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) – January 30, 2018

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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company   ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02. Results of Operations and Financial Condition

On January 30, 2018, Chubb Limited issued a Press Release reporting its fourth quarter 2017 results and the availability of its fourth quarter 2017 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 January 30, 2018, Reporting Fourth Quarter 2017 Results
99.2	Fourth Quarter 2017 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 hereunto duly authorized.

Chubb Limited
By:	/s/ Philip V. Bancroft
	Philip V. Bancroft
	Executive Vice President and Chief Financial Officer

DATE: January 30, 2018

EX-99.1

Exhibit 99.1

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

News Release

Chubb Reports Fourth Quarter Net Income Per Share of $3.27; Core Operating Income Per Share was $3.17, up 16.5%; Full-Year P&C Net Premiums Written of $27.1 Billion, up 4.2%; Book Value and Tangible Book Value Per Share up 6.5% and 8.6%, Respectively, for the Year

• Fourth quarter net income of $1,533 million and core operating income ⁽¹⁾ of $1,489 million included a provisional tax benefit of $450 million, or $0.96 per share, related to the 2017 U.S. Tax Cuts and Jobs Act (2017 Tax Reform) and a one-time expense related to a contribution of $50 million ($32.5 million after-tax) to the Chubb Charitable Foundation to make a difference in society. Excluding these items, core operating income in the quarter was $2.28 per share.

• Pre-tax catastrophe losses, net of reinsurance and including reinstatement premiums, were $447 million for the quarter, including $320 million for the northern California wildfires and other catastrophe losses as previously announced, $157 million for the southern California wildfires and $30 million of favorable adjustments related to catastrophe loss events in the third quarter.

• Fourth quarter P&C combined ratio was 90.7% compared with 87.8% prior year. The fourth quarter P&C current accident year combined ratio excluding catastrophe losses was 86.4% compared with 87.4% prior year.

• Full-year net income was $3.9 billion, or $8.19 per share, and core operating income was $3.8 billion, or $8.03 per share, including after-tax catastrophe losses of $2.2 billion, or $4.61 per share.

• Full-year P&C combined ratio was 94.7% compared with 88.7% prior year. The P&C current accident year combined ratio excluding catastrophe losses was 87.6% compared with 89.0% prior year. The year-over-year decline of 1.4 percentage points was driven by a decline in the expense ratio of 2.1 percentage points partially offset by an increase in the loss and loss expense ratio of 0.7 percentage points.

• P&C current accident year underwriting income excluding catastrophe losses was $912 million for the quarter, up 10.3%, and $3,347 million for the year, up 13.7%.

• Consolidated and P&C net premiums written were $7.1 billion and $6.5 billion, respectively, for the quarter and $29.2 billion and $27.1 billion, respectively, for the year. Excluding merger-related actions, ⁽²⁾ P&C net premiums written were up 3.7% for the quarter and up 6.3% for the year. Merger-related actions are now largely completed. Foreign currency movement favorably impacted premium growth in the quarter by 1.2% and had no impact on premium growth for the year.

• The annualized ROE and core operating ROE were both 12.1% for the quarter and 7.8% for the year.

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Chubb Limited News Release

• Adjusted net investment income was $873 million, pre-tax, for the quarter and a record $3.5 billion, pre-tax, for the year, up 3.5% and 6.1%, respectively.

• Operating cash flow was $1.1 billion for the quarter and $4.5 billion for the year.

• Book value per share is up 1.5% from the prior quarter and 6.5% for the year. Tangible book value per share is up 1.2% from the prior quarter and 8.6% for the year.

• Core operating effective tax rate for 2018 is expected to be within a range of 13% to 15%.

⁽¹⁾ Effective Q4 2017, in consideration of the SEC guidance on non-GAAP financial measures, the company relabeled operating income, operating return on equity (ROE) and operating effective tax rate to “core operating income,” “core operating ROE,” and “core operating effective tax rate,” respectively. This is a change in terminology only and the method of calculation and definition of these measures is consistent with prior periods. References to core operating income mean net of tax, whether or not noted.

⁽²⁾ Merger-related actions include the cancellation of certain portfolios or lines of business that do not meet company underwriting standards, the purchase of additional reinsurance, as well as a prior year accounting policy alignment adjustment. For the year there is also a one-time unearned premium reserve (UPR) transfer in 2016.

ZURICH – January 30, 2018 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended December 31, 2017 of $1,533 million, or $3.27 per share, compared with net income of $1,610 million, or $3.41 per share, for the same quarter last year. Core operating income was $1,489 million, or $3.17 per share, compared with $1,283 million, or $2.72 per share, for the same quarter last year. The property and casualty (P&C) combined ratio was 90.7% for the quarter. Book value per share increased 1.5% and tangible book value per share increased 1.2% from September 30, 2017 and now stand at $110.32 and $65.87, respectively. The 2017 Tax Reform increased book value by $450 million and decreased tangible book value by $293 million, primarily due to the impact of the reduced U.S. corporate tax rate on deferred tax balances and excess foreign tax credits created by the deemed repatriation of foreign subsidiary earnings. Foreign currency movement in the quarter unfavorably impacted book value by $390 million and tangible book value by $190 million.

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Chubb Limited News Release

Chubb Limited

Fourth Quarter Summary

(in millions, except per share amounts)

(Unaudited)

										(Per Share - Diluted)
	2017			2016			Change			2017			2016			Change
Net income	$	1,533		$	1,610			(4.8	)%	$	3.27		$	3.41			(4.1	)%
Chubb one-time integration and merger-related expenses, net of tax		57			94			(39.4	)%		0.12			0.20			(40.0	)%
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		41			66			(37.9	)%		0.09			0.14			(35.7	)%
Adjusted net realized (gains) losses, net of tax		(142	)		(487	)		(70.8	)%		(0.31	)		(1.03	)		(69.9	)%
Core operating income, net of tax	$	1,489		$	1,283			16.2	%	$	3.17		$	2.72			16.5	%

For the three months ended December 31, 2017 and 2016, the tax expenses (benefits) related to the table above were $(20) million and $(37) million, respectively, for Chubb one-time integration and merger-related expenses; $(23) million and $(22) million, respectively, for amortization of fair value adjustment of acquired invested assets and long-term debt; $(20) million and $46 million, respectively, for adjusted net realized gains and losses; and $(319) million and $272 million, respectively, for core operating income.

For the year ended December 31, 2017, net income was $3,861 million, or $8.19 per share, compared with $4,135 million, or $8.87 per share, for 2016. Core operating income was $3,784 million, or $8.03 per share, compared with $4,716 million, or $10.12 per share, for 2016. The P&C combined ratio was 94.7% for the year. Book value per share increased 6.5% and tangible book value per share increased 8.6% from December 31, 2016. Book value and tangible book value were favorably impacted by net realized and unrealized gains of $742 million after-tax in the company’s investment portfolio and $103 million of after-tax realized gains in the company’s variable annuity reinsurance business. Additionally, foreign currency movement (FX) favorably impacted book value by $512 million after-tax and tangible book value by $269 million after-tax. The 2017 Tax Reform increased book value by $450 million and decreased tangible book value by $293 million as noted above.

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Chubb Limited News Release

Chubb Limited

Full Year Summary

(in millions, except per share amounts)

(Unaudited)

										(Per Share - Diluted)
	2017			2016			Change			2017			2016			Change
Net income	$	3,861		$	4,135			(6.6	)%	$	8.19		$	8.87			(7.7	)%
Chubb one-time integration and merger-related expenses, net of tax		217			356			(39.0	)%		0.46			0.76			(39.5	)%
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		198			244			(18.9	)%		0.42			0.52			(19.2	)%
Adjusted net realized (gains) losses, net of tax		(492	)		(19	)		NM			(1.04	)		(0.03	)		NM
Core operating income, net of tax	$	3,784		$	4,716			(19.7	)%	$	8.03		$	10.12			(20.7	)%

For the years ended December 31, 2017 and 2016, the tax expenses (benefits) related to the table above were $(93) million and $(143) million, respectively, for Chubb one-time integration and merger-related expenses; $(85) million and $(101) million, respectively, for amortization of fair value adjustment of acquired invested assets and long-term debt; $5 million and $68 million, respectively, for adjusted net realized gains and losses; and $34 million and $991 million, respectively, for core operating income.

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “Our fourth quarter results were highlighted by core operating income per share, up 16.5%, which was aided by a one-time benefit from tax reform, excellent ex-CAT underwriting performance from every division, a core operating ROE of 12% and improving commercial P&C pricing in a number of our businesses globally. On the other hand, the quarter was impacted by the two largest wildfires in California history. Net P&C premiums excluding merger-related actions were up 3.7% for the quarter and contributed to growth of 6.3% for the year. With merger-related underwriting actions and their impact on revenue growth largely behind us, a strong economy, both domestic and global, and positive momentum continuing to build for commercial P&C pricing in a number of classes, we are quite optimistic about our prospects for improved premium revenue growth in the year ahead.

“For the year, we produced $3.8 billion in core operating income, down 20% from what we would have earned with a normalized level of annual catastrophe losses and without the benefit from tax reform. Pre-tax, current accident year underwriting income excluding CATs was $3.3 billion, up 14%, while investment income was a record $3.5 billion, up 6%. Our published results led to a core operating ROE of nearly 8% and reasonably strong book and tangible book value per share growth of 6.5% and 8.6%, respectively.

“In the quarter, the P&C combined ratio was 90.7%, and for the year it was 94.7%, which includes $2.7 billion in net catastrophe losses. Those combined ratios, given what was likely a record or near-record year for worldwide insured natural catastrophe losses, demonstrate the quality of our underwriting and our

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Chubb Limited News Release

balanced book of business. On a current accident year basis excluding the CATs, the combined ratio for the year was 87.6%, compared with 89% in 2016.

“In terms of the current rate environment, positive commercial P&C rate movement accelerated in the quarter month by month, with prices firming in a number of important classes, both property and casualty-related. We achieved some of the best rate change in a number of years and the positive trend has continued into January with momentum appearing to build in certain classes. Renewal retentions remained steady overall across the company and are quite good, but they varied by line of business during the quarter with some areas paying a price in terms of a modestly lower renewal retention level in order to maintain pricing discipline. The same goes with new business – some areas of our company were up while others suffered in terms of new business. These conditions, in my judgment, speak to an insurance market in transition, and rates should continue to firm as the year goes along, although not in all classes or all territories.

“Lastly, tax reform is good for our economy, and Chubb will benefit from both a lower corporate rate and additional insurance exposure growth as the economy continues to expand. We are honored to share a portion of the benefit from tax reform to make a difference in society with a contribution to the Chubb Charitable Foundation of $50 million.”

Operating highlights for the quarter ended December 31, 2017 were as follows:

Chubb Limited (in millions of U.S. dollars except for percentages)	Q4 2017			Q4 2016			Change
P&C
Net premiums written (including favorable FX of 1.2 pts)	$	6,496		$	6,389			1.7	%
Net premiums written – excluding merger-related actions								3.7	%
Underwriting income	$	623		$	795			(21.7	)%
Combined ratio		90.7	%		87.8	%
Current accident year underwriting income excluding catastrophe losses	$	912		$	825			10.3	%
Current accident year combined ratio excluding catastrophe losses		86.4	%		87.4	%
Global P&C (excludes Agriculture)
Net premiums written (including favorable FX of 1.1 pts)	$	6,370		$	6,349			0.3	%
Net premiums written – excluding merger-related actions								2.3	%
Underwriting income	$	433		$	611			(29.4	)%
Combined ratio		93.3	%		90.4	%
Current accident year underwriting income excluding catastrophe losses	$	758		$	659			14.7	%
Current accident year combined ratio excluding catastrophe losses		88.2	%		89.7	%
North America Agricultural Insurance
Net premiums written	$	126		$	40			214.3	%
Combined ratio		24.4	%		(25.4	)%
Current accident year combined ratio excluding catastrophe losses		40.0	%		(10.9	)%

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Chubb Limited News Release

Operating highlights for the year ended December 31, 2017 were as follows:

Chubb Limited (in millions of U.S. dollars except for percentages)	FY 2017			FY 2016			Change
P&C
Net premiums written	$	27,103		$	26,021			4.2	%
Net premiums written – excluding merger-related actions								6.3	%
Underwriting income	$	1,430		$	3,018			(52.6	)%
Combined ratio		94.7	%		88.7	%
Current accident year underwriting income excluding catastrophe losses	$	3,347		$	2,943			13.7	%
Current accident year combined ratio excluding catastrophe losses		87.6	%		89.0	%
Global P&C (excludes Agriculture)
Net premiums written	$	25,587		$	24,693			3.6	%
Net premiums written – excluding merger-related actions								5.8	%
Underwriting income	$	1,038		$	2,677			(61.2	)%
Combined ratio		95.9	%		89.5	%
Current accident year underwriting income excluding catastrophe losses	$	3,056		$	2,655			15.1	%
Current accident year combined ratio excluding catastrophe losses		88.0	%		89.5	%
North America Agricultural Insurance
Net premiums written	$	1,516		$	1,328			14.2	%
Combined ratio		74.0	%		74.1	%
Current accident year combined ratio excluding catastrophe losses		81.5	%		78.9	%

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Chubb Limited News Release

• Net premiums earned increased 2.3% for the quarter and 1.0% for the year. Excluding merger-related actions, P&C net premiums earned increased 3.7% for the quarter and 2.9% for the year.

• For the quarter, total pre-tax and after-tax catastrophe losses were $447 million (6.7 percentage points of the combined ratio) and $331 million, respectively, compared with $268 million (4.1 percentage points of the combined ratio) and $222 million, respectively, last year.

• For the year, total pre-tax and after-tax catastrophe losses were $2,746 million (10.2 percentage points of the combined ratio) and $2,171 million, respectively, compared with $1,060 million (4.0 percentage points of the combined ratio) and $844 million, respectively, last year.

• For the quarter, total pre-tax and after-tax favorable prior period development were $158 million (2.4 percentage points of the combined ratio) and $130 million, respectively, compared with $238 million (3.7 percentage points of the combined ratio) and $208 million, respectively, last year. Pre-tax favorable prior period development in the quarter included $138 million of adverse development for legacy exposures, principally asbestos.

• For the year, total pre-tax and after-tax favorable prior period development was $829 million (3.1 percentage points of the combined ratio) and $634 million, respectively, compared with $1,135 million pre-tax (4.3 percentage points of the combined ratio) and $898 million after-tax last year.

• Adjusted net investment income was $873 million for the quarter, up 3.5%, which exceeded prior guidance due to increased call activity in the company’s corporate bond portfolio and higher than projected private equity distributions. For the year, adjusted net investment income was a record $3.5 billion, up 6.1%.

• Share repurchases totaled $123 million, or approximately 0.8 million shares, during the quarter and $830 million, or approximately 5.9 million shares, for the year.

• Net loss reserves increased $1.2 billion for the year primarily due to significant catastrophe loss events in 2017.

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Chubb Limited News Release

Details of financial results by business segment are available in the Chubb Limited Financial Supplement.

Key segment items for the quarter ended December 31, 2017 are presented below:

Chubb Limited (in millions of U.S. dollars except for percentages)	Q4 2017			Q4 2016			Change
Total North America P&C Insurance
Net premiums written	$	4,219		$	4,163			1.3	%
Net premiums written – excluding merger-related actions								2.6	%
Combined ratio		88.0	%		81.9	%
Current accident year combined ratio excluding catastrophe losses		82.8	%		83.9	%
North America Commercial P&C Insurance
Net premiums written	$	2,993		$	3,083			(2.9	)%
Net premiums written – excluding merger-related actions								(1.2	)%
Major account retail and excess and surplus (E&S) wholesale (Major Accounts & Specialty) – excluding merger-related actions								(3.3	)%
Middle market and small commercial (Commercial Insurance) – excluding merger-related actions								1.9	%
Combined ratio		86.2	%		84.8	%
Current accident year combined ratio excluding catastrophe losses		87.3	%		88.9	%
North America Personal P&C Insurance
Net premiums written	$	1,100		$	1,040			5.8	%
Combined ratio		107.5	%		88.3	%
Current accident year combined ratio excluding catastrophe losses		80.5	%		82.9	%
North America Agricultural Insurance
Net premiums written	$	126		$	40			214.3	%
Combined ratio		24.4	%		(25.4	)%
Current accident year combined ratio excluding catastrophe losses		40.0	%		(10.9	)%
Overseas General Insurance
Net premiums written (including favorable FX of 2.7 pts)	$	2,172		$	2,112			2.8	%
Net premiums written – excluding merger-related actions								6.5	%
Combined ratio		84.3	%		90.6	%
Current accident year combined ratio excluding catastrophe losses		90.3	%		91.2	%

• North America Agricultural Insurance: Net premiums written were $126 million in the quarter, an increase of $86 million over the prior year due to higher premium retention as a result of the year-over-year impact of the premium-sharing formulas with the U.S. government. Underwriting income in the quarter was $190 million, including a current year favorable adjustment of $110 million, principally reflecting an upward revision to the 2017 crop year margin estimate. On a comparative basis, the prior year included a favorable adjustment of $154 million.

