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

Exhibit 99.2

Chubb Limited

Financial Supplement

for the Quarter Ended June 30, 2018

Investor Contact

Helen M. Wilson

Phone: (441)299-9283

email: investorrelations@chubb.com

This report is for informational purposes only. It should be read in conjunction with documents filed by Chubb Limited with the Securities and Exchange Commission, including the most recent Annual Report on 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 and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, currency exchange fluctuations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance receivable, credit developments among reinsurers, and activities and expenses related to our post-acquisition integration of The Chubb Corporation.

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

Chubb Limited

Financial Supplement Table of Contents

		Page
I.	Financial Highlights
	- Consolidated Financial Highlights		1 - 2
II.	Consolidated Results
	- Consolidated Statement of Operations		3
	- P&C Results—Consecutive Quarters		4
	- Summary Consolidated Balance Sheets		5
	- Line of Business		6
	- Consolidated Results by Segment		7 - 10
III.	Global P&C Results
	- Global P&C Underwriting Results—Consecutive Quarters		11
IV.	Segment Results
	- North America Commercial P&C Insurance		12
	- North America Personal P&C Insurance		13
	- North America Agricultural Insurance		14
	- Overseas General Insurance		15 - 16
	- Global Reinsurance		17
	- Life Insurance		18
	- Corporate		19
V.	Balance Sheet Details
	- Loss Reserve Rollforward		20
	- Reinsurance Recoverable Analysis		21
	- Investment Portfolio		22 - 25
	- Net Realized and Unrealized Gains (Losses)		26 - 27
	- Debt and Capital		28
	- Computation of Basic and Diluted Earnings Per Share		29
	- Book Value and Book Value per Common Share		30
VI.	Other Disclosures
	-Non-GAAP Financial Measures		31 - 37
	- Glossary		38

The 2017 gross premiums written and net premiums written amounts for the North America Commercial P&C Insurance and Overseas General Insurance segments have been revised to reflect the transfer of certain multinational accounts between these segments to better align the reporting with the management of these businesses in 2018. The North America Commercial P&C Insurance segment transfers to (from) Overseas General Insurance segment in 2017 were: $12 million for Q1, $1 million for Q2, $3 million for Q3 and ($7) million for Q4. There is no impact on a consolidated basis.

Chubb Limited

Consolidated Financial Highlights—Quarter

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

(Unaudited)

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

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

(1) Consolidated net premiums written were adversely impacted by merger-related actions of $46 million in Q2 2018, of which $45 million impacted P&C net premiums written.

(2) The increase in combined ratio includes the year-over-year increase in certain large structured transactions, which adversely impacted the combined ratio by 0.3% comprising a 1.0% increase in the loss ratio and a 0.7% decrease in the expense ratio.

Financial Highlights - QTR Page 1

Chubb Limited

Consolidated Financial Highlights—Year To Date

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

(Unaudited)

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

(1) Consolidated net premiums written were adversely impacted by merger-related actions of $96 million for YTD 2018, of which $93 million impacted P&C net premiums written.

(2) The increase in combined ratio includes the year-over-year increase in certain large structured transactions, which adversely impacted the combined ratio by 0.1% comprising a 0.5% increase in the loss ratio and a 0.4% decrease in the expense ratio.

(3) The increase in combined ratio includes the year-over-year increase in certain large structured transactions, which adversely impacted the combined ratio by 0.2% comprising a 0.5% increase in the loss ratio and a 0.3% decrease in the expense ratio.

(4) For 2018, book value per common share and tangible book value per common share exclude the impact of foreign currency movement during the year.

Financial Highlights - YTD Page 2

Chubb Limited

Statement of Operations—Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

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

(1) Adjusted losses and loss expenses used throughout this report include realized gains and losses on crop derivatives.

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

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

(4) Adjusted interest expense used throughout this report excludes amortization benefit of the fair value adjustment on acquired long term debt.

Statement of Operations Page 3

Chubb Limited

P&C Underwriting Results—Consecutive Quarters

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

(Unaudited)

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

(1) Net premiums written were adversely impacted by merger-related actions of $45 million in Q2 2018 and $93 million for YTD 2018.

(2) The increase in combined ratio for QTD and YTD includes the year-over-year increase in certain large structured transactions, which adversely impacted the combined ratio by 0.3% and 0.1%, respectively, comprising a 1.0% and 0.5% increase, respectively, in the loss ratio and a 0.7% and 0.4% decrease, respectively, to the expense ratio.

(3) The increase in combined ratio for QTD and YTD includes the year-over-year increase in certain large structured transactions, which adversely impacted the combined ratio by 0.3% and 0.2%, respectively, comprising a 1.0% and 0.5% increase, respectively, in the loss ratio and a 0.7% and 0.3% decrease, respectively, to the expense ratio.

Note: Refer to theNon-GAAP financial measures section for further information on the calculation of the components of combined ratios.

P&C Results Page 4

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)

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

Consol Bal Sheet Page 5

Chubb Limited

Consolidated Net Premiums Written by Line of Business

(in millions of U.S. dollars)

(Unaudited)

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

(1) Commercial multiple peril represents retail package business (property and general liability).

(2) For purposes of this schedule only, A&H results from our Combined North America and International businesses, normally included in the Life Insurance and Overseas General Insurance segments, respectively, as well as the A&H results of our North America Commercial P&C segment, are included within the Global A&H lines above.

