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

Exhibit 99.2

Chubb Limited

Financial Supplement

for the Quarter Ended September 30, 2018

Investor Contacts

Karen Beyer: (212)827-4445

Helen M. Wilson: (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
	- Global P&C Results—Consecutive Quarters		5
	- Catastrophe Losses		6
	- Summary Consolidated Balance Sheets		7
	- Line of Business		8
	- Consolidated Results by Segment		9 - 12
III.	Segment Results
	- North America Commercial P&C Insurance		13
	- North America Personal P&C Insurance		14
	- North America Agricultural Insurance		15
	- Overseas General Insurance		16 - 17
	- Global Reinsurance		18
	- Life Insurance		19
	- Corporate		20
IV.	Balance Sheet Details
	- Loss Reserve Rollforward		21
	- Reinsurance Recoverable Analysis		22
	- Investment Portfolio		23 - 26
	- Net Realized and Unrealized Gains (Losses)		27 - 28
	- Debt and Capital		29
	- Computation of Basic and Diluted Earnings Per Share		30
	- Book Value and Book Value per Common Share		31
V.	Other Disclosures
	-Non-GAAP Financial Measures		32 - 38
	- Glossary		39

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.

										% Change ex						Constant $			C$ % Change ex
							% Change			Merger Actions (1)						% Change			Merger Actions (1)
	Three months ended September 30						3Q-18 vs.			3Q-18 vs.			Constant $			3Q-18 vs.			3Q-18 vs.
	2018			2017			3Q-17			3Q-17			2017			3Q-17			3Q-17
Gross premiums written	$	10,054		$	9,710			3.5	%				$	9,684			3.8	%
Net premiums written	$	8,110		$	7,902			2.6	%				$	7,874			3.0	%
P&C net premiums written	$	7,546		$	7,363			2.5	%		2.9	%	$	7,337			2.8	%		3.3	%
Global P&C net premiums written	$	6,662		$	6,437			3.5	%		4.0	%	$	6,411			3.9	%		4.4	%
Net premiums earned	$	7,908		$	7,807			1.3	%				$	7,781			1.6	%
Net investment income	$	823		$	813			1.3	%				$	810			1.5	%
Adjusted net investment income	$	883		$	893			-1.1	%				$	890			-0.9	%
Core operating income (loss)	$	1,122		$	(60	)		NM					$	(64	)		NM
Net income (loss)	$	1,231		$	(70	)		NM
Operating cash flow	$	1,700		$	1,771
P&C combined ratio
Loss and loss expense ratio		63.6	%		83.4	%
Policy acquisition costs and administrative expense ratio		27.3	%		27.4	%
Combined ratio		90.9	%		110.8	%
P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)
CAY loss and loss expense ratio ex Cats		61.1	%		61.3	%
CAY policy acquisition costs and administrative expense ratio ex Cats		27.1	%		27.2	%
CAY combined ratio ex Cats		88.2	%		88.5	%
ROE		9.7	%		-0.6	%
Core operating return on equity (ROE)		8.7	%		-0.5	%
Effective tax rate(2)		12.9	%		54.7	%
Core operating effective tax rate (2)		14.1	%		50.9	%
Diluted earnings per share
Net income (loss)(3)	$	2.64		$	(0.15	)		NM
Core operating income (loss)(3)	$	2.41		$	(0.13	)		NM
Weighted average basic common shares outstanding		463.0			466.4
Weighted average diluted common shares outstanding (3)		466.0			466.4

(1) Consolidated and P&C net premiums written were adversely impacted by merger-related actions of $32 million in Q3 2018.

(2) For 2017, the effective tax rate reflects an income tax benefit as a result ofpre-tax loss andpre-tax core operating loss.

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

Financial Highlights - QTR Page 1

Chubb Limited

Consolidated Financial Highlights—Year To Date

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

(Unaudited)

										% Change ex						Constant $			C$ % Change ex
							% Change			Merger Actions (1)						% Change			Merger Actions (1)
	Nine months ended September 30						YTD-18 vs			YTD-18 vs			Constant $			YTD-18 vs			YTD-18 vs
	2018			2017			YTD-17			YTD-17			2017			YTD-17			YTD-17
Gross premiums written	$	28,716		$	27,416			4.7	%				$	27,682			3.7	%
Net premiums written	$	23,229		$	22,193			4.7	%				$	22,427			3.6	%
P&C net premiums written	$	21,541		$	20,607			4.5	%		5.1	%	$	20,827			3.4	%		4.0	%
Global P&C net premiums written	$	20,161		$	19,217			4.9	%		5.6	%	$	19,437			3.7	%		4.4	%
Net premiums earned	$	22,599		$	21,816			3.6	%				$	22,037			2.5	%
Net investment income	$	2,457		$	2,328			5.5	%				$	2,335			5.2	%
Adjusted net investment income	$	2,650		$	2,584			2.5	%				$	2,591			2.2	%
Core operating income	$	3,472		$	2,295			51.3	%				$	2,326			49.2	%
Net income	$	3,607		$	2,328			55.0	%
Operating cash flow	$	3,897		$	3,411
P&C combined ratio
Loss and loss expense ratio		61.4	%		67.3	%
Policy acquisition costs and administrative expense ratio		28.4	%		28.7	%
Combined ratio		89.8	%		96.0	%
P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)
CAY loss and loss expense ratio ex Cats		59.7	%		59.4	%
CAY policy acquisition costs and administrative expense ratio ex Cats		28.3	%		28.6	%
CAY combined ratio ex Cats		88.0	%		88.0	%
ROE		9.4	%		6.3	%
Core operating return on equity (ROE)		9.1	%		6.4	%
Effective tax rate		12.9	%		9.4	%
Core operating effective tax rate		13.7	%		13.3	%
Diluted earnings per share
Net income	$	7.71		$	4.94			56.1	%
Core operating income	$	7.42		$	4.87			52.4	%
Weighted average basic common shares outstanding		464.6			467.7
Weighted average diluted common shares outstanding		468.0			471.6
													% Change
										December 31			3Q-18 vs
										2017			4Q-17
Book value per common share	$	110.46								$	110.32			0.1	%
Tangible book value per common share	$	66.83								$	65.87			1.5	%
Total hybrid & financial debt/capitalization		20.3	%		20.4	%					20.1	%

(1) Consolidated net premiums written were adversely impacted by merger-related actions of $128 million for YTD 2018, of which $125 million impacted P&C net premiums written.

Financial Highlights - YTD Page 2

Chubb Limited

Statement of Operations—Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

	Consolidated Statements of Operations
		3Q-18			2Q-18			1Q-18			4Q-17			3Q-17			YTD 2018			YTD 2017			Full Year 2017
	Gross premiums written	$	10,054		$	9,929		$	8,733		$	8,960		$	9,710		$	28,716		$	27,416		$	36,376
	Net premiums written		8,110			8,015			7,104			7,051			7,902			23,229			22,193			29,244
	Net premiums earned		7,908			7,664			7,027			7,218			7,807			22,599			21,816			29,034
(1)	Adjusted losses and loss expenses		4,876			4,479			4,100			4,272			6,252			13,455			14,189			18,461
	Realized (gains) losses on crop derivatives		8			(8	)		(2	)		—			5			(2	)		7			7
	Losses and loss expenses		4,868			4,487			4,102			4,272			6,247			13,457			14,182			18,454
	Policy benefits		127			150			151			176			169			428			500			676
	Policy acquisition costs		1,504			1,464			1,464			1,447			1,488			4,432			4,334			5,781
	Administrative expenses		719			747			692			737			714			2,158			2,096			2,833
(2)	Adjusted net investment income		883			890			877			873			893			2,650			2,584			3,457
	Amortization expense of fair value adjustment on acquired invested assets		(60	)		(62	)		(71	)		(76	)		(80	)		(193	)		(256	)		(332	)
	Net investment income		823			828			806			797			813			2,457			2,328			3,125
(3)	Adjusted realized gains (losses)		27			10			(4	)		—			(5	)		33			91			91
	Realized gains (losses) on crop derivatives		(8	)		8			2			—			(5	)		2			(7	)		(7	)
	Net realized gains (losses)		19			18			(2	)		—			(10	)		35			84			84
(4)	Adjusted interest expense		170			177			169			168			162			516			488			656
	Amortization benefit of fair value adjustment on acquired long term debt		(6	)		(10	)		(12	)		(12	)		(12	)		(28	)		(37	)		(49	)
	Interest expense		164			167			157			156			150			488			451			607
	Gains (losses) from fair value changes in separate account assets		(14	)		(10	)		6			27			24			(18	)		70			97
	Net realized gains (losses) related to unconsolidated entities		152			96			44			122			89			292			284			406
	Other income (expense)—operating		7			29			(3	)		(82	)		5			33			(21	)		(103	)
	Other income (expense)		145			115			47			67			118			307			333			400
	Amortization expense of purchased intangibles		83			85			85			66			65			253			194			260
	Chubb integration expenses		16			13			10			77			50			39			233			310
	Income tax expense (benefit)		183			218			135			(382	)		(85	)		536			243			(139	)
	Net income (loss)	$	1,231		$	1,294		$	1,082		$	1,533		$	(70	)	$	3,607		$	2,328		$	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
	3Q-18			2Q-18			1Q-18			4Q-17			3Q-17			YTD 2018			YTD 2017			Full Year 2017
P&C Underwriting income (Including Corporate and excluding Life Insurance)
Gross premiums written	$	9,455		$	9,330		$	8,141		$	8,374		$	9,142		$	26,926		$	25,741		$	34,115
Net premiums written		7,546			7,450			6,545			6,496			7,363			21,541			20,607			27,103
Net premiums earned		7,357			7,112			6,487			6,665			7,280			20,956			20,268			26,933
Adjusted losses and loss expenses		4,681			4,295			3,895			4,089			6,071			12,871			13,633			17,722
Policy acquisition costs		1,365			1,326			1,336			1,293			1,356			4,027			3,958			5,251
Administrative expenses		642			667			614			660			637			1,923			1,870			2,530
P&C Underwriting income (loss)	$	669		$	824		$	642		$	623		$	(784	)	$	2,135		$	807		$	1,430
P&C CAY Underwriting income ex Cats	$	876		$	844		$	813		$	912		$	839		$	2,533		$	2,435		$	3,347
% Change versus prior year period
Net premiums written		2.5	%		5.6	%		5.8	%		1.7	%		4.6	%		4.5	%		5.0	%		4.2	%
Net premiums written excluding merger-related actions(1)		2.9	%		6.2	%		6.6	%		3.7	%		3.9	%		5.1	%		7.1	%		6.3	%
Net premiums earned		1.0	%		5.8	%		3.5	%		2.2	%		1.5	%		3.4	%		0.5	%		0.9	%
Net premiums written constant $		2.8	%		4.1	%		3.4	%		0.5	%		4.6	%		3.4	%		5.3	%		4.2	%
Net premiums written constant $ excluding merger-related actions(1)		3.3	%		4.7	%		4.1	%		2.5	%		4.0	%		4.0	%		7.5	%		6.2	%
Net premiums earned constant $		1.4	%		4.0	%		1.6	%		1.0	%		1.3	%		2.3	%		0.7	%		0.7	%
P&C combined ratio
Loss and loss expense ratio		63.6	%		60.4	%		60.0	%		61.4	%		83.4	%		61.4	%		67.3	%		65.8	%
Policy acquisition cost ratio		18.6	%		18.6	%		20.6	%		19.4	%		18.6	%		19.2	%		19.5	%		19.5	%
Administrative expense ratio		8.7	%		9.4	%		9.5	%		9.9	%		8.8	%		9.2	%		9.2	%		9.4	%
Combined ratio		90.9	%		88.4	%		90.1	%		90.7	%		110.8	%		89.8	%		96.0	%		94.7	%
CAY P&C combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		61.1	%		60.0	%		57.7	%		57.1	%		61.3	%		59.7	%		59.4	%		58.8	%
CAY policy acquisition costs and administrative expense ratio ex Cats		27.1	%		28.1	%		29.9	%		29.3	%		27.2	%		28.3	%		28.6	%		28.8	%
CAY combined ratio ex Cats		88.2	%		88.1	%		87.6	%		86.4	%		88.5	%		88.0	%		88.0	%		87.6	%
Other ratios
Net premiums written/gross premiums written		80	%		80	%		80	%		78	%		81	%		80	%		80	%		79	%
Expense ratio		27.3	%		28.0	%		30.1	%		29.3	%		27.4	%		28.4	%		28.7	%		28.9	%
Expense ratio excluding A&H		25.2	%		25.9	%		27.9	%		27.2	%		25.1	%		26.3	%		26.6	%		26.8	%
Catastrophe reinstatement premiums (expenses)collected—pre-tax	$	4		$	—		$	—		$	(15	)	$	22		$	4		$	22		$	7
Catastrophelosses—pre-tax	$	454		$	211		$	380		$	432		$	1,915		$	1,045		$	2,321		$	2,753
Favorable prior period development(PPD)—pre-tax	$	(243	)	$	(191	)	$	(209	)	$	(158	)	$	(270	)	$	(643	)	$	(671	)	$	(829	)

(1) Net premiums written were adversely impacted by merger-related actions of $32 million in Q3 2018 and $125 million for YTD 2018.

