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) – October 25, 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 October 25, 2016, Chubb Limited issued a Press Release reporting its third quarter 2016 results and the availability of its third 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 and Exhibits

(d) Exhibits

Exhibit Number	Description
99.1	Press Release, Dated October 25, 2016, Reporting Third Quarter 2016 Results
99.2	Third 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
By:	/s/ Philip V. Bancroft
	Philip V. Bancroft
	Executive Vice President and Chief Financial Officer

DATE: October 25, 2016

EXHIBIT INDEX

Number	Description	Method of Filing
99.1	Press Release, Dated October 25, 2016, Reporting Third Quarter 2016 Results		Furnished herewith
99.2	Third Quarter 2016 Financial Supplement		Furnished herewith

EX-99.1

Exhibit 99.1

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

News Release

Chubb Reports Strong Third Quarter Net Income Per Share and Record Operating Income Per Share, Both $2.88, up 77.8% and 5.1%, Respectively; P&C Combined Ratio is 86.0%; Annualized ROE and Operating ROE are 11.4% and 12.0%, Respectively

• P&C combined ratio of 86.0%, or 85.5% excluding the impact from purchase accounting adjustments, compared with 85.0% in 2015 on an “As If” basis.*

• Consolidated and P&C net premiums written of $7.6 billion and $7.0 billion, respectively, up 60.8% and 67.0%. On an “As If” basis, P&C net premiums written down 3.4% in constant dollars. Unfavorable foreign currency movement negatively impacted premium growth by 1.1%. Excluding merger-related underwriting actions, including additional reinsurance purchased, P&C net premiums written up 1.1% in constant dollars.

• Book value and tangible book value per share increased 2.4% and 5.5%, respectively, from prior quarter.

• Operating cash flow was $1.7 billion.

• Integration realized and annualized run-rate savings are ahead of schedule. The company now expects to achieve annualized run-rate savings of $800 million by the end of 2018, up from prior estimate of $750 million. Integration and merger-related expenses remain on track.

* 2016 “As If” results do not include any impact from purchase accounting adjustments related to the acquisition. 2015 “As If” results include Legacy ACE plus Legacy Chubb historical results. ACE Limited acquired The Chubb Corporation (Chubb Corp) on January 14, 2016.

ZURICH – October 25, 2016 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended September 30, 2016 of $1,360 million, or $2.88 per share, compared with $528 million, or $1.62 per share, for the same quarter last year. Operating income was $1,356 million, or $2.88 per share, compared with $897 million, or $2.74 per share, for the same quarter last year. The property and casualty (P&C) combined ratio for the quarter was 86.0%. Book value and tangible book value per share increased 2.4% and 5.5%, respectively, from June 30, 2016 and now stand at $103.96 and $60.26, respectively.

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

Chubb Limited News Release

Chubb Limited

Third Quarter Summary

(in millions, except per share amounts)

(Unaudited)

										(Per Share - Diluted)
				Legacy ACE									Legacy ACE
	2016			2015			Change			2016			2015			Change
Operating income, net of tax	$	1,356		$	897			51.1	%	$	2.88		$	2.74			5.1	%
Chubb one-time integration and merger-related expenses, net of tax		(85	)		(7	)		NM			(0.18	)		(0.02	)		NM
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(53	)		—			NM			(0.11	)		—			NM
Adjusted net realized gains (losses), net of tax		142			(362	)		NM			0.29			(1.10	)		NM
Net income	$	1,360		$	528			157.2	%	$	2.88		$	1.62			77.8	%

For the three months ended September 30, 2016 and 2015, the tax expenses (benefits) related to the table above were $306 million and $140 million, respectively, for operating income; $(30) million and $(2) million, respectively, for Chubb one-time integration and merger-related expenses; and $27 million and $(6) million, respectively, for adjusted net realized gains and losses. For the three months ended September 30, 2016, the tax (benefit) related to the amortization of fair value adjustment of acquired invested assets and long-term debt was $(26) million.

For the nine months ended September 30, 2016, net income was $2,525 million, or $5.44 per share, compared with $2,151 million, or $6.53 per share, for 2015. Operating income was $3,433 million, or $7.40 per share, compared with $2,430 million, or $7.38 per share, for 2015. The P&C combined ratio for the nine months ended September 30, 2016 was 89.0%. Book value per share increased 15.8% and tangible book value per share decreased 16.6% from December 31, 2015 reflecting the impact of the Chubb Corp acquisition. Book value per share and tangible book value per share were favorably impacted by after-tax unrealized gains in the company’s investment portfolio of $1.7 billion and favorable foreign currency movement of $285 million.

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

Chubb Limited News Release

Chubb Limited

Nine Months Ended Summary

(in millions, except per share amounts)

(Unaudited)

										(Per Share - Diluted)
				Legacy ACE									Legacy ACE
	2016			2015			Change			2016			2015			Change
Operating income, net of tax	$	3,433		$	2,430			41.3	%	$	7.40		$	7.38			0.3	%
Chubb one-time integration and merger-related expenses, net of tax		(262	)		(7	)		NM			(0.56	)		(0.02	)		NM
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(178	)		—			NM			(0.39	)		—			NM
Adjusted net realized gains (losses), net of tax		(468	)		(272	)		(72.1	)%		(1.01	)		(0.83	)		(21.7	)%
Net income	$	2,525		$	2,151			17.4	%	$	5.44		$	6.53			(16.7	)%

For the nine months ended September 30, 2016 and 2015, the tax expenses (benefits) related to the table above were $719 million and $395 million, respectively, for operating income; $(106) million and $(2) million, respectively, for Chubb one-time integration and merger-related expenses; and $22 million and $2 million, respectively, for adjusted net realized gains and losses. For the nine months ended September 30, 2016, the tax (benefit) related to the amortization of fair value adjustment of acquired invested assets and long-term debt was $(79) million.

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “Chubb had an excellent quarter with record operating earnings per share and exceptionally strong underwriting results. Our after-tax operating income of $2.88 per share, up 5% over prior year, indicates the accretive nature of our merger, which is going well and is on track. The P&C combined ratio of 86% was simply world-class. For the quarter, our annualized operating ROE was 12% while book value and tangible book value per share grew 2.4% and 5.5%, respectively.

“Previously contemplated merger-related underwriting actions that we took on select portfolios of business, particularly a greater use of reinsurance, reduced P&C net premium growth in the quarter by about 4.5 points while improving our risk-reward profile. A competitive insurance market and relatively weak economic conditions globally impacted premium revenue in the quarter as new business meeting our standards was harder to come by. We will trade revenue for underwriting discipline all day long. We believe growth will improve as the impact from the underwriting actions dissipates and the power and capabilities of the new Chubb gain more steam. We are already seeing evidence of the effect our enhanced capabilities is having on revenue generation.

“We are in good shape with our integration-related efficiency efforts and we are now increasing the total annualized run-rate savings we will achieve by the end of 2018 to $800 million, up from $750 million.”

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

Chubb Limited News Release

Operating highlights for the quarter ended September 30, 2016 were as follows:

	Legacy
				ACE						As If (1)
Chubb Limited	Q3			Q3						Q3			Q3
(in millions of U.S. dollars except for percentages)	2016			2015			Change			2016			2015			Change
Consolidated
Net premiums written	$	7,573		$	4,709			60.8	%	$	7,573		$	7,890			(4.0	)%
Net income	$	1,360		$	528			157.2	%
P&C
Net premiums written	$	7,041		$	4,217			67.0	%	$	7,041		$	7,375			(4.5	)%
Net premiums written constant-dollar				$	4,171			68.8	%				$	7,288			(3.4	)%
Net premiums written constant-dollar excluding merger-related underwriting actions (0.9 pts) and additional reinsurance (3.6 pts)																	1.1	%
Underwriting income	$	1,002		$	597			67.7	%	$	1,041		$	1,108			(6.0	)%
Combined ratio		86.0	%		85.9	%					85.5	%		85.0	%
Current accident year underwriting income excluding catastrophe losses	$	797		$	459			73.2	%	$	836		$	820			1.9	%
Current accident year combined ratio excluding catastrophe losses		88.9	%		89.2	%					88.4	%		88.9	%
Global P&C (excludes Agriculture)
Net premiums written	$	6,192		$	3,480			78.0	%	$	6,192		$	6,638			(6.7	)%
Net premiums written constant-dollar				$	3,434			80.3	%				$	6,551			(5.5	)%
Net premiums written constant-dollar excluding merger-related underwriting actions (1.0 pts) and additional reinsurance (4.0 pts)																	(0.5	)%
Underwriting income	$	912		$	524			73.7	%	$	951		$	1,035			(8.2	)%
Combined ratio		85.7	%		85.0	%					85.0	%		84.5	%
Current accident year underwriting income excluding catastrophe losses	$	717		$	391			82.7	%	$	756		$	752			0.4	%
Current accident year combined ratio excluding catastrophe losses		88.8	%		88.8	%					88.2	%		88.7	%

⁽¹⁾ Note about “As If” results: 2016 “As If” results do not include the unfavorable impact from purchase accounting adjustments related to the Chubb Corp acquisition of $39 million pre-tax in P&C underwriting income. 2015 “As If” 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. 4

Chubb Limited News Release

• The purchase of additional merger-related reinsurance adversely impacted P&C net premiums written growth by $260 million, or 3.6 percentage points as noted in the table above, of which $200 million relates to personal lines and $60 million relates primarily to commercial P&C lines. The $200 million personal lines reinsurance premium included $128 million from a one-time unearned premium reserve (UPR) transfer which impacted net premiums written in the current quarter only. Excluding the one-time UPR transfer, the annual impact to personal lines of this new treaty is expected to be approximately $280 million.

• Global P&C net premiums written increased 78.0%, or 80.3% in constant dollars. On an “As If” basis, Global P&C net premiums written decreased 6.7%, or 5.5% in constant dollars. Excluding merger-related underwriting actions, including additional reinsurance, Global P&C net premiums written decreased 0.5% in constant dollars.

• Consolidated net premiums earned increased 62.9%, or 64.6% in constant dollars, reflecting the acquisition of Chubb Corp. On an “As If” basis, consolidated net premiums earned decreased 2.7%, or 1.6% in constant dollars.

• P&C net premiums earned increased 69.3%, or 71.0% in constant dollars, reflecting the acquisition of Chubb Corp. On an “As If” basis, P&C net premiums earned decreased 3.0%, or 1.9% in constant dollars.

• The P&C expense ratio was 29.0%, compared with 27.1% last year. On an “As If” basis, the P&C expense ratio was 28.5%, compared with 29.1% last year.

• Total pre-tax and after-tax catastrophe losses were $144 million (2.0 percentage points of the combined ratio) and $107 million, respectively, compared with $72 million (1.7 percentage points of the combined ratio) and $59 million, respectively, last year. On an “As If” basis, total pre-tax and after-tax catastrophe losses for the third quarter of 2015 were $101 million (1.4 percentage points of the combined ratio) and $78 million, respectively.

• Total pre-tax and after-tax favorable prior period development was $349 million (4.9 percentage points of the combined ratio) and $252 million, respectively, compared with $210 million pre-tax (5.0 percentage points of the combined ratio) and $180 million after-tax last year. Favorable prior period reserve development in the quarter is net of a pre-tax environmental liability run-off charge in the company’s Brandywine operation of $52 million. On an “As If” basis, total pre-tax and after-tax favorable prior period development for the third quarter of 2015 was $389 million (5.3 percentage points of the combined ratio) and $297 million, respectively.

• Adjusted net investment income, which excludes a purchase accounting adjustment not included in operating income, was $830 million.

• Net realized and unrealized gains pre-tax totaled $264 million, including unrealized gains of $95 million and net realized gains of $169 million. Net unrealized pre-tax gains comprised primarily unrealized gains of $214 million in the investment portfolio offset by unrealized foreign exchange losses of $124 million. Adjusted net realized gains included investment portfolio gains of $93 million, realized foreign exchange gains of $29 million and $44 million from derivative accounting related to the company’s variable annuity business.

• Operating cash flow was $1.7 billion.

• Net loss reserves increased $315 million, or $423 million adjusted for foreign exchange.

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

Chubb Limited News Release

• Book value per share increased 2.4% to $103.96 from $101.56 at June 30, 2016 and increased 15.8% from $89.77 at December 31, 2015. Book value per share for the year was favorably impacted by income, net realized and unrealized gains, and favorable foreign currency movement.

• Tangible book value per share increased 5.5% to $60.26 from $57.14 at June 30, 2016 and decreased 16.6% from $72.25 at December 31, 2015. Since the initial expected 29.3% dilution at acquisition, tangible book value per share has improved 12.7% in the first three quarters since the acquisition close, benefiting from income, net realized and unrealized gains, and favorable foreign currency movement.

Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended September 30, 2016 are presented below:

	Legacy
				ACE						As If
Chubb Limited	Q3			Q3						Q3			Q3
(in millions of U.S. dollars except for percentages)	2016			2015			Change			2016			2015			Change
North America Commercial P&C Insurance
Net premiums written	$	3,110		$	1,433			117.1	%	$	3,110		$	3,186			(2.4	)%
Net premiums written excluding merger-related underwriting actions (0.9 pts) and additional reinsurance (1.5 pts)																	0.0	%
Combined ratio		86.2	%		85.8	%					85.3	%		82.5	%
Current accident year combined ratio excluding catastrophe losses		89.4	%		89.3	%					88.6	%		88.4	%
North America Personal P&C Insurance
Net premiums written	$	1,011		$	278			263.4	%	$	1,011		$	1,210			(16.4	)%
Net premiums written excluding additional reinsurance (16.6 pts) and total Fireman’s Fund (2.9 pts)																	3.1	%
Combined ratio		84.4	%		83.7	%					82.8	%		81.8	%
Current accident year combined ratio excluding catastrophe losses		78.8	%		70.5	%					77.2	%		77.6	%
Current accident year combined ratio excluding catastrophe losses and Fireman’s Fund non-recurring transfer					82.5	%								80.4	%
Overseas General Insurance
Net premiums written	$	1,940		$	1,584			22.5	%	$	1,940		$	2,057			(5.7	)%
Net premiums written constant-dollar				$	1,542			25.8	%				$	1,974			(1.7	)%
Net premiums written constant-dollar excluding merger-related underwriting actions (2.1 pts) and additional reinsurance (0.3 pts)																	0.7	%
Combined ratio		81.2	%		82.0	%					81.4	%		83.9	%
Current accident year combined ratio excluding catastrophe losses		91.1	%		90.5	%					91.3	%		92.7	%

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

Chubb Limited News Release

• North America Agricultural Insurance: Net premiums written increased 15.2% due to higher premium retention as a result of the premium-sharing formulas with the U.S. government and lower cessions under existing third-party proportional reinsurance programs. The combined ratio was 88.9%, compared with 90.2%. The current accident year combined ratio excluding catastrophe losses was 90.1%, compared with 90.8%.

• Global Reinsurance: Net premiums written decreased 29.4%, or 28.1% in constant dollars, due to market conditions and an additional retrocession placed during the quarter. Excluding the retrocession, net premiums written decreased 25.0% in constant dollars on an “As If” basis. The combined ratio was 66.3%, compared with 41.2%. The current accident year combined ratio excluding catastrophe losses was 78.1%, compared with 75.3%.

• Life Insurance: Segment income was $69 million compared to $65 million. International life insurance net premiums written increased 16.5%, or 19.3% in constant dollars.

The following table shows expected annualized and realized integration-related savings and integration and merger-related expenses 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		—	$	515	$	740	$	800	$	800
Realized savings		—	$	310	$	580	$	760	$	800
Chubb integration and merger-related expenses (2)
One-time integration expenses related to savings	$	22	$	315	$	121	$	39	$	497
Other one-time merger-related expenses		11		210		80		11		312
Total expected integration and merger-related expenses	$	33	$	525	$	201	$	50	$	809

⁽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.

Please refer to the Chubb Limited Financial Supplement, dated September 30, 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®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb. 7

Chubb Limited News Release

Chubb Limited will hold its third quarter earnings conference call on Wednesday, October 26, 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 888-695-0609 (within the United States) or 719-325-2173 (international), passcode 5501993. Please refer to the Chubb investor relations website under Events and Presentations for details. A replay of the call will be available until Thursday, November 10, 2016, and the archived webcast will be available for approximately one month. To listen to the replay, please click here to register and receive dial-in numbers.

About 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. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength 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: www.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 company measures on an “As If” basis. These non-GAAP measures and combined company 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.

“As If” company measures presented throughout this section are prepared exclusive of the impact of the unearned premium reserves intangible amortization and the elimination of the historical policy acquisition costs as a result of

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

Chubb Limited News Release

purchase accounting in order to present the underlying profitability of our insurance business. We believe this measure provides visibility into our results and allows for comparability to our historical results and is consistent with how management evaluates results. We have discussed our results on an “As If” basis for both the current and prior year periods, which are defined as follows:

2016 “As If” results: The 2016 and 2015 As If underwriting results do not include the impact of purchase accounting adjustments (i.e., impact of the unearned premium reserves intangible amortization and the elimination of the historical policy acquisition costs as a result of purchase accounting related to the Chubb Corp acquisition).

2015 “As If” results: Legacy ACE plus Legacy Chubb historical results after accounting policy alignment adjustments, including reclassifying certain legacy Chubb Corp corporate expenses to administrative expense and redefining Chubb Corp segment underwriting income by allocating the amortization of deferred acquisition costs to each segment.

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

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 (loss) includes underwriting income, adjusted net investment income, other income (expense) – operating, and amortization expense of purchased intangibles.

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

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

Chubb Limited News Release

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.

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 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 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 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, for the nine months ended September 30, 2016, the denominator was adjusted to account for the weighted-average impact of the $15,527 million issuance of common shares and equity awards related to the Chubb Corp acquisition on January 14, 2016. Operating ROE is a useful measure as it enhances the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity excluding the effect of unrealized gains and losses on our investments.

Measures excluding Fireman’s Fund high net worth personal lines business. We acquired the Fireman’s Fund high net worth personal lines business in April 2015 and recognized as written premiums non-recurring unearned premiums reserves of $252 million. Due to the size of this non-recurring transfer, we believe that excluding this one-time benefit in 2015 will allow for comparability when assessing trends in our business. We present measures exclusive of Fireman’s Fund high net worth business from our 2016 and 2015 results in order to show its impact on our results and to highlight the impact of Fireman’s Fund low retention on our business.

Net premiums written excluding merger-related underwriting actions, including additional reinsurance are non-GAAP performance measures. Since the acquisition of The Chubb Corporation, we have entered into new reinsurance agreements with third-party reinsurers for the Legacy Chubb Corp businesses and have taken other merger-related

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

Chubb Limited News Release

underwriting actions, including exiting certain types of Legacy Chubb Corp business that do not meet our underwriting standards or adhere to our risk diversification strategy. We believe that these measures are meaningful to evaluate trends in our production on a comparable basis to the prior year As If we were one company in 2015.

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 are 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 results of underwriting operations as they are heavily influenced by, and fluctuate in part, according to market conditions.

Chubb integration and related expenses include legal and professional fees and all costs directly related to the integration activities of the Chubb Corp 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 Corp 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 Corp acquisition (January 14, 2016), the interest on this debt was considered a cost of our operations and will is included within operating income.

