8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant To Section 13 or 15 (d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) - April 27, 2021

Chubb Limited

(Exact name of registrant as specified in its charter)

Switzerland	1-11778	98-0091805
(State or other jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

Baerengasse 32

CH-8001 Zurich, Switzerland

(Address of principal executive offices)

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

Not applicable

(Former name or former address, if changed since last report)     

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

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

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, par value CHF 24.15 per share	CB	New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 0.30% Senior Notes due 2024	CB/24A	New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2027	CB/27	New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 1.55% Senior Notes due 2028	CB/28	New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2029	CB/29A	New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 1.40% Senior Notes due 2031	CB/31	New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 2.50% Senior Notes due 2038	CB/38A	New York Stock Exchange

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

Emerging growth company  ☐

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

Item 2.02. Results of Operations and Financial Condition

On April 27, 2021, Chubb Limited issued a Press Release reporting its first quarter 2021 results and the availability of its first quarter 2021 Financial Supplement. The Press Release and the Financial Supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are hereby incorporated herein by reference.

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

Item 9.01. Financial Statements and Exhibits

(d)    Exhibits

Exhibit Number	Description
99.1	Press Release, Dated April 27, 2021, Reporting First Quarter 2021 Results
99.2	First Quarter 2021 Financial Supplement
104	Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

        SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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

DATE: April 27, 2021

EX-99.1

Exhibit 99.1

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

News Release

Chubb Reports First Quarter Per Share Net Income and Core

Operating Income of $5.07 and $2.52, Respectively, Including Net

Catastrophe Losses Per Share of $1.26 Versus $0.44 Prior Year;

Consolidated Net Premiums Written Up 8.6%, with Commercial

P&C Lines Globally Up 15.6%

• Net income was $2.30 billion versus $252 million prior year, and core operating income was $1.14 billion versus $1.22 billion prior year.

• P&C net premiums written were up 9.7% globally, comprising 15.6% positive growth in commercial P&C lines and 2.5% negative growth in consumer lines. Foreign exchange had a positive impact on P&C net premiums written growth of 1.6 percentage points in the quarter.

• The P&C combined ratio was 91.8% compared with 89.1% prior year. P&C current accident year underwriting income excluding catastrophe losses was up 26.1%, leading to a P&C current accident year combined ratio excluding catastrophe losses of 85.2% compared with 87.5% prior year. The 2.3 percentage points of margin improvement comprised 1.0 percentage point in the loss ratio and 1.3 percentage points in the expense ratio.

• Pre-tax and after-tax P&C catastrophe losses, net of reinsurance and including reinstatement premiums, were $700 million and $570 million, respectively, compared with $237 million and $199 million, respectively, prior year. The current quarter included $657 million pre-tax of storm losses in the U.S. There was no change to the previously reported aggregate P&C COVID-19 losses, the majority of which remains as incurred but not reported (IBNR).

• Pre-tax net investment income was $863 million compared with $861 million prior year, and adjusted net investment income was $930 million compared with $917 million prior year.

• Annualized return on equity (ROE) and core operating ROE were 15.5% and 8.2%, respectively. Annualized core operating return on tangible equity was 12.8%.

ZURICH – April 27, 2021 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended March 31, 2021 of $2.30 billion, or $5.07 per share, compared with $252 million, or $0.55 per share, for the same quarter last year. Core operating income was $1.14 billion, or $2.52 per share, compared with $1.22 billion, or $2.68 per share, for the same quarter last year. Book and tangible book value per share decreased 0.4% and 0.6%, respectively, from December 31, 2020 and now stand at $131.37 and $87.16, respectively. Book value was unfavorably impacted by total after-tax net realized and unrealized losses of $737 million, including a $1.1 billion loss in the investment portfolio, principally due to rising interest rates, partially offset by a gain of $275 million in the company’s variable annuity reinsurance portfolio.

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

Chubb Limited News Release

Chubb Limited

First Quarter Summary

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

(Unaudited)

							(Per Share)
	2021		2020		Change		2021		2020		Change
Net income		$2,300		$252		NM		$5.07		$0.55		NM
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		16		22		(27.3)%		0.04		0.05		(20.0)%
Adjusted net realized (gains) losses, net of tax		(1,174)		946		NM		(2.59)		2.08		NM
Core operating income, net of tax		$1,142		$1,220		(6.4)%		$2.52		$2.68		(6.0)%

For the three months ended March 31, 2021 and 2020, the tax expenses (benefits) related to the table above were $(5) million for amortization of fair value adjustment of acquired invested assets and long-term debt for both periods; $133 million and $(17) million, respectively, for adjusted net realized gains and losses; and $210 million and $237 million, respectively, for core operating income.

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “Chubb had another very good quarter with excellent commercial premium revenue growth globally, double-digit renewal rate change in our commercial P&C businesses, and further expansion of our underwriting margins. Core operating income was $2.52 per share and net income per share was $5.07. Though it was an active quarter for natural catastrophes, we published an excellent combined ratio of 91.8%, while excluding catastrophes, current accident year underwriting income was up over 26%, leading to a world-class combined ratio of 85.2%. Margin improvement from both the loss and expense ratios was broad based.

“Our commercial P&C businesses globally continued to capitalize on favorable underwriting conditions. P&C net premiums were up 9.7% globally, with commercial lines up over 15.5%. Foreign exchange contributed 1.6 points to this outstanding result. Rates continued to increase and varied by line, averaging about 14.5% globally. From what we can see, I am confident these market conditions will endure. Frankly, they are a continued and rational response to the loss environment and years of industry underpricing.

“Our consumer lines globally remain impacted by the pandemic’s effects on travel and other business and consumer-related activity, with net premiums down 2.5%. We see early signs of recovery and, in fact, our personal lines division globally reported modest growth in the quarter. We expect growth to improve as the year goes along.

“Our organization is focused, energized and mission-driven. We are leaning into the current favorable underwriting conditions, growing exposure and expanding margins. We have all of the capabilities in place to grow our company profitably while increasing shareholder value.”

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Chubb Limited News Release

Operating highlights for the quarter ended March 31, 2021 were as follows:

Chubb Limited (in millions of U.S. dollars except for percentages)		Q1     2021		Q1     2020	Change
P&C
Net premiums written (increase of 8.1% in constant dollars)	$	8,042	$	7,332	9.7%
Commercial P&C (increase of 13.9% in constant dollars)	$	5,707	$	4,938	15.6%
Consumer P&C (decrease of 3.9% in constant dollars)	$	2,335	$	2,394	(2.5)%
Underwriting income	$	622	$	778	(20.0)%
Combined ratio		91.8%		89.1%
Current accident year underwriting income excluding catastrophe losses	$	1,130	$	897	26.1%
Current accident year combined ratio excluding catastrophe losses		85.2%		87.5%
Global P&C (excludes Agriculture)
Net premiums written (increase of 7.9% in constant dollars)	$	7,859	$	7,175	9.5%
Commercial P&C (increase of 13.8% in constant dollars)	$	5,524	$	4,781	15.5%
Consumer P&C (decrease of 3.9% in constant dollars)	$	2,335	$	2,394	(2.5)%
Underwriting income	$	612	$	764	(19.8)%
Combined ratio		91.9%		89.2%
Current accident year underwriting income excluding catastrophe losses	$	1,114	$	889	25.4%
Current accident year combined ratio excluding catastrophe losses		85.2%		87.4%
North America Agricultural Insurance
Net premiums written	$	183	$	157	16.5%
Underwriting income	$	10	$	14	(30.2)%
Combined ratio		90.9%		84.8%
Current accident year underwriting income excluding catastrophe losses	$	16	$	8	88.8%
Current accident year combined ratio excluding catastrophe losses		84.7%		90.9%

• Consolidated net premiums earned increased 5.5%. P&C net premiums earned increased 6.5%, comprising positive growth of 11.3% in commercial P&C lines and negative growth of 2.8% in consumer lines.

• Total P&C pre-tax and after-tax catastrophe losses were $700 million (9.1 percentage points of the combined ratio) and $570 million, respectively, compared with $237 million (3.3 percentage points of the combined ratio) and $199 million, respectively, last year.

• Total pre-tax and after-tax favorable prior period development were $192 million (2.5 percentage points of the combined ratio) and $156 million, respectively, compared with $118 million (1.7 percentage points of the combined ratio) and $94 million, respectively, last year.

• The Global P&C current accident year combined ratio excluding catastrophe losses decreased 2.2 percentage points, with 0.9 percentage point of the margin improvement loss ratio-related from earned rate exceeding loss cost trends. The expense ratio improvement was 1.3 percentage points, including 0.7 percentage point in the acquisition cost ratio, principally due to less consumer and more commercial premium.

• Pre-tax adjusted net investment income of $930 million was above the guidance range principally due to increased call activity in the company’s corporate bond portfolio.

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Chubb Limited News Release

• Realized mark-to-market gains on private equities of $424 million after tax, which are not a component of the company’s net investment income nor core operating income, would have increased core operating income by $0.93 per share and annualized core operating ROE by 3.1 percentage points.

• Operating cash flow was $2.11 billion.

• Share repurchases totaled $519 million during the quarter at an average purchase price of $166.75 per share.

Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended March 31, 2021 are presented below:

Chubb Limited (in millions of U.S. dollars except for percentages)		Q1 2021		Q1 2020	Change
Total North America P&C Insurance
(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural Insurance)
Net premiums written	$	4,945	$	4,516	9.5%
Commercial P&C	$	3,687	$	3,213	14.8%
Consumer P&C	$	1,258	$	1,303	(3.5)%
Combined ratio		91.7%		85.8%
Current accident year combined ratio excluding catastrophe losses		82.9%		85.2%
North America Commercial P&C Insurance
Net premiums written	$	3,664	$	3,252	12.7%
Commercial P&C excluding A&H	$	3,504	$	3,056	14.7%
Major accounts retail and excess and surplus (E&S) wholesale	$	2,004	$	1,706	17.4%
Middle market and small commercial	$	1,500	$	1,350	11.1%
Accident and health (A&H)	$	160	$	196	(18.5)%
Combined ratio		90.6%		86.8%
Current accident year combined ratio excluding catastrophe losses		84.2%		86.5%
North America Personal P&C Insurance
Net premiums written	$	1,098	$	1,107	(0.8)%
Net premiums written adjusted for reinstatement premiums					1.3%
Combined ratio		95.1%		83.0%
Current accident year combined ratio excluding catastrophe losses		78.6%		81.2%
North America Agricultural Insurance
Net premiums written	$	183	$	157	16.5%
Combined ratio		90.9%		84.8%
Current accident year combined ratio excluding catastrophe losses		84.7%		90.9%
Overseas General Insurance
Net premiums written (increase of 7.1% in constant dollars)	$	2,890	$	2,598	11.2%
Commercial P&C (increase of 15.2% in constant dollars)	$	1,813	$	1,507	20.3%
Consumer P&C (decrease of 4.2% in constant dollars)	$	1,077	$	1,091	(1.3)%
Combined ratio		88.7%		93.5%
Current accident year combined ratio excluding catastrophe losses		87.6%		89.8%

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Chubb Limited News Release

• North America Commercial P&C Insurance: The current accident year combined ratio excluding catastrophe losses decreased 2.3 percentage points, including a 0.8 percentage point decrease in the loss ratio and a 1.5 percentage point decrease in the expense ratio.