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

Global P&C Underwriting Results—Consecutive Quarters

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

(Unaudited)

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

Global P&C (Including Corporate and excluding Agriculture)
	3Q-18			2Q-18			1Q-18			4Q-17			3Q-17			YTD 2018			YTD 2017			Full Year 2017
Global P&C Underwriting income
Gross premiums written	$	8,185		$	8,787		$	7,936		$	8,098		$	7,839		$	24,908		$	23,702		$	31,800
Net premiums written		6,662			7,062			6,437			6,370			6,437			20,161			19,217			25,587
Net premiums earned		6,500			6,761			6,444			6,413			6,382			19,705			19,012			25,425
Adjusted losses and loss expenses		3,954			4,014			3,950			4,029			5,307			11,918			12,650			16,679
Policy acquisition costs		1,316			1,300			1,337			1,287			1,307			3,953			3,883			5,170
Administrative expenses		640			666			617			664			638			1,923			1,874			2,538
Global P&C Underwriting income (loss)	$	590		$	781		$	540		$	433		$	(870	)	$	1,911		$	605		$	1,038
Global P&C CAY Underwriting income ex Cats	$	790		$	799		$	786		$	758		$	752		$	2,375		$	2,298		$	3,056
% Change versus prior year period
Net premiums written		3.5	%		6.1	%		5.1	%		0.3	%		4.0	%		4.9	%		4.8	%		3.6	%
Net premiums written excluding merger-related actions(1)		4.0	%		6.8	%		5.9	%		2.3	%		3.3	%		5.6	%		7.0	%		5.8	%
Net premiums earned		1.8	%		6.0	%		3.1	%		0.6	%		0.4	%		3.6	%		0.1	%		0.2	%
Net premiums written constant $		3.9	%		4.6	%		2.6	%		-0.8	%		4.0	%		3.7	%		5.2	%		3.6	%
Net premiums written constant $ excluding merger-related actions(1)		4.4	%		5.2	%		3.4	%		1.2	%		3.3	%		4.4	%		7.4	%		5.8	%
Net premiums earned constant $		2.2	%		4.1	%		1.2	%		-0.6	%		0.3	%		2.5	%		0.3	%		0.0	%
Combined ratio
Loss and loss expense ratio		60.8	%		59.4	%		61.3	%		62.8	%		83.1	%		60.5	%		66.5	%		65.6	%
Policy acquisition cost ratio		20.2	%		19.2	%		20.8	%		20.1	%		20.5	%		20.0	%		20.4	%		20.3	%
Administrative expense ratio		9.9	%		9.8	%		9.5	%		10.4	%		10.0	%		9.8	%		9.9	%		10.0	%
Combined ratio		90.9	%		88.4	%		91.6	%		93.3	%		113.6	%		90.3	%		96.8	%		95.9	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		58.1	%		59.0	%		57.6	%		57.9	%		58.0	%		58.2	%		57.7	%		57.8	%
CAY policy acquisition costs and administrative expense ratio ex Cats		29.8	%		29.2	%		30.2	%		30.3	%		30.2	%		29.8	%		30.2	%		30.2	%
CAY combined ratio ex Cats		87.9	%		88.2	%		87.8	%		88.2	%		88.2	%		88.0	%		87.9	%		88.0	%
Other ratios
Net premiums written/gross premiums written		81	%		80	%		81	%		79	%		82	%		81	%		81	%		80	%
Expense ratio		30.1	%		29.0	%		30.3	%		30.5	%		30.5	%		29.8	%		30.3	%		30.3	%
Expense ratio excluding A&H		28.1	%		27.0	%		28.2	%		28.4	%		28.3	%		27.7	%		28.2	%		28.3	%
Catastrophe reinstatement premiums (expenses)collected—pre-tax	$	4		$	—		$	—		$	(15	)	$	22		$	4		$	22		$	7
Catastrophelosses—pre-tax	$	446		$	209		$	379		$	432		$	1,910		$	1,034		$	2,303		$	2,735
Favorable prior period development(PPD)—pre-tax	$	(242	)	$	(191	)	$	(133	)	$	(122	)	$	(266	)	$	(566	)	$	(588	)	$	(710	)

(1) Net premiums written were adversely impacted by merger-related actions of $32 million in Q3 2018 and $125 million for YTD 2018.

Global P&C Page 5

Chubb Limited

Segments results—Catastrophe Loss Charges

(in millions of U.S. dollars)

(Unaudited)

Chubb Limited Catastrophe Loss Charges—Q3 2018

											Total				Total
	North		North		North						Consolidated				Consolidated
	America		America		America		Overseas				Excluding		Reinstatement		including
	Commercial P&C		Personal P&C		Agricultural		General		Global		Reinstatement		premiums		Reinstatement
	Insurance		Insurance		Insurance		Insurance		Reinsurance		premiums		collected		premiums
Catastrophe Loss Charges by Event—Gross
Hurricane Florence	$	152	$	31	$	3	$	10	$	13	$	209
U.S. Flooding, Hail, Tornadoes, and Wind Events(1)		205		44		1		—		—		250
Colorado Rain and Hail Storm		14		59		—		1		—		74
Typhoon Jebi		1		—		—		46		14		61
Typhoon Mangkhut		—		—		—		17		—		17
Japan Flooding		2		—		—		8		7		17
California Wildfires		4		4		—		—		—		8
Other		23		3		4		6		13		49
Total	$	401	$	141	$	8	$	88	$	47	$	685
Catastrophe Loss Charges by Event—Net
Hurricane Florence	$	108	$	31	$	3	$	10	$	9	$	161	$	1	$	160
U.S. Flooding, Hail, Tornadoes, and Wind Events(1)		54		40		1		—		—		95		—		95
Colorado Rain and Hail Storm		12		58		—		1		—		71		—		71
Typhoon Jebi		1		—		—		39		12		52		2		50
Typhoon Mangkhut		—		—		—		16		—		16		—		16
Japan Flooding		1		—		—		8		4		13		—		13
California Wildfires		4		4		—		—		—		8		—		8
Other		16		3		4		6		9		38		1		37
Total	$	196	$	136	$	8	$	80	$	34	$	454
Reinstatement premiums collected		—		—		—		—		4			$	4
Total impact before income tax	$	196	$	136	$	8	$	80	$	30					$	450
Income tax benefit																78
Total impact after income tax															$	372

(1) This grouping comprised of 10 separate events, principally impacting the southern and northeastern regions of the U.S.

Note: The above table represents catastrophe loss estimates for events that occurred in the current calendar year only (i.e., loss events occurring during the third quarter of 2018 and changes to catastrophe loss estimates that occurred in the first and second quarters of 2018). Changes in catastrophe loss estimates in the current calendar year that relate to loss events that occurred in previous calendar years are considered prior period development and are excluded from the table above.

Catastrophe Losses Page 6

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)

	September 30			June 30			March 31			December 31
	2018			2018			2018			2017
Assets
Fixed maturities available for sale, at fair value	$	77,853		$	77,963		$	79,111		$	78,939
Fixed maturities held to maturity, at amortized cost		13,563			13,860			14,253			14,335
Equity securities, at fair value		843			933			948			937
Short-term investments, at fair value		3,479			3,171			2,874			3,561
Other investments		5,425			5,259			4,919			4,672
Total investments		101,163			101,186			102,105			102,444
Cash		1,053			1,000			1,988			728
Securities lending collateral		2,143			2,355			2,039			1,737
Insurance and reinsurance balances receivable		10,193			10,341			9,570			9,334
Reinsurance recoverable on losses and loss expenses		15,088			14,792			14,982			15,034
Deferred policy acquisition costs		4,902			4,916			4,843			4,723
Value of business acquired		298			311			321			326
Prepaid reinsurance premiums		2,548			2,686			2,600			2,529
Goodwill and other intangible assets		21,471			21,759			22,123			22,054
Investments in partially-owned insurance companies		656			675			664			662
Other assets		8,169			7,513			7,546			7,451
Total assets	$	167,684		$	167,534		$	168,781		$	167,022
Liabilities
Unpaid losses and loss expenses	$	63,029		$	62,778		$	63,139		$	63,179
Unearned premiums		15,725			15,748			15,495			15,216
Future policy benefits		5,463			5,470			5,412			5,321
Insurance and reinsurance balances payable		6,313			6,448			6,148			5,868
Securities lending payable		2,143			2,355			2,039			1,737
Accounts payable, accrued expenses, and other liabilities		10,757			10,346			10,030			10,953
Deferred tax liabilities		363			326			468			699
Short-term debt		500			600			1,669			1,013
Long-term debt		12,149			12,184			12,786			11,556
Trust preferred securities		308			308			308			308
Total liabilities		116,750			116,563			117,494			115,850
Shareholders’ equity
Total shareholders’ equity, excl. AOCI		53,093			52,491			51,789			50,629
Accumulated other comprehensive income (loss) (AOCI)		(2,159	)		(1,520	)		(502	)		543
Total shareholders’ equity		50,934			50,971			51,287			51,172
Total liabilities and shareholders’ equity	$	167,684		$	167,534		$	168,781		$	167,022
Book value per common share	$	110.46		$	109.97		$	110.10		$	110.32
% change over prior quarter		0.4	%		-0.1	%		-0.2	%		1.5	%
Tangible book value per common share	$	66.83		$	66.00		$	65.65		$	65.87
% change over prior quarter		1.3	%		0.5	%		-0.3	%		1.2	%

Consol Bal Sheet Page 7

Chubb Limited

Consolidated Net Premiums Written by Line of Business

(in millions of U.S. dollars)

(Unaudited)

								Constant $										Constant $
					% Change			% Change							% Change			% Change
					3Q-18 vs.			3Q-18 vs.			YTD		YTD		YTD-18 vs.			YTD-18 vs.
	3Q-18		3Q-17		3Q-17			3Q-17			2018		2017		YTD-17			YTD-17
Net premiums written
Commercial multiple peril (1)	$	236	$	233		1.1	%		1.1	%	$	680	$	661		3.0	%		2.9	%
Commercial casualty(2)		1,356		1,238		9.5	%		9.2	%		3,863		3,508		10.2	%		8.8	%
Workers’ compensation (2)		491		470		4.3	%		4.3	%		1,571		1,536		2.2	%		2.2	%
Professional liability		921		894		3.0	%		1.6	%		2,583		2,557		1.1	%		-1.8	%
Surety		159		158		0.1	%		2.7	%		481		461		4.2	%		4.2	%
Property and other short-tail lines(2)		911		891		2.3	%		4.5	%		3,061		2,990		2.3	%		2.2	%
Total Commercial P&C		4,074		3,884		4.9	%		5.0	%		12,239		11,713		4.5	%		3.4	%
Agriculture		884		926		-4.5	%		-4.5	%		1,380		1,390		-0.7	%		-0.7	%
Personal automobile—North America		213		204		4.4	%		4.4	%		626		578		8.0	%		8.0	%
Personal automobile—International		206		195		5.4	%		10.5	%		647		569		13.2	%		12.2	%
Personal homeowners		895		877		1.9	%		1.9	%		2,615		2,499		4.6	%		4.3	%
Personal other		362		355		2.2	%		3.0	%		1,138		1,080		5.6	%		3.0	%
Total Personal lines		1,676		1,631		2.7	%		3.4	%		5,026		4,726		6.3	%		5.4	%
Total Property and Casualty lines		6,634		6,441		3.0	%		3.3	%		18,645		17,829		4.6	%		3.6	%
Global A&H lines(3)		1,048		1,014		3.4	%		4.5	%		3,236		3,033		6.7	%		4.9	%
Reinsurance lines(4)		164		191		-14.3	%		-14.7	%		554		580		-4.5	%		-5.9	%
Life		264		256		3.6	%		4.0	%		794		751		6.1	%		4.6	%
Total consolidated	$	8,110	$	7,902		2.6	%		3.0	%	$	23,229	$	22,193		4.7	%		3.6	%

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

(2) YTD 2018 includes a reclassification of $84 million from Commercial casualty net premiums written to Property and other short-tail lines ($78 million) and Workers’ Compensation ($6 million) to better align the reporting with prior year. There is no impact on a consolidated basis.

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

(4) The year-over-year decrease in net premiums written is primarily due to higher reinstatement premiums collected in the prior year relating to the 2017 natural catastrophes (year-over-year decrease of $33 million for both QTD and YTD).