See reconciliation of Non-GAAP Financial Measures on pages 39-47 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,

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

Chubb Limited News Release

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. 12

Chubb Limited News Release

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)

	September 30		December 31
	2016		2015
Assets
Investments	$	101,036	$	66,251
Cash		870		1,775
Insurance and reinsurance balances receivable		8,493		5,323
Reinsurance recoverable on losses and loss expenses		13,448		11,386
Goodwill and other intangible assets		22,472		5,683
Other assets		15,491		11,888
Total assets	$	161,810	$	102,306
Liabilities
Unpaid losses and loss expenses	$	61,347	$	37,303
Unearned premiums		15,054		8,439
Other liabilities		37,037		27,429
Total liabilities	$	113,438	$	73,171
Shareholders’ equity
Total shareholders’ equity		48,372		29,135
Total liabilities and shareholders’ equity	$	161,810	$	102,306
Book value per common share	$	103.96	$	89.77
Tangible book value per common share	$	60.26	$	72.25
Book value per common share excluding cumulative translation losses (1)	$	106.73	$	94.51
Tangible book value per common share excluding cumulative translation losses (2)	$	62.24	$	75.30

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

⁽²⁾  Cumulative translation losses were $368 million in 2016 and $550 million in 2015

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

Chubb Limited News Release

Chubb Limited

Summary Consolidated Financial Data

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

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2016			2015			2016			2015
Gross premiums written	$	9,483		$	6,346		$	26,146		$	18,172
Net premiums written		7,573			4,709			21,207			13,569
Net premiums earned		7,688			4,719			21,690			13,006
Losses and loss expenses		4,269			2,643			12,197			7,182
Policy benefits		155			89			427			384
Policy acquisition costs		1,514			771			4,487			2,205
Administrative expenses		772			568			2,373			1,700
Net investment income		739			549			2,121			1,662
Net realized gains (losses)		100			(397	)		(510	)		(360	)
Interest expense		152			68			451			207
Other income (expense):
Gains (losses) from separate account assets		22			(49	)		22			(32	)
Other		69			37			70			93
Amortization of purchased intangibles		4			51			16			136
Chubb integration expenses		115			9			361			9
Income tax expense		277			132			556			395
Net income	$	1,360		$	528		$	2,525		$	2,151
Diluted earnings per share:
Operating income	$	2.88		$	2.74		$	7.40		$	7.38
Net income	$	2.88		$	1.62		$	5.44		$	6.53
Weighted average diluted shares outstanding		471.4			327.2			464.1			329.2
P&C combined ratio
Loss and loss expense ratio		57.0	%		58.8	%		58.0	%		58.3	%
Policy acquisition cost ratio		19.3	%		15.4	%		20.3	%		16.1	%
Administrative expense ratio		9.7	%		11.7	%		10.7	%		12.8	%
P&C combined ratio		86.0	%		85.9	%		89.0	%		87.2	%
P&C underwriting income	$	1,002		$	597		$	2,223		$	1,477

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

Chubb Limited News Release

Chubb Limited

Consolidated Supplemental Segment Information

(in millions of U.S. dollars)

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2016			2015			2016			2015
Gross Premiums Written
North America Commercial P&C Insurance	$	3,832		$	1,994		$	10,877		$	6,043
North America Personal P&C Insurance		1,323			378			3,666			1,359
North America Agricultural Insurance		1,240			1,243			1,921			1,937
Overseas General Insurance		2,383			2,019			7,393			6,486
Global Reinsurance		143			190			624			774
Life Insurance		562			522			1,665			1,573
Total	$	9,483		$	6,346		$	26,146		$	18,172
Net Premiums Written
North America Commercial P&C Insurance	$	3,110		$	1,433		$	8,657		$	4,158
North America Personal P&C Insurance		1,011			278			3,113			958
North America Agricultural Insurance		849			737			1,288			1,204
Overseas General Insurance		1,940			1,584			6,012			5,047
Global Reinsurance		131			185			562			719
Life Insurance		532			492			1,575			1,483
Total	$	7,573		$	4,709		$	21,207		$	13,569
Net Premiums Earned
North America Commercial P&C Insurance	$	3,086		$	1,410		$	9,130		$	4,209
North America Personal P&C Insurance		1,081			272			3,245			687
North America Agricultural Insurance		819			739			1,169			1,124
Overseas General Insurance		2,034			1,615			6,082			4,896
Global Reinsurance		156			203			543			649
Life Insurance		512			480			1,521			1,441
Total	$	7,688		$	4,719		$	21,690		$	13,006
Segment income (loss)
North America Commercial P&C Insurance	$	900		$	464		$	2,537		$	1,388
North America Personal P&C Insurance		216			19			440			64
North America Agricultural Insurance		88			71			150			135
Overseas General Insurance		530			416			1,167			1,017
Global Reinsurance		120			199			338			490
Life Insurance		69			65			203			217
Corporate		(97	)		(129	)		(204	)		(279	)
Total	$	1,826		$	1,105		$	4,631		$	3,032

Chubb®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb. 15

EX-99.2

Exhibit 99.2

Chubb Limited

Financial Supplement

for the Quarter Ended September 30, 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.

Segment Reporting and Combined Legacy ACE and Legacy Chubb Results (“As If”) Disclosures

Since the completion of its acquisition of The Chubb Corporation (referred to as Legacy Chubb) on January 14, 2016, Chubb Limited (formerly ACE Limited and referred to as Legacy ACE) began reporting its 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. Corporate includes 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 run-off exposures and Legacy Chubb A&E and mass tort exposures. Revenue and expenses managed at the corporate level and Chubb integration expenses, which are incurred by the overall company, are included in Corporate. These integration costs are not related to the on-going business activities of the segments and are therefore excluded from our definition of segment income.

During the third quarter of 2016, the company further refined the definition of our segment measure to include amortization expense related to business combination intangible assets purchased by the segment and other purchase accounting related intangible assets, including agency relationships, renewal rights, and client lists. In the first and second quarter of 2016, these costs were included in Corporate. The amortization of intangible assets purchased as part of The Chubb Corporation acquisition is considered a Corporate cost as these are incurred by the overall company. This updated definition better aligns with how the business is managed as we continue to refine the process. As the company progresses through the integration, it may continue to further refine its segments and segment income measures.

“As If” company measures presented throughout this document are prepared exclusive of the impact of the unearned premium reserves intangible amortization and the elimination of the historical policy acquisition costs, as a result of purchase accounting, in order to present the underlying profitability of our insurance business. We believe this measure provides visibility into our results and allows for comparability to our historical results and is consistent with how management evaluates results. We have discussed our results on an “As If” basis for both the current and prior year periods, which are defined as follows:

2016 “As If” results: The 2016 and 2015 As If underwriting results do not include any impact from purchase accounting adjustments. The first quarter and year to date combined company results are inclusive of the results of Legacy Chubb for the first 14 days of January 2016 when the acquisition had not yet been completed.

2015 “As If” 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.

“As If” company results presented throughout this document are unaudited and are provided for informational purposes only. A reconciliation of “As If” company results as defined above to pro forma results in accordance with SEC guidance under Article 11, is provided in the Reconciliation of non-GAAP section starting on page 39.

Cautionary Statement Regarding Forward-Looking Statements

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

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.

As If Results Definition

Chubb Limited

Financial Supplement Table of Contents

		Page
I.	Financial Highlights
	- Consolidated Financial Highlights		1-2
II.	Consolidated Results
	- Consolidated Statement of Operations		3
	- P&C Results - Consecutive Quarters		4-5
	- Summary Consolidated Balance Sheets		6
	- Line of Business		7
	- Consolidated Results by Segment		8-11
	- Consolidated Results by Segment - “As If” Basis		12-13
III.	Global P&C Results
	- Global P&C Underwriting Results - Consecutive Quarters		14-15
IV.	Segment Results
	- North America Commercial P&C Insurance		16-17
	- North America Personal P&C Insurance		18-19
	- North America Agricultural Insurance		20
	- Overseas General Insurance		21-22
	- Global Reinsurance		23-24
	- Life Insurance		25-26
	- Corporate		27
V.	Balance Sheet Details
	- Loss Reserve Rollforward		28
	- Reinsurance Recoverable Analysis		29
	- Investment Portfolio		30-33
	- Net Realized and Unrealized Gains (Losses)		34-35
	- Debt and Capital		36
	- Computation of Basic and Diluted Earnings Per Share		37
	- Book Value and Book Value per Common Share		38
VI.	Other Disclosures
	- Non-GAAP Financial Measures		39-47
	- Glossary		48

Chubb Limited

Consolidated Financial Highlights - Quarter

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

(Unaudited)

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

															As If *
												Constant $														Constant $
							% Change					% Change									% Change					% Change
	Three months ended September 30						3Q-16 vs.			Constant $		3Q-16 vs.			Three months ended September 30						3Q-16 vs.			Constant $		3Q-16 vs.
	2016			2015			3Q-15			2015 (1)		3Q-15 (1)			2016			2015			3Q-15			2015 (1)		3Q-15 (1)
Gross premiums written	$	9,483		$	6,346			49.4	%	$	6,288		50.8	%	$	9,483		$	9,780			-3.0	%	$	9,676		-2.0	%
Net premiums written	$	7,573		$	4,709			60.8	%	$	4,659		62.5	%	$	7,573		$	7,890			-4.0	%	$	7,799		-2.9	%
P&C net premiums written	$	7,041		$	4,217			67.0	%	$	4,171		68.8	%	$	7,041		$	7,375			-4.5	%	$	7,288		-3.4	%
Global P&C net premiums written	$	6,192		$	3,480			78.0	%	$	3,434		80.3	%	$	6,192		$	6,638			-6.7	%	$	6,551		-5.5	%
Net premiums earned	$	7,688		$	4,719			62.9	%	$	4,673		64.6	%	$	7,688		$	7,903			-2.7	%	$	7,811		-1.6	%
Net investment income	$	739		$	549			34.7	%	$	544		36.0	%
Adjusted net investment income	$	830		$	549			51.2	%	$	544		52.8	%
Operating income	$	1,356		$	897			51.1	%	$	890		52.4	%
Net income	$	1,360		$	528			157.2	%
Comprehensive income (loss)	$	1,376		$	(271	)		N/M
Operating cash flow	$	1,684		$	808
P&C combined ratio
Loss and loss expense ratio		57.0	%		58.8	%										57.0	%		55.9	%
Underwriting and administrative expense ratio		29.0	%		27.1	%										28.5	%		29.1	%
Combined ratio		86.0	%		85.9	%										85.5	%		85.0	%
Operating return on equity (ROE)		12.0	%		12.9	%
ROE		11.4	%		7.2	%
Operating effective tax rate (2)		18.4	%		13.5	%
Effective tax rate		17.0	%		20.0	%
Diluted earnings per share
Operating income	$	2.88		$	2.74			5.1	%
Net income	$	2.88		$	1.62			77.8	%
Weighted average basic common shares outstanding		468.0			324.2
Weighted average diluted common shares outstanding		471.4			327.2

(1) Prior periods on a constant dollar basis.

(2) 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.

* 2015 As If 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 - QTR Page 1

Chubb Limited

Consolidated Financial Highlights - Year to Date

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

(Unaudited)

																As If *
													Constant $														Constant $
							% Change						% Change									% Change					% Change
	Nine months ended September 30						YTD-16 vs			Constant $			YTD-16 vs			Nine months ended September 30						YTD-16 vs			Constant $		YTD-16 vs
	2016			2015			YTD-15			2015 (1)			YTD-15 (1)			2016			2015			YTD-15			2015 (1)		YTD-15 (1)
Gross premiums written	$	26,146		$	18,172			43.9	%	$	17,746			47.3	%	$	27,078		$	28,530			-5.1	%	$	27,918		-3.0	%
Net premiums written	$	21,207		$	13,569			56.3	%	$	13,225			60.4	%	$	22,062		$	23,214			-5.0	%	$	22,687		-2.8	%
P&C net premiums written	$	19,632		$	12,086			62.4	%	$	11,781			66.6	%	$	20,486		$	21,659			-5.4	%	$	21,173		-3.2	%
Global P&C net premiums written	$	18,344		$	10,882			68.6	%	$	10,577			73.4	%	$	19,198		$	20,455			-6.1	%	$	19,969		-3.9	%
Net premiums earned	$	21,690		$	13,006			66.8	%	$	12,698			70.8	%	$	22,081		$	22,443			-1.6	%	$	21,979		0.5	%
Net investment income	$	2,121		$	1,662			27.7	%	$	1,638			29.5	%
Adjusted net investment income	$	2,413		$	1,662			45.3	%	$	1,638			47.4	%
Operating income (2)	$	3,433		$	2,430			41.3	%	$	2,392			43.5	%
Net income	$	2,525		$	2,151			17.4	%
Comprehensive income	$	4,457		$	768			N/M
Operating cash flow	$	3,837		$	2,699
P&C combined ratio
Loss and loss expense ratio		58.0	%		58.3	%											58.0	%		57.2	%
Underwriting and administrative expense ratio		31.0	%		28.9	%											30.2	%		30.4	%
Combined ratio		89.0	%		87.2	%											88.2	%		87.6	%
Operating return on equity (ROE)		10.4	%		11.7	%
ROE		7.4	%		9.8	%
Operating effective tax rate (2)		17.3	%		14.0	%
Effective tax rate		18.1	%		15.5	%
Diluted earnings per share
Operating income	$	7.40		$	7.38			0.3	%
Net income	$	5.44		$	6.53			-16.7	%
Full nine months diluted earnings per share (3)
Operating income	$	7.42		$	7.38			0.5	%
Net income	$	5.49		$	6.53			-15.9	%
													% Change
										December 31			3Q-16 vs
										2015			4Q-15
Book value per common share	$	103.96								$	89.77			15.8	%
Book value per common share excluding foreign currency (4)	$	103.35								$	89.77			15.1	%
Tangible book value per common share	$	60.26								$	72.25			-16.6	%
Tangible book value per common share excluding foreign currency (4)	$	60.05								$	72.25			-16.9	%
Weighted average basic common shares outstanding		460.6			325.9						325.6
Weighted average diluted common shares outstanding		464.1			329.2						328.8
Total hybrid & financial debt/capitalization		21.7	%								25.0	%

(1) Prior periods on a constant dollar basis.

(2) 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 year was primarily due to a higher percentage of operating earnings being generated in higher tax paying jurisdictions.

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

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

* 2016 As If results: The 2016 and 2015 As If underwriting results do not include any impact from purchase accounting adjustments. The YTD 2016 combined company results are inclusive of the first 14 days of January 2016.

2015 As If 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 - YTD Page 2

Chubb Limited

Statement of Operations - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Consolidated Statements of Operations

														Legacy ACE
								Legacy ACE				YTD		YTD		Full Year
		3Q-16		2Q-16		1Q-16		4Q-15		3Q-15		2016		2015		2015
	Gross premiums written		$9,483		$9,274		$7,389		$5,639		$6,346		$26,146		$18,172		$23,811
	Net premiums written		7,573		7,639		5,995		4,144		4,709		21,207		13,569		17,713
	Net premiums earned		7,688		7,405		6,597		4,207		4,719		21,690		13,006		17,213
	Losses and loss expenses		4,269		4,254		3,674		2,302		2,643		12,197		7,182		9,484
	Policy benefits		155		146		126		159		89		427		384		543
	Policy acquisition costs		1,514		1,560		1,413		736		771		4,487		2,205		2,941
	Administrative expenses		772		829		772		570		568		2,373		1,700		2,270
	Net investment income:
(1)	Adjusted net investment income		830		816		767		532		549		2,413		1,662		2,194
	Amortization expense of fair value adjustment on acquired invested assets		(91)		(108)		(93)		—		—		(292)		—		—
	Total net investment income		739		708		674		532		549		2,121		1,662		2,194
	Net realized gains (losses):
(2)	Adjusted realized gains (losses)		97		(214)		(394)		(57)		(393)		(511)		(354)		(411)
	Realized gains (losses) on crop derivatives		3		(2)		—		(3)		(4)		1		(6)		(9)
	Total net realized gains (losses)		100		(216)		(394)		(60)		(397)		(510)		(360)		(420)
	Interest expense:
(3)	Adjusted interest expense		164		166		149		64		68		479		207		271
	Interest expense related to pre-acquisition debt		—		—		7		29		—		7		—		29
	Amortization benefit of fair value adjustment on acquired long term debt		(12)		(13)		(10)		—		—		(35)		—		—
	Total interest expense		152		153		146		93		68		451		207		300
	Other income (expense):
	Gains (losses) from fair value changes in separate account assets		22		3		(3)		13		(49)		22		(32)		(19)
	Net realized gains (losses) related to unconsolidated entities		72		18		(25)		(17)		25		65		84		67
	Other income (expense) - operating		(3)		8		—		(6)		12		5		9		3
	Total other income (expense)		91		29		(28)		(10)		(12)		92		61		51
	Amortization expense of purchased intangibles		4		5		7		35		51		16		136		171
	Chubb integration expenses		115		98		148		24		9		361		9		33
	Income tax expense		277		155		124		67		132		556		395		462
	Net income		$1,360		$726		$439		$683		$528		$2,525		$2,151		$2,834

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

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

(3) Adjusted interest expense used throughout this report excludes interest expense related to pre-acquisition debt and amortization benefit of fair value adjustment on acquired long term debt.

