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

Exhibit 99.2

Chubb Limited

Financial Supplement

for the Quarter Ended September 30, 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 our post-acquisition integration of The Chubb Corporation.

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

Chubb Limited

Financial Supplement Table of Contents

		Page
I.	Financial Highlights
	- Consolidated Financial Highlights		1 - 2
II.	Consolidated Results
	- Consolidated Statement of Operations		3
	- P&C Results - Consecutive Quarters		4
	- Catastrophe Losses		5
	- Summary Consolidated Balance Sheets		6
	- Line of Business		7
	- Consolidated Results by Segment		8 - 11
III.	Global P&C Results
	- Global P&C Underwriting Results - Consecutive Quarters		12
IV.	Segment Results
	- North America Commercial P&C Insurance		13
	- North America Personal P&C Insurance		14
	- North America Agricultural Insurance		15
	- Overseas General Insurance		16 - 17
	- Global Reinsurance		18
	- Life Insurance		19
	- Corporate		20
V.	Balance Sheet Details
	- Loss Reserve Rollforward		21
	- Reinsurance Recoverable Analysis		22
	- Investment Portfolio		23 - 26
	- Net Realized and Unrealized Gains (Losses)		27 - 28
	- Debt and Capital		29
	- Computation of Basic and Diluted Earnings Per Share		30
	- Book Value and Book Value per Common Share		31
VI.	Other Disclosures
	-Non-GAAP Financial Measures		32 - 37
	- Glossary		38

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 - Quarter

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

(Unaudited)

	Three months ended September 30						% Change 3Q-17 vs.			Constant $		Constant $ % Change 3Q-17 vs.
	2017			2016			3Q-16			2016		3Q-16
Gross premiums written	$	9,710		$	9,483			2.4	%	$	9,478		2.5	%
Net premiums written	$	7,902		$	7,573			4.3	%	$	7,571		4.3	%
P&C net premiums written	$	7,363		$	7,041			4.6	%	$	7,039		4.6	%
Global P&C net premiums written	$	6,437		$	6,192			4.0	%	$	6,189		4.0	%
Net premiums earned	$	7,807		$	7,688			1.5	%	$	7,698		1.4	%
Net investment income	$	813		$	739			9.8	%	$	739		9.8	%
Adjusted net investment income	$	893		$	830			7.5	%	$	830		7.5	%
Operating income (loss)	$	(60	)	$	1,356			NM		$	1,364		NM
Net income (loss)	$	(70	)	$	1,360			NM
Operating cash flow	$	1,771		$	1,684
P&C combined ratio
Loss and loss expense ratio		83.4	%		57.0	%
Underwriting and administrative expense ratio		27.4	%		29.0	%
Combined ratio		110.8	%		86.0	%
P&C combined ratio - ex Cats and PPD
Loss and loss expense ratio - ex Cats and PPD		61.3	%		60.0	%
Underwriting and administrative expense ratio - ex Cats and PPD		27.2	%		28.9	%
Combined ratio excluding catastrophe losses and PPD		88.5	%		88.9	%
Operating return on equity (ROE)		-0.5	%		12.0	%
ROE		-0.6	%		11.4	%
Operating effective tax rate		50.9	%		18.4	%
Effective tax rate		54.7	%		17.0	%
Diluted earnings per share
Operating income (loss)(1)	$	(0.13	)	$	2.88			NM
Net income (loss)(1)	$	(0.15	)	$	2.88			NM
Weighted average basic common shares outstanding		466.4			468.0
Weighted average diluted common shares outstanding (1)		466.4			471.4

(1) For the three months ended September 30, 2017, weighted-average shares outstanding used in calculating net loss and operating loss per share excludes the effect of dilutive securities of 3,820,673 shares. In periods where a net loss or operating loss is recognized, inclusion of incremental dilution is antidilutive.

Financial Highlights - QTR Page 1

Chubb Limited

Consolidated Financial Highlights - Year to Date

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

(Unaudited)

																As If
	Nine months ended September 30						% Change YTD-17 vs			Constant $			Constant $ % Change YTD-17 vs			YTD			% Change YTD-17 vs			Constant $		Constant $ % Change YTD-17 vs
	2017			2016			YTD-16			2016			YTD-16			2016			YTD-16			2016		YTD-16
Gross premiums written	$	27,416		$	26,146			4.9	%	$	26,074			5.1	%	$	27,078			1.2	%	$	27,007		1.5	%
Net premiums written	$	22,193		$	21,207			4.7	%	$	21,141			5.0	%	$	22,062			0.6	%	$	21,996		0.9	%
P&C net premiums written	$	20,607		$	19,632			5.0	%	$	19,561			5.3	%	$	20,486			0.6	%	$	20,415		0.9	%
Global P&C net premiums written	$	19,217		$	18,344			4.8	%	$	18,273			5.2	%	$	19,198			0.1	%	$	19,126		0.5	%
Net premiums earned	$	21,816		$	21,690			0.6	%	$	21,662			0.7	%
Net investment income	$	2,328		$	2,121			9.7	%	$	2,113			10.1	%
Adjusted net investment income	$	2,584		$	2,413			7.0	%	$	2,405			7.4	%
Operating income	$	2,295		$	3,433			-33.2	%	$	3,434			-33.2	%
Net income	$	2,328		$	2,525			-7.8	%
Operating cash flow	$	3,411		$	3,837
P&C combined ratio
Loss and loss expense ratio		67.3	%		58.0	%											58.0	%
Underwriting and administrative expense ratio		28.7	%		31.0	%											30.2	%
Combined ratio		96.0	%		89.0	%											88.2	%
P&C combined ratio - ex Cats and PPD
Loss and loss expense ratio - ex Cats and PPD		59.4	%		58.7	%
Underwriting and administrative expense ratio - ex Cats and PPD		28.6	%		30.8	%
Combined ratio excluding catastrophe losses and PPD		88.0	%		89.5	%
Operating return on equity (ROE)		6.4	%		10.4	%
ROE		6.3	%		7.4	%
Operating effective tax rate		13.3	%		17.3	%
Effective tax rate		9.4	%		18.1	%
Diluted earnings per share
Operating income	$	4.87		$	7.40			-34.2	%
Net income	$	4.94		$	5.44			-9.2	%
Full nine months diluted earnings per share (1)
Operating income				$	7.42
Net income				$	5.49
							December 31 2016			% Change 3Q-17 vs 4Q-16
Book value per common share	$	108.74					$	103.60			5.0	%
Book value per common share excluding foreign currency(2)	$	106.79					$	103.60			3.1	%
Tangible book value per common share	$	65.06					$	60.64			7.3	%
Tangible book value per common share excluding foreign currency (2)	$	64.07					$	60.64			5.7	%
Weighted average basic common shares outstanding		467.7			460.6
Weighted average diluted common shares outstanding		471.6			464.1
Total hybrid & financial debt/capitalization		20.4	%		21.7	%		21.8	%

(1) Full nine months diluted earnings per share includes the combined company results inclusive of the first 14 days of January 2016 and includes the impact of purchase accounting adjustments related to The Chubb Corporation acquisition.

(2) For 2017, book value per common share and tangible book value per common share exclude the impact of foreign currency movement during the year.

Financial Highlights - YTD Page 2

Chubb Limited

Statement of Operations - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

																	YTD			YTD			Full Year
	3Q-17				2Q-17			1Q-17			4Q-16			3Q-16			2017			2016			2016
Consolidated Statements of Operations
Gross premiums written	$	9,710			$	9,305		$	8,401		$	8,837		$	9,483		$	27,416		$	26,146		$	34,983
Net premiums written		7,902				7,581			6,710			6,938			7,573			22,193			21,207			28,145
Net premiums earned		7,807				7,237			6,772			7,059			7,688			21,816			21,690			28,749
(1) Adjusted losses and loss expenses		6,252				4,148			3,789			3,884			4,266			14,189			12,196			16,080
Realized (gains) losses on crop derivatives		5				2			—			6			(3	)		7			(1	)		5
Pension curtailment benefit		—				—			—			(23	)		—			—			—			(23	)
Losses and loss expenses		6,247				4,146			3,789			3,855			4,269			14,182			12,197			16,052
Policy benefits		169				163			168			161			155			500			427			588
Policy acquisition costs		1,488				1,449			1,397			1,417			1,514			4,334			4,487			5,904
(2) Adjusted administrative expenses		714				706			676			798			772			2,096			2,373			3,171
Pension curtailment benefit		—				—			—			(90	)		—			—			—			(90	)
Administrative expenses		714				706			676			708			772			2,096			2,373			3,081
(3) Adjusted net investment income		893				855			836			845			830			2,584			2,413			3,258
Amortization expense of fair value adjustment on acquired invested assets		(80	)			(85	)		(91	)		(101	)		(91	)		(256	)		(292	)		(393	)
Net investment income		813				770			745			744			739			2,328			2,121			2,865
(4) Adjusted realized gains (losses)		(5	)			103			(7	)		371			97			91			(511	)		(140	)
Realized gains (losses) on crop derivatives		(5	)			(2	)		—			(6	)		3			(7	)		1			(5	)
Net realized gains (losses)		(10	)	��		101			(7	)		365			100			84			(510	)		(145	)
(5) Adjusted interest expense		162				160			166			167			164			488			479			646
Interest expense related topre-acquisition debt		—				—			—			—			—			—			7			7
Amortization benefit of fair value adjustment on acquired long term debt		(12	)			(13	)		(12	)		(13	)		(12	)		(37	)		(35	)		(48	)
Interest expense		150				147			154			154			152			451			451			605
Gains (losses) from fair value changes in separate account assets		24				16			30			(11	)		22			70			22			11
Net realized gains (losses) related to unconsolidated entities		89				143			52			162			72			284			65			227
Other income (expense) - operating		5				(14	)		(12	)		(21	)		(3	)		(21	)		5			(16	)
Other income (expense)		118				145			70			130			91			333			92			222
Amortization expense of purchased intangibles		65				65			64			3			4			194			16			19
Chubb integration expenses		50				72			111			131			115			233			361			492
Income tax expense (benefit)		(85	)			200			128			259			277			243			556			815
Net income (loss)	$	(70	)		$	1,305		$	1,093		$	1,610		$	1,360		$	2,328		$	2,525		$	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 3

Chubb Limited

P&C Underwriting Results - Consecutive Quarters

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

(Unaudited)