Line of Business Page 8

Chubb Limited

Consolidated Results—Three months ended September 30, 2018

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

(Unaudited)

Q3 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	$	3,199		$	1,218		$	884		$	2,081		$	164		$	—		$	7,546		$	564		$	8,110
Net premiums earned		3,019			1,167			857			2,157			157			—			7,357			551			7,908
Adjusted losses and loss expenses		1,881			860			727			1,114			86			13			4,681			195			4,876
Policy benefits		—			—			—			—			—			—			—			127			127
(Gains) losses from fair value changes in separate account assets(1)		—			—			—			—			—			—			—			14			14
Policy acquisition costs		458			236			49			582			40			—			1,365			139			1,504
Administrative expenses		251			69			2			252			10			58			642			77			719
Underwriting income (loss)		429			2			79			209			21			(71	)		669			(1	)		668
Adjusted net investment income		503			59			7			155			63			11			798			85			883
Other income (expense)—operating (1)		1			—			—			7			13			(8	)		13			(6	)		7
Amortization expense of purchased intangibles		—			(4	)		(7	)		(8	)		—			(64	)		(83	)		—			(83	)
Segment income (loss)	$	933		$	57		$	79		$	363		$	97		$	(132	)	$	1,397		$	78		$	1,475
Adjusted interest expense																	(170	)								(170	)
Income tax expense																	(183	)								(183	)
Core operating income (loss)																	(485	)								1,122
Chubb integration expenses, net of $2 million tax benefit																	(14	)								(14	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $12 million tax benefit(2)																	(42	)								(42	)
Adjusted net realized gains (losses), net of $14 million tax (3)																	165									165
Net income (loss)																$	(376	)							$	1,231
Combined ratio		85.8	%		99.8	%		90.7	%		90.3	%		86.7	%					90.9	%
CAY combined ratio ex Cats		86.7	%		83.2	%		89.9	%		90.0	%		82.8	%					88.2	%

(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 9

Chubb Limited

Consolidated Results—Nine months ended September 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	$	9,342		$	3,601		$	1,380		$	6,664		$	554		$	—		$	21,541		$	1,688		$	23,229
Net premiums earned		9,325			3,463			1,251			6,425			492			—			20,956			1,643			22,599
Adjusted losses and loss expenses		5,873			2,474			953			3,263			236			72			12,871			584			13,455
Policy benefits		—			—			—			—			—			—			—			428			428
(Gains) losses from fair value changes in separate account assets(1)		—			—			—			—			—			—			—			18			18
Policy acquisition costs		1,378			701			74			1,754			120			—			4,027			405			4,432
Administrative expenses		735			202			—			757			29			200			1,923			235			2,158
Underwriting income (loss)		1,339			86			224			651			107			(272	)		2,135			(27	)		2,108
Adjusted net investment income		1,516			177			20			461			192			31			2,397			253			2,650
Other income (expense)—operating (1)		20			(1	)		(1	)		12			26			(17	)		39			(6	)		33
Amortization expense of purchased intangibles		—			(10	)		(21	)		(29	)		—			(192	)		(252	)		(1	)		(253	)
Segment income (loss)	$	2,875		$	252		$	222		$	1,095		$	325		$	(450	)	$	4,319		$	219		$	4,538
Adjusted interest expense																	(516	)								(516	)
Income tax expense																	(550	)								(550	)
Core operating income (loss)																	(1,516	)								3,472
Chubb integration expenses, net of $7 million tax benefit																	(32	)								(32	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $32 million tax benefit(2)																	(133	)								(133	)
Adjusted net realized gains (losses), net of $25 million tax (3)																	300									300
Net income (loss)																$	(1,381	)							$	3,607
Combined ratio		85.6	%		97.5	%		82.1	%		89.9	%		78.3	%					89.8	%
CAY combined ratio ex Cats		87.0	%		80.8	%		87.8	%		90.6	%		81.1	%					88.0	%

(1) For the Life Insurance segment, (gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified for underwriting income (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 10

Chubb Limited

Consolidated Results—Three months ended September 30, 2017

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

(Unaudited)

Q3 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	$	3,086		$	1,194		$	926		$	1,966		$	191		$	—		$	7,363		$	539		$	7,902
Net premiums earned		3,016			1,117			898			2,064			185			—			7,280			527			7,807
Adjusted losses and loss expenses		2,580			1,062			764			1,281			295			89			6,071			181			6,252
Policy benefits		—			—			—			—			—			—			—			169			169
(Gains) losses from fair value changes in separate account assets(1)		—			—			—			—			—			—			—			(24	)		(24	)
Policy acquisition costs		469			226			49			569			43			—			1,356			132			1,488
Administrative expenses		256			61			(1	)		246			11			64			637			77			714
Underwriting income (loss)		(289	)		(232	)		86			(32	)		(164	)		(153	)		(784	)		(8	)		(792	)
Adjusted net investment income		497			57			6			164			80			11			815			78			893
Other income (expense)—operating (1)		4			(1	)		—			10			3			(6	)		10			(5	)		5
Amortization expense of purchased intangibles		—			(4	)		(8	)		(11	)		—			(41	)		(64	)		(1	)		(65	)
Segment income (loss)	$	212		$	(180	)	$	84		$	131		$	(81	)	$	(189	)	$	(23	)	$	64		$	41
Adjusted interest expense																	(162	)								(162	)
Income tax benefit																	61									61
Core operating loss																	(290	)								(60	)
Chubb integration expenses, net of $14 million tax benefit																	(36	)								(36	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $18 million tax benefit(2)																	(50	)								(50	)
Adjusted net realized gains (losses), net of $8 million tax (3)																	76									76
Net loss																$	(300	)							$	(70	)
Combined ratio		109.6	%		120.8	%		90.4	%		101.6	%		187.4	%					110.8	%
CAY combined ratio ex Cats		88.7	%		77.5	%		90.3	%		90.6	%		82.2	%					88.5	%

(1) For the Life Insurance segment, (gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified for underwriting income (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 11

Chubb Limited

Consolidated Results—Nine months ended September 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	$	9,019		$	3,433		$	1,390		$	6,185		$	580		$	—		$	20,607		$	1,586		$	22,193
Net premiums earned		9,156			3,296			1,256			6,018			542			—			20,268			1,548			21,816
Adjusted losses and loss expenses		6,376			2,378			983			3,316			435			145			13,633			556			14,189
Policy benefits		—			—			—			—			—			—			—			500			500
(Gains) losses from fair value changes in separate account assets(1)		—			—			—			—			—			—			—			(70	)		(70	)
Policy acquisition costs		1,420			673			75			1,653			137			—			3,958			376			4,334
Administrative expenses		728			192			(4	)		734			33			187			1,870			226			2,096
Underwriting income (loss)		632			53			202			315			(63	)		(332	)		807			(40	)		767
Adjusted net investment income		1,465			168			18			460			207			36			2,354			230			2,584
Other income (expense)—operating (1)		4			(3	)		(1	)		14			2			(27	)		(11	)		(10	)		(21	)
Amortization expense of purchased intangibles		—			(12	)		(22	)		(33	)		—			(125	)		(192	)		(2	)		(194	)
Segment income (loss)	$	2,101		$	206		$	197		$	756		$	146		$	(448	)	$	2,958		$	178		$	3,136
Adjusted interest expense																	(488	)								(488	)
Income tax expense																	(353	)								(353	)
Core operating income (loss)																	(1,289	)								2,295
Chubb integration expenses, net of $73 million tax benefit																	(160	)								(160	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $62 million tax benefit(2)																	(157	)								(157	)
Adjusted net realized gains (losses), net of $25 million tax (3)																	350									350
Net income (loss)																$	(1,256	)							$	2,328
Combined ratio		93.1	%		98.4	%		83.9	%		94.8	%		111.5	%					96.0	%
CAY combined ratio ex Cats		87.6	%		78.3	%		89.6	%		91.3	%		78.6	%					88.0	%

(1) For the Life Insurance segment, (gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified for underwriting income (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 12

Chubb Limited

Segment Results—Consecutive Quarters

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

(Unaudited)

North America Commercial P&C Insurance

	3Q-18			2Q-18			1Q-18			4Q-17			3Q-17			YTD 2018			YTD 2017			Full Year 2017
Gross premiums written(1)	$	4,108		$	4,322		$	3,678		$	4,102		$	3,919		$	12,108		$	11,649		$	15,751
Net premiums written(1)		3,199			3,331			2,812			3,000			3,086			9,342			9,019			12,019
Net premiums earned		3,019			3,277			3,029			3,035			3,016			9,325			9,156			12,191
Losses and loss expenses		1,881			2,084			1,908			1,911			2,580			5,873			6,376			8,287
Policy acquisition costs		458			448			472			453			469			1,378			1,420			1,873
Administrative expenses		251			253			231			253			256			735			728			981
Underwriting income (loss)		429			492			418			418			(289	)		1,339			632			1,050
Net investment income		503			510			503			496			497			1,516			1,465			1,961
Other income (expense)—operating		1			13			6			(5	)		4			20			4			(1	)
Segment income	$	933		$	1,015		$	927		$	909		$	212		$	2,875		$	2,101		$	3,010
CAY Underwriting income ex Cats	$	409		$	410		$	395		$	386		$	346		$	1,214		$	1,142		$	1,528
Combined ratio
Loss and loss expense ratio		62.3	%		63.6	%		63.0	%		63.0	%		85.5	%		63.0	%		69.6	%		68.0	%
Policy acquisition cost ratio		15.2	%		13.7	%		15.6	%		14.9	%		15.5	%		14.7	%		15.5	%		15.4	%
Administrative expense ratio		8.3	%		7.7	%		7.6	%		8.3	%		8.6	%		7.9	%		8.0	%		8.0	%
Combined ratio		85.8	%		85.0	%		86.2	%		86.2	%		109.6	%		85.6	%		93.1	%		91.4	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		63.5	%		66.0	%		64.0	%		64.1	%		65.2	%		64.5	%		64.3	%		64.3	%
CAY policy acquisition costs and administrative expense ratio ex Cats		23.2	%		21.4	%		23.0	%		23.2	%		23.5	%		22.5	%		23.3	%		23.2	%
CAY combined ratio ex Cats		86.7	%		87.4	%		87.0	%		87.3	%		88.7	%		87.0	%		87.6	%		87.5	%
Catastrophe reinstatement premiumsexpensed—pre-tax	$	—		$	—		$	—		$	(1	)	$	(3	)	$	—		$	(3	)	$	(4	)
Catastrophelosses—pre-tax	$	196		$	73		$	78		$	167		$	868		$	347		$	1,053		$	1,220
Favorable prior period development(PPD)—pre-tax(2)	$	(216	)	$	(155	)	$	(101	)	$	(200	)	$	(236	)	$	(472	)	$	(546	)	$	(746	)
% Change versus prior year period
Net premiums written		3.6	%		4.0	%		3.0	%		-2.7	%		-0.7	%		3.6	%		4.2	%		2.4	%
Net premiums written excluding merger-related actions(3)		4.6	%		5.4	%		4.4	%		-1.0	%		1.1	%		4.8	%		6.8	%		4.7	%
Net premiums earned		0.1	%		5.8	%		-0.4	%		-1.7	%		-2.3	%		1.8	%		0.3	%		-0.2	%
Other ratios
Net premiums written/gross premiums written		78	%		77	%		76	%		73	%		79	%		77	%		77	%		76	%
Production by Size
Net Premiums Written(1)
Major Accounts & Specialty (4)	$	1,852		$	2,040		$	1,630		$	1,753		$	1,786		$	5,522		$	5,323		$	7,076
Commercial(4)		1,347			1,291			1,182			1,247			1,300			3,820			3,696			4,943
Total	$	3,199		$	3,331		$	2,812		$	3,000		$	3,086		$	9,342		$	9,019		$	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) For Q3 2018, favorable prior period development is net of $40 million of unfavorable net premiums earned adjustments, $1 million of unfavorable expense adjustments and $1 million of unfavorable reinstatement premium adjustments. For YTD 2018, favorable prior period development is net of $29 million of unfavorable net premiums earned adjustments, $7 million of unfavorable expense adjustments and $5 million of unfavorable reinstatement premium adjustments.

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

(3) Q3 2018 and YTD 2018 include the adverse impact of merger-related actions, respectively, as follows: Major Accounts & Specialty $31 million and $110 million; Commercial $nil and $4 million.

