8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant To Section 13 or 15 (d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) – May 4, 2016

Chubb Limited

(Exact name of registrant as specified in its charter)

Switzerland	1-11778	98-0091805
(State or other jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

Baerengasse 32

CH-8001 Zurich, Switzerland

Telephone: +41 (0)43 456 76 00

(Address of principal executive offices)

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

On May 4, 2016, Chubb Limited issued a Press Release reporting its first quarter 2016 results and the availability of its first quarter 2016 Financial Supplement. The Press Release and the Financial Supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are hereby incorporated herein by reference.

Item 9.01. Financial Statements, Pro Forma Financial Information and Exhibits

(d) Exhibits

Exhibit Number	Description
99.1	Press Release, Dated May 4, 2016, Reporting First Quarter 2016 Results
99.2	First Quarter 2016 Financial Supplement

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Chubb Limited
DATE: May 4, 2016	By:	/s/ Philip V. Bancroft
		Philip V. Bancroft
		Executive Vice President and       Chief Financial Officer

EXHIBIT INDEX

Number	Description	Method of Filing
99.1	Press Release, Dated May 4, 2016, Reporting First Quarter 2016 Results	Furnished herewith
99.2	First Quarter 2016 Financial Supplement	Furnished herewith

EX-99.1

Exhibit 99.1

Chubb Limited Bärengasse 32 CH-8001 Zurich Switzerland new.chubb.com @Chubb

News Release

Chubb Reports First Quarter Operating EPS of $2.26 Versus $2.25 Prior Year; Operating EPS with 14-Day Stub Period is $2.29; P&C Combined Ratio is 90.0% and Annualized Operating ROE is 10.2%; Operating Return on Tangible Equity is 18.5%

● As reported Global P&C net premiums written of $5.4 billion, up 63.6% in constant dollars; Global P&C net premiums written of $6.3 billion that include the company’s results for the first 14 days of January, herein called 2016 pro forma results, down 1.0% in constant dollars when compared with prior year as if ACE and Chubb were one company in 2015, herein called 2015 pro forma results*

● As reported P&C underwriting income of $612 million, up 52.3%, or 59.4% in constant dollars, leading to a combined ratio of 90.0%; on a 2016 and 2015 pro forma basis, P&C underwriting income of $720 million, up 23.2%, or 28.6% in constant dollars, leading to a combined ratio of 88.9%

● Adjusted net investment income of $767 million, or $812 million on a 2016 pro forma basis that includes $45 million from 14-day stub period

● Operating cash flow was $1.0 billion. Adjusted for the 14-day stub period and certain merger-related expenses in the quarter, underlying cash flow was $1.3 billion

● As reported unfavorable foreign currency movement negatively impacted consolidated operating income in the quarter by $21 million, or $0.05 per share

● Integration expense savings annualized run rate now projected at approximately $750 million by 2018, compared with original estimate of $650 million, or $610 million at current foreign currency rates. Annual investment income run rate to improve by approximately $100 million to $120 million pre-tax by the third or fourth quarter, depending on market conditions, from what the company would otherwise earn as a result of investment portfolio management improvements. Before the improvements, the company’s revised estimate of quarterly investment income was expected to be in the range of $790 million to $810 million. Now, with the improvements, quarterly investment income is expected to be in the range of $820 million to $840 million for the balance of the year.

* 2016 pro forma results include the combined company’s results for the first 14 days of January. (The Chubb Corporation acquisition closed 1/14/16.) 2016 pro forma results do not include any impact from purchase accounting adjustments related to the acquisition. 2015 pro forma results include Legacy ACE plus Legacy Chubb historical results.

Chubb®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb Limited. 1

Chubb Limited News Release

ZURICH – May 4, 2016 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended March 31, 2016, of $0.97 per share, compared with $2.05 per share for the same quarter last year.⁽¹⁾ Operating income was $2.26 per share, compared with $2.25 per share for the same quarter last year. The property and casualty (P&C) combined ratio for the quarter was 90.0%. Book value per share increased 10.1%, reflecting the impact of The Chubb Corporation (Chubb Corp) acquisition, including the issuance of 137 million common shares totaling $15.2 billion and $323 million of equity awards related to the transaction. Tangible book value per share decreased 25.5% from December 31, 2015, reflecting $15.4 billion, net of tax, of goodwill and other intangibles related to the Chubb Corp acquisition. The dilution at the time of the acquisition closing was 29.3%, as expected. Book value per share and tangible book value per share were favorably impacted by income, favorable foreign currency movement and net realized and unrealized gains. Book value and tangible book value per share now stand at $98.85 and $53.83, respectively. Annualized operating return on equity for the quarter was 10.2%.

Chubb Limited

First Quarter Summary

(in millions, except per share amounts)

(Unaudited)

					(Per Share - Diluted)
As Reported	2016	2015		Change	2016		2015		Change
Operating income, net of tax (1)	$    1,019		$    745	36.8%		$    2.26		$    2.25	0.4%
Chubb one-time integration and merger-related expenses, net of tax	(106)		—	NM		(0.24)		—	NM
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	(59)		—	NM		(0.13)		—	NM
Adjusted net realized gains (losses), net of tax	(415)		(64)	NM		(0.92)		(0.20)	NM
Net income (2)	$    439		$    681	(35.6)%		$    0.97		$    2.05	(52.7)%

⁽¹⁾  Operating income was adversely impacted by purchase accounting adjustments of $0.06 per share.

⁽²⁾  Net income was adversely impacted by $0.43 per share comprising Chubb integration and related expenses, the amortization of fair value adjustments, and purchase accounting adjustments on operating income of $0.06 per share as noted above.

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “We’re off to a good start as the new Chubb with strong earnings for the first quarter, driven by excellent operating and underwriting results exclusive of the impact of one-time acquisition-related costs. After-tax operating income was $2.26 per share compared to $2.25 prior year. Comparing our results in 2016 to 2015 as if we were one company in both periods, our EPS in ’16 was $2.29 and our underwriting income of $720 million was up 23% over prior year with an excellent combined ratio of 88.9%. Book value per share was up over 10%, or 2.3% when excluding the merger impact, while our annualized operating ROE for the quarter was over 10%%.

Chubb®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb Limited. 2

Chubb Limited News Release

“Total premium revenue in the quarter was impacted by market conditions as we maintained underwriting discipline, as well as continued foreign exchange headwinds and integration-related activities. Our client renewal retention rates were very strong in the quarter, so the impact to growth came predominantly from new business, where greater momentum has begun to build. The impact of merger-related focus is diminishing and foreign exchange should have a reduced effect in the second quarter. In fact, we are already beginning to see evidence of both.

“Concerning the merger, our integration efforts are on track and going well. Our people are highly focused on serving their clients and writing business, and as they do so, we are knitting ourselves together at every level of the organization. Reception to the new Chubb in the market from customers, agents and brokers around the globe has been terrific. We also now project that we will surpass our original run-rate target for integration-related expense savings and, separately, we expect to increase our investment income run rate from what we would otherwise earn as a result of investment portfolio management improvements. In sum, the value creation that will come from the new Chubb is exceeding our initial expectations.”

Chubb®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb Limited. 3

Chubb Limited News Release

Operating highlights for the quarter ended March 31, 2016, were as follows:

	As Reported					Pro Forma(1)
Chubb Limited	Q1		Q1			Q1		Q1
(in millions of U.S. dollars except for percentages)	2016		2015		Change	2016		2015		Change
P&C
Net premiums written	$	5,479	$	3,585	52.8%	$	6,333	$	6,700	(5.5)%
Net premiums written constant-dollar			$	3,397	61.3%			$	6,422	(1.4)%
Underwriting income	$	612	$	402	52.3%	$	720	$	585	23.2%
Underwriting income constant-dollar			$	384	59.4%			$	560	28.6%
Combined ratio		90.0%		88.4%			88.9%		91.1%
Current accident year underwriting income excluding catastrophe losses	$	623	$	370	68.3%	$	731	$	708	3.3%
Current accident year underwriting income excluding catastrophe losses constant-dollars			$	355	75.7%			$	686	6.6%
Current accident year combined ratio excluding catastrophe losses		89.9%		89.3%			88.8%		89.2%
Global P&C (excludes Agriculture)
Net premiums written	$	5,415	$	3,497	54.9%	$	6,269	$	6,612	(5.2)%
Net premiums written constant-dollar			$	3,309	63.6%			$	6,334	(1.0)%
Underwriting income	$	559	$	355	57.7%	$	667	$	538	24.2%
Underwriting income constant-dollar			$	337	66.1%			$	513	30.1%
Combined ratio		90.8%		89.5%			89.7%		91.7%
Current accident year underwriting income excluding catastrophe losses	$	609	$	355	71.9%	$	717	$	693	3.7%
Current accident year underwriting income excluding catastrophe losses constant-dollar			$	339	79.7%			$	670	7.1%
Current accident year combined ratio excluding catastrophe losses		90.0%		89.5%			88.9%		89.3%

⁽¹⁾ Note about pro forma results: 2016 pro forma results include the combined company’s results for the first 14 days of January ($44 million pre-tax in P&C underwriting income). (The Chubb Corp acquisition closed 1/14/16.) 2016 pro forma results do not include any impact from purchase accounting adjustments related to the acquisition ($64 million pre-tax in P&C underwriting income). 2015 pro forma results include Legacy ACE plus Legacy Chubb historical results.

Refer to the Non-GAAP Financial Measures section of the Financial Supplement for a reconciliation of these measures to pro forma measures calculated in accordance with SEC guidance.

Chubb®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb Limited. 4

Chubb Limited News Release

● Results for the quarter on an as-reported basis exclude the results of operations of Chubb Corp for the 14 days prior to the acquisition closing date (stub period) totaling $845 million in P&C net premiums written, $44 million in P&C underwriting income and $60 million in operating income. The stub period amounts for underwriting are included in the 2016 pro forma results found in the operating highlights table above.

● P&C net premiums earned increased 76.7% reflecting the acquisition of Chubb Corp. On a 2016 and 2015 pro forma basis, P&C net premiums earned decreased 0.7%, or increased 2.9% in constant dollars.

● On an as-reported basis, the P&C expense ratio was 32.7%, compared with 31.3% last year. The Global P&C expense ratio was 32.8%, compared with 32.0% last year. On a 2016 and 2015 pro forma basis, the P&C expense ratio was 31.6%, compared with 31.8% last year, and the Global P&C expense ratio was 31.7%, compared with 32.1% last year.

● On an as-reported basis, total pre-tax and after-tax catastrophe losses, including reinstatement premiums, were $258 million (4.3 percentage points of the combined ratio) and $204 million, respectively, compared with $51 million (1.5 percentage points of the combined ratio) and $40 million, respectively, last year. On a 2015 pro forma basis, total pre-tax and after-tax catastrophe losses, including reinstatement premiums, were $315 million (4.8 percentage points of the combined ratio) and $243 million, respectively.

● On an as-reported basis, total P&C pre-tax and after-tax favorable prior period development was $247 million (4.2 percentage points of the combined ratio) and $198 million, respectively, compared with $83 million pre-tax (2.4 percentage points of the combined ratio) and $67 million after-tax last year. On a 2015 pro forma basis, total P&C pre-tax and after-tax favorable prior period development for first quarter of 2015 was $192 million (2.9 percentage points of the combined ratio) and $148 million, respectively.

● Adjusted net investment income, which excludes a purchase accounting adjustment not included in operating income, was $767 million, compared with $551 million last year. The current period excludes $45 million related to the 14-day stub period. On a 2016 and 2015 pro forma basis, adjusted net investment income was $812 million, compared with $878 million, primarily due to a lower invested asset base, plus unfavorable foreign currency movement and lower reinvestment yields.

● Net realized and unrealized gains pre-tax totaled $952 million, including unrealized gains of $1.4 billion and net realized losses of $419 million. Net unrealized pre-tax gains comprised primarily unrealized gains of $1.1 billion in the investment portfolio and unrealized foreign exchange gains of $312 million. Net realized losses included $210 million in the investment portfolio and $243 million from derivative accounting related to the company’s variable annuity business.

● Operating cash flow was $1.0 billion. Adjusted for the 14-day stub period and certain merger-related expenses, underlying cash flow was $1.3 billion.

● Net loss reserves increased $21.4 billion, primarily comprising $20.5 billion of acquired reserves and an increase of $715 million related to the fair value adjustment at the acquisition close. Excluding the Chubb Corp acquisition, net loss reserves increased $125 million adjusted for foreign exchange.

Chubb®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb Limited. 5

Chubb Limited News Release

● Book value per share increased 10.1% to $98.85 from $89.77 at December 31, 2015, reflecting the impact of the Chubb Corp acquisition, including the issuance of 137 million common shares totaling $15.2 billion and $323 million of equity awards related to the transaction (7.8% of the increase). In addition, book value per share was favorably impacted by income, favorable foreign currency movement, and net realized and unrealized gains (2.3% of the increase).

● Tangible book value per share declined 25.5% to $53.83 from $72.25 at December 31, 2015, reflecting $15.4 billion, net of tax, of goodwill and other intangibles related to the Chubb Corp acquisition. The dilution at acquisition was 29.3%, as expected. Tangible book value per share benefited 3.8% from income, favorable foreign currency movement, and net realized and unrealized gains.