• North America Personal P&C Insurance: The current accident year combined ratio excluding catastrophe losses decreased 2.6 percentage points, including a 1.9 percentage point decrease in the loss ratio and a 0.7 percentage point decrease in the expense ratio.

• North America Agricultural Insurance: The current accident year combined ratio excluding catastrophe losses decreased 6.2 percentage points, reflecting strong underlying results from Chubb Agribusiness.

• Overseas General Insurance: The current accident year combined ratio excluding catastrophe losses decreased 2.2 percentage points, including a 0.9 percentage point decrease in the loss ratio and a 1.3 percentage point decrease in the expense ratio.

• Global Reinsurance: Net premiums written were $207 million, down 5.1%. The combined ratio was 96.4% compared with 76.1% prior year. The current accident year combined ratio excluding catastrophe losses was 78.0% compared with 80.0% prior year.

• Life Insurance: Net premiums written were $620 million, down 3.8%. Segment income was $104 million, up 11.2%. International life insurance segment income was $52 million, up 15.9%.

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

Chubb Limited News Release

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

Please refer to the Chubb Limited Financial Supplement, dated March 31, 2021, which is posted on the company’s investor relations website, investors.chubb.com, in the Financials section for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio, and debt and capital.

Chubb Limited will hold its first quarter earnings conference call on Wednesday, April 28, 2021 beginning at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 888-394-8218 (within the United States) or 323-794-2588 (international), passcode 3276681. Please refer to the Chubb website under Events and Presentations for details. A replay of the call will be available until Wednesday, May 12, 2021 and the archived webcast will be available on our website for approximately one month. To listen to the replay, please click here to register and receive dial-in numbers.

About Chubb

Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: www.chubb.com.

Investor Contact

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

Media Contact

Jeffrey Zack: (212) 827-4444; jeffrey.zack@chubb.com

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Chubb Limited News Release

Regulation G - Non-GAAP Financial Measures

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

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

Net premiums written adjusted for reinstatement premiums are net premiums written in Q1 2021 adjusted to exclude the year-over-year impact of $23 million of reinstatement premiums in the North America Personal P&C insurance segment. We believe these measures are meaningful to evaluate trends in the underlying business on a comparable basis.

Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from the acquisition of The Chubb Corporation (Chubb Corp) of $26 million in Q1 2021 and including investment income of $41 million in Q1 2021 from partially owned investment companies (private equity partnerships) where our ownership interest is in excess of three percent that are accounted for under the equity method. The mark-to-market movement on these private equity partnerships are included in adjusted net realized gains (losses) as described below. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.

Adjusted net realized gains (losses), net of tax, includes net realized gains (losses) and net realized gains (losses) recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses.

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

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

Core operating income, net of tax, excludes from net income the after-tax impact of adjusted net realized gains (losses) 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

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Chubb Limited News Release

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 due to the size and complexity of this acquisition. References to core operating income measures mean net of tax, whether or not noted.

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

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

Current accident year combined ratio excluding catastrophe losses excludes the impact of catastrophe losses and PPD from the combined ratio. We believe this measure provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our property and casualty business that may be obscured by these items.

Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the operating results of the company’s Life Insurance and North America Agricultural Insurance segments. The agriculture insurance business is a different business in that it is a public sector and private sector partnership in which insurance rates, premium growth, and risk-sharing is not market-driven like the remainder of the company’s P&C insurance business. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.

Tangible book value per common share is shareholders’ equity less goodwill and other intangible assets, net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful.

See the reconciliation of Non-GAAP Financial Measures on pages 26-30 in the Financial Supplement. These measures should not be viewed as a substitute for measures determined in accordance with GAAP, including premium, net income, return on equity, and net investment income.

NM - not meaningful comparison

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Chubb Limited News Release

Cautionary Statement Regarding Forward-Looking Statements:

Forward-looking statements made in this press release, such as those related to company performance, including 2021 performance and the impact of the COVID-19 pandemic, pricing, economic and market conditions, and our expectations and intentions and other statements that are not historical facts, reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the following: competition, pricing and policy term trends, the levels of new and renewal business achieved, the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, loss of key employees or disruptions to our operations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, rating agency action, infection rates and severity of pandemics, including COVID-19, and their effects on our business operations and claims activity, possible terrorism or the outbreak and effects of war, economic, political, regulatory, insurance and reinsurance business conditions, potential strategic opportunities including acquisitions and our ability to achieve and integrate them, as well as management’s response to these factors, and other factors identified in our filings with the Securities and Exchange Commission (SEC).

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

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Chubb Limited News Release

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)

	March 31 2021		December 31 2020
Assets
Investments	$	118,979	$	118,669
Cash		1,684		1,747
Insurance and reinsurance balances receivable		10,573		10,480
Reinsurance recoverable on losses and loss expenses		15,914		15,592
Goodwill and other intangible assets		21,161		21,211
Other assets		23,666		23,075
Total assets	$	191,977	$	190,774
Liabilities
Unpaid losses and loss expenses	$	69,255	$	67,811
Unearned premiums		18,040		17,652
Other liabilities		45,606		45,870
Total liabilities	$	132,901	$	131,333
Shareholders’ equity
Total shareholders’ equity		59,076		59,441
Total liabilities and shareholders’ equity	$	191,977	$	190,774
Book value per common share	$	131.37	$	131.88
Tangible book value per common share	$	87.16	$	87.69
Book value per common share excluding cumulative translation losses (1)	$	134.96	$	135.51
Tangible book value per common share excluding cumulative translation losses (1)	$	89.73	$	90.24

⁽¹⁾ Cumulative translation losses were $1.6 billion in both 2021 and 2020 ($1.1 billion on tangible and $0.5 billion on intangible net assets for both periods).

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Chubb Limited News Release

Chubb Limited

Summary Consolidated Financial Data

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

(Unaudited)

	Three Months Ended March 31
	2021		2020
Gross premiums written	$	10,545	$	9,752
Net premiums written		8,662		7,977
Net premiums earned		8,221		7,794
Losses and loss expenses		5,053		4,485
Policy benefits		167		129
Policy acquisition costs		1,665		1,615
Administrative expenses		744		741
Net investment income		863		861
Net realized gains (losses)		887		(958	)
Interest expense		122		132
Other income (expense):
Gains (losses) from separate account assets		4		(56	)
Other		486		1
Amortization of purchased intangibles		72		73
Income tax expense		338		215
Net income	$	2,300	$	252
Diluted earnings per share:
Net income	$	5.07	$	0.55
Core operating income	$	2.52	$	2.68
Weighted average diluted shares outstanding		453.3		454.5
P&C combined ratio
Loss and loss expense ratio		63.7%		59.8%
Policy acquisition cost ratio		19.5%		20.0%
Administrative expense ratio		8.6%		9.3%
P&C combined ratio		91.8%		89.1%
P&C underwriting income	$	622	$	778

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

EX-99.2

Exhibit 99.2

Chubb Limited

Financial Supplement

for the Quarter Ended March 31, 2021

Investor Contact

Karen Beyer: (212) 827-4445

email: investorrelations@chubb.com

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

Cautionary Statement Regarding Forward-Looking Statements

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

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

Chubb Limited

Financial Supplement Table of Contents

		Page
I.	Financial Highlights
	- Consolidated Financial Highlights		1
II.	Consolidated Results
	- Consolidated Statement of Operations		2
	- P&C Results—Consecutive Quarters		3
	- Global P&C Results—Consecutive Quarters		4
	- Summary Consolidated Balance Sheets		5
	- Line of Business		6
	- Consolidated Results by Segment		7 - 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 $
	2021			2020			% Change			2020		% Change
Gross premiums written	$	10,545		$	9,752			8.1	%	$	9,886		6.7	%
Net premiums written	$	8,662		$	7,977			8.6	%	$	8,092		7.0	%
P&C net premiums written	$	8,042		$	7,332			9.7	%	$	7,440		8.1	%
Net premiums written—Commercial	$	5,707		$	4,938			15.6	%	$	5,011		13.9	%
Net premiums written—Consumer	$	2,335		$	2,394			-2.5	%	$	2,429		-3.9	%
Net premiums earned	$	8,221		$	7,794			5.5	%	$	7,891		4.2	%
Net investment income	$	863		$	861			0.2	%	$	864		-0.1	%
Adjusted net investment income	$	930		$	917			1.3	%	$	920		1.1	%
P&C underwriting income	$	622		$	778			-20.0	%	$	784		-20.6	%
P&C CAY underwriting income ex Cats	$	1,130		$	897			26.1	%	$	912		24.0	%
Core operating income	$	1,142		$	1,220			-6.4	%	$	1,225		-6.8	%
Net income	$	2,300		$	252			NM
Operating cash flow	$	2,105		$	1,712
P&C combined ratio
Loss and loss expense ratio		63.7	%		59.8	%
Policy acquisition cost and administrative expense ratio		28.1	%		29.3	%
Combined ratio		91.8	%		89.1	%
P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)
CAY loss and loss expense ratio ex Cats		57.2	%		58.2	%
CAY policy acquisition cost and administrative expense ratio ex Cats		28.0	%		29.3	%
CAY combined ratio ex Cats		85.2	%		87.5	%
Global P&C CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		57.0	%		57.9	%
CAY policy acquisition cost and administrative expense ratio ex Cats		28.2	%		29.5	%
CAY combined ratio ex Cats		85.2	%		87.4	%
ROE		15.5	%		1.9	%
Core operating return on equity (ROE)		8.2	%		9.4	%
Core operating return on tangible equity (ROTE)		12.8	%		15.1	%
Effective tax rate		12.8	%		46.0	%
Core operating effective tax rate		15.5	%		16.3	%
Earnings per share
Net income	$	5.07		$	0.55			NM
Core operating income	$	2.52		$	2.68			-6.0	%
Weighted average basic common shares outstanding		450.5			451.9
Weighted average diluted common shares outstanding		453.3			454.5
	March 31 2021			December 31 2020			% Change 1Q-21 vs. 4Q-20
Book value per common share	$	131.37		$	131.88			-0.4	%
Tangible book value per common share	$	87.16		$	87.69			-0.6	%

