8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant To Section 13 or 15 (d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 29, 2019

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

(Address of principal executive offices)

Registrant’s telephone number, including area code: +41 (0)43 456 76 00

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-2(b))

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

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, par value CHF 24.15 per share	CB	New York Stock Exchange

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 October 29, 2019, Chubb Limited issued a Press Release reporting its third quarter 2019 results and the availability of its third quarter 2019 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.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit Number	Description
99.1	Press Release, Dated October 29, 2019, Reporting Third Quarter 2019 Results
99.2	Third Quarter 2019 Financial Supplement
104	Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

        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: October 29, 2019

EX-99.1

Exhibit 99.1

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

News Release

Chubb Reports Third Quarter Net Income Per Share of $2.38, Down

9.8%, and Core Operating Income Per Share of $2.70, Up 12%;

Consolidated Net Premiums Written of $8.6 Billion, Up 6.3%, or 7.3%

in Constant Dollars

• Net income was $1.1 billion, down 11.4%, and core operating income was $1.2 billion, up 10.2%. Net income was unfavorably impacted by mark-to-market losses of $119 million, principally related to the company’s variable annuity reinsurance portfolio, compared to adjusted realized gains of $165 million in the prior year.

• P&C net premiums written were $8.0 billion, up 6.2%, or 7.2% in constant dollars.

• P&C underwriting income was $754 million, up 12.6%, and Global P&C underwriting income, which excludes Agriculture, was $753 million, up 27.7%.

• P&C combined ratio was 90.2% compared with 90.9% prior year, reflecting lower catastrophe losses and higher crop insurance losses. P&C current accident year combined ratio excluding catastrophe losses was 89.5% compared with 88.2% prior year.

• Global P&C combined ratio, which excludes Agriculture, was 88.9% compared with 90.9% prior year. Global P&C current accident year combined ratio excluding catastrophe losses was 88.3% compared with 87.9% prior year.

• Pre-tax catastrophe losses were $232 million, or $191 million after-tax, compared with $450 million, or $372 million after-tax, prior year. In addition, Agriculture underwriting income was adversely impacted predominantly by crop insurance weather conditions resulting in underwriting income of $1 million compared with $79 million in the prior year.

• Net investment income was $873 million pre-tax, up 6.0%, and adjusted net investment income was $910 million pre-tax, up 3.1%.

ZURICH – October 29, 2019 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended September 30, 2019 of $1,091 million, or $2.38 per share, compared with $1,231 million, or $2.64 per share, for the same quarter last year. Core operating income was $1,236 million, or $2.70 per share, compared with $1,122 million, or $2.41 per share, for the same quarter last year. The property and casualty (P&C) combined ratio was 90.2% and the Global P&C combined ratio, which excludes Agriculture, was 88.9%. Book and tangible book value per share increased 2.0% and 3.3%, respectively, from June 30, 2019 and now stand at $120.33 and $76.21, respectively. Several factors positively impacted book value in the quarter contributing to

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

Chubb Limited News Release

an increase of $263 million after-tax. Net realized and unrealized gains of $503 million in the company’s investment portfolio, due to a decline in interest rates, were partially offset by mark-to-market losses in the company’s variable annuity reinsurance portfolio of $112 million and unfavorable foreign currency movement of $116 million. Annualized ROE and core operating ROE were 8.1% and 9.5%, respectively. Annualized core operating return on tangible equity was 15.6%.

Chubb Limited

Third Quarter Summary

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

(Unaudited)

							(Per Share - Diluted)
	2019		2018		Change		2019		2018		Change
Net income		$1,091		$1,231		(11.4)%		$2.38		$2.64		(9.8)%
Chubb integration expenses, net of tax		2		14		(85.7)%		—		0.03		NM
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		24		42		(42.9)%		0.06		0.09		(33.3)%
Adjusted net realized (gains) losses, net of tax		119		(165)		NM		0.26		(0.35)		NM
Core operating income, net of tax		$1,236		$1,122		10.2%		$2.70		$2.41		12.0%

For the three months ended September 30, 2019 and 2018, the tax expenses (benefits) related to the table above were nil and $(2) million, respectively, for Chubb integration expenses; $(8) million and $(12) million, respectively, for amortization of fair value adjustment of acquired invested assets and long-term debt; $19 million and $14 million, respectively, for adjusted net realized gains and losses; and $219 million and $183 million, respectively, for core operating income.

For the nine months ended September 30, 2019, net income was $3,281 million, or $7.13 per share, compared with $3,607 million, or $7.71 per share, for 2018. Core operating income was $3,601 million, or $7.83 per share, compared with $3,472 million, or $7.42 per share, for 2018. The P&C combined ratio was 89.9% and the Global P&C combined ratio, which excludes Agriculture, was 89.7%. Book and tangible book value per share increased 9.8% and 15.7%, respectively, from December 31, 2018. Book value per share was favorably impacted by net realized and unrealized gains of $3.0 billion after-tax in the company’s investment portfolio, principally due to a decline in interest rates.

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Chubb Limited News Release

Chubb Limited

Nine Months Ended Summary

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

(Unaudited)

							(Per Share - Diluted)
	2019		2018		Change		2019		2018		Change
Net income		$3,281		$3,607		(9.1)%		$7.13		$7.71		(7.5)%
Chubb integration expenses, net of tax		7		32		(78.1)%		0.02		0.07		(71.4)%
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		89		133		(33.1)%		0.19		0.29		(34.5)%
Adjusted net realized (gains) losses, net of tax		224		(300)		NM		0.49		(0.65)		NM
Core operating income, net of tax		$3,601		$3,472		3.7%		$7.83		$7.42		5.5%

For the nine months ended September 30, 2019 and 2018, the tax expenses (benefits) related to the table above were $(2) million and $(7) million, respectively, for Chubb integration expenses; $(22) million and $(32) million, respectively, for amortization of fair value adjustment of acquired invested assets and long-term debt; $13 million and $25 million, respectively, for adjusted net realized gains and losses; and $637 million and $550 million, respectively, for core operating income.

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “Our third quarter results were highlighted by core operating earnings that were up double-digit over prior year and excellent premium revenue growth in many areas of our company. Core operating income of $2.70 per share, up 12%, was driven by strong contributions from underwriting and investment income. Our P&C combined ratio of 90.2% benefited from lower year-on-year catastrophe losses, offset partially by higher losses in crop insurance, another CAT-like risk.

“P&C net premiums written were up over 7% in constant dollars. Growth was distributed broadly across the globe, with net premiums up 6.5% in our North America insurance operations, up circa 10% in Asia and Latin America, and up 8% and 6%, respectively, in the U.K. and on the European Continent. We benefited from an improved pricing and underwriting environment and a flight to quality from commercial insurance buyers who are more often choosing Chubb. Pricing continued to firm in the quarter – in many cases at double or greater the rate of the first quarter – with rate increases accelerating and spreading to more classes of business. We are also benefiting from our many product, customer and distribution-related growth initiatives in the U.S., Asia and Latin America.

“Book and tangible book value per share were up 2% and 3.3%, respectively, in the quarter, and are up 9.8% and 15.7% for the year. While benefiting temporarily our company’s book value growth, prolonged low interest rates, a result of overreliance on monetary policy, have penalized savers and led to misallocation of capital and overvaluation of assets without substantially supporting business investment and economic growth.

“Our company is in great shape and we are executing at a high level.”

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Chubb Limited News Release

Operating highlights for the quarter ended September 30, 2019 were as follows:

Chubb Limited (in millions of U.S. dollars except for percentages)		Q3     2019		Q3     2018	Change
P&C
Net premiums written (increase of 7.2% in constant dollars)	$	8,010	$	7,546	6.2%
Underwriting income	$	754	$	669	12.6%
Combined ratio		90.2%		90.9%
Current accident year underwriting income excluding catastrophe losses	$	819	$	876	(6.5)%
Current accident year combined ratio excluding catastrophe losses		89.5%		88.2%
Global P&C (excludes Agriculture)
Net premiums written (increase of 7.3% in constant dollars)	$	7,072	$	6,662	6.2%
Underwriting income	$	753	$	590	27.7%
Combined ratio		88.9%		90.9%
Current accident year underwriting income excluding catastrophe losses	$	797	$	790	0.9%
Current accident year combined ratio excluding catastrophe losses		88.3%		87.9%
North America Agricultural Insurance
Net premiums written	$	938	$	884	6.2%
Underwriting income	$	1	$	79	(98.8)%
Combined ratio		99.9%		90.7%
Current accident year combined ratio excluding catastrophe losses		97.7%		89.9%

• Net premiums earned increased 5.3%, or 6.3% in constant dollars.

• Total pre-tax and after-tax catastrophe losses were $232 million (3.0 percentage points of the combined ratio) and $191 million, respectively, compared with $450 million (6.1 percentage points of the combined ratio) and $372 million, respectively, last year.

• Total pre-tax and after-tax favorable prior period development were $167 million (2.3 percentage points of the combined ratio) and $112 million, respectively, compared with $243 million (3.4 percentage points of the combined ratio) and $180 million, respectively, last year.

• Net investment income was $873 million, pre-tax, and adjusted net investment income was $910 million, pre-tax, which was above the guidance range principally due to higher private equity distributions and increased call activity in the company’s corporate bond portfolio.

• Operating cash flow was $2.2 billion.

• Share repurchases totaled $478 million during the quarter at an average purchase price of $155.16 per share, and $1.2 billion through September 30, 2019 at an average purchase price of $145.08 per share.

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

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 September 30, 2019 are presented below:

Chubb Limited (in millions of U.S. dollars except for percentages)		Q3 2019		Q3 2018	Change
Total North America P&C Insurance
Net premiums written	$	5,641	$	5,301	6.4%
Combined ratio		88.3%		89.9%
Current accident year combined ratio excluding catastrophe losses		88.0%		86.4%
North America Commercial P&C Insurance
Net premiums written	$	3,452	$	3,199	7.9%
Major accounts retail and excess and surplus (E&S) wholesale	$	2,029	$	1,851	9.6%
Middle market and small commercial	$	1,423	$	1,348	5.6%
Combined ratio		86.9%		85.8%
Current accident year combined ratio excluding catastrophe losses		87.6%		86.7%
North America Personal P&C Insurance
Net premiums written	$	1,251	$	1,218	2.7%
Net premiums written adjusted primarily for additional reinsurance in 2019					3.9%
Combined ratio		83.1%		99.8%
Current accident year combined ratio excluding catastrophe losses		81.3%		83.2%
North America Agricultural Insurance
Net premiums written	$	938	$	884	6.2%
Combined ratio		99.9%		90.7%
Current accident year combined ratio excluding catastrophe losses		97.7%		89.9%
Overseas General Insurance
Net premiums written	$	2,228	$	2,081	7.1%
Net premiums written in constant dollars					10.7%
Combined ratio		90.5%		90.3%
Current accident year combined ratio excluding catastrophe losses		90.0%		90.0%

• North America Commercial P&C Insurance: The current accident year combined ratio excluding catastrophe losses was 87.6% compared with 86.7% in the prior year. The increase of 0.9 percentage point was due to a 2.0 percentage point increase in the loss ratio, reflecting higher than expected commercial property losses, partially offset by a decrease of 1.1 percentage points in the expense ratio.

• North America Personal P&C Insurance: The current accident year combined ratio excluding catastrophe losses was 81.3% compared with 83.2% in the prior year, due to a lower loss ratio. The third quarter 2018 current accident year loss ratio excluding catastrophe losses was elevated due to the increased frequency and severity of homeowners losses, primarily non-catastrophe water and fire losses.

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Chubb Limited News Release

• North America Agricultural Insurance: The current accident year combined ratio excluding catastrophe losses was 97.7%, compared with 89.9% in the prior year. The increase of 7.8 percentage points was principally due to the downward revision in the 2019 crop year margin estimate reflecting the adverse impact of weather conditions.

• Global Reinsurance: Net premiums written were $141 million, down 14.0%, or 12.8% in constant dollars, primarily due to the timing of a treaty renewal, which was written in the third quarter of 2018. The combined ratio was 81.1% compared with 86.7% prior year. The current accident year combined ratio excluding catastrophe losses was 82.1%, compared with 82.8% prior year.

• Life Insurance: Net premiums written were $612 million, up 8.5%, or 9.1% in constant dollars, principally reflecting growth in the Asian international life operations. Segment income was $95 million, up 20.9%. International life insurance segment income was $40 million, up 43.5%.

Please refer to the Chubb Limited Financial Supplement, dated September 30, 2019, 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 third quarter earnings conference call on Wednesday, October 30, 2019 beginning at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 800-479-1004 (within the United States) or 323-794-2598 (international), passcode 1608832. Please refer to the Chubb investor relations website under Events and Presentations for details. A replay of the call will be available until Wednesday, November 13, 2019 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.

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Chubb Limited News Release

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, Paris and other locations, and employs more than 30,000 people worldwide. Additional information can be found at: www.chubb.com.

Investor Contact

Karen Beyer: (212) 827-4445; karen.beyer@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.

Net premiums written adjusted primarily for additional reinsurance in 2019 is net premiums written in the company’s North America Personal P&C Insurance segment, adjusted to exclude the year-over-year net impact totaling $15 million comprising of additional reinsurance in 2019 and reinstatement premiums. We believe this measure is meaningful to evaluate trends in the underlying business on a comparable basis.

Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from the acquisition of The Chubb Corporation (Chubb Corp) of $37 million in Q3 2019 and $126 million for the nine months ended September 30, 2019. 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.

P&C underwriting income is calculated by subtracting adjusted losses and loss expenses, policy benefits, policy acquisition costs and administrative expenses from net premiums earned by our P&C operations. We use P&C 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 expense, amortization expense of purchased intangibles, Chubb integration expense, income tax expense and adjusted net realized gains (losses).

Current accident year underwriting income excluding catastrophe losses is underwriting income adjusted to exclude catastrophe losses and prior period development (PPD). We believe it is useful to exclude catastrophe losses, as they are not predictable as to timing and amount, and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business.

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

Core operating income, net of tax, excludes from net income the after-tax impact of adjusted net realized gains (losses), Chubb integration expenses, and the amortization of fair value adjustment of acquired invested assets and long-term debt related to the Chubb Corp acquisition. We believe this presentation enhances the understanding of our results of

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Chubb Limited News Release

operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (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 the amortization of the fair value adjustments related to purchased invested assets and long-term debt and Chubb integration expenses due to the size and complexity of this acquisition. These integration expenses are distortive to our results and are not indicative of our underlying profitability. We believe that excluding these integration expenses facilitates the comparison of our financial results to our historical operating results. References to core operating income measures mean net of tax, whether or not noted.

Core operating return on equity (ROE) and Core operating return on tangible equity (ROTE) are annualized financial measures. The numerator includes core operating income, net of tax. The denominator includes the average shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, net of tax. For the ROTE calculation, the denominator is also adjusted to exclude goodwill and other intangible assets, net of tax. These measures enhance the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity and tangible equity excluding the effect of unrealized gains and losses on our investments.

