Chubb Limited (CB) 8-K Chubb Reports Fourth Quarter Net Income Per Share and Core

Exhibit 99.2

Chubb Limited

Financial Supplement

for the Quarter and Year Ended December 31, 2018

Investor Contacts

Karen Beyer: (212)827-4445

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 and credit developments among reinsurers.

Our forward-looking statements could also be affected by, among other things, 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, and such other factors identified in our filings with the Securities and Exchange Commission. 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
	- Summary Consolidated Balance Sheets	6
	- Line of Business	7
	- Consolidated Results by Segment	8 - 11
III.	Segment Results
	- North America Commercial P&C Insurance	12
	- North America Personal P&C Insurance	13
	- North America Agricultural Insurance	14
	- Overseas General Insurance	15 - 16
	- Global Reinsurance	17
	- Life Insurance	18
	- Corporate	19
IV.	Balance Sheet Details
	- Loss Reserve Rollforward	20
	- Reinsurance Recoverable Analysis	21
	- Investment Portfolio	22 - 25
	- Net Realized and Unrealized Gains (Losses)	26 - 27
	- Debt and Capital	28
	- Computation of Basic and Diluted Earnings Per Share	29
	- Book Value and Book Value per Common Share	30
V.	Other Disclosures
	-Non-GAAP Financial Measures	31 - 37
	- Glossary	38

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.

												Constant $
							% Change					% Change
	Three months ended December 31						4Q-18 vs.			Constant $		4Q-18 vs.
	2018			2017			4Q-17			2017		4Q-17
Gross premiums written	$	9,252		$	8,960			3.3	%	$	8,828		4.8	%
Net premiums written	$	7,350		$	7,051			4.2	%	$	6,942		5.9	%
P&C net premiums written	$	6,768		$	6,496			4.2	%	$	6,395		5.8	%
Global P&C net premiums written	$	6,571		$	6,370			3.2	%	$	6,269		4.8	%
Net premiums earned	$	7,465		$	7,218			3.4	%	$	7,115		4.9	%
Net investment income	$	848		$	797			6.4	%	$	792		7.2	%
Adjusted net investment income	$	903		$	873			3.4	%	$	868		4.1	%
Core operating income	$	935		$	1,489			-37.2	%	$	1,476		-36.6	%
Net income	$	355		$	1,533			-76.9	%
Operating cash flow	$	1,583		$	1,092
P&C combined ratio
Loss and loss expense ratio		64.3	%		61.4	%
Policy acquisition cost and administrative expense ratio		28.8	%		29.3	%
Combined ratio		93.1	%		90.7	%
P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)(1)
CAY loss and loss expense ratio ex Cats		59.5	%		57.1	%
CAY policy acquisition cost and administrative expense ratio ex Cats		28.8	%		29.3	%
CAY combined ratio ex Cats		88.3	%		86.4	%
ROE		2.8	%		12.1	%
Core operating return on equity (ROE)		7.3	%		12.1	%
Effective tax rate		31.1	%		-33.1	%
Core operating effective tax rate (2)		17.1	%		-27.2	%
Diluted earnings per share
Net income	$	0.76		$	3.27			-76.8	%
Core operating income	$	2.02		$	3.17			-36.3	%
Weighted average basic common shares outstanding		460.6			465.4
Weighted average diluted common shares outstanding		463.4			469.5

(1) Q4 2018 was impacted by high loss activity in North American commercial property lines (1.4 percentage points) and elevated homeowners loss activity.

(2) Q4 2017 included aone-time transition benefit of $450 million, or 38.4 percentage points, related to the 2017 U.S. Tax Reform. Excluding theone-time benefit, core operating effective tax rate for the quarter was 11.2%.

Financial Highlights - QTR Page 1

Chubb Limited

Consolidated Financial Highlights—Full Year

(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)
	Year ended December 31						2018 vs.			2018 vs.			Constant $		2018 vs.			2018 vs.
	2018			2017			2017			2017			2017		2017			2017
Gross premiums written	$	37,968		$	36,376			4.4	%				$	36,510		4.0	%
Net premiums written	$	30,579		$	29,244			4.6	%				$	29,369		4.1	%
P&C net premiums written	$	28,309		$	27,103			4.4	%		4.9	%	$	27,222		4.0	%		4.5	%
Global P&C net premiums written	$	26,732		$	25,587			4.5	%		5.0	%	$	25,706		4.0	%		4.5	%
Net premiums earned	$	30,064		$	29,034			3.5	%				$	29,152		3.1	%
Net investment income	$	3,305		$	3,125			5.8	%				$	3,127		5.7	%
Adjusted net investment income	$	3,553		$	3,457			2.8	%				$	3,459		2.7	%
Core operating income	$	4,407		$	3,784			16.5	%				$	3,802		15.9	%
Net income	$	3,962		$	3,861			2.6	%
Operating cash flow	$	5,480		$	4,503
P&C combined ratio
Loss and loss expense ratio		62.1	%		65.8	%
Policy acquisition cost and administrative expense ratio		28.5	%		28.9	%
Combined ratio		90.6	%		94.7	%
P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)
CAY loss and loss expense ratio ex Cats		59.6	%		58.8	%
CAY policy acquisition cost and administrative expense ratio ex Cats		28.4	%		28.8	%
CAY combined ratio ex Cats		88.0	%		87.6	%
ROE		7.8	%		7.8	%
Core operating return on equity (ROE)		8.7	%		7.8	%
Effective tax rate		14.9	%		-3.7	%
Core operating effective tax rate(2)		14.4	%		0.9	%
Diluted earnings per share
Net income	$	8.49		$	8.19			3.7	%
Core operating income	$	9.44		$	8.03			17.6	%
Weighted average basic common shares outstanding		463.6			467.1
Weighted average diluted common shares outstanding		466.8			471.2
Book value per common share	$	109.56		$	110.32			-0.7	%
Tangible book value per common share	$	65.89		$	65.87			0.0	%
Total hybrid & financial debt/capitalization		20.4	%		20.1	%

(1) Consolidated net premiums written were adversely impacted by merger-related actions of $138 million for 2018, of which $135 million impacted P&C net premiums written.

(2) Full year 2017 included aone-time transition benefit of $450 million, or 11.8 percentage points, related to the 2017 U.S. Tax Reform. Excluding theone-time benefit, core operating effective tax rate for the year was 12.7%.

Financial Highlights - FY Page 2

Chubb Limited

Statement of Operations—Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

	Consolidated Statements of Operations
		4Q-18			3Q-18			2Q-18			1Q-18			4Q-17			Full Year 2018			Full Year 2017
	Gross premiums written	$	9,252		$	10,054		$	9,929		$	8,733		$	8,960		$	37,968		$	36,376
	Net premiums written		7,350			8,110			8,015			7,104			7,051			30,579			29,244
	Net premiums earned		7,465			7,908			7,664			7,027			7,218			30,064			29,034
(1)	Adjusted losses and loss expenses		4,615			4,876			4,479			4,100			4,272			18,070			18,461
	Realized (gains) losses on crop derivatives		5			8			(8	)		(2	)		—			3			7
	Losses and loss expenses		4,610			4,868			4,487			4,102			4,272			18,067			18,454
	Policy benefits		162			127			150			151			176			590			676
	Policy acquisition costs		1,480			1,504			1,464			1,464			1,447			5,912			5,781
	Administrative expenses		728			719			747			692			737			2,886			2,833
(2)	Adjusted net investment income		903			883			890			877			873			3,553			3,457
	Amortization expense of fair value adjustment on acquired invested assets		(55	)		(60	)		(62	)		(71	)		(76	)		(248	)		(332	)
	Net investment income		848			823			828			806			797			3,305			3,125
(3)	Adjusted realized gains (losses)		(682	)		27			10			(4	)		—			(649	)		91
	Realized gains (losses) on crop derivatives		(5	)		(8	)		8			2			—			(3	)		(7	)
	Net realized gains (losses)		(687	)		19			18			(2	)		—			(652	)		84
(4)	Adjusted interest expense		158			170			177			169			168			674			656
	Amortization benefit of fair value adjustment on acquired long term debt		(5	)		(6	)		(10	)		(12	)		(12	)		(33	)		(49	)
	Interest expense		153			164			167			157			156			641			607
	Gains (losses) from fair value changes in separate account assets		(20	)		(14	)		(10	)		6			27			(38	)		97
	Net realized gains (losses) related to unconsolidated entities		139			152			96			44			122			431			406
	Other income (expense)—operating		8			7			29			(3	)		(82	)		41			(103	)
	Other income (expense)		127			145			115			47			67			434			400
	Amortization expense of purchased intangibles		86			83			85			85			66			339			260
	Chubb integration expenses		20			16			13			10			77			59			310
	Income tax expense (benefit)		159			183			218			135			(382	)		695			(139	)
	Net income	$	355		$	1,231		$	1,294		$	1,082		$	1,533		$	3,962		$	3,861

(1) Adjusted losses and loss expenses used throughout this report includes 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
	4Q-18			3Q-18			2Q-18			1Q-18			4Q-17			Full Year 2018			Full Year 2017
P&C Underwriting income (Including Corporate and excluding Life Insurance)
Gross premiums written	$	8,638		$	9,455		$	9,330		$	8,141		$	8,374		$	35,564		$	34,115
Net premiums written		6,768			7,546			7,450			6,545			6,496			28,309			27,103
Net premiums earned		6,890			7,357			7,112			6,487			6,665			27,846			26,933
Adjusted losses and loss expenses		4,433			4,681			4,295			3,895			4,089			17,304			17,722
Policy acquisition costs		1,328			1,365			1,326			1,336			1,293			5,355			5,251
Administrative expenses		653			642			667			614			660			2,576			2,530
P&C Underwriting income	$	476		$	669		$	824		$	642		$	623		$	2,611		$	1,430
P&C CAY Underwriting income ex Cats	$	808		$	876		$	844		$	813		$	912		$	3,341		$	3,347
% Change versus prior year period
Net premiums written		4.2	%		2.5	%		5.6	%		5.8	%		1.7	%		4.4	%		4.2	%
Net premiums written excluding merger-related actions (1)		4.3	%		2.9	%		6.2	%		6.6	%		3.7	%		4.9	%		6.3	%
Net premiums earned		3.4	%		1.0	%		5.8	%		3.5	%		2.2	%		3.4	%		0.9	%
Net premiums written constant $		5.8	%		2.8	%		4.1	%		3.4	%		0.5	%		4.0	%		4.2	%
Net premiums written constant $ excluding merger-related actions (1)		6.0	%		3.3	%		4.7	%		4.1	%		2.5	%		4.5	%		6.2	%
Net premiums earned constant $		4.9	%		1.4	%		4.0	%		1.6	%		1.0	%		3.0	%		0.7	%
P&C combined ratio
Loss and loss expense ratio		64.3	%		63.6	%		60.4	%		60.0	%		61.4	%		62.1	%		65.8	%
Policy acquisition cost ratio		19.3	%		18.6	%		18.6	%		20.6	%		19.4	%		19.2	%		19.5	%
Administrative expense ratio		9.5	%		8.7	%		9.4	%		9.5	%		9.9	%		9.3	%		9.4	%
Combined ratio		93.1	%		90.9	%		88.4	%		90.1	%		90.7	%		90.6	%		94.7	%
CAY P&C combined ratio ex Cats(2)
CAY loss and loss expense ratio ex Cats		59.5	%		61.1	%		60.0	%		57.7	%		57.1	%		59.6	%		58.8	%
CAY policy acquisition cost and administrative expense ratio ex Cats		28.8	%		27.1	%		28.1	%		29.9	%		29.3	%		28.4	%		28.8	%
CAY combined ratio ex Cats		88.3	%		88.2	%		88.1	%		87.6	%		86.4	%		88.0	%		87.6	%
Other ratios
Net premiums written/gross premiums written		78	%		80	%		80	%		80	%		78	%		80	%		79	%
Expense ratio		28.8	%		27.3	%		28.0	%		30.1	%		29.3	%		28.5	%		28.9	%
Expense ratio excluding A&H		26.6	%		25.2	%		25.9	%		27.9	%		27.2	%		26.4	%		26.8	%
Catastrophe reinstatement premiums (expenses)collected—pre-tax	$	(8	)	$	4		$	—		$	—		$	(15	)	$	(4	)	$	7
Catastrophelosses—pre-tax	$	577		$	454		$	211		$	380		$	432		$	1,622		$	2,753
Favorable prior period development(PPD)—pre-tax	$	(253	)	$	(243	)	$	(191	)	$	(209	)	$	(158	)	$	(896	)	$	(829	)

(1) Net premiums written were adversely impacted by merger-related actions of $10 million in Q4 2018 and $135 million for full year 2018.