Line of Business Page 6

Chubb Limited

Consolidated Results—Three months ended June 30, 2018

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

(Unaudited)

Q2 2018	North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C			Life Insurance			Total Consolidated
Net premiums written	$	3,331		$	1,335		$	388		$	2,199		$	197		$	—��		$	7,450		$	565		$	8,015
Net premiums earned		3,277			1,156			351			2,161			167			—			7,112			552			7,664
Adjusted losses and loss expenses		2,084			728			281			1,071			83			48			4,295			184			4,479
Policy benefits		—			—			—			—			—			—			—			150			150
(Gains) losses from fair value changes in separate account assets(1)		—			—			—			—			—			—			—			10			10
Policy acquisition costs		448			228			26			584			40			—			1,326			138			1,464
Administrative expenses		253			68			1			266			9			70			667			80			747
Underwriting income (loss)		492			132			43			240			35			(118	)		824			(10	)		814
Adjusted net investment income		510			59			6			155			65			10			805			85			890
Other income (expense)—operating (1)		13			(1	)		(1	)		12			6			(2	)		27			2			29
Amortization expense of purchased intangibles		—			(3	)		(7	)		(11	)		—			(64	)		(85	)		—			(85	)
Segment income (loss)	$	1,015		$	187		$	41		$	396		$	106		$	(174	)	$	1,571		$	77		$	1,648
Adjusted interest expense																	(177	)								(177	)
Income tax expense																	(218	)								(218	)
Core operating income (loss)																	(569	)								1,253
Chubb integration expenses, net of $3 million tax benefit																	(10	)								(10	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $11 million tax benefit(2)																	(41	)								(41	)
Adjusted net realized gains (losses), net of $14 million tax (3)																	92									92
Net income (loss)																$	(528	)							$	1,294
Combined ratio		85.0	%		88.6	%		87.9	%		88.9	%		79.3	%					88.4	%
CAY combined ratio ex Cats		87.4	%		79.3	%		87.2	%		91.0	%		83.5	%					88.1	%

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

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

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

Consol Results - QTD 2018 Page 7

Chubb Limited

Consolidated Results— Six months ended June 30, 2018

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

(Unaudited)

YTD 2018	North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C			Life Insurance			Total Consolidated
Net premiums written	$	6,143		$	2,383		$	496		$	4,583		$	390		$	—		$	13,995		$	1,124		$	15,119
Net premiums earned		6,306			2,296			394			4,268			335			—			13,599			1,092			14,691
Adjusted losses and loss expenses		3,992			1,614			226			2,149			150			59			8,190			389			8,579
Policy benefits		—			—			—			—			—			—			—			301			301
(Gains) losses from fair value changes in separate account assets(1)		—			—			—			—			—			—			—			4			4
Policy acquisition costs		920			465			25			1,172			80			—			2,662			266			2,928
Administrative expenses		484			133			(2	)		505			19			142			1,281			158			1,439
Underwriting income (loss)		910			84			145			442			86			(201	)		1,466			(26	)		1,440
Adjusted net investment income		1,013			118			13			306			129			20			1,599			168			1,767
Other income (expense)—operating (1)		19			(1	)		(1	)		5			13			(9	)		26			—			26
Amortization expense of purchased intangibles		—			(6	)		(14	)		(21	)		—			(128	)		(169	)		(1	)		(170	)
Segment income (loss)	$	1,942		$	195		$	143		$	732		$	228		$	(318	)	$	2,922		$	141		$	3,063
Adjusted interest expense																	(346	)								(346	)
Income tax expense																	(367	)								(367	)
Core operating income (loss)																	(1,031	)								2,350
Chubb integration expenses, net of $5 million tax benefit																	(18	)								(18	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $20 million tax benefit(2)																	(91	)								(91	)
Adjusted net realized gains (losses), net of $11 million tax (3)																	135									135
Net income (loss)																$	(1,005	)							$	2,376
Combined ratio		85.6	%		96.3	%		63.3	%		89.6	%		74.4	%					89.2	%
CAY combined ratio ex Cats		87.2	%		79.5	%		83.5	%		90.9	%		80.3	%					87.8	%

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

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

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

Consol Results - YTD 2018 Page 8

Chubb Limited

Consolidated Results—Three months ended June 30, 2017

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

(Unaudited)

Q2 2017	North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C			Life Insurance			Total Consolidated
Net premiums written	$	3,203		$	1,255		$	403		$	2,007		$	190		$	—		$	7,058		$	523		$	7,581
Net premiums earned		3,099			1,093			344			2,018			168			—			6,722			515			7,237
Adjusted losses and loss expenses		1,936			683			292			964			46			45			3,966			182			4,148
Policy benefits		—			—			—			—			—			—			—			163			163
(Gains) losses from fair value changes in separate account assets(1)		—			—			—			—			—			—			—			(16	)		(16	)
Policy acquisition costs		464			230			27			555			43			—			1,319			130			1,449
Administrative expenses		241			66			2			243			12			65			629			77			706
Underwriting income (loss)		458			114			23			256			67			(110	)		808			(21	)		787
Adjusted net investment income		490			56			6			148			65			13			778			77			855
Other income (expense)—operating (1)		4			(1	)		(1	)		3			(1	)		(14	)		(10	)		(4	)		(14	)
Amortization expense of purchased intangibles		—			(5	)		(7	)		(11	)		—			(42	)		(65	)		—			(65	)
Segment income (loss)	$	952		$	164		$	21		$	396		$	131		$	(153	)	$	1,511		$	52		$	1,563
Adjusted interest expense																	(160	)								(160	)
Income tax expense																	(223	)								(223	)
Core operating income (loss)																	(536	)								1,180
Chubb integration expenses, net of $22 million tax benefit																	(50	)								(50	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $20 million tax benefit(2)																	(52	)								(52	)
Adjusted net realized gains (losses), net of $19 million tax (3)																	227									227
Net income (loss)																$	(411	)							$	1,305
Combined ratio		85.2	%		89.6	%		93.3	%		87.3	%		60.2	%					88.0	%
CAY combined ratio ex Cats		86.1	%		79.3	%		91.1	%		91.2	%		77.0	%					87.5	%