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

Current accident year combined ratio excluding catastrophe losses excludes the impact of catastrophe losses and PPD from the combined ratio. 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.

Tangible book value per common share 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.

See the reconciliation of Non-GAAP Financial Measures on pages 29-35 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, and net investment income.

NM - not meaningful comparison

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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 2019 performance and growth opportunities, pricing, 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.

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Chubb Limited News Release

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)

	September 30 2019		December 31 2018
Assets
Investments	$	107,178	$	100,968
Cash		1,478		1,247
Insurance and reinsurance balances receivable		10,403		10,075
Reinsurance recoverable on losses and loss expenses		15,527		15,993
Goodwill and other intangible assets		21,378		21,414
Other assets		19,184		18,074
Total assets	$	175,148	$	167,771
Liabilities
Unpaid losses and loss expenses	$	63,012	$	62,960
Unearned premiums		16,571		15,532
Other liabilities		40,993		38,967
Total liabilities	$	120,576	$	117,459
Shareholders’ equity
Total shareholders’ equity		54,572		50,312
Total liabilities and shareholders’ equity	$	175,148	$	167,771
Book value per common share	$	120.33	$	109.56
Tangible book value per common share	$	76.21	$	65.89
Book value per common share excluding cumulative translation losses (1)	$	124.99	$	113.87
Tangible book value per common share excluding cumulative translation losses (1)	$	79.43	$	68.87

⁽¹⁾ Cumulative translation losses were $2.1 billion in 2019 ($1.5 billion on tangible and $0.6 billion on intangible net assets) and $2.0 billion in 2018 ($1.4 billion on tangible and $0.6 billion 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						Nine Months Ended
	September 30						September 30
	2019			2018			2019			2018
Gross premiums written	$	10,724		$	10,054		$	30,190		$	28,716
Net premiums written		8,622			8,110			24,278			23,229
Net premiums earned		8,327			7,908			23,355			22,599
Losses and loss expenses		5,052			4,868			13,865			13,457
Policy benefits		158			127			515			428
Policy acquisition costs		1,603			1,504			4,611			4,432
Administrative expenses		752			719			2,220			2,158
Net investment income		873			823			2,568			2,457
Net realized gains (losses)		(155	)		19			(475	)		35
Interest expense		138			164			418			488
Other income (expense):
Gains (losses) from separate account assets		(7	)		(14	)		20			(18	)
Other		64			159			306			325
Amortization of purchased intangibles		76			83			229			253
Chubb integration expenses		2			16			9			39
Income tax expense		230			183			626			536
Net income	$	1,091		$	1,231		$	3,281		$	3,607
Diluted earnings per share:
Net income	$	2.38		$	2.64		$	7.13		$	7.71
Core operating income	$	2.70		$	2.41		$	7.83		$	7.42
Weighted average diluted shares outstanding		458.2			466.0			459.9			468.0
P&C combined ratio
Loss and loss expense ratio		63.1%			63.6%			61.5%			61.4%
Policy acquisition cost ratio		18.4%			18.6%			19.2%			19.2%
Administrative expense ratio		8.7%			8.7%			9.2%			9.2%
P&C combined ratio		90.2%			90.9%			89.9%			89.8%
P&C underwriting income	$	754		$	669		$	2,193		$	2,135

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

EX-99.2

Exhibit 99.2

Chubb Limited

Financial Supplement

for the Quarter Ended September 30, 2019

Investor Contact

Karen Beyer: (212) 827-4445

email: investorrelations@chubb.com

This report is for informational purposes only. It should be read in conjunction with documents filed by Chubb Limited with the Securities and Exchange Commission, including the most recent Annual Report on 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 and credit developments among reinsurers.

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

Chubb Limited

Financial Supplement Table of Contents

		Page
I.	Financial Highlights
	- Consolidated Financial Highlights		1
II.	Consolidated Results
	- Consolidated Statement of Operations		2
	- P&C Results—Consecutive Quarters		3
	- Global P&C Results—Consecutive Quarters		4
	- Summary Consolidated Balance Sheets		5
	- Line of Business		6
	- Consolidated Results by Segment		7 - 10
III.	Segment Results
	- North America Commercial P&C Insurance		11
	- North America Personal P&C Insurance		12
	- North America Agricultural Insurance		13
	- Overseas General Insurance		14
	- Global Reinsurance		15
	- Life Insurance		16
	- Corporate		17
IV.	Balance Sheet Details
	- Loss Reserve Rollforward		18
	- Reinsurance Recoverable Analysis		19
	- Investment Portfolio		20 - 23
	- Net Realized and Unrealized Gains (Losses)		24 - 25
	- Debt and Capital		26
	- Computation of Basic and Diluted Earnings Per Share		27
	- Book Value and Book Value per Common Share		28
V.	Other Disclosures
	- Non-GAAP Financial Measures		29 - 35
	- Glossary		36

Chubb Limited

Consolidated Financial Highlights

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

(Unaudited)

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

	Three months ended September 30									Constant $			Constant $			Nine months ended September 30									Constant $		Constant $
	2019			2018			% Change			2018			% Change			2019			2018			% Change			2018		% Change
Gross premiums written	$	10,724		$	10,054			6.7	%	$	9,970			7.6	%	$	30,190		$	28,716			5.1	%	$	28,310		6.6	%
Net premiums written	$	8,622		$	8,110			6.3	%	$	8,033			7.3	%	$	24,278		$	23,229			4.5	%	$	22,869		6.2	%
P&C net premiums written	$	8,010		$	7,546			6.2	%	$	7,472			7.2	%	$	22,508		$	21,541			4.5	%	$	21,203		6.2	%
Global P&C net premiums written	$	7,072		$	6,662			6.2	%	$	6,588			7.3	%	$	20,974		$	20,161			4.0	%	$	19,823		5.8	%
Net premiums earned	$	8,327		$	7,908			5.3	%	$	7,832			6.3	%	$	23,355		$	22,599			3.3	%	$	22,240		5.0	%
Net investment income (1)	$	873		$	823			6.0	%	$	819			6.5	%	$	2,568		$	2,457			4.5	%	$	2,439		5.3	%
Adjusted net investment income (1)	$	910		$	883			3.1	%	$	879			3.6	%	$	2,694		$	2,650			1.7	%	$	2,632		2.4	%
Interest expense (2)	$	138		$	164			-16.1	%	$	163			-15.8	%	$	418		$	488			-14.5	%	$	486		-14.1	%
Adjusted interest expense (2)	$	143		$	170			-15.9	%	$	169			-15.6	%	$	433		$	516			-16.0	%	$	514		-15.7	%
Core operating income	$	1,236		$	1,122			10.2	%	$	1,108			11.6	%	$	3,601		$	3,472			3.7	%	$	3,412		5.5	%
Net income	$	1,091		$	1,231			-11.4	%							$	3,281		$	3,607			-9.1	%
Operating cash flow	$	2,205		$	1,700											$	4,913		$	3,897
P&C combined ratio
Loss and loss expense ratio		63.1	%		63.6	%											61.5	%		61.4	%
Policy acquisition cost and administrative expense ratio		27.1	%		27.3	%											28.4	%		28.4	%
Combined ratio		90.2	%		90.9	%											89.9	%		89.8	%
Current Accident Year (CAY) P&C combined ratio ex Catastrophe losses (Cats)
CAY loss and loss expense ratio ex Cats		62.4	%		61.1	%											60.6	%		59.7	%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.1	%		27.1	%											28.4	%		28.3	%
CAY combined ratio ex Cats		89.5	%		88.2	%											89.0	%		88.0	%
ROE		8.1	%		9.7	%											8.3	%		9.4	%
Core operating return on equity (ROE)		9.5	%		8.7	%											9.3	%		9.1	%
Core operating return on tangible equity (ROTE)		15.6	%		14.4	%											15.3	%		15.2	%
Effective tax rate		17.4	%		12.9	%											16.0	%		12.9	%
Core operating effective tax rate		15.1	%		14.1	%											15.0	%		13.7	%
Diluted earnings per share
Net income	$	2.38		$	2.64			-9.8	%							$	7.13		$	7.71			-7.5	%
Core operating income	$	2.70		$	2.41			12.0	%							$	7.83		$	7.42			5.5	%
Weighted average basic common shares outstanding		455.0			463.0												457.0			464.6
Weighted average diluted common shares outstanding		458.2			466.0												459.9			468.0
							% Change						% Change
	September 30			June 30			3Q-19 vs.			December 31			3Q-19 vs.
	2019			2019			2Q-19			2018			4Q-18
Book value per common share	$	120.33		$	117.97			2.0	%	$	109.56			9.8	%
Tangible book value per common share	$	76.21		$	73.74			3.3	%	$	65.89			15.7	%
Total hybrid & financial debt/capitalization		20.0	%		20.3	%					20.4	%

(1) Q3 2019 and YTD 2019 include $4 million and $9 million, respectively, of interest income on notional pool programs, compared with $29 million and $87 million, respectively, prior year.

(2) Q3 2019 and YTD 2019 include nil of interest expense on notional pool programs, compared with $26 million and $79 million, respectively, prior year.

Financial Highlights Page 1

Chubb Limited

Statement of Operations—Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Consolidated Statements of Operations

																YTD			YTD			Full Year
	3Q-19			2Q-19			1Q-19			4Q-18			3Q-18			2019			2018			2018
Gross premiums written	$	10,724		$	10,355		$	9,111		$	9,252		$	10,054		$	30,190		$	28,716		$	37,968
Net premiums written		8,622			8,343			7,313			7,350			8,110			24,278			23,229			30,579
Net premiums earned		8,327			7,891			7,137			7,465			7,908			23,355			22,599			30,064
Adjusted losses and loss expenses (1)		5,066			4,708			4,099			4,615			4,876			13,873			13,455			18,070
Realized (gains) losses on crop derivatives		14			(7	)		1			5			8			8			(2	)		3
Losses and loss expenses		5,052			4,715			4,098			4,610			4,868			13,865			13,457			18,067
Policy benefits		158			161			196			162			127			515			428			590
Policy acquisition costs		1,603			1,544			1,464			1,480			1,504			4,611			4,432			5,912
Administrative expenses		752			758			710			728			719			2,220			2,158			2,886
Adjusted net investment income (2)		910			902			882			903			883			2,694			2,650			3,553
Amortization expense of fair value adjustment on acquired invested assets		(37	)		(43	)		(46	)		(55	)		(60	)		(126	)		(193	)		(248	)
Net investment income		873			859			836			848			823			2,568			2,457			3,305
Adjusted realized gains (losses) (3)		(141	)		(230	)		(96	)		(682	)		27			(467	)		33			(649	)
Realized gains (losses) on crop derivatives		(14	)		7			(1	)		(5	)		(8	)		(8	)		2			(3	)
Net realized gains (losses)		(155	)		(223	)		(97	)		(687	)		19			(475	)		35			(652	)
Adjusted interest expense (4)		143			145			145			158			170			433			516			674
Amortization benefit of fair value adjustment on acquired long term debt		(5	)		(5	)		(5	)		(5	)		(6	)		(15	)		(28	)		(33	)
Interest expense		138			140			140			153			164			418			488			641
Gains (losses) from fair value changes in separate account assets		(7	)		(3	)		30			(20	)		(14	)		20			(18	)		(38	)
Net realized gains (losses) related to unconsolidated entities		41			219			(4	)		139			152			256			292			431
Other income (expense) - operating		23			14			13			8			7			50			33			41
Other income (expense)		57			230			39			127			145			326			307			434
Amortization expense of purchased intangibles		76			77			76			86			83			229			253			339
Chubb integration expenses		2			4			3			20			16			9			39			59
Income tax expense		230			208			188			159			183			626			536			695
Net income	$	1,091		$	1,150		$	1,040		$	355		$	1,231		$	3,281		$	3,607		$	3,962

(1) Adjusted losses and loss expenses used throughout this report includes realized gains and losses on crop derivatives.

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

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

(4) Adjusted interest expense used throughout this report excludes Amortization benefit of fair value adjustment on acquired long term debt.

Statement of Operations Page 2

Chubb Limited

P&C Underwriting Results—Consecutive Quarters

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

(Unaudited)

Chubb Limited P&C Underwriting Results

																YTD			YTD			Full Year
	3Q-19			2Q-19			1Q-19			4Q-18			3Q-18			2019			2018			2018
P&C Underwriting income (Including Corporate and excluding Life Insurance)
Gross premiums written	$	10,082		$	9,743		$	8,500		$	8,638		$	9,455		$	28,325		$	26,926		$	35,564
Net premiums written		8,010			7,764			6,734			6,768			7,546			22,508			21,541			28,309
Net premiums earned		7,729			7,320			6,576			6,890			7,357			21,625			20,956			27,846
Adjusted losses and loss expenses		4,876			4,519			3,897			4,433			4,681			13,292			12,871			17,304
Policy acquisition costs		1,427			1,394			1,336			1,328			1,365			4,157			4,027			5,355
Administrative expenses		672			680			631			653			642			1,983			1,923			2,576
P&C Underwriting income	$	754		$	727		$	712		$	476		$	669		$	2,193		$	2,135		$	2,611
P&C CAY Underwriting income ex Cats	$	819		$	814		$	758		$	808		$	876		$	2,391		$	2,533		$	3,341
% Change versus prior year period
Net premiums written		6.2	%		4.2	%		2.9	%		4.2	%		2.5	%		4.5	%		4.5	%		4.4	%
Net premiums earned		5.0	%		2.9	%		1.4	%		3.4	%		1.0	%		3.2	%		3.4	%		3.4	%
Net premiums written constant $		7.2	%		6.0	%		5.1	%		5.8	%		2.8	%		6.2	%		3.4	%		4.0	%
Net premiums earned constant $		6.1	%		4.9	%		3.5	%		4.9	%		1.4	%		4.9	%		2.3	%		3.0	%
P&C combined ratio
Loss and loss expense ratio		63.1	%		61.7	%		59.3	%		64.3	%		63.6	%		61.5	%		61.4	%		62.1	%
Policy acquisition cost ratio		18.4	%		19.1	%		20.3	%		19.3	%		18.6	%		19.2	%		19.2	%		19.2	%
Administrative expense ratio		8.7	%		9.3	%		9.6	%		9.5	%		8.7	%		9.2	%		9.2	%		9.3	%
Combined ratio		90.2	%		90.1	%		89.2	%		93.1	%		90.9	%		89.9	%		89.8	%		90.6	%
CAY P&C combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		62.4	%		60.5	%		58.6	%		59.5	%		61.1	%		60.6	%		59.7	%		59.6	%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.1	%		28.4	%		29.9	%		28.8	%		27.1	%		28.4	%		28.3	%		28.4	%
CAY combined ratio ex Cats		89.5	%		88.9	%		88.5	%		88.3	%		88.2	%		89.0	%		88.0	%		88.0	%
Other ratios
Net premiums written/gross premiums written		79	%		80	%		79	%		78	%		80	%		79	%		80	%		80	%
Expense ratio		27.1	%		28.4	%		29.9	%		28.8	%		27.3	%		28.4	%		28.4	%		28.5	%
Expense ratio excluding A&H		25.1	%		26.3	%		28.0	%		26.6	%		25.2	%		26.4	%		26.3	%		26.4	%
Catastrophe reinstatement premiums (expensed) collected—pre-tax	$	2		$	—		$	—		$	(8	)	$	4		$	2		$	4		$	(4	)
Catastrophe losses—pre-tax	$	234		$	275		$	250		$	577		$	454		$	759		$	1,045		$	1,622
Favorable prior period development (PPD)—pre-tax	$	(167	)	$	(188	)	$	(204	)	$	(253	)	$	(243	)	$	(559)		$	(643)		$	(896)
Impact of catastrophe losses on P&C combined ratio—Unfavorable		3.0	%		3.8	%		3.8	%		8.5	%		6.1	%		3.5	%		5.0	%		5.9	%
Impact of PPD on P&C combined ratio—Favorable		-2.3	%		-2.6	%		-3.1	%		-3.7	%		-3.4	%		-2.6	%		-3.2	%		-3.3	%
Impact of Cats and PPD on P&C combined ratio—Unfavorable		0.7	%		1.2	%		0.7	%		4.8	%		2.7	%		0.9	%		1.8	%		2.6	%

P&C Results Page 3

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 11), North America Personal P&C Insurance segment (refer to page 12), Overseas General Insurance segment (refer to page 14), Global Reinsurance segment (refer to page 15), and Corporate (refer to page 17). Global P&C excludes the North America Agricultural Insurance and Life Insurance segments.

