Exhibit 99.2

Chubb Limited

Financial Supplement

for the Quarter Ended March 31, 2020

Investor Contact

Karen Beyer: (212) 827-4445

email: investorrelations@chubb.com

This report is for informational purposes only. It should be read in conjunction with documents filed by Chubb Limited with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

Cautionary Statement Regarding Forward-Looking Statements

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

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

Chubb Limited

Financial Supplement Table of Contents

		Page
I.	Financial Highlights
	- Consolidated Financial Highlights		1
II.	Consolidated Results
	- Consolidated Statement of Operations		2
	- P&C Results—Consecutive Quarters		3
	- Global P&C Results—Consecutive Quarters		4
	- Summary Consolidated Balance Sheets		5
	- Line of Business		6
	- Consolidated Results by Segment		7 - 8
III.	Segment Results
	- North America Commercial P&C Insurance		9
	- North America Personal P&C Insurance		10
	- North America Agricultural Insurance		11
	- Overseas General Insurance		12
	- Global Reinsurance		13
	- Life Insurance		14
	- Corporate		15
IV.	Balance Sheet Details
	- Loss Reserve Rollforward		16
	- Reinsurance Recoverable Analysis		17
	- Investment Portfolio		18 - 21
	- Net Realized and Unrealized Gains (Losses)		22
	- Debt and Capital		23
	- Computation of Basic and Diluted Earnings Per Share		24
	- Book Value and Book Value per Common Share		25
V.	Other Disclosures
	- Non-GAAP Financial Measures		26 - 30
	- Glossary		31

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 March 31									Constant $		Constant $
	2020			2019			% Change			2019		% Change
Gross premiums written	$	9,752		$	9,111			7.0	%	$	9,082		7.4	%
Net premiums written	$	7,977		$	7,313			9.1	%	$	7,288		9.5	%
P&C net premiums written	$	7,332		$	6,734			8.9	%	$	6,708		9.3	%
Net premiums earned	$	7,794		$	7,137			9.2	%	$	7,114		9.6	%
Net investment income	$	861		$	836			3.1	%	$	835		3.2	%
Adjusted net investment income	$	893		$	882			1.3	%	$	881		1.4	%
P&C underwriting income	$	778		$	712			9.3	%	$	710		9.6	%
Agriculture underwriting income	$	14		$	73			-80.5	%	$	73		-80.5	%
Global P&C (excludes Agriculture) underwriting income	$	764		$	639			19.5	%	$	637		20.0	%
Core operating income	$	1,220		$	1,170			4.2	%	$	1,168		4.4	%
Net income	$	252		$	1,040			-75.8	%
Operating cash flow	$	1,712		$	1,322
P&C combined ratio
Loss and loss expense ratio		59.8	%		59.3	%
Policy acquisition cost and administrative expense ratio		29.3	%		29.9	%
Combined ratio		89.1	%		89.2	%
P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)
CAY loss and loss expense ratio ex Cats		58.2	%		58.6	%
CAY policy acquisition cost and administrative expense ratio ex Cats		29.3	%		29.9	%
CAY combined ratio ex Cats		87.5	%		88.5	%
Global P&C CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		57.9	%		58.5	%
CAY policy acquisition cost and administrative expense ratio ex Cats		29.5	%		30.1	%
CAY combined ratio ex Cats		87.4	%		88.6	%
ROE		1.9	%		8.1	%
Core operating return on equity (ROE)		9.4	%		9.2	%
Core operating return on tangible equity (ROTE)		15.1	%		15.1	%
Effective tax rate		46.0	%		15.3	%
Core operating effective tax rate		16.3	%		14.7	%
Diluted earnings per share
Net income	$	0.55		$	2.25			-75.6	%
Core operating income	$	2.68		$	2.54			5.5	%
Weighted average basic common shares outstanding		451.9			458.8
Weighted average diluted common shares outstanding		454.5			461.5
							% Change
	March 31			December 31			1Q-20 vs.
	2020			2019			4Q-19
Book value per common share	$	115.64		$	122.42			-5.5	%
Tangible book value per common share	$	72.29		$	78.14			-7.5	%

Financial Highlights Page 1

Chubb Limited

Statement of Operations—Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Consolidated Statements of Operations

																Full Year
	1Q-20			4Q-19			3Q-19			2Q-19			1Q-19			2019
Gross premiums written	$	9,752		$	9,934		$	10,724		$	10,355		$	9,111		$	40,124
Net premiums written		7,977			7,997			8,622			8,343			7,313			32,275
Net premiums earned		7,794			7,935			8,327			7,891			7,137			31,290
Adjusted losses and loss expenses (1)		4,487			4,865			5,066			4,708			4,099			18,738
Realized (gains) losses on crop derivatives		2			—			14			(7	)		1			8
Losses and loss expenses		4,485			4,865			5,052			4,715			4,098			18,730
Adjusted policy benefits (2)		185			201			165			164			166			696
Gains (losses) from fair value changes in separate account liabilities		56			(24	)		7			3			(30	)		(44	)
Policy benefits		129			225			158			161			196			740
Policy acquisition costs		1,615			1,542			1,603			1,544			1,464			6,153
Administrative expenses		741			810			752			758			710			3,030
Adjusted net investment income (3)		893			893			910			902			882			3,587
Amortization expense of fair value adjustment on acquired invested assets		(32	)		(35	)		(37	)		(43	)		(46	)		(161	)
Net investment income		861			858			873			859			836			3,426
Adjusted realized gains (losses) (4)		(956	)		(55	)		(141	)		(230	)		(96	)		(522	)
Realized gains (losses) on crop derivatives		(2	)		—			(14	)		7			(1	)		(8	)
Net realized gains (losses)		(958	)		(55	)		(155	)		(223	)		(97	)		(530	)
Adjusted interest expense (5)		137			140			143			145			145			573
Amortization benefit of fair value adjustment on acquired long term debt		(5	)		(6	)		(5	)		(5	)		(5	)		(21	)
Interest expense		132			134			138			140			140			552
Gains (losses) from fair value changes in separate account assets		(56	)		24			(7	)		(3	)		30			44
Net realized gains (losses) related to unconsolidated entities		(7	)		227			41			219			(4	)		483
Other income (expense) - operating		8			19			23			14			13			69
Other income (expense)		(55	)		270			57			230			39			596
Amortization expense of purchased intangibles		73			76			76			77			76			305
Chubb integration expenses		—			14			2			4			3			23
Income tax expense		215			169			230			208			188			795
Net income	$	252		$	1,173		$	1,091		$	1,150		$	1,040		$	4,454

(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.

(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)

Chubb Limited P&C Underwriting Results

																Full Year
	1Q-20			4Q-19			3Q-19			2Q-19			1Q-19			2019
P&C underwriting income (Including Corporate and excluding Life Insurance)
Gross premiums written	$	9,069		$	9,282		$	10,082		$	9,743		$	8,500		$	37,607
Net premiums written		7,332			7,375			8,010			7,764			6,734			29,883
Net premiums earned		7,163			7,322			7,729			7,320			6,576			28,947
Adjusted losses and loss expenses		4,285			4,689			4,876			4,519			3,897			17,981
Policy acquisition costs		1,435			1,376			1,427			1,394			1,336			5,533
Administrative expenses		665			724			672			680			631			2,707
P&C underwriting income	$	778		$	533		$	754		$	727		$	712		$	2,726
P&C CAY underwriting income ex Cats	$	897		$	730		$	819		$	814		$	758		$	3,121
% Change versus prior year period
Net premiums written		8.9	%		9.0	%		6.2	%		4.2	%		2.9	%		5.6	%
Net premiums earned		8.9	%		6.3	%		5.0	%		2.9	%		1.4	%		4.0	%
Net premiums written constant $		9.3	%		9.8	%		7.2	%		6.0	%		5.1	%		7.0	%
Net premiums earned constant $		9.3	%		7.1	%		6.1	%		4.9	%		3.5	%		5.4	%
P&C combined ratio
Loss and loss expense ratio		59.8	%		64.0	%		63.1	%		61.7	%		59.3	%		62.1	%
Policy acquisition cost ratio		20.0	%		18.8	%		18.4	%		19.1	%		20.3	%		19.1	%
Administrative expense ratio		9.3	%		9.9	%		8.7	%		9.3	%		9.6	%		9.4	%
Combined ratio		89.1	%		92.7	%		90.2	%		90.1	%		89.2	%		90.6	%
CAY P&C combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		58.2	%		61.3	%		62.4	%		60.5	%		58.6	%		60.8	%
CAY policy acquisition cost and administrative expense ratio ex Cats		29.3	%		28.7	%		27.1	%		28.4	%		29.9	%		28.4	%
CAY combined ratio ex Cats		87.5	%		90.0	%		89.5	%		88.9	%		88.5	%		89.2	%
Other ratios
Net premiums written/gross premiums written		81	%		79	%		79	%		80	%		79	%		79	%
Expense ratio		29.3	%		28.7	%		27.1	%		28.4	%		29.9	%		28.5	%
Expense ratio excluding A&H		27.5	%		26.6	%		25.1	%		26.3	%		28.0	%		26.4	%
Catastrophe reinstatement premiums (expensed) collected—pre-tax	$	—		$	(14	)	$	2		$	—		$	—		$	(12	)
Catastrophe losses—pre-tax	$	237		$	416		$	234		$	275		$	250		$	1,175
Favorable prior period development (PPD)—pre-tax	$	(118	)	$	(233	)	$	(167	)	$	(188	)	$	(204	)	$	(792	)
Impact of catastrophe losses on P&C combined ratio—Unfavorable		3.3	%		5.9	%		3.0	%		3.8	%		3.8	%		4.1	%
Impact of PPD on P&C combined ratio—Favorable		-1.7	%		-3.2	%		-2.3	%		-2.6	%		-3.1	%		-2.7	%
Impact of Cats and PPD on P&C combined ratio—Unfavorable		1.6	%		2.7	%		0.7	%		1.2	%		0.7	%		1.4	%