Effective with the first quarter of 2016, Chubb Limited reports its financial results within the newly defined business segments as outlined below. Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended March 31, 2016, are presented below:

	As Reported					Pro Forma
Chubb Limited	Q1		Q1			Q1		Q1
(in millions of U.S. dollars except for percentages)	2016		2015		Change	2016		2015		Change
North America Commercial P&C Insurance*
Net premiums written	$	2,302	$	1,297	77.4%	$	2,821	$	2,928	(3.7)%
Net premiums written constant-dollar			$	1,290	78.4%			$	2,923	(3.5)%
Combined ratio		86.1%		86.7%			85.2%		86.6%
Current accident year combined ratio excluding catastrophe losses		89.5%		88.1%			88.3%		88.2%
North America Personal P&C Insurance
Net premiums written	$	871	$	133	NM	$	971	$	909	6.8%
Net premiums written constant-dollar			$	133	NM			$	904	7.4%
Combined ratio		97.5%		110.2%			92.3%		106.2%
Current accident year combined ratio excluding catastrophe losses		82.5%		85.3%			78.7%		82.6%
Overseas General Insurance
Net premiums written	$	2,041	$	1,794	13.8%	$	2,256	$	2,480	(9.0)%
Net premiums written constant-dollar			$	1,620	26.1%			$	2,219	1.7%
Combined ratio		91.4%		89.1%			92.2%		89.5%
Current accident year combined ratio excluding catastrophe losses		92.0%		90.3%			92.8%		91.6%

Chubb®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb Limited. 6

Chubb Limited News Release

* The North America Commercial P&C Insurance segment includes the Commercial Insurance Division, which comprises the middle market and small commercial business units, and the Major Accounts & Specialty Division. In the future, the company expects to treat these two divisions as separate segments for reporting purposes.

● North America Agricultural Insurance: Net premiums written decreased 27.0%, primarily due to lower premium retention as a result of the premium-sharing formulas with the U.S. government that resulted from a true-up in 2016 of the 2015 crop year loss estimates. The current accident year combined ratio excluding catastrophe losses was 80.6%, compared with 76.7%.

● Global Reinsurance: Net premiums written decreased 26.3%, or 24.6% in constant dollars due to market conditions. The combined ratio was 77.3%, compared with 73.2%. The current accident year combined ratio excluding catastrophe losses was 78.5%, compared with 75.5%.

● Life Insurance: Segment income was $64 million, compared with $77 million, reflecting the runoff of the company’s life reinsurance business and unfavorable claims reserve development of $9 million in Combined Insurance’s U.S. operations. International life insurance net premiums and deposits collected increased 3.3% in constant dollars.

The company originally announced that it expected integration-related savings of $650 million, or $610 million at current foreign currency rates. The company now expects integration-related savings of $750 million. The following table shows annualized and realized integration-related savings and integration and merger-related expenses expected by year:

Chubb Limited
(in millions of U.S. dollars)	FY 2015		FY 2016		FY 2017		FY 2018		Total
Chubb integration-related savings (1)
Annualized savings		—		$  470		$   690		$   750		$   750
Realized savings		—		$   275		$   530		$    715		$   750
Chubb integration and merger-related expenses (2)
One-time integration expenses related to savings		$   22		$   343		$    119		$    41		$    525
Other one-time merger-related expenses		11		210		56		9		286
Total expected integration and merger-related expenses		$   33		$   553		$   175		$   50		$   811

⁽¹⁾  Realized savings are the portion that is recorded in the financial statements in the current period. Annualized savings are the annualized run rate of the realized savings that will impact future years.

⁽²⁾  Integration expenses related to savings are one-time costs that are directly attributable to the achievement of the annualized savings, including employee severance, third-party consulting fees, and systems integration expenses. Other merger-related expenses are one-time costs directly attributable to the merger, including rebranding, employee retention costs and other professional and legal fees related to the acquisition.

Chubb®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb Limited. 7

Chubb Limited News Release

Please refer to the Chubb Limited Financial Supplement, dated March 31, 2016, which is posted on the company’s investor relations website, investors.chubb.com, in the Financials section for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio and debt and capital.

Chubb Limited will hold its first quarter earnings conference call on Thursday, May 5, 2016, beginning at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 888-312-9841 (within the United States) or 719-325-2349 (international), passcode 9430974. Please refer to the Chubb website under Events for details. A replay of the call will be available until Thursday, May 19, 2016, and the archived webcast will be available for approximately one month. To listen to the replay, please dial 888-203-1112 (in the United States) or 719-457-0820 (international), passcode 9430974.

About the new Chubb

Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is distinguished by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, underwriting excellence, superior claims handling expertise and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: new.chubb.com.

Investor Contact

Helen Wilson: (441) 299-9283; helen.wilson@chubb.com

Media Contact

Jeffrey Zack: (212) 827-4444; jeffrey.zack@chubb.com

⁽¹⁾  All comparisons are with the same period last year unless specifically stated.

Regulation G - Non-GAAP Financial Measures

In presenting our results, we included and discussed certain non-GAAP measures, including pro forma measures. These non-GAAP measures and pro forma 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).

Throughout this document there are various measures presented on a constant-dollar basis (i.e., excludes the impact of foreign exchange). We believe it is useful to evaluate the trends in our results, 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.

Chubb®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb Limited. 8

Chubb Limited News Release

Pro forma measures presented throughout this document are prepared exclusive of purchase accounting adjustments in order to present the underlying profitability of the our insurance business. We believe that excluding these adjustments provide visibility and comparability into our results.

Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired assets.

Adjusted interest expense is interest expense excluding the amortization of the fair value adjustment of acquired debt and the pre-acquisition interest expense on the $5.3 billion senior notes issued in November 2015. We believe that excluding these items are meaningful in order to present the underlying economics of the company’s business.

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.

Underwriting income, P&C underwriting income, and Global P&C underwriting income are calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs and administrative expenses from net premiums earned. P&C underwriting income also includes gains (losses) on crop derivatives. We use underwriting income and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest and income tax expense and adjusted net realized gains (losses). Current accident year underwriting income excluding catastrophe losses is underwriting 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 underwriting performance. We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business.

Segment income includes underwriting income and adjusted net investment income.

Operating income, net of tax, excludes adjusted realized gains and losses, Chubb integration and related expenses, and the amortization of the fair value adjustments of acquired debt and invested assets related to the Chubb Corp acquisition. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) because the amount of these gains (losses) is heavily influenced by the availability of market opportunities. We also exclude Chubb integration and related expenses related to the acquisition due to the size, complexity, and volume of this acquisition, which may not be indicative of such future costs. We believe that excluding the Chubb integration and related expenses facilitates the comparison of our financial results to our historical operating results. These costs include legal and professional fees and all costs directly related to the integration activities of the Chubb acquisition including pre-acquisition interest expense on the $5.3 billion senior notes issued in November 2015. The interest expense on the $5.3 billion senior notes was included within operating income subsequent to the acquisition close (i.e., after January 14, 2016). Operating income should not be viewed as a substitute for net income determined in accordance with GAAP. In addition, we disclose operating income excluding the impact of foreign exchange in order to adjust for the distortive effects of fluctuations in exchange rates.

Chubb®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb Limited. 9

Chubb Limited News Release

P&C combined ratio excluding catastrophe losses and PPD and current accident year P&C combined ratio excluding catastrophe losses exclude impacts of catastrophe losses and PPD. We believe this measure provides a better evaluation of our core underwriting performance and enhances the understanding of the trends in our property and casualty business that may be obscured by these items.

Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the operating results of the company’s Life and Insurance – North American Agriculture 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 Insurance – North American Agriculture and Life segments because the results of these businesses do not always correlate with the results of our global P&C operations.

International life net premiums written and deposits collected, is adjusted to include deposits collected on universal life and investment contracts (life deposits). 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.

Operating return on equity (ROE) or ROE calculated using operating income and operating return on tangible equity are annualized financial measures. The ROE numerator includes income adjusted to exclude after-tax adjusted net realized gains (losses), Chubb integration and related expenses, and the amortization of the fair value adjustment of acquired invested assets and long-term debt. The ROE denominator includes the average shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, net of tax. In addition, the denominator was adjusted to account for the weighted-average impact of the $15,527 million issuance of common shares and equity awards related to the Chubb Corp acquisition on January 14, 2016 . To annualize 2016 operating ROE, include the 14-day stub period adjustment in future quarters (i.e., Q2 through Q4 assumes a full quarter of operating income to account for the distortive impact of Q1 not having a full quarter given the acquisition close on January 14, 2016). For the operating return on tangible equity, we excluded goodwill and other intangibles from the denominator to eliminate the distortive impact of acquisitions. Operating ROE and operating return on tangible equity are useful measures as they enhance 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 and the distortive impact of acquisitions.

Tangible book value per common share is shareholders’ equity less goodwill and other intangible assets divided by the shares outstanding. The intangibles related to the Chubb Corp acquisition is excluded from the tangible book value per share calculation net of tax. 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 and the acquisition during 2016 in order to adjust for the distortive effects of fluctuations in exchange rates.

Other income (expense) - operating excludes from consolidated Other income (expense) the portion of net realized gains and losses related to unconsolidated entities and gains and losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP. Net realized gains (losses) related to unconsolidated entities is excluded from operating income in order to enhance the understanding of our core results of operations as they are heavily influenced by, and fluctuate in part according to market conditions.

Chubb®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb Limited. 10

Chubb Limited News Release

Chubb integration and related expenses include legal and professional fees and all costs directly related to the integration activities of the Chubb acquisition as well as the pre-acquisition interest expense related to the $5.3 billion senior notes issued in November 2015 to finance a portion of the Chubb acquisition. We exclude this pre-acquisition interest expense from operating income because the operations for which the debt was issued were not part of our operating activities prior to the completion of the acquisition. Effective with the close of the Chubb acquisition (January 14, 2016), the interest on this debt was considered a cost of our operations and will then be included within operating income.

See reconciliation of Non-GAAP Financial Measures on pages 25-29 in the Financial Supplement. These measures should not be viewed as a substitute for measures determined in accordance with GAAP or with SEC guidance under Article 11 for pro forma measures, including premium, net income, return on equity, adjusted net investment income, and effective tax rate.

NM - not meaningful comparison

Cautionary Statement Regarding Forward-Looking Statements:

Forward-looking statements made in this press release, such as those related to company performance, including 2016 performance and growth opportunities; integration activities and expected expense savings and income run rate; other expected benefits of the ACE and Chubb merger; and our plans, objectives, expectations and intentions and other statements that are not historical facts reflect our 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 that could cause actual results to differ materially, including without limitation, the following: competition, pricing and policy term trends, the levels of new and renewal business achieved, the frequency of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, loss of key employees or disruptions to our operations, 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 recoverable, credit developments among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war, economic, political, regulatory, insurance and reinsurance business conditions, potential strategic opportunities including acquisitions and our ability to achieve and integrate them, as well as management’s response to these factors, and other factors identified in our filings with the Securities and Exchange Commission (SEC).

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®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb Limited. 11

Chubb Limited News Release

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)

	March 31	December 31
	2016	2015
Assets
Investments	$            97,586	$              66,251
Cash	1,091	1,775
Insurance and reinsurance balances receivable	7,692	5,323
Reinsurance recoverable on losses and loss expenses	12,891	11,386
Goodwill and other intangible assets	23,359	5,683
Other assets	14,025	11,888
Total assets	$          156,644	$            102,306
Liabilities
Unpaid losses and loss expenses	$            60,206	$              37,303
Unearned premiums	14,896	8,439
Other liabilities	35,645	27,429
Total liabilities	$          110,747	$              73,171
Shareholders’ equity
Total shareholders’ equity	45,897	29,135
Total liabilities and shareholders’ equity	$          156,644	$            102,306
Book value per common share	$              98.85	$                89.77
Tangible book value per common share	$              53.83	$                72.25
Book value per common share excluding cumulative translation losses (1)	$            101.57	$                94.51
Tangible book value per common share excluding cumulative translation losses (2)	$              55.81	$                75.30

⁽¹⁾   Cumulative translation losses was  $1.3 billion in 2016 and  $1.5 billion in 2015

⁽²⁾   Cumulative translation losses was  $345 million in 2016 and  $550 million in 2015

Chubb Limited

Chubb®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb Limited. 12

Chubb Limited News Release

Summary Consolidated Financial Data

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

(Unaudited)

	Three Months Ended
	March 31
	2016		2015
Gross premiums written	$	7,389	$	5,322
Net premiums written		5,995		4,076
Net premiums earned		6,597		3,927
Losses and loss expenses		3,674		2,122
Policy benefits		126		142
Policy acquisition costs		1,413		707
Administrative expenses		772		554
Net investment income		674		551
Net realized gains (losses)		(394)		(89)
Interest expense		146		68
Other income (expense):
Gains (losses) from separate account assets		(3)		11
Other		(25)		24
Amortization of purchased intangibles		7		30
Chubb integration expenses		148		—
Income tax expense		124		120
Net income	$	439	$	681
Diluted earnings per share:
Operating income	$	2.26	$	2.25
Net income	$	0.97	$	2.05
Weighted average diluted shares outstanding		450.0		331.7
P&C combined ratio
Loss and loss expense ratio		57.3%		57.1%
Policy acquisition cost ratio		21.2%		17.4%
Administrative expense ratio		11.5%		13.9%
P&C combined ratio		90.0%		88.4%
P&C underwriting income	$	612	$	402

Chubb®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb Limited. 13

Chubb Limited News Release

Chubb Limited

Consolidated Supplemental Segment Information

(in millions of U.S. dollars)

(Unaudited)

	Three Months Ended
	March 31
	2016	2015
Gross Premiums Written
North America Commercial P&C Insurance	$        3,004	$            1,979
North America Personal P&C Insurance	974	146
North America Agricultural Insurance	136	128
Overseas General Insurance	2,516	2,255
Global Reinsurance	213	292
Life Insurance	546	522
Total	$        7,389	$            5,322
Net Premiums Written
North America Commercial P&C Insurance	$        2,302	$            1,297
North America Personal P&C Insurance	871	133
North America Agricultural Insurance	64	88
Overseas General Insurance	2,041	1,794
Global Reinsurance	201	273
Life Insurance	516	491
Total	$        5,995	$            4,076
Net Premiums Earned
North America Commercial P&C Insurance	$        2,896	$            1,380
North America Personal P&C Insurance	1,024	146
North America Agricultural Insurance	23	64
Overseas General Insurance	1,955	1,637
Global Reinsurance	202	226
Life Insurance	497	474
Total	$        6,597	$            3,927
Segment Income (loss)
North America Commercial P&C Insurance	$           827	$               442
North America Personal P&C Insurance	73	(10)
North America Agricultural Insurance	58	53
Overseas General Insurance	314	316
Global Reinsurance	113	136
Life Insurance	64	77
Corporate	(73)	(50)
Total	$        1,376	$              964

Chubb®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb Limited. 14

EX-99.2

Exhibit 99.2

Chubb Limited

Financial Supplement

for the Quarter Ended March 31, 2016

Investor Contact

Helen M. Wilson

Phone: (441) 299-9283

email: investorrelations@chubb.com

This report is for informational purposes only. It should be read in conjunction with documents filed by Chubb Limited with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and the closing reports on Form 8-K/A filed on March 24, 2016.

