8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant To Section 13 or 15 (d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) - October 25, 2022

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
Guarantee of Chubb INA Holdings Inc. 0.30% Senior Notes due 2024	CB/24A	New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2027	CB/27	New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 1.55% Senior Notes due 2028	CB/28	New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2029	CB/29A	New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 1.40% Senior Notes due 2031	CB/31	New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 2.50% Senior Notes due 2038	CB/38A	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 25, 2022, Chubb Limited issued a Press Release reporting its third quarter 2022 results and the availability of its third quarter 2022 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 25, 2022, Reporting Third Quarter 2022 Results
99.2	Third Quarter 2022 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/ Peter Enns
	Peter Enns
	Executive Vice President and Chief Financial Officer

DATE: October 25, 2022

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 $1.94 Versus $4.18 Prior Year, and Core Operating Income Per Share of $3.17, Up 20.1%; Consolidated Net Premiums Written Up 14.4%, or 17.3% in Constant Dollars, with P&C Up 11.2%; Life Division Premiums More Than Doubled with the Acquisition of Cigna’s Asia Business; P&C Combined Ratio was 93.1%, with Catastrophe Losses of $1.2 Billion, Including $975 Million from Hurricane Ian, and 87.5% Year-to-Date

● Net income was $812 million versus $1.83 billion prior year and core operating income was $1.33 billion, up 15.1%. For the nine months, net income was $4.00 billion versus $6.40 billion prior year, and core operating income was a record $4.76 billion, up 21.4%.

● P&C net premiums written were up 8.5%, or 11.2% in constant dollars, with commercial lines up 11.7% and consumer/personal lines up 9.6%.

● Total North America P&C net premiums written were up 10.6%, with growth of 11.4% in commercial lines and 7.1% in personal lines. Overseas General P&C net premiums written were up 1.9%, or 11.7% in constant dollars, comprising growth of 11.0% in commercial lines and 12.7% in consumer lines.

● Life Insurance net premiums written increased $664 million, or 108.8%, to $1.27 billion and segment income increased 158.3% to $271 million, reflecting the closing of the acquisition of Cigna’s business in Asia. Integration efforts are on track.

● Pre-tax catastrophe losses, net of reinsurance and including reinstatement premiums, were $1.16 billion in the quarter, including $975 million from Hurricane Ian. After-tax catastrophe losses were $2.26 per share versus $2.15 per share prior year.

● P&C underwriting income was $710 million, up 15.0%, for the quarter, and a record $3.43 billion, up more than $1 billion, for the nine months. P&C current accident year underwriting income excluding catastrophe losses was $1.65 billion for the quarter and $4.51 billion for the nine months, both records.

● P&C combined ratio of 93.1% compared with 93.4% prior year. P&C current accident year combined ratio excluding catastrophe losses was 84.0%, compared with 84.8% prior year. Through nine months, the P&C combined ratio was 87.5%, compared with 90.4% prior year, and was a record 83.7% on a current accident year excluding catastrophe losses basis.

● Pre-tax net investment income was $979 million, up 13.1%, and adjusted net investment income was $1.05 billion, up 12.1%. Both were records.

● Operating cash flow was $3.43 billion for the quarter and a record $8.59 billion year-to-date.

● Unfavorable foreign currency movement in the quarter negatively impacted P&C net premiums written growth by 2.7 percentage points and core operating income by $39 million, or $0.09 per share.

● Annualized return on equity (ROE) was 6.5% and annualized core operating ROE was 9.4%. Annualized core operating return on tangible equity (ROTE) was 14.4%.

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Chubb Limited News Release

ZURICH – October 25, 2022 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended September 30, 2022 of $812 million, or $1.94 per share, and core operating income of $1.33 billion, or $3.17 per share. Net income in the quarter was adversely impacted by realized losses of $502 million after tax, principally due to the mark-to-market impact on derivatives and private equities as well as from sales in fixed income securities. The P&C combined ratio was 93.1% compared to 93.4% prior year, and the current accident year P&C combined ratio excluding catastrophe losses was 84.0% compared to 84.8% prior year. Book value per share and tangible book value per share decreased 7.0% and 15.2%, respectively, from June 30, 2022. Book value was unfavorably impacted by after-tax net realized and unrealized losses of $3.59 billion in the company’s investment portfolio, principally due to the mark-to-market impact from rising interest rates in the fixed income portfolio. After-tax foreign currency movement further reduced book value and tangible book value by $823 million and $466 million, respectively. In addition, tangible book value included the impact of $1.48 billion for goodwill and other intangible assets related to the acquisition of Cigna’s business in Asia. Book value per share and tangible book value per share now stand at $114.79 and $65.91, respectively. Book value per share and tangible book value per share excluding net unrealized investment losses decreased 1.2% and 5.2%, respectively, from June 30, 2022. Book value per share and tangible book value per share excluding AOCI increased 0.6% and decreased 3.3%, respectively, from June 30, 2022.

Chubb Limited

Third Quarter Summary

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

(Unaudited)

							(Per Share)
	2022		2021		Change		2022		2021		Change
Net income		$812		$1,833		(55.7)%		$1.94		$4.18		(53.6)%
Cigna integration expenses, net of tax		18		--		NM		0.04		--		NM
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(1)		11		NM		--		0.03		NM
Adjusted net realized (gains) losses, net of tax		502		(687)		NM		1.19		(1.57)		NM
Core operating income, net of tax		$1,331		$1,157		15.1%		$3.17		$2.64		20.1%
Annualized return on equity (ROE)		6.5%		12.3%
Core operating return on tangible equity (ROTE)		14.4%		12.6%
Core operating ROE		9.4%		8.2%

For the nine months ended September 30, 2022, net income was $4.00 billion, or $9.41 per share, and core operating income was $4.76 billion, or $11.20 per share. The P&C combined ratio was 87.5% compared to 90.4% prior year, and the current accident year P&C combined ratio excluding catastrophe losses was 83.7% compared to 85.1% prior year. Book value per share and tangible book value per share decreased 18.0% and 30.2%, respectively, from December 31, 2021. Book value was unfavorably impacted by after-tax net realized and unrealized losses of $12.07 billion in the company’s investment portfolio, principally due to the mark-to-market impact from rising interest rates in the fixed income portfolio. At September 30, 2022, the investment portfolio was in an unrealized loss position of $8.61 billion, compared with an unrealized gain position of

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

Chubb Limited News Release

$2.26 billion at December 31, 2021. After-tax foreign currency movement further reduced book value and tangible book value by $1.22 billion and $682 million, respectively. In addition, tangible book value included the impact of $1.48 billion for goodwill and other intangible assets related to the acquisition of Cigna’s business in Asia. Book value per share and tangible book value per share excluding net unrealized investment losses increased 0.6% and decreased 2.7%, respectively, from December 31, 2021. Book value per share and tangible book value per share excluding AOCI increased 3.6% and 0.4%, respectively, from December 31, 2021.

Chubb Limited

Nine Months Ended Summary

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

(Unaudited)

							(Per Share)
	2022		2021		Change		2022		2021		Change
Net income		$4,001		$6,398		(37.5)%		$9.41		$14.33		(34.3)%
Cigna integration expenses, net of tax		20		--		NM		0.05		--		NM
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		13		41		(68.3)%		0.03		0.09		(66.7)%
Adjusted net realized (gains) losses, net of tax		724		(2,519)		NM		1.71		(5.64)		NM
Core operating income, net of tax		$4,758		$3,920		21.4%		$11.20		$8.78		27.6%
Annualized return on equity (ROE)		9.9%		14.4%
Core operating return on tangible equity (ROTE)		17.2%		14.6%
Core operating ROE		11.2%		9.4%

For the nine months ended September 30, 2022 and 2021, the tax expenses (benefits) related to the table above were $(6) million and nil, respectively, for Cigna integration expenses; $(7) million and $(11) million for amortization of fair value adjustment of acquired invested assets and long-term debt; $(109) million and $176 million, respectively, for adjusted net realized gains and losses; and $1.03 billion and $708 million, respectively, for core operating income.

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “The broad-based strength of the company globally was clearly evident in the quarter, with core operating income up 15% and per share earnings of $3.17 up 20%. All major areas of our business contributed. We produced simply excellent underwriting results despite an active catastrophe quarter. We had record investment income, which is and will be a growing source of earnings; double-digit P&C premium revenue growth in constant dollars, which was well balanced between commercial and consumer lines; and life insurance premiums that more than doubled with the closing of our acquisition of Cigna’s business in Asia.

“P&C underwriting income of $710 million was up 15% and led to a combined ratio of 93.1%, which included pre-tax catastrophe losses of $1.2 billion, with $975 million from Hurricane Ian. For the year, record underwriting income of $3.4 billion was up more than 40% or over $1 billion, with an 87.5% combined ratio, an improvement of nearly three points over prior.

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Chubb Limited News Release

“We continued to capitalize on rising interest rates, deploying cash at an average reinvestment rate of 5.8% versus a portfolio yield of 3.4%. Adjusted net investment income was a record $1.1 billion, up over 12% and topping $1 billion for the first time.

“Consolidated net premiums written, which include P&C and life insurance, grew over 17% in constant dollars. We are a global company and published growth was impacted by the strength of the dollar, which is at a 20-year high. P&C grew 11%, with commercial lines up 11.5% and consumer lines up 9.5% in constant dollars. Life premiums grew 117% with the consolidation of Cigna’s business in Asia.

“Commercial P&C pricing remained strong and continued to exceed our loss costs. We are focused on inflation and staying on top of it in terms of both pricing and reserving. Commercial pricing, which includes rate and exposure, increased 8.5% in North America and about 11% in our international operations in constant dollars.

“While we are operating in a challenging economic and geopolitical environment, we are optimistic about our prospects given the strengths and momentum of our businesses. With the combination of growth and underwriting margins in our P&C businesses; our growth in investment income; and the future revenue and earnings contributions from our life insurance businesses in Asia, we expect EPS to continue to grow at a healthy rate into the future.”

Operating highlights for the quarter ended September 30, 2022 were as follows:

Chubb Limited	Q3		Q3
(in millions of U.S. dollars except for percentages)	2022		2021		Change
P&C
Net premiums written (increase of 11.2% in constant dollars)	$	10,747	$	9,901		8.5%
Underwriting income	$	710	$	617		15.0%
Combined ratio		93.1%		93.4%
Current accident year underwriting income excluding catastrophe losses	$	1,646	$	1,442		14.2%
Current accident year combined ratio excluding catastrophe losses		84.0%		84.8%
Global P&C (excludes Agriculture)
Net premiums written (increase of 9.4% in constant dollars)	$	9,024	$	8,486		6.3%
Underwriting income	$	552	$	482		14.6%
Combined ratio		93.6%		94.0%
Current accident year underwriting income excluding catastrophe losses	$	1,448	$	1,292		12.2%
Current accident year combined ratio excluding catastrophe losses		83.2%		84.1%

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Chubb Limited News Release

● Consolidated net premiums earned increased 15.3%, or 18.6% in constant dollars. P&C net premiums earned increased 9.3%, or 12.3% in constant dollars.

● Total capital returned to shareholders in the quarter was $1.03 billion, including share repurchases of $685 million, at an average purchase price of $186.22 per share, and dividends of $346 million. Total capital returned to shareholders for the nine months ended September 30, 2022 was $3.85 billion, including share repurchases of $2.82 billion at an average purchase price of $200.69 per share, and dividends of $1.03 billion.

● Total pre-tax and after-tax P&C catastrophe losses, net of reinsurance and including reinstatement premiums, were $1.16 billion (11.3 percentage points of the combined ratio) and $949 million, respectively, compared with $1.15 billion (12.2 percentage points of the combined ratio) and $943 million, respectively, last year.

● Total pre-tax and after-tax favorable prior period development were $222 million (2.2 percentage points of the combined ratio) and $162 million, respectively, compared with $321 million (3.6 percentage points of the combined ratio) and $227 million, respectively, last year.

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

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, 2022 are presented below:

Chubb Limited	Q3		Q3
(in millions of U.S. dollars except for percentages)	2022		2021		Change
Total North America P&C Insurance
(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural Insurance)
Net premiums written	$	7,837	$	7,084		10.6%
Combined ratio		90.7%		90.9%
Current accident year combined ratio excluding catastrophe losses		82.4%		82.7%
North America Commercial P&C Insurance
Net premiums written	$	4,722	$	4,369		8.1%
Major accounts retail and excess and surplus (E&S) wholesale	$	2,869	$	2,615		9.7%
Middle market and small commercial	$	1,853	$	1,754		5.7%
Combined ratio		90.9%		90.1%
Current accident year combined ratio excluding catastrophe losses		81.1%		82.4%
North America Personal P&C Insurance
Net premiums written	$	1,392	$	1,300		7.1%
Combined ratio		90.1%		94.3%
Current accident year combined ratio excluding catastrophe losses		79.5%		77.0%
North America Agricultural Insurance
Net premiums written	$	1,723	$	1,415		21.8%
Combined ratio		90.6%		89.9%
Current accident year combined ratio excluding catastrophe losses		88.2%		88.9%
Overseas General Insurance
Net premiums written (increase of 11.7% in constant dollars)	$	2,645	$	2,596		1.9%
Commercial P&C (increase of 11.0% in constant dollars)	$	1,625	$	1,587		2.5%
Consumer P&C (increase of 12.7% in constant dollars)	$	1,020	$	1,009		1.1%
Combined ratio		88.5%		92.2%
Current accident year combined ratio excluding catastrophe losses		85.1%		86.2%
Life Insurance
Net premiums written (increase of 117.4% in constant dollars)	$	1,273	$	609		108.8%
Segment income (increase of 156.6% in constant dollars)	$	271	$	104		158.3%
International Life Insurance
Net premiums written (increase of 237.1% in constant dollars)	$	1,009	$	321		214.1%
Net premiums written and deposits (increase of 59.4% in constant dollars)	$	1,458	$	979		48.9%
Segment income	$	199	$	31		NM

● North America Commercial P&C Insurance: The current accident year combined ratio excluding catastrophe losses decreased 1.3 percentage points, including a 0.8 percentage point decrease in the loss ratio and a 0.5 percentage point decrease in the expense ratio.

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Chubb Limited News Release

● North America Personal P&C Insurance: The current accident year combined ratio excluding catastrophe losses increased 2.5 percentage points, including a 2.9 percentage point increase in the loss ratio and a 0.4 percentage point decrease in the expense ratio.

● North America Agricultural Insurance: The current accident year combined ratio excluding catastrophe losses decreased 0.7 percentage points due to a 0.7 percentage point decrease in the expense ratio.

● Overseas General Insurance: The current accident year combined ratio excluding catastrophe losses decreased 1.1 percentage points, including a 0.6 percentage point decrease in the loss ratio and a 0.5 percentage point decrease in the expense ratio.

● Global Reinsurance: Net premiums written were $265 million, up 19.5%. The combined ratio was 148.4%, compared with 121.4% prior year. The current accident year combined ratio excluding catastrophe losses was 83.0% compared with 83.5% prior year.