• Global Reinsurance: Net premiums written decreased 8.2%, or 9.3% in constant dollars, for the quarter. The combined ratio for the quarter was 110.2%, compared with 94.0%. The current accident year combined ratio excluding catastrophe losses for the quarter was 81.4%, compared with 78.8%.

• Life Insurance: Segment income was $70 million for the quarter, compared to $60 million, including International life insurance segment income of $19 million, up $8 million. International life insurance net premiums written and deposits collected increased 25.2% in constant dollars for the quarter.

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Chubb Limited News Release

Key segment items for the year ended December 31, 2017 are presented below:

Chubb Limited (in millions of U.S. dollars except for percentages)	FY 2017			FY 2016			Change
Total North America P&C Insurance
Net premiums written	$	18,077		$	17,221			5.0	%
Net premiums written – excluding merger-related actions								6.5	%
Combined ratio		92.2	%		86.5	%
Current accident year combined ratio excluding catastrophe losses		84.9	%		86.8	%
North America Commercial P&C Insurance
Net premiums written	$	12,028		$	11,740			2.5	%
Net premiums written – excluding merger-related actions								4.8	%
Major accounts retail and E&S wholesale (Major Accounts & Specialty) – excluding merger-related actions								2.2	%
Middle market and small commercial (Commercial Insurance) – excluding merger-related actions								8.9	%
Combined ratio		91.4	%		86.7	%
Current accident year combined ratio excluding catastrophe losses		87.5	%		89.4	%
North America Personal P&C Insurance
Net premiums written	$	4,533		$	4,153			9.1	%
Net premiums written – excluding merger-related actions								8.8	%
Combined ratio		100.7	%		90.0	%
Current accident year combined ratio excluding catastrophe losses		78.9	%		81.8	%
North America Agricultural Insurance
Net premiums written	$	1,516		$	1,328			14.2	%
Combined ratio		74.0	%		74.1	%
Current accident year combined ratio excluding catastrophe losses		81.5	%		78.9	%
Overseas General Insurance
Net premiums written	$	8,341		$	8,124			2.7	%
Net premiums written – excluding merger-related actions								5.9	%
Combined ratio		92.0	%		88.5	%
Current accident year combined ratio excluding catastrophe losses		91.0	%		91.5	%

• North America Agricultural Insurance: Underwriting income for the year was $392 million, up 15%, compared to $341 million in the prior year.

• Global Reinsurance: Net premiums written for the year increased 1.4%, or 2.2% in constant dollars. The combined ratio for the year was 111.2%, compared with 79.5%. The current accident year combined ratio excluding catastrophe losses for the year was 79.2%, compared with 78.6%.

• Life Insurance: Segment income for the year was $248 million, compared to $263 million, including International life insurance segment income of $54 million, up $27 million year over year. The growth in International life insurance was more than offset by the run-off of the company’s life reinsurance business. International life insurance net premiums written and deposits collected increased 20.5% in constant dollars for the year.

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Chubb Limited News Release

Please refer to the Chubb Limited Financial Supplement, dated December 31, 2017, which is posted on the company’s investor relations website, investors.chubb.com, in the Financials section for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio, and debt and capital.

Chubb Limited will hold its fourth quarter earnings conference call on Wednesday, January 31, 2018, beginning at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 888-427-9419 (within the United States) or 719-325-2236 (international), passcode 5252685. Please refer to the Chubb investor relations website under Events and Presentations for details. A replay of the call will be available until Thursday, February 15, 2018, 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 and territories, 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

All comparisons are with the same period last year unless otherwise specifically stated.

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Chubb Limited News Release

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).

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.

Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets of $76 million in Q4 2017 and $332 million for full year 2017. 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.

Core 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

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

Chubb Limited News Release

be indicative of such future costs. We believe that excluding the Chubb integration and related expenses facilitates the comparison of our financial results to our historical operating results. References to core operating income mean net of tax, whether or not noted. Core operating effective tax rate is a non-GAAP financial measure which provides the effective tax rate on our Core operating income.

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

Current accident year P&C combined ratio excluding catastrophe losses excludes the impact 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 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 gross and net premiums written and deposits collected and certain Life Insurance gross and net premiums written measures presented in this release includes 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.

Core operating return on equity (ROE) or ROE calculated using core operating income 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 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. Core operating ROE is a useful measure as it enhances the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity excluding the effect of unrealized gains and losses on our investments.

Net premiums written excluding merger-related actions is a non-GAAP performance measure. Since the acquisition of the Chubb Corp, we have entered into new reinsurance agreements with third-party reinsurers for the Chubb Corp businesses and have taken other merger-related underwriting actions, including exiting certain types of business that do not meet our underwriting standards or adhere to our risk diversification strategy. We exclude the impact of accounting policy alignment to conform the timing of premium recognition of certain Chubb Corp foreign subsidiaries to be on the same basis as Chubb Limited. We also excluded the net premiums written related to a one-time UPR transfer in 2016 that reduced premiums in the prior year. We believe that this measure is meaningful to evaluate trends in our underlying business on a comparable basis.

Tangible book value per common share, net of tax 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

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Chubb Limited News Release

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 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 core 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 all internal and external costs directly related to the integration activities of the Chubb Corp acquisition, consisting primarily of personnel-related expenses, including severance and employee retention and relocation; consulting fees; and advisor fees. Chubb integration and related expenses also include interest expense related to the $5.3 billion senior notes issued in November 2015 in order to finance a portion of the Chubb Corp acquisition. We exclude this pre-acquisition interest expense from core 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 core operating income.

See reconciliation of Non-GAAP Financial Measures on pages 31-37 in the Financial Supplement. These measures should not be viewed as a substitute for measures determined in accordance with GAAP, including premium, net income, return on equity, net investment income, and effective tax rate.

NM - not meaningful comparison

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

Chubb Limited News Release

Cautionary Statement Regarding Forward-Looking Statements:

Forward-looking statements made in this press release, such as those related to company performance, including 2018 performance and growth opportunities, pricing, taxes, economic and market conditions, and our 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 and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, loss of key employees or disruptions to our operations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war, economic, political, regulatory, insurance and reinsurance business conditions, potential strategic opportunities including acquisitions and our ability to achieve and integrate them, as well as management’s response to these factors, and other factors identified in our filings with the Securities and Exchange Commission (SEC).

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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

Chubb Limited News Release

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)

	December 31 2017		December 31 2016
Assets
Investments	$	102,444	$	99,094
Cash		728		985
Insurance and reinsurance balances receivable		9,334		8,970
Reinsurance recoverable on losses and loss expenses		15,034		13,577
Goodwill and other intangible assets		22,054		22,095
Other assets		17,428		15,065
Total assets	$	167,022	$	159,786
Liabilities
Unpaid losses and loss expenses	$	63,179	$	60,540
Unearned premiums		15,216		14,779
Other liabilities		37,455		36,192
Total liabilities	$	115,850	$	111,511
Shareholders’ equity
Total shareholders’ equity		51,172		48,275
Total liabilities and shareholders’ equity	$	167,022	$	159,786
Book value per common share	$	110.32	$	103.60
Tangible book value per common share	$	65.87	$	60.64
Book value per common share excluding cumulative translation losses (1)	$	112.88	$	107.17
Tangible book value per common share excluding cumulative translation losses (1)	$	67.84	$	63.10

⁽¹⁾ Cumulative translation losses were $1.2 billion in 2017 ($914 million on tangible and $273 million on intangible net assets) and $1.7 billion in 2016 ($1,147 million on tangible and $516 million on intangible net assets)

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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						Year Ended
	December 31						December 31
	2017			2016			2017			2016
Gross premiums written	$	8,960		$	8,837		$	36,376		$	34,983
Net premiums written		7,051			6,938			29,244			28,145
Net premiums earned		7,218			7,059			29,034			28,749
Losses and loss expenses		4,272			3,855			18,454			16,052
Policy benefits		176			161			676			588
Policy acquisition costs		1,447			1,417			5,781			5,904
Administrative expenses (1)		737			708			2,833			3,081
Net investment income		797			744			3,125			2,865
Net realized gains (losses)		—			365			84			(145	)
Interest expense		156			154			607			605
Other income (expense):
Gains (losses) from separate account assets		27			(11	)		97			11
Other		40			141			303			211
Amortization of purchased intangibles		66			3			260			19
Chubb integration expenses		77			131			310			492
Income tax expense (benefit) (2)		(382	)		259			(139	)		815
Net income	$	1,533		$	1,610		$	3,861		$	4,135
Diluted earnings per share:
Core operating income	$	3.17		$	2.72		$	8.03		$	10.12
Net income	$	3.27		$	3.41		$	8.19		$	8.87
Weighted average diluted shares outstanding		469.5			471.6			471.2			465.9
(1)  2016 includes the one-time pension curtailment benefit of $90 million.
(2)  2017 includes the one-time tax transition benefit of $450 million related to the 2017 Tax Reform.
P&C combined ratio
Loss and loss expense ratio		61.4	%		57.0	%		65.8	%		57.8	%
Policy acquisition cost ratio		19.4	%		19.8	%		19.5	%		20.2	%
Administrative expense ratio		9.9	%		11.0	%		9.4	%		10.7	%
P&C combined ratio		90.7	%		87.8	%		94.7	%		88.7	%
P&C underwriting income	$	623		$	795		$	1,430		$	3,018

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Chubb Limited News Release

Chubb Limited

Consolidated Supplemental Segment Information

(in millions of U.S. dollars)

(Unaudited)

	Three Months Ended						Year Ended
	December 31						December 31
	2017			2016			2017			2016
Gross Premiums Written
North America Commercial P&C Insurance	$	4,095		$	4,109		$	15,760		$	14,986
North America Personal P&C Insurance		1,260			1,228			5,152			4,894
North America Agricultural Insurance		276			266			2,315			2,187
Overseas General Insurance		2,639			2,542			10,142			9,935
Global Reinsurance		104			115			746			739
Life Insurance (1)		974			835			3,697			3,248
Total	$	9,348		$	9,095		$	37,812		$	35,989
Net Premiums Written
North America Commercial P&C Insurance	$	2,993		$	3,083		$	12,028		$	11,740
North America Personal P&C Insurance		1,100			1,040			4,533			4,153
North America Agricultural Insurance		126			40			1,516			1,328
Overseas General Insurance		2,172			2,112			8,341			8,124
Global Reinsurance		105			114			685			676
Life Insurance (1)		943			807			3,577			3,130
Total	$	7,439		$	7,196		$	30,680		$	29,151
Net Premiums Earned
North America Commercial P&C Insurance	$	3,035		$	3,087		$	12,191		$	12,217
North America Personal P&C Insurance		1,103			1,074			4,399			4,319
North America Agricultural Insurance		252			147			1,508			1,316
Overseas General Insurance		2,113			2,050			8,131			8,132
Global Reinsurance		162			167			704			710
Life Insurance		553			534			2,101			2,055
Total	$	7,218		$	7,059		$	29,034		$	28,749
Segment income (loss)
North America Commercial P&C Insurance	$	909		$	955		$	3,010		$	3,492
North America Personal P&C Insurance		(29	)		174			177			614
North America Agricultural Insurance		189			181			386			331
Overseas General Insurance		460			330			1,216			1,497
Global Reinsurance		50			75			196			413
Life Insurance		70			60			248			263
Corporate		(311	)		(166	)		(759	)		(370	)
Total	$	1,338		$	1,609		$	4,474		$	6,240

⁽¹⁾  Life Insurance gross and net premiums written includes deposits collected on universal life and investment contracts in 2017 (Q4 $388 million, full-year $1,436 million) and 2016 (Q4 $258 million, full-year $1,006 million).

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EX-99.2

Exhibit 99.2

Chubb Limited

Financial Supplement

for the Quarter and Year Ended December 31, 2017

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 and Quarterly Reports on Form 10-Q.

Cautionary Statement Regarding Forward-Looking Statements

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

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

Chubb Limited

Financial Supplement Table of Contents

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

Note: The results herein are presented on an as-reported basis unless otherwise indicated.

Effective Q4 2017, in consideration of the SEC guidance on non-GAAP financial measures, the company relabeled operating income, operating return on equity (ROE) and operating effective tax rate to “core operating income”, “core operating ROE”, and “core operating effective tax rate,” respectively. This is a change in terminology only and the method of calculation and definition of these measures is consistent with prior periods.

Chubb Limited

Consolidated Financial Highlights - Quarter

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

(Unaudited)

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

												Constant $
							% Change					% Change
	Three months ended December 31						4Q-17 vs.			Constant $		4Q-17 vs.
	2017			2016			4Q-16			2016		4Q-16
Gross premiums written	$	8,960		$	8,837			1.4	%	$	8,927		0.4	%
Net premiums written	$	7,051		$	6,938			1.6	%	$	7,014		0.5	%
P&C net premiums written	$	6,496		$	6,389			1.7	%	$	6,461		0.5	%
Global P&C net premiums written	$	6,370		$	6,349			0.3	%	$	6,421		-0.8	%
Net premiums earned	$	7,218		$	7,059			2.3	%	$	7,140		1.1	%
Net investment income	$	797		$	744			7.2	%	$	748		6.5	%
Adjusted net investment income	$	873		$	845			3.5	%	$	849		2.9	%
Core operating income	$	1,489		$	1,283			16.2	%	$	1,298		14.8	%
Net income	$	1,533		$	1,610			-4.8	%
Operating cash flow	$	1,092		$	1,455
P&C combined ratio
Loss and loss expense ratio		61.4	%		57.0	%
Underwriting and administrative expense ratio		29.3	%		30.8	%
Combined ratio		90.7	%		87.8	%
P&C combined ratio - ex Cats and PPD
Loss and loss expense ratio - ex Cats and PPD		57.1	%		56.4	%
Underwriting and administrative expense ratio - ex Cats and PPD		29.3	%		31.0	%
Combined ratio excluding catastrophe losses (Cats) and PPD		86.4	%		87.4	%
ROE		12.1	%		13.3	%
Core operating return on equity (ROE)		12.1	%		11.0	%
Effective tax rate		-33.1	%		13.8	%
Core operating effective tax rate (1)		-27.2	%		17.6	%
Diluted earnings per share
Net income	$	3.27		$	3.41			-4.1	%
Core operating income	$	3.17		$	2.72			16.5	%
Weighted average basic common shares outstanding		465.4			468.3
Weighted average diluted common shares outstanding		469.5			471.6

(1) Q4 2017 includes a one-time transition benefit of $450 million, or 38.4 percentage points, related to the 2017 U.S. Tax Reform. Excluding the one-time benefit, core operating effective tax rate for the quarter is 11.2%.