New Financial Reporting Disclosures

Effective Q1 2016, Chubb Limited will report financial results within the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. This reflects the company’s significantly larger and expanded operations subsequent to its acquisition of The Chubb Corporation on January 14, 2016. In addition, the company also redefined Corporate to include all run-off asbestos and environmental (A&E) exposures, the results of its Brandywine business, the results of its Westchester Specialty operations for 1996 and prior years, certain other mass tort exposures and Legacy Chubb A&E and mass tort exposures. Chubb integration expenses are incurred by the overall company and are therefore included in Corporate. The costs are not related to the on-going business activities of the segments and are therefore excluded from our definition of segment income. All prior periods have been revised to conform to the new segment presentation. Unless otherwise indicated, the term ‘pro forma’ is used to represent the combined company’s normal course of business without purchase accounting adjustments in order to present the underlying economics of the company’s business. Pro forma is defined as follows:

2016 Pro forma results: The combined company results inclusive of the first 14 days of January 2016. The 2016 and 2015 pro forma underwriting results do not include any impact from purchase accounting adjustments.

2015 Pro forma results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

Pro forma results presented throughout this document are unaudited and are provided for informational purposes only. A reconciliation of pro forma results as defined above to pro forma results in accordance with SEC guidance under Article 11, is provided in the Reconciliation of non-GAAP starting on page 25.

Cautionary Statement Regarding Forward-Looking Statements

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

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

New Disclosures

Chubb Limited

Financial Supplement Table of Contents

		Page
I.	Financial Highlights
	- Consolidated Financial Highlights	1
II.	Consolidated Results
	- Consolidated Results - Consecutive Quarters	2
	- Summary Consolidated Balance Sheets	3
	- Pro Forma Consolidated Statement of Operations	4
	- Consolidated Statement of Operations	5 - 6
III.	Global P&C Results
	- Global P&C Results - Consecutive Quarters	7
IV.	Segment Results
	- North America Commercial P&C Insurance	8
	- North America Personal P&C Insurance	9
	- North American Agricultural Insurance	10
	- Overseas General Insurance	11
	- Global Reinsurance	12
	- Life Insurance	13
	- Corporate	14
V.	Balance Sheet Details
	- Loss Reserve Rollforward	15
	- Reinsurance Recoverable Analysis	16
	- Investment Portfolio	17 - 20
	- Net Realized and Unrealized Gains (Losses)	21
	- Debt and Capital	22
	- Computation of Basic and Diluted Earnings Per Share	23
	- Book Value and Book Value per Common Share	24
VI.	Other Disclosures
	- Non-GAAP Financial Measures	25 - 29
	- Glossary	30

Chubb Limited

Consolidated Financial Highlights

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

(Unaudited)

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

	As Reported															Pro Forma*
													Constant $														Constant $
	Three months ended March 31						% Change						% Change			Three months ended March 31						% Change					% Change
							1Q-16 vs.			Constant $			1Q-16 vs.									1Q-16 vs.			Constant $		1Q-16 vs.
	2016			2015			1Q-15			2015 (1)			1Q-15 (1)			2016			2015			1Q-15			2015 (1)		1Q-15 (1)
Gross premiums written	$	7,389		$	5,322			38.8	%	$	5,067			45.8	%	$	8,321		$	8,700			-4.4	%	$	8,352		-0.4	%
Net premiums written	$	5,995		$	4,076			47.1	%	$	3,865			55.1	%	$	6,850		$	7,216			-5.1	%	$	6,916		-1.0	%
P&C net premiums written (2)	$	5,479		$	3,585			52.8	%	$	3,397			61.3	%	$	6,333		$	6,700			-5.5	%	$	6,422		-1.4	%
Global P&C net premiums written (2)	$	5,415		$	3,497			54.9	%	$	3,309			63.6	%	$	6,269		$	6,612			-5.2	%	$	6,334		-1.0	%
Net premiums earned	$	6,597		$	3,927			68.0	%	$	3,745			76.2	%	$	6,988		$	7,037			-0.7	%	$	6,785		3.0	%
Adjusted net investment income (2)	$	767		$	551			39.3	%	$	540			42.1	%
Operating income	$	1,019		$	745			36.8	%	$	724			40.7	%
Net income	$	439		$	681			-35.6	%
Comprehensive income	$	1,541		$	642			139.6	%
Operating cash flow	$	1,020		$	1,075
P&C combined ratio (2)
Loss and loss expense ratio		57.3	%		57.1	%											57.3	%		59.3	%
Underwriting and administrative expense ratio		32.7	%		31.3	%											31.6	%		31.8	%
Combined ratio		90.0	%		88.4	%											88.9	%		91.1	%
Operating return on equity (ROE)		10.2	%		10.8	%
Operating return on tangible equity		18.5	%
ROE		4.7	%		9.2	%
Operating effective tax rate (3)		16.5	%		13.7	%
Effective tax rate		22.1	%		15.0	%
Diluted earnings per share
Operating income	$	2.26		$	2.25			0.4	%
Net income	$	0.97		$	2.05			-52.7	%
Full quarter diluted earnings per share (4)
Operating income	$	2.29
Net income	$	1.06
										December  31 2015			% Change 1Q-16 vs 4Q-15
Book value per common share	$	98.85								$	89.77			10.1	%
Book value per common share excluding foreign currency (5)	$	98.20								$	89.77			9.4	%
Tangible book value per common share	$	53.83								$	72.25			-25.5	%
Tangible book value per common share excluding foreign currency (5)	$	53.62								$	72.25			-25.8	%
Weighted average basic common shares outstanding		446.7			328.2						325.6
Weighted average diluted common shares outstanding		450.0			331.7						328.8
Total hybrid & financial debt/capitalization		22.6	%								25.0	%

(1) Prior periods on a constant dollar basis.

(2) See non-GAAP financial measures.

(3) Operating effective tax rate is dependent upon the mix of earnings from different jurisdictions with various tax rates. A change in the geographic mix of earnings would change the effective tax rate. The increase in the operating effective tax rate for the quarter was primarily due to a higher percentage of operating earnings being generated in higher tax paying jurisdictions.

(4) Full quarter diluted earnings per share for Q1 2016 includes the combined company results inclusive of the first 14 days of January 2016 and includes the impact of purchase accounting adjustments related to The Chubb Corporation acquisition.

(5) For 2016, book value per common share and tangible book value per common share exclude the impact of foreign currency movement during the quarter.

* 2016 Pro forma results: The combined company results inclusive of the first 14 days of January 2016. The 2016 and 2015 pro forma underwriting results do not include any impact from purchase accounting adjustments.

2015 Pro forma results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

Financial Highlights Page 1

Chubb Limited

P&C Consolidated Results - Consecutive Quarters

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

(Unaudited)

	As Reported			Pro Forma*						Legacy ACE
	1Q-16			1Q-16			1Q-15			4Q-15			3Q-15			2Q-15			1Q-15			Full Year 2015
Chubb Limited Consolidated
P&C Consolidated Results (Including Corporate) Excluding Life Insurance Segment (1)
Gross premiums written	$	6,843		$	7,774		$	8,151		$	5,091		$	5,824		$	5,975		$	4,800		$	21,690
Net premiums written		5,479			6,333			6,700			3,629			4,217			4,284			3,585			15,715
Net premiums earned		6,100			6,489			6,539			3,701			4,239			3,873			3,453			15,266
Adjusted losses and loss expenses (1)		3,497			3,719			3,877			2,146			2,494			2,282			1,970			8,892
Policy acquisition costs (excluding amortization of acquired UPR intangible)		721			1,287			1,284			602			654			609			600			2,465
Amortization of acquired UPR intangible (2)		570			—			—			—			—			—			—			—
Administrative expenses		700			763			793			500			494			504			481			1,979
Underwriting income		612			720			585			453			597			478			402			1,930
Adjusted net investment income (1)		700									465			483			496			485			1,929
Adjusted interest expense (1)		149									64			68			71			68			271
Other income (expense) - operating (3)		—									(6	)		12			(1	)		(2	)		3
Amortization of purchased intangibles		7									35			51			55			30			171
Income tax expense		201									97			140			136			119			492
P&C Operating income (including Corporate) excluding Life Insurance segment		955									716			833			711			668			2,928
Life Insurance segment income		64									64			64			77			77			282
Consolidated operating income		1,019									780			897			788			745			3,210
Chubb integration and related expenses, net of tax		(106	)								(35	)		(7	)		—			—			(42	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (2)(4)		(59	)								—			—			—			—			—
Adjusted net realized gains (losses) (1)		(394	)								(57	)		(393	)		128			(89	)		(411	)
Net realized gains (losses) related to unconsolidated entities		(25	)								(17	)		25			33			26			67
Income tax expense (benefit) on adjusted net realized gains (losses)		(4	)								(12	)		(6	)		7			1			(10	)
Consolidated net income	$	439								$	683		$	528		$	942		$	681		$	2,834
% Change versus prior year period (1)
Net premiums written		52.8	%		-5.5	%					-4.6	%		-0.4	%		5.5	%		-2.9	%		-0.5	%
Net premiums earned		76.7	%		-0.7	%					-4.4	%		-0.6	%		0.8	%		-1.0	%		-1.3	%
Net premiums written constant $		61.3	%		-1.4	%					1.7	%		5.6	%		11.6	%		1.7	%		5.3	%
Net premiums earned constant $		85.3	%		2.9	%					1.6	%		5.4	%		7.0	%		3.5	%		4.4	%
Other ratios
Net premiums written/gross premiums written (1)		80	%		81	%		82	%		71	%		72	%		72	%		75	%		72	%
Operating effective tax rate		16.5	%								11.1	%		13.5	%		14.7	%		13.7	%		13.3	%
P&C combined ratio (1)
Loss and loss expense ratio		57.3	%		57.3	%		59.3	%		58.0	%		58.8	%		58.9	%		57.1	%		58.2	%
Policy acquisition cost ratio		21.2	%		19.8	%		19.6	%		16.2	%		15.4	%		15.7	%		17.4	%		16.1	%
Administrative expense ratio		11.5	%		11.8	%		12.2	%		13.5	%		11.7	%		13.1	%		13.9	%		13.1	%
Combined ratio		90.0	%		88.9	%		91.1	%		87.7	%		85.9	%		87.7	%		88.4	%		87.4	%
Combined ratio excluding catastrophe losses and PPD		89.9	%		88.8	%		89.2	%		88.4	%		89.2	%		88.4	%		89.3	%		88.8	%
P&C expense ratio		32.7	%		31.6	%		31.8	%		29.7	%		27.1	%		28.8	%		31.3	%		29.2	%
P&C expense ratio excluding A&H		30.8	%		29.8	%		29.9	%		26.3	%		23.6	%		25.5	%		27.9	%		25.7	%
Catastrophe reinstatement premiums collected - pre-tax	$	—		$	—		$	—		$	(1	)	$	—		$	—		$	—		$	(1	)
Catastrophe losses - pre-tax	$	258		$	258		$	315		$	74		$	72		$	124		$	51		$	321
Favorable prior period development (PPD) - pre-tax	$	(247	)	$	(247	)	$	(192	)	$	(100	)	$	(210	)	$	(153	)	$	(83	)	$	(546	)
Loss and loss expense ratio excluding catastrophe losses and PPD		57.4	%		57.4	%		57.5	%		58.5	%		62.2	%		59.7	%		58.1	%		59.7	%

(1) See non-GAAP financial measures.

(2) Purchase accounting adjustments related to the acquisition of The Chubb Corporation.

(3) Excludes portion of net realized investment gains and losses related to unconsolidated entities.

(4) Includes $65 million, after-tax, of amortization expense on the fair value adjustment related to acquired invested assets, partially offset by an amortization benefit of $6 million, after-tax, on the fair value adjustment related to acquired long-term debt.

Note: See Glossary on page 30 for further information on the calculation of the components of combined ratios.