● Life Insurance: The increase in International life insurance net premiums written as well as net premiums written and deposits collected reflects the impact of the acquisition of Cigna’s business in Asia. Combined Insurance North America net premiums written decreased 8.6%, while segment income decreased 7.6%.

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

Please refer to the Chubb Limited Financial Supplement, dated September 30, 2022, 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 26, 2022 beginning at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 877-400-4403 (within the United States) or 332-251-2601 (international), passcode 1641662. Please refer to the Chubb website under Events and Presentations for details. A replay will be available after the call at the same location. To listen to the replay, please click here to register and receive dial-in numbers.

About Chubb

Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 34,000 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

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Chubb Limited News Release

Regulation G - Non-GAAP Financial Measures

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

Throughout this document there are various measures presented on a constant-dollar basis (i.e., excludes the impact of foreign exchange). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.

Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from the acquisition of The Chubb Corporation (Chubb Corp) and Cigna business of $6 million and $19 million in Q3 2022 and Q3 2021, respectively, and including investment income of $69 million and $55 million in Q3 2022 and Q3 2021, respectively, from partially owned investment companies (private equity partnerships) where our ownership interest is in excess of 3% that are accounted for under the equity method. The amortization of the fair value adjustment on acquired invested assets was $36 million and $67 million for the nine months ended September 30, 2022 and 2021, respectively, and the investment income from private equity partnerships was $180 million and $135 million for the nine months ended September 30, 2022 and 2021, respectively. The mark-to-market movement on these private equity partnerships are included in adjusted net realized gains (losses) as described below. 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 acquisition costs and administrative expenses from net premiums earned by our P&C operations. We use underwriting income (loss) 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, income tax expense and adjusted net realized gains (losses).

P&C current accident year underwriting income excluding catastrophe losses is P&C 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.

Core operating income, net of tax, excludes from net income the after-tax impact of adjusted net realized gains (losses), Cigna integration expenses, and the amortization of fair value adjustment of acquired invested assets and long-term debt related to the Chubb Corp acquisition and Cigna business. 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

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Chubb Limited News Release

of purchased invested assets and long-term debt related to the Chubb Corp acquisition and Cigna business due to the size and complexity of these acquisitions. We also exclude Cigna integration expenses due to the size and complexity of this acquisition. Cigna integration expenses are incurred by the overall company and are included in Corporate. These expenses include legal and professional fees and all other costs directly related to the integration activities of the Cigna acquisition. The costs are not related to the on-going activities of the individual segments and are therefore also excluded from our definition of segment income. We believe these integration expenses are distortive to our results and are not indicative of our underlying profitability, and 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 non-GAAP financial measures. The numerator includes core operating income (loss), 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 that are heavily influenced by available market opportunities. We believe ROTE is meaningful because it measures the performance of our operations without the impact of goodwill and other intangible assets.

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.

P&C current accident year combined ratio excluding catastrophe losses excludes the impact of P&C catastrophe losses and PPD from the P&C 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. The agriculture insurance business is a different business in that it is a public sector and private sector partnership in which insurance rates, premium growth, and risk-sharing is not market-driven like the remainder of the company’s P&C insurance business. 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.

Book value per share and tangible book value per share excluding unrealized investment gains (losses), excludes the mark-to-market on the company’s fixed maturities portfolio. We believe that excluding these net unrealized gains (losses) would highlight the underlying growth in book value and tangible book value without the impact of interest rate volatility. Book value per share and tangible book value per share excluding accumulated other comprehensive income (loss) (AOCI), excludes AOCI from the numerator because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates and foreign currency movement, to highlight underlying growth in book and tangible book value.

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

Chubb Limited News Release

International life insurance net premiums written and deposits collected 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.

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, book value, return on equity, and net investment income.

NM - not meaningful comparison

Cautionary Statement Regarding Forward-Looking Statements:

Forward-looking statements made in this press release, such as those related to company performance, pricing, growth opportunities, 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, infection rates and severity of pandemics, including COVID-19, and their effects on our business operations and claims activity, possible terrorism or the outbreak and effects of war, economic, political, regulatory, insurance and reinsurance business conditions, potential strategic opportunities including acquisitions and our ability to achieve and integrate them, as well as management’s response to these factors, and other factors identified in our filings with the Securities and Exchange Commission (SEC).

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

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

Chubb Limited News Release

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)

	September 30 2022			December 31 2021
Assets
Investments	$	111,740		$	122,323
Cash		2,128			1,659
Insurance and reinsurance balances receivable		12,853			11,322
Reinsurance recoverable on losses and loss expenses		18,754			17,366
Goodwill and other intangible assets		21,490			20,668
Other assets		31,146			26,716
Total assets	$	198,111		$	200,054
Liabilities
Unpaid losses and loss expenses	$	75,992		$	72,943
Unearned premiums		20,520			19,101
Other liabilities		53,960			48,296
Total liabilities		150,472			140,340
Shareholders’ equity
Total shareholders’ equity, excl. AOCI		59,819			59,364
Accumulated other comprehensive income (loss) (AOCI)		(12,180	)		350
Total shareholders’ equity		47,639			59,714
Total liabilities and shareholders’ equity	$	198,111		$	200,054
Book value per common share	$	114.79		$	139.99
Tangible book value per common share	$	65.91		$	94.38
Book value per common share, excl. AOCI	$	144.13		$	139.16
Tangible book value per common share, excl. AOCI	$	92.20		$	91.85

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

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
	2022		2021		2022		2021
Gross premiums written	$	15,015	$	13,055	$	39,566	$	35,460
Net premiums written		12,020		10,510		31,521		28,718
Net premiums earned		11,535		10,000		29,838		27,034
Losses and loss expenses		7,279		6,629		17,474		16,688
Policy benefits		486		151		790		503
Policy acquisition costs		1,975		1,778		5,451		5,141
Administrative expenses		883		806		2,479		2,325
Net investment income		979		866		2,689		2,613
Net realized gains (losses)		(384)		(21)		(787)		833
Interest expense		150		122		416		366
Other income (expense):
Gains (losses) from separate account assets		(67)		(24)		(116)		(5)
Other		(121)		787		137		2,035
Amortization of purchased intangibles		69		71		211		216
Cigna integration expenses		23		--		26		--
Income tax expense		265		218		913		873
Net income	$	812	$	1,833	$	4,001	$	6,398
Diluted earnings per share:
Net income	$	1.94	$	4.18	$	9.41	$	14.33
Core operating income	$	3.17	$	2.64	$	11.20	$	8.78
Weighted average shares outstanding		419.6		438.4		425.0		446.6
P&C combined ratio
Loss and loss expense ratio		69.6%		68.6%		62.0%		63.9%
Policy acquisition cost ratio		16.6%		17.1%		17.7%		18.3%
Administrative expense ratio		6.9%		7.7%		7.8%		8.2%
P&C combined ratio		93.1%		93.4%		87.5%		90.4%
P&C underwriting income	$	710	$	617	$	3,434	$	2,430

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, 2022

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 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 $
	2022		2021		% Change		2021		% Change		2022		2021		% Change		2021		% Change
Gross premiums written	$	15,015	$	13,055		15.0%	$	12,748		17.8%	$	39,566	$	35,460		11.6%	$	34,780		13.8%
Net premiums written	$	12,020	$	10,510		14.4%	$	10,247		17.3%	$	31,521	$	28,718		9.8%	$	28,126		12.1%
P&C net premiums written	$	10,747	$	9,901		8.5%	$	9,660		11.2%	$	29,091	$	26,874		8.3%	$	26,333		10.5%
Global P&C net premiums written	$	9,024	$	8,486		6.3%	$	8,245		9.4%	$	26,568	$	24,764		7.3%	$	24,223		9.7%
Net premiums earned	$	11,535	$	10,000		15.3%	$	9,723		18.6%	$	29,838	$	27,034		10.4%	$	26,452		12.8%
Net investment income	$	979	$	866		13.1%	$	858		14.3%	$	2,689	$	2,613		2.9%	$	2,595		3.7%
Adjusted net investment income	$	1,054	$	940		12.1%	$	932		13.1%	$	2,905	$	2,815		3.2%	$	2,797		3.9%
P&C underwriting income	$	710	$	617		15.0%	$	574		23.6%	$	3,434	$	2,430		41.3%	$	2,330		47.4%
P&C CAY underwriting income ex Cats	$	1,646	$	1,442		14.2%	$	1,399		17.7%	$	4,507	$	3,775		19.4%	$	3,683		22.4%
Core operating income	$	1,331	$	1,157		15.1%	$	1,118		19.1%	$	4,758	$	3,920		21.4%	$	3,830		24.2%
Net income	$	812	$	1,833		-55.7%					$	4,001	$	6,398		-37.5%
Operating cash flow	$	3,432	$	3,322							$	8,592	$	8,549
P&C combined ratio
Loss and loss expense ratio		69.6%		68.6%								62.0%		63.9%
Policy acquisition cost and administrative expense ratio		23.5%		24.8%								25.5%		26.5%
Combined ratio		93.1%		93.4%								87.5%		90.4%
P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)
CAY loss and loss expense ratio ex Cats		60.6%		60.1%								58.4%		58.7%
CAY policy acquisition cost and administrative expense ratio ex Cats		23.4%		24.7%								25.3%		26.4%
CAY combined ratio ex Cats		84.0%		84.8%								83.7%		85.1%
Global P&C CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		56.1%		56.2%								56.2%		56.9%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.1%		27.9%								27.2%		27.9%
CAY combined ratio ex Cats		83.2%		84.1%								83.4%		84.8%
ROE		6.5%		12.3%								9.9%		14.4%
Core operating return on tangible equity (ROTE)		14.4%		12.6%								17.2%		14.6%
Core operating return on equity (ROE)		9.4%		8.2%								11.2%		9.4%
Effective tax rate		24.6%		10.7%								18.6%		12.0%
Core operating effective tax rate		19.3%		14.4%								17.9%		15.3%
Diluted earnings per share
Net income	$	1.94	$	4.18		-53.6%					$	9.41	$	14.33		-34.3%
Core operating income	$	3.17	$	2.64		20.1%					$	11.20	$	8.78		27.6%
Weighted average basic common shares outstanding		416.5		435.3								421.3		443.6
Weighted average diluted common shares outstanding		419.6		438.4								425.0		446.6
					% Change				% Change
	September 30		June 30		3Q-22 vs.		December 31		3Q-22 vs.
	2022		2022		2Q-22		2021		4Q-21
Book value per common share	$	114.79	$	123.46		-7.0%	$	139.99		-18.0%
Tangible book value per common share	$	65.91	$	77.71		-15.2%	$	94.38		-30.2%

Financial Highlights                                                                                                                                                                                                                                                               Page 1

Chubb Limited

Statement of Operations - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

																YTD			YTD			Full Year
Consolidated Statements of Operations	3Q-22			2Q-22			1Q-22			4Q-21			3Q-21			2022			2021			2021
Gross premiums written	$	15,015		$	13,047		$	11,504		$	11,320		$	13,055		$	39,566		$	35,460		$	46,780
Net premiums written		12,020			10,302			9,199			9,150			10,510			31,521			28,718			37,868
Net premiums earned		11,535			9,557			8,746			9,321			10,000			29,838			27,034			36,355
Adjusted losses and loss expenses (1)		7,298			5,399			4,786			5,292			6,639			17,483			16,696			21,988
Realized (gains) losses on crop derivatives		19			(9	)		(1	)		-			10			9			8			8
Losses and loss expenses		7,279			5,408			4,787			5,292			6,629			17,474			16,688			21,980
Adjusted policy benefits (2)		553			177			176			199			175			906			508			707
Gains (losses) from fair value changes in separate account liabilities		67			18			31			3			24			116			5			8
Policy benefits		486			159			145			196			151			790			503			699
Policy acquisition costs		1,975			1,739			1,737			1,777			1,778			5,451			5,141			6,918
Administrative expenses		883			818			778			811			806			2,479			2,325			3,136
Adjusted net investment income (3)		1,054			950			901			904			940			2,905			2,815			3,719
Other (income) expense from private equity partnerships		(69	)		(48	)		(63	)		(44	)		(55	)		(180	)		(135	)		(179	)
Amortization expense of fair value adjustment on acquired invested assets		(6	)		(14	)		(16	)		(17	)		(19	)		(36	)		(67	)		(84	)
Net investment income		979			888			822			843			866			2,689			2,613			3,456
Adjusted realized gains (losses) (4)		(365	)		(513	)		100			319			(11	)		(778	)		841			1,160
Realized gains (losses) on crop derivatives		(19	)		9			1			-			(10	)		(9	)		(8	)		(8	)
Net realized gains (losses)		(384	)		(504	)		101			319			(21	)		(787	)		833			1,152
Adjusted interest expense (5)		156			139			137			131			127			432			381			512
Amortization benefit of fair value adjustment on acquired long term debt		(6	)		(5	)		(5	)		(5	)		(5	)		(16	)		(15	)		(20	)
Interest expense		150			134			132			126			122			416			366			492
Gains (losses) from fair value changes in separate account assets		(67	)		(18	)		(31	)		(3	)		(24	)		(116	)		(5	)		(8	)
Net realized gains (losses) related to unconsolidated entities		(184	)		(138	)		267			280			725			(55	)		1,854			2,134
Other income (expense) from private equity partnerships		69			48			63			44			55			180			135			179
Other income (expense) - operating		(6	)		7			11			14			7			12			46			60
Other income (expense)		(188	)		(101	)		310			335			763			21			2,030			2,365
Amortization expense of purchased intangibles		69			71			71			71			71			211			216			287
Cigna integration expenses		23			3			-			-			-			26			-			-
Income tax expense		265			293			355			404			218			913			873			1,277
Net income	$	812		$	1,215		$	1,974		$	2,141		$	1,833		$	4,001		$	6,398		$	8,539

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

(2) Adjusted policy benefits used throughout this report excludes gains and losses from fair value changes in separate account liabilities.

(3) Adjusted net investment income used throughout this report excludes Amortization expense of fair value adjustment on acquired invested assets and includes income from private equity partnerships where we hold more than three percent ownership.