																YTD			YTD			Full Year
	3Q-17			2Q-17			1Q-17			4Q-16			3Q-16			2017			2016			2016
Chubb Limited P&C Underwriting Results
P&C Underwriting income (Including Corporate and excluding Life Insurance)
Gross premiums written	$	9,142		$	8,748		$	7,851		$	8,260		$	8,921		$	25,741		$	24,481		$	32,741
Net premiums written		7,363			7,058			6,186			6,389			7,041			20,607			19,632			26,021
Net premiums earned		7,280			6,722			6,266			6,525			7,176			20,268			20,169			26,694
Adjusted losses and loss expenses		6,071			3,966			3,596			3,719			4,092			13,633			11,698			15,417
Policy acquisition costs (excluding amortization of acquired UPR intangible)		1,356			1,319			1,283			1,150			1,067			3,958			2,686			3,836
Amortization of acquired UPR intangible - Chubb Corp		—			—			—			144			320			—			1,415			1,559
Adjusted administrative expenses		637			629			604			717			695			1,870			2,147			2,864
P&C Underwriting income (loss)	$	(784	)	$	808		$	783		$	795		$	1,002		$	807		$	2,223		$	3,018
P&C Underwriting income - As If										$	812		$	1,041					$	2,436		$	3,248
% Change versus prior year period
Net premiums written		4.6	%		-0.8	%		12.9	%		76.1	%		67.0	%		5.0	%		62.4	%		65.6	%
Net premiums earned		1.5	%		-2.5	%		2.7	%		76.3	%		69.3	%		0.5	%		74.4	%		74.8	%
Net premiums written constant $		4.6	%		-0.2	%		13.4	%		77.1	%		68.8	%		5.3	%		66.6	%		69.1	%
Net premiums earned constant $		1.3	%		-2.0	%		2.8	%		77.1	%		71.0	%		0.7	%		78.6	%		78.2	%
% Change versus prior year period - As If *
Net premiums written		4.6	%		-0.8	%		-2.3	%		-4.2	%		-4.5	%		0.6	%		-5.4	%		-5.1	%
Net premiums written constant $		4.6	%		-0.2	%		-1.9	%		-3.5	%		-3.4	%		0.9	%		-3.2	%		-3.3	%
Net premiums written constant $ excluding merger-related underwriting actions, accounting policy alignment, andone-time UPR transfer in 2016(1)		4.0	%		2.6	%		2.2	%		-0.4	%		1.1	%		3.0	%		-1.2	%		-1.0	%
P&C combined ratio
Loss and loss expense ratio		83.4	%		59.0	%		57.4	%		57.0	%		57.0	%		67.3	%		58.0	%		57.8	%
Policy acquisition cost ratio		18.6	%		19.6	%		20.5	%		19.8	%		19.3	%		19.5	%		20.3	%		20.2	%
Administrative expense ratio		8.8	%		9.4	%		9.6	%		11.0	%		9.7	%		9.2	%		10.7	%		10.7	%
Combined ratio		110.8	%		88.0	%		87.5	%		87.8	%		86.0	%		96.0	%		89.0	%		88.7	%
Combined ratio excluding catastrophe losses and PPD		88.5	%		87.5	%		88.0	%		87.4	%		88.9	%		88.0	%		89.5	%		89.0	%
P&C Combined ratio - As If
Loss and loss expense ratio - As If											57.0	%		57.0	%					58.0	%		57.7	%
Policy acquisition cost ratio - As If											19.6	%		18.8	%					19.4	%		19.5	%
Administrative expense ratio - As If											11.0	%		9.7	%					10.8	%		10.8	%
Combined ratio - As If											87.6	%		85.5	%					88.2	%		88.0	%
Combined ratio excluding catastrophe losses and PPD - As If											87.1	%		88.4	%					88.7	%		88.3	%
Other ratios
Net premiums written/gross premiums written		81	%		81	%		79	%		77	%		79	%		80	%		80	%		79	%
P&C expense ratio		27.4	%		29.0	%		30.1	%		30.8	%		29.0	%		28.7	%		31.0	%		30.9	%
P&C expense ratio excluding A&H		25.1	%		27.1	%		28.0	%		28.8	%		27.0	%		26.6	%		29.1	%		29.0	%
Catastrophe reinstatement premiums collected -pre-tax	$	22		$	—		$	—		$	1		$	—		$	22		$	6		$	7
Catastrophe losses -pre-tax	$	1,915		$	200		$	206		$	269		$	144		$	2,321		$	798		$	1,067
Favorable prior period development (PPD) -pre-tax	$	(270	)	$	(170	)	$	(231	)	$	(238	)	$	(349	)	$	(671	)	$	(897	)	$	(1,135	)
Loss and loss expense ratio excluding catastrophe losses and PPD		61.3	%		58.6	%		58.1	%		56.4	%		60.0	%		59.4	%		58.7	%		58.1	%

(1) Net premiums written were adversely impacted by merger-related underwriting actions of $87 million in Q3 2017 and $472 million for YTD 2017, and by accounting policy alignment of $73 million for YTD 2017. In addition, Q3 2016 and YTD 2016 included aone-time unearned premium reserve (UPR) transfer of $128 million that reduced net premiums written in the prior year.

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

Note: See Glossary on page 38 for further information on the calculation of the components of combined ratios.

P&C Results Page 4

Chubb Limited

Segments results - Catastrophe Loss Charges

(in millions of U.S. dollars)

(Unaudited)

														Total					Total
	North			North			North							Consolidated		Reinstatement			Consolidated
	America			America			America		Overseas					Excluding		premiums			including
	Commercial P&C			Personal P&C			Agricultural		General			Global		Reinstatement		collected			Reinstatement
	Insurance			Insurance			Insurance		Insurance			Reinsurance		premiums		(expensed)			premiums
Chubb Limited Catastrophe Loss Charges - Q3 2017
Catastrophe Loss Charges by Event - Gross
Hurricane Harvey	$	547		$	250		$	1	$	140		$	50	$	988
Hurricane Irma		618			214			2		120			325		1,279
Hurricane Maria		—			—			—		500			59		559
Mexico Earthquakes		—			—			—		40			—		40
Other		38			44			2		24			10		118
Total	$	1,203		$	508		$	5	$	824		$	444	$	2,984
Catastrophe Loss Charges by Event - Net
Hurricane Harvey	$	366		$	200		$	1	$	40		$	48	$	655	$	5		$	650
Hurricane Irma		464			206			2		90			159		921		30			891
Hurricane Maria		—			—			—		152			55		207		(13	)		220
Mexico Earthquakes		—			—			—		25			—		25		—			25
Other		38			42			2		19			6		107		—			107
Total	$	868		$	448		$	5	$	326		$	268	$	1,915
Reinstatement premiums collected (expensed)		(3	)		(3	)		—		(9	)		37			$	22
Total impact before income tax	$	871		$	451		$	5	$	335		$	231						$	1,893
Income tax benefit																				368
Total impact after income tax																			$	1,525

Note:The above table represents initial catastrophe losses estimated based on modeled information, underwriter analysis, preliminary assessments, and an analysis of exposed limits within each region. These estimates, as well as the allocation of these losses by segment, may change as additional information emerges.    

At this time there is the potential that approximately $20 million of net catastrophe losses associated with hurricane Maria may be re-allocated from Overseas General Insurance segment to North America Commercial P&C Insurance segment as further claim detail are reported. There would be no impact to consolidated net losses from such a re-allocation.

Catastrophe Losses Page 5

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)

	September 30			June 30			March 31			December 31
	2017			2017			2017			2016
Assets
Fixed maturities available for sale, at fair value	$	83,686		$	81,645		$	80,806		$	80,115
Fixed maturities held to maturity, at amortized cost		10,160			10,371			10,519			10,644
Equity securities, at fair value		910			856			835			814
Short-term investments, at fair value		2,991			2,651			2,780			3,002
Other investments		4,677			4,685			4,551			4,519
Total investments		102,424			100,208			99,491			99,094
Cash		1,088			1,297			1,063			985
Securities lending collateral		1,757			1,545			1,071			1,092
Insurance and reinsurance balances receivable		9,551			9,662			8,880			8,970
Reinsurance recoverable on losses and loss expenses		14,799			13,358			13,769			13,577
Deferred policy acquisition costs		4,691			4,546			4,406			4,314
Value of business acquired		339			337			345			355
Prepaid reinsurance premiums		2,506			2,592			2,549			2,448
Goodwill and other intangible assets		22,265			22,013			22,061			22,095
Investments in partially-owned insurance companies		652			662			666			666
Other assets		7,347			6,768			6,666			6,190
Total assets	$	167,419		$	162,988		$	160,967		$	159,786
Liabilities
Unpaid losses and loss expenses	$	64,153		$	60,394		$	60,579		$	60,540
Unearned premiums		15,456			15,289			14,857			14,779
Future policy benefits		5,307			5,190			5,086			5,036
Insurance and reinsurance balances payable		5,827			5,841			5,797			5,637
Securities lending payable		1,757			1,546			1,072			1,093
Accounts payable, accrued expenses, and other liabilities		10,422			10,360			10,477			10,020
Deferred tax liabilities		1,139			1,122			967			988
Short-term debt		1,020			922			300			500
Long-term debt		11,559			11,667			12,300			12,610
Trust preferred securities		308			308			308			308
Total liabilities		116,948			112,639			111,743			111,511
Shareholders’ equity
Total shareholders’ equity, excl. AOCI		49,402			49,979			49,224			48,589
Accumulated other comprehensive income (loss) (AOCI)		1,069			370			—			(314	)
Total shareholders’ equity		50,471			50,349			49,224			48,275
Total liabilities and shareholders’ equity	$	167,419		$	162,988		$	160,967		$	159,786
Book value per common share	$	108.74		$	108.19		$	105.35		$	103.60
% change over prior quarter		0.5	%		2.7	%		1.7	%		-0.3	%
Tangible book value per common share	$	65.06		$	65.23		$	62.52		$	60.64
% change over prior quarter		-0.3	%		4.3	%		3.1	%		0.6	%

Consol Bal Sheet Page 6

Chubb Limited

Consolidated Net Premiums Written by Line of Business

(in millions of U.S. dollars)

(Unaudited)

																				C$ % Change
																				As If ex
								C$ % Change ex												Merger Actions,
								Merger Actions												Acct Policy
								&one-time UPR												& one-time UPR
					% Change			Transfer(1)							% Change			As If		Transfer(1)
					3Q-17 vs.			3Q-17 vs.			YTD		YTD		YTD-17 vs			YTD		YTD-17 vs
	3Q-17		3Q-16		3Q-16			3Q-16			2017		2016		YTD-16			2016		YTD-16
Net premiums written
Commercial multiple peril (2)	$	233	$	228		2.2	%		1.8	%	$	661	$	596		10.9	%	$	676		-1.6	%
Commercial casualty		992		966		2.7	%		4.9	%		2,680		2,502		7.1	%		2,620		5.3	%
Workers’ compensation		470		471		-0.2	%		4.5	%		1,536		1,467		4.7	%		1,606		-0.4	%
Professional liability		906		947		-4.3	%		-4.4	%		2,600		2,552		1.9	%		2,688		-1.5	%
Surety		158		158		0.0	%		0.6	%		461		441		4.5	%		450		3.6	%
Property and other short-tail lines		888		905		-1.9	%		-0.4	%		2,974		2,935		1.3	%		3,072		0.4	%
International other casualty		237		239		-0.8	%		-1.3	%		801		771		3.9	%		827		2.0	%
Total Commercial P&C (1)		3,884		3,914		-0.8	%		0.6	%		11,713		11,264		4.0	%		11,939		1.0	%
Agriculture		926		849		9.0	%		9.0	%		1,390		1,288		7.9	%		1,288		7.9	%
Personal automobile - North America		204		188		8.5	%		8.5	%		578		520		11.2	%		534		8.2	%
Personal automobile - International		195		154		26.6	%		30.7	%		569		499		14.0	%		499		17.1	%
Personal homeowners		877		712		23.2	%		4.4	%		2,499		2,281		9.6	%		2,347		6.0	%
Personal other		355		367		-3.3	%		0.5	%		1,080		1,048		3.1	%		1,088		6.5	%
Total Personal lines(1)		1,631		1,421		14.8	%		6.6	%		4,726		4,348		8.7	%		4,468		7.6	%
Total Property and Casualty lines		6,441		6,184		4.2	%		3.2	%		17,829		16,900		5.5	%		17,695		3.2	%
Global A&H lines(1) (3)		1,014		990		2.4	%		3.7	%		3,033		2,955		2.6	%		2,994		2.4	%
Reinsurance lines (1)		191		131		47.1	%		47.9	%		580		562		3.3	%		582		2.6	%
Life(1)		256		268		-4.5	%		-1.1	%		751		790		-4.9	%		791		-1.5	%
Total consolidated	$	7,902	$	7,573		4.3	%		3.9	%	$	22,193	$	21,207		4.7	%	$	22,062		2.9	%

(1) Q3 2017 and YTD 2017 include the adverse impact of merger-related underwriting actions, respectively, as follows: Commercial P&C $52 million and $233 million; Personal lines $22 million and $197 million; Global A&H lines $13 million and $32 million; Reinsurance lines $nil and $10 million; and Life $9 million and $33 million. YTD 2017 also include the adverse impact of accounting policy alignment as follows: Commercial P&C $66 million, Personal lines $6 million and Global A&H lines $1 million. In addition, Q3 2016 and YTD 2016 included aone-time unearned premium reserve (UPR) transfer of $128 million that reduced net premiums written in the prior year.

(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 within the Global A&H lines above.