(2) Refer to theNon-GAAP financial measures section for further information on the calculation of the components of CAY combined ratio ex Cats.

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

Global P&C (Including Corporate and excluding Agriculture)
	4Q-18			3Q-18			2Q-18			1Q-18			4Q-17			Full Year 2018			Full Year 2017
Global P&C Underwriting income
Gross premiums written	$	8,365		$	8,185		$	8,787		$	7,936		$	8,098		$	33,273		$	31,800
Net premiums written		6,571			6,662			7,062			6,437			6,370			26,732			25,587
Net premiums earned		6,572			6,500			6,761			6,444			6,413			26,277			25,425
Adjusted losses and loss expenses		4,272			3,954			4,014			3,950			4,029			16,190			16,679
Policy acquisition costs		1,323			1,316			1,300			1,337			1,287			5,276			5,170
Administrative expenses		662			640			666			617			664			2,585			2,538
Global P&C Underwriting income	$	315		$	590		$	781		$	540		$	433		$	2,226		$	1,038
Global P&C CAY Underwriting income ex Cats	$	670		$	790		$	799		$	786		$	758		$	3,045		$	3,056
% Change versus prior year period
Net premiums written		3.2	%		3.5	%		6.1	%		5.1	%		0.3	%		4.5	%		3.6	%
Net premiums written excluding merger-related actions (1)		3.3	%		4.0	%		6.8	%		5.9	%		2.3	%		5.0	%		5.8	%
Net premiums earned		2.5	%		1.8	%		6.0	%		3.1	%		0.6	%		3.3	%		0.2	%
Net premiums written constant $		4.8	%		3.9	%		4.6	%		2.6	%		-0.8	%		4.0	%		3.6	%
Net premiums written constant $ excluding merger-related actions (1)		5.0	%		4.4	%		5.2	%		3.4	%		1.2	%		4.5	%		5.8	%
Net premiums earned constant $		4.0	%		2.2	%		4.1	%		1.2	%		-0.6	%		2.9	%		0.0	%
Combined ratio
Loss and loss expense ratio		65.0	%		60.8	%		59.4	%		61.3	%		62.8	%		61.6	%		65.6	%
Policy acquisition cost ratio		20.1	%		20.2	%		19.2	%		20.8	%		20.1	%		20.1	%		20.3	%
Administrative expense ratio		10.1	%		9.9	%		9.8	%		9.5	%		10.4	%		9.8	%		10.0	%
Combined ratio		95.2	%		90.9	%		88.4	%		91.6	%		93.3	%		91.5	%		95.9	%
CAY combined ratio ex Cats(2)
CAY loss and loss expense ratio ex Cats		59.7	%		58.1	%		59.0	%		57.6	%		57.9	%		58.6	%		57.8	%
CAY policy acquisition cost and administrative expense ratio ex Cats		30.1	%		29.8	%		29.2	%		30.2	%		30.3	%		29.8	%		30.2	%
CAY combined ratio ex Cats		89.8	%		87.9	%		88.2	%		87.8	%		88.2	%		88.4	%		88.0	%
Other ratios
Net premiums written/gross premiums written		79	%		81	%		80	%		81	%		79	%		80	%		80	%
Expense ratio		30.2	%		30.1	%		29.0	%		30.3	%		30.5	%		29.9	%		30.3	%
Expense ratio excluding A&H		28.2	%		28.1	%		27.0	%		28.2	%		28.4	%		27.8	%		28.3	%
Catastrophe reinstatement premiums (expenses)collected—pre-tax	$	(8	)	$	4		$	—		$	—		$	(15	)	$	(4	)	$	7
Catastrophelosses—pre-tax	$	567		$	446		$	209		$	379		$	432		$	1,601		$	2,735
Favorable prior period development(PPD)—pre-tax	$	(220	)	$	(242	)	$	(191	)	$	(133	)	$	(122	)	$	(786	)	$	(710	)

(1) Net premiums written were adversely impacted by merger-related actions of $10 million in Q4 2018 and $135 million for full year 2018.

(2) Refer to theNon-GAAP financial measures section for further information on the calculation of the components of CAY combined ratio ex Cats.

Global P&C Page 5

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)

	December 31			September 30			June 30			March 31			December 31
	2018			2018			2018			2018			2017
Assets
Fixed maturities available for sale, at fair value	$	78,470		$	77,853		$	77,963		$	79,111		$	78,939
Fixed maturities held to maturity, at amortized cost		13,435			13,563			13,860			14,253			14,335
Equity securities, at fair value		770			843			933			948			937
Short-term investments, at fair value		3,016			3,479			3,171			2,874			3,561
Other investments		5,277			5,425			5,259			4,919			4,672
Total investments		100,968			101,163			101,186			102,105			102,444
Cash		1,247			1,053			1,000			1,988			728
Securities lending collateral		1,926			2,143			2,355			2,039			1,737
Insurance and reinsurance balances receivable		10,075			10,193			10,341			9,570			9,334
Reinsurance recoverable on losses and loss expenses		15,993			15,088			14,792			14,982			15,034
Deferred policy acquisition costs		4,922			4,902			4,916			4,843			4,723
Value of business acquired		295			298			311			321			326
Prepaid reinsurance premiums		2,544			2,548			2,686			2,600			2,529
Goodwill and other intangible assets		21,414			21,471			21,759			22,123			22,054
Investments in partially-owned insurance companies		678			656			675			664			662
Other assets		7,709			8,169			7,513			7,546			7,451
Total assets	$	167,771		$	167,684		$	167,534		$	168,781		$	167,022
Liabilities
Unpaid losses and loss expenses	$	62,960		$	63,029		$	62,778		$	63,139		$	63,179
Unearned premiums		15,532			15,725			15,748			15,495			15,216
Future policy benefits		5,506			5,463			5,470			5,412			5,321
Insurance and reinsurance balances payable		6,437			6,313			6,448			6,148			5,868
Securities lending payable		1,926			2,143			2,355			2,039			1,737
Accounts payable, accrued expenses, and other liabilities		11,890			10,757			10,346			10,030			10,953
Deferred tax liabilities		304			363			326			468			699
Short-term debt		509			500			600			1,669			1,013
Long-term debt		12,087			12,149			12,184			12,786			11,556
Trust preferred securities		308			308			308			308			308
Total liabilities		117,459			116,750			116,563			117,494			115,850
Shareholders’ equity
Total shareholders’ equity, excl. AOCI		52,760			53,093			52,491			51,789			50,629
Accumulated other comprehensive income (loss) (AOCI)		(2,448	)		(2,159	)		(1,520	)		(502	)		543
Total shareholders’ equity		50,312			50,934			50,971			51,287			51,172
Total liabilities and shareholders’ equity	$	167,771		$	167,684		$	167,534		$	168,781		$	167,022
Book value per common share	$	109.56		$	110.46		$	109.97		$	110.10		$	110.32
% change over prior quarter		-0.8	%		0.4	%		-0.1	%		-0.2	%		1.5	%
Tangible book value per common share	$	65.89		$	66.83		$	66.00		$	65.65		$	65.87
% change over prior quarter		-1.4	%		1.3	%		0.5	%		-0.3	%		1.2	%

Consol Bal Sheet Page 6

Chubb Limited

Consolidated Net Premiums Written by Line of Business

(in millions of U.S. dollars)

(Unaudited)

	4Q-18		4Q-17		% Change 4Q-18 vs. 4Q-17			Constant $ % Change 4Q-18 vs. 4Q-17			Full Year 2018		Full Year 2017		% Change 2018 vs. 2017			Constant $ % Change 2018 vs. 2017
Net premiums written
Commercial multiple peril(1)	$	231	$	218		6.1	%		6.1	%	$	911	$	879		3.8	%		3.8	%
Commercial casualty		1,293		1,210		6.7	%		7.8	%		5,156		4,721		9.2	%		8.6	%
Workers’ compensation		579		531		9.4	%		9.4	%		2,150		2,067		4.0	%		4.0	%
Professional liability		944		948		-0.5	%		0.7	%		3,527		3,547		-0.6	%		-1.2	%
Surety		154		166		-6.8	%		-1.9	%		635		627		1.3	%		2.7	%
Property and other short-tail lines		946		874		8.3	%		10.9	%		4,007		3,819		4.9	%		4.1	%
Total Commercial P&C(2)		4,147		3,947		5.1	%		6.5	%		16,386		15,660		4.6	%		4.1	%
Agriculture		197		126		55.8	%		55.8	%		1,577		1,516		4.0	%		4.0	%
Personal automobile - North America		205		197		4.2	%		4.5	%		831		775		7.0	%		7.0	%
Personal automobile - International		217		219		-0.8	%		2.9	%		864		788		9.3	%		9.9	%
Personal homeowners		776		803		-3.3	%		-3.0	%		3,391		3,302		2.7	%		2.6	%
Personal other		370		361		2.7	%		6.2	%		1,508		1,441		4.9	%		3.7	%
Total Personal lines		1,568		1,580		-0.7	%		0.8	%		6,594		6,306		4.5	%		4.3	%
Total Property and Casualty lines		5,912		5,653		4.6	%		6.0	%		24,557		23,482		4.6	%		4.2	%
Global A&H lines(3)		1,041		1,023		1.8	%		4.6	%		4,277		4,056		5.5	%		4.9	%
Reinsurance lines		117		105		11.0	%		11.7	%		671		685		-2.1	%		-3.3	%
Life		280		270		3.5	%		5.5	%		1,074		1,021		5.4	%		4.9	%
Total consolidated	$	7,350	$	7,051		4.2	%		5.9	%	$	30,579	$	29,244		4.6	%		4.1	%

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

(2) Q4 2017 included a reclassification of $3 million from Commercial casualty and $11 million from Property and other short-tail lines to Professional liability, and full year 2017 included a reclassification of $56 million from Property and other short-tail lines to Professional liability to better align the reporting with current year. There is no impact to total Commercial P&C.

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

Line of Business Page 7

Chubb Limited

Consolidated Results—Three months ended December 31, 2018

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

(Unaudited)

Q4 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	$	3,143		$	1,073		$	197		$	2,238		$	117		$	—		$	6,768		$	582		$	7,350
Net premiums earned		3,077			1,130			318			2,187			178			—			6,890			575			7,465
Adjusted losses and loss expenses		2,127			755			161			1,166			243			(19	)		4,433			182			4,615
Policy benefits		—			—			—			—			—			—			—			162			162
(Gains) losses from fair value changes in separate account assets(1)		—			—			—			—			—			—			—			20			20
Policy acquisition costs		451			238			5			592			42			—			1,328			152			1,480
Administrative expenses		231			67			(9	)		257			12			95			653			75			728
Underwriting income (loss)		268			70			161			172			(119	)		(76	)		476			(16	)		460
Adjusted net investment income		517			59			8			158			65			8			815			88			903
Other income (expense)—operating (1)		5			—			(1	)		(12	)		6			(8	)		(10	)		18			8
Amortization expense of purchased intangibles		—			(3	)		(7	)		(12	)		—			(63	)		(85	)		(1	)		(86	)
Segment income (loss)	$	790		$	126		$	161		$	306		$	(48	)	$	(139	)	$	1,196		$	89		$	1,285
Adjusted interest expense																	(158	)								(158	)
Income tax expense																	(192	)								(192	)
Core operating income (loss)																	(489	)								935
Chubb integration expenses, net of $5 million tax benefit																	(15	)								(15	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $8 million tax benefit(2)																	(42	)								(42	)
Adjusted net realized gains (losses), net of $20 million tax benefit (3)																	(523	)								(523	)
Net income (loss)																$	(1,069	)							$	355
Combined ratio		91.3	%		93.8	%		49.5	%		92.1	%		166.9	%					93.1	%
CAY combined ratio ex Cats		88.2	%		85.5	%		56.8	%		90.4	%		83.2	%					88.3	%

(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 8

Chubb Limited

Consolidated Results—Full Year 2018

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

(Unaudited)