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

(5) 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)

											YTD		YTD		Full Year
Chubb Limited P&C Underwriting Results	3Q-22		2Q-22		1Q-22		4Q-21		3Q-21		2022		2021		2021
P&C underwriting income (Including Corporate and excluding Life Insurance)
Gross premiums written	$	13,663	$	12,437	$	10,885	$	10,646	$	12,409	$	36,985	$	33,507	$	44,153
Net premiums written		10,747		9,731		8,613		8,517		9,901		29,091		26,874		35,391
Net premiums earned		10,286		9,010		8,195		8,708		9,411		27,491		25,245		33,953
Adjusted losses and loss expenses		7,163		5,251		4,632		5,114		6,460		17,046		16,134		21,248
Policy acquisition costs		1,704		1,588		1,586		1,603		1,610		4,878		4,603		6,206
Administrative expenses		709		730		694		725		724		2,133		2,078		2,803
P&C underwriting income	$	710	$	1,441	$	1,283	$	1,266	$	617	$	3,434	$	2,430	$	3,696
P&C CAY underwriting income ex Cats	$	1,646	$	1,485	$	1,376	$	1,396	$	1,442	$	4,507	$	3,775	$	5,171
% Change versus prior year period
Net premiums written		8.5%		9.0%		7.1%		9.6%		16.9%		8.3%		14.2%		13.0%
Net premiums earned		9.3%		9.8%		7.5%		11.8%		15.2%		8.9%		10.5%		10.8%
Net premiums written constant $		11.2%		11.0%		9.0%		9.3%		15.4%		10.5%		12.2%		11.5%
Net premiums earned constant $		12.3%		12.0%		9.1%		11.6%		13.7%		11.2%		8.6%		9.4%
P&C combined ratio
Loss and loss expense ratio		69.6%		58.3%		56.5%		58.7%		68.6%		62.0%		63.9%		62.6%
Policy acquisition cost ratio		16.6%		17.6%		19.3%		18.4%		17.1%		17.7%		18.3%		18.3%
Administrative expense ratio		6.9%		8.1%		8.5%		8.4%		7.7%		7.8%		8.2%		8.2%
Combined ratio		93.1%		84.0%		84.3%		85.5%		93.4%		87.5%		90.4%		89.1%
CAY P&C combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		60.6%		57.8%		56.3%		57.0%		60.1%		58.4%		58.7%		58.3%
CAY policy acquisition cost and administrative expense ratio ex Cats		23.4%		25.7%		27.2%		26.9%		24.7%		25.3%		26.4%		26.5%
CAY combined ratio ex Cats		84.0%		83.5%		83.5%		83.9%		84.8%		83.7%		85.1%		84.8%
Other ratios
Net premiums written/gross premiums written		79%		78%		79%		80%		80%		79%		80%		80%
Expense ratio		23.5%		25.7%		27.8%		26.8%		24.8%		25.5%		26.5%		26.5%
Expense ratio excluding A&H		21.6%		24.1%		26.2%		25.1%		23.1%		23.8%		24.8%		24.8%
Catastrophe reinstatement premiums collected - pre-tax	$	55	$	-	$	-	$	8	$	12	$	55	$	2	$	10
Catastrophe losses - pre-tax	$	1,213	$	291	$	333	$	283	$	1,158	$	1,837	$	2,128	$	2,411
Favorable prior period development (PPD) - pre-tax	$	(222)	$	(247)	$	(240)	$	(145)	$	(321)	$	(709)	$	(781)	$	(926)
Impact of catastrophe losses on P&C combined ratio - Unfavorable		11.3%		3.2%		4.0%		3.2%		12.2%		6.5%		8.4%		7.1%
Impact of PPD on P&C combined ratio - Favorable		-2.2%		-2.7%		-3.2%		-1.6%		-3.6%		-2.7%		-3.1%		-2.8%
Impact of Cats and PPD on P&C combined ratio - Unfavorable		9.1%		0.5%		0.8%		1.6%		8.6%		3.8%		5.3%		4.3%

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.

											YTD		YTD		Full Year
Global P&C (Including Corporate and excluding Agriculture)	3Q-22		2Q-22		1Q-22		4Q-21		3Q-21		2022		2021		2021
Global P&C underwriting income
Gross premiums written	$	11,121	$	11,379	$	10,569	$	10,275	$	10,396	$	33,069	$	30,522	$	40,797
Net premiums written		9,024		8,993		8,551		8,239		8,486		26,568		24,764		33,003
Net premiums earned		8,613		8,437		8,224		8,228		8,073		25,274		23,387		31,615
Adjusted losses and loss expenses		5,719		4,773		4,724		4,706		5,322		15,216		14,580		19,286
Policy acquisition costs		1,636		1,557		1,574		1,579		1,549		4,767		4,503		6,082
Administrative expenses		706		728		695		738		720		2,129		2,068		2,806
Global P&C underwriting income	$	552	$	1,379	$	1,231	$	1,205	$	482	$	3,162	$	2,236	$	3,441
Global P&C CAY underwriting income ex Cats	$	1,448	$	1,402	$	1,350	$	1,310	$	1,292	$	4,200	$	3,556	$	4,866
% Change versus prior year period
Net premiums written		6.3%		6.8%		8.8%		9.5%		13.4%		7.3%		12.9%		12.0%
Net premiums earned		6.7%		8.2%		9.4%		11.1%		12.2%		8.1%		9.2%		9.7%
Net premiums written constant $		9.4%		8.9%		10.7%		9.2%		11.7%		9.7%		10.9%		10.4%
Net premiums earned constant $		10.2%		10.5%		11.1%		10.9%		10.5%		10.6%		7.2%		8.2%
Combined ratio
Loss and loss expense ratio		66.4%		56.6%		57.4%		57.2%		65.9%		60.2%		62.3%		61.0%
Policy acquisition cost ratio		19.0%		18.5%		19.1%		19.2%		19.2%		18.9%		19.3%		19.2%
Administrative expense ratio		8.2%		8.6%		8.5%		9.0%		8.9%		8.4%		8.8%		8.9%
Combined ratio		93.6%		83.7%		85.0%		85.4%		94.0%		87.5%		90.4%		89.1%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		56.1%		56.3%		56.1%		55.8%		56.2%		56.2%		56.9%		56.6%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.1%		27.1%		27.5%		28.3%		27.9%		27.2%		27.9%		28.0%
CAY combined ratio ex Cats		83.2%		83.4%		83.6%		84.1%		84.1%		83.4%		84.8%		84.6%
Other ratios
Net premiums written/gross premiums written		81%		79%		81%		80%		82%		80%		81%		81%
Expense ratio		27.2%		27.1%		27.6%		28.2%		28.1%		27.3%		28.1%		28.1%
Expense ratio excluding A&H		25.3%		25.4%		26.0%		26.5%		26.4%		25.6%		26.4%		26.4%
Catastrophe reinstatement premiums collected - pre-tax	$	55	$	-	$	-	$	10	$	12	$	55	$	2	$	12
Catastrophe losses - pre-tax	$	1,182	$	270	$	333	$	265	$	1,150	$	1,785	$	2,108	$	2,373
Favorable prior period development (PPD) - pre-tax	$	(231)	$	(247)	$	(214)	$	(150)	$	(328)	$	(692)	$	(786)	$	(936)

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
	2022		2022		2022		2021
Assets
Fixed maturities available for sale, at fair value	$	83,741	$	82,069	$	89,479	$	93,108
Fixed maturities held to maturity, at amortized cost		8,976		9,532		9,818		10,118
Equity securities, at fair value		844		2,649		3,596		4,782
Short-term investments, at fair value		4,534		3,431		3,407		3,146
Other investments		13,645		12,168		11,947		11,169
		111,740		109,849		118,247		122,323
Cash		2,128		7,122		1,734		1,659
Securities lending collateral		1,626		1,658		1,800		1,831
Insurance and reinsurance balances receivable		12,853		12,758		11,452		11,322
Reinsurance recoverable on losses and loss expenses		18,754		17,777		17,761		17,366
Deferred policy acquisition costs		5,578		5,602		5,587		5,513
Value of business acquired		3,324		221		231		236
Prepaid reinsurance premiums		3,265		3,356		3,068		3,028
Goodwill and other intangible assets		21,490		20,317		20,643		20,668
Deferred tax assets		-		564		333		-
Investments in partially-owned insurance companies		2,943		3,002		3,161		3,130
Other assets		14,410		13,425		13,973		12,978
Total assets	$	198,111	$	195,651	$	197,990	$	200,054
Liabilities
Unpaid losses and loss expenses	$	75,992	$	74,092	$	73,844	$	72,943
Unearned premiums		20,520		20,386		19,586		19,101
Future policy benefits		9,586		5,940		5,974		5,947
Insurance and reinsurance balances payable		7,829		7,888		7,401		7,243
Securities lending payable		1,626		1,658		1,800		1,831
Accounts payable, accrued expenses, and other liabilities		19,090		17,927		16,320		16,410
Deferred tax liabilities		2		-		-		389
Short-term and long-term debt		15,519		15,785		16,059		16,168
Trust preferred securities		308		308		308		308
Total liabilities		150,472		143,984		141,292		140,340
Shareholders’ equity
Total shareholders’ equity, excl. AOCI		59,819		59,942		60,102		59,364
Accumulated other comprehensive income (loss) (AOCI)		(12,180)		(8,275)		(3,404)		350
Total shareholders’ equity		47,639		51,667		56,698		59,714
Total liabilities and shareholders’ equity	$	198,111	$	195,651	$	197,990	$	200,054
Book value per common share	$	114.79	$	123.46	$	133.82	$	139.99
% change over prior quarter		-7.0%		-7.7%		-4.4%		1.7%
Tangible book value per common share	$	65.91	$	77.71	$	87.93	$	94.38
% change over prior quarter		-15.2%		-11.6%		-6.8%		2.7%
Book value per common share, excl. AOCI	$	144.13	$	143.24	$	141.86	$	139.16
% change over prior quarter		0.6%		1.0%		1.9%		2.8%
Tangible book value per common share, excl. AOCI	$	92.20	$	95.31	$	94.39	$	91.85
% change over prior quarter		-3.3%		1.0%		2.8%		3.9%

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-22		3Q-21		% Change		% Change		2022		2021		% Change		% Change
Net premiums written
Commercial multiple peril (1)	$	341	$	310		10.1%		10.1%	$	972	$	889		9.4%		9.4%
Commercial casualty		2,167		1,957		10.7%		12.8%		5,777		5,215		10.8%		12.5%
Workers’ compensation		476		488		-2.5%		-2.5%		1,625		1,597		1.7%		1.7%
Financial lines		1,270		1,328		-4.4%		-1.9%		3,727		3,681		1.2%		3.2%
Surety		152		139		9.9%		11.8%		477		435		9.7%		11.1%
Property and other short-tail lines		1,756		1,572		11.8%		15.8%		5,503		4,906		12.2%		15.3%
Total Commercial P&C lines		6,162		5,794		6.4%		8.8%		18,081		16,723		8.1%		10.0%
Agriculture		1,723		1,415		21.8%		21.8%		2,523		2,110		19.6%		19.6%
Personal automobile		404		383		5.4%		7.9%		1,239		1,134		9.2%		11.4%
Personal homeowners		1,023		978		4.5%		5.6%		2,910		2,778		4.7%		5.6%
Personal other		451		454		-0.7%		7.8%		1,406		1,386		1.4%		6.8%
Total Personal lines		1,878		1,815		3.4%		6.6%		5,555		5,298		4.8%		7.2%
Total Property and Casualty lines		9,763		9,024		8.2%		10.4%		26,159		24,131		8.4%		10.3%
Global A&H lines (2)		1,518		922		64.7%		75.3%		3,451		2,855		20.9%		26.7%
Reinsurance lines		265		221		19.5%		21.8%		780		702		11.1%		12.2%
Life		474		343		38.6%		48.0%		1,131		1,030		9.9%		15.3%
Total consolidated	$	12,020	$	10,510		14.4%		17.3%	$	31,521	$	28,718		9.8%		12.1%

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

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

Line of Business Page 6

Chubb Limited

Consolidated Results - Three months ended September 30, 2022

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

(Unaudited)

		North America		North America		North America		Overseas
	Commercial P&C			Personal P&C		Agricultural		General		Global				Total		Life		Total
Q3 2022		Insurance		Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated
Net premiums written		$	4,722	$	1,392	$	1,723	$	2,645	$	265	$	-	$	10,747	$	1,273	$	12,020
Net premiums earned			4,283		1,334		1,673		2,741		255		-		10,286		1,249		11,535
Adjusted losses and loss expenses			3,036		857		1,444		1,441		311		74		7,163		135		7,298
Adjusted policy benefits			-		-		-		-		-		-		-		553		553
Policy acquisition costs			583		274		68		720		59		-		1,704		271		1,975
Administrative expenses			272		71		3		264		8		91		709		174		883
Underwriting income (loss)			392		132		158		316		(123)		(165)		710		116		826
Adjusted net investment income			589		76		9		151		71		11		907		147		1,054
Other income (expense) - operating			(6)		(1)		(1)		2		-		(10)		(16)		10		(6)
Amortization expense of purchased intangibles			-		(2)		(7)		(12)		-		(46)		(67)		(2)		(69)
Segment income (loss)		$	975	$	205	$	159	$	457	$	(52)	$	(210)	$	1,534	$	271	$	1,805
Adjusted interest expense													(156)						(156)
Income tax expense													(318)						(318)
Core operating income (loss)													(684)						1,331
Cigna integration expenses, net of $5 million tax benefit													(18)						(18)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $1 million tax benefit													1						1
Adjusted net realized gains (losses), net of $47 million tax benefit (1)													(502)						(502)
Net income (loss)												$	(1,203)					$	812
Combined ratio			90.9%		90.1%		90.6%		88.5%		148.4%				93.1%
CAY combined ratio ex Cats			81.1%		79.5%		88.2%		85.1%		83.0%				84.0%

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

Consol Results - QTD 2022 Page 7

Chubb Limited

Consolidated Results - Nine months ended September 30, 2022

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

(Unaudited)

		North America		North America		North America		Overseas
	Commercial P&C			Personal P&C		Agricultural		General		Global				Total		Life		Total
YTD 2022		Insurance		Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated
Net premiums written		$	13,426	$	3,998	$	2,523	$	8,364	$	780	$	-	$	29,091	$	2,430	$	31,521
Net premiums earned			12,645		3,852		2,217		8,065		712		-		27,491		2,347		29,838
Adjusted losses and loss expenses			7,979		2,343		1,830		4,054		565		275		17,046		437		17,483
Adjusted policy benefits			-		-		-		-		-		-		-		906		906
Policy acquisition costs			1,701		792		111		2,096		178		-		4,878		573		5,451
Administrative expenses			814		213		4		811		27		264		2,133		346		2,479
Underwriting income (loss)			2,151		504		272		1,104		(58)		(539)		3,434		85		3,519
Adjusted net investment income			1,600		199		23		460		232		32		2,546		359		2,905
Other income (expense) - operating			(12)		(3)		(1)		(3)		(1)		(18)		(38)		50		12
Amortization expense of purchased intangibles			-		(7)		(20)		(40)		-		(137)		(204)		(7)		(211)
Segment income (loss)		$	3,739	$	693	$	274	$	1,521	$	173	$	(662)	$	5,738	$	487	$	6,225
Adjusted interest expense													(432)						(432)
Income tax expense													(1,035)						(1,035)
Core operating income (loss)													(2,129)						4,758
Cigna integration expenses, net of $6 million tax benefit													(20)						(20)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $7 million tax benefit													(13)						(13)
Adjusted net realized gains (losses), net of $109 million tax benefit (1)													(724)						(724)
Net income (loss)												$	(2,886)					$	4,001
Combined ratio			83.0%		86.9%		87.8%		86.3%		108.2%				87.5%
CAY combined ratio ex Cats			81.2%		79.6%		87.1%		85.6%		81.0%				83.7%