* 2016 Pro forma results: The combined company results inclusive of the first 14 days of January 2016. The 2016 and 2015 pro forma underwriting results do not include any impact from purchase accounting adjustments.

2015 Pro forma results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

Consolidated Results Page 2

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)

				Legacy ACE
	March 31			December 31
	2016			2015
Assets
Fixed maturities available for sale, at fair value	$	77,538		$	43,587
Fixed maturities held to maturity, at amortized cost		11,280			8,430
Equity securities, at fair value		893			497
Short-term investments, at fair value		3,382			10,446
Other investments		4,493			3,291
Total investments		97,586			66,251
Cash		1,091			1,775
Securities lending collateral		1,003			1,046
Insurance and reinsurance balances receivable		7,692			5,323
Reinsurance recoverable on losses and loss expenses		12,891			11,386
Deferred policy acquisition costs		3,376			2,873
Value of business acquired		390			395
Prepaid reinsurance premiums		2,376			2,082
Goodwill and other intangible assets		23,359			5,683
Deferred tax assets		—			318
Investments in partially-owned insurance companies		654			653
Other assets		6,226			4,521
Total assets	$	156,644		$	102,306
Liabilities
Unpaid losses and loss expenses	$	60,206		$	37,303
Unearned premiums		14,896			8,439
Future policy benefits		4,869			4,807
Insurance and reinsurance balances payable		4,733			4,270
Securities lending payable		1,004			1,047
Accounts payable, accrued expenses, and other liabilities		10,453			7,609
Deferred tax liabilities		1,142			—
Short-term debt		500			—
Long-term debt		12,636			9,389
Trust preferred securities		308			307
Total liabilities		110,747			73,171
Shareholders’ equity
Total shareholders’ equity, excl. AOCI		45,530			29,870
Accumulated other comprehensive income (AOCI)		367			(735	)
Total shareholders’ equity		45,897			29,135
Total liabilities and shareholders’ equity	$	156,644		$	102,306
Book value per common share	$	98.85		$	89.77
% change over prior quarter		10.1	%		-0.1	%
Tangible book value per common share	$	53.83		$	72.25
% change over prior quarter		-25.5	%		0.0	%

Consol Bal Sheet Page 3

Chubb Limited

Pro Forma Segment Results

(in millions of U.S. dollars)

(Unaudited)

	Pro Forma* (excluding purchase accounting adjustments)
	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
Pro Forma Q1 2016
Net premiums written	$	2,821		$	971		$	64		$	2,256		$	221		$	—		$	6,333		$	517		$	6,850
Net premiums earned		3,104			1,134			23			2,026			202			—			6,489			499			6,988
Losses and loss expenses		1,874			714			(30	)		1,063			89			9			3,719			177			3,896
Policy benefits		—			—			—			—			—			—			—			126			126
(Gains) losses from fair value changes in separate account assets		—			—			—			—			—			—			—			3			3
Policy acquisition costs		469			232			4			529			53			—			1,287			123			1,410
Administrative expenses		301			101			(4	)		275			14			76			763			73			836
Adjusted underwriting income (loss)	$	460		$	87		$	53		$	159		$	46		$	(85	)	$	720		$	(3	)	$	717
Adjusted combined ratio		85.2	%		92.3	%		-126.9	%		92.2	%		77.3	%					88.9	%
Adjusted combined ratio excluding catastrophe losses and PPD		88.3	%		78.7	%		80.6	%		92.8	%		78.5	%					88.8	%
	Pro Forma* (excluding purchase accounting adjustments)
	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
Pro Forma Q1 2015
Net premiums written	$	2,928		$	909		$	88		$	2,480		$	295		$	—		$	6,700		$	516		$	7,216
Net premiums earned		3,074			1,007			64			2,166			228			—			6,539			498			7,037
Losses and loss expenses		1,892			767			22			1,081			98			17			3,877			164			4,041
Policy benefits		—			—			—			—			—			—			—			142			142
(Gains) losses from fair value changes in separate account assets		—			—			—			—			—			—			—			(11	)		(11	)
Policy acquisition costs		473			220			(4	)		542			53			—			1,284			113			1,397
Administrative expenses		298			83			(1	)		316			15			82			793			82			875
Underwriting income (loss)	$	411		$	(63	)	$	47		$	227		$	62		$	(99	)	$	585		$	8		$	593
Combined ratio		86.6	%		106.2	%		26.4	%		89.5	%		73.0	%					91.1	%
Combined ratio excluding catastrophe losses and PPD		88.2	%		82.6	%		76.7	%		91.6	%		75.8	%					89.2	%
The following table presents the reconciliation of Q1 2016 as reported underwriting income (loss) for each segment to Q1 2016 adjusted underwriting income (loss) shown above.
	North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C			Life Insurance			Total Consolidated
Q1 2016
Underwriting income (loss) as reported	$	401		$	26		$	53		$	168		$	46		$	(82	)	$	612		$	(3	)	$	609
Add: Pre-acquisition underwriting income (loss) (14 days prior to close)		13			30			—			4			—			(3	)		44			—			44
Less: amortization of acquired UPR intangible (1)		315			181			—			74			—			—			570			—			570
Add: elimination of DAC benefit (1)		(269	)		(150	)		—			(87	)		—			—			(506	)		—			(506	)
Adjusted underwriting income (loss)	$	460		$	87		$	53		$	159		$	46		$	(85	)	$	720		$	(3	)	$	717

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

* 2016 Pro forma results: The combined company results inclusive of the first 14 days of January 2016. The 2016 and 2015 pro forma underwriting results do not include any impact from purchase accounting adjustments.

2015 Pro forma results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

Pro Forma Page 4

Chubb Limited

Consolidated Statement of Operations - as reported results

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

(Unaudited)

	As Reported
	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 (3) Consolidated
Q1 2016
Net premiums written	$	2,302		$	871		$	64		$	2,041		$	201		$	—		$	5,479		$	516		$	5,995
Net premiums earned		2,896			1,024			23			1,955			202			—			6,100			497		$	6,597
Losses and loss expenses		1,747			661			(30	)		1,021			89			9			3,497			177			3,674
Policy benefits		—			—			—			—			—			—			—			126			126
(Gains) losses from fair value changes in separate account assets (1)		—			—			—			—			—			—			—			3			3
Policy acquisition costs (excluding amortization of acquired UPR intangible)		167			68			4			429			53			—			721			122			843
Amortization of acquired UPR intangible (2)		315			181			—			74			—			—			570			—			570
Administrative expenses		266			88			(4	)		263			14			73			700			72			772
Underwriting income (loss)		401			26			53			168			46			(82	)		612			(3	)		609
Adjusted net investment income (3)		426			47			5			146			67			9			700			67			767
Segment income	$	827		$	73		$	58		$	314		$	113		$	(73	)	$	1,312		$	64		$	1,376
Adjusted interest expense (3)																	149									149
Other income (expense) - operating (1)																	—									—
Amortization of purchased intangibles																	7									7
Income tax expense																	201									201
Operating income (loss)																	(430	)								1,019
Chubb integration and related expenses, net of tax																	(106	)								(106	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (2)																	(59	)								(59	)
Net realized gains (losses) (1)																	(394	)								(394	)
Net realized gains (losses) related to unconsolidated entities																	(25	)								(25	)
Income tax expense (benefit) on net realized gains (losses)																	(4	)								(4	)
Net income (loss)																$	(1,010	)							$	439
P&C Combined ratio		86.1	%		97.5	%		-126.9	%		91.4	%		77.3	%					90.0	%
P&C Combined ratio excluding catastrophe losses and PPD		89.5	%		82.5	%		80.6	%		92.0	%		78.5	%					89.9	%

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

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

(3) See non-GAAP financial measures.

Consol P&L 2016 Page 5

Chubb Limited

Consolidated Statement of Operations - as reported results

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

(Unaudited)

	Legacy ACE - adjusted to conform to new segment presentation
	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 (4) Consolidated
Q1 2015
Net premiums written	$	1,297		$	133		$	88		$	1,794		$	273		$	—		$	3,585		$	491		$	4,076
Net premiums earned		1,380			146			64			1,637			226			—			3,453			474			3,927
Losses and loss expenses		915			111			22			814			99			9			1,970			152			2,122
Policy benefits		—			—			—			—			—			—			—			142			142
(Gains) losses from fair value changes in separate account assets (1)		—			—			—			—			—			—			—			(11	)		(11	)
Policy acquisition costs		130			31			(4	)		389			54			—			600			107			707
Administrative expenses		151			19			(1	)		256			12			44			481			73			554
Underwriting income (loss)		184			(15	)		47			178			61			(53	)		402			11			413
Net investment income		258			5			6			138			75			3			485			66			551
Segment income	$	442		$	(10	)	$	53		$	316		$	136		$	(50	)	$	887		$	77		$	964
Interest expense																	68									68
Other income (expense) - operating (1)																	(2	)								(2	)
Amortization of purchased intangibles																	30									30
Income tax expense																	119									119
Operating income (loss)																	(269	)								745
Chubb integration and related expenses, net of tax																	—									—
Net realized gains (losses)																	(89	)								(89	)
Net realized gains (losses) related to unconsolidated entities																	26									26
Income tax expense (benefit) on net realized gains (losses)																	1									1
Net income (loss)																$	(333	)							$	681
P&C Combined ratio		86.7	%		110.2	%		26.4	%		89.1	%		73.2	%					88.4	%
P&C Combined ratio excluding catastrophe losses and PPD		88.1	%		85.3	%		76.7	%		90.3	%		75.5	%					89.3	%

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

Consol P&L 2015 Page 6

Chubb Limited

Global P&C 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 8), North America Personal P&C Insurance segment (refer to page 9), Overseas General Insurance segment (refer to page 11), Global Reinsurance segment (refer to page 12), and Corporate (refer to page 14). Global P&C excludes the North America Agricultural segment.

	As Reported			Pro Forma*						Legacy ACE
	1Q-16			1Q-16			1Q-15			4Q-15			3Q-15			2Q-15			1Q-15			Full Year 2015
Global P&C (Including Corporate and excluding Agriculture)
Gross premiums written	$	6,707		$	7,638		$	8,023		$	4,821		$	4,581		$	5,409		$	4,672		$	19,483
Net premiums written		5,415			6,269			6,612			3,487			3,480			3,905			3,497			14,369
Net premiums earned		6,077			6,466			6,475			3,461			3,500			3,552			3,389			13,902
Losses and loss expenses		3,527			3,749			3,855			1,968			1,870			2,009			1,948			7,795
Policy acquisition costs (excluding amortization of acquired UPR intangible)		717			1,283			1,288			594			612			586			604			2,396
Amortization of acquired UPR intangible (2)		570			—			—			—			—			—			—			—
Administrative expenses		704			767			794			502			494			500			482			1,978
Underwriting income		559			667			538			397			524			457			355			1,733
Adjusted net investment income (1)		695									459			478			490			479			1,906
Adjusted interest expense (1)		149									64			68			71			68			271
Other income (expense) - operating (3)		—									(6	)		12			(1	)		(2	)		3
Amortization of purchased intangibles		7									35			51			55			30			171
Income tax expense		201									97			140			136			119			492
Global P&C operating income		897									654			755			684			615			2,708
Chubb integration and related expenses, net of tax		(106	)								(35	)		(7	)		—			—			(42	)
Amortization of fair value adjustments of acquired invested assets and long-term debt, net of tax (2)		(59	)								—			—			—			—			—
Net realized gains (losses)		(394	)								(57	)		(393	)		128			(89	)		(411	)
Net realized gains (losses) related to unconsolidated entities		(25	)								(17	)		25			33			26			67
Income tax expense (benefit) on net realized gains (losses)		(4	)								(12	)		(6	)		7			1			(10	)
Global P&C net income	$	317								$	557		$	386		$	838		$	551		$	2,332
% Change versus prior year period
Net premiums written		54.9	%		-5.2	%					-2.0	%		0.3	%		6.4	%		0.0	%		1.2	%
Net premiums earned		79.4	%		-0.1	%					-2.4	%		0.0	%		1.2	%		0.1	%		-0.3	%
Net premiums written constant $		63.6	%		-1.0	%					4.9	%		7.8	%		13.2	%		5.0	%		7.7	%
Net premiums earned constant $		88.3	%		3.6	%					4.3	%		7.6	%		8.0	%		4.8	%		6.2	%
Other ratios
Net premiums written/gross premiums written		81	%		82	%		82	%		72	%		76	%		72	%		75	%		74	%
Combined ratio
Loss and loss expense ratio		58.0	%		58.0	%		59.6	%		56.9	%		53.4	%		56.5	%		57.5	%		56.1	%
Policy acquisition cost ratio		21.2	%		19.9	%		19.9	%		17.1	%		17.5	%		16.5	%		17.8	%		17.2	%
Administrative expense ratio		11.6	%		11.8	%		12.2	%		14.5	%		14.1	%		14.1	%		14.2	%		14.2	%
Combined ratio		90.8	%		89.7	%		91.7	%		88.5	%		85.0	%		87.1	%		89.5	%		87.5	%
Combined ratio excluding catastrophe losses and PPD		90.0	%		88.9	%		89.3	%		89.1	%		88.8	%		88.2	%		89.5	%		88.9	%
Expense ratio		32.8	%		31.7	%		32.1	%		31.6	%		31.6	%		30.6	%		32.0	%		31.4	%
Expense ratio excluding A&H		31.0	%		29.9	%		30.3	%		28.3	%		28.2	%		27.4	%		28.7	%		28.1	%
Catastrophe reinstatement premiums collected - pre-tax	$	—		$	—		$	—		$	(1	)	$	—		$	—		$	—		$	(1	)
Catastrophe losses - pre-tax	$	256		$	256		$	314		$	73		$	72		$	117		$	50		$	312
Favorable prior period development (PPD) - pre-tax	$	(206	)	$	(206	)	$	(159	)	$	(93	)	$	(205	)	$	(153	)	$	(50	)	$	(501	)
Loss and loss expense ratio excluding catastrophe losses and PPD		57.2	%		57.2	%		57.2	%		57.3	%		57.3	%		57.6	%		57.6	%		57.4	%

(1) See non-GAAP financial measures.