Global P&C (Including Corporate and excluding Agriculture)

																YTD			YTD			Full Year
	3Q-19			2Q-19			1Q-19			4Q-18			3Q-18			2019			2018			2018
Global P&C Underwriting income
Gross premiums written	$	8,810		$	9,101		$	8,281		$	8,365		$	8,185		$	26,192		$	24,908		$	33,273
Net premiums written		7,072			7,298			6,604			6,571			6,662			20,974			20,161			26,732
Net premiums earned		6,788			6,942			6,521			6,572			6,500			20,251			19,705			26,277
Adjusted losses and loss expenses		3,996			4,210			3,923			4,272			3,954			12,129			11,918			16,190
Policy acquisition costs		1,371			1,367			1,329			1,323			1,316			4,067			3,953			5,276
Administrative expenses		668			676			630			662			640			1,974			1,923			2,585
Global P&C Underwriting income	$	753		$	689		$	639		$	315		$	590		$	2,081		$	1,911		$	2,226
Global P&C CAY Underwriting income ex Cats	$	797		$	774		$	744		$	670		$	790		$	2,315		$	2,375		$	3,045
% Change versus prior year period
Net premiums written		6.2	%		3.3	%		2.6	%		3.2	%		3.5	%		4.0	%		4.9	%		4.5	%
Net premiums earned		4.4	%		2.7	%		1.2	%		2.5	%		1.8	%		2.8	%		3.6	%		3.3	%
Net premiums written constant $		7.3	%		5.3	%		4.8	%		4.8	%		3.9	%		5.8	%		3.7	%		4.0	%
Net premiums earned constant $		5.6	%		4.7	%		3.3	%		4.0	%		2.2	%		4.6	%		2.5	%		2.9	%
Combined ratio
Loss and loss expense ratio		58.9	%		60.6	%		60.2	%		65.0	%		60.8	%		59.9	%		60.5	%		61.6	%
Policy acquisition cost ratio		20.2	%		19.7	%		20.4	%		20.1	%		20.2	%		20.1	%		20.0	%		20.1	%
Administrative expense ratio		9.8	%		9.8	%		9.6	%		10.1	%		9.9	%		9.7	%		9.8	%		9.8	%
Combined ratio		88.9	%		90.1	%		90.2	%		95.2	%		90.9	%		89.7	%		90.3	%		91.5	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		58.5	%		59.4	%		58.5	%		59.7	%		58.1	%		58.8	%		58.2	%		58.6	%
CAY policy acquisition cost and administrative expense ratio ex Cats		29.8	%		29.4	%		30.1	%		30.1	%		29.8	%		29.8	%		29.8	%		29.8	%
CAY combined ratio ex Cats		88.3	%		88.8	%		88.6	%		89.8	%		87.9	%		88.6	%		88.0	%		88.4	%
Other ratios
Net premiums written/gross premiums written		80	%		80	%		80	%		79	%		81	%		80	%		81	%		80	%
Expense ratio		30.0	%		29.5	%		30.0	%		30.2	%		30.1	%		29.8	%		29.8	%		29.9	%
Expense ratio excluding A&H		28.0	%		27.4	%		28.1	%		28.2	%		28.1	%		27.9	%		27.7	%		27.8	%
Catastrophe reinstatement premiums (expensed) collected—pre-tax	$	2		$	—		$	—		$	(8	)	$	4		$	2		$	4		$	(4	)
Catastrophe losses—pre-tax	$	231		$	273		$	248		$	567		$	446		$	752		$	1,034		$	1,601
Favorable prior period development (PPD)—pre-tax	$	(185	)	$	(188	)	$	(143	)	$	(220	)	$	(242	)	$	(516	)	$	(566	)	$	(786	)

Global P&C Page 4

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)

	September 30			June 30			March 31			December 31
	2019			2019			2019			2018
Assets
Fixed maturities available for sale, at fair value	$	85,044		$	82,410		$	80,663		$	78,470
Fixed maturities held to maturity, at amortized cost		12,622			12,838			13,136			13,435
Equity securities, at fair value		722			715			821			770
Short-term investments, at fair value		2,835			3,808			3,078			3,016
Other investments		5,955			5,968			5,562			5,277
Total investments		107,178			105,739			103,260			100,968
Cash		1,478			1,270			1,271			1,247
Securities lending collateral		962			1,727			1,861			1,926
Insurance and reinsurance balances receivable		10,403			10,935			9,826			10,075
Reinsurance recoverable on losses and loss expenses		15,527			15,445			16,137			15,993
Deferred policy acquisition costs		5,148			5,113			5,008			4,922
Value of business acquired		274			280			289			295
Prepaid reinsurance premiums		2,691			2,765			2,698			2,544
Goodwill and other intangible assets		21,378			21,566			21,419			21,414
Investments in partially-owned insurance companies		1,064			1,050			708			678
Other assets		9,045			8,626			8,870			7,709
Total assets	$	175,148		$	174,516		$	171,347		$	167,771
Liabilities
Unpaid losses and loss expenses	$	63,012		$	63,205		$	63,143		$	62,960
Unearned premiums		16,571			16,403			15,909			15,532
Future policy benefits		5,738			5,568			5,552			5,506
Insurance and reinsurance balances payable		6,341			6,371			6,469			6,437
Securities lending payable		962			1,727			1,861			1,926
Accounts payable, accrued expenses, and other liabilities		13,583			13,055			12,629			11,890
Deferred tax liabilities		766			697			541			304
Short-term and long-term debt		13,295			13,380			12,580			12,596
Trust preferred securities		308			308			308			308
Total liabilities		120,576			120,714			118,992			117,459
Shareholders’ equity
Total shareholders’ equity, excl. AOCI		54,051			53,663			53,125			52,760
Accumulated other comprehensive income (loss) (AOCI)		521			139			(770	)		(2,448	)
Total shareholders’ equity		54,572			53,802			52,355			50,312
Total liabilities and shareholders’ equity	$	175,148		$	174,516		$	171,347		$	167,771
Book value per common share	$	120.33		$	117.97		$	114.27		$	109.56
% change over prior quarter		2.0	%		3.2	%		4.3	%		-0.8	%
Tangible book value per common share	$	76.21		$	73.74		$	70.46		$	65.89
% change over prior quarter		3.3	%		4.7	%		6.9	%		-1.4	%

Consol Bal Sheet Page 5

Chubb Limited

Consolidated Net Premiums Written by Line of Business

(in millions of U.S. dollars)

(Unaudited)

								Constant $			YTD		YTD					Constant $
	3Q-19		3Q-18		% Change			% Change			2019		2018		% Change			% Change
Net premiums written
Commercial multiple peril (1)	$	252	$	236		7.0	%		7.0	%	$	725	$	679		6.7	%		6.7	%
Commercial casualty		1,508		1,408		7.1	%		7.9	%		4,180		3,911		6.9	%		8.0	%
Workers’ compensation		462		439		5.3	%		5.3	%		1,537		1,515		1.5	%		1.5	%
Professional liability		981		921		6.5	%		7.8	%		2,676		2,583		3.6	%		5.2	%
Surety		168		159		5.9	%		7.2	%		476		481		-0.9	%		1.4	%
Property and other short-tail lines		1,067		911		17.1	%		19.4	%		3,410		3,070		11.1	%		13.8	%
Total Commercial P&C (2)		4,438		4,074		9.0	%		10.1	%		13,004		12,239		6.3	%		7.7	%
Agriculture		938		884		6.2	%		6.2	%		1,534		1,380		11.2	%		11.2	%
Personal automobile		444		419		5.9	%		5.9	%		1,338		1,273		5.2	%		6.2	%
Personal homeowners		935		895		4.5	%		4.5	%		2,646		2,615		1.2	%		1.5	%
Personal other		372		362		2.5	%		5.9	%		1,123		1,138		-1.3	%		2.6	%
Total Personal lines		1,751		1,676		4.4	%		5.2	%		5,107		5,026		1.6	%		2.9	%
Total Property and Casualty lines		7,127		6,634		7.4	%		8.3	%		19,645		18,645		5.4	%		6.7	%
Global A&H lines (3)		1,052		1,048		0.4	%		2.3	%		3,255		3,236		0.6	%		4.1	%
Reinsurance lines		141		164		-14.0	%		-12.8	%		540		554		-2.5	%		-1.1	%
Life		302		264		14.4	%		15.5	%		838		794		5.4	%		7.6	%
Total consolidated	$	8,622	$	8,110		6.3	%		7.3	%	$	24,278	$	23,229		4.5	%		6.2	%

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

(2) Q3 2018 included a reclassification of $52 million from Workers’ compensation to Commercial casualty to better align the reporting with current year. YTD 2018 included a reclassification of $56 million from Workers’ compensation and $1 million from Commercial multiple peril to Commercial casualty ($48 million) and Property and other short-tail lines ($9 million) to better align the reporting with current year. There is no impact to total Commercial P&C.

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

Line of Business Page 6

Chubb Limited

Consolidated Results—Three months ended September 30, 2019

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

(Unaudited)

Q3 2019	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	$	3,452		$	1,251		$	938		$	2,228		$	141		$	—		$	8,010		$	612		$	8,622
Net premiums earned		3,185			1,187			941			2,256			160			—			7,729			598			8,327
Adjusted losses and loss expenses		2,051			674			880			1,154			79			38			4,876			190			5,066
Policy benefits		—			—			—			—			—			—			—			158			158
(Gains) losses from fair value changes in separate account assets (1)		—			—			—			—			—			—			—			7			7
Policy acquisition costs		459			240			56			630			42			—			1,427			176			1,603
Administrative expenses		256			72			4			257			9			74			672			80			752
Underwriting income (loss)		419			201			1			215			30			(112	)		754			(13	)		741
Adjusted net investment income		532			66			8			148			55			9			818			92			910
Other income (expense)—operating (1)		1			(1	)		—			(3	)		16			(7	)		6			17			23
Amortization expense of purchased intangibles		—			(3	)		(7	)		(11	)		—			(54	)		(75	)		(1	)		(76	)
Segment income (loss)	$	952		$	263		$	2		$	349		$	101		$	(164	)	$	1,503		$	95		$	1,598
Adjusted interest expense																	(143	)								(143	)
Income tax expense																	(219	)								(219	)
Core operating income (loss)																	(526	)								1,236
Chubb integration expenses, net of nil tax																	(2	)								(2	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $8 million tax benefit																	(24	)								(24	)
Adjusted net realized gains (losses), net of $19 million tax (2)																	(119	)								(119	)
Net income (loss)																$	(671	)							$	1,091
Combined ratio		86.9	%		83.1	%		99.9	%		90.5	%		81.1	%					90.2	%
CAY combined ratio ex Cats		87.6	%		81.3	%		97.7	%		90.0	%		82.1	%					89.5	%

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

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

Consol Results—QTD 2019 Page 7

Chubb Limited

Consolidated Results—Nine months ended September 30, 2019

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

(Unaudited)

YTD 2019	North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C			Life Insurance			Total Consolidated
Net premiums written	$	9,937		$	3,616		$	1,534		$	6,881		$	540		$	—		$	22,508		$	1,770		$	24,278
Net premiums earned		9,660			3,509			1,374			6,595			487			—			21,625			1,730			23,355
Adjusted losses and loss expenses		6,238			2,178			1,163			3,385			245			83			13,292			581			13,873
Policy benefits		—			—			—			—			—			—			—			515			515
(Gains) losses from fair value changes in separate account assets (1)		—			—			—			—			—			—			—			(20	)		(20	)
Policy acquisition costs		1,377			708			90			1,855			127			—			4,157			454			4,611
Administrative expenses		755			211			9			771			26			211			1,983			237			2,220
Underwriting income (loss)		1,290			412			112			584			89			(294	)		2,193			(37	)		2,156
Adjusted net investment income		1,563			194			22			443			166			28			2,416			278			2,694
Other income (expense)—operating (1)		4			(2	)		(1	)		(10	)		40			(18	)		13			37			50
Amortization expense of purchased intangibles		—			(9	)		(21	)		(34	)		—			(163	)		(227	)		(2	)		(229	)
Segment income (loss)	$	2,857		$	595		$	112		$	983		$	295		$	(447	)	$	4,395		$	276		$	4,671
Adjusted interest expense																	(433	)								(433	)
Income tax expense																	(637	)								(637	)
Core operating income (loss)																	(1,517	)								3,601
Chubb integration expenses, net of $2 million tax benefit																	(7	)								(7	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $22 million tax benefit																	(89	)								(89	)
Adjusted net realized gains (losses), net of $13 million tax (2)																	(224	)								(224	)
Net income (loss)																$	(1,837	)							$	3,281
Combined ratio		86.6	%		88.3	%		91.9	%		91.1	%		81.7	%					89.9	%
CAY combined ratio ex Cats		87.8	%		81.4	%		94.6	%		90.8	%		81.7	%					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 (loss) presentation from Other income (expense)—operating.