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

Consol Results - YTD 2022 Page 8

Chubb Limited

Consolidated Results - Three months ended September 30, 2021

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

(Unaudited)

		North America		North America		North America		Overseas
	Commercial P&C			Personal P&C		Agricultural		General		Global				Total		Life		Total
Q3 2021		Insurance		Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated
Net premiums written		$	4,369	$	1,300	$	1,415	$	2,596	$	221	$	-	$	9,901	$	609	$	10,510
Net premiums earned			3,954		1,244		1,338		2,664		211		-		9,411		589		10,000
Adjusted losses and loss expenses			2,754		846		1,138		1,487		192		43		6,460		179		6,639
Adjusted policy benefits			-		-		-		-		-		-		-		175		175
Policy acquisition costs			537		254		61		703		55		-		1,610		168		1,778
Administrative expenses			273		73		4		266		9		99		724		82		806
Underwriting income (loss)			390		71		135		208		(45)		(142)		617		(15)		602
Adjusted net investment income			507		60		6		157		99		9		838		102		940
Other income (expense) - operating			(8)		(1)		-		-		-		(3)		(12)		19		7
Amortization expense of purchased intangibles			-		(2)		(7)		(11)		-		(49)		(69)		(2)		(71)
Segment income (loss)		$	889	$	128	$	134	$	354	$	54	$	(185)	$	1,374	$	104	$	1,478
Adjusted interest expense													(127)						(127)
Income tax expense													(194)						(194)
Core operating income (loss)													(506)						1,157
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $3 million tax benefit													(11)						(11)
Adjusted net realized gains (losses), net of $27 million tax (1)													687						687
Net income												$	170					$	1,833
Combined ratio			90.1%		94.3%		89.9%		92.2%		121.4%				93.4%
CAY combined ratio ex Cats			82.4%		77.0%		88.9%		86.2%		83.5%				84.8%

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

Consol Results - QTD 2021 Page 9

Chubb Limited

Consolidated Results - Nine months ended September 30, 2021

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

(Unaudited)

		North America		North America		North America		Overseas
	Commercial P&C			Personal P&C		Agricultural		General		Global				Total		Life		Total
YTD 2021		Insurance		Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated
Net premiums written		$	12,318	$	3,761	$	2,110	$	7,983	$	702	$	-	$	26,874	$	1,844	$	28,718
Net premiums earned			11,431		3,652		1,858		7,721		583		-		25,245		1,789		27,034
Adjusted losses and loss expenses			7,740		2,341		1,554		3,936		422		141		16,134		562		16,696
Adjusted policy benefits			-		-		-		-		-		-		-		508		508
Policy acquisition costs			1,540		746		100		2,070		147		-		4,603		538		5,141
Administrative expenses			772		200		10		811		27		258		2,078		247		2,325
Underwriting income (loss)			1,379		365		194		904		(13)		(399)		2,430		(66)		2,364
Adjusted net investment income			1,582		189		21		447		250		25		2,514		301		2,815
Other income (expense) - operating			(24)		3		-		(3)		-		(9)		(33)		79		46
Amortization expense of purchased intangibles			-		(8)		(20)		(36)		-		(148)		(212)		(4)		(216)
Segment income (loss)		$	2,937	$	549	$	195	$	1,312	$	237	$	(531)	$	4,699	$	310	$	5,009
Adjusted interest expense													(381)						(381)
Income tax expense													(708)						(708)
Core operating income (loss)													(1,620)						3,920
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $11 million tax benefit													(41)						(41)
Adjusted net realized gains (losses), net of $176 million tax (1)													2,519						2,519
Net income												$	858					$	6,398
Combined ratio			87.9%		90.0%		89.6%		88.3%		102.2%				90.4%
CAY combined ratio ex Cats			83.2%		78.3%		88.2%		87.4%		81.0%				85.1%

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

Consol Results - YTD 2021 Page 10

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Commercial P&C Insurance	3Q-22		2Q-22		1Q-22		4Q-21		3Q-21		YTD 2022		YTD 2021		Full Year 2021
Gross premiums written	$	5,937	$	6,078	$	5,132	$	5,347	$	5,471	$	17,147	$	15,472	$	20,819
Net premiums written		4,722		4,665		4,039		4,097		4,369		13,426		12,318		16,415
Net premiums earned		4,283		4,248		4,114		4,030		3,954		12,645		11,431		15,461
Losses and loss expenses		3,036		2,446		2,497		2,275		2,754		7,979		7,740		10,015
Policy acquisition costs		583		545		573		542		537		1,701		1,540		2,082
Administrative expenses		272		277		265		280		273		814		772		1,052
Underwriting income		392		980		779		933		390		2,151		1,379		2,312
Adjusted net investment income		589		522		489		496		507		1,600		1,582		2,078
Other income (expense) - operating		(6)		-		(6)		(7)		(8)		(12)		(24)		(31)
Segment income	$	975	$	1,502	$	1,262	$	1,422	$	889	$	3,739	$	2,937	$	4,359
CAY underwriting income ex Cats	$	824	$	817	$	752	$	724	$	705	$	2,393	$	1,938	$	2,662
Combined ratio
Loss and loss expense ratio		70.9%		57.6%		60.7%		56.4%		69.7%		63.1%		67.7%		64.8%
Policy acquisition cost ratio		13.6%		12.8%		13.9%		13.4%		13.5%		13.5%		13.5%		13.4%
Administrative expense ratio		6.4%		6.5%		6.5%		7.0%		6.9%		6.4%		6.7%		6.8%
Combined ratio		90.9%		76.9%		81.1%		76.8%		90.1%		83.0%		87.9%		85.0%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		61.5%		61.4%		61.5%		61.6%		62.3%		61.5%		63.1%		62.7%
CAY policy acquisition cost and administrative expense ratio ex Cats		19.6%		19.4%		20.2%		20.4%		20.1%		19.7%		20.1%		20.2%
CAY combined ratio ex Cats		81.1%		80.8%		81.7%		82.0%		82.4%		81.2%		83.2%		82.9%
Catastrophe losses - pre-tax	$	598	$	124	$	81	$	113	$	472	$	803	$	999	$	1,112
Favorable prior period development (PPD) - pre-tax	$	(166)	$	(287)	$	(108)	$	(322)	$	(157)	$	(561)	$	(440)	$	(762)
% Change versus prior year period
Net premiums written		8.1%		8.9%		10.2%		10.0%		15.6%		9.0%		14.6%		13.4%
Net premiums earned		8.3%		11.7%		12.0%		14.0%		14.4%		10.6%		9.6%		10.7%
Other ratios
Net premiums written/gross premiums written		80%		77%		79%		77%		80%		78%		80%		79%
Production by Size - Net premiums written (1)
Major Accounts & Specialty	$	2,869	$	2,895	$	2,336	$	2,458	$	2,615	$	8,100	$	7,378	$	9,836
Commercial		1,853		1,770		1,703		1,639		1,754		5,326		4,940		6,579
Total	$	4,722	$	4,665	$	4,039	$	4,097	$	4,369	$	13,426	$	12,318	$	16,415

(1) 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	3Q-22		2Q-22		1Q-22		4Q-21		3Q-21		YTD 2022		YTD 2021		Full Year 2021
Gross premiums written	$	1,575	$	1,626	$	1,350	$	1,421	$	1,480	$	4,551	$	4,299	$	5,720
Net premiums written		1,392		1,426		1,180		1,241		1,300		3,998		3,761		5,002
Net premiums earned		1,334		1,271		1,247		1,263		1,244		3,852		3,652		4,915
Losses and loss expenses		857		773		713		583		846		2,343		2,341		2,924
Policy acquisition costs		274		258		260		255		254		792		746		1,001
Administrative expenses		71		73		69		76		73		213		200		276
Underwriting income		132		167		205		349		71		504		365		714
Net investment income		76		64		59		60		60		199		189		249
Other income (expense) - operating		(1)		(1)		(1)		(1)		(1)		(3)		3		2
Amortization expense of purchased intangibles		(2)		(3)		(2)		(2)		(2)		(7)		(8)		(10)
Segment income	$	205	$	227	$	261	$	406	$	128	$	693	$	549	$	955
CAY underwriting income ex Cats	$	273	$	259	$	254	$	291	$	286	$	786	$	797	$	1,088
Combined ratio
Loss and loss expense ratio		64.2%		60.8%		57.2%		46.1%		68.0%		60.8%		64.1%		59.5%
Policy acquisition cost ratio		20.6%		20.3%		20.8%		20.2%		20.4%		20.6%		20.4%		20.4%
Administrative expense ratio		5.3%		5.8%		5.5%		6.0%		5.9%		5.5%		5.5%		5.6%
Combined ratio		90.1%		86.9%		83.5%		72.3%		94.3%		86.9%		90.0%		85.5%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		53.6%		53.6%		53.3%		50.8%		50.7%		53.5%		52.5%		52.0%
CAY policy acquisition cost and administrative expense ratio ex Cats		25.9%		26.1%		26.3%		26.2%		26.3%		26.1%		25.8%		25.9%
CAY combined ratio ex Cats		79.5%		79.7%		79.6%		77.0%		77.0%		79.6%		78.3%		77.9%
Catastrophe reinstatement premiums expensed - pre-tax	$	-	$	-	$	-	$	-	$	-	$	-	$	(16)	$	(16)
Unfavorable (favorable) Catastrophe losses - pre-tax	$	274	$	95	$	100	$	(19)	$	397	$	469	$	682	$	663
Favorable prior period development (PPD) - pre-tax	$	(133)	$	(3)	$	(51)	$	(39)	$	(182)	$	(187)	$	(266)	$	(305)
% Change versus prior year period
Net premiums written		7.1%		4.7%		7.4%		3.3%		1.2%		6.3%		1.1%		1.7%
Net premiums earned		7.2%		3.9%		5.3%		1.6%		1.0%		5.5%		0.8%		1.0%
Other ratios
Net premiums written/gross premiums written		88%		88%		87%		87%		88%		88%		87%		87%

NA Personal Page 12

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Agricultural Insurance	3Q-22		2Q-22		1Q-22		4Q-21		3Q-21		YTD 2022		YTD 2021		Full Year 2021
Gross premiums written	$	2,542	$	1,058	$	316	$	371	$	2,013	$	3,916	$	2,985	$	3,356
Net premiums written		1,723		738		62		278		1,415		2,523		2,110		2,388
Net premiums earned		1,673		573		(29)		480		1,338		2,217		1,858		2,338
Adjusted losses and loss expenses		1,444		478		(92)		408		1,138		1,830		1,554		1,962
Policy acquisition costs		68		31		12		24		61		111		100		124
Administrative expenses		3		2		(1)		(13)		4		4		10		(3)
Underwriting income		158		62		52		61		135		272		194		255
Net investment income		9		7		7		7		6		23		21		28
Other income (expense) - operating		(1)		-		-		(1)		-		(1)		-		(1)
Amortization expense of purchased intangibles		(7)		(6)		(7)		(6)		(7)		(20)		(20)		(26)
Segment income	$	159	$	63	$	52	$	61	$	134	$	274	$	195	$	256
CAY underwriting income ex Cats	$	198	$	83	$	26	$	86	$	150	$	307	$	219	$	305
Combined ratio
Loss and loss expense ratio		86.3%		83.3%		NM		85.1%		85.0%		82.5%		83.6%		83.9%
Policy acquisition cost ratio		4.1%		5.4%		NM		4.9%		4.6%		5.1%		5.4%		5.3%
Administrative expense ratio		0.2%		0.4%		NM		-2.7%		0.3%		0.2%		0.6%		-0.1%
Combined ratio		90.6%		89.1%		NM		87.3%		89.9%		87.8%		89.6%		89.1%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		84.0%		79.6%		70.6%		78.2%		84.0%		82.2%		82.3%		81.5%
CAY policy acquisition cost and administrative expense ratio ex Cats		4.2%		5.8%		8.9%		3.0%		4.9%		4.9%		5.9%		5.3%
CAY combined ratio ex Cats		88.2%		85.4%		79.5%		81.2%		88.9%		87.1%		88.2%		86.8%
Catastrophe reinstatement premiums expensed - pre-tax	$	-	$	-	$	-	$	(2)	$	-	$	-	$	-	$	(2)
Catastrophe losses - pre-tax	$	31	$	21	$	-	$	18	$	8	$	52	$	20	$	38
Unfavorable (favorable) prior period development (PPD) -pre-tax	$	9	$	-	$	(26)	$	5	$	7	$	(17)	$	5	$	10
% Change versus prior year period
Net premiums written		21.8%		44.0%		-65.9%		14.6%		43.6%		19.6%		31.6%		29.3%
Net premiums earned		25.0%		39.6%		NM		25.8%		37.9%		19.3%		29.0%		28.3%
Other ratios
Net premiums written/gross premiums written		68%		70%		20%		75%		70%		64%		71%		71%

NA Agriculture Page 13

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

Overseas General Insurance	3Q-22		2Q-22		1Q-22		4Q-21		3Q-21		YTD 2022		YTD 2021		Full Year 2021
Gross premiums written	$	3,313	$	3,345	$	3,798	$	3,320	$	3,202	$	10,456	$	9,942	$	13,262
Net premiums written		2,645		2,640		3,079		2,730		2,596		8,364		7,983		10,713
Net premiums earned		2,741		2,696		2,628		2,720		2,664		8,065		7,721		10,441
Losses and loss expenses		1,441		1,224		1,389		1,207		1,487		4,054		3,936		5,143
Policy acquisition costs		720		697		679		729		703		2,096		2,070		2,799
Administrative expenses		264		278		269		267		266		811		811		1,078
Underwriting income		316		497		291		517		208		1,104		904		1,421
Adjusted net investment income		151		162		147		150		157		460		447		597
Other income (expense) - operating		2		(3)		(2)		3		-		(3)		(3)		-
Amortization expense of purchased intangibles		(12)		(14)		(14)		(12)		(11)		(40)		(36)		(48)
Segment income	$	457	$	642	$	422	$	658	$	354	$	1,521	$	1,312	$	1,970
CAY underwriting income ex Cats	$	409	$	373	$	382	$	365	$	368	$	1,164	$	973	$	1,338
Combined ratio
Loss and loss expense ratio		52.6%		45.4%		52.9%		44.4%		55.8%		50.3%		51.0%		49.3%
Policy acquisition cost ratio		26.3%		25.9%		25.8%		26.8%		26.4%		26.0%		26.8%		26.8%
Administrative expense ratio		9.6%		10.3%		10.2%		9.8%		10.0%		10.0%		10.5%		10.3%
Combined ratio		88.5%		81.6%		88.9%		81.0%		92.2%		86.3%		88.3%		86.4%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		49.2%		50.0%		49.4%		50.0%		49.8%		49.5%		50.1%		50.1%
CAY policy acquisition cost and administrative expense ratio ex Cats		35.9%		36.2%		36.1%		36.6%		36.4%		36.1%		37.3%		37.1%
CAY combined ratio ex Cats		85.1%		86.2%		85.5%		86.6%		86.2%		85.6%		87.4%		87.2%
Catastrophe losses - pre-tax	$	98	$	49	$	151	$	80	$	188	$	298	$	278	$	358
Favorable prior period development (PPD) - pre-tax	$	(5)	$	(173)	$	(60)	$	(232)	$	(28)	$	(238)	$	(209)	$	(441)
% Change versus prior year period
Net premiums written		1.9%		5.7%		6.5%		10.2%		15.9%		4.8%		16.4%		14.8%
Net premiums written - Commercial		2.5%		7.0%		8.6%		15.0%		20.6%		6.1%		23.8%		21.4%
Net premiums written - Consumer		1.1%		3.9%		3.0%		3.2%		9.2%		2.7%		6.4%		5.6%
Net premiums earned		2.9%		4.6%		6.0%		11.2%		13.9%		4.5%		12.9%		12.5%
Net premiums written constant $		11.7%		12.4%		11.9%		9.9%		11.2%		12.0%		10.8%		10.6%
Net premiums written - Commercial		11.0%		13.0%		13.6%		14.3%		16.0%		12.6%		17.8%		16.9%
Net premiums written - Consumer		12.7%		11.6%		9.0%		3.3%		4.5%		11.0%		1.3%		1.8%
Net premiums earned constant $		13.1%		11.1%		11.0%		11.0%		9.7%		11.7%		7.5%		8.4%
Other ratios: Net premiums written/gross premiums written		80%		79%		81%		82%		81%		80%		80%		81%

