561)
Loss and loss expense ratio excluding catastrophe losses and PPD		57.3%		57.3%		57.6%		57.6%		57.9%		57.4%		57.5%

(1) Excludes portion of net realized investment gains and losses related to unconsolidated entities.

Global P&C Page 5

Chubb Limited

Insurance - North American

(in millions of U.S. dollars, except ratios)

(Unaudited)

The table below combines the company's Insurance – North American P&C segment (refer to page 7) and Insurance – North American Agriculture segment (refer to page 8) into total Insurance – North American business presentation for reference purposes only.

Insurance – North American											Full Year		Full Year
	4Q-15		3Q-15		2Q-15		1Q-15		4Q-14		2015		2014
Gross premiums written	$	2,992	$	3,615	$	3,471	$	2,253	$	2,841	$	12,331	$	11,414
Net premiums written		1,933		2,448		2,354		1,518		1,913		8,253		7,853
Net premiums earned		1,926		2,421		2,009		1,590		1,887		7,946		7,633
Losses and loss expenses(1)		1,298		1,799		1,393		1,057		1,329		5,547		5,386
Policy acquisition costs		162		197		153		157		166		669		715
Administrative expenses		194		192		193		170		181		749		687
Underwriting income		272		233		270		206		211		981		845
Net investment income		264		271		275		269		280		1,079		1,111
Interest expense		(5)		3		2		2		2		2		9
Other income (expense) - operating		1		3		(2)		2		6		4		9
Amortization of intangible assets		23		39		39		7		8		108		31
Income tax expense		87		83		92		88		70		350		331
Operating income		432		382		410		380		417		1,604		1,594
Net realized gains (losses)(1)		(68)		(33)		-		(6)		(39)		(107)		(64)
Net realized gains (losses) related to unconsolidated entities		(4)		14		10		4		19		24		90
Income tax expense on net realized gains (losses)		1		2		1		2		1		6		8
Net income	$	359	$	361	$	419	$	376	$	396	$	1,515	$	1,612
Combined ratio
Loss and loss expense ratio		67.4%		74.3%		69.3%		66.5%		70.4%		69.8%		70.6%
Policy acquisition cost ratio		8.4%		8.2%		7.6%		9.8%		8.8%		8.4%		9.4%
Administrative expense ratio		10.1%		7.9%		9.7%		10.7%		9.6%		9.5%		8.9%
Combined ratio		85.9%		90.4%		86.6%		87.0%		88.8%		87.7%		88.9%
Combined ratio excluding catastrophe losses and PPD		85.8%		87.6%		86.0%		87.4%		87.9%		86.7%		88.0%
Catastrophe losses - pre-tax	$	28	$	22	$	61	$	46	$	30	$	157	$	145
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(26)	$	45	$	(49)	$	(54)	$	(12)	$	(84)	$	(73)
Loss and loss expense ratio excluding catastrophe losses and PPD		67.0%		71.6%		68.8%		67.1%		69.6%		68.9%		69.6%
% Change versus prior year period
Net premiums written		1.1%		6.2%		16.4%		-5.9%		3.0%		5.1%		4.1%
Net premiums earned		2.1%		5.9%		7.4%		0.0%		-2.6%		4.1%		3.2%
Other ratios
Net premiums written/gross premiums written		65%		68%		68%		67%		67%		67%		69%

(1) See non-GAAP financial measures.

Insurance - North American Page 6

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars, except ratios)

(Unaudited)

Insurance – North American P&C											Full Year		Full Year
	4Q-15		3Q-15		2Q-15		1Q-15		4Q-14		2015		2014
Gross premiums written	$	2,722	$	2,372��	$	2,905	$	2,125	$	2,539	$	10,124	$	9,036
Net premiums written		1,791		1,711		1,975		1,430		1,669		6,907		6,263
Net premiums earned		1,686		1,682		1,688		1,526		1,560		6,582		6,107
Losses and loss expenses		1,120		1,175		1,120		1,035		1,077		4,450		4,086
Policy acquisition costs		154		155		130		161		154		600		634
Administrative expenses		196		192		189		171		177		748		678
Underwriting income		216		160		249		159		152		784		709
Net investment income		258		266		269		263		273		1,056		1,085
Interest expense		(5)		3		2		2		2		2		9
Other income (expense) - operating		1		2		(1)		3		7		5		11
Amortization of intangible assets		15		31		32		-		-		78		-
Income tax expense		76		68		88		78		58		310		298
Operating income		389		326		395		345		372		1,455		1,498
Net realized gains (losses)		(69)		(33)		-		(6)		(42)		(108)		(67)
Net realized gains (losses) related to unconsolidated entities		(4)		14		10		4		19		24		90
Income tax expense on net realized gains (losses)		1		2		1		2		1		6		8
Net income	$	315	$	305	$	404	$	341	$	348	$	1,365	$	1,513
Combined ratio
Loss and loss expense ratio		66.5%		69.9%		66.3%		67.9%		69.0%		67.6%		66.9%
Policy acquisition cost ratio		9.1%		9.2%		7.7%		10.5%		9.9%		9.1%		10.4%
Administrative expense ratio		11.6%		11.4%		11.2%		11.2%		11.3%		11.4%		11.1%
Combined ratio		87.2%		90.5%		85.2%		89.6%		90.2%		88.1%		88.4%
Combined ratio excluding catastrophe losses and PPD		86.7%		86.3%		85.0%		87.9%		89.1%		86.4%		88.0%
Catastrophe losses - pre-tax	$	27	$	22	$	54	$	45	$	29	$	148	$	132
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(19)	$	50	$	(49)	$	(21)	$	(11)	$	(39)	$	(107)
Loss and loss expense ratio excluding catastrophe losses and PPD		65.7%		65.7%		66.1%		66.3%		67.8%		66.0%		66.6%
% Change versus prior year period(1)
Net premiums written		7.4%		11.0%		20.8%		0.8%		4.2%		10.3%		5.9%
Net premiums earned		8.0%		10.7%		9.6%		2.5%		3.3%		7.8%		6.8%
Other ratios
Net premiums written/gross premiums written		66%		72%		68%		67%		66%		68%		69%

(1) On a constant dollar basis, net premiums written increased 8.0 % and 10.9% for the quarter and full year, respectively. Net premiums earned increased 8.7% and 8.4%, on a constant dollar basis, for the quarter and full year, respectively.