Line of Business Page 7

Chubb Limited

Consolidated Results - Three months ended September 30, 2017

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

(Unaudited)

	North			North			North
	America			America			America			Overseas
	Commercial P&C			Personal P&C			Agricultural			General			Global						Total			Life			Total
	Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C			Insurance			Consolidated
Q3 2017
Net premiums written	$	3,089		$	1,194		$	926		$	1,963		$	191		$	—		$	7,363		$	539		$	7,902
Net premiums earned		3,016			1,117			898			2,064			185			—			7,280			527			7,807
Adjusted losses and loss expenses		2,580			1,062			764			1,281			295			89			6,071			181			6,252
Policy benefits		—			—			—			—			—			—			—			169			169
(Gains) losses from fair value changes in separate account assets(1)		—			—			—			—			—			—			—			(24	)		(24	)
Policy acquisition costs		469			226			49			569			43			—			1,356			132			1,488
Administrative expenses		256			61			(1	)		246			11			64			637			77			714
Underwriting income (loss)		(289	)		(232	)		86			(32	)		(164	)		(153	)		(784	)		(8	)		(792	)
Adjusted net investment income		497			57			6			164			80			11			815			78			893
Other income (expense) - operating (1)		4			(1	)		—			10			3			(6	)		10			(5	)		5
Amortization expense of purchased intangibles		—			(4	)		(8	)		(11	)		—			(41	)		(64	)		(1	)		(65	)
Segment income (loss)	$	212		$	(180	)	$	84		$	131		$	(81	)	$	(189	)	$	(23	)	$	64		$	41
Adjusted interest expense																	(162	)								(162	)
Income tax benefit																	61									61
Operating loss																	(290	)								(60	)
Chubb integration expenses, net of $14 million tax benefit																	(36	)								(36	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $18 million tax benefit(2)																	(50	)								(50	)
Adjusted net realized gains (losses), net of $8 million tax (3)																	76									76
Net loss																$	(300	)							$	(70	)
Combined ratio		109.6	%		120.8	%		90.4	%		101.6	%		187.4	%					110.8	%
Combined ratio excluding catastrophe losses and PPD		88.7	%		77.5	%		90.3	%		90.6	%		82.2	%					88.5	%

(1) For the Life Insurance segment, (gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified for underwriting income presentation from Other income (expense).

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

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

Consol Results - QTD 2017 Page 8

Chubb Limited

Consolidated Results - Nine months ended September 30, 2017

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

(Unaudited)

	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
YTD 2017
Net premiums written	$	9,035		$	3,433		$	1,390		$	6,169		$	580		$	—		$	20,607		$	1,586		$	22,193
Net premiums earned		9,156			3,296			1,256			6,018			542			—			20,268			1,548			21,816
Adjusted losses and loss expenses		6,376			2,378			983			3,316			435			145			13,633			556			14,189
Policy benefits		—			—			—			—			—			—			—			500			500
(Gains) losses from fair value changes in separate account assets(1)		—			—			—			—			—			—			—			(70	)		(70	)
Policy acquisition costs		1,420			673			75			1,653			137			—			3,958			376			4,334
Administrative expenses		728			192			(4	)		734			33			187			1,870			226			2,096
Underwriting income (loss)		632			53			202			315			(63	)		(332	)		807			(40	)		767
Adjusted net investment income		1,465			168			18			460			207			36			2,354			230			2,584
Other income (expense) - operating (1)		4			(3	)		(1	)		14			2			(27	)		(11	)		(10	)		(21	)
Amortization expense of purchased intangibles		—			(12	)		(22	)		(33	)		—			(125	)		(192	)		(2	)		(194	)
Segment income (loss)	$	2,101		$	206		$	197		$	756		$	146		$	(448	)	$	2,958		$	178		$	3,136
Adjusted interest expense																	(488	)								(488	)
Income tax expense																	(353	)								(353	)
Operating income (loss)																	(1,289	)								2,295
Chubb integration expenses, net of $73 million tax benefit																	(160	)								(160	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $62 million tax benefit(2)																	(157	)								(157	)
Adjusted net realized gains (losses), net of $25 million tax (3)																	350									350
Net income (loss)																$	(1,256	)							$	2,328
Combined ratio		93.1	%		98.4	%		83.9	%		94.8	%		111.5	%					96.0	%
Combined ratio excluding catastrophe losses and PPD		87.6	%		78.3	%		89.6	%		91.3	%		78.6	%					88.0	%

(1) For the Life Insurance segment, (gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified for underwriting income presentation from Other income (expense).

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

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

Consol Results - YTD 2017 Page 9

Chubb Limited

Consolidated Results - Three months ended September 30, 2016

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

(Unaudited)

	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
Q3 2016
Net premiums written	$	3,110		$	1,011		$	849		$	1,940		$	131		$	—		$	7,041		$	532		$	7,573
Net premiums earned		3,086			1,081			819			2,034			156			—			7,176			512			7,688
Adjusted losses and loss expenses		1,863			594			680			843			49			63			4,092			174			4,266
Policy benefits		—			—			—			—			—			—			—			155			155
(Gains) losses from fair value changes in separate account assets(1)		—			—			—			—			—			—			—			(22	)		(22	)
Policy acquisition costs (excluding amortization of acquired UPR intangible)		346			128			48			503			42			—			1,067			127			1,194
Amortization of acquired UPR intangible - Chubb Corp		176			101			—			43			—			—			320			—			320
Administrative expenses		275			89			1			261			12			57			695			77			772
Underwriting income (loss)		426			169			90			384			53			(120	)		1,002			1			1,003
Adjusted net investment income		477			53			5			152			67			5			759			71			830
Other income (expense) - operating (1)		(3	)		(2	)		—			6			—			(2	)		(1	)		(2	)		(3	)
Amortization (expense) benefit of purchased intangibles		—			(4	)		(7	)		(12	)		—			20			(3	)		(1	)		(4	)
Segment income (loss)	$	900		$	216		$	88		$	530		$	120		$	(97	)	$	1,757		$	69		$	1,826
Adjusted interest expense																	(164	)								(164	)
Income tax expense																	(306	)								(306	)
Operating income (loss)																	(567	)								1,356
Chubb integration and related expenses, net of $30 million tax benefit																	(85	)								(85	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $26 million tax benefit(2)																	(53	)								(53	)
Adjusted net realized gains (losses), net of $27 million tax(3)																	142									142
Net income (loss)																$	(563	)							$	1,360
Combined ratio		86.2	%		84.4	%		88.9	%		81.2	%		66.3	%					86.0	%
Combined ratio excluding catastrophe losses and PPD		89.4	%		78.8	%		90.1	%		91.1	%		78.1	%					88.9	%
Underwriting income (loss) - As If	$	452		$	187		$	90		$	379		$	53		$	(120	)	$	1,041		$	1		$	1,042
Combined ratio - As If		85.3	%		82.8	%		88.9	%		81.4	%		66.3	%					85.5	%
Combined ratio excluding catastrophe losses and PPD - As If		88.6	%		77.2	%		90.1	%		91.3	%		78.1	%					88.4	%

(1) For the Life Insurance segment, (gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified for underwriting income presentation from Other income (expense).

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

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

Consol Results - QTD 2016 Page 10

Chubb Limited

Consolidated Results - Nine months ended September 30, 2016

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

(Unaudited)

	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
YTD 2016
Net premiums written	$	8,657		$	3,113		$	1,288		$	6,012		$	562		$	—		$	19,632		$	1,575		$	21,207
Net premiums earned		9,130			3,245			1,169			6,082			543			—			20,169			1,521			21,690
Adjusted losses and loss expenses		5,581			1,916			936			2,953			225			87			11,698			498			12,196
Policy benefits		—			—			—			—			—			—			—			427			427
(Gains) losses from fair value changes in separate account assets (1)		—			—			—			—			—			—			—			(22	)		(22	)
Policy acquisition costs (excluding amortization of acquired UPR intangible)		768			300			77			1,399			142			—			2,686			386			3,072
Amortization of acquired UPR intangible - Chubb Corp		781			447			—			187			—			—			1,415			—			1,415
Administrative expenses		840			275			(1	)		801			40			192			2,147			226			2,373
Underwriting income (loss)		1,160			307			157			742			136			(279	)		2,223			6			2,229
Adjusted net investment income		1,371			155			15			445			199			21			2,206			207			2,413
Other income (expense) - operating (1)		6			(6	)		—			16			3			(6	)		13			(8	)		5
Amortization (expense) benefit of purchased intangibles		—			(16	)		(22	)		(36	)		—			60			(14	)		(2	)		(16	)
Segment income (loss)	$	2,537		$	440		$	150		$	1,167		$	338		$	(204	)	$	4,428		$	203		$	4,631
Adjusted interest expense																	(479	)								(479	)
Income tax expense																	(719	)								(719	)
Operating income (loss)																	(1,402	)								3,433
Chubb integration and related expenses, net of $106 million tax benefit																	(262	)								(262	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $79 million tax benefit (2)																	(178	)								(178	)
Adjusted net realized gains (losses), net of $22 million tax (3)																	(468	)								(468	)
Net income (loss)																$	(2,310	)							$	2,525
Combined ratio		87.3	%		90.5	%		86.6	%		87.8	%		75.0	%					89.0	%
Combined ratio excluding catastrophe losses and PPD		89.5	%		81.4	%		90.0	%		91.5	%		78.5	%					89.5	%
Underwriting income (loss) - As If	$	1,291		$	415		$	157		$	719		$	136		$	(282	)	$	2,436		$	6		$	2,442
Combined ratio - As If		86.2	%		87.6	%		86.6	%		88.3	%		75.0	%					88.2	%
Combined ratio excluding catastrophe losses and PPD - As If		88.4	%		78.8	%		90.0	%		92.0	%		78.5	%					88.7	%

(1) For the Life Insurance segment, (gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified for underwriting income presentation from Other income (expense).

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

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

Consol Results - YTD 2016 Page 11

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 13), North America Personal P&C Insurance segment (refer to page 14), Overseas General Insurance segment (refer to page 16), Global Reinsurance segment (refer to page 18), and Corporate (refer to page 20). Global P&C excludes the North America Agricultural Insurance and Life Insurance segments.

																YTD			YTD			Full Year
	3Q-17			2Q-17			1Q-17			4Q-16			3Q-16			2017			2016			2016
Global P&C (Including Corporate and excluding Agriculture)
Global P&C Underwriting income
Gross premiums written	$	7,839		$	8,179		$	7,684		$	7,994		$	7,681		$	23,702		$	22,560		$	30,554
Net premiums written		6,437			6,655			6,125			6,349			6,192			19,217			18,344			24,693
Net premiums earned		6,382			6,378			6,252			6,378			6,357			19,012			19,000			25,378
Adjusted losses and loss expenses		5,307			3,674			3,669			3,757			3,412			12,650			10,762			14,519
Policy acquisition costs (excluding amortization of acquired UPR intangible)		1,307			1,292			1,284			1,144			1,019			3,883			2,609			3,753
Amortization of acquired UPR intangible - Chubb Corp		—			—			—			144			320			—			1,415			1,559
Adjusted administrative expenses		638			627			609			722			694			1,874			2,148			2,870
Global P&C Underwriting income (loss)	$	(870	)	$	785		$	690		$	611		$	912		$	605		$	2,066		$	2,677
Global P&C Underwriting income - As If										$	628		$	951					$	2,279		$	2,907
% Change versus prior year period
Net premiums written		4.0	%		-1.2	%		13.1	%		82.0	%		78.0	%		4.8	%		68.6	%		71.8	%
Net premiums earned		0.4	%		-2.9	%		2.9	%		84.3	%		81.6	%		0.1	%		82.0	%		82.6	%
Net premiums written constant $		4.0	%		-0.6	%		13.7	%		83.1	%		80.3	%		5.2	%		73.4	%		75.8	%
Net premiums earned constant $		0.3	%		-2.3	%		3.0	%		85.3	%		83.8	%		0.3	%		86.8	%		86.4	%
% Change versus prior year period - As If *
Net premiums written		4.0	%		-1.2	%		-2.3	%		-2.8	%		-6.7	%		0.1	%		-6.1	%		-5.3	%
Net premiums written constant $		4.0	%		-0.6	%		-1.9	%		-2.0	%		-5.5	%		0.5	%		-3.9	%		-3.4	%
Net premiums written constant $ excluding merger-related underwriting actions, accounting policy alignment, andone-time UPR transfer in 2016 (1)		3.3	%		2.4	%		2.3	%		1.2	%		-0.5	%		2.7	%		-1.6	%		-1.0	%
Combined ratio
Loss and loss expense ratio		83.1	%		57.6	%		58.7	%		58.9	%		53.7	%		66.5	%		56.6	%		57.2	%
Policy acquisition cost ratio		20.5	%		20.3	%		20.5	%		20.2	%		21.1	%		20.4	%		21.2	%		20.9	%
Administrative expense ratio		10.0	%		9.8	%		9.8	%		11.3	%		10.9	%		9.9	%		11.3	%		11.4	%
Combined ratio		113.6	%		87.7	%		89.0	%		90.4	%		85.7	%		96.8	%		89.1	%		89.5	%
Combined ratio excluding catastrophe losses and PPD		88.2	%		87.4	%		88.2	%		89.7	%		88.8	%		87.9	%		89.5	%		89.5	%
Combined ratio - As If
Loss and loss expense ratio - As If											58.9	%		53.7	%					56.6	%		57.2	%
Policy acquisition cost ratio - As If											20.0	%		20.4	%					20.2	%		20.1	%
Administrative expense ratio - As If											11.3	%		10.9	%					11.4	%		11.4	%
Combined ratio - As If											90.2	%		85.0	%					88.2	%		88.7	%
Combined ratio excluding catastrophe losses and PPD - As If											89.4	%		88.2	%					88.6	%		88.8	%
Other ratios
Net premiums written/gross premiums written		82	%		81	%		80	%		79	%		81	%		81	%		81	%		81	%
Expense ratio		30.5	%		30.1	%		30.3	%		31.5	%		32.0	%		30.3	%		32.5	%		32.3	%
Expense ratio excluding A&H		28.3	%		28.2	%		28.1	%		29.5	%		30.0	%		28.2	%		30.7	%		30.4	%
Catastrophe reinstatement premiums collected -pre-tax	$	22		$	—		$	—		$	1		$	—		$	22		$	6		$	7
Catastrophe losses -pre-tax	$	1,910		$	192		$	201		$	267		$	143		$	2,303		$	781		$	1,048
Favorable prior period development (PPD) -pre-tax	$	(266	)	$	(170	)	$	(152	)	$	(218	)	$	(338	)	$	(588	)	$	(845	)	$	(1,063	)
Loss and loss expense ratio excluding catastrophe losses and PPD		58.0	%		57.3	%		57.9	%		58.2	%		56.9	%		57.7	%		57.1	%		57.4	%

(1) Net premiums written were adversely impacted by merger-related underwriting actions of $87 million in Q3 2017 and $472 million for YTD 2017, and by accounting policy alignment of $73 million for YTD 2017. In addition, Q3 2016 and YTD 2016 included aone-time unearned premium reserve (UPR) transfer of $128 million that reduced net premiums written in the prior year.