Statement of Operations Page 3

Chubb Limited

P&C Underwriting Results - Consecutive Quarters

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

(Unaudited)

Chubb Limited P&C Underwriting Results

										Legacy ACE									Legacy ACE
																YTD			YTD			Full Year
	3Q-16			2Q-16			1Q-16			4Q-15			3Q-15			2016			2015			2015
P&C Underwriting Income (Including Corporate and excluding Life Insurance)
Gross premiums written	$	8,921		$	8,717		$	6,843		$	5,091		$	5,824		$	24,481		$	16,599		$	21,690
Net premiums written		7,041			7,112			5,479			3,629			4,217			19,632			12,086			15,715
Net premiums earned		7,176			6,893			6,100			3,701			4,239			20,169			11,565			15,266
Adjusted losses and loss expenses		4,092			4,109			3,497			2,146			2,494			11,698			6,746			8,892
Policy acquisition costs (excluding amortization of acquired UPR intangible)		1,067			898			721			602			654			2,686			1,863			2,465
Amortization of acquired UPR intangible (1)		320			525			570			—			—			1,415			—			—
Administrative expenses		695			752			700			500			494			2,147			1,479			1,979
P&C Underwriting income	$	1,002		$	609		$	612		$	453		$	597		$	2,223		$	1,477		$	1,930
P&C Underwriting income excluding Fireman’s Fund non-recurring unearned premium reserve transfer							$	606		$	434		$	565		$	2,217		$	1,396		$	1,830
% Change versus prior year period
Net premiums written		67.0	%		66.0	%		52.8	%		-4.6	%		-0.4	%		62.4	%		0.8	%		-0.5	%
Net premiums earned		69.3	%		77.9	%		76.7	%		-4.4	%		-0.6	%		74.4	%		-0.2	%		-1.3	%
Net premiums written constant $		68.8	%		68.8	%		61.3	%		1.7	%		5.6	%		66.6	%		6.4	%		5.3	%
Net premiums earned constant $		71.0	%		81.1	%		85.3	%		1.6	%		5.4	%		78.6	%		5.4	%		4.4	%
Other ratios
Net premiums written/gross premiums written		79	%		82	%		80	%		71	%		72	%		80	%		73	%		72	%
P&C combined ratio
Loss and loss expense ratio		57.0	%		59.6	%		57.3	%		58.0	%		58.8	%		58.0	%		58.3	%		58.2	%
Policy acquisition cost ratio		19.3	%		20.6	%		21.2	%		16.2	%		15.4	%		20.3	%		16.1	%		16.1	%
Administrative expense ratio		9.7	%		11.0	%		11.5	%		13.5	%		11.7	%		10.7	%		12.8	%		13.1	%
Combined ratio		86.0	%		91.2	%		90.0	%		87.7	%		85.9	%		89.0	%		87.2	%		87.4	%
Combined ratio excluding catastrophe losses and PPD		88.9	%		89.9	%		89.9	%		88.4	%		89.2	%		89.5	%		89.0	%		88.8	%
Combined ratio excluding catastrophe losses, PPD and Fireman’s Fund non-recurring unearned premium reserve transfer								89.9	%		88.9	%		89.9	%		88.8	%		89.7	%		89.5	%
P&C expense ratio		29.0	%		31.6	%		32.7	%		29.7	%		27.1	%		31.0	%		28.9	%		29.2	%
P&C expense ratio excluding A&H		27.0	%		29.8	%		30.8	%		26.3	%		23.6	%		29.1	%		25.5	%		25.7	%
Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	—		$	6		$	—		$	(1	)	$	—		$	6		$	—		$	(1	)
Catastrophe losses - pre-tax	$	144		$	396		$	258		$	74		$	72		$	798		$	247		$	321
Favorable prior period development (PPD) - pre-tax	$	(349	)	$	(301	)	$	(247	)	$	(100	)	$	(210	)	$	(897	)	$	(446	)	$	(546	)
Loss and loss expense ratio excluding catastrophe losses and PPD		60.0	%		58.4	%		57.4	%		58.5	%		62.2	%		58.7	%		60.1	%		59.7	%

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

Note: See Glossary on page 48 for further information on the calculation of the components of combined ratios.

P&C Results - Reported Page 4

Chubb Limited

P&C Underwriting Results - Consecutive Quarters

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

(Unaudited)

Chubb Limited P&C Underwriting Results - As If Basis

	As If *
																YTD			YTD			Full Year
	3Q-16			2Q-16			1Q-16			4Q-15			3Q-15			2016			2015			2015
P&C Underwriting Income (Including Corporate and excluding Life Insurance)
Gross premiums written	$	8,921		$	8,717		$	7,774		$	8,359		$	9,234		$	25,412		$	26,882		$	35,241
Net premiums written		7,041			7,112			6,333			6,671			7,375			20,486			21,659			28,330
Net premiums earned		7,176			6,893			6,489			6,812			7,400			20,558			20,931			27,743
Adjusted losses and loss expenses		4,092			4,109			3,719			3,835			4,134			11,920			11,981			15,816
Policy acquisition costs		1,348			1,357			1,287			1,330			1,385			3,992			4,002			5,332
Administrative expenses		695			752			763			780			773			2,210			2,357			3,137
P&C Underwriting income	$	1,041		$	675		$	720		$	867		$	1,108		$	2,436		$	2,591		$	3,458
P&C Underwriting income excluding Fireman’s Fund non-recurring unearned premium reserve transfer							$	714		$	848		$	1,076		$	2,430		$	2,510		$	3,358
% Change versus prior year period
Net premiums written		-4.5	%		-6.2	%		-5.5	%								-5.4	%
Net premiums earned		-3.0	%		-1.4	%		-0.7	%								-1.8	%
Net premiums written constant $		-3.4	%		-4.7	%		-1.4	%								-3.2	%
Net premiums earned constant $		-1.9	%		0.1	%		2.9	%								0.3	%
Net premiums written constant $ excluding merger-related underwriting actions, including additional reinsurance (1)		1.1	%														-1.2	%
Other ratios
Net premiums written/gross premiums written		79	%		82	%		81	%		80	%		80	%		81	%		81	%		80	%
P&C combined ratio
Loss and loss expense ratio		57.0	%		59.6	%		57.3	%		56.3	%		55.9	%		58.0	%		57.2	%		57.0	%
Policy acquisition cost ratio		18.8	%		19.6	%		19.8	%		19.5	%		18.7	%		19.4	%		19.1	%		19.2	%
Administrative expense ratio		9.7	%		11.0	%		11.8	%		11.5	%		10.4	%		10.8	%		11.3	%		11.3	%
Combined ratio		85.5	%		90.2	%		88.9	%		87.3	%		85.0	%		88.2	%		87.6	%		87.5	%
Combined ratio excluding catastrophe losses and PPD		88.4	%		88.9	%		88.8	%		88.6	%		88.9	%		88.7	%		88.7	%		88.7	%
Combined ratio excluding catastrophe losses, PPD and Fireman’s Fund non-recurring unearned premium reserve transfer								88.8	%		88.9	%		89.4	%		88.0	%		89.1	%		89.0	%
P&C expense ratio		28.5	%		30.6	%		31.6	%		31.0	%		29.1	%		30.2	%		30.4	%		30.5	%
P&C expense ratio excluding A&H		26.4	%		28.8	%		29.8	%		29.1	%		27.3	%		28.3	%		28.5	%		28.6	%
Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	—		$	6		$	—		$	(1	)	$	—		$	6		$	—		$	(1	)
Catastrophe losses - pre-tax	$	144		$	396		$	258		$	158		$	101		$	798		$	690		$	848
Favorable prior period development (PPD) - pre-tax	$	(349	)	$	(301	)	$	(247	)	$	(253	)	$	(389	)	$	(897	)	$	(917	)	$	(1,170	)
Loss and loss expense ratio excluding catastrophe losses and PPD		60.0	%		58.4	%		57.4	%		57.6	%		59.8	%		58.6	%		58.4	%		58.2	%

(1) Included in Q3 2016 is a decrease in net premiums written of $328 million, comprising of $260 million due to additional reinsurance purchased and $68 million due to other merger-related underwriting actions.

* 2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.

2015 As If 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.

P&C Results - As If Page 5

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)

										Legacy ACE
	September 30			June 30			March 31			December 31
	2016			2016			2016			2015
Assets
Fixed maturities available for sale, at fair value	$	81,358		$	79,951		$	77,538		$	43,587
Fixed maturities held to maturity, at amortized cost		10,927			11,090			11,280			8,430
Equity securities, at fair value		803			787			893			497
Short-term investments, at fair value		3,548			3,631			3,382			10,446
Other investments		4,400			4,387			4,493			3,291
Total investments		101,036			99,846			97,586			66,251
Cash		870			1,011			1,091			1,775
Securities lending collateral		1,140			1,142			1,003			1,046
Insurance and reinsurance balances receivable		8,493			8,532			7,692			5,323
Reinsurance recoverable on losses and loss expenses		13,448			13,235			12,891			11,386
Deferred policy acquisition costs		4,238			3,948			3,376			2,873
Value of business acquired		368			381			390			395
Prepaid reinsurance premiums		2,449			2,464			2,376			2,082
Goodwill and other intangible assets		22,472			22,923			23,359			5,683
Deferred tax assets		—			—			—			318
Investments in partially-owned insurance companies		665			658			654			653
Other assets		6,631			6,063			6,226			4,521
Total assets	$	161,810		$	160,203		$	156,644		$	102,306
Liabilities
Unpaid losses and loss expenses	$	61,347		$	60,819		$	60,206		$	37,303
Unearned premiums		15,054			15,229			14,896			8,439
Future policy benefits		5,010			4,975			4,869			4,807
Insurance and reinsurance balances payable		4,885			4,944			4,733			4,270
Securities lending payable		1,141			1,143			1,004			1,047
Accounts payable, accrued expenses, and other liabilities		11,154			11,019			10,453			7,609
Deferred tax liabilities		1,418			1,409			1,142			—
Short-term debt		500			500			500			—
Long-term debt		12,621			12,631			12,636			9,389
Trust preferred securities		308			308			308			307
Total liabilities		113,438			112,977			110,747			73,171
Shareholders’ equity
Total shareholders’ equity, excl. AOCI		47,175			46,045			45,530			29,870
Accumulated other comprehensive income (AOCI)		1,197			1,181			367			(735	)
Total shareholders’ equity		48,372			47,226			45,897			29,135
Total liabilities and shareholders’ equity	$	161,810		$	160,203		$	156,644		$	102,306
Book value per common share	$	103.96		$	101.56		$	98.85		$	89.77
% change over prior quarter		2.4	%		2.7	%		10.1	%		-0.1	%
Tangible book value per common share	$	60.26		$	57.14		$	53.83		$	72.25
% change over prior quarter		5.5	%		6.1	%		-25.5	%		0.0	%

Consol Bal Sheet Page 6

Chubb Limited

Consolidated Net Premiums Written by Line of Business

(in millions of U.S. dollars)

(Unaudited)

															Constant $
															% Change
															3Q-16 vs.
															As If 3Q-15
															Excluding
												Constant $			Merger-related
							% Change					% Change			Underwriting
							3Q-16 vs.			Constant $ (1)		3Q-16 vs.			Actions
			Legacy ACE		As If		As If			As If		As If			and
	3Q-16		3Q-15		3Q-15		3Q-15			3Q-15		3Q-15			Total FF (2)
Net premiums written
Commercial multiple peril (3)	$	228	$	—	$	247		-7.7	%	$	247		-7.7	%		-7.7	%
Commercial casualty		955		595		932		2.5	%		930		2.7	%		7.8	%
Workers’ compensation		471		178		493		-4.5	%		493		-4.5	%		-3.2	%
Professional liability		958		398		1,015		-5.6	%		1,005		-4.7	%		-2.6	%
Surety		158		86		161		-1.9	%		156		1.3	%		1.3	%
Property and other short-tail lines		905		635		983		-7.9	%		961		-5.8	%		-3.1	%
International other casualty		239		177		235		1.7	%		226		5.8	%		7.1	%
Total Commercial P&C (2)		3,914		2,069		4,066		-3.7	%		4,018		-2.6	%		0.0	%
Agriculture		849		737		737		15.2	%		737		15.2	%		15.2	%
Personal automobile		358		223		358		0.0	%		348		2.9	%		6.3	%
Personal homeowners		680		180		874		-22.2	%		874		-22.2	%		2.9	%
Personal other		383		188		404		-5.2	%		388		-1.3	%		0.8	%
Total Personal lines (2)		1,421		591		1,636		-13.1	%		1,610		-11.7	%		3.2	%
Total Property and Casualty lines		6,184		3,397		6,439		-4.0	%		6,365		-2.8	%		2.6	%
Other Lines
Global A&H (2) (4)		990		889		1,005		-1.5	%		994		-0.4	%		1.0	%
Reinsurance (2)		131		185		185		-29.8	%		182		-28.5	%		-25.0	%
Life		268		238		261		2.7	%		258		3.9	%		3.9	%
Total consolidated	$	7,573	$	4,709	$	7,890		-4.0	%	$	7,799		-2.9	%		1.8	%

(1) Prior periods on a constant dollar basis.

(2) Included in Commercial P&C is a decrease in net premiums written of $104 million, comprising of $54 million due to additional reinsurance purchased and $50 million due to other merger-related underwriting actions.

Included in Personal lines is a decrease in net premiums written of $204 million, comprising of $200 million due to additional reinsurance purchased and $4 million due to other merger-related underwriting actions. Premium related to Fireman’s Fund high net worth personal lines business was $76 million in 2016 compared to $109 million in 2015.

Included in Global A&H is a decrease in net premiums written of $14 million due to merger-related underwriting actions.

Included in Reinsurance is a decrease in net premiums written of $6 million due to additional reinsurance purchased.

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

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

2015 As If results: Legacy ACE plus Legacy Chubb historical results.

Line of Business Page 7

Chubb Limited

Consolidated Results - Three months ended September 30, 2016

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

(Unaudited)

	North			North			North
	America			America			America			Overseas
	Commercial P&C			Personal P&C			Agricultural			General			Global						Total			Life			Total
Q3 2016	Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C			Insurance			Consolidated
Net premiums written	$	3,110		$	1,011		$	849		$	1,940		$	131		$	—		$	7,041		$	532		$	7,573
Net premiums earned		3,086			1,081			819			2,034			156			—			7,176			512			7,688
Adjusted losses and loss expenses		1,863			594			680			843			49			63			4,092			174			4,266
Policy benefits		—			—			—			—			—			—			—			155			155
(Gains) losses from fair value changes in separate account assets (1)		—			—			—			—			—			—			—			(22	)		(22	)
Policy acquisition costs (excluding amortization of acquired UPR intangible)		346			128			48			503			42			—			1,067			127			1,194
Amortization of acquired UPR intangible (2)		176			101			—			43			—			—			320			—			320
Administrative expenses		275			89			1			261			12			57			695			77			772
Underwriting income (loss)		426			169			90			384			53			(120	)		1,002			1			1,003
Adjusted net investment income		477			53			5			152			67			5			759			71			830
Other income (expense) - operating (1)		(3	)		(2	)		—			6			—			(2	)		(1	)		(2	)		(3	)
Amortization (expense) benefit of purchased intangibles		—			(4	)		(7	)		(12	)		—			20			(3	)		(1	)		(4	)
Segment income (loss)	$	900		$	216		$	88		$	530		$	120		$	(97	)	$	1,757		$	69		$	1,826
Adjusted interest expense																	(164	)								(164	)
Income tax expense																	(306	)								(306	)
Operating income (loss)																	(567	)								1,356
Chubb integration expenses, net of $30 million tax benefit																	(85	)								(85	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $26 million tax benefit (2)																	(53	)								(53	)
Adjusted net realized gains (losses), net of $15 million tax																	82									82
Net realized gains (losses) related to unconsolidated entities, net of $12 million tax																	60									60
Net income (loss)																$	(563	)							$	1,360
Combined ratio		86.2	%		84.4	%		88.9	%		81.2	%		66.3	%					86.0	%
Combined ratio excluding catastrophe losses and PPD		89.4	%		78.8	%		90.1	%		91.1	%		78.1	%					88.9	%

(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 underwriting income presentation from Other income (expense).

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

Consol Results 2016 - QTD Page 8

Chubb Limited

Consolidated Results - Three months ended September 30, 2015

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

(Unaudited)

	Legacy ACE
	North			North			North
	America			America			America			Overseas
	Commercial P&C			Personal P&C			Agricultural			General			Global						Total			Life			Total
Q3 2015	Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C			Insurance			Consolidated
Net premiums written	$	1,433		$	278		$	737		$	1,584		$	185		$	—		$	4,217		$	492		$	4,709
Net premiums earned		1,410			272			739			1,615			203			—			4,239			480			4,719
Adjusted Losses and loss expenses		913			179			624			674			20			84			2,494			153			2,647
Policy benefits		—			—			—			—			—			—			—			89			89
(Gains) losses from fair value changes in separate account assets (1)		—			—			—			—			—			—			—			49			49
Policy acquisition costs		142			13			42			405			52			—			654			117			771
Administrative expenses		154			36			—			246			12			46			494			74			568
Underwriting income (loss)		201			44			73			290			119			(130	)		597			(2	)		595
Net investment income		260			7			5			132			76			3			483			66			549
Other income (expense) - operating (1)		3			(1	)		1			6			4			(2	)		11			1			12
Amortization expense of purchased intangibles		—			(31	)		(8	)		(12	)		—			—			(51	)		—			(51	)
Segment income (loss)	$	464		$	19		$	71		$	416		$	199		$	(129	)	$	1,040		$	65		$	1,105
Interest expense																	(68	)								(68	)
Income tax expense																	(140	)								(140	)
Operating income (loss)																	(337	)								897
Chubb integration expenses, net of $2 million tax benefit																	(7	)								(7	)
Adjusted net realized gains (losses), net of $13 million tax benefit																	(380	)								(380	)
Net realized gains (losses) related to unconsolidated entities, net of $7 million tax																	18									18
Net income (loss)																$	(706	)							$	528
Combined ratio		85.8	%		83.7	%		90.2	%		82.0	%		41.2	%					85.9	%
Combined ratio excluding catastrophe losses and PPD		89.3	%		70.5	%		90.8	%		90.5	%		75.3	%					89.2	%

(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 underwriting income presentation from Other income (expense).

Consol Results 2015 - QTD Page 9

Chubb Limited

Consolidated Results - Nine months ended September 30, 2016

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

(Unaudited)

	North			North			North
	America			America			America			Overseas
	Commercial P&C			Personal P&C			Agricultural			General			Global						Total			Life			Total
YTD 2016	Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C			Insurance			Consolidated
Net premiums written	$	8,657		$	3,113		$	1,288		$	6,012		$	562		$	—		$	19,632		$	1,575		$	21,207
Net premiums earned		9,130			3,245			1,169			6,082			543			—			20,169			1,521			21,690
Adjusted losses and loss expenses		5,581			1,916			936			2,953			225			87			11,698			498			12,196
Policy benefits		—			—			—			—			—			—			—			427			427
(Gains) losses from fair value changes in separate account assets (1)		—			—			—			—			—			—			—			(22	)		(22	)
Policy acquisition costs (excluding amortization of acquired UPR intangible)		768			300			77			1,399			142			—			2,686			386			3,072
Amortization of acquired UPR intangible (2)		781			447			—			187			—			—			1,415			—			1,415
Administrative expenses		840			275			(1	)		801			40			192			2,147			226			2,373
Underwriting income (loss)		1,160			307			157			742			136			(279	)		2,223			6			2,229
Adjusted net investment income		1,371			155			15			445			199			21			2,206			207			2,413
Other income (expense) - operating (1)		6			(6	)		—			16			3			(6	)		13			(8	)		5
Amortization (expense) benefit of purchased intangibles		—			(16	)		(22	)		(36	)		—			60			(14	)		(2	)		(16	)
Segment income (loss)	$	2,537		$	440		$	150		$	1,167		$	338		$	(204	)	$	4,428		$	203		$	4,631
Adjusted interest expense																	(479	)								(479	)
Income tax expense																	(719	)								(719	)
Operating income (loss)																	(1,402	)								3,433
Chubb integration and related expenses, net of $106 million tax benefit																	(262	)								(262	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $79 million tax benefit (2)																	(178	)								(178	)
Adjusted net realized gains (losses), net of $13 million tax																	(524	)								(524	)
Net realized gains (losses) related to unconsolidated entities, net of $9 million tax																	56									56
Net income (loss)																$	(2,310	)							$	2,525
Combined ratio		87.3	%		90.5	%		86.6	%		87.8	%		75.0	%					89.0	%
Combined ratio excluding catastrophe losses and PPD		89.5	%		81.4	%		90.0	%		91.5	%		78.5	%					89.5	%

(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 underwriting income presentation from Other income (expense).