Insurance - North American P&C Page 7

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars, except ratios)

(Unaudited)

Insurance – North American Agriculture											Full Year		Full Year
	4Q-15		3Q-15		2Q-15		1Q-15		4Q-14		2015		2014
Gross premiums written	$	270	$	1,243	$	566	$	128	$	302	$	2,207	$	2,378
Net premiums written		142		737		379		88		244		1,346		1,590
Net premiums earned		240		739		321		64		327		1,364		1,526
Losses and loss expenses(1)		178		624		273		22		252		1,097		1,300
Policy acquisition costs		8		42		23		(4)		12		69		81
Administrative expenses		(2)		-		4		(1)		4		1		9
Underwriting income		56		73		21		47		59		197		136
Net investment income		6		5		6		6		7		23		26
Interest expense		-		-		-		-		-		-		-
Other income (expense) - operating		-		1		(1)		(1)		(1)		(1)		(2)
Amortization of intangible assets		8		8		7		7		8		30		31
Income tax expense		11		15		4		10		12		40		33
Operating income		43		56		15		35		45		149		96
Net realized gains (losses)(1)		1		-		-		-		3		1		3
Net realized gains (losses) related to unconsolidated entities		-		-		-		-		-		-		-
Income tax expense on net realized gains (losses)		-		-		-		-		-		-		-
Net income	$	44	$	56	$	15	$	35	$	48	$	150	$	99
Combined ratio
Loss and loss expense ratio		73.9%		84.5%		85.3%		33.3%		77.2%		80.4%		85.2%
Policy acquisition cost ratio		3.4%		5.7%		7.2%		-6.0%		3.6%		5.1%		5.3%
Administrative expense ratio		-0.9%		0.0%		1.1%		-0.9%		1.0%		0.0%		0.6%
Combined ratio		76.4%		90.2%		93.6%		26.4%		81.8%		85.5%		91.1%
Combined ratio excluding catastrophe losses and PPD		79.2%		90.8%		91.4%		76.7%		82.4%		88.2%		87.8%
Catastrophe losses - pre-tax	$	1	$	-	$	7	$	1	$	1	$	9	$	13
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(7)	$	(5)	$	-	$	(33)	$	(1)	$	(45)	$	34
Loss and loss expense ratio excluding catastrophe losses and PPD		75.4%		85.1%		83.1%		83.2%		77.9%		82.8%		81.8%
% Change versus prior year period
Net premiums written		-41.9%		-3.5%		-2.4%		-54.6%		-5.0%		-15.3%		-2.3%
Net premiums earned		-26.2%		-3.6%		-2.9%		-37.2%		-23.4%		-10.6%		-9.1%
Other ratios
Net premiums written/gross premiums written		52%		59%		67%		69%		81%		61%		67%

(1) See non-GAAP financial measures.

Insurance - Agriculture Page 8

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars, except ratios)

(Unaudited)

Insurance – Overseas General											Constant $		Full Year		Full Year
	4Q-15		3Q-15		2Q-15		1Q-15		4Q-14		4Q-14(1)		2015		2014
Gross premiums written	$	1,990	$	2,019	$	2,212	$	2,255	$	2,212	$	1,946	$	8,476	$	8,853
Net premiums written		1,587		1,584		1,669		1,794		1,749		1,530		6,634		6,999
Net premiums earned		1,575		1,615		1,644		1,637		1,758		1,547		6,471		6,805
Losses and loss expenses		748		674		816		814		835		734		3,052		3,189
Policy acquisition costs		391		405		396		389		419		366		1,581		1,625
Administrative expenses		241		246		254		256		262		236		997		1,026
Underwriting income		195		290		178		178		242		211		841		965
Net investment income		125		132		139		138		147		136		534		545
Interest expense		5		1		1		1		2		2		8		6
Other income (expense) - operating		5		6		4		2		6		7		17		18
Amortization of intangible assets		11		12		15		23		21		18		61		74
Income tax expense		48		85		65		53		78		70		251		285
Operating income		261		330		240		241		294		264		1,072		1,163
Net realized gains (losses)		(28)		(13)		13		(10)		(7)				(38)		(78)
Net realized gains (losses) related to unconsolidated entities		(8)		-		3		4		12				(1)		45
Income tax expense (benefit) on net realized gains (losses)		(13)		(9)		4		(1)		111				(19)		93
Net income	$	238	$	326	$	252	$	236	$	188			$	1,052	$	1,037
Combined ratio
Loss and loss expense ratio		47.5%		41.7%		49.7%		49.7%		47.5%				47.2%		46.9%
Policy acquisition cost ratio		24.8%		25.1%		24.1%		23.8%		23.8%				24.4%		23.9%
Administrative expense ratio		15.3%		15.2%		15.4%		15.6%		15.0%				15.4%		15.0%
Combined ratio		87.6%		82.0%		89.2%		89.1%		86.3%				87.0%		85.8%
Combined ratio excluding catastrophe losses and PPD		89.7%		90.5%		89.8%		90.3%		89.4%				90.1%		89.9%
Catastrophe reinstatement premiums - pre-tax	$	(2)	$	-	$	-	$	-	$	-			$	(2)	$	-
Catastrophe losses - pre-tax	$	40	$	39	$	58	$	5	$	30			$	142	$	112
Favorable prior period development (PPD) - pre-tax	$	(74)	$	(177)	$	(68)	$	(24)	$	(86)			$	(343)	$	(391)
Loss and loss expense ratio excluding catastrophe losses and PPD		49.6%		50.2%		50.3%		50.9%		50.7%				50.3%		51.0%
% Change versus prior year period
Net premiums written as reported		-9.3%		-7.9%		-5.1%		1.3%		3.0%				-5.2%		7.4%
Net premiums earned as reported		-10.5%		-6.4%		-3.9%		1.6%		3.4%				-4.9%		7.5%
Net premiums written constant $		3.6%		6.1%		7.6%		11.0%		8.4%				7.1%		9.4%
Net premiums earned constant $		1.7%		7.8%		9.4%		11.2%		8.8%				7.5%		9.6%
Other ratios
Net premiums written/gross premiums written		80%		78%		75%		80%		79%				78%		79%

(1) Prior periods on a constant dollar basis.

Insurance - Overseas General Page 9

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars, except ratios)

(Unaudited)

Global Reinsurance											Full Year		Full Year
	4Q-15		3Q-15		2Q-15		1Q-15		4Q-14		2015		2014
Gross premiums written	$	109	$	190	$	292	$	292	$	140	$	883	$	994
Net premiums written		109		185		261		273		141		828		935
Net premiums earned		200		203		220		226		226		849		1,026
Losses and loss expenses		99		20		72		99		104		290		431
Policy acquisition costs		48		52		60		54		56		214		257
Administrative expenses		12		12		13		12		13		49		54
Underwriting income		41		119		75		61		53		296		284
Net investment income		70		76		79		75		78		300		316
Interest expense		2		1		1		1		-		5		4
Other income (expense) - operating		1		4		-		1		3		6		4
Amortization of intangible assets		-		-		-		-		-		-		-
Income tax expense		1		8		8		8		7		25		38
Operating income		109		190		145		128		127		572		562
Net realized gains (losses)		(12)		(14)		5		(11)		(12)		(32)		(29)
Net realized gains (losses) related to unconsolidated entities		(5)		(2)		3		4		12		-		50
Income tax expense on net realized gains (losses)		2		-		(1)		-		-		1		-
Net income	$	90	$	174	$	154	$	121	$	127	$	539	$	583
Combined ratio
Loss and loss expense ratio		49.7%		9.6%		32.9%		43.6%		45.8%		34.2%		42.0%
Policy acquisition cost ratio		24.1%		25.4%		27.2%		24.0%		25.0%		25.2%		25.0%
Administrative expense ratio		6.0%		6.2%		5.6%		5.6%		5.7%		5.8%		5.3%
Combined ratio		79.8%		41.2%		65.7%		73.2%		76.5%		65.2%		72.3%
Combined ratio excluding catastrophe losses and PPD		76.6%		75.3%		79.6%		75.5%		76.2%		76.8%		75.6%
Catastrophe reinstatement premiums collected - pre-tax	$	1	$	-	$	-	$	-	$	2	$	1	$	3
Catastrophe losses - pre-tax	$	6	$	11	$	5	$	-	$	11	$	22	$	34
Favorable prior period development (PPD) - pre-tax	$	-	$	(78)	$	(36)	$	(5)	$	(9)	$	(119)	$	(63)
Loss and loss expense ratio excluding catastrophe losses and PPD		46.5%		44.3%		46.7%		46.0%		45.4%		45.9%		45.5%
% Change versus prior year period
Net premiums written as reported		-22.1%		-11.5%		-5.9%		-11.4%		-9.4%		-11.4%		-5.7%
Net premiums earned as reported		-11.3%		-20.4%		-15.5%		-20.6%		-7.7%		-17.2%		5.1%
Net premiums written constant $		-20.2%		-9.5%		-3.9%		-9.1%		-8.8%		-9.3%		-5.8%
Net premiums earned constant $		-9.0%		-18.1%		-13.2%		-19.0%		-7.1%		-15.1%		4.9%
Other ratios
Net premiums written/gross premiums written		100%		97%		90%		93%		100%		94%		94%