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

Consol Results—YTD 2019 Page 8

Chubb Limited

Consolidated Results—Three months ended September 30, 2018

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

(Unaudited)

Q3 2018	North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C			Life Insurance			Total Consolidated
Net premiums written	$	3,199		$	1,218		$	884		$	2,081		$	164		$	—		$	7,546		$	564		$	8,110
Net premiums earned		3,019			1,167			857			2,157			157			—			7,357			551			7,908
Adjusted losses and loss expenses		1,881			860			727			1,114			86			13			4,681			195			4,876
Policy benefits		—			—			—			—			—			—			—			127			127
(Gains) losses from fair value changes in separate account assets (1)		—			—			—			—			—			—			—			14			14
Policy acquisition costs		458			236			49			582			40			—			1,365			139			1,504
Administrative expenses		251			69			2			252			10			58			642			77			719
Underwriting income (loss)		429			2			79			209			21			(71	)		669			(1	)		668
Adjusted net investment income		503			59			7			155			63			11			798			85			883
Other income (expense)—operating (1)		1			—			—			7			13			(8	)		13			(6	)		7
Amortization expense of purchased intangibles		—			(4	)		(7	)		(8	)		—			(64	)		(83	)		—			(83	)
Segment income (loss)	$	933		$	57		$	79		$	363		$	97		$	(132	)	$	1,397		$	78		$	1,475
Adjusted interest expense																	(170	)								(170	)
Income tax expense																	(183	)								(183	)
Core operating income (loss)																	(485	)								1,122
Chubb integration expenses, net of $2 million tax benefit																	(14	)								(14	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $12 million tax benefit																	(42	)								(42	)
Adjusted net realized gains (losses), net of $14 million tax (2)																	165									165
Net income (loss)																$	(376	)							$	1,231
Combined ratio		85.8	%		99.8	%		90.7	%		90.3	%		86.7	%					90.9	%
CAY combined ratio ex Cats		86.7	%		83.2	%		89.9	%		90.0	%		82.8	%					88.2	%

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

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

Consol Results—QTD 2018 Page 9

Chubb Limited

Consolidated Results—Nine months ended September 30, 2018

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

(Unaudited)

YTD 2018	North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C			Life Insurance			Total Consolidated
Net premiums written	$	9,342		$	3,601		$	1,380		$	6,664		$	554		$	—		$	21,541		$	1,688		$	23,229
Net premiums earned		9,325			3,463			1,251			6,425			492			—			20,956			1,643			22,599
Adjusted losses and loss expenses		5,873			2,474			953			3,263			236			72			12,871			584			13,455
Policy benefits		—			—			—			—			—			—			—			428			428
(Gains) losses from fair value changes in separate account assets (1)		—			—			—			—			—			—			—			18			18
Policy acquisition costs		1,378			701			74			1,754			120			—			4,027			405			4,432
Administrative expenses		735			202			—			757			29			200			1,923			235			2,158
Underwriting income (loss)		1,339			86			224			651			107			(272	)		2,135			(27	)		2,108
Adjusted net investment income		1,516			177			20			461			192			31			2,397			253			2,650
Other income (expense)—operating (1)		20			(1	)		(1	)		12			26			(17	)		39			(6	)		33
Amortization expense of purchased intangibles		—			(10	)		(21	)		(29	)		—			(192	)		(252	)		(1	)		(253	)
Segment income (loss)	$	2,875		$	252		$	222		$	1,095		$	325		$	(450	)	$	4,319		$	219		$	4,538
Adjusted interest expense																	(516	)								(516	)
Income tax expense																	(550	)								(550	)
Core operating income (loss)																	(1,516	)								3,472
Chubb integration expenses, net of $7 million tax benefit																	(32	)								(32	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $32 million tax benefit																	(133	)								(133	)
Adjusted net realized gains (losses), net of $25 million tax (2)																	300									300
Net income (loss)																$	(1,381	)							$	3,607
Combined ratio		85.6	%		97.5	%		82.1	%		89.9	%		78.3	%					89.8	%
CAY combined ratio ex Cats		87.0	%		80.8	%		87.8	%		90.6	%		81.1	%					88.0	%

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

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

Consol Results—YTD 2018 Page 10

Chubb Limited

Segment Results—Consecutive Quarters

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

(Unaudited)

North America Commercial P&C Insurance

																YTD			YTD			Full Year
	3Q-19			2Q-19			1Q-19			4Q-18			3Q-18			2019			2018			2018
Gross premiums written	$	4,533		$	4,518		$	3,977		$	4,228		$	4,108		$	13,028		$	12,108		$	16,336
Net premiums written		3,452			3,534			2,951			3,143			3,199			9,937			9,342			12,485
Net premiums earned		3,185			3,390			3,085			3,077			3,019			9,660			9,325			12,402
Losses and loss expenses		2,051			2,214			1,973			2,127			1,881			6,238			5,873			8,000
Policy acquisition costs		459			459			459			451			458			1,377			1,378			1,829
Administrative expenses		256			259			240			231			251			755			735			966
Underwriting income		419			458			413			268			429			1,290			1,339			1,607
Net investment income		532			521			510			517			503			1,563			1,516			2,033
Other income (expense)—operating		1			(2	)		5			5			1			4			20			25
Segment income	$	952		$	977		$	928		$	790		$	933		$	2,857		$	2,875		$	3,665
CAY Underwriting income ex Cats	$	398		$	410		$	376		$	362		$	409		$	1,184		$	1,214		$	1,576
Combined ratio
Loss and loss expense ratio		64.4	%		65.3	%		63.9	%		69.1	%		62.3	%		64.6	%		63.0	%		64.5	%
Policy acquisition cost ratio		14.4	%		13.6	%		14.9	%		14.7	%		15.2	%		14.2	%		14.7	%		14.7	%
Administrative expense ratio		8.1	%		7.6	%		7.8	%		7.5	%		8.3	%		7.8	%		7.9	%		7.8	%
Combined ratio		86.9	%		86.5	%		86.6	%		91.3	%		85.8	%		86.6	%		85.6	%		87.0	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		65.5	%		66.7	%		65.0	%		66.1	%		63.5	%		65.8	%		64.5	%		64.9	%
CAY policy acquisition cost and administrative expense ratio ex Cats		22.1	%		21.2	%		22.8	%		22.1	%		23.2	%		22.0	%		22.5	%		22.4	%
CAY combined ratio ex Cats		87.6	%		87.9	%		87.8	%		88.2	%		86.7	%		87.8	%		87.0	%		87.3	%
Catastrophe losses—pre-tax	$	88		$	137		$	94		$	232		$	196		$	319		$	347		$	579
Favorable prior period development (PPD)—pre-tax	$	(109	)	$	(185	)	$	(131	)	$	(138	)	$	(216	)	$	(425	)	$	(472	)	$	(610	)
% Change versus prior year period
Net premiums written		7.9	%		6.0	%		5.0	%		4.8	%		3.6	%		6.4	%		3.6	%		3.9	%
Net premiums earned		5.5	%		3.4	%		1.9	%		1.4	%		0.1	%		3.6	%		1.8	%		1.7	%
Other ratios
Net premiums written/gross premiums written		76	%		78	%		74	%		74	%		78	%		76	%		77	%		76	%
Production by Size—Net premiums written (1)
Major Accounts & Specialty (2)	$	2,029		$	2,182		$	1,703		$	1,841		$	1,851		$	5,914		$	5,529		$	7,370
Commercial (2)		1,423			1,352			1,248			1,302			1,348			4,023			3,813			5,115
Total	$	3,452		$	3,534		$	2,951		$	3,143		$	3,199		$	9,937		$	9,342		$	12,485

(1) The 2018 net premiums written amounts for Major Accounts & Specialty and Commercial have been revised to better align the reporting with the current year. The Commercial transfers to (from) Major Accounts & Specialty in 2018 were: $8 million for Q1, ($1) million for Q3, and $2 million for Q4. There is no impact to total North America Commercial P&C Insurance.

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

NA Commercial Page 11

Chubb Limited

Segment Results—Consecutive Quarters

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

(Unaudited)

North America Personal P&C Insurance

																YTD			YTD			Full Year
	3Q-19			2Q-19			1Q-19			4Q-18			3Q-18			2019			2018			2018
Gross premiums written	$	1,422		$	1,483		$	1,207		$	1,291		$	1,369		$	4,112		$	4,039		$	5,330
Net premiums written		1,251			1,309			1,056			1,073			1,218			3,616			3,601			4,674
Net premiums earned		1,187			1,168			1,154			1,130			1,167			3,509			3,463			4,593
Losses and loss expenses		674			747			757			755			860			2,178			2,474			3,229
Policy acquisition costs		240			237			231			238			236			708			701			939
Administrative expenses		72			71			68			67			69			211			202			269
Underwriting income		201			113			98			70			2			412			86			156
Net investment income		66			64			64			59			59			194			177			236
Other income (expense)—operating		(1	)		(1	)		—			—			—			(2	)		(1	)		(1	)
Amortization expense of purchased intangibles		(3	)		(3	)		(3	)		(3	)		(4	)		(9	)		(10	)		(13	)
Segment income	$	263		$	173		$	159		$	126		$	57		$	595		$	252		$	378
CAY Underwriting income ex Cats	$	222		$	214		$	217		$	168		$	196		$	653		$	666		$	834
Combined ratio
Loss and loss expense ratio		56.9	%		64.0	%		65.5	%		66.8	%		73.7	%		62.1	%		71.5	%		70.3	%
Policy acquisition cost ratio		20.2	%		20.2	%		20.1	%		21.1	%		20.2	%		20.2	%		20.2	%		20.4	%
Administrative expense ratio		6.0	%		6.1	%		5.9	%		5.9	%		5.9	%		6.0	%		5.8	%		5.9	%
Combined ratio		83.1	%		90.3	%		91.5	%		93.8	%		99.8	%		88.3	%		97.5	%		96.6	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		55.1	%		55.3	%		55.1	%		59.1	%		57.1	%		55.2	%		54.7	%		55.8	%
CAY policy acquisition cost and administrative expense ratio ex Cats		26.2	%		26.4	%		26.0	%		26.4	%		26.1	%		26.2	%		26.1	%		26.1	%
CAY combined ratio ex Cats		81.3	%		81.7	%		81.1	%		85.5	%		83.2	%		81.4	%		80.8	%		81.9	%
Catastrophe reinstatement premiums expensed—pre-tax	$	—		$	—		$	—		$	(26	)	$	—		$	—		$	—		$	(26	)
Catastrophe losses—pre-tax	$	83		$	117		$	129		$	90		$	136		$	329		$	521		$	611
Unfavorable (favorable) prior period development (PPD)—pre-tax	$	(62	)	$	(16	)	$	(10	)	$	(18	)	$	58		$	(88	)	$	59		$	41
% Change versus prior year period
Net premiums written		2.7	%		-2.0	%		0.8	%		-2.5	%		2.0	%		0.4	%		4.9	%		3.1	%
Net premiums written adjusted primarily for additional reinsurance		3.9	%		2.4	%		2.6	%		2.3	%		2.7	%		2.9	%		2.9	%		2.7	%
Net premiums earned		1.7	%		1.1	%		1.2	%		2.5	%		4.5	%		1.3	%		5.1	%		4.4	%
Other ratios
Net premiums written/gross premiums written		88	%		88	%		88	%		83	%		89	%		88	%		89	%		88	%

NA Personal Page 12

Chubb Limited

Segment Results—Consecutive Quarters

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

(Unaudited)

North America Agricultural Insurance

																YTD			YTD			Full Year
	3Q-19			2Q-19			1Q-19			4Q-18			3Q-18			2019			2018			2018
Gross premiums written	$	1,272		$	642		$	219		$	273		$	1,270		$	2,133		$	2,018		$	2,291
Net premiums written		938			466			130			197			884			1,534			1,380			1,577
Net premiums earned		941			378			55			318			857			1,374			1,251			1,569
Adjusted losses and loss expenses (1)		880			309			(26	)		161			727			1,163			953			1,114
Policy acquisition costs		56			27			7			5			49			90			74			79
Administrative expenses		4			4			1			(9	)		2			9			—			(9	)
Underwriting income		1			38			73			161			79			112			224			385
Net investment income		8			4			10			8			7			22			20			28
Other income (expense)—operating		—			(1	)		—			(1	)		—			(1	)		(1	)		(2	)
Amortization expense of purchased intangibles		(7	)		(7	)		(7	)		(7	)		(7	)		(21	)		(21	)		(28	)
Segment income	$	2		$	34		$	76		$	161		$	79		$	112		$	222		$	383
CAY Underwriting income ex Cats	$	22		$	40		$	14		$	138		$	86		$	76		$	158		$	296
Combined ratio
Loss and loss expense ratio		93.5	%		81.9	%		NM			50.7	%		84.9	%		84.7	%		76.2	%		71.0	%
Policy acquisition cost ratio		6.0	%		7.3	%		NM			1.5	%		5.7	%		6.6	%		5.9	%		5.0	%
Administrative expense ratio		0.4	%		0.9	%		NM			-2.7	%		0.1	%		0.6	%		0.0	%		-0.5	%
Combined ratio		99.9	%		90.1	%		NM			49.5	%		90.7	%		91.9	%		82.1	%		75.5	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		91.3	%		81.4	%		71.1	%		56.0	%		84.1	%		87.4	%		81.8	%		76.7	%
CAY policy acquisition cost and administrative expense ratio ex Cats		6.4	%		8.2	%		12.8	%		0.8	%		5.8	%		7.2	%		6.0	%		4.9	%
CAY combined ratio ex Cats		97.7	%		89.6	%		83.9	%		56.8	%		89.9	%		94.6	%		87.8	%		81.6	%
Catastrophe losses—pre-tax	$	3		$	2		$	2		$	10		$	8		$	7		$	11		$	21
Unfavorable (favorable) prior period development (PPD)—pre-tax	$	18		$	—		$	(61	)	$	(33	)	$	(1	)	$	(43	)	$	(77	)	$	(110	)
% Change versus prior year period
Net premiums written		6.2	%		20.1	%		19.9	%		55.8	%		-4.5	%		11.2	%		-0.7	%		4.0	%
Net premiums earned		9.8	%		7.7	%		27.4	%		26.0	%		-4.6	%		9.8	%		-0.3	%		4.1	%
Other ratios
Net premiums written/gross premiums written		74	%		73	%		59	%		72	%		70	%		72	%		68	%		69	%

(1) Includes Realized gains (losses) on crop derivatives.