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

Consol Results 2016 - YTD Page 10

Chubb Limited

Consolidated Results - Nine months ended September 30, 2015

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

(Unaudited)

	Legacy ACE
	North			North			North
	America			America			America			Overseas
	Commercial P&C			Personal P&C			Agricultural			General			Global						Total			Life			Total
YTD 2015	Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C			Insurance			Consolidated
Net premiums written	$	4,158		$	958		$	1,204		$	5,047		$	719		$	—		$	12,086		$	1,483		$	13,569
Net premiums earned		4,209			687			1,124			4,896			649			—			11,565			1,441			13,006
Adjusted losses and loss expenses		2,744			446			919			2,304			191			142			6,746			443			7,188
Policy benefits		—			—			—			—			—			—			—			383			384
(Gains) losses from fair value changes in separate account assets (1)		—			—			—			—			—			—			—			32			32
Policy acquisition costs		403			43			61			1,190			166			—			1,863			342			2,205
Administrative expenses		459			89			3			756			37			135			1,479			221			1,700
Underwriting income (loss)		603			109			141			646			255			(277	)		1,477			20			1,497
Net investment income		780			19			17			409			230			9			1,464			198			1,662
Other income (expense) - operating (1)		5			(1	)		(1	)		12			5			(11	)		9			—			9
Amortization expense of purchased intangibles		—			(63	)		(22	)		(50	)		—			—			(135	)		(1	)		(136	)
Segment income (loss)	$	1,388		$	64		$	135		$	1,017		$	490		$	(279	)	$	2,815		$	217		$	3,032
Interest expense																	(207	)								(207	)
Income tax expense																	(395	)								(395	)
Operating income (loss)																	(881	)								2,430
Chubb integration expenses, net of $2 million tax benefit																	(7	)								(7	)
Adjusted net realized gains (losses), net of $10 million tax benefit																	(344	)								(344	)
Net realized gains (losses) related to unconsolidated entities, net of $12 million tax																	72									72
Net income (loss)																$	(1,160	)							$	2,151
Combined ratio		85.7	%		84.1	%		87.5	%		86.8	%		60.6	%					87.2	%
Combined ratio excluding catastrophe losses and PPD		88.7	%		71.6	%		90.1	%		90.2	%		76.8	%					89.0	%

(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 underwriting income presentation from Other income (expense).

Consol Results 2015 - YTD Page 11

Chubb Limited

Segment Results - As If Basis

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

(Unaudited)

	As If * (excluding purchase accounting adjustments)
	North America			North America			North America			Overseas
	Commercial P&C			Personal P&C			Agricultural			General			Global												Total
Q3 2016	Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			Total P&C			Life Insurance			Consolidated
Net premiums written	$	3,110		$	1,011		$	849		$	1,940		$	131		$	—		$	7,041		$	532		$	7,573
Net premiums earned		3,086			1,081			819			2,034			156			—			7,176			512			7,688
Adjusted losses and loss expenses		1,863			594			680			843			49			63			4,092			174			4,266
Policy benefits		—			—			—			—			—			—			—			155			155
(Gains) losses from fair value changes in separate account assets		—			—			—			—			—			—			—			(22	)		(22	)
Policy acquisition costs		496			211			48			551			42			—			1,348			127			1,475
Administrative expenses		275			89			1			261			12			57			695			77			772
Adjusted underwriting income (loss)	$	452		$	187		$	90		$	379		$	53		$	(120	)	$	1,041		$	1		$	1,042
Adjusted combined ratio		85.3	%		82.8	%		88.9	%		81.4	%		66.3	%					85.5	%
Adjusted combined ratio excluding catastrophe losses and PPD		88.6	%		77.2	%		90.1	%		91.3	%		78.1	%					88.4	%
	As If * (excluding purchase accounting adjustments)
	North America			North America			North America			Overseas
	Commercial P&C			Personal P&C			Agricultural			General			Global												Total
Q3 2015	Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			Total P&C			Life Insurance			Consolidated
Net premiums written	$	3,186		$	1,210		$	737		$	2,057		$	185		$	—		$	7,375		$	515		$	7,890
Net premiums earned		3,156			1,147			739			2,146			212			—			7,400			503			7,903
Adjusted losses and loss expenses		1,798			629			624			948			21			114			4,134			165			4,299
Policy benefits		—			—			—			—			—			—			—			89			89
(Gains) losses from fair value changes in separate account assets		—			—			—			—			—			—			—			49			49
Policy acquisition costs		517			211			42			563			52			—			1,385			120			1,505
Administrative expenses		288			98			—			290			13			84			773			83			856
Underwriting income (loss)	$	553		$	209		$	73		$	345		$	126		$	(198	)	$	1,108		$	(3	)	$	1,105
Underwriting income excluding Fireman’s Fund non-recurring unearned premium reserve transfer				$	177														$	1,076					$	1,073
Combined ratio		82.5	%		81.8	%		90.2	%		83.9	%		40.3	%					85.0	%
Combined ratio excluding catastrophe losses and PPD		88.4	%		77.6	%		90.8	%		92.7	%		75.4	%					88.9	%
Combined ratio excluding catastrophe losses, PPD and Fireman’s Fund non-recurring unearned premium reserve transfer					80.4	%														89.4	%

The following table presents the reconciliation of Q3 2016 underwriting income (loss) for each segment to Q3 2016 adjusted underwriting income (loss) shown above.

	North America			North America			North America		Overseas
	Commercial P&C			Personal P&C			Agricultural		General			Global										Total
Q3 2016	Insurance			Insurance			Insurance		Insurance			Reinsurance		Corporate			Total P&C			Life Insurance		Consolidated
Underwriting income (loss)	$	426		$	169		$	90	$	384		$	53	$	(120	)	$	1,002		$	1	$	1,003
Less: amortization of acquired UPR intangible (1)		176			101			—		43			—		—			320			—		320
Add: elimination of DAC benefit (1)		(150	)		(83	)		—		(48	)		—		—			(281	)		—		(281	)
Adjusted underwriting income (loss)	$	452		$	187		$	90	$	379		$	53	$	(120	)	$	1,041		$	1	$	1,042

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

* 2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments.

2015 As If 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.

As If - QTD Page 12

Chubb Limited

Segment Results - As If Basis

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

(Unaudited)

	As If * (excluding purchase accounting adjustments)
	North America			North America			North America			Overseas
	Commercial P&C			Personal P&C			Agricultural			General			Global												Total
YTD 2016	Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			Total P&C			Life Insurance			Consolidated
Net premiums written	$	9,176		$	3,213		$	1,288		$	6,227		$	582		$	—		$	20,486		$	1,576		$	22,062
Net premiums earned		9,338			3,355			1,169			6,153			543			—			20,558			1,523			22,081
Adjusted losses and loss expenses		5,708			1,969			936			2,995			225			87			11,920			498			12,418
Policy benefits		—			—			—			—			—			—			—			427			427
(Gains) losses from fair value changes in separate account assets		—			—			—			—			—			—			—			(22	)		(22	)
Policy acquisition costs		1,464			683			77			1,626			142			—			3,992			387			4,379
Administrative expenses		875			288			(1	)		813			40			195			2,210			227			2,437
Adjusted underwriting income (loss)	$	1,291		$	415		$	157		$	719		$	136		$	(282	)	$	2,436		$	6		$	2,442
Adjusted combined ratio		86.2	%		87.6	%		86.6	%		88.3	%		75.0	%					88.2	%
Adjusted combined ratio excluding catastrophe losses and PPD		88.4	%		78.8	%		90.0	%		92.0	%		78.5	%					88.7	%
	As If * (excluding purchase accounting adjustments)
	North America			North America			North America			Overseas
	Commercial P&C			Personal P&C			Agricultural			General			Global												Total
YTD 2015	Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			Total P&C			Life Insurance			Consolidated
Net premiums written	$	9,367		$	3,669		$	1,204		$	6,673		$	746		$	—		$	21,659		$	1,555		$	23,214
Net premiums earned		9,344			3,314			1,124			6,482			667			—			20,931			1,512			22,443
Adjusted losses and loss expenses		5,498			2,072			919			3,109			192			191			11,981			477			12,458
Policy benefits		—			—			—			—			—			—			—			384			384
(Gains) losses from fair value changes in separate account assets		—			—			—			—			—			—			—			32			32
Policy acquisition costs		1,482			630			61			1,663			166			—			4,002			356			4,358
Administrative expenses		883			283			3			911			43			234			2,357			248			2,605
Underwriting income (loss)	$	1,481		$	329		$	141		$	799		$	266		$	(425	)	$	2,591		$	15		$	2,606
Underwriting income excluding Fireman’s Fund non-recurring unearned premium reserve transfer				$	229														$	2,491					$	2,506
Combined ratio		84.2	%		90.1	%		87.5	%		87.7	%		59.9	%					87.6	%
Combined ratio excluding catastrophe losses and PPD		88.2	%		79.1	%		90.1	%		91.7	%		77.2	%					88.7	%
Combined ratio excluding catastrophe losses, PPD and Fireman’s Fund non-recurring unearned premium reserve transfer					81.5	%														89.1	%

The following table presents the reconciliation of YTD 2016 underwriting income (loss) for each segment to YTD 2016 adjusted underwriting income (loss) shown above.

	North America			North America			North America		Overseas
	Commercial P&C			Personal P&C			Agricultural		General			Global										Total
YTD 2016	Insurance			Insurance			Insurance		Insurance			Reinsurance		Corporate			Total P&C			Life Insurance		Consolidated
Underwriting income (loss)	$	1,160		$	307		$	157	$	742		$	136	$	(279	)	$	2,223		$	6	$	2,229
Add: Pre-acquisition underwriting income (loss) (14 days prior to close)		13			30			—		4			—		(3	)		44			—		44
Less: amortization of acquired UPR intangible (1)		781			447			—		187			—		—			1,415			—		1,415
Add: elimination of DAC benefit (1)		(663	)		(369	)		—		(214	)		—		—			(1,246	)		—		(1,246	)
Adjusted underwriting income (loss)	$	1,291		$	415		$	157	$	719		$	136	$	(282	)	$	2,436		$	6	$	2,442

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

* 2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The YTD 2016 As If company results are inclusive of the first 14 days of January 2016.

2015 As If 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.

As If - YTD Page 13

Chubb Limited

Global P&C Underwriting Results - Consecutive Quarters

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

(Unaudited)

Global P&C includes the company’s North America Commercial P&C Insurance segment (refer to page 16), North America Personal P&C Insurance segment (refer to page 18), Overseas General Insurance segment (refer to page 21), Global Reinsurance segment (refer to page 23), and Corporate (refer to page 27). Global P&C excludes the North America Agricultural Insurance and Life Insurance segments.

Global P&C (Including Corporate and excluding Agriculture)

										Legacy ACE									Legacy ACE
																YTD			YTD			Full Year
	3Q-16			2Q-16			1Q-16			4Q-15			3Q-15			2016			2015			2015
Global P&C Underwriting Income
Gross premiums written	$	7,681		$	8,172		$	6,707		$	4,821		$	4,581		$	22,560		$	14,662		$	19,483
Net premiums written		6,192			6,737			5,415			3,487			3,480			18,344			10,882			14,369
Net premiums earned		6,357			6,566			6,077			3,461			3,500			19,000			10,441			13,902
Losses and loss expenses		3,412			3,823			3,527			1,968			1,870			10,762			5,827			7,795
Policy acquisition costs (excluding amortization of acquired UPR intangible)		1,019			873			717			594			612			2,609			1,802			2,396
Amortization of acquired UPR intangible (1)		320			525			570			—			—			1,415			—			—
Administrative expenses		694			750			704			502			494			2,148			1,476			1,978
Global P&C Underwriting income	$	912		$	595		$	559		$	397		$	524		$	2,066		$	1,336		$	1,733
Global P&C Underwriting income excluding Fireman’s Fund non-recurring unearned premium reserve transfer							$	553		$	378		$	492		$	2,060		$	1,255		$	1,633
% Change versus prior year period
Net premiums written		78.0	%		72.5	%		54.9	%		-2.0	%		0.3	%		68.6	%		2.3	%		1.2	%
Net premiums earned		81.6	%		84.8	%		79.4	%		-2.4	%		0.0	%		82.0	%		0.5	%		-0.3	%
Net premiums written constant $		80.3	%		75.7	%		63.6	%		4.9	%		7.8	%		73.4	%		8.7	%		7.7	%
Net premiums earned constant $		83.8	%		88.4	%		88.3	%		4.3	%		7.6	%		86.8	%		6.8	%		6.2	%
Other ratios
Net premiums written/gross premiums written		81	%		82	%		81	%		72	%		76	%		81	%		74	%		74	%
Combined ratio
Loss and loss expense ratio		53.7	%		58.2	%		58.0	%		56.9	%		53.4	%		56.6	%		55.8	%		56.1	%
Policy acquisition cost ratio		21.1	%		21.3	%		21.2	%		17.1	%		17.5	%		21.2	%		17.3	%		17.2	%
Administrative expense ratio		10.9	%		11.4	%		11.6	%		14.5	%		14.1	%		11.3	%		14.1	%		14.2	%
Combined ratio		85.7	%		90.9	%		90.8	%		88.5	%		85.0	%		89.1	%		87.2	%		87.5	%
Combined ratio excluding catastrophe losses and PPD		88.8	%		89.8	%		90.0	%		89.1	%		88.8	%		89.5	%		88.8	%		88.9	%
Combined ratio excluding catastrophe losses, PPD and Fireman’s Fund non-recurring unearned premium reserve transfer								90.1	%		89.6	%		89.8	%		88.8	%		89.6	%		89.6	%
Expense ratio		32.0	%		32.7	%		32.8	%		31.6	%		31.6	%		32.5	%		31.4	%		31.4	%
Expense ratio excluding A&H		30.0	%		31.0	%		31.0	%		28.3	%		28.2	%		30.7	%		28.1	%		28.1	%
Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	—		$	6		$	—		$	(1	)	$	—		$	6		$	—		$	(1	)
Catastrophe losses - pre-tax	$	143		$	382		$	256		$	73		$	72		$	781		$	239		$	312
Favorable prior period development (PPD) - pre-tax	$	(338	)	$	(301	)	$	(206	)	$	(93	)	$	(205	)	$	(845	)	$	(408	)	$	(501	)
Loss and loss expense ratio excluding catastrophe losses and PPD		56.9	%		57.1	%		57.2	%		57.3	%		57.3	%		57.1	%		57.5	%		57.4	%

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

Global P&C - Reported Page 14

Chubb Limited

Global P&C Underwriting Results - Consecutive Quarters

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

(Unaudited)

Global P&C includes the company’s North America Commercial P&C Insurance segment (refer to page 17), North America Personal P&C Insurance segment (refer to page 19), Overseas General Insurance segment (refer to page 22), Global Reinsurance segment (refer to page 24), and Corporate (refer to page 27). Global P&C excludes the North America Agricultural Insurance and Life Insurance segments.

Global P&C (Including Corporate and excluding Agriculture)

	As If *
																YTD			YTD			Full Year
	3Q-16			2Q-16			1Q-16			4Q-15			3Q-15			2016			2015			2015
Global P&C Underwriting Income
Gross premiums written	$	7,681		$	8,172		$	7,638		$	8,089		$	7,991		$	23,491		$	24,945		$	33,034
Net premiums written		6,192			6,737			6,269			6,529			6,638			19,198			20,455			26,984
Net premiums earned		6,357			6,566			6,466			6,572			6,661			19,389			19,807			26,379
Losses and loss expenses		3,412			3,823			3,749			3,657			3,510			10,984			11,062			14,719
Policy acquisition costs		1,300			1,332			1,283			1,322			1,343			3,915			3,941			5,263
Administrative expenses		694			750			767			782			773			2,211			2,354			3,136
Global P&C Underwriting income	$	951		$	661		$	667		$	811		$	1,035		$	2,279		$	2,450		$	3,261
Global P&C Underwriting income excluding Fireman’s Fund non-recurring unearned premium reserve transfer							$	661		$	792		$	1,003		$	2,273		$	2,369		$	3,161
% Change versus prior year period
Net premiums written		-6.7	%		-6.5	%		-5.2	%								-6.1	%
Net premiums earned		-4.5	%		-1.6	%		-0.1	%								-2.1	%
Net premiums written constant $		-5.5	%		-4.9	%		-1.0	%								-3.9	%
Net premiums earned constant $		-3.3	%		0.0	%		3.6	%								0.0	%
Net premiums written constant $ excluding merger-related underwriting actions, including additional reinsurance (1)		-0.5	%														-1.6	%
Other ratios
Net premiums written/gross premiums written		81	%		82	%		82	%		81	%		83	%		82	%		82	%		82	%
Combined ratio
Loss and loss expense ratio		53.7	%		58.2	%		58.0	%		55.6	%		52.7	%		56.6	%		55.8	%		55.8	%
Policy acquisition cost ratio		20.4	%		20.3	%		19.9	%		20.1	%		20.1	%		20.2	%		19.9	%		19.9	%
Administrative expense ratio		10.9	%		11.4	%		11.8	%		12.0	%		11.7	%		11.4	%		11.9	%		11.9	%
Combined ratio		85.0	%		89.9	%		89.7	%		87.7	%		84.5	%		88.2	%		87.6	%		87.6	%
Combined ratio excluding catastrophe losses and PPD		88.2	%		88.8	%		88.9	%		89.0	%		88.7	%		88.6	%		88.6	%		88.7	%
Combined ratio excluding catastrophe losses, PPD and Fireman’s Fund non-recurring unearned premium reserve transfer								89.0	%		89.3	%		89.2	%		87.9	%		89.0	%		89.1	%
Expense ratio		31.3	%		31.7	%		31.7	%		32.1	%		31.8	%		31.6	%		31.8	%		31.8	%
Expense ratio excluding A&H		29.3	%		29.9	%		29.9	%		30.2	%		29.9	%		29.7	%		29.9	%		30.0	%
Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	—		$	6		$	—		$	(1	)	$	—		$	6		$	—		$	(1	)
Catastrophe losses - pre-tax	$	143		$	382		$	256		$	157		$	101		$	781		$	682		$	839
Favorable prior period development (PPD) - pre-tax	$	(338	)	$	(301	)	$	(206	)	$	(246	)	$	(384	)	$	(845	)	$	(879	)	$	(1,125	)
Loss and loss expense ratio excluding catastrophe losses and PPD		56.9	%		57.1	%		57.2	%		56.9	%		57.0	%		57.1	%		56.9	%		56.9	%

(1) Included in Q3 2016 is a decrease in net premiums written of $328 million, comprising of $260 million due to additional reinsurance purchased and $68 million due to other merger-related underwriting actions.

* 2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.