Financial Highlights Page 1

Chubb Limited

Statement of Operations—Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Consolidated Statements of Operations

	1Q-21			4Q-20			3Q-20			2Q-20			1Q-20			Full Year 2020
Gross premiums written	$	10,545		$	10,249		$	11,220		$	10,040		$	9,752		$	41,261
Net premiums written		8,662			8,410			9,078			8,355			7,977			33,820
Net premiums earned		8,221			8,430			8,765			8,128			7,794			33,117
Adjusted losses and loss expenses (1)		5,054			4,810			5,834			6,578			4,487			21,709
Realized (gains) losses on crop derivatives		1			(3	)		(1	)		1			2			(1	)
Losses and loss expenses		5,053			4,813			5,835			6,577			4,485			21,710
Adjusted policy benefits (2)		163			184			174			183			185			726
Gains (losses) from fair value changes in separate account liabilities		(4	)		(50	)		(24	)		(40	)		56			(58	)
Policy benefits		167			234			198			223			129			784
Policy acquisition costs		1,665			1,694			1,645			1,593			1,615			6,547
Administrative expenses		744			778			733			727			741			2,979
Adjusted net investment income (3)		930			924			900			865			917			3,606
Other (income) expense from private equity partnerships		(41	)		(51	)		(32	)		(8	)		(24	)		(115	)
Amortization expense of fair value adjustment on acquired invested assets		(26	)		(26	)		(28	)		(30	)		(32	)		(116	)
Net investment income		863			847			840			827			861			3,375
Adjusted realized gains (losses) (4)		888			568			(142	)		31			(956	)		(499	)
Realized gains (losses) on crop derivatives		(1	)		3			1			(1	)		(2	)		1
Net realized gains (losses)		887			571			(141	)		30			(958	)		(498	)
Adjusted interest expense (5)		127			131			135			134			137			537
Amortization benefit of fair value adjustment on acquired long term debt		(5	)		(5	)		(5	)		(6	)		(5	)		(21	)
Interest expense		122			126			130			128			132			516
Gains (losses) from fair value changes in separate account assets		4			50			24			40			(56	)		58
Net realized gains (losses) related to unconsolidated entities		419			506			422			(100	)		(7	)		821
Other income (expense) from private equity partnerships		41			51			32			8			24			115
Other income (expense)—operating		26			15			7			(6	)		(16	)		—
Other income (expense)		490			622			485			(58	)		(55	)		994
Amortization expense of purchased intangibles		72			73			72			72			73			290
Income tax expense (benefit)		338			334			142			(62	)		215			629
Net income (loss)	$	2,300		$	2,418		$	1,194		$	(331	)	$	252		$	3,533

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

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

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

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

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

Statement of Operations Page 2

Chubb Limited

P&C Underwriting Results—Consecutive Quarters

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

(Unaudited)

Chubb Limited P&C Underwriting Results

	1Q-21			4Q-20			3Q-20			2Q-20			1Q-20			Full Year 2020
P&C underwriting income (loss) (Including Corporate and excluding Life Insurance)
Gross premiums written	$	9,890		$	9,571		$	10,575		$	9,387		$	9,069		$	38,602
Net premiums written		8,042			7,770			8,468			7,736			7,332			31,306
Net premiums earned		7,626			7,786			8,166			7,520			7,163			30,635
Adjusted losses and loss expenses		4,856			4,642			5,651			6,407			4,285			20,985
Policy acquisition costs		1,486			1,479			1,470			1,397			1,435			5,781
Administrative expenses		662			696			653			645			665			2,659
P&C underwriting income (loss)	$	622		$	969		$	392		$	(929	)	$	778		$	1,210
P&C CAY underwriting income ex Cats	$	1,130		$	1,059		$	1,171		$	947		$	897		$	4,074
% Change versus prior year period
Net premiums written		9.7	%		5.4	%		5.7	%		-0.4	%		8.9	%		4.8	%
Net premiums written—Commercial		15.6	%		10.0	%		10.4	%		4.2	%		11.3	%		8.9	%
Net premiums written—Consumer		-2.5	%		-3.9	%		-4.6	%		-9.2	%		4.3	%		-3.6	%
Net premiums written adjusted for COVID-19 exposures											2.1	%					5.5	%
Net premiums earned		6.5	%		6.3	%		5.7	%		2.7	%		8.9	%		5.8	%
Net premiums written constant $		8.1	%		5.0	%		6.4	%		1.4	%		9.3	%		5.4	%
Net premiums written—Commercial		13.9	%		9.5	%		10.8	%		5.4	%		11.7	%		9.3	%
Net premiums written—Consumer		-3.9	%		-4.0	%		-3.3	%		-6.6	%		4.7	%		-2.5	%
Net premiums written adjusted for COVID-19 exposures											3.9	%					6.1	%
Net premiums earned constant $		5.1	%		6.0	%		6.3	%		4.6	%		9.3	%		6.5	%
P&C combined ratio
Loss and loss expense ratio		63.7	%		59.6	%		69.2	%		85.2	%		59.8	%		68.5	%
Policy acquisition cost ratio		19.5	%		19.0	%		18.0	%		18.5	%		20.0	%		18.9	%
Administrative expense ratio		8.6	%		9.0	%		8.0	%		8.6	%		9.3	%		8.7	%
Combined ratio		91.8	%		87.6	%		95.2	%		112.3	%		89.1	%		96.1	%
CAY P&C combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		57.2	%		58.5	%		59.7	%		60.4	%		58.2	%		59.2	%
CAY policy acquisition cost and administrative expense ratio ex Cats		28.0	%		27.9	%		26.0	%		27.0	%		29.3	%		27.5	%
CAY combined ratio ex Cats		85.2	%		86.4	%		85.7	%		87.4	%		87.5	%		86.7	%
Other ratios
Net premiums written/gross premiums written		81	%		81	%		80	%		82	%		81	%		81	%
Expense ratio		28.1	%		28.0	%		26.0	%		27.1	%		29.3	%		27.6	%
Expense ratio excluding A&H		26.4	%		26.0	%		24.0	%		25.2	%		27.5	%		25.6	%
Catastrophe reinstatement premiums (expensed) collected—pre-tax	$	(18	)	$	3		$	7		$	(20	)	$	—		$	(10	)
Catastrophe losses—pre-tax	$	682		$	299		$	932		$	1,781		$	237		$	3,249
Unfavorable (favorable) prior period development (PPD)—pre-tax	$	(192	)	$	(206	)	$	(146	)	$	75		$	(118	)	$	(395	)
Impact of catastrophe losses ex COVID-19 on P&C combined ratio—Unfavorable		9.1	%		3.8	%		11.3	%		5.8	%		3.1	%		6.1	%
Impact of COVID-19 catastrophe losses on P&C combined ratio—Unfavorable		0.0	%		0.0	%		0.0	%		18.1	%		0.2	%		4.5	%
Impact of catastrophe losses on P&C combined ratio—Unfavorable		9.1	%		3.8	%		11.3	%		23.9	%		3.3	%		10.6	%
Impact of PPD on P&C combined ratio—Unfavorable (favorable)		-2.5	%		-2.6	%		-1.8	%		1.0	%		-1.7	%		-1.2	%
Impact of Cats and PPD on P&C combined ratio—Unfavorable		6.6	%		1.2	%		9.5	%		24.9	%		1.6	%		9.4	%

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-21			4Q-20			3Q-20			2Q-20			1Q-20			2020
Global P&C underwriting income (loss)
Gross premiums written	$	9,624		$	9,259		$	9,243		$	8,735		$	8,849		$	36,086
Net premiums written		7,859			7,528			7,482			7,275			7,175			29,460
Net premiums earned		7,516			7,405			7,195			7,144			7,069			28,813
Adjusted losses and loss expenses		4,771			4,321			4,806			6,094			4,220			19,441
Policy acquisition costs		1,474			1,452			1,414			1,368			1,424			5,658
Administrative expenses		659			699			648			642			661			2,650
Global P&C underwriting income (loss)	$	612		$	933		$	327		$	(960	)	$	764		$	1,064
Global P&C CAY underwriting income ex Cats	$	1,114		$	1,025		$	1,078		$	910		$	889		$	3,902
% Change versus prior year period
Net premiums written		9.5	%		6.0	%		5.8	%		-0.3	%		8.6	%		4.9	%
Net premiums written adjusted for COVID-19 exposures											2.3	%					5.7	%
Net premiums earned		6.3	%		7.3	%		6.0	%		2.9	%		8.4	%		6.1	%
Net premiums written constant $		7.9	%		5.7	%		6.6	%		1.6	%		9.1	%		5.7	%
Net premiums written adjusted for COVID-19 exposures											4.2	%					6.4	%
Net premiums earned constant $		5.0	%		6.9	%		6.7	%		4.9	%		8.8	%		6.8	%
Combined ratio
Loss and loss expense ratio		63.5	%		58.4	%		66.8	%		85.3	%		59.7	%		67.5	%
Policy acquisition cost ratio		19.6	%		19.6	%		19.7	%		19.1	%		20.2	%		19.6	%
Administrative expense ratio		8.8	%		9.4	%		9.0	%		9.0	%		9.3	%		9.2	%
Combined ratio		91.9	%		87.4	%		95.5	%		113.4	%		89.2	%		96.3	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		57.0	%		57.0	%		56.4	%		59.3	%		57.9	%		57.6	%
CAY policy acquisition cost and administrative expense ratio ex Cats		28.2	%		29.1	%		28.6	%		28.0	%		29.5	%		28.9	%
CAY combined ratio ex Cats		85.2	%		86.1	%		85.0	%		87.3	%		87.4	%		86.5	%
Other ratios
Net premiums written/gross premiums written		82	%		81	%		81	%		83	%		81	%		82	%
Expense ratio		28.4	%		29.0	%		28.7	%		28.1	%		29.5	%		28.8	%
Expense ratio excluding A&H		26.6	%		27.2	%		26.7	%		26.2	%		27.7	%		26.9	%
Catastrophe reinstatement premiums (expensed) collected—pre-tax	$	(18	)	$	4		$	7		$	(20	)	$	—		$	(9	)
Catastrophe losses—pre-tax	$	674		$	288		$	922		$	1,775		$	229		$	3,214
Unfavorable (favorable) prior period development (PPD)—pre-tax	$	(190	)	$	(192	)	$	(164	)	$	75		$	(104	)	$	(385	)