Financial Highlights - QTR Page 1

Chubb Limited

Consolidated Financial Highlights - Full Year

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

(Unaudited)

												Constant $
							% Change					% Change
	Year ended December 31						2017 vs			Constant $		2017 vs
	2017			2016			2016			2016		2016
Gross premiums written	$	36,376		$	34,983			4.0	%	$	35,001		3.9	%
Net premiums written	$	29,244		$	28,145			3.9	%	$	28,155		3.9	%
P&C net premiums written	$	27,103		$	26,021			4.2	%	$	26,022		4.2	%
Global P&C net premiums written	$	25,587		$	24,693			3.6	%	$	24,694		3.6	%
Net premiums earned	$	29,034		$	28,749			1.0	%	$	28,802		0.8	%
Net investment income	$	3,125		$	2,865			9.1	%	$	2,861		9.2	%
Adjusted net investment income	$	3,457		$	3,258			6.1	%	$	3,254		6.3	%
Core operating income	$	3,784		$	4,716			-19.7	%	$	4,732		-20.0	%
Net income	$	3,861		$	4,135			-6.6	%
Operating cash flow	$	4,503		$	5,292
P&C combined ratio
Loss and loss expense ratio		65.8	%		57.8	%
Underwriting and administrative expense ratio		28.9	%		30.9	%
Combined ratio		94.7	%		88.7	%
P&C combined ratio - ex Cats and PPD
Loss and loss expense ratio - ex Cats and PPD		58.8	%		58.1	%
Underwriting and administrative expense ratio - ex Cats and PPD		28.8	%		30.9	%
Combined ratio excluding catastrophe losses (Cats) and PPD		87.6	%		89.0	%
ROE		7.8	%		9.0	%
Core operating return on equity (ROE)		7.8	%		10.5	%
Effective tax rate		-3.7	%		16.5	%
Core operating effective tax rate (1)		0.9	%		17.4	%
Diluted earnings per share
Net income	$	8.19		$	8.87			-7.7	%
Core operating income	$	8.03		$	10.12			-20.7	%
Full year diluted earnings per share (2)
Net income				$	8.91
Core operating income				$	10.14
Book value per common share	$	110.32		$	103.60			6.5	%
Book value per common share excluding foreign currency (3)	$	109.22		$	103.60			5.4	%
Tangible book value per common share	$	65.87		$	60.64			8.6	%
Tangible book value per common share excluding foreign currency (3)	$	65.28		$	60.64			7.7	%
Weighted average basic common shares outstanding		467.1			462.5
Weighted average diluted common shares outstanding		471.2			465.9
Total hybrid & financial debt/capitalization		20.1	%		21.8	%

(1) Full year 2017 includes a one-time transition benefit of $450 million, or 11.8 percentage points, related to the 2017 U.S. Tax Reform. Excluding the one-time benefit, core operating effective tax rate for the year is 12.7%.

(2) Full year 2016 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.

(3) For 2017, book value per common share and tangible book value per common share exclude the impact of foreign currency movement during the year.

Financial Highlights - FY Page 2

Chubb Limited

Statement of Operations - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Consolidated Statements of Operations

																	Full Year			Full Year
		4Q-17			3Q-17			2Q-17			1Q-17			4Q-16			2017			2016
	Gross premiums written	$	8,960		$	9,710		$	9,305		$	8,401		$	8,837		$	36,376		$	34,983
	Net premiums written		7,051			7,902			7,581			6,710			6,938			29,244			28,145
	Net premiums earned		7,218			7,807			7,237			6,772			7,059			29,034			28,749
(1)	Adjusted losses and loss expenses		4,272			6,252			4,148			3,789			3,884			18,461			16,080
	Realized (gains) losses on crop derivatives		—			5			2			—			6			7			5
	Pension curtailment benefit		—			—			—			—			(23	)		—			(23	)
	Losses and loss expenses		4,272			6,247			4,146			3,789			3,855			18,454			16,052
	Policy benefits		176			169			163			168			161			676			588
	Policy acquisition costs		1,447			1,488			1,449			1,397			1,417			5,781			5,904
(2)	Adjusted administrative expenses		737			714			706			676			798			2,833			3,171
	Pension curtailment benefit		—			—			—			—			(90	)		—			(90	)
	Administrative expenses		737			714			706			676			708			2,833			3,081
(3)	Adjusted net investment income		873			893			855			836			845			3,457			3,258
	Amortization expense of fair value adjustment on acquired invested assets		(76	)		(80	)		(85	)		(91	)		(101	)		(332	)		(393	)
	Net investment income		797			813			770			745			744			3,125			2,865
(4)	Adjusted realized gains (losses)		—			(5	)		103			(7	)		371			91			(140	)
	Realized gains (losses) on crop derivatives		—			(5	)		(2	)		—			(6	)		(7	)		(5	)
	Net realized gains (losses)		—			(10	)		101			(7	)		365			84			(145	)
(5)	Adjusted interest expense		168			162			160			166			167			656			646
	Interest expense related to pre-acquisition debt		—			—			—			—			—			—			7
	Amortization benefit of fair value adjustment on acquired long term debt		(12	)		(12	)		(13	)		(12	)		(13	)		(49	)		(48	)
	Interest expense		156			150			147			154			154			607			605
	Gains (losses) from fair value changes in separate account assets		27			24			16			30			(11	)		97			11
	Net realized gains (losses) related to unconsolidated entities		122			89			143			52			162			406			227
	Other income (expense) - operating		(82	)		5			(14	)		(12	)		(21	)		(103	)		(16	)
	Other income (expense)		67			118			145			70			130			400			222
	Amortization expense of purchased intangibles		66			65			65			64			3			260			19
	Chubb integration expenses		77			50			72			111			131			310			492
	Income tax expense (benefit)		(382	)		(85	)		200			128			259			(139	)		815
	Net income (loss)	$	1,533		$	(70	)	$	1,305		$	1,093		$	1,610		$	3,861		$	4,135

(1) Adjusted losses and loss expenses used throughout this report exclude a portion of the one-time pension curtailment benefit, recorded in Corporate, and include realized gains and losses on crop derivatives.

(2) Adjusted administrative expenses used throughout this report exclude a portion of the one-time pension curtailment benefit.

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

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

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

Statement of Operations Page 3

Chubb Limited

P&C Underwriting Results - Consecutive Quarters

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

(Unaudited)

Chubb Limited P&C Underwriting Results

																Full Year			Full Year
	4Q-17			3Q-17			2Q-17			1Q-17			4Q-16			2017			2016
P&C Underwriting income (Including Corporate and excluding Life Insurance)
Gross premiums written	$	8,374		$	9,142		$	8,748		$	7,851		$	8,260		$	34,115		$	32,741
Net premiums written		6,496			7,363			7,058			6,186			6,389			27,103			26,021
Net premiums earned		6,665			7,280			6,722			6,266			6,525			26,933			26,694
Adjusted losses and loss expenses		4,089			6,071			3,966			3,596			3,719			17,722			15,417
Policy acquisition costs (excluding amortization of acquired UPR intangible)		1,293			1,356			1,319			1,283			1,150			5,251			3,836
Amortization of acquired UPR intangible - Chubb Corp		—			—			—			—			144			—			1,559
Adjusted administrative expenses		660			637			629			604			717			2,530			2,864
P&C Underwriting income (loss)	$	623		$	(784	)	$	808		$	783		$	795		$	1,430		$	3,018
P&C Underwriting income - As If																			$	3,248
% Change versus prior year period
Net premiums written		1.7	%		4.6	%		-0.8	%		12.9	%		76.1	%		4.2	%		65.6	%
Net premiums written excluding merger-related actions (1)		3.7	%		3.9	%		2.0	%		17.9	%		79.2	%		6.3	%		67.9	%
Net premiums earned		2.2	%		1.5	%		-2.5	%		2.7	%		76.3	%		0.9	%		74.8	%
Net premiums written constant $		0.5	%		4.6	%		-0.2	%		13.4	%		77.1	%		4.2	%		69.1	%
Net premiums earned constant $		1.0	%		1.3	%		-2.0	%		2.8	%		77.1	%		0.7	%		78.2	%
P&C combined ratio
Loss and loss expense ratio		61.4	%		83.4	%		59.0	%		57.4	%		57.0	%		65.8	%		57.8	%
Policy acquisition cost ratio		19.4	%		18.6	%		19.6	%		20.5	%		19.8	%		19.5	%		20.2	%
Administrative expense ratio		9.9	%		8.8	%		9.4	%		9.6	%		11.0	%		9.4	%		10.7	%
Combined ratio		90.7	%		110.8	%		88.0	%		87.5	%		87.8	%		94.7	%		88.7	%
Combined ratio excluding catastrophe losses and PPD		86.4	%		88.5	%		87.5	%		88.0	%		87.4	%		87.6	%		89.0	%
P&C combined ratio - As If
Loss and loss expense ratio - As If																				57.7	%
Policy acquisition cost ratio - As If																				19.5	%
Administrative expense ratio - As If																				10.8	%
Combined ratio - As If																				88.0	%
Combined ratio excluding catastrophe losses and PPD - As If																				88.3	%
Other ratios
Net premiums written/gross premiums written		78	%		81	%		81	%		79	%		77	%		79	%		79	%
P&C expense ratio		29.3	%		27.4	%		29.0	%		30.1	%		30.8	%		28.9	%		30.9	%
P&C expense ratio excluding A&H		27.2	%		25.1	%		27.1	%		28.0	%		28.8	%		26.8	%		29.0	%
Catastrophe reinstatement premiums (expenses) collected - pre-tax	$	(15	)	$	22		$	—		$	—		$	1		$	7		$	7
Catastrophe losses - pre-tax	$	432		$	1,915		$	200		$	206		$	269		$	2,753		$	1,067
Favorable prior period development (PPD) - pre-tax	$	(158	)	$	(270	)	$	(170	)	$	(231	)	$	(238	)	$	(829	)	$	(1,135	)
Loss and loss expense ratio excluding catastrophe losses and PPD		57.1	%		61.3	%		58.6	%		58.1	%		56.4	%		58.8	%		58.1	%

(1) Net premiums written were adversely impacted by merger-related underwriting actions of $73 million in Q4 2017 and $545 million for full year 2017, and by accounting policy alignment of $53 million in Q4 2016 and $126 million for full year 2016. In addition, full year 2016 included a one-time unearned premium reserve (UPR) transfer of $128 million that reduced net premiums written in 2016.

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

P&C Results Page 4

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)

	December 31			September 30			June 30			March 31			December 31
	2017			2017			2017			2017			2016
Assets
Fixed maturities available for sale, at fair value	$	78,939		$	83,686		$	81,645		$	80,806		$	80,115
Fixed maturities held to maturity, at amortized cost		14,335			10,160			10,371			10,519			10,644
Equity securities, at fair value		937			910			856			835			814
Short-term investments, at fair value		3,561			2,991			2,651			2,780			3,002
Other investments		4,672			4,677			4,685			4,551			4,519
Total investments		102,444			102,424			100,208			99,491			99,094
Cash		728			1,088			1,297			1,063			985
Securities lending collateral		1,737			1,757			1,545			1,071			1,092
Insurance and reinsurance balances receivable		9,334			9,551			9,662			8,880			8,970
Reinsurance recoverable on losses and loss expenses		15,034			14,799			13,358			13,769			13,577
Deferred policy acquisition costs		4,723			4,691			4,546			4,406			4,314
Value of business acquired		326			339			337			345			355
Prepaid reinsurance premiums		2,529			2,506			2,592			2,549			2,448
Goodwill and other intangible assets		22,054			22,265			22,013			22,061			22,095
Investments in partially-owned insurance companies		662			652			662			666			666
Other assets		7,451			7,506			6,768			6,666			6,190
Total assets	$	167,022		$	167,578		$	162,988		$	160,967		$	159,786
Liabilities
Unpaid losses and loss expenses	$	63,179		$	64,153		$	60,394		$	60,579		$	60,540
Unearned premiums		15,216			15,456			15,289			14,857			14,779
Future policy benefits		5,321			5,307			5,190			5,086			5,036
Insurance and reinsurance balances payable		5,868			5,827			5,841			5,797			5,637
Securities lending payable		1,737			1,757			1,546			1,072			1,093
Accounts payable, accrued expenses, and other liabilities		10,953			10,581			10,360			10,477			10,020
Deferred tax liabilities		699			1,139			1,122			967			988
Short-term debt		1,013			1,020			922			300			500
Long-term debt		11,556			11,559			11,667			12,300			12,610
Trust preferred securities		308			308			308			308			308
Total liabilities		115,850			117,107			112,639			111,743			111,511
Shareholders’ equity
Total shareholders’ equity, excl. AOCI		50,629			49,402			49,979			49,224			48,589
Accumulated other comprehensive income (loss) (AOCI)		543			1,069			370			—			(314	)
Total shareholders’ equity		51,172			50,471			50,349			49,224			48,275
Total liabilities and shareholders’ equity	$	167,022		$	167,578		$	162,988		$	160,967		$	159,786
Book value per common share	$	110.32		$	108.74		$	108.19		$	105.35		$	103.60
% change over prior quarter		1.5	%		0.5	%		2.7	%		1.7	%		-0.3	%
Tangible book value per common share	$	65.87		$	65.06		$	65.23		$	62.52		$	60.64
% change over prior quarter		1.2	%		-0.3	%		4.3	%		3.1	%		0.6	%

Consol Bal Sheet Page 5

Chubb Limited

Consolidated Net Premiums Written by Line of Business

(in millions of U.S. dollars)

(Unaudited)

	4Q-17		4Q-16		% Change 4Q-17 vs. 4Q-16			C$ % Change ex Merger Actions (1) 4Q-17 vs. 4Q-16			Full Year 2017		Full Year 2016		% Change 2017 vs 2016			C$ % Change ex Merger Actions (1) 2017 vs 2016
Net premiums written
Commercial multiple peril (2)	$	218	$	219		-0.5	%		-0.9	%	$	879	$	815		7.9	%		8.2	%
Commercial casualty		915		930		-1.6	%		-0.6	%		3,638		3,433		6.0	%		8.5	%
Workers’ compensation		531		539		-1.5	%		1.9	%		2,067		2,006		3.0	%		7.1	%
Professional liability		934		993		-5.9	%		-5.2	%		3,491		3,544		-1.5	%		0.1	%
Surety		166		143		16.1	%		15.3	%		627		584		7.4	%		8.1	%
Property and other short-tail lines		892		921		-3.1	%		-2.8	%		3,866		3,856		0.3	%		3.2	%
International other casualty		291		267		9.0	%		9.8	%		1,092		1,038		5.2	%		9.8	%
Total Commercial P&C (1)		3,947		4,012		-1.6	%		-0.7	%		15,660		15,276		2.5	%		5.1	%
Agriculture		126		40		214.3	%		214.3	%		1,516		1,328		14.2	%		14.2	%
Personal automobile - North America		197		178		10.7	%		9.4	%		775		698		11.0	%		10.7	%
Personal automobile - International		219		175		25.1	%		22.7	%		788		674		16.9	%		18.6	%
Personal homeowners		803		772		4.0	%		3.6	%		3,302		3,053		8.2	%		7.6	%
Personal other		361		351		2.8	%		5.4	%		1,441		1,399		3.0	%		9.3	%
Total Personal lines (1)		1,580		1,476		7.0	%		7.1	%		6,306		5,824		8.3	%		9.6	%
Total Property and Casualty lines		5,653		5,528		2.3	%		3.0	%		23,482		22,428		4.7	%		6.8	%
Global A&H lines (1) (3)		1,023		1,015		0.8	%		2.1	%		4,056		3,970		2.2	%		3.3	%
Reinsurance lines (1)		105		114		-8.2	%		-9.3	%		685		676		1.4	%		3.7	%
Life (1)		270		281		-3.9	%		-2.8	%		1,021		1,071		-4.7	%		-1.8	%
Total consolidated	$	7,051	$	6,938		1.6	%		2.4	%	$	29,244	$	28,145		3.9	%		5.9	%

(1) Q4 2017 and full year 2017 include the adverse impact of merger-related underwriting actions, respectively, as follows: Commercial P&C $33 million and $266 million; Personal lines $12 million and $209 million; Global A&H lines $28 million and $60 million; Reinsurance lines $nil and $10 million; and Life $4 million and $37 million. Q4 2016 and full year 2016 also include the adverse impact of accounting policy alignment as follows: Commercial P&C $39 million and $105 million, Personal lines $9 million and $15 million, and Global A&H lines $5 million and $6 million. In addition full year 2016 included a one-time unearned premium reserve (UPR) transfer of $128 million that reduced net premiums written in the prior year.