Production by Region - Net premiums written	3Q-22		3Q-21		% Change		Constant $     % Change		YTD 2022		YTD 2021		% Change		Constant $     % Change
Europe, Middle East and Africa	$	1,133	$	1,173		-3.4%		7.4%	$	3,990	$	3,912		2.0%		9.5%
Latin America		565		501		12.9%		18.6%		1,719		1,489		15.5%		19.9%
Asia Pacific		801		732		9.5%		19.1%		2,134		1,987		7.4%		15.0%
Japan		101		116		-12.8%		7.0%		359		402		-10.7%		2.7%
Other (1)		45		74		-39.8%		-37.1%		162		193		-16.3%		-13.1%
Total	$	2,645	$	2,596		1.9%		11.7%	$	8,364	$	7,983		4.8%		12.0%

(1) Includes the company’s international supplemental A&H business of Combined Insurance and other international operations including mainland China.

Overseas General Insurance Page 14

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

Global Reinsurance	3Q-22			2Q-22			1Q-22			4Q-21			3Q-21			YTD   2022			YTD   2021			Full Year   2021
Gross premiums written	$	296		$	330		$	289		$	187		$	243		$	915		$	809		$	996
Net premiums written		265			262			253			171			221			780			702			873
Net premiums earned		255			222			235			215			211			712			583			798
Losses and loss expenses		311			139			115			210			192			565			422			632
Policy acquisition costs		59			57			62			53			55			178			147			200
Administrative expenses		8			10			9			8			9			27			27			35
Underwriting income (loss)		(123	)		16			49			(56	)		(45	)		(58	)		(13	)		(69	)
Adjusted net investment income		71			76			85			81			99			232			250			331
Other income (expense) - operating		-			(1	)		-			-			-			(1	)		-			-
Segment income (loss)	$	(52	)	$	91		$	134		$	25		$	54		$	173		$	237		$	262
CAY underwriting income ex Cats	$	34		$	43		$	47		$	39		$	32		$	124		$	107		$	146
Combined ratio
Loss and loss expense ratio		122.1%			62.6%			48.8%			97.6%			91.2%			79.4%			72.4%			79.2%
Policy acquisition cost ratio		22.9%			25.6%			26.5%			24.6%			26.0%			25.0%			25.2%			25.1%
Administrative expense ratio		3.4%			4.6%			3.7%			4.0%			4.2%			3.8%			4.6%			4.4%
Combined ratio		148.4%			92.8%			79.0%			126.2%			121.4%			108.2%			102.2%			108.7%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		49.6%			49.7%			49.9%			51.3%			52.0%			49.8%			50.5%			50.7%
CAY policy acquisition cost and administrative expense ratio ex Cats		33.4%			30.7%			30.0%			30.3%			31.5%			31.2%			30.5%			30.5%
CAY combined ratio ex Cats		83.0%			80.4%			79.9%			81.6%			83.5%			81.0%			81.0%			81.2%
Catastrophe reinstatement premiums collected - pre-tax	$	55		$	-		$	-		$	10		$	12		$	55		$	18		$	28
Catastrophe losses - pre-tax	$	212		$	2		$	1		$	91		$	93		$	215		$	149		$	240
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	-		$	25		$	(3	)	$	14		$	(4	)	$	22		$	(11	)	$	3
% Change versus prior year period
Net premiums written as reported		19.5%			-4.0%			22.0%			36.9%			22.3%			11.1%			15.9%			19.5%
Net premiums earned as reported		20.9%			15.2%			30.8%			20.6%			23.8%			22.0%			12.2%			14.3%
Net premiums written constant $		21.8%			-3.2%			22.4%			35.9%			20.6%			12.2%			14.4%			18.0%
Net premiums earned constant $		23.9%			17.2%			32.1%			19.9%			21.8%			24.2%			10.4%			12.8%
Other ratios
Net premiums written/gross premiums written		89%			80%			87%			91%			91%			85%			87%			88%

Global Reinsurance Page 15

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Life Insurance	3Q-22			2Q-22			1Q-22			4Q-21			3Q-21			YTD     2022			YTD     2021			Full Year     2021
Gross premiums written	$	1,352		$	610		$	619		$	674		$	646		$	2,581		$	1,953		$	2,627
Net premiums written		1,273			571			586			633			609			2,430			1,844			2,477
Net premiums earned		1,249			547			551			613			589			2,347			1,789			2,402
Losses and loss expenses		135			148			154			178			179			437			562			740
Adjusted policy benefits		553			177			176			199			175			906			508			707
Policy acquisition costs		271			151			151			174			168			573			538			712
Administrative expenses		174			88			84			86			82			346			247			333
Net investment income		147			109			103			106			102			359			301			407
Life Insurance underwriting income (1)		263			92			89			82			87			444			235			317
Other income (expense) - operating		10			12			28			27			19			50			79			106
Amortization expense of purchased intangibles		(2	)		(3	)		(2	)		(1	)		(2	)		(7	)		(4	)		(5	)
Segment income	$	271		$	101		$	115		$	108		$	104		$	487		$	310		$	418
% Change versus prior year period
Net premiums written		108.8%			-7.2%			-5.5%			-1.3%			0.0%			31.7%			-1.5%			-1.5%
Net premiums earned		112.0%			-9.6%			-7.5%			-4.9%			-1.6%			31.1%			-2.6%			-3.2%
Net premiums written constant $		117.4%			-4.9%			-3.5%			-1.0%			-1.4%			35.5%			-3.4%			-2.8%
Net premiums earned constant $		120.8%			-7.2%			-5.4%			-4.7%			-3.0%			35.1%			-4.5%			-4.6%
(1) We assess the performance of our Life Insurance business based on Life Insurance underwriting income which includes Net investment income and (Gains) losses from fair value changes in separate account assets. International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses):
	3Q-22			3Q-21			% Change			Constant $   % Change			YTD     2022			YTD     2021			% Change			Constant $  % Change
International life insurance net premiums written	$	1,009		$	321			214.1%			237.1%		$	1,626		$	969			67.9%			76.7%
International life insurance deposits (2)		449			658			-31.8%			-27.1%			1,433			1,814			-21.0%			-18.6%
Total international life insurance net premiums written and deposits	$	1,458		$	979			48.9%			59.4%		$	3,059		$	2,783			9.9%			14.1%
International life insurance segment income	$	199		$	31			NM			NM		$	298		$	118			152.0%			149.0%

(2) 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	3Q-22			2Q-22			1Q-22			4Q-21			3Q-21			YTD     2022			YTD     2021			Full Year     2021
Gross premiums written	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Net premiums written		-			-			-			-			-			-			-			-
Net premiums earned		-			-			-			-			-			-			-			-
Losses and loss expenses		74			191			10			431			43			275			141			572
Policy acquisition costs		-			-			-			-			-			-			-			-
Administrative expenses		91			90			83			107			99			264			258			365
Underwriting loss		(165	)		(281	)		(93	)		(538	)		(142	)		(539	)		(399	)		(937	)
Adjusted net investment income		11			10			11			4			9			32			25			29
Other income (expense) - operating		(10	)		-			(8	)		(7	)		(3	)		(18	)		(9	)		(16	)
Adjusted interest expense		(156	)		(139	)		(137	)		(131	)		(127	)		(432	)		(381	)		(512	)
Amortization expense of purchased intangibles		(46	)		(45	)		(46	)		(50	)		(49	)		(137	)		(148	)		(198	)
Income tax expense		(318	)		(384	)		(333	)		(309	)		(194	)		(1,035	)		(708	)		(1,017	)
Core operating loss		(684	)		(839	)		(606	)		(1,031	)		(506	)		(2,129	)		(1,620	)		(2,651	)
Cigna integration expenses, net of tax		(18	)		(2	)		-			-			-			(20	)		-			-
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		1			(5	)		(9)			(12	)		(11	)		(13	)		(41	)		(53	)
Adjusted net realized gains (losses), net of tax		(502	)		(565	)		343			504			687			(724	)		2,519			3,023
Net income (loss)	$	(1,203	)	$	(1,411	)	$	(272)		$	(539	)	$	170		$	(2,886	)	$	858		$	319
Unfavorable prior period development (PPD) - pre-tax	$	73		$	191		$	8		$	429		$	43		$	272		$	140		$	569

Corporate Page 17

Chubb Limited

Loss Reserve Rollforward

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

(Unaudited)

	Unpaid Losses						Net Paid to    Incurred Ratio
	Gross		Ceded		Net
Balance at December 31, 2020	$	67,811	$	14,647	$	53,164
Losses and loss expenses incurred		6,467		1,414		5,053
Losses and loss expenses paid		(5,100)		(1,207)		(3,893)		77%
Other (incl. foreign exch. revaluation)		77		6		71
Balance at March 31, 2021	$	69,255	$	14,860	$	54,395
Losses and loss expenses incurred		5,898		892		5,006
Losses and loss expenses paid		(5,100)		(1,107)		(3,993)		80%
Other (incl. foreign exch. revaluation)		236		76		160
Balance at June 30, 2021	$	70,289	$	14,721	$	55,568
Losses and loss expenses incurred		8,492		1,863		6,629
Losses and loss expenses paid		(5,750)		(943)		(4,807)		73%
Other (incl. foreign exch. revaluation)		(400)		(91)		(309)
Balance at September 30, 2021	$	72,631	$	15,550	$	57,081
Losses and loss expenses incurred		7,176		1,884		5,292
Losses and loss expenses paid		(6,292)		(1,101)		(5,191)		98%
Other (incl. foreign exch. revaluation)		(572)		(149)		(423)
Balance at December 31, 2021	$	72,943	$	16,184	$	56,759
Losses and loss expenses incurred		6,260		1,473		4,787
Losses and loss expenses paid		(5,308)		(947)		(4,361)		91%
Other (incl. foreign exch. revaluation)		(51)		(64)		13
Balance at March 31, 2022	$	73,844	$	16,646	$	57,198
Losses and loss expenses incurred		6,743		1,335		5,408
Losses and loss expenses paid		(5,719)		(1,233)		(4,486)		83%
Other (incl. foreign exch. revaluation)		(776)		(175)		(601)
Balance at June 30, 2022	$	74,092	$	16,573	$	57,519
Losses and loss expenses incurred		9,854		2,575		7,279
Losses and loss expenses paid		(6,988)		(1,514)		(5,474)		75%
Other (incl. foreign exch. revaluation)		(966)		(254)		(712)
Balance at September 30, 2022	$	75,992	$	17,380	$	58,612
Add net recoverable on paid losses		-		1,374		(1,374)
Balance including net recoverable on paid losses	$	75,992	$	18,754	$	57,238

Loss Reserve Rollforward Page 18

Chubb Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)

Net Reinsurance Recoverable by Division

	September 30     2022			June 30     2022			March 31     2022			December 31     2021
Reinsurance recoverable on paid losses and loss expenses
Active operations	$	1,161		$	1,077		$	978		$	1,038
Brandywine and Other Run-off		268			185			190			202
Total	$	1,429		$	1,262		$	1,168		$	1,240
Reinsurance recoverable on unpaid losses and loss expenses
Active operations	$	16,272		$	15,385		$	15,494		$	14,965
Brandywine and Other Run-off		1,405			1,471			1,428			1,490
Total	$	17,677		$	16,856		$	16,922		$	16,455
Gross reinsurance recoverable
Active operations	$	17,433		$	16,462		$	16,472		$	16,003
Brandywine and Other Run-off		1,673			1,656			1,618			1,692
Total	$	19,106		$	18,118		$	18,090		$	17,695
Provision for uncollectible reinsurance (1)
Active operations	$	(221	)	$	(220	)	$	(210	)	$	(190	)
Brandywine and Other Run-off		(131	)		(121	)		(119	)		(139	)
Total	$	(352	)	$	(341	)	$	(329	)	$	(329	)
Net reinsurance recoverable
Active operations	$	17,212		$	16,242		$	16,262		$	15,813
Brandywine and Other Run-off		1,542			1,535			1,499			1,553
Total	$	18,754		$	17,777		$	17,761		$	17,366

(1) The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $3.8 billion.