Global P&C Page 4

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)

	March 31 2021			December 31 2020
Assets
Fixed maturities available for sale, at fair value	$	91,071		$	90,699
Fixed maturities held to maturity, at amortized cost		11,132			11,653
Equity securities, at fair value		4,405			4,027
Short-term investments, at fair value		3,735			4,345
Other investments		8,636			7,945
		118,979			118,669
Cash		1,684			1,747
Securities lending collateral		2,076			1,844
Insurance and reinsurance balances receivable		10,573			10,480
Reinsurance recoverable on losses and loss expenses		15,914			15,592
Deferred policy acquisition costs		5,443			5,402
Value of business acquired		258			263
Prepaid reinsurance premiums		2,835			2,769
Goodwill and other intangible assets		21,161			21,211
Investments in partially-owned insurance companies		2,871			2,813
Other assets		10,183			9,984
Total assets	$	191,977		$	190,774
Liabilities
Unpaid losses and loss expenses	$	69,255		$	67,811
Unearned premiums		18,040			17,652
Future policy benefits		5,839			5,713
Insurance and reinsurance balances payable		6,566			6,708
Securities lending payable		2,076			1,844
Accounts payable, accrued expenses, and other liabilities		15,456			15,457
Deferred tax liabilities		482			892
Long-term debt		14,879			14,948
Trust preferred securities		308			308
Total liabilities		132,901			131,333
Shareholders’ equity
Total shareholders’ equity, excl. AOCI		58,118			56,572
Accumulated other comprehensive income (loss) (AOCI)		958			2,869
Total shareholders’ equity		59,076			59,441
Total liabilities and shareholders’ equity	$	191,977		$	190,774
Book value per common share	$	131.37		$	131.88
% change over prior quarter		-0.4	%		5.5	%
Tangible book value per common share	$	87.16		$	87.69
% change over prior quarter		-0.6	%		8.1	%

Consol Bal Sheet Page 5

Chubb Limited

Consolidated Net Premiums Written by Line of Business

(in millions of U.S. dollars)

(Unaudited)

	1Q-21		1Q-20		% Change			Constant $ % Change
Net premiums written
Commercial multiple peril (1)	$	263	$	241		9.4	%		9.4	%
Commercial casualty		1,649		1,341		23.0	%		21.4	%
Workers’ compensation		563		586		-4.0	%		-4.0	%
Professional liability		1,090		912		19.6	%		17.4	%
Surety		158		150		5.5	%		7.8	%
Property and other short-tail lines		1,594		1,334		19.5	%		16.1	%
Total Commercial P&C lines		5,317		4,564		16.5	%		14.8	%
Agriculture		183		157		16.5	%		16.5	%
Personal automobile		387		441		-12.4	%		-10.6	%
Personal homeowners		775		773		0.3	%		-0.1	%
Personal other		468		418		11.9	%		8.1	%
Total Personal lines		1,630		1,632		-0.1	%		-0.7	%
Total Property and Casualty lines		7,130		6,353		12.2	%		10.9	%
Global A&H lines (2)		982		1,067		-8.0	%		-10.4	%
Reinsurance lines		207		218		-5.1	%		-6.2	%
Life		343		339		1.3	%		-0.1	%
Total consolidated	$	8,662	$	7,977		8.6	%		7.0	%

(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 in Global A&H lines above.

Line of Business Page 6

Chubb Limited

Consolidated Results

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

(Unaudited)

Q1 2021	North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C			Life Insurance			Total Consolidated
Net premiums written	$	3,664		$	1,098		$	183		$	2,890		$	207		$	—		$	8,042		$	620		$	8,662
Net premiums earned		3,674			1,184			110			2,478			180			—			7,626			595			8,221
Adjusted losses and loss expenses		2,560			819			85			1,263			120			9			4,856			198			5,054
Adjusted policy benefits		—			—			—			—			—			—			—			163			163
Policy acquisition costs		514			247			12			668			45			—			1,486			179			1,665
Administrative expenses		254			60			3			266			8			71			662			82			744
Underwriting income (loss)		346			58			10			281			7			(80	)		622			(27	)		595
Adjusted net investment income		540			65			7			141			70			9			832			98			930
Other income (expense)—operating		(2	)		(1	)		—			(1	)		—			(4	)		(8	)		34			26
Amortization expense of purchased intangibles		—			(3	)		(7	)		(12	)		—			(49	)		(71	)		(1	)		(72	)
Segment income (loss)	$	884		$	119		$	10		$	409		$	77		$	(124	)	$	1,375		$	104		$	1,479
Adjusted interest expense																	(127	)								(127	)
Income tax expense																	(210	)								(210	)
Core operating income (loss)																	(461	)								1,142
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $5 million tax benefit																	(16	)								(16	)
Adjusted net realized gains (losses), net of $133 million tax (1)																	1,174									1,174
Net income (loss)																$	697								$	2,300
Combined ratio		90.6	%		95.1	%		90.9	%		88.7	%		96.4	%					91.8	%
CAY combined ratio ex Cats		84.2	%		78.6	%		84.7	%		87.6	%		78.0	%					85.2	%

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

Consol Results 2021 Page 7

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		525			66			9			145			69			8			822			95			917
Other income (expense)—operating		(6	)		(2	)		—			(4	)		—			(16	)		(28	)		12			(16	)
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 8

Chubb Limited

Segment Results—Consecutive Quarters

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

(Unaudited)

North America Commercial P&C Insurance

																Full Year
	1Q-21			4Q-20			3Q-20			2Q-20			1Q-20			2020
Gross premiums written	$	4,545		$	4,780		$	4,841		$	4,401		$	4,211		$	18,233
Net premiums written		3,664			3,724			3,778			3,720			3,252			14,474
Net premiums earned		3,674			3,537			3,456			3,595			3,376			13,964
Losses and loss expenses		2,560			2,006			2,444			3,498			2,181			10,129
Policy acquisition costs		514			490			489			471			492			1,942
Administrative expenses		254			255			243			249			259			1,006
Underwriting income (loss)		346			786			280			(623	)		444			887
Adjusted net investment income		540			517			510			509			525			2,061
Other income (expense)—operating		(2	)		(4	)		(7	)		(6	)		(6	)		(23	)
Segment income (loss)	$	884		$	1,299		$	783		$	(120	)	$	963		$	2,925
CAY underwriting income ex Cats	$	581		$	568		$	527		$	504		$	457		$	2,056
Combined ratio
Loss and loss expense ratio		69.7	%		56.7	%		70.7	%		97.3	%		64.6	%		72.5	%
Policy acquisition cost ratio		14.0	%		13.9	%		14.2	%		13.1	%		14.6	%		14.0	%
Administrative expense ratio		6.9	%		7.2	%		7.0	%		6.9	%		7.6	%		7.2	%
Combined ratio		90.6	%		77.8	%		91.9	%		117.3	%		86.8	%		93.7	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		63.4	%		62.8	%		63.8	%		66.1	%		64.2	%		64.2	%
CAY policy acquisition cost and administrative expense ratio ex Cats		20.8	%		21.1	%		21.1	%		19.9	%		22.3	%		21.1	%
CAY combined ratio ex Cats		84.2	%		83.9	%		84.9	%		86.0	%		86.5	%		85.3	%
Catastrophe reinstatement premiums expensed—pre-tax	$	—		$	—		$	—		$	(3	)	$	—		$	(3	)
Catastrophe losses—pre-tax	$	362		$	33		$	447		$	1,270		$	118		$	1,868
Favorable prior period development (PPD)—pre-tax	$	(127	)	$	(251	)	$	(200	)	$	(146	)	$	(105	)	$	(702	)
% Change versus prior year period
Net premiums written		12.7	%		8.3	%		9.4	%		5.3	%		10.2	%		8.2	%
Net premiums written—Commercial		14.7	%		10.0	%		11.2	%		6.9	%		10.6	%		9.6	%
Net premiums written—Consumer		-18.5	%		-19.1	%		-18.1	%		-20.3	%		3.8	%		-13.8	%
Net premiums written adjusted for COVID-19 exposures											9.8	%					9.4	%
Net premiums earned		8.8	%		8.4	%		8.5	%		6.1	%		9.4	%		8.1	%
Other ratios
Net premiums written/gross premiums written		81	%		78	%		78	%		85	%		77	%		79	%
Production by Size—Net premiums written (1)
Major Accounts & Specialty	$	2,140		$	2,229		$	2,294		$	2,350		$	1,874		$	8,747
Commercial		1,524			1,495			1,484			1,370			1,378			5,727
Total	$	3,664		$	3,724		$	3,778		$	3,720		$	3,252		$	14,474

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

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-21			4Q-20			3Q-20			2Q-20			1Q-20			2020
Gross premiums written	$	1,275		$	1,348		$	1,448		$	1,511		$	1,265		$	5,572
Net premiums written		1,098			1,201			1,285			1,327			1,107			4,920
Net premiums earned		1,184			1,243			1,231			1,192			1,200			4,866
Losses and loss expenses		819			781			961			762			683			3,187
Policy acquisition costs		247			250			248			231			245			974
Administrative expenses		60			71			65			66			68			270
Underwriting income (loss)		58			141			(43	)		133			204			435
Net investment income		65			65			64			65			66			260
Other income (expense)—operating		(1	)		(1	)		(1	)		(1	)		(2	)		(5	)
Amortization expense of purchased intangibles		(3	)		(3	)		(2	)		(3	)		(3	)		(11	)
Segment income	$	119		$	202		$	18		$	194		$	265		$	679
CAY underwriting income ex Cats	$	258		$	254		$	310		$	242		$	226		$	1,032
Combined ratio
Loss and loss expense ratio		69.2	%		62.8	%		78.1	%		63.8	%		57.0	%		65.5	%
Policy acquisition cost ratio		20.9	%		20.1	%		20.1	%		19.4	%		20.4	%		20.0	%
Administrative expense ratio		5.0	%		5.7	%		5.3	%		5.6	%		5.6	%		5.6	%
Combined ratio		95.1	%		88.6	%		103.5	%		88.8	%		83.0	%		91.1	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		53.2	%		53.4	%		49.2	%		54.7	%		55.1	%		53.1	%
CAY policy acquisition cost and administrative expense ratio ex Cats		25.4	%		25.9	%		25.6	%		24.9	%		26.1	%		25.6	%
CAY combined ratio ex Cats		78.6	%		79.3	%		74.8	%		79.6	%		81.2	%		78.7	%
Catastrophe reinstatement premiums expensed—pre-tax	$	(23	)	$	—		$	—		$	(1	)	$	—		$	(1	)
Catastrophe losses—pre-tax	$	217		$	98		$	305		$	109		$	21		$	533
Unfavorable (favorable) prior period development (PPD)—pre-tax	$	(40	)	$	15		$	48		$	(1	)	$	1		$	63
% Change versus prior year period
Net premiums written (1)		-0.8	%		2.5	%		2.8	%		1.4	%		4.8	%		2.8	%
Net premiums earned		-1.3	%		4.9	%		3.8	%		2.1	%		3.9	%		3.7	%
Other ratios
Net premiums written/gross premiums written		86	%		89	%		89	%		88	%		88	%		88	%

(1) Q1 2021 net premiums written were adversely impacted by $23 million of reinstatement premiums. Excluding the reinstatement premiums, net premiums written were up 1.3%.