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

Global P&C Page 12

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

	3Q-17			2Q-17			1Q-17			4Q-16			3Q-16			YTD 2017			YTD 2016			Full Year 2016
North America Commercial P&C Insurance
Gross premiums written	$	3,922		$	4,078		$	3,665		$	4,109		$	3,832		$	11,665		$	10,877		$	14,986
Net premiums written		3,089			3,204			2,742			3,083			3,110			9,035			8,657			11,740
Net premiums earned		3,016			3,099			3,041			3,087			3,086			9,156			9,130			12,217
Losses and loss expenses		2,580			1,936			1,860			1,858			1,863			6,376			5,581			7,439
Policy acquisition costs (excluding amortization of acquired UPR intangible)		469			464			487			396			346			1,420			768			1,164
Amortization of acquired UPR intangible - Chubb Corp		—			—			—			78			176			—			781			859
Administrative expenses		256			241			231			285			275			728			840			1,125
Underwriting income (loss)		(289	)		458			463			470			426			632			1,160			1,630
Net investment income		497			490			478			489			477			1,465			1,371			1,860
Other income (expense) - operating		4			4			(4	)		(4	)		(3	)		4			6			2
Segment income	$	212		$	952		$	937		$	955		$	900		$	2,101		$	2,537		$	3,492
Underwriting income - As If										$	482		$	452					$	1,291		$	1,773
Combined ratio
Loss and loss expense ratio		85.5	%		62.5	%		61.2	%		60.2	%		60.4	%		69.6	%		61.1	%		60.9	%
Policy acquisition cost ratio		15.5	%		15.0	%		16.0	%		15.3	%		16.9	%		15.5	%		17.0	%		16.6	%
Administrative expense ratio		8.6	%		7.7	%		7.6	%		9.3	%		8.9	%		8.0	%		9.2	%		9.2	%
Combined ratio		109.6	%		85.2	%		84.8	%		84.8	%		86.2	%		93.1	%		87.3	%		86.7	%
Combined ratio excluding catastrophe losses and PPD		88.7	%		86.1	%		87.9	%		88.9	%		89.4	%		87.6	%		89.5	%		89.4	%
Combined ratio - As If
Loss and loss expense ratio - As If											60.2	%		60.4	%					61.1	%		60.9	%
Policy acquisition cost ratio - As If											14.9	%		16.0	%					15.7	%		15.5	%
Administrative expense ratio - As If											9.3	%		8.9	%					9.4	%		9.3	%
Combined ratio - As If											84.4	%		85.3	%					86.2	%		85.7	%
Combined ratio excluding catastrophe losses and PPD - As If											88.5	%		88.6	%					88.4	%		88.4	%
Catastrophe reinstatement premiums expensed -pre-tax	$	(3	)	$	—		$	—		$	—		$	—		$	(3	)	$	—		$	—
Catastrophe losses -pre-tax	$	868		$	102		$	83		$	117		$	90		$	1,053		$	331		$	448
Favorable prior period development (PPD) -pre-tax(1)	$	(236	)	$	(131	)	$	(179	)	$	(245	)	$	(187	)	$	(546	)	$	(533	)	$	(778	)
Loss and loss expense ratio excluding catastrophe losses and PPD		65.2	%		63.4	%		64.4	%		64.4	%		63.8	%		64.3	%		63.5	%		63.7	%
% Change versus prior year period
Net premiums written		-0.6	%		-1.3	%		19.1	%		97.9	%		117.1	%		4.4	%		108.2	%		105.4	%
Net premiums earned		-2.3	%		-1.6	%		5.0	%		116.6	%		119.1	%		0.3	%		117.0	%		116.9	%
% Change versus prior year period - As If *
Net premiums written		-0.6	%		-1.3	%		-2.8	%		-5.1	%		-2.4	%		-1.5	%		-2.0	%		-2.8	%
Net premiums written excluding merger-related underwriting actions(2)		1.2	%		1.3	%		0.2	%		-2.5	%		0.0	%		0.9	%		-0.3	%		-0.9	%
Other ratios
Net premiums written/gross premiums written		79	%		79	%		75	%		75	%		81	%		77	%		80	%		78	%
Production by Size
Net Premiums Written
Major account & specialty (3)	$	1,792		$	1,959		$	1,568		$	1,880		$	1,841		$	5,319		$	5,269		$	7,149
Commercial(3)		1,297			1,245			1,174			1,203			1,269			3,716			3,388			4,591
Total	$	3,089		$	3,204		$	2,742		$	3,083		$	3,110		$	9,035		$	8,657		$	11,740

(1) For Q3 2017, favorable prior period development is net of $39 million unfavorable net earned premium adjustments and $6 million of unfavorable expense adjustments. For YTD 2017, favorable prior period development is net of $42 million of unfavorable net earned premium adjustments, $6 million of unfavorable expense adjustments, and $9M of unfavorable reinstatement premium adjustments.

(2) Net premiums written were adversely impacted by merger-related underwriting actions of $57 million in Q3 2017 and $225 million for YTD 2017.

(3) 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 13

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

																YTD			YTD			Full Year
	3Q-17			2Q-17			1Q-17			4Q-16			3Q-16			2017			2016			2016
North America Personal P&C Insurance
Gross premiums written	$	1,338		$	1,409		$	1,145		$	1,228		$	1,323		$	3,892		$	3,666		$	4,894
Net premiums written		1,194			1,255			984			1,040			1,011			3,433			3,113			4,153
Net premiums earned		1,117			1,093			1,086			1,074			1,081			3,296			3,245			4,319
Losses and loss expenses		1,062			683			633			642			594			2,378			1,916			2,558
Policy acquisition costs (excluding amortization of acquired UPR intangible)		226			230			217			174			128			673			300			474
Amortization of acquired UPR intangible - Chubb Corp		—			—			—			45			101			—			447			492
Administrative expenses		61			66			65			88			89			192			275			363
Underwriting income (loss)		(232	)		114			171			125			169			53			307			432
Net investment income		57			56			55			52			53			168			155			207
Other expense - operating		(1	)		(1	)		(1	)		—			(2	)		(3	)		(6	)		(6	)
Amortization expense of purchased intangibles		(4	)		(5	)		(3	)		(3	)		(4	)		(12	)		(16	)		(19	)
Segment income (loss)	$	(180	)	$	164		$	222		$	174		$	216		$	206		$	440		$	614
Underwriting income - As If										$	133		$	187					$	415		$	548
Combined ratio
Loss and loss expense ratio		95.1	%		62.4	%		58.3	%		59.7	%		54.9	%		72.2	%		59.1	%		59.2	%
Policy acquisition cost ratio		20.2	%		21.1	%		20.0	%		20.4	%		21.2	%		20.4	%		23.0	%		22.4	%
Administrative expense ratio		5.5	%		6.1	%		5.9	%		8.2	%		8.3	%		5.8	%		8.4	%		8.4	%
Combined ratio		120.8	%		89.6	%		84.2	%		88.3	%		84.4	%		98.4	%		90.5	%		90.0	%
Combined ratio excluding catastrophe losses and PPD		77.5	%		79.3	%		78.3	%		82.9	%		78.8	%		78.3	%		81.4	%		81.8	%
Combined ratio - As If
Loss and loss expense ratio - As If											59.7	%		54.9	%					58.7	%		58.9	%
Policy acquisition cost ratio - As If											19.7	%		19.6	%					20.4	%		20.2	%
Administrative expense ratio - As If											8.2	%		8.3	%					8.5	%		8.5	%
Combined ratio - As If											87.6	%		82.8	%					87.6	%		87.6	%
Combined ratio excluding catastrophe losses and PPD - As If											82.1	%		77.2	%					78.8	%		79.6	%
Catastrophe reinstatement premiums expensed -pre-tax	$	(3	)	$	—		$	—		$	—		$	—		$	(3	)	$	—		$	—
Catastrophe losses -pre-tax	$	448		$	77		$	68		$	51		$	22		$	593		$	275		$	326
Unfavorable (favorable) prior period development (PPD) -pre-tax	$	32		$	37		$	(3	)	$	7		$	38		$	66		$	20		$	27
Loss and loss expense ratio excluding catastrophe losses and PPD		51.9	%		52.1	%		52.4	%		54.3	%		49.3	%		52.1	%		50.0	%		51.0	%
% Change versus prior year period
Net premiums written		18.0	%		2.0	%		13.0	%		344.7	%		263.4	%		10.3	%		225.0	%		248.4	%
Net premiums earned		3.4	%		-4.0	%		6.0	%		311.9	%		296.3	%		1.6	%		372.1	%		355.5	%
% Change versus prior year period - As If *
Net premiums written		18.0	%		2.0	%		1.3	%		-4.8	%		-16.4	%		6.8	%		-12.4	%		-10.7	%
Net premiums written excluding merger-related underwriting actions, andone-time UPR transfer in 2016(1)		4.8	%		8.0	%		6.6	%		1.8	%		0.1	%		6.5	%		-7.0	%		1.5	%
Other ratios
Net premiums written/gross premiums written		89	%		89	%		86	%		85	%		76	%		88	%		85	%		85	%

(1) Net premiums written were adversely impacted by merger-related underwriting actions of $126 million for YTD 2017. In addition, Q3 2016 and YTD 2016 included aone-time unearned premium reserve (UPR) transfer of $128 million that reduced net premiums written in the prior year.