Full Year 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	$	12,485		$	4,674		$	1,577		$	8,902		$	671		$	—		$	28,309		$	2,270		$	30,579
Net premiums earned		12,402			4,593			1,569			8,612			670			—			27,846			2,218			30,064
Adjusted losses and loss expenses		8,000			3,229			1,114			4,429			479			53			17,304			766			18,070
Policy benefits		—			—			—			—			—			—			—			590			590
(Gains) losses from fair value changes in separate account assets(1)		—			—			—			—			—			—			—			38			38
Policy acquisition costs		1,829			939			79			2,346			162			—			5,355			557			5,912
Administrative expenses		966			269			(9	)		1,014			41			295			2,576			310			2,886
Underwriting income (loss)		1,607			156			385			823			(12	)		(348	)		2,611			(43	)		2,568
Adjusted net investment income		2,033			236			28			619			257			39			3,212			341			3,553
Other income (expense)—operating (1)		25			(1	)		(2	)		—			32			(25	)		29			12			41
Amortization expense of purchased intangibles		—			(13	)		(28	)		(41	)		—			(255	)		(337	)		(2	)		(339	)
Segment income (loss)	$	3,665		$	378		$	383		$	1,401		$	277		$	(589	)	$	5,515		$	308		$	5,823
Adjusted interest expense																	(674	)								(674	)
Income tax expense																	(742	)								(742	)
Core operating income (loss)																	(2,005	)								4,407
Chubb integration expenses, net of $12 million tax benefit																	(47	)								(47	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $40 million tax benefit(2)																	(175	)								(175	)
Adjusted net realized gains (losses), net of $5 million tax (3)																	(223	)								(223	)
Net income (loss)																$	(2,450	)							$	3,962
Combined ratio		87.0	%		96.6	%		75.5	%		90.4	%		101.8	%					90.6	%
CAY combined ratio ex Cats		87.3	%		81.9	%		81.6	%		90.5	%		81.6	%					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 - FY 2018 Page 9

Chubb Limited

Consolidated Results—Three months ended December 31, 2017

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

(Unaudited)

Q4 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	$	3,000		$	1,100			$	126		$	2,165		$	105		$	—		$	6,496		$	555		$	7,051
Net premiums earned		3,035			1,103				252			2,113			162			—			6,665			553			7,218
Adjusted losses and loss expenses		1,911			887				60			965			126			140			4,089			183			4,272
Policy benefits		—			—				—			—			—			—			—			176			176
(Gains) losses from fair value changes in separate account assets(1)		—			—				—			—			—			—			—			(27	)		(27	)
Policy acquisition costs		453			226				6			568			40			—			1,293			154			1,447
Administrative expenses		253			72				(4	)		248			11			80			660			77			737
Underwriting income (loss)		418			(82	)			190			332			(15	)		(220	)		623			(10	)		613
Adjusted net investment income		496			58				7			150			66			13			790			83			873
Other income (expense)—operating (1) (2)		(5	)		(1	)	��		(1	)		(10	)		(1	)		(61	)		(79	)		(3	)		(82	)
Amortization expense of purchased intangibles		—			(4	)			(7	)		(12	)		—			(43	)		(66	)		—			(66	)
Segment income (loss)	$	909		$	(29	)		$	189		$	460		$	50		$	(311	)	$	1,268		$	70		$	1,338
Adjusted interest expense																		(168	)								(168	)
2017 tax reform transition benefit																		450									450
Income tax expense excluding 2017 tax reform transition benefit																		(131	)								(131	)
Core operating income (loss)																		(160	)								1,489
Chubb integration expenses, net of $20 million tax benefit																		(57	)								(57	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $23 million tax benefit(3)																		(41	)								(41	)
Adjusted net realized gains (losses), net of $20 million tax benefit (4)																		142									142
Net income (loss)																	$	(116	)							$	1,533
Combined ratio		86.2	%		107.5	%			24.4	%		84.3	%		110.2	%					90.7	%
CAY combined ratio ex Cats		87.3	%		80.5	%			40.0	%		90.3	%		81.4	%					86.4	%

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

(2) Corporate includes a $50 million contribution to the Chubb Charitable Foundation.

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

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

Consol Results - QTD 2017 Page 10

Chubb Limited

Consolidated Results—Full Year 2017

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

(Unaudited)

Full Year 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	$	12,019		$	4,533		$	1,516		$	8,350		$	685		$	—		$	27,103		$	2,141		$	29,244
Net premiums earned		12,191			4,399			1,508			8,131			704			—			26,933			2,101			29,034
Adjusted losses and loss expenses		8,287			3,265			1,043			4,281			561			285			17,722			739			18,461
Policy benefits		—			—			—			—			—			—			—			676			676
(Gains) losses from fair value changes in separate account assets(1)		—			—			—			—			—			—			—			(97	)		(97	)
Policy acquisition costs		1,873			899			81			2,221			177			—			5,251			530			5,781
Administrative expenses		981			264			(8	)		982			44			267			2,530			303			2,833
Underwriting income (loss)		1,050			(29	)		392			647			(78	)		(552	)		1,430			(50	)		1,380
Adjusted net investment income		1,961			226			25			610			273			49			3,144			313			3,457
Other income (expense)—operating (1) (2)		(1	)		(4	)		(2	)		4			1			(88	)		(90	)		(13	)		(103	)
Amortization expense of purchased intangibles		—			(16	)		(29	)		(45	)		—			(168	)		(258	)		(2	)		(260	)
Segment income (loss)	$	3,010		$	177		$	386		$	1,216		$	196		$	(759	)	$	4,226		$	248		$	4,474
Adjusted interest expense																	(656	)								(656	)
2017 tax reform transition benefit																	450									450
Income tax expense excluding 2017 tax reform transition benefit																	(484	)								(484	)
Core operating income (loss)																	(1,449	)								3,784
Chubb integration expenses, net of $93 million tax benefit																	(217	)								(217	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $85 million tax benefit(3)																	(198	)								(198	)
Adjusted net realized gains (losses), net of $5 million tax (4)																	492									492
Net income (loss)																$	(1,372	)							$	3,861
Combined ratio		91.4	%		100.7	%		74.0	%		92.0	%		111.2	%					94.7	%
CAY combined ratio ex Cats		87.5	%		78.9	%		81.5	%		91.0	%		79.2	%					87.6	%

(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) Corporate includes a $50 million contribution to the Chubb Charitable Foundation.

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

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

Consol Results - FY 2017 Page 11

Chubb Limited

Segment Results—Consecutive Quarters

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

(Unaudited)

North America Commercial P&C Insurance

	4Q-18			3Q-18			2Q-18			1Q-18			4Q-17			Full Year 2018			Full Year 2017
Gross premiums written	$	4,228		$	4,108		$	4,322		$	3,678		$	4,102		$	16,336		$	15,751
Net premiums written		3,143			3,199			3,331			2,812			3,000			12,485			12,019
Net premiums earned		3,077			3,019			3,277			3,029			3,035			12,402			12,191
Losses and loss expenses		2,127			1,881			2,084			1,908			1,911			8,000			8,287
Policy acquisition costs		451			458			448			472			453			1,829			1,873
Administrative expenses		231			251			253			231			253			966			981
Underwriting income		268			429			492			418			418			1,607			1,050
Net investment income		517			503			510			503			496			2,033			1,961
Other income (expense)—operating		5			1			13			6			(5	)		25			(1	)
Segment income	$	790		$	933		$	1,015		$	927		$	909		$	3,665		$	3,010
CAY Underwriting income ex Cats	$	362		$	409		$	410		$	395		$	386		$	1,576		$	1,528
Combined ratio
Loss and loss expense ratio		69.1	%		62.3	%		63.6	%		63.0	%		63.0	%		64.5	%		68.0	%
Policy acquisition cost ratio		14.7	%		15.2	%		13.7	%		15.6	%		14.9	%		14.7	%		15.4	%
Administrative expense ratio		7.5	%		8.3	%		7.7	%		7.6	%		8.3	%		7.8	%		8.0	%
Combined ratio		91.3	%		85.8	%		85.0	%		86.2	%		86.2	%		87.0	%		91.4	%
CAY combined ratio ex Cats(1)
CAY loss and loss expense ratio ex Cats		66.1	%		63.5	%		66.0	%		64.0	%		64.1	%		64.9	%		64.3	%
CAY policy acquisition cost and administrative expense ratio ex Cats		22.1	%		23.2	%		21.4	%		23.0	%		23.2	%		22.4	%		23.2	%
CAY combined ratio ex Cats		88.2	%		86.7	%		87.4	%		87.0	%		87.3	%		87.3	%		87.5	%
Catastrophe reinstatement premiumsexpensed—pre-tax	$	—		$	—		$	—		$	—		$	(1	)	$	—		$	(4	)
Catastrophelosses—pre-tax	$	232		$	196		$	73		$	78		$	167		$	579		$	1,220
Favorable prior period development(PPD)—pre-tax	$	(138	)	$	(216	)	$	(155	)	$	(101	)	$	(200	)	$	(610	)	$	(746	)
% Change versus prior year period
Net premiums written		4.8	%		3.6	%		4.0	%		3.0	%		-2.7	%		3.9	%		2.4	%
Net premiums written excluding merger-related actions(2)		5.1	%		4.6	%		5.4	%		4.4	%		-1.0	%		4.9	%		4.7	%
Net premiums earned		1.4	%		0.1	%		5.8	%		-0.4	%		-1.7	%		1.7	%		-0.2	%
Other ratios
Net premiums written/gross premiums written		74	%		78	%		77	%		76	%		73	%		76	%		76	%
Production by Size
Net Premiums Written
Major Accounts & Specialty (3)	$	1,839		$	1,852		$	2,040		$	1,630		$	1,753		$	7,361		$	7,076
Commercial(3)		1,304			1,347			1,291			1,182			1,247			5,124			4,943
Total	$	3,143		$	3,199		$	3,331		$	2,812		$	3,000		$	12,485		$	12,019

(1) Refer to theNon-GAAP financial measures section for further information on the calculation of the components of CAY combined ratio ex Cats.

(2) Q4 2018 and full year 2018 include the adverse impact of merger-related actions, respectively, as follows: Major Accounts & Specialty $9 million and $119 million; Commercial $nil and $4 million.

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

NA Commercial Page 12

Chubb Limited

Segment Results—Consecutive Quarters

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

(Unaudited)

North America Personal P&C Insurance

	4Q-18			3Q-18			2Q-18			1Q-18			4Q-17			Full Year 2018			Full Year 2017
Gross premiums written	$	1,291		$	1,369		$	1,489		$	1,181		$	1,260		$	5,330		$	5,152
Net premiums written		1,073			1,218			1,335			1,048			1,100			4,674			4,533
Net premiums earned		1,130			1,167			1,156			1,140			1,103			4,593			4,399
Losses and loss expenses		755			860			728			886			887			3,229			3,265
Policy acquisition costs		238			236			228			237			226			939			899
Administrative expenses		67			69			68			65			72			269			264
Underwriting income (loss)		70			2			132			(48	)		(82	)		156			(29	)
Net investment income		59			59			59			59			58			236			226
Other expense—operating		—			—			(1	)		—			(1	)		(1	)		(4	)
Amortization expense of purchased intangibles		(3	)		(4	)		(3	)		(3	)		(4	)		(13	)		(16	)
Segment income (loss)	$	126		$	57		$	187		$	8		$	(29	)	$	378		$	177
CAY Underwriting income ex Cats	$	168		$	196		$	240		$	230		$	218		$	834		$	933
Combined ratio
Loss and loss expense ratio		66.8	%		73.7	%		63.0	%		77.7	%		80.4	%		70.3	%		74.2	%
Policy acquisition cost ratio		21.1	%		20.2	%		19.7	%		20.8	%		20.5	%		20.4	%		20.4	%
Administrative expense ratio		5.9	%		5.9	%		5.9	%		5.7	%		6.6	%		5.9	%		6.1	%
Combined ratio		93.8	%		99.8	%		88.6	%		104.2	%		107.5	%		96.6	%		100.7	%
CAY combined ratio ex Cats(1)
CAY loss and loss expense ratio ex Cats		59.1	%		57.1	%		53.7	%		53.3	%		54.0	%		55.8	%		52.6	%
CAY policy acquisition cost and administrative expense ratio ex Cats		26.4	%		26.1	%		25.6	%		26.4	%		26.5	%		26.1	%		26.3	%
CAY combined ratio ex Cats		85.5	%		83.2	%		79.3	%		79.7	%		80.5	%		81.9	%		78.9	%
Catastrophe reinstatement premiumsexpensed—pre-tax	$	(26	)	$	—		$	—		$	—		$	(19	)	$	(26	)	$	(22	)
Catastrophelosses—pre-tax	$	90		$	136		$	101		$	284		$	278		$	611		$	871
Unfavorable (favorable) prior period development(PPD)—pre-tax	$	(18	)	$	58		$	7		$	(6	)	$	3		$	41		$	69
% Change versus prior year period
Net premiums written		-2.5	%		2.0	%		6.4	%		6.5	%		5.8	%		3.1	%		9.1	%
Net premiums written excluding certain items(2)		2.3	%		2.7	%		3.2	%		2.7	%					2.7	%
Net premiums earned		2.5	%		4.5	%		5.6	%		5.1	%		2.6	%		4.4	%		1.9	%
Other ratios
Net premiums written/gross premiums written		83	%		89	%		90	%		89	%		87	%		88	%		88	%

(1) Refer to theNon-GAAP financial measures section for further information on the calculation of the components of CAY combined ratio ex Cats.