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

NA Commercial Page 13

Chubb Limited

Segment Results—Consecutive Quarters

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

(Unaudited)

North America Personal P&C Insurance

	3Q-18			2Q-18			1Q-18			4Q-17			3Q-17			YTD 2018			YTD 2017			Full Year 2017
Gross premiums written	$	1,369		$	1,489		$	1,181		$	1,260		$	1,338		$	4,039		$	3,892		$	5,152
Net premiums written		1,218			1,335			1,048			1,100			1,194			3,601			3,433			4,533
Net premiums earned		1,167			1,156			1,140			1,103			1,117			3,463			3,296			4,399
Losses and loss expenses		860			728			886			887			1,062			2,474			2,378			3,265
Policy acquisition costs		236			228			237			226			226			701			673			899
Administrative expenses		69			68			65			72			61			202			192			264
Underwriting income (loss)		2			132			(48	)		(82	)		(232	)		86			53			(29	)
Net investment income		59			59			59			58			57			177			168			226
Other expense—operating		—			(1	)		—			(1	)		(1	)		(1	)		(3	)		(4	)
Amortization expense of purchased intangibles		(4	)		(3	)		(3	)		(4	)		(4	)		(10	)		(12	)		(16	)
Segment income (loss)	$	57		$	187		$	8		$	(29	)	$	(180	)	$	252		$	206		$	177
CAY Underwriting income ex Cats	$	196		$	240		$	230		$	218		$	251		$	666		$	715		$	933
Combined ratio
Loss and loss expense ratio		73.7	%		63.0	%		77.7	%		80.4	%		95.1	%		71.5	%		72.2	%		74.2	%
Policy acquisition cost ratio		20.2	%		19.7	%		20.8	%		20.5	%		20.2	%		20.2	%		20.4	%		20.4	%
Administrative expense ratio		5.9	%		5.9	%		5.7	%		6.6	%		5.5	%		5.8	%		5.8	%		6.1	%
Combined ratio		99.8	%		88.6	%		104.2	%		107.5	%		120.8	%		97.5	%		98.4	%		100.7	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		57.1	%		53.7	%		53.3	%		54.0	%		51.9	%		54.7	%		52.1	%		52.6	%
CAY policy acquisition costs and administrative expense ratio ex Cats		26.1	%		25.6	%		26.4	%		26.5	%		25.6	%		26.1	%		26.2	%		26.3	%
CAY combined ratio ex Cats		83.2	%		79.3	%		79.7	%		80.5	%		77.5	%		80.8	%		78.3	%		78.9	%
Catastrophe reinstatement premiumsexpensed—pre-tax	$	—		$	—		$	—		$	(19	)	$	(3	)	$	—		$	(3	)	$	(22	)
Catastrophelosses—pre-tax	$	136		$	101		$	284		$	278		$	448		$	521		$	593		$	871
Unfavorable (favorable) prior period development(PPD)—pre-tax (1)	$	58		$	7		$	(6	)	$	3		$	32		$	59		$	66		$	69
% Change versus prior year period
Net premiums written		2.0	%		6.4	%		6.5	%		5.8	%		18.0	%		4.9	%		10.3	%		9.1	%
Net premiums written excluding merger-related actions, one-time accounting actions, Fireman’s Fund non-renewal and Reinstatement premiums		2.7	%		3.2	%		2.7	%								2.9	%
Net premiums earned		4.5	%		5.6	%		5.1	%		2.6	%		3.4	%		5.1	%		1.6	%		1.9	%
Other ratios
Net premiums written/gross premiums written		89	%		90	%		89	%		87	%		89	%		89	%		88	%		88	%

(1) For Q3 2018 and YTD 2018, unfavorable prior period development is net of $1 million of unfavorable reinstatement premium adjustments.

NA Personal Page 14

Chubb Limited

Segment Results—Consecutive Quarters

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

(Unaudited)

North America Agricultural Insurance

	3Q-18			2Q-18			1Q-18			4Q-17			3Q-17			YTD 2018			YTD 2017			Full Year 2017
Gross premiums written	$	1,270		$	543		$	205		$	276		$	1,303		$	2,018		$	2,039		$	2,315
Net premiums written		884			388			108			126			926			1,380			1,390			1,516
Net premiums earned		857			351			43			252			898			1,251			1,256			1,508
Adjusted losses and loss expenses(1)		727			281			(55	)		60			764			953			983			1,043
Policy acquisition costs		49			26			(1	)		6			49			74			75			81
Administrative expenses		2			1			(3	)		(4	)		(1	)		—			(4	)		(8	)
Underwriting income		79			43			102			190			86			224			202			392
Net investment income		7			6			7			7			6			20			18			25
Other expense—operating		—			(1	)		—			(1	)		—			(1	)		(1	)		(2	)
Amortization expense of purchased intangibles		(7	)		(7	)		(7	)		(7	)		(8	)		(21	)		(22	)		(29	)
Segment income	$	79		$	41		$	102		$	189		$	84		$	222		$	197		$	386
CAY Underwriting income ex Cats	$	86		$	45		$	27		$	154		$	87		$	158		$	137		$	291
Combined ratio
Loss and loss expense ratio		84.9	%		80.0	%		NM			23.7	%		85.1	%		76.2	%		78.3	%		69.2	%
Policy acquisition cost ratio		5.7	%		7.4	%		NM			2.4	%		5.4	%		5.9	%		6.0	%		5.4	%
Administrative expense ratio		0.1	%		0.5	%		NM			-1.7	%		-0.1	%		0.0	%		-0.4	%		-0.6	%
Combined ratio		90.7	%		87.9	%		NM			24.4	%		90.4	%		82.1	%		83.9	%		74.0	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		84.1	%		79.3	%		68.9	%		36.9	%		84.9	%		81.8	%		83.9	%		76.2	%
CAY policy acquisition costs and administrative expense ratio ex Cats		5.8	%		7.9	%		-1.2	%		3.1	%		5.4	%		6.0	%		5.7	%		5.3	%
CAY combined ratio ex Cats		89.9	%		87.2	%		67.7	%		40.0	%		90.3	%		87.8	%		89.6	%		81.5	%
Catastrophelosses—pre-tax	$	8		$	2		$	1		$	—		$	5		$	11		$	18		$	18
Favorable prior period development(PPD)—pre-tax(2)	$	(1	)	$	—		$	(76	)	$	(36	)	$	(4	)	$	(77	)	$	(83	)	$	(119	)
% Change versus prior year period
Net premiums written		-4.5	%		-3.7	%		76.2	%		214.3	%		9.0	%		-0.7	%		7.9	%		14.2	%
Net premiums earned		-4.6	%		2.2	%		214.2	%		72.3	%		9.6	%		-0.3	%		7.4	%		14.6	%
Other ratios
Net premiums written/gross premiums written		70	%		71	%		53	%		46	%		71	%		68	%		68	%		66	%

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

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

NA Agriculture Page 15

Chubb Limited

Segment Results—Consecutive Quarters

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

(Unaudited)

Overseas General Insurance

	3Q-18			2Q-18			1Q-18			4Q-17			3Q-17			YTD 2018			YTD 2017			Full Year 2017
Gross premiums written(1)	$	2,541		$	2,743		$	2,872		$	2,632		$	2,380		$	8,156		$	7,519		$	10,151
Net premiums written(1)		2,081			2,199			2,384			2,165			1,966			6,664			6,185			8,350
Net premiums earned		2,157			2,161			2,107			2,113			2,064			6,425			6,018			8,131
Losses and loss expenses		1,114			1,071			1,078			965			1,281			3,263			3,316			4,281
Policy acquisition costs		582			584			588			568			569			1,754			1,653			2,221
Administrative expenses		252			266			239			248			246			757			734			982
Underwriting income (loss)		209			240			202			332			(32	)		651			315			647
Net investment income		155			155			151			150			164			461			460			610
Other income (expense)—operating		7			12			(7	)		(10	)		10			12			14			4
Amortization expense of purchased intangibles		(8	)		(11	)		(10	)		(12	)		(11	)		(29	)		(33	)		(45	)
Segment income	$	363		$	396		$	336		$	460		$	131		$	1,095		$	756		$	1,216
CAY Underwriting income ex Cats	$	217		$	194		$	195		$	204		$	195		$	606		$	526		$	730
Combined ratio
Loss and loss expense ratio		51.7	%		49.6	%		51.1	%		45.7	%		62.1	%		50.8	%		55.1	%		52.6	%
Policy acquisition cost ratio		26.9	%		27.0	%		27.9	%		26.9	%		27.6	%		27.3	%		27.5	%		27.3	%
Administrative expense ratio		11.7	%		12.3	%		11.4	%		11.7	%		11.9	%		11.8	%		12.2	%		12.1	%
Combined ratio		90.3	%		88.9	%		90.4	%		84.3	%		101.6	%		89.9	%		94.8	%		92.0	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		51.3	%		51.7	%		51.4	%		51.6	%		51.3	%		51.5	%		51.7	%		51.7	%
CAY policy acquisition costs and administrative expense ratio ex Cats		38.7	%		39.3	%		39.3	%		38.7	%		39.3	%		39.1	%		39.6	%		39.3	%
CAY combined ratio ex Cats		90.0	%		91.0	%		90.7	%		90.3	%		90.6	%		90.6	%		91.3	%		91.0	%
Catastrophe reinstatement premiums (expenses)collected—pre-tax	$	—		$	—		$	—		$	5		$	(9	)	$	—		$	(9	)	$	(4	)
Catastrophelosses—pre-tax	$	80		$	26		$	15		$	(55	)	$	326		$	121		$	386		$	331
Favorable prior period development(PPD)—pre-tax (2)	$	(72	)	$	(72	)	$	(22	)	$	(68	)	$	(108	)	$	(166	)	$	(184	)	$	(252	)
% Change versus prior year period
Net premiums written		5.9	%		9.6	%		7.8	%		2.5	%		1.3	%		7.7	%		2.9	%		2.8	%
Net premiums earned		4.5	%		7.1	%		8.8	%		3.1	%		1.4	%		6.8	%		-1.1	%		0.0	%
Net premiums written constant $		7.5	%		5.1	%		1.4	%		-0.2	%		1.3	%		4.5	%		3.9	%		2.8	%
Net premiums earned constant $		5.9	%		2.0	%		3.0	%		0.2	%		0.9	%		3.6	%		-0.6	%		-0.4	%
Other ratios
Net premiums written/gross premiums written		82	%		80	%		83	%		82	%		83	%		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.

(2) For Q3 2018 and YTD 2018, favorable prior period development is net of $2 million of unfavorable reinstatement premium adjustments.

Overseas General Insurance Page 16

Chubb Limited

Segment Results

(in millions of U.S. dollars)

(Unaudited)

Overseas General Insurance—Production by Region

	3Q-18		3Q-17		% Change 3Q-18 vs. 3Q-17			Constant $ 3Q-17		Constant $ % Change 3Q-18 vs. 3Q-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	$	727	$	691		5.2	%	$	703		3.4	%	$	2,641	$	2,447		7.9	%	$	2,624		0.6	%
Latin America		519		514		1.0	%		473		9.7	%		1,597		1,519		5.1	%		1,474		8.3	%
Asia		755		681		10.9	%		683		10.5	%		2,176		1,931		12.7	%		1,988		9.5	%
Other (1) (2)		80		80		0.0	%		78		2.6	%		250		288		-13.2	%		294		-15.0	%
Total	$	2,081	$	1,966		5.9	%	$	1,937		7.5	%	$	6,664	$	6,185		7.7	%	$	6,380		4.5	%

(1) Q3 2017 and YTD 2017 was revised to include $3 million and $16 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 17

Chubb Limited

Segment Results—Consecutive Quarters

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

(Unaudited)

Global Reinsurance

	3Q-18			2Q-18			1Q-18			4Q-17			3Q-17			YTD 2018			YTD 2017			Full Year 2017
Gross premiums written	$	167		$	233		$	205		$	104		$	202		$	605		$	642		$	746
Net premiums written		164			197			193			105			191			554			580			685
Net premiums earned		157			167			168			162			185			492			542			704
Losses and loss expenses		86			83			67			126			295			236			435			561
Policy acquisition costs		40			40			40			40			43			120			137			177
Administrative expenses		10			9			10			11			11			29			33			44
Underwriting income (loss)		21			35			51			(15	)		(164	)		107			(63	)		(78	)
Net investment income		63			65			64			66			80			192			207			273
Other income (expense)—operating		13			6			7			(1	)		3			26			2			1
Segment income (loss)	$	97		$	106		$	122		$	50		$	(81	)	$	325		$	146		$	196
CAY Underwriting income ex Cats	$	27		$	28		$	39		$	32		$	26		$	94		$	107		$	139
Combined ratio
Loss and loss expense ratio		55.0	%		49.4	%		40.1	%		78.9	%		158.2	%		48.0	%		80.1	%		79.8	%
Policy acquisition cost ratio		25.2	%		24.2	%		23.6	%		24.4	%		23.4	%		24.3	%		25.3	%		25.1	%
Administrative expense ratio		6.5	%		5.7	%		5.8	%		6.9	%		5.8	%		6.0	%		6.1	%		6.3	%
Combined ratio		86.7	%		79.3	%		69.5	%		110.2	%		187.4	%		78.3	%		111.5	%		111.2	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		51.2	%		53.0	%		47.7	%		50.1	%		46.5	%		50.6	%		44.6	%		46.0	%
CAY policy acquisition costs and administrative expense ratio ex Cats		31.6	%		30.5	%		29.3	%		31.3	%		35.7	%		30.5	%		34.0	%		33.2	%
CAY combined ratio ex Cats		82.8	%		83.5	%		77.0	%		81.4	%		82.2	%		81.1	%		78.6	%		79.2	%
Catastrophe reinstatement premiumscollected—pre-tax	$	4		$	—		$	—		$	—		$	37		$	4		$	37		$	37
Catastrophelosses—pre-tax	$	34		$	9		$	2		$	42		$	268		$	45		$	271		$	313
Unfavorable (favorable) prior period development(PPD)—pre-tax(1)	$	(24	)	$	(16	)	$	(14	)	$	5		$	(41	)	$	(54	)	$	(64	)	$	(59	)
% Change versus prior year period
Net premiums written as reported		-14.3	%		3.8	%		-3.0	%		-8.2	%		47.1	%		-4.5	%		3.3	%		1.4	%
Net premiums earned as reported		-15.7	%		-0.6	%		-11.0	%		-3.4	%		20.4	%		-9.4	%		0.0	%		-0.7	%
Net premiums written constant $		-14.7	%		1.5	%		-4.8	%		-9.3	%		47.9	%		-5.9	%		4.5	%		2.2	%
Net premiums earned constant $		-16.0	%		-3.1	%		-12.8	%		-5.1	%		20.0	%		-10.8	%		1.0	%		-0.4	%
Other ratios
Net premiums written/gross premiums written		98	%		85	%		94	%		100	%		95	%		92	%		91	%		92	%

(1) For Q3 2018, favorable prior period development is net of $4 million of unfavorable net premiums earned adjustments. For YTD 2018, favorable prior period development is net of $7 million of unfavorable net premiums earned adjustments and $1 million of favorable acquisition expense adjustments. For Q3 2017, favorable prior period development is net of $3 million of unfavorable net premiums earned adjustments. For YTD 2017, favorable prior period development is net of $4 million of favorable net premiums earned adjustments.

