Information provided in connection with outstanding debt of subsidiaries

The following tables present condensed consolidating financial information at March 31, 2019 and December 31, 2018, and for the three months ended March 31, 2019 and 2018 for Chubb Limited (Parent Guarantor) and Chubb INA Holdings Inc. (Subsidiary Issuer). The Subsidiary Issuer is an indirect 100 percent-owned subsidiary of the Parent Guarantor. The Parent Guarantor fully and unconditionally guarantees certain of the debt of the Subsidiary Issuer. Condensed consolidating financial information of the Parent Guarantor and Subsidiary Issuer are presented on the equity method of accounting. The revenues and expenses and cash flows of the subsidiaries of the Subsidiary Issuer are presented in the Other Chubb Limited Subsidiaries column on a combined basis.

Condensed Consolidating Balance Sheet at March 31, 2019



(in millions of U.S. dollars)	Chubb Limited (Parent Guarantor)		Chubb INA Holdings Inc. (Subsidiary Issuer)		Other Chubb Limited Subsidiaries		Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
Assets
Investments	$	—	$	229	$	103,031	$	—		$	103,260
Cash ⁽¹⁾	2		71		2,220		(1,022		)	1,271
Restricted cash	—		—		122		—			122
Insurance and reinsurance balances receivable	—		—		11,491		(1,665		)	9,826
Reinsurance recoverable on losses and loss expenses	—		—		26,232		(10,095		)	16,137
Reinsurance recoverable on policy benefits	—		—		306		(103		)	203
Value of business acquired	—		—		289		—			289
Goodwill and other intangible assets	—		—		21,419		—			21,419
Investments in subsidiaries	45,648		51,996		—		(97,644		)	—
Due from subsidiaries and affiliates, net	7,358		—		616		(7,974		)	—
Other assets	9		488		20,170		(1,847		)	18,820
Total assets	$	53,017	$	52,784	$	185,896	$	(120,350	)	$	171,347
Liabilities
Unpaid losses and loss expenses	$	—	$	—	$	72,998	$	(9,855	)	$	63,143
Unearned premiums	—		—		17,039		(1,130		)	15,909
Future policy benefits	—		—		5,655		(103		)	5,552
Due to subsidiaries and affiliates, net	—		7,974		—		(7,974		)	—
Affiliated notional cash pooling programs ⁽¹⁾	331		691		—		(1,022		)	—
Repurchase agreements	—		—		1,419		—			1,419
Short-term debt	—		500		9		—			509
Long-term debt	—		12,070		1		—			12,071
Trust preferred securities	—		308		—		—			308
Other liabilities	331		1,894		20,478		(2,622		)	20,081
Total liabilities	662		23,437		117,599		(22,706		)	118,992
Total shareholders’ equity	52,355		29,347		68,297		(97,644		)	52,355
Total liabilities and shareholders’ equity	$	53,017	$	52,784	$	185,896	$	(120,350	)	$	171,347

⁽¹⁾

Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2019, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.

Condensed Consolidating Balance Sheet at December 31, 2018



(in millions of U.S. dollars)	Chubb Limited (Parent Guarantor)		Chubb INA Holdings Inc. (Subsidiary Issuer)		Other Chubb Limited Subsidiaries		Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
Assets
Investments	$	—	$	214	$	100,754	$	—		$	100,968
Cash ⁽¹⁾	1		2		1,896		(652		)	1,247
Restricted cash	—		—		93		—			93
Insurance and reinsurance balances receivable	—		—		11,861		(1,786		)	10,075
Reinsurance recoverable on losses and loss expenses	—		—		26,422		(10,429		)	15,993
Reinsurance recoverable on policy benefits	—		—		306		(104		)	202
Value of business acquired	—		—		295		—			295
Goodwill and other intangible assets	—		—		21,414		—			21,414
Investments in subsidiaries	43,531		50,209		—		(93,740		)	—
Due from subsidiaries and affiliates, net	7,074		—		598		(7,672		)	—
Other assets	3		1,007		18,102		(1,628		)	17,484
Total assets	$	50,609	$	51,432	$	181,741	$	(116,011	)	$	167,771
Liabilities
Unpaid losses and loss expenses	$	—	$	—	$	72,857	$	(9,897	)	$	62,960
Unearned premiums	—		—		16,611		(1,079		)	15,532
Future policy benefits	—		—		5,610		(104		)	5,506
Due to subsidiaries and affiliates, net	—		7,672		—		(7,672		)	—
Affiliated notional cash pooling programs ⁽¹⁾	35		617		—		(652		)	—
Repurchase agreements	—		—		1,418		—			1,418
Short-term debt	—		500		9		—			509
Long-term debt	—		12,086		1		—			12,087
Trust preferred securities	—		308		—		—			308
Other liabilities	262		2,545		19,199		(2,867		)	19,139
Total liabilities	297		23,728		115,705		(22,271		)	117,459
Total shareholders’ equity	50,312		27,704		66,036		(93,740		)	50,312
Total liabilities and shareholders’ equity	$	50,609	$	51,432	$	181,741	$	(116,011	)	$	167,771