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

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

Line of Business Page 6

Chubb Limited

Consolidated Results - Three months ended December 31, 2017

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

(Unaudited)

Q4 2017	North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C			Life Insurance			Total Consolidated
Net premiums written	$	2,993		$	1,100		$	126		$	2,172		$	105		$	—		$	6,496		$	555		$	7,051
Net premiums earned		3,035			1,103			252			2,113			162			—			6,665			553			7,218
Adjusted losses and loss expenses		1,911			887			60			965			126			140			4,089			183			4,272
Policy benefits		—			—			—			—			—			—			—			176			176
(Gains) losses from fair value changes in separate account assets (1)		—			—			—			—			—			—			—			(27	)		(27	)
Policy acquisition costs		453			226			6			568			40			—			1,293			154			1,447
Administrative expenses		253			72			(4	)		248			11			80			660			77			737
Underwriting income (loss)		418			(82	)		190			332			(15	)		(220	)		623			(10	)		613
Adjusted net investment income		496			58			7			150			66			13			790			83			873
Other income (expense) - operating (1) (2)		(5	)		(1	)		(1	)		(10	)		(1	)		(61	)		(79	)		(3	)		(82	)
Amortization expense of purchased intangibles		—			(4	)		(7	)		(12	)		—			(43	)		(66	)		—			(66	)
Segment income (loss)	$	909		$	(29	)	$	189		$	460		$	50		$	(311	)	$	1,268		$	70		$	1,338
Adjusted interest expense																	(168	)								(168	)
2017 tax reform transition benefit																	450									450
Income tax expense ex 2017 tax reform transition benefit																	(131	)								(131	)
Core operating income (loss)																	(160	)								1,489
Chubb integration expenses, net of $20 million tax benefit																	(57	)								(57	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $23 million tax benefit (3)																	(41	)								(41	)
Adjusted net realized gains (losses), net of $20 million tax benefit (4)																	142									142
Net income (loss)																$	(116	)							$	1,533
Combined ratio		86.2	%		107.5	%		24.4	%		84.3	%		110.2	%					90.7	%
Combined ratio excluding catastrophe losses and PPD		87.3	%		80.5	%		40.0	%		90.3	%		81.4	%					86.4	%

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

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

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

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

Consol Results - QTD 2017 Page 7

Chubb Limited

Consolidated Results - Full Year 2017

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

(Unaudited)

Full Year 2017	North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C			Life Insurance			Total Consolidated
Net premiums written	$	12,028		$	4,533		$	1,516		$	8,341		$	685		$	—		$	27,103		$	2,141		$	29,244
Net premiums earned		12,191			4,399			1,508			8,131			704			—			26,933			2,101			29,034
Adjusted losses and loss expenses		8,287			3,265			1,043			4,281			561			285			17,722			739			18,461
Policy benefits		—			—			—			—			—			—			—			676			676
(Gains) losses from fair value changes in separate account assets (1)		—			—			—			—			—			—			—			(97	)		(97	)
Policy acquisition costs		1,873			899			81			2,221			177			—			5,251			530			5,781
Administrative expenses		981			264			(8	)		982			44			267			2,530			303			2,833
Underwriting income (loss)		1,050			(29	)		392			647			(78	)		(552	)		1,430			(50	)		1,380
Adjusted net investment income		1,961			226			25			610			273			49			3,144			313			3,457
Other income (expense) - operating (1) (2)		(1	)		(4	)		(2	)		4			1			(88	)		(90	)		(13	)		(103	)
Amortization expense of purchased intangibles		—			(16	)		(29	)		(45	)		—			(168	)		(258	)		(2	)		(260	)
Segment income (loss)	$	3,010		$	177		$	386		$	1,216		$	196		$	(759	)	$	4,226		$	248		$	4,474
Adjusted interest expense																	(656	)								(656	)
2017 tax reform transition benefit																	450									450
Income tax expense ex 2017 tax reform transition benefit																	(484	)								(484	)
Core operating income (loss)																	(1,449	)								3,784
Chubb integration expenses, net of $93 million tax benefit																	(217	)								(217	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $85 million tax benefit (3)																	(198	)								(198	)
Adjusted net realized gains (losses), net of $5 million tax (4)																	492									492
Net income (loss)																$	(1,372	)							$	3,861
Combined ratio		91.4	%		100.7	%		74.0	%		92.0	%		111.2	%					94.7	%
Combined ratio excluding catastrophe losses and PPD		87.5	%		78.9	%		81.5	%		91.0	%		79.2	%					87.6	%

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

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

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

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

Consol Results - FY 2017 Page 8

Chubb Limited

Consolidated Results - Three months ended December 31, 2016

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

(Unaudited)

Q4 2016	North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C			Life Insurance			Total Consolidated
Net premiums written	$	3,083		$	1,040		$	40		$	2,112		$	114		$	—		$	6,389		$	549		$	6,938
Net premiums earned		3,087			1,074			147			2,050			167			—			6,525			534			7,059
Adjusted losses and loss expenses		1,858			642			(38	)		1,052			100			105			3,719			165			3,884
Policy benefits		—			—			—			—			—			—			—			161			161
(Gains) losses from fair value changes in separate account assets (1)		—			—			—			—			—			—			—			11			11
Policy acquisition costs (excluding amortization of acquired UPR intangible)		396			174			6			529			45			—			1,150			123			1,273
Amortization of acquired UPR intangible - Chubb Corp		78			45			—			21			—			—			144			—			144
Adjusted administrative expenses		285			88			(5	)		256			12			81			717			81			798
Underwriting income (loss)		470			125			184			192			10			(186	)		795			(7	)		788
Adjusted net investment income		489			52			5			155			64			4			769			76			845
Other income (expense) - operating (1)		(4	)		—			(1	)		(5	)		1			(4	)		(13	)		(8	)		(21	)
Amortization (expense) benefit of purchased intangibles		—			(3	)		(7	)		(12	)		—			20			(2	)		(1	)		(3	)
Segment income (loss)	$	955		$	174		$	181		$	330		$	75		$	(166	)	$	1,549		$	60		$	1,609
Adjusted interest expense																	(167	)								(167	)
Pension curtailment benefit																	113									113
Income tax expense																	(272	)								(272	)
Core operating income (loss)																	(492	)								1,283
Chubb integration and related expenses, net of $37 million tax benefit																	(94	)								(94	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $22 million tax benefit (2)																	(66	)								(66	)
Adjusted net realized gains (losses), net of $46 million tax (3)																	487									487
Net income (loss)																$	(165	)							$	1,610
Combined ratio		84.8	%		88.3	%		-25.4	%		90.6	%		94.0	%					87.8	%
Combined ratio excluding catastrophe losses and PPD		88.9	%		82.9	%		-10.9	%		91.2	%		78.8	%					87.4	%

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

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

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

Consol Results - QTD 2016 Page 9

Chubb Limited

Consolidated Results - Full Year 2016

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

(Unaudited)

Full Year 2016	North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C			Life Insurance			Total Consolidated
Net premiums written	$	11,740		$	4,153		$	1,328		$	8,124		$	676		$	—		$	26,021		$	2,124		$	28,145
Net premiums earned		12,217			4,319			1,316			8,132			710			—			26,694			2,055			28,749
Adjusted losses and loss expenses		7,439			2,558			898			4,005			325			192			15,417			663			16,080
Policy benefits		—			—			—			—			—			—			—			588			588
(Gains) losses from fair value changes in separate account assets (1)		—			—			—			—			—			—			—			(11	)		(11	)
Policy acquisition costs (excluding amortization of acquired UPR intangible)		1,164			474			83			1,928			187			—			3,836			509			4,345
Amortization of acquired UPR intangible - Chubb Corp		859			492			—			208			—			—			1,559			—			1,559
Adjusted administrative expenses		1,125			363			(6	)		1,057			52			273			2,864			307			3,171
Underwriting income (loss)		1,630			432			341			934			146			(465	)		3,018			(1	)		3,017
Adjusted net investment income		1,860			207			20			600			263			25			2,975			283			3,258
Other income (expense) - operating (1)		2			(6	)		(1	)		11			4			(10	)		—			(16	)		(16	)
Amortization (expense) benefit of purchased intangibles		—			(19	)		(29	)		(48	)		—			80			(16	)		(3	)		(19	)
Segment income (loss)	$	3,492		$	614		$	331		$	1,497		$	413		$	(370	)	$	5,977		$	263		$	6,240
Adjusted interest expense																	(646	)								(646	)
Pension curtailment benefit																	113									113
Income tax expense																	(991	)								(991	)
Core operating income (loss)																	(1,894	)								4,716
Chubb integration and related expenses, net of $143 million tax benefit																	(356	)								(356	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $101 million tax benefit (2)																	(244	)								(244	)
Adjusted net realized gains (losses), net of $68 million tax (3)																	19									19
Net income (loss)																$	(2,475	)							$	4,135
Combined ratio		86.7	%		90.0	%		74.1	%		88.5	%		79.5	%					88.7	%
Combined ratio excluding catastrophe losses and PPD		89.4	%		81.8	%		78.9	%		91.5	%		78.6	%					89.0	%

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

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

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

Consol Results - FY 2016 Page 10

Chubb Limited

Global P&C Underwriting Results - Consecutive Quarters

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

(Unaudited)

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

Global P&C (Including Corporate and excluding Agriculture)

	4Q-17			3Q-17			2Q-17			1Q-17			4Q-16			Full Year 2017			Full Year 2016
Global P&C Underwriting income
Gross premiums written	$	8,098		$	7,839		$	8,179		$	7,684		$	7,994		$	31,800		$	30,554
Net premiums written		6,370			6,437			6,655			6,125			6,349			25,587			24,693
Net premiums earned		6,413			6,382			6,378			6,252			6,378			25,425			25,378
Adjusted losses and loss expenses		4,029			5,307			3,674			3,669			3,757			16,679			14,519
Policy acquisition costs (excluding amortization of acquired UPR intangible)		1,287			1,307			1,292			1,284			1,144			5,170			3,753
Amortization of acquired UPR intangible - Chubb Corp		—			—			—			—			144			—			1,559
Adjusted administrative expenses		664			638			627			609			722			2,538			2,870
Global P&C Underwriting income (loss)	$	433		$	(870	)	$	785		$	690		$	611		$	1,038		$	2,677
Global P&C Underwriting income - As If																			$	2,907
% Change versus prior year period
Net premiums written		0.3	%		4.0	%		-1.2	%		13.1	%		82.0	%		3.6	%		71.8	%
Net premiums written constant $ excluding merger-related actions (1)		2.3	%		3.3	%		1.7	%		18.2	%		85.2	%		5.8	%		74.2	%
Net premiums earned		0.6	%		0.4	%		-2.9	%		2.9	%		84.3	%		0.2	%		82.6	%
Net premiums written constant $		-0.8	%		4.0	%		-0.6	%		13.7	%		83.1	%		3.6	%		75.8	%
Net premiums earned constant $		-0.6	%		0.3	%		-2.3	%		3.0	%		85.3	%		0.0	%		86.4	%
Combined ratio
Loss and loss expense ratio		62.8	%		83.1	%		57.6	%		58.7	%		58.9	%		65.6	%		57.2	%
Policy acquisition cost ratio		20.1	%		20.5	%		20.3	%		20.5	%		20.2	%		20.3	%		20.9	%
Administrative expense ratio		10.4	%		10.0	%		9.8	%		9.8	%		11.3	%		10.0	%		11.4	%
Combined ratio		93.3	%		113.6	%		87.7	%		89.0	%		90.4	%		95.9	%		89.5	%
Combined ratio excluding catastrophe losses and PPD		88.2	%		88.2	%		87.4	%		88.2	%		89.7	%		88.0	%		89.5	%
Combined ratio - As If
Loss and loss expense ratio - As If																				57.2	%
Policy acquisition cost ratio - As If																				20.1	%
Administrative expense ratio - As If																				11.4	%
Combined ratio - As If																				88.7	%
Combined ratio excluding catastrophe losses and PPD - As If																				88.8	%
Other ratios
Net premiums written/gross premiums written		79	%		82	%		81	%		80	%		79	%		80	%		81	%
Expense ratio		30.5	%		30.5	%		30.1	%		30.3	%		31.5	%		30.3	%		32.3	%
Expense ratio excluding A&H		28.4	%		28.3	%		28.2	%		28.1	%		29.5	%		28.3	%		30.4	%
Catastrophe reinstatement premiums (expenses) collected - pre-tax	$	(15	)	$	22		$	—		$	—		$	1		$	7		$	7
Catastrophe losses - pre-tax	$	432		$	1,910		$	192		$	201		$	267		$	2,735		$	1,048
Favorable prior period development (PPD) - pre-tax	$	(122	)	$	(266	)	$	(170	)	$	(152	)	$	(218	)	$	(710	)	$	(1,063	)
Loss and loss expense ratio excluding catastrophe losses and PPD		57.9	%		58.0	%		57.3	%		57.9	%		58.2	%		57.8	%		57.4	%

(1) Net premiums written were adversely impacted by merger-related underwriting actions of $73 million in Q4 2017 and $545 million for full year 2017, and by accounting policy alignment of $53 million in Q4 2016 and $126 million for full year 2016. In addition, full year 2016 included a one-time unearned premium reserve (UPR) transfer of $128 million that reduced net premiums written in 2016.

Global P&C Page 11

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Commercial P&C Insurance

	4Q-17			3Q-17			2Q-17			1Q-17			4Q-16			Full Year 2017			Full Year 2016
Gross premiums written	$	4,095		$	3,922		$	4,078		$	3,665		$	4,109		$	15,760		$	14,986
Net premiums written		2,993			3,089			3,204			2,742			3,083			12,028			11,740
Net premiums earned		3,035			3,016			3,099			3,041			3,087			12,191			12,217
Losses and loss expenses		1,911			2,580			1,936			1,860			1,858			8,287			7,439
Policy acquisition costs (excluding amortization of acquired UPR intangible)		453			469			464			487			396			1,873			1,164
Amortization of acquired UPR intangible - Chubb Corp		—			—			—			—			78			—			859
Administrative expenses		253			256			241			231			285			981			1,125
Underwriting income (loss)		418			(289	)		458			463			470			1,050			1,630
Net investment income		496			497			490			478			489			1,961			1,860
Other income (expense) - operating		(5	)		4			4			(4	)		(4	)		(1	)		2
Segment income	$	909		$	212		$	952		$	937		$	955		$	3,010		$	3,492
Underwriting income - As If																			$	1,773
Combined ratio
Loss and loss expense ratio		63.0	%		85.5	%		62.5	%		61.2	%		60.2	%		68.0	%		60.9	%
Policy acquisition cost ratio		14.9	%		15.5	%		15.0	%		16.0	%		15.3	%		15.4	%		16.6	%
Administrative expense ratio		8.3	%		8.6	%		7.7	%		7.6	%		9.3	%		8.0	%		9.2	%
Combined ratio		86.2	%		109.6	%		85.2	%		84.8	%		84.8	%		91.4	%		86.7	%
Combined ratio excluding catastrophe losses and PPD		87.3	%		88.7	%		86.1	%		87.9	%		88.9	%		87.5	%		89.4	%
Combined ratio - As If
Loss and loss expense ratio - As If																				60.9	%
Policy acquisition cost ratio - As If																				15.5	%
Administrative expense ratio - As If																				9.3	%
Combined ratio - As If																				85.7	%
Combined ratio excluding catastrophe losses and PPD - As If																				88.4	%
Catastrophe reinstatement premiums expensed - pre-tax	$	(1	)	$	(3	)	$	—		$	—		$	—		$	(4	)	$	—
Catastrophe losses - pre-tax	$	167		$	868		$	102		$	83		$	117		$	1,220		$	448
Favorable prior period development (PPD) - pre-tax (1)	$	(200	)	$	(236	)	$	(131	)	$	(179	)	$	(245	)	$	(746	)	$	(778	)
Loss and loss expense ratio excluding catastrophe losses and PPD		64.1	%		65.2	%		63.4	%		64.4	%		64.4	%		64.3	%		63.7	%
% Change versus prior year period
Net premiums written		-2.9	%		-0.6	%		-1.3	%		19.1	%		97.9	%		2.5	%		105.4	%
Net premiums written excluding merger-related actions (2)		-1.2	%		1.2	%		1.3	%		22.8	%		100.5	%		4.8	%		107.3	%
Net premiums earned		-1.7	%		-2.3	%		-1.6	%		5.0	%		116.6	%		-0.2	%		116.9	%
Other ratios
Net premiums written/gross premiums written		73	%		79	%		79	%		75	%		75	%		76	%		78	%
Production by Size
Net Premiums Written
Major Accounts & Specialty (3)	$	1,774		$	1,792		$	1,959		$	1,568		$	1,880		$	7,093		$	7,149
Commercial (3)		1,219			1,297			1,245			1,174			1,203			4,935			4,591
Total	$	2,993		$	3,089		$	3,204		$	2,742		$	3,083		$	12,028		$	11,740

(1) For full year 2017, favorable prior period development is net of $42 million of unfavorable net earned premium adjustments, $6 million of unfavorable expense adjustments, and $9 million of unfavorable reinstatement premium adjustments.