2015 As If 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 - As If Page 15

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Commercial P&C Insurance

										Legacy ACE									Legacy ACE
																YTD			YTD			Full Year
	3Q-16			2Q-16			1Q-16			4Q-15			3Q-15			2016			2015			2015
Gross premiums written	$	3,832		$	4,041		$	3,004		$	2,408		$	1,994		$	10,877		$	6,043		$	8,451
Net premiums written		3,110			3,245			2,302			1,557			1,433			8,657			4,158			5,715
Net premiums earned		3,086			3,148			2,896			1,425			1,410			9,130			4,209			5,634
Losses and loss expenses		1,863			1,971			1,747			917			913			5,581			2,744			3,661
Policy acquisition costs (excluding amortization of acquired UPR intangible)		346			255			167			128			142			768			403			531
Amortization of acquired UPR intangible (1)		176			290			315			—			—			781			—			—
Administrative expenses		275			299			266			162			154			840			459			621
Underwriting income		426			333			401			218			201			1,160			603			821
Adjusted net investment income		477			468			426			252			260			1,371			780			1,032
Other income (expense) - operating		(3	)		9			—			2			3			6			5			7
Segment income	$	900		$	810		$	827		$	472		$	464		$	2,537		$	1,388		$	1,860
Combined ratio
Loss and loss expense ratio		60.4	%		62.6	%		60.3	%		64.4	%		64.7	%		61.1	%		65.2	%		65.0	%
Policy acquisition cost ratio		16.9	%		17.3	%		16.7	%		8.9	%		10.1	%		17.0	%		9.6	%		9.4	%
Administrative expense ratio		8.9	%		9.6	%		9.1	%		11.3	%		11.0	%		9.2	%		10.9	%		11.0	%
Combined ratio		86.2	%		89.5	%		86.1	%		84.6	%		85.8	%		87.3	%		85.7	%		85.4	%
Combined ratio excluding catastrophe losses and PPD		89.4	%		89.7	%		89.5	%		88.3	%		89.3	%		89.5	%		88.7	%		88.6	%
Catastrophe losses - pre-tax	$	90		$	160		$	81		$	25		$	10		$	331		$	60		$	85
Favorable prior period development (PPD) - pre-tax	$	(187	)	$	(168	)	$	(178	)	$	(79	)	$	(59	)	$	(533	)	$	(185	)	$	(264	)
Loss and loss expense ratio excluding catastrophe losses and PPD		63.8	%		62.9	%		63.7	%		67.8	%		68.3	%		63.5	%		68.3	%		68.2	%
% Change versus prior year period
Net premiums written		117.1	%		127.4	%		77.4	%		2.1	%		2.9	%		108.2	%		-0.1	%		0.5	%
Net premiums earned		119.1	%		121.8	%		109.9	%		0.5	%		2.3	%		117.0	%		1.9	%		1.6	%
Other ratios
Net premiums written/gross premiums written		81	%		80	%		77	%		65	%		72	%		80	%		69	%		68	%

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

NA Commercial - Reported Page 16

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Commercial P&C Insurance

	As If*
																YTD			YTD			Full Year
	3Q-16			2Q-16			1Q-16			4Q-15			3Q-15			2016			2015			2015
Gross premiums written	$	3,832		$	4,041		$	3,572		$	4,237		$	3,906		$	11,445		$	11,706		$	15,943
Net premiums written		3,110			3,245			2,821			3,247			3,186			9,176			9,367			12,614
Net premiums earned		3,086			3,148			3,104			3,140			3,156			9,338			9,344			12,484
Losses and loss expenses		1,863			1,971			1,874			1,844			1,798			5,708			5,498			7,342
Policy acquisition costs		496			499			469			498			517			1,464			1,482			1,980
Administrative expenses		275			299			301			304			288			875			883			1,187
Underwriting income	$	452		$	379		$	460		$	494		$	553		$	1,291		$	1,481		$	1,975
Combined ratio
Loss and loss expense ratio		60.4	%		62.6	%		60.4	%		58.7	%		57.0	%		61.1	%		58.8	%		58.8	%
Policy acquisition cost ratio		16.0	%		15.8	%		15.1	%		15.9	%		16.3	%		15.7	%		15.9	%		15.9	%
Administrative expense ratio		8.9	%		9.6	%		9.7	%		9.6	%		9.2	%		9.4	%		9.5	%		9.5	%
Combined ratio		85.3	%		88.0	%		85.2	%		84.2	%		82.5	%		86.2	%		84.2	%		84.2	%
Combined ratio excluding catastrophe losses and PPD		88.6	%		88.3	%		88.3	%		88.5	%		88.4	%		88.4	%		88.2	%		88.3	%
Catastrophe losses - pre-tax	$	90		$	160		$	81		$	84		$	18		$	331		$	184		$	268
Favorable prior period development (PPD) - pre-tax	$	(187	)	$	(168	)	$	(178	)	$	(220	)	$	(202	)	$	(533	)	$	(563	)	$	(783	)
Loss and loss expense ratio excluding catastrophe losses and PPD		63.8	%		62.9	%		63.5	%		62.9	%		62.9	%		63.4	%		63.0	%		62.9	%
% Change versus prior year period
Net premiums written		-2.4	%		-0.2	%		-3.7	%								-2.0	%
Net premiums earned		-2.2	%		1.1	%		1.0	%								0.0	%
Net premiums written excluding merger-related underwriting actions, including additional reinsurance (1)		0.0	%														-0.3	%
Other ratios
Net premiums written/gross premiums written		81	%		80	%		79	%		77	%		82	%		80	%		80	%		79	%
Production by Size	3Q-16
Net Premiums Written
Major account & specialty (2)	$	1,832
Commercial (3)		1,278
Total	$	3,110

(1) Included in Q3 2016 is a decrease in net premiums written of $75 million, comprising of $47 million due to additional reinsurance purchased and $28 million due to other merger-related underwriting actions.

(2) Principally large corporate accounts and wholesale business.

(3) Principally middle market and small commercial accounts.

* 2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.

2015 As If 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 - As If Page 17

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Personal P&C Insurance

										Legacy ACE									Legacy ACE
																YTD			YTD			Full Year
	3Q-16			2Q-16			1Q-16			4Q-15			3Q-15			2016			2015			2015
Gross premiums written	$	1,323		$	1,369		$	974		$	314		$	378		$	3,666		$	1,359		$	1,673
Net premiums written		1,011			1,231			871			234			278			3,113			958			1,192
Net premiums earned		1,081			1,140			1,024			261			272			3,245			687			948
Losses and loss expenses		594			661			661			144			179			1,916			446			590
Policy acquisition costs (excluding amortization of acquired UPR intangible)		128			104			68			26			13			300			43			69
Amortization of acquired UPR intangible (1)		101			165			181			—			—			447			—			—
Administrative expenses		89			98			88			34			36			275			89			123
Underwriting income		169			112			26			57			44			307			109			166
Adjusted net investment income		53			55			47			6			7			155			19			25
Other expense - operating		(2	)		(3	)		(1	)		(1	)		(1	)		(6	)		(1	)		(2	)
Amortization expense of purchased intangibles		(4	)		(4	)		(8	)		(15	)		(31	)		(16	)		(63	)		(78	)
Segment income	$	216		$	160		$	64		$	47		$	19		$	440		$	64		$	111
Underwriting income excluding Fireman’s Fund non-recurring unearned premium reserve transfer							$	20		$	38		$	12		$	301		$	28		$	66
Combined ratio
Loss and loss expense ratio		54.9	%		58.0	%		64.6	%		55.2	%		65.8	%		59.1	%		64.9	%		62.3	%
Policy acquisition cost ratio		21.2	%		23.6	%		24.3	%		10.1	%		4.9	%		23.0	%		6.3	%		7.3	%
Administrative expense ratio		8.3	%		8.5	%		8.6	%		13.1	%		13.0	%		8.4	%		12.9	%		13.0	%
Combined ratio		84.4	%		90.1	%		97.5	%		78.4	%		83.7	%		90.5	%		84.1	%		82.6	%
Combined ratio excluding catastrophe losses and PPD		78.8	%		83.0	%		82.5	%		77.5	%		70.5	%		81.4	%		71.6	%		73.2	%
Combined ratio excluding catastrophe losses, PPD and Fireman’s Fund non-recurring unearned premium reserve transfer								83.1	%		84.6	%		82.5	%		81.7	%		83.5	%		83.8	%
Catastrophe losses - pre-tax	$	22		$	97		$	156		$	2		$	12		$	275		$	61		$	63
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	38		$	(15	)	$	(3	)	$	—		$	25		$	20		$	25		$	25
Loss and loss expense ratio excluding catastrophe losses and PPD		49.3	%		50.9	%		49.6	%		54.3	%		52.6	%		50.0	%		52.4	%		52.9	%
% Change versus prior year period
Net premiums written		263.4	%		125.1	%		NM			62.7	%		86.0	%		225.0	%		120.9	%		106.4	%
Net premiums earned		296.3	%		322.4	%		NM			82.5	%		92.6	%		372.1	%		64.6	%		69.2	%
Other ratios
Net premiums written/gross premiums written		76	%		90	%		89	%		75	%		74	%		85	%		70	%		71	%

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

NA Personal - Reported Page 18

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Personal P&C Insurance

	As If*
																YTD			YTD			Full Year
	3Q-16			2Q-16			1Q-16			4Q-15			3Q-15			2016			2015			2015
Gross premiums written	$	1,323		$	1,369		$	1,083		$	1,226		$	1,368		$	3,775		$	4,218		$	5,444
Net premiums written		1,011			1,231			971			1,093			1,210			3,213			3,669			4,762
Net premiums earned		1,081			1,140			1,134			1,140			1,147			3,355			3,314			4,454
Losses and loss expenses		594			661			714			597			629			1,969			2,072			2,669
Policy acquisition costs		211			240			232			228			211			683			630			858
Administrative expenses		89			98			101			96			98			288			283			379
Underwriting income	$	187		$	141		$	87		$	219		$	209		$	415		$	329		$	548
Underwriting income excluding Fireman’s Fund non-recurring unearned premium reserve transfer							$	81		$	200		$	177		$	409		$	248		$	448
Combined ratio
Loss and loss expense ratio		54.9	%		58.0	%		62.9	%		52.4	%		54.9	%		58.7	%		62.5	%		59.9	%
Policy acquisition cost ratio		19.6	%		21.1	%		20.5	%		20.0	%		18.4	%		20.4	%		19.1	%		19.3	%
Administrative expense ratio		8.3	%		8.5	%		8.9	%		8.5	%		8.5	%		8.5	%		8.5	%		8.5	%
Combined ratio		82.8	%		87.6	%		92.3	%		80.9	%		81.8	%		87.6	%		90.1	%		87.7	%
Combined ratio excluding catastrophe losses and PPD		77.2	%		80.5	%		78.7	%		80.9	%		77.6	%		78.8	%		79.1	%		79.5	%
Combined ratio excluding catastrophe losses, PPD and Fireman’s Fund non-recurring unearned premium reserve transfer								79.3	%		82.5	%		80.4	%		79.0	%		81.5	%		81.8	%
Catastrophe losses - pre-tax	$	22		$	97		$	156		$	15		$	30		$	275		$	368		$	383
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	38		$	(15	)	$	(3	)	$	(15	)	$	19		$	20		$	(3	)	$	(18	)
Loss and loss expense ratio excluding catastrophe losses and PPD		49.3	%		50.9	%		49.3	%		52.4	%		50.7	%		49.9	%		51.5	%		51.7	%
% Change versus prior year period
Net premiums written		-16.4	%		-20.6	%		6.8	%								-12.4	%
Net premiums earned		-5.9	%		-1.8	%		12.7	%								1.2	%
Net premiums written excluding merger-related underwriting actions, including additional reinsurance and total Fireman’s Fund (1)		3.1	%														1.4	%
Other ratios
Net premiums written/gross premiums written		76	%		90	%		90	%		89	%		89	%		85	%		87	%		87	%

(1) Included in Q3 2016 is a decrease in net premiums written of $200 million due to additional reinsurance purchased. Q3 2016 and YTD 2016 included net premiums written of $76 million and $191 million, respectively, related to Fireman’s Fund high net worth personal lines business. Q3 2015 and YTD 2015 included Fireman’s Fund net premiums written of $109 million and $487 million, respectively.

* 2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.

2015 As If 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 - As If Page 19

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Agricultural Insurance

																YTD			YTD			Full Year
	3Q-16			2Q-16			1Q-16			4Q-15			3Q-15			2016			2015			2015
Gross premiums written	$	1,240		$	545		$	136		$	270		$	1,243		$	1,921		$	1,937		$	2,207
Net premiums written		849			375			64			142			737			1,288			1,204			1,346
Net premiums earned		819			327			23			240			739			1,169			1,124			1,364
Losses and loss expenses (1)		680			286			(30	)		178			624			936			919			1,097
Policy acquisition costs		48			25			4			8			42			77			61			69
Administrative expenses		1			2			(4	)		(2	)		—			(1	)		3			1
Underwriting income		90			14			53			56			73			157			141			197
Net investment income		5			5			5			6			5			15			17			23
Other income (expense) - operating		—			—			—			—			1			—			(1	)		(1	)
Amortization expense of purchased intangibles		(7	)		(8	)		(7	)		(8	)		(8	)		(22	)		(22	)		(30	)
Segment income	$	88		$	11		$	51		$	54		$	71		$	150		$	135		$	189
Combined ratio
Loss and loss expense ratio		83.0	%		87.5	%		-125.2	%		73.9	%		84.5	%		80.1	%		81.8	%		80.4	%
Policy acquisition cost ratio		5.9	%		7.7	%		15.9	%		3.4	%		5.7	%		6.6	%		5.4	%		5.1	%
Administrative expense ratio		0.0	%		0.7	%		-17.6	%		-0.9	%		0.0	%		-0.1	%		0.3	%		0.0	%
Combined ratio		88.9	%		95.9	%		-126.9	%		76.4	%		90.2	%		86.6	%		87.5	%		85.5	%
Combined ratio excluding catastrophe losses and PPD		90.1	%		91.6	%		80.6	%		79.2	%		90.8	%		90.0	%		90.1	%		88.2	%
Catastrophe losses - pre-tax	$	1		$	14		$	2		$	1		$	—		$	17		$	8		$	9
Favorable prior period development (PPD) - pre-tax	$	(11	)	$	—		$	(41	)	$	(7	)	$	(5	)	$	(52	)	$	(38	)	$	(45	)
Loss and loss expense ratio excluding catastrophe losses and PPD		84.2	%		83.3	%		75.1	%		75.4	%		85.1	%		83.4	%		84.4	%		82.8	%
% Change versus prior year period
Net premiums written		15.2	%		-1.2	%		-27.0	%		-41.9	%		-3.5	%		6.9	%		-10.5	%		-15.3	%
Net premiums earned		10.9	%		1.6	%		-63.7	%		-26.2	%		-3.6	%		4.0	%		-6.3	%		-10.6	%
Other ratios
Net premiums written/gross premiums written		68	%		69	%		47	%		52	%		59	%		67	%		62	%		61	%

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

NA Agriculture Page 20

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

Overseas General Insurance

										Legacy ACE									Legacy ACE
	3Q-16			2Q-16			1Q-16			4Q-15			3Q-15			YTD 2016			YTD 2015			Full Year 2015
Gross premiums written	$	2,383		$	2,494		$	2,516		$	1,990		$	2,019		$	7,393		$	6,486		$	8,476
Net premiums written		1,940			2,031			2,041			1,587			1,584			6,012			5,047			6,634
Net premiums earned		2,034			2,093			1,955			1,575			1,615			6,082			4,896			6,471
Losses and loss expenses		843			1,089			1,021			748			674			2,953			2,304			3,052
Policy acquisition costs (excluding amortization of acquired UPR intangible)		503			467			429			391			405			1,399			1,190			1,581
Amortization of acquired UPR intangible (1)		43			70			74			—			—			187			—			—
Administrative expenses		261			277			263			241			246			801			756			997
Underwriting income		384			190			168			195			290			742			646			841
Adjusted net investment income		152			147			146			125			132			445			409			534
Other income - operating		6			5			5			5			6			16			12			17
Amortization expense of purchased intangibles		(12	)		(13	)		(11	)		(11	)		(12	)		(36	)		(50	)		(61	)
Segment income	$	530		$	329		$	308		$	314		$	416		$	1,167		$	1,017		$	1,331
Combined ratio
Loss and loss expense ratio		41.5	%		52.1	%		52.2	%		47.5	%		41.7	%		48.6	%		47.1	%		47.2	%
Policy acquisition cost ratio		26.8	%		25.6	%		25.7	%		24.8	%		25.1	%		26.1	%		24.3	%		24.4	%
Administrative expense ratio		12.9	%		13.2	%		13.5	%		15.3	%		15.2	%		13.1	%		15.4	%		15.4	%
Combined ratio		81.2	%		90.9	%		91.4	%		87.6	%		82.0	%		87.8	%		86.8	%		87.0	%
Combined ratio excluding catastrophe losses and PPD		91.1	%		91.5	%		92.0	%		89.7	%		90.5	%		91.5	%		90.2	%		90.1	%
Catastrophe reinstatement premiums expensed - pre-tax	$	—		$	—		$	—		$	(2	)	$	—		$	—		$	—		$	(2	)
Catastrophe losses - pre-tax	$	20		$	73		$	18		$	40		$	39		$	111		$	102		$	142
Favorable prior period development (PPD) - pre-tax	$	(223	)	$	(85	)	$	(30	)	$	(74	)	$	(177	)	$	(338	)	$	(269	)	$	(343	)
Loss and loss expense ratio excluding catastrophe losses and PPD		51.4	%		52.7	%		52.8	%		49.6	%		50.2	%		52.3	%		50.5	%		50.3	%
% Change versus prior year period
Net premiums written as reported		22.5	%		21.6	%		13.8	%		-9.3	%		-7.9	%		19.1	%		-3.9	%		-5.2	%
Net premiums earned as reported		26.0	%		27.3	%		19.4	%		-10.5	%		-6.4	%		24.2	%		-3.0	%		-4.9	%
Net premiums written constant $		25.8	%		26.7	%		26.1	%		3.6	%		6.1	%		26.2	%		8.3	%		7.1	%
Net premiums earned constant $		29.0	%		32.4	%		31.3	%		1.7	%		7.8	%		30.9	%		9.5	%		7.5	%
Other ratios
Net premiums written/gross premiums written		81	%		81	%		81	%		80	%		78	%		81	%		78	%		78	%

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

Overseas General Insurance - RP Page 21

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

Overseas General Insurance

	As If*
	3Q-16			2Q-16			1Q-16			4Q-15			3Q-15			YTD 2016			YTD 2015			Full Year 2015
Gross premiums written	$	2,383		$	2,494		$	2,749		$	2,515		$	2,526		$	7,626		$	8,211		$	10,726
Net premiums written		1,940			2,031			2,256			2,078			2,057			6,227			6,673			8,751
Net premiums earned		2,034			2,093			2,026			2,084			2,146			6,153			6,482			8,566
Losses and loss expenses		843			1,089			1,063			1,011			948			2,995			3,109			4,120
Policy acquisition costs		551			546			529			547			563			1,626			1,663			2,210
Administrative expenses		261			277			275			287			290			813			911			1,198
Underwriting income	$	379		$	181		$	159		$	239		$	345		$	719		$	799		$	1,038
Combined ratio
Loss and loss expense ratio		41.5	%		52.1	%		52.4	%		48.5	%		44.2	%		48.7	%		48.0	%		48.1	%
Policy acquisition cost ratio		27.0	%		26.0	%		26.1	%		26.3	%		26.2	%		26.4	%		25.7	%		25.8	%
Administrative expense ratio		12.9	%		13.2	%		13.7	%		13.7	%		13.5	%		13.2	%		14.0	%		14.0	%
Combined ratio		81.4	%		91.3	%		92.2	%		88.5	%		83.9	%		88.3	%		87.7	%		87.9	%
Combined ratio excluding catastrophe losses and PPD		91.3	%		92.0	%		92.8	%		91.2	%		92.7	%		92.0	%		91.7	%		91.5	%
Catastrophe reinstatement premiums expensed - pre-tax	$	—		$	—		$	—		$	(2	)	$	—		$	—		$	—		$	(2	)
Catastrophe losses - pre-tax	$	20		$	73		$	18		$	49		$	42		$	111		$	113		$	162
Favorable prior period development (PPD) - pre-tax	$	(223	)	$	(85	)	$	(30	)	$	(106	)	$	(231	)	$	(338	)	$	(371	)	$	(477	)
Loss and loss expense ratio excluding catastrophe losses and PPD		51.4	%		52.7	%		53.0	%		51.2	%		52.9	%		52.4	%		51.9	%		51.8	%
% Change versus prior year period
Net premiums written as reported		-5.7	%		-5.0	%		-9.0	%								-6.7	%
Net premiums earned as reported		-5.1	%		-3.5	%		-6.4	%								-5.0	%
Net premiums written constant $		-1.7	%		0.5	%		1.7	%								0.2	%
Net premiums earned constant $		-1.3	%		1.2	%		4.0	%								1.2	%
Net premiums written constant $ excluding merger-related underwriting actions, including additional reinsurance (1)		0.7	%														1.3	%
Other ratios
Net premiums written/gross premiums written		81	%		81	%		82	%		83	%		81	%		82	%		81	%		82	%