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 9), North America Personal P&C Insurance segment (refer to page 10), Overseas General Insurance segment (refer to page 12), Global Reinsurance segment (refer to page 13), and Corporate (refer to page 15). Global P&C excludes the North America Agricultural Insurance and Life Insurance segments.

Global P&C (Including Corporate and excluding Agriculture)

																Full Year
	1Q-20			4Q-19			3Q-19			2Q-19			1Q-19			2019
Global P&C underwriting income
Gross premiums written	$	8,849		$	9,000		$	8,810		$	9,101		$	8,281		$	35,192
Net premiums written		7,175			7,099			7,072			7,298			6,604			28,073
Net premiums earned		7,069			6,901			6,788			6,942			6,521			27,152
Adjusted losses and loss expenses		4,220			4,236			3,996			4,210			3,923			16,365
Policy acquisition costs		1,424			1,382			1,371			1,367			1,329			5,449
Administrative expenses		661			727			668			676			630			2,701
Global P&C underwriting income	$	764		$	556		$	753		$	689		$	639		$	2,637
Global P&C CAY underwriting income ex Cats	$	889		$	789		$	797		$	774		$	744		$	3,104
% Change versus prior year period
Net premiums written		8.6	%		8.0	%		6.2	%		3.3	%		2.6	%		5.0	%
Net premiums earned		8.4	%		5.0	%		4.4	%		2.7	%		1.2	%		3.3	%
Net premiums written constant $		9.1	%		8.9	%		7.3	%		5.3	%		4.8	%		6.6	%
Net premiums earned constant $		8.8	%		5.8	%		5.6	%		4.7	%		3.3	%		4.9	%
Combined ratio
Loss and loss expense ratio		59.7	%		61.4	%		58.9	%		60.6	%		60.2	%		60.3	%
Policy acquisition cost ratio		20.2	%		20.0	%		20.2	%		19.7	%		20.4	%		20.1	%
Administrative expense ratio		9.3	%		10.5	%		9.8	%		9.8	%		9.6	%		9.9	%
Combined ratio		89.2	%		91.9	%		88.9	%		90.1	%		90.2	%		90.3	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		57.9	%		58.1	%		58.5	%		59.4	%		58.5	%		58.6	%
CAY policy acquisition cost and administrative expense ratio ex Cats		29.5	%		30.5	%		29.8	%		29.4	%		30.1	%		30.0	%
CAY combined ratio ex Cats		87.4	%		88.6	%		88.3	%		88.8	%		88.6	%		88.6	%
Other ratios
Net premiums written/gross premiums written		81	%		79	%		80	%		80	%		80	%		80	%
Expense ratio		29.5	%		30.5	%		30.0	%		29.5	%		30.0	%		30.0	%
Expense ratio excluding A&H		27.7	%		28.6	%		28.0	%		27.4	%		28.1	%		28.0	%
Catastrophe reinstatement premiums (expensed) collected—pre-tax	$	—		$	(14	)	$	2		$	—		$	—		$	(12	)
Catastrophe losses—pre-tax	$	229		$	415		$	231		$	273		$	248		$	1,167
Favorable prior period development (PPD)—pre-tax	$	(104	)	$	(196	)	$	(185	)	$	(188	)	$	(143	)	$	(712	)

Global P&C Page 4

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)

	March 31			December 31
	2020			2019
Assets
Fixed maturities available for sale, at fair value	$	81,530		$	85,488
Fixed maturities held to maturity, at amortized cost		12,025			12,581
Equity securities, at fair value		2,068			812
Short-term investments, at fair value		3,586			4,291
Other investments		6,075			6,062
Total investments		105,284			109,234
Cash		1,512			1,537
Securities lending collateral		1,342			994
Insurance and reinsurance balances receivable		10,058			10,357
Reinsurance recoverable on losses and loss expenses		14,898			15,181
Deferred policy acquisition costs		5,162			5,242
Value of business acquired		289			306
Prepaid reinsurance premiums		2,570			2,647
Goodwill and other intangible assets		20,873			21,359
Investments in partially-owned insurance companies		1,346			1,332
Other assets		9,793			8,754
Total assets	$	173,127		$	176,943
Liabilities
Unpaid losses and loss expenses	$	62,214		$	62,690
Unearned premiums		16,459			16,771
Future policy benefits		5,776			5,814
Insurance and reinsurance balances payable		6,084			6,184
Securities lending payable		1,342			994
Accounts payable, accrued expenses, and other liabilities		13,463			13,189
Deferred tax liabilities		474			804
Short-term and long-term debt		14,810			14,858
Trust preferred securities		308			308
Total liabilities		120,930			121,612
Shareholders’ equity
Total shareholders’ equity, excl. AOCI		54,290			54,712
Accumulated other comprehensive income (loss) (AOCI)		(2,093	)		619
Total shareholders’ equity		52,197			55,331
Total liabilities and shareholders’ equity	$	173,127		$	176,943
Book value per common share	$	115.64		$	122.42
% change over prior quarter		-5.5	%		1.7	%
Tangible book value per common share	$	72.29		$	78.14
% change over prior quarter		-7.5	%		2.5	%

Consol Bal Sheet Page 5

Chubb Limited

Consolidated Net Premiums Written by Line of Business

(in millions of U.S. dollars)

(Unaudited)

								Constant $
	1Q-20		1Q-19		% Change			% Change
Net premiums written
Commercial multiple peril (1)	$	241	$	219		10.1	%		10.1	%
Commercial casualty		1,341		1,200		11.8	%		11.9	%
Workers’ compensation		586		593		-1.3	%		-1.3	%
Professional liability		912		786		15.9	%		16.5	%
Surety		150		152		-1.5	%		-0.8	%
Property and other short-tail lines		1,334		1,157		15.3	%		16.6	%
Total Commercial P&C		4,564		4,107		11.1	%		11.6	%
Agriculture		157		130		21.2	%		21.2	%
Personal automobile		441		421		4.8	%		3.1	%
Personal homeowners		773		743		4.0	%		4.0	%
Personal other		418		368		13.7	%		15.2	%
Total Personal lines		1,632		1,532		6.5	%		6.4	%
Total Property and Casualty lines		6,353		5,769		10.1	%		10.4	%
Global A&H lines (2)		1,067		1,073		-0.6	%		0.3	%
Reinsurance lines		218		202		8.4	%		7.9	%
Life		339		269		26.1	%		26.1	%
Total consolidated	$	7,977	$	7,313		9.1	%		9.5	%

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

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

Line of Business Page 6

Chubb Limited

Consolidated Results

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

(Unaudited)

Q1 2020	North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C			Life Insurance			Total Consolidated
Net premiums written	$	3,252		$	1,107		$	157		$	2,598		$	218		$	—		$	7,332		$	645		$	7,977
Net premiums earned		3,376			1,200			94			2,307			186			—			7,163			631			7,794
Adjusted losses and loss expenses		2,181			683			65			1,258			87			11			4,285			202			4,487
Adjusted policy benefits		—			—			—			—			—			—			—			185			185
Policy acquisition costs		492			245			11			642			45			—			1,435			180			1,615
Administrative expenses		259			68			4			258			10			66			665			76			741
Underwriting income (loss)		444			204			14			149			44			(77	)		778			(12	)		766
Adjusted net investment income		516			66			9			145			54			8			798			95			893
Other income (expense)—operating		3			(2	)		—			(4	)		15			(16	)		(4	)		12			8
Amortization expense of purchased intangibles		—			(3	)		(7	)		(12	)		—			(50	)		(72	)		(1	)		(73	)
Segment income (loss)	$	963		$	265		$	16		$	278		$	113		$	(135	)	$	1,500		$	94		$	1,594
Adjusted interest expense																	(137	)								(137	)
Income tax expense																	(237	)								(237	)
Core operating income (loss)																	(509	)								1,220
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $5 million tax benefit																	(22	)								(22	)
Adjusted net realized gains (losses), net of $17 million tax benefit (1)																	(946	)								(946	)
Net income (loss)																$	(1,477	)							$	252
Combined ratio		86.8	%		83.0	%		84.8	%		93.5	%		76.1	%					89.1	%
CAY combined ratio ex Cats		86.5	%		81.2	%		90.9	%		89.8	%		80.0	%					87.5	%