(2) Purchase accounting adjustments related to the acquisition of The Chubb Corporation.

(3) Excludes portion of net realized investment gains and losses related to unconsolidated entities.

* 2016 Pro forma results: The combined company results inclusive of the first 14 days of January 2016. The 2016 and 2015 pro forma underwriting results do not include any impact from purchase accounting adjustments.

2015 Pro forma results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

Global P&C Page 7

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

	As Reported			Pro Forma*						Legacy ACE
	1Q-16			1Q-16			1Q-15			4Q-15			3Q-15			2Q-15			1Q-15			Full Year 2015
North America Commercial P&C Insurance
Gross premiums written	$	3,004		$	3,572		$	3,752		$	2,408		$	1,994		$	2,070		$	1,979		$	8,451
Net premiums written		2,302			2,821			2,928			1,557			1,433			1,428			1,297			5,715
Net premiums earned		2,896			3,104			3,074			1,425			1,410			1,419			1,380			5,634
Losses and loss expenses		1,747			1,874			1,892			917			913			916			915			3,661
Policy acquisition costs (excluding amortization of acquired UPR intangible)		167			469			473			128			142			131			130			531
Amortization of acquired UPR intangible (1)		315			—			—			—			—			—			—			—
Administrative expenses		266			301			298			162			154			154			151			621
Underwriting income		401			460			411			218			201			218			184			821
Adjusted Net investment income		426									252			260			262			258			1,032
Segment income	$	827								$	470		$	461		$	480		$	442		$	1,853
Combined ratio
Loss and loss expense ratio		60.3	%		60.4	%		61.6	%		64.4	%		64.7	%		64.5	%		66.3	%		65.0	%
Policy acquisition cost ratio		16.7	%		15.1	%		15.4	%		8.9	%		10.1	%		9.2	%		9.4	%		9.4	%
Administrative expense ratio		9.1	%		9.7	%		9.6	%		11.3	%		11.0	%		10.9	%		11.0	%		11.0	%
Combined ratio		86.1	%		85.2	%		86.6	%		84.6	%		85.8	%		84.6	%		86.7	%		85.4	%
Combined ratio excluding catastrophe losses and PPD		89.5	%		88.3	%		88.2	%		88.3	%		89.3	%		88.6	%		88.1	%		88.6	%
Catastrophe losses - pre-tax	$	81		$	81		$	66		$	25		$	10		$	41		$	9		$	85
Favorable prior period development (PPD) - pre-tax	$	(178	)	$	(178	)	$	(115	)	$	(79	)	$	(59	)	$	(96	)	$	(30	)	$	(264	)
Loss and loss expense ratio excluding catastrophe losses and PPD		63.7	%		63.5	%		63.2	%		67.8	%		68.3	%		68.6	%		67.9	%		68.2	%
% Change versus prior year period
Net premiums written		77.4	%		-3.7	%					2.1	%		2.9	%		-3.3	%		0.4	%		0.5	%
Net premiums earned		109.9	%		1.0	%					0.5	%		2.3	%		1.4	%		2.1	%		1.6	%
Net premiums written constant $		78.4	%		-3.5	%
Net premiums earned constant $		111.1	%		1.3	%
Other ratios
Net premiums written/gross premiums written		77	%		79	%		78	%		65	%		72	%		69	%		66	%		68	%

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

* 2016 Pro forma results: The combined company results inclusive of the first 14 days of January 2016. The 2016 and 2015 pro forma underwriting results do not include any impact from purchase accounting adjustments.

2015 Pro forma results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

NA Commercial Page 8

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

	As Reported			Pro Forma*						Legacy ACE
	1Q-16			1Q-16			1Q-15			4Q-15			3Q-15			2Q-15			1Q-15			Full Year 2015
North America Personal P&C Insurance
Gross premiums written	$	974		$	1,083		$	978		$	314		$	378		$	835		$	146		$	1,673
Net premiums written		871			971			909			234			278			547			133			1,192
Net premiums earned		1,024			1,134			1,007			261			272			269			146			948
Losses and loss expenses		661			714			767			144			179			156			111			590
Policy acquisition costs (excluding amortization of acquired UPR intangible)		68			232			220			26			13			(1	)		31			69
Amortization of acquired UPR intangible (1)		181			—			—			—			—			—			—			—
Administrative expenses		88			101			83			34			36			34			19			123
Underwriting income (loss)		26			87			(63	)		57			44			80			(15	)		166
Adjusted Net investment income		47									6			7			7			5			25
Segment income (loss)	$	73								$	63		$	51		$	87		$	(10	)	$	191
Combined ratio
Loss and loss expense ratio		64.6	%		62.9	%		76.2	%		55.2	%		65.8	%		57.9	%		76.4	%		62.3	%
Policy acquisition cost ratio		24.3	%		20.5	%		21.9	%		10.1	%		4.9	%		-0.3	%		21.0	%		7.3	%
Administrative expense ratio		8.6	%		8.9	%		8.1	%		13.1	%		13.0	%		13.0	%		12.8	%		13.0	%
Combined ratio		97.5	%		92.3	%		106.2	%		78.4	%		83.7	%		70.6	%		110.2	%		82.6	%
Combined ratio excluding catastrophe losses and PPD		82.5	%		78.7	%		82.6	%		77.5	%		70.5	%		65.5	%		85.3	%		73.2	%
Catastrophe losses - pre-tax	$	156		$	156		$	243		$	2		$	12		$	13		$	36		$	63
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(3	)	$	(3	)	$	(5	)	$	—		$	25		$	—		$	—		$	25
Loss and loss expense ratio excluding catastrophe losses and PPD		49.6	%		49.3	%		52.6	%		54.3	%		52.6	%		52.7	%		51.5	%		52.9	%
% Change versus prior year period
Net premiums written		NM			6.8	%					62.7	%		86.0	%		247.0	%		5.0	%		106.4	%
Net premiums earned		NM			12.7	%					82.5	%		92.6	%		92.5	%		6.7	%		69.2	%
Net premiums written constant $		NM			7.4	%
Net premiums earned constant $		NM			12.7	%
Other ratios
Net premiums written/gross premiums written		89	%		90	%		93	%		75	%		74	%		65	%		91	%		71	%

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

* 2016 Pro forma results: The combined company results inclusive of the first 14 days of January 2016. The 2016 and 2015 pro forma underwriting results do not include any impact from purchase accounting adjustments.

2015 Pro forma results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

NA Personal Page 9

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

	1Q-16			4Q-15			3Q-15			2Q-15			1Q-15			Full Year 2015
North America Agricultural Insurance
Gross premiums written	$	136		$	270		$	1,243		$	566		$	128		$	2,207
Net premiums written		64			142			737			379			88			1,346
Net premiums earned		23			240			739			321			64			1,364
Losses and loss expenses (1)		(30	)		178			624			273			22			1,097
Policy acquisition costs		4			8			42			23			(4	)		69
Administrative expenses		(4	)		(2	)		—			4			(1	)		1
Underwriting income		53			56			73			21			47			197
Net investment income		5			6			5			6			6			23
Segment income	$	58		$	62		$	78		$	27		$	53		$	220
Combined ratio
Loss and loss expense ratio		-125.2	%		73.9	%		84.5	%		85.3	%		33.3	%		80.4	%
Policy acquisition cost ratio		15.9	%		3.4	%		5.7	%		7.2	%		-6.0	%		5.1	%
Administrative expense ratio		-17.6	%		-0.9	%		0.0	%		1.1	%		-0.9	%		0.0	%
Combined ratio		-126.9	%		76.4	%		90.2	%		93.6	%		26.4	%		85.5	%
Combined ratio excluding catastrophe losses and PPD		80.6	%		79.2	%		90.8	%		91.4	%		76.7	%		88.2	%
Catastrophe losses - pre-tax	$	2		$	1		$	—		$	7		$	1		$	9
Favorable prior period development (PPD) - pre-tax (2)	$	(41	)	$	(7	)	$	(5	)	$	—		$	(33	)	$	(45	)
Loss and loss expense ratio excluding catastrophe losses and PPD		75.1	%		75.4	%		85.1	%		83.1	%		83.2	%		82.8	%
% Change versus prior year period
Net premiums written		-27.0	%		-41.9	%		-3.5	%		-2.4	%		-54.6	%		-15.3	%
Net premiums earned		-63.7	%		-26.2	%		-3.6	%		-2.9	%		-37.2	%		-10.6	%
Other ratios
Net premiums written/gross premiums written		47	%		52	%		59	%		67	%		69	%		61	%

(1) Include gains/losses on crop derivatives.

(2) For Q1 2016, favorable prior period development is net of $47 million of unfavorable net earned premium adjustments.

NA Agriculture Page 10

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

	As Reported			Pro Forma*						Legacy ACE
	1Q-16			1Q-16			1Q-15			4Q-15			3Q-15			2Q-15			1Q-15			Full Year 2015
Overseas General Insurance
Gross premiums written (1)	$	2,516		$	2,749		$	2,972		$	1,990		$	2,019		$	2,212		$	2,255		$	8,476
Net premiums written (1)		2,041			2,256			2,480			1,587			1,584			1,669			1,794			6,634
Net premiums earned		1,955			2,026			2,166			1,575			1,615			1,644			1,637			6,471
Losses and loss expenses		1,021			1,063			1,081			748			674			816			814			3,052
Policy acquisition costs (excluding amortization of acquired UPR intangible)		429			529			542			391			405			396			389			1,581
Amortization of acquired UPR intangible (2)		74			—			—			—			—			—			—			—
Administrative expenses		263			275			316			241			246			254			256			997
Underwriting income		168			159			227			195			290			178			178			841
Adjusted Net investment income		146									125			132			139			138			534
Segment income	$	314								$	320		$	422		$	317		$	316		$	1,375
Combined ratio
Loss and loss expense ratio		52.2	%		52.4	%		49.9	%		47.5	%		41.7	%		49.7	%		49.7	%		47.2	%
Policy acquisition cost ratio		25.7	%		26.1	%		25.0	%		24.8	%		25.1	%		24.1	%		23.8	%		24.4	%
Administrative expense ratio		13.5	%		13.7	%		14.6	%		15.3	%		15.2	%		15.4	%		15.6	%		15.4	%
Combined ratio		91.4	%		92.2	%		89.5	%		87.6	%		82.0	%		89.2	%		89.1	%		87.0	%
Combined ratio excluding catastrophe losses and PPD		92.0	%		92.8	%		91.6	%		89.7	%		90.5	%		89.8	%		90.3	%		90.1	%
Catastrophe reinstatement premiums - pre-tax	$	—		$	—		$	—		$	(2	)	$	—		$	—		$	—		$	(2	)
Catastrophe losses - pre-tax	$	18		$	18		$	5		$	40		$	39		$	58		$	5		$	142
Favorable prior period development (PPD) - pre-tax	$	(30	)	$	(30	)	$	(50	)	$	(74	)	$	(177	)	$	(68	)	$	(24	)	$	(343	)
Loss and loss expense ratio excluding catastrophe losses and PPD		52.8	%		53.0	%		52.0	%		49.6	%		50.2	%		50.3	%		50.9	%		50.3	%
% Change versus prior year period
Net premiums written as reported		13.8	%		-9.0	%					-9.3	%		-7.9	%		-5.1	%		1.3	%		-5.2	%
Net premiums earned as reported		19.4	%		-6.4	%					-10.5	%		-6.4	%		-3.9	%		1.6	%		-4.9	%
Net premiums written constant $		26.1	%		1.7	%					3.6	%		6.1	%		7.6	%		11.0	%		7.1	%
Net premiums earned constant $		31.3	%		4.0	%					1.7	%		7.8	%		9.4	%		11.2	%		7.5	%
Other ratios
Net premiums written/gross premiums written		81	%		82	%		83	%		80	%		78	%		75	%		80	%		78	%

	As Reported												Pro Forma*
	1Q-16		1Q-15		% Growth			Constant  $ 1Q-15(3)		Constant $ % Growth			1Q-16		1Q-15		% Growth			Constant  $ 1Q-15(3)		Constant $ % Growth
(1) Production by Region
Gross premiums written
Europe	$	1,203	$	1,056		13.9	%	$	996		20.8	%	$	1,398	$	1,454		-3.9	%	$	1,376		1.6	%
Latin America		591		573		3.1	%		467		26.6	%		607		732		-17.1	%		574		5.7	%
Asia		634		521		21.7	%		485		30.7	%		656		681		-3.7	%		625		5.0	%
Other (4)		88		105		-16.2	%		95		-7.4	%		88		105		-16.2	%		95		-7.4	%
Overseas General Insurance	$	2,516	$	2,255		11.6	%	$	2,043		23.1	%	$	2,749	$	2,972		-7.5	%	$	2,670		3.0	%
Net Premiums Written
Europe	$	899	$	780		15.3	%	$	734		22.5	%	$	1,079	$	1,163		-7.2	%	$	1,097		-1.6	%
Latin America		482		459		5.0	%		372		29.6	%		496		611		-18.8	%		475		4.4	%
Asia		570		452		26.1	%		421		35.4	%		591		603		-2.0	%		554		6.7	%
Other (4)		90		103		-12.6	%		93		-3.2	%		90		103		-12.6	%		93		-3.2	%
Overseas General Insurance	$	2,041	$	1,794		13.8	%	$	1,620		26.1	%	$	2,256	$	2,480		-9.0	%	$	2,219		1.7	%

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

(3) Prior periods on a constant dollar basis.