(2) Q4 2017 and full year 2017 include the adverse impact of merger-related underwriting actions, respectively, as follows: Major Accounts & Specialty $45 million and $212 million; Commercial $8 million and $66 million.

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

NA Commercial Page 12

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Personal P&C Insurance

	4Q-17			3Q-17			2Q-17			1Q-17			4Q-16			Full Year 2017			Full Year 2016
Gross premiums written	$	1,260		$	1,338		$	1,409		$	1,145		$	1,228		$	5,152		$	4,894
Net premiums written		1,100			1,194			1,255			984			1,040			4,533			4,153
Net premiums earned		1,103			1,117			1,093			1,086			1,074			4,399			4,319
Losses and loss expenses		887			1,062			683			633			642			3,265			2,558
Policy acquisition costs (excluding amortization of acquired UPR intangible)		226			226			230			217			174			899			474
Amortization of acquired UPR intangible - Chubb Corp		—			—			—			—			45			—			492
Administrative expenses		72			61			66			65			88			264			363
Underwriting income (loss)		(82	)		(232	)		114			171			125			(29	)		432
Net investment income		58			57			56			55			52			226			207
Other expense - operating		(1	)		(1	)		(1	)		(1	)		—			(4	)		(6	)
Amortization expense of purchased intangibles		(4	)		(4	)		(5	)		(3	)		(3	)		(16	)		(19	)
Segment income (loss)	$	(29	)	$	(180	)	$	164		$	222		$	174		$	177		$	614
Underwriting income - As If																			$	548
Combined ratio
Loss and loss expense ratio		80.4	%		95.1	%		62.4	%		58.3	%		59.7	%		74.2	%		59.2	%
Policy acquisition cost ratio		20.5	%		20.2	%		21.1	%		20.0	%		20.4	%		20.4	%		22.4	%
Administrative expense ratio		6.6	%		5.5	%		6.1	%		5.9	%		8.2	%		6.1	%		8.4	%
Combined ratio		107.5	%		120.8	%		89.6	%		84.2	%		88.3	%		100.7	%		90.0	%
Combined ratio excluding catastrophe losses and PPD		80.5	%		77.5	%		79.3	%		78.3	%		82.9	%		78.9	%		81.8	%
Combined ratio - As If
Loss and loss expense ratio - As If																				58.9	%
Policy acquisition cost ratio - As If																				20.2	%
Administrative expense ratio - As If																				8.5	%
Combined ratio - As If																				87.6	%
Combined ratio excluding catastrophe losses and PPD - As If																				79.6	%
Catastrophe reinstatement premiums expensed - pre-tax	$	(19	)	$	(3	)	$	—		$	—		$	—		$	(22	)	$	—
Catastrophe losses - pre-tax	$	278		$	448		$	77		$	68		$	51		$	871		$	326
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	3		$	32		$	37		$	(3	)	$	7		$	69		$	27
Loss and loss expense ratio excluding catastrophe losses and PPD		54.0	%		51.9	%		52.1	%		52.4	%		54.3	%		52.6	%		51.0	%
% Change versus prior year period
Net premiums written		5.8	%		18.0	%		2.0	%		13.0	%		344.7	%		9.1	%		248.4	%
Net premiums written excluding merger-related actions (1)		5.8	%		4.8	%		8.0	%		18.8	%		351.3	%		8.8	%		260.6	%
Net premiums earned		2.6	%		3.4	%		-4.0	%		6.0	%		311.9	%		1.9	%		355.5	%
Other ratios
Net premiums written/gross premiums written		87	%		89	%		89	%		86	%		85	%		88	%		85	%

(1) Net premiums written were adversely impacted by merger-related underwriting actions of $126 million for full year 2017. In addition, full year 2016 included a one-time unearned premium reserve (UPR) transfer of $128 million that reduced net premiums written in 2016.

NA Personal Page 13

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Agricultural Insurance

	4Q-17			3Q-17			2Q-17			1Q-17			4Q-16			Full Year 2017			Full Year 2016
Gross premiums written	$	276		$	1,303		$	569		$	167		$	266		$	2,315		$	2,187
Net premiums written		126			926			403			61			40			1,516			1,328
Net premiums earned		252			898			344			14			147			1,508			1,316
Adjusted losses and loss expenses (1)		60			764			292			(73	)		(38	)		1,043			898
Policy acquisition costs		6			49			27			(1	)		6			81			83
Administrative expenses		(4	)		(1	)		2			(5	)		(5	)		(8	)		(6	)
Underwriting income		190			86			23			93			184			392			341
Net investment income		7			6			6			6			5			25			20
Other expense - operating		(1	)		—			(1	)		—			(1	)		(2	)		(1	)
Amortization expense of purchased intangibles		(7	)		(8	)		(7	)		(7	)		(7	)		(29	)		(29	)
Segment income	$	189		$	84		$	21		$	92		$	181		$	386		$	331
Combined ratio
Loss and loss expense ratio		23.7	%		85.1	%		85.2	%		NM			-26.0	%		69.2	%		68.3	%
Policy acquisition cost ratio		2.4	%		5.4	%		7.7	%		NM			3.9	%		5.4	%		6.3	%
Administrative expense ratio		-1.7	%		-0.1	%		0.4	%		NM			-3.3	%		-0.6	%		-0.5	%
Combined ratio		24.4	%		90.4	%		93.3	%		NM			-25.4	%		74.0	%		74.1	%
Combined ratio excluding catastrophe losses and PPD		40.0	%		90.3	%		91.1	%		74.6	%		-10.9	%		81.5	%		78.9	%
Catastrophe losses - pre-tax	$	—		$	5		$	8		$	5		$	2		$	18		$	19
Favorable prior period development (PPD) - pre-tax (2)	$	(36	)	$	(4	)	$	—		$	(79	)	$	(20	)	$	(119	)	$	(72	)
Loss and loss expense ratio excluding catastrophe losses and PPD		36.9	%		84.9	%		83.0	%		75.8	%		-16.9	%		76.2	%		72.4	%
% Change versus prior year period
Net premiums written		214.3	%		9.0	%		7.7	%		-4.6	%		-71.6	%		14.2	%		-1.3	%
Net premiums earned		72.3	%		9.6	%		5.4	%		-41.6	%		-39.1	%		14.6	%		-3.6	%
Other ratios
Net premiums written/gross premiums written		46	%		71	%		71	%		37	%		15	%		66	%		61	%

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

(2) For Q4 2017, favorable prior period development is net of $5 million unfavorable net earned premium adjustments and $7 million of favorable profit-sharing commissions. For full year 2017, favorable prior period development is net of $66 million of unfavorable net earned premium adjustments and $11 million of favorable profit-sharing commissions.

NA Agriculture Page 14

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

Overseas General Insurance

	4Q-17			3Q-17			2Q-17			1Q-17			4Q-16			Full Year 2017			Full Year 2016
Gross premiums written	$	2,639		$	2,377		$	2,464		$	2,662		$	2,542		$	10,142		$	9,935
Net premiums written		2,172			1,963			2,006			2,200			2,112			8,341			8,124
Net premiums earned		2,113			2,064			2,018			1,936			2,050			8,131			8,132
Losses and loss expenses		965			1,281			964			1,071			1,052			4,281			4,005
Policy acquisition costs (excluding amortization of acquired UPR intangible)		568			569			555			529			529			2,221			1,928
Amortization of acquired UPR intangible - Chubb Corp		—			—			—			—			21			—			208
Administrative expenses		248			246			243			245			256			982			1,057
Underwriting income (loss)		332			(32	)		256			91			192			647			934
Net investment income		150			164			148			148			155			610			600
Other income (expense) - operating		(10	)		10			3			1			(5	)		4			11
Amortization expense of purchased intangibles		(12	)		(11	)		(11	)		(11	)		(12	)		(45	)		(48	)
Segment income	$	460		$	131		$	396		$	229		$	330		$	1,216		$	1,497
Underwriting income - As If																			$	908
Combined ratio
Loss and loss expense ratio		45.7	%		62.1	%		47.8	%		55.3	%		51.3	%		52.6	%		49.3	%
Policy acquisition cost ratio		26.9	%		27.6	%		27.5	%		27.3	%		26.9	%		27.3	%		26.3	%
Administrative expense ratio		11.7	%		11.9	%		12.0	%		12.7	%		12.4	%		12.1	%		12.9	%
Combined ratio		84.3	%		101.6	%		87.3	%		95.3	%		90.6	%		92.0	%		88.5	%
Combined ratio excluding catastrophe losses and PPD		90.3	%		90.6	%		91.2	%		92.1	%		91.2	%		91.0	%		91.5	%
Combined ratio - As If
Loss and loss expense ratio - As If																				49.3	%
Policy acquisition cost ratio - As If																				26.6	%
Administrative expense ratio - As If																				13.0	%
Combined ratio - As If																				88.9	%
Combined ratio excluding catastrophe losses and PPD - As If																				91.9	%
Catastrophe reinstatement premiums (expenses) collected - pre-tax	$	5		$	(9	)	$	—		$	—		$	—		$	(4	)	$	—
Catastrophe losses - pre-tax	$	(55	)	$	326		$	10		$	50		$	72		$	331		$	183
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(68	)	$	(108	)	$	(88	)	$	12		$	(85	)	$	(252	)	$	(423	)
Loss and loss expense ratio excluding catastrophe losses and PPD		51.6	%		51.3	%		51.6	%		52.1	%		51.9	%		51.7	%		52.2	%
% Change versus prior year period
Net premiums written		2.8	%		1.2	%		-1.2	%		7.8	%		33.2	%		2.7	%		22.5	%
Net premiums written excluding merger-related actions (1)		6.5	%		2.7	%		0.7	%		13.9	%		35.7	%		5.9	%		23.9	%
Net premiums earned		3.1	%		1.4	%		-3.6	%		-0.9	%		30.2	%		0.0	%		25.7	%
Net premiums written constant $		0.1	%		1.2	%		0.3	%		9.4	%		34.7	%		2.7	%		28.3	%
Net premiums earned constant $		0.2	%		0.9	%		-2.3	%		-0.3	%		31.4	%		-0.4	%		31.0	%
Other ratios
Net premiums written/gross premiums written		82	%		83	%		81	%		83	%		83	%		82	%		82	%

(1) Net premiums written were adversely impacted by merger-related underwriting actions of $20 million in Q4 2017 and $131 million for full year 2017, and by accounting policy alignment of $53 million in Q4 2016 and $126 million for full year 2016.

Overseas General Insurance Page 15

Chubb Limited

Segment Results

(in millions of U.S. dollars)

(Unaudited)

Overseas General Insurance - Production by Region

	4Q-17		4Q-16		% Change 4Q-17 vs. 4Q-16			Constant $ 4Q-16 (1)		C$ % Change ex Merger  Actions (2) 4Q-17 vs. 4Q-16			Full Year 2017		Full Year 2016		% Change 2017 vs 2016			Constant $ 2016 (1)		C$ % Change ex Merger Actions (2) 2017 vs 2016
Gross premiums written
Europe	$	1,081	$	1,052		2.8	%	$	1,093		-0.4	%	$	4,308	$	4,284		0.6	%	$	4,201		4.1	%
Latin America		727		677		7.4	%		697		8.8	%		2,585		2,468		4.7	%		2,536		7.0	%
Asia		758		740		2.4	%		745		6.8	%		2,937		2,852		3.0	%		2,867		4.9	%
Other (3)		73		73		0.0	%		74		-1.4	%		312		331		-5.7	%		331		-5.7	%
Total	$	2,639	$	2,542		3.8	%	$	2,609		4.0	%	$	10,142	$	9,935		2.1	%	$	9,935		4.7	%
Net premiums written
Europe	$	834	$	809		3.1	%	$	845		-0.4	%	$	3,281	$	3,227		1.7	%	$	3,162		5.8	%
Latin America		589		557		5.7	%		572		8.4	%		2,108		1,992		5.8	%		2,044		9.4	%
Asia		665		663		0.3	%		667		5.2	%		2,596		2,537		2.3	%		2,549		4.9	%
Other (3)		84		83		1.2	%		86		-2.3	%		356		368		-3.3	%		366		-2.7	%
Total	$	2,172	$	2,112		2.8	%	$	2,170		3.5	%	$	8,341	$	8,124		2.7	%	$	8,121		6.0	%

(1) Prior periods on a constant dollar basis.

(2) Gross premiums written and net premiums written were adversely impacted by merger-related underwriting actions of $20 million each in Q4 2017, and by $124 million and $131 million, respectively, for full year 2017. Additionally, gross premiums written and net premiums written were adversely impacted by accounting policy alignment of $53 million each in Q4 2016, and by $126 million each for full year 2016.

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

Overseas General Ins. - Region Page 16

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

Global Reinsurance

	4Q-17			3Q-17			2Q-17			1Q-17			4Q-16			Full Year 2017			Full Year 2016
Gross premiums written	$	104		$	202		$	228		$	212		$	115		$	746		$	739
Net premiums written		105			191			190			199			114			685			676
Net premiums earned		162			185			168			189			167			704			710
Losses and loss expenses		126			295			46			94			100			561			325
Policy acquisition costs		40			43			43			51			45			177			187
Administrative expenses		11			11			12			10			12			44			52
Underwriting income (loss)		(15	)		(164	)		67			34			10			(78	)		146
Net investment income		66			80			65			62			64			273			263
Other income (expense) - operating		(1	)		3			(1	)		—			1			1			4
Segment income (loss)	$	50		$	(81	)	$	131		$	96		$	75		$	196		$	413
Combined ratio
Loss and loss expense ratio		78.9	%		158.2	%		27.8	%		49.6	%		59.7	%		79.8	%		45.7	%
Policy acquisition cost ratio		24.4	%		23.4	%		25.7	%		26.8	%		26.6	%		25.1	%		26.3	%
Administrative expense ratio		6.9	%		5.8	%		6.7	%		5.7	%		7.7	%		6.3	%		7.5	%
Combined ratio		110.2	%		187.4	%		60.2	%		82.1	%		94.0	%		111.2	%		79.5	%
Combined ratio excluding catastrophe losses and PPD		81.4	%		82.2	%		77.0	%		77.0	%		78.8	%		79.2	%		78.6	%
Catastrophe reinstatement premiums collected - pre-tax	$	—		$	37		$	—		$	—		$	1		$	37		$	7
Catastrophe losses - pre-tax	$	42		$	268		$	3		$	—		$	27		$	313		$	91
Unfavorable (favorable) prior period development (PPD) - pre-tax (1)	$	5		$	(41	)	$	(31	)	$	8		$	—		$	(59	)	$	(78	)
Loss and loss expense ratio excluding catastrophe losses and PPD		50.1	%		46.5	%		44.4	%		43.2	%		44.2	%		46.0	%		45.0	%
% Change versus prior year period
Net premiums written as reported		-8.2	%		47.1	%		-17.7	%		-0.9	%		4.0	%		1.4	%		-18.4	%
Net premiums written excluding merger-related actions (2)		-8.2	%		47.1	%		-17.7	%		4.1	%		4.0	%		2.9	%		-16.5	%
Net premiums earned as reported		-3.4	%		20.4	%		-9.6	%		-6.4	%		-16.9	%		-0.7	%		-16.5	%
Net premiums written constant $		-9.3	%		47.9	%		-16.5	%		0.2	%		6.5	%		2.2	%		-17.1	%
Net premiums earned constant $		-5.1	%		20.0	%		-8.1	%		-5.5	%		-15.6	%		-0.4	%		-15.3	%
Other ratios
Net premiums written/gross premiums written		100	%		95	%		83	%		94	%		99	%		92	%		91	%

(1) For full year 2017, favorable prior period development includes $4 million of favorable net earned premium adjustments.

(2) Net premiums written were adversely impacted by merger-related underwriting actions of $10 million for full year 2017.