NA Agriculture Page 13

Chubb Limited

Segment Results—Consecutive Quarters

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

(Unaudited)

Overseas General Insurance

																YTD			YTD			Full Year
	3Q-19			2Q-19			1Q-19			4Q-18			3Q-18			2019			2018			2018
Gross premiums written	$	2,705		$	2,863		$	2,876		$	2,729		$	2,541		$	8,444		$	8,156		$	10,885
Net premiums written		2,228			2,258			2,395			2,238			2,081			6,881			6,664			8,902
Net premiums earned		2,256			2,225			2,114			2,187			2,157			6,595			6,425			8,612
Losses and loss expenses		1,154			1,125			1,106			1,166			1,114			3,385			3,263			4,429
Policy acquisition costs		630			629			596			592			582			1,855			1,754			2,346
Administrative expenses		257			265			249			257			252			771			757			1,014
Underwriting income		215			206			163			172			209			584			651			823
Net investment income		148			151			144			158			155			443			461			619
Other income (expense)—operating		(3	)		(3	)		(4	)		(12	)		7			(10	)		12			—
Amortization expense of purchased intangibles		(11	)		(12	)		(11	)		(12	)		(8	)		(34	)		(29	)		(41	)
Segment income	$	349		$	342		$	292		$	306		$	363		$	983		$	1,095		$	1,401
CAY Underwriting income ex Cats	$	225		$	195		$	184		$	211		$	217		$	604		$	606		$	817
Combined ratio
Loss and loss expense ratio		51.1	%		50.6	%		52.3	%		53.3	%		51.7	%		51.3	%		50.8	%		51.4	%
Policy acquisition cost ratio		28.0	%		28.3	%		28.2	%		27.1	%		26.9	%		28.1	%		27.3	%		27.2	%
Administrative expense ratio		11.4	%		11.9	%		11.8	%		11.7	%		11.7	%		11.7	%		11.8	%		11.8	%
Combined ratio		90.5	%		90.8	%		92.3	%		92.1	%		90.3	%		91.1	%		89.9	%		90.4	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		50.7	%		51.1	%		51.3	%		51.6	%		51.3	%		51.0	%		51.5	%		51.5	%
CAY policy acquisition cost and administrative expense ratio ex Cats		39.3	%		40.1	%		40.0	%		38.8	%		38.7	%		39.8	%		39.1	%		39.0	%
CAY combined ratio ex Cats		90.0	%		91.2	%		91.3	%		90.4	%		90.0	%		90.8	%		90.6	%		90.5	%
Catastrophe losses—pre-tax	$	35		$	9		$	25		$	85		$	80		$	69		$	121		$	206
Favorable prior period development (PPD)—pre-tax	$	(25	)	$	(20	)	$	(4	)	$	(46	)	$	(72	)	$	(49	)	$	(166	)	$	(212	)
% Change versus prior year period
Net premiums written		7.1	%		2.7	%		0.4	%		3.4	%		5.9	%		3.3	%		7.7	%		6.6	%
Net premiums earned		4.6	%		3.0	%		0.3	%		3.5	%		4.5	%		2.6	%		6.8	%		5.9	%
Net premiums written constant $		10.7	%		8.5	%		6.0	%		7.9	%		7.5	%		8.3	%		4.5	%		5.3	%
Net premiums earned constant $		8.0	%		9.2	%		6.3	%		7.9	%		5.9	%		7.9	%		3.6	%		4.7	%
Other ratios
Net premiums written/gross premiums written		82	%		79	%		83	%		82	%		82	%		81	%		82	%		82	%
										Constant $			YTD			YTD						Constant $
Production by Region—Net premiums written	3Q-19			3Q-18			% Change			% Change			2019			2018			% Change			% Change
Europe	$	782		$	727			7.6	%		11.6	%	$	2,698		$	2,641			2.2	%		7.1	%
Latin America		551			519			6.0	%		9.8	%		1,657			1,597			3.7	%		11.1	%
Asia		798			755			5.8	%		8.9	%		2,259			2,176			3.8	%		7.5	%
Other (1)		97			80			21.8	%		25.9	%		267			250			6.8	%		11.5	%
Total	$	2,228		$	2,081			7.1	%		10.7	%	$	6,881		$	6,664			3.3	%		8.3	%

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

Overseas General Insurance Page 14

Chubb Limited

Segment Results—Consecutive Quarters

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

(Unaudited)

Global Reinsurance

																YTD			YTD			Full Year
	3Q-19			2Q-19			1Q-19			4Q-18			3Q-18			2019			2018			2018
Gross premiums written	$	150		$	237		$	221		$	117		$	167		$	608		$	605		$	722
Net premiums written		141			197			202			117			164			540			554			671
Net premiums earned		160			159			168			178			157			487			492			670
Losses and loss expenses		79			90			76			243			86			245			236			479
Policy acquisition costs		42			42			43			42			40			127			120			162
Administrative expenses		9			7			10			12			10			26			29			41
Underwriting income (loss)		30			20			39			(119	)		21			89			107			(12	)
Net investment income		55			55			56			65			63			166			192			257
Other income (expense)—operating		16			15			9			6			13			40			26			32
Segment income (loss)	$	101		$	90		$	104		$	(48	)	$	97		$	295		$	325		$	277
CAY Underwriting income ex Cats	$	28		$	30		$	31		$	27		$	27		$	89		$	94		$	121
Combined ratio
Loss and loss expense ratio		49.6	%		55.9	%		45.7	%		137.1	%		55.0	%		50.3	%		48.0	%		71.6	%
Policy acquisition cost ratio		26.2	%		26.9	%		25.4	%		23.7	%		25.2	%		26.1	%		24.3	%		24.2	%
Administrative expense ratio		5.3	%		4.9	%		5.7	%		6.1	%		6.5	%		5.3	%		6.0	%		6.0	%
Combined ratio		81.1	%		87.7	%		76.8	%		166.9	%		86.7	%		81.7	%		78.3	%		101.8	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		49.9	%		49.7	%		50.5	%		50.1	%		51.2	%		50.0	%		50.6	%		50.5	%
CAY policy acquisition cost and administrative expense ratio ex Cats		32.2	%		32.0	%		31.0	%		33.1	%		31.6	%		31.7	%		30.5	%		31.1	%
CAY combined ratio ex Cats		82.1	%		81.7	%		81.5	%		83.2	%		82.8	%		81.7	%		81.1	%		81.6	%
Catastrophe reinstatement premiums collected—pre-tax	$	2		$	—		$	—		$	18		$	4		$	2		$	4		$	22
Catastrophe losses—pre-tax	$	25		$	10		$	—		$	160		$	34		$	35		$	45		$	205
Unfavorable (favorable) prior period development (PPD)—pre-tax	$	(25	)	$	—		$	(8	)	$	4		$	(24	)	$	(33	)	$	(54	)	$	(50	)
% Change versus prior year period
Net premiums written as reported		-14.0	%		0.2	%		4.4	%		11.0	%		-14.3	%		-2.5	%		-4.5	%		-2.1	%
Net premiums earned as reported		1.9	%		-5.0	%		0.1	%		10.2	%		-15.7	%		-1.1	%		-9.4	%		-4.9	%
Net premiums written constant $		-12.8	%		1.3	%		6.4	%		11.7	%		-14.7	%		-1.1	%		-5.9	%		-3.3	%
Net premiums earned constant $		3.1	%		-3.5	%		2.6	%		10.6	%		-16.0	%		0.7	%		-10.8	%		-6.0	%
Other ratios
Net premiums written/gross premiums written		94	%		83	%		91	%		99	%		98	%		89	%		92	%		93	%

Global Reinsurance Page 15

Chubb Limited

Segment Results—Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Life Insurance

																YTD			YTD			Full Year
	3Q-19			2Q-19			1Q-19			4Q-18			3Q-18			2019			2018			2018
Gross premiums written	$	642		$	612		$	611		$	614		$	599		$	1,865		$	1,790		$	2,404
Net premiums written		612			579			579			582			564			1,770			1,688			2,270
Net premiums earned		598			571			561			575			551			1,730			1,643			2,218
Losses and loss expenses		190			189			202			182			195			581			584			766
Policy benefits (1)		158			161			196			162			127			515			428			590
(Gains) losses from fair value changes in separate account assets (1)		7			3			(30	)		20			14			(20	)		18			38
Policy acquisition costs		176			150			128			152			139			454			405			557
Administrative expenses		80			78			79			75			77			237			235			310
Net investment income		92			97			89			88			85			278			253			341
Life Insurance underwriting income (2)		79			87			75			72			84			241			226			298
Other income (expense)—operating		17			10			10			18			(6	)		37			(6	)		12
Amortization expense of purchased intangibles		(1	)		(1	)		—			(1	)		—			(2	)		(1	)		(2	)
Segment income	$	95		$	96		$	85		$	89		$	78		$	276		$	219		$	308
% Change versus prior year period
Net premiums written		8.5	%		2.5	%		3.5	%		4.8	%		4.8	%		4.8	%		6.5	%		6.1	%
Net premiums earned		8.7	%		3.4	%		3.9	%		3.9	%		4.6	%		5.3	%		6.2	%		5.6	%
Net premiums written constant $		9.1	%		4.3	%		5.2	%		6.3	%		5.1	%		6.2	%		5.5	%		5.7	%
Net premiums earned constant $		9.3	%		5.2	%		5.5	%		5.4	%		4.9	%		6.7	%		5.2	%		5.3	%

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

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

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

								Constant $			YTD		YTD					Constant $
	3Q-19		3Q-18		% Change			% Change			2019		2018		% Change			% Change
International life insurance net premiums written	$	259	$	217		19.0	%		20.5	%	$	715	$	654		9.2	%		12.0	%
International life insurance deposits (3)		369		392		-5.9	%		-3.0	%		1,059		1,163		-9.0	%		-5.8	%
Total international life insurance net premiums written and deposits	$	628	$	609		3.0	%		5.5	%	$	1,774	$	1,817		-2.4	%		0.7	%
International life insurance segment income	$	40	$	29		43.5	%		47.2	%	$	116	$	71		64.2	%		69.8	%

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

Life Insurance Page 16

Chubb Limited

Segment Results—Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Corporate

																YTD			YTD			Full Year
	3Q-19			2Q-19			1Q-19			4Q-18			3Q-18			2019			2018			2018
Gross premiums written	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net premiums written		—			—			—			—			—			—			—			—
Net premiums earned		—			—			—			—			—			—			—			—
Losses and loss expenses		38			34			11			(19	)		13			83			72			53
Policy acquisition costs		—			—			—			—			—			—			—			—
Administrative expenses		74			74			63			95			58			211			200			295
Underwriting loss		(112	)		(108	)		(74	)		(76	)		(71	)		(294	)		(272	)		(348	)
Adjusted net investment income		9			10			9			8			11			28			31			39
Other income (expense)—operating		(7	)		(4	)		(7	)		(8	)		(8	)		(18	)		(17	)		(25	)
Adjusted interest expense		(143	)		(145	)		(145	)		(158	)		(170	)		(433	)		(516	)		(674	)
Amortization expense of purchased intangibles		(54	)		(54	)		(55	)		(63	)		(64	)		(163	)		(192	)		(255	)
Income tax expense		(219	)		(216	)		(202	)		(192	)		(183	)		(637	)		(550	)		(742	)
Core operating loss		(526	)		(517	)		(474	)		(489	)		(485	)		(1,517	)		(1,516	)		(2,005	)
Chubb integration expenses, net of tax		(2	)		(3	)		(2	)		(15	)		(14	)		(7	)		(32	)		(47	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(24	)		(32	)		(33	)		(42	)		(42	)		(89	)		(133	)		(175	)
Adjusted net realized gains (losses), net of tax (1)		(119	)		(10	)		(95	)		(523	)		165			(224	)		300			(223	)
Net loss	$	(671	)	$	(562	)	$	(604	)	$	(1,069	)	$	(376	)	$	(1,837	)	$	(1,381	)	$	(2,450	)
Unfavorable (favorable) prior period development (PPD)—pre-tax	$	36		$	33		$	10		$	(22	)	$	12		$	79		$	67		$	45

(1) Includes Net realized gains (losses) related to unconsolidated entities.

Corporate Page 17

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 June 30, 2017	$	60,394		$	12,485		$	47,909
Losses and loss expenses incurred		8,410			2,163			6,247
Losses and loss expenses paid		(5,207	)		(909	)		(4,298	)		69	%
Other (incl. foreign exch. revaluation)		556			131			425
Balance at September 30, 2017	$	64,153		$	13,870		$	50,283
Losses and loss expenses incurred		5,755			1,483			4,272
Losses and loss expenses paid		(6,419	)		(1,298	)		(5,121	)		120	%
Other (incl. foreign exch. revaluation)		(310	)		(41	)		(269	)
Balance at December 31, 2017	$	63,179		$	14,014		$	49,165
Losses and loss expenses incurred		5,028			926			4,102
Losses and loss expenses paid		(5,448	)		(1,206	)		(4,242	)		103	%
Other (incl. foreign exch. revaluation)		380			88			292
Balance at March 31, 2018	$	63,139		$	13,822		$	49,317
Losses and loss expenses incurred		5,458			971			4,487
Losses and loss expenses paid		(5,304	)		(931	)		(4,373	)		97	%
Other (incl. foreign exch. revaluation)		(515	)		(127	)		(388	)
Balance at June 30, 2018	$	62,778		$	13,735		$	49,043
Losses and loss expenses incurred		6,472			1,604			4,868
Losses and loss expenses paid		(5,771	)		(1,268	)		(4,503	)		93	%
Other (incl. foreign exch. revaluation)		(450	)		(106	)		(344	)
Balance at September 30, 2018	$	63,029		$	13,965		$	49,064
Losses and loss expenses incurred		6,687			2,077			4,610
Losses and loss expenses paid		(6,556	)		(1,334	)		(5,222	)		113	%
Other (incl. foreign exch. revaluation)		(200	)		(19	)		(181	)
Balance at December 31, 2018	$	62,960		$	14,689		$	48,271
Losses and loss expenses incurred		5,261			1,163			4,098
Losses and loss expenses paid		(5,197	)		(1,178	)		(4,019	)		98	%
Other (incl. foreign exch. revaluation)		119			33			86
Balance at March 31, 2019	$	63,143		$	14,707		$	48,436
Losses and loss expenses incurred		5,758			1,043			4,715
Losses and loss expenses paid		(5,581	)		(1,489	)		(4,092	)		87	%
Other (incl. foreign exch. revaluation)		(115	)		(28	)		(87	)
Balance at June 30, 2019	$	63,205		$	14,233		$	48,972
Losses and loss expenses incurred		6,783			1,731			5,052
Losses and loss expenses paid		(6,751	)		(1,568	)		(5,183	)		103	%
Other (incl. foreign exch. revaluation)		(225	)		(64	)		(161	)
Balance at September 30, 2019	$	63,012		$	14,332		$	48,680
Add net recoverable on paid losses		—			1,195			(1,195	)
Balance including net recoverable on paid losses	$	63,012		$	15,527		$	47,485

Loss Reserve Rollforward Page 18

Chubb Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)

Net Reinsurance Recoverable by Division

	September 30			June 30			March 31			December 31
	2019			2019			2019			2018
Reinsurance recoverable on paid losses and loss expenses
Active operations	$	1,072		$	1,079		$	1,124		$	980
Brandywine and Other Run-off		193			209			381			396
Total	$	1,265		$	1,288		$	1,505		$	1,376
Reinsurance recoverable on unpaid losses and loss expenses
Active operations	$	13,427		$	13,315		$	13,720		$	13,705
Brandywine and Other Run-off		1,155			1,166			1,235			1,235
Total	$	14,582		$	14,481		$	14,955		$	14,940
Gross reinsurance recoverable
Active operations	$	14,499		$	14,394		$	14,844		$	14,685
Brandywine and Other Run-off		1,348			1,375			1,616			1,631
Total	$	15,847		$	15,769		$	16,460		$	16,316
Provision for uncollectible reinsurance (1)
Active operations	$	(187	)	$	(187	)	$	(187	)	$	(185	)
Brandywine and Other Run-off		(133	)		(137	)		(136	)		(138	)
Total	$	(320	)	$	(324	)	$	(323	)	$	(323	)
Net reinsurance recoverable
Active operations	$	14,312		$	14,207		$	14,657		$	14,500
Brandywine and Other Run-off		1,215			1,238			1,480			1,493
Total	$	15,527		$	15,445		$	16,137		$	15,993

(1) The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $3.9 billion.