(2) Q4 2018 excludes additional reinsurance of $47 million (including a one-time unearned premium reserves transfer of $32 million) and additional reinstatement premiums of $6 million.

NA Personal Page 13

Chubb Limited

Segment Results—Consecutive Quarters

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

(Unaudited)

North America Agricultural Insurance

	4Q-18			3Q-18			2Q-18			1Q-18			4Q-17			Full Year 2018			Full Year 2017
Gross premiums written	$	273		$	1,270		$	543		$	205		$	276		$	2,291		$	2,315
Net premiums written		197			884			388			108			126			1,577			1,516
Net premiums earned		318			857			351			43			252			1,569			1,508
Adjusted losses and loss expenses(1)		161			727			281			(55	)		60			1,114			1,043
Policy acquisition costs		5			49			26			(1	)		6			79			81
Administrative expenses		(9	)		2			1			(3	)		(4	)		(9	)		(8	)
Underwriting income		161			79			43			102			190			385			392
Net investment income		8			7			6			7			7			28			25
Other expense—operating		(1	)		—			(1	)		—			(1	)		(2	)		(2	)
Amortization expense of purchased intangibles		(7	)		(7	)		(7	)		(7	)		(7	)		(28	)		(29	)
Segment income	$	161		$	79		$	41		$	102		$	189		$	383		$	386
CAY Underwriting income ex Cats	$	138		$	86		$	45		$	27		$	154		$	296		$	291
Combined ratio
Loss and loss expense ratio		50.7	%		84.9	%		80.0	%		NM			23.7	%		71.0	%		69.2	%
Policy acquisition cost ratio		1.5	%		5.7	%		7.4	%		NM			2.4	%		5.0	%		5.4	%
Administrative expense ratio		-2.7	%		0.1	%		0.5	%		NM			-1.7	%		-0.5	%		-0.6	%
Combined ratio		49.5	%		90.7	%		87.9	%		NM			24.4	%		75.5	%		74.0	%
CAY combined ratio ex Cats(2)
CAY loss and loss expense ratio ex Cats		56.0	%		84.1	%		79.3	%		68.9	%		36.9	%		76.7	%		76.2	%
CAY policy acquisition cost and administrative expense ratio ex Cats		0.8	%		5.8	%		7.9	%		-1.2	%		3.1	%		4.9	%		5.3	%
CAY combined ratio ex Cats		56.8	%		89.9	%		87.2	%		67.7	%		40.0	%		81.6	%		81.5	%
Catastrophelosses—pre-tax	$	10		$	8		$	2		$	1		$	—		$	21		$	18
Favorable prior period development(PPD)—pre-tax	$	(33	)	$	(1	)	$	—		$	(76	)	$	(36	)	$	(110	)	$	(119	)
% Change versus prior year period
Net premiums written		55.8	%		-4.5	%		-3.7	%		76.2	%		214.3	%		4.0	%		14.2	%
Net premiums earned		26.0	%		-4.6	%		2.2	%		214.2	%		72.3	%		4.1	%		14.6	%
Other ratios
Net premiums written/gross premiums written		72	%		70	%		71	%		53	%		46	%		69	%		66	%

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

(2) Refer to theNon-GAAP financial measures section for further information on the calculation of the components of CAY combined ratio ex Cats.

NA Agriculture Page 14

Chubb Limited

Segment Results—Consecutive Quarters

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

(Unaudited)

Overseas General Insurance

	4Q-18			3Q-18			2Q-18			1Q-18			4Q-17			Full Year 2018			Full Year 2017
Gross premiums written	$	2,729		$	2,541		$	2,743		$	2,872		$	2,632		$	10,885		$	10,151
Net premiums written		2,238			2,081			2,199			2,384			2,165			8,902			8,350
Net premiums earned		2,187			2,157			2,161			2,107			2,113			8,612			8,131
Losses and loss expenses		1,166			1,114			1,071			1,078			965			4,429			4,281
Policy acquisition costs		592			582			584			588			568			2,346			2,221
Administrative expenses		257			252			266			239			248			1,014			982
Underwriting income		172			209			240			202			332			823			647
Net investment income		158			155			155			151			150			619			610
Other income (expense)—operating		(12	)		7			12			(7	)		(10	)		—			4
Amortization expense of purchased intangibles		(12	)		(8	)		(11	)		(10	)		(12	)		(41	)		(45	)
Segment income	$	306		$	363		$	396		$	336		$	460		$	1,401		$	1,216
CAY Underwriting income ex Cats	$	211		$	217		$	194		$	195		$	204		$	817		$	730
Combined ratio
Loss and loss expense ratio		53.3	%		51.7	%		49.6	%		51.1	%		45.7	%		51.4	%		52.6	%
Policy acquisition cost ratio		27.1	%		26.9	%		27.0	%		27.9	%		26.9	%		27.2	%		27.3	%
Administrative expense ratio		11.7	%		11.7	%		12.3	%		11.4	%		11.7	%		11.8	%		12.1	%
Combined ratio		92.1	%		90.3	%		88.9	%		90.4	%		84.3	%		90.4	%		92.0	%
CAY combined ratio ex Cats(1)
CAY loss and loss expense ratio ex Cats		51.6	%		51.3	%		51.7	%		51.4	%		51.6	%		51.5	%		51.7	%
CAY policy acquisition cost and administrative expense ratio ex Cats		38.8	%		38.7	%		39.3	%		39.3	%		38.7	%		39.0	%		39.3	%
CAY combined ratio ex Cats		90.4	%		90.0	%		91.0	%		90.7	%		90.3	%		90.5	%		91.0	%
Catastrophe reinstatement premiums (expenses)collected—pre-tax	$	—		$	—		$	—		$	—		$	5		$	—		$	(4	)
Catastrophelosses—pre-tax	$	85		$	80		$	26		$	15		$	(55	)	$	206		$	331
Favorable prior period development(PPD)—pre-tax	$	(46	)	$	(72	)	$	(72	)	$	(22	)	$	(68	)	$	(212	)	$	(252	)
% Change versus prior year period
Net premiums written		3.4	%		5.9	%		9.6	%		7.8	%		2.5	%		6.6	%		2.8	%
Net premiums earned		3.5	%		4.5	%		7.1	%		8.8	%		3.1	%		5.9	%		0.0	%
Net premiums written constant $		7.9	%		7.5	%		5.1	%		1.4	%		-0.2	%		5.3	%		2.8	%
Net premiums earned constant $		7.9	%		5.9	%		2.0	%		3.0	%		0.2	%		4.7	%		-0.4	%
Other ratios
Net premiums written/gross premiums written		82	%		82	%		80	%		83	%		82	%		82	%		82	%

(1) Refer to theNon-GAAP financial measures section for further information on the calculation of the components of CAY combined ratio ex Cats.

Overseas General Insurance Page 15

Chubb Limited

Segment Results

(in millions of U.S. dollars)

(Unaudited)

Overseas General Insurance—Production by Region

	4Q-18		4Q-17		% Change 4Q-18 vs. 4Q-17			Constant $ 4Q-17		Constant $ % Change 4Q-18 vs. 4Q-17			Full Year 2018		Full Year 2017		% Change 2018 vs. 2017			Constant $ 2017		Constant $ % Change 2018 vs. 2017
Net premiums written
Europe	$	867	$	834		4.0	%	$	816		6.3	%	$	3,508	$	3,281		6.9	%	$	3,440		2.0	%
Latin America		584		589		-0.8	%		538		8.6	%		2,181		2,108		3.5	%		2,012		8.4	%
Asia		708		665		6.5	%		647		9.4	%		2,884		2,596		11.1	%		2,635		9.4	%
Other (1)		79		77		2.6	%		73		8.2	%		329		365		-9.9	%		367		-10.4	%
Total	$	2,238	$	2,165		3.4	%	$	2,074		7.9	%	$	8,902	$	8,350		6.6	%	$	8,454		5.3	%

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

Overseas General Ins. - Region Page 16

Chubb Limited

Segment Results—Consecutive Quarters

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

(Unaudited)

Global Reinsurance

	4Q-18			3Q-18			2Q-18			1Q-18			4Q-17			Full Year 2018			Full Year 2017
Gross premiums written	$	117		$	167		$	233		$	205		$	104		$	722		$	746
Net premiums written		117			164			197			193			105			671			685
Net premiums earned		178			157			167			168			162			670			704
Losses and loss expenses		243			86			83			67			126			479			561
Policy acquisition costs		42			40			40			40			40			162			177
Administrative expenses		12			10			9			10			11			41			44
Underwriting income (loss)		(119	)		21			35			51			(15	)		(12	)		(78	)
Net investment income		65			63			65			64			66			257			273
Other income (expense)—operating		6			13			6			7			(1	)		32			1
Segment income (loss)	$	(48	)	$	97		$	106		$	122		$	50		$	277		$	196
CAY Underwriting income ex Cats	$	27		$	27		$	28		$	39		$	32		$	121		$	139
Combined ratio
Loss and loss expense ratio		137.1	%		55.0	%		49.4	%		40.1	%		78.9	%		71.6	%		79.8	%
Policy acquisition cost ratio		23.7	%		25.2	%		24.2	%		23.6	%		24.4	%		24.2	%		25.1	%
Administrative expense ratio		6.1	%		6.5	%		5.7	%		5.8	%		6.9	%		6.0	%		6.3	%
Combined ratio		166.9	%		86.7	%		79.3	%		69.5	%		110.2	%		101.8	%		111.2	%
CAY combined ratio ex Cats(1)
CAY loss and loss expense ratio ex Cats		50.1	%		51.2	%		53.0	%		47.7	%		50.1	%		50.5	%		46.0	%
CAY policy acquisition cost and administrative expense ratio ex Cats		33.1	%		31.6	%		30.5	%		29.3	%		31.3	%		31.1	%		33.2	%
CAY combined ratio ex Cats		83.2	%		82.8	%		83.5	%		77.0	%		81.4	%		81.6	%		79.2	%
Catastrophe reinstatement premiumscollected—pre-tax	$	18		$	4		$	—		$	—		$	—		$	22		$	37
Catastrophelosses—pre-tax	$	160		$	34		$	9		$	2		$	42		$	205		$	313
Unfavorable (favorable) prior period development(PPD)—pre-tax	$	4		$	(24	)	$	(16	)	$	(14	)	$	5		$	(50	)	$	(59	)
% Change versus prior year period
Net premiums written as reported		11.0	%		-14.3	%		3.8	%		-3.0	%		-8.2	%		-2.1	%		1.4	%
Net premiums earned as reported		10.2	%		-15.7	%		-0.6	%		-11.0	%		-3.4	%		-4.9	%		-0.7	%
Net premiums written constant $		11.7	%		-14.7	%		1.5	%		-4.8	%		-9.3	%		-3.3	%		2.2	%
Net premiums earned constant $		10.6	%		-16.0	%		-3.1	%		-12.8	%		-5.1	%		-6.0	%		-0.4	%
Other ratios
Net premiums written/gross premiums written		99	%		98	%		85	%		94	%		100	%		93	%		92	%

(1) Refer to theNon-GAAP financial measures section for further information on the calculation of the components of CAY combined ratio ex Cats.