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-21			4Q-20			3Q-20			2Q-20			1Q-20			2020
Gross premiums written	$	266		$	312		$	1,332		$	652		$	220		$	2,516
Net premiums written		183			242			986			461			157			1,846
Net premiums earned		110			381			971			376			94			1,822
Adjusted losses and loss expenses (1)		85			321			845			313			65			1,544
Policy acquisition costs		12			27			56			29			11			123
Administrative expenses		3			(3	)		5			3			4			9
Underwriting income		10			36			65			31			14			146
Net investment income		7			7			7			7			9			30
Other income (expense)—operating		—			—			—			(1	)		—			(1	)
Amortization expense of purchased intangibles		(7	)		(7	)		(7	)		(6	)		(7	)		(27	)
Segment income	$	10		$	36		$	65		$	31		$	16		$	148
CAY underwriting income ex Cats	$	16		$	34		$	93		$	37		$	8		$	172
Combined ratio
Loss and loss expense ratio		77.5	%		84.1	%		87.1	%		83.1	%		69.6	%		84.7	%
Policy acquisition cost ratio		10.7	%		7.0	%		5.8	%		7.8	%		11.1	%		6.8	%
Administrative expense ratio		2.7	%		-0.6	%		0.4	%		0.9	%		4.1	%		0.5	%
Combined ratio		90.9	%		90.5	%		93.3	%		91.8	%		84.8	%		92.0	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		71.2	%		86.3	%		84.2	%		81.5	%		76.2	%		83.7	%
CAY policy acquisition cost and administrative expense ratio ex Cats		13.5	%		4.8	%		6.2	%		8.7	%		14.7	%		6.8	%
CAY combined ratio ex Cats		84.7	%		91.1	%		90.4	%		90.2	%		90.9	%		90.5	%
Catastrophe reinstatement premiums expensed—pre-tax	$	—		$	(1	)	$	—		$	—		$	—		$	(1	)
Catastrophe losses—pre-tax	$	8		$	11		$	10		$	6		$	8		$	35
Unfavorable (favorable) prior period development (PPD)—pre-tax	$	(2	)	$	(14	)	$	18		$	—		$	(14	)	$	(10	)
% Change versus prior year period
Net premiums written		16.5	%		-12.2	%		5.0	%		-1.1	%		21.2	%		2.0	%
Net premiums earned		16.7	%		-9.4	%		3.2	%		-0.5	%		71.8	%		1.5	%
Other ratios
Net premiums written/gross premiums written		69	%		78	%		74	%		71	%		71	%		73	%

(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-21			4Q-20			3Q-20			2Q-20			1Q-20			2020
Gross premiums written	$	3,574		$	3,001		$	2,756		$	2,561		$	3,131		$	11,449
Net premiums written		2,890			2,478			2,238			2,021			2,598			9,335
Net premiums earned		2,478			2,447			2,337			2,194			2,307			9,285
Losses and loss expenses		1,263			1,320			1,192			1,485			1,258			5,255
Policy acquisition costs		668			665			637			624			642			2,568
Administrative expenses		266			275			260			241			258			1,034
Underwriting income (loss)		281			187			248			(156	)		149			428
Adjusted net investment income		141			138			130			121			145			534
Other income (expense)—operating		(1	)		(3	)		(1	)		(5	)		(4	)		(13	)
Amortization expense of purchased intangibles		(12	)		(12	)		(10	)		(11	)		(12	)		(45	)
Segment income (loss)	$	409		$	310		$	367		$	(51	)	$	278		$	904
CAY underwriting income ex Cats	$	306		$	258		$	283		$	207		$	235		$	983
Combined ratio
Loss and loss expense ratio		51.0	%		53.9	%		51.0	%		67.7	%		54.5	%		56.6	%
Policy acquisition cost ratio		27.0	%		27.2	%		27.3	%		28.4	%		27.8	%		27.7	%
Administrative expense ratio		10.7	%		11.3	%		11.1	%		11.0	%		11.2	%		11.1	%
Combined ratio		88.7	%		92.4	%		89.4	%		107.1	%		93.5	%		95.4	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		49.9	%		51.0	%		49.5	%		51.6	%		50.8	%		50.7	%
CAY policy acquisition cost and administrative expense ratio ex Cats		37.7	%		38.5	%		38.4	%		39.1	%		39.0	%		38.7	%
CAY combined ratio ex Cats		87.6	%		89.5	%		87.9	%		90.7	%		89.8	%		89.4	%
Catastrophe reinstatement premiums (expensed) collected—pre-tax	$	—		$	1		$	—		$	(16	)	$	—		$	(15	)
Catastrophe losses—pre-tax	$	50		$	122		$	95		$	383		$	90		$	690
Favorable prior period development (PPD)—pre-tax	$	(25	)	$	(50	)	$	(60	)	$	(36	)	$	(4	)	$	(150	)
% Change versus prior year period
Net premiums written		11.2	%		4.1	%		0.5	%		-10.5	%		8.5	%		0.8	%
Net premiums written—Commercial		20.3	%		14.2	%		10.4	%		-1.6	%		12.1	%		9.1	%
Net premiums written—Consumer		-1.3	%		-8.0	%		-10.9	%		-19.6	%		3.8	%		-8.9	%
Net premiums written adjusted for COVID-19 exposures											-9.4	%					1.1	%
Net premiums earned		7.4	%		7.0	%		3.6	%		-1.5	%		9.2	%		4.5	%
Net premiums written constant $		7.1	%		3.3	%		2.8	%		-5.1	%		9.7	%		2.9	%
Net premiums written—Commercial		15.2	%		12.6	%		12.2	%		3.5	%		13.7	%		10.8	%
Net premiums written—Consumer		-4.2	%		-8.1	%		-8.1	%		-14.0	%		4.7	%		-6.4	%
Net premiums written adjusted for COVID-19 exposures											-4.0	%					3.2	%
Net premiums earned constant $		3.7	%		6.0	%		5.7	%		4.2	%		10.5	%		6.6	%
Other ratios: Net premiums written/gross premiums written		81	%		83	%		81	%		79	%		83	%		82	%
Production by Region—Net premiums written	1Q-21			1Q-20			% Change			Constant $ % Change
Europe	$	1,516		$	1,228			23.4	%		15.4	%
Latin America		537			583			-8.0	%		-3.7	%
Asia		761			688			10.6	%		4.6	%
Other (1)		76			99			-22.5	%		-23.2	%
Total	$	2,890		$	2,598			11.2	%		7.1	%

(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-21			4Q-20			3Q-20			2Q-20			1Q-20			2020
Gross premiums written	$	230		$	130		$	198		$	262		$	242		$	832
Net premiums written		207			125			181			207			218			731
Net premiums earned		180			178			171			163			186			698
Losses and loss expenses		120			121			154			73			87			435
Policy acquisition costs		45			47			40			42			45			174
Administrative expenses		8			9			9			9			10			37
Underwriting income (loss)		7			1			(32	)		39			44			52
Adjusted net investment income		70			93			85			60			69			307
Other income (expense)—operating		—			(1	)		—			(1	)		—			(2	)
Segment income	$	77		$	93		$	53		$	98		$	113		$	357
CAY underwriting income ex Cats	$	40		$	33		$	30		$	36		$	37		$	136
Combined ratio
Loss and loss expense ratio		66.9	%		68.3	%		89.6	%		45.5	%		46.5	%		62.3	%
Policy acquisition cost ratio		24.9	%		25.9	%		23.5	%		25.5	%		24.5	%		24.9	%
Administrative expense ratio		4.6	%		5.4	%		5.2	%		5.6	%		5.1	%		5.3	%
Combined ratio		96.4	%		99.6	%		118.3	%		76.6	%		76.1	%		92.5	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		48.3	%		49.3	%		49.7	%		46.8	%		50.4	%		49.1	%
CAY policy acquisition cost and administrative expense ratio ex Cats		29.7	%		32.0	%		31.1	%		31.4	%		29.6	%		31.0	%
CAY combined ratio ex Cats		78.0	%		81.3	%		80.8	%		78.2	%		80.0	%		80.1	%
Catastrophe reinstatement premiums collected—pre-tax	$	5		$	3		$	7		$	—		$	—		$	10
Catastrophe losses—pre-tax	$	45		$	35		$	75		$	13		$	—		$	123
Favorable prior period development (PPD)—pre-tax	$	(7	)	$	—		$	(6	)	$	(16	)	$	(7	)	$	(29	)
% Change versus prior year period
Net premiums written as reported		-5.1	%		14.4	%		28.4	%		4.6	%		8.4	%		12.6	%
Net premiums earned as reported		-3.3	%		6.5	%		6.7	%		2.9	%		10.4	%		6.7	%
Net premiums written constant $		-6.2	%		12.9	%		27.2	%		4.9	%		7.9	%		12.1	%
Net premiums earned constant $		-4.3	%		5.1	%		5.4	%		4.0	%		10.2	%		6.2	%
Other ratios
Net premiums written/gross premiums written		90	%		96	%		91	%		79	%		90	%		88	%

Global Reinsurance Page 13

Chubb Limited

Segment Results—Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Life Insurance