Reinsurance Recoverable Page 19

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)

	September 30					June 30					March 31					December 31
	2019					2019					2019					2018
Market Value
Fixed maturities available for sale	$	85,044				$	82,410				$	80,663				$	78,470
Fixed maturities held to maturity		13,096					13,177					13,240					13,259
Short-term investments		2,835					3,808					3,078					3,016
Total fixed maturities	$	100,975				$	99,395				$	96,981				$	94,745
Asset Allocation by Market Value
Treasury / Agency	$	4,840		5	%	$	4,833		5	%	$	4,943		5	%	$	5,327		6	%
Corporate and asset-backed		33,881		34	%		32,261		32	%		30,364		31	%		29,091		31	%
Mortgage-backed		21,488		21	%		20,468		21	%		18,924		20	%		18,026		19	%
Municipal		13,369		13	%		13,854		14	%		15,796		16	%		16,327		17	%
Non-U.S.		24,562		24	%		24,171		24	%		23,876		25	%		22,958		24	%
Short-term investments		2,835		3	%		3,808		4	%		3,078		3	%		3,016		3	%
Total fixed maturities	$	100,975		100	%	$	99,395		100	%	$	96,981		100	%	$	94,745		100	%
Credit Quality by Market Value
AAA	$	14,696		15	%	$	15,276		15	%	$	14,917		16	%	$	14,571		15	%
AA		37,752		37	%		37,211		38	%		37,023		38	%		36,715		39	%
A		18,977		19	%		18,476		19	%		17,867		19	%		17,253		18	%
BBB		13,228		13	%		12,682		13	%		11,961		12	%		12,035		13	%
BB		9,317		9	%		9,161		9	%		8,807		9	%		8,363		9	%
B		6,739		7	%		6,375		6	%		6,148		6	%		5,596		6	%
Other		266		0	%		214		0	%		258		0	%		212		0	%
Total fixed maturities	$	100,975		100	%	$	99,395		100	%	$	96,981		100	%	$	94,745		100	%
Cost/Amortized Cost
Fixed maturities available for sale	$	82,036				$	80,119				$	79,624				$	79,323
Fixed maturities held to maturity		12,622					12,838					13,136					13,435
Short-term investments		2,838					3,808					3,078					3,016
Subtotal fixed maturities		97,496					96,765					95,838					95,774
Equity securities		722					715					821					770
Other investments		5,955					5,968					5,562					5,277
Total investment portfolio	$	104,173				$	103,448				$	102,221				$	101,821
Avg. duration of fixed maturities		3.8 years					3.8 years					3.6 years					3.7 years
Avg. market yield of fixed maturities		2.7	%				2.9	%				3.2	%				3.7	%
Avg. credit quality		A/Aa					A/Aa					A/Aa					A/Aa
Avg. yield on invested assets (1)		3.5	%				3.5	%				3.5	%				3.5	%

(1) Calculated using adjusted net investment income.

Investments Page 20

Chubb Limited

Investment Portfolio—2

(in millions of U.S. dollars)

(Unaudited)

Mortgage-backed Fixed Income Portfolio

Mortgage-backed securities	S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Market Value at September 30, 2019
Agency residential mortgage-backed (RMBS)	$	191	$	17,606	$	—	$	—	$	—	$	17,797
Non-agency RMBS		132		48		74		17		11		282
Commercial mortgage-backed		3,031		247		125		6		—		3,409
Total mortgage-backed securities at market value	$	3,354	$	17,901	$	199	$	23	$	11	$	21,488
U.S. Corporate and Asset-backed Fixed Income Portfolios
Market Value at September 30, 2019			S&P Credit Rating
			Investment Grade
			AAA		AA		A		BBB		Total
Asset-backed			$	3,298	$	311	$	40	$	33	$	3,682
Banks				—		34		2,244		1,310		3,588
Basic Materials				—		—		103		202		305
Communications				—		167		485		1,038		1,690
Consumer, Cyclical				—		359		522		559		1,440
Consumer, Non-Cyclical				62		561		1,622		1,398		3,643
Diversified Financial Services				7		112		365		311		795
Energy				—		55		167		810		1,032
Industrial				—		50		695		822		1,567
Utilities				—		—		895		421		1,316
All Others				193		357		1,432		1,081		3,063
Total			$	3,560	$	2,006	$	8,570	$	7,985	$	22,121
Market Value at September 30, 2019					S&P Credit Rating
					Below Investment Grade
					BB		B		CCC		Total
Asset-backed					$	—	$	4	$	6	$	10
Banks						—		—		—		—
Basic Materials						408		196		2		606
Communications						1,025		822		22		1,869
Consumer, Cyclical						1,168		679		20		1,867
Consumer, Non-Cyclical						1,250		1,336		26		2,612
Diversified Financial Services						227		239		8		474
Energy						672		378		4		1,054
Industrial						719		692		22		1,433
Utilities						252		18		10		280
All Others						879		642		34		1,555
Total					$	6,600	$	5,006	$	154	$	11,760

Investments 2 Page 21

Chubb Limited

Investment Portfolio—3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

September 30, 2019

Non-U.S. Government Securities	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Republic of Korea	$	—	$	1,056	$	—	$	—	$	—	$	1,056
United Kingdom		—		893		—		—		—		893
Canada		848		—		—		—		—		848
Federative Republic of Brazil		—		—		—		—		732		732
Kingdom of Thailand		—		—		644		—		—		644
Province of Ontario		—		9		623		—		—		632
United Mexican States		—		—		428		123		—		551
Province of Quebec		—		496		—		—		—		496
Commonwealth of Australia		353		3		—		—		—		356
French Republic		—		312		—		—		—		312
Other Non-U.S. Government Securities		858		1,187		975		661		1,170		4,851
Total	$	2,059	$	3,956	$	2,670	$	784	$	1,902	$	11,371
Non-U.S. Corporate Securities	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
United Kingdom	$	75	$	108	$	738	$	849	$	378	$	2,148
Canada		105		279		370		530		406		1,690
United States (1)		2		—		204		328		610		1,144
France		8		41		658		293		48		1,048
Australia		105		199		369		136		17		826
Netherlands		41		84		291		146		92		654
Japan		—		45		474		61		—		580
Germany		67		40		143		249		40		539
Switzerland		49		2		212		193		29		485
China		—		—		249		63		43		355
Other Non-U.S. Corporate Securities		387		413		969		1,200		753		3,722
Total	$	839	$	1,211	$	4,677	$	4,048	$	2,416	$	13,191

(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 22

Chubb Limited

Investment Portfolio—4

(in millions of U.S. dollars)

(Unaudited)

Fixed Maturity Investment Portfolio

Top 10 Global Corporate Exposures

	September 30, 2019	Market Value		Rating
1	Wells Fargo & Co	$	630	A-
2	JP Morgan Chase & Co		576	A-
3	Bank of America Corp		558	A-
4	Comcast Corp		459	A-
5	HSBC Holdings Plc		385	A
6	AT&T Inc		384	BBB
7	Verizon Communications Inc		378	BBB+
8	Citigroup Inc		359	BBB+
9	Morgan Stanley		337	BBB+
10	Goldman Sachs Group Inc		337	BBB+

Investments 4 Page 23

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

	Three months ended September 30, 2019
	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax
Fixed income investments (1)	$	(106	)	$	2		$	(104	)	$	705		$	(125	)	$	580		$	599		$	(123	)	$	476
Public equity (1):
Realized gains (losses) on sales		22			(5	)		17			—			—			—			22			(5	)		17
Mark-to-market		(21	)		1			(20	)		—			—			—			(21	)		1			(20	)
Private equity:
Realized gains (losses) on sales		(2	)		—			(2	)		—			—			—			(2	)		—			(2	)
Mark-to-market		34			(2	)		32			—			—			—			34			(2	)		32
Total investment portfolio		(73	)		(4	)		(77	)		705			(125	)		580			632			(129	)		503
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (2)		(112	)		—			(112	)		—			—			—			(112	)		—			(112	)
Foreign exchange		84			(15	)		69			(193	)		8			(185	)		(109	)		(7	)		(116	)
Partially-owned entities (3)		5			—			5			—			—			—			5			—			5
Other (4)		(4	)		—			(4	)		(17	)		4			(13	)		(21	)		4			(17	)
Net gains (losses)	$	(100	)	$	(19	)	$	(119	)	$	495		$	(113	)	$	382		$	395		$	(132	)	$	263
(1)   The quarter includes pre-tax realized losses on derivatives of: $95 million in fixed income and $2 million in public equity. Other-than-temporary impairments for the quarter in realized losses were $24 million pre-tax for fixed maturities. (2)   The quarter includes $6 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 postretirement programs.
	Three months ended September 30, 2018
	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax
Fixed income investments (5)	$	(1	)	$	(2	)	$	(3	)	$	(213	)	$	54		$	(159	)	$	(214	)	$	52		$	(162	)
Public equity:
Realized gains (losses) on sales		48			(9	)		39			—			—			—			48			(9	)		39
Mark-to-market		(13	)		4			(9	)		—			—			—			(13	)		4			(9	)
Private equity:
Realized gains (losses) on sales		—			—			—			—			—			—			—			—			—
Mark-to-market		157			(6	)		151			—			—			—			157			(6	)		151
Total investment portfolio		191			(13	)		178			(213	)		54			(159	)		(22	)		41			19
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (6)		(46	)		—			(46	)		—			—			—			(46	)		—			(46	)
Foreign exchange		39			(2	)		37			(482	)		20			(462	)		(443	)		18			(425	)
Partially-owned entities (7)		1			—			1			—			—			—			1			—			1
Other (8)		(6	)		1			(5	)		(21	)		3			(18	)		(27	)		4			(23	)
Net gains (losses)	$	179		$	(14	)	$	165		$	(716	)	$	77		$	(639	)	$	(537	)	$	63		$	(474	)

(5) The quarter includes $37 million pre-tax realized gains on fixed income derivatives. Other-than-temporary impairments for the quarter in realized losses were $11 million pre-tax for fixed maturities.

(6) The quarter includes $100 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 postretirement programs.

Net Gains (Losses) Page 24

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

	Nine months ended September 30, 2019
	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax
Fixed income investments (1)	$	(417	)	$	10		$	(407	)	$	3,834		$	(676	)	$	3,158		$	3,417		$	(666	)	$	2,751
Public equity (1):
Realized gains (losses) on sales		23			(5	)		18			—			—			—			23			(5	)		18
Mark-to-market		9			(3	)		6			—			—			—			9			(3	)		6
Private equity:
Realized gains (losses) on sales		(4	)		—			(4	)		—			—			—			(4	)		—			(4	)
Mark-to-market		227			—			227			—			—			—			227			—			227
Total investment portfolio		(162	)		2			(160	)		3,834			(676	)		3,158			3,672			(674	)		2,998
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (2)		(146	)		—			(146	)		—			—			—			(146	)		—			(146	)
Foreign exchange		86			(14	)		72			(143	)		3			(140	)		(57	)		(11	)		(68	)
Partially-owned entities (3)		15			(1	)		14			—			—			—			15			(1	)		14
Other (4)		(4	)		—			(4	)		(62	)		13			(49	)		(66	)		13			(53	)
Net gains (losses)	$	(211	)	$	(13	)	$	(224	)	$	3,629		$	(660	)	$	2,969		$	3,418		$	(673	)	$	2,745

(1) Year to date includes pre-tax realized losses on derivatives of: $374 million in fixed income and $34 million in public equity. Year to date other-than-temporary impairments in realized losses were $50 million pre-tax for fixed maturities.

(2) Year to date includes $89 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 postretirement programs.

	Nine months ended September 30, 2018
	Realized Gains (Losses)									Unrealized Gains (Losses)								Realized and Unrealized Gains (Losses)
	Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit		Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax
Fixed income investments (5)	$	(64	)	$	9		$	(55	)	$	(1,921	)	$	339	$	(1,582	)	$	(1,985	)	$	348		$	(1,637	)
Public equity:
Realized gains (losses) on sales		61			(12	)		49			—			—		—			61			(12	)		49
Mark-to-market		(41	)		10			(31	)		—			—		—			(41	)		10			(31	)
Private equity:
Realized gains (losses) on sales		—			—			—			—			—		—			—			—			—
Mark-to-market		317			(24	)		293			—			—		—			317			(24	)		293
Total investment portfolio		273			(17	)		256			(1,921	)		339		(1,582	)		(1,648	)		322			(1,326	)
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (6)		11			—			11			—			—		—			11			—			11
Foreign exchange		102			(20	)		82			(659	)		5		(654	)		(557	)		(15	)		(572	)
Partially-owned entities (7)		—			—			—			—			—		—			—			—			—
Other (8)		(61	)		12			(49	)		(61	)		12		(49	)		(122	)		24			(98	)
Net gains (losses)	$	325		$	(25	)	$	300		$	(2,641	)	$	356	$	(2,285	)	$	(2,316	)	$	331		$	(1,985	)

(5) Year to date includes $78 million pre-tax realized gains on fixed income derivatives. Year to date other-than-temporary impairments in realized losses were $16 million pre-tax for fixed maturities.

(6) Year to date includes $122 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 realized losses, pre-tax, primarily include $36 million related to the early redemption of the $1.0 billion junior subordinated capital securities in April 2018 and $22 million related to lease impairments. Other unrealized gains (losses) are primarily related to the company’s postretirement programs.

Net Gains (Losses) 2 Page 25

Chubb Limited

Debt and Capital

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

(Unaudited)

	September 30 2019			June 30 2019			March 31 2019			December 31 2018			December 31 2017
Financial Debt:
Total short-term debt	$	10		$	9		$	509		$	509		$	1,013
Total long-term debt		13,285			13,371			12,071			12,087			11,556
Total financial debt	$	13,295		$	13,380		$	12,580		$	12,596		$	12,569
Hybrid debt:
Total trust preferred securities		308			308			308			308			308
Total	$	13,603		$	13,688		$	12,888		$	12,904		$	12,877
Capitalization:
Shareholders’ equity	$	54,572		$	53,802		$	52,355		$	50,312		$	51,172
Hybrid debt		308			308			308			308			308
Financial debt		13,295			13,380			12,580			12,596			12,569
Total capitalization	$	68,175		$	67,490		$	65,243		$	63,216		$	64,049
Leverage ratios (based on total capital):
Hybrid debt		0.5	%		0.5	%		0.5	%		0.5	%		0.5	%
Financial debt		19.5	%		19.8	%		19.3	%		19.9	%		19.6	%
Total hybrid & financial debt		20.0	%		20.3	%		19.8	%		20.4	%		20.1	%

Note: As of September 30, 2019, there was $0.4 billion usage of credit facilities on a total commitment of $1.0 billion.