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

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

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

Consol Results - QTD 2017 Page 9

Chubb Limited

Consolidated Results—Six months ended June 30, 2017

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

(Unaudited)

YTD 2017	North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C			Life Insurance			Total Consolidated
Net premiums written	$	5,933		$	2,239		$	464		$	4,219		$	389		$	—		$	13,244		$	1,047		$	14,291
Net premiums earned		6,140			2,179			358			3,954			357			—			12,988			1,021			14,009
Adjusted losses and loss expenses		3,796			1,316			219			2,035			140			56			7,562			375			7,937
Policy benefits		—			—			—			—			—			—			—			331			331
(Gains) losses from fair value changes in separate account assets(1)		—			—			—			—			—			—			—			(46	)		(46	)
Policy acquisition costs		951			447			26			1,084			94			—			2,602			244			2,846
Administrative expenses		472			131			(3	)		488			22			123			1,233			149			1,382
Underwriting income (loss)		921			285			116			347			101			(179	)		1,591			(32	)		1,559
Adjusted net investment income		968			111			12			296			127			25			1,539			152			1,691
Other income (expense)—operating (1)		—			(2	)		(1	)		4			(1	)		(21	)		(21	)		(5	)		(26	)
Amortization expense of purchased intangibles		—			(8	)		(14	)		(22	)		—			(84	)		(128	)		(1	)		(129	)
Segment income (loss)	$	1,889		$	386		$	113		$	625		$	227		$	(259	)	$	2,981		$	114		$	3,095
Adjusted interest expense																	(326	)								(326	)
Income tax expense																	(414	)								(414	)
Core operating income (loss)																	(999	)								2,355
Chubb integration expenses, net of $59 million tax benefit																	(124	)								(124	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $44 million tax benefit(2)																	(107	)								(107	)
Adjusted net realized gains (losses), net of $17 million tax (3)																	274									274
Net income (loss)																$	(956	)							$	2,398
Combined ratio		85.0	%		86.9	%		67.7	%		91.2	%		71.8	%					87.8	%
CAY combined ratio ex Cats		87.0	%		78.8	%		88.2	%		91.6	%		77.0	%					87.8	%

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

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

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

Consol Results - YTD 2017 Page 10

Chubb Limited

Global P&C Underwriting Results—Consecutive Quarters

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

(Unaudited)

Global P&C includes the company’s North America Commercial P&C Insurance segment (refer to page 12), North America Personal P&C Insurance segment (refer to page 13), Overseas General Insurance segment (refer to page 15), Global Reinsurance segment (refer to page 17), and Corporate (refer to page 19). Global P&C excludes the North America Agricultural Insurance and Life Insurance segments.

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

(1) Net premiums written were adversely impacted by merger-related actions of $45 million in Q2 2018 and $93 million for YTD 2018.

Global P&C Page 11

Chubb Limited

Segment Results—Consecutive Quarters

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

(Unaudited)

North America Commercial P&C Insurance

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

(1) 2017 amounts (Q1: $12 million; Q2: $1 million; Q3: $3 million; Q4: $(7) million) have been revised to reflect the North America Commercial P&C Insurance segment transfer of certain multinational accounts to (from) the Overseas General Insurance segment to better align the reporting with the management of these businesses in 2018. There is no impact on a consolidated basis.

(2) The increase in combined ratio for QTD and YTD includes the year-over-year increase in certain large structured transactions, which adversely impacted the combined ratio by 0.9% and 0.4%, respectively, comprising a 2.0% and 1.0% increase, respectively, in the loss ratio and a 1.1% and 0.6% decrease, respectively, to the expense ratio.

(3) The increase in combined ratio for QTD and YTD includes the year-over-year increase in certain large structured transactions, which adversely impacted the combined ratio by 0.7% and 0.4%, respectively, comprising a 1.8% and 1.0% increase, respectively, in the loss ratio and a 1.1% and 0.6% decrease, respectively, to the expense ratio.

(4) For Q2 2018, favorable prior period development is net of $11 million of favorable net premiums earned adjustments. For YTD 2018, favorable prior period development is net of $11 million of favorable net premiums earned adjustments, $6 million of unfavorable expense adjustments and $4 million of unfavorable reinstatement premium adjustments.

For Q2 2017, favorable prior period development is net of $2 million of unfavorable net premiums earned adjustments. For YTD 2017, favorable prior period development is net of $2 million of unfavorable net premiums earned adjustments and $9 million of unfavorable reinstatement premium adjustments.

(5) Q2 2018 and YTD 2018 include the adverse impact of merger-related underwriting actions, respectively, as follows: Major Accounts & Specialty $41 million and $79 million; Commercial $2 million and $4 million.