Global Reinsurance Page 10

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Life	4Q-15		3Q-15			2Q-15		1Q-15			4Q-14			Full Year   2015			Full Year   2014
Gross premiums written	$	548	$	522		$	529	$	522		$	553		$	2,121		$	2,129
Net premiums written		515		492			500		491			523			1,998			2,012
Net premiums earned		506		480			487		474			499			1,947			1,962
Losses and loss expenses(1)		159		153			137		152			147			601			589
Policy benefits(2)		159		89			153		142			134			543			517
(Gains) losses from fair value changes in separate account assets(2)		(13)		49			(6)		(11)			3			19			(2)
Policy acquisition costs		134		117			118		107			123			476			478
Administrative expenses		70		74			74		73			73			291			285
Net investment income		67		66			66		66			69			265			268
Life underwriting income(3)		64		64			77		77			88			282			363
Interest expense		1		1			2		1			1			5			11
Other income (expense) - operating(1)		(4)		1			1		(2)			1			(4)			(5)
Amortization of intangible assets		1		-			1		-			1			2			3
Income tax expense		4		7			8		8			11			27			47
Operating income		54		57			67		66			76			244			297
Net realized gains (losses):
Mark-to-market on guaranteed living benefits derivative (net of related hedges)		55		(313	)		102		(57	)		(153	)		(213	)		(385	)
Foreign exchange gains (losses) and all other		(2)		(13)			1		(2)			7			(16)			2
Net realized gains (losses) related to unconsolidated entities		-		12			17		14			6			43			6
Income tax expense (benefit) on net realized gains (losses)		(1)		1			2		1			1			3			(1)
Net income (loss)	$	108	$	(258)		$	185	$	20		$	(65)		$	55		$	(79)
% Change versus prior year period
Net premiums written as reported		-1.6%		-0.8%			0.3%		-0.6%			4.0%			-0.7%			2.0%
Net premiums earned as reported		1.4%		-1.9%			-0.8%		-1.9%			3.6%			-0.8%			3.0%
Net premiums written constant $ (4)		3.7%		4.4%			4.1%		2.4%			6.2%			3.7%			4.0%
Net premiums earned constant $		6.8%		3.4%			3.0%		0.9%			5.9%			3.5%			4.9%

(1) Q4 2015 includes unfavorable reserve development of $13 million compared to $7 million favorable reserve development in Q4 2014.

(2) (Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified from Other income (expense) for purposes of presenting Life underwriting income in the Life segment. The offsetting movement in the separate account liabilities is included in Policy benefits.

(3) We assess the performance of our Life business based on Life underwriting income which includes Net investment income and (Gains) losses from fair value changes in separate account assets.

(4) International life insurance net premiums written and deposits breakdown (excludes Combined North American and Life reinsurance businesses):

	4Q-15		Constant $   4Q-14(6)		Constant $   % Change 4Q-15 vs. 4Q-14(6)		Full Year     2015		Constant $   Full Year 2014(6)		Constant $   % Change 2015 vs. 2014(6)
International life insurance net premiums written	$	199	$	183		8.5%	$	744	$	693		7.3%
International life insurance deposits(5)		289		250		15.5%		1,015		953		6.6%
Total international life insurance net premiums written and deposits	$	488	$	433		12.5%	$	1,759	$	1,646		6.9%

(5) 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.

(6) Prior periods on a constant dollar basis.

Life Page 11

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, 2013	$	37,443		$	10,612		$	26,831
Losses and loss expenses incurred		2,462			301			2,161
Losses and loss expenses paid		(3,059	)		(762	)		(2,297)	106%
Other (incl. foreign exch. revaluation)		20			16			4
Balance at March 31, 2014	$	36,866		$	10,167		$	26,699
Losses and loss expenses incurred		3,004			616			2,388
Losses and loss expenses paid		(2,878	)		(729	)		(2,149)	90%
Other (incl. foreign exch. revaluation)		185			56			129
Balance at June 30, 2014	$	37,177		$	10,110		$	27,067
Losses and loss expenses incurred		3,840			1,156			2,684
Losses and loss expenses paid		(3,165	)		(810	)		(2,355)	88%
Other (incl. foreign exch. revaluation)		(405	)		(120	)		(285)
Balance at September 30, 2014	$	37,447		$	10,336		$	27,111
Losses and loss expenses incurred		3,442			1,026			2,416
Losses and loss expenses paid		(3,307	)		(873	)		(2,434)	101%
Other (incl. foreign exch. revaluation)		733			818			(85)
Balance at December 31, 2014	$	38,315		$	11,307		$	27,008
Losses and loss expenses incurred		2,743			621			2,122
Losses and loss expenses paid		(3,062	)		(744	)		(2,318)	109%
Other (incl. foreign exch. revaluation)		(670	)		(197	)		(473)
Balance at March 31, 2015	$	37,326		$	10,987		$	26,339
Losses and loss expenses incurred		3,065			648			2,417
Losses and loss expenses paid		(2,830	)		(547	)		(2,283)	94%
Other (incl. foreign exch. revaluation)		669			60			609
Balance at June 30, 2015	$	38,230		$	11,148		$	27,082
Losses and loss expenses incurred		3,252			609			2,643
Losses and loss expenses paid		(3,391	)		(908	)		(2,483)	94%
Other (incl. foreign exch. revaluation)		(527	)		(193	)		(334)
Balance at September 30, 2015	$	37,564		$	10,656		$	26,908
Losses and loss expenses incurred		3,481			1,179			2,302
Losses and loss expenses paid		(3,616	)		(1,050	)		(2,566)	111%
Other (incl. foreign exch. revaluation)		(126	)		(44	)		(82)
Balance at December 31, 2015	$	37,303		$	10,741		$	26,562
Add net recoverable on paid losses		-			645			(645)
Balance including net recoverable on paid losses	$	37,303		$	11,386		$	25,917