Global Reinsurance Page 17

Chubb Limited

Segment Results—Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Life Insurance

	4Q-18			3Q-18			2Q-18			1Q-18			4Q-17			Full Year 2018			Full Year 2017
Gross premiums written	$	614		$	599		$	599		$	592		$	586		$	2,404		$	2,261
Net premiums written		582			564			565			559			555			2,270			2,141
Net premiums earned		575			551			552			540			553			2,218			2,101
Losses and loss expenses		182			195			184			205			183			766			739
Policy benefits(1)		162			127			150			151			176			590			676
(Gains) losses from fair value changes in separate account assets(1)		20			14			10			(6	)		(27	)		38			(97	)
Policy acquisition costs		152			139			138			128			154			557			530
Administrative expenses		75			77			80			78			77			310			303
Net investment income		88			85			85			83			83			341			313
Life Insurance underwriting income (2)		72			84			75			67			73			298			263
Other income (expense)—operating		18			(6	)		2			(2	)		(3	)		12			(13	)
Amortization expense of purchased intangibles		(1	)		—			—			(1	)		—			(2	)		(2	)
Segment income	$	89		$	78		$	77		$	64		$	70		$	308		$	248
% Change versus prior year period
Net premiums written		4.8	%		4.8	%		8.0	%		6.7	%		1.2	%		6.1	%		0.8	%
Net premiums earned		3.9	%		4.6	%		7.2	%		6.8	%		3.5	%		5.6	%		2.2	%
Net premiums written constant $		6.3	%		5.1	%		6.5	%		5.0	%		0.3	%		5.7	%		0.3	%
Net premiums earned constant $		5.4	%		4.9	%		5.7	%		5.0	%		2.3	%		5.3	%		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):

	4Q-18		4Q-17		% Change 4Q-18 vs. 4Q-17			Constant $ % Change 4Q-18 vs. 4Q-17			Full Year 2018		Full Year 2017		% Change 2018 vs. 2017			Constant $ % Change 2018 vs. 2017
International life insurance net premiums written	$	233	$	224		3.9	%		6.3	%	$	887	$	824		7.6	%		6.9	%
International life insurance deposits(3)		375		388		-3.4	%		-1.4	%		1,538		1,436		7.1	%		6.0	%
Total international life insurance net premiums written and deposits	$	608	$	612		-0.7	%		1.4	%	$	2,425	$	2,260		7.3	%		6.4	%
International life insurance segment income	$	32	$	19		69.6	%		76.0	%	$	103	$	54		90.5	%		96.7	%

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

Life Insurance Page 18

Chubb Limited

Segment Results—Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Corporate

	4Q-18			3Q-18			2Q-18			1Q-18			4Q-17			Full Year 2018			Full Year 2017
Gross premiums written	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net premiums written		—			—			—			—			—			—			—
Net premiums earned		—			—			—			—			—			—			—
Losses and loss expenses(1)		(19	)		13			48			11			140			53			285
Policy acquisition costs		—			—			—			—			—			—			—
Administrative expenses		95			58			70			72			80			295			267
Underwriting loss		(76	)		(71	)		(118	)		(83	)		(220	)		(348	)		(552	)
Adjusted net investment income		8			11			10			10			13			39			49
Other expense—operating		(8	)		(8	)		(2	)		(7	)		(61	)		(25	)		(88	)
Adjusted interest expense		(158	)		(170	)		(177	)		(169	)		(168	)		(674	)		(656	)
Amortization expense of purchased intangibles		(63	)		(64	)		(64	)		(64	)		(43	)		(255	)		(168	)
2017 tax reform transition benefit		—			—			—			—			450			—			450
Income tax expense excluding 2017 tax reform transition benefit		(192	)		(183	)		(218	)		(149	)		(131	)		(742	)		(484	)
Core operating loss		(489	)		(485	)		(569	)		(462	)		(160	)		(2,005	)		(1,449	)
Chubb integration expenses, net of tax		(15	)		(14	)		(10	)		(8	)		(57	)		(47	)		(217	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(42	)		(42	)		(41	)		(50	)		(41	)		(175	)		(198	)
Adjusted net realized gains (losses), net of tax (2)		(523	)		165			92			43			142			(223	)		492
Net loss	$	(1,069	)	$	(376	)	$	(528	)	$	(477	)	$	(116	)	$	(2,450	)	$	(1,372	)
Unfavorable (favorable) prior period development(PPD)—pre-tax	$	(22	)	$	12		$	45		$	10		$	138		$	45		$	278

(1) Q4 2018 includes $130 million of favorable reinsurance settlement as well as $108 million of adverse development for legacy exposures, principally asbestos.

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

Corporate Page 19

Chubb Limited

Loss Reserve Rollforward

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

(Unaudited)

	Unpaid Losses									Net Paid to
	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
Losses and loss expenses incurred		6,687			2,077			4,610
Losses and loss expenses paid		(6,556	)		(1,334	)		(5,222	)		113	%
Other (incl. foreign exch. revaluation)		(200	)		(19	)		(181	)
Balance at December 31, 2018	$	62,960		$	14,689		$	48,271
Add net recoverable on paid losses		—			1,304			(1,304	)
Balance including net recoverable on paid losses	$	62,960		$	15,993		$	46,967

Loss Reserve Rollforward Page 20

Chubb Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)

Net Reinsurance Recoverable by Division

	December 31 2018			September 30 2018			June 30 2018			March 31 2018			December 31 2017
Reinsurance recoverable on paid losses and loss expenses
Active operations	$	980		$	911		$	901		$	972		$	808
Brandywine and OtherRun-off		396			290			238			271			286
Total	$	1,376		$	1,201		$	1,139		$	1,243		$	1,094
Reinsurance recoverable on unpaid losses and loss expenses
Active operations	$	13,705		$	12,989		$	12,763		$	12,842		$	12,992
Brandywine and OtherRun-off		1,235			1,214			1,209			1,217			1,269
Total	$	14,940		$	14,203		$	13,972		$	14,059		$	14,261
Gross reinsurance recoverable
Active operations	$	14,685		$	13,900		$	13,664		$	13,814		$	13,800
Brandywine and OtherRun-off		1,631			1,504			1,447			1,488			1,555
Total	$	16,316		$	15,404		$	15,111		$	15,302		$	15,355
Provision for uncollectible reinsurance(1)
Active operations	$	(185	)	$	(189	)	$	(189	)	$	(188	)	$	(183	)
Brandywine and OtherRun-off		(138	)		(127	)		(130	)		(132	)		(138	)
Total	$	(323	)	$	(316	)	$	(319	)	$	(320	)	$	(321	)
Net reinsurance recoverable
Active operations	$	14,500		$	13,711		$	13,475		$	13,626		$	13,617
Brandywine and OtherRun-off		1,493			1,377			1,317			1,356			1,417
Total	$	15,993		$	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 21

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)

	December 31 2018					September 30 2018					June 30 2018					March 31 2018					December 31 2017
Market Value
Fixed maturities available for sale	$	78,470				$	77,853				$	77,963				$	79,111				$	78,939
Fixed maturities held to maturity		13,259					13,284					13,665					14,122					14,474
Short-term investments		3,016					3,479					3,171					2,874					3,561
Total fixed maturities	$	94,745				$	94,616				$	94,799				$	96,107				$	96,974
Asset Allocation by Market Value
Treasury	$	4,799		5	%	$	4,572		5	%	$	4,246		4	%	$	4,277		4	%	$	4,049		4	%
Agency		528		1	%		570		1	%		651		1	%		593		1	%		564		1	%
Corporate and asset-backed		29,091		31	%		27,373		29	%		27,150		29	%		26,564		28	%		27,215		28	%
Mortgage-backed		18,026		19	%		18,401		19	%		18,068		19	%		18,467		19	%		18,032		19	%
Municipal		16,327		17	%		17,280		18	%		17,827		19	%		19,550		20	%		20,766		21	%
Non-U.S.		22,958		24	%		22,941		24	%		23,686		25	%		23,782		25	%		22,787		23	%
Short-term investments		3,016		3	%		3,479		4	%		3,171		3	%		2,874		3	%		3,561		4	%
Total fixed maturities	$	94,745		100	%	$	94,616		100	%	$	94,799		100	%	$	96,107		100	%	$	96,974		100	%
Credit Quality by Market Value
AAA	$	14,571		15	%	$	15,131		16	%	$	14,952		16	%	$	14,723		15	%	$	15,512		16	%
AA		36,715		39	%		36,705		39	%		36,292		38	%		37,322		39	%		37,407		39	%
A		17,253		18	%		17,350		18	%		17,735		19	%		18,306		19	%		18,369		19	%
BBB		12,035		13	%		12,050		13	%		12,473		13	%		12,616		13	%		12,377		13	%
BB		8,363		9	%		7,737		8	%		7,788		8	%		7,710		8	%		7,941		8	%
B		5,596		6	%		5,421		6	%		5,356		6	%		5,235		6	%		5,135		5	%
Other		212		0	%		222		0	%		203		0	%		195		0	%		233		0	%
Total fixed maturities	$	94,745		100	%	$	94,616		100	%	$	94,799		100	%	$	96,107		100	%	$	96,974		100	%
Cost/Amortized Cost
Fixed maturities available for sale	$	79,323				$	78,637				$	78,546				$	79,208				$	77,835
Fixed maturities held to maturity		13,435					13,563					13,860					14,253					14,335
Short-term investments		3,016					3,479					3,171					2,874					3,561
Subtotal fixed maturities		95,774					95,679					95,577					96,335					95,731
Equity securities		770					843					933					948					737
Other investments		5,277					5,425					5,259					4,919					4,417
Total investment portfolio	$	101,821				$	101,947				$	101,769				$	102,202				$	100,885
Avg. duration of fixed maturities		3.7 years					3.9 years					4.2 years					4.3 years					4.2 years
Avg. market yield of fixed maturities		3.7	%				3.5	%				3.4	%				3.3	%				2.9	%
Avg. credit quality		A/Aa					A/Aa					A/Aa					A/Aa					A/Aa
Avg. yield on invested assets (1)		3.5	%				3.5	%				3.5	%				3.4	%				3.5	%

(1) Calculated using adjusted net investment income.

Investments Page 22

Chubb Limited

Investment Portfolio—2

(in millions of U.S. dollars)

(Unaudited)

Mortgage-backed Fixed Income Portfolio

	S&P Credit Rating
Mortgage-backed securities	AAA		AA		A		BBB		BB and below		Total
Market Value at December 31, 2018
Agency residential mortgage-backed (RMBS)	$	—	$	14,686	$	—	$	—	$	—	$	14,686
Non-agency RMBS		26		48		68		27		20		189
Commercial mortgage-backed		2,809		243		99		—		—		3,151
Total mortgage-backed securities at market value	$	2,835	$	14,977	$	167	$	27	$	20	$	18,026

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

	S&P Credit Rating
	Investment Grade
Market Value at December 31, 2018	AAA		AA		A		BBB		Total
Asset-backed	$	2,761	$	242	$	44	$	31	$	3,078
Banks		1		31		1,837		1,294		3,163
Basic Materials		—		—		100		176		276
Communications		—		170		340		1,008		1,518
Consumer, Cyclical		—		293		496		571		1,360
Consumer,Non-Cyclical		56		441		1,502		1,473		3,472
Diversified Financial Services		—		157		386		181		724
Energy		—		38		155		473		666
Industrial		—		39		443		712		1,194
Utilities		—		18		734		374		1,126
All Others		161		290		1,076		786		2,313
Total	$	2,979	$	1,719	$	7,113	$	7,079	$	18,890

	S&P Credit Rating
	Below Investment Grade
Market Value at December 31, 2018	BB		B		CCC		Total
Asset-backed	$	1	$	3	$	7	$	11
Banks		—		—		—		—
Basic Materials		399		178		—		577
Communications		801		674		18		1,493
Consumer, Cyclical		1,032		618		35		1,685
Consumer,Non-Cyclical		939		1,153		39		2,131
Diversified Financial Services		160		174		8		342
Energy		710		331		12		1,053
Industrial		676		549		20		1,245
Utilities		227		22		—		249
All Others		947		457		11		1,415
Total	$	5,892	$	4,159	$	150	$	10,201

Investments 2 Page 23

Chubb Limited

Investment Portfolio—3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

December 31, 2018

	Market Value by S&P Credit Rating
Non-U.S. Government Securities	AAA		AA		A		BBB		BB and below		Total
United Kingdom	$	—	$	1,064	$	—	$	—	$	—	$	1,064
Republic of Korea		—		1,055		—		—		—		1,055
Canada		831		—		—		—		—		831
Federative Republic of Brazil		—		—		—		—		707		707
Province of Ontario		—		8		636		—		—		644
Province of Quebec		—		502		—		—		—		502
United Mexican States		—		—		370		117		—		487
Kingdom of Thailand		—		—		460		—		—		460
Commonwealth of Australia		305		3		—		—		—		308
Federal Republic of Germany		304		—		—		—		—		304
OtherNon-U.S. Government Securities		557		1,349		911		573		929		4,319
Total	$	1,997	$	3,981	$	2,377	$	690	$	1,636	$	10,681
	Market Value by S&P Credit Rating
Non-U.S. Corporate Securities	AAA		AA		A		BBB		BB and below		Total
United Kingdom	$	105	$	108	$	593	$	815	$	303	$	1,924
Canada		106		277		296		452		348		1,479
United States(1)		3		26		101		438		573		1,141
France		7		34		661		273		39		1,014
Australia		113		210		356		133		11		823
Netherlands		59		80		278		155		99		671
Germany		64		34		143		257		27		525
Japan		—		46		429		9		—		484
Switzerland		48		25		191		177		28		469
China		—		—		289		54		30		373
OtherNon-U.S. Corporate Securities		380		451		935		993		615		3,374
Total	$	885	$	1,291	$	4,272	$	3,756	$	2,073	$	12,277