(6) Major Accounts & Specialty: principally large corporate accounts and wholesale business. Commercial: principally middle market and small commercial accounts.

NA Commercial Page 12

Chubb Limited

Segment Results—Consecutive Quarters

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

(Unaudited)

North America Personal P&C Insurance

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

NA Personal Page 13

Chubb Limited

Segment Results—Consecutive Quarters

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

(Unaudited)

North America Agricultural Insurance

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

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

(2) For YTD 2018, favorable prior period development is net of $40 million unfavorable net premiums earned adjustments and $4 million of favorable profit-sharing commissions. For YTD 2017, favorable prior period development is net of $61 million unfavorable net premiums earned adjustments and $5 million of favorable profit-sharing commissions.

NA Agriculture Page 14

Chubb Limited

Segment Results—Consecutive Quarters

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

(Unaudited)

Overseas General Insurance

	2Q-18			1Q-18			4Q-17			3Q-17			2Q-17			YTD 2018			YTD 2017			Full Year 2017
Gross premiums written(1)	$	2,743		$	2,872		$	2,632		$	2,380		$	2,465		$	5,615		$	5,139		$	10,151
Net premiums written(1)		2,199			2,384			2,165			1,966			2,007			4,583			4,219			8,350
Net premiums earned		2,161			2,107			2,113			2,064			2,018			4,268			3,954			8,131
Losses and loss expenses		1,071			1,078			965			1,281			964			2,149			2,035			4,281
Policy acquisition costs		584			588			568			569			555			1,172			1,084			2,221
Administrative expenses		266			239			248			246			243			505			488			982
Underwriting income (loss)		240			202			332			(32	)		256			442			347			647
Net investment income		155			151			150			164			148			306			296			610
Other income (expense)—operating		12			(7	)		(10	)		10			3			5			4			4
Amortization expense of purchased intangibles		(11	)		(10	)		(12	)		(11	)		(11	)		(21	)		(22	)		(45	)
Segment income	$	396		$	336		$	460		$	131		$	396		$	732		$	625		$	1,216
CAY Underwriting income ex Cats	$	194		$	195		$	204		$	195		$	178		$	389		$	331		$	730
Combined ratio
Loss and loss expense ratio		49.6	%		51.1	%		45.7	%		62.1	%		47.8	%		50.4	%		51.5	%		52.6	%
Policy acquisition cost ratio		27.0	%		27.9	%		26.9	%		27.6	%		27.5	%		27.4	%		27.4	%		27.3	%
Administrative expense ratio		12.3	%		11.4	%		11.7	%		11.9	%		12.0	%		11.8	%		12.3	%		12.1	%
Combined ratio		88.9	%		90.4	%		84.3	%		101.6	%		87.3	%		89.6	%		91.2	%		92.0	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		51.7	%		51.4	%		51.6	%		51.3	%		51.6	%		51.6	%		51.9	%		51.7	%
CAY underwriting and administrative expense ratio ex Cats		39.3	%		39.3	%		38.7	%		39.3	%		39.6	%		39.3	%		39.7	%		39.3	%
CAY combined ratio ex Cats		91.0	%		90.7	%		90.3	%		90.6	%		91.2	%		90.9	%		91.6	%		91.0	%
Catastrophe reinstatement premiums (expenses)collected—pre-tax	$	—		$	—		$	5		$	(9	)	$	—		$	—		$	—		$	(4	)
Catastrophelosses—pre-tax	$	26		$	15		$	(55	)	$	326		$	10		$	41		$	60		$	331
Favorable prior period development(PPD)—pre-tax	$	(72	)	$	(22	)	$	(68	)	$	(108	)	$	(88	)	$	(94	)	$	(76	)	$	(252	)
% Change versus prior year period
Net premiums written		9.6	%		7.8	%		2.5	%		1.3	%		-1.1	%		8.6	%		3.6	%		2.8	%
Net premiums earned		7.1	%		8.8	%		3.1	%		1.4	%		-3.6	%		7.9	%		-2.3	%		0.0	%
Net premiums written constant $		5.1	%		1.4	%		-0.2	%		1.3	%		0.3	%		3.1	%		5.2	%		2.8	%
Net premiums earned constant $		2.0	%		3.0	%		0.2	%		0.9	%		-2.3	%		2.5	%		-1.3	%		-0.4	%
Other ratios
Net premiums written/gross premiums written		80	%		83	%		82	%		83	%		81	%		82	%		82	%		82	%

(1) 2017 amounts (Q1: $12 million; Q2: $1 million; Q3: $3 million; Q4: $(7) million) have been revised to reflect the North America Commercial P&C Insurance segment transfer of certain multinational accounts to (from) the Overseas General Insurance segment to better align the reporting with the management of these businesses in 2018. There is no impact on a consolidated basis.

Overseas General Insurance Page 15

Chubb Limited

Segment Results

(in millions of U.S. dollars)

(Unaudited)

Overseas General Insurance—Production by Region

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

(1) Q2 2017 and YTD 2017 was revised to include $1 million and $13 million, respectively, representing the transfer of certain multinational accounts from the North America Commercial P&C Insurance segment to better align the reporting with the management of these businesses in 2018. There is no impact on a consolidated basis.