Loss Reserve Rollforward Page 12

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
	2015		2015		2015		2015		2014
Reinsurance recoverable on paid losses and loss expenses
Active operations	$	450	$	392	$	448	$	413	$	478
Brandywine and Other Run-off		288		284		283		292		313
Total	$	738	$	676	$	731	$	705	$	791
Reinsurance recoverable on unpaid losses and loss expenses
Active operations	$	9,884	$	9,769	$	10,262	$	10,052	$	10,348
Brandywine and Other Run-off		1,092		1,127		1,136		1,184		1,210
Total	$	10,976	$	10,896	$	11,398	$	11,236	$	11,558
Gross reinsurance recoverable
Active operations	$	10,334	$	10,161	$	10,710	$	10,465	$	10,826
Brandywine and Other Run-off		1,380		1,411		1,419		1,476		1,523
Total	$	11,714	$	11,572	$	12,129	$	11,941	$	12,349
Provision for uncollectible reinsurance(1)
Active operations	$	(194)	$	(207)	$	(214)	$	(213)	$	(217)
Brandywine and Other Run-off		(134)		(134)		(140)		(140)		(140)
Total	$	(328)	$	(341)	$	(354)	$	(353)	$	(357)
Net reinsurance recoverable
Active operations	$	10,140	$	9,954	$	10,496	$	10,252	$	10,609
Brandywine and Other Run-off		1,246		1,277		1,279		1,336		1,383
Total	$	11,386	$	11,231	$	11,775	$	11,588	$	11,992

(1) The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $2.4 billion.

Reinsurance Recoverable Page 13

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)

	December 31			September 30			June 30			March 31			December 31
	2015			2015			2015			2015			2014
Market Value
Fixed maturities available for sale	$	43,587		$	48,278		$	48,701		$	50,410		$	49,395
Fixed maturities held to maturity		8,552			8,750			8,805			7,307			7,589
Short-term investments		10,446			1,808			2,062			2,536			2,322
Total fixed maturities	$	62,585		$	58,836		$	59,568		$	60,253		$	59,306
Asset Allocation by Market Value
Treasury	$	2,395	4%	$	2,619	4%	$	2,424	4%	$	2,448	4%	$	2,448	4%
Agency		878	1%		1,040	2%		1,139	2%		1,221	2%		1,222	2%
Corporate and asset-backed		17,985	28%		20,018	34%		20,007	34%		20,370	34%		19,854	34%
Mortgage-backed		11,701	19%		12,936	22%		12,661	21%		12,791	21%		12,325	21%
Municipal		4,950	8%		5,306	9%		5,276	9%		5,067	9%		4,930	8%
Non-U.S.		14,230	23%		15,109	26%		15,999	27%		15,820	26%		16,205	27%
Short-term investments		10,446	17%		1,808	3%		2,062	3%		2,536	4%		2,322	4%
Total fixed maturities	$	62,585	100%	$	58,836	100%	$	59,568	100%	$	60,253	100%	$	59,306	100%
Credit Quality by Market Value
AAA	$	14,369	23%	$	8,712	15%	$	9,320	16%	$	9,386	16%	$	8,943	15%
AA		22,141	36%		21,560	37%		21,294	36%		21,760	36%		21,589	36%
A		10,163	16%		11,877	20%		11,568	19%		11,712	19%		11,625	20%
BBB		8,941	14%		8,688	15%		8,806	15%		8,789	15%		8,690	15%
BB		3,775	6%		4,281	7%		4,531	8%		4,377	7%		4,372	7%
B		3,018	5%		3,527	6%		3,860	6%		4,054	7%		3,916	7%
Other		178	0%		191	0%		189	0%		175	0%		171	0%
Total fixed maturities	$	62,585	100%	$	58,836	100%	$	59,568	100%	$	60,253	100%	$	59,306	100%
Cost/Amortized Cost
Fixed maturities available for sale	$	43,149		$	47,411		$	47,599		$	48,384		$	47,826
Fixed maturities held to maturity		8,430			8,564			8,676			6,982			7,331
Short-term investments		10,446			1,808			2,062			2,536			2,322
Subtotal fixed maturities		62,025			57,783			58,337			57,902			57,479
Equity securities		441			434			433			447			440
Other investments		2,993			2,943			2,989			3,096			2,999
Total investment portfolio	$	65,459		$	61,160		$	61,759		$	61,445		$	60,918
Avg. duration of fixed maturities		3.5 years			4.0 years			4.1 years			3.9 years			4.0 years
Avg. market yield of fixed maturities		2.8%			2.9%			2.9%			2.6%			2.8%
Avg. credit quality		A/Aa			A/Aa			A/Aa			A/Aa			A/Aa
Avg. yield on invested assets		3.4%			3.6%			3.6%			3.6%			3.8%

Investments Page 14

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, 2015
Agency residential mortgage-backed (RMBS)	$	-	$	9,502	$	-	$	-	$	-	$	9,502
Non-agency RMBS		15		5		12		6		12		50
Commercial mortgage-backed		2,126		10		13		-		-		2,149
Total mortgage-backed securities at market value	$	2,141	$	9,517	$	25	$	6	$	12	$	11,701

U.S. Corporate and Asset-backed Fixed Income Portfolios

Market Value at December 31, 2015	S&P Credit Rating
	Investment Grade
	AAA		AA		A		BBB		Total
Asset-backed	$	620	$	34	$	-	$	3	$	657
Banks		-		17		1,148		1,184		2,349
Basic Materials		-		3		89		220		312
Communications		-		58		212		930		1,200
Consumer, Cyclical		-		102		362		515		979
Consumer, Non-Cyclical		52		504		1,154		737		2,447
Diversified Financial Services		29		26		310		165		530
Energy		25		31		146		619		821
Industrial		-		324		402		366		1,092
Utilities		1		8		614		382		1,005
All Others		78		214		519		529		1,340
Total	$	805	$	1,321	$	4,956	$	5,650	$	12,732

Market Value at December 31, 2015	S&P Credit Rating
	Below Investment Grade
	BB		B		CCC		Total
Asset-backed	$	4	$	-	$	5	$	9
Banks		3		4		-		7
Basic Materials		97		93		3		193
Communications		588		456		10		1,054
Consumer, Cyclical		504		418		34		956
Consumer, Non-Cyclical		477		687		19		1,183
Diversified Financial Services		147		30		3		180
Energy		253		105		18		376
Industrial		284		284		10		578
Utilities		166		64		-		230
All Others		233		242		12		487
Total	$	2,756	$	2,383	$	114	$	5,253

Investments 2 Page 15

Chubb Limited

Investment Portfolio - 3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

December 31, 2015

Non-U.S. Government Securities	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
United Kingdom	$	959	$	-	$	-	$	-	$	-	$	959
Republic of Korea		-		900		-		-		-		900
Federative Republic of Brazil		-		-		-		528		40		568
United Mexican States		-		-		382		116		-		498
Canada		396		-		-		-		-		396
Kingdom of Thailand		-		-		375		-		-		375
Province of Ontario		-		-		300		-		-		300
Province of Quebec		-		-		210		-		-		210
Japan		-		-		192		-		-		192
Socialist Republic of Vietnam		-		-		-		-		168		168
Other Non-U.S. Government Securities		665		809		246		358		313		2,391
Total	$	2,020	$	1,709	$	1,705	$	1,002	$	521	$	6,957
Non-U.S. Corporate Securities	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
United Kingdom	$	109	$	39	$	541	$	565	$	188	$	1,442
Canada		53		132		188		267		143		783
United States(1)		1		93		112		179		183		568
France		33		61		222		168		23		507
Netherlands		80		69		157		141		52		499
Australia		64		74		240		86		19		483
Germany		74		17		95		142		19		347
Switzerland		37		16		91		70		34		248
China		-		126		71		29		5		231
Hong Kong		9		5		136		11		3		164
Other Non-U.S. Corporate Securities		190		297		564		535		415		2,001
Total	$	650	$	929	$	2,417	$	2,193	$	1,084	$	7,273