																Full Year
	1Q-21			4Q-20			3Q-20			2Q-20			1Q-20			2020
Gross premiums written	$	655		$	678		$	645		$	653		$	683		$	2,659
Net premiums written		620			640			610			619			645			2,514
Net premiums earned		595			644			599			608			631			2,482
Losses and loss expenses		198			168			183			171			202			724
Adjusted policy benefits		163			184			174			183			185			726
Policy acquisition costs		179			215			175			196			180			766
Administrative expenses		82			82			80			82			76			320
Net investment income		98			100			95			95			95			385
Life Insurance underwriting income (1)		71			95			82			71			83			331
Other income (expense)—operating		34			22			23			17			12			74
Amortization expense of purchased intangibles		(1	)		(1	)		(1	)		(1	)		(1	)		(4	)
Segment income	$	104		$	116		$	104		$	87		$	94		$	401
% Change versus prior year period
Net premiums written		-3.8	%		3.0	%		-0.4	%		7.0	%		11.4	%		5.1	%
Net premiums earned		-5.7	%		5.0	%		0.0	%		6.5	%		12.6	%		5.9	%
Net premiums written constant $		-4.7	%		3.1	%		0.2	%		8.5	%		11.3	%		5.6	%
Net premiums earned constant $		-6.7	%		5.2	%		0.7	%		8.0	%		12.5	%		6.5	%

(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-21		1Q-20		% Change			% Change
International life insurance net premiums written	$	324	$	295		9.8	%		8.1	%
International life insurance deposits (2)		551		443		24.4	%		17.3	%
Total international life insurance net premiums written and deposits	$	875	$	738		18.6	%		13.7	%
International life insurance segment income	$	52	$	45		15.9	%		14.6	%

(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

	1Q-21			4Q-20			3Q-20			2Q-20			1Q-20			Full Year 2020
Gross premiums written	$	—		$	—		$	—		$	—		$	—		$	—
Net premiums written		—			—			—			—			—			—
Net premiums earned		—			—			—			—			—			—
Losses and loss expenses		9			93			55			276			11			435
Policy acquisition costs		—			—			—			—			—			—
Administrative expenses		71			89			71			77			66			303
Underwriting loss		(80	)		(182	)		(126	)		(353	)		(77	)		(738	)
Adjusted net investment income		9			4			9			8			8			29
Other income (expense)—operating		(4	)		2			(7	)		(9	)		(16	)		(30	)
Adjusted interest expense		(127	)		(131	)		(135	)		(134	)		(137	)		(537	)
Amortization expense of purchased intangibles		(49	)		(50	)		(52	)		(51	)		(50	)		(203	)
Income tax (expense) benefit		(210	)		(259	)		(172	)		46			(237	)		(622	)
Core operating loss		(461	)		(616	)		(483	)		(493	)		(509	)		(2,101	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(16	)		(18	)		(19	)		(19	)		(22	)		(78	)
Adjusted net realized gains (losses), net of tax (1)		1,174			996			306			(58	)		(946	)		298
Net income (loss)	$	697		$	362		$	(196	)	$	(570	)	$	(1,477	)	$	(1,881	)
Unfavorable prior period development (PPD)—pre-tax	$	9		$	94		$	54		$	274		$	11		$	433

(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, 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
Losses and loss expenses incurred		7,825			1,248			6,577
Losses and loss expenses paid		(4,874	)		(1,024	)		(3,850	)		59	%
Other (incl. foreign exch. revaluation)		534			97			437
Balance at June 30, 2020	$	65,699		$	14,361		$	51,338
Losses and loss expenses incurred		7,288			1,453			5,835
Losses and loss expenses paid		(5,342	)		(1,084	)		(4,258	)		73	%
Other (incl. foreign exch. revaluation)		260			37			223
Balance at September 30, 2020	$	67,905		$	14,767		$	53,138
Losses and loss expenses incurred		6,029			1,216			4,813
Losses and loss expenses paid		(6,492	)		(1,421	)		(5,071	)		105	%
Other (incl. foreign exch. revaluation)		369			85			284
Balance at December 31, 2020	$	67,811		$	14,647		$	53,164
Losses and loss expenses incurred		6,467			1,414			5,053
Losses and loss expenses paid		(5,100	)		(1,207	)		(3,893	)		77	%
Other (incl. foreign exch. revaluation)		77			6			71
Balance at March 31, 2021	$	69,255		$	14,860		$	54,395
Add net recoverable on paid losses		—			1,054			(1,054	)
Balance including net recoverable on paid losses	$	69,255		$	15,914		$	53,341

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
	2021			2020
Reinsurance recoverable on paid losses and loss expenses
Active operations	$	915		$	789
Brandywine and Other Run-off		198			213
Total	$	1,113		$	1,002
Reinsurance recoverable on unpaid losses and loss expenses
Active operations	$	13,868		$	13,629
Brandywine and Other Run-off		1,250			1,275
Total	$	15,118		$	14,904
Gross reinsurance recoverable
Active operations	$	14,783		$	14,418
Brandywine and Other Run-off		1,448			1,488
Total	$	16,231		$	15,906
Provision for uncollectible reinsurance (1)
Active operations	$	(181	)	$	(178	)
Brandywine and Other Run-off		(136	)		(136	)
Total	$	(317	)	$	(314	)
Net reinsurance recoverable
Active operations	$	14,602		$	14,240
Brandywine and Other Run-off		1,312			1,352
Total	$	15,914		$	15,592

(1) The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $3.5 billion.

Reinsurance Recoverable Page 17

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)

	March 31					December 31
	2021					2020
Market Value
Fixed maturities available for sale	$	91,071				$	90,699
Fixed maturities held to maturity		11,752					12,510
Short-term investments		3,735					4,345
Total fixed maturities	$	106,558				$	107,554
Asset Allocation by Market Value
U.S. Treasury / Agency	$	3,724		3	%	$	4,122		4	%
Corporate and asset-backed securities		38,711		36	%		38,769		36	%
Mortgage-backed securities		21,434		20	%		20,616		19	%
Municipal		11,437		11	%		11,943		11	%
Non-U.S.		27,517		26	%		27,759		26	%
Short-term investments		3,735		4	%		4,345		4	%
Total fixed maturities	$	106,558		100	%	$	107,554		100	%
Credit Quality by Market Value
AAA	$	15,462		15	%	$	15,622		15	%
AA		35,930		33	%		36,125		33	%
A		19,420		18	%		19,712		18	%
BBB		17,214		16	%		17,542		16	%
BB		9,308		9	%		9,699		9	%
B		8,646		8	%		8,267		8	%
Other		578		1	%		587		1	%
Total fixed maturities	$	106,558		100	%	$	107,554		100	%
Cost/Amortized Cost, net
Fixed maturities available for sale	$	87,858				$	85,168
Fixed maturities held to maturity		11,132					11,653
Short-term investments		3,736					4,349
Subtotal fixed maturities (1)		102,726					101,170
Equity securities		4,405					4,027
Other investments		8,636					7,945
Total investment portfolio	$	115,767				$	113,142
Avg. duration of fixed maturities		4.3 years					4.0 years
Avg. market yield of fixed maturities		2.1	%				1.7	%
Avg. credit quality		A/Aa					A/Aa
Avg. yield on invested assets (2)		3.2	%				3.3	%

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

(2) 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, 2021
Agency residential mortgage-backed securities (RMBS)	$	118	$	17,668	$	—	$	—	$	—	$	17,786
Non-agency RMBS		193		38		98		34		8		371
Commercial mortgage-backed securities		2,862		280		130		2		3		3,277
Total mortgage-backed securities at market value	$	3,173	$	17,986	$	228	$	36	$	11	$	21,434
U.S. Corporate and Asset-backed Fixed Income Portfolios
Market Value at March 31, 2021			S&P Credit Rating
			Investment Grade
			AAA		AA		A		BBB		Total
Asset-backed			$	3,937	$	511	$	27	$	35	$	4,510
Banks				—		9		1,825		2,070		3,904
Basic Materials				—		—		80		249		329
Communications				—		205		439		1,551		2,195
Consumer, Cyclical				—		301		489		758		1,548
Consumer, Non-Cyclical				56		603		1,723		1,800		4,182
Diversified Financial Services				7		217		400		401		1,025
Energy				—		100		189		771		1,060
Industrial				—		13		941		887		1,841
Utilities				—		3		997		565		1,565
All Others				236		512		1,598		1,104		3,450
Total			$	4,236	$	2,474	$	8,708	$	10,191	$	25,609
Market Value at March 31, 2021					S&P Credit Rating
					Below Investment Grade
					BB		B		CCC		Total
Asset-backed					$	16	$	4	$	2	$	22
Banks						—		—		—		—
Basic Materials						330		191		3		524
Communications						946		870		77		1,893
Consumer, Cyclical						1,056		1,149		148		2,353
Consumer, Non-Cyclical						1,224		1,413		77		2,714
Diversified Financial Services						197		130		9		336
Energy						755		395		16		1,166
Industrial						688		939		18		1,645
Utilities						374		44		1		419
All Others						851		1,138		41		2,030
Total					$	6,437	$	6,273	$	392	$	13,102

Investments 2 Page 19

Chubb Limited

Investment Portfolio—3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

March 31, 2021

Non-U.S. Government Securities	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Republic of Korea	$	—	$	1,019	$	—	$	—	$	—	$	1,019
Canada		1,019		—		—		—		—		1,019
United Kingdom		—		901		—		—		—		901
Province of Ontario		—		—		732		—		—		732
Kingdom of Thailand		—		—		593		—		—		593
United Mexican States		—		—		—		563		—		563
Province of Quebec		—		483		—		—		—		483
Federative Republic of Brazil		—		—		—		—		461		461
Commonwealth of Australia		460		—		1		—		—		461
Socialist Republic of Vietnam		—		—		—		—		407		407
Other Non-U.S. Government Securities		626		1,960		1,284		853		975		5,698
Total	$	2,105	$	4,363	$	2,610	$	1,416	$	1,843	$	12,337
Non-U.S. Corporate Securities	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
United Kingdom	$	66	$	41	$	783	$	1,052	$	532	$	2,474
Canada		89		206		567		605		409		1,876
United States (1)		—		—		205		287		726		1,218
France		8		46		654		400		69		1,177
Australia		72		184		324		271		24		875
Japan		—		7		603		57		—		667
Germany		119		37		115		287		65		623
Netherlands		54		7		249		144		126		580
Switzerland		51		7		277		198		32		565
China		—		—		289		84		60		433
Other Non-U.S. Corporate Securities		384		379		1,027		1,748		1,154		4,692
Total	$	843	$	914	$	5,093	$	5,133	$	3,197	$	15,180