Global Reinsurance Page 17

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Life Insurance

																Full Year			Full Year
	4Q-17			3Q-17			2Q-17			1Q-17			4Q-16			2017			2016
Gross premiums written	$	586		$	568		$	557		$	550		$	577		$	2,261		$	2,242
Net premiums written		555			539			523			524			549			2,141			2,124
Net premiums earned		553			527			515			506			534			2,101			2,055
Losses and loss expenses		183			181			182			193			165			739			663
Policy benefits (1)		176			169			163			168			161			676			588
(Gains) losses from fair value changes in separate account assets (1)		(27	)		(24	)		(16	)		(30	)		11			(97	)		(11	)
Policy acquisition costs		154			132			130			114			123			530			509
Administrative expenses		77			77			77			72			81			303			307
Net investment income		83			78			77			75			76			313			283
Life Insurance underwriting income (2) (3)		73			70			56			64			69			263			282
Other expense - operating		(3	)		(5	)		(4	)		(1	)		(8	)		(13	)		(16	)
Amortization expense of purchased intangibles		—			(1	)		—			(1	)		(1	)		(2	)		(3	)
Segment income	$	70		$	64		$	52		$	62		$	60		$	248		$	263
% Change versus prior year period
Net premiums written		1.2	%		1.1	%		-0.7	%		1.6	%		6.5	%		0.8	%		6.3	%
Net premiums written excluding merger-related underwriting actions (4)		1.9	%		2.9	%		0.8	%		4.7	%		6.5	%		2.5	%		6.3	%
Net premiums earned		3.5	%		2.8	%		0.8	%		1.6	%		5.7	%		2.2	%		5.6	%
Net premiums written constant $		0.3	%		1.1	%		-1.0	%		0.9	%		6.9	%		0.3	%		8.5	%
Net premiums earned constant $		2.3	%		2.8	%		0.5	%		0.7	%		6.0	%		1.6	%		7.8	%

(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.

(3) Life Insurance underwriting income on an “As If” basis is the same as reported Life Insurance underwriting income shown above.

(4) Net premiums written were adversely impacted by merger-related actions of $4 million in Q4 2017 and $37 million for full year 2017.

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

	4Q-17		Constant $ 4Q-16 (6)		Constant $ % Change 4Q-17 vs. 4Q-16 (6)			Full Year 2017		Constant $ Full Year 2016 (6)		Constant $ % Change 2017 vs. 2016 (6)
International life insurance net premiums written	$	224	$	225		-0.6	%	$	824	$	845		-2.5	%
International life insurance deposits (5)		388		264		47.2	%		1,436		1,031		39.4	%
Total international life insurance net premiums written and deposits	$	612	$	489		25.2	%	$	2,260	$	1,876		20.5	%

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

(6) Prior periods on a constant dollar basis.

Life Insurance Page 18

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Corporate

																Full Year			Full Year
	4Q-17			3Q-17			2Q-17			1Q-17			4Q-16			2017			2016
Gross premiums written	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net premiums written		—			—			—			—			—			—			—
Net premiums earned		—			—			—			—			—			—			—
Adjusted losses and loss expenses (1)		140			89			45			11			105			285			192
Policy acquisition costs		—			—			—			—			—			—			—
Adjusted administrative expenses (1)		80			64			65			58			81			267			273
Underwriting loss		(220	)		(153	)		(110	)		(69	)		(186	)		(552	)		(465	)
Adjusted net investment income		13			11			13			12			4			49			25
Other expense - operating (2)		(61	)		(6	)		(14	)		(7	)		(4	)		(88	)		(10	)
Adjusted interest expense (1)		(168	)		(162	)		(160	)		(166	)		(167	)		(656	)		(646	)
Amortization (expense) benefit of purchased intangibles (3)		(43	)		(41	)		(42	)		(42	)		20			(168	)		80
Pension curtailment benefit (1)		—			—			—			—			113			—			113
2017 tax reform transition benefit		450			—			—			—			—			450			—
Income tax (expense) benefit ex 2017 tax reform transition benefit		(131	)		61			(223	)		(191	)		(272	)		(484	)		(991	)
Core operating loss		(160	)		(290	)		(536	)		(463	)		(492	)		(1,449	)		(1,894	)
Chubb integration and related expenses, net of tax		(57	)		(36	)		(50	)		(74	)		(94	)		(217	)		(356	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(41	)		(50	)		(52	)		(55	)		(66	)		(198	)		(244	)
Adjusted net realized gains (losses), net of tax (4)		142			76			227			47			487			492			19
Net loss	$	(116	)	$	(300	)	$	(411	)	$	(545	)	$	(165	)	$	(1,372	)	$	(2,475	)
Unfavorable prior period development (PPD) - pre-tax	$	138		$	87		$	43		$	10		$	105		$	278		$	189

(1) See Non-GAAP financial measures.

(2) Q4 2017 includes a $50 million contribution to the Chubb Charitable Foundation.

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

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

Corporate Page 19

Chubb Limited

Loss Reserve Rollforward

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

(Unaudited)

	Unpaid Losses									Net Paid to
	Gross			Ceded			Net			Incurred Ratio
Balance at December 31, 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
Losses and loss expenses incurred		4,960			1,105			3,855
Losses and loss expenses paid		(5,425	)		(1,045	)		(4,380	)		114	%
Other (incl. foreign exch. revaluation)		(342	)		(28	)		(314	)
Balance at December 31, 2016	$	60,540		$	12,708		$	47,832
Losses and loss expenses incurred		4,752			963			3,789
Losses and loss expenses paid		(4,830	)		(923	)		(3,907	)		103	%
Other (incl. foreign exch. revaluation)		117			63			54
Balance at March 31, 2017	$	60,579		$	12,811		$	47,768
Losses and loss expenses incurred		5,016			870			4,146
Losses and loss expenses paid		(5,356	)		(1,234	)		(4,122	)		99	%
Other (incl. foreign exch. revaluation)		155			38			117
Balance at June 30, 2017	$	60,394		$	12,485		$	47,909
Losses and loss expenses incurred		8,410			2,163			6,247
Losses and loss expenses paid		(5,207	)		(909	)		(4,298	)		69	% (1)
Other (incl. foreign exch. revaluation)		556			131			425
Balance at September 30, 2017	$	64,153		$	13,870		$	50,283
Losses and loss expenses incurred		5,755			1,483			4,272
Losses and loss expenses paid		(6,419	)		(1,298	)		(5,121	)		120	% (2)
Other (incl. foreign exch. revaluation)		(310	)		(41	)		(269	)
Balance at December 31, 2017	$	63,179		$	14,014		$	49,165
Add net recoverable on paid losses		—			1,020			(1,020	)
Balance including net recoverable on paid losses	$	63,179		$	15,034		$	48,145

(1) The losses and loss expenses incurred increased $2.1 billion in Q3 2017, reflecting the significant catastrophe events in the period and resulting in the 69% net paid to incurred ratio for Q3 2017.

(2) The 120% net paid to incurred ratio for Q4 2017 reflects the catastrophe loss payments, the seasonality of the crop payments, large losses in the quarter and favorable prior period development. Excluding these items, the paid to incurred ratio is 91%.

Loss Reserve Rollforward Page 20

Chubb Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)

Net Reinsurance Recoverable by Division

	December 31			September 30			June 30			March 31			December 31
	2017			2017			2017			2017			2016
Reinsurance recoverable on paid losses and loss expenses
Active operations	$	808		$	760		$	690		$	793		$	686
Brandywine and Other Run-off		286			264			275			256			274
Total	$	1,094		$	1,024		$	965		$	1,049		$	960
Reinsurance recoverable on unpaid losses and loss expenses
Active operations	$	12,992		$	12,844		$	11,536		$	11,799		$	11,632
Brandywine and Other Run-off		1,269			1,269			1,192			1,255			1,285
Total	$	14,261		$	14,113		$	12,728		$	13,054		$	12,917
Gross reinsurance recoverable
Active operations	$	13,800		$	13,604		$	12,226		$	12,592		$	12,318
Brandywine and Other Run-off		1,555			1,533			1,467			1,511			1,559
Total	$	15,355		$	15,137		$	13,693		$	14,103		$	13,877
Provision for uncollectible reinsurance (1)
Active operations	$	(183	)	$	(195	)	$	(192	)	$	(191	)	$	(159	)
Brandywine and Other Run-off		(138	)		(143	)		(143	)		(143	)		(141	)
Total	$	(321	)	$	(338	)	$	(335	)	$	(334	)	$	(300	)
Net reinsurance recoverable
Active operations	$	13,617		$	13,409		$	12,034		$	12,401		$	12,159
Brandywine and Other Run-off		1,417			1,390			1,324			1,368			1,418
Total	$	15,034		$	14,799		$	13,358		$	13,769		$	13,577

(1) The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $3.6 billion.

Reinsurance Recoverable Page 21

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)

	December 31					September 30					June 30					March 31					December 31
	2017					2017					2017					2017					2016
Market Value
Fixed maturities available for sale (1)	$	78,939				$	83,686				$	81,645				$	80,806				$	80,115
Fixed maturities held to maturity (1)		14,474					10,365					10,560					10,604					10,670
Short-term investments		3,561					2,991					2,651					2,780					3,002
Total fixed maturities	$	96,974				$	97,042				$	94,856				$	94,190				$	93,787
Asset Allocation by Market Value
Treasury	$	4,049		4	%	$	3,607		4	%	$	3,117		3	%	$	2,843		3	%	$	2,832		3	%
Agency		564		1	%		596		1	%		632		1	%		664		1	%		699		1	%
Corporate and asset-backed		27,215		28	%		27,815		29	%		28,064		30	%		27,582		30	%		26,944		29	%
Mortgage-backed		18,032		19	%		16,669		17	%		15,777		17	%		15,500		16	%		15,435		16	%
Municipal		20,766		21	%		21,621		22	%		22,263		23	%		22,803		24	%		22,768		24	%
Non-U.S.		22,787		23	%		23,743		24	%		22,352		23	%		22,018		23	%		22,107		24	%
Short-term investments		3,561		4	%		2,991		3	%		2,651		3	%		2,780		3	%		3,002		3	%
Total fixed maturities	$	96,974		100	%	$	97,042		100	%	$	94,856		100	%	$	94,190		100	%	$	93,787		100	%
Credit Quality by Market Value
AAA	$	15,512		16	%	$	15,411		16	%	$	15,411		16	%	$	15,523		16	%	$	15,746		17	%
AA		37,407		39	%		36,947		38	%		36,107		38	%		35,866		39	%		36,235		39	%
A		18,369		19	%		18,427		19	%		18,011		19	%		17,700		19	%		17,519		19	%
BBB		12,377		13	%		12,862		13	%		12,513		13	%		12,524		13	%		12,237		13	%
BB		7,941		8	%		7,421		8	%		7,151		8	%		7,203		8	%		6,993		7	%
B		5,135		5	%		5,694		6	%		5,390		6	%		5,087		5	%		4,814		5	%
Other		233		0	%		280		0	%		273		0	%		287		0	%		243		0	%
Total fixed maturities	$	96,974		100	%	$	97,042		100	%	$	94,856		100	%	$	94,190		100	%	$	93,787		100	%
Cost/Amortized Cost
Fixed maturities available for sale	$	77,835				$	82,254				$	80,363				$	79,957				$	79,536
Fixed maturities held to maturity		14,335					10,160					10,371					10,519					10,644
Short-term investments		3,561					2,991					2,651					2,780					3,002
Subtotal fixed maturities		95,731					95,405					93,385					93,256					93,182
Equity securities		737					723					697					699					706
Other investments		4,417					4,429					4,410					4,271					4,270
Total investment portfolio	$	100,885				$	100,557				$	98,492				$	98,226				$	98,158
Avg. duration of fixed maturities		4.2 years					4.2 years					4.2 years					4.2 years					4.2 years
Avg. market yield of fixed maturities		2.9	%				2.7	%				2.7	%				2.8	%				2.8	%
Avg. credit quality		A/Aa					A/Aa					A/Aa					A/Aa					A/Aa
Avg. yield on invested assets (1)		3.5	%				3.5	%				3.4	%				3.4	%				3.4	%

(1) During Q4 2017, as part of on-going portfolio management, approximately $4 billion of fixed income securities were transferred from available for sale to held to maturity.

(2) Calculated using adjusted net investment income.

Investments Page 22

Chubb Limited

Investment Portfolio - 2

(in millions of U.S. dollars)

(Unaudited)

Mortgage-backed Fixed Income Portfolio

	S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Mortgage-backed securities
Market Value at December 31, 2017
Agency residential mortgage-backed (RMBS)	$	—	$	14,876	$	—	$	—	$	—	$	14,876
Non-agency RMBS		11		10		72		16		26		135
Commercial mortgage-backed		2,858		118		45		—		—		3,021
Total mortgage-backed securities at market value	$	2,869	$	15,004	$	117	$	16	$	26	$	18,032
U.S. Corporate and Asset-backed Fixed Income Portfolios
	S&P Credit Rating
	Investment Grade
	AAA		AA		A		BBB		Total
Market Value at December 31, 2017
Asset-backed	$	749	$	65	$	15	$	16	$	845
Banks		—		17		1,806		1,425		3,248
Basic Materials		—		—		101		213		314
Communications		—		163		284		1,278		1,725
Consumer, Cyclical		—		236		512		768		1,516
Consumer, Non-Cyclical		109		527		1,716		1,303		3,655
Diversified Financial Services		7		14		478		217		716
Energy		—		50		76		571		697
Industrial		—		28		775		546		1,349
Utilities		—		22		943		354		1,319
All Others		164		403		954		713		2,234
Total	$	1,029	$	1,525	$	7,660	$	7,404	$	17,618
			S&P Credit Rating
			Below Investment Grade
			BB		B		CCC		Total
Market Value at December 31, 2017
Asset-backed			$	3	$	2	$	9	$	14
Banks				—		—		—		—
Basic Materials				312		111		1		424
Communications				863		742		2		1,607
Consumer, Cyclical				1,180		574		65		1,819
Consumer, Non-Cyclical				850		1,175		35		2,060
Diversified Financial Services				193		116		11		320
Energy				538		216		4		758
Industrial				566		509		20		1,095
Utilities				234		84		3		321
All Others				728		438		13		1,179
Total			$	5,467	$	3,967	$	163	$	9,597

Investments 2 Page 23

Chubb Limited

Investment Portfolio - 3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

December 31, 2017

	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Non-U.S. Government Securities
United Kingdom	$	—	$	1,387	$	—	$	—	$	—	$	1,387
Republic of Korea		—		1,056		—		—		—		1,056
Canada		933		—		—		—		—		933
Federative Republic of Brazil		—		—		—		—		741		741
Province of Ontario		—		9		637		—		—		646
United Mexican States		—		—		424		112		—		536
Province of Quebec		—		507		—		—		—		507
Kingdom of Thailand		—		—		462		—		—		462
Federal Republic of Germany		424		—		—		—		—		424
French Republic		—		326		—		—		—		326
Other Non-U.S. Government Securities		974		1,099		908		543		973		4,497
Total	$	2,331	$	4,384	$	2,431	$	655	$	1,714	$	11,515
	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Non-U.S. Corporate Securities
United Kingdom	$	136	$	86	$	600	$	911	$	246	$	1,979
Canada		89		163		373		469		319		1,413
United States (1)		3		26		188		328		415		960
France		10		31		494		262		32		829
Netherlands		76		11		366		196		124		773
Australia		96		146		347		151		18		758
Germany		155		47		117		215		27		561
Switzerland		39		19		123		153		22		356
Japan		—		35		270		10		4		319
China		—		1		254		46		11		312
Other Non-U.S. Corporate Securities		374		353		902		877		506		3,012
Total	$	978	$	918	$	4,034	$	3,618	$	1,724	$	11,272

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

Investments 3 Page 24

Chubb Limited

Investment Portfolio - 4

(in millions of U.S. dollars)

(Unaudited)

Fixed Maturity Investment Portfolio

Top 10 Global Corporate Exposures

	December 31, 2017	Market Value		Rating
1	Wells Fargo & Co	$	579	A
2	JP Morgan Chase & Co		465	A-
3	Anheuser-Busch InBev NV		439	A-
4	Goldman Sachs Group Inc		437	BBB+
5	AT&T Inc		406	BBB+
6	General Electric Co		376	A
7	Verizon Communications Inc		345	BBB+
8	Morgan Stanley		335	BBB+
9	Bank of America Corp		320	A-
10	Citigroup Inc		312	BBB+

Investments 4 Page 25

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

	Three months ended December 31, 2017
	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax
Fixed maturities	$	(48	)	$	20		$	(28	)	$	(276	)	$	65		$	(211	)	$	(324	)	$	85		$	(239	)
Fixed income derivatives		13			1			14			—			—			—			13			1			14
Public equity		6			(4	)		2			9			(1	)		8			15			(5	)		10
Private equity		122			(10	)		112			8			2			10			130			(8	)		122
Total investment portfolio (1)		93			7			100			(259	)		66			(193	)		(166	)		73			(93	)
Mark-to-market from variable annuity reinsurance
derivative transactions, net of applicable hedges (2)		7			—			7			—			—			—			7			—			7
Foreign exchange		26			(5	)		21			(430	)		19			(411	)		(404	)		14			(390	)
Partially-owned entities (3)		—			—			—			—			—			—			—			—			—
Other (4)		(4)			18			14			102			(24)			78			98			(6)			92
Net gains (losses)	$	122		$	20		$	142		$	(587	)	$	61		$	(526	)	$	(465	)	$	81		$	(384	)

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

(2) The quarter includes $92 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. Refer to the Non-GAAP financial measures section for additional details.