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

Consol Results 2020 Page 7

Chubb Limited

Consolidated Results

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

(Unaudited)

Q1 2019	North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C			Life Insurance			Total Consolidated
Net premiums written	$	2,951		$	1,056		$	130		$	2,395		$	202		$	—		$	6,734		$	579		$	7,313
Net premiums earned		3,085			1,154			55			2,114			168			—			6,576			561			7,137
Adjusted losses and loss expenses		1,973			757			(26	)		1,106			76			11			3,897			202			4,099
Adjusted policy benefits		—			—			—			—			—			—			—			166			166
Policy acquisition costs		459			231			7			596			43			—			1,336			128			1,464
Administrative expenses		240			68			1			249			10			63			631			79			710
Underwriting income (loss)		413			98			73			163			39			(74	)		712			(14	)		698
Adjusted net investment income		510			64			10			144			56			9			793			89			882
Other income (expense)—operating		5			—			—			(4	)		9			(7	)		3			10			13
Amortization expense of purchased intangibles		—			(3	)		(7	)		(11	)		—			(55	)		(76	)		—			(76	)
Segment income (loss)	$	928		$	159		$	76		$	292		$	104		$	(127	)	$	1,432		$	85		$	1,517
Adjusted interest expense																	(145	)								(145	)
Income tax expense																	(202	)								(202	)
Core operating income (loss)																	(474	)								1,170
Chubb integration expenses, net of $1 million tax benefit																	(2	)								(2	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $8 million tax benefit																	(33	)								(33	)
Adjusted net realized gains (losses), net of $5 million tax benefit (1)																	(95	)								(95	)
Net income (loss)																$	(604	)							$	1,040
Combined ratio		86.6	%		91.5	%		NM			92.3	%		76.8	%					89.2	%
CAY combined ratio ex Cats		87.8	%		81.1	%		83.9	%		91.3	%		81.5	%					88.5	%

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

Consol Results 2019 Page 8

Chubb Limited

Segment Results—Consecutive Quarters

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

(Unaudited)

North America Commercial P&C Insurance

	1Q-20			4Q-19			3Q-19			2Q-19			1Q-19			Full Year 2019
Gross premiums written	$	4,211		$	4,576		$	4,533		$	4,518		$	3,977		$	17,604
Net premiums written		3,252			3,438			3,452			3,534			2,951			13,375
Net premiums earned		3,376			3,262			3,185			3,390			3,085			12,922
Losses and loss expenses		2,181			1,968			2,051			2,214			1,973			8,206
Policy acquisition costs		492			454			459			459			459			1,831
Administrative expenses		259			273			256			259			240			1,028
Underwriting income		444			567			419			458			413			1,857
Net investment income		516			519			532			521			510			2,082
Other income (expense)—operating		3			(1	)		1			(2	)		5			3
Segment income	$	963		$	1,085		$	952		$	977		$	928		$	3,942
CAY underwriting income ex Cats	$	457		$	445		$	398		$	410		$	376		$	1,629
Combined ratio
Loss and loss expense ratio		64.6	%		60.3	%		64.4	%		65.3	%		63.9	%		63.5	%
Policy acquisition cost ratio		14.6	%		13.9	%		14.4	%		13.6	%		14.9	%		14.2	%
Administrative expense ratio		7.6	%		8.4	%		8.1	%		7.6	%		7.8	%		7.9	%
Combined ratio		86.8	%		82.6	%		86.9	%		86.5	%		86.6	%		85.6	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		64.2	%		64.0	%		65.5	%		66.7	%		65.0	%		65.3	%
CAY policy acquisition cost and administrative expense ratio ex Cats		22.3	%		22.4	%		22.1	%		21.2	%		22.8	%		22.1	%
CAY combined ratio ex Cats		86.5	%		86.4	%		87.6	%		87.9	%		87.8	%		87.4	%
Catastrophe losses—pre-tax	$	118		$	102		$	88		$	137		$	94		$	421
Favorable prior period development (PPD)—pre-tax	$	(105	)	$	(224	)	$	(109	)	$	(185	)	$	(131	)	$	(649	)
% Change versus prior year period
Net premiums written		10.2	%		9.4	%		7.9	%		6.0	%		5.0	%		7.1	%
Net premiums earned		9.4	%		6.0	%		5.5	%		3.4	%		1.9	%		4.2	%
Other ratios
Net premiums written/gross premiums written		77	%		75	%		76	%		78	%		74	%		76	%
Production by Size—Net premiums written (1)
Major Accounts & Specialty	$	1,874		$	2,049		$	2,043		$	2,187		$	1,712		$	7,991
Commercial		1,378			1,389			1,409			1,347			1,239			5,384
Total	$	3,252		$	3,438		$	3,452		$	3,534		$	2,951		$	13,375

(1) Major Accounts & Specialty: large corporate accounts and wholesale business. Commercial: principally middle market and small commercial accounts. Certain 2019 businesses, previously reported within Commercial, are now reported within Major Accounts & Specialty to align with 2020 reporting. The reclassifications are immaterial and have no impact to total reported North America Commercial P&C Insurance segment net premiums written.

NA Commercial Page 9

Chubb Limited

Segment Results—Consecutive Quarters

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

(Unaudited)

North America Personal P&C Insurance

																Full Year
	1Q-20			4Q-19			3Q-19			2Q-19			1Q-19			2019
Gross premiums written	$	1,265		$	1,349		$	1,422		$	1,483		$	1,207		$	5,461
Net premiums written		1,107			1,171			1,251			1,309			1,056			4,787
Net premiums earned		1,200			1,185			1,187			1,168			1,154			4,694
Losses and loss expenses		683			865			674			747			757			3,043
Policy acquisition costs		245			240			240			237			231			948
Administrative expenses		68			75			72			71			68			286
Underwriting income		204			5			201			113			98			417
Net investment income		66			64			66			64			64			258
Other income (expense)—operating		(2	)		(1	)		(1	)		(1	)		—			(3	)
Amortization expense of purchased intangibles		(3	)		(3	)		(3	)		(3	)		(3	)		(12	)
Segment income	$	265		$	65		$	263		$	173		$	159		$	660
CAY underwriting income ex Cats	$	226		$	223		$	222		$	214		$	217		$	876
Combined ratio
Loss and loss expense ratio		57.0	%		73.0	%		56.9	%		64.0	%		65.5	%		64.8	%
Policy acquisition cost ratio		20.4	%		20.3	%		20.2	%		20.2	%		20.1	%		20.2	%
Administrative expense ratio		5.6	%		6.3	%		6.0	%		6.1	%		5.9	%		6.1	%
Combined ratio		83.0	%		99.6	%		83.1	%		90.3	%		91.5	%		91.1	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		55.1	%		55.1	%		55.1	%		55.3	%		55.1	%		55.1	%
CAY policy acquisition cost and administrative expense ratio ex Cats		26.1	%		26.3	%		26.2	%		26.4	%		26.0	%		26.3	%
CAY combined ratio ex Cats		81.2	%		81.4	%		81.3	%		81.7	%		81.1	%		81.4	%
Catastrophe reinstatement premiums expensed—pre-tax	$	—		$	(11	)	$	—		$	—		$	—		$	(11	)
Catastrophe losses—pre-tax	$	21		$	214		$	83		$	117		$	129		$	543
Unfavorable (favorable) prior period development (PPD)—pre-tax	$	1		$	(7	)	$	(62	)	$	(16	)	$	(10	)	$	(95	)
% Change versus prior year period
Net premiums written		4.8	%		9.2	%		2.7	%		-2.0	%		0.8	%		2.4	%
Net premiums written adjusted primarily for additional reinsurance		5.1	%		4.6	%		3.9	%		2.4	%		2.6	%		3.3	%
Net premiums earned		3.9	%		4.8	%		1.7	%		1.1	%		1.2	%		2.2	%
Other ratios
Net premiums written/gross premiums written		88	%		87	%		88	%		88	%		88	%		88	%

NA Personal Page 10

Chubb Limited

Segment Results—Consecutive Quarters

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

(Unaudited)