Global Reinsurance Page 18

Chubb Limited

Segment Results—Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Life Insurance

	3Q-18			2Q-18			1Q-18			4Q-17			3Q-17			YTD 2018			YTD 2017			Full Year 2017
Gross premiums written	$	599		$	599		$	592		$	586		$	568		$	1,790		$	1,675		$	2,261
Net premiums written		564			565			559			555			539			1,688			1,586			2,141
Net premiums earned		551			552			540			553			527			1,643			1,548			2,101
Losses and loss expenses		195			184			205			183			181			584			556			739
Policy benefits(1)		127			150			151			176			169			428			500			676
(Gains) losses from fair value changes in separate account assets(1)		14			10			(6	)		(27	)		(24	)		18			(70	)		(97	)
Policy acquisition costs		139			138			128			154			132			405			376			530
Administrative expenses		77			80			78			77			77			235			226			303
Net investment income		85			85			83			83			78			253			230			313
Life Insurance underwriting income (2)		84			75			67			73			70			226			190			263
Other income (expense)—operating		(6	)		2			(2	)		(3	)		(5	)		(6	)		(10	)		(13	)
Amortization expense of purchased intangibles		—			—			(1	)		—			(1	)		(1	)		(2	)		(2	)
Segment income	$	78		$	77		$	64		$	70		$	64		$	219		$	178		$	248
% Change versus prior year period
Net premiums written		4.8	%		8.0	%		6.7	%		1.2	%		1.1	%		6.5	%		0.6	%		0.8	%
Net premiums earned		4.6	%		7.2	%		6.8	%		3.5	%		2.8	%		6.2	%		1.8	%		2.2	%
Net premiums written constant $		5.1	%		6.5	%		5.0	%		0.3	%		1.1	%		5.5	%		0.3	%		0.3	%
Net premiums earned constant $		4.9	%		5.7	%		5.0	%		2.3	%		2.8	%		5.2	%		1.3	%		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):

	3Q-18		3Q-17		% Change 3Q-18 vs. 3Q-17			Constant $ % Change 3Q-18 vs. 3Q-17			YTD-18		YTD-17		% Change YTD-18  vs. YTD-17			Constant $ % Change YTD-18 vs. YTD-17
International life insurance net premiums written	$	217	$	203		6.9	%		7.4	%	$	654	$	600		9.0	%		7.2	%
International life insurance deposits(3)		392		422		-7.1	%		-7.1	%		1,163		1,048		10.9	%		8.7	%
Total international life insurance net premiums written and deposits	$	609	$	625		-2.5	%		-2.4	%	$	1,817	$	1,648		10.2	%		8.1	%
International life insurance segment income	$	29	$	13		122.1	%		128.7	%	$	71	$	35		101.7	%		107.8	%

(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 19

Chubb Limited

Segment Results—Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Corporate

	3Q-18			2Q-18			1Q-18			4Q-17			3Q-17			YTD 2018			YTD 2017			Full Year 2017
Gross premiums written	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net premiums written		—			—			—			—			—			—			—			—
Net premiums earned		—			—			—			—			—			—			—			—
Losses and loss expenses		13			48			11			140			89			72			145			285
Policy acquisition costs		—			—			—			—			—			—			—			—
Administrative expenses		58			70			72			80			64			200			187			267
Underwriting loss		(71	)		(118	)		(83	)		(220	)		(153	)		(272	)		(332	)		(552	)
Adjusted net investment income		11			10			10			13			11			31			36			49
Other expense—operating		(8	)		(2	)		(7	)		(61	)		(6	)		(17	)		(27	)		(88	)
Adjusted interest expense (1)		(170	)		(177	)		(169	)		(168	)		(162	)		(516	)		(488	)		(656	)
Amortization expense of purchased intangibles		(64	)		(64	)		(64	)		(43	)		(41	)		(192	)		(125	)		(168	)
2017 tax reform transition benefit		—			—			—			450			—			—			—			450
Income tax (expense) benefit ex 2017 tax reform transition benefit		(183	)		(218	)		(149	)		(131	)		61			(550	)		(353	)		(484	)
Core operating loss		(485	)		(569	)		(462	)		(160	)		(290	)		(1,516	)		(1,289	)		(1,449	)
Chubb integration expenses, net of tax		(14	)		(10	)		(8	)		(57	)		(36	)		(32	)		(160	)		(217	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(42	)		(41	)		(50	)		(41	)		(50	)		(133	)		(157	)		(198	)
Adjusted net realized gains (losses), net of tax (2)		165			92			43			142			76			300			350			492
Net loss	$	(376	)	$	(528	)	$	(477	)	$	(116	)	$	(300)		$	(1,381)		$	(1,256)		$	(1,372)
Unfavorable prior period development(PPD)—pre-tax	$	12		$	45		$	10		$	138		$	87		$	67		$	140		$	278

(1) SeeNon-GAAP financial measures.

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

Corporate Page 20

Chubb Limited

Loss Reserve Rollforward

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

(Unaudited)

	Unpaid Losses									Net Paid to
	Gross			Ceded			Net			Incurred Ratio
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
Losses and loss expenses incurred		6,472			1,604			4,868
Losses and loss expenses paid		(5,771	)		(1,268	)		(4,503	)		93	%
Other (incl. foreign exch. revaluation)		(450	)		(106	)		(344	)
Balance at September 30, 2018	$	63,029		$	13,965		$	49,064
Add net recoverable on paid losses		—			1,123			(1,123	)
Balance including net recoverable on paid losses	$	63,029		$	15,088		$	47,941

Loss Reserve Rollforward Page 21

Chubb Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)

Net Reinsurance Recoverable by Division

	September 30 2018			June 30 2018			March 31 2018			December 31 2017
Reinsurance recoverable on paid losses and loss expenses
Active operations	$	911		$	901		$	972		$	808
Brandywine and OtherRun-off		290			238			271			286
Total	$	1,201		$	1,139		$	1,243		$	1,094
Reinsurance recoverable on unpaid losses and loss expenses
Active operations	$	12,989		$	12,763		$	12,842		$	12,992
Brandywine and OtherRun-off		1,214			1,209			1,217			1,269
Total	$	14,203		$	13,972		$	14,059		$	14,261
Gross reinsurance recoverable
Active operations	$	13,900		$	13,664		$	13,814		$	13,800
Brandywine and OtherRun-off		1,504			1,447			1,488			1,555
Total	$	15,404		$	15,111		$	15,302		$	15,355
Provision for uncollectible reinsurance(1)
Active operations	$	(189	)	$	(189	)	$	(188	)	$	(183	)
Brandywine and OtherRun-off		(127	)		(130	)		(132	)		(138	)
Total	$	(316	)	$	(319	)	$	(320	)	$	(321	)
Net reinsurance recoverable
Active operations	$	13,711		$	13,475		$	13,626		$	13,617
Brandywine and OtherRun-off		1,377			1,317			1,356			1,417
Total	$	15,088		$	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 22

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)

	September 30 2018					June 30 2018					March 31 2018					December 31 2017
Market Value
Fixed maturities available for sale	$	77,853				$	77,963				$	79,111				$	78,939
Fixed maturities held to maturity		13,284					13,665					14,122					14,474
Short-term investments		3,479					3,171					2,874					3,561
Total fixed maturities	$	94,616				$	94,799				$	96,107				$	96,974
Asset Allocation by Market Value
Treasury	$	4,572		5	%	$	4,246		4	%	$	4,277		4	%	$	4,049		4	%
Agency		570		1	%		651		1	%		593		1	%		564		1	%
Corporate and asset-backed		27,373		29	%		27,150		29	%		26,564		28	%		27,215		28	%
Mortgage-backed		18,401		19	%		18,068		19	%		18,467		19	%		18,032		19	%
Municipal		17,280		18	%		17,827		19	%		19,550		20	%		20,766		21	%
Non-U.S.		22,941		24	%		23,686		25	%		23,782		25	%		22,787		23	%
Short-term investments		3,479		4	%		3,171		3	%		2,874		3	%		3,561		4	%
Total fixed maturities	$	94,616		100	%	$	94,799		100	%	$	96,107		100	%	$	96,974		100	%
Credit Quality by Market Value
AAA	$	15,131		16	%	$	14,952		16	%	$	14,723		15	%	$	15,512		16	%
AA		36,705		39	%		36,292		38	%		37,322		39	%		37,407		39	%
A		17,350		18	%		17,735		19	%		18,306		19	%		18,369		19	%
BBB		12,050		13	%		12,473		13	%		12,616		13	%		12,377		13	%
BB		7,737		8	%		7,788		8	%		7,710		8	%		7,941		8	%
B		5,421		6	%		5,356		6	%		5,235		6	%		5,135		5	%
Other		222		0	%		203		0	%		195		0	%		233		0	%
Total fixed maturities	$	94,616		100	%	$	94,799		100	%	$	96,107		100	%	$	96,974		100	%
Cost/Amortized Cost
Fixed maturities available for sale	$	78,637				$	78,546				$	79,208				$	77,835
Fixed maturities held to maturity		13,563					13,860					14,253					14,335
Short-term investments		3,479					3,171					2,874					3,561
Subtotal fixed maturities		95,679					95,577					96,335					95,731
Equity securities		843					933					948					737
Other investments		5,425					5,259					4,919					4,417
Total investment portfolio	$	101,947				$	101,769				$	102,202				$	100,885
Avg. duration of fixed maturities		3.9 years					4.2 years					4.3 years					4.2 years
Avg. market yield of fixed maturities		3.5	%				3.4	%				3.3	%				2.9	%
Avg. credit quality		A/Aa					A/Aa					A/Aa					A/Aa
Avg. yield on invested assets (1)		3.5	%				3.5	%				3.4	%				3.5	%

(1) Calculated using adjusted net investment income.