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

Overseas General Ins. - Region Page 16

Chubb Limited

Segment Results—Consecutive Quarters

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

(Unaudited)

Global Reinsurance

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

(1) Q2 2018 and YTD 2018 favorable prior period development is net of $2 million and $3 million of unfavorable net premiums earned adjustments, respectively, and includes $1 million of favorable acquisition expense adjustments for both periods. YTD 2017 includes $7 million of favorable net premiums earned adjustments.

Global Reinsurance Page 17

Chubb Limited

Segment Results—Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Life Insurance

	2Q-18			1Q-18			4Q-17			3Q-17			2Q-17			YTD 2018			YTD 2017			Full Year 2017
Gross premiums written	$	599		$	592		$	586		$	568		$	557		$	1,191		$	1,107		$	2,261
Net premiums written		565			559			555			539			523			1,124			1,047			2,141
Net premiums earned		552			540			553			527			515			1,092			1,021			2,101
Losses and loss expenses		184			205			183			181			182			389			375			739
Policy benefits(1)		150			151			176			169			163			301			331			676
(Gains) losses from fair value changes in separate account assets (1)		10			(6	)		(27	)		(24	)		(16	)		4			(46	)		(97	)
Policy acquisition costs		138			128			154			132			130			266			244			530
Administrative expenses		80			78			77			77			77			158			149			303
Net investment income		85			83			83			78			77			168			152			313
Life Insurance underwriting income (2)		75			67			73			70			56			142			120			263
Other income (expense)—operating		2			(2	)		(3	)		(5	)		(4	)		—			(5	)		(13	)
Amortization expense of purchased intangibles		—			(1	)		—			(1	)		—			(1	)		(1	)		(2	)
Segment income	$	77		$	64		$	70		$	64		$	52		$	141		$	114		$	248
% Change versus prior year period
Net premiums written		8.0	%		6.7	%		1.2	%		1.1	%		-0.7	%		7.4	%		0.4	%		0.8	%
Net premiums earned		7.2	%		6.8	%		3.5	%		2.8	%		0.8	%		7.0	%		1.2	%		2.2	%
Net premiums written constant $		6.5	%		5.0	%		0.3	%		1.1	%		-1.0	%		5.8	%		-0.1	%		0.3	%
Net premiums earned constant $		5.7	%		5.0	%		2.3	%		2.8	%		0.5	%		5.4	%		0.6	%		1.6	%

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

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

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

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

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

Life Insurance Page 18

Chubb Limited

Segment Results—Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Corporate

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

(1) SeeNon-GAAP financial measures.

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

Corporate Page 19

Chubb Limited

Loss Reserve Rollforward

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

(Unaudited)

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

Loss Reserve Rollforward Page 20

Chubb Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)

Net Reinsurance Recoverable by Division

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

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

Reinsurance Recoverable Page 21

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)

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

(1) Calculated using adjusted net investment income.

Investments Page 22

Chubb Limited

Investment Portfolio - 2

(in millions of U.S. dollars)

(Unaudited)

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

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

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

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

Investments 2 Page 23

Chubb Limited

Investment Portfolio—3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

June 30, 2018

	Market Value by S&P Credit Rating
Non-U.S. Government Securities	AAA		AA		A		BBB		BB and below		Total
United Kingdom	$	—	$	1,360	$	—	$	—	$	—	$	1,360
Republic of Korea		—		1,091		—		—		—		1,091
Canada		975		—		—		—		—		975
Federative Republic of Brazil		—		—		—		—		713		713
Province of Ontario		—		9		628		—		—		637
United Mexican States		—		—		395		123		—		518
Federal Republic of Germany		512		—		—		—		—		512
Province of Quebec		—		502		—		—		—		502
Kingdom of Thailand		—		—		435		—		—		435
French Republic		—		314		—		—		—		314
OtherNon-U.S. Government Securities		942		1,025		876		559		954		4,356
Total	$	2,429	$	4,301	$	2,334	$	682	$	1,667	$	11,413
	Market Value by S&P Credit Rating
Non-U.S. Corporate Securities	AAA		AA		A		BBB		BB and below		Total
United Kingdom	$	130	$	91	$	670	$	938	$	300	$	2,129
Canada		110		206		381		496		317		1,510
United States(1)		3		25		183		366		471		1,048
France		6		46		537		329		29		947
Australia		123		197		369		141		10		840
Netherlands		66		10		330		171		61		638
Germany		134		39		136		272		32		613
Switzerland		49		17		179		187		25		457
Japan		—		35		406		7		—		448
Sweden		64		186		67		20		10		347
OtherNon-U.S. Corporate Securities		371		298		1,145		918		564		3,296
Total	$	1,056	$	1,150	$	4,403	$	3,845	$	1,819	$	12,273

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

Investments 3 Page 24

Chubb Limited

Investment Portfolio—4

(in millions of U.S. dollars)

(Unaudited)

Fixed Maturity Investment Portfolio

Top 10 Global Corporate Exposures

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

Investments 4 Page 25

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

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

(1) Other-than-temporary impairments for the quarter in realized gains (losses) were $4 million for fixed maturities.

(2) Effective Q1 2018, the company adopted new guidance that requires the recognition ofmark-to-market changes of public equities and cost-method private equities to be recognized through realized gains (losses) on the income statement. Previously these unrealized gains (losses) were recorded through other comprehensive income (loss) on the balance sheet.

(3) The quarter includes $44 million of losses on applicable hedges. These losses are bothpre-tax andafter-tax.

(4) 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.