Production by Region	3Q-16		3Q-15		% Change 3Q-16 vs 3Q-15			Constant $ 3Q-15 (2)		Constant $ % Change 3Q-16 vs 3Q-15 (2)			YTD-16		YTD-15		% Change YTD-16 vs YTD-15			Constant $ YTD-15 (2)		Constant $ % Change YTD-16 vs YTD-15 (2)
Gross premiums written
Europe	$	945	$	1,015		-6.9	%	$	963		-1.9	%	$	3,427	$	3,602		-4.9	%	$	3,456		-0.8	%
Latin America		593		682		-13.0	%		635		-6.6	%		1,807		2,188		-17.4	%		1,876		-3.7	%
Asia		760		737		3.1	%		751		1.2	%		2,134		2,129		0.2	%		2,071		3.0	%
Other (3)		85		92		-7.6	%		89		-4.5	%		258		292		-11.6	%		280		-7.9	%
Total	$	2,383	$	2,526		-5.7	%	$	2,438		-2.3	%	$	7,626	$	8,211		-7.1	%	$	7,683		-0.7	%
Net Premiums Written
Europe	$	712	$	756		-5.8	%	$	713		-0.1	%	$	2,598	$	2,751		-5.6	%	$	2,631		-1.3	%
Latin America		470		555		-15.3	%		510		-7.8	%		1,449		1,751		-17.2	%		1,486		-2.5	%
Asia		663		646		2.6	%		657		0.9	%		1,895		1,870		1.3	%		1,817		4.3	%
Other (3)		95		100		-5.0	%		94		1.1	%		285		301		-5.3	%		279		2.2	%
Total	$	1,940	$	2,057		-5.7	%	$	1,974		-1.7	%	$	6,227	$	6,673		-6.7	%	$	6,213		0.2	%

(1) Included in Q3 2016 is a decrease in net premiums written of $47 million, comprising of $7 million due to additional reinsurance purchased and $40 million due to other merger-related underwriting actions.

(2) Prior periods on a constant dollar basis.

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

* 2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.

2015 As If 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 Ins. – As If Page 22

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

Global Reinsurance

										Legacy ACE									Legacy ACE
	3Q-16			2Q-16			1Q-16			4Q-15			3Q-15			YTD 2016			YTD 2015			Full Year 2015
Gross premiums written	$	143		$	268		$	213		$	109		$	190		$	624		$	774		$	883
Net premiums written		131			230			201			109			185			562			719			828
Net premiums earned		156			185			202			200			203			543			649			849
Losses and loss expenses		49			87			89			99			20			225			191			290
Policy acquisition costs		42			47			53			48			52			142			166			214
Administrative expenses		12			14			14			12			12			40			37			49
Underwriting income		53			37			46			41			119			136			255			296
Net investment income		67			65			67			70			76			199			230			300
Other income - operating		—			2			1			1			4			3			5			6
Segment income	$	120		$	104		$	114		$	112		$	199		$	338		$	490		$	602
Combined ratio
Loss and loss expense ratio		31.3	%		46.9	%		44.3	%		49.7	%		9.6	%		41.5	%		29.4	%		34.2	%
Policy acquisition cost ratio		27.1	%		25.5	%		26.2	%		24.1	%		25.4	%		26.3	%		25.5	%		25.2	%
Administrative expense ratio		7.9	%		7.4	%		6.8	%		6.0	%		6.2	%		7.2	%		5.7	%		5.8	%
Combined ratio		66.3	%		79.8	%		77.3	%		79.8	%		41.2	%		75.0	%		60.6	%		65.2	%
Combined ratio excluding catastrophe losses and PPD		78.1	%		78.9	%		78.5	%		76.6	%		75.3	%		78.5	%		76.8	%		76.8	%
Catastrophe reinstatement premiums collected - pre-tax	$	—		$	6		$	—		$	1		$	—		$	6		$	—		$	1
Catastrophe losses - pre-tax	$	11		$	52		$	1		$	6		$	11		$	64		$	16		$	22
Favorable prior period development (PPD) - pre-tax	$	(28	)	$	(47	)	$	(3	)	$	—		$	(78	)	$	(78	)	$	(119	)	$	(119	)
Loss and loss expense ratio excluding catastrophe losses and PPD		44.2	%		46.0	%		45.5	%		46.5	%		44.3	%		45.3	%		45.7	%		45.9	%
% Change versus prior year period
Net premiums written as reported		-29.4	%		-11.9	%		-26.3	%		-22.1	%		-11.5	%		-21.9	%		-9.5	%		-11.4	%
Net premiums earned as reported		-23.5	%		-15.7	%		-10.7	%		-11.3	%		-20.4	%		-16.4	%		-18.8	%		-17.2	%
Net premiums written constant $		-28.1	%		-11.6	%		-24.6	%		-20.2	%		-9.5	%		-20.7	%		-7.4	%		-9.3	%
Net premiums earned constant $		-22.2	%		-15.0	%		-9.2	%		-9.0	%		-18.1	%		-15.2	%		-16.8	%		-15.1	%
Other ratios
Net premiums written/gross premiums written		91	%		86	%		94	%		100	%		97	%		90	%		93	%		94	%

Global Reinsurance - Reported Page 23

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

Global Reinsurance

	As If*
	3Q-16			2Q-16			1Q-16			4Q-15			3Q-15			YTD 2016			YTD 2015			Full Year 2015
Gross premiums written	$	143		$	268		$	234		$	111		$	191		$	645		$	810		$	921
Net premiums written		131			230			221			111			185			582			746			857
Net premiums earned		156			185			202			208			212			543			667			875
Losses and loss expenses		49			87			89			103			21			225			192			295
Policy acquisition costs		42			47			53			48			52			142			166			214
Administrative expenses		12			14			14			12			13			40			43			55
Underwriting income	$	53		$	37		$	46		$	45		$	126		$	136		$	266		$	311
Combined ratio
Loss and loss expense ratio		31.3	%		46.9	%		44.3	%		49.2	%		9.7	%		41.5	%		28.8	%		33.7	%
Policy acquisition cost ratio		27.1	%		25.5	%		26.2	%		23.6	%		24.3	%		26.3	%		24.6	%		24.4	%
Administrative expense ratio		7.9	%		7.4	%		6.8	%		5.8	%		6.3	%		7.2	%		6.5	%		6.3	%
Combined ratio		66.3	%		79.8	%		77.3	%		78.6	%		40.3	%		75.0	%		59.9	%		64.4	%
Combined ratio excluding catastrophe losses and PPD		78.1	%		78.9	%		78.5	%		77.8	%		75.4	%		78.5	%		77.2	%		77.3	%
Catastrophe reinstatement premiums collected - pre-tax	$	—		$	6		$	—		$	1		$	—		$	6		$	—		$	1
Catastrophe losses - pre-tax	$	11		$	52		$	1		$	9		$	11		$	64		$	17		$	26
Favorable prior period development (PPD) - pre-tax	$	(28	)	$	(47	)	$	(3	)	$	(7	)	$	(84	)	$	(78	)	$	(131	)	$	(138	)
Loss and loss expense ratio excluding catastrophe losses and PPD		44.2	%		46.0	%		45.5	%		48.4	%		45.3	%		45.3	%		46.2	%		46.7	%
% Change versus prior year period
Net premiums written as reported		-29.8	%		-13.3	%		-25.1	%								-22.0	%
Net premiums earned as reported		-26.8	%		-18.2	%		-11.5	%								-18.6	%
Net premiums written constant $		-28.5	%		-13.0	%		-23.4	%								-20.9	%
Net premiums earned constant $		-25.6	%		-17.6	%		-10.0	%								-17.5	%
Net premiums written constant $ excluding merger-related underwriting actions, including additional reinsurance (1)		-25.0	%														-18.7	%
Other ratios
Net premiums written/gross premiums written		91	%		86	%		94	%		99	%		97	%		90	%		92	%		93	%

(1) Included in Q3 2016 is a decrease in net premiums written of $6 million due to additional reinsurance purchased.

* 2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.

2015 As If 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 – As If Page 24

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Life Insurance

										Legacy ACE									Legacy ACE
	3Q-16			2Q-16			1Q-16			4Q-15			3Q-15			YTD 2016			YTD 2015			Full Year 2015
Gross premiums written	$	562		$	557		$	546		$	548		$	522		$	1,665		$	1,573		$	2,121
Net premiums written		532			527			516			515			492			1,575			1,483			1,998
Net premiums earned		512			512			497			506			480			1,521			1,441			1,947
Losses and loss expenses		174			147			177			159			153			498			442			601
Policy benefits (1)		155			146			126			159			89			427			384			543
(Gains) losses from fair value changes in separate account assets (1)		(22	)		(3	)		3			(13	)		49			(22	)		32			19
Policy acquisition costs		127			137			122			134			117			386			342			476
Administrative expenses		77			77			72			70			74			226			221			291
Net investment income		71			69			67			67			66			207			198			265
Life Insurance underwriting income (2)		72			77			64			64			64			213			218			282
Other income (expense) - operating (1)		(2	)		(3	)		(3	)		(4	)		1			(8	)		—			(4	)
Amortization expense of purchased intangibles		(1	)		—			(1	)		(1	)		—			(2	)		(1	)		(2	)
Segment income	$	69		$	74		$	60		$	59		$	65		$	203		$	217		$	276
% Change versus prior year period
Net premiums written		8.1	%		5.5	%		5.1	%		-1.6	%		-0.8	%		6.2	%		-0.4	%		-0.7	%
Net premiums earned		6.7	%		5.1	%		4.9	%		1.4	%		-1.9	%		5.5	%		-1.5	%		-0.8	%
Net premiums written constant $		9.1	%		8.2	%		10.2	%		3.7	%		4.4	%		9.1	%		3.7	%		3.7	%
Net premiums earned constant $		7.6	%		7.8	%		9.8	%		6.8	%		3.4	%		8.4	%		2.4	%		3.5	%

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

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

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

	3Q-16		Constant $ 3Q-15 (4)		Constant $ % Change 3Q-16 vs. 3Q-15 (4)			YTD-16		Constant $ YTD-15 (4)		Constant $ % Change YTD-16 vs YTD-15 (4)
International life insurance net premiums written	$	209	$	175		19.3	%	$	616	$	514		19.8	%
International life insurance deposits (3)		273		211		29.8	%		748		703		6.5	%
Total international life insurance net premiums written and deposits	$	482	$	386		25.0	%	$	1,364	$	1,217		12.1	%

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

(4) Prior periods on a constant dollar basis.

Life Insurance – Reported Page 25

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Life Insurance

	As If*
	3Q-16			2Q-16			1Q-16			4Q-15			3Q-15		YTD 2016			YTD 2015		Full Year 2015
Gross premiums written	$	562		$	557		$	547		$	572		$	546	$	1,666		$	1,648	$	2,220
Net premiums written		532			527			517			538			515		1,576			1,555		2,093
Net premiums earned		512			512			499			531			503		1,523			1,512		2,043
Losses and loss expenses		174			147			177			171			165		498			477		648
Policy benefits (1)		155			146			126			159			89		427			384		543
(Gains) losses from fair value changes in separate account assets (1)		(22	)		(3	)		3			(13	)		49		(22	)		32		19
Policy acquisition costs		127			137			123			138			120		387			356		494
Administrative expenses		77			77			73			80			83		227			248		328
Net investment income		71			69			67			67			66		207			198		265
Life Insurance underwriting income (2)	$	72		$	77		$	64		$	63		$	63	$	213		$	213	$	276
% Change versus prior year period
Net premiums written		3.4	%		0.7	%		0.0	%							1.4	%
Net premiums earned		1.6	%		0.2	%		0.2	%							0.7	%
Net premiums written constant $		4.3	%		3.5	%		4.6	%							4.1	%
Net premiums earned constant $		2.5	%		2.9	%		4.7	%							3.3	%

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

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

* 2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.

2015 As If 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 – As If Page 26

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

Corporate

										Legacy ACE									Legacy ACE
	3Q-16			2Q-16			1Q-16			4Q-15			3Q-15			YTD 2016			YTD 2015			Full Year 2015
Gross premiums written	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net premiums written		—			—			—			—			—			—			—			—
Net premiums earned		—			—			—			—			—			—			—			—
Losses and loss expenses		63			15			9			60			84			87			142			202
Policy acquisition costs		—			—			—			1			—			—			—			1
Administrative expenses		57			62			73			53			46			192			135			188
Underwriting loss		(120	)		(77	)		(82	)		(114	)		(130	)		(279	)		(277	)		(391	)
Net investment income		5			7			9			6			3			21			9			15
Other expense - operating		(2	)		(2	)		(2	)		(9	)		(2	)		(6	)		(11	)		(20	)
Adjusted interest expense (1)		(164	)		(166	)		(149	)		(64	)		(68	)		(479	)		(207	)		(271	)
Amortization benefit of purchased intangibles (2)		20			20			20			—			—			60			—			—
Income tax expense		(306	)		(212	)		(201	)		(97	)		(140	)		(719	)		(395	)		(492	)
Operating loss		(567	)		(430	)		(405	)		(278	)		(337	)		(1,402	)		(881	)		(1,159	)
Chubb integration and related expenses, net of tax		(85	)		(71	)		(106	)		(35	)		(7	)		(262	)		(7	)		(42	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)		(53	)		(66	)		(59	)		—			—			(178	)		—			—
Adjusted net realized gains (losses) (1)		97			(214	)		(394	)		(57	)		(393	)		(511	)		(354	)		(411	)
Net realized gains (losses) related to unconsolidated entities		72			18			(25	)		(17	)		25			65			84			67
Income tax (expense) benefit on adjusted net realized gains (losses)		(27	)		1			4			12			6			(22	)		(2	)		10
Net loss	$	(563	)	$	(762	)	$	(985	)	$	(375	)	$	(706	)	$	(2,310	)	$	(1,160	)	$	(1,535	)
Unfavorable prior period development (PPD) - pre-tax	$	62		$	14		$	8		$	60		$	84		$	84		$	140		$	200
	As If*
																YTD			YTD			Full Year
	3Q-16			2Q-16			1Q-16			4Q-15			3Q-15			2016			2015			2015
Gross premiums written	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net premiums written		—			—			—			—			—			—			—			—
Net premiums earned		—			—			—			—			—			—			—			—
Losses and loss expenses		63			15			9			102			114			87			191			293
Policy acquisition costs		—			—			—			1			—			—			—			1
Administrative expenses		57			62			76			83			84			195			234			317
Underwriting loss	$	(120	)	$	(77	)	$	(85	)	$	(186	)	$	(198	)	$	(282	)	$	(425	)	$	(611	)
Unfavorable prior period development (PPD) - pre-tax	$	62		$	14		$	8		$	102		$	114		$	84		$	189		$	291

(1) See non-GAAP financial measures.

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

* 2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.

2015 As If 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 27

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
Losses and loss expenses incurred		5,239			985			4,254
Losses and loss expenses paid		(4,708	)		(752	)		(3,956	)		93	%
Other (incl. foreign exch. revaluation)		82			36			46
Balance at June 30, 2016	$	60,819		$	12,396		$	48,423
Losses and loss expenses incurred		5,335			1,066			4,269
Losses and loss expenses paid		(4,612	)		(782	)		(3,830	)		90	%
Other (incl. foreign exch. revaluation)		(195	)		(4	)		(191	)
Balance at September 30, 2016	$	61,347		$	12,676		$	48,671
Add net recoverable on paid losses		—			772			(772	)
Balance including net recoverable on paid losses	$	61,347		$	13,448		$	47,899

Loss Reserve Rollforward Page 28

Chubb Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)

Net Reinsurance Recoverable by Division

										Legacy ACE
	September 30			June 30			March 31			December 31
	2016			2016			2016			2015
Reinsurance recoverable on paid losses and loss expenses
Active operations	$	558		$	598		$	592		$	450
Brandywine and Other Run-off		300			323			269			288
Total	$	858		$	921		$	861		$	738
Reinsurance recoverable on unpaid losses and loss expenses
Active operations	$	11,790		$	11,535		$	11,169		$	9,884
Brandywine and Other Run-off		1,113			1,097			1,182			1,092
Total	$	12,903		$	12,632		$	12,351		$	10,976
Gross reinsurance recoverable
Active operations	$	12,348		$	12,133		$	11,761		$	10,334
Brandywine and Other Run-off		1,413			1,420			1,451			1,380
Total	$	13,761		$	13,553		$	13,212		$	11,714
Provision for uncollectible reinsurance (1)
Active operations	$	(163	)	$	(162	)	$	(164	)	$	(194	)
Brandywine and Other Run-off		(150	)		(156	)		(157	)		(134	)
Total	$	(313	)	$	(318	)	$	(321	)	$	(328	)
Net reinsurance recoverable
Active operations	$	12,185		$	11,971		$	11,597		$	10,140
Brandywine and Other Run-off		1,263			1,264			1,294			1,246
Total	$	13,448		$	13,235		$	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 $3.2 billion.