Investments Page 23

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 September 30, 2018
Agency residential mortgage-backed (RMBS)	$	—	$	15,065	$	—	$	—	$	—	$	15,065
Non-agency RMBS		26		47		73		26		22		194
Commercial mortgage-backed		2,804		240		98		—		—		3,142
Total mortgage-backed securities at market value	$	2,830	$	15,352	$	171	$	26	$	22	$	18,401

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

	S&P Credit Rating
	Investment Grade
Market Value at September 30, 2018	AAA		AA		A		BBB		Total
Asset-backed	$	1,612	$	136	$	46	$	29	$	1,823
Banks		1		31		1,726		1,346		3,104
Basic Materials		—		—		53		219		272
Communications		—		162		220		1,135		1,517
Consumer, Cyclical		—		275		482		583		1,340
Consumer,Non-Cyclical		98		446		1,611		1,422		3,577
Diversified Financial Services		7		41		545		202		795
Energy		—		48		90		506		644
Industrial		—		44		690		533		1,267
Utilities		—		18		712		391		1,121
All Others		159		310		940		778		2,187
Total	$	1,877	$	1,511	$	7,115	$	7,144	$	17,647

	S&P Credit Rating
	Below Investment Grade
Market Value at September 30, 2018	BB		B		CCC		Total
Asset-backed	$	6	$	3	$	8	$	17
Banks		—		—		—		—
Basic Materials		328		189		—		517
Communications		738		692		21		1,451
Consumer, Cyclical		1,064		588		35		1,687
Consumer,Non-Cyclical		904		1,076		53		2,033
Diversified Financial Services		181		162		5		348
Energy		642		316		7		965
Industrial		584		508		25		1,117
Utilities		224		21		—		245
All Others		790		543		13		1,346
Total	$	5,461	$	4,098	$	167	$	9,726

Investments 2 Page 24

Chubb Limited

Investment Portfolio—3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

September 30, 2018

	Market Value by S&P Credit Rating
Non-U.S. Government Securities	AAA		AA		A		BBB		BB and below		Total
United Kingdom	$	—	$	1,166	$	—	$	—	$	—	$	1,166
Republic of Korea		—		1,069		—		—		—		1,069
Canada		960		—		—		—		—		960
Federative Republic of Brazil		—		—		—		—		656		656
Province of Ontario		—		8		609		—		—		617
United Mexican States		—		—		423		123		—		546
Province of Quebec		—		504		—		—		—		504
Federal Republic of Germany		462		—		—		—		—		462
Kingdom of Thailand		—		—		432		—		—		432
French Republic		—		303		—		—		—		303
OtherNon-U.S. Government Securities		905		1,014		845		555		857		4,176
Total	$	2,327	$	4,064	$	2,309	$	678	$	1,513	$	10,891
	Market Value by S&P Credit Rating
Non-U.S. Corporate Securities	AAA		AA		A		BBB		BB and below		Total
United Kingdom	$	113	$	94	$	665	$	882	$	301	$	2,055
Canada		107		288		276		466		343		1,480
United States(1)		3		26		172		346		499		1,046
France		7		46		518		328		42		941
Australia		113		207		357		134		10		821
Netherlands		60		9		316		157		83		625
Germany		113		38		139		256		23		569
Switzerland		49		17		191		186		23		466
Japan		—		38		396		7		—		441
China		—		—		264		44		19		327
OtherNon-U.S. Corporate Securities		400		479		958		877		565		3,279
Total	$	965	$	1,242	$	4,252	$	3,683	$	1,908	$	12,050

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

Investments 3 Page 25

Chubb Limited

Investment Portfolio—4

(in millions of U.S. dollars)

(Unaudited)

Fixed Maturity Investment Portfolio

Top 10 Global Corporate Exposures

	September 30, 2018	Market Value		Rating
1	Wells Fargo & Co	$	533	A-
2	JP Morgan Chase & Co		429	A-
3	AT&T Inc		419	BBB
4	Bank of America Corp		406	A-
5	Goldman Sachs Group Inc		358	BBB+
6	Anheuser-Busch InBev NV		357	A-
7	Verizon Communications Inc		333	BBB+
8	HSBC Holdings Plc		308	A
9	Morgan Stanley		302	BBB+
10	Citigroup Inc		291	BBB+

Investments 4 Page 26

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

	Three months ended September 30, 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 income investments(1) (2)	$	(1	)	$	(2	)	$	(3	)	$	(213	)	$	54	$	(159	)	$	(214	)	$	52		$	(162	)
Public equity		48			(9	)		39			—			—		—			48			(9	)		39
Private equity		152			(8	)		144			—			—		—			152			(8	)		144
Mark-to-market on public and private equity (3)		(8	)		6			(2	)		—			—		—			(8	)		6			(2	)
Total investment portfolio		191			(13	)		178			(213	)		54		(159	)		(22	)		41			19
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (4)		(46	)		—			(46	)		—			—		—			(46	)		—			(46	)
Foreign exchange		39			(2	)		37			(482	)		20		(462	)		(443	)		18			(425	)
Partially-owned entities(5)		1			—			1			—			—		—			1			—			1
Other(6)		(6	)		1			(5	)		(21	)		3		(18	)		(27	)		4			(23	)
Net gains (losses)	$	179		$	(14	)	$	165		$	(716	)	$	77	$	(639	)	$	(537	)	$	63		$	(474	)

(1) The net impact of rising interest rates on the Company’s investment portfolio was $135 million, after-tax, comprising of unrealized losses of $159 million, partially offset by a realized gain on interest rate swaps of $24 million. Total investment portfolio gains of $178 million includes $24 million realized gains on interest rate swaps. Excluding the interest rate swaps, total investment portfolio realized gains was $154 million.

(2) Realized gains (losses) in the quarter include $31 million after-tax gains on fixed income derivatives. Other-than-temporary impairments for the quarter in realized gains (losses) were $11 million pre-tax for fixed maturities.

(3) Effective Q1 2018, the company adopted new guidance that requires the recognition of mark-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.

(4) The quarter includes $100 million of losses on applicable hedges. These losses are both pre-tax and after-tax.

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

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

	Three months ended September 30, 2017
	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax
Fixed income investments(7)	$	(8	)	$	5		$	(3	)	$	134		$	(39	)	$	95		$	126		$	(34	)	$	92
Public equity		4			—			4			36			(11	)		25			40			(11	)		29
Private equity		84			(15	)		69			(27	)		(1	)		(28	)		57			(16	)		41
Total investment portfolio(8)		80			(10	)		70			143			(51	)		92			223			(61	)		162
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (9)		(3	)		—			(3	)		—			—			—			(3	)		—			(3	)
Foreign exchange		15			2			17			665			(7	)		658			680			(5	)		675
Partially-owned entities(10)		2			—			2			—			—			—			2			—			2
Other(11)		(10	)		—			(10	)		(63	)		12			(51	)		(73	)		12			(61	)
Net gains (losses)	$	84		$	(8	)	$	76		$	745		$	(46	)	$	699		$	829		$	(54	)	$	775

(7) The quarter includes $9 million after-tax realized losses on fixed income derivatives.

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

(9) The quarter includes $57 million of losses on applicable hedges. These losses are both pre-tax and after-tax.

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

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

Net Gains (Losses) Page 27

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

	Nine months ended September 30, 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 income investments(1)	$	(64	)	$	9		$	(55	)	$	(1,921	)	$	339	$	(1,582	)	$	(1,985	)	$	348		$	(1,637	)
Public equity		63			(12	)		51			—			—		—			63			(12	)		51
Private equity		292			(23	)		269			—			—		—			292			(23	)		269
Mark-to-market on public and private equity (2)		(18	)		9			(9	)		—			—		—			(18	)		9			(9	)
Total investment portfolio		273			(17	)		256			(1,921	)		339		(1,582	)		(1,648	)		322			(1,326	)
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (3)		11			—			11			—			—		—			11			—			11
Foreign exchange		102			(20	)		82			(659	)		5		(654	)		(557	)		(15	)		(572	)
Partially-owned entities(4)		—			—			—			—			—		—			—			—			—
Other(5)		(61	)		12			(49	)		(61	)		12		(49	)		(122	)		24			(98	)
Net gains (losses)	$	325		$	(25	)	$	300		$	(2,641	)	$	356	$	(2,285	)	$	(2,316	)	$	331		$	(1,985	)

(1) Year to date includes $68 pre-tax millionafter-tax realized gains on fixed income derivatives. Year to date other-than-temporary impairments in realized gains (losses) were $16 pre-tax 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 $122 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.

	Nine months ended September 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 income investments(6)	$	(7	)	$	11		$	4		$	813		$	(275	)	$	538		$	806		$	(264	)	$	542
Public equity		10			(1	)		9			79			(25	)		54			89			(26	)		63
Private equity		279			(42	)		237			—			(7	)		(7	)		279			(49	)		230
Total investment portfolio(7)		282			(32	)		250			892			(307	)		585			1,174			(339	)		835
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (8)		96			—			96			—			—			—			96			—			96
Foreign exchange		10			5			15			901			(14	)		887			911			(9	)		902
Partially-owned entities(9)		(6	)		2			(4	)		—			—			—			(6	)		2			(4	)
Other(10)		(7	)		—			(7	)		(118	)		29			(89	)		(125	)		29			(96	)
Net gains (losses)	$	375		$	(25	)	$	350		$	1,675		$	(292	)	$	1,383		$	2,050		$	(317	)	$	1,733

(6) Year to date includes $11 millionafter-tax realized losses on fixed income derivatives.

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

(8) Year to date includes $169 million of losses on applicable hedges. These losses are bothpre-tax andafter-tax.

(9) 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.

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

Net Gains (Losses) 2 Page 28

Chubb Limited

Debt and Capital

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

(Unaudited)

	September 30 2018			June 30 2018			March 31 2018			December 31 2017			December 31 2016
Financial Debt:
Total short-term debt(1)	$	500		$	600		$	1,669		$	1,013		$	500
Total long-term debt		12,149			12,184			12,786			11,556			12,610
Total financial debt	$	12,649		$	12,784		$	14,455		$	12,569		$	13,110
Hybrid debt:
Total trust preferred securities		308			308			308			308			308
Total	$	12,957		$	13,092		$	14,763		$	12,877		$	13,418
Capitalization:
Shareholders’ equity	$	50,934		$	50,971		$	51,287		$	51,172		$	48,275
Hybrid debt		308			308			308			308			308
Financial debt		12,649			12,784			14,455			12,569			13,110
Total capitalization	$	63,891		$	64,063		$	66,050		$	64,049		$	61,693
Leverage ratios (based on total capital):
Hybrid debt		0.5	%		0.5	%		0.5	%		0.5	%		0.5	%
Financial debt		19.8	%		20.0	%		21.9	%		19.6	%		21.3	%
Total hybrid & financial debt		20.3	%		20.5	%		22.4	%		20.1	%		21.8	%

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

(1) During August 2018, the $100 million 6.6% senior notes matured and were fully paid.

Debt and Capital Page 29

Chubb Limited

Computation of Basic and Diluted Earnings Per Share

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

(Unaudited)

	Three months ended September 30						Nine months ended September 30
	2018			2017			2018			2017
Numerator
Core operating income (loss) to common shares	$	1,122		$	(60	)	$	3,472		$	2,295
Amortization of fair value adjustment of acquired invested assets and long-term debt,pre-tax(1)		(54	)		(68	)		(165	)		(219	)
Tax benefit on amortization adjustment		12			18			32			62
Chubb integration expenses,pre-tax		(16	)		(50	)		(39	)		(233	)
Tax benefit on Chubb integration expenses		2			14			7			73
Adjusted net realized gains (losses),pre-tax		179			84			325			375
Tax expense on adjusted net realized gains (losses)		(14	)		(8	)		(25	)		(25	)
Net income (loss)	$	1,231		$	(70	)	$	3,607		$	2,328
Rollforward of Common Shares Outstanding
Shares—beginning of period		463,502,164			465,375,141			463,833,179			465,968,716
Repurchase of shares		(2,781,307	)		(1,615,383	)		(5,225,162	)		(5,033,013	)
Shares issued, excluding option exercises		(13,598	)		148,087			1,582,169			1,939,627
Issued for option exercises		393,531			250,674			910,604			1,283,189
Shares—end of period		461,100,790			464,158,519			461,100,790			464,158,519
Denominator
Weighted average shares outstanding(2)		462,981,973			466,370,784			464,644,013			467,658,334
Effect of other dilutive securities(3)		3,034,525			—			3,360,511			3,961,572
Adj. wtd. avg. shares outstanding and assumed conversions		466,016,498			466,370,784			468,004,524			471,619,906
Basic earnings per share
Core operating income (loss)	$	2.42		$	(0.13	)	$	7.47		$	4.91
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax(1)		(0.09	)		(0.11	)		(0.29	)		(0.34	)
Chubb integration expenses, net of tax		(0.03	)		(0.08	)		(0.07	)		(0.34	)
Adjusted net realized gains (losses), net of tax		0.36			0.17			0.65			0.75
Net income (loss)	$	2.66		$	(0.15	)	$	7.76		$	4.98
Diluted earnings per share
Core operating income (loss)(3)	$	2.41		$	(0.13	)	$	7.42		$	4.87
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax(1)		(0.09	)		(0.11	)		(0.29	)		(0.33	)
Chubb integration expenses, net of tax		(0.03	)		(0.08	)		(0.07	)		(0.34	)
Adjusted net realized gains (losses), net of tax		0.35			0.17			0.65			0.74
Net income (loss)(3)	$	2.64		$	(0.15	)	$	7.71		$	4.94

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

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

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

Earnings per share Page 30

Chubb Limited

Book Value and Book Value per Common Share

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

(Unaudited)