(5) Other realized losses primarily include $36 million related to the early redemption of the $1.0 billion junior subordinated capital securities in April 2018 and $22 million related to lease impairments. Other unrealized losses are primarily related to the company’s post-retirement programs.

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

(6) Other-than-temporary impairments for the quarter in realized gains (losses) include $4 million for fixed maturities, $3 million for public equity and $1 million for private equity.

(7) The quarter includes $38 million of losses on applicable hedges. These losses are bothpre-tax andafter-tax.

(8) 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.

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

Net Gains (Losses) Page 26

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

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

(1) Year to date other-than-temporary impairments in realized gains (losses) were $5 million for fixed maturities.

(2) Effective Q1 2018, the company adopted new guidance that requires the recognition ofmark-to-market changes of public equities and cost-method private equities to be recognized through realized gains (losses) on the income statement. Previously these unrealized gains (losses) were recorded through other comprehensive income (loss) on the balance sheet.

(3) Year to date includes $22 million of losses on applicable hedges. These losses are bothpre-tax andafter-tax.

(4) 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.

(5) Other realized losses primarily include $36 million related to the early redemption of the $1.0 billion junior subordinated capital securities in April 2018 and $22 million related to lease impairments. Other unrealized losses are primarily related to the company’s post-retirement programs.

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

(6) Year to date other-than-temporary impairments in realized gains (losses) include $10 million for fixed maturities, $8 million for public equity and $9 million for private equity.

(7) Year to date includes $112 million of losses on applicable hedges. These losses are bothpre-tax andafter-tax.

(8) 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.

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

Net Gains (Losses) 2 Page 27

Chubb Limited

Debt and Capital

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

(Unaudited)

	June 30 2018			March 31 2018			December 31 2017			December 31 2016
Financial Debt:
Total short-term debt(1) (2)	$	600		$	1,669		$	1,013		$	500
Total long-term debt(2)		12,184			12,786			11,556			12,610
Total financial debt	$	12,784		$	14,455		$	12,569		$	13,110
Hybrid debt:
Total trust preferred securities		308			308			308			308
Total	$	13,092		$	14,763		$	12,877		$	13,418
Capitalization:
Shareholders’ equity	$	50,971		$	51,287		$	51,172		$	48,275
Hybrid debt		308			308			308			308
Financial debt		12,784			14,455			12,569			13,110
Total capitalization	$	64,063		$	66,050		$	64,049		$	61,693
Leverage ratios (based on total capital):
Hybrid debt		0.5	%		0.5	%		0.5	%		0.5	%
Financial debt		20.0	%		21.9	%		19.6	%		21.3	%
Total hybrid & financial debt		20.5	%		22.4	%		20.1	%		21.8	%

Note: As of June 30, 2018, there was $0.4 billion usage of credit facilities on a total commitment of $1.0 billion.

(1) During Q2 2018, the $1.0 billion junior subordinated capital securities were redeemed and the $600 million 5.75% senior notes matured and were fully paid.

(2) During Q2 2018, the $500 million 5.9% senior notes were reclassified to short-term debt.

Debt and Capital Page 28

Chubb Limited

Computation of Basic and Diluted Earnings Per Share

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

(Unaudited)

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

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

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

Earnings Per Share Page 29

Chubb Limited

Book Value and Book Value per Common Share

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

(Unaudited)

Reconciliation of Book Value per Common Share

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

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

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

(3) Other primarily includes proceeds from exercise of stock options and stock compensation, offset by the value of any share cancellations for restricted stock vesting taxes.

Reconciliation Book Value Page 30

Chubb Limited

Non-GAAP Financial Measures

(Unaudited)

Regulation G - Non-GAAP Financial Measures

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

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

Adjusted losses and loss expenses includes realized gains and losses on crop derivatives. The crop derivatives are purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing will impact underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations and therefore realized gains and losses from these derivatives are reclassified from adjusted net realized gains (losses), also a non-GAAP financial measure.

Adjusted net realized gains (losses), net of tax includes net realized gains (losses) and net realized gains (losses) recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses. The P&C combined ratio includes adjusted losses and loss expenses in the ratio numerator.

In presenting our segment income (loss) results, we have shown our performance with reference to underwriting results. Underwriting results are calculated by subtracting adjusted losses and loss expenses, policy benefits, policy acquisition costs, and administrative expenses from net premiums earned. We use underwriting results and adjusted operating ratios to monitor the results of our operations without the impact of certain factors, including investment income, other income and expenses, interest and income tax expense, and adjusted net realized gains (losses). P&C underwriting income is a non-GAAP financial measure which excludes the Life Insurance segment. P&C loss and loss expense ratio and P&C combined ratio (both non-GAAP financial measures) include adjusted losses and loss expenses in the ratio numerator. P&C expense ratio (a non-GAAP financial measure) and P&C combined ratio include policy acquisition costs and administrative expenses in the ratio numerator. A reconciliation of combined ratio to P&C combined ratio is provided on pages 34-37.

P&C combined ratio is the sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing will impact underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations.

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

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

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

Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.