Reinsurance Recoverable Page 29

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)

																Legacy ACE
	September 30					June 30					March 31					December 31
	2016					2016					2016					2015
Market Value
Fixed maturities available for sale	$	81,358				$	79,951				$	77,538				$	43,587
Fixed maturities held to maturity		11,366					11,581					11,580					8,552
Short-term investments		3,548					3,631					3,382					10,446
Total fixed maturities	$	96,272				$	95,163				$	92,500				$	62,585
Asset Allocation by Market Value
Treasury	$	2,885		3	%	$	2,864		3	%	$	3,145		3	%	$	2,395		4	%
Agency		558		1	%		550		1	%		634		1	%		878		1	%
Corporate and asset-backed		26,754		28	%		25,450		27	%		24,060		26	%		17,985		28	%
Mortgage-backed		15,040		15	%		14,440		15	%		13,757		15	%		11,701		19	%
Municipal		24,240		25	%		24,975		26	%		24,945		27	%		4,950		8	%
Non-U.S.		23,247		24	%		23,253		24	%		22,577		24	%		14,230		23	%
Short-term investments		3,548		4	%		3,631		4	%		3,382		4	%		10,446		17	%
Total fixed maturities	$	96,272		100	%	$	95,163		100	%	$	92,500		100	%	$	62,585		100	%
Credit Quality by Market Value
AAA	$	16,878		17	%	$	17,412		18	%	$	19,524		21	%	$	14,369		23	%
AA		37,325		39	%		36,802		39	%		34,399		37	%		22,141		36	%
A		17,956		19	%		18,016		19	%		17,726		19	%		10,163		16	%
BBB		12,387		13	%		12,148		13	%		11,604		13	%		8,941		14	%
BB		6,719		7	%		6,465		7	%		5,484		6	%		3,775		6	%
B		4,722		5	%		4,061		4	%		3,494		4	%		3,018		5	%
Other		285		0	%		259		0	%		269		0	%		178		0	%
Total fixed maturities	$	96,272		100	%	$	95,163		100	%	$	92,500		100	%	$	62,585		100	%
Cost/Amortized Cost
Fixed maturities available for sale	$	78,630				$	77,436				$	75,991				$	43,149
Fixed maturities held to maturity		10,927					11,090					11,280					8,430
Short-term investments		3,548					3,631					3,382					10,446
Subtotal fixed maturities		93,105					92,157					90,653					62,025
Equity securities		695					703					841					441
Other investments		4,170					4,152					4,233					2,993
Total investment portfolio	$	97,970				$	97,012				$	95,727				$	65,459
Avg. duration of fixed maturities		3.9 years					3.9 years					3.9 years					3.5 years
Avg. market yield of fixed maturities		2.2	%				2.3	%				2.5	%				2.8	%
Avg. credit quality		A/Aa					A/Aa					AA/Aa					A/Aa
Avg. yield on invested assets (1)		3.4	%				3.4	%				3.4	%				3.4	%

(1) Calculated using adjusted net investment income.

Investments Page 30

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 September 30, 2016
Agency residential mortgage-backed (RMBS)	$	—	$	12,175	$	—	$	—	$	—	$	12,175
Non-agency RMBS		1		5		11		5		34		56
Commercial mortgage-backed		2,776		27		6		—		—		2,809
Total mortgage-backed securities at market value	$	2,777	$	12,207	$	17	$	5	$	34	$	15,040

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

Market Value at September 30, 2016

	S&P Credit Rating
	Investment Grade
	AAA		AA		A		BBB		Total
Asset-backed	$	788	$	32	$	—	$	—	$	820
Banks		—		17		1,659		1,688		3,364
Basic Materials		—		—		93		265		358
Communications		—		167		274		1,263		1,704
Consumer, Cyclical		—		189		632		745		1,566
Consumer, Non-Cyclical		116		548		1,841		1,099		3,604
Diversified Financial Services		28		29		499		216		772
Energy		—		60		105		733		898
Industrial		—		388		559		509		1,456
Utilities		1		8		1,008		658		1,675
All Others		115		512		824		634		2,085
Total	$	1,048	$	1,950	$	7,494	$	7,810	$	18,302

Market Value at September 30, 2016

	S&P Credit Rating
	Below Investment Grade
	BB		B		CCC		Total
Asset-backed	$	3	$	3	$	10	$	16
Banks		25		—		—		25
Basic Materials		197		171		3		371
Communications		858		783		19		1,660
Consumer, Cyclical		1,002		693		34		1,729
Consumer, Non-Cyclical		762		1,071		36		1,869
Diversified Financial Services		193		41		4		238
Energy		349		133		22		504
Industrial		391		419		32		842
Utilities		272		78		1		351
All Others		453		376		18		847
Total	$	4,505	$	3,768	$	179	$	8,452

Investments 2 Page 31

Chubb Limited

Investment Portfolio - 3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

September 30, 2016

Non-U.S. Government Securities

	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
United Kingdom	$	—	$	1,719	$	—	$	—	$	—	$	1,719
Canada		1,187		—		—		—		—		1,187
Republic of Korea		—		1,117		—		—		—		1,117
Federative Republic of Brazil		—		—		—		—		808		808
Province of Ontario		—		1		493		—		—		494
Germany		465		—		—		—		—		465
Kingdom of Thailand		—		—		436		—		—		436
United Mexican States		—		—		292		140		—		432
Province of Quebec		—		8		415		—		—		423
Australia		317		3		—		—		—		320
Other Non-U.S. Government Securities		1,148		1,552		513		391		688		4,292
Total	$	3,117	$	4,400	$	2,149	$	531	$	1,496	$	11,693

Non-U.S. Corporate Securities

	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
United Kingdom	$	102	$	127	$	807	$	913	$	270	$	2,219
Canada		115		318		310		461		239		1,443
United States (1)		2		93		183		317		283		878
France		22		49		487		277		38		873
Netherlands		96		12		434		234		51		827
Australia		100		156		275		94		41		666
Germany		144		67		128		248		30		617
Japan		—		38		357		18		10		423
Switzerland		31		19		116		141		38		345
China		—		127		121		24		5		277
Other Non-U.S. Corporate Securities		475		452		832		701		526		2,986
Total	$	1,087	$	1,458	$	4,050	$	3,428	$	1,531	$	11,554

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

Investments 3 Page 32

Chubb Limited

Investment Portfolio - 4

(in millions of U.S. dollars)

(Unaudited)

Fixed Maturity Investment Portfolio

Top 10 Global Corporate Exposures

	September 30, 2016	Market Value		Rating
1	JP Morgan Chase & Co	$	572	A-
2	Wells Fargo & Co		487	A
3	General Electric Co		448	AA-
4	Goldman Sachs Group Inc		430	BBB+
5	Anheuser-Busch InBev NV		371	A-
6	Verizon Communications Inc		365	BBB+
7	Morgan Stanley		342	BBB+
8	AT&T Inc		340	BBB+
9	Bank of America Corp		339	BBB+
10	Berkshire Hathaway Inc		331	AA

Investments 4 Page 33

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

	Three months ended September 30, 2016
	Realized Gains (Losses)							Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains		Tax			Gains		Gains			Tax			Gains			Gains			Tax			Gains
	(Losses) (1)		(Expense)			(Losses)		(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)
	Pre-Tax		Benefit			After-Tax		Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax
Fixed maturities	$	27	$	(8	)	$	19	$	195		$	(67	)	$	128		$	222		$	(75	)	$	147
Fixed income derivatives		1		2			3		—			—			—			1			2			3
Public equity		6		(3	)		3		23			(1	)		22			29			(4	)		25
Private equity		59		(12	)		47		(4	)		(3	)		(7	)		55			(15	)		40
Total investment portfolio		93		(21	)		72		214			(71	)		143			307			(92	)		215
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (2)		44		—			44		—			—			—			44			—			44
Foreign exchange		29		(6	)		23		(124	)		(7	)		(131	)		(95	)		(13	)		(108	)
Partially-owned entities (3)		—		—			—		—			—			—			—			—			—
Other		3		—			3		5			(1	)		4			8			(1	)		7
Net gains (losses)	$	169	$	(27	)	$	142	$	95		$	(79	)	$	16		$	264		$	(106	)	$	158

(1) Other-than-temporary impairments for the quarter includes $7 million for fixed maturities, $1 million for public equity and $4 million for private equity.

(2) The quarter includes $45 million of losses on applicable hedges. These losses are both pre-tax and after-tax.

(3) 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 September 30, 2015
	Realized Gains (Losses)									Unrealized Gains (Losses)								Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains			Gains			Tax		Gains			Gains			Tax			Gains
	(Losses) (4)			(Expense)			(Losses)			(Losses)			(Expense)		(Losses)			(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit		After-Tax			Pre-Tax			Benefit			After-Tax
Fixed maturities	$	(51	)	$	5		$	(46	)	$	(237	)	$	8	$	(229	)	$	(288	)	$	13		$	(275	)
Fixed income derivatives		(22	)		4			(18	)		—			—		—			(22	)		4			(18	)
Public equity		2			(1	)		1			(34	)		9		(25	)		(32	)		8			(24	)
Private equity		9			(5	)		4			(12	)		—		(12	)		(3	)		(5	)		(8	)
Total investment portfolio		(62	)		3			(59	)		(283	)		17		(266	)		(345	)		20			(325	)
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (5)		(313	)		—			(313	)		—			—		—			(313	)		—			(313	)
Foreign exchange		(2	)		5			3			(575	)		28		(547	)		(577	)		33			(544	)
Partially-owned entities (6)		14			(2	)		12			10			—		10			24			(2	)		22
Other		(5	)		—			(5	)		4			—		4			(1	)		—			(1	)
Net gains (losses)	$	(368	)	$	6		$	(362	)	$	(844	)	$	45	$	(799	)	$	(1,212	)	$	51		$	(1,161	)

(4) Other-than-temporary impairments for the quarter includes $26 million for fixed maturities, $3 million for public equity and $1 million for private equity.

(5) The quarter includes $83 million of gains on applicable hedges. These gains are both pre-tax and after-tax.

(6) 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) 1 Page 34

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

	Nine months ended September 30, 2016
	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains			Gains			Tax			Gains			Gains			Tax			Gains
	(Losses) (1)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax
Fixed maturities	$	(156	)	$	(2	)	$	(158	)	$	2,237		$	(533	)	$	1,704		$	2,081		$	(535	)	$	1,546
Fixed income derivatives		(85	)		14			(71	)		—			—			—			(85	)		14			(71	)
Public equity		39			(14	)		25			52			(10	)		42			91			(24	)		67
Private equity		73			(9	)		64			(73	)		—			(73	)		—			(9	)		(9	)
Total investment portfolio		(129	)		(11	)		(140	)		2,216			(543	)		1,673			2,087			(554	)		1,533
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (2)		(358	)		—			(358	)		—			—			—			(358	)		—			(358	)
Foreign exchange		46			(12	)		34			269			(18	)		251			315			(30	)		285
Partially-owned entities (3)		(5	)		1			(4	)		—			—			—			(5	)		1			(4	)
Other		—			—			—			8			—			8			8			—			8
Net gains (losses)	$	(446	)	$	(22	)	$	(468	)	$	2,493		$	(561	)	$	1,932		$	2,047		$	(583	)	$	1,464

(1) Year to date other-than-temporary impairments includes $77 million for fixed maturities, $7 million for public equity and $7 million for private equity.

(2) Year to date includes $88 million of losses on applicable hedges. These losses are both pre-tax and after-tax.

(3) 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
	Nine months ended September 30, 2015
	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains			Gains			Tax			Gains			Gains			Tax			Gains
	(Losses) (4)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax
Fixed maturities	$	(50	)	$	—		$	(50	)	$	(630	)	$	101		$	(529	)	$	(680	)	$	101		$	(579	)
Fixed income derivatives		6			1			7			—			—			—			6			1			7
Public equity		32			(10	)		22			(40	)		11			(29	)		(8	)		1			(7	)
Private equity		49			(8	)		41			(19	)		—			(19	)		30			(8	)		22
Total investment portfolio		37			(17	)		20			(689	)		112			(577	)		(652	)		95			(557	)
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (5)		(268	)		—			(268	)		—			—			—			(268	)		—			(268	)
Foreign exchange		(73	)		17			(56	)		(860	)		35			(825	)		(933	)		52			(881	)
Partially-owned entities (6)		45			(4	)		41			10			—			10			55			(4	)		51
Other		(11	)		2			(9	)		11			(2	)		9			—			—			—
Net gains (losses)	$	(270	)	$	(2	)	$	(272	)	$	(1,528	)	$	145		$	(1,383	)	$	(1,798	)	$	143		$	(1,655	)

(4) Year to date other-than-temporary impairments includes $46 million for fixed maturities, $4 million for public equities and $1 million for private equity.

(5) Year to date includes $69 million of gains on applicable hedges. These gains are both pre-tax and after-tax.

(6) 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) 2 Page 35

Chubb Limited

Debt and Capital

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

(Unaudited)

										Legacy ACE
	September 30			June 30			March 31			December 31			December 31
	2016			2016			2016			2015			2014
Financial Debt:
Total short-term debt	$	500		$	500		$	500		$	—		$	1,150
Total long-term debt (1)		12,621			12,631			12,636			9,389			3,334
Total financial debt	$	13,121		$	13,131		$	13,136		$	9,389		$	4,484
Hybrid debt:
Total trust preferred securities		308			308			308			307			307
Total	$	13,429		$	13,439		$	13,444		$	9,696		$	4,791
Capitalization:
Shareholders’ equity	$	48,372		$	47,226		$	45,897		$	29,135		$	29,587
Hybrid debt		308			308			308			307			307
Financial debt		13,121			13,131			13,136			9,389			4,484
Total capitalization	$	61,801		$	60,665		$	59,341		$	38,831		$	34,378
Leverage ratios (based on total capital):
Hybrid debt		0.5	%		0.5	%		0.5	%		0.8	%		0.9	%
Financial debt		21.2	%		21.6	%		22.1	%		24.2	%		13.0	%
Total hybrid & financial debt		21.7	%		22.1	%		22.6	%		25.0	%		13.9	%

Note: As of September 30, 2016, there was $0.5 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 36

Chubb Limited

Computation of Basic and Diluted Earnings Per Share

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

(Unaudited)

	Three months ended September 30						Nine months ended September 30
	2016			2015			2016			2015
Numerator
Operating income to common shares	$	1,356		$	897		$	3,433		$	2,430
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax (1)		(79	)		—			(257	)		—
Tax benefit on amortization adjustment		26			—			79			—
Chubb integration and related expenses, pre-tax		(115	)		(9	)		(368	)		(9	)
Tax benefit on Chubb integration and related expenses		30			2			106			2
Adjusted net realized gains (losses), pre-tax		169			(368	)		(446	)		(270	)
Tax (expense) benefit on adjusted net realized gains (losses)		(27	)		6			(22	)		(2	)
Net income	$	1,360		$	528		$	2,525		$	2,151
Rollforward of Common Shares Outstanding
Shares - beginning of period		465,012,980			323,814,281			324,563,441			328,659,686
Share Issuance for Chubb Acquisition		—			—			136,950,381			—
Repurchase of shares		—			—			—			(6,677,663	)
Shares issued, excluding option exercises		34,510			(78,863	)		2,504,257			1,039,238
Issued for option exercises		238,620			326,950			1,268,031			1,041,107
Shares - end of period		465,286,110			324,062,368			465,286,110			324,062,368
Denominator
Weighted average shares outstanding		468,021,093			324,210,936			460,631,794			325,904,502
Effect of other dilutive securities		3,375,269			2,962,484			3,439,017			3,269,724
Adj. wtd. avg. shares outstanding and assumed conversions		471,396,362			327,173,420			464,070,811			329,174,226
Basic earnings per share
Operating income	$	2.90		$	2.77		$	7.45		$	7.46
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)		(0.11	)		—			(0.39	)		—
Chubb integration and related expenses, net of tax		(0.18	)		(0.02	)		(0.57	)		(0.02	)
Adjusted net realized gains (losses), net of tax		0.29			(1.12	)		(1.01	)		(0.84	)
Net income	$	2.90		$	1.63		$	5.48		$	6.60
Diluted earnings per share
Operating income	$	2.88		$	2.74		$	7.40		$	7.38
Amortization of fair value adjustment of acquired invested assets and long-term debt (1)		(0.11	)		—			(0.39	)		—
Chubb integration and related expenses		(0.18	)		(0.02	)		(0.56	)		(0.02	)
Adjusted net realized gains (losses)		0.29			(1.10	)		(1.01	)		(0.83	)
Net income	$	2.88		$	1.62		$	5.44		$	6.53

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

Earnings per share Page 37

Chubb Limited

Book Value and Book Value per Common Share

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

(Unaudited)

Reconciliation of Book Value per Common Share

	September 30			June 30			March 31			December 31			September 30
	2016			2016			2016			2015			2015
Shareholders’ equity	$	48,372		$	47,226		$	45,897		$	29,135		$	29,127
Less: goodwill and other intangible assets, net of tax		20,332			20,656			20,904			5,683			5,713
Numerator for tangible book value per share	$	28,040		$	26,570		$	24,993		$	23,452		$	23,414
Book value - % change over prior quarter		2.4	%		2.9	%		57.5	%		0.0	%		-1.4	%
Tangible book value - % change over prior quarter		5.5	%		6.3	%		6.6	%		0.2	%		-0.7	%
Denominator		465,286,110			465,012,980			464,283,520			324,563,441			324,062,368
Book value per common share	$	103.96		$	101.56		$	98.85		$	89.77		$	89.88
Tangible book value per common share	$	60.26		$	57.14		$	53.83		$	72.25		$	72.25
Reconciliation of Book Value
Shareholders’ equity, beginning of quarter	$	47,226		$	45,897		$	29,135		$	29,127		$	29,555
Operating income		1,356			1,058			1,019			780			897
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)		(53	)		(66	)		(59	)		—			—
Chubb integration and related expenses, net of tax		(85	)		(71	)		(106	)		(35	)		(7	)
Adjusted net realized gains (losses), net of tax		142			(195	)		(415	)		(62	)		(362	)
Net unrealized gains (losses) on the investment portfolio		143			706			824			(411	)		(255	)
Share Issuance related to acquisition of The Chubb Corp.		—			—			15,204			—			—
Fair value of equity awards assumed in acquisition of The Chubb Corp.		—			—			323			—			—
Dividend declared on common shares		(323	)		(323	)		(314	)		(218	)		(218	)
Cumulative translation		(131	)		105			277			(133	)		(547	)
Pension liability		4			3			1			1			3
Other (2)		93			112			8			86			61
	$	48,372		$	47,226		$	45,897		$	29,135		$	29,127

(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 38

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 41.

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 underwriting operations as they are heavily influenced by, and fluctuate in part according to market conditions. The focus of our business is underwriting operations. Excluding results that are not underwriting related provide visibility into the effectiveness of our company pricing underwriting risks. Results based on market conditions, such as realized gains and losses from our investment portfolio, and results that are driven by unusual items, such as the size and complexity of our recent Chubb Corp acquisition and the related integration costs and purchase accounting adjustments, are not indicative measure of our effectiveness in pricing underwriting risks.

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.

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 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 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 America Agricultural Insurance segments. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.

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 38. 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 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 Corp acquisition (January 14, 2016), this debt was considered a cost of our operations and interest expense associated with this debt is 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 of acquired invested 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.

Net premiums written excluding merger-related underwriting actions, including additional reinsurance are non-GAAP performance measures. Since the acquisition of The Chubb Corporation, we have entered into reinsurance agreements with third-party reinsurers for the Legacy Chubb Corp businesses and have taken other merger-related underwriting actions, in conformity with our underwriting and risk diversification strategy. We believe that these measures are meaningful to evaluate trends in our production on a comparable basis to the prior year As If we were one company in 2015.

We acquired the Fireman’s Fund high net worth personal lines business in April 2015 and recognized as written premiums non-recurring unearned premiums reserves of $252 million. Due to the size of this non-recurring transfer, we believe that excluding this one-time benefit in 2015 will allow for comparability when assessing trends in our business. We present measures exclusive of Fireman’s Fund high net worth business from our 2016 and 2015 results in order to show its impact on our results and to highlight the impact of Fireman’s Fund low retention on our business.