⁽¹⁾

Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.

Condensed Consolidating Statements of Operations and Comprehensive Income



For the Three Months Ended March 31, 2019	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
(in millions of U.S. dollars)	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
Net premiums written	$	—		$	—		$	7,313		$	—		$	7,313
Net premiums earned	—			—			7,137			—			7,137
Net investment income	1			(4		)	839			—			836
Equity in earnings of subsidiaries	990			759			—			(1,749		)	—
Net realized gains (losses) including OTTI	1			(13		)	(85		)	—			(97		)
Losses and loss expenses	—			—			4,098			—			4,098
Policy benefits	—			—			196			—			196
Policy acquisition costs and administrative expenses	20			(15		)	2,169			—			2,174
Interest (income) expense	(66		)	185			21			—			140
Other (income) expense	(6		)	3			(36		)	—			(39		)
Amortization of purchased intangibles	—			—			76			—			76
Chubb integration expenses	—			2			1			—			3
Income tax expense (benefit)	4			(42		)	226			—			188
Net income	$	1,040		$	609		$	1,140		$	(1,749	)	$	1,040
Comprehensive income	$	2,718		$	1,941		$	2,788		$	(4,729	)	$	2,718

Condensed Consolidating Statements of Operations and Comprehensive Income



For the Three Months Ended March 31, 2018	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
(in millions of U.S. dollars)	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
Net premiums written	$	—		$	—		$	7,104		$	—		$	7,104
Net premiums earned	—			—			7,027			—			7,027
Net investment income	2			4			800			—			806
Equity in earnings of subsidiaries	1,022			885			—			(1,907		)	—
Net realized gains (losses) including OTTI	(2		)	(24		)	24			—			(2		)
Losses and loss expenses	—			—			4,102			—			4,102
Policy benefits	—			—			151			—			151
Policy acquisition costs and administrative expenses	18			22			2,116			—			2,156
Interest (income) expense	(80		)	209			28			—			157
Other (income) expense	(5		)	8			(50		)	—			(47		)
Amortization of purchased intangibles	—			—			85			—			85
Chubb integration expenses	2			1			7			—			10
Income tax expense (benefit)	5			(59		)	189			—			135
Net income	$	1,082		$	684		$	1,223		$	(1,907	)	$	1,082
Comprehensive income	$	453		$	216		$	614		$	(830	)	$	453