Reinsurance Recoverable Page 19

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)

	September 30 2022				June 30 2022				March 31 2022				December 31 2021
Market Value
Fixed maturities available for sale	$	83,741			$	82,069			$	89,479			$	93,108
Fixed maturities held to maturity		8,491				9,333				9,888				10,647
Short-term investments		4,534				3,431				3,407				3,146
Total fixed maturities	$	96,766			$	94,833			$	102,774			$	106,901
Asset Allocation by Market Value
U.S. Treasury / Agency	$	3,785	4	%	$	3,450	4	%	$	3,276	3	%	$	3,458	3	%
Corporate and asset-backed securities		37,965	39	%		36,793	38	%		39,604	39	%		41,264	39	%
Mortgage-backed securities		17,673	18	%		18,933	20	%		21,489	21	%		22,292	21	%
Municipal		7,670	8	%		8,338	9	%		9,023	9	%		9,650	9	%
Non-U.S.		25,139	26	%		23,888	25	%		25,975	25	%		27,091	25	%
Short-term investments		4,534	5	%		3,431	4	%		3,407	3	%		3,146	3	%
Total fixed maturities	$	96,766	100	%	$	94,833	100	%	$	102,774	100	%	$	106,901	100	%
Credit Quality by Market Value
AAA	$	14,715	15	%	$	13,946	15	%	$	15,029	15	%	$	15,364	14	%
AA		30,778	32	%		30,771	32	%		33,592	33	%		35,179	33	%
A		17,916	18	%		17,326	18	%		18,821	18	%		20,171	19	%
BBB		16,067	17	%		15,726	17	%		16,820	16	%		17,362	16	%
BB		8,621	9	%		8,514	9	%		9,065	9	%		9,084	8	%
B		8,265	9	%		8,167	9	%		8,983	9	%		9,202	9	%
Other		404	0	%		383	0	%		464	0	%		539	1	%
Total fixed maturities	$	96,766	100	%	$	94,833	100	%	$	102,774	100	%	$	106,901	100	%
Cost/Amortized Cost, net
Fixed maturities available for sale	$	93,169			$	88,438			$	91,499			$	90,479
Fixed maturities held to maturity		8,976				9,532				9,818				10,118
Short-term investments		4,536				3,433				3,408				3,147
Subtotal fixed maturities (1)		106,681				101,403				104,725				103,744
Equity securities		844				2,649				3,596				4,782
Other investments		13,645				12,168				11,947				11,169
Total investment portfolio	$	121,170			$	116,220			$	120,268			$	119,695
Avg. duration of fixed maturities		4.5 years				4.3 years				4.2 years				4.1 years
Avg. market yield of fixed maturities		5.8%				4.7%				3.4%				2.3%
Avg. credit quality		A/A				A/A				A/A				A/A
Avg. yield on invested assets (2)		3.4%				3.2%				3.0%				3.1%

(1) Net of valuation allowance for expected credit losses.

(2) 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, 2022
Agency residential mortgage-backed securities (RMBS)	$	8	$	14,233	$	-	$	-	$	-	$	14,241
Non-agency RMBS		483		42		57		38		5		625
Commercial mortgage-backed securities		2,439		215		141		9		3		2,807
Total mortgage-backed securities at market value	$	2,930	$	14,490	$	198	$	47	$	8	$	17,673
U.S. Corporate and Asset-backed Fixed Income Portfolios
Market Value at September 30, 2022			S&P Credit Rating
			Investment Grade
			AAA		AA		A		BBB		Total
Asset-backed			$	4,551	$	895	$	46	$	53	$	5,545
Banks				-		9		2,282		1,668		3,959
Basic Materials				-		-		100		262		362
Communications				-		148		334		1,338		1,820
Consumer, Cyclical				-		148		510		768		1,426
Consumer, Non-Cyclical				35		448		1,605		1,562		3,650
Diversified Financial Services				1		142		431		300		874
Energy				-		64		160		850		1,074
Industrial				-		10		713		814		1,537
Utilities				121		2		928		689		1,740
All Others				160		370		1,485		1,691		3,706
Total			$	4,868	$	2,236	$	8,594	$	9,995	$	25,693
Market Value at September 30, 2022					S&P Credit Rating
					Below Investment Grade
					BB		B		CCC		Total
Asset-backed					$	23	$	7	$	1	$	31
Banks						-		-		-		-
Basic Materials						323		225		7		555
Communications						843		944		46		1,833
Consumer, Cyclical						997		1,176		32		2,205
Consumer, Non-Cyclical						1,087		1,338		62		2,487
Diversified Financial Services						217		201		14		432
Energy						493		337		3		833
Industrial						580		834		39		1,453
Utilities						199		107		-		306
All Others						988		1,106		43		2,137
Total					$	5,750	$	6,275	$	247	$	12,272

Investments 2 Page 21

Chubb Limited

Investment Portfolio - 3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

September 30, 2022

Non-U.S. Government Securities	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Republic of Korea	$	-	$	1,416	$	-	$	-	$	-	$	1,416
Canada		864		-		-		-		-		864
Taiwan		-		804		-		-		-		804
Federative Republic of Brazil		-		-		-		-		581		581
Province of Ontario		-		-		535		-		-		535
United Mexican States		-		-		-		486		-		486
Kingdom of Thailand		-		-		415		-		-		415
Province of Quebec		-		377		-		-		-		377
Commonwealth of Australia		364		-		1		-		-		365
Socialist Republic of Vietnam		-		-		-		-		357		357
Other Non-U.S. Government Securities		438		1,765		913		599		817		4,532
Total	$	1,666	$	4,362	$	1,864	$	1,085	$	1,755	$	10,732
Non-U.S. Corporate Securities	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
United Kingdom	$	35	$	22	$	701	$	810	$	461	$	2,029
Canada		80		94		648		547		378		1,747
South Korea		-		402		440		258		6		1,106
France		4		43		614		291		108		1,060
United States (1)		-		2		155		239		626		1,022
Australia		46		172		293		326		11		848
Japan		-		-		579		128		-		707
Switzerland		46		9		263		163		15		496
Netherlands		44		-		240		91		99		474
Germany		49		29		107		212		46		443
Other Non-U.S. Corporate Securities		210		367		1,255		1,456		1,187		4,475
Total	$	514	$	1,140	$	5,295	$	4,521	$	2,937	$	14,407

(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, 2022	Market Value		Rating
1	Bank of America Corp	$	713	A-
2	JP Morgan Chase & Co		590	A-
3	Morgan Stanley		587	A-
4	Wells Fargo & Co		531	BBB+
5	Citigroup Inc		482	BBB+
6	Goldman Sachs Group Inc		458	BBB+
7	Verizon Communications Inc		418	BBB+
8	Comcast Corp		353	A-
9	HSBC Holdings Plc		330	A-
10	AT&T Inc		328	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, 2022
	Realized Gains (Losses)								Unrealized Gains (Losses)							Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains		Gains			Tax		Gains		Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)		(Losses)			(Expense)		(Losses)		(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax		Pre-Tax			Benefit		After-Tax		Pre-Tax			Benefit			After-Tax
Fixed income investments (1)	$	(477	)	$	84		$	(393)	$	(3,045	)	$	147	$	(2,898)	$	(3,522	)	$	231		$	(3,291)
Public equity:
Realized gains (losses) on sales		(12	)		1			(11)		-			-		-		(12	)		1			(11)
Mark-to-market		(68	)		12			(56)		-			-		-		(68	)		12			(56)
Private equity: Mark-to-market		(232	)		1			(231)		-			-		-		(232	)		1			(231)
Total investment portfolio		(789	)		98			(691)		(3,045	)		147		(2,898)		(3,834	)		245			(3,589)
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (2)		76			-			76		-			-		-		76			-			76
Foreign exchange		198			(61	)		137		(966	)		6		(960)		(768	)		(55	)		(823)
Partially-owned entities (3)		6			-			6		-			-		-		6			-			6
Other (4)		(40	)		10			(30)		(59	)		12		(47)		(99	)		22			(77)
Net gains (losses)	$	(549	)	$	47		$	(502)	$	(4,070	)	$	165	$	(3,905)	$	(4,619	)	$	212		$	(4,407)

(1) The quarter includes pre-tax realized losses on investment derivatives of $198 million, a net increase of the valuation allowance of expected credit losses of $70 million, and impairments of $22 million for fixed maturities.

(2) The quarter includes $54 million of gains on applicable hedges. These gains 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 realized losses, pre-tax, includes $36 million related to impairment of fixed assets.

	Three months ended September 30, 2021
	Realized Gains (Losses)								Unrealized Gains (Losses)								Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains		Gains			Tax			Gains		Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)		(Losses)			(Expense)			(Losses)		(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax		Pre-Tax			Benefit			After-Tax		Pre-Tax			Benefit			After-Tax
Fixed income investments (5)	$	(19	)	$	(5	)	$	(24)	$	(554	)	$	98		$	(456)	$	(573	)	$	93		$	(480)
Public equity:
Realized gains (losses) on sales		19			(3	)		16		-			-			-		19			(3	)		16
Mark-to-market		(61	)		10			(51)		-			-			-		(61	)		10			(51)
Private equity: Mark-to-market		713			(8	)		705		-			-			-		713			(8	)		705
Total investment portfolio		652			(6	)		646		(554	)		98			(456)		98			92			190
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (6)		(63	)		-			(63)		-			-			-		(63	)		-			(63)
Foreign exchange		106			(20	)		86		(414	)		23			(391)		(308	)		3			(305)
Partially-owned entities (7)		23			(2	)		21		-			-			-		23			(2	)		21
Other		(4	)		1			(3)		4			(1	)		3		-			-			-
Net gains (losses)	$	714		$	(27	)	$	687	$	(964	)	$	120		$	(844)	$	(250	)	$	93		$	(157)

(5) The quarter includes pre-tax realized losses on investment derivatives of $9 million, a net reduction of the valuation allowance of expected credit losses of $1 million, and impairments of $11 million for fixed maturities.

(6) The quarter includes $4 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.

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, 2022
	Realized Gains (Losses)								Unrealized Gains (Losses)							Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains		Gains			Tax		Gains		Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)		(Losses)			(Expense)		(Losses)		(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax		Pre-Tax			Benefit		After-Tax		Pre-Tax			Benefit			After-Tax
Fixed income investments (1)	$	(1,089	)	$	207		$	(882)	$	(12,041	)	$	1,174	$	(10,867)	$	(13,130	)	$	1,381		$	(11,749)
Public equity:
Realized gains (losses) on sales		406			(90	)		316		-			-		-		406			(90	)		316
Mark-to-market		(693	)		129			(564)		-			-		-		(693	)		129			(564)
Private equity: Mark-to-market		(52	)		(19	)		(71)		-			-		-		(52	)		(19	)		(71)
Total investment portfolio		(1,428	)		227			(1,201)		(12,041	)		1,174		(10,867)		(13,469	)		1,401			(12,068)
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (2)		154			-			154		-			-		-		154			-			154
Foreign exchange		541			(129	)		412		(1,676	)		41		(1,635)		(1,135	)		(88	)		(1,223)
Partially-owned entities (3)		14			-			14		-			-		-		14			-			14
Other (4)		(114	)		11			(103)		(35	)		7		(28)		(149	)		18			(131)
Net gains (losses)	$	(833	)	$	109		$	(724)	$	(13,752	)	$	1,222	$	(12,530)	$	(14,585	)	$	1,331		$	(13,254)

(1) Year to date includes pre-tax realized losses on investment derivatives of $232 million, a net increase of the valuation allowance of expected credit losses of $133 million, and impairments of $111 million for fixed maturities.

(2) Year to date includes $240 million of gains applicable hedges. These gains 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 realized losses, pre-tax, includes $36 million related to impairment of fixed assets.

	Nine months ended September 30, 2021
	Realized Gains (Losses)								Unrealized Gains (Losses)							Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains		Gains			Tax		Gains		Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)		(Losses)			(Expense)		(Losses)		(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax		Pre-Tax			Benefit		After-Tax		Pre-Tax			Benefit			After-Tax
Fixed income investments (5)	$	35		$	(10	)	$	25	$	(2,177	)	$	390	$	(1,787)	$	(2,142	)	$	380		$	(1,762)
Public equity:
Realized gains (losses) on sales		109			(19	)		90		-			-		-		109			(19	)		90
Mark-to-market		366			(81	)		285		-			-		-		366			(81	)		285
Private equity: Mark-to-market		1,887			(46	)		1,841		-			-		-		1,887			(46	)		1,841
Total investment portfolio		2,397			(156	)		2,241		(2,177	)		390		(1,787)		220			234			454
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (6)		140			-			140		-			-		-		140			-			140
Foreign exchange		85			(16	)		69		(84	)		7		(77)		1			(9	)		(8)
Partially-owned entities (7)		78			(5	)		73		-			-		-		78			(5	)		73
Other		(5	)		1			(4)		(33	)		6		(27)		(38	)		7			(31)
Net gains (losses)	$	2,695		$	(176	)	$	2,519	$	(2,294	)	$	403	$	(1,891)	$	401		$	227		$	628

(5) Year to date includes pre-tax realized gains on investment derivatives of $9 million, a net reduction of the valuation allowance of expected credit losses of $17 million, and impairments of $12 million for fixed maturities.

(6) Year to date includes $112 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.

Net Gains (Losses) 2 Page 25

Chubb Limited

Debt and Capital

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

(Unaudited)

	September 30		June 30		March 31		December 31		December 31
	2022		2022		2022		2021		2020
Financial Debt:
Total short-term debt	$	1,475	$	1,474	$	1,474	$	999	$	-
Total long-term debt		14,044		14,311		14,585		15,169		14,948
Total financial debt	$	15,519	$	15,785	$	16,059	$	16,168	$	14,948
Hybrid debt:
Total trust preferred securities		308		308		308		308		308
Total	$	15,827	$	16,093	$	16,367	$	16,476	$	15,256
Capitalization:
Shareholders’ equity	$	47,639	$	51,667	$	56,698	$	59,714	$	59,441
Hybrid debt		308		308		308		308		308
Financial debt		15,519		15,785		16,059		16,168		14,948
Total capitalization	$	63,466	$	67,760	$	73,065	$	76,190	$	74,697
Leverage ratios (based on total capital):
Hybrid debt		0.5%		0.5%		0.4%		0.4%		0.4%
Financial debt		24.5%		23.3%		22.0%		21.2%		20.0%
Total hybrid & financial debt		25.0%		23.8%		22.4%		21.6%		20.4%

Note: As of September 30, 2022, there was $1.4 billion usage of credit facilities on total capacity of $3.7 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
	2022			2021			2022			2021
Numerator
Core operating income to common shares	$	1,331		$	1,157		$	4,758		$	3,920
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		-			(14	)		(20	)		(52	)
Tax benefit on amortization adjustment		1			3			7			11
Cigna integration expenses, pre-tax		(23	)		-			(26	)		-
Tax benefit on Cigna integration expenses		5			-			6			-
Adjusted net realized gains (losses), pre-tax		(549	)		714			(833	)		2,695
Tax (expense) benefit on adjusted net realized gains (losses)		47			(27	)		109			(176	)
Net income	$	812		$	1,833		$	4,001		$	6,398
Rollforward of Common Shares Outstanding
Shares - beginning of period		418,474,087			438,717,213			426,572,612			450,732,625
Repurchase of shares		(3,676,528	)		(8,412,000	)		(14,022,728	)		(22,877,400	)
Shares issued (canceled), excluding option exercises		(39,351	)		7,403			981,541			1,078,413
Issued for option exercises		262,276			563,636			1,489,059			1,942,614
Shares - end of period		415,020,484			430,876,252			415,020,484			430,876,252
Denominator
Weighted average shares outstanding (1)		416,542,101			435,318,088			421,290,032			443,595,026
Effect of other dilutive securities		3,076,855			3,123,550			3,733,449			3,032,989
Adj. wtd. avg. shares outstanding and assumed conversions		419,618,956			438,441,638			425,023,481			446,628,015
Basic earnings per share
Core operating income	$	3.20		$	2.66		$	11.29		$	8.84
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		-			(0.03	)		(0.03	)		(0.09	)
Cigna integration expenses, net of tax		(0.04	)		-			(0.05	)		-
Adjusted net realized gains (losses), net of tax		(1.21	)		1.58			(1.71	)		5.67
Net income	$	1.95		$	4.21		$	9.50		$	14.42
Diluted earnings per share
Core operating income	$	3.17		$	2.64		$	11.20		$	8.78
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		-			(0.03	)		(0.03	)		(0.09	)
Cigna integration expenses, net of tax		(0.04	)		-			(0.05	)		-
Adjusted net realized gains (losses), net of tax		(1.19	)		1.57			(1.71	)		5.64
Net income	$	1.94		$	4.18		$	9.41		$	14.33