Reconciliation Non-GAAP Page 39

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:

	3Q-16			2Q-16			1Q-16			4Q-15			3Q-15			YTD 2016			YTD 2015			Full Year 2015
Net income, as reported	$	1,360		$	726		$	439		$	683		$	528		$	2,525		$	2,151		$	2,834
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax (1)		(79	)		(95	)		(83	)		—			—			(257	)		—			—
Tax benefit on amortization adjustment		26			29			24			—			—			79			—			—
Chubb integration and related expenses, pre tax		(115	)		(98	)		(155	)		(53	)		(9	)		(368	)		(9	)		(62	)
Tax benefit on Chubb integration and related expenses		30			27			49			18			2			106			2			20
Adjusted net realized gains (losses)		97			(214	)		(394	)		(57	)		(393	)		(511	)		(354	)		(411	)
Net realized gains (losses) related to unconsolidated entities (2)		72			18			(25	)		(17	)		25			65			84			67
Tax (expense) benefit on adjusted net realized gains (losses)		(27	)		1			4			12			6			(22	)		(2	)		10
Operating income	$	1,356		$	1,058		$	1,019		$	780		$	897		$	3,433		$	2,430		$	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: 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, for the nine months ended September 30, 2016, the denominator was adjusted to account for the weighted-average impact of the $15,527 million issuance of common shares and equity awards related to The Chubb Corp acquisition on January 14, 2016 . To annualize YTD 2016 operating ROE, include the 14-day stub period adjustment in the numerator (i.e., include income from the first 14 days of January of approximately $60 million 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 measures as it enhances the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity excluding the effect of unrealized gains and losses on our investments.

	3Q-16			3Q-15			YTD 2016			YTD 2015			Full Year 2015
Net income	$	1,360		$	528		$	2,525		$	2,151		$	2,834
Operating income	$	1,356		$	897		$	3,433		$	2,430		$	3,210
Equity - beginning of period, as reported	$	47,226		$	29,555		$	29,135		$	29,587		$	29,587
Add: weighted average impact of equity issuance (260 days)		—			—			14,734			—			—
Less: unrealized gains (losses) on investments, net of deferred tax		2,404			1,540			874			1,851			1,851
Equity - beginning of period, as adjusted	$	44,822		$	28,015		$	42,995		$	27,736		$	27,736
Equity - end of period, as reported	$	48,372		$	29,127		$	48,372		$	29,127		$	29,135
Less: weighted average impact of equity issuance (14 days)		—			—			793			—			—
Less: unrealized gains (losses) on investments, net of deferred tax		2,547			1,285			2,547			1,285			874
Equity - end of period, as adjusted	$	45,825		$	27,842		$	45,032		$	27,842		$	28,261
Weighted average equity, as reported	$	47,799		$	29,341		$	45,724		$	29,357		$	29,361
Weighted average equity, as adjusted	$	45,324		$	27,929		$	44,014		$	27,789		$	27,999
Operating ROE		12.0	%		12.9	%		10.4	%		11.7	%		11.5	%
ROE		11.4	%		7.2	%		7.4	%		9.8	%		9.7	%

Reconciliation Non-GAAP 2 Page 40

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:

	3Q-16			2Q-16			1Q-16			4Q-15			3Q-15			YTD 2016			YTD 2015			Full Year 2015
Tax expense, as reported	$	277		$	155		$	124		$	67		$	132		$	556		$	395		$	462
Tax benefit on amortization of fair value of acquired invested assets and debt (1)		(26	)		(29	)		(24	)		—			—			(79	)		—			—
Tax benefit on Chubb integration and related expenses		(30	)		(27	)		(49	)		(18	)		(2	)		(106	)		(2	)		(20	)
Tax expense (benefit) on adjusted net realized gains (losses)		27			(1	)		(4	)		(12	)		(6	)		22			2			(10	)
Tax expense, adjusted	$	306		$	212		$	201		$	97		$	140		$	719		$	395		$	492
Income before tax, as reported	$	1,637		$	881		$	563		$	750		$	660		$	3,081		$	2,546		$	3,296
Less: amortization of fair value of acquired invested assets and debt (1)		(79	)		(95	)		(83	)		—			—			(257	)		—			—
Less: Chubb integration and related expenses		(115	)		(98	)		(155	)		(53	)		(9	)		(368	)		(9	)		(62	)
Less: adjusted realized gains (losses)		97			(214	)		(394	)		(57	)		(393	)		(511	)		(354	)		(411	)
Less: realized gains (losses) related to unconsolidated entities		72			18			(25	)		(17	)		25			65			84			67
Operating income before tax	$	1,662		$	1,270		$	1,220		$	877		$	1,037		$	4,152		$	2,825		$	3,702
Effective tax rate		17.0	%		17.6	%		22.1	%		9.0	%		20.0	%		18.1	%		15.5	%		14.0	%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt (1)		0.7	%		1.1	%		0.9	%		—			—			0.9	%		—			—
Adjustment for tax impact of Chubb integration and related expenses		0.6	%		0.9	%		2.2	%		1.5	%		-0.1	%		1.1	%		—			0.3	%
Adjustment for tax impact of adjusted net realized gains (losses)		0.1	%		-2.9	%		-8.7	%		0.6	%		-6.4	%		-2.8	%		-1.5	%		-1.0	%
Operating effective tax rate		18.4	%		16.7	%		16.5	%		11.1	%		13.5	%		17.3	%		14.0	%		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.

	3Q-16			2Q-16			1Q-16			4Q-15			3Q-15			YTD 2016			YTD 2015			Full Year 2015
GAAP combined ratio		86.0	%		91.2	%		90.0	%		87.7	%		85.8	%		89.0	%		87.2	%		87.3	%
Impact of gains and losses on crop derivatives		0.0	%		0.0	%		0.0	%		0.0	%		0.1	%		0.0	%		0.0	%		0.1	%
P&C combined ratio		86.0	%		91.2	%		90.0	%		87.7	%		85.9	%		89.0	%		87.2	%		87.4	%

Reconciliation Non-GAAP 3 Page 41

Chubb Limited

Non-GAAP Financial Measures - 4

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

(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 Corp 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 Corp 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 Corp acquisition (January 14, 2016), the interest on this debt was considered a cost of our operations and is 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 on a GAAP basis to Chubb integration and related expenses.

	3Q-16		2Q-16		1Q-16		4Q-15		3Q-15		YTD 2016		YTD 2015		Full Year 2015
Chubb integration expenses, net of tax	$	85	$	71	$	102	$	16	$	7	$	258	$	7	$	23
Add: pre-acquisition interest expense related to $5.3 billion senior notes, net of tax		—		—		4		19		—		4		—		19
Chubb integration and related expenses, net of tax		85		71		106		35		7		262		7		42
Tax benefit		30		27		49		18		2		106		2		20
Chubb integration and related expenses, pre- tax	$	115	$	98	$	155	$	53	$	9	$	368	$	9	$	62

As If Results

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

2016 As If results: The 2016 and 2015 As If underwriting results do not include any impact from purchase accounting adjustments. The first quarter and year to date combined company results are inclusive of the first 14 days of January 2016.

2015 As If 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 YTD 2016:

Numerator	YTD 2016
Operating income as reported	$	3,433
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
As If operating income, including 14 day stub period	$	3,493
Net income as reported	$	2,525
Add: 14-day stub period income from above		60
As If net income, including 14 day stub period	$	2,585

Denominator	YTD 2016
Weighted average shares outstanding and assumed conversions		464,070,811
Impact of shares issued in connection with Chubb Corp acquisition		6,719,638
As If adjusted weighted average shares outstanding		470,790,449
Diluted earnings per share, including 14 day stub period
Operating income per share	$	7.42
Net income per share	$	5.49

Reconciliation Non-GAAP 4 Page 42

Chubb Limited

Non-GAAP Financial Measures - 5

(in millions of U.S. dollars)

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

The following table presents the reconciliation of Q1 2016 As If underwriting income excluding purchase accounting adjustments and including 14 days prior to the acquisition (14 Day Stub Period) to Q1 2016 underwriting results.

			Purchase Accounting adjustments (1)					14 Day Stub Period
	Total Consolidated As If* (Excluding Purchase Accounting)		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
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) Purchase accounting adjustments include the amortization of the fair value adjustment related to unearned premiums at the date of purchase amortized over the remaining coverage period. In addition, as part of purchase accounting, we recognize a benefit (Acquisition expense elimination) associated with the acquired unearned premiums being recognized over the remaining coverage period with no expense for the historical acquisition costs.

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

												Purchase Accounting adjustments (1)
	Legacy ACE			Legacy Chubb		Accounting policy alignment (2)			As If*			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 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 As If company results are inclusive of the first 14 days of January 2016.

2015 As If 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 43

Chubb Limited

Non-GAAP Financial Measures - 6

(in millions of U.S. dollars)

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

The following presents the reconciliation of Q2 2016 As If underwriting income excluding purchase accounting adjustments to Q2 2016 underwriting results.

				Purchase Accounting adjustments (1)
	Total Consolidated As If* (Excluding Purchase Accounting)			Acquisition expense elimination			UPR intangible amortization		Total Consolidated
Q2 2016
Net premiums written	$	7,639							$	7,639
Net premiums earned		7,405								7,405
Losses and loss expenses		4,256								4,256
Policy benefits		146								146
(Gains) losses from fair value changes in separate account assets		(3	)							(3	)
Policy acquisition costs		1,494			(459	)				1,035
Amortization of acquired UPR intangible		—						525		525
Administrative expenses		829								829
Adjusted underwriting income	$	683							$	617	(1)

(1) Purchase accounting adjustments include the amortization of the fair value adjustment related to unearned premiums at the date of purchase amortized over the remaining coverage period. In addition, as part of purchase accounting, we recognize a benefit (Acquisition expense elimination) associated with the acquired unearned premiums being recognized over the remaining coverage period with no expense for the historical acquisition costs.

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

												Purchase Accounting adjustments (1)
	Legacy ACE			Legacy Chubb		Accounting policy alignment (2)			As If*			Acquisition expense elimination			UPR intangible amortization		SEC Pro Forma 2015 (3)
Q2 2015
Net premiums written	$	4,784		$	3,309	$	15		$	8,108							$	8,108
Net premiums earned		4,360			3,133		10			7,503								7,503
Losses and loss expenses		2,419			1,707		(8	)		4,118								4,118
Policy benefits		153			—		—			153								153
(Gains) losses from fair value changes in separate account assets		(6	)		—		—			(6	)							(6	)
Policy acquisition costs		727			652		77			1,456			(395	)				1,061
Amortization of acquired UPR intangible		—			—		—			—						489		489
Administrative expenses		578			346		(50	)		874								874
Underwriting income (loss)	$	489		$	428	$	(9	)	$	908							$	814

(1) As if acquisition occurred on January 1, 2015. Purchase accounting adjustments include the amortization of the fair value adjustment related to unearned premiums at the date of purchase amortized over the remaining coverage period. In addition, as part of purchase accounting, we recognize a benefit (Acquisition expense elimination) associated with the acquired unearned premiums being recognized over the remaining coverage period with no expense for the historical acquisition costs.

(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 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments.

2015 As If 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 6 Page 44

Chubb Limited

Non-GAAP Financial Measures - 7

(in millions of U.S. dollars)

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

The following presents the reconciliation of Q3 2016 As If underwriting income excluding purchase accounting adjustments to Q3 2016 underwriting results.

				Purchase Accounting adjustments (1)
	Total Consolidated As If* (Excluding Purchase Accounting)			Acquisition expense elimination			UPR intangible amortization		Total Consolidated
Q3 2016
Net premiums written	$	7,573							$	7,573
Net premiums earned		7,688								7,688
Losses and loss expenses		4,266								4,266
Policy benefits		155								155
(Gains) losses from fair value changes in separate account assets		(22	)							(22	)
Policy acquisition costs		1,475			(281	)				1,194
Amortization of acquired UPR intangible		—						320		320
Administrative expenses		772								772
Adjusted underwriting income	$	1,042							$	1,003	(1)

(1) Refer to page 8 for a reconciliation of underwriting income to net income. Purchase accounting adjustments include the amortization of the fair value adjustment related to unearned premiums at the date of purchase amortized over the remaining coverage period. In addition, as part of purchase accounting, we recognize a benefit (Acquisition expense elimination) associated with the acquired unearned premiums being recognized over the remaining coverage period with no expense for the historical acquisition costs.

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

										Purchase Accounting adjustments (1)
	Legacy ACE		Legacy Chubb		Accounting policy alignment (2)			As If*		Acquisition expense elimination			UPR intangible amortization		SEC Pro Forma 2015 (3)
Q3 2015
Net premiums written	$	4,709	$	3,171	$	10		$	7,890						$	7,890
Net premiums earned		4,719		3,166		18			7,903							7,903
Losses and loss expenses		2,647		1,633		19			4,299							4,299
Policy benefits		89		—		—			89							89
(Gains) losses from fair value changes in separate account assets		49		—		—			49							49
Policy acquisition costs		771		663		71			1,505		(247	)				1,258
Amortization of acquired UPR intangible		—		—		—			—					288		288
Administrative expenses		568		345		(57	)		856							856
Underwriting income (loss)	$	595	$	525	$	(15	)	$	1,105						$	1,064

(1) As if acquisition occurred on January 1, 2015. Purchase accounting adjustments include the amortization of the fair value adjustment related to unearned premiums at the date of purchase amortized over the remaining coverage period. In addition, as part of purchase accounting, we recognize a benefit (Acquisition expense elimination) associated with the acquired unearned premiums being recognized over the remaining coverage period with no expense for the historical acquisition costs.

(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 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments.

2015 As If 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 7 Page 45

Chubb Limited

Non-GAAP Financial Measures - 8

(in millions of U.S. dollars)

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

The following presents the reconciliation of YTD 2016 As If underwriting income excluding purchase accounting adjustments and including 14 days prior to the acquisition (14 Day Stub Period) to YTD 2016 as reported underwriting results.

				Purchase Accounting adjustments (1)					14 Day Stub Period
	Total Consolidated As If* (Excluding Purchase Accounting)			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
Nine months ended September 30, 2016
Net premiums written	$	22,062							$	519	$	100	$	215	$	20	$	1	$	—		$	21,207
Net premiums earned		22,081								208		109		72		—		2		—			21,690
Losses and loss expenses		12,418								127		53		42		—		—		—			12,196
Policy benefits		427								—		—		—		—		—		—			427
(Gains) losses from fair value changes in separate account assets		(22	)							—		—		—		—		—		—			(22	)
Policy acquisition costs		4,379			(1,246	)				33		14		13		—		1		—			3,072
Amortization of acquired UPR intangible		—						1,415		—		—		—		—		—		—			1,415
Administrative expenses		2,437								35		13		12		—		1		3			2,373
Adjusted underwriting income (loss)	$	2,442							$	13	$	29	$	5	$	—	$	—	$	(3	)	$	2,229	(1)

(1) Refer to page 10 for a reconciliation of underwriting income to net income. Purchase accounting adjustments include the amortization of the fair value adjustment related to unearned premiums at the date of purchase amortized over the remaining coverage period. In addition, as part of purchase accounting, we recognize a benefit (Acquisition expense elimination) associated with the acquired unearned premiums being recognized over the remaining coverage period with no expense for the historical acquisition costs.

The following table presents the reconciliation of underwriting income excluding purchase accounting adjustments, as used throughout this report (“As If”), to Pro Forma results calculated in accordance with SEC guidance under Article 11:

										Purchase Accounting adjustments (1)
	Legacy ACE		Legacy Chubb		Accounting policy alignment (2)			As If*		Acquisition expense elimination			UPR intangible amortization		SEC Pro Forma 2015 (3)
Nine months ended September 30, 2015
Net premiums written	$	13,569	$	9,586	$	59		$	23,214						$	23,214
Net premiums earned		13,006		9,404		33			22,443							22,443
Losses and loss expenses		7,188		5,260		10			12,458							12,458
Policy benefits		384		—		—			384							384
(Gains) losses from fair value changes in separate account assets		32		—		—			32							32
Policy acquisition costs		2,205		1,941		212			4,358		(1,185	)				3,173
Amortization of acquired UPR intangible		—		—		—			—					1,451		1,451
Administrative expenses		1,700		1,045		(140	)		2,605							2,605
Underwriting income (loss)	$	1,497	$	1,158	$	(49	)	$	2,606						$	2,340

(1) As if acquisition occurred on January 1, 2015. Purchase accounting adjustments include the amortization of the fair value adjustment related to unearned premiums at the date of purchase amortized over the remaining coverage period. In addition, as part of purchase accounting, we recognize a benefit (Acquisition expense elimination) associated with the acquired unearned premiums being recognized over the remaining coverage period with no expense for the historical acquisition costs.

(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 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.

2015 As If 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 8 Page 46

Chubb Limited

Non-GAAP Financial Measures - 9

(in millions of U.S. dollars)

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

The following tables present the reconciliation of combined company underwriting income (“As If”) used throughout this report to Pro Forma results calculated in accordance with SEC guidance under Article 11:

												Purchase Accounting adjustments (1)
	Legacy ACE			Legacy Chubb		Accounting policy alignment (2)			As If*			Acquisition expense elimination			UPR intangible amortization		SEC Pro Forma 2015 (3)
Q4 2015
Net premiums written	$	4,144		$	3,047	$	18		$	7,209							$	7,209
Net premiums earned		4,207			3,114		22			7,343								7,343
Losses and loss expenses		2,305			1,693		8			4,006								4,006
Policy benefits		159			—		—			159								159
(Gains) losses from fair value changes in separate account assets		(13	)		—		—			(13	)							(13	)
Policy acquisition costs		736			652		80			1,468			(99	)				1,369
Amortization of acquired UPR intangible		—			—		—			—						99		99
Administrative expenses		570			334		(44	)		860								860
Underwriting income (loss)	$	450		$	435	$	(22	)	$	863							$	863
												Purchase Accounting adjustments (1)
	Legacy ACE			Legacy Chubb		Accounting policy alignment (2)			As If*			Acquisition expense elimination			UPR intangible amortization		SEC Pro Forma 2015 (3)
Full Year 2015
Net premiums written	$	17,713		$	12,633	$	77		$	30,423							$	30,423
Net premiums earned		17,213			12,518		55			29,786								29,786
Losses and loss expenses		9,493			6,953		18			16,464								16,464
Policy benefits		543			—		—			543								543
(Gains) losses from fair value changes in separate account assets		19			—		—			19								19
Policy acquisition costs		2,941			2,593		292			5,826			(1,284	)				4,542
Amortization of acquired UPR intangible		—			—		—			—						1,550		1,550
Administrative expenses		2,270			1,379		(184	)		3,465								3,465
Underwriting income (loss)	$	1,947		$	1,593	$	(71	)	$	3,469							$	3,203

(1) As if acquisition occurred on January 1, 2015. Purchase accounting adjustments include the amortization of the fair value adjustment related to unearned premiums at the date of purchase amortized over the remaining coverage period. In addition, as part of purchase accounting, we recognize a benefit (Acquisition expense elimination) associated with the acquired unearned premiums being recognized over the remaining coverage period with no expense for the historical acquisition costs.

(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.

* 2015 As If 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 9 Page 47

Chubb Limited

Glossary

Chubb Limited Consolidated comprises all segments including Corporate.

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: 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. These 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 48