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

NA Personal Page 14

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

																YTD			YTD			Full Year
	3Q-17			2Q-17			1Q-17			4Q-16			3Q-16			2017			2016			2016
North America Agricultural Insurance
Gross premiums written	$	1,303		$	569		$	167		$	266		$	1,240		$	2,039		$	1,921		$	2,187
Net premiums written		926			403			61			40			849			1,390			1,288			1,328
Net premiums earned		898			344			14			147			819			1,256			1,169			1,316
Adjusted losses and loss expenses(1)		764			292			(73	)		(38	)		680			983			936			898
Policy acquisition costs		49			27			(1	)		6			48			75			77			83
Administrative expenses		(1	)		2			(5	)		(5	)		1			(4	)		(1	)		(6	)
Underwriting income		86			23			93			184			90			202			157			341
Net investment income		6			6			6			5			5			18			15			20
Other expense - operating		—			(1	)		—			(1	)		—			(1	)		—			(1	)
Amortization expense of purchased intangibles		(8	)		(7	)		(7	)		(7	)		(7	)		(22	)		(22	)		(29	)
Segment income	$	84		$	21		$	92		$	181		$	88		$	197		$	150		$	331
Combined ratio
Loss and loss expense ratio		85.1	%		85.2	%		NM			-26.0	%		83.0	%		78.3	%		80.1	%		68.3	%
Policy acquisition cost ratio		5.4	%		7.7	%		NM			3.9	%		5.9	%		6.0	%		6.6	%		6.3	%
Administrative expense ratio		-0.1	%		0.4	%		NM			-3.3	%		0.0	%		-0.4	%		-0.1	%		-0.5	%
Combined ratio		90.4	%		93.3	%		NM			-25.4	%		88.9	%		83.9	%		86.6	%		74.1	%
Combined ratio excluding catastrophe losses and PPD		90.3	%		91.1	%		74.6	%		-10.9	%		90.1	%		89.6	%		90.0	%		78.9	%
Catastrophe losses -pre-tax	$	5		$	8		$	5		$	2		$	1		$	18		$	17		$	19
Favorable prior period development (PPD) -pre-tax(2)	$	(4	)	$	—		$	(79	)	$	(20	)	$	(11	)	$	(83	)	$	(52	)	$	(72	)
Loss and loss expense ratio excluding catastrophe losses and PPD		84.9	%		83.0	%		75.8	%		-16.9	%		84.2	%		83.9	%		83.4	%		72.4	%
% Change versus prior year period
Net premiums written		9.0	%		7.7	%		-4.6	%		-71.6	%		15.2	%		7.9	%		6.9	%		-1.3	%
Net premiums earned		9.6	%		5.4	%		-41.6	%		-39.1	%		10.9	%		7.4	%		4.0	%		-3.6	%
Other ratios
Net premiums written/gross premiums written		71	%		71	%		37	%		15	%		68	%		68	%		67	%		61	%

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

(2) For YTD 2017, favorable prior period development is net of $61 million of unfavorable net earned premium adjustments and $4 million of favorable profit-sharing commissions.

NA Agriculture Page 15

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

																YTD			YTD			Full Year
	3Q-17			2Q-17			1Q-17			4Q-16			3Q-16			2017			2016			2016
Overseas General Insurance
Gross premiums written	$	2,377		$	2,464		$	2,662		$	2,542		$	2,383		$	7,503		$	7,393		$	9,935
Net premiums written		1,963			2,006			2,200			2,112			1,940			6,169			6,012			8,124
Net premiums earned		2,064			2,018			1,936			2,050			2,034			6,018			6,082			8,132
Losses and loss expenses		1,281			964			1,071			1,052			843			3,316			2,953			4,005
Policy acquisition costs (excluding amortization of acquired UPR intangible)		569			555			529			529			503			1,653			1,399			1,928
Amortization of acquired UPR intangible - Chubb Corp		—			—			—			21			43			—			187			208
Administrative expenses		246			243			245			256			261			734			801			1,057
Underwriting income (loss)		(32	)		256			91			192			384			315			742			934
Net investment income		164			148			148			155			152			460			445			600
Other income (expense) - operating		10			3			1			(5	)		6			14			16			11
Amortization expense of purchased intangibles		(11	)		(11	)		(11	)		(12	)		(12	)		(33	)		(36	)		(48	)
Segment income	$	131		$	396		$	229		$	330		$	530		$	756		$	1,167		$	1,497
Underwriting income - As If										$	189		$	379					$	719		$	908
Combined ratio
Loss and loss expense ratio		62.1	%		47.8	%		55.3	%		51.3	%		41.5	%		55.1	%		48.6	%		49.3	%
Policy acquisition cost ratio		27.6	%		27.5	%		27.3	%		26.9	%		26.8	%		27.5	%		26.1	%		26.3	%
Administrative expense ratio		11.9	%		12.0	%		12.7	%		12.4	%		12.9	%		12.2	%		13.1	%		12.9	%
Combined ratio		101.6	%		87.3	%		95.3	%		90.6	%		81.2	%		94.8	%		87.8	%		88.5	%
Combined ratio excluding catastrophe losses and PPD		90.6	%		91.2	%		92.1	%		91.2	%		91.1	%		91.3	%		91.5	%		91.5	%
Combined ratio - As If
Loss and loss expense ratio - As If											51.3	%		41.5	%					48.7	%		49.3	%
Policy acquisition cost ratio - As If											27.1	%		27.0	%					26.4	%		26.6	%
Administrative expense ratio - As If											12.4	%		12.9	%					13.2	%		13.0	%
Combined ratio - As If											90.8	%		81.4	%					88.3	%		88.9	%
Combined ratio excluding catastrophe losses and PPD - As If											91.4	%		91.3	%					92.0	%		91.9	%
Catastrophe reinstatement premiums expensed -pre-tax	$	(9	)	$	—		$	—		$	—		$	—		$	(9	)	$	—		$	—
Catastrophe losses -pre-tax	$	326		$	10		$	50		$	72		$	20		$	386		$	111		$	183
Unfavorable (favorable) prior period development (PPD) -pre-tax	$	(108	)	$	(88	)	$	12		$	(85	)	$	(223	)	$	(184	)	$	(338	)	$	(423	)
Loss and loss expense ratio excluding catastrophe losses and PPD		51.3	%		51.6	%		52.1	%		51.9	%		51.4	%		51.7	%		52.3	%		52.2	%
% Change versus prior year period
Net premiums written		1.2	%		-1.2	%		7.8	%		33.2	%		22.5	%		2.6	%		19.1	%		22.5	%
Net premiums earned		1.4	%		-3.6	%		-0.9	%		30.2	%		26.0	%		-1.1	%		24.2	%		25.7	%
Net premiums written constant $		1.2	%		0.3	%		9.4	%		34.7	%		25.8	%		3.7	%		26.2	%		28.3	%
Net premiums earned constant $		0.9	%		-2.3	%		-0.3	%		31.4	%		29.0	%		-0.6	%		30.9	%		31.0	%
% Change versus prior year period - As If *
Net premiums written		1.2	%		-1.2	%		-2.5	%		1.6	%		-5.7	%		-0.9	%		-6.7	%		-4.7	%
Net premiums written constant $		1.2	%		0.3	%		-1.2	%		4.0	%		-1.7	%		0.0	%		0.2	%		1.2	%
Net premiums written constant $ excluding merger-related underwriting actions & accounting policy alignment(1)		2.7	%		2.3	%		4.2	%		6.5	%		0.7	%		3.1	%		1.3	%		2.6	%
Other ratios
Net premiums written/gross premiums written		83	%		81	%		83	%		83	%		81	%		82	%		81	%		82	%

(1) Net premiums written were adversely impacted by merger-related underwriting actions of $30 million in Q3 2017 and $111 million for YTD 2017, and by accounting policy alignment of $73 million for YTD 2017.

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

Overseas General Insurance Page 16

Chubb Limited

Segment Results

(in millions of U.S. dollars)

(Unaudited)

	3Q-17		3Q-16		% Change			Constant $ 3Q-16(1)		C$ % Change ex Merger Actions (2)			YTD-17		YTD-16		% Change			Constant $ As If YTD-16(1)		C$ % Change As If ex Merger Actions & Acct Policy(2)
Overseas General Insurance - Production by Region
Gross premiums written
Europe	$	904	$	945		-4.3	%	$	939		-2.5	%	$	3,227	$	3,232		-0.2	%	$	3,304		-0.6	%
Latin America		619		593		4.4	%		600		7.0	%		1,858		1,791		3.7	%		1,855		5.3	%
Asia		771		760		1.4	%		755		1.7	%		2,179		2,112		3.2	%		2,144		3.2	%
Other (3)		83		85		-2.4	%		87		-4.6	%		239		258		-7.4	%		258		-7.4	%
Total	$	2,377	$	2,383		-0.3	%	$	2,381		1.2	%	$	7,503	$	7,393		1.5	%	$	7,561		1.7	%
Net premiums written
Europe	$	691	$	712		-2.9	%	$	706		-0.4	%	$	2,447	$	2,418		1.2	%	$	2,497		0.2	%
Latin America		514		470		9.4	%		480		11.9	%		1,519		1,435		5.9	%		1,486		8.8	%
Asia		681		663		2.7	%		659		2.8	%		1,931		1,874		3.0	%		1,903		3.6	%
Other (3)		77		95		-18.9	%		96		-19.8	%		272		285		-4.6	%		280		-2.9	%
Total	$	1,963	$	1,940		1.2	%	$	1,941		2.7	%	$	6,169	$	6,012		2.6	%	$	6,166		3.1	%

(1) Prior periods on a constant dollar basis.

(2) Gross premiums written and net premiums written were adversely impacted by merger-related underwriting actions of $30 million each in Q3 2017, and by $104 million and $111 million, respectively, for YTD 2017. Additionally, accounting policy alignment adversely impacted YTD 2017 gross premiums written and net premiums written by $73 million each.

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

Overseas General Ins. - Region Page 17

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

	3Q-17			2Q-17			1Q-17			4Q-16			3Q-16			YTD 2017			YTD 2016			Full Year 2016
Global Reinsurance
Gross premiums written	$	202		$	228		$	212		$	115		$	143		$	642		$	624		$	739
Net premiums written		191			190			199			114			131			580			562			676
Net premiums earned		185			168			189			167			156			542			543			710
Losses and loss expenses		295			46			94			100			49			435			225			325
Policy acquisition costs		43			43			51			45			42			137			142			187
Administrative expenses		11			12			10			12			12			33			40			52
Underwriting income (loss)(1)		(164	)		67			34			10			53			(63	)		136			146
Net investment income		80			65			62			64			67			207			199			263
Other income (expense) - operating		3			(1	)		—			1			—			2			3			4
Segment income (loss)	$	(81	)	$	131		$	96		$	75		$	120		$	146		$	338		$	413
Combined ratio
Loss and loss expense ratio		158.2	%		27.8	%		49.6	%		59.7	%		31.3	%		80.1	%		41.5	%		45.7	%
Policy acquisition cost ratio		23.4	%		25.7	%		26.8	%		26.6	%		27.1	%		25.3	%		26.3	%		26.3	%
Administrative expense ratio		5.8	%		6.7	%		5.7	%		7.7	%		7.9	%		6.1	%		7.2	%		7.5	%
Combined ratio(1)		187.4	%		60.2	%		82.1	%		94.0	%		66.3	%		111.5	%		75.0	%		79.5	%
Combined ratio excluding catastrophe losses and PPD(1)		82.2	%		77.0	%		77.0	%		78.8	%		78.1	%		78.6	%		78.5	%		78.6	%
Catastrophe reinstatement premiums collected -pre-tax	$	37		$	—		$	—		$	1		$	—		$	37		$	6		$	7
Catastrophe losses -pre-tax	$	268		$	3		$	—		$	27		$	11		$	271		$	64		$	91
Unfavorable (favorable) prior period development (PPD) -pre-tax(2)	$	(41	)	$	(31	)	$	8		$	—		$	(28	)	$	(64	)	$	(78	)	$	(78	)
Loss and loss expense ratio excluding catastrophe losses and PPD		46.5	%		44.4	%		43.2	%		44.2	%		44.2	%		44.6	%		45.3	%		45.0	%
% Change versus prior year period
Net premiums written as reported		47.1	%		-17.7	%		-0.9	%		4.0	%		-29.4	%		3.3	%		-21.9	%		-18.4	%
Net premiums earned as reported		20.4	%		-9.6	%		-6.4	%		-16.9	%		-23.5	%		0.0	%		-16.4	%		-16.5	%
Net premiums written constant $		47.9	%		-16.5	%		0.2	%		6.5	%		-28.1	%		4.5	%		-20.7	%		-17.1	%
Net premiums earned constant $		20.0	%		-8.1	%		-5.5	%		-15.6	%		-22.2	%		1.0	%		-15.2	%		-15.3	%
% Change versus prior year period - As If *
Net premiums written		47.1	%		-17.7	%		-9.8	%		3.0	%		-29.8	%		-0.2	%		-22.0	%		-18.8	%
Net premiums written constant $		47.9	%		-16.5	%		-8.9	%		5.5	%		-28.5	%		0.9	%		-20.9	%		-17.5	%
Net premiums written constant $ excluding merger-related underwriting actions(3)		47.9	%		-16.5	%		-4.3	%		5.5	%		-25.0	%		2.6	%		-18.7	%		-15.6	%
Other ratios
Net premiums written/gross premiums written		95	%		83	%		94	%		99	%		91	%		91	%		90	%		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 Q3 2017, favorable prior period development is net of $3 million of net earned premium adjustments. For YTD 2017, favorable prior period development is gross of $4 million of net earned premium adjustments.

(3) Net premiums written were adversely impacted by merger-related underwriting actions of $10 million for YTD 2017.