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

* 2016 Pro forma results: The combined company results inclusive of the first 14 days of January 2016. The 2016 and 2015 pro forma underwriting results do not include any impact from purchase accounting adjustments.

2015 Pro forma results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

Overseas General Insurance Page 11

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

	As Reported			Pro Forma*						Legacy ACE
																						Full Year
	1Q-16			1Q-16			1Q-15			4Q-15			3Q-15			2Q-15			1Q-15			2015
Global Reinsurance
Gross premiums written	$	213		$	234		$	321		$	109		$	190		$	292		$	292		$	883
Net premiums written		201			221			295			109			185			261			273			828
Net premiums earned		202			202			228			200			203			220			226			849
Losses and loss expenses		89			89			98			99			20			72			99			290
Policy acquisition costs		53			53			53			48			52			60			54			214
Administrative expenses		14			14			15			12			12			13			12			49
Underwriting income		46			46			62			41			119			75			61			296
Net investment income		67									70			76			79			75			300
Segment Income	$	113								$	111		$	195		$	154		$	136		$	596
Combined ratio
Loss and loss expense ratio		44.3	%		44.3	%		42.8	%		49.7	%		9.6	%		32.9	%		43.6	%		34.2	%
Policy acquisition cost ratio		26.2	%		26.2	%		23.4	%		24.1	%		25.4	%		27.2	%		24.0	%		25.2	%
Administrative expense ratio		6.8	%		6.8	%		6.8	%		6.0	%		6.2	%		5.6	%		5.6	%		5.8	%
Combined ratio		77.3	%		77.3	%		73.0	%		79.8	%		41.2	%		65.7	%		73.2	%		65.2	%
Combined ratio excluding catastrophe losses and PPD		78.5	%		78.5	%		75.8	%		76.6	%		75.3	%		79.6	%		75.5	%		76.8	%
Catastrophe reinstatement premiums collected - pre-tax	$	—		$	—		$	—		$	1		$	—		$	—		$	—		$	1
Catastrophe losses - pre-tax	$	1		$	1		$	—		$	6		$	11		$	5		$	—		$	22
Favorable prior period development (PPD) - pre-tax	$	(3	)	$	(3	)	$	(6	)	$	—		$	(78	)	$	(36	)	$	(5	)	$	(119	)
Loss and loss expense ratio excluding catastrophe losses and PPD		45.5	%		45.5	%		45.6	%		46.5	%		44.3	%		46.7	%		46.0	%		45.9	%
% Change versus prior year period
Net premiums written as reported		-26.3	%		-25.1	%					-22.1	%		-11.5	%		-5.9	%		-11.4	%		-11.4	%
Net premiums earned as reported		-10.7	%		-11.5	%					-11.3	%		-20.4	%		-15.5	%		-20.6	%		-17.2	%
Net premiums written constant $		-24.6	%		-23.4	%					-20.2	%		-9.5	%		-3.9	%		-9.1	%		-9.3	%
Net premiums earned constant $		-9.2	%		-10.0	%					-9.0	%		-18.1	%		-13.2	%		-19.0	%		-15.1	%
Other ratios
Net premiums written/gross premiums written		94	%		94	%		92	%		100	%		97	%		90	%		93	%		94	%

* 2016 Pro forma results: The combined company results inclusive of the first 14 days of January 2016. The 2016 and 2015 pro forma underwriting results do not include any impact from purchase accounting adjustments.

2015 Pro forma results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

Global Reinsurance Page 12

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

	As Reported			Pro Forma*						Legacy ACE
																						Full Year
	1Q-16			1Q-16			1Q-15			4Q-15			3Q-15			2Q-15			1Q-15			2015
Life Insurance
Gross premiums written	$	546		$	547		$	549		$	548		$	522		$	529		$	522		$	2,121
Net premiums written		516			517			517			515			492			500			491			1,998
Net premiums earned		497			499			498			506			480			487			474			1,947
Losses and loss expenses (1)		177			177			164			159			153			137			152			601
Policy benefits (2)		126			126			142			159			89			153			142			543
(Gains) losses from fair value changes in separate account assets (2)		3			3			(11	)		(13	)		49			(6	)		(11	)		19
Policy acquisition costs		122			123			113			134			117			118			107			476
Administrative expenses		72			73			82			70			74			74			73			291
Net investment income		67			67			66			67			66			66			66			265
Life Insurance segment income (3)	$	64		$	64		$	74		$	64		$	64		$	77		$	77		$	282
% Change versus prior year period
Net premiums written		5.1	%		0.0	%					-1.6	%		-0.8	%		0.3	%		-0.6	%		-0.7	%
Net premiums earned		4.9	%		0.2	%					1.4	%		-1.9	%		-0.8	%		-1.9	%		-0.8	%
Net premiums written constant $ (4)		10.2	%		4.6	%					3.7	%		4.4	%		4.1	%		2.4	%		3.7	%
Net premiums earned constant $		9.8	%		4.7	%					6.8	%		3.4	%		3.0	%		0.9	%		3.5	%

(1) Q1 2016 includes unfavorable reserve development of $9 million compared to Q1 2015 which includes $1 million of unfavorable reserve development.

(2) (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), recorded in corporate, for purposes of presenting Life segment income in the Life Insurance segment. The offsetting movement in the separate account liabilities is included in Policy benefits.

(3) We assess the performance of our Life Insurance business based on Life Insurance segment income which includes (Gains) losses from fair value changes in separate account assets.

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

	As Reported
					Constant $
					% Change
			Constant $		1Q-16 vs.
	1Q-16		1Q-15(6)		1Q-15(6)
International life insurance net premiums written	$	203	$	162		25.3	%
International life insurance deposits (5)		213		241		-11.5	%
Total international life insurance net premiums written and deposits	$	416	$	403		3.3	%

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

(6) Prior periods on a constant dollar basis.

* 2016 Pro forma results: The combined company results inclusive of the first 14 days of January 2016. The 2016 and 2015 pro forma underwriting results do not include any impact from purchase accounting adjustments. 2015 Pro forma results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

Life Insurance Page 13

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

	As Reported			Pro Forma*						Legacy ACE
																						Full Year
	1Q-16			1Q-16			1Q-15			4Q-15			3Q-15			2Q-15			1Q-15			2015
Corporate
Gross premiums written	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net premiums written		—			—			—			—			—			—			—			—
Net premiums earned		—			—			—			—			—			—			—			—
Losses and loss expenses		9			9			17			60			84			49			9			202
Policy acquisition costs		—			—			—			1			—			—			—			1
Administrative expenses		73			76			82			53			46			45			44			188
Underwriting loss		(82	)		(85	)		(99	)		(114	)		(130	)		(94	)		(53	)		(391	)
Net investment income		9									6			3			3			3			15
Adjusted interest expense (1)		149									64			68			71			68			271
Other income (expense) - operating (1)		—									(6	)		12			(1	)		(2	)		3
Amortization of purchased intangibles		7									35			51			55			30			171
Income tax expense		201									97			140			136			119			492
Operating loss		(430	)								(310	)		(374	)		(354	)		(269	)		(1,307	)
Chubb integration and related expenses, net of tax		(106	)								(35	)		(7	)		—			—			(42	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)		(59	)								—			—			—			—			—
Adjusted net realized gains (losses) (1)		(394	)								(57	)		(393	)		128			(89	)		(411	)
Net realized gains (losses) related to unconsolidated entities		(25	)								(17	)		25			33			26			67
Income tax expense (benefit) on adjusted net realized gains (losses)		(4	)								(12	)		(6	)		7			1			(10	)
Net loss	$	(1,010	)							$	(407	)	$	(743	)	$	(200	)	$	(333	)	$	(1,683	)
Unfavorable prior period development (PPD) - pre-tax	$	8		$	8		$	17		$	60		$	84		$	47		$	9		$	200

Note: The Company presents all profit and loss items below net investment income within the Corporate segment.

(1) See non-GAAP financial measures.

* 2016 Pro forma results: The combined company results inclusive of the first 14 days of January 2016. The 2016 and 2015 pro forma underwriting results do not include any impact from purchase accounting adjustments.

2015 Pro forma results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

Corporate Page 14

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, 2014	$	38,315		$	11,307		$	27,008
Losses and loss expenses incurred		2,743			621			2,122
Losses and loss expenses paid		(3,062	)		(744	)		(2,318	)		109	%
Other (incl. foreign exch. revaluation)		(670	)		(197	)		(473	)
Balance at March 31, 2015	$	37,326		$	10,987		$	26,339
Losses and loss expenses incurred		3,065			648			2,417
Losses and loss expenses paid		(2,830	)		(547	)		(2,283	)		94	%
Other (incl. foreign exch. revaluation)		669			60			609
Balance at June 30, 2015	$	38,230		$	11,148		$	27,082
Losses and loss expenses incurred		3,252			609			2,643
Losses and loss expenses paid		(3,391	)		(908	)		(2,483	)		94	%
Other (incl. foreign exch. revaluation)		(527	)		(193	)		(334	)
Balance at September 30, 2015	$	37,564		$	10,656		$	26,908
Losses and loss expenses incurred		3,481			1,179			2,302
Losses and loss expenses paid		(3,616	)		(1,050	)		(2,566	)		111	%
Other (incl. foreign exch. revaluation)		(126	)		(44	)		(82	)
Balance at December 31, 2015	$	37,303		$	10,741		$	26,562
Losses and loss expenses incurred		4,663			989			3,674
Losses and loss expenses paid		(4,692	)		(1,143	)		(3,549	)		97	%
Acquired reserve (Legacy Chubb)		22,878			1,515			21,363
Other (incl. foreign exch. revaluation)		54			25			29
Balance at March 31, 2016	$	60,206		$	12,127		$	48,079
Add net recoverable on paid losses		—			764			(764	)
Balance including net recoverable on paid losses	$	60,206		$	12,891		$	47,315

Loss Reserve Rollforward Page 15

Chubb Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)

				Legacy ACE
	March 31			December 31
	2016			2015
Net Reinsurance Recoverable by Division
Reinsurance recoverable on paid losses and loss expenses
Active operations	$	592		$	450
Brandywine and Other Run-off		269			288
Total	$	861		$	738
Reinsurance recoverable on unpaid losses and loss expenses
Active operations	$	11,169		$	9,884
Brandywine and Other Run-off		1,182			1,092
Total	$	12,351		$	10,976
Gross reinsurance recoverable
Active operations	$	11,761		$	10,334
Brandywine and Other Run-off		1,451			1,380
Total	$	13,212		$	11,714
Provision for uncollectible reinsurance (1)
Active operations	$	(164	)	$	(194	)
Brandywine and Other Run-off		(157	)		(134	)
Total	$	(321	)	$	(328	)
Net reinsurance recoverable
Active operations	$	11,597		$	10,140
Brandywine and Other Run-off		1,294			1,246
Total	$	12,891		$	11,386

(1) The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $3.1 billion.

Reinsurance Recoverable Page 16

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)

						Legacy ACE
	March 31					December 31
	2016					2015
Market Value
Fixed maturities available for sale	$	77,538				$	43,587
Fixed maturities held to maturity		11,580					8,552
Short-term investments		3,382					10,446
Total fixed maturities	$	92,500				$	62,585
Asset Allocation by Market Value
Treasury	$	3,145		3	%	$	2,395		4	%
Agency		647		1	%		878		1	%
Corporate and asset-backed		25,244		27	%		17,985		28	%
Mortgage-backed		13,761		15	%		11,701		19	%
Municipal		24,945		27	%		4,950		8	%
Non-U.S.		21,376		23	%		14,230		23	%
Short-term investments		3,382		4	%		10,446		17	%
Total fixed maturities	$	92,500		100	%	$	62,585		100	%
Credit Quality by Market Value
AAA	$	19,524		21	%	$	14,369		23	%
AA		34,399		37	%		22,141		36	%
A		17,726		19	%		10,163		16	%
BBB		11,604		13	%		8,941		14	%
BB		5,484		6	%		3,775		6	%
B		3,494		4	%		3,018		5	%
Other		269		0	%		178		0	%
Total fixed maturities	$	92,500		100	%	$	62,585		100	%
Cost/Amortized Cost
Fixed maturities available for sale	$	75,991				$	43,149
Fixed maturities held to maturity		11,280					8,430
Short-term investments		3,382					10,446
Subtotal fixed maturities		90,653					62,025
Equity securities		841					441
Other investments		4,233					2,993
Total investment portfolio	$	95,727				$	65,459
Avg. duration of fixed maturities		3.9 years					3.5 years
Avg. market yield of fixed maturities		2.5	%				2.8	%
Avg. credit quality		AA/Aa					A/Aa
Avg. yield on invested assets (1)		3.4	%				3.4	%

(1) Calculated using adjusted net investment income.