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

Core operating income (loss) is a non-GAAP financial measure that excludes the after-tax impact of adjusted net realized gains (losses), net realized gains (losses) included in other income (expense) related to partially owned entities, Chubb integration expenses, and the amortization of the fair value adjustments related to purchased invested assets and long-term debt from the Chubb Corp acquisition. We exclude adjusted realized gains and losses because the amount of these gains (losses) are heavily influenced by, and fluctuate in part according to the availability of market opportunities. We exclude Chubb integration expenses due to the size and complexity of this acquisition. These integration expenses are distortive to our results and are not indicative of our underlying profitability. We believe that excluding these integration expenses facilitates the comparison of our financial results to our historical operating results. Chubb integration expenses are incurred by the overall company and are therefore included in Corporate. The costs are not related to the on-going activities of the individual segments and are therefore excluded from our definition of segment income (loss), as well.

Core operating income excluding catastrophe losses excludes the impact of catastrophe losses due to the significant size and number of these events which could obscure the underlying operating results. We believe this measure provides a better evaluation of our operating performance and enhances the understanding of the trends in our property and casualty business. Core operating income with expected level of catastrophe losses is a non-GAAP financial measure which excludes catastrophe losses above or below management’s view of typical catastrophe losses for that period. The adjustment for normalized catastrophe activity reduces the unusually large impact of catastrophe activity which could obscure our underlying performance. Current accident year core operating income excluding catastrophe losses is core operating income adjusted to exclude catastrophe losses and prior period development (PPD). We believe it is useful to exclude catastrophe losses, as they are not predictable as to timing and amount, and PPD, as these unexpected loss developments on historical reserves are not indicative of our underlying performance. Core operating income, Core operating income excluding catastrophe losses, Core operating income with expected level of catastrophe losses, and Current accident year core operating income excluding catastrophe losses should not be viewed as a substitute for net income determined in accordance with GAAP. References to core operating income measures mean net of tax, whether or not noted.

Core operating effective tax rate is a non-GAAP financial measure. The numerator excludes tax on adjusted net realized gains (losses), tax on Chubb integration expenses, and tax on the amortization of the fair value adjustments related to purchased invested assets and long-term debt from the Chubb Corp acquisition. The denominator is core operating income (loss), before tax. Core operating effective tax rate should not be viewed as a substitute for effective tax rate determined in accordance with GAAP.

Book value per common share, net of tax is shareholders’ equity divided by the shares outstanding. Tangible book value per common share, net of tax is shareholders’ equity less goodwill and other intangible assets, net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful. In addition, we disclose per share measures for book value and tangible book value that exclude the impact of foreign currency fluctuations in order to adjust for the distortive effects of fluctuations in exchange rates. Adjusted book value per common share, net of tax, excludes unrealized investment gains (losses). Adjusted tangible book value per common share, net of tax, excludes goodwill and other intangible assets, net of tax, as well as unrealized investment gains (losses). We exclude unrealized investment gains (losses) because the amount of these gains (losses) is heavily influenced by changes in market conditions, including interest rate changes. We believe these measures are meaningful to understanding growth in book and tangible book value by highlighting the underlying profitability relative to shareholders’ equity excluding the effect of unrealized gains and losses on our investments.

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

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

Reconciliation Non-GAAP Page 31

Chubb Limited

Non-GAAP Financial Measures—2

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

(Unaudited)

RegulationG—Non-GAAP Financial Measures (continued)

Core operating ROE

Core operating return on equity (ROE) or ROE calculated using core operating income: The ROE numerator includes income adjusted to excludeafter-tax adjusted net realized gains (losses), Chubb integration expenses, and the amortization of the fair value adjustment of acquired invested assets and long-term debt. The ROE denominator includes the average shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, net of tax. Core operating ROE is a useful measure as it enhances the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity excluding the effect of unrealized gains and losses on our investments.

	2Q-18			2Q-17			YTD 2018			YTD 2017			Full Year 2017
Net income	$	1,294		$	1,305		$	2,376		$	2,398		$	3,861
Core operating income	$	1,253		$	1,180		$	2,350		$	2,355		$	3,784
Equity—beginning of period, as reported	$	51,287		$	49,224		$	51,172		$	48,275		$	48,275
Less: unrealized gains on investments, net of deferred tax(1)		45			1,265			1,033			1,058			1,058
Equity—beginning of period, as adjusted	$	51,242		$	47,959		$	50,139		$	47,217		$	47,217
Equity—end of period, as reported	$	50,971		$	50,349		$	50,971		$	50,349		$	51,172
Less: unrealized gains (losses) on investments, net of deferred tax		(390	)		1,551			(390	)		1,551			1,450
Equity—end of period, as adjusted	$	51,361		$	48,798		$	51,361		$	48,798		$	49,722
Weighted average equity, as reported	$	51,129		$	49,787		$	51,072		$	49,312		$	49,724
Weighted average equity, as adjusted	$	51,302		$	48,379		$	50,750		$	48,008		$	48,470
ROE		10.1	%		10.5	%		9.3	%		9.7	%		7.8	%
Core operating ROE		9.8	%		9.8	%		9.3	%		9.8	%		7.8	%

(1) During Q1 2018, the company adopted new guidance that requires the reclassification of $417 million of unrealized appreciation to beginning retained earnings related to public equities and cost-method private equities. Refer to footnote 2 on pages 26 and 27 for further information.