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

Global Reinsurance Page 18

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

	3Q-17			2Q-17			1Q-17			4Q-16			3Q-16			YTD 2017			YTD 2016				Full Year 2016
Life Insurance
Gross premiums written	$	568		$	557		$	550		$	577		$	562		$	1,675		$	1,665			$	2,242
Net premiums written		539			523			524			549			532			1,586			1,575				2,124
Net premiums earned		527			515			506			534			512			1,548			1,521		��		2,055
Losses and loss expenses		181			182			193			165			174			556			498				663
Policy benefits(1)		169			163			168			161			155			500			427				588
(Gains) losses from fair value changes in separate account assets(1)		(24	)		(16	)		(30	)		11			(22	)		(70	)		(22	)			(11	)
Policy acquisition costs		132			130			114			123			127			376			386				509
Administrative expenses		77			77			72			81			77			226			226				307
Net investment income		78			77			75			76			71			230			207				283
Life Insurance underwriting income (2) (3)		70			56			64			69			72			190			213				282
Other expense - operating		(5	)		(4	)		(1	)		(8	)		(2	)		(10	)		(8	)			(16	)
Amortization expense of purchased intangibles		(1	)		—			(1	)		(1	)		(1	)		(2	)		(2	)			(3	)
Segment income	$	64		$	52		$	62		$	60		$	69		$	178		$	203			$	263
% Change versus prior year period
Net premiums written		1.1	%		-0.7	%		1.6	%		6.5	%		8.1	%		0.6	%		6.2	%			6.3	%
Net premiums earned		2.8	%		0.8	%		1.6	%		5.7	%		6.7	%		1.8	%		5.5	%			5.6	%
Net premiums written constant $		1.1	%		-1.0	%		0.9	%		6.9	%		9.1	%		0.3	%		9.1	%			8.5	%
Net premiums earned constant $		2.8	%		0.5	%		0.7	%		6.0	%		7.6	%		1.3	%		8.4	%			7.8	%
% Change versus prior year period - As If *
Net premiums written		1.1	%		-0.7	%		1.3	%		2.1	%		3.4	%		0.6	%		1.4	%			1.6	%
Net premiums written constant $		1.1	%		-1.0	%		0.6	%		2.4	%		4.3	%		0.3	%		4.1	%			3.7	%
Net premiums written constant $ excluding merger-related underwriting actions(4)		2.9	%		0.5	%		3.7	%								2.4	%

(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) Net premiums written were adversely impacted by merger-related underwriting actions of $9 million in Q3 2017 and $33 million for YTD 2017.

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

	3Q-17		Constant $ 3Q-16 (6)		Constant $ % Change 3Q-17 vs. 3Q-16(6)			YTD-17		Constant $ YTD-16(6)		Constant $ % Change YTD-17 vs. YTD-16(6)
International life insurance net premiums written	$	203	$	209		-3.0	%	$	600	$	620		-3.2	%
International life insurance deposits(5)		422		279		51.4	%		1,048		767		36.7	%
Total international life insurance net premiums written and deposits	$	625	$	488		28.1	%	$	1,648	$	1,387		18.9	%

(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.

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

Life Insurance Page 19

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

	3Q-17			2Q-17			1Q-17			4Q-16			3Q-16			YTD 2017			YTD 2016			Full Year 2016
Corporate
Gross premiums written	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net premiums written		—			—			—			—			—			—			—			—
Net premiums earned		—			—			—			—			—			—			—			—
Adjusted losses and loss expenses(1)		89			45			11			105			63			145			87			192
Policy acquisition costs		—			—			—			—			—			—			—			—
Adjusted administrative expenses(1)		64			65			58			81			57			187			192			273
Underwriting loss		(153	)		(110	)		(69	)		(186	)		(120	)		(332	)		(279	)		(465	)
Adjusted net investment income		11			13			12			4			5			36			21			25
Other expense - operating		(6	)		(14	)		(7	)		(4	)		(2	)		(27	)		(6	)		(10	)
Adjusted interest expense (1)		(162	)		(160	)		(166	)		(167	)		(164	)		(488	)		(479	)		(646	)
Amortization (expense) benefit of purchased intangibles(2)		(41	)		(42	)		(42	)		20			20			(125	)		60			80
Pension curtailment benefit (1)		—			—			—			113			—			—			—			113
Income tax (expense) benefit		61			(223	)		(191	)		(272	)		(306	)		(353	)		(719	)		(991	)
Operating loss		(290	)		(536	)		(463	)		(492	)		(567	)		(1,289	)		(1,402	)		(1,894	)
Chubb integration and related expenses, net of tax		(36	)		(50	)		(74	)		(94	)		(85	)		(160	)		(262	)		(356	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(50	)		(52	)		(55	)		(66	)		(53	)		(157	)		(178	)		(244	)
Adjusted net realized gains (losses), net of tax (3)		76			227			47			487			142			350			(468	)		19
Net loss	$	(300	)	$	(411	)	$	(545	)	$	(165	)	$	(563	)	$	(1,256	)	$	(2,310	)	$	(2,475	)
Unfavorable prior period development (PPD) -pre-tax	$	87		$	43		$	10		$	105		$	62		$	140		$	84		$	189
Underwriting loss - As If										$	(186	)	$	(120	)				$	(282	)	$	(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 20

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
Losses and loss expenses incurred		5,016			870			4,146
Losses and loss expenses paid		(5,356	)		(1,234	)		(4,122	)		99	%
Other (incl. foreign exch. revaluation)		155			38			117
Balance at June 30, 2017	$	60,394		$	12,485		$	47,909
Losses and loss expenses incurred		8,410			2,163			6,247
Losses and loss expenses paid		(5,207	)		(909	)		(4,298	)		69	% (1)
Other (incl. foreign exch. revaluation)		556			131			425
Balance at September 30, 2017	$	64,153		$	13,870		$	50,283
Add net recoverable on paid losses		—			929			(929	)
Balance including net recoverable on paid losses	$	64,153		$	14,799		$	49,354

(1) The losses and loss expenses incurred increased $2.1 billion in the quarter, reflecting the significant catastrophe events in the period and resulting in the 69% net paid to incurred ratio for Q3 2017.

Loss Reserve Rollforward Page 21

Chubb Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)

	September 30			June 30			March 31			December 31
	2017			2017			2017			2016
Net Reinsurance Recoverable by Division
Reinsurance recoverable on paid losses and loss expenses
Active operations	$	760		$	690		$	793		$	686
Brandywine and OtherRun-off		264			275			256			274
Total	$	1,024		$	965		$	1,049		$	960
Reinsurance recoverable on unpaid losses and loss expenses
Active operations	$	12,844		$	11,536		$	11,799		$	11,632
Brandywine and OtherRun-off		1,269			1,192			1,255			1,285
Total	$	14,113		$	12,728		$	13,054		$	12,917
Gross reinsurance recoverable
Active operations	$	13,604		$	12,226		$	12,592		$	12,318
Brandywine and OtherRun-off		1,533			1,467			1,511			1,559
Total	$	15,137		$	13,693		$	14,103		$	13,877
Provision for uncollectible reinsurance(1)
Active operations	$	(195	)	$	(192	)	$	(191	)	$	(159	)
Brandywine and OtherRun-off		(143	)		(143	)		(143	)		(141	)
Total	$	(338	)	$	(335	)	$	(334	)	$	(300	)
Net reinsurance recoverable
Active operations	$	13,409		$	12,034		$	12,401		$	12,159
Brandywine and OtherRun-off		1,390			1,324			1,368			1,418
Total	$	14,799		$	13,358		$	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 $3.4 billion.

Reinsurance Recoverable Page 22

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)

	September 30					June 30					March 31					December 31
	2017					2017					2017					2016
Market Value
Fixed maturities available for sale	$	83,686				$	81,645				$	80,806				$	80,115
Fixed maturities held to maturity		10,365					10,560					10,604					10,670
Short-term investments		2,991					2,651					2,780					3,002
Total fixed maturities	$	97,042				$	94,856				$	94,190				$	93,787
Asset Allocation by Market Value
Treasury	$	3,607		4	%	$	3,117		3	%	$	2,843		3	%	$	2,832		3	%
Agency		596		1	%		632		1	%		664		1	%		699		1	%
Corporate and asset-backed		27,815		29	%		28,064		30	%		27,582		30	%		26,944		29	%
Mortgage-backed		16,669		17	%		15,777		17	%		15,500		16	%		15,435		16	%
Municipal		21,621		22	%		22,263		23	%		22,803		24	%		22,768		24	%
Non-U.S.		23,743		24	%		22,352		23	%		22,018		23	%		22,107		24	%
Short-term investments		2,991		3	%		2,651		3	%		2,780		3	%		3,002		3	%
Total fixed maturities	$	97,042		100	%	$	94,856		100	%	$	94,190		100	%	$	93,787		100	%
Credit Quality by Market Value
AAA	$	15,411		16	%	$	15,411		16	%	$	15,523		16	%	$	15,746		17	%
AA		36,947		38	%		36,107		38	%		35,866		39	%		36,235		39	%
A		18,427		19	%		18,011		19	%		17,700		19	%		17,519		19	%
BBB		12,862		13	%		12,513		13	%		12,524		13	%		12,237		13	%
BB		7,421		8	%		7,151		8	%		7,203		8	%		6,993		7	%
B		5,694		6	%		5,390		6	%		5,087		5	%		4,814		5	%
Other		280		0	%		273		0	%		287		0	%		243		0	%
Total fixed maturities	$	97,042		100	%	$	94,856		100	%	$	94,190		100	%	$	93,787		100	%
Cost/Amortized Cost
Fixed maturities available for sale	$	82,254				$	80,363				$	79,957				$	79,536
Fixed maturities held to maturity		10,160					10,371					10,519					10,644
Short-term investments		2,991					2,651					2,780					3,002
Subtotal fixed maturities		95,405					93,385					93,256					93,182
Equity securities		723					697					699					706
Other investments		4,429					4,410					4,271					4,270
Total investment portfolio	$	100,557				$	98,492				$	98,226				$	98,158
Avg. duration of fixed maturities		4.2 years					4.2 years					4.2 years					4.2 years
Avg. market yield of fixed maturities		2.7	%				2.7	%				2.8	%				2.8	%
Avg. credit quality		A/Aa					A/Aa					A/Aa					A/Aa
Avg. yield on invested assets (1)		3.5	%				3.4	%				3.4	%				3.4	%

(1) Calculated using adjusted net investment income.

Investments Page 23

Chubb Limited

Investment Portfolio - 2

(in millions of U.S. dollars)

(Unaudited)

	S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Mortgage-backed Fixed Income Portfolio
Mortgage-backed securities
Market Value at September 30, 2017
Agency residential mortgage-backed (RMBS)	$	—	$	13,744	$	—	$	—	$	—	$	13,744
Non-agency RMBS		2		4		58		4		27		95
Commercial mortgage-backed		2,817		13		—		—		—		2,830
Total mortgage-backed securities at market value	$	2,819	$	13,761	$	58	$	4	$	27	$	16,669

	S&P Credit Rating
	Investment Grade
	AAA		AA		A		BBB		Total
U.S. Corporate and Asset-backed Fixed Income Portfolios
Market Value at September 30, 2017
Asset-backed	$	841	$	59	$	—	$	—	$	900
Banks		—		19		1,647		1,742		3,408
Basic Materials		—		—		104		235		339
Communications		—		165		281		1,308		1,754
Consumer, Cyclical		—		240		522		698		1,460
Consumer,Non-Cyclical		109		534		1,780		1,252		3,675
Diversified Financial Services		7		15		496		204		722
Energy		—		50		75		582		707
Industrial		—		326		513		543		1,382
Utilities		—		7		1,062		390		1,459
All Others		165		448		996		673		2,282
Total	$	1,122	$	1,863	$	7,476	$	7,627	$	18,088

	S&P Credit Rating
	Below Investment Grade
	BB		B		CCC		Total
Market Value at September 30, 2017
Asset-backed	$	3	$	2	$	10	$	15
Banks		23		—		—		23
Basic Materials		290		171		—		461
Communications		930		719		4		1,653
Consumer, Cyclical		1,129		668		67		1,864
Consumer,Non-Cyclical		756		1,279		43		2,078
Diversified Financial Services		168		130		8		306
Energy		462		232		5		699
Industrial		440		564		29		1,033
Utilities		260		93		3		356
All Others		554		658		27		1,239
Total	$	5,015	$	4,516	$	196	$	9,727

Investments 2 Page 24

Chubb Limited

Investment Portfolio - 3

(in millions of U.S. dollars)