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

Investments 3             Page 16

Chubb Limited

Investment Portfolio - 4

(in millions of U.S. dollars)

(Unaudited)

Fixed Maturity Investment Portfolio

Top 10 Global Corporate Exposures

	December 31, 2015	Market Value		Rating
1	JP Morgan Chase & Co		$                  441	A-
2	General Electric Co		392	AA+
3	Goldman Sachs Group Inc		318	BBB+
4	AT&T INC		269	BBB+
5	Wells Fargo & Co		257	A
6	Bank of America Corp		237	BBB+
7	Verizon Communications Inc		232	BBB+
8	Morgan Stanley		216	BBB+
9	Citigroup Inc		200	BBB+
10	Ford Motor Co		197	BBB-

Investments 4 Page 17

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

	Three months ended December 31, 2015								Year ended December 31, 2015
	Net Realized     Gains     (Losses) (1)			Net Unrealized Gains (Losses)			Net             Impact		Net Realized       Gains       (Losses) (1)			Net Unrealized Gains (Losses)			Net             Impact
Fixed maturities	$	(130	)	$	(446	)	$	(576)	$	(180	)	$	(1,076	)	$	(1,256)
Fixed income derivatives		26			-			26		32			-			32
Public equity		(3	)		23			20		29			(17	)		12
Private equity		(12	)		(27	)		(39)		37			(46	)		(9)
Total investment portfolio(2)		(119	)		(450	)		(569)		(82	)		(1,139	)		(1,221)
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges(3)		55			-			55		(213	)		-			(213)
Foreign exchange(4)		(7	)		(98	)		(105)		(80	)		(958	)		(1,038)
Partially-owned entities(5)		(3	)		-			(3)		42			10			52
Other		-			4			4		(11	)		15			4
Net (losses) before tax		(74	)		(544	)		(618)		(344	)		(2,072	)		(2,416)
Income tax (benefit)		(12	)		(1	)		(13)		(10	)		(146	)		(156)
Net (losses)	$	(62	)	$	(543	)	$	(605)	$	(334	)	$	(1,926	)	$	(2,260)

(1) Other-than-temporary impairments for the quarter includes $57 million for fixed maturities, $3 million for public equity and $1 million for private equity. Year to date other-than-temporary impairments includes $103 million for fixed maturities, $7 million for public equities and $2 million for private equity.

(2) Total after-tax net realized losses on the investment portfolio were $109 million and $85 million for the quarter and year to date, respectively. Total after-tax net unrealized losses on the investment portfolio were $411 million and $977 million for the quarter and year to date, respectively.

(3) The quarter and year to date include $79 million and $10 million, respectively, of losses on applicable hedges. These losses are both pre-tax and after-tax.

(4) Unrealized foreign exchange loss, after-tax, for the quarter and year to date were $133 million and $958 million, respectively.

(5) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee's shares. The net income or loss is included in other income (expense).

	Three months ended December 31, 2014								Year ended December 31, 2014
	Net Realized     Gains     (Losses) (6)			Net Unrealized Gains (Losses)			Net             Impact		Net Realized       Gains       (Losses) (6)			Net Unrealized Gains (Losses)			Net             Impact
Fixed maturities	$	(26	)	$	94		$	68	$	23		$	732		$	755
Fixed income derivatives		(54	)		-			(54)		(107	)		-			(107)
Public equity		13			7			20		(47	)		77			30
Private equity		44			(1	)		43		187			42			229
Total investment portfolio		(23	)		100			77		56			851			907
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges(7)		(153	)		-			(153)		(385	)		-			(385)
Foreign exchange(8)		2			(501	)		(499)		(40	)		(632	)		(672)
Partially-owned entities(9)		5			-			5		1			(7	)		(6)
Other		8			8			16		1			2			3
Net gains (losses) before tax		(161	)		(393	)		(554)		(367	)		214			(153)
Income tax expense (benefit)		111			24			135		100			175			275
Net gains (losses)	$	(272	)	$	(417	)	$	(689)	$	(467	)	$	39		$	(428)

(6) Other-than-temporary impairments for the quarter includes $40 million for fixed maturities and $1 million for public equities. Year to date other-than-temporary impairments includes $57 million for fixed maturities, $3 million for private equity, and $8 million for public equity.

(7) The quarter and year to date include $62 million and $168 million, respectively, of losses on applicable hedges.

(8) Unrealized foreign exchange loss, after-tax, for the quarter and year to date were $520 million and $644 million, respectively.

(9) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee's shares. The net income or loss is included in other income (expense).

Net Gains (Losses) Page 18

Chubb Limited

Debt and Capital

(in millions of U.S. dollars, except ratios)

(Unaudited)

	December 31     2015		September 30     2015		June 30       2015		March 31       2015		December 31     2014		December 31     2013
Financial Debt:
Total short-term debt (1)	$	-	$	700	$	700	$	1,150	$	1,150	$	500
Total long-term debt (2)		9,447		4,157		4,157		4,157		3,357		3,807
Total financial debt	$	9,447	$	4,857	$	4,857	$	5,307	$	4,507	$	4,307
Hybrid debt
Total trust preferred securities		309		309		309		309		309		309
Total debt	$	9,756	$	5,166	$	5,166	$	5,616	$	4,816	$	4,616
Chubb Capitalization:
Shareholders' equity	$	29,135	$	29,127	$	29,555	$	29,702	$	29,587	$	28,825
Hybrid debt		309		309		309		309		309		309
Financial debt		9,447		4,857		4,857		5,307		4,507		4,307
Total capitalization	$	38,891	$	34,293	$	34,721	$	35,318	$	34,403	$	33,441
Leverage ratios (based on total capital)(3)
Hybrid debt		0.8%		0.9%		0.9%		0.9%		0.9%		0.9%
Financial debt(4)		24.3%		14.2%		14.0%		15.0%		13.1%		12.9%
Total hybrid & financial debt		25.1%		15.1%		14.9%		15.9%		14.0%		13.8%

Note:  As of December 31, 2015, there was $0.8 billion usage of credit facilities on a total commitment of $1.5 billion.

(1) In May 2015, $450 million of 5.6 percent senior notes matured and were fully paid. In November 2015, $700 million of 2.6 percent senior notes matured and were fully paid.

(2) In November 2015, $5.3 billion of senior notes were issued in connection with our acquisition of The Chubb Corporation.

(3) Repurchase agreements are excluded from our leverage ratios effective Q4 2015. Repurchase agreements are excluded by many rating agencies from debt to capital leverage ratios because repayment is not dependent on other resources.