Reconciliation of Book Value per Common Share

	September 30			June 30			March 31			December 31			September 30
	2018			2018			2018			2017			2017
Shareholders’ equity	$	50,934		$	50,971		$	51,287		$	51,172		$	50,471
Less: goodwill and other intangible assets, net of tax		20,121			20,380			20,706			20,621			20,274
Numerator for tangible book value per share	$	30,813		$	30,591		$	30,581		$	30,551		$	30,197
Book value—% change over prior quarter		-0.1	%		-0.6	%		0.2	%		1.4	%		0.2	%
Tangible book value—% change over prior quarter		0.7	%		0.0	%		0.1	%		1.2	%		-0.5	%
Denominator		461,100,790			463,502,164			465,831,486			463,833,179			464,158,519
Book value per common share	$	110.46		$	109.97		$	110.10		$	110.32		$	108.74
Tangible book value per common share	$	66.83		$	66.00		$	65.65		$	65.87		$	65.06
Reconciliation of Book Value
Shareholders’ equity, beginning of quarter	$	50,971		$	51,287		$	51,172		$	50,471		$	50,349
Core operating income (loss)		1,122			1,253			1,097			1,489			(60	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)		(42	)		(41	)		(50	)		(41	)		(50	)
Chubb integration expenses, net of tax		(14	)		(10	)		(8	)		(57	)		(36	)
Adjusted net realized gains (losses), net of tax(2)		165			92			43			142			76
Net unrealized gains (losses) on the investment portfolio		(159	)		(435	)		(988	)		(193	)		92
Repurchase of shares		(379	)		(324	)		—			(123	)		(232	)
Dividend declared on common shares		(337	)		(339	)		(332	)		(330	)		(331	)
Cumulative translation		(462	)		(570	)		378			(411	)		658
Postretirement benefit liability		(18	)		(13	)		(18	)		78			(51	)
Other (3)		87			71			(7	)		147			56
	$	50,934		$	50,971		$	51,287		$	51,172		$	50,471

(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 31

Chubb Limited

Non-GAAP Financial Measures

(Unaudited)

RegulationG—Non-GAAP Financial Measures

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

We provide financial measures such as gross premiums written, net premiums written, net premiums earned, and 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 anon-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 anon-GAAP financial measure which excludes the Life Insurance segment. P&C loss and loss expense ratio and P&C combined ratio (bothnon-GAAP financial measures) include adjusted losses and loss expenses in the ratio numerator. P&C expense ratio (anon-GAAP financial measure) and P&C combined ratio include policy acquisition costs and administrative expenses in the ratio numerator. A reconciliation of combined ratio to P&C combined ratio is provided on pages35-38.

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 is anon-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. P&C combined ratio with expected level of catastrophe losses excludes the impact of 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 is not indicative of our underlying performance.

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

Core operating income (loss) is anon-GAAP financial measure that excludes theafter-tax impact of adjusted net realized gains (losses), net realized gains (losses) included in other income (expense) related to partially owned entities, Chubb integration 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 theon-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 anon-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 is not indicative of 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 current year underwriting 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 anon-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 anon-GAAP financial measure. Deposits collected on universal life and investment contracts (life deposits) are not reflected as revenues in our consolidated statements of operations in accordance with GAAP. However, we include life deposits in presenting growth in our life insurance business because new life deposits are an important component of production and key to our efforts to grow our business.

Net premiums written excluding merger-related actions is anon-GAAP performance measure. Since the acquisition of The Chubb Corporation, we have entered into new reinsurance agreements with third-party reinsurers for the Chubb Corp businesses and have taken other merger-related 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 32

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 (loss): 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.

							YTD			YTD			Full Year
	3Q-18			3Q-17			2018			2017			2017
Net income (loss)	$	1,231		$	(70	)	$	3,607		$	2,328		$	3,861
Core operating income (loss)	$	1,122		$	(60	)	$	3,472		$	2,295		$	3,784
Equity—beginning of period, as reported	$	50,971		$	50,349		$	51,172		$	48,275		$	48,275
Less: unrealized gains (losses) on investments, net of deferred tax(1)		(390	)		1,551			1,033			1,058			1,058
Equity—beginning of period, as adjusted	$	51,361		$	48,798		$	50,139		$	47,217		$	47,217
Equity—end of period, as reported	$	50,934		$	50,471		$	50,934		$	50,471		$	51,172
Less: unrealized gains (losses) on investments, net of deferred tax		(549	)		1,643			(549	)		1,643			1,450
Equity—end of period, as adjusted	$	51,483		$	48,828		$	51,483		$	48,828		$	49,722
Weighted average equity, as reported	$	50,953		$	50,410		$	51,053		$	49,373		$	49,724
Weighted average equity, as adjusted	$	51,422		$	48,813		$	50,811		$	48,023		$	48,470
ROE		9.7	%		-0.6	%		9.4	%		6.3	%		7.8	%
Core operating ROE		8.7	%		-0.5	%		9.1	%		6.4	%		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.

Core operating effective tax rate

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

																YTD			YTD			Full Year
	3Q-18			2Q-18			1Q-18			4Q-17			3Q-17			2018			2017			2017
Tax expense (benefit), as reported	$	183		$	218		$	135		$	(382	)	$	(85	)	$	536		$	243		$	(139	)
Less: tax benefit on amortization of fair value of acquired invested assets and debt(1)		(12	)		(11	)		(9	)		(23	)		(18	)		(32	)		(62	)		(85	)
Less: tax benefit on Chubb integration expenses		(2	)		(3	)		(2	)		(20	)		(14	)		(7	)		(73	)		(93	)
Less: tax expense (benefit) on adjusted net realized gains (losses)		14			14			(3	)		(20	)		8			25			25			5
Tax expense (benefit), adjusted	$	183		$	218		$	149		$	(319	)	$	(61	)	$	550		$	353		$	34
Income (loss) before tax, as reported	$	1,414		$	1,512		$	1,217		$	1,151		$	(155	)	$	4,143		$	2,571		$	3,722
Less: amortization of fair value of acquired invested assets and debt(1)		(54	)		(52	)		(59	)		(64	)		(68	)		(165	)		(219	)		(283	)
Less: Chubb integration expenses		(16	)		(13	)		(10	)		(77	)		(50	)		(39	)		(233	)		(310	)
Less: adjusted realized gains (losses)		27			10			(4	)		—			(5	)		33			91			91
Less: realized gains (losses) related to unconsolidated entities		152			96			44			122			89			292			284			406
Core operating income (loss) before tax	$	1,305		$	1,471		$	1,246		$	1,170		$	(121	)	$	4,022		$	2,648		$	3,818
Effective tax rate		12.9	%		14.4	%		11.1	%		-33.1	%		54.7	%		12.9	%		9.4	%		-3.7	%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt(1)		0.4	%		0.2	%		0.2	%		3.7	%		8.6	%		0.2	%		1.4	%		2.3	%
Adjustment for tax impact of Chubb integration expenses		0.0	%		0.1	%		0.1	%		3.8	%		6.6	%		0.0	%		1.7	%		2.6	%
Adjustment for tax impact of adjusted net realized gains (losses)		0.8	%		0.1	%		0.6	%		-1.6	%		-19.0	%		0.6	%		0.8	%		-0.3	%
Core operating effective tax rate		14.1	%		14.8	%		12.0	%		-27.2	%		50.9	%		13.7	%		13.3	%		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):

																YTD			YTD			Full Year
	3Q-18			2Q-18			1Q-18			4Q-17			3Q-17			2018			2017			2017
Net income (loss), as reported	$	1,231		$	1,294		$	1,082		$	1,533		$	(70	)	$	3,607		$	2,328		$	3,861
Amortization of fair value adjustment of acquired invested assets and long-term debt,pre-tax(1)		(54	)		(52	)		(59	)		(64	)		(68	)		(165	)		(219	)		(283	)
Tax benefit on amortization of fair value of acquired invested assets and debt		12			11			9			23			18			32			62			85
Chubb integration expenses,pre-tax		(16	)		(13	)		(10	)		(77	)		(50	)		(39	)		(233	)		(310	)
Tax benefit on Chubb integration expenses		2			3			2			20			14			7			73			93
Adjusted net realized gains (losses)		27			10			(4	)		—			(5	)		33			91			91
Net realized gains (losses) related to unconsolidated entities(2)		152			96			44			122			89			292			284			406
Tax benefit (expense) on adjusted net realized gains (losses)		(14	)		(14	)		3			20			(8	)		(25	)		(25	)		(5	)
Core operating income (loss)	$	1,122		$	1,253		$	1,097		$	1,489		$	(60	)	$	3,472		$	2,295		$	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 33

Chubb Limited

Non-GAAP Financial Measures—3

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

(Unaudited)

RegulationG—Non-GAAP Financial Measures (continued)

Core operating income measures

								% Change									% Change
								3Q-18 vs.			YTD			YTD			YTD-18 vs			Full Year
		3Q-18			3Q-17			3Q-17			2018			2017			YTD-17			2017
Core operating income (loss)		$	1,122		$	(60	)				$	3,472		$	2,295					$	3,784
Less: Catastrophe losses,after-tax			(372	)		(1,525	)					(848	)		(1,841	)					(2,171	)
Core operating income ex Cats		$	1,494		$	1,465			1.9	%	$	4,320		$	4,136			4.4	%	$	5,955
Less: Prior period development,after-tax			180			206						504			505						634
Core operating income ex Cats and PPD	��	$	1,314		$	1,259					$	3,816		$	3,631					$	5,321
Core operating income (loss)		$	1,122		$	(60	)				$	3,472		$	2,295					$	3,784
Add: Actual Cats above expected levels,after-tax			90			1,263						215			1,258						1,455
Core operating income w/ expected level of Cats		$	1,212		$	1,203			0.7	%	$	3,687		$	3,553			3.8	%	$	5,239
Diluted earnings per share
Core operating income ex Cats		$	3.21		$	3.12			2.9	%	$	9.23		$	8.77			5.2	%	$	12.64
Core operating income ex Cats and PPD		$	2.82		$	2.68			5.2	%	$	8.15		$	7.70			5.8	%	$	11.29
Core operating income w/ expected level of Cats		$	2.60		$	2.56			1.6	%	$	7.88		$	7.53			4.6	%	$	11.12

Core operating ROE with expected level of Cats
							YTD			YTD			Full Year
	3Q-18			3Q-17			2018			2017			2017
Equity - beginning of period, as reported	$	50,971		$	50,349		$	51,172		$	48,275		$	48,275
Less: unrealized gains (losses) on investments, net of deferred tax		(390	)		1,551			1,033			1,058			1,058
Equity - beginning of period, as adjusted	$	51,361		$	48,798		$	50,139		$	47,217		$	47,217
Equity - end of period, as reported	$	50,934		$	50,471		$	50,934		$	50,471		$	51,172
Less: unrealized gains (losses) on investments, net of deferred tax		(549	)		1,643			(549	)		1,643			1,450
Equity - end of period, as adjusted	$	51,483		$	48,828		$	51,483		$	48,828		$	49,722
Add: Actual Cats above expected levels,after-tax		90			1,263			215			1,258			1,455
Equity - end of period, as adjusted, w/ expected level of Cats	$	51,573		$	50,091		$	51,698		$	50,086		$	51,177
Weighted average equity, as reported	$	50,953		$	50,410		$	51,053		$	49,373		$	49,724
Weighted average equity, as adjusted	$	51,422		$	48,813		$	50,811		$	48,023		$	48,470
Weighted average equity, as adjusted, w/ expected level of Cats	$	51,467		$	49,445		$	50,919		$	48,652		$	49,197
ROE		9.7	%		-0.6	%		9.4	%		6.3	%		7.8	%
Core operating ROE		8.7	%		-0.5	%		9.1	%		6.4	%		7.8	%
Core operating ROE, w/ expected level of Cats		9.4	%		9.7	%		9.7	%		9.7	%		10.6	%

Reconciliation of Book Value and Tangible Book Value per Share, excluding Unrealized Gains (Losses) on Investments

									% Change			% Change
	September 30		June 30		March 31		January 1		QTD			YTD
	2018		2018		2018		2018		2018			2018
Adjusted book value	$	51,483	$	51,361	$	51,242	$	50,139
Less: goodwill and other intangible assets, net of tax		20,121		20,380		20,706		20,621
Adjusted tangible book value	$	31,362	$	30,981	$	30,536	$	29,518
Denominator		461,100,790		463,502,164		465,831,486		463,833,179
Adjusted book value per share	$	111.65	$	110.81	$	110.00	$	108.10		0.8	%		3.3	%
Adjusted tangible book value per share	$	68.02	$	66.84	$	65.55	$	63.64		1.8	%		6.9	%

P&C combined ratio with expected level of Cats

							YTD			YTD			Full Year
	3Q-18			3Q-17			2018			2017			2017
P&C combined ratio		90.9	%		110.8	%		89.8	%		96.0	%		94.7	%
Less: Catastrophe losses		6.1	%		26.0	%		5.0	%		11.3	%		10.2	%
Less: Prior period development		-3.4	%		-3.7	%		-3.2	%		-3.3	%		-3.1	%
P&C CAY combined ratio excluding Cats		88.2	%		88.5	%		88.0	%		88.0	%		87.6	%
Add: Expected level of Cats		4.6	%		4.5	%		3.6	%		3.7	%		3.4	%
P&C CAY combined ratio w/ expected level of Cats		92.8	%		93.0	%		91.6	%		91.7	%		91.0	%
Add: Prior period development		-3.4	%		-3.7	%		-3.2	%		-3.3	%		-3.1	%
P&C combined ratio w/ expected level of Cats		89.4	%		89.3	%		88.4	%		88.4	%		87.9	%

Reconciliation Non-GAAP 3 Page 34

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.