North America Agricultural Insurance

																Full Year
	1Q-20			4Q-19			3Q-19			2Q-19			1Q-19			2019
Gross premiums written	$	220		$	282		$	1,272		$	642		$	219		$	2,415
Net premiums written		157			276			938			466			130			1,810
Net premiums earned		94			421			941			378			55			1,795
Adjusted losses and loss expenses (1)		65			453			880			309			(26	)		1,616
Policy acquisition costs		11			(6	)		56			27			7			84
Administrative expenses		4			(3	)		4			4			1			6
Underwriting income (loss)		14			(23	)		1			38			73			89
Net investment income		9			8			8			4			10			30
Other income (expense)—operating		—			—			—			(1	)		—			(1	)
Amortization expense of purchased intangibles		(7	)		(7	)		(7	)		(7	)		(7	)		(28	)
Segment income (loss)	$	16		$	(22	)	$	2		$	34		$	76		$	90
CAY underwriting income (loss) ex Cats	$	8		$	(59	)	$	22		$	40		$	14		$	17
Combined ratio
Loss and loss expense ratio		69.6	%		107.6	%		93.5	%		81.9	%		NM			90.1	%
Policy acquisition cost ratio		11.1	%		-1.5	%		6.0	%		7.3	%		NM			4.7	%
Administrative expense ratio		4.1	%		-0.7	%		0.4	%		0.9	%		NM			0.3	%
Combined ratio		84.8	%		105.4	%		99.9	%		90.1	%		NM			95.1	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		76.2	%		113.6	%		91.3	%		81.4	%		71.1	%		93.5	%
CAY policy acquisition cost and administrative expense ratio ex Cats		14.7	%		0.3	%		6.4	%		8.2	%		12.8	%		5.6	%
CAY combined ratio ex Cats		90.9	%		113.9	%		97.7	%		89.6	%		83.9	%		99.1	%
Catastrophe losses—pre-tax	$	8		$	1		$	3		$	2		$	2		$	8
Unfavorable (favorable) prior period development (PPD)—pre-tax	$	(14	)	$	(37	)	$	18		$	—		$	(61	)	$	(80	)
% Change versus prior year period
Net premiums written		21.2	%		40.4	%		6.2	%		20.1	%		19.9	%		14.8	%
Net premiums earned		71.8	%		32.4	%		9.8	%		7.7	%		27.4	%		14.4	%
Other ratios
Net premiums written/gross premiums written		71	%		98	%		74	%		73	%		59	%		75	%

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

NA Agriculture Page 11

Chubb Limited

Segment Results—Consecutive Quarters

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

(Unaudited)

Overseas General Insurance

																Full Year
	1Q-20			4Q-19			3Q-19			2Q-19			1Q-19			2019
Gross premiums written	$	3,131		$	2,964		$	2,705		$	2,863		$	2,876		$	11,408
Net premiums written		2,598			2,381			2,228			2,258			2,395			9,262
Net premiums earned		2,307			2,287			2,256			2,225			2,114			8,882
Losses and loss expenses		1,258			1,221			1,154			1,125			1,106			4,606
Policy acquisition costs		642			646			630			629			596			2,501
Administrative expenses		258			262			257			265			249			1,033
Underwriting income		149			158			215			206			163			742
Net investment income		145			145			148			151			144			588
Other income (expense)—operating		(4	)		(2	)		(3	)		(3	)		(4	)		(12	)
Amortization expense of purchased intangibles		(12	)		(11	)		(11	)		(12	)		(11	)		(45	)
Segment income	$	278		$	290		$	349		$	342		$	292		$	1,273
CAY underwriting income ex Cats	$	235		$	202		$	225		$	195		$	184		$	806
Combined ratio
Loss and loss expense ratio		54.5	%		53.3	%		51.1	%		50.6	%		52.3	%		51.9	%
Policy acquisition cost ratio		27.8	%		28.3	%		28.0	%		28.3	%		28.2	%		28.1	%
Administrative expense ratio		11.2	%		11.5	%		11.4	%		11.9	%		11.8	%		11.6	%
Combined ratio		93.5	%		93.1	%		90.5	%		90.8	%		92.3	%		91.6	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		50.8	%		51.5	%		50.7	%		51.1	%		51.3	%		51.2	%
CAY policy acquisition cost and administrative expense ratio ex Cats		39.0	%		39.7	%		39.3	%		40.1	%		40.0	%		39.7	%
CAY combined ratio ex Cats		89.8	%		91.2	%		90.0	%		91.2	%		91.3	%		90.9	%
Catastrophe reinstatement premiums expensed—pre-tax	$	—		$	(4	)	$	—		$	—		$	—		$	(4	)
Catastrophe losses—pre-tax	$	90		$	83		$	35		$	9		$	25		$	152
Favorable prior period development (PPD)—pre-tax	$	(4	)	$	(43	)	$	(25	)	$	(20	)	$	(4	)	$	(92	)
% Change versus prior year period
Net premiums written		8.5	%		6.3	%		7.1	%		2.7	%		0.4	%		4.0	%
Net premiums earned		9.2	%		4.6	%		4.6	%		3.0	%		0.3	%		3.1	%
Net premiums written constant $		9.7	%		8.8	%		10.7	%		8.5	%		6.0	%		8.4	%
Net premiums earned constant $		10.5	%		6.9	%		8.0	%		9.2	%		6.3	%		7.6	%
Other ratios
Net premiums written/gross premiums written		83	%		80	%		82	%		79	%		83	%		81	%
										Constant $
Production by Region—Net premiums written	1Q-20			1Q-19			% Change			% Change
Europe	$	1,228		$	1,106			11.1	%		12.2	%
Latin America		583			533			9.4	%		11.7	%
Asia		688			669			2.9	%		3.7	%
Other (1)		99			87			12.6	%		13.4	%
Total	$	2,598		$	2,395			8.5	%		9.7	%

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

Overseas General Insurance Page 12

Chubb Limited

Segment Results—Consecutive Quarters

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

(Unaudited)

Global Reinsurance

																Full Year
	1Q-20			4Q-19			3Q-19			2Q-19			1Q-19			2019
Gross premiums written	$	242		$	111		$	150		$	237		$	221		$	719
Net premiums written		218			109			141			197			202			649
Net premiums earned		186			167			160			159			168			654
Losses and loss expenses		87			107			79			90			76			352
Policy acquisition costs		45			42			42			42			43			169
Administrative expenses		10			9			9			7			10			35
Underwriting income		44			9			30			20			39			98
Net investment income		54			54			55			55			56			220
Other income (expense)—operating		15			18			16			15			9			58
Segment income	$	113		$	81		$	101		$	90		$	104		$	376
CAY underwriting income ex Cats	$	37		$	28		$	28		$	30		$	31		$	117
Combined ratio
Loss and loss expense ratio		46.5	%		64.2	%		49.6	%		55.9	%		45.7	%		53.9	%
Policy acquisition cost ratio		24.5	%		24.7	%		26.2	%		26.9	%		25.4	%		25.7	%
Administrative expense ratio		5.1	%		5.7	%		5.3	%		4.9	%		5.7	%		5.4	%
Combined ratio		76.1	%		94.6	%		81.1	%		87.7	%		76.8	%		85.0	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		50.4	%		52.5	%		49.9	%		49.7	%		50.5	%		50.6	%
CAY policy acquisition cost and administrative expense ratio ex Cats		29.6	%		30.8	%		32.2	%		32.0	%		31.0	%		31.5	%
CAY combined ratio ex Cats		80.0	%		83.3	%		82.1	%		81.7	%		81.5	%		82.1	%
Catastrophe reinstatement premiums collected—pre-tax	$	—		$	1		$	2		$	—		$	—		$	3
Catastrophe losses—pre-tax	$	—		$	16		$	25		$	10		$	—		$	51
Unfavorable (favorable) prior period development (PPD)—pre-tax	$	(7	)	$	4		$	(25	)	$	—		$	(8	)	$	(29	)
% Change versus prior year period
Net premiums written as reported		8.4	%		-6.0	%		-14.0	%		0.2	%		4.4	%		-3.2	%
Net premiums earned as reported		10.4	%		-5.8	%		1.9	%		-5.0	%		0.1	%		-2.3	%
Net premiums written constant $		7.9	%		-4.8	%		-12.8	%		1.3	%		6.4	%		-1.7	%
Net premiums earned constant $		10.2	%		-5.0	%		3.1	%		-3.5	%		2.6	%		-0.8	%
Other ratios
Net premiums written/gross premiums written		90	%		99	%		94	%		83	%		91	%		90	%

Global Reinsurance Page 13

Chubb Limited

Segment Results—Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Life Insurance