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

	Three months ended December 31, 2016
	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax
Fixed maturities	$	(7	)	$	(15	)	$	(22	)	$	(2,154	)	$	641		$	(1,513	)	$	(2,161	)	$	626		$	(1,535	)
Fixed income derivatives		52			(18	)		34			—			—			—			52			(18	)		34
Public equity		5			3			8			—			2			2			5			5			10
Private equity		155			(15	)		140			24			—			24			179			(15	)		164
Total investment portfolio (5)		205			(45	)		160			(2,130	)		643			(1,487	)		(1,925	)		598			(1,327	)
Mark-to-market from variable annuity reinsurance
derivative transactions, net of applicable hedges (6)		275			—			275			—			—			—			275			—			275
Foreign exchange		72			1			73			(423	)		48			(375	)		(351	)		49			(302	)
Partially-owned entities (7)		—			—			—			(2	)		—			(2	)		(2	)		—			(2	)
Other (8)		(19	)		(2	)		(21	)		537			(184	)		353			518			(186	)		332
Net gains (losses)	$	533		$	(46	)	$	487		$	(2,018	)	$	507		$	(1,511	)	$	(1,485	)	$	461		$	(1,024	)

(5) Other-than-temporary impairments for the quarter in realized gains (losses) include $4 million for fixed maturities, $1 million for public equity and $7 million for private equity.

(6) The quarter includes $48 million of losses on applicable hedges. These losses are both pre-tax and after-tax.

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

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

Net Gains (Losses) Page 26

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

	Year ended December 31, 2017
	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax
Fixed maturities	$	(31	)	$	18		$	(13	)	$	537		$	(210	)	$	327		$	506		$	(192	)	$	314
Fixed income derivatives		(11	)		14			3			—			—			—			(11	)		14			3
Public equity		16			(5	)		11			88			(26	)		62			104			(31	)		73
Private equity		401			(52	)		349			8			(5	)		3			409			(57	)		352
Total investment portfolio (1)		375			(25	)		350			633			(241	)		392			1,008			(266	)		742
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (2)		103			—			103			—			—			—			103			—			103
Foreign exchange		36			—			36			471			5			476			507			5			512
Partially-owned entities (3)		(6	)		2			(4	)		—			—			—			(6	)		2			(4	)
Other (4)		(11	)		18			7			(16	)		5			(11	)		(27	)		23			(4	)
Net gains (losses)	$	497		$	(5	)	$	492		$	1,088		$	(231	)	$	857		$	1,585		$	(236	)	$	1,349

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

(2) Full year includes $261 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. Refer to the Non-GAAP financial measures section for additional details.

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

	Year ended December 31, 2016
	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax
Fixed maturities	$	(163	)	$	(17	)	$	(180	)	$	83		$	108		$	191		$	(80	)	$	91		$	11
Fixed income derivatives		(33	)		(4	)		(37	)		—			—			—			(33	)		(4	)		(37	)
Public equity		44			(11	)		33			52			(8	)		44			96			(19	)		77
Private equity		228			(24	)		204			(49	)		—			(49	)		179			(24	)		155
Total investment portfolio (5)		76			(56	)		20			86			100			186			162			44			206
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (6)		(83	)		—			(83	)		—			—			—			(83	)		—			(83	)
Foreign exchange		118			(11	)		107			(154	)		30			(124	)		(36	)		19			(17	)
Partially-owned entities (7)		(5	)		1			(4	)		(2	)		—			(2	)		(7	)		1			(6	)
Other (8)		(19	)		(2	)		(21	)		545			(184	)		361			526			(186	)		340
Net gains (losses)	$	87		$	(68	)	$	19		$	475		$	(54	)	$	421		$	562		$	(122	)	$	440

(5) Full year other-than-temporary impairments in realized gains (losses) include $81 million for fixed maturities, $8 million for public equity and $14 million for private equity.

(6) Full year includes $136 million of losses on applicable hedges. These losses are both pre-tax and after-tax.

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

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

Net Gains (Losses) 2 Page 27

Chubb Limited

Debt and Capital

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

(Unaudited)

																Legacy ACE
	December 31 2017			September 30 2017			June 30 2017			March 31 2017			December 31 2016			December 31 2015
Financial Debt:
Total short-term debt	$	1,013		$	1,020		$	922		$	300		$	500		$	—
Total long-term debt (1)		11,556			11,559			11,667			12,300			12,610			9,389
Total financial debt	$	12,569		$	12,579		$	12,589		$	12,600		$	13,110		$	9,389
Hybrid debt:
Total trust preferred securities		308			308			308			308			308			307
Total	$	12,877		$	12,887		$	12,897		$	12,908		$	13,418		$	9,696
Capitalization:
Shareholders’ equity	$	51,172		$	50,471		$	50,349		$	49,224		$	48,275		$	29,135
Hybrid debt		308			308			308			308			308			307
Financial debt		12,569			12,579			12,589			12,600			13,110			9,389
Total capitalization	$	64,049		$	63,358		$	63,246		$	62,132		$	61,693		$	38,831
Leverage ratios (based on total capital):
Hybrid debt		0.5	%		0.5	%		0.5	%		0.5	%		0.5	%		0.8	%
Financial debt		19.6	%		19.9	%		19.9	%		20.3	%		21.3	%		24.2	%
Total hybrid & financial debt		20.1	%		20.4	%		20.4	%		20.8	%		21.8	%		25.0	%

Note: As of December 31, 2017, there was $0.3 billion usage of credit facilities on a total commitment of $1.0 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 28

Chubb Limited

Computation of Basic and Diluted Earnings Per Share

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

(Unaudited)

	Three months ended December 31						Year ended December 31
	2017			2016			2017			2016
Numerator
Core operating income to common shares	$	1,489		$	1,283		$	3,784		$	4,716
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax (1)		(64	)		(88	)		(283	)		(345	)
Tax benefit on amortization adjustment		23			22			85			101
Chubb integration and related expenses, pre-tax		(77	)		(131	)		(310	)		(499	)
Tax benefit on Chubb integration and related expenses		20			37			93			143
Adjusted net realized gains (losses), pre-tax		122			533			497			87
Tax (expense) benefit on adjusted net realized gains (losses)		20			(46	)		(5	)		(68	)
Net income	$	1,533		$	1,610		$	3,861		$	4,135
Rollforward of Common Shares Outstanding
Shares - beginning of period		464,158,519			465,286,110			465,968,716			324,563,441
Share Issuance for Chubb Acquisition		—			—			—			136,950,381
Repurchase of shares		(833,599	)		—			(5,866,612	)		—
Shares issued, excluding option exercises		158,819			221,688			2,098,446			2,725,945
Issued for option exercises		349,440			460,918			1,632,629			1,728,949
Shares - end of period		463,833,179			465,968,716			463,833,179			465,968,716
Denominator
Weighted average shares outstanding (2)		465,429,008			468,258,439			467,145,716			462,519,789
Effect of other dilutive securities		4,055,746			3,354,791			4,051,185			3,429,610
Adj. wtd. avg. shares outstanding and assumed conversions		469,484,754			471,613,230			471,196,901			465,949,399
Basic earnings per share
Core operating income	$	3.20		$	2.74		$	8.10		$	10.20
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)		(0.09	)		(0.14	)		(0.42	)		(0.53	)
Chubb integration and related expenses, net of tax		(0.12	)		(0.20	)		(0.47	)		(0.77	)
Adjusted net realized gains (losses), net of tax		0.30			1.04			1.05			0.04
Net income	$	3.29		$	3.44		$	8.26		$	8.94
Diluted earnings per share
Core operating income	$	3.17		$	2.72		$	8.03		$	10.12
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)		(0.09	)		(0.14	)		(0.42	)		(0.52	)
Chubb integration and related expenses, net of tax		(0.12	)		(0.20	)		(0.46	)		(0.76	)
Adjusted net realized gains (losses), net of tax		0.31			1.03			1.04			0.03
Net income	$	3.27		$	3.41		$	8.19		$	8.87

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

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

Earnings per share Page 29

Chubb Limited

Book Value and Book Value per Common Share

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

(Unaudited)

Reconciliation of Book Value per Common Share

	December 31			September 30			June 30			March 31			December 31
	2017			2017			2017			2017			2016
Shareholders’ equity	$	51,172		$	50,471		$	50,349		$	49,224		$	48,275
Less: goodwill and other intangible assets, net of tax (1)		20,621			20,274			19,994			20,013			20,019
Numerator for tangible book value per share	$	30,551		$	30,197		$	30,355		$	29,211		$	28,256
Book value - % change over prior quarter		1.4	%		0.2	%		2.3	%		2.0	%		-0.2	%
Tangible book value - % change over prior quarter		1.2	%		-0.5	%		3.9	%		3.4	%		0.8	%
Denominator		463,833,179			464,158,519			465,375,141			467,223,019			465,968,716
Book value per common share	$	110.32		$	108.74		$	108.19		$	105.35		$	103.60
Tangible book value per common share	$	65.87		$	65.06		$	65.23		$	62.52		$	60.64
Reconciliation of Book Value
Shareholders’ equity, beginning of quarter	$	50,471		$	50,349		$	49,224		$	48,275		$	48,372
Core operating income (loss)		1,489			(60	)		1,180			1,175			1,283
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (2)		(41	)		(50	)		(52	)		(55	)		(66	)
Chubb integration and related expenses, net of tax		(57	)		(36	)		(50	)		(74	)		(94	)
Adjusted net realized gains (losses), net of tax (3)		142			76			227			47			487
Net unrealized gains (losses) on the investment portfolio		(193	)		92			286			207			(1,487	)
Repurchase of shares		(123	)		(232	)		(335	)		(140	)		—
Dividend declared on common shares		(330	)		(331	)		(332	)		(324	)		(324	)
Cumulative translation		(411	)		658			98			131			(375	)
Postretirement benefit liability		78			(51	)		(14	)		(24	)		353
Other (4)		147			56			117			6			126
	$	51,172		$	50,471		$	50,349		$	49,224		$	48,275

(1) The December 31, 2017 balance reflects the reduction of the deferred tax liability on our intangible assets of $743 million related to the U.S. Tax Reform, principally offset by foreign exchange and intangible amortization in the quarter.

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

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

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

Reconciliation Book Value Page 30

Chubb Limited

Non-GAAP Financial Measures

(Unaudited)

Regulation G - Non-GAAP Financial Measures

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

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

Adjusted losses and loss expenses and adjusted administrative expenses are non-GAAP financial measures that exclude the one-time curtailment benefit related to the harmonization of the company’s U.S. pension plans. During the fourth quarter of 2016, the company harmonized and amended several U.S. retirement programs to create a unified retirement savings program which resulted in the one-time pension curtailment benefit. The portion of the benefit related to claims staff is excluded from adjusted losses and loss expenses with the remainder excluded from adjusted administrative expenses. We believe that excluding the impact of the one-time pension curtailment benefit 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 this item. Adjusted losses and loss expenses also includes realized gains and losses on crop derivatives. The crop derivatives are purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing will impact underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations and therefore realized gains and losses from these derivatives are reclassified from adjusted net realized gains (losses), also a non-GAAP financial measure.

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

P&C combined ratio excluding the impact of catastrophe losses and prior period development (PPD) and the P&C loss and loss expense ratio excluding the impact of catastrophe losses and PPD are non-GAAP financial measures. The loss ratio numerator includes adjusted losses and loss expenses and excludes catastrophe losses and PPD. The combined ratio numerator includes adjusted losses and loss expenses, policy acquisition costs, and adjusted administrative expenses. The denominator for both ratios 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 the ratios. We believe that excluding the impact of catastrophe losses and PPD provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our property & casualty business that may be obscured by these items.

P&C 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 P&C expense ratio. The expense ratio for the A&H business is typically higher than our traditional P&C business, and we believe that this measure provides better comparison to our peer companies that may not have a significant A&H block of business.

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

Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment of acquired invested assets. Adjusted interest expense is interest expense excluding the amortization of the fair value adjustment of acquired debt and the interest expense on the $5.3 billion senior notes issued in November 2015 until the closing of the Chubb Corp acquisition on January 14, 2016. We believe that excluding these items are meaningful in order to present the underlying economics of the company’s business.

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

Core operating income (loss) is a non-GAAP financial measure that excludes the after-tax impact of adjusted net realized gains (losses), net realized gains (losses) included in other income (expense) related to partially owned entities, Chubb integration 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) are heavily influenced by, and fluctuate in part according to the availability of market opportunities. We exclude Chubb integration and related expenses due to the size and complexity of this acquisition. 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 facilitates the comparison of our financial results to our historical operating results. Chubb integration expenses are incurred by the overall company and are therefore included in Corporate. The costs are not related to the on-going activities of the individual segments and are therefore excluded from our definition of segment income, as well. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. Core operating income (loss) should not be viewed as a substitute for net income (loss) determined in accordance with GAAP.

Core operating effective tax rate is a non-GAAP financial measure. The numerator excludes tax on adjusted net realized gains (losses), tax on net realized gains (losses) included in other income (expense) related to partially owned entities, tax on Chubb integration and related expenses, and tax on the amortization of the fair value adjustments related to purchased invested assets and long-term debt from the Chubb Corp acquisition. The denominator excludes these same items, before tax. Core 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 30. 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.

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.

2016 “As If” company measures presented throughout this section are prepared inclusive of the first 14 days of January 2016 prior to the acquisition close and 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 these non-GAAP measures provide visibility into our results and trends in our business by allowing for a better assessment and comparability to our historical results. These measures are consistent with how management evaluates results.

Net premiums written excluding merger-related actions is a non-GAAP performance measure. Since the acquisition of The Chubb Corporation, we have entered into new reinsurance agreements with third-party reinsurers for the Chubb Corp businesses and have taken other merger-related underwriting actions, including exiting certain types of business that do not meet our underwriting standards or adhere to our risk diversification strategy. We also exclude a merger-related accounting policy alignment adjustment and a one-time unearned premium reserve (UPR) transfer in 2016. We believe that these measures are meaningful to evaluate trends in our underlying business on a comparable basis.

Reconciliation Non-GAAP Page 31

Chubb Limited

Non-GAAP Financial Measures - 2

(in millions of U.S. dollars)

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

Core operating income (loss)

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

																Full Year			Full Year
	4Q-17			3Q-17			2Q-17			1Q-17			4Q-16			2017			2016
Net income (loss), as reported	$	1,533		$	(70	)	$	1,305		$	1,093		$	1,610		$	3,861		$	4,135
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax (1)		(64	)		(68	)		(72	)		(79	)		(88	)		(283	)		(345	)
Tax benefit on amortization adjustment		23			18			20			24			22			85			101
Chubb integration and related expenses, pre tax		(77	)		(50	)		(72	)		(111	)		(131	)		(310	)		(499	)
Tax benefit on Chubb integration and related expenses		20			14			22			37			37			93			143
Adjusted net realized gains (losses)		—			(5	)		103			(7	)		371			91			(140	)
Net realized gains (losses) related to unconsolidated entities (2)		122			89			143			52			162			406			227
Tax (expense) benefit on adjusted net realized gains (losses)		20			(8	)		(19	)		2			(46	)		(5	)		(68	)
Core operating income (loss)	$	1,489		$	(60	)	$	1,180		$	1,175		$	1,283		$	3,784		$	4,716

(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).