(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			June 30			March 31			December 31			September 30
	2022			2022			2022			2021			2021
Shareholders’ equity	$	47,639		$	51,667		$	56,698		$	59,714		$	59,318
Less: goodwill and other intangible assets, net of tax		20,284			19,146			19,443			19,456			19,723
Numerator for tangible book value per share	$	27,355		$	32,521		$	37,255		$	40,258		$	39,595
Book value - % change over prior quarter		-7.8%			-8.9%			-5.1%			0.7%			-1.2%
Tangible book value - % change over prior quarter		-15.9%			-12.7%			-7.5%			1.7%			-1.3%
Denominator		415,020,484			418,474,087			423,675,327			426,572,612			430,876,252
Book value per common share	$	114.79		$	123.46		$	133.82		$	139.99		$	137.67
Tangible book value per common share	$	65.91		$	77.71		$	87.93		$	94.38		$	91.89
Reconciliation of Book Value
Shareholders’ equity, beginning of quarter	$	51,667		$	56,698		$	59,714		$	59,318		$	60,062
Core operating income		1,331			1,787			1,640			1,649			1,157
Amortization of fair value adjustment of acquired invested assets and long-term debt		1			(5	)		(9	)		(12	)		(11	)
Cigna integration expenses		(18	)		(2	)		-			-			-
Adjusted net realized gains (losses) (1)		(502	)		(565	)		343			504			687
Net unrealized gains (losses) on investments		(2,898	)		(4,129	)		(3,840	)		(630	)		(456	)
Repurchase of shares		(685	)		(1,129	)		(1,001	)		(905	)		(1,516	)
Dividend declared on common shares		(346	)		(348	)		(340	)		(342	)		(346	)
Cumulative translation gains (losses)		(960	)		(746	)		71			(432	)		(391	)
Postretirement benefit liability		2			4			15			434			3
Other (2)		47			102			105			130			129
	$	47,639		$	51,667		$	56,698		$	59,714		$	59,318

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

(2) 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.

P&C underwriting income (loss) excludes the Life Insurance segment and is calculated by subtracting adjusted losses and loss expenses, adjusted policy benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income (loss) 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, Cigna integration expense, income tax expense and adjusted net realized gains (losses).

P&C CAY underwriting income excluding catastrophe losses (Cats) is P&C underwriting income (loss) adjusted to exclude P&C 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.

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 (losses) from these derivatives are reclassified to adjusted losses and loss expenses.

Adjusted policy benefits includes gains and losses from fair value changes in separate account assets, as well as the offsetting movement in separate account liabilities, for purposes of reporting Life Insurance underwriting income. The gains and 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. We view gains and losses from fair value changes in both separate account assets and liabilities as part of the results of our underwriting operations, and therefore these gains and losses are reclassified to adjusted policy benefits.

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) and Cigna business, and including investment income from partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of 3% that are accounted for under the equity method. The mark-to-market movement on these private equity partnerships are included in adjusted net realized gains (losses) as described below. 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.

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, other income (expense) from private equity partnerships, 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 (loss) 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) from private equity partnerships 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 combined ratio excludes 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. The agriculture insurance business is a different business in that it is a public sector and private sector partnership in which insurance rates, premium growth, and risk-sharing is not market-driven like the remainder of the company’s P&C insurance business. 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), Cigna integration expenses, and the amortization of fair value adjustment of acquired invested assets and long-term debt related to the Chubb Corp acquisition and Cigna business. 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, related to the Chubb Corp acquisition and Cigna business due to the size and complexity of these acquisitions. We also exclude Cigna integration expenses due to the size and complexity of this acquisition. Cigna integration expenses are incurred by the overall company and are therefore included in Corporate. The costs are not related to the on-going activities of the individual segments and are therefore excluded from our definition of segment income, as well. These integration expenses are distortive to our results and are not indicative of our underlying profitability. We believe that excluding these integration expenses facilitate the comparison of our financial results to our historical operating results. These expenses include legal and professional fees and all other costs directly related to the integration activities of the Cigna acquisition. References to core operating income measures mean net of tax, whether or not noted.

Core operating effective tax rate is income tax expense (benefit) 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 Cigna 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 Cigna 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 Cigna integration expenses. Refer to the definition of core operating income (loss), 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. Book value per common share excluding mark-to-market, excludes unrealized investment gains (losses), net of tax. Tangible book value per common share excluding mark-to-market, excludes goodwill and other intangible assets, net of tax, as well as unrealized investment gains (losses), net of tax. We exclude unrealized investment gains (losses) because the amount of these gains (losses) is heavily influenced by changes in market conditions, including interest rate changes, and we believe that excluding these gains and losses would highlight the underlying growth in book value and tangible book value. Book value per share and tangible book value per share excluding accumulated other comprehensive income (loss) (AOCI), excludes AOCI from the numerator because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates and foreign currency movement, to highlight underlying growth in book and tangible book value.

International life insurance net premiums written and deposits collected 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.

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:

	3Q-22			2Q-22			1Q-22			4Q-21			3Q-21			YTD 2022			YTD 2021			Full Year 2021
Tax expense, as reported	$	265		$	293		$	355		$	404		$	218		$	913		$	873		$	1,277
Less: tax benefit on amortization of fair value of acquired invested assets and debt		(1	)		(4	)		(2	)		-			(3	)		(7	)		(11	)		(11	)
Less: tax benefit on Cigna integration expenses		(5	)		(1	)		-			-			-			(6	)		-			-
Less: tax expense (benefit) on adjusted net realized gains (losses)		(47	)		(86	)		24			95			27			(109	)		176			271
Tax expense, adjusted	$	318		$	384		$	333		$	309		$	194		$	1,035		$	708		$	1,017
Income before tax, as reported	$	1,077		$	1,508		$	2,329		$	2,545		$	2,051		$	4,914		$	7,271		$	9,816
Less: amortization of fair value of acquired invested assets and debt		-			(9	)		(11	)		(12	)		(14	)		(20	)		(52	)		(64	)
Less: Cigna integration expenses		(23	)		(3	)		-			-			-			(26	)		-			-
Less: adjusted realized gains (losses)		(365	)		(513	)		100			319			(11	)		(778	)		841			1,160
Less: realized gains (losses) related to unconsolidated entities		(184	)		(138	)		267			280			725			(55	)		1,854			2,134
Core operating income before tax	$	1,649		$	2,171		$	1,973		$	1,958		$	1,351		$	5,793		$	4,628		$	6,586
Effective tax rate		24.6%			19.4%			15.2%			15.9%			10.7%			18.6%			12.0%			13.0%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt		0.1%			0.1%			0.0%			-0.1%			0.1%			0.1%			0.1%			0.0%
Adjustment for tax impact of Cigna integration expenses		0.0%			0.0%			0.0%			0.0%			0.0%			0.0%			0.0%			0.0%
Adjustment for tax impact of adjusted net realized gains (losses)		-5.4%			-1.8%			1.7%			-0.1%			3.6%			-0.8%			3.2%			2.4%
Core operating effective tax rate		19.3%			17.7%			16.9%			15.7%			14.4%			17.9%			15.3%			15.4%

Core operating income

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

	3Q-22			2Q-22			1Q-22			4Q-21			3Q-21			YTD 2022			YTD 2021			Full Year 2021
Net income, as reported	$	812		$	1,215		$	1,974		$	2,141		$	1,833		$	4,001		$	6,398		$	8,539
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		-			(9	)		(11	)		(12	)		(14	)		(20	)		(52	)		(64	)
Tax benefit on amortization adjustment		1			4			2			-			3			7			11			11
Cigna integration expenses, pre-tax		(23	)		(3	)		-			-			-			(26	)		-			-
Tax benefit on Cigna integration expenses		5			1			-			-			-			6			-			-
Adjusted realized gains (losses), pre-tax		(365	)		(513	)		100			319			(11	)		(778	)		841			1,160
Net realized gains (losses) related to unconsolidated entities, pre-tax (1)		(184	)		(138	)		267			280			725			(55	)		1,854			2,134
Tax (expense) benefit on adjusted net realized gains (losses)		47			86			(24	)		(95	)		(27	)		109			(176	)		(271	)
Core operating income	$	1,331		$	1,787		$	1,640		$	1,649		$	1,157		$	4,758		$	3,920		$	5,569
Catastrophe losses - after-tax	$	949		$	241		$	290		$	245		$	943		$	1,480		$	1,739		$	1,984
Favorable prior period development (PPD) - after-tax	$	(162	)	$	(205	)	$	(195	)	$	(149	)	$	(227	)	$	(562	)	$	(607	)	$	(756	)
Core operating income per share	$	3.17		$	4.20		$	3.82		$	3.81		$	2.64		$	11.20		$	8.78		$	12.56
Impact of Cats on Core operating income per share - Unfavorable	$	(2.26	)	$	(0.56	)	$	(0.67	)	$	(0.57	)	$	(2.15	)	$	(3.48	)	$	(3.89	)	$	(4.48	)
Impact of PPD on Core operating income per share - Favorable	$	0.38		$	0.48		$	0.45		$	0.35		$	0.52		$	1.32		$	1.36		$	1.70
Impact of Cats and PPD on Core operating income per share - Unfavorable	$	(1.88	)	$	(0.08	)	$	(0.22	)	$	(0.22	)	$	(1.63	)	$	(2.16	)	$	(2.53	)	$	(2.78	)

(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).

P&C Underwriting income and P&C CAY underwriting income ex Cats

The following table presents the reconciliation of Net income to P&C CAY underwriting income ex Cats:

	3Q-22			2Q-22			1Q-22			4Q-21			3Q-21			YTD 2022			YTD 2021			Full Year 2021
Net income, as reported	$	812		$	1,215		$	1,974		$	2,141		$	1,833		$	4,001		$	6,398		$	8,539
Less: Income tax expense		(265	)		(293	)		(355	)		(404	)		(218	)		(913	)		(873	)		(1,277	)
Amortization expense of purchased intangibles		(69	)		(71	)		(71	)		(71	)		(71	)		(211	)		(216	)		(287	)
Other income (expense)		(188	)		(101	)		310			335			763			21			2,030			2,365
Interest expense		(150	)		(134	)		(132	)		(126	)		(122	)		(416	)		(366	)		(492	)
Net investment income		979			888			822			843			866			2,689			2,613			3,456
Net realized gains (losses)		(384	)		(504	)		101			319			(21	)		(787	)		833			1,152
Cigna integration expenses		(23	)		(3	)		-			-			-			(26	)		-			-
Life Insurance underlying income (loss) (1)		183			1			17			(21	)		9			201			(61	)		(82	)
Add: Realized gains (losses) on crop derivatives		(19	)		9			1			-			(10	)		(9	)		(8	)		(8	)
P&C underwriting income	$	710		$	1,441		$	1,283		$	1,266		$	617		$	3,434		$	2,430		$	3,696
Add: Catastrophe losses (including reinstatement premiums) - pre-tax		1,158			291			333			275			1,146			1,782			2,126			2,401
Favorable prior period development (PPD) - pre-tax		(222	)		(247	)		(240	)		(145	)		(321	)		(709	)		(781	)		(926	)
P&C CAY underwriting income ex Cats	$	1,646		$	1,485		$	1,376		$	1,396		$	1,442		$	4,507		$	3,775		$	5,171

(1) Life Insurance underlying income (loss) is calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs and administrative expenses from net premiums earned related to the Life Insurance segment.

Reconciliation Non-GAAP 2 Page 30

Chubb Limited

Non-GAAP Financial Measures - 3

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

Core operating ROE and Core operating ROTE

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 (loss), 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 that are heavily influenced by available market opportunities. We believe ROTE is meaningful because it measures the performance of our operations without the impact of goodwill and other intangible assets.

							YTD			YTD		Full Year
	3Q-22			3Q-21			2022			2021		2021
Net income	$	812		$	1,833		$	4,001		$	6,398	$	8,539
Core operating income	$	1,331		$	1,157		$	4,758		$	3,920	$	5,569
Equity - beginning of period, as reported	$	51,667		$	60,062		$	59,714		$	59,441	$	59,441
Less: unrealized gains (losses) on investments, net of deferred tax		(5,713	)		3,342			2,256			4,673		4,673
Equity - beginning of period, as adjusted	$	57,380		$	56,720		$	57,458		$	54,768	$	54,768
Less: goodwill and other intangible assets, net of tax		19,146			19,930			19,456			19,916		19,916
Equity - beginning of period, as adjusted ex goodwill and other intangible assets	$	38,234		$	36,790		$	38,002		$	34,852	$	34,852
Equity - end of period, as reported	$	47,639		$	59,318		$	47,639		$	59,318	$	59,714
Less: unrealized gains (losses) on investments, net of deferred tax		(8,611	)		2,886			(8,611	)		2,886		2,256
Equity - end of period, as adjusted	$	56,250		$	56,432		$	56,250		$	56,432	$	57,458
Less: goodwill and other intangible assets, net of tax		20,284			19,723			20,284			19,723		19,456
Equity - end of period, as adjusted ex goodwill and other intangible assets	$	35,966		$	36,709		$	35,966		$	36,709	$	38,002
Weighted average equity, as reported	$	49,653		$	59,690		$	53,677		$	59,380	$	59,578
Weighted average equity, as adjusted	$	56,815		$	56,576		$	56,854		$	55,600	$	56,113
Weighted average equity, as adjusted ex goodwill and other intangible assets	$	37,100		$	36,750		$	36,984		$	35,781	$	36,427
ROE		6.5%			12.3%			9.9%			14.4%		14.3%
Core operating ROTE		14.4%			12.6%			17.2%			14.6%		15.3%
Core operating ROE		9.4%			8.2%			11.2%			9.4%		9.9%
Private equities realized gains (losses), after-tax (1)	$	(231	)	$	705		$	(71	)	$	1,841	$	2,053
Impact of Private equities if included in Core operating ROE - Favorable (unfavorable) (1)		-1.6 pts			5.0 pts			-0.2 pts			4.4 pts		3.7 pts
Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures
	September 30			June 30			December 31			QTD		YTD
	2022			2022			2021			% Change		% Change
Book value	$	47,639		$	51,667		$	59,714
Less: unrealized gains (losses) on investments, net of deferred tax		(8,611	)		(5,713	)		2,256
Book value excluding mark-to-market		56,250			57,380			57,458
Less: goodwill and other intangible assets, net of tax		20,284			19,146			19,456
Tangible book value excluding mark-to-market	$	35,966		$	38,234		$	38,002
Book value	$	47,639		$	51,667		$	59,714
Less: AOCI		(12,180	)		(8,275	)		350
Book value excluding AOCI		59,819			59,942			59,364
Tangible book value		27,355			32,521			40,258
Less: Tangible AOCI		(10,911	)		(7,363	)		1,078
Tangible book value excluding tangible AOCI	$	38,266		$	39,884		$	39,180
Denominator		415,020,484			418,474,087			426,572,612
Book value per share excluding mark-to-market	$	135.54		$	137.12		$	134.70			-1.2%		0.6%
Tangible book value per share excluding mark-to-market	$	86.66		$	91.37		$	89.09			-5.2%		-2.7%
Book value per share excluding AOCI	$	144.13		$	143.24		$	139.16			0.6%		3.6%
Tangible book value per share excluding AOCI	$	92.20		$	95.31		$	91.85			-3.3%		0.4%

(1) We record the change in the fair value mark and gains (losses) on sales of 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).