																Full Year
	1Q-20			4Q-19			3Q-19			2Q-19			1Q-19			2019
Gross premiums written	$	683		$	652		$	642		$	612		$	611		$	2,517
Net premiums written		645			622			612			579			579			2,392
Net premiums earned		631			613			598			571			561			2,343
Losses and loss expenses		202			176			190			189			202			757
Adjusted policy benefits		185			201			165			164			166			696
Policy acquisition costs		180			166			176			150			128			620
Administrative expenses		76			86			80			78			79			323
Net investment income		95			95			92			97			89			373
Life Insurance underwriting income (1)		83			79			79			87			75			320
Other income (expense)—operating		12			11			17			10			10			48
Amortization expense of purchased intangibles		(1	)		—			(1	)		(1	)		—			(2	)
Segment income	$	94		$	90		$	95		$	96		$	85		$	366
% Change versus prior year period
Net premiums written		11.4	%		6.9	%		8.5	%		2.5	%		3.5	%		5.3	%
Net premiums earned		12.6	%		6.6	%		8.7	%		3.4	%		3.9	%		5.6	%
Net premiums written constant $		11.3	%		6.8	%		9.1	%		4.3	%		5.2	%		6.4	%
Net premiums earned constant $		12.5	%		6.5	%		9.3	%		5.2	%		5.5	%		6.6	%

(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):

								Constant $
	1Q-20		1Q-19		% Change			% Change
International life insurance net premiums written	$	295	$	227		29.9	%		29.8	%
International life insurance deposits (2)		443		321		37.9	%		36.7	%
Total international life insurance net premiums written and deposits	$	738	$	548		34.6	%		33.8	%
International life insurance segment income	$	45	$	34		30.7	%		30.7	%

(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 14

Chubb Limited

Segment Results—Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Corporate

																Full Year
	1Q-20			4Q-19			3Q-19			2Q-19			1Q-19			2019
Gross premiums written	$	—		$	—		$	—		$	—		$	—		$	—
Net premiums written		—			—			—			—			—			—
Net premiums earned		—			—			—			—			—			—
Losses and loss expenses		11			75			38			34			11			158
Policy acquisition costs		—			—			—			—			—			—
Administrative expenses		66			108			74			74			63			319
Underwriting loss		(77	)		(183	)		(112	)		(108	)		(74	)		(477	)
Adjusted net investment income		8			8			9			10			9			36
Other income (expense)—operating		(16	)		(6	)		(7	)		(4	)		(7	)		(24	)
Adjusted interest expense		(137	)		(140	)		(143	)		(145	)		(145	)		(573	)
Amortization expense of purchased intangibles		(50	)		(55	)		(54	)		(54	)		(55	)		(218	)
Income tax expense		(237	)		(173	)		(219	)		(216	)		(202	)		(810	)
Core operating loss		(509	)		(549	)		(526	)		(517	)		(474	)		(2,066	)
Chubb integration expenses, net of tax		—			(12	)		(2	)		(3	)		(2	)		(19	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(22	)		(25	)		(24	)		(32	)		(33	)		(114	)
Adjusted net realized gains (losses), net of tax (1)		(946	)		170			(119	)		(10	)		(95	)		(54	)
Net loss	$	(1,477	)	$	(416	)	$	(671	)	$	(562	)	$	(604	)	$	(2,253	)
Unfavorable prior period development (PPD)—pre-tax	$	11		$	74		$	36		$	33		$	10		$	153

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

Corporate Page 15

Chubb Limited

Loss Reserve Rollforward

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

(Unaudited)

	Unpaid Losses									Net Paid to
	Gross			Ceded			Net			Incurred Ratio
Balance at December 31, 2018	$	62,960		$	14,689		$	48,271
Losses and loss expenses incurred		5,261			1,163			4,098
Losses and loss expenses paid		(5,197	)		(1,178	)		(4,019	)		98	%
Other (incl. foreign exch. revaluation)		119			33			86
Balance at March 31, 2019	$	63,143		$	14,707		$	48,436
Losses and loss expenses incurred		5,758			1,043			4,715
Losses and loss expenses paid		(5,581	)		(1,489	)		(4,092	)		87	%
Other (incl. foreign exch. revaluation)		(115	)		(28	)		(87	)
Balance at June 30, 2019	$	63,205		$	14,233		$	48,972
Losses and loss expenses incurred		6,783			1,731			5,052
Losses and loss expenses paid		(6,751	)		(1,568	)		(5,183	)		103	%
Other (incl. foreign exch. revaluation)		(225	)		(64	)		(161	)
Balance at September 30, 2019	$	63,012		$	14,332		$	48,680
Losses and loss expenses incurred		5,855			990			4,865
Losses and loss expenses paid		(6,382	)		(1,203	)		(5,179	)		106	%
Other (incl. foreign exch. revaluation)		205			62			143
Balance at December 31, 2019	$	62,690		$	14,181		$	48,509
Losses and loss expenses incurred		5,569			1,084			4,485
Losses and loss expenses paid		(5,345	)		(1,090	)		(4,255	)		95	%
Other (incl. foreign exch. revaluation)		(700	)		(135	)		(565	)
Balance at March 31, 2020	$	62,214		$	14,040		$	48,174
Add net recoverable on paid losses		—			858			(858	)
Balance including net recoverable on paid losses	$	62,214		$	14,898		$	47,316

Loss Reserve Rollforward Page 16

Chubb Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)

Net Reinsurance Recoverable by Division

	March 31			December 31
	2020			2019
Reinsurance recoverable on paid losses and loss expenses
Active operations	$	748		$	887
Brandywine and Other Run-off		177			189
Total	$	925		$	1,076
Reinsurance recoverable on unpaid losses and loss expenses
Active operations	$	13,088		$	13,223
Brandywine and Other Run-off		1,190			1,198
Total	$	14,278		$	14,421
Gross reinsurance recoverable
Active operations	$	13,836		$	14,110
Brandywine and Other Run-off		1,367			1,387
Total	$	15,203		$	15,497
Provision for uncollectible reinsurance (1)
Active operations	$	(176	)	$	(180	)
Brandywine and Other Run-off		(129	)		(136	)
Total	$	(305	)	$	(316	)
Net reinsurance recoverable
Active operations	$	13,660		$	13,930
Brandywine and Other Run-off		1,238			1,251
Total	$	14,898		$	15,181

(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 17

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)

	March 31					December 31
	2020					2019
Market Value
Fixed maturities available for sale	$	81,530				$	85,488
Fixed maturities held to maturity		12,471					13,005
Short-term investments		3,586					4,291
Total fixed maturities	$	97,587				$	102,784
Asset Allocation by Market Value
Treasury / Agency	$	4,296		4	%	$	4,630		5	%
Corporate and asset-backed		32,990		33	%		34,259		33	%
Mortgage-backed		20,252		21	%		21,588		21	%
Municipal		12,276		13	%		12,824		12	%
Non-U.S.		24,187		25	%		25,192		25	%
Short-term investments		3,586		4	%		4,291		4	%
Total fixed maturities	$	97,587		100	%	$	102,784		100	%
Credit Quality by Market Value
AAA	$	14,578		15	%	$	15,714		15	%
AA		35,442		36	%		37,504		37	%
A		18,378		19	%		19,236		19	%
BBB		13,618		14	%		13,650		13	%
BB		8,661		9	%		9,474		9	%
B		6,487		7	%		6,897		7	%
Other		423		0	%		309		0	%
Total fixed maturities	$	97,587		100	%	$	102,784		100	%
Cost/Amortized Cost
Fixed maturities available for sale	$	80,783				$	82,580
Fixed maturities held to maturity		12,025					12,581
Short-term investments		3,582					4,291
Subtotal fixed maturities		96,390					99,452
Equity securities		2,068					812
Other investments		6,075					6,062
Total investment portfolio	$	104,533				$	106,326
Avg. duration of fixed maturities		3.9 years					3.8 years
Avg. market yield of fixed maturities		3.0	%				2.7	%
Avg. credit quality		A/Aa					A/Aa
Avg. yield on invested assets (1)		3.4	%				3.4	%

(1) Calculated using adjusted net investment income.