(4) Excluding the $5.3 billion pre-acquisition debt, the financial debt ratio is 12.4%

Debt and Capital Page 19

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
	2015		2014		2015		2014
Numerator
Operating income to common shares	$	780	$	827	$	3,210	$	3,320
Chubb integration and related expenses, net of tax		(35)		-		(42)		-
Adjusted net realized gains (losses), net of tax		(62)		(272)		(334)		(467)
Net income	$	683	$	555	$	2,834	$	2,853
Rollforward of Common Shares Outstanding
Shares - beginning of period		324,062,368		332,111,557		328,659,686		339,793,935
Repurchase of shares		-		(3,839,174)		(6,677,663)		(13,982,358)
Shares issued, excluding option exercises		84,600		66,123		1,123,838		1,336,161
Issued for option exercises		416,473		321,180		1,457,580		1,511,948
Shares - end of period		324,563,441		328,659,686		324,563,441		328,659,686
Denominator
Weighted average shares outstanding		324,578,610		331,124,128		325,589,361		335,609,899
Effect of other dilutive securities		3,227,644		3,464,261		3,246,017		3,376,388
Adj. wtd. avg. shares outstanding and assumed conversions		327,806,254		334,588,389		328,835,378		338,986,287
Basic earnings per share
Operating income	$	2.40	$	2.50	$	9.86	$	9.89
Chubb integration and related expenses, net of tax		(0.11)		-		(0.13)		-
Adjusted net realized gains (losses), net of tax		(0.19)		(0.82)		(1.02)		(1.39)
Net income	$	2.10	$	1.68	$	8.71	$	8.50
Diluted earnings per share
Operating income	$	2.38	$	2.47	$	9.76	$	9.79
Chubb integration and related expenses, net of tax		(0.11)		-		(0.13)		-
Adjusted net realized gains (losses), net of tax		(0.19)		(0.81)		(1.01)		(1.37)
Net income	$	2.08	$	1.66	$	8.62	$	8.42

Earnings per share Page 20

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
	2015		2015		2015		2015		2014
Shareholders’ equity	$	29,135	$	29,127	$	29,555	$	29,702	$	29,587
Less: goodwill and other intangible assets		5,683		5,713		5,969		5,516		5,724
Numerator for tangible book value per share	$	23,452	$	23,414	$	23,586	$	24,186	$	23,863
Book value - % change over prior quarter		0.0%		-1.4%		-0.5%		0.4%		-1.4%
Tangible book value - % change over prior quarter		0.2%		-0.7%		-2.5%		1.4%		-3.0%
Denominator		324,563,441		324,062,368		323,814,281		327,084,762		328,659,686
Book value per common share	$	89.77	$	89.88	$	91.27	$	90.81	$	90.02
Tangible book value per common share	$	72.25	$	72.25	$	72.84	$	73.94	$	72.61
Reconciliation of Book Value
Shareholders’ equity, beginning of quarter	$	29,127	$	29,555	$	29,702	$	29,587	$	30,017
Operating income		780		897		788		745		827
Chubb integration and related expenses, net of tax		(35)		(7)		-		-		-
Adjusted net realized gains (losses), net of tax		(62)		(362)		154		(64)		(272)
Net unrealized gains (losses), net of tax		(411)		(255)		(672)		361		94
Repurchase of shares		-		-		(394)		(340)		(430)
Dividend declared on common shares		(218)		(218)		(217)		(222)		(223)
Cumulative translation, net of tax		(133)		(547)		132		(410)		(520)
Pension liability		1		3		(5)		10		9
Other(1)		86		61		67		35		85
	$	29,135	$	29,127	$	29,555	$	29,702	$	29,587

(1) Other primarily includes proceeds from exercise of stock options and stock compensation.

Reconciliation Book Value Page 21

Chubb Limited

Non-GAAP Financial Measures

(in millions of U.S. dollars)

(Unaudited)

Regulation G - Non-GAAP Financial Measures

In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP).

We provide financial measures such as gross premiums written, net premiums written, net premiums earned, and operating income on a constant-dollar basis. We believe it is useful to evaluate the trends in these measures exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.

Adjusted net realized gains (losses) is a non-GAAP financial measure that excludes realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing will impact underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations and therefore realized gains and losses from these derivatives are reclassified to Adjusted losses and loss expenses (a non-GAAP financial measure). Adjusted losses and loss expenses include gains and losses on crop derivatives. P&C loss and loss expense ratio and P&C combined ratio (both non-GAAP financial measures) include adjusted losses and loss expenses in the ratio numerator. A reconciliation of GAAP combined ratio to P&C combined ratio is provided on page 25.

In presenting our segment operating results, we have shown our performance with reference to underwriting results. Underwriting results are calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs, and administrative expenses from net premiums earned. We use underwriting results and operating ratios to monitor the results of our operations without the impact of certain factors, including investment income, other income and expenses, interest and income tax expense, and net realized gains (losses). P&C underwriting income is a non-GAAP financial measure which includes Adjusted losses and loss expenses. Insurance – North American Agriculture underwriting income includes gains (losses) on crop derivatives. Life underwriting income includes net investment income and gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.

Operating income or income excluding adjusted net realized gains (losses), net of tax, is a common performance measurement for insurance companies and a non-GAAP financial measure. 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) and net realized gains (losses) included in other income (expense) related to partially owned entities because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. We also exclude Chubb integration and related expenses related to the acquisition due to the size and complexity of this acquisition. These integration and related expenses are distortive to our results and are not indicative of our underlying profitability. We believe that excluding these integration and related expenses facilitates the comparison of our financial results to our historical operating results. These expenses include legal and professional fees and all costs directly related to the integration activities of the Chubb acquisition. In addition, we exclude the pre-acquisition interest expense on the $5.3 billion senior notes issued in November 2015 from operating income because the operations for which the debt was issued are not part of our operating activities prior to the completion of the acquisition. Effective with the close of the Chubb acquisition (January 14, 2016), this debt will be considered a cost of our operations and will then be included within operating income. Operating income or income excluding adjusted net realized gains (losses) should not be viewed as a substitute for net income determined in accordance with GAAP.

Other income (expense) – operating is a non-GAAP financial measure and excludes the portion of net realized gains and losses related to unconsolidated entities from other income (expense). These gains and losses are reported as Net realized gains (losses) and represent the non-operating activities of entities where we hold more than an insignificant percentage of the investee’s shares. We exclude these gains and losses from other income (expense) to enhance the understanding of our core results of operations as they are heavily influenced by, and fluctuate in part according to market conditions. A reconciliation of Consolidated Other income (expense) on a GAAP basis to Consolidated Other income (expense) - operating is provided on page 24.

P&C combined ratio excluding catastrophe losses and prior period development (PPD) is a non-GAAP financial measure. The ratio numerator includes adjusted losses and loss expenses, policy acquisition costs, and administrative expenses adjusted to exclude catastrophe losses and PPD. The ratio denominator includes net premiums earned adjusted to exclude the amount of reinstatement premiums (expensed) collected and net earned premium adjustments on loss sensitive policies. We believe that excluding the impact of catastrophe losses and PPD provides a better evaluation of our core underwriting performance and enhances the understanding of the trends in our property & casualty business that may be obscured by these items.

