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

Exhibit 99.2

Chubb Limited

Financial Supplement

for the Quarter Ended March 31, 2017

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 Form10-K and Quarterly Reports on Form10-Q.

Cautionary Statement Regarding Forward-Looking Statements

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

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 Statement of Operations		2
	- P&C Results - Consecutive Quarters		3
	- Summary Consolidated Balance Sheets		4
	- Line of Business		5
	- Consolidated Results by Segment		6 - 7
III.	Global P&C Results
	- Global P&C Underwriting Results - Consecutive Quarters		8
IV.	Segment Results
	- North America Commercial P&C Insurance		9
	- North America Personal P&C Insurance		10
	- North America Agricultural Insurance		11
	- Overseas General Insurance		12 - 13
	- Global Reinsurance		14
	- Life Insurance		15
	- Corporate		16
V.	Balance Sheet Details
	- Loss Reserve Rollforward		17
	- Reinsurance Recoverable Analysis		18
	- Investment Portfolio		19 - 22
	- Net Realized and Unrealized Gains (Losses)		23
	- Debt and Capital		24
	- Computation of Basic and Diluted Earnings Per Share		25
	- Book Value and Book Value per Common Share		26
VI.	Other Disclosures
	-Non-GAAP Financial Measures		27 - 32
	- Glossary		33

Note: The results herein are presented on anas-reported basis unless otherwise indicated.

For comparison purposes, key 2016 “As If” results, which include the results of operations of The Chubb Corporation (Chubb Corp) for the first 14 days of January 2016 prior to the acquisition closing date and exclude purchase accounting adjustments in underwriting income, are also included within theas-reported pages. These results are calculated on the same basis as presented in prior reports, are unaudited and are provided for informational purposes only. For more detailed 2016 results presented on an “As If” basis, refer to the Chubb Limited Financial Supplement for the quarter and year ended December 31, 2016.

Chubb Limited

Consolidated Financial Highlights

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

(Unaudited)

Note: All dollar amounts in the Financial Supplement are rounded. However, percent changes and ratios are calculated using whole dollars. Accordingly, calculations using rounded dollars may differ.

	Three months ended March 31						% Change 1Q-17 vs.			Constant $		Constant $ % Change 1Q-17 vs.
	2017			2016			1Q-16			2016		1Q-16
Gross premiums written	$	8,401		$	7,389			13.7	%	$	7,368		14.0	%
Gross premiums written - As If				$	8,321			1.0	%	$	8,301		1.2	%
Net premiums written	$	6,710		$	5,995			11.9	%	$	5,972		12.3	%
Net premiums written - As If				$	6,850			-2.0	%	$	6,827		-1.7	%
P&C net premiums written	$	6,186		$	5,479			12.9	%	$	5,453		13.4	%
P&C net premiums written - As If				$	6,333			-2.3	%	$	6,306		-1.9	%
Global P&C net premiums written	$	6,125		$	5,415			13.1	%	$	5,389		13.7	%
Global P&C net premiums written - As If				$	6,269			-2.3	%	$	6,242		-1.9	%
Net premiums earned	$	6,772		$	6,597			2.6	%	$	6,596		2.7	%
Net investment income	$	745		$	674			10.5	%	$	671		10.9	%
Adjusted net investment income	$	836		$	767			9.0	%	$	764		9.4	%
Operating income	$	1,175		$	1,019			15.3	%	$	1,016		15.7	%
Net income	$	1,093		$	439			149.2	%
Operating cash flow	$	1,013		$	1,020
P&C combined ratio
Loss and loss expense ratio		57.4	%		57.3	%
Underwriting and administrative expense ratio		30.1	%		32.7	%
Combined ratio		87.5	%		90.0	%
P&C combined ratio - As If
Loss and loss expense ratio - As If					57.3	%
Underwriting and administrative expense ratio - As If					31.6	%
Combined ratio - As If					88.9	%
Operating return on equity (ROE)		9.9	%		10.2	%
ROE		9.0	%		4.7	%
Operating effective tax rate		14.0	%		16.5	%
Effective tax rate		10.5	%		22.1	%
Diluted earnings per share
Operating income	$	2.48		$	2.26			9.7	%
Net income	$	2.31		$	0.97			138.1	%
Full quarter diluted earnings per share(1)				$	2.29
Operating income				$	1.06
Net income
Weighted average basic common shares outstanding		468.9			446.7
Weighted average diluted common shares outstanding		472.7			450.0
				December 31 2016			% Change 1Q-17 vs 4Q-16
Book value per common share	$	105.35		$	103.60			1.7	%
Tangible book value per common share	$	62.52		$	60.64			3.1	%
Total hybrid & financial debt/capitalization		20.8	%		21.8	%

(1) Full quarter diluted earnings per share for Q1 2016 includes the results of The Chubb Corporation for the first 14 days of January 2016 prior to the acquisition closing date and includes the impact of purchase accounting adjustments.

Financial Highlights Page 1

Chubb Limited

Statement of Operations - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

	Consolidated Statements of Operations	1Q-17			4Q-16			3Q-16			2Q-16			1Q-16			Full Year 2016
	Gross premiums written	$	8,401		$	8,837		$	9,483		$	9,274		$	7,389		$	34,983
	Net premiums written		6,710			6,938			7,573			7,639			5,995			28,145
	Net premiums earned		6,772			7,059			7,688			7,405			6,597			28,749
(1)	Adjusted losses and loss expenses		3,789			3,884			4,266			4,256			3,674			16,080
	Realized (gains) losses on crop derivatives		—			6			(3	)		2			—			5
	Pension curtailment benefit		—			(23	)		—			—			—			(23	)
	Losses and loss expenses		3,789			3,855			4,269			4,254			3,674			16,052
	Policy benefits		168			161			155			146			126			588
	Policy acquisition costs		1,397			1,417			1,514			1,560			1,413			5,904
(2)	Adjusted administrative expenses		676			798			772			829			772			3,171
	Pension curtailment benefit		—			(90	)		—			—			—			(90	)
	Administrative expenses		676			708			772			829			772			3,081
(3)	Adjusted net investment income		836			845			830			816			767			3,258
	Amortization expense of fair value adjustment on acquired invested assets		(91	)		(101	)		(91	)		(108	)		(93	)		(393	)
	Net investment income		745			744			739			708			674			2,865
(4)	Adjusted realized gains (losses)		(7	)		371			97			(214	)		(394	)		(140	)
	Realized gains (losses) on crop derivatives		—			(6	)		3			(2	)		—			(5	)
	Net realized gains (losses)		(7	)		365			100			(216	)		(394	)		(145	)
(5)	Adjusted interest expense		166			167			164			166			149			646
	Interest expense related topre-acquisition debt		—			—			—			—			7			7
	Amortization benefit of fair value adjustment on acquired long term debt		(12	)		(13	)		(12	)		(13	)		(10	)		(48	)
	Interest expense		154			154			152			153			146			605
	Gains (losses) from fair value changes in separate account assets		30			(11	)		22			3			(3	)		11
	Net realized gains (losses) related to unconsolidated entities		52			162			72			18			(25	)		227
	Other income (expense) - operating		(12	)		(21	)		(3	)		8			—			(16	)
	Other income (expense)		70			130			91			29			(28	)		222
	Amortization expense of purchased intangibles		64			3			4			5			7			19
	Chubb integration expenses		111			131			115			98			148			492
	Income tax expense		128			259			277			155			124			815
	Net income	$	1,093		$	1,610		$	1,360		$	726		$	439		$	4,135

(1) Adjusted losses and loss expenses used throughout this report exclude a portion of theone-time pension curtailment benefit, recorded in Corporate, and include realized gains and losses on crop derivatives.

(2) Adjusted administrative expenses used throughout this report exclude a portion of theone-time pension curtailment benefit.

(3) Adjusted net investment income used throughout this report excludes amortization of the fair value adjustment on acquired invested assets.

(4) Adjusted realized gains and losses used throughout this report excludes realized gains and losses on crop derivatives.

(5) Adjusted interest expense used throughout this report excludes interest expense related topre-acquisition debt and amortization benefit of the fair value adjustment on acquired long term debt.

Statement of Operations Page 2

Chubb Limited

P&C Underwriting Results - Consecutive Quarters

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

(Unaudited)

Chubb Limited P&C Underwriting Results	1Q-17			4Q-16			3Q-16			2Q-16			1Q-16			Full Year 2016
P&C Underwriting Income (Including Corporate and excluding Life Insurance)
Gross premiums written	$	7,851		$	8,260		$	8,921		$	8,717		$	6,843		$	32,741
Net premiums written		6,186			6,389			7,041			7,112			5,479			26,021
Net premiums earned		6,266			6,525			7,176			6,893			6,100			26,694
Adjusted losses and loss expenses		3,596			3,719			4,092			4,109			3,497			15,417
Policy acquisition costs (excluding amortization of acquired UPR intangible)		1,283			1,150			1,067			898			721			3,836
Amortization of acquired UPR intangible - Chubb Corp		—			144			320			525			570			1,559
Adjusted administrative expenses		604			717			695			752			700			2,864
P&C Underwriting income	$	783		$	795		$	1,002		$	609		$	612		$	3,018
P&C Underwriting income - As If				$	812		$	1,041		$	675		$	720		$	3,248
% Change versus prior year period
Net premiums written		12.9	%		76.1	%		67.0	%		66.0	%		52.8	%		65.6	%
Net premiums earned		2.7	%		76.3	%		69.3	%		77.9	%		76.7	%		74.8	%
Net premiums written constant $		13.4	%		77.1	%		68.8	%		68.8	%		61.3	%		69.1	%
Net premiums earned constant $		2.8	%		77.1	%		71.0	%		81.1	%		85.3	%		78.2	%
% Change versus prior year period - As If *
Net premiums written		-2.3	%		-4.2	%		-4.5	%		-6.2	%		-5.5	%		-5.1	%
Net premiums written constant $		-1.9	%		-3.5	%		-3.4	%		-4.7	%		-1.4	%		-3.3	%
Net premiums written constant $ excluding merger-related underwriting actions & accounting policy alignment(1)		2.2	%		-0.4	%		1.1	%		-3.5	%		-1.0	%		-1.0	%
P&C combined ratio
Loss and loss expense ratio		57.4	%		57.0	%		57.0	%		59.6	%		57.3	%		57.8	%
Policy acquisition cost ratio		20.5	%		19.8	%		19.3	%		20.6	%		21.2	%		20.2	%
Administrative expense ratio		9.6	%		11.0	%		9.7	%		11.0	%		11.5	%		10.7	%
Combined ratio		87.5	%		87.8	%		86.0	%		91.2	%		90.0	%		88.7	%
Combined ratio excluding catastrophe losses and PPD		88.0	%		87.4	%		88.9	%		89.9	%		89.9	%		89.0	%
P&C Combined ratio - As If
Loss and loss expense ratio - As If					57.0	%		57.0	%		59.6	%		57.3	%		57.7	%
Policy acquisition cost ratio - As If					19.6	%		18.8	%		19.6	%		19.8	%		19.5	%
Administrative expense ratio - As If					11.0	%		9.7	%		11.0	%		11.8	%		10.8	%
Combined ratio - As If					87.6	%		85.5	%		90.2	%		88.9	%		88.0	%
Combined ratio excluding catastrophe losses and PPD - As If					87.1	%		88.4	%		88.9	%		88.8	%		88.3	%
Other ratios
Net premiums written/gross premiums written		79	%		77	%		79	%		82	%		80	%		79	%
P&C expense ratio		30.1	%		30.8	%		29.0	%		31.6	%		32.7	%		30.9	%
P&C expense ratio excluding A&H		28.0	%		28.8	%		27.0	%		29.8	%		30.8	%		29.0	%
Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	—		$	1		$	—		$	6		$	—		$	7
Catastrophe losses - pre-tax	$	206		$	269		$	144		$	396		$	258		$	1,067
Favorable prior period development (PPD) - pre-tax	$	(231	)	$	(238	)	$	(349	)	$	(301	)	$	(247	)	$	(1,135	)
Loss and loss expense ratio excluding catastrophe losses and PPD		58.1	%		56.4	%		60.0	%		58.4	%		57.4	%		58.1	%