Investment Page 17

Chubb Limited

Investment Portfolio - 2

(in millions of U.S. dollars)

(Unaudited)

Mortgage-backed Fixed Income Portfolio

Mortgage-backed securities

	S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Market Value at March 31, 2016
Agency residential mortgage-backed (RMBS)	$	—	$	10,658	$	—	$	—	$	—	$	10,658
Non-agency RMBS		6		6		11		11		44		78
Commercial mortgage-backed		2,985		27		13		—		—		3,025
Total mortgage-backed securities at market value	$	2,991	$	10,691	$	24	$	11	$	44	$	13,761

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

	S&P Credit Rating
	Investment Grade
	AAA		AA		A		BBB		Total
Market Value at March 31, 2016
Asset-backed	$	758	$	41	$	—	$	—	$	799
Banks		165		128		1,802		1,652		3,747
Basic Materials		—		3		113		256		372
Communications		—		160		292		1,355		1,807
Consumer, Cyclical		—		182		624		778		1,584
Consumer, Non-Cyclical		143		541		1,773		1,102		3,559
Diversified Financial Services		262		38		468		208		976
Energy		25		36		266		654		981
Industrial		—		368		551		489		1,408
Utilities		1		34		1,091		721		1,847
All Others		83		445		714		528		1,770
Total	$	1,437	$	1,976	$	7,694	$	7,743	$	18,850

	S&P Credit Rating
	Below Investment Grade
	BB		B		CCC		Total
Market Value at March 31, 2016
Asset-backed	$	7	$	—	$	5	$	12
Banks		34		—		—		34
Basic Materials		129		82		2		213
Communications		756		513		8		1,277
Consumer, Cyclical		639		508		34		1,181
Consumer, Non-Cyclical		600		845		12		1,457
Diversified Financial Services		158		45		2		205
Energy		319		75		19		413
Industrial		305		322		16		643
Utilities		217		86		10		313
All Others		372		257		17		646
Total	$	3,536	$	2,733	$	125	$	6,394

Investment 2 Page 18

Chubb Limited

Investment Portfolio - 3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

March 31, 2016

	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Non-U.S. Government Securities
United Kingdom	$	1,848	$	—	$	—	$	—	$	—	$	1,848
Canada		1,391		—		—		—		—		1,391
Republic of Korea		—		970		—		—		—		970
Federative Republic of Brazil		—		—		—		—		774		774
Germany		680		—		—		—		—		680
United Mexican States		—		—		354		161		—		515
Province of Ontario		—		—		480		—		—		480
Kingdom of Thailand		—		—		409		—		—		409
Province of Quebec		—		—		398		—		—		398
Australia		305		3		—		—		—		308
Other Non-U.S. Government Securities		1,360		1,374		509		391		555		4,189
Total	$	5,584	$	2,347	$	2,150	$	552	$	1,329	$	11,962
	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Non-U.S. Corporate Securities
United Kingdom	$	123	$	58	$	739	$	829	$	218	$	1,967
Canada		74		236		236		288		164		998
United States(1)		2		135		156		222		268		783
France		33		58		345		273		22		731
Netherlands		80		16		379		192		61		728
Australia		74		121		270		86		26		577
Germany		67		48		123		195		24		457
Switzerland		38		23		95		115		36		307
Sweden		14		160		43		27		8		252
China		—		96		112		27		5		240
Other Non-U.S. Corporate Securities		214		226		852		605		477		2,374
Total	$	719	$	1,177	$	3,350	$	2,859	$	1,309	$	9,414

(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.

Investment 3 Page 19

Chubb Limited

Investment Portfolio - 4

(in millions of U.S. dollars)

(Unaudited)

Fixed Maturity Investment Portfolio

Top 10 Global Corporate Exposures

	March 31, 2016	Market Value		Rating
1	JP Morgan Chase & Co	$	557		A-
2	General Electric Co		495		AA+
3	Wells Fargo & Co		443		A
4	Goldman Sachs Group Inc		403		BBB+
5	Verizon Communications Inc		389		BBB+
6	Bank of America Corp		383		BBB+
7	Anheuser-Busch InBev NV		341		A-
8	AT&T Inc		334		BBB+
9	Rabobank Nederland NV		300		A+
10	Berkshire Hathaway Inc		293		AA

Investment 4 Page 20

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

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

(1) Other-than-temporary impairments for the quarter includes $59 million for fixed maturities, $1 million for public equity and $3 million for private equity.

(2) Total after-tax net realized losses on the investment portfolio were $196 million for the quarter. Total after-tax net unrealized gains on the investment portfolio were $824 million for the quarter.

(3) The quarter includes $15 million of losses on applicable hedges. These losses are both pre-tax and after-tax.

(4) Realized foreign exchange gains, after-tax, for the quarter were $29 million. Unrealized foreign exchange gains, after-tax, for the quarter were $277 million.

(5) Partially-owned entities 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).

	Legacy ACE
	Three months ended March 31, 2015
	Net Realized			Net Unrealized			Net			Tax			Net
	Gains			Gains			Impact			Expense			Impact
	(Losses) (6)			(Losses)			Pre-tax			(Benefit)			After-tax
Fixed maturities	$	(4	)	$	438		$	434		$	83		$	351
Fixed income derivatives		1			—			1			(6	)		7
Public equity		1			18			19			7			12
Private equity		13			(12	)		1			—			1
Total investment portfolio (7)		11			444			455			84			371
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (8)		(57	)		—			(57	)		—			(57	)
Foreign exchange (9)		(31	)		(421	)		(452	)		(12	)		(440	)
Partially-owned entities (10)		13			—			13			3			10
Other		1			13			14			1			13
Net gains (losses)	$	(63	)	$	36		$	(27	)	$	76		$	(103	)

(6) Other-than-temporary impairments for the quarter includes $13 million for fixed maturities.

(7) Total after-tax net realized gains on the investment portfolio were $10 million for the quarter. Total after-tax net unrealized gains on the investment portfolio were $361 million for the quarter.

(8) The quarter includes $19 million of losses on applicable hedges.

(9) Realized foreign exchange losses, after-tax, for the quarter were $30 million. Unrealized foreign exchange losses, after-tax, for the quarter were $410 million.

(10) Partially-owned entities 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).

Net Gains (Losses) Page 21

Chubb Limited

Debt and Capital

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

(Unaudited)

				Legacy ACE
	March 31			December 31			December 31
	2016			2015			2014
Financial Debt:
Total short-term debt	$	500		$	—		$	1,150
Total long-term debt (1)		12,636			9,389			3,334
Total financial debt	$	13,136		$	9,389		$	4,484
Hybrid debt
Total trust preferred securities		308			307			307
Total	$	13,444		$	9,696		$	4,791
Capitalization:
Shareholders’ equity	$	45,897		$	29,135		$	29,587
Hybrid debt		308			307			307
Financial debt		13,136			9,389			4,484
Total capitalization	$	59,341		$	38,831		$	34,378
Leverage ratios (based on total capital)
Hybrid debt		0.5	%		0.8	%		0.9	%
Financial debt		22.1	%		24.2	%		13.0	%
Total hybrid & financial debt		22.6	%		25.0	%		13.9	%

Effective Q1 2016, the company retrospectively adopted guidance that required presentation of debt issuance costs (previously included within Other assets on the balance sheet) as a deduction from the carrying amount of the related debt. Prior year amounts have been reclassified to conform to this new presentation. The carrying amount of long-term debt was reduced by $58 million and $23 million for 2015 and 2014, respectively, and the carrying amount of trust preferred securities was reduced by $2 million for both 2015 and 2014 as a result of this new guidance.

Note: As of March 31, 2016, there was $0.7 billion usage of credit facilities on a total commitment of $1.5 billion.

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

Debt and Capital Page 22

Chubb Limited

Computation of Basic and Diluted Earnings Per Share

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

(Unaudited)

	Three months ended March 31
	2016			2015
Numerator
Operating income to common shares	$	1,019		$	745
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)		(59	)		—
Chubb integration and related expenses, net of tax		(106	)		—
Adjusted net realized gains (losses), net of tax		(415	)		(64	)
Net income	$	439		$	681
Rollforward of Common Shares Outstanding
Shares - beginning of period		324,563,441			328,659,686
Share Issuance for Chubb Acquisition		136,950,381			—
Repurchase of shares		—			(3,027,463	)
Shares issued, excluding option exercises		2,172,161			1,011,030
Issued for option exercises		597,537			441,509
Shares - end of period		464,283,520			327,084,762
Denominator
Weighted average shares outstanding		446,739,586			328,212,376
Effect of other dilutive securities		3,270,156			3,480,344
Adj. wtd. avg. shares outstanding and assumed conversions		450,009,742			331,692,720
Basic earnings per share
Operating income	$	2.28		$	2.27
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)		(0.13	)		—
Chubb integration and related expenses, net of tax		(0.24	)		—
Adjusted net realized gains (losses), net of tax		(1.06	)		(0.19	)
Net income	$	0.98		$	2.08
Diluted earnings per share
Operating income	$	2.26		$	2.25
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)		(0.13	)		—
Chubb integration and related expenses, net of tax		(0.24	)		—
Adjusted net realized gains (losses), net of tax		(0.92	)		(0.20	)
Net income	$	0.97		$	2.05

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

Earnings Per Share Page 23

Chubb Limited

Book Value and Book Value per Common Share

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

(Unaudited)

Reconciliation of Book Value per Common Share

	March 31			December 31			March 31
	2016			2015			2015
Shareholders’ equity	$	45,897		$	29,135		$	29,702
Less: goodwill and other intangible assets, net of tax		20,904			5,683			5,516
Numerator for tangible book value per share	$	24,993		$	23,452		$	24,186
Book value - % change over prior quarter		57.5	%		0.0	%		0.4	%
Tangible book value - % change over prior quarter		6.6	%		0.2	%		1.4	%
Denominator		464,283,520			324,563,441			327,084,762
Book value per common share	$	98.85		$	89.77		$	90.81
Tangible book value per common share	$	53.83		$	72.25		$	73.94
Reconciliation of Book Value
Shareholders’ equity, beginning of quarter	$	29,135		$	29,127		$	29,587
Operating income		1,019			780			745
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)		(59	)		—			—
Chubb integration and related expenses, net of tax		(106	)		(35	)		—
Adjusted net realized gains (losses), net of tax		(415	)		(62	)		(64	)
Net unrealized gains (losses) on the investment portfolio, net of tax		824			(411	)		361
Share Issuance related to acquisition of The Chubb Corp.		15,204			—			—
Fair value of equity awards assumed in acquisition of The Chubb Corp.		323
Repurchase of shares		—			—			(340	)
Dividend declared on common shares		(314	)		(218	)		(222	)
Cumulative translation, net of tax		277			(133	)		(410	)
Pension liability		1			1			10
Other (2)		8			86			35
	$	45,897		$	29,135		$	29,702

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

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

Reconciliation Book Value Page 24

Chubb Limited

Non-GAAP Financial Measures

(in millions of U.S. dollars)

(Unaudited)

Regulation G - Non-GAAP Financial Measures

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

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

Adjusted net realized gains (losses) is a non-GAAP financial measure that 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 will impact underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations and therefore realized gains and losses from these derivatives are reclassified to Adjusted losses and loss expenses (a non-GAAP financial measure). Adjusted losses and loss expenses include gains and losses on crop derivatives. P&C loss and loss expense ratio and P&C combined ratio (both non-GAAP financial measures) include adjusted losses and loss expenses in the ratio numerator. A reconciliation of GAAP combined ratio to P&C combined ratio is provided on page 27.

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

In presenting our segment income results, we have shown our performance with reference to underwriting results. Underwriting results are calculated by subtracting adjusted losses and loss expenses, policy benefits, policy acquisition costs, and administrative expenses from net premiums earned. We use underwriting results and operating ratios to monitor the results of our operations without the impact of certain factors, including investment income, other income and expenses, interest and income tax expense, and adjusted net realized gains (losses). P&C underwriting income is a non-GAAP financial measure which excludes the Life Insurance segment. North America Agricultural Insurance underwriting income includes gains (losses) on crop derivatives. Life Insurance segment income includes adjusted net investment income and gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.

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

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

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

Global P&C performance metrics are non-GAAP financial measures and comprise consolidated operating results (including corporate) and exclude the operating results of the company’s Life Insurance and North American 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 American 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.

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

Operating effective tax rate is a non-GAAP financial measure. The numerator excludes tax on adjusted net realized gains (losses). The denominator excludes adjusted net realized gains (losses), before tax. We exclude adjusted net realized gains (losses) and the related tax impact because these amounts are heavily influenced by, and fluctuate in part according to, the availability of market opportunities. Operating effective tax rate should not be viewed as a substitute for effective tax rate determined in accordance with GAAP.

Tangible book value per common share is a non-GAAP financial measure and is shareholders’ equity less goodwill and other intangible assets, net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful. A reconciliation of tangible book value per share is provided on page 25. Tangible book value per common share excluding acquisitions is shareholders’ equity less goodwill and other intangible assets, net of tax, divided by the shares outstanding. The numerator adds back the goodwill and other intangible assets, net of tax, related to the acquisition of The Chubb Corporation in order to adjust for the distortive effect of the acquisition. In addition, we disclose per share measures that exclude the impact of foreign currency fluctuations during 2016 in order to adjust for the distortive effects of fluctuations in exchange rates.