P&C loss and loss expense ratio excluding the impact of catastrophe losses and PPD is a non-GAAP financial measure. The loss ratio numerator includes adjusted losses and loss expenses adjusted to exclude catastrophe losses and PPD. The loss ratio denominator includes Net premiums earned adjusted to exclude the amount of reinstatement premiums (expensed) collected. In periods where there are adjustments on loss sensitive policies, these adjustments are excluded from PPD and net earned premiums when calculating this ratio. We believe that excluding the impact of catastrophe losses and PPD provides a better evaluation of our core underwriting performance and enhances the understanding of the trends in our property & casualty business that may be obscured by these items.

P&C expense ratio excluding accident and health (A&H) is a non-GAAP financial measure and excludes the impact of our A&H business from our consolidated expense ratio. The expense ratio for the A&H business is typically higher than our traditional P&C business, and we believe that this measure provides better comparison to our peer companies that may not have a significant A&H block of business.

Global P&C performance metrics are non-GAAP financial measures and comprise consolidated operating results (including corporate) and exclude the operating results of the company’s Life and Insurance – North American Agriculture segments. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s global P&C operations which are the most economically similar. We exclude the Insurance – North American Agriculture and Life segments because the results of these businesses do not always correlate with the results of our global P&C operations.

International life insurance net premiums written and deposits collected, is a non-GAAP financial measure. Deposits collected on universal life and investment contracts (life deposits) are not reflected as revenues in our consolidated statements of operations in accordance with GAAP. However, we include life deposits in presenting growth in our life insurance business because new life deposits are an important component of production and key to our efforts to grow our business.

Operating return on equity (ROE) or ROE calculated using operating income is an annualized non-GAAP financial measure and is calculated as operating income divided by average shareholders' equity, as adjusted, for the period. To annualize a quarterly rate, multiply by four. Operating ROE is a useful measure as it enhances the understanding of the return on shareholders' equity by highlighting the underlying profitability relative to shareholders' equity excluding the effect of unrealized gains and losses on our investments.

Operating effective tax rate is a non-GAAP financial measure. The numerator excludes tax on adjusted net realized gains (losses). The denominator excludes adjusted net realized gains (losses), before tax. We exclude adjusted net realized gains (losses) and the related tax impact because these amounts are heavily influenced by, and fluctuate in part according to, the availability of market opportunities. Operating effective tax rate should not be viewed as a substitute for effective tax rate determined in accordance with GAAP.

Tangible book value per common share is a non-GAAP financial measure and is shareholders' equity less goodwill and other intangible assets divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful. A reconciliation of tangible book value per share is provided on page 21. Tangible book value per common share excluding 2014 acquisitions is shareholders' equity less goodwill and other intangible assets divided by the shares outstanding. The numerator adds back the goodwill and other intangible assets related to the acquisition of the Fireman's Fund high net worth personal lines insurance business in the United States in order to adjust for the distortive effect of acquisitions. In addition, we disclose per share measures that exclude the impact of foreign currency fluctuations during 2015 in order to adjust for the distortive effects of fluctuations in exchange rates.

Reconciliation Non-GAAP Page 22

Chubb Limited

Non-GAAP Financial Measures - 2

(in millions of U.S. dollars, except ratios)

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

Operating income

Operating income is a common performance measure for insurance companies and is presented throughout this report.

The following table presents the reconciliation of Net income to Operating income:

	4Q-15		3Q-15		2Q-15		1Q-15		4Q-14		Full Year   2015		Full Year   2014
Net income, as reported	$	683	$	528	$	942	$	681	$	555	$	2,834	$	2,853
Chubb integration and related expenses, net of tax		(35)		(7)		-		-		-		(42)		-
Adjusted net realized gains (losses)		(57)		(393)		128		(89)		(210)		(411)		(558)
Net realized gains (losses) related to unconsolidated entities(1)		(17)		25		33		26		49		67		191
Income tax expense (benefit) on adjusted net realized gains (losses)		(12)		(6)		7		1		111		(10)		100
Operating income	$	780	$	897	$	788	$	745	$	827	$	3,210	$	3,320

(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).

The following table presents the Operating income (loss) of each segment and Corporate:

	4Q-15		3Q-15		2Q-15		1Q-15		4Q-14		Full Year   2015		Full Year   2014
Insurance – North American P&C	$	389	$	326	$	395	$	345	$	372	$	1,455	$	1,498
Insurance – Overseas General		261		330		240		241		294		1,072		1,163
Global Reinsurance		109		190		145		128		127		572		562
Corporate		(76)		(62)		(74)		(70)		(87)		(282)		(296)
Global P&C (including Corporate)		683		784		706		644		706		2,817		2,927
Insurance – North American Agriculture		43		56		15		35		45		149		96
Consolidated Results (including Corporate) Excluding Life Segment		726		840		721		679		751		2,966		3,023
Life		54		57		67		66		76		244		297
Consolidated operating income	$	780	$	897	$	788	$	745	$	827	$	3,210	$	3,320

Operating ROE

The following table presents the reconciliation of ROE to Operating ROE:

	4Q-15		4Q-14		Full Year   2015		Full Year   2014
Net income	$	683	$	555	$	2,834	$	2,853
Operating income	$	780	$	827	$	3,210	$	3,320
Equity - beginning of period, as reported	$	29,127	$	30,017	$	29,587	$	28,825
Less: unrealized gains (losses) on investments, net of deferred tax		1,285		1,757		1,851		1,174
Equity - beginning of period, as adjusted	$	27,842	$	28,260	$	27,736	$	27,651
Equity - end of period, as reported	$	29,135	$	29,587	$	29,135	$	29,587
Less: unrealized gains (losses) on investments, net of deferred tax		874		1,851		874		1,851
Equity - end of period, as adjusted	$	28,261	$	27,736	$	28,261	$	27,736
Average equity, as reported	$	29,131	$	29,802	$	29,361	$	29,206
Average equity, as adjusted	$	28,052	$	27,998	$	27,999	$	27,694
Operating ROE		11.1%		11.8%		11.5%		12.0%
ROE		9.4%		7.5%		9.7%		9.8%

Reconciliation Non-GAAP 2 Page 23

Chubb Limited

Non-GAAP Financial Measures - 3

(in millions of U.S. dollars, except ratios)

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

Operating effective tax rate

The following table presents the reconciliation of effective tax rate to the operating effective tax rate:

														Full Year		Full Year
	4Q-15			3Q-15			2Q-15		1Q-15			4Q-14		2015		2014
Tax expense, as reported	$	67		$	132		$	143	$	120		$	232	$	462	$	634
Tax expense (benefit) on Chubb integration and related expenses		(18	)		(2	)		-		-			-		(20)		-
Tax expense (benefit) on adjusted net realized gains (losses)		(12	)		(6	)		7		1			111		(10)		100
Tax expense, adjusted	$	97		$	140		$	136	$	119		$	121	$	492	$	534
Income before tax, as reported	$	750		$	660		$	1,085	$	801		$	787	$	3,296	$	3,487
Less: Chubb integration and related expenses		(53	)		(9	)		-		-			-		(62)		-
Less: adjusted realized gains (losses)		(57	)		(393	)		128		(89	)		(210)		(411)		(558)
Less: realized gains (losses) related to unconsolidated entities		(17	)		25			33		26			49		67		191
Operating income before tax	$	877		$	1,037		$	924	$	864		$	948	$	3,702	$	3,854
Effective tax rate		9.0%			20.0%			13.2%		15.0%			29.5%		14.0%		18.2%
Adjustment for tax impact of Chubb integration and related expenses		-1.3%			-0.1%			-		-			-		-0.2%		-
Adjustment for tax impact of adjusted net realized gains (losses)		3.4%			-6.4%			1.5%		-1.3%			-16.8%		-0.5%		-4.3%
Operating effective tax rate		11.1%			13.5%			14.7%		13.7%			12.7%		13.3%		13.9%