(1) Merger-related underwriting actions and accounting policy alignment adversely impacted net premiums written growth by $187 million and $73 million, respectively, in Q1 2017.

* Comparisons to 2015 are as if ACE and Chubb were one company.

Note: See Glossary on page 33 for further information on the calculation of the components of combined ratios.

P&C Results Page 3

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)

	March 31 2017			December 31 2016
Assets
Fixed maturities available for sale, at fair value	$	80,806		$	80,115
Fixed maturities held to maturity, at amortized cost		10,519			10,644
Equity securities, at fair value		835			814
Short-term investments, at fair value		2,780			3,002
Other investments		4,551			4,519
Total investments		99,491			99,094
Cash		1,063			985
Securities lending collateral		1,071			1,092
Insurance and reinsurance balances receivable		8,880			8,970
Reinsurance recoverable on losses and loss expenses		13,769			13,577
Deferred policy acquisition costs		4,406			4,314
Value of business acquired		345			355
Prepaid reinsurance premiums		2,549			2,448
Goodwill and other intangible assets		22,061			22,095
Investments in partially-owned insurance companies		666			666
Other assets		6,666			6,190
Total assets	$	160,967		$	159,786
Liabilities
Unpaid losses and loss expenses	$	60,579		$	60,540
Unearned premiums		14,857			14,779
Future policy benefits		5,086			5,036
Insurance and reinsurance balances payable		5,797			5,637
Securities lending payable		1,072			1,093
Accounts payable, accrued expenses, and other liabilities		10,477			10,020
Deferred tax liabilities		967			988
Short-term debt		300			500
Long-term debt		12,300			12,610
Trust preferred securities		308			308
Total liabilities		111,743			111,511
Shareholders’ equity
Total shareholders’ equity, excl. AOCI		49,224			48,589
Accumulated other comprehensive income (AOCI)		—			(314	)
Total shareholders’ equity		49,224			48,275
Total liabilities and shareholders’ equity	$	160,967		$	159,786
Book value per common share	$	105.35		$	103.60
% change over prior quarter		1.7	%		-0.3	%
Tangible book value per common share	$	62.52		$	60.64
% change over prior quarter		3.1	%		0.6	%

Consol Bal Sheet Page 4

Chubb Limited

Consolidated Net Premiums Written by Line of Business

(in millions of U.S. dollars)

(Unaudited)

	1Q-17		1Q-16		% Change			As If 1Q-16		C$% Change As If ex Merger Actions & Acct Policy (1)
Net premiums written
Commercial multiple peril(2)	$	201	$	132		52.3	%	$	212		-4.2	%
Commercial casualty		727		643		13.1	%		761		-1.4	%
Workers’ compensation		588		448		31.3	%		587		2.4	%
Professional liability		781		678		15.2	%		814		-0.8	%
Surety		150		134		11.9	%		143		7.1	%
Property and other short-tail lines		1,032		933		10.6	%		1,070		3.8	%
International other casualty		316		285		10.9	%		341		3.2	%
Total Commercial P&C(1)		3,795		3,253		16.7	%		3,928		1.2	%
Agriculture		61		64		-4.6	%		64		-4.6	%
Personal automobile - North America		165		142		16.2	%		156		5.8	%
Personal automobile - International		186		174		6.9	%		174		22.6	%
Personal homeowners		697		640		8.9	%		706		5.6	%
Personal other		362		324		11.7	%		364		4.5	%
Total Personal lines(1)		1,410		1,280		10.2	%		1,400		7.4	%
Total Property and Casualty lines		5,266		4,597		14.6	%		5,392		2.8	%
Other Lines
Global A&H(1)(3)		994		936		6.2	%		975		1.7	%
Reinsurance(1)		199		201		-0.9	%		221		-4.3	%
Life(1)		251		261		-3.8	%		262		1.5	%
Total consolidated	$	6,710	$	5,995		11.9	%	$	6,850		2.4	%

(1) Merger-related underwriting actions adversely impacted net premiums written growth in Q1 2017 by $94 million for Commercial P&C, $78 million for Personal lines, $5 million for Global A&H, $10 million for Reinsurance and $16 million for Life. Additionally, accounting policy alignment adversely impacted net premiums written growth in Q1 2017 by $66 million for Commercial P&C, $6 million for Personal lines and $1 million for Global A&H.

(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 the Global A&H line item above.

Line of Business Page 5

Chubb Limited

Consolidated Results

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

(Unaudited)

Q1 2017	North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C			Life Insurance			Total Consolidated
Net premiums written	$	2,742		$	984		$	61		$	2,200		$	199		$	—		$	6,186		$	524		$	6,710
Net premiums earned		3,041			1,086			14			1,936			189			—			6,266			506			6,772
Losses and loss expenses		1,860			633			(73	)		1,071			94			11			3,596			193			3,789
Policy benefits		—			—			—			—			—			—			—			168			168
(Gains) losses from fair value changes in separate account assets (1)		—			—			—			—			—			—			—			(30	)		(30	)
Policy acquisition costs		487			217			(1	)		529			51			—			1,283			114			1,397
Administrative expenses		231			65			(5	)		245			10			58			604			72			676
Underwriting income (loss)		463			171			93			91			34			(69	)		783			(11	)		772
Adjusted net investment income		478			55			6			148			62			12			761			75			836
Other income (expense) - operating (1)		(4	)		(1	)		—			1			—			(7	)		(11	)		(1	)		(12	)
Amortization expense of purchased intangibles		—			(3	)		(7	)		(11	)		—			(42	)		(63	)		(1	)		(64	)
Segment income (loss)	$	937		$	222		$	92		$	229		$	96		$	(106	)	$	1,470		$	62		$	1,532
Adjusted interest expense																	(166	)								(166	)
Income tax expense																	(191	)								(191	)
Operating income (loss)																	(463	)								1,175
Chubb integration expenses, net of $37 million tax benefit																	(74	)								(74	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $24 million tax benefit(2)																	(55	)								(55	)
Adjusted net realized gains (losses), net of $2 million tax benefit (3)																	47									47
Net Income																$	(545	)							$	1,093
Combined ratio		84.8	%		84.2	%		NM			95.3	%		82.1	%					87.5	%
Combined ratio excluding catastrophe losses and PPD		87.9	%		78.3	%		74.6	%		92.1	%		77.0	%					88.0	%

(1) (Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified for underwriting income presentation from Other income (expense).

(2) Related to the acquisition of The Chubb Corporation.

(3) Includes net realized gains (losses) related to unconsolidated entities.

Consolidated Results 2017 Page 6

Chubb Limited

Consolidated Results

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

(Unaudited)

Q1 2016	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	$	2,302		$	871		$	64		$	2,041		$	201		$	—		$	5,479		$	516		$	5,995
Net premiums earned		2,896			1,024			23			1,955			202			—			6,100			497			6,597
Losses and loss expenses		1,747			661			(30	)		1,021			89			9			3,497			177			3,674
Policy benefits		—			—			—			—			—			—			—			126			126
(Gains) losses from fair value changes in separate account assets (1)		—			—			—			—			—			—			—			3			3
Policy acquisition costs (excluding amortization of acquired UPR intangible)		167			68			4			429			53			—			721			122			843
Amortization of acquired UPR intangible - Chubb Corp		315			181			—			74			—			—			570			—			570
Administrative expenses		266			88			(4	)		263			14			73			700			72			772
Underwriting income (loss)		401			26			53			168			46			(82	)		612			(3	)		609
Adjusted net investment income		426			47			5			146			67			9			700			67			767
Other income (expense) - operating (1)		—			(1	)		—			5			1			(2	)		3			(3	)		—
Amortization (expense) benefit of purchased intangibles		—			(8	)		(7	)		(11	)		—			20			(6	)		(1	)		(7	)
Segment income (loss)	$	827		$	64		$	51		$	308		$	114		$	(55	)	$	1,309		$	60		$	1,369
Adjusted interest expense																	(149	)								(149	)
Income tax expense																	(201	)								(201	)
Operating income (loss)																	(405	)								1,019
Chubb integration and related expenses, net of $49 million tax benefit																	(106	)								(106	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $24 million tax benefit(2)																	(59	)								(59	)
Adjusted net realized gains (losses), net of $4 million tax benefit (3)																	(415	)								(415	)
Net Income																$	(985	)							$	439
Combined ratio		86.1	%		97.5	%		-126.9	%		91.4	%		77.3	%					90.0	%
Combined ratio excluding catastrophe losses and PPD		89.5	%		82.5	%		80.6	%		92.0	%		78.5	%					89.9	%
Underwriting income (loss) - As If	$	460		$	87		$	53		$	159		$	46		$	(85	)	$	720		$	(3	)	$	717
Combined ratio - As If		85.2	%		92.3	%		-126.9	%		92.2	%		77.3	%					88.9	%
Combined ratio excluding catastrophe losses and PPD - As If		88.3	%		78.7	%		80.6	%		92.8	%		78.5	%					88.8	%

(1) (Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified for underwriting income presentation from Other income (expense).

(2) Related to the acquisition of The Chubb Corporation.

(3) Includes net realized gains (losses) related to unconsolidated entities.