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

Investments 3 Page 24

Chubb Limited

Investment Portfolio—4

(in millions of U.S. dollars)

(Unaudited)

Fixed Maturity Investment Portfolio

Top 10 Global Corporate Exposures

	December 31, 2018	Market Value		Rating
1	Wells Fargo & Co	$	557	A-
2	Bank of America Corp		465	A-
3	JP Morgan Chase & Co		443	A-
4	Comcast Corp		365	A-
5	Goldman Sachs Group Inc		351	BBB+
6	AT&T Inc		340	BBB
7	HSBC Holdings Plc		339	A
8	Anheuser-Busch InBev NV		337	A-
9	Verizon Communications Inc		331	BBB+
10	Morgan Stanley		292	BBB+

Investments 4 Page 25

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

	Three months ended December 31, 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)	$	(313	)	$	21		$	(292	)	$	(75	)	$	(42	)	$	(117	)	$	(388	)	$	(21	)	$	(409	)
Public equity		7			(1	)		6			—			—			—			7			(1	)		6
Private equity		252			(12	)		240			—			—			—			252			(12	)		240
Mark-to-market on public and private equity (2)		(237	)		17			(220	)		—			—			—			(237	)		17			(220	)
Total investment portfolio(3)		(291	)		25			(266	)		(75	)		(42	)		(117	)		(366	)		(17	)		(383	)
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges(4)		(263	)		—			(263	)		—			—			—			(263	)		—			(263	)
Foreign exchange		29			(11	)		18			(143	)		30			(113	)		(114	)		19			(95	)
Partially-owned entities(5)		8			—			8			—			—			—			8			—			8
Other(6)		(26	)		6			(20	)		(260	)		55			(205	)		(286	)		61			(225	)
Net gains (losses)	$	(543	)	$	20		$	(523	)	$	(478	)	$	43		$	(435	)	$	(1,021	)	$	63		$	(958	)

(1) The quarter includes $153 millionpre-tax realized losses on fixed income derivatives. Other-than-temporary impairments for the quarter in realized gains (losses) were $33 millionpre-tax 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) Realized and unrealized losses of $383 million,after-tax, was principally driven by widening of credit spreads on corporate fixed income securities late in the quarter, partially offset by the decline in interest rates. The related tax expense of $42 million on unrealized losses of $75 million reflects unrealized losses being generated in lower tax jurisdictions and unrealized gains being generated in higher tax jurisdictions.

(4) The quarter includes $118 million of gains on applicable hedges. These gains are bothpre-tax andafter-tax.

(5) 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.

(6) Other realized losses,pre-tax, primarily includes $23 million related to impairment of fixed assets. Other unrealized losses are primarily related to the company’s post-retirement programs.

	Three months ended December 31, 2017
	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax
Fixed income investments(7)	$	(35	)	$	21		$	(14	)	$	(276	)	$	65		$	(211	)	$	(311	)	$	86		$	(225	)
Public equity		6			(4	)		2			9			(1	)		8			15			(5	)		10
Private equity		122			(10	)		112			8			2			10			130			(8	)		122
Total investment portfolio (8)		93			7			100			(259	)		66			(193	)		(166	)		73			(93	)
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges(9)		7			—			7			—			—			—			7			—			7
Foreign exchange		26			(5	)		21			(430	)		19			(411	)		(404	)		14			(390	)
Partially-owned entities(10)		—			—			—			—			—			—			—			—			—
Other(11)		(4	)		18			14			102			(24	)		78			98			(6	)		92
Net gains (losses)	$	122		$	20		$	142		$	(587	)	$	61		$	(526	)	$	(465	)	$	81		$	(384	)

(7) The quarter includes $13 millionpre-tax realized gains on fixed income derivatives.

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

(9) The quarter includes $92 million of losses on applicable hedges. These losses are bothpre-tax andafter-tax.

(10) 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.

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

Net Gains (Losses) Page 26

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

	Year ended December 31, 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)	$	(377	)	$	30		$	(347	)	$	(1,996	)	$	297	$	(1,699	)	$	(2,373	)	$	327		$	(2,046	)
Public equity		70			(13	)		57			—			—		—			70			(13	)		57
Private equity		544			(35	)		509			—			—		—			544			(35	)		509
Mark-to-market on public and private equity (2)		(255	)		26			(229	)		—			—		—			(255	)		26			(229	)
Total investment portfolio		(18	)		8			(10	)		(1,996	)		297		(1,699	)		(2,014	)		305			(1,709	)
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (3)		(252	)		—			(252	)		—			—		—			(252	)		—			(252	)
Foreign exchange		131			(31	)		100			(802	)		35		(767	)		(671	)		4			(667	)
Partially-owned entities(4)		8			—			8			—			—		—			8			—			8
Other(5)		(87	)		18			(69	)		(321	)		67		(254	)		(408	)		85			(323	)
Net gains (losses)	$	(218	)	$	(5	)	$	(223	)	$	(3,119	)	$	399	$	(2,720	)	$	(3,337	)	$	394		$	(2,943	)

(1) Full year includes $75 millionpre-tax realized losses on fixed income derivatives. Full year other-than-temporary impairments in realized gains (losses),pre-tax, includes $49 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) Full year includes $4 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,pre-tax, primarily includes $36 million related to the early redemption of the $1.0 billion junior subordinated capital securities in April 2018, $24 million related to lease impairments, and $23 million related to impairment of fixed assets. Other unrealized losses are primarily related to the company’s post-retirement programs.

	Year ended December 31, 2017
	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax
Fixed income investments(6)	$	(42	)	$	32		$	(10	)	$	537		$	(210	)	$	327		$	495		$	(178	)	$	317
Public equity		16			(5	)		11			88			(26	)		62			104			(31	)		73
Private equity		401			(52	)		349			8			(5	)		3			409			(57	)		352
Total investment portfolio(7)		375			(25	)		350			633			(241	)		392			1,008			(266	)		742
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges(8)		103			—			103			—			—			—			103			—			103
Foreign exchange		36			—			36			471			5			476			507			5			512
Partially-owned entities(9)		(6	)		2			(4	)		—			—			—			(6	)		2			(4	)
Other(10)		(11	)		18			7			(16	)		5			(11	)		(27	)		23			(4	)
Net gains (losses)	$	497		$	(5	)	$	492		$	1,088		$	(231	)	$	857		$	1,585		$	(236	)	$	1,349

(6) Full year includes $11 millionpre-tax realized losses on fixed income derivatives.

(7) Full year other-than-temporary impairments in realized gains (losses),pre-tax, includes $23 million for fixed maturities, $10 million for public equity and $12 million for private equity.

(8) Full year includes $261 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 gains (losses) are primarily related to the company’s post-retirement programs.

Net Gains (Losses) 2 Page 27

Chubb Limited

Debt and Capital

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

(Unaudited)

	December 31 2018			September 30 2018			June 30 2018			March 31 2018			December 31 2017			December 31 2016
Financial Debt:
Total short-term debt	$	509		$	500		$	600		$	1,669		$	1,013		$	500
Total long-term debt		12,087			12,149			12,184			12,786			11,556			12,610
Total financial debt	$	12,596		$	12,649		$	12,784		$	14,455		$	12,569		$	13,110
Hybrid debt:
Total trust preferred securities		308			308			308			308			308			308
Total	$	12,904		$	12,957		$	13,092		$	14,763		$	12,877		$	13,418
Capitalization:
Shareholders’ equity	$	50,312		$	50,934		$	50,971		$	51,287		$	51,172		$	48,275
Hybrid debt		308			308			308			308			308			308
Financial debt		12,596			12,649			12,784			14,455			12,569			13,110
Total capitalization	$	63,216		$	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	%		0.5	%
Financial debt		19.9	%		19.8	%		20.0	%		21.9	%		19.6	%		21.3	%
Total hybrid & financial debt		20.4	%		20.3	%		20.5	%		22.4	%		20.1	%		21.8	%

Note: As of December 31, 2018, there was $0.4 billion usage of credit facilities on a total commitment of $1.0 billion.

Debt and Capital Page 28

Chubb Limited

Computation of Basic and Diluted Earnings Per Share

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

(Unaudited)

	Three months ended December 31						Year ended December��31
	2018			2017			2018			2017
Numerator
Core operating income to common shares	$	935		$	1,489		$	4,407		$	3,784
Amortization of fair value adjustment of acquired invested assets and long-term debt,pre-tax(1)		(50	)		(64	)		(215	)		(283	)
Tax benefit on amortization adjustment		8			23			40			85
Chubb integration expenses,pre-tax		(20	)		(77	)		(59	)		(310	)
Tax benefit on Chubb integration expenses		5			20			12			93
Adjusted net realized gains (losses),pre-tax		(543	)		122			(218	)		497
Tax (expense) benefit on adjusted net realized gains (losses)		20			20			(5	)		(5	)
Net income	$	355		$	1,533		$	3,962		$	3,861
Rollforward of Common Shares Outstanding
Shares—beginning of period		461,100,790			464,158,519			463,833,179			465,968,716
Repurchase of shares		(2,493,873	)		(833,599	)		(7,719,035	)		(5,866,612	)
Shares issued, excluding option exercises		441,681			158,819			2,023,850			2,098,446
Issued for option exercises		154,780			349,440			1,065,384			1,632,629
Shares—end of period		459,203,378			463,833,179			459,203,378			463,833,179
Denominator
Weighted average shares outstanding(2)		460,636,999			465,429,008			463,629,203			467,145,716
Effect of other dilutive securities		2,783,223			4,055,746			3,173,145			4,051,185
Adj. wtd. avg. shares outstanding and assumed conversions		463,420,222			469,484,754			466,802,348			471,196,901
Basic earnings per share
Core operating income	$	2.03		$	3.20		$	9.51		$	8.10
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax(1)		(0.09	)		(0.09	)		(0.38	)		(0.42	)
Chubb integration expenses, net of tax		(0.03	)		(0.12	)		(0.10	)		(0.47	)
Adjusted net realized gains (losses), net of tax		(1.14	)		0.30			(0.48	)		1.05
Net income	$	0.77		$	3.29		$	8.55		$	8.26
Diluted earnings per share
Core operating income	$	2.02		$	3.17		$	9.44		$	8.03
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax(1)		(0.09	)		(0.09	)		(0.37	)		(0.42	)
Chubb integration expenses, net of tax		(0.03	)		(0.12	)		(0.10	)		(0.46	)
Adjusted net realized gains (losses), net of tax		(1.14	)		0.31			(0.48	)		1.04
Net income	$	0.76		$	3.27		$	8.49		$	8.19

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

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

Earnings per share Page 29

Chubb Limited

Book Value and Book Value per Common Share

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

(Unaudited)

Reconciliation of Book Value per Common Share

	December 31 2018			September 30 2018			June 30 2018			March 31 2018			December 31 2017
Shareholders’ equity	$	50,312		$	50,934		$	50,971		$	51,287		$	51,172
Less: goodwill and other intangible assets, net of tax		20,054			20,121			20,380			20,706			20,621
Numerator for tangible book value per share	$	30,258		$	30,813		$	30,591		$	30,581		$	30,551
Book value—% change over prior quarter		-1.2	%		-0.1	%		-0.6	%		0.2	%		1.4	%
Tangible book value—% change over prior quarter		-1.8	%		0.7	%		0.0	%		0.1	%		1.2	%
Denominator		459,203,378			461,100,790			463,502,164			465,831,486			463,833,179
Book value per common share	$	109.56		$	110.46		$	109.97		$	110.10		$	110.32
Tangible book value per common share	$	65.89		$	66.83		$	66.00		$	65.65		$	65.87
Reconciliation of Book Value
Shareholders’ equity, beginning of quarter	$	50,934		$	50,971		$	51,287		$	51,172		$	50,471
Core operating income		935			1,122			1,253			1,097			1,489
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)		(42	)		(42	)		(41	)		(50	)		(41	)
Chubb integration expenses, net of tax		(15	)		(14	)		(10	)		(8	)		(57	)
Adjusted net realized gains (losses), net of tax (2)		(523	)		165			92			43			142
Net unrealized gains (losses) on the investment portfolio		(117	)		(159	)		(435	)		(988	)		(193	)
Repurchase of shares		(318	)		(379	)		(324	)		—			(123	)
Dividend declared on common shares		(336	)		(337	)		(339	)		(332	)		(330	)
Cumulative translation		(113	)		(462	)		(570	)		378			(411	)
Postretirement benefit liability		(205	)		(18	)		(13	)		(18	)		78
Other (3)		112			87			71			(7	)		147
	$	50,312		$	50,934		$	50,971		$	51,287		$	51,172

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

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

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

Reconciliation Book Value Page 30

Chubb Limited

Non-GAAP Financial Measures

(Unaudited)

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 (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 adjusted 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 pages34-37.