Operating income is a non-GAAP financial measure that excludes the after-tax impact of adjusted net realized gains (losses), net realized gains (losses) included in other income (expense) related to partially owned entities, Chubb integration and related expenses, and the amortization of the fair value adjustments related to purchased invested assets and long-term debt from the Chubb Corp acquisition. We exclude realized gains and losses because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. We also exclude Chubb integration and related expenses due to the size and complexity of this acquisition. Chubb integration expenses are incurred by the overall company and are therefore included in Corporate. The costs are not related to the on-going activities of the individual segments and are therefore excluded from our definition of segment income, as well. These integration and related expenses are distortive to our results and are not indicative of our underlying profitability. We believe that excluding these integration and related expenses facilitate the comparison of our financial results to our historical operating results. These expenses include legal and professional fees and all other costs directly related to the integration activities of the Chubb Corp acquisition. In addition, we excluded the pre-acquisition interest expense of $4 million, net of tax, on the $5.3 billion senior notes issued in November 2015 from operating income because the operations for which the debt was issued were not part of our operating activities prior to the completion of the acquisition. Effective with the close of the Chubb acquisition (January 14, 2016), this debt was considered a cost of our operations and interest expense associated with this debt was included within operating income. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. Operating income should not be viewed as a substitute for net income determined in accordance with GAAP.

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

Reconciliation Non-GAAP Page 25

Chubb Limited

Non-GAAP Financial Measures - 2

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

Operating income

Operating income is a common performance measure for insurance companies and is presented throughout this report.

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

	1Q-16			4Q-15			3Q-15			2Q-15		1Q-15			Full Year 2015
Net income, as reported	$	439		$	683		$	528		$	942	$	681		$	2,834
Amortization of fair value of acquired invested assets and long-term debt, net of tax (1)		(59	)		—			—			—		—			—
Chubb integration and related expenses, net of tax		(106	)		(35	)		(7	)		—		—			(42	)
Adjusted net realized gains (losses)		(394	)		(57	)		(393	)		128		(89	)		(411	)
Net realized gains (losses) related to unconsolidated entities (2)		(25	)		(17	)		25			33		26			67
Income tax expense (benefit) on adjusted net realized gains (losses)		(4	)		(12	)		(6	)		7		1			(10	)
Operating income	$	1,019		$	780		$	897		$	788	$	745		$	3,210

(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).

Operating ROE

Operating return on equity (ROE) or ROE calculated using operating income is an annualized financial measure. The ROE numerator includes income adjusted to exclude after-tax adjusted net realized gains (losses), Chubb integration and related expenses, and the amortization of the fair value adjustment of acquired invested assets and long-term debt. The ROE denominator includes the average shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, net of tax. In addition, the denominator was adjusted to account for the weighted-average impact of the $15,527 million issuance of common shares and equity awards related to the Chubb Corp acquisition on January 14, 2016 . To annualize 2016 operating ROE, include the 14-day stub period adjustment in future quarters (i.e., Q2 through Q4 assumes a full quarter of operating income to account for the distortive impact of Q1 not having a full quarter given the acquisition close on January 14, 2016). Operating ROE is a useful measure as it enhances the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity excluding the effect of unrealized gains and losses on our investments and the distortive impact of acquisitions.

	1Q-16			1Q-15			Full Year 2015
Net income	$	439		$	681		$	2,834
Operating income	$	1,019		$	745		$	3,210
Equity - beginning of period, as reported	$	29,135		$	29,587		$	29,587
Add: weighted average impact of equity issuance (77 days)		13,138
Less: unrealized gains (losses) on investments, net of deferred tax		874			1,851			1,851
Equity - beginning of period, as adjusted	$	41,399		$	27,736		$	27,736
Equity - end of period, as reported	$	45,897		$	29,702		$	29,135
Less: weighted average impact of equity issuance (14 days)		2,389
Less: unrealized gains (losses) on investments, net of deferred tax		1,698			2,212			874
Equity - end of period, as adjusted	$	44,810		$	27,490		$	28,261
Weighted average equity, as reported	$	42,479		$	29,645		$	29,361
Weighted average equity, as adjusted	$	41,605		$	27,613		$	27,999
Operating ROE		10.2	%		10.8	%		11.5	%
ROE		4.7	%		9.2	%		9.7	%

Reconciliation Non-GAAP 2 Page 26

Chubb Limited

Non-GAAP Financial Measures - 3

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

Operating effective tax rate

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

	1Q-16			4Q-15			3Q-15			2Q-15			1Q-15			Full Year 2015
Tax expense, as reported	$	124		$	67		$	132		$	143		$	120		$	462
Tax benefit on amortization of fair value of acquired invested assets and debt (1)		(24	)		—			—			—			—			—
Tax benefit on Chubb integration and related expenses		(49	)		(18	)		(2	)		—			—			(20	)
Tax expense (benefit) on adjusted net realized gains (losses)		(4	)		(12	)		(6	)		7			1			(10	)
Tax expense, adjusted	$	201		$	97		$	140		$	136		$	119		$	492
Income before tax, as reported	$	563		$	750		$	660		$	1,085		$	801		$	3,296
Less: amortization of fair value of acquired invested assets and debt (1)		(83	)		—			—			—			—			—
Less: Chubb integration and related expenses		(155	)		(53	)		(9	)		—			—			(62	)
Less: adjusted realized gains (losses)		(394	)		(57	)		(393	)		128			(89	)		(411	)
Less: realized gains (losses) related to unconsolidated entities		(25	)		(17	)		25			33			26			67
Operating income before tax	$	1,220		$	877		$	1,037		$	924		$	864		$	3,702
Effective tax rate		22.1	%		9.0	%		20.1	%		13.2	%		15.0	%		14.0	%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt (1)		0.9	%		—			—			—			—			—
Adjustment for tax impact of Chubb integration and related expenses		2.2	%		1.5	%		-0.1	%		—			—			0.3	%
Adjustment for tax impact of adjusted net realized gains (losses)		-8.7	%		0.6	%		-6.5	%		1.5	%		-1.3	%		-1.0	%
Operating effective tax rate		16.5	%		11.1	%		13.5	%		14.7	%		13.7	%		13.3	%

(1) Related to the acquisition of The Chubb Corporation

P&C combined ratio

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

	1Q-16			4Q-15			3Q-15			2Q-15			1Q-15			Full Year 2015
GAAP combined ratio		90.0	%		87.7	%		85.8	%		87.6	%		88.4	%		87.3	%
Impact of gains and losses on crop derivatives		0.0	%		0.0	%		0.1	%		0.1	%		0.0	%		0.1	%
P&C combined ratio		90.0	%		87.7	%		85.9	%		87.7	%		88.4	%		87.4	%

Adjusted interest expense

The following table presents the reconciliation of Consolidated Interest expense on a GAAP basis to Consolidated Adjusted interest expense.

	1Q-16			4Q-15			3Q-15		2Q-15		1Q-15		Full Year 2015
Interest expense (GAAP)		146			93			68		71		68		300
Less: amortization of fair value adjustment of acquired long-term debt		10
Less: pre-acquisition interest expense related to $5.3 billion senior notes		(7	)		(29	)		—		—		—		(29	)
Adjusted interest expense	$	149		$	64		$	68	$	71	$	68	$	271

Adjusted net investment income

The following table presents the reconciliation of Consolidated Net investment income on a GAAP basis to Consolidated Adjusted net investment income.

	1Q-16		4Q-15		3Q-15		2Q-15		1Q-15		Full Year 2015
Net investment income (GAAP)		674		532		549		562		551		2,194
Less: amortization of fair value adjustment of acquired invested assets		93		—		—		—		—
Adjusted net investment income	$	767	$	532	$	549	$	562	$	551	$	2,194

Reconciliation Non-GAAP 3 Page 27

Chubb Limited

Non-GAAP Financial Measures - 4

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

Chubb integration and related expenses, net of tax

Chubb integration and related expenses is a non-GAAP financial measure and includes legal and professional fees and all other costs directly related to the integration activities of the Chubb acquisition, including the pre-acquisition interest expense on the $5.3 billion senior notes issued in November 2015. We exclude Chubb integration expenses related to the Chubb acquisition from operating income due to the size and complexity of this acquisition. We exclude the pre-acquisition interest expense from operating income because the operations for which the debt was issued were not part of our operating activities prior to the completion of the acquisition. Effective with the close of the Chubb acquisition (January 14, 2016), the interest on this debt was considered a cost of our operations and was included within operating income. These integration and related expenses are distortive to our results and are not indicative of our underlying profitability. We believe that excluding these integration and related expenses facilitate the comparison of our financial results to our historical operating results. The following table presents the reconciliation of Chubb integration expenses, net of tax on a GAAP basis to Chubb integration and related expenses, net of tax.

	1Q-16		4Q-15		3Q-15		2Q-15		1Q-15		Full Year 2015
Chubb integration expenses, net of tax	$	102	$	16	$	7	$	—	$	—	$	23
Add: pre-acquisition interest expense related to $5.3 billion senior notes, net of tax		4		19		—		—		—		19
Chubb integration and related expenses, net of tax	$	106	$	35	$	7	$	—	$	—	$	42

Pro Forma

Pro forma measures presented throughout this document are prepared exclusive of purchase accounting adjustments in order to present the underlying profitability of the our insurance business. We believe that excluding these adjustments provide visibility and comparability into our results. Pro forma is defined as follows:

2016 Pro forma results: The combined company results inclusive of the first 14 days of January 2016. The 2016 and 2015 pro forma underwriting results do not include any impact from purchase accounting adjustments.

2015 Pro forma results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

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

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

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

Reconciliation Non-GAAP 4 Page 28

Chubb Limited

Non-GAAP Financial Measures - 5

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

The following presents the reconciliation of Q1 2016 Pro Forma underwriting income excluding purchase accounting adjustments to Q1 2016 as reported underwriting results.

			PGAAP adjustments					14 Day Stub Period
	Total Consolidated Pro Forma* (Excluding PGAAP)		Acquisition expense elimination			UPR intangible amortization		North America Commercial P&C Insurance		North America Personal P&C Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate			Total Consolidated As reported
Q1 2016
Net premiums written	$	6,850						$	519	$	100	$	215	$	20	$	1	$	—		$	5,995
Net premiums earned		6,988							208		109		72		—		2		—			6,597
Losses and loss expenses		3,896							127		53		42		—		—		—			3,674
Policy benefits		126							—		—		—		—		—		—			126
(Gains) losses from fair value changes in separate account assets		3							—		—		—		—		—		—			3
Policy acquisition costs		1,410		(506	)				33		14		13		—		1		—			843
Amortization of acquired UPR intangible		—					570		—		—		—		—		—		—			570
Administrative expenses		836							35		13		12		—		1		3			772
Adjusted underwriting income (loss)	$	717						$	13	$	29	$	5	$	—	$	—	$	(3	)	$	609	(1)

(1) Refer to page 5 for a reconciliation of underwriting income to net income.

The following presents the reconciliation of Q1 2015 Pro Forma underwriting income excluding purchase accounting adjustments, as used throughout this report, to Pro Forma results calculated in accordance with SEC guidance under Article 11:

	As Reported											PGAAP adjustments (1)
	Legacy ACE			Legacy Chubb		Accounting policy alignment (2)			Pro forma*			Acquisition expense elimination			UPR intangible amortization		SEC Pro Forma 2015  (3)
Q1 2015
Net premiums written	$	4,076		$	3,106	$	34		$	7,216							$	7,216
Net premiums earned		3,927			3,105		5			7,037								7,037
Losses and loss expenses		2,122			1,920		(1	)		4,041								4,041
Policy benefits		142			—		—			142								142
(Gains) losses from fair value changes in separate account assets		(11	)		—		—			(11	)							(11	)
Policy acquisition costs		707			626		64			1,397			(543	)				854
Amortization of acquired UPR intangible		—					—			—						674		674
Administrative expenses		554			354		(33	)		875								875
Underwriting income (loss)	$	413		$	205	$	(25	)	$	593							$	462

(1) As if acquisition occurred on January 1, 2015

(2) Refer to the closing Form 8-K/A filed on March 24, 2016 for further information on these adjustments.

(3) Based on SEC guidance under Article 11

* 2016 Pro forma results: The combined company results inclusive of the first 14 days of January 2016. The 2016 and 2015 pro forma underwriting results do not include any impact from purchase accounting adjustments.

2015 Pro forma results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

Reconciliation Non-GAAP 5 Page 29

Chubb Limited

Glossary

Chubb Limited Consolidated comprises all segments including Corporate.

Operating return on equity (ROE) or ROE calculated using operating income and operating return on tangible equity: The ROE numerator includes income adjusted to exclude after-tax adjusted net realized gains (losses), Chubb integration and related expenses, and the amortization of the fair value adjustment of acquired invested assets and long-term debt. The ROE denominator includes the average shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, net of tax. In addition, the denominator was adjusted to account for the weighted-average impact of the $15,527 million issuance of common shares and equity awards related to the Chubb Corp acquisition on January 14, 2016 . To annualize 2016 operating ROE, include the 14-day stub period adjustment in future quarters (i.e., Q2 through Q4 assumes a full quarter of operating income to account for the distortive impact of Q1 not having a full quarter given the acquisition close on January 14, 2016). For the operating return on tangible equity, we excluded goodwill and other intangibles from the denominator to eliminate the distortive impact of acquisitions. Operating ROE and operating return on tangible equity are useful measures as they enhance 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 and the distortive impact of acquisitions.

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

Combined ratio: The sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding life business.

Operating effective tax rate: Income tax expense excluding tax expense (benefit) on adjusted net realized gains (losses) divided by income excluding adjusted net realized gains (losses) before tax.

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

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

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

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

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

NM: Not meaningful.

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

Glossary Page 30