(Unaudited)

	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Non-U.S. Fixed Income Portfolio
September 30, 2017
Non-U.S. Government Securities
United Kingdom	$	—	$	1,494	$	—	$	—	$	—	$	1,494
Republic of Korea		—		1,045		—		—		—		1,045
Canada		973		—		—		—		—		973
Federative Republic of Brazil		—		—		—		—		848		848
Province of Ontario		—		9		666		—		—		675
United Mexican States		—		—		435		121		—		556
Province of Quebec		—		545		—		—		—		545
Kingdom of Thailand		—		—		517		—		—		517
Federal Republic of Germany		423		—		—		—		—		423
French Republic		—		345		—		—		—		345
OtherNon-U.S. Government Securities		1,101		1,139		940		607		864		4,651
Total	$	2,497	$	4,577	$	2,558	$	728	$	1,712	$	12,072
	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Non-U.S. Corporate Securities
United Kingdom	$	137	$	96	$	631	$	963	$	247	$	2,074
Canada		86		181		384		492		331		1,474
United States(1)		2		85		158		343		370		958
France		10		31		504		261		31		837
Australia		107		153		367		145		21		793
Netherlands		83		11		381		208		45		728
Germany		167		50		119		250		24		610
Switzerland		38		19		127		154		19		357
Japan		—		34		275		11		3		323
China		—		—		259		51		11		321
OtherNon-U.S. Corporate Securities		404		386		875		936		595		3,196
Total	$	1,034	$	1,046	$	4,080	$	3,814	$	1,697	$	11,671

(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 25

Chubb Limited

Investment Portfolio - 4

(in millions of U.S. dollars)

(Unaudited)

Fixed Maturity Investment Portfolio

Top 10 Global Corporate Exposures

	September 30, 2017	Market Value		Rating
1	Wells Fargo & Co	$	594	A
2	JP Morgan Chase & Co		509	A-
3	Anheuser-Busch InBev NV		447	A-
4	Goldman Sachs Group Inc		440	BBB+
5	AT&T Inc		408	BBB+
6	General Electric Co		397	AA-
7	Verizon Communications Inc		372	BBB+
8	Citigroup Inc		345	BBB+
9	Morgan Stanley		343	BBB+
10	Bank of America Corp		331	BBB+

Investments 4 Page 26

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

	Three months ended September 30, 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	$	6		$	—		$	6		$	134		$	(39	)	$	95		$	140		$	(39	)	$	101
Fixed income derivatives		(14	)		5			(9	)		—			—			—			(14	)		5			(9	)
Public equity		4			—			4			36			(11	)		25			40			(11	)		29
Private equity		84			(15	)		69			(27	)		(1	)		(28	)		57			(16	)		41
Total investment portfolio(1)		80			(10	)		70			143			(51	)		92			223			(61	)		162
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges(2)		(3	)		—			(3	)		—			—			—			(3	)		—			(3	)
Foreign exchange		15			2			17			665			(7	)		658			680			(5	)		675
Partially-owned entities(3)		2			—			2			—			—			—			2			—			2
Other(4)		(10	)		—			(10	)		(63	)		12			(51	)		(73	)		12			(61	)
Net gains (losses)	$	84		$	(8	)	$	76		$	745		$	(46	)	$	699		$	829		$	(54	)	$	775

(1) Other-than-temporary impairments for the quarter in realized gains (losses) include $5 million for fixed maturities, $1 million for public equity and $2 million for private equity.

(2) The quarter includes $57 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 September 30, 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	$	27	$	(8	)	$	19		195			(67	)	$	128		$	222		$	(75	)	$	147
Fixed income derivatives		1		2			3		—			—			—			1			2			3
Public equity		6		(3	)		3		23			(1	)		22			29			(4	)		25
Private equity		59		(12	)		47		(4	)		(3	)		(7	)		55			(15	)		40
Total investment portfolio(5)		93		(21	)		72		214			(71	)		143			307			(92	)		215
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges(6)		44		—			44		—			—			—			44			—			44
Foreign exchange		29		(6	)		23		(124	)		(7	)		(131	)		(95	)		(13	)		(108	)
Partially-owned entities(7)		—		—			—		—			—			—			—			—			—
Other		3		—			3		5			(1	)		4			8			(1	)		7
Net gains (losses)	$	169	$	(27	)	$	142	$	95		$	(79	)	$	16		$	264		$	(106	)	$	158

(5) Other-than-temporary impairments for the quarter in realized gains (losses) include $7 million for fixed maturities, $1 million for public equity and $4 million for private equity.

(6) The quarter includes $45 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 27

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

	Nine months ended September 30, 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	$	17		$	(2	)	$	15		$	813		$	(275	)	$	538		$	830		$	(277	)	$	553
Fixed income derivatives		(24	)		13			(11	)		—			—			—			(24	)		13			(11	)
Public equity		10			(1	)		9			79			(25	)		54			89			(26	)		63
Private equity		279			(42	)		237			—			(7	)		(7	)		279			(49	)		230
Total investment portfolio (1)		282			(32	)		250			892			(307	)		585			1,174			(339	)		835
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges(2)		96			—			96			—			—			—			96			—			96
Foreign exchange		10			5			15			901			(14	)		887			911			(9	)		902
Partially-owned entities(3)		(6	)		2			(4	)		—			—			—			(6	)		2			(4	)
Other(4)		(7	)		—			(7	)		(118	)		29			(89	)		(125	)		29			(96	)
Net gains (losses)	$	375		$	(25	)	$	350		$	1,675		$	(292	)	$	1,383		$	2,050		$	(317	)	$	1,733

(1) Year to date other-than-temporary impairments in realized gains (losses) include $15 million for fixed maturities, $9 million for public equity and $11 million for private equity.

(2) Year to date includes $169 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.

	Nine months ended September 30, 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	$	(156	)	$	(2	)	$	(158	)	$	2,237		$	(533	)	$	1,704		$	2,081		$	(535	)	$	1,546
Fixed income derivatives		(85	)		14			(71	)		—			—			—			(85	)		14			(71	)
Public equity		39			(14	)		25			52			(10	)		42			91			(24	)		67
Private equity		73			(9	)		64			(73	)		—			(73	)		—			(9	)		(9	)
Total investment portfolio (5)		(129	)		(11	)		(140	)		2,216			(543	)		1,673			2,087			(554	)		1,533
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (6)		(358	)		—			(358	)		—			—			—			(358	)		—			(358	)
Foreign exchange		46			(12	)		34			269			(18	)		251			315			(30	)		285
Partially-owned entities(7)		(5	)		1			(4	)		—			—			—			(5	)		1			(4	)
Other		—			—			—			8			—			8			8			—			8
Net gains (losses)	$	(446	)	$	(22	)	$	(468	)	$	2,493		$	(561	)	$	1,932		$	2,047		$	(583	)	$	1,464

(5) Year to date other-than-temporary impairments in realized gains (losses) include $77 million for fixed maturities, $7 million for public equity and $7 million for private equity.

(6) Year to date includes $88 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) 2 Page 28

Chubb Limited

Debt and Capital

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

(Unaudited)

													Legacy ACE
	September 30			June 30			March 31			December 31			December 31
	2017			2017			2017			2016			2015
Financial Debt:
Total short-term debt	$	1,020		$	922		$	300		$	500		$	—
Total long-term debt(1)		11,559			11,667			12,300			12,610			9,389
Total financial debt	$	12,579		$	12,589		$	12,600		$	13,110		$	9,389
Hybrid debt:
Total trust preferred securities		308			308			308			308			307
Total	$	12,887		$	12,897		$	12,908		$	13,418		$	9,696
Capitalization:
Shareholders’ equity	$	50,471		$	50,349		$	49,224		$	48,275		$	29,135
Hybrid debt		308			308			308			308			307
Financial debt		12,579			12,589			12,600			13,110			9,389
Total capitalization	$	63,358		$	63,246		$	62,132		$	61,693		$	38,831
Leverage ratios (based on total capital):
Hybrid debt		0.5	%		0.5	%		0.5	%		0.5	%		0.8	%
Financial debt		19.9	%		19.9	%		20.3	%		21.3	%		24.2	%
Total hybrid & financial debt		20.4	%		20.4	%		20.8	%		21.8	%		25.0	%

Note: As of September 30, 2017, there was $0.2 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 29

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 September 30						Nine months ended September 30
	2017			2016			2017			2016
Numerator
Operating income (loss) to common shares	$	(60	)	$	1,356		$	2,295		$	3,433
Amortization of fair value adjustment of acquired invested assets and long-term debt,pre-tax(1)		(68	)		(79	)		(219	)		(257	)
Tax benefit on amortization adjustment		18			26			62			79
Chubb integration and related expenses,pre-tax		(50	)		(115	)		(233	)		(368	)
Tax benefit on Chubb integration and related expenses		14			30			73			106
Adjusted net realized gains (losses),pre-tax		84			169			375			(446	)
Tax (expense) benefit on adjusted net realized gains (losses)		(8	)		(27	)		(25	)		(22	)
Net income (loss)	$	(70	)	$	1,360		$	2,328		$	2,525
Rollforward of Common Shares Outstanding
Shares - beginning of period		465,375,141			465,012,980			465,968,716			324,563,441
Share Issuance for Chubb Acquisition		—			—			—			136,950,381
Repurchase of shares		(1,615,383	)		—			(5,033,013	)		—
Shares issued, excluding option exercises		148,087			34,510			1,939,627			2,504,257
Issued for option exercises		250,674			238,620			1,283,189			1,268,031
Shares - end of period		464,158,519			465,286,110			464,158,519			465,286,110
Denominator
Weighted average shares outstanding(2)		466,370,784			468,021,093			467,658,334			460,631,794
Effect of other dilutive securities(3)		—			3,375,269			3,961,572			3,439,017
Adj. wtd. avg. shares outstanding and assumed conversions		466,370,784			471,396,362			471,619,906			464,070,811
Basic earnings per share
Operating income (loss)	$	(0.13	)	$	2.90		$	4.91		$	7.45
Amortization of fair value adjustment of acquired invested assets andlong-term debt, net of tax(1)		(0.11	)		(0.11	)		(0.34	)		(0.39	)
Chubb integration and related expenses, net of tax		(0.08	)		(0.18	)		(0.34	)		(0.57	)
Adjusted net realized gains (losses), net of tax		0.17			0.29			0.75			(1.01	)
Net income (loss)	$	(0.15	)	$	2.90		$	4.98		$	5.48
Diluted earnings per share
Operating income (loss)(3)	$	(0.13	)	$	2.88		$	4.87		$	7.40
Amortization of fair value adjustment of acquired invested assets andlong-term debt, net of tax(1)		(0.11	)		(0.11	)		(0.33	)		(0.39	)
Chubb integration and related expenses, net of tax		(0.08	)		(0.18	)		(0.34	)		(0.56	)
Adjusted net realized gains (losses), net of tax		0.17			0.29			0.74			(1.01	)
Net income (loss)(3)	$	(0.15	)	$	2.88		$	4.94		$	5.44

(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).

(3) For the three months ended September 30, 2017, weighted-average shares outstanding used to calculate operating loss and net loss per share excludes the effect of dilutive securities of 3,820,673 shares. In periods where operating loss and net loss is recognized, inclusion of incremental dilution is anti-dilutive.

Earnings per share Page 30

Chubb Limited

Book Value and Book Value per Common Share

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

(Unaudited)

	September 30 2017			June 30 2017			March 31 2017			December 31 2016			September 30 2016
Reconciliation of Book Value per Common Share
Shareholders’ equity	$	50,471		$	50,349		$	49,224		$	48,275		$	48,372
Less: goodwill and other intangible assets, net of tax		20,274			19,994			20,013			20,019			20,332
Numerator for tangible book value per share	$	30,197		$	30,355		$	29,211		$	28,256		$	28,040
Book value - % change over prior quarter		0.2	%		2.3	%		2.0	%		-0.2	%		2.4	%
Tangible book value - % change over prior quarter		-0.5	%		3.9	%		3.4	%		0.8	%		5.5	%
Denominator		464,158,519			465,375,141			467,223,019			465,968,716			465,286,110
Book value per common share	$	108.74		$	108.19		$	105.35		$	103.60		$	103.96
Tangible book value per common share	$	65.06		$	65.23		$	62.52		$	60.64		$	60.26
Reconciliation of Book Value
Shareholders’ equity, beginning of quarter	$	50,349		$	49,224		$	48,275		$	48,372		$	47,226
Operating income (loss)		(60	)		1,180			1,175			1,283			1,356
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax(1)		(50	)		(52	)		(55	)		(66	)		(53	)
Chubb integration and related expenses, net of tax		(36	)		(50	)		(74	)		(94	)		(85	)
Adjusted net realized gains (losses), net of tax (2)		76			227			47			487			142
Net unrealized gains (losses) on the investment portfolio		92			286			207			(1,487	)		143
Repurchase of shares		(232	)		(335	)		(140	)		—			—
Dividend declared on common shares		(331	)		(332	)		(324	)		(324	)		(323	)
Cumulative translation		658			98			131			(375	)		(131	)
Postretirement benefit liability		(51	)		(14	)		(24	)		353			4
Other (3)		56			117			6			126			93
	$	50,471		$	50,349		$	49,224		$	48,275		$	48,372

(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 31

Chubb Limited

Non-GAAP Financial Measures

(Unaudited)

Regulation G -Non-GAAP Financial Measures

In presenting our results, we included and discussed certainnon-GAAP measures. Thesenon-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 (loss) on a constant-dollar basis. We believe it is useful to evaluate the trends in these measures exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.