Consolidated Results 2016 Page 7

Chubb Limited

Global P&C Underwriting Results - Consecutive Quarters

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

(Unaudited)

Global P&C includes the company’s North America Commercial P&C Insurance segment (refer to page 9), North America Personal P&C Insurance segment (refer to page 10), Overseas General Insurance segment (refer to page 12), Global Reinsurance segment (refer to page 14), and Corporate (refer to page 16). Global P&C excludes the North America Agricultural Insurance and Life Insurance segments.

Global P&C (Including Corporate and excluding Agriculture)	1Q-17			4Q-16			3Q-16			2Q-16			1Q-16			Full Year 2016
Global P&C Underwriting Income
Gross premiums written	$	7,684		$	7,994		$	7,681		$	8,172		$	6,707		$	30,554
Net premiums written		6,125			6,349			6,192			6,737			5,415			24,693
Net premiums earned		6,252			6,378			6,357			6,566			6,077			25,378
Adjusted losses and loss expenses		3,669			3,757			3,412			3,823			3,527			14,519
Policy acquisition costs (excluding amortization of acquired UPR intangible)		1,284			1,144			1,019			873			717			3,753
Amortization of acquired UPR intangible - Chubb Corp		—			144			320			525			570			1,559
Adjusted administrative expenses		609			722			694			750			704			2,870
Global P&C Underwriting income	$	690		$	611		$	912		$	595		$	559		$	2,677
Global P&C Underwriting income - As If				$	628		$	951		$	661		$	667		$	2,907
% Change versus prior year period
Net premiums written		13.1	%		82.0	%		78.0	%		72.5	%		54.9	%		71.8	%
Net premiums earned		2.9	%		84.3	%		81.6	%		84.8	%		79.4	%		82.6	%
Net premiums written constant $		13.7	%		83.1	%		80.3	%		75.7	%		63.6	%		75.8	%
Net premiums earned constant $		3.0	%		85.3	%		83.8	%		88.4	%		88.3	%		86.4	%
% Change versus prior year period - As If *
Net premiums written		-2.3	%		-2.8	%		-6.7	%		-6.5	%		-5.2	%		-5.3	%
Net premiums written constant $		-1.9	%		-2.0	%		-5.5	%		-4.9	%		-1.0	%		-3.4	%
Net premiums written constant $ excluding merger-related underwriting actions & accounting policy alignment(1)		2.3	%		1.2	%		-0.5	%		-3.6	%		-0.6	%		-1.0	%
Combined ratio
Loss and loss expense ratio		58.7	%		58.9	%		53.7	%		58.2	%		58.0	%		57.2	%
Policy acquisition cost ratio		20.5	%		20.2	%		21.1	%		21.3	%		21.2	%		20.9	%
Administrative expense ratio		9.8	%		11.3	%		10.9	%		11.4	%		11.6	%		11.4	%
Combined ratio		89.0	%		90.4	%		85.7	%		90.9	%		90.8	%		89.5	%
Combined ratio excluding catastrophe losses and PPD		88.2	%		89.7	%		88.8	%		89.8	%		90.0	%		89.5	%
Combined ratio - As If
Loss and loss expense ratio - As If					58.9	%		53.7	%		58.2	%		58.0	%		57.2	%
Policy acquisition cost ratio - As If					20.0	%		20.4	%		20.3	%		19.9	%		20.1	%
Administrative expense ratio - As If					11.3	%		10.9	%		11.4	%		11.8	%		11.4	%
Combined ratio - As If					90.2	%		85.0	%		89.9	%		89.7	%		88.7	%
Combined ratio excluding catastrophe losses and PPD - As If					89.4	%		88.2	%		88.8	%		88.9	%		88.8	%
Other ratios
Net premiums written/gross premiums written		80	%		79	%		81	%		82	%		81	%		81	%
Expense ratio		30.3	%		31.5	%		32.0	%		32.7	%		32.8	%		32.3	%
Expense ratio excluding A&H		28.1	%		29.5	%		30.0	%		31.0	%		31.0	%		30.4	%
Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	—		$	1		$	—		$	6		$	—		$	7
Catastrophe losses - pre-tax	$	201		$	267		$	143		$	382		$	256		$	1,048
Favorable prior period development (PPD) - pre-tax	$	(152	)	$	(218	)	$	(338	)	$	(301	)	$	(206	)	$	(1,063	)
Loss and loss expense ratio excluding catastrophe losses and PPD		57.9	%		58.2	%		56.9	%		57.1	%		57.2	%		57.4	%

(1) Merger-related underwriting actions and accounting policy alignment adversely impacted net premiums written growth by $187 million and $73 million, respectively, in Q1 2017.

* Comparisons to 2015 are as if ACE and Chubb were one company.

Global P&C Page 8

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Commercial P&C Insurance

	1Q-17			4Q-16			3Q-16			2Q-16			1Q-16			Full Year 2016
Gross premiums written	$	3,665		$	4,109		$	3,832		$	4,041		$	3,004		$	14,986
Net premiums written		2,742			3,083			3,110			3,245			2,302			11,740
Net premiums earned		3,041			3,087			3,086			3,148			2,896			12,217
Losses and loss expenses		1,860			1,858			1,863			1,971			1,747			7,439
Policy acquisition costs (excluding amortization of acquired UPR intangible)		487			396			346			255			167			1,164
Amortization of acquired UPR intangible - Chubb Corp		—			78			176			290			315			859
Administrative expenses		231			285			275			299			266			1,125
Underwriting income		463			470			426			333			401			1,630
Net investment income		478			489			477			468			426			1,860
Other income (expense) - operating		(4	)		(4	)		(3	)		9			—			2
Segment income	$	937		$	955		$	900		$	810		$	827		$	3,492
Underwriting income - As If				$	482		$	452		$	379		$	460		$	1,773
Combined ratio
Loss and loss expense ratio		61.2	%		60.2	%		60.4	%		62.6	%		60.3	%		60.9	%
Policy acquisition cost ratio		16.0	%		15.3	%		16.9	%		17.3	%		16.7	%		16.6	%
Administrative expense ratio		7.6	%		9.3	%		8.9	%		9.6	%		9.1	%		9.2	%
Combined ratio		84.8	%		84.8	%		86.2	%		89.5	%		86.1	%		86.7	%
Combined ratio excluding catastrophe losses and PPD		87.9	%		88.9	%		89.4	%		89.7	%		89.5	%		89.4	%
Combined ratio - As If
Loss and loss expense ratio - As If					60.2	%		60.4	%		62.6	%		60.4	%		60.9	%
Policy acquisition cost ratio - As If					14.9	%		16.0	%		15.8	%		15.1	%		15.5	%
Administrative expense ratio - As If					9.3	%		8.9	%		9.6	%		9.7	%		9.3	%
Combined ratio - As If					84.4	%		85.3	%		88.0	%		85.2	%		85.7	%
Combined ratio excluding catastrophe losses and PPD - As If					88.5	%		88.6	%		88.3	%		88.3	%		88.4	%
Catastrophe losses -pre-tax	$	83		$	117		$	90		$	160		$	81		$	448
Favorable prior period development (PPD) -pre-tax	$	(179	)	$	(245	)	$	(187	)	$	(168	)	$	(178	)	$	(778	)
Loss and loss expense ratio excluding catastrophe losses and PPD		64.4	%		64.4	%		63.8	%		62.9	%		63.7	%		63.7	%
% Change versus prior year period
Net premiums written		19.1	%		97.9	%		117.1	%		127.4	%		77.4	%		105.4	%
Net premiums earned		5.0	%		116.6	%		119.1	%		121.8	%		109.9	%		116.9	%
% Change versus prior year period - As If *
Net premiums written		-2.8	%		-5.1	%		-2.4	%		-0.2	%		-3.7	%		-2.8	%
Net premiums written excluding merger-related underwriting actions(1)		0.2	%		-2.5	%		0.0	%		1.6	%		-2.9	%		-0.9	%
Other ratios
Net premiums written/gross premiums written		75	%		75	%		81	%		80	%		77	%		78	%
Production by Size
Net Premiums Written
Major account & specialty (2)	$	1,568		$	1,880		$	1,841		$	1,956		$	1,472		$	7,149
Commercial(2)		1,174			1,203			1,269			1,289			830			4,591
Total	$	2,742		$	3,083		$	3,110		$	3,245		$	2,302		$	11,740

(1) Merger-related underwriting actions adversely impacted net premiums written growth by $84 million in Q1 2017.

(2) Major account & specialty principally large corporate accounts and wholesale business. Commercial principally middle market and small commercial accounts.

* Comparisons to 2015 are as if ACE and Chubb were one company.

NA Commercial Page 9

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Personal P&C Insurance

	1Q-17			4Q-16			3Q-16			2Q-16			1Q-16			Full Year 2016
Gross premiums written	$	1,145		$	1,228		$	1,323		$	1,369		$	974		$	4,894
Net premiums written		984			1,040			1,011			1,231			871			4,153
Net premiums earned		1,086			1,074			1,081			1,140			1,024			4,319
Losses and loss expenses		633			642			594			661			661			2,558
Policy acquisition costs (excluding amortization of acquired UPR intangible)		217			174			128			104			68			474
Amortization of acquired UPR intangible - Chubb Corp		—			45			101			165			181			492
Administrative expenses		65			88			89			98			88			363
Underwriting income		171			125			169			112			26			432
Net investment income		55			52			53			55			47			207
Other expense - operating		(1	)		—			(2	)		(3	)		(1	)		(6	)
Amortization expense of purchased intangibles		(3	)		(3	)		(4	)		(4	)		(8	)		(19	)
Segment income	$	222		$	174		$	216		$	160		$	64		$	614
Underwriting income - As If				$	133		$	187		$	141		$	87		$	548
Combined ratio
Loss and loss expense ratio		58.3	%		59.7	%		54.9	%		58.0	%		64.6	%		59.2	%
Policy acquisition cost ratio		20.0	%		20.4	%		21.2	%		23.6	%		24.3	%		22.4	%
Administrative expense ratio		5.9	%		8.2	%		8.3	%		8.5	%		8.6	%		8.4	%
Combined ratio		84.2	%		88.3	%		84.4	%		90.1	%		97.5	%		90.0	%
Combined ratio excluding catastrophe losses and PPD		78.3	%		82.9	%		78.8	%		83.0	%		82.5	%		81.8	%
Combined ratio - As If
Loss and loss expense ratio - As If					59.7	%		54.9	%		58.0	%		62.9	%		58.9	%
Policy acquisition cost ratio - As If					19.7	%		19.6	%		21.1	%		20.5	%		20.2	%
Administrative expense ratio - As If					8.2	%		8.3	%		8.5	%		8.9	%		8.5	%
Combined ratio - As If					87.6	%		82.8	%		87.6	%		92.3	%		87.6	%
Combined ratio excluding catastrophe losses and PPD - As If					82.1	%		77.2	%		80.5	%		78.7	%		79.6	%
Catastrophe losses -pre-tax	$	68		$	51		$	22		$	97		$	156		$	326
Unfavorable (favorable) prior period development (PPD) -pre-tax	$	(3	)	$	7		$	38		$	(15	)	$	(3	)	$	27
Loss and loss expense ratio excluding catastrophe losses and PPD		52.4	%		54.3	%		49.3	%		50.9	%		49.6	%		51.0	%
% Change versus prior year period
Net premiums written		13.0	%		344.7	%		263.4	%		125.1	%		NM			248.4	%
Net premiums earned		6.0	%		311.9	%		296.3	%		322.4	%		NM			355.5	%
% Change versus prior year period - As If *
Net premiums written		1.3	%		-4.8	%		-16.4	%		-20.6	%		6.8	%		-10.7	%
Net premiums written excluding merger-related underwriting actions(1)		6.6	%		1.8	%		0.1	%		-20.6	%		6.8	%		1.5	%
Other ratios
Net premiums written/gross premiums written		86	%		85	%		76	%		90	%		89	%		85	%

(1) Merger-related underwriting actions adversely impacted net premiums written growth by $51 million in Q1 2017.