Debt and Capital Page 26

Chubb Limited

Computation of Basic and Diluted Earnings Per Share

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

(Unaudited)

	Three months ended September 30						Nine months ended September 30
	2019			2018			2019			2018
Numerator
Core operating income to common shares	$	1,236		$	1,122		$	3,601		$	3,472
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		(32	)		(54	)		(111	)		(165	)
Tax benefit on amortization adjustment		8			12			22			32
Chubb integration expenses, pre-tax		(2	)		(16	)		(9	)		(39	)
Tax benefit on Chubb integration expenses		—			2			2			7
Adjusted net realized gains (losses), pre-tax		(100	)		179			(211	)		325
Tax (expense) benefit on adjusted net realized gains (losses)		(19	)		(14	)		(13	)		(25	)
Net income	$	1,091		$	1,231		$	3,281		$	3,607
Rollforward of Common Shares Outstanding
Shares—beginning of period		456,077,819			463,502,164			459,203,378			463,833,179
Repurchase of shares		(3,079,618	)		(2,781,307	)		(8,417,838	)		(5,225,162	)
Shares issued, excluding option exercises		(76,142	)		(13,598	)		1,146,942			1,582,169
Issued for option exercises		611,583			393,531			1,601,160			910,604
Shares—end of period		453,533,642			461,100,790			453,533,642			461,100,790
Denominator
Weighted average shares outstanding (1)		454,975,143			462,981,973			456,987,560			464,644,013
Effect of other dilutive securities		3,175,226			3,034,525			2,937,026			3,360,511
Adj. wtd. avg. shares outstanding and assumed conversions		458,150,369			466,016,498			459,924,586			468,004,524
Basic earnings per share
Core operating income	$	2.72		$	2.42		$	7.88		$	7.47
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(0.06	)		(0.09	)		(0.19	)		(0.29	)
Chubb integration expenses, net of tax		—			(0.03	)		(0.02	)		(0.07	)
Adjusted net realized gains (losses), net of tax		(0.26	)		0.36			(0.49	)		0.65
Net income	$	2.40		$	2.66		$	7.18		$	7.76
Diluted earnings per share
Core operating income	$	2.70		$	2.41		$	7.83		$	7.42
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(0.06	)		(0.09	)		(0.19	)		(0.29	)
Chubb integration expenses, net of tax		—			(0.03	)		(0.02	)		(0.07	)
Adjusted net realized gains (losses), net of tax		(0.26	)		0.35			(0.49	)		0.65
Net income	$	2.38		$	2.64		$	7.13		$	7.71

(1) 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 27

Chubb Limited

Book Value and Book Value per Common Share

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

(Unaudited)

Reconciliation of Book Value per Common Share

	September 30 2019			June 30 2019			March 31 2019			December 31 2018			September 30 2018
Shareholders’ equity	$	54,572		$	53,802		$	52,355		$	50,312		$	50,934
Less: goodwill and other intangible assets, net of tax		20,010			20,170			20,070			20,054			20,121
Numerator for tangible book value per share	$	34,562		$	33,632		$	32,285		$	30,258		$	30,813
Book value—% change over prior quarter		1.4	%		2.8	%		4.1	%		-1.2	%		-0.1	%
Tangible book value—% change over prior quarter		2.8	%		4.2	%		6.7	%		-1.8	%		0.7	%
Denominator		453,533,642			456,077,819			458,179,205			459,203,378			461,100,790
Book value per common share	$	120.33		$	117.97		$	114.27		$	109.56		$	110.46
Tangible book value per common share	$	76.21		$	73.74		$	70.46		$	65.89		$	66.83
Reconciliation of Book Value
Shareholders’ equity, beginning of quarter (1)	$	53,802		$	52,355		$	50,300		$	50,934		$	50,971
Core operating income		1,236			1,195			1,170			935			1,122
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(24	)		(32	)		(33	)		(42	)		(42	)
Chubb integration expenses, net of tax		(2	)		(3	)		(2	)		(15	)		(14	)
Adjusted net realized gains (losses), net of tax (2)		(119	)		(10	)		(95	)		(523	)		165
Net unrealized gains (losses) on the investment portfolio		580			1,019			1,559			(117	)		(159	)
Repurchase of shares		(478	)		(376	)		(367	)		(318	)		(379	)
Dividend declared on common shares		(341	)		(344	)		(335	)		(336	)		(337	)
Cumulative translation gains (losses)		(185	)		(95	)		140			(113	)		(462	)
Postretirement benefit liability		(13	)		(15	)		(21	)		(205	)		(18	)
Other (3)		116			108			39			112			87
	$	54,572		$	53,802		$	52,355		$	50,312		$	50,934

(1) January 1, 2019 included a $12 million after-tax reduction to beginning equity related to the adoption of new accounting guidance on premium amortization of purchased callable debt securities.

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

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

Reconciliation Book Value Page 28

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).

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.

Underwriting income is calculated by subtracting adjusted losses and loss expenses, policy benefits, policy acquisition costs and administrative expenses from net premiums earned. 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 expense, amortization expense of purchased intangibles, Chubb integration expense, income tax expense and adjusted net realized gains (losses).

CAY underwriting income excluding catastrophe losses (Cats) is underwriting income adjusted to exclude Cats and prior period development (PPD). We believe it is useful to exclude Cats, 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 (loss), adjusted net investment income, other income (expense) – operating, and amortization expense of purchased intangibles.

Adjusted losses and loss expenses include 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 and losses from these derivatives are reclassified to adjusted losses and loss expenses.

Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from the acquisition of The Chubb Corporation (Chubb Corp). 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 interest expense is interest expense excluding the amortization of the fair value adjustment on acquired long-term debt, related to the Chubb Corp acquisition due to the size and complexity of this acquisition.

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. 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.

P&C underwriting income and P&C combined ratio exclude the Life Insurance segment. P&C loss and loss expense ratio and P&C combined ratio include adjusted losses and loss expenses in the ratio numerator. P&C expense ratio and P&C combined ratio include policy acquisition costs and administrative expenses in the ratio numerator. A reconciliation of combined ratio to P&C combined ratio is provided on pages 32-35.

CAY P&C combined ratio excluding catastrophe losses excludes Cats and PPD from the P&C combined ratio. We exclude Cats 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. The combined ratio numerator is adjusted to exclude Cats, net premiums earned adjustments on PPD, prior period expense adjustments and reinstatement premiums on PPD, and the denominator is adjusted to exclude net premiums earned adjustments on PPD and reinstatement premiums on Cats and PPD. In periods where there are adjustments on loss sensitive policies, these adjustments are excluded from PPD and net premiums earned when calculating the ratios. We believe this measure provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our P&C business that may be obscured by these items. This measure is commonly reported among our peer companies and allows for a better comparison.

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

Global P&C performance metrics 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.

Core operating income, net of tax, excludes from net income, the after-tax impact of adjusted net realized gains (losses), Chubb integration expenses, and the amortization of fair value adjustment of acquired invested assets and long-term debt 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) are heavily influenced by, and fluctuate in part according to the availability of market opportunities. We exclude the amortization of the fair value adjustments related to purchased invested assets and long-term debt and Chubb integration expenses due to the size and complexity of this acquisition. These integration expenses are distortive to our results and are not indicative of our underlying profitability. We believe that excluding these integration expenses facilitates the comparison of our financial results to our historical operating results. References to core operating income measures mean net of tax, whether or not noted.

Core operating effective tax rate is income tax expense excluding tax expense (benefit) on adjusted net realized gains (losses), tax benefit on amortization of fair value of acquired invested assets and debt, and tax benefit on Chubb integration expenses, divided by income excluding adjusted net realized gains (losses) before tax, amortization of fair value of acquired invested assets and debt before tax, and Chubb integration expenses before tax. We believe the use of this measure is meaningful to show the tax on the underlying performance of our insurance business, by excluding the tax on adjusted net realized gains (losses), the tax on amortization of the fair value adjustments related to purchased invested assets and long-term debt and the tax on Chubb integration expenses. Refer to the definition of core operating income, net of tax above for more information on these adjustments.

Book value per common share, is shareholders’ equity divided by the shares outstanding. Tangible book value per common share, 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.

International life insurance net premiums written and deposits 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.

Net premiums written adjusted primarily for additional reinsurance is net premiums written in the company’s North America Personal P&C Insurance segment, adjusted to exclude the year-over-year net impact for the quarter and year to date of $15 million and $90 million, respectively, of additional reinsurance, reinstatement premiums, and accounting actions. In addition to excluding additional reinsurance and the accounting actions, we exclude the impact of Fireman’s Fund non-renewal. We believe this measure is meaningful to evaluate trends in the underlying business on a comparable basis.

Reconciliation Non-GAAP Page 29

Chubb Limited

Non-GAAP Financial Measures—2

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

(Unaudited)

Regulation G—Non-GAAP Financial Measures (continued)

Core operating effective tax rate

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

																YTD			YTD			Full Year
	3Q-19			2Q-19			1Q-19			4Q-18			3Q-18			2019			2018			2018
Tax expense, as reported	$	230		$	208		$	188		$	159		$	183		$	626		$	536		$	695
Less: tax benefit on amortization of fair value of acquired invested assets and debt		(8	)		(6	)		(8	)		(8	)		(12	)		(22	)		(32	)		(40	)
Less: tax benefit on Chubb integration expenses		—			(1	)		(1	)		(5	)		(2	)		(2	)		(7	)		(12	)
Less: tax expense (benefit) on adjusted net realized gains (losses)		19			(1	)		(5	)		(20	)		14			13			25			5
Tax expense, adjusted	$	219		$	216		$	202		$	192		$	183		$	637		$	550		$	742
Income before tax, as reported	$	1,321		$	1,358		$	1,228		$	514		$	1,414		$	3,907		$	4,143		$	4,657
Less: amortization of fair value of acquired invested assets and debt		(32	)		(38	)		(41	)		(50	)		(54	)		(111	)		(165	)		(215	)
Less: Chubb integration expenses		(2	)		(4	)		(3	)		(20	)		(16	)		(9	)		(39	)		(59	)
Less: adjusted realized gains (losses)		(141	)		(230	)		(96	)		(682	)		27			(467	)		33			(649	)
Less: realized gains (losses) related to unconsolidated entities		41			219			(4	)		139			152			256			292			431
Core operating income before tax	$	1,455		$	1,411		$	1,372		$	1,127		$	1,305		$	4,238		$	4,022		$	5,149
Effective tax rate		17.4	%		15.3	%		15.3	%		31.1	%		12.9	%		16.0	%		12.9	%		14.9	%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt		0.2	%		0.1	%		0.1	%		0.0	%		0.4	%		0.1	%		0.2	%		0.2	%
Adjustment for tax impact of Chubb integration expenses		0.0	%		0.0	%		0.0	%		0.1	%		0.0	%		0.0	%		0.0	%		0.1	%
Adjustment for tax impact of adjusted net realized gains (losses)		-2.5	%		-0.1	%		-0.7	%		-14.1	%		0.8	%		-1.1	%		0.6	%		-0.8	%
Core operating effective tax rate		15.1	%		15.3	%		14.7	%		17.1	%		14.1	%		15.0	%		13.7	%		14.4	%

Core operating income

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

																YTD			YTD			Full Year
	3Q-19			2Q-19			1Q-19			4Q-18			3Q-18			2019			2018			2018
Net income, as reported	$	1,091		$	1,150		$	1,040		$	355		$	1,231		$	3,281		$	3,607		$	3,962
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		(32	)		(38	)		(41	)		(50	)		(54	)		(111	)		(165	)		(215	)
Tax benefit on amortization adjustment		8			6			8			8			12			22			32			40
Chubb integration expenses, pre-tax		(2	)		(4	)		(3	)		(20	)		(16	)		(9	)		(39	)		(59	)
Tax benefit on Chubb integration expenses		—			1			1			5			2			2			7			12
Adjusted realized gains (losses), pre-tax		(141	)		(230	)		(96	)		(682	)		27			(467	)		33			(649	)
Net realized gains (losses) related to unconsolidated entities, pre-tax (1)		41			219			(4	)		139			152			256			292			431
Tax (expense) benefit on adjusted net realized gains (losses)		(19	)		1			5			20			(14	)		(13	)		(25	)		(5	)
Core operating income	$	1,236		$	1,195		$	1,170		$	935		$	1,122		$	3,601		$	3,472		$	4,407
Catastrophe losses—after-tax	$	191		$	221		$	201		$	506		$	372		$	613		$	848		$	1,354
Favorable prior period development (PPD)—after-tax	$	(112	)	$	(152	)	$	(161	)	$	(202	)	$	(180	)	$	(425	)	$	(504	)	$	(706	)
Core operating income per share	$	2.70		$	2.60		$	2.54		$	2.02		$	2.41		$	7.83		$	7.42		$	9.44
Impact of Cats on Core operating income per share—Unfavorable	$	(0.41	)	$	(0.48	)	$	(0.43	)	$	(1.09	)	$	(0.80	)	$	(1.33	)	$	(1.81	)	$	(2.90	)
Impact of PPD on Core operating income per share—Favorable	$	0.24		$	0.33		$	0.35		$	0.43		$	0.39		$	0.92		$	1.08		$	1.51
Impact of Cats and PPD on Core operating income per share—Unfavorable	$	(0.17	)	$	(0.15	)	$	(0.08	)	$	(0.66	)	$	(0.41	)	$	(0.41	)	$	(0.73	)	$	(1.39	)

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

Reconciliation Non-GAAP 2 Page 30

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) and Core operating return on tangible equity (ROTE) are annualized non-GAAP financial measures. The numerator includes core operating income, net of tax. The denominator includes the average shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, net of tax. For the ROTE calculation, the denominator is also adjusted to exclude goodwill and other intangible assets, net of tax. These measures enhances the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity and tangible equity excluding the effect of unrealized gains and losses on our investments.