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

CAY P&C combined ratio excluding the impact of catastrophe losses 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 prior period development (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. Core operating income excluding catastrophe losses and provisional tax benefit also excludes the one-time transition benefit of $450 million in the fourth quarter of 2017 related to 2017 U.S. tax reform, which could distort comparability of core operating income between periods for reasons unrelated to underlying operating performance. We believe these measures provide a better evaluation of our operating performance and enhances the understanding of the trends in our property and casualty business. Core operating income with expected level of catastrophe losses is a non-GAAP financial measure which excludes catastrophe losses above or below management’s view of typical catastrophe losses for that period. The adjustment for normalized catastrophe activity reduces the unusually large impact of catastrophe activity which 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 Corp, we have entered into new reinsurance agreements with third-party reinsurers for the Chubb Corp businesses and have taken other merger-related underwriting actions, including exiting certain types of business that do not meet our underwriting standards or adhere to our risk diversification strategy. We exclude the impact of accounting policy alignment to conform the timing of premium recognition of certain Chubb Corp foreign subsidiaries to be on the same basis as Chubb Limited. In addition, we excluded the impact of Fireman’s Fundnon-renewal, additional reinsurance, unearned premium reserve (UPR) transfer, and reinstatement premiums in the North America Personal P&C Insurance segment. We believe that this measure is meaningful to evaluate trends in our underlying business on a comparable basis.

Reconciliation Non-GAAP Page 31

Chubb Limited

Non-GAAP Financial Measures—2

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

(Unaudited)

RegulationG—Non-GAAP Financial Measures (continued)

Core operating ROE

Core operating return on equity (ROE) or ROE calculated using core operating income: The ROE numerator includes income adjusted to exclude after-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. Core operating ROE with Mark-to-market on Private equities includes the change in the fair value of private equity funds which are recorded as realized gains and losses and not within core operating income. We believe that this measure provides comparison with our peer companies that record the fair value changes of private equity funds within core operating income as a component of investment income.

							Full Year			Full Year
	4Q-18			4Q-17			2018			2017
Net income	$	355		$	1,533		$	3,962		$	3,861
Core operating income	$	935		$	1,489		$	4,407		$	3,784
Equity—beginning of period, as reported	$	50,934		$	50,471		$	51,172		$	48,275
Less: unrealized gains (losses) on investments, net of deferred tax(1) (2)		(428	)		1,643			1,154			1,058
Equity—beginning of period, as adjusted	$	51,362		$	48,828		$	50,018		$	47,217
Equity—end of period, as reported	$	50,312		$	51,172		$	50,312		$	51,172
Less: unrealized gains (losses) on investments, net of deferred tax		(545	)		1,450			(545	)		1,450
Equity—end of period, as adjusted	$	50,857		$	49,722		$	50,857		$	49,722
Weighted average equity, as reported	$	50,623		$	50,822		$	50,742		$	49,724
Weighted average equity, as adjusted	$	51,110		$	49,275		$	50,438		$	48,470
ROE		2.8	%		12.1	%		7.8	%		7.8	%
Core operating ROE		7.3	%		12.1	%		8.7	%		7.8	%
Core operating ROE with Mark-to-market on Private equities of $382 million								9.5	%

(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.

(2) At December 31, 2018, the company reclassified tax expense of $121 million related to the unrealized appreciation of investments as of December 31, 2017 to beginning retained earnings representing the stranded tax effects related to the 2017 U.S. Tax Reform which reduced the tax expense on unrealized appreciation of investments. This reduction in tax was recorded in net income in Q4 2017 as part of the U.S. Tax Reform benefit.

Core operating effective tax rate

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

																Full Year			Full Year
	4Q-18			3Q-18			2Q-18			1Q-18			4Q-17			2018			2017
Tax expense (benefit), as reported	$	159		$	183		$	218		$	135		$	(382	)	$	695		$	(139	)
Less: tax benefit on amortization of fair value of acquired invested assets and debt(1)		(8	)		(12	)		(11	)		(9	)		(23	)		(40	)		(85	)
Less: tax benefit on Chubb integration expenses		(5	)		(2	)		(3	)		(2	)		(20	)		(12	)		(93	)
Less: tax expense (benefit) on adjusted net realized gains (losses)		(20	)		14			14			(3	)		(20	)		5			5
Tax expense (benefit), adjusted	$	192		$	183		$	218		$	149		$	(319	)	$	742		$	34
Income before tax, as reported	$	514		$	1,414		$	1,512		$	1,217		$	1,151		$	4,657		$	3,722
Less: amortization of fair value of acquired invested assets and debt(1)		(50	)		(54	)		(52	)		(59	)		(64	)		(215	)		(283	)
Less: Chubb integration expenses		(20	)		(16	)		(13	)		(10	)		(77	)		(59	)		(310	)
Less: adjusted realized gains (losses)		(682	)		27			10			(4	)		—			(649	)		91
Less: realized gains (losses) related to unconsolidated entities		139			152			96			44			122			431			406
Core operating income before tax	$	1,127		$	1,305		$	1,471		$	1,246		$	1,170		$	5,149		$	3,818
Effective tax rate		31.1	%		12.9	%		14.4	%		11.1	%		-33.1	%		14.9	%		-3.7	%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt(1)		0.0	%		0.4	%		0.2	%		0.2	%		3.7	%		0.2	%		2.3	%
Adjustment for tax impact of Chubb integration expenses		0.1	%		0.0	%		0.1	%		0.1	%		3.8	%		0.1	%		2.6	%
Adjustment for tax impact of adjusted net realized gains (losses)		-14.1	%		0.8	%		0.1	%		0.6	%		-1.6	%		-0.8	%		-0.3	%
Core operating effective tax rate		17.1	%		14.1	%		14.8	%		12.0	%		-27.2	%		14.4	%		0.9	%

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

Core operating income

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

																Full Year			Full Year
	4Q-18			3Q-18			2Q-18			1Q-18			4Q-17			2018			2017
Net income, as reported	$	355		$	1,231		$	1,294		$	1,082		$	1,533		$	3,962		$	3,861
Amortization of fair value adjustment of acquired invested assets and long-term debt,pre-tax(1)		(50	)		(54	)		(52	)		(59	)		(64	)		(215	)		(283	)
Tax benefit on amortization adjustment		8			12			11			9			23			40			85
Chubb integration expenses,pre-tax		(20	)		(16	)		(13	)		(10	)		(77	)		(59	)		(310	)
Tax benefit on Chubb integration expenses		5			2			3			2			20			12			93
Adjusted realized gains (losses),pre-tax		(682	)		27			10			(4	)		—			(649	)		91
Net realized gains (losses) related to unconsolidated entities,pre-tax(2)		139			152			96			44			122			431			406
Tax (expense) benefit on adjusted net realized gains (losses)		20			(14	)		(14	)		3			20			(5	)		(5	)
Core operating income	$	935		$	1,122		$	1,253		$	1,097		$	1,489		$	4,407		$	3,784

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

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

Reconciliation Non-GAAP 2 Page 32

Chubb Limited

Non-GAAP Financial Measures—3

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

(Unaudited)

RegulationG—Non-GAAP Financial Measures (continued)

Core operating income measures

	4Q-18			4Q-17			% Change 4Q-18 vs. 4Q-17			Full Year 2018			Full Year 2017			% Change 2018 vs. 2017
Core operating income	$	935		$	1,489					$	4,407		$	3,784
Less: Catastrophe losses,after-tax		(506	)		(331	)					(1,354	)		(2,171	)
Core operating income ex Cats		1,441			1,820			-20.8	%		5,761			5,955			-3.3	%
Less: Prior period development,after-tax		202			130						706			634
Core operating income ex Cats and PPD	$	1,239		$	1,690					$	5,055		$	5,321
Core operating income	$	935		$	1,489					$	4,407		$	3,784
Add: Actual Cats above expected levels,after-tax		368			197						583			1,455
Core operating income w/ expected level of Cats	$	1,303		$	1,686			-22.8	%	$	4,990		$	5,239			-4.8	%
Diluted earnings per share
Core operating income ex Cats	$	3.11		$	3.88			-19.8	%	$	12.34		$	12.64			-2.4	%
Core operating income ex Cats and PPD	$	2.68		$	3.60			-25.6	%	$	10.83		$	11.29			-4.1	%
Core operating income w/ expected level of Cats	$	2.81		$	3.59			-21.7	%	$	10.69		$	11.12			-3.9	%
Core operating income ex Cats and $450 million tax reform benefit in 2017	$	3.11		$	2.92			6.5	%

Core operating ROE with expected level of Cats

	4Q-18			4Q-17			Full Year 2018			Full Year 2017
Equity—beginning of period, as reported	$	50,934		$	50,471		$	51,172		$	48,275
Less: unrealized gains (losses) on investments, net of deferred tax		(428	)		1,643			1,154			1,058
Equity—beginning of period, as adjusted	$	51,362		$	48,828		$	50,018		$	47,217
Equity—end of period, as reported	$	50,312		$	51,172		$	50,312		$	51,172
Less: unrealized gains (losses) on investments, net of deferred tax		(545	)		1,450			(545	)		1,450
Equity—end of period, as adjusted	$	50,857		$	49,722		$	50,857		$	49,722
Add: Actual Cats above expected levels,after-tax		368			197			583			1,455
Equity—end of period, as adjusted, w/ expected level of Cats	$	51,225		$	49,919		$	51,440		$	51,177
Weighted average equity, as reported	$	50,623		$	50,822		$	50,742		$	49,724
Weighted average equity, as adjusted	$	51,110		$	49,275		$	50,438		$	48,470
Weighted average equity, as adjusted, w/ expected level of Cats	$	51,294		$	49,374		$	50,729		$	49,197
ROE		2.8	%		12.1	%		7.8	%		7.8	%
Core operating ROE		7.3	%		12.1	%		8.7	%		7.8	%
Core operating ROE, w/ expected level of Cats		10.2	%		13.7	%		9.8	%		10.6	%

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

	December 31 2018			September 30 2018			June 30 2018			March 31 2018		January 1 2018		% Change QTD 2018			% Change Full Year 2018
Book value	$	50,312		$	50,934		$	50,971		$	51,287	$	51,172
Less: unrealized gains (losses) on investments, net of deferred tax		(545	)		(549	)		(390	)		45		1,154
Adjusted book value		50,857			51,483			51,361			51,242		50,018
Less: goodwill and other intangible assets, net of tax		20,054			20,121			20,380			20,706		20,621
Adjusted tangible book value	$	30,803		$	31,362		$	30,981		$	30,536	$	29,397
Denominator		459,203,378			461,100,790			463,502,164			465,831,486		463,833,179
Adjusted book value per share	$	110.75		$	111.65		$	110.81		$	110.00	$	107.84		-0.8	%		2.7	%
Adjusted tangible book value per share	$	67.08		$	68.02		$	66.84		$	65.55	$	63.38		-1.4	%		5.8	%

P&C combined ratio with expected level of Cats

							Full Year			Full Year
	4Q-18			4Q-17			2018			2017
P&C combined ratio		93.1	%		90.7	%		90.6	%		94.7	%
Less: Catastrophe losses		8.5	%		6.7	%		5.9	%		10.2	%
Less: Prior period development		-3.7	%		-2.4	%		-3.3	%		-3.1	%
P&C CAY combined ratio excluding Cats		88.3	%		86.4	%		88.0	%		87.6	%
Add: Expected level of Cats		2.4	%		2.4	%		3.4	%		3.4	%
P&C CAY combined ratio w/ expected level of Cats		90.7	%		88.8	%		91.4	%		91.0	%
Add: Prior period development		-3.7	%		-2.4	%		-3.3	%		-3.1	%
P&C combined ratio w/ expected level of Cats		87.0	%		86.4	%		88.1	%		87.9	%