* Comparisons to 2015 are as if ACE and Chubb were one company.

NA Personal Page 10

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Agricultural Insurance

	1Q-17			4Q-16			3Q-16			2Q-16			1Q-16			Full Year 2016
Gross premiums written	$	167		$	266		$	1,240		$	545		$	136		$	2,187
Net premiums written		61			40			849			375			64			1,328
Net premiums earned		14			147			819			327			23			1,316
Adjusted losses and loss expenses(1)		(73	)		(38	)		680			286			(30	)		898
Policy acquisition costs		(1	)		6			48			25			4			83
Administrative expenses		(5	)		(5	)		1			2			(4	)		(6	)
Underwriting income		93			184			90			14			53			341
Net investment income		6			5			5			5			5			20
Other expense - operating		—			(1	)		—			—			—			(1	)
Amortization expense of purchased intangibles		(7	)		(7	)		(7	)		(8	)		(7	)		(29	)
Segment income	$	92		$	181		$	88		$	11		$	51		$	331
Combined ratio
Loss and loss expense ratio		NM			-26.0	%		83.0	%		87.5	%		-125.2	%		68.3	%
Policy acquisition cost ratio		NM			3.9	%		5.9	%		7.7	%		15.9	%		6.3	%
Administrative expense ratio		NM			-3.3	%		0.0	%		0.7	%		-17.6	%		-0.5	%
Combined ratio		NM			-25.4	%		88.9	%		95.9	%		-126.9	%		74.1	%
Combined ratio excluding catastrophe losses and PPD		74.6	%		-10.9	%		90.1	%		91.6	%		80.6	%		78.9	%
Catastrophe losses -pre-tax	$	5		$	2		$	1		$	14		$	2		$	19
Favorable prior period development (PPD) -pre-tax	$	(79	)	$	(20	)	$	(11	)	$	—		$	(41	)	$	(72	)
Loss and loss expense ratio excluding catastrophe losses and PPD (2)		75.8	%		-16.9	%		84.2	%		83.3	%		75.1	%		72.4	%
% Change versus prior year period
Net premiums written		-4.6	%		-71.6	%		15.2	%		-1.2	%		-27.0	%		-1.3	%
Net premiums earned		-41.6	%		-39.1	%		10.9	%		1.6	%		-63.7	%		-3.6	%
Other ratios
Net premiums written/gross premiums written		37	%		15	%		68	%		69	%		47	%		61	%

(1) Includes realized gains/losses on crop derivatives.

(2) For Q1 2017, favorable PPD is net of $61 million of unfavorable net earned premium adjustments and $5 million of favorable profit-sharing commissions.

NA Agriculture Page 11

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

Overseas General Insurance

	1Q-17			4Q-16			3Q-16			2Q-16			1Q-16			Full Year 2016
Gross premiums written	$	2,662		$	2,542		$	2,383		$	2,494		$	2,516		$	9,935
Net premiums written		2,200			2,112			1,940			2,031			2,041			8,124
Net premiums earned		1,936			2,050			2,034			2,093			1,955			8,132
Losses and loss expenses		1,071			1,052			843			1,089			1,021			4,005
Policy acquisition costs (excluding amortization of acquired UPR intangible)		529			529			503			467			429			1,928
Amortization of acquired UPR intangible - Chubb Corp		—			21			43			70			74			208
Administrative expenses		245			256			261			277			263			1,057
Underwriting income		91			192			384			190			168			934
Net investment income		148			155			152			147			146			600
Other income (expense) - operating		1			(5	)		6			5			5			11
Amortization expense of purchased intangibles		(11	)		(12	)		(12	)		(13	)		(11	)		(48	)
Segment income	$	229		$	330		$	530		$	329		$	308		$	1,497
Underwriting income - As If				$	189		$	379		$	181		$	159		$	908
Combined ratio
Loss and loss expense ratio		55.3	%		51.3	%		41.5	%		52.1	%		52.2	%		49.3	%
Policy acquisition cost ratio		27.3	%		26.9	%		26.8	%		25.6	%		25.7	%		26.3	%
Administrative expense ratio		12.7	%		12.4	%		12.9	%		13.2	%		13.5	%		12.9	%
Combined ratio		95.3	%		90.6	%		81.2	%		90.9	%		91.4	%		88.5	%
Combined ratio excluding catastrophe losses and PPD		92.1	%		91.2	%		91.1	%		91.5	%		92.0	%		91.5	%
Combined ratio - As If
Loss and loss expense ratio - As If					51.3	%		41.5	%		52.1	%		52.4	%		49.3	%
Policy acquisition cost ratio - As If					27.1	%		27.0	%		26.0	%		26.1	%		26.6	%
Administrative expense ratio - As If					12.4	%		12.9	%		13.2	%		13.7	%		13.0	%
Combined ratio - As If					90.8	%		81.4	%		91.3	%		92.2	%		88.9	%
Combined ratio excluding catastrophe losses and PPD - As If					91.4	%		91.3	%		92.0	%		92.8	%		91.9	%
Catastrophe reinstatement premiums expensed - pre-tax	$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses - pre-tax	$	50		$	72		$	20		$	73		$	18		$	183
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	12		$	(85	)	$	(223	)	$	(85	)	$	(30	)	$	(423	)
Loss and loss expense ratio excluding catastrophe losses and PPD		52.1	%		51.9	%		51.4	%		52.7	%		52.8	%		52.2	%
% Change versus prior year period
Net premiums written		7.8	%		33.2	%		22.5	%		21.6	%		13.8	%		22.5	%
Net premiums earned		-0.9	%		30.2	%		26.0	%		27.3	%		19.4	%		25.7	%
Net premiums written constant $		9.4	%		34.7	%		25.8	%		26.7	%		26.1	%		28.3	%
Net premiums earned constant $		-0.3	%		31.4	%		29.0	%		32.4	%		31.3	%		31.0	%
% Change versus prior year period - As If*
Net premiums written		-2.5	%		1.6	%		-5.7	%		-5.0	%		-9.0	%		-4.7	%
Net premiums written constant $		-1.2	%		4.0	%		-1.7	%		0.5	%		1.7	%		1.2	%
Net premiums written constant $ excluding merger-related underwriting actions & accounting policy alignment(1)		4.2	%		6.5	%		0.7	%		1.4	%		1.9	%		2.6	%
Other ratios
Net premiums written/gross premiums written		83	%		83	%		81	%		81	%		81	%		82	%

(1) Merger-related underwriting actions and accounting policy alignment adversely impacted net premiums written growth by $42 million and $73 million, respectively, in Q1 2017.

* Comparisons to 2015 are as if ACE and Chubb were one company.

Overseas General Insurance Page 12

Chubb Limited

Segment Results

(in millions of U.S. dollars)

(Unaudited)

Overseas General Insurance - Production by Region

	1Q-17		1Q-16		% Change			Constant $ As If 1Q-16 (1)		C$ % Change As If ex Merger Actions & Acct Policy (2)
Gross premiums written
Europe	$	1,317	$	1,203		9.5	%	$	1,335		0.8	%
Latin America		607		591		2.7	%		624		2.5	%
Asia		654		634		3.2	%		673		4.8	%
Other(3)		84		88		-4.5	%		87		-3.4	%
Total	$	2,662	$	2,516		5.8	%	$	2,719		2.0	%
Net premiums written
Europe	$	1,030	$	899		14.6	%	$	1,028		3.1	%
Latin America		497		482		3.1	%		504		5.2	%
Asia		577		570		1.2	%		605		4.7	%
Other(3)		96		90		6.7	%		89		7.9	%
Total	$	2,200	$	2,041		7.8	%	$	2,226		4.2	%

(1) Prior periods on a constant dollar basis

(2) Merger-related underwriting actions adversely impacted gross premiums written and net premiums written growth by $37 million and $42 million, respectively, in Q1 2017. Additionally, accounting policy alignment adversely impacted gross premiums written and net premiums written growth by $73 million, in Q1 2017.