Condensed Consolidating Statement of Cash Flows



For the Three Months Ended March 31, 2019	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
(in millions of U.S. dollars)
Net cash flows from (used for) operating activities	$	307		$	(163	)	$	1,378		$	(200	)	$	1,322
Cash flows from investing activities
Purchases of fixed maturities available for sale	—			(3		)	(5,558		)	—			(5,561		)
Purchases of fixed maturities held to maturity	—			—			(1		)	—			(1		)
Purchases of equity securities	—			—			(49		)	—			(49		)
Sales of fixed maturities available for sale	—			—			3,293			—			3,293
Sales of equity securities	—			—			60			—			60
Maturities and redemptions of fixed maturities available for sale	—			6			1,825			—			1,831
Maturities and redemptions of fixed maturities held to maturity	—			—			280			—			280
Net change in short-term investments	—			(3		)	(36		)	—			(39		)
Net derivative instruments settlements	—			(28		)	(330		)	—			(358		)
Private equity contributions	—			—			(410		)	—			(410		)
Private equity distributions	—			—			368			—			368
Capital contribution	—			(110		)	—			110			—
Other	—			(12		)	(75		)	—			(87		)
Net cash flows used for investing activities	—			(150		)	(633		)	110			(673		)
Cash flows from financing activities
Dividends paid on Common Shares	(336		)	—			—			—			(336		)
Common Shares repurchased	—			—			(367		)	—			(367		)
Proceeds from issuance of repurchase agreements	—			—			471			—			471
Repayment of repurchase agreements	—			—			(470		)	—			(470		)
Proceeds from share-based compensation plans	—			—			35			—			35
Dividend to parent company	—			—			(200		)	200			—
Advances (to) from affiliates	(266		)	308			(42		)	—			—
Capital contribution	—			—			110			(110		)	—
Net proceeds from affiliated notional cash pooling programs ⁽¹⁾	296			74			—			(370		)	—
Policyholder contract deposits	—			—			115			—			115
Policyholder contract withdrawals	—			—			(78		)	—			(78		)
Net cash flows from (used for) financing activities	(306		)	382			(426		)	(280		)	(630		)
Effect of foreign currency rate changes on cash and restricted cash	—			—			34			—			34
Net increase in cash and restricted cash	1			69			353			(370		)	53
Cash and restricted cash – beginning of period ⁽¹⁾	1			2			1,989			(652		)	1,340
Cash and restricted cash – end of period ⁽¹⁾	$	2		$	71		$	2,342		$	(1,022	)	$	1,393

⁽¹⁾

Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2019 and December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.

Condensed Consolidating Statement of Cash Flows



For the Three Months Ended March 31, 2018	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
(in millions of U.S. dollars)
Net cash flows from operating activities	$	24		$	2,727		$	800		$	(3,000	)	$	551
Cash flows from investing activities
Purchases of fixed maturities available for sale	—			(8		)	(5,964		)	—			(5,972		)
Purchases of fixed maturities held to maturity	—			—			(162		)	—			(162		)
Purchases of equity securities	—			—			(55		)	—			(55		)
Sales of fixed maturities available for sale	—			—			2,562			—			2,562
Sales of equity securities	—			—			40			—			40
Maturities and redemptions of fixed maturities available for sale	—			3			1,862			—			1,865
Maturities and redemptions of fixed maturities held to maturity	—			—			255			—			255
Net change in short-term investments	—			(14		)	745			—			731
Net derivative instruments settlements	—			(7		)	46			—			39
Private equity contributions	—			—			(353		)	—			(353		)
Private equity distributions	—			—			201			—			201
Capital contribution	(750		)	(3,500		)	—			4,250			—
Other	—			(3		)	(29		)	—			(32		)
Net cash flows used for investing activities	(750		)	(3,529		)	(852		)	4,250			(881		)
Cash flows from financing activities
Dividends paid on Common Shares	(330		)	—			—			—			(330		)
Common Shares repurchased	—			—			(29		)	—			(29		)
Proceeds from issuance of long-term debt	—			2,175			—			—			2,175
Repayment of long-term debt	—			(300		)	—			—			(300		)
Proceeds from issuance of repurchase agreements	—			—			408			—			408
Repayment of repurchase agreements	—			—			(404		)	—			(404		)
Proceeds from share-based compensation plans	—			—			34			—			34
Dividend to parent company	—			—			(3,000		)	3,000			—
Advances (to) from affiliates	656			(95		)	(561		)	—			—
Capital contribution	—			—			4,250			(4,250		)	—
Net proceeds from (payments to) affiliated notional cash pooling programs ⁽¹⁾	400			(115		)	—			(285		)	—
Policyholder contract deposits	—			—			118			—			118
Policyholder contract withdrawals	—			—			(105		)	—			(105		)
Net cash flows from financing activities	726			1,665			711			(1,535		)	1,567
Effect of foreign currency rate changes on cash and restricted cash	(2		)	—			27			—			25
Net increase (decrease) in cash and restricted cash	(2		)	863			686			(285		)	1,262
Cash and restricted cash – beginning of period ⁽¹⁾	3			1			962			(115		)	851
Cash and restricted cash – end of period ⁽¹⁾	$	1		$	864		$	1,648		$	(400	)	$	2,113

⁽¹⁾

Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2018 and December 31, 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.