Reconciliation Non-GAAP 3 Page 33

Chubb Limited

Non-GAAP Financial Measures—4

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

(Unaudited)

RegulationG—Non-GAAP Financial Measures (continued)

P&C combined ratio

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

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

Q4 2018		North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate		Total P&C
Numerator
Losses and loss expenses
Losses and loss expenses		$	2,127		$	755		$	156		$	1,166		$	243		$	(19)	$	4,428
Realized (gains) losses on crop derivatives			—			—			5			—			—			—		5
Adjusted losses and loss expenses	A	$	2,127		$	755		$	161		$	1,166		$	243		$	(19)	$	4,433
Catastrophe losses			(232	)		(90	)		(10	)		(85	)		(160	)		—		(577	)
PPD and related adjustments
PPD, net of related adjustments—favorable (unfavorable)			138			18			33			46			(4	)		22		253
Net premiums earned adjustments on PPD—unfavorable (favorable)			—			—			—			—			1			—		1
Expense adjustments—unfavorable (favorable)			—			—			(6	)		—			—			—		(6	)
PPD reinstatement premiums—unfavorable (favorable)			2			—			—			2			—			—		4
PPD—gross of related adjustments—favorable (unfavorable)			140			18			27			48			(3	)		22		252
CAY loss and loss expense ex Cats	B	$	2,035		$	683		$	178		$	1,129		$	80		$	3	$	4,108
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	682		$	305			$ (4	)	$	849		$	54		$	95	$	1,981
Expense adjustments—favorable (unfavorable)			—			—			6			—			—			—		6
Policy acquisition costs and administrative expenses, adjusted	D	$	682		$	305		$	2		$	849		$	54		$	95	$	1,987
Denominator
Net premiums earned	E	$	3,077		$	1,130		$	318		$	2,187		$	178				$	6,890
Reinstatement premiums (collected) expensed on catastrophe losses			—			26			—			—			(18	)				8
Net premiums earned adjustments on PPD—unfavorable (favorable)			—			—			—			—			1					1
PPD reinstatement premiums—unfavorable (favorable)			2			—			—			2			—					4
Net premiums earned excluding adjustments	F	$	3,079		$	1,156		$	318		$	2,189		$	161				$	6,903
P&C combined ratio
Losses and loss expense ratio	A/E		69.1	%		66.8	%		50.7	%		53.3	%		137.1	%				64.3	%
Policy acquisition cost and administrative expense ratio	C/E		22.2	%		27.0	%		-1.2	%		38.8	%		29.8	%				28.8	%
P&C combined ratio			91.3	%		93.8	%		49.5	%		92.1	%		166.9	%				93.1	%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		66.1	%		59.1	%		56.0	%		51.6	%		50.1	%				59.5	%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		22.1	%		26.4	%		0.8	%		38.8	%		33.1	%				28.8	%
CAY P&C combined ratio ex Cats			88.2	%		85.5	%		56.8	%		90.4	%		83.2	%				88.3	%
Combined ratio
Combined ratio																				93.0	%
Add: impact of gains and losses on crop derivatives																				0.1	%
P&C combined ratio																				93.1	%

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

Reconciliation Non-GAAP 4 Page 34

Chubb Limited

Non-GAAP Financial Measures—5

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

(Unaudited)

RegulationG—Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)

Full Year 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		$	8,000		$	3,229		$	1,111		$	4,429		$	479		$	53		$	17,301
Realized (gains) losses on crop derivatives			—			—			3			—			—			—			3
Adjusted losses and loss expenses	A	$	8,000		$	3,229		$	1,114		$	4,429		$	479		$	53		$	17,304
Catastrophe losses			(579	)		(611	)		(21	)		(206	)		(205	)		—			(1,622	)
PPD and related adjustments
PPD, net of related adjustments—favorable (unfavorable)			610			(41	)		110			212			50			(45	)		896
Net premiums earned adjustments on PPD—unfavorable (favorable)			29			—			40			—			8			—			77
Expense adjustments—unfavorable (favorable)			7			—			(10	)		—			(1	)		—			(4	)
PPD reinstatement premiums—unfavorable (favorable)			7			1			—			4			—			—			12
PPD—gross of related adjustments—favorable (unfavorable)			653			(40	)		140			216			57			(45	)		981
CAY loss and loss expense ex Cats	B	$	8,074		$	2,578		$	1,233		$	4,439		$	331		$	8		$	16,663
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	2,795		$	1,208		$	70		$	3,360		$	203		$	295		$	7,931
Expense adjustments—favorable (unfavorable)			(7	)		—			10			—			1			—			4
Policy acquisition costs and administrative expenses, adjusted	D	$	2,788		$	1,208		$	80		$	3,360		$	204		$	295		$	7,935
Denominator
Net premiums earned	E	$	12,402		$	4,593		$	1,569		$	8,612		$	670					$	27,846
Reinstatement premiums (collected) expensed on catastrophe losses			—			26			—			—			(22	)					4
Net premiums earned adjustments on PPD—unfavorable (favorable)			29			—			40			—			8						77
PPD reinstatement premiums—unfavorable (favorable)			7			1			—			4			—						12
Net premiums earned excluding adjustments	F	$	12,438		$	4,620		$	1,609		$	8,616		$	656					$	27,939
P&C combined ratio
Losses and loss expense ratio	A/E		64.5	%		70.3	%		71.0	%		51.4	%		71.6	%					62.1	%
Policy acquisition cost and administrative expense ratio	C/E		22.5	%		26.3	%		4.5	%		39.0	%		30.2	%					28.5	%
P&C combined ratio			87.0	%		96.6	%		75.5	%		90.4	%		101.8	%					90.6	%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		64.9	%		55.8	%		76.7	%		51.5	%		50.5	%					59.6	%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		22.4	%		26.1	%		4.9	%		39.0	%		31.1	%					28.4	%
CAY P&C combined ratio ex Cats			87.3	%		81.9	%		81.6	%		90.5	%		81.6	%					88.0	%
Combined ratio
Combined ratio																					90.6	%
Add: impact of gains and losses on crop derivatives																					0.0	%
P&C combined ratio																					90.6	%

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

Reconciliation Non-GAAP 5 Page 35

Chubb Limited

Non-GAAP Financial Measures—6

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

(Unaudited)

RegulationG—Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)

Q4 2017		North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C
Numerator
Losses and loss expenses
Losses and loss expenses		$	1,911		$	887		$	60		$	965		$	126		$	140		$	4,089
Realized (gains) losses on crop derivatives			—			—			—			—			—			—			—
Adjusted losses and loss expenses	A	$	1,911		$	887		$	60		$	965		$	126		$	140		$	4,089
Catastrophe losses			(167	)		(278	)		—			55			(42	)		—			(432	)
PPD and related adjustments
PPD, net of related adjustments—favorable (unfavorable)			200			(3	)		36			68			(5	)		(138	)		158
Net premiums earned adjustments on PPD—unfavorable (favorable)			—			—			5			—			—			—			5
Expense adjustments—unfavorable (favorable)			—			—			(6	)		—			—			—			(6	)
PPD—gross of related adjustments—favorable (unfavorable)			200			(3	)		35			68			(5	)		(138	)		157
CAY loss and loss expense ex Cats	B	$	1,944		$	606		$	95		$	1,088		$	79		$	2		$	3,814
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	706		$	298		$	2		$	816		$	51		$	80		$	1,953
Expense adjustments—favorable (unfavorable)			—			—			6			—			—			—			6
Policy acquisition costs and administrative expenses, adjusted	D	$	706		$	298		$	8		$	816		$	51		$	80		$	1,959
Denominator
Net premiums earned	E	$	3,035		$	1,103		$	252		$	2,113		$	162					$	6,665
Reinstatement premiums (collected) expensed on catastrophe losses			1			19			—			(5	)		—						15
Net premiums earned adjustments on PPD—unfavorable (favorable)			—			—			5			—			—						5
Net premiums earned excluding adjustments	F	$	3,036		$	1,122		$	257		$	2,108		$	162					$	6,685
P&C combined ratio
Losses and loss expense ratio	A/E		63.0	%		80.4	%		23.7	%		45.7	%		78.9	%					61.4	%
Policy acquisition cost and administrative expense ratio	C/E		23.2	%		27.1	%		0.7	%		38.6	%		31.3	%					29.3	%
P&C combined ratio			86.2	%		107.5	%		24.4	%		84.3	%		110.2	%					90.7	%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		64.1	%		54.0	%		36.9	%		51.6	%		50.1	%					57.1	%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		23.2	%		26.5	%		3.1	%		38.7	%		31.3	%					29.3	%
CAY P&C combined ratio ex Cats			87.3	%		80.5	%		40.0	%		90.3	%		81.4	%					86.4	%
Combined ratio
Combined ratio																					90.7	%
Add: impact of gains and losses on crop derivatives																					0.0	%
P&C combined ratio																					90.7	%

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

Reconciliation Non-GAAP 6 Page 36

Chubb Limited

Non-GAAP Financial Measures—7

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

(Unaudited)

RegulationG—Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)

Full Year 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		$	8,287		$	3,265		$	1,036		$	4,281		$	561		$	285		$	17,715
Realized (gains) losses on crop derivatives			—			—			7			—			—			—			7
Adjusted losses and loss expenses	A	$	8,287		$	3,265		$	1,043		$	4,281		$	561		$	285		$	17,722
Catastrophe losses			(1,220	)		(871	)		(18	)		(331	)		(313	)		—			(2,753	)
PPD and related adjustments
PPD, net of related adjustments—favorable (unfavorable)			746			(69	)		119			252			59			(278	)		829
Net premiums earned adjustments on PPD—unfavorable (favorable)			42			—			66			—			(4	)		—			104
Expense adjustments—unfavorable (favorable)			6			—			(11	)		—			—			—			(5	)
PPD reinstatement premiums—unfavorable (favorable)			9			—			—			—			—			—			9
PPD—gross of related adjustments—favorable (unfavorable)			803			(69	)		174			252			55			(278	)		937
CAY loss and loss expense ex Cats	B	$	7,870		$	2,325		$	1,199		$	4,202		$	303		$	7		$	15,906
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	2,854		$	1,163		$	73		$	3,203		$	221		$	267		$	7,781
Expense adjustments—favorable (unfavorable)			(6	)		—			11			—			—			—			5
Policy acquisition costs and administrative expenses, adjusted	D	$	2,848		$	1,163		$	84		$	3,203		$	221		$	267		$	7,786
Denominator
Net premiums earned	E	$	12,191		$	4,399		$	1,508		$	8,131		$	704					$	26,933
Reinstatement premiums (collected) expensed on catastrophe losses			4			22			—			4			(37	)					(7	)
Net premiums earned adjustments on PPD—unfavorable (favorable)			42			—			66			—			(4	)					104
PPD reinstatement premiums—unfavorable (favorable)			9			—			—			—			—						9
Net premiums earned excluding adjustments	F	$	12,246		$	4,421		$	1,574		$	8,135		$	663					$	27,039
P&C combined ratio
Losses and loss expense ratio	A/E		68.0	%		74.2	%		69.2	%		52.6	%		79.8	%					65.8	%
Policy acquisition cost and administrative expense ratio	C/E		23.4	%		26.5	%		4.8	%		39.4	%		31.4	%					28.9	%
P&C combined ratio			91.4	%		100.7	%		74.0	%		92.0	%		111.2	%					94.7	%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		64.3	%		52.6	%		76.2	%		51.7	%		46.0	%					58.8	%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		23.2	%		26.3	%		5.3	%		39.3	%		33.2	%					28.8	%
CAY P&C combined ratio ex Cats			87.5	%		78.9	%		81.5	%		91.0	%		79.2	%					87.6	%
Combined ratio
Combined ratio																					94.7	%
Add: impact of gains and losses on crop derivatives																					0.0	%
P&C combined ratio																					94.7	%

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

Reconciliation Non-GAAP 7 Page 37

Chubb Limited

Glossary

Chubb Limited Consolidatedcomprises all segments including Corporate.

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

P&C combined ratio:The sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding the life business and including realized gains and losses on crop derivatives.

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

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

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

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

Total capitalization:The sum of the short-term debt, long-term debt, trust preferreds, and shareholders’ equity.

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

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

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.

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