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

Overseas General Ins. - Region Page 13

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

Global Reinsurance

	1Q-17			4Q-16			3Q-16			2Q-16			1Q-16			Full Year 2016
Gross premiums written	$	212		$	115		$	143		$	268		$	213		$	739
Net premiums written		199			114			131			230			201			676
Net premiums earned		189			167			156			185			202			710
Losses and loss expenses		94			100			49			87			89			325
Policy acquisition costs		51			45			42			47			53			187
Administrative expenses		10			12			12			14			14			52
Underwriting income(1)		34			10			53			37			46			146
Net investment income		62			64			67			65			67			263
Other income - operating		—			1			—			2			1			4
Segment income	$	96		$	75		$	120		$	104		$	114		$	413
Combined ratio
Loss and loss expense ratio		49.6	%		59.7	%		31.3	%		46.9	%		44.3	%		45.7	%
Policy acquisition cost ratio		26.8	%		26.6	%		27.1	%		25.5	%		26.2	%		26.3	%
Administrative expense ratio		5.7	%		7.7	%		7.9	%		7.4	%		6.8	%		7.5	%
Combined ratio(1)		82.1	%		94.0	%		66.3	%		79.8	%		77.3	%		79.5	%
Combined ratio excluding catastrophe losses and PPD(1)		77.0	%		78.8	%		78.1	%		78.9	%		78.5	%		78.6	%
Catastrophe reinstatement premiums collected -pre-tax	$	—		$	1		$	—		$	6		$	—		$	7
Catastrophe losses -pre-tax	$	—		$	27		$	11		$	52		$	1		$	91
Unfavorable (favorable) prior period development (PPD) -pre-tax (2)	$	8		$	—		$	(28	)	$	(47	)	$	(3	)	$	(78	)
Loss and loss expense ratio excluding catastrophe losses and PPD		43.2	%		44.2	%		44.2	%		46.0	%		45.5	%		45.0	%
% Change versus prior year period
Net premiums written as reported		-0.9	%		4.0	%		-29.4	%		-11.9	%		-26.3	%		-18.4	%
Net premiums earned as reported		-6.4	%		-16.9	%		-23.5	%		-15.7	%		-10.7	%		-16.5	%
Net premiums written constant $		0.2	%		6.5	%		-28.1	%		-11.6	%		-24.6	%		-17.1	%
Net premiums earned constant $		-5.5	%		-15.6	%		-22.2	%		-15.0	%		-9.2	%		-15.3	%
% Change versus prior year period - As If *
Net premiums written		-9.8	%		3.0	%		-29.8	%		-13.3	%		-25.1	%		-18.8	%
Net premiums written constant $		-8.9	%		5.5	%		-28.5	%		-13.0	%		-23.4	%		-17.5	%
Net premiums written constant $ excluding merger-related underwriting actions(3)		-4.3	%		5.5	%		-25.0	%		-9.2	%		-23.4	%		-15.6	%
Other ratios
Net premiums written/gross premiums written		94	%		99	%		91	%		86	%		94	%		91	%

(1) Underwriting income, Combined ratio, and Combined ratio excluding catastrophe losses and PPD on an “As If” basis are the same as those presented above.

(2) For Q1 2017, unfavorable prior period development is net of $7 million of net earned premium adjustments.

(3) Merger-related underwriting actions adversely impacted net premiums written growth by $10 million in Q1 2017.

* Comparisons to 2015 are as if ACE and Chubb were one company.

Global Reinsurance Page 14

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Life Insurance

	1Q-17			4Q-16			3Q-16			2Q-16			1Q-16			Full Year 2016
Gross premiums written	$	550		$	577		$	562		$	557		$	546		$	2,242
Net premiums written		524			549			532			527			516			2,124
Net premiums earned		506			534			512			512			497			2,055
Losses and loss expenses		193			165			174			147			177			663
Policy benefits(1)		168			161			155			146			126			588
(Gains) losses from fair value changes in separate account assets(1)		(30	)		11			(22	)		(3	)		3			(11	)
Policy acquisition costs		114			123			127			137			122			509
Administrative expenses		72			81			77			77			72			307
Net investment income		75			76			71			69			67			283
Life Insurance underwriting income (2) (3)		64			69			72			77			64			282
Other expense - operating		(1	)		(8	)		(2	)		(3	)		(3	)		(16	)
Amortization expense of purchased intangibles		(1	)		(1	)		(1	)		—			(1	)		(3	)
Segment income	$	62		$	60		$	69		$	74		$	60		$	263
% Change versus prior year period
Net premiums written		1.6	%		6.5	%		8.1	%		5.5	%		5.1	%		6.3	%
Net premiums earned		1.6	%		5.7	%		6.7	%		5.1	%		4.9	%		5.6	%
Net premiums written constant $		0.9	%		6.9	%		9.1	%		8.2	%		10.2	%		8.5	%
Net premiums earned constant $		0.7	%		6.0	%		7.6	%		7.8	%		9.8	%		7.8	%
% Change versus prior year period - As If *
Net premiums written		1.3	%		2.1	%		3.4	%		0.7	%		0.0	%		1.6	%
Net premiums written constant $		0.6	%		2.4	%		4.3	%		3.5	%		4.6	%		3.7	%
Net premiums written constant $ excluding merger-related underwriting actions(4)		3.7	%

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

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

(3) Life Insurance underwriting Income on an “As If” basis is the same as reported Life Insurance underwriting income shown above.

(4) Merger-related underwriting actions adversely impacted net premiums written growth by $16 million in Q1 2017.

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

	1Q-17		Constant $ 1Q-16(6)		Constant $ % Change 1Q-17 vs. 1Q-16(6)
International life insurance net premiums written	$	198	$	203		-2.9	%
International life insurance deposits(5)		310		219		42.5	%
Total international life insurance net premiums written and deposits	$	508	$	422		20.6	%

(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.

* Comparisons to 2015 are as if ACE and Chubb were one company.

Life Insurance Page 15

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Corporate

	1Q-17			4Q-16			3Q-16			2Q-16			1Q-16			Full Year 2016
Gross premiums written	$	—		$	—		$	—		$	—		$	—		$	—
Net premiums written		—			—			—			—			—			—
Net premiums earned		—			—			—			—			—			—
Adjusted losses and loss expenses(1)		11			105			63			15			9			192
Policy acquisition costs		—			—			—			—			—			—
Adjusted administrative expenses(1)		58			81			57			62			73			273
Underwriting loss		(69	)		(186	)		(120	)		(77	)		(82	)		(465	)
Adjusted net investment income		12			4			5			7			9			25
Other expense - operating		(7	)		(4	)		(2	)		(2	)		(2	)		(10	)
Adjusted interest expense (1)		(166	)		(167	)		(164	)		(166	)		(149	)		(646	)
Amortization (expense) benefit of purchased intangibles(2)		(42	)		20			20			20			20			80
Pension curtailment benefit (1)		—			113			—			—			—			113
Income tax expense		(191	)		(272	)		(306	)		(212	)		(201	)		(991	)
Operating loss		(463	)		(492	)		(567	)		(430	)		(405	)		(1,894	)
Chubb integration and related expenses, net of tax		(74	)		(94	)		(85	)		(71	)		(106	)		(356	)
Amortization of fair value adjustment of acquired invested assets, net of tax and long-term debt		(55	)		(66	)		(53	)		(66	)		(59	)		(244	)
Adjusted net realized gains (losses), net of tax (3)		47			487			142			(195	)		(415	)		19
Net loss	$	(545	)	$	(165	)	$	(563	)	$	(762	)	$	(985	)	$	(2,475	)
Unfavorable prior period development (PPD) -pre-tax	$	10		$	105		$	62		$	14		$	8		$	189
Underwriting loss - As If				$	(186	)	$	(120	)	$	(77	)	$	(85	)	$	(468	)

(1) Seenon-GAAP financial measures.

(2) Related to the acquisition of The Chubb Corporation.

(3) Includes net realized gains (losses) related to unconsolidated entities.

Corporate Page 16

Chubb Limited

Loss Reserve Rollforward

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

(Unaudited)

	Unpaid Losses									Net Paid to Incurred Ratio
	Gross			Ceded			Net
Balance at December 31, 2015	$	37,303		$	10,741		$	26,562
Losses and loss expenses incurred		4,663			989			3,674
Losses and loss expenses paid		(4,692	)		(1,143	)		(3,549	)		97	%
Acquired reserve (Legacy Chubb)		22,878			1,515			21,363
Other (incl. foreign exch. revaluation)		54			25			29
Balance at March 31, 2016	$	60,206		$	12,127		$	48,079
Losses and loss expenses incurred		5,239			985			4,254
Losses and loss expenses paid		(4,708	)		(752	)		(3,956	)		93	%
Other (incl. foreign exch. revaluation)		82			36			46
Balance at June 30, 2016	$	60,819		$	12,396		$	48,423
Losses and loss expenses incurred		5,335			1,066			4,269
Losses and loss expenses paid		(4,612	)		(782	)		(3,830	)		90	%
Other (incl. foreign exch. revaluation)		(195	)		(4	)		(191	)
Balance at September 30, 2016	$	61,347		$	12,676		$	48,671
Losses and loss expenses incurred		4,960			1,105			3,855
Losses and loss expenses paid		(5,425	)		(1,045	)		(4,380	)		114	%
Other (incl. foreign exch. revaluation)		(342	)		(28	)		(314	)
Balance at December 31, 2016	$	60,540		$	12,708		$	47,832
Losses and loss expenses incurred		4,752			963			3,789
Losses and loss expenses paid		(4,830	)		(923	)		(3,907	)		103	%
Other (incl. foreign exch. revaluation)		117			63			54
Balance at March 31, 2017	$	60,579		$	12,811		$	47,768
Add net recoverable on paid losses		—			958			(958	)
Balance including net recoverable on paid losses	$	60,579		$	13,769		$	46,810

Loss Reserve Rollforward Page 17

Chubb Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)

Net Reinsurance Recoverable by Division

	March 31 2017			December 31 2016
Reinsurance recoverable on paid losses and loss expenses
Active operations	$	793		$	686
Brandywine and OtherRun-off		256			274
Total	$	1,049		$	960
Reinsurance recoverable on unpaid losses and loss expenses
Active operations	$	11,799		$	11,632
Brandywine and OtherRun-off		1,255			1,285
Total	$	13,054		$	12,917
Gross reinsurance recoverable
Active operations	$	12,592		$	12,318
Brandywine and OtherRun-off		1,511			1,559
Total	$	14,103		$	13,877
Provision for uncollectible reinsurance(1)
Active operations	$	(191	)	$	(159	)
Brandywine and OtherRun-off		(143	)		(141	)
Total	$	(334	)	$	(300	)
Net reinsurance recoverable
Active operations	$	12,401		$	12,159
Brandywine and OtherRun-off		1,368			1,418
Total	$	13,769		$	13,577

(1) The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $3.3 billion.

Reinsurance Recoverable Page 18

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)

	March 31 2017					December 31 2016
Market Value
Fixed maturities available for sale	$	80,806				$	80,115
Fixed maturities held to maturity		10,604					10,670
Short-term investments		2,780					3,002
Total fixed maturities	$	94,190				$	93,787
Asset Allocation by Market Value
Treasury	$	2,843		3	%	$	2,832		3	%
Agency		664		1	%		699		1	%
Corporate and asset-backed		27,582		30	%		26,944		29	%
Mortgage-backed		15,500		16	%		15,435		16	%
Municipal		22,803		24	%		22,768		24	%
Non-U.S.		22,018		23	%		22,107		24	%
Short-term investments		2,780		3	%		3,002		3	%
Total fixed maturities	$	94,190		100	%	$	93,787		100	%
Credit Quality by Market Value
AAA	$	15,523		16	%	$	15,746		17	%
AA		35,866		39	%		36,235		39	%
A		17,700		19	%		17,519		19	%
BBB		12,524		13	%		12,237		13	%
BB		7,203		8	%		6,993		7	%
B		5,087		5	%		4,814		5	%
Other		287		0	%		243		0	%
Total fixed maturities	$	94,190		100	%	$	93,787		100	%
Cost/Amortized Cost
Fixed maturities available for sale	$	79,957				$	79,536
Fixed maturities held to maturity		10,519					10,644
Short-term investments		2,780					3,002
Subtotal fixed maturities		93,256					93,182
Equity securities		699					706
Other investments		4,271					4,270
Total investment portfolio	$	98,226				$	98,158
Avg. duration of fixed maturities		4.2 years					4.2 years
Avg. market yield of fixed maturities		2.8	%				2.8	%
Avg. credit quality		A/Aa					A/Aa
Avg. yield on invested assets (1)		3.4	%				3.4	%

(1) Calculated using adjusted net investment income.