Investments Page 18

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 March 31, 2020
Agency residential mortgage-backed (RMBS)	$	130	$	16,541	$	—	$	—	$	—	$	16,671
Non-agency RMBS		167		38		72		11		9		297
Commercial mortgage-backed		2,887		263		128		6		—		3,284
Total mortgage-backed securities at market value	$	3,184	$	16,842	$	200	$	17	$	9	$	20,252
U.S. Corporate and Asset-backed Fixed Income Portfolios
Market Value at March 31, 2020			S&P Credit Rating
			Investment Grade
			AAA		AA		A		BBB		Total
Asset-backed			$	3,061	$	418	$	49	$	73	$	3,601
Banks				—		33		2,268		1,370		3,671
Basic Materials				—		—		25		250		275
Communications				—		112		479		1,097		1,688
Consumer, Cyclical				—		379		447		699		1,525
Consumer, Non-Cyclical				61		610		1,690		1,190		3,551
Diversified Financial Services				7		158		362		366		893
Energy				—		73		196		581		850
Industrial				—		14		666		777		1,457
Utilities				—		3		913		441		1,357
All Others				201		320		1,472		1,019		3,012
Total			$	3,330	$	2,120	$	8,567	$	7,863	$	21,880
Market Value at March 31, 2020					S&P Credit Rating
					Below Investment Grade
					BB		B		CCC		Total
Asset-backed					$	2	$	17	$	5	$	24
Banks						—		—		—		—
Basic Materials						357		214		4		575
Communications						833		690		37		1,560
Consumer, Cyclical						957		804		44		1,805
Consumer, Non-Cyclical						1,255		1,252		93		2,600
Diversified Financial Services						174		180		7		361
Energy						575		253		10		838
Industrial						692		681		17		1,390
Utilities						305		26		9		340
All Others						847		724		46		1,617
Total					$	5,997	$	4,841	$	272	$	11,110

Investments 2 Page 19

Chubb Limited

Investment Portfolio—3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

March 31, 2020

Non-U.S. Government Securities	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Republic of Korea	$	—	$	1,040	$	—	$	—	$	—	$	1,040
United Kingdom		—		854		—		—		—		854
Canada		808		—		—		—		—		808
Province of Ontario		—		9		621		—		—		630
Kingdom of Thailand		—		—		575		—		—		575
Federative Republic of Brazil		—		—		—		—		515		515
Province of Quebec		—		496		—		—		—		496
United Mexican States		—		—		—		427		—		427
Socialist Republic of Vietnam		—		—		—		—		371		371
Commonwealth of Australia		354		—		3		—		—		357
Other Non-U.S. Government Securities		860		1,443		974		746		773		4,796
Total	$	2,022	$	3,842	$	2,173	$	1,173	$	1,659	$	10,869
Non-U.S. Corporate Securities	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
United Kingdom	$	74	$	113	$	711	$	880	$	391	$	2,169
Canada		103		258		394		517		393		1,665
France		8		38		712		308		44		1,110
United States (1)		—		2		191		251		579		1,023
Australia		102		178		297		143		18		738
Netherlands		45		76		259		138		104		622
Japan		—		46		472		83		—		601
Germany		62		35		108		275		37		517
Switzerland		50		4		219		207		30		510
China		—		—		270		82		59		411
Other Non-U.S. Corporate Securities		350		418		984		1,356		844		3,952
Total	$	794	$	1,168	$	4,617	$	4,240	$	2,499	$	13,318

(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 20

Chubb Limited

Investment Portfolio—4

(in millions of U.S. dollars)

(Unaudited)

Fixed Maturity Investment Portfolio

Top 10 Global Corporate Exposures

	March 31, 2020	Market Value		Rating
1	Wells Fargo & Co	$	670	A-
2	Bank of America Corp		614	A-
3	JP Morgan Chase & Co		560	A-
4	Comcast Corp		452	A-
5	Morgan Stanley		417	BBB+
6	AT&T Inc		388	BBB
7	Verizon Communications Inc		387	BBB+
8	HSBC Holdings Plc		381	A
9	Citigroup Inc		378	BBB+
10	Goldman Sachs Group Inc		360	BBB+

Investments 4 Page 21

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

	Three months ended March 31, 2020
	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)	$	(346	)	$	40		$	(306	)	$	(2,160	)	$	284	$	(1,876	)	$	(2,506	)	$	324		$	(2,182	)
Public equity (1):
Realized gains (losses) on sales		18			(3	)		15			—			—		—			18			(3	)		15
Mark-to-market		(5	)		(8	)		(13	)		—			—		—			(5	)		(8	)		(13	)
Private equity:
Realized gains (losses) on sales		—			—			—			—			—		—			—			—			—
Mark-to-market		(7	)		(9	)		(16	)		—			—		—			(7	)		(9	)		(16	)
Total investment portfolio		(340	)		20			(320	)		(2,160	)		284		(1,876	)		(2,500	)		304			(2,196	)
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (2)		(560	)		—			(560	)		—			—		—			(560	)		—			(560	)
Foreign exchange		(68	)		(3	)		(71	)		(859	)		34		(825	)		(927	)		31			(896	)
Partially-owned entities (3)		5			—			5			—			—		—			5			—			5
Other (4)		—			—			—			(14	)		3		(11	)		(14	)		3			(11	)
Net gains (losses)	$	(963	)	$	17		$	(946	)	$	(3,033	)	$	321	$	(2,712	)	$	(3,996	)	$	338		$	(3,658	)

(1) The quarter includes pre-tax realized gains on equity derivatives of $42 million, realized losses on fixed income derivatives of $27 million, realized losses related to the adoption of new accounting guidance that required the acceleration of certain mark-to-market losses on fixed maturities, previously classified as unrealized losses, as realized losses of $150 million ($129 million after-tax) and impairment related to certain securities the company intended to sell subsequent to quarter end of $121 million ($103 million after-tax).

(2) The quarter includes $125 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 unrealized gains (losses) are primarily related to the company’s postretirement programs.

	Three months ended March 31, 2019
	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)	$	(151	)	$	8		$	(143	)	$	1,889		$	(330	)	$	1,559		$	1,738		$	(322	)	$	1,416
Public equity:
Realized gains (losses) on sales		(22	)		5			(17	)		—			—			—			(22	)		5			(17	)
Mark-to-market		57			(10	)		47			—			—			—			57			(10	)		47
Private equity:
Realized gains (losses) on sales		(2	)		—			(2	)		—			—			—			(2	)		—			(2	)
Mark-to-market		(47	)		5			(42	)		—			—			—			(47	)		5			(42	)
Total investment portfolio		(165	)		8			(157	)		1,889			(330	)		1,559			1,724			(322	)		1,402
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (6)		51			—			51			—			—			—			51			—			51
Foreign exchange		13			(3	)		10			147			(7	)		140			160			(10	)		150
Partially-owned entities (7)		1			—			1			—			—			—			1			—			1
Other (8)		—			—			—			(27	)		6			(21	)		(27	)		6			(21	)
Net gains (losses)	$	(100	)	$	5		$	(95	)	$	2,009		$	(331	)	$	1,678		$	1,909		$	(326	)	$	1,583

(5) The quarter includes pre-tax realized losses on derivatives of: $107 million in fixed income and $23 million in public equity. Other-than-temporary impairments for the quarter in realized losses were $13 million pre-tax for fixed maturities.

(6) The quarter includes $63 million of losses on applicable hedges. These losses are both pre-tax and after-tax.

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

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

Net Gains (Losses) Page 22

Chubb Limited

Debt and Capital

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

(Unaudited)

	March 31			December 31			December 31
	2020			2019			2018
Financial Debt:
Total short-term debt	$	1,300		$	1,299		$	509
Total long-term debt		13,510			13,559			12,087
Total financial debt	$	14,810		$	14,858		$	12,596
Hybrid debt:
Total trust preferred securities		308			308			308
Total	$	15,118		$	15,166		$	12,904
Capitalization:
Shareholders’ equity	$	52,197		$	55,331		$	50,312
Hybrid debt		308			308			308
Financial debt		14,810			14,858			12,596
Total capitalization	$	67,315		$	70,497		$	63,216
Leverage ratios (based on total capital):
Hybrid debt		0.5	%		0.4	%		0.5	%
Financial debt		22.0	%		21.1	%		19.9	%
Total hybrid & financial debt		22.5	%		21.5	%		20.4	%

Note: As of March 31, 2020, there was $0.7 billion usage of credit facilities on total capacity of $3.1 billion. Subsequently in April 2020, our usage increased to $1.8 billion.