Other income (expense) - operating

The following table presents the reconciliation of Consolidated Other income (expense) on a GAAP basis to Consolidated Other income (expense) - operating. Other income (expense) – operating is a non-GAAP financial measure which excludes gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP and the portion of net realized gains and losses related to unconsolidated entities. Gains (losses) from fair value changes in separate account assets are reclassified from Other income (expense) for purposes of presenting Life underwriting income, as the offsetting movement in the separate account liabilities is included in Policy benefits. Net realized gains (losses) related to unconsolidated entities is excluded from operating income in order to enhance the understanding of our core results of operations as they are heavily influenced by, and fluctuate in part according to market conditions.

Note: Effective Q3 2015, amortization of intangible assets (previously reported in Other income (expense) - operating) are now reported separately. Prior year amounts are reclassified to conform to the current year presentation.

															Full Year		Full Year
	4Q-15			3Q-15			2Q-15			1Q-15			4Q-14		2015		2014
Consolidated GAAP Other income (expense):
Consolidated excluding Life segment	$	(19	)	$	24		$	14		$	12		$	47	$	31	$	187
Life segment		9			(36	)		24			23			4		20		3
Consolidated		(10	)		(12	)		38			35			51		51		190
Less: Gains (losses) from fair value changes in separate account assets
Consolidated excluding Life segment		-			-			-			-			-		-		-
Life segment		13			(49	)		6			11			(3)		(19)		2
Consolidated		13			(49	)		6			11			(3)		(19)		2
Less: Net realized gains (losses) related to unconsolidated entities
Consolidated excluding Life segment		(17	)		13			16			12			43		24		185
Life segment		-			12			17			14			6		43		6
Consolidated		(17	)		25			33			26			49		67		191
Consolidated Other income (expense) - operating:
Consolidated excluding Life segment		(2	)		11			(2	)		-			4		7		2
Life segment		(4	)		1			1			(2	)		1		(4)		(5)
Consolidated	$	(6	)	$	12		$	(1	)	$	(2	)	$	5	$	3	$	(3)

Reconciliation Non-GAAP 3 Page 24

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 following table presents the reconciliation of GAAP combined ratio to P&C combined ratio. The P&C combined ratio includes the impact of realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing will impact underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations.

															Full Year		Full Year
	4Q-15			3Q-15			2Q-15			1Q-15			4Q-14		2015		2014
GAAP combined ratio		87.7	%		85.8	%		87.6	%		88.4	%		88.5%		87.3%		88.1%
Impact of gains and losses on crop derivatives		0.0	%		0.1	%		0.1	%		0.0	%		0.0%		0.1%		-0.4%
P&C combined ratio		87.7	%		85.9	%		87.7	%		88.4	%		88.5%		87.4%		87.7%
Adjusted interest expense
The following table presents the reconciliation of Consolidated Interest expense on a GAAP basis to Consolidated Adjusted interest expense.
															Full Year		Full Year
	4Q-15			3Q-15			2Q-15			1Q-15			4Q-14		2015		2014
Interest expense (GAAP)	$	93		$	68		$	71		$	68		$	67	$	300	$	280
Less: pre-acquisition interest expense related to $5.3 billion senior notes.		(29	)		-			-			-			-		(29)		-
Adjusted interest expense	$	64		$	68		$	71		$	68		$	67	$	271	$	280
Chubb integration and related expenses, net of tax
Chubb integration and related expenses is a non-GAAP financial measure and includes legal and professional fees and all costs directly related to the integration activities of the Chubb acquisition, including the pre-acquisition interest expense on the $5.3 billion senior notes issued in November 2015. We exclude Chubb integration expenses related to the Chubb acquisition from operating income due to the size and complexity of this acquisition. We exclude the pre-acquisition interest expense from operating income because the operations for which the debt was issued were not part of our operating activities prior to the completion of the acquisition. Effective with the close of the Chubb acquisition (January 14, 2016), this debt will be considered a cost of our operations and will then be included within operating income. These integration and related expenses are distortive to our results and are not indicative of our underlying profitability. We believe that excluding these integration and related expenses facilitates the comparison of our financial results to our historical operating results. The following table presents the reconciliation of Chubb integration expenses, net of tax on a GAAP basis to Chubb integration and related expenses, net of tax.
															Full Year		Full Year
	4Q-15			3Q-15			2Q-15			1Q-15			4Q-14		2015		2014
Chubb integration expenses, net of tax	$	16		$	7		$	-		$	-		$	-	$	23	$	-
Add: pre-acquisition interest expense related to $5.3 billion senior notes, net of tax		19			-			-			-			-		19		-
Chubb integration and related expenses, net of tax	$	35		$	7		$	-		$	-		$	-	$	42	$	-

Reconciliation Non-GAAP 4 Page 25

Chubb Limited

Glossary

Chubb Limited Consolidated comprises all segments including Corporate.

Operating return on equity (ROE) or ROE calculated using income excluding Chubb integration expenses, net of tax and adjusted net realized gains (losses), net of tax: Operating income or income excluding Chubb integration expenses and adjusted net realized gains (losses), net of tax, divided by average shareholders' equity for the period excluding unrealized gains (losses) on investments, net of tax. To annualize a quarterly rate multiply by four.

Book value per common share: Shareholders' equity divided by the shares outstanding.

Combined ratio: The sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding life business.

Operating effective tax rate: Income tax expense excluding tax expense (benefit) on adjusted net realized gains (losses) divided by income excluding adjusted net realized gains (losses) before tax.

Life underwriting income: Net premiums earned and net investment income less losses and loss expenses, policy benefits, acquisition costs, and administrative expenses. In addition, Life underwriting income includes gains/losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.

Tangible book value per common share: Shareholders’ equity less goodwill and other intangible assets divided by the shares outstanding.

Average market yield of fixed maturities: Weighted average yield to maturity of our fixed income portfolio based on the market prices of the holdings as of that date.

Average yield on invested assets: Net investment income divided by average cost of fixed maturities and other investments, and average market value of equity securities.

Tangible capital: Total capitalization less goodwill and other intangible assets.

Total capitalization: Short-term debt, long-term debt, trust preferreds, and shareholders’ equity.

NM: Not meaningful.

Chubb integration and related expenses, net of tax: Chubb integration expenses comprise legal and professional fees and all other costs directly related to the integration activities of the Chubb acquisition including the pre-acquisition interest expense on the $5.3 billion senior notes issued in November 2015. The pre-acquisition interest expense will be included in operating income commencing on January 14th, 2016, the date of the acquisition close.

Glossary Page 26