Investments Page 19

Chubb Limited

Investment Portfolio - 2

(in millions of U.S. dollars)

(Unaudited)

Mortgage-backed Fixed Income Portfolio

Mortgage-backed securities

	S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Market Value at March 31, 2017
Agency residential mortgage-backed (RMBS)	$	—	$	12,654	$	—	$	—	$	—	$	12,654
Non-agency RMBS		1		5		59		4		30		99
Commercial mortgage-backed		2,734		13		—		—		—		2,747
Total mortgage-backed securities at market value	$	2,735	$	12,672	$	59	$	4	$	30	$	15,500
U.S. Corporate and Asset-backed Fixed Income Portfolios
Market Value at March 31, 2017	S&P Credit Rating
	Investment Grade
	AAA		AA		A		BBB		Total
Asset-backed	$	734	$	45	$	—	$	—	$	779
Banks		—		22		1,742		1,762		3,526
Basic Materials		—		—		103		227		330
Communications		—		165		270		1,279		1,714
Consumer, Cyclical		—		216		617		725		1,558
Consumer,Non-Cyclical		109		497		1,767		1,203		3,576
Diversified Financial Services		28		17		515		226		786
Energy		—		57		103		671		831
Industrial		—		319		549		536		1,404
Utilities		—		7		1,060		520		1,587
All Others		159		550		851		672		2,232
Total	$	1,030	$	1,895	$	7,577	$	7,821	$	18,323
Market Value at March 31, 2017			S&P Credit Rating
			Below Investment Grade
			BB		B		CCC		Total
Asset-backed			$	3	$	3	$	10	$	16
Banks				25		—		—		25
Basic Materials				231		181		3		415
Communications				926		768		18		1,712
Consumer, Cyclical				1,115		700		53		1,868
Consumer,Non-Cyclical				843		1,101		33		1,977
Diversified Financial Services				142		116		1		259
Energy				340		215		18		573
Industrial				440		472		25		937
Utilities				292		97		12		401
All Others				561		495		20		1,076
Total			$	4,918	$	4,148	$	193	$	9,259

Investments 2 Page 20

Chubb Limited

Investment Portfolio - 3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

March 31, 2017

Non-U.S. Government Securities	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
United Kingdom	$	—	$	1,514	$	—	$	—	$	—	$	1,514
Republic of Korea		—		1,043		—		—		—		1,043
Canada		907		—		—		—		—		907
Federative Republic of Brazil		—		—		—		—		861		861
Province of Ontario		—		8		603		—		—		611
Province of Quebec		—		20		481		—		—		501
Kingdom of Thailand		—		—		451		—		—		451
United Mexican States		—		—		312		123		—		435
Germany		421		—		—		—		—		421
Australia		341		3		—		—		—		344
OtherNon-U.S. Government Securities		983		1,443		485		376		729		4,016
Total	$	2,652	$	4,031	$	2,332	$	499	$	1,590	$	11,104
Non-U.S. Corporate Securities	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
United Kingdom	$	78	$	81	$	690	$	920	$	252	$	2,021
Canada		100		293		290		473		264		1,420
United States(1)		2		86		149		347		331		915
France		12		30		476		242		32		792
Netherlands		83		11		409		190		40		733
Australia		83		139		313		118		22		675
Germany		185		49		106		236		23		599
Japan		—		23		290		12		4		329
Switzerland		37		20		113		125		34		329
China		—		122		133		23		9		287
OtherNon-U.S. Corporate Securities		389		369		815		776		465		2,814
Total	$	969	$	1,223	$	3,784	$	3,462	$	1,476	$	10,914

(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 21

Chubb Limited

Investment Portfolio - 4

(in millions of U.S. dollars)

(Unaudited)

Fixed Maturity Investment Portfolio

Top 10 Global Corporate Exposures

	March 31, 2017	Market Value		Rating
1	Wells Fargo & Co	$	574	A
2	JP Morgan Chase & Co		555	A-
3	Goldman Sachs Group Inc		436	BBB+
4	Anheuser-Busch InBev NV		424	A-
5	General Electric Co		374	AA-
6	Verizon Communications Inc		372	BBB+
7	Morgan Stanley		362	BBB+
8	Bank of America Corp		343	BBB+
9	AT&T Inc		343	BBB+
10	Citigroup Inc		320	BBB+

Investments 4 Page 22

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

	Three months ended March 31, 2017
	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax
Fixed maturities	$	(12	)	$	6		$	(6	)	$	256		$	(95	)	$	161		$	244		$	(89	)	$	155
Fixed income derivatives		6			6			12			—			—			—			6			6			12
Public equity		4			—			4			28			(10	)		18			32			(10	)		22
Private equity		50			(18	)		32			31			(3	)		28			81			(21	)		60
Total investment portfolio(1)		48			(6	)		42			315			(108	)		207			363			(114	)		249
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges(2)		19			—			19			—			—			—			19			—			19
Foreign exchange		(19	)		6			(13	)		134			(3	)		131			115			3			118
Partially-owned entities(3)		(6	)		2			(4	)		—			—			—			(6	)		2			(4	)
Other(4)		3			—			3			(20	)		(4	)		(24	)		(17	)		(4	)		(21	)
Net gains (losses)	$	45		$	2		$	47		$	429		$	(115	)	$	314		$	474		$	(113	)	$	361

(1) Other-than-temporary impairments for the quarter in realized gains (losses) include $6 million for fixed maturities, $5 million for public equity and $8 million for private equity.

(2) The quarter includes $74 million of losses on applicable hedges. These losses are bothpre-tax andafter-tax.

(3) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. Refer to theNon-GAAP financial measures section for additional details.

(4) Other unrealized losses are primarily related to the company’s post-retirement programs.

	Three months ended March 31, 2016
	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax
Fixed maturities	$	(190	)	$	14		$	(176	)	$	1,088		$	(232	)	$	856		$	898		$	(218	)	$	680
Fixed income derivatives		(39	)		5			(34	)		—			—			—			(39	)		5			(34	)
Public equity		38			(13	)		25			(4	)		1			(3	)		34			(12	)		22
Private equity		(19	)		8			(11	)		(27	)		(2	)		(29	)		(46	)		6			(40	)
Total investment portfolio(5)		(210	)		14			(196	)		1,057			(233	)		824			847			(219	)		628
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges(6)		(243	)		—			(243	)		—			—			—			(243	)		—			(243	)
Foreign exchange		39			(10	)		29			312			(35	)		277			351			(45	)		306
Partially-owned entities(7)		(3	)		—			(3	)		—			—			—			(3	)		—			(3	)
Other		(2	)		—			(2	)		2			(1	)		1			—			(1	)		(1	)
Net gains (losses)	$	(419	)	$	4		$	(415	)	$	1,371		$	(269	)	$	1,102		$	952		$	(265	)	$	687

(5) Other-than-temporary impairments for the quarter in realized gains (losses) include $59 million for fixed maturities, $1 million for public equity and $3 million for private equity.

(6) The quarter includes $15 million of losses on applicable hedges. These losses are bothpre-tax andafter-tax.

(7) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. Refer to theNon-GAAP financial measures section for additional details.

Net Gains (Losses) Page 23

Chubb Limited

Debt and Capital

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

(Unaudited)

							Legacy ACE
	March 31 2017			December 31 2016			December 31 2015
Financial Debt:
Total short-term debt	$	300		$	500		$	—
Total long-term debt(1)		12,300			12,610			9,389
Total financial debt	$	12,600		$	13,110		$	9,389
Hybrid debt:
Total trust preferred securities		308			308			307
Total	$	12,908		$	13,418		$	9,696
Capitalization:
Shareholders’ equity	$	49,224		$	48,275		$	29,135
Hybrid debt		308			308			307
Financial debt		12,600			13,110			9,389
Total capitalization	$	62,132		$	61,693		$	38,831
Leverage ratios (based on total capital):
Hybrid debt		0.5	%		0.5	%		0.8	%
Financial debt		20.3	%		21.3	%		24.2	%
Total hybrid & financial debt		20.8	%		21.8	%		25.0	%

Note: As of March 31, 2017, there was $0.5 billion usage of credit facilities on a total commitment of $1.5 billion.

(1) In connection with our acquisition of The Chubb Corporation, we assumed $3.3 billion par value of Legacy Chubb’s debt, fair valued at $3.8 billion for purchase accounting purposes. This included $1 billion of junior subordinated capital securities.

Debt and Capital Page 24

Chubb Limited

Computation of Basic and Diluted Earnings Per Share

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

(Unaudited)

	Three months ended March 31
	2017			2016
Numerator
Operating income to common shares	$	1,175		$	1,019
Amortization of fair value adjustment of acquired invested assets and long-term debt,pre-tax(1)		(79	)		(83	)
Tax benefit on amortization adjustment		24			24
Chubb integration and related expenses,pre-tax		(111	)		(155	)
Tax benefit on Chubb integration and related expenses		37			49
Adjusted net realized gains (losses),pre-tax		45			(419	)
Tax benefit on adjusted net realized gains (losses)		2			4
Net income	$	1,093		$	439
Rollforward of Common Shares Outstanding
Shares - beginning of period		465,968,716			324,563,441
Share Issuance for Chubb Acquisition		—			136,950,381
Repurchase of shares		(1,036,064	)		—
Shares issued, excluding option exercises		1,684,373			2,172,161
Issued for option exercises		605,994			597,537
Shares - end of period		467,223,019			464,283,520
Denominator
Weighted average shares outstanding(2)		468,903,086			446,739,586
Effect of other dilutive securities		3,828,604			3,270,156
Adj. wtd. avg. shares outstanding and assumed conversions		472,731,690			450,009,742
Basic earnings per share
Operating income	$	2.50		$	2.28
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax(1)		(0.12	)		(0.13	)
Chubb integration and related expenses, net of tax		(0.16	)		(0.24	)
Adjusted net realized gains (losses), net of tax		0.11			(0.93	)
Net income	$	2.33		$	0.98
Diluted earnings per share
Operating income	$	2.48		$	2.26
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax(1)		(0.12	)		(0.13	)
Chubb integration and related expenses, net of tax		(0.16	)		(0.24	)
Adjusted net realized gains (losses), net of tax		0.11			(0.92	)
Net income	$	2.31		$	0.97

(1) Related to the acquisition of The Chubb Corporation.