(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, 2021	Market Value		Rating
1	Wells Fargo & Co	$	713		BBB+
2	Bank of America Corp		646		A-
3	JP Morgan Chase & Co		617		A-
4	Verizon Communications Inc		532		BBB+
5	Comcast Corp		508		A-
6	Morgan Stanley		444		BBB+
7	AT&T Inc		419		BBB
8	Citigroup Inc		412		BBB+
9	Goldman Sachs Group Inc		394		BBB+
10	HSBC Holdings Plc		367		A-

Investments 4 Page 21

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

	Three months ended March 31, 2021
	Realized Gains (Losses)									Unrealized Gains (Losses)								Realized and Unrealized Gains (Losses)
	Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit		Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax
Fixed income investments (1)	$	133		$	(24	)	$	109		$	(2,317	)	$	405	$	(1,912	)	$	(2,184	)	$	381		$	(1,803	)
Public equity:
Realized gains (losses) on sales		45			(7	)		38			—			—		—			45			(7	)		38
Mark-to-market		322			(68	)		254			—			—		—			322			(68	)		254
Private equity:
Realized gains (losses) on sales		—			—			—			—			—		—			—			—			—
Mark-to-market		438			(14	)		424			—			—		—			438			(14	)		424
Total investment portfolio		938			(113	)		825			(2,317	)		405		(1,912	)		(1,379	)		292			(1,087	)
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (2)		275			—			275			—			—		—			275			—			275
Foreign exchange		76			(18	)		58			22			2		24			98			(16	)		82
Partially-owned entities (3)		19			(2	)		17			—			—		—			19			(2	)		17
Other		(1	)		—			(1	)		(28	)		5		(23	)		(29	)		5			(24	)
Net gains (losses)	$	1,307		$	(133	)	$	1,174		$	(2,323	)	$	412	$	(1,911	)	$	(1,016	)	$	279		$	(737	)

(1) The quarter includes pre-tax realized gains on fixed income derivatives of $109 million and a net reduction of the valuation allowance of expected credit losses of $6 million. There were no impairments during the quarter.

(2) The quarter includes $44 million of losses on applicable hedges. These losses are both pre-tax and after-tax.

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

	Three months ended March 31, 2020
	Realized Gains (Losses)									Unrealized Gains (Losses)								Realized and Unrealized Gains (Losses)
	Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit		Gains (Losses) After-Tax			Gains (Losses) Pre-Tax			Tax (Expense) Benefit			Gains (Losses) After-Tax
Fixed income investments (4)	$	(346	)	$	40		$	(306	)	$	(2,160	)	$	284	$	(1,876	)	$	(2,506	)	$	324		$	(2,182	)
Public equity (4):
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 (5)		(560	)		—			(560	)		—			—		—			(560	)		—			(560	)
Foreign exchange		(68	)		(3	)		(71	)		(859	)		34		(825	)		(927	)		31			(896	)
Partially-owned entities (6)		5			—			5			—			—		—			5			—			5
Other		—			—			—			(14	)		3		(11	)		(14	)		3			(11	)
Net gains (losses)	$	(963	)	$	17		$	(946	)	$	(3,033	)	$	321	$	(2,712	)	$	(3,996	)	$	338		$	(3,658	)

(4) 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 and impairment related to certain securities the company intended to sell subsequent to quarter end of $121 million.

(5) The quarter includes $125 million of gains on applicable hedges. These gains are both pre-tax and after-tax.

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

Net Gains (Losses) Page 22

Chubb Limited

Debt and Capital

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

(Unaudited)

	March 31 2021			December 31 2020			December 31 2019
Financial Debt:
Total short-term debt	$	—		$	—		$	1,299
Total long-term debt		14,879			14,948			13,559
Total financial debt	$	14,879		$	14,948		$	14,858
Hybrid debt:
Total trust preferred securities		308			308			308
Total	$	15,187		$	15,256		$	15,166
Capitalization:
Shareholders’ equity	$	59,076		$	59,441		$	55,331
Hybrid debt		308			308			308
Financial debt		14,879			14,948			14,858
Total capitalization	$	74,263		$	74,697		$	70,497
Leverage ratios (based on total capital):
Hybrid debt		0.4	%		0.4	%		0.4	%
Financial debt		20.0	%		20.0	%		21.1	%
Total hybrid & financial debt		20.4	%		20.4	%		21.5	%

Note: As of March 31, 2021, there was $1.4 billion usage of credit facilities on total capacity of $3.7 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
	2021			2020
Numerator
Core operating income to common shares	$	1,142		$	1,220
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		(21	)		(27	)
Tax benefit on amortization adjustment		5			5
Adjusted net realized gains (losses), pre-tax		1,307			(963	)
Tax (expense) benefit on adjusted net realized gains (losses)		(133	)		17
Net income	$	2,300		$	252
Rollforward of Common Shares Outstanding
Shares—beginning of period		450,732,625			451,971,567
Repurchase of shares		(3,110,000	)		(2,266,150	)
Shares issued, excluding option exercises		1,007,105			1,092,220
Issued for option exercises		1,047,229			570,145
Shares—end of period		449,676,959			451,367,782
Denominator
Weighted average shares outstanding (1)		450,539,568			451,868,658
Effect of other dilutive securities		2,795,971			2,651,610
Adj. wtd. avg. shares outstanding and assumed conversions		453,335,539			454,520,268
Basic earnings per share
Core operating income	$	2.53		$	2.70
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(0.04	)		(0.05	)
Adjusted net realized gains (losses), net of tax		2.61			(2.09	)
Net income	$	5.10		$	0.56
Diluted earnings per share
Core operating income	$	2.52		$	2.68
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(0.04	)		(0.05	)
Adjusted net realized gains (losses), net of tax		2.59			(2.08	)
Net income	$	5.07		$	0.55

(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
	2021			2020			2020
Shareholders’ equity	$	59,076		$	59,441		$	52,188
Less: goodwill and other intangible assets, net of tax		19,881			19,916			19,569
Numerator for tangible book value per share	$	39,195		$	39,525		$	32,619
Book value—% change over prior quarter		-0.6	%		5.4	%		-5.7	%
Tangible book value—% change over prior quarter		-0.8	%		8.0	%		-7.6	%
Denominator		449,676,959			450,732,625			451,367,782
Book value per common share	$	131.37		$	131.88		$	115.62
Tangible book value per common share	$	87.16		$	87.69		$	72.27
Reconciliation of Book Value
Shareholders’ equity, beginning of quarter	$	59,441		$	56,413		$	55,259
Core operating income (loss)		1,142			1,440			1,220
Amortization of fair value adjustment of acquired invested assets and long-term debt		(16	)		(18	)		(22	)
Adjusted net realized gains (losses) (1)		1,174			996			(946	)
Net unrealized gains (losses) on investments		(1,912	)		706			(1,876	)
Repurchase of shares		(519	)		(190	)		(326	)
Dividend declared on common shares		(352	)		(352	)		(340	)
Cumulative translation gains (losses)		24			443			(825	)
Postretirement benefit liability		(23	)		(136	)		(11	)
Other (2)		117			139			55
	$	59,076		$	59,441		$	52,188

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

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

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

CAY underwriting income excluding catastrophe losses (Cats) is underwriting income (loss) 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.

Adjusted losses and loss expenses include realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses.

Adjusted policy benefits includes gains and losses from fair value changes in separate account assets, as well as the offsetting movement in separate account liabilities, for purposes of reporting Life Insurance underwriting income. The gains and losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified from Other (income) expense. We view gains and losses from fair value changes in both separate account assets and liabilities as part of the results of our underwriting operations, and therefore these gains and losses are reclassified to adjusted policy benefits.

Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from the acquisition of The Chubb Corporation (Chubb Corp) and including investment income from partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of three percent that are accounted for under the equity method. The mark-to-market movement on these private equity partnerships are included in adjusted net realized gains (losses) as described below. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.

Adjusted net realized gains (losses), net of tax, includes net realized gains (losses) and net realized gains (losses) recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives.

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

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

P&C 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. The agriculture insurance business is a different business in that it is a public sector and private sector partnership in which insurance rates, premium growth, and risk-sharing is not market-driven like the remainder of the company’s P&C insurance business. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.

Core operating income (loss), net of tax, excludes from net income, the after-tax impact of adjusted net realized gains (losses) 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 due to the size and complexity of this acquisition. References to core operating income measures mean net of tax, whether or not noted.

Core operating effective tax rate is income tax expense (benefit) excluding tax expense (benefit) on adjusted net realized gains (losses) and tax benefit on amortization of fair value of acquired invested assets and debt, divided by income excluding adjusted net realized gains (losses) before tax and amortization of fair value of acquired invested assets and debt 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. Refer to the definition of core operating income (loss), net of tax above for more information on these adjustments.