							YTD			YTD			Full Year
	3Q-19			3Q-18			2019			2018			2018
Net income	$	1,091		$	1,231		$	3,281		$	3,607		$	3,962
Core operating income	$	1,236		$	1,122		$	3,601		$	3,472		$	4,407
Equity—beginning of period, as reported (1)	$	53,802		$	50,971		$	50,300		$	51,172		$	51,172
Less: unrealized gains (losses) on investments, net of deferred tax		2,033			(390	)		(545	)		1,033			1,154
Equity—beginning of period, as adjusted	$	51,769		$	51,361		$	50,845		$	50,139		$	50,018
Less: goodwill and other intangible assets, net of tax	$	20,170		$	20,380		$	20,054		$	20,621		$	20,621
Equity—beginning of period, as adjusted ex goodwill and other intangible assets	$	31,599		$	30,981		$	30,791		$	29,518		$	29,397
Equity—end of period, as reported	$	54,572		$	50,934		$	54,572		$	50,934		$	50,312
Less: unrealized gains (losses) on investments, net of deferred tax		2,613			(549	)		2,613			(549	)		(545	)
Equity—end of period, as adjusted	$	51,959		$	51,483		$	51,959		$	51,483		$	50,857
Less: goodwill and other intangible assets, net of tax		20,010			20,121			20,010			20,121			20,054
Equity—end of period, as adjusted ex goodwill and other intangible assets	$	31,949		$	31,362		$	31,949		$	31,362		$	30,803
Weighted average equity, as reported	$	54,187		$	50,953		$	52,436		$	51,053		$	50,742
Weighted average equity, as adjusted	$	51,864		$	51,422		$	51,402		$	50,811		$	50,438
Weighted average equity, as adjusted ex goodwill and other intangible assets	$	31,774		$	31,172		$	31,370		$	30,440		$	30,100
ROE		8.1	%		9.7	%		8.3	%		9.4	%		7.8	%
Core operating ROE		9.5	%		8.7	%		9.3	%		9.1	%		8.7	%
Core operating ROTE		15.6	%		14.4	%		15.3	%		15.2	%		14.6	%
Private equities mark-to-market realized gains (losses), after-tax (2)	$	32		$	151		$	227		$	293		$	382
Impact of Private equities mark-to-market if included in Core operating ROE—Favorable (2)		0.3 pt			1.2 pts			0.6 pt			0.8 pt			0.8 pt

(1) January 1, 2019 included a $12 million after-tax reduction to beginning equity related to the adoption of new accounting guidance on premium amortization of purchased callable debt securities.

(2) We record the change in the fair value mark on our private equity funds as realized gains (losses) instead of investment income.

Reconciliation Non-GAAP 3 Page 31

Chubb Limited

Non-GAAP Financial Measures—4

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

(Unaudited)

Regulation G—Non-GAAP Financial Measures (continued)

P&C combined ratio

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

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

Q3 2019		North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C
Numerator
Losses and loss expenses
Losses and loss expenses		$	2,051		$	674		$	866		$	1,154		$	79		$	38		$	4,862
Realized (gains) losses on crop derivatives			—			—			14			—			—			—			14
Adjusted losses and loss expenses	A	$	2,051		$	674		$	880		$	1,154		$	79		$	38		$	4,876
Catastrophe losses			(88	)		(83	)		(3	)		(35	)		(25	)		—			(234	)
PPD and related adjustments
PPD, net of related adjustments—favorable (unfavorable)			109			62			(18	)		25			25			(36	)		167
Net premiums earned adjustments on PPD—unfavorable (favorable)			39			—			—			—			1			—			40
Expense adjustments—unfavorable (favorable)			3			—			—			—			(1	)		—			2
PPD reinstatement premiums—unfavorable (favorable)			(1	)		(1	)		—			1			—			—			(1	)
PPD—gross of related adjustments—favorable (unfavorable)			150			61			(18	)		26			25			(36	)		208
CAY loss and loss expense ex Cats	B	$	2,113		$	652		$	859		$	1,145		$	79		$	2		$	4,850
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	715		$	312		$	60		$	887		$	51		$	74		$	2,099
Expense adjustments—favorable (unfavorable)			(3	)		—			—			—			1			—			(2	)
Policy acquisition costs and administrative expenses, adjusted	D	$	712		$	312		$	60		$	887		$	52		$	74		$	2,097
Denominator
Net premiums earned	E	$	3,185		$	1,187		$	941		$	2,256		$	160					$	7,729
Reinstatement premiums (collected) expensed on catastrophe losses			—			—			—			—			(2	)					(2	)
Net premiums earned adjustments on PPD—unfavorable (favorable)			39			—			—			—			1						40
PPD reinstatement premiums—unfavorable (favorable)			(1	)		(1	)		—			1			—						(1	)
Net premiums earned excluding adjustments	F	$	3,223		$	1,186		$	941		$	2,257		$	159					$	7,766
P&C combined ratio
Loss and loss expense ratio	A/E		64.4	%		56.9	%		93.5	%		51.1	%		49.6	%					63.1	%
Policy acquisition cost and administrative expense ratio	C/E		22.5	%		26.2	%		6.4	%		39.4	%		31.5	%					27.1	%
P&C combined ratio			86.9	%		83.1	%		99.9	%		90.5	%		81.1	%					90.2	%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		65.5	%		55.1	%		91.3	%		50.7	%		49.9	%					62.4	%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		22.1	%		26.2	%		6.4	%		39.3	%		32.2	%					27.1	%
CAY P&C combined ratio ex Cats			87.6	%		81.3	%		97.7	%		90.0	%		82.1	%					89.5	%
Combined ratio
Combined ratio																					90.0	%
Add: impact of gains and losses on crop derivatives																					0.2	%
P&C combined ratio																					90.2	%

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

Reconciliation Non-GAAP 4 Page 32

Chubb Limited

Non-GAAP Financial Measures—5

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

(Unaudited)

Regulation G—Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)

YTD 2019		North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C
Numerator
Losses and loss expenses
Losses and loss expenses		$	6,238		$	2,178		$	1,155		$	3,385		$	245		$	83		$	13,284
Realized (gains) losses on crop derivatives			—			—			8			—			—			—			8
Adjusted losses and loss expenses	A	$	6,238		$	2,178		$	1,163		$	3,385		$	245		$	83		$	13,292
Catastrophe losses			(319	)		(329	)		(7	)		(69	)		(35	)		—			(759	)
PPD and related adjustments
PPD, net of related adjustments—favorable (unfavorable)			425			88			43			49			33			(79	)		559
Net premiums earned adjustments on PPD—unfavorable (favorable)			38			—			32			—			1			—			71
Expense adjustments—unfavorable (favorable)			(3	)		—			(3	)		—			(1	)		—			(7	)
PPD reinstatement premiums—unfavorable (favorable)			(1	)		(4	)		—			1			—			—			(4	)
PPD—gross of related adjustments—favorable (unfavorable)			459			84			72			50			33			(79	)		619
CAY loss and loss expense ex Cats	B	$	6,378		$	1,933		$	1,228		$	3,366		$	243		$	4		$	13,152
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	2,132		$	919		$	99		$	2,626		$	153		$	211		$	6,140
Expense adjustments—favorable (unfavorable)			3			—			3			—			1			—			7
Policy acquisition costs and administrative expenses, adjusted	D	$	2,135		$	919		$	102		$	2,626		$	154		$	211		$	6,147
Denominator
Net premiums earned	E	$	9,660		$	3,509		$	1,374		$	6,595		$	487					$	21,625
Reinstatement premiums (collected) expensed on catastrophe losses			—			—			—			—			(2	)					(2	)
Net premiums earned adjustments on PPD—unfavorable (favorable)			38			—			32			—			1						71
PPD reinstatement premiums—unfavorable (favorable)			(1	)		(4	)		—			1			—						(4	)
Net premiums earned excluding adjustments	F	$	9,697		$	3,505		$	1,406		$	6,596		$	486					$	21,690
P&C combined ratio
Loss and loss expense ratio	A/E		64.6	%		62.1	%		84.7	%		51.3	%		50.3	%					61.5	%
Policy acquisition cost and administrative expense ratio	C/E		22.0	%		26.2	%		7.2	%		39.8	%		31.4	%					28.4	%
P&C combined ratio			86.6	%		88.3	%		91.9	%		91.1	%		81.7	%					89.9	%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		65.8	%		55.2	%		87.4	%		51.0	%		50.0	%					60.6	%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		22.0	%		26.2	%		7.2	%		39.8	%		31.7	%					28.4	%
CAY P&C combined ratio ex Cats			87.8	%		81.4	%		94.6	%		90.8	%		81.7	%					89.0	%
Combined ratio
Combined ratio																					89.9	%
Add: impact of gains and losses on crop derivatives																					0.0	%
P&C combined ratio																					89.9	%

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

Reconciliation Non-GAAP 5 Page 33

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 (continued)

Q3 2018		North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C
Numerator
Losses and loss expenses
Losses and loss expenses		$	1,881		$	860		$	719		$	1,114		$	86		$	13		$	4,673
Realized (gains) losses on crop derivatives			—			—			8			—			—			—			8
Adjusted losses and loss expenses	A	$	1,881		$	860		$	727		$	1,114		$	86		$	13		$	4,681
Catastrophe losses			(196	)		(136	)		(8	)		(80	)		(34	)		—			(454	)
PPD and related adjustments
PPD, net of related adjustments—favorable (unfavorable)			216			(58	)		1			72			24			(12	)		243
Net premiums earned adjustments on PPD—unfavorable (favorable)			40			—			—			—			4			—			44
Expense adjustments—unfavorable (favorable)			1			—			—			—			—			—			1
PPD reinstatement premiums—unfavorable (favorable)			1			1			—			2			—			—			4
PPD—gross of related adjustments—favorable (unfavorable)			258			(57	)		1			74			28			(12	)		292
CAY loss and loss expense ex Cats	B	$	1,943		$	667		$	720		$	1,108		$	80		$	1		$	4,519
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	709		$	305		$	51		$	834		$	50		$	58		$	2,007
Expense adjustments—favorable (unfavorable)			(1	)		—			—			—			—			—			(1	)
Policy acquisition costs and administrative expenses, adjusted	D	$	708		$	305		$	51		$	834		$	50		$	58		$	2,006
Denominator
Net premiums earned	E	$	3,019		$	1,167		$	857		$	2,157		$	157					$	7,357
Reinstatement premiums (collected) expensed on catastrophe losses			—			—			—			—			(4	)					(4	)
Net premiums earned adjustments on PPD—unfavorable (favorable)			40			—			—			—			4						44
PPD reinstatement premiums—unfavorable (favorable)			1			1			—			2			—						4
Net premiums earned excluding adjustments	F	$	3,060		$	1,168		$	857		$	2,159		$	157					$	7,401
P&C combined ratio
Loss and loss expense ratio	A/E		62.3	%		73.7	%		84.9	%		51.7	%		55.0	%					63.6	%
Policy acquisition cost and administrative expense ratio	C/E		23.5	%		26.1	%		5.8	%		38.6	%		31.7	%					27.3	%
P&C combined ratio			85.8	%		99.8	%		90.7	%		90.3	%		86.7	%					90.9	%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		63.5	%		57.1	%		84.1	%		51.3	%		51.2	%					61.1	%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		23.2	%		26.1	%		5.8	%		38.7	%		31.6	%					27.1	%
CAY P&C combined ratio ex Cats			86.7	%		83.2	%		89.9	%		90.0	%		82.8	%					88.2	%
Combined ratio
Combined ratio																					90.8	%
Add: impact of gains and losses on crop derivatives																					0.1	%
P&C combined ratio																					90.9	%

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

Reconciliation Non-GAAP 6 Page 34

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 (continued)

YTD 2018		North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C
Numerator
Losses and loss expenses
Losses and loss expenses		$	5,873		$	2,474		$	955		$	3,263		$	236		$	72		$	12,873
Realized (gains) losses on crop derivatives			—			—			(2	)		—			—			—			(2	)
Adjusted losses and loss expenses	A	$	5,873		$	2,474		$	953		$	3,263		$	236		$	72		$	12,871
Catastrophe losses			(347	)		(521	)		(11	)		(121	)		(45	)		—			(1,045	)
PPD and related adjustments
PPD, net of related adjustments—favorable (unfavorable)			472			(59	)		77			166			54			(67	)		643
Net premiums earned adjustments on PPD—unfavorable (favorable)			29			—			40			—			7			—			76
Expense adjustments—unfavorable (favorable)			7			—			(4	)		—			(1	)		—			2
PPD reinstatement premiums—unfavorable (favorable)			5			1			—			2			—			—			8
PPD—gross of related adjustments—favorable (unfavorable)			513			(58	)		113			168			60			(67	)		729
CAY loss and loss expense ex Cats	B	$	6,039		$	1,895		$	1,055		$	3,310		$	251		$	5		$	12,555
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	2,113		$	903		$	74		$	2,511		$	149		$	200		$	5,950
Expense adjustments—favorable (unfavorable)			(7	)		—			4			—			1			—			(2	)
Policy acquisition costs and administrative expenses, adjusted	D	$	2,106		$	903		$	78		$	2,511		$	150		$	200		$	5,948
Denominator
Net premiums earned	E	$	9,325		$	3,463		$	1,251		$	6,425		$	492					$	20,956
Reinstatement premiums (collected) expensed on catastrophe losses			—			—			—			—			(4	)					(4	)
Net premiums earned adjustments on PPD—unfavorable (favorable)			29			—			40			—			7						76
PPD reinstatement premiums—unfavorable (favorable)			5			1			—			2			—						8
Net premiums earned excluding adjustments	F	$	9,359		$	3,464		$	1,291		$	6,427		$	495					$	21,036
P&C combined ratio
Loss and loss expense ratio	A/E		63.0	%		71.5	%		76.2	%		50.8	%		48.0	%					61.4	%
Policy acquisition cost and administrative expense ratio	C/E		22.6	%		26.0	%		5.9	%		39.1	%		30.3	%					28.4	%
P&C combined ratio			85.6	%		97.5	%		82.1	%		89.9	%		78.3	%					89.8	%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		64.5	%		54.7	%		81.8	%		51.5	%		50.6	%					59.7	%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		22.5	%		26.1	%		6.0	%		39.1	%		30.5	%					28.3	%
CAY P&C combined ratio ex Cats			87.0	%		80.8	%		87.8	%		90.6	%		81.1	%					88.0	%
Combined ratio
Combined ratio																					89.8	%
Add: impact of gains and losses on crop derivatives																					0.0	%
P&C combined ratio																					89.8	%

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

Reconciliation Non-GAAP 7 Page 35

Chubb Limited

Glossary

Chubb Limited Consolidated comprises all segments including Corporate.

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 the realized gains and losses on the crop derivatives.

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

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

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

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

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

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

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

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

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

NM: Not meaningful.

Glossary Page 36

XML

Document and Entity Information	Oct. 29, 2019
Cover [Abstract]
Entity Registrant Name	Chubb Ltd
Amendment Flag	false
Entity Central Index Key	0000896159
Document Type	8-K
Document Period End Date	Oct. 29, 2019
Entity Incorporation State Country Code	V8
Entity File Number	1-11778
Entity Tax Identification Number	98-0091805
Entity Address, Address Line One	Baerengasse 32
Entity Address, Postal Zip Code	8001
Entity Address, City or Town	Zurich
Entity Address, Country	CH
City Area Code	(0)43
Local Phone Number	456 76 00
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Shares, par value CHF 24.15 per share
Trading Symbol	CB
Security Exchange Name	NYSE
Entity Emerging Growth Company	false