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

Earnings per share Page 25

Chubb Limited

Book Value and Book Value per Common Share

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

(Unaudited)

Reconciliation of Book Value per Common Share

	March 31 2017			December 31 2016			March 31 2016
Shareholders’ equity	$	49,224		$	48,275		$	45,897
Less: goodwill and other intangible assets, net of tax		20,013			20,019			20,904
Numerator for tangible book value per share	$	29,211		$	28,256		$	24,993
Book value - % change over prior quarter		2.0	%		-0.2	%		57.5	%
Tangible book value - % change over prior quarter		3.4	%		0.8	%		6.6	%
Denominator		467,223,019			465,968,716			464,283,520
Book value per common share	$	105.35		$	103.60		$	98.85
Tangible book value per common share	$	62.52		$	60.64		$	53.83
Reconciliation of Book Value
Shareholders’ equity, beginning of quarter	$	48,275		$	48,372		$	29,135
Operating income		1,175			1,283			1,019
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax(1)		(55	)		(66	)		(59	)
Chubb integration and related expenses, net of tax		(74	)		(94	)		(106	)
Adjusted net realized gains (losses), net of tax(2)		47			487			(415	)
Net unrealized gains (losses) on the investment portfolio		207			(1,487	)		824
Share issuance related to acquisition of The Chubb Corp.		—			—			15,204
Fair value of equity awards assumed in acquisition of The Chubb Corp.		—			—			323
Repurchase of shares		(140	)		—			—
Dividend declared on common shares		(324	)		(324	)		(314	)
Cumulative translation		131			(375	)		277
Postretirement benefit liability		(24	)		353			1
Other (3)		6			126			8
	$	49,224		$	48,275		$	45,897

(1) Related to the acquisition of The Chubb Corporation.

(2) Includes net realized gains (losses) related to unconsolidated entities.

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

Reconciliation Book Value Page 26

Chubb Limited

Non-GAAP Financial Measures

(Unaudited)

Regulation G - Non-GAAP Financial Measures

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

We provide financial measures such as gross premiums written, net premiums written, net premiums earned, and 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 losses and loss expenses and adjusted administrative expenses are non-GAAP financial measures that exclude the one-time curtailment benefit related to the harmonization of the company’s U.S. pension plans. During the fourth quarter of 2016, the company harmonized and amended several U.S. retirement programs to create a unified retirement savings program which resulted in the one-time pension curtailment benefit. The portion of the benefit related to claims staff is excluded from adjusted losses and loss expenses with the remainder excluded from adjusted administrative expenses. We believe that excluding the impact of the one-time pension curtailment benefit provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our property & casualty business that may be obscured by this item. Adjusted losses and loss expenses also includes realized gains and losses on crop derivatives. The crop derivatives are purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing will impact underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations and therefore realized gains and losses from these derivatives are reclassified from adjusted net realized gains (losses), also a non-GAAP financial measure.

In presenting our segment income results, we have shown our performance with reference to underwriting results. Underwriting results are calculated by subtracting adjusted losses and loss expenses, policy benefits, policy acquisition costs, and adjusted 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 adjusted net realized gains (losses). P&C underwriting income is a non-GAAP financial measure which excludes the Life Insurance segment. P&C loss and loss expense ratio and P&C combined ratio (both non-GAAP financial measures) include adjusted losses and loss expenses in the ratio numerator. P&C expense ratio (a non-GAAP financial measure) and P&C combined ratio include policy acquisition costs and adjusted administrative expenses in the ratio numerator. A reconciliation of combined ratio to P&C combined ratio is provided on page 30.

P&C combined ratio excluding the impact of catastrophe losses and prior period development (PPD) and the P&C loss and loss expense ratio excluding the impact of catastrophe losses and PPD are non-GAAP financial measures. The loss ratio numerator includes adjusted losses and loss expenses and excludes catastrophe losses and PPD. The combined ratio numerator includes adjusted losses and loss expenses, policy acquisition costs, and adjusted administrative expenses. The denominator for both ratios 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 the ratios. We believe that excluding the impact of catastrophe losses and PPD provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our property & casualty business that may be obscured by these items.

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 P&C 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 Insurance and North America Agricultural Insurance segments. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.

Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment of acquired invested assets. Adjusted interest expense is interest expense excluding the amortization of the fair value adjustment of acquired debt and the interest expense on the $5.3 billion senior notes issued in November 2015 until the closing of the Chubb Corp acquisition on January 14, 2016. We believe that excluding these items are meaningful in order to present the underlying economics of the company’s business.

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

Operating income is a non-GAAP financial measure that excludes the after-tax impact of adjusted net realized gains (losses), net realized gains (losses) included in other income (expense) related to partially owned entities, Chubb integration and related expenses, and the amortization of the fair value adjustments related to purchased invested assets and long-term debt from the Chubb Corp acquisition. We exclude realized gains and losses because the amount of these gains (losses) are heavily influenced by, and fluctuate in part according to the availability of market opportunities. We exclude Chubb integration and related expenses 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. Chubb integration expenses are incurred by the overall company and are therefore included in Corporate. The costs are not related to the on-going activities of the individual segments and are therefore excluded from our definition of segment income, as well. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. Operating income should not be viewed as a substitute for net income determined in accordance with GAAP.

Operating effective tax rate is a non-GAAP financial measure. The numerator excludes tax on adjusted net realized gains (losses), tax on net realized gains (losses) included in other income (expense) related to partially owned entities, tax on Chubb integration and related expenses, and tax on the amortization of the fair value adjustments related to purchased invested assets and long-term debt from the Chubb Corp acquisition. The denominator excludes these same items, before tax. 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, 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. A reconciliation of tangible book value per share is provided on page 26. In addition, we disclose per share measures that exclude the impact of foreign currency fluctuations during 2016 in order to adjust for the distortive effects of fluctuations in exchange rates.

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.

2016 “As If” company measures presented throughout this section are prepared inclusive of the first 14 days of January 2016 prior to the acquisition close and exclusive of the impact of the unearned premium reserves intangible amortization and the elimination of the historical policy acquisition costs as a result of purchase accounting in order to present the underlying profitability of our insurance business. We believe these non-GAAP measures provide visibility into our results and trends in our business by allowing for a better assessment and comparability to our historical results. These measures are consistent with how management evaluates results.

Net premiums written excluding merger-related underwriting actions is a non-GAAP performance measure. Since the acquisition of The Chubb Corporation, we have entered into new reinsurance agreements with third-party reinsurers for the Chubb Corp businesses and have taken other merger-related underwriting actions, including exiting certain types of business that do not meet our underwriting standards or adhere to our risk diversification strategy. We also exclude a merger-related accounting policy alignment adjustment. We believe that these measures are meaningful to evaluate trends in our underlying business on a comparable basis.

ReconciliationNon-GAAP Page 27

Chubb Limited

Non-GAAP Financial Measures - 2

(in millions of U.S. dollars)

(Unaudited)

Regulation G -Non-GAAP Financial Measures (continued)

Operating income

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

	1Q-17			4Q-16			3Q-16			2Q-16			1Q-16			Full Year 2016
Net income, as reported	$	1,093		$	1,610		$	1,360		$	726		$	439		$	4,135
Amortization of fair value adjustment of acquired invested assets and long-term debt,pre-tax(1)		(79	)		(88	)		(79	)		(95	)		(83	)		(345	)
Tax benefit on amortization adjustment		24			22			26			29			24			101
Chubb integration and related expenses, pre tax		(111	)		(131	)		(115	)		(98	)		(155	)		(499	)
Tax benefit on Chubb integration and related expenses		37			37			30			27			49			143
Adjusted net realized gains (losses)		(7	)		371			97			(214	)		(394	)		(140	)
Net realized gains (losses) related to unconsolidated entities(2)		52			162			72			18			(25	)		227
Tax (expense) benefit on adjusted net realized gains (losses)		2			(46	)		(27	)		1			4			(68	)
Operating income	$	1,175		$	1,283		$	1,356		$	1,058		$	1,019		$	4,716

(1) Related to the acquisition of The Chubb Corporation.

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

The following table presents the reconciliation of Net Income to P&C and Global P&C Underwriting Income:

	1Q-17			4Q-16			3Q-16			2Q-16			1Q-16			Full Year 2016
Net Income	$	1,093		$	1,610		$	1,360		$	726		$	439		$	4,135
Income tax expense		128			259			277			155			124			815
Net realized (gains) losses related to unconsolidated entities		(52	)		(162	)		(72	)		(18	)		25			(227	)
Adjusted realized (gains) losses		7			(371	)		(97	)		214			394			140
Amortization of fair value adjustment of acquired invested assets and long-term debt		79			88			79			95			83			345
Chubb integration and related expenses		111			131			115			98			155			499
Adjusted interest expense		166			167			164			166			149			646
Pension curtailment benefit		—			(113	)		—			—			—			(113	)
Consolidated segment income		1,532			1,609			1,826			1,436			1,369			6,240
Less: Life Insurance segment income		62			60			69			74			60			263
P&C segment income		1,470			1,549			1,757			1,362			1,309			5,977
Less: amortization expense of purchased intangibles (excluding Life Insurance)		63			2			3			5			6			16
Less: other (income) expense - operating (excluding Life Insurance)		11			13			1			(11	)		(3	)		—
Less: adjusted net investment income (excluding Life Insurance)		(761	)		(769	)		(759	)		(747	)		(700	)		(2,975	)
P&C Underwriting income (Including Corporate and excluding Life Insurance)		783			795			1,002			609			612			3,018
Less: Agricultural Insurance Underwriting income		93			184			90			14			53			341
Global P&C Underwriting income (Including Corporate and excluding Agriculture)	$	690		$	611		$	912		$	595		$	559		$	2,677

ReconciliationNon-GAAP 2 Page 28

Chubb Limited

Non-GAAP Financial Measures - 3

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

(Unaudited)

Regulation G -Non-GAAP Financial Measures (continued)

Operating ROE

Operating return on equity (ROE) or ROE calculated using operating income: The ROE numerator includes income adjusted to excludeafter-tax adjusted net realized gains (losses), Chubb integration and related expenses, and the amortization of the fair value adjustment of acquired invested assets and long-term debt. The ROE denominator includes the average shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, net of tax. In addition, for 2016, the denominator was adjusted to account for the weighted-average impact of the $15,527 million issuance of common shares and equity awards related to The Chubb Corp acquisition on January 14, 2016. 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.