Adjusted losses and loss expenses and adjusted administrative expenses arenon-GAAP financial measures that exclude theone-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 theone-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 theone-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 anon-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 anon-GAAP financial measure which excludes the Life Insurance segment. P&C loss and loss expense ratio and P&C combined ratio (bothnon-GAAP financial measures) include adjusted losses and loss expenses in the ratio numerator. P&C expense ratio (anon-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 35.

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 arenon-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 anon-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 arenon-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 anon-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 thenon-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 (loss) is anon-GAAP financial measure that excludes theafter-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 theon-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 (loss) should not be viewed as a substitute for net income (loss) determined in accordance with GAAP.

Operating effective tax rate is anon-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 anon-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 31. 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 anon-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 thesenon-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, accounting policy alignment, andone-time UPR transfer in 2016 is anon-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 and aone-time unearned premium reserve (UPR) transfer in 2016. We believe that these measures are meaningful to evaluate trends in our underlying business on a comparable basis.

Reconciliation Non-GAAP Page 32

Chubb Limited

Non-GAAP Financial Measures - 2

(in millions of U.S. dollars)

(Unaudited)

Regulation G -Non-GAAP Financial Measures (continued)

Operating income (loss)

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

																YTD			YTD			Full Year
	3Q-17			2Q-17			1Q-17			4Q-16			3Q-16			2017			2016			2016
Net income (loss), as reported	$	(70	)	$	1,305		$	1,093		$	1,610		$	1,360		$	2,328		$	2,525		$	4,135
Amortization of fair value adjustment of acquired invested assets and long-term debt,pre-tax(1)		(68	)		(72	)		(79	)		(88	)		(79	)		(219	)		(257	)		(345	)
Tax benefit on amortization adjustment		18			20			24			22			26			62			79			101
Chubb integration and related expenses, pre tax		(50	)		(72	)		(111	)		(131	)		(115	)		(233	)		(368	)		(499	)
Tax benefit on Chubb integration and related expenses		14			22			37			37			30			73			106			143
Adjusted net realized gains (losses)		(5	)		103			(7	)		371			97			91			(511	)		(140	)
Net realized gains (losses) related to unconsolidated entities(2)		89			143			52			162			72			284			65			227
Tax (expense) benefit on adjusted net realized gains (losses)		(8	)		(19	)		2			(46	)		(27	)		(25	)		(22	)		(68	)
Operating income (loss)	$	(60	)	$	1,180		$	1,175		$	1,283		$	1,356		$	2,295		$	3,433		$	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 (loss) to P&C and Global P&C Underwriting income (loss):

																YTD			YTD			Full Year
	3Q-17			2Q-17			1Q-17			4Q-16			3Q-16			2017			2016			2016
Net income (loss)	$	(70	)	$	1,305		$	1,093		$	1,610		$	1,360		$	2,328		$	2,525		$	4,135
Income tax expense (benefit)		(85	)		200			128			259			277			243			556			815
Net realized (gains) losses related to unconsolidated entities		(89	)		(143	)		(52	)		(162	)		(72	)		(284	)		(65	)		(227	)
Adjusted realized (gains) losses		5			(103	)		7			(371	)		(97	)		(91	)		511			140
Amortization of fair value adjustment of acquired invested assets and long-term debt		68			72			79			88			79			219			257			345
Chubb integration and related expenses		50			72			111			131			115			233			368			499
Adjusted interest expense		162			160			166			167			164			488			479			646
Pension curtailment benefit		—			—			—			(113	)		—			—			—			(113	)
Consolidated segment income		41			1,563			1,532			1,609			1,826			3,136			4,631			6,240
Less: Life Insurance segment income		64			52			62			60			69			178			203			263
P&C segment income (loss)		(23	)		1,511			1,470			1,549			1,757			2,958			4,428			5,977
Less: amortization expense of purchased intangibles (excluding Life Insurance)		64			65			63			2			3			192			14			16
Less: other (income) expense - operating (excluding Life Insurance)		(10	)		10			11			13			1			11			(13	)		—
Less: adjusted net investment income (excluding Life Insurance)		(815	)		(778	)		(761	)		(769	)		(759	)		(2,354	)		(2,206	)		(2,975	)
P&C Underwriting income (loss) (Including Corporate and excluding Life Insurance)		(784	)		808			783			795			1,002			807			2,223			3,018
Less: Agricultural Insurance Underwriting income		86			23			93			184			90			202			157			341
Global P&C Underwriting income (loss) (Including Corporate and excluding Agriculture)	$	(870	)	$	785		$	690		$	611		$	912		$	605		$	2,066		$	2,677

Reconciliation Non-GAAP 2 Page 33

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 (loss): 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.

	3Q-17			3Q-16			YTD 2017			YTD 2016			Full Year 2016
Net income (loss)	$	(70	)	$	1,360		$	2,328		$	2,525		$	4,135
Operating income (loss)	$	(60	)	$	1,356		$	2,295		$	3,433		$	4,716
Equity - beginning of period, as reported	$	50,349		$	47,226		$	48,275		$	29,135		$	29,135
Add: weighted average impact of equity issuance		—			—			—			14,734			14,931
Less: unrealized gains (losses) on investments, net of deferred tax		1,551			2,404			1,058			874			874
Equity - beginning of period, as adjusted	$	48,798		$	44,822		$	47,217		$	42,995		$	43,192
Equity - end of period, as reported	$	50,471		$	48,372		$	50,471		$	48,372		$	48,275
Less: weighted average impact of equity issuance		—			—			—			793			596
Less: unrealized gains (losses) on investments, net of deferred tax		1,643			2,547			1,643			2,547			1,058
Equity - end of period, as adjusted	$	48,828		$	45,825		$	48,828		$	45,032		$	46,621
Weighted average equity, as reported	$	50,410		$	47,799		$	49,373		$	45,724		$	45,873
Weighted average equity, as adjusted	$	48,813		$	45,324		$	48,023		$	44,014		$	44,907
Operating ROE		-0.5	%		12.0	%		6.4	%		10.4	%		10.5	%
ROE		-0.6	%		11.4	%		6.3	%		7.4	%		9.0	%

Operating effective tax rate

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

	3Q-17			2Q-17			1Q-17			4Q-16			3Q-16			YTD 2017			YTD 2016			Full Year 2016
Tax expense (benefit), as reported	$	(85	)	$	200		$	128		$	259		$	277		$	243		$	556		$	815
Tax benefit on amortization of fair value of acquired invested assets and debt(1)		(18	)		(20	)		(24	)		(22	)		(26	)		(62	)		(79	)		(101	)
Tax benefit on Chubb integration and related expenses		(14	)		(22	)		(37	)		(37	)		(30	)		(73	)		(106	)		(143	)
Tax expense (benefit) on adjusted net realized gains (losses)		8			19			(2	)		46			27			25			22			68
Tax expense (benefit), adjusted	$	(61	)	$	223		$	191		$	272		$	306		$	353		$	719		$	991
Income (loss) before tax, as reported	$	(155	)	$	1,505		$	1,221		$	1,869		$	1,637		$	2,571		$	3,081		$	4,950
Less: amortization of fair value of acquired invested assets and debt(1)		(68	)		(72	)		(79	)		(88	)		(79	)		(219	)		(257	)		(345	)
Less: Chubb integration and related expenses		(50	)		(72	)		(111	)		(131	)		(115	)		(233	)		(368	)		(499	)
Less: adjusted realized gains (losses)		(5	)		103			(7	)		371			97			91			(511	)		(140	)
Less: realized gains (losses) related to unconsolidated entities		89			143			52			162			72			284			65			227
Operating income (loss) before tax	$	(121	)	$	1,403		$	1,366		$	1,555		$	1,662		$	2,648		$	4,152		$	5,707
Effective tax rate		54.7	%		13.3	%		10.5	%		13.8	%		17.0	%		9.4	%		18.1	%		16.5	%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt(1)		8.6	%		0.6	%		1.0	%		0.5	%		0.7	%		1.4	%		0.9	%		0.8	%
Adjustment for tax impact of Chubb integration and related expenses		6.6	%		0.8	%		1.7	%		1.0	%		0.6	%		1.7	%		1.1	%		1.1	%
Adjustment for tax impact of adjusted net realized gains (losses)		-19.0	%		1.3	%		0.8	%		2.3	%		0.1	%		0.8	%		-2.8	%		-1.0	%
Operating effective tax rate		50.9	%		16.0	%		14.0	%		17.6	%		18.4	%		13.3	%		17.3	%		17.4	%

(1) Related to the acquisition of The Chubb Corporation

Reconciliation Non-GAAP 3 Page 34

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 (loss) due to the size and complexity of this acquisition. We exclude thepre-acquisition interest expense from operating income (loss) 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 (loss). 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.

	3Q-17		2Q-17		1Q-17		4Q-16		3Q-16		YTD 2017		YTD 2016		Full Year 2016
Chubb integration expenses, net of tax	$	36	$	50	$	74	$	94	$	85	$	160	$	258	$	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		36		50		74		94		85		160		262		356
Tax benefit		14		22		37		37		30		73		106		143
Chubb integration and related expenses,pre-tax	$	50	$	72	$	111	$	131	$	115	$	233	$	368	$	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.

	3Q-17			2Q-17			1Q-17			4Q-16			3Q-16			YTD 2017			YTD 2016			Full Year 2016
Combined ratio		110.7	%		88.0	%		87.5	%		86.0	%		86.0	%		96.0	%		89.0	%		88.3	%
Less: impact of pension curtailment benefit		0.0	%		0.0	%		0.0	%		1.7	%		0.0	%		0.0	%		0.0	%		0.4	%
Add: impact of gains and losses on crop derivatives		0.1	%		0.0	%		0.0	%		0.1	%		0.0	%		0.0	%		0.0	%		0.0	%
P&C combined ratio		110.8	%		88.0	%		87.5	%		87.8	%		86.0	%		96.0	%		89.0	%		88.7	%

Reconciliation Non-GAAP 4 Page 35

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 YTD 2016:

	YTD 2016				YTD 2016
Numerator				Denominator
Operating income as reported	$	3,433		Weighted average shares outstanding and assumed conversions		464,070,811
Add:14-day stub period income				Impact of shares issued in connection with Chubb Corp acquisition		6,719,638
Underwriting income		44		As If adjusted weighted average shares outstanding		470,790,449
Net investment income		45
Interest expense		(9	)	Diluted earnings per share, including 14 day stub period
Income tax expense		(20	)	Operating income per share	$	7.42
Total14-day stub period income		60		Net income per share	$	5.49
As If operating income, including 14 day stub period	$	3,493
Net income as reported	$	2,525
Add:14-day stub period income from above		60
As If net income, including 14 day stub period	$	2,585

Reconciliation Non-GAAP 5 Page 36

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
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
YTD 2016
Underwriting income (loss)	$	1,160		$	307		$	157	$	742		$	136	$	(279	)	$	2,223		$	6		$	2,229
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		781			447			—		187			—		—			1,415			—			1,415
Add: elimination of DAC benefit - Chubb Corp		(663	)		(369	)		—		(214	)		—		—			(1,246	)		—			(1,246	)
Underwriting income (loss) - As If	$	1,291		$	415		$	157	$	719		$	136	$	(282	)	$	2,436		$	6		$	2,442
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

Reconciliation Non-GAAP 6 Page 37

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.

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