		North			North			North
		America			America			America			Overseas
		Commercial P&C			Personal P&C			Agricultural			General			Global						Total
Q3 2022		Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C
Numerator
Losses and loss expenses
Losses and loss expenses		$	3,036		$	857		$	1,425		$	1,441		$	311		$	74		$	7,144
Realized (gains) losses on crop derivatives			-			-			19			-			-			-			19
Adjusted losses and loss expenses	A	$	3,036		$	857		$	1,444		$	1,441		$	311		$	74		$	7,163
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(598	)		(274	)		(31	)		(98	)		(157	)		-			(1,158	)
Reinstatement premiums collected (expensed) on catastrophe losses			-			-			-			-			55			-			55
Catastrophe losses, gross of related adjustments			(598	)		(274	)		(31	)		(98	)		(212	)		-			(1,213	)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			166			133			(9	)		5			-			(73	)		222
Net premiums earned adjustments on PPD - unfavorable (favorable)			80			-			-			-			-			-			80
Expense adjustments - unfavorable (favorable)			(1	)		-			-			-			-			-			(1	)
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			-			-			-
PPD, gross of related adjustments - favorable (unfavorable)			245			133			(9	)		5			-			(73	)		301
CAY loss and loss expense ex Cats	B	$	2,683		$	716		$	1,404		$	1,348		$	99		$	1		$	6,251
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	855		$	345		$	71		$	984		$	67		$	91		$	2,413
Expense adjustments - favorable (unfavorable)			1			-			-			-			-			-			1
Policy acquisition costs and administrative expenses, adjusted	D	$	856		$	345		$	71		$	984		$	67		$	91		$	2,414
Denominator
Net premiums earned	E	$	4,283		$	1,334		$	1,673		$	2,741		$	255					$	10,286
Reinstatement premiums (collected) expensed on catastrophe losses			-			-			-			-			(55	)					(55	)
Net premiums earned adjustments on PPD - unfavorable (favorable)			80			-			-			-			-						80
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			-						-
Net premiums earned excluding adjustments	F	$	4,363		$	1,334		$	1,673		$	2,741		$	200					$	10,311
P&C combined ratio
Loss and loss expense ratio	A/E		70.9%			64.2%			86.3%			52.6%			122.1%						69.6%
Policy acquisition cost and administrative expense ratio	C/E		20.0%			25.9%			4.3%			35.9%			26.3%						23.5%
P&C combined ratio			90.9%			90.1%			90.6%			88.5%			148.4%						93.1%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		61.5%			53.6%			84.0%			49.2%			49.6%						60.6%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		19.6%			25.9%			4.2%			35.9%			33.4%						23.4%
CAY P&C combined ratio ex Cats			81.1%			79.5%			88.2%			85.1%			83.0%						84.0%
Combined ratio
Combined ratio																					92.9%
Add: impact of gains and losses on crop derivatives																					0.2%
P&C combined ratio																					93.1%

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

Reconciliation Non-GAAP 4 Page 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 2022		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		$	7,97	9	$	2,343		$	1,821		$	4,054		$	565		$	275		$	17,037
Realized (gains) losses on crop derivatives			-			-			9			-			-			-			9
Adjusted losses and loss expenses	A	$	7,979		$	2,343		$	1,830		$	4,054		$	565		$	275		$	17,046
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(803	)		(469	)		(52	)		(298	)		(160	)		-			(1,782	)
Reinstatement premiums collected (expensed) on catastrophe losses			-			-			-			-			55			-			55
Catastrophe losses, gross of related adjustments			(803	)		(469	)		(52	)		(298	)		(215	)		-			(1,837	)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			561			187			17			238			(22	)		(272	)		709
Net premiums earned adjustments on PPD - unfavorable (favorable)			83			-			159			-			-			-			242
Expense adjustments - unfavorable (favorable)			4			-			(1	)		-			-			-			3
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			(2	)		-			(2	)
PPD, gross of related adjustments - favorable (unfavorable)			648			187			175			238			(24	)		(272	)		952
CAY loss and loss expense ex Cats	B	$	7,824		$	2,061		$	1,953		$	3,994		$	326		$	3		$	16,161
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	2,515		$	1,005		$	115		$	2,907		$	205		$	264		$	7,011
Expense adjustments - favorable (unfavorable)			(4	)		-			1			-			-			-			(3	)
Policy acquisition costs and administrative expenses, adjusted	D	$	2,511		$	1,005		$	116		$	2,907		$	205		$	264		$	7,008
Denominator
Net premiums earned	E	$	12,645		$	3,852		$	2,217		$	8,065		$	712					$	27,491
Reinstatement premiums (collected) expensed on catastrophe losses			-			-			-			-			(55	)					(55	)
Net premiums earned adjustments on PPD - unfavorable (favorable)			83			-			159			-			-						242
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			(2	)					(2	)
Net premiums earned excluding adjustments	F	$	12,728		$	3,852		$	2,376		$	8,065		$	655					$	27,676
P&C combined ratio
Loss and loss expense ratio	A/E		63.1%			60.8%			82.5%			50.3%			79.4%						62.0%
Policy acquisition cost and administrative expense ratio	C/E		19.9%			26.1%			5.3%			36.0%			28.8%						25.5%
P&C combined ratio			83.0%			86.9%			87.8%			86.3%			108.2%						87.5%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		61.5%			53.5%			82.2%			49.5%			49.8%						58.4%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		19.7%			26.1%			4.9%			36.1%			31.2%						25.3%
CAY P&C combined ratio ex Cats			81.2%			79.6%			87.1%			85.6%			81.0%						83.7%
Combined ratio
Combined ratio																					87.5%
Add: impact of gains and losses on crop derivatives																					0.0%
P&C combined ratio																					87.5%

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 2021		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		$	2,754		$	846		$	1,128		$	1,487		$	192		$	43		$	6,450
Realized (gains) losses on crop derivatives			-			-			10			-			-			-			10
Adjusted losses and loss expenses	A	$	2,754		$	846		$	1,138		$	1,487		$	192		$	43		$	6,460
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(472	)		(397	)		(8	)		(188	)		(81	)		-			(1,146	)
Reinstatement premiums collected (expensed) on catastrophe losses			-			-			-			-			12			-			12
Catastrophe losses, gross of related adjustments			(472	)		(397	)		(8	)		(188	)		(93	)		-			(1,158	)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			157			182			(7	)		28			4			(43	)		321
Net premiums earned adjustments on PPD - unfavorable (favorable)			56			-			-			-			-			-			56
Expense adjustments - unfavorable (favorable)			3			-			-			-			-			-			3
PPD reinstatement premiums - unfavorable (favorable)			-			(2	)		-			-			3			-			1
PPD, gross of related adjustments - favorable (unfavorable)			216			180			(7	)		28			7			(43	)		381
CAY loss and loss expense ex Cats	B	$	2,498		$	629		$	1,123		$	1,327		$	106		$	-		$	5,683
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	810		$	327		$	65		$	969		$	64		$	99		$	2,334
Expense adjustments - favorable (unfavorable)			(3	)		-			-			-			-			-			(3	)
Policy acquisition costs and administrative expenses, adjusted	D	$	807		$	327		$	65		$	969		$	64		$	99		$	2,331
Denominator
Net premiums earned	E	$	3,954		$	1,244		$	1,338		$	2,664		$	211					$	9,411
Reinstatement premiums (collected) expensed on catastrophe losses			-			-			-			-			(12	)					(12	)
Net premiums earned adjustments on PPD - unfavorable (favorable)			56			-			-			-			-						56
PPD reinstatement premiums - unfavorable (favorable)			-			(2	)		-			-			3						1
Net premiums earned excluding adjustments	F	$	4,010		$	1,242		$	1,338		$	2,664		$	202					$	9,456
P&C combined ratio
Loss and loss expense ratio	A/E		69.7%			68.0%			85.0%			55.8%			91.2%						68.6%
Policy acquisition cost and administrative expense ratio	C/E		20.4%			26.3%			4.9%			36.4%			30.2%						24.8%
P&C combined ratio			90.1%			94.3%			89.9%			92.2%			121.4%						93.4%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		62.3%			50.7%			84.0%			49.8%			52.0%						60.1%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.1%			26.3%			4.9%			36.4%			31.5%						24.7%
CAY P&C combined ratio ex Cats			82.4%			77.0%			88.9%			86.2%			83.5%						84.8%
Combined ratio
Combined ratio																					93.3%
Add: impact of gains and losses on crop derivatives																					0.1%
P&C combined ratio																					93.4%

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

Reconciliation Non-GAAP 6 Page 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)

		North			North			North
		America			America			America			Overseas
		Commercial P&C			Personal P&C			Agricultural			General			Global						Total
YTD 2021		Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C
Numerator
Losses and loss expenses
Losses and loss expenses		$	7,740		$	2,341		$	1,546		$	3,936		$	422		$	141		$	16,126
Realized (gains) losses on crop derivatives			-			-			8			-			-			-			8
Adjusted losses and loss expenses	A	$	7,740		$	2,341		$	1,554		$	3,936		$	422		$	141		$	16,134
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(999	)		(698	)		(20	)		(278	)		(131	)		-			(2,126	)
Reinstatement premiums collected (expensed) on catastrophe losses			-			(16	)		-			-			18			-			2
Catastrophe losses, gross of related adjustments			(999	)		(682	)		(20	)		(278	)		(149	)		-			(2,128	)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			440			266			(5	)		209			11			(140	)		781
Net premiums earned adjustments on PPD - unfavorable (favorable)			67			-			(2	)		-			-			-			65
Expense adjustments - unfavorable (favorable)			6			-			-			-			-			-			6
PPD reinstatement premiums - unfavorable (favorable)			6			(1	)		-			7			4			-			16
PPD, gross of related adjustments - favorable (unfavorable)			519			265			(7	)		216			15			(140	)		868
CAY loss and loss expense ex Cats	B	$	7,260		$	1,924		$	1,527		$	3,874		$	288		$	1		$	14,874
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	2,312		$	946		$	110		$	2,881		$	174		$	258		$	6,681
Expense adjustments - favorable (unfavorable)			(6	)		-			-			-			-			-			(6	)
Policy acquisition costs and administrative expenses, adjusted	D	$	2,306		$	946		$	110		$	2,881		$	174		$	258		$	6,675
Denominator
Net premiums earned	E	$	11,431		$	3,652		$	1,858		$	7,721		$	583					$	25,245
Reinstatement premiums (collected) expensed on catastrophe losses			-			16			-			-			(18	)					(2	)
Net premiums earned adjustments on PPD - unfavorable (favorable)			67			-			(2	)		-			-						65
PPD reinstatement premiums - unfavorable (favorable)			6			(1	)		-			7			4						16
Net premiums earned excluding adjustments	F	$	11,504		$	3,667		$	1,856		$	7,728		$	569					$	25,324
P&C combined ratio
Loss and loss expense ratio	A/E		67.7%			64.1%			83.6%			51.0%			72.4%						63.9%
Policy acquisition cost and administrative expense ratio	C/E		20.2%			25.9%			6.0%			37.3%			29.8%						26.5%
P&C combined ratio			87.9%			90.0%			89.6%			88.3%			102.2%						90.4%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		63.1%			52.5%			82.3%			50.1%			50.5%						58.7%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.1%			25.8%			5.9%			37.3%			30.5%						26.4%
CAY P&C combined ratio ex Cats			83.2%			78.3%			88.2%			87.4%			81.0%						85.1%
Combined ratio
Combined ratio																					90.4%
Add: impact of gains and losses on crop derivatives																					0.0%
P&C combined ratio																					90.4%

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

Reconciliation Non-GAAP 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, policy 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.

Cigna integration expenses: Cigna integration expenses comprise legal and professional fees and all other costs directly related to the integration activities of the Cigna acquisition. Cigna 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 losses and affects a significant number of insureds, including from pandemics such as COVID-19. 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.

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

NM: Not meaningful.

Glossary Page 36

XML

Document and Entity Information	Oct. 25, 2022
Document Type	8-K
Document Period End Date	Oct. 25, 2022
Entity Registrant Name	Chubb Limited
Entity Incorporation, State or Country Code	V8
Entity File Number	1-11778
Entity Tax Identification Number	98-0091805
Entity Address, Address Line One	Baerengasse 32
Entity Address, Address Line Two	CH
Entity Address, Postal Zip Code	8001
Entity Address, City or Town	Zurich
Entity Address, Country	CH
Country Region	41
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
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000896159
Common Class A [Member]
Title of 12(b) Security	Common Shares, par value CHF 24.15 per share
Trading Symbol	CB
Security Exchange Name	NYSE
INA Senior Notes Due December 2024 [Member]
Title of 12(b) Security	Guarantee of Chubb INA Holdings Inc. 0.30% Senior Notes due 2024
Trading Symbol	CB/24A
Security Exchange Name	NYSE
INA Senior Notes Due June 2027 [Member]
Title of 12(b) Security	Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2027
Trading Symbol	CB/27
Security Exchange Name	NYSE
INA Senior Notes Due March 2028 [Member]
Title of 12(b) Security	Guarantee of Chubb INA Holdings Inc. 1.55% Senior Notes due 2028
Trading Symbol	CB/28
Security Exchange Name	NYSE
INA Senior Notes Due December 2029 [Member]
Title of 12(b) Security	Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2029
Trading Symbol	CB/29A
Security Exchange Name	NYSE
INA Senior Notes Due June 2031 [Member]
Title of 12(b) Security	Guarantee of Chubb INA Holdings Inc. 1.40% Senior Notes due 2031
Trading Symbol	CB/31
Security Exchange Name	NYSE
INA Senior Notes Due March 2038 [Member]
Title of 12(b) Security	Guarantee of Chubb INA Holdings Inc. 2.50% Senior Notes due 2038
Trading Symbol	CB/38A
Security Exchange Name	NYSE