The following table presents the reconciliation of Net income (loss) to P&C and Global P&C Underwriting income (loss):

																Full Year			Full Year
	4Q-17			3Q-17			2Q-17			1Q-17			4Q-16			2017			2016
Net income (loss)	$	1,533		$	(70	)	$	1,305		$	1,093		$	1,610		$	3,861		$	4,135
Income tax expense (benefit)		(382	)		(85	)		200			128			259			(139	)		815
Net realized (gains) losses related to unconsolidated entities		(122	)		(89	)		(143	)		(52	)		(162	)		(406	)		(227	)
Adjusted realized (gains) losses		—			5			(103	)		7			(371	)		(91	)		140
Amortization of fair value adjustment of acquired invested assets and long-term debt		64			68			72			79			88			283			345
Chubb integration and related expenses		77			50			72			111			131			310			499
Adjusted interest expense		168			162			160			166			167			656			646
Pension curtailment benefit		—			—			—			—			(113	)		—			(113	)
Consolidated segment income		1,338			41			1,563			1,532			1,609			4,474			6,240
Less: Life Insurance segment income		70			64			52			62			60			248			263
P&C segment income (loss)		1,268			(23	)		1,511			1,470			1,549			4,226			5,977
Less: amortization expense of purchased intangibles (excluding Life Insurance)		66			64			65			63			2			258			16
Less: other (income) expense - operating (excluding Life Insurance)		79			(10	)		10			11			13			90			—
Less: adjusted net investment income (excluding Life Insurance)		(790	)		(815	)		(778	)		(761	)		(769	)		(3,144	)		(2,975	)
P&C Underwriting income (loss) (Including Corporate and excluding Life Insurance)		623			(784	)		808			783			795			1,430			3,018
Less: Agricultural Insurance Underwriting income		190			86			23			93			184			392			341
Global P&C Underwriting income (loss) (Including Corporate and excluding Agriculture)	$	433		$	(870	)	$	785		$	690		$	611		$	1,038		$	2,677

Reconciliation Non-GAAP 2 Page 32

Chubb Limited

Non-GAAP Financial Measures - 3

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

Core operating ROE

Core operating return on equity (ROE) or ROE calculated using core operating income (loss): The ROE numerator includes income adjusted to 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 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. Core operating ROE is a useful measure as it enhances the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity excluding the effect of unrealized gains and losses on our investments.

							Full Year			Full Year
	4Q-17			4Q-16			2017			2016
Net income	$	1,533		$	1,610		$	3,861		$	4,135
Core operating income	$	1,489		$	1,283		$	3,784		$	4,716
Equity - beginning of period, as reported	$	50,471		$	48,372		$	48,275		$	29,135
Add: weighted average impact of equity issuance		—			—			—			14,931
Less: unrealized gains (losses) on investments, net of deferred tax		1,643			2,547			1,058			874
Equity - beginning of period, as adjusted	$	48,828		$	45,825		$	47,217		$	43,192
Equity - end of period, as reported	$	51,172		$	48,275		$	51,172		$	48,275
Less: weighted average impact of equity issuance		—			—			—			596
Less: unrealized gains (losses) on investments, net of deferred tax		1,450			1,058			1,450			1,058
Equity - end of period, as adjusted	$	49,722		$	47,217		$	49,722		$	46,621
Weighted average equity, as reported	$	50,822		$	48,324		$	49,724		$	45,873
Weighted average equity, as adjusted	$	49,275		$	46,521		$	48,470		$	44,907
ROE		12.1	%		13.3	%		7.8	%		9.0	%
Core operating ROE		12.1	%		11.0	%		7.8	%		10.5	%

Core operating effective tax rate

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

																Full Year			Full Year
	4Q-17			3Q-17			2Q-17			1Q-17			4Q-16			2017			2016
Tax expense (benefit), as reported	$	(382	)	$	(85	)	$	200		$	128		$	259		$	(139	)	$	815
Tax benefit on amortization of fair value of acquired invested assets and debt (1)		(23	)		(18	)		(20	)		(24	)		(22	)		(85	)		(101	)
Tax benefit on Chubb integration and related expenses		(20	)		(14	)		(22	)		(37	)		(37	)		(93	)		(143	)
Tax expense (benefit) on adjusted net realized gains (losses)		(20	)		8			19			(2	)		46			5			68
Tax expense (benefit), adjusted	$	(319	)	$	(61	)	$	223		$	191		$	272		$	34		$	991
Income (loss) before tax, as reported	$	1,151		$	(155	)	$	1,505		$	1,221		$	1,869		$	3,722		$	4,950
Less: amortization of fair value of acquired invested assets and debt (1)		(64	)		(68	)		(72	)		(79	)		(88	)		(283	)		(345	)
Less: Chubb integration and related expenses		(77	)		(50	)		(72	)		(111	)		(131	)		(310	)		(499	)
Less: adjusted realized gains (losses)		—			(5	)		103			(7	)		371			91			(140	)
Less: realized gains (losses) related to unconsolidated entities		122			89			143			52			162			406			227
Core operating income (loss) before tax	$	1,170		$	(121	)	$	1,403		$	1,366		$	1,555		$	3,818		$	5,707
Effective tax rate		-33.1	%		54.7	%		13.3	%		10.5	%		13.8	%		-3.7	%		16.5	%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt (1)		3.7	%		8.6	%		0.6	%		1.0	%		0.5	%		2.3	%		0.8	%
Adjustment for tax impact of Chubb integration and related expenses		3.8	%		6.6	%		0.8	%		1.7	%		1.0	%		2.6	%		1.1	%
Adjustment for tax impact of adjusted net realized gains (losses)		-1.6	%		-19.0	%		1.3	%		0.8	%		2.3	%		-0.3	%		-1.0	%
Core operating effective tax rate		-27.2	%		50.9	%		16.0	%		14.0	%		17.6	%		0.9	%		17.4	%

(1) Related to the acquisition of The Chubb Corporation

Reconciliation Non-GAAP 3 Page 33

Chubb Limited

Non-GAAP Financial Measures - 4

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

Chubb integration and related expenses, net of tax

Chubb integration and related expenses is a non-GAAP financial measure and includes all internal and external costs directly related to the integration activities of The Chubb Corp acquisition, consisting primarily of personnel-related expenses, including severance and employee retention and relocation; consulting fees; and advisor fees. Chubb integration and related expenses also include 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 core operating income (loss) due to the size and complexity of this acquisition. We exclude the pre-acquisition interest expense from core operating income (loss) 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 core operating income (loss). 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.

											Full Year		Full Year
	4Q-17		3Q-17		2Q-17		1Q-17		4Q-16		2017		2016
Chubb integration expenses, net of tax	$	57	$	36	$	50	$	74	$	94	$	217	$	352
Add: pre-acquisition interest expense related to $5.3 billion senior notes, net of tax		—		—		—		—		—		—		4
Chubb integration and related expenses, net of tax		57		36		50		74		94		217		356
Tax benefit		20		14		22		37		37		93		143
Chubb integration and related expenses, pre-tax	$	77	$	50	$	72	$	111	$	131	$	310	$	499

P&C combined ratio

The following table presents the reconciliation of 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. The P&C combined ratio also excludes the one-time pension curtailment benefit of $113 million recognized in the fourth quarter of 2016. We believe that excluding the impact of the one-time pension curtailment 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 this item.

																Full Year			Full Year
	4Q-17			3Q-17			2Q-17			1Q-17			4Q-16			2017			2016
Combined ratio		90.7	%		110.7	%		88.0	%		87.5	%		86.0	%		94.7	%		88.3	%
Less: impact of pension curtailment benefit		0.0	%		0.0	%		0.0	%		0.0	%		1.7	%		0.0	%		0.4	%
Add: impact of gains and losses on crop derivatives		0.0	%		0.1	%		0.0	%		0.0	%		0.1	%		0.0	%		0.0	%
P&C combined ratio		90.7	%		110.8	%		88.0	%		87.5	%		87.8	%		94.7	%		88.7	%

Reconciliation Non-GAAP 4 Page 34

Chubb Limited

Non-GAAP Financial Measures - 5

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

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

Numerator	Full Year 2016
Core operating income as reported	$	4,716
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 core operating income, including 14 day stub period	$	4,776
Net income as reported	$	4,135
Add: 14-day stub period income from above		60
As If net income, including 14 day stub period	$	4,195

Denominator	Full Year 2016
Weighted average shares outstanding and assumed conversions		465,949,399
Impact of shares issued in connection with Chubb Corp acquisition		5,030,548
As If adjusted weighted average shares outstanding		470,979,947
Diluted earnings per share, including 14 day stub period
Core operating income per share	$	10.14
Net income per share	$	8.91

The following tables present the reconciliation of reported underwriting income (loss) for each segment to underwriting income (loss) on an “As If” basis.

	North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance		Overseas General Insurance			Global Reinsurance		Corporate			Total P&C			Life Insurance			Total Consolidated
Full Year 2016
Underwriting income (loss)	$	1,630		$	432		$	341	$	934		$	146	$	(465	)	$	3,018		$	(1	)	$	3,017
Add: Pre-acquisition underwriting income (loss) (14 days prior to close)		13			30			—		4			—		(3	)		44			—			44
Less: amortization of acquired UPR intangible - Chubb Corp		859			492			—		208			—		—			1,559			—			1,559
Add: elimination of DAC benefit - Chubb Corp		(729	)		(406	)		—		(238	)		—		—			(1,373	)		—			(1,373	)
Underwriting income (loss) - As If	$	1,773		$	548		$	341	$	908		$	146	$	(468	)	$	3,248		$	(1	)	$	3,247

References to Core operating income excluding normalized Catastrophe losses (Cats) and one-time tax reform benefit, are prepared excluding any impact of the catastrophe losses above normal level due to the significant size and number of these events in the third quarter of 2017 which could obscure the underlying operating results, as well as excluding the one-time 2017 tax reform transition benefit. We believe that these measures provide a better evaluation of our operating performance and enhances the understanding of the trends in our property and casualty business.

The following table presents the reconciliation of Core operating income and Core operating income w/Normalized Catastrophe losses and excluding one-time tax reform benefit:

	Full Year 2017
Core operating income (refer to page 32)	$	3,784
Add: Actual catastrophe losses above normal levels		1,455
Core operating income w/Normalized Cats		5,239
Less: 2017 tax reform transition benefit		450
Core operating income w/Normalized Cats and excluding one-time tax reform benefit	$	4,789
% decline		-21	%

Reconciliation Non-GAAP 5 Page 35

Chubb Limited

Non-GAAP Financial Measures - 6

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio

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

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

Q4 2017		North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C
Numerator
Losses and loss expenses
Losses and loss expenses	A	$	1,911		$	887		$	60		$	965		$	126		$	140		$	4,089
Catastrophe losses			(167	)		(278	)		—			55			(42	)		—			(432	)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			200			(3	)		36			68			(5	)		(138	)		158
Net earned premium adjustments on PPD - unfavorable (favorable)			—			—			5			—			—			—			5
Expense adjustments - unfavorable (favorable)			—			—			(7	)		—			—			—			(7	)
PPD - gross of related adjustments - favorable (unfavorable)			200			(3	)		34			68			(5	)		(138	)		156
Loss and loss expense ex CATs and PPD	B	$	1,944		$	606		$	94		$	1,088		$	79		$	2		$	3,813
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	706		$	298		$	2		$	816		$	51		$	80		$	1,953
Expense adjustments - favorable (unfavorable)			—			—			7			—			—			—			7
Policy acquisition costs and administrative expenses, adjusted	D	$	706		$	298		$	9		$	816		$	51		$	80		$	1,960
Denominator
Net premiums earned	E	$	3,035		$	1,103		$	252		$	2,113		$	162					$	6,665
Reinstatement premiums (collected) expensed on catastrophe losses			1			19			—			(5	)		—						15
Net earned premium adjustments on PPD - unfavorable (favorable)			—			—			5			—			—						5
Net premiums earned excluding adjustments	F	$	3,036		$	1,122		$	257		$	2,108		$	162					$	6,685
Combined ratio
Losses and loss expense ratio	A/E		63.0	%		80.4	%		23.7	%		45.7	%		78.9	%					61.4	%
Policy acquisition costs and administrative expense ratio	C/E		23.2	%		27.1	%		0.7	%		38.6	%		31.3	%					29.3	%
Combined ratio			86.2	%		107.5	%		24.4	%		84.3	%		110.2	%					90.7	%
Combined ratio, adjusted for CATs and PPD
Loss and loss expense ratio, adjusted	B/F		64.1	%		54.0	%		36.9	%		51.6	%		50.1	%					57.1	%
Policy acquisition costs and administrative expense ratio, adjusted	D/F		23.2	%		26.5	%		3.1	%		38.7	%		31.3	%					29.3	%
Combined ratio, adjusted for CATs and PPD			87.3	%		80.5	%		40.0	%		90.3	%		81.4	%					86.4	%

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

Reconciliation Non-GAAP 6 Page 36

Chubb Limited

Non-GAAP Financial Measures - 7

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio

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

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

Full Year 2017		North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C
Numerator
Losses and loss expenses
Losses and loss expenses	A	$	8,287		$	3,265		$	1,043		$	4,281		$	561		$	285		$	17,722
Catastrophe losses			(1,220	)		(871	)		(18	)		(331	)		(313	)		—			(2,753	)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			746			(69	)		119			252			59			(278	)		829
Net earned premium adjustments on PPD - unfavorable (favorable)			42			—			66			—			(4	)		—			104
Expense adjustments - unfavorable (favorable)			6			—			(11	)		—			—			—			(5	)
Reinstatement premiums expensed on PPD			9			—			—			—			—			—			9
PPD - gross of related adjustments - favorable (unfavorable)			803			(69	)		174			252			55			(278	)		937
Loss and loss expense ex CATs and PPD	B	$	7,870		$	2,325		$	1,199		$	4,202		$	303		$	7		$	15,906
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	2,854		$	1,163		$	73		$	3,203		$	221		$	267		$	7,781
Expense adjustments - favorable (unfavorable)			(6	)		—			11			—			—			—			5
Policy acquisition costs and administrative expenses, adjusted	D	$	2,848		$	1,163		$	84		$	3,203		$	221		$	267		$	7,786
Denominator
Net premiums earned	E	$	12,191		$	4,399		$	1,508		$	8,131		$	704					$	26,933
Reinstatement premiums (collected) expensed on catastrophe losses			4			22			—			4			(37	)					(7	)
Net earned premium adjustments on PPD - unfavorable (favorable)			42			—			66			—			(4	)					104
Reinstatement premiums expensed on PPD			9			—			—			—			—						9
Net premiums earned excluding adjustments	F	$	12,246		$	4,421		$	1,574		$	8,135		$	663					$	27,039
Combined ratio
Losses and loss expense ratio	A/E		68.0	%		74.2	%		69.2	%		52.6	%		79.8	%					65.8	%
Policy acquisition costs and administrative expense ratio	C/E		23.4	%		26.5	%		4.8	%		39.4	%		31.4	%					28.9	%
Combined ratio			91.4	%		100.7	%		74.0	%		92.0	%		111.2	%					94.7	%
Combined ratio, adjusted for CATs and PPD
Loss and loss expense ratio, adjusted	B/F		64.3	%		52.6	%		76.2	%		51.7	%		46.0	%					58.8	%
Policy acquisition costs and administrative expense ratio, adjusted	D/F		23.2	%		26.3	%		5.3	%		39.3	%		33.2	%					28.8	%
Combined ratio, adjusted for CATs and PPD			87.5	%		78.9	%		81.5	%		91.0	%		79.2	%					87.6	%

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

Reconciliation Non-GAAP 7 Page 37

Chubb Limited

Glossary

Chubb Limited Consolidated comprises all segments including Corporate.

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

P&C combined ratio: The sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding both the life business and the one-time pension curtailment benefit in Q4 2016 and including realized gains and losses on crop derivatives.

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

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

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

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

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

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

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 Corp 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 core 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 38