	1Q-17			1Q-16			Full Year 2016
Net income	$	1,093		$	439		$	4,135
Operating income	$	1,175		$	1,019		$	4,716
Equity - beginning of period, as reported	$	48,275		$	29,135		$	29,135
Add: weighted average impact of equity issuance		—			13,138			14,931
Less: unrealized gains (losses) on investments, net of deferred tax		1,058			874			874
Equity - beginning of period, as adjusted	$	47,217		$	41,399		$	43,192
Equity - end of period, as reported	$	49,224		$	45,897		$	48,275
Less: weighted average impact of equity issuance		—			2,389			596
Less: unrealized gains (losses) on investments, net of deferred tax		1,265			1,698			1,058
Equity - end of period, as adjusted	$	47,959		$	41,810		$	46,621
Weighted average equity, as reported	$	48,750		$	42,479		$	45,873
Weighted average equity, as adjusted	$	47,588		$	41,605		$	44,907
Operating ROE		9.9	%		10.2	%		10.5	%
ROE		9.0	%		4.7	%		9.0	%

Operating effective tax rate

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

	1Q-17			4Q-16			3Q-16			2Q-16			1Q-16				Full Year 2016
Tax expense, as reported	$	128		$	259		$	277		$	155		$	124			$	815
Tax benefit on amortization of fair value of acquired invested assets and debt (1)		(24	)		(22	)		(26	)		(29	)		(24	)			(101	)
Tax benefit on Chubb integration and related expenses		(37	)		(37	)		(30	)		(27	)		(49	)			(143	)
Tax expense (benefit) on adjusted net realized gains (losses)		(2	)		46			27			(1	)		(4	)			68
Tax expense, adjusted	$	191		$	272		$	306		$	212		$	201			$	991
Income before tax, as reported	$	1,221		$	1,869		$	1,637		$	881		$	563			$	4,950
Less: amortization of fair value of acquired invested assets and debt(1)		(79	)		(88	)		(79	)		(95	)		(83	)			(345	)
Less: Chubb integration and related expenses		(111	)		(131	)		(115	)		(98	)		(155	)	��		(499	)
Less: adjusted realized gains (losses)		(7	)		371			97			(214	)		(394	)			(140	)
Less: realized gains (losses) related to unconsolidated entities		52			162			72			18			(25	)			227
Operating income before tax	$	1,366		$	1,555		$	1,662		$	1,270		$	1,220			$	5,707
Effective tax rate		10.5	%		13.8	%		17.0	%		17.6	%		22.1	%			16.5	%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt(1)		1.0	%		0.5	%		0.7	%		1.1	%		0.9	%			0.8	%
Adjustment for tax impact of Chubb integration and related expenses		1.7	%		1.0	%		0.6	%		0.9	%		2.2	%			1.1	%
Adjustment for tax impact of adjusted net realized gains (losses)		0.8	%		2.3	%		0.1	%		-2.9	%		-8.7	%			-1.0	%
Operating effective tax rate		14.0	%		17.6	%		18.4	%		16.7	%		16.5	%			17.4	%

(1) Related to the acquisition of The Chubb Corporation

ReconciliationNon-GAAP 3 Page 29

Chubb Limited

Non-GAAP Financial Measures - 4

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

(Unaudited)

Regulation G -Non-GAAP Financial Measures (continued)

Chubb integration and related expenses, net of tax

Chubb integration and related expenses is anon-GAAP financial measure and includes all internal and external costs directly related to the integration activities of The Chubb Corp acquisition, consisting primarily of personnel-related expenses, including severance and employee retention and relocation; consulting fees; and advisor fees. Chubb integration and related expenses also include interest expense on the $5.3 billion senior notes issued in November 2015. We exclude Chubb integration expenses related to The Chubb Corp acquisition from operating income due to the size and complexity of this acquisition. We exclude thepre-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 Corp acquisition (January 14, 2016), the interest on this debt was considered a cost of our operations and is 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 facilitate the comparison of our financial results to our historical operating results. The following table presents the reconciliation of Chubb integration expenses on a GAAP basis to Chubb integration and related expenses.

	1Q-17		4Q-16		3Q-16		2Q-16		1Q-16		Full Year 2016
Chubb integration expenses, net of tax	$	74	$	94	$	85	$	71	$	102	$	352
Add:pre-acquisition interest expense related to $5.3 billion senior notes, net of tax		—		—		—		—		4		4
Chubb integration and related expenses, net of tax		74		94		85		71		106		356
Tax benefit		37		37		30		27		49		143
Chubb integration and related expenses,pre-tax	$	111	$	131	$	115	$	98	$	155	$	499

P&C combined ratio

The following table presents the reconciliation of 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. The P&C combined ratio also excludes theone-time pension curtailment benefit of $113 million recognized in the fourth quarter of 2016. We believe that excluding the impact of theone-time pension curtailment provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our property & casualty business that may be obscured by this item.

	1Q-17			4Q-16			3Q-16			2Q-16			1Q-16			Full Year 2016
Combined ratio		87.5	%		86.0	%		86.0	%		91.2	%		90.0	%		88.3	%
Less: impact of pension curtailment benefit		0.0	%		1.7	%		0.0	%		0.0	%		0.0	%		0.4	%
Add: impact of gains and losses on crop derivatives		0.0	%		0.1	%		0.0	%		0.0	%		0.0	%		0.0	%
P&C combined ratio		87.5	%		87.8	%		86.0	%		91.2	%		90.0	%		88.7	%

ReconciliationNon-GAAP 4 Page 30

Chubb Limited

Non-GAAP Financial Measures - 5

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

(Unaudited)

Regulation G -Non-GAAP Financial Measures (continued)

The following presents the reconciliation of earnings per share to earnings per share, including the 14 day stub period for Q1 2016:

Numerator	Q1-16
Operating income as reported	$	1,019
Add:14-day stub period income
Underwriting income		44
Net investment income		45
Interest expense		(9	)
Income tax expense		(20	)
Total14-day stub period income		60
As If operating income, including 14 day stub period	$	1,079
Net income as reported	$	439
Add:14-day stub period income from above		60
As If net income, including 14 day stub period	$	499

Denominator	Q1-16
Weighted average shares outstanding and assumed conversions		450,009,742
Impact of shares issued in connection with Chubb Corp acquisition		20,232,753
As If adjusted weighted average shares outstanding		470,242,495
Diluted earnings per share, including 14 day stub period
Operating income per share	$	2.29
Net income per share	$	1.06

ReconciliationNon-GAAP 5 Page 31

Chubb Limited

Non-GAAP Financial Measures - 6

(in millions of U.S. dollars)

(Unaudited)

Regulation G -Non-GAAP Financial Measures (continued)

The following tables presents the reconciliation of reported underwriting income (loss) for each segment to underwriting income (loss) on an “As If” basis.

	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
Q1 2016
Underwriting income (loss)	$	401		$	26		$	53	$	168		$	46	$	(82	)	$	612		$	(3	)	$	609
Add:Pre-acquisition underwriting income (loss) (14 days prior to close)		13			30			—		4			—		(3	)		44			—			44
Less: amortization of acquired UPR intangible - Chubb Corp		315			181			—		74			—		—			570			—			570
Add: elimination of DAC benefit - Chubb Corp		(269	)		(150	)		—		(87	)		—		—			(506	)		—			(506	)
Underwriting income (loss) - As If	$	460		$	87		$	53	$	159		$	46	$	(85	)	$	720		$	(3	)	$	717
Q2 2016
Underwriting income (loss)	$	333		$	112		$	14	$	190		$	37	$	(77	)	$	609		$	8		$	617
Less: amortization of acquired UPR intangible - Chubb Corp		290			165			—		70			—		—			525			—			525
Add: elimination of DAC benefit - Chubb Corp		(244	)		(136	)		—		(79	)		—		—			(459	)		—			(459	)
Underwriting income (loss) - As If	$	379		$	141		$	14	$	181		$	37	$	(77	)	$	675		$	8		$	683
Q3 2016
Underwriting income (loss)	$	426		$	169		$	90	$	384		$	53	$	(120	)	$	1,002		$	1		$	1,003
Less: amortization of acquired UPR intangible - Chubb Corp		176			101			—		43			—		—			320			—			320
Add: elimination of DAC benefit - Chubb Corp		(150	)		(83	)		—		(48	)		—		—			(281	)		—			(281	)
Underwriting income (loss) - As If	$	452		$	187		$	90	$	379		$	53	$	(120	)	$	1,041		$	1		$	1,042
Q4 2016
Underwriting income (loss)	$	470		$	125		$	184	$	192		$	10	$	(186	)	$	795		$	(7	)	$	788
Less: amortization of acquired UPR intangible - Chubb Corp		78			45			—		21			—		—			144			—			144
Add: elimination of DAC benefit - Chubb Corp		(66	)		(37	)		—		(24	)		—		—			(127	)		—			(127	)
Underwriting income (loss) - As If	$	482		$	133		$	184	$	189		$	10	$	(186	)	$	812		$	(7	)	$	805
Full Year 2016
Underwriting income (loss)	$	1,630		$	432		$	341	$	934		$	146	$	(465	)	$	3,018		$	(1	)	$	3,017
Add:Pre-acquisition underwriting income (loss) (14 days prior to close)		13			30			—		4			—		(3	)		44			—			44
Less: amortization of acquired UPR intangible - Chubb Corp		859			492			—		208			—		—			1,559			—			1,559
Add: elimination of DAC benefit - Chubb Corp		(729	)		(406	)		—		(238	)		—		—			(1,373	)		—			(1,373	)
Underwriting income (loss) - As If	$	1,773		$	548		$	341	$	908		$	146	$	(468	)	$	3,248		$	(1	)	$	3,247

ReconciliationNon-GAAP 6 Page 32

Chubb Limited

Glossary

Chubb Limited Consolidatedcomprises all segments including Corporate.

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

P&C combined ratio:The sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding both the life business and theone-time pension curtailment benefit in Q4 2016 and including realized gains and losses on crop derivatives.

Operating effective tax rate:Income tax expense excluding tax expense (benefit) on adjusted net realized gains (losses), tax benefit on amortization of fair value of acquired invested assets and debt, and tax benefit on Chubb integration and related 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 and related expenses before tax.

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 maturityof 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:Chubb integration expenses comprise legal and professional fees and all other costs directly related to the integration activities of the Chubb Corp acquisition including thepre-acquisition interest expense on the $5.3 billion senior notes issued in November 2015. Thepre-acquisition interest expense is included in operating income subsequent to January 14th, 2016, the date of the acquisition close. Chubb integration expenses are incurred by the overall company and are therefore included in Corporate. These costs are not related to theon-going business activities of the segments and are therefore excluded from our definition of segment income.

Glossary Page 33