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

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-21			4Q-20			3Q-20			2Q-20			1Q-20			2020
Tax expense (benefit), as reported	$	338		$	334		$	142		$	(62	)	$	215		$	629
Less: tax benefit on amortization of fair value of acquired invested assets and debt		(5	)		(3	)		(4	)		(5	)		(5	)		(17	)
Less: tax expense (benefit) on adjusted net realized gains (losses)		133			78			(26	)		(11	)		(17	)		24
Tax expense (benefit), adjusted	$	210		$	259		$	172		$	(46	)	$	237		$	622
Income (loss) before tax, as reported	$	2,638		$	2,752		$	1,336		$	(393	)	$	467		$	4,162
Less: amortization of fair value of acquired invested assets and debt		(21	)		(21	)		(23	)		(24	)		(27	)		(95	)
Less: adjusted realized gains (losses)		888			568			(142	)		31			(956	)		(499	)
Less: realized gains (losses) related to unconsolidated entities		419			506			422			(100	)		(7	)		821
Core operating income (loss) before tax	$	1,352		$	1,699		$	1,079		$	(300	)	$	1,457		$	3,935
Effective tax rate		12.8	%		12.1	%		10.7	%		15.8	%		46.0	%		15.1	%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt		0.1	%		0.0	%		0.0	%		-0.4	%		0.0	%		0.1	%
Adjustment for tax impact of adjusted net realized gains (losses)		2.6	%		3.1	%		5.3	%		-0.1	%		-29.7	%		0.6	%
Core operating effective tax rate		15.5	%		15.2	%		16.0	%		15.3	%		16.3	%		15.8	%
Core operating income The following table presents the reconciliation of Net income (loss) to Core operating income (loss):
																Full Year
	1Q-21			4Q-20			3Q-20			2Q-20			1Q-20			2020
Net income (loss), as reported	$	2,300		$	2,418		$	1,194		$	(331	)	$	252		$	3,533
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		(21	)		(21	)		(23	)		(24	)		(27	)		(95	)
Tax benefit on amortization adjustment		5			3			4			5			5			17
Adjusted realized gains (losses), pre-tax		888			568			(142	)		31			(956	)		(499	)
Net realized gains (losses) related to unconsolidated entities, pre-tax (1)		419			506			422			(100	)		(7	)		821
Tax (expense) benefit on adjusted net realized gains (losses)		(133	)		(78	)		26			11			17			(24	)
Core operating income (loss)	$	1,142		$	1,440		$	907		$	(254	)	$	1,220		$	3,313
Catastrophe losses—after-tax	$	570		$	271		$	797		$	1,510		$	199		$	2,777
Unfavorable (favorable) prior period development (PPD)—after-tax	$	(156	)	$	(189	)	$	(126	)	$	52		$	(94	)	$	(357	)
Core operating income (loss) per share	$	2.52		$	3.18		$	2.00		$	(0.56	)	$	2.68		$	7.31
Impact of Cats on Core operating income per share—Unfavorable	$	(1.26	)	$	(0.60	)	$	(1.76	)	$	(3.35	)	$	(0.44	)	$	(6.12	)
Impact of PPD on Core operating income per share—Favorable (unfavorable)	$	0.35		$	0.42		$	0.28		$	(0.11	)	$	0.21		$	0.79
Impact of Cats and PPD on Core operating income per share—Unfavorable	$	(0.91	)	$	(0.18	)	$	(1.48	)	$	(3.46	)	$	(0.23	)	$	(5.33	)

(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 (loss), net of tax. The denominator includes the average shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, net of tax. For the ROTE calculation, the denominator is also adjusted to exclude goodwill and other intangible assets, net of tax. These measures 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.

	1Q-21			1Q-20			Full Year 2020
Net income	$	2,300		$	252		$	3,533
Core operating income	$	1,142		$	1,220		$	3,313
Equity—beginning of period, as reported	$	59,441		$	55,259		$	55,259
Less: unrealized gains (losses) on investments, net of deferred tax		4,673			2,543			2,543
Equity—beginning of period, as adjusted	$	54,768		$	52,716		$	52,716
Less: goodwill and other intangible assets, net of tax	$	19,916		$	20,012		$	20,012
Equity—beginning of period, as adjusted ex goodwill and other intangible assets	$	34,852		$	32,704		$	32,704
Equity—end of period, as reported	$	59,076		$	52,188		$	59,441
Less: unrealized gains (losses) on investments, net of deferred tax		2,761			667			4,673
Equity—end of period, as adjusted	$	56,315		$	51,521		$	54,768
Less: goodwill and other intangible assets, net of tax		19,881			19,569			19,916
Equity—end of period, as adjusted ex goodwill and other intangible assets	$	36,434		$	31,952		$	34,852
Weighted average equity, as reported	$	59,259		$	53,724		$	57,350
Weighted average equity, as adjusted	$	55,542		$	52,119		$	53,742
Weighted average equity, as adjusted ex goodwill and other intangible assets	$	35,643		$	32,328		$	33,778
ROE		15.5	%		1.9	%		6.2	%
Core operating ROE		8.2	%		9.4	%		6.2	%
Core operating ROTE		12.8	%		15.1	%		9.8	%
Private equities realized gains, after-tax (1)	$	424		$	(16	)	$	690
Impact of Private equities if included in Core operating ROE—Favorable (1)		3.1 pts			-0.1 pt			1.3 pts
Reconciliation of Book Value and Tangible Book Value per Share, excluding mark-to-market
	March 31			December 31
	2021			2020			% Change
Book value	$	59,076		$	59,441
Less: unrealized gains (losses) on investments, net of deferred tax		2,761			4,673
Book value excluding mark-to-market		56,315			54,768
Less: goodwill and other intangible assets, net of tax		19,881			19,916
Tangible book value excluding mark-to-market	$	36,434		$	34,852
Denominator		449,676,959			450,732,625
Book value per share excluding mark-to-market	$	125.23		$	121.51			3.1	%
Tangible book value per share excluding mark-to-market	$	81.02		$	77.32			4.8	%

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

Reconciliation Non-GAAP 3 Page 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 2021		North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C
Numerator
Losses and loss expenses
Losses and loss expenses		$	2,560		$	819		$	84		$	1,263		$	120		$	9		$	4,855
Realized (gains) losses on crop derivatives			—			—			1			—			—			—			1
Adjusted losses and loss expenses	A	$	2,560		$	819		$	85		$	1,263		$	120		$	9		$	4,856
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(362	)		(240	)		(8	)		(50	)		(40	)		—			(700	)
Reinstatement premiums collected (expensed) on catastrophe losses			—			(23	)		—			—			5			—			(18	)
Catastrophe losses, gross of related adjustments			(362	)		(217	)		(8	)		(50	)		(45	)		—			(682	)
PPD and related adjustments
PPD, net of related adjustments—favorable (unfavorable)			127			40			2			25			7			(9	)		192
Net premiums earned adjustments on PPD—unfavorable (favorable)			—			—			(2	)		—			—			—			(2	)
Expense adjustments—unfavorable (favorable)			3			—			—			—			—			—			3
PPD reinstatement premiums—unfavorable (favorable)			—			—			—			—			3			—			3
PPD, gross of related adjustments—favorable (unfavorable)			130			40			—			25			10			(9	)		196
CAY loss and loss expense ex Cats	B	$	2,328		$	642		$	77		$	1,238		$	85		$	—		$	4,370
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	768		$	307		$	15		$	934		$	53		$	71		$	2,148
Expense adjustments—favorable (unfavorable)			(3	)		—			—			—			—			—			(3	)
Policy acquisition costs and administrative expenses, adjusted	D	$	765		$	307		$	15		$	934		$	53		$	71		$	2,145
Denominator
Net premiums earned	E	$	3,674		$	1,184		$	110		$	2,478		$	180					$	7,626
Reinstatement premiums (collected) expensed on catastrophe losses			—			23			—			—			(5	)					18
Net premiums earned adjustments on PPD—unfavorable (favorable)			—			—			(2	)		—			—						(2	)
PPD reinstatement premiums—unfavorable (favorable)			—			—			—			—			3						3
Net premiums earned excluding adjustments	F	$	3,674		$	1,207		$	108		$	2,478		$	178					$	7,645
P&C combined ratio
Loss and loss expense ratio	A/E		69.7	%		69.2	%		77.5	%		51.0	%		66.9	%					63.7	%
Policy acquisition cost and administrative expense ratio	C/E		20.9	%		25.9	%		13.4	%		37.7	%		29.5	%					28.1	%
P&C combined ratio			90.6	%		95.1	%		90.9	%		88.7	%		96.4	%					91.8	%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		63.4	%		53.2	%		71.2	%		49.9	%		48.3	%					57.2	%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.8	%		25.4	%		13.5	%		37.7	%		29.7	%					28.0	%
CAY P&C combined ratio ex Cats			84.2	%		78.6	%		84.7	%		87.6	%		78.0	%					85.2	%
Combined ratio
Combined ratio																					91.8	%
Add: impact of gains and losses on crop derivatives																					0.0	%
P&C combined ratio																					91.8	%

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

Reconciliation Non-GAAP 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 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 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.

Catastrophe losses (Cats): We generally define catastrophe loss events consistent with the definition of the Property Claims Service (PCS) for events in the U.S. and Canada. PCS defines a catastrophe as an event that causes damage of $25 million or more in insured losses and affects a significant number of insureds, including from pandemics such as COVID-19. For events outside of the U.S. and Canada, we generally use a similar definition. Catastrophe loss events are events that occurred in the current calendar year only. Changes in catastrophe loss estimates in the current calendar year that relate to loss events that occurred in previous calendar years are considered prior period development.

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

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

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

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

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

Commercial P&C lines includes Commercial P&C, Agriculture and Reinsurance lines of business.

Consumer P&C lines includes Personal and Global accident and health (A&H) lines of business.

NM: Not meaningful.

Glossary Page 31

XML

Document and Entity Information	Apr. 27, 2021
Document And Entity Information [Line Items]
Entity Registrant Name	Chubb Ltd
Amendment Flag	false
Entity Central Index Key	0000896159
Document Type	8-K
Document Period End Date	Apr. 27, 2021
Entity Incorporation State Country Code	V8
Entity File Number	1-11778
Entity Tax Identification Number	98-0091805
Entity Address, Address Line One	Baerengasse 32
Entity Address, Postal Zip Code	8001
Entity Address, City or Town	Zurich
Entity Address, Country	CH
City Area Code	41 (0)43
Local Phone Number	456 76 00
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Common Shares, par value CHF 24.15 per share
Trading Symbol	CB
Security Exchange Name	NYSE
INA Senior Notes Due December 2024 [Member]
Document And Entity Information [Line Items]
Security 12b Title	Guarantee of Chubb INA Holdings Inc. 0.30% Senior Notes due 2024
Trading Symbol	CB/24A
Security Exchange Name	NYSE
INA Senior Notes Due June 2027 [Member]
Document And Entity Information [Line Items]
Security 12b Title	Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2027
Trading Symbol	CB/27
Security Exchange Name	NYSE
INA Senior Notes Due March 2028 [Member]
Document And Entity Information [Line Items]
Security 12b Title	Guarantee of Chubb INA Holdings Inc. 1.55% Senior Notes due 2028
Trading Symbol	CB/28
Security Exchange Name	NYSE
INA Senior Notes Due December 2029 [Member]
Document And Entity Information [Line Items]
Security 12b Title	Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2029
Trading Symbol	CB/29A
Security Exchange Name	NYSE
INA Senior Notes Due June 2031 [Member]
Document And Entity Information [Line Items]
Security 12b Title	Guarantee of Chubb INA Holdings Inc. 1.40% Senior Notes due 2031
Trading Symbol	CB/31
Security Exchange Name	NYSE
INA Senior Notes Due March 2038 [Member]
Document And Entity Information [Line Items]
Security 12b Title	Guarantee of Chubb INA Holdings Inc. 2.50% Senior Notes due 2038
Trading Symbol	CB/38A
Security Exchange Name	NYSE