Core operating effective tax rate

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

	2Q-18			1Q-18			4Q-17			3Q-17			2Q-17			YTD 2018			YTD 2017			Full Year 2017
Tax expense (benefit), as reported	$	218		$	135		$	(382	)	$	(85	)	$	200		$	353		$	328		$	(139	)
Less: tax benefit on amortization of fair value of acquired invested assets and debt(1)		(11	)		(9	)		(23	)		(18	)		(20	)		(20	)		(44	)		(85	)
Less: tax benefit on Chubb integration expenses		(3	)		(2	)		(20	)		(14	)		(22	)		(5	)		(59	)		(93	)
Less: tax expense (benefit) on adjusted net realized gains (losses)		14			(3	)		(20	)		8			19			11			17			5
Tax expense (benefit), adjusted	$	218		$	149		$	(319	)	$	(61	)	$	223		$	367		$	414		$	34
Income (loss) before tax, as reported	$	1,512		$	1,217		$	1,151		$	(155	)	$	1,505		$	2,729		$	2,726		$	3,722
Less: amortization of fair value of acquired invested assets and debt(1)		(52	)		(59	)		(64	)		(68	)		(72	)		(111	)		(151	)		(283	)
Less: Chubb integration expenses		(13	)		(10	)		(77	)		(50	)		(72	)		(23	)		(183	)		(310	)
Less: adjusted realized gains (losses)		10			(4	)		—			(5	)		103			6			96			91
Less: realized gains (losses) related to unconsolidated entities		96			44			122			89			143			140			195			406
Core operating income (loss) before tax	$	1,471		$	1,246		$	1,170		$	(121	)	$	1,403		$	2,717		$	2,769		$	3,818
Effective tax rate		14.4	%		11.1	%		-33.1	%		54.7	%		13.3	%		12.9	%		12.0	%		-3.7	%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt(1)		0.2	%		0.2	%		3.7	%		8.6	%		0.6	%		0.2	%		0.8	%		2.3	%
Adjustment for tax impact of Chubb integration expenses		0.1	%		0.1	%		3.8	%		6.6	%		0.8	%		0.1	%		1.2	%		2.6	%
Adjustment for tax impact of adjusted net realized gains (losses)		0.1	%		0.6	%		-1.6	%		-19.0	%		1.3	%		0.3	%		1.0	%		-0.3	%
Core operating effective tax rate		14.8	%		12.0	%		-27.2	%		50.9	%		16.0	%		13.5	%		15.0	%		0.9	%

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

Core operating income (loss)

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

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

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

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

Reconciliation Non-GAAP 2 Page 32

Chubb Limited

Non-GAAP Financial Measures - 3

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

(Unaudited)

Regulation G -Non-GAAP Financial Measures (continued)
Core operating income measures
	2Q-18			2Q-17			% Change 2Q-18 vs. 2Q-17			YTD 2018			YTD 2017			% Change YTD-18 vs YTD-17			Full Year 2017
Core operating income	$	1,253		$	1,180					$	2,350		$	2,355					$	3,784
Less: Catastrophe losses,after-tax		(173	)		(152	)					(476	)		(316	)					(2,171	)
Core operating income ex Cats	$	1,426		$	1,332			7.0	%	$	2,826		$	2,671			5.8	%	$	5,955
Less: Prior period development,after-tax		158			144						324			299						634
Core operating income ex Cats and PPD	$	1,268		$	1,188					$	2,502		$	2,372					$	5,321
Core operating income	$	1,253		$	1,180					$	2,350		$	2,355					$	3,784
Add: Actual Cats above (below) expected levels,after-tax		(10	)		(13	)					125			(5	)					1,455
Core operating income w/ expected level of Cats	$	1,243		$	1,167			6.5	%	$	2,475		$	2,350			5.4	%	$	5,239
Diluted earnings per share
Core operating income ex Cats	$	3.05		$	2.82			8.2	%	$	6.03		$	5.66			6.5	%	$	12.64
Core operating income ex Cats and PPD	$	2.71		$	2.52			7.5	%	$	5.34		$	5.02			6.4	%	$	11.29
Core operating income w/ expected level of Cats	$	2.65		$	2.47			7.3	%	$	5.28		$	4.98			6.0	%	$	11.12

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

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

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

Reconciliation Non-GAAP 3 Page 33

Chubb Limited

Non-GAAP Financial Measures—4

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

(Unaudited)

RegulationG—Non-GAAP Financial Measures (continued)

P&C combined ratio

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

The following tables present the calculation of combined ratio, as reported, for each segment to P&C combined ratio, adjusted for catastrophe losses (Cats) and PPD.

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

Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

Reconciliation Non-GAAP 4 Page 34

Chubb Limited

Non-GAAP Financial Measures—5

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

(Unaudited)

RegulationG—Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)

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

Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

Reconciliation Non-GAAP 5 Page 35

Chubb Limited

Non-GAAP Financial Measures—6

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

(Unaudited)

RegulationG—Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)

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

Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

Reconciliation Non-GAAP 6 Page 36

Chubb Limited

Non-GAAP Financial Measures—7

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

(Unaudited)

RegulationG—Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)

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

Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

Reconciliation Non-GAAP 7 Page 37

Chubb Limited

Glossary

Chubb Limited 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 the life business and including realized gains and losses on crop derivatives.

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

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

Average market yield of fixed maturities:Weighted average yield to 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.

Chubb integration expenses:Chubb integration expenses comprise legal and professional fees and all other costs directly related to the integration activities of the Chubb Corp acquisition. Chubb integration expenses are incurred by the overall company and are therefore included in Corporate. These costs are not related to theon-going business activities of the segments and are therefore excluded from our definition of segment income.

NM: Not meaningful.

Glossary Page 38