Debt and Capital Page 23

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 March 31
	2020			2019
Numerator
Core operating income to common shares	$	1,220		$	1,170
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		(27	)		(41	)
Tax benefit on amortization adjustment		5			8
Chubb integration expenses, pre-tax		—			(3	)
Tax benefit on Chubb integration expenses		—			1
Adjusted net realized gains (losses), pre-tax		(963	)		(100	)
Tax (expense) benefit on adjusted net realized gains (losses)		17			5
Net income	$	252		$	1,040
Rollforward of Common Shares Outstanding
Shares—beginning of period		451,971,567			459,203,378
Repurchase of shares		(2,266,150	)		(2,753,754	)
Shares issued, excluding option exercises		1,092,220			1,167,876
Issued for option exercises		570,145			561,705
Shares—end of period		451,367,782			458,179,205
Denominator
Weighted average shares outstanding (1)		451,868,658			458,805,185
Effect of other dilutive securities		2,651,610			2,731,755
Adj. wtd. avg. shares outstanding and assumed conversions		454,520,268			461,536,940
Basic earnings per share
Core operating income	$	2.70		$	2.55
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(0.05	)		(0.07	)
Chubb integration expenses, net of tax		—			(0.01	)
Adjusted net realized gains (losses), net of tax		(2.09	)		(0.20	)
Net income	$	0.56		$	2.27
Diluted earnings per share
Core operating income	$	2.68		$	2.54
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(0.05	)		(0.07	)
Chubb integration expenses, net of tax		—			(0.01	)
Adjusted net realized gains (losses), net of tax		(2.08	)		(0.21	)
Net income	$	0.55		$	2.25

(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 24

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

	March 31			December 31			March 31
	2020			2019			2019
Shareholders’ equity	$	52,197		$	55,331		$	52,355
Less: goodwill and other intangible assets, net of tax		19,569			20,012			20,070
Numerator for tangible book value per share	$	32,628		$	35,319		$	32,285
Book value—% change over prior quarter		-5.7	%		1.4	%		4.1	%
Tangible book value—% change over prior quarter		-7.6	%		2.2	%		6.7	%
Denominator		451,367,782			451,971,567			458,179,205
Book value per common share	$	115.64		$	122.42		$	114.27
Tangible book value per common share	$	72.29		$	78.14		$	70.46
Reconciliation of Book Value
Shareholders’ equity, beginning of quarter (1)	$	55,268		$	54,572		$	50,300
Core operating income		1,220			1,040			1,170
Amortization of fair value adjustment of acquired invested assets and long-term debt		(22	)		(25	)		(33	)
Chubb integration expenses		—			(12	)		(2	)
Adjusted net realized gains (losses) (2)		(946	)		170			(95	)
Net unrealized gains (losses) on investments		(1,876	)		(70	)		1,559
Repurchase of shares		(326	)		(310	)		(367	)
Dividend declared on common shares		(340	)		(340	)		(335	)
Cumulative translation gains (losses)		(825	)		177			140
Postretirement benefit liability		(11	)		(9	)		(21	)
Other (3)		55			138			39
	$	52,197		$	55,331		$	52,355

(1) January 1, 2020 included a $63 million after-tax reduction to beginning equity related to the adoption of the current expected credit loss accounting guidance.

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

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

Reconciliation Book Value Page 25

Chubb Limited

Non-GAAP Financial Measures

(Unaudited)

Regulation G—Non-GAAP Financial Measures

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

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

Underwriting income is calculated by subtracting adjusted losses and loss expenses, adjusted policy benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest expense, amortization expense of purchased intangibles, Chubb integration expense, income tax expense and adjusted net realized gains (losses).

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

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

Adjusted losses and loss expenses include realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (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). We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.

Adjusted interest expense is interest expense excluding the amortization of the fair value adjustment on acquired long-term debt, related to the Chubb Corp acquisition due to the size and complexity of this acquisition.

Other income (expense) – operating excludes from consolidated Other income (expense) the portion of net realized gains and losses related to unconsolidated entities and gains and losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP. Net realized gains (losses) related to unconsolidated entities is excluded from core operating income in order to enhance the understanding of our results of underwriting operations as they are heavily influenced by, and fluctuate in part according to, market conditions. Other income (expense) – operating and net realized gains and losses related to unconsolidated entities are recorded to Other income (expense) in our income statement on a GAAP basis.

P&C underwriting income and P&C combined ratio exclude the Life Insurance segment. P&C loss and loss expense ratio and P&C combined ratio include adjusted losses and loss expenses in the ratio numerator. P&C expense ratio and P&C combined ratio include policy acquisition costs and administrative expenses in the ratio numerator. A reconciliation of combined ratio to P&C combined ratio is provided on pages 29-30.

CAY P&C combined ratio excluding catastrophe losses excludes Cats and PPD from the P&C combined ratio. We exclude Cats as they are not predictable as to timing and amount and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. The combined ratio numerator is adjusted to exclude Cats, net premiums earned adjustments on PPD, prior period expense adjustments and reinstatement premiums on PPD, and the denominator is adjusted to exclude net premiums earned adjustments on PPD and reinstatement premiums on Cats and PPD. In periods where there are adjustments on loss sensitive policies, these adjustments are excluded from PPD and net premiums earned when calculating the ratios. We believe this measure provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our P&C business that may be obscured by these items. This measure is commonly reported among our peer companies and allows for a better comparison.

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

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

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

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

Book value per common share, is shareholders’ equity divided by the shares outstanding. Tangible book value per common share, is shareholders’ equity less goodwill and other intangible assets, net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Book value per common share excluding mark-to-market, excludes unrealized investment gains (losses). 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.

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.

Net premiums written adjusted primarily for additional reinsurance is net premiums written in the company’s North America Personal P&C Insurance segment, adjusted to exclude the favorable impact of $3 million of additional reinsurance, reinstatement premiums, and accounting actions in Q1 2019. In addition to excluding additional reinsurance and the accounting actions, we exclude the impact of unearned premium reserve (UPR) transfer. We believe this measure is meaningful to evaluate trends in the underlying business on a comparable basis.

Reconciliation Non-GAAP Page 26

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:

																Full Year
	1Q-20			4Q-19			3Q-19			2Q-19			1Q-19			2019
Tax expense, as reported	$	215		$	169		$	230		$	208		$	188		$	795
Less: tax benefit on amortization of fair value of acquired invested assets and debt		(5	)		(4	)		(8	)		(6	)		(8	)		(26	)
Less: tax benefit on Chubb integration expenses		—			(2	)		—			(1	)		(1	)		(4	)
Less: tax expense (benefit) on adjusted net realized gains (losses)		(17	)		2			19			(1	)		(5	)		15
Tax expense, adjusted	$	237		$	173		$	219		$	216		$	202		$	810
Income before tax, as reported	$	467		$	1,342		$	1,321		$	1,358		$	1,228		$	5,249
Less: amortization of fair value of acquired invested assets and debt		(27	)		(29	)		(32	)		(38	)		(41	)		(140	)
Less: Chubb integration expenses		—			(14	)		(2	)		(4	)		(3	)		(23	)
Less: adjusted realized gains (losses)		(956	)		(55	)		(141	)		(230	)		(96	)		(522	)
Less: realized gains (losses) related to unconsolidated entities		(7	)		227			41			219			(4	)		483
Core operating income before tax	$	1,457		$	1,213		$	1,455		$	1,411		$	1,372		$	5,451
Effective tax rate		46.0	%		12.6	%		17.4	%		15.3	%		15.3	%		15.1	%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt		0.0	%		0.0	%		0.2	%		0.1	%		0.1	%		0.1	%
Adjustment for tax impact of Chubb integration expenses		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Adjustment for tax impact of adjusted net realized gains (losses)		-29.7	%		1.6	%		-2.5	%		-0.1	%		-0.7	%		-0.3	%
Core operating effective tax rate		16.3	%		14.2	%		15.1	%		15.3	%		14.7	%		14.9	%
Core operating income The following table presents the reconciliation of Net income to Core operating income:
																Full Year
	1Q-20			4Q-19			3Q-19			2Q-19			1Q-19			2019
Net income, as reported	$	252		$	1,173		$	1,091		$	1,150		$	1,040		$	4,454
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		(27	)		(29	)		(32	)		(38	)		(41	)		(140	)
Tax benefit on amortization adjustment		5			4			8			6			8			26
Chubb integration expenses, pre-tax		—			(14	)		(2	)		(4	)		(3	)		(23	)
Tax benefit on Chubb integration expenses		—			2			—			1			1			4
Adjusted realized gains (losses), pre-tax		(956	)		(55	)		(141	)		(230	)		(96	)		(522	)
Net realized gains (losses) related to unconsolidated entities, pre-tax (1)		(7	)		227			41			219			(4	)		483
Tax (expense) benefit on adjusted net realized gains (losses)		17			(2	)		(19	)		1			5			(15	)
Core operating income	$	1,220		$	1,040		$	1,236		$	1,195		$	1,170		$	4,641
Catastrophe losses—after-tax	$	199		$	353		$	191		$	221		$	201		$	966
Favorable prior period development (PPD)—after-tax	$	(94	)	$	(199	)	$	(112	)	$	(152	)	$	(161	)	$	(624	)
Core operating income per share	$	2.68		$	2.28		$	2.70		$	2.60		$	2.54		$	10.11
Impact of Cats on Core operating income per share—Unfavorable	$	(0.44	)	$	(0.77	)	$	(0.41	)	$	(0.48	)	$	(0.43	)	$	(2.11	)
Impact of PPD on Core operating income per share—Favorable	$	0.21		$	0.43		$	0.24		$	0.33		$	0.35		$	1.36
Impact of Cats and PPD on Core operating income per share—Unfavorable	$	(0.23	)	$	(0.34	)	$	(0.17	)	$	(0.15	)	$	(0.08	)	$	(0.75	)