Q3 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		$	1,881		$	860		$	719		$	1,114		$	86		$	13		$	4,673
Realized (gains) losses on crop derivatives			—			—			8			—			—			—			8
Adjusted losses and loss expenses	A	$	1,881		$	860		$	727		$	1,114		$	86		$	13		$	4,681
Catastrophe losses			(196	)		(136	)		(8	)		(80	)		(34	)		—			(454	)
PPD and related adjustments
PPD, net of related adjustments—favorable (unfavorable)			216			(58	)		1			72			24			(12	)		243
Net premiums earned adjustments on PPD—unfavorable (favorable)			40			—			—			—			4			—			44
Expense adjustments—unfavorable (favorable)			1			—			—			—			—			—			1
PPD reinstatement premiums—unfavorable (favorable)			1			1			—			2			—			—			4
PPD—gross of related adjustments—favorable (unfavorable)			258			(57	)		1			74			28			(12	)		292
CAY loss and loss expense ex Cats	B	$	1,943		$	667		$	720		$	1,108		$	80		$	1		$	4,519
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	709		$	305		$	51		$	834		$	50		$	58		$	2,007
Expense adjustments—favorable (unfavorable)			(1	)		—			—			—			—			—			(1	)
Policy acquisition costs and administrative expenses, adjusted	D	$	708		$	305		$	51		$	834		$	50		$	58		$	2,006
Denominator
Net premiums earned	E	$	3,019		$	1,167		$	857		$	2,157		$	157					$	7,357
Reinstatement premiums (collected) expensed on catastrophe losses			—			—			—			—			(4	)					(4	)
Net premiums earned adjustments on PPD—unfavorable (favorable)			40			—			—			—			4						44
PPD reinstatement premiums—unfavorable (favorable)			1			1			—			2			—						4
Net premiums earned excluding adjustments	F	$	3,060		$	1,168		$	857		$	2,159		$	157					$	7,401
P&C combined ratio
Losses and loss expense ratio	A/E		62.3	%		73.7	%		84.9	%		51.7	%		55.0	%					63.6	%
Policy acquisition costs and administrative expense ratio	C/E		23.5	%		26.1	%		5.8	%		38.6	%		31.7	%					27.3	%
P&C combined ratio			85.8	%		99.8	%		90.7	%		90.3	%		86.7	%					90.9	%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		63.5	%		57.1	%		84.1	%		51.3	%		51.2	%					61.1	%
Policy acquisition costs and administrative expense ratio, adjusted	D/F		23.2	%		26.1	%		5.8	%		38.7	%		31.6	%					27.1	%
CAY P&C combined ratio ex Cats			86.7	%		83.2	%		89.9	%		90.0	%		82.8	%					88.2	%
Combined ratio
Combined ratio																					90.8	%
Add: impact of gains and losses on crop derivatives																					0.1	%
P&C combined ratio																					90.9	%

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 35

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		$	5,873		$	2,474		$	955		$	3,263		$	236		$	72		$	12,873
Realized (gains) losses on crop derivatives			—			—			(2	)		—			—			—			(2	)
Adjusted losses and loss expenses	A	$	5,873		$	2,474		$	953		$	3,263		$	236		$	72		$	12,871
Catastrophe losses			(347	)		(521	)		(11	)		(121	)		(45	)		—			(1,045	)
PPD and related adjustments
PPD, net of related adjustments—favorable (unfavorable)			472			(59	)		77			166			54			(67	)		643
Net premiums earned adjustments on PPD—unfavorable (favorable)			29			—			40			—			7			—			76
Expense adjustments—unfavorable (favorable)			7			—			(4	)		—			(1	)		—			2
PPD reinstatement premiums—unfavorable (favorable)			5			1			—			2			—			—			8
PPD—gross of related adjustments—favorable (unfavorable)			513			(58	)		113			168			60			(67	)		729
CAY loss and loss expense ex Cats	B	$	6,039		$	1,895		$	1,055		$	3,310		$	251		$	5		$	12,555
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	2,113		$	903		$	74		$	2,511		$	149		$	200		$	5,950
Expense adjustments—favorable (unfavorable)			(7	)		—			4			—			1			—			(2	)
Policy acquisition costs and administrative expenses, adjusted	D	$	2,106		$	903		$	78		$	2,511		$	150		$	200		$	5,948
Denominator
Net premiums earned	E	$	9,325		$	3,463		$	1,251		$	6,425		$	492					$	20,956
Reinstatement premiums (collected) expensed on catastrophe losses			—			—			—			—			(4	)					(4	)
Net premiums earned adjustments on PPD—unfavorable (favorable)			29			—			40			—			7						76
PPD reinstatement premiums—unfavorable (favorable)			5			1			—			2			—						8
Net premiums earned excluding adjustments	F	$	9,359		$	3,464		$	1,291		$	6,427		$	495					$	21,036
P&C combined ratio
Losses and loss expense ratio	A/E		63.0	%		71.5	%		76.2	%		50.8	%		48.0	%					61.4	%
Policy acquisition costs and administrative expense ratio	C/E		22.6	%		26.0	%		5.9	%		39.1	%		30.3	%					28.4	%
P&C combined ratio			85.6	%		97.5	%		82.1	%		89.9	%		78.3	%					89.8	%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		64.5	%		54.7	%		81.8	%		51.5	%		50.6	%					59.7	%
Policy acquisition costs and administrative expense ratio, adjusted	D/F		22.5	%		26.1	%		6.0	%		39.1	%		30.5	%					28.3	%
CAY P&C combined ratio ex Cats			87.0	%		80.8	%		87.8	%		90.6	%		81.1	%					88.0	%
Combined ratio
Combined ratio																					89.8	%
Add: impact of gains and losses on crop derivatives																					0.0	%
P&C combined ratio																					89.8	%

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 5 Page 36

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)

Q3 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		$	2,580		$	1,062		$	759		$	1,281		$	295		$	89		$	6,066
Realized (gains) losses on crop derivatives			—			—			5			—			—			—			5
Adjusted losses and loss expenses	A	$	2,580		$	1,062		$	764		$	1,281		$	295		$	89		$	6,071
Catastrophe losses			(868	)		(448	)		(5	)		(326	)		(268	)		—			(1,915	)
PPD and related adjustments
PPD, net of related adjustments—favorable (unfavorable)			236			(32	)		4			108			41			(87	)		270
Net premiums earned adjustments on PPD—unfavorable (favorable)			39			—			—			—			3			—			42
Expense adjustments—unfavorable (favorable)			6			—			—			—			—			—			6
PPD—gross of related adjustments—favorable (unfavorable)			281			(32	)		4			108			44			(87	)		318
CAY loss and loss expense ex Cats	B	$	1,993		$	582		$	763		$	1,063		$	71		$	2		$	4,474
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	725		$	287		$	48		$	815		$	54		$	64		$	1,993
Expense adjustments—favorable (unfavorable)			(6	)		—			—			—			—			—			(6	)
Policy acquisition costs and administrative expenses, adjusted	D	$	719		$	287		$	48		$	815		$	54		$	64		$	1,987
Denominator
Net premiums earned	E	$	3,016		$	1,117		$	898		$	2,064		$	185					$	7,280
Reinstatement premiums (collected) expensed on catastrophe losses			3			3			—			9			(37	)					(22	)
Net premiums earned adjustments on PPD—unfavorable (favorable)			39			—			—			—			3						42
Net premiums earned excluding adjustments	F	$	3,058		$	1,120		$	898		$	2,073		$	151					$	7,300
P&C combined ratio
Losses and loss expense ratio	A/E		85.5	%		95.1	%		85.1	%		62.1	%		158.2	%					83.4	%
Policy acquisition costs and administrative expense ratio	C/E		24.1	%		25.7	%		5.3	%		39.5	%		29.2	%					27.4	%
P&C combined ratio			109.6	%		120.8	%		90.4	%		101.6	%		187.4	%					110.8	%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		65.2	%		51.9	%		84.9	%		51.3	%		46.5	%					61.3	%
Policy acquisition costs and administrative expense ratio, adjusted	D/F		23.5	%		25.6	%		5.4	%		39.3	%		35.7	%					27.2	%
CAY P&C combined ratio ex Cats			88.7	%		77.5	%		90.3	%		90.6	%		82.2	%					88.5	%
Combined ratio
Combined ratio																					110.7	%
Add: impact of gains and losses on crop derivatives																					0.1	%
P&C combined ratio																					110.8	%

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 6 Page 37

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		$	6,376		$	2,378		$	976		$	3,316		$	435		$	145		$	13,626
Realized (gains) losses on crop derivatives			—			—			7			—			—			—			7
Adjusted losses and loss expenses	A	$	6,376		$	2,378		$	983		$	3,316		$	435		$	145		$	13,633
Catastrophe losses			(1,053	)		(593	)		(18	)		(386	)		(271	)		—			(2,321	)
PPD and related adjustments
PPD, net of related adjustments—favorable (unfavorable)			546			(66	)		83			184			64			(140	)		671
Net premiums earned adjustments on PPD—unfavorable (favorable)			42			—			61			—			(4	)		—			99
Expense adjustments—unfavorable (favorable)			6			—			(4	)		—			—			—			2
PPD reinstatement premiums—unfavorable (favorable)			9			—			—			—			—			—			9
PPD—gross of related adjustments—favorable (unfavorable)			603			(66	)		140			184			60			(140	)		781
CAY loss and loss expense ex Cats	B	$	5,926		$	1,719		$	1,105		$	3,114		$	224		$	5		$	12,093
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	2,148		$	865		$	71		$	2,387		$	170		$	187		$	5,828
Expense adjustments—favorable (unfavorable)			(6	)		—			4			—			—			—			(2	)
Policy acquisition costs and administrative expenses, adjusted	D	$	2,142		$	865		$	75		$	2,387		$	170		$	187		$	5,826
Denominator
Net premiums earned	E	$	9,156		$	3,296		$	1,256		$	6,018		$	542					$	20,268
Reinstatement premiums (collected) expensed on catastrophe losses			3			3			—			9			(37	)					(22	)
Net premiums earned adjustments on PPD—unfavorable (favorable)			42			—			61			—			(4	)					99
PPD reinstatement premiums—unfavorable (favorable)			9			—			—			—			—						9
Net premiums earned excluding adjustments	F	$	9,210		$	3,299		$	1,317		$	6,027		$	501					$	20,354
P&C combined ratio
Losses and loss expense ratio	A/E		69.6	%		72.2	%		78.3	%		55.1	%		80.1	%					67.3	%
Policy acquisition costs and administrative expense ratio	C/E		23.5	%		26.2	%		5.6	%		39.7	%		31.4	%					28.7	%
P&C combined ratio			93.1	%		98.4	%		83.9	%		94.8	%		111.5	%					96.0	%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		64.3	%		52.1	%		83.9	%		51.7	%		44.6	%					59.4	%
Policy acquisition costs and administrative expense ratio, adjusted	D/F		23.3	%		26.2	%		5.7	%		39.6	%		34.0	%					28.6	%
CAY P&C combined ratio ex Cats			87.6	%		78.3	%		89.6	%		91.3	%		78.6	%					88.0	%
Combined ratio
Combined ratio																					96.0	%
Add: impact of gains and losses on crop derivatives																					0.0	%
P&C combined ratio																					96.0	%

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 7 Page 38

Chubb Limited

Glossary

Chubb Limited Consolidated comprises 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 maturity of our fixed income portfolio based on the market prices of the holdings as of that date.

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

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

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

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

Catastrophe losses (Cats): We generally define catastrophe loss events consistent with the definition of the Property Claims Service (PCS) for events in the U.S. and Canada. PCS defines a catastrophe as an event that causes damage of $25 million or more in insured property losses and affects a significant number of insureds. For events outside of the U.S. and Canada, we generally use a similar definition. Catastrophe loss events are events that occurred in the current calendar year only. Changes in catastrophe loss estimates in the current calendar year that relate to loss events that occurred in previous calendar years are considered prior period development.

Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years.

Reinstatement premiums are additional premiums paid on certain reinsurance agreements in order to reinstate coverage that had been exhausted by loss occurrences. The reinstatement premium amount is typically a pro rata portion of the original ceded premium paid based on how much of the reinsurance limit had been exhausted.

Net premiums earned adjustments within prior period development are adjustments to the initial premium earned on retrospectively rated policies based on actual claim experience that develops after the policy period ends. The premium adjustments correlate to the prior period loss development on these same policies and are fully earned in the period the adjustments are recorded.

Prior period expense adjustments typically relate to either profit commission reserves or policyholder dividend reserves based on actual claim experience that develops after the policy period ends. The expense adjustments correlate to the prior period loss development on these same policies.

NM: Not meaningful.

Glossary Page 39