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

Reconciliation Non-GAAP 2 Page 27

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

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

							Full Year
	1Q-20			1Q-19			2019
Net income	$	252		$	1,040		$	4,454
Core operating income	$	1,220		$	1,170		$	4,641
Equity—beginning of period, as reported (1)	$	55,268		$	50,300		$	50,300
Less: unrealized gains (losses) on investments, net of deferred tax		2,543			(545	)		(545	)
Equity—beginning of period, as adjusted	$	52,725		$	50,845		$	50,845
Less: goodwill and other intangible assets, net of tax	$	20,012		$	20,054		$	20,054
Equity—beginning of period, as adjusted ex goodwill and other intangible assets	$	32,713		$	30,791		$	30,791
Equity—end of period, as reported	$	52,197		$	52,355		$	55,331
Less: unrealized gains (losses) on investments, net of deferred tax		667			1,014			2,543
Equity—end of period, as adjusted	$	51,530		$	51,341		$	52,788
Less: goodwill and other intangible assets, net of tax		19,569			20,070			20,012
Equity—end of period, as adjusted ex goodwill and other intangible assets	$	31,961		$	31,271		$	32,776
Weighted average equity, as reported	$	53,733		$	51,328		$	52,816
Weighted average equity, as adjusted	$	52,128		$	51,093		$	51,817
Weighted average equity, as adjusted ex goodwill and other intangible assets	$	32,337		$	31,031		$	31,784
ROE		1.9	%		8.1	%		8.4	%
Core operating ROE		9.4	%		9.2	%		9.0	%
Core operating ROTE		15.1	%		15.1	%		14.6	%
Private equities realized gains (losses), after-tax (2)	$	(16	)	$	(44	)	$	434
Impact of Private equities if included in Core operating ROE—Favorable (unfavorable) (2)		-0.1 pt			-0.4 pt			0.8 pt
Reconciliation of Book Value and Tangible Book Value per Share, excluding mark-to-market
	March 31			December 31
	2020			2019			% Change
Book value	$	52,197		$	55,331
Less: unrealized gains (losses) on investments, net of deferred tax		667			2,543
Book value excluding mark-to-market		51,530			52,788
Less: goodwill and other intangible assets, net of tax		19,569			20,012
Tangible book value excluding mark-to-market	$	31,961		$	32,776
Denominator		451,367,782			451,971,567
Book value per share excluding mark-to-market	$	114.16		$	116.80			-2.3	%
Tangible book value per share excluding mark-to-market	$	70.81		$	72.52			-2.4	%

(1) January 1, 2020 included a $63 million after-tax reduction to beginning equity related to the adoption of the current expected credit loss accounting guidance.

(2) 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 28

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).

Q1 2020		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		$	2,181		$	683		$	63		$	1,258		$	87		$	11		$	4,283
Realized (gains) losses on crop derivatives			—			—			2			—			—			—			2
Adjusted losses and loss expenses	A	$	2,181		$	683		$	65		$	1,258		$	87		$	11		$	4,285
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(118	)		(21	)		(8	)		(90	)		—			—			(237	)
Reinstatement premiums collected (expensed) on catastrophe losses			—			—			—			—			—			—			—
Catastrophe losses, gross of related adjustments			(118	)		(21	)		(8	)		(90	)		—			—			(237	)
PPD and related adjustments
PPD, net of related adjustments—favorable (unfavorable)			105			(1	)		14			4			7			(11	)		118
Net premiums earned adjustments on PPD—unfavorable (favorable)			—			—			3			—			—			—			3
Expense adjustments—unfavorable (favorable)			(1	)		—			—			—			—			—			(1	)
PPD, gross of related adjustments—favorable (unfavorable)			104			(1	)		17			4			7			(11	)		120
CAY loss and loss expense ex Cats	B	$	2,167		$	661		$	74		$	1,172		$	94		$	—		$	4,168
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	751		$	313		$	15		$	900		$	55		$	66		$	2,100
Expense adjustments—favorable (unfavorable)			1			—			—			—			—			—			1
Policy acquisition costs and administrative expenses, adjusted	D	$	752		$	313		$	15		$	900		$	55		$	66		$	2,101
Denominator
Net premiums earned	E	$	3,376		$	1,200		$	94		$	2,307		$	186					$	7,163
Net premiums earned adjustments on PPD—unfavorable (favorable)			—			—			3			—			—						3
Net premiums earned excluding adjustments	F	$	3,376		$	1,200		$	97		$	2,307		$	186					$	7,166
P&C combined ratio
Loss and loss expense ratio	A/E		64.6	%		57.0	%		69.6	%		54.5	%		46.5	%					59.8	%
Policy acquisition cost and administrative expense ratio	C/E		22.2	%		26.0	%		15.2	%		39.0	%		29.6	%					29.3	%
P&C combined ratio			86.8	%		83.0	%		84.8	%		93.5	%		76.1	%					89.1	%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		64.2	%		55.1	%		76.2	%		50.8	%		50.4	%					58.2	%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		22.3	%		26.1	%		14.7	%		39.0	%		29.6	%					29.3	%
CAY P&C combined ratio ex Cats			86.5	%		81.2	%		90.9	%		89.8	%		80.0	%					87.5	%
Combined ratio
Combined ratio																					89.1	%
Add: impact of gains and losses on crop derivatives																					0.0	%
P&C combined ratio																					89.1	%

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 29

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)

Q1 2019		North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C
Numerator
Losses and loss expenses
Losses and loss expenses		$	1,973		$	757		$	(27	)	$	1,106		$	76		$	11		$	3,896
Realized (gains) losses on crop derivatives			—			—			1			—			—			—			1
Adjusted losses and loss expenses	A	$	1,973		$	757		$	(26	)	$	1,106		$	76		$	11		$	3,897
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(94	)		(129	)		(2	)		(25	)		—			—			(250	)
Reinstatement premiums collected (expensed) on catastrophe losses			—			—			—			—			—			—			—
Catastrophe losses, gross of related adjustments			(94	)		(129	)		(2	)		(25	)		—			—			(250	)
PPD and related adjustments
PPD, net of related adjustments—favorable (unfavorable)			131			10			61			4			8			(10	)		204
Net premiums earned adjustments on PPD—unfavorable (favorable)			2			—			32			—			—			—			34
Expense adjustments—unfavorable (favorable)			(4	)		—			(3	)		—			—			—			(7	)
PPD reinstatement premiums—unfavorable (favorable)			—			(3	)		—			—			—			—			(3	)
PPD, gross of related adjustments—favorable (unfavorable)			129			7			90			4			8			(10	)		228
CAY loss and loss expense ex Cats	B	$	2,008		$	635		$	62		$	1,085		$	84		$	1		$	3,875
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	699		$	299		$	8		$	845		$	53		$	63		$	1,967
Expense adjustments—favorable (unfavorable)			4			—			3			—			—			—			7
Policy acquisition costs and administrative expenses, adjusted	D	$	703		$	299		$	11		$	845		$	53		$	63		$	1,974
Denominator
Net premiums earned	E	$	3,085		$	1,154		$	55		$	2,114		$	168					$	6,576
Net premiums earned adjustments on PPD—unfavorable (favorable)			2			—			32			—			—						34
PPD reinstatement premiums—unfavorable (favorable)			—			(3	)		—			—			—						(3	)
Net premiums earned excluding adjustments	F	$	3,087		$	1,151		$	87		$	2,114		$	168					$	6,607
P&C combined ratio
Loss and loss expense ratio	A/E		63.9	%		65.5	%		-48.3	%		52.3	%		45.7	%					59.3	%
Policy acquisition cost and administrative expense ratio	C/E		22.7	%		26.0	%		14.7	%		40.0	%		31.1	%					29.9	%
P&C combined ratio			86.6	%		91.5	%		-33.6	%		92.3	%		76.8	%					89.2	%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		65.0	%		55.1	%		71.1	%		51.3	%		50.5	%					58.6	%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		22.8	%		26.0	%		12.8	%		40.0	%		31.0	%					29.9	%
CAY P&C combined ratio ex Cats			87.8	%		81.1	%		83.9	%		91.3	%		81.5	%					88.5	%
Combined ratio
Combined ratio																					89.2	%
Add: impact of gains and losses on crop derivatives																					0.0	%
P&C combined ratio																					89.2	%

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

Reconciliation Non-GAAP 5 Page 30

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.

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

Catastrophe losses (Cats): We generally define catastrophe loss events consistent with the definition of the Property Claims Service (PCS) for events in the U.S. and Canada. PCS defines a catastrophe as an event that causes damage of $25 million or more in insured 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.

NM: Not meaningful.

Glossary Page 31