8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant To Section 13 or 15 (d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) - October 26, 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 October 26, 2021, Chubb Limited issued a Press Release reporting its third quarter 2021 results and the availability of its third 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 October 26, 2021, Reporting Third Quarter 2021 Results
99.2	Third 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/ Peter Enns
	Peter Enns
	Executive Vice President and Chief Financial Officer

DATE: October 26, 2021

EX-99.1

Exhibit 99.1

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

News Release

Chubb Reports Third Quarter Per Share Net Income and Core Operating Income of $4.18 and $2.64, Up 59% and 32%, Respectively; Consolidated Net Premiums Written Up 15.8%, with Commercial P&C Lines Up 22%

· Net income for the quarter was strong at $1.83 billion versus $1.19 billion prior year, and core operating income was $1.16 billion versus $907 million prior year. Record per share net income and core operating income through nine months were $14.33 and $8.78, respectively.

· P&C net premiums written were up 16.9% globally for the quarter, or 15.4% in constant dollars, driven by 22.0% growth in commercial lines. Total North America P&C net premiums written were up 17.1%, including growth of 22.4% in commercial lines and 0.6% in consumer lines. Overseas General P&C net premiums written were up 15.9%, or 11.2% in constant dollars, including growth of 20.6% in commercial lines and 9.2% in consumer lines. Total company P&C net premiums written were up 14.2% through nine months.

· P&C underwriting income for the quarter was $617 million, up 57.5%, leading to a P&C combined ratio of 93.4%, compared with 95.2% prior year. P&C current accident year underwriting income excluding catastrophe losses was $1.44 billion, up 23.1%, leading to a P&C current accident year combined ratio excluding catastrophe losses of 84.8% compared with 85.7% prior year; both were record quarterly underwriting results. Excluding a one-time COVID-related frequency benefit to last year’s third quarter results, the P&C and Global P&C current accident year combined ratios excluding catastrophe losses improved 1.9 and 2.0 percentage points, respectively.

· Catastrophe losses, net of reinsurance and including reinstatement premiums, for the quarter were $1.15 billion pre-tax, or $943 million after tax, compared with $925 million pre-tax, or $797 million after tax, prior year. The current quarter included pre-tax net catastrophe losses of $806 million from Hurricane Ida.

· Pre-tax net investment income for the quarter was $866 million, up 3.1%, and adjusted net investment income was $940 million, up 4.5%, reflecting strong returns in the company’s private equity portfolio.

· Annualized return on equity (ROE) was 12.3% and annualized core operating ROE was 8.2%. For comparison purposes, including mark-to-market private equity gains, annualized core operating ROE was 13.2%. Annualized core operating return on tangible equity was 12.6%.

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

Chubb Limited News Release

ZURICH – October 26, 2021 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended September 30, 2021 of $1.83 billion, or $4.18 per share, and core operating income of $1.16 billion, or $2.64 per share. The P&C combined ratio was 93.4% compared to 95.2% prior year, and the current accident year P&C combined ratio excluding catastrophe losses was 84.8% compared to 85.7% prior year. Book and tangible book value per share increased 0.6% and 0.4%, respectively, from June 30, 2021 and now stand at $137.67 and $91.89, respectively. Book value was favorably impacted by after-tax net realized and unrealized gains in the company’s investment portfolio of $190 million and was unfavorably impacted by foreign currency movement of $305 million.

Chubb Limited

Third Quarter Summary

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

(Unaudited)

								(Per Share)
	2021		2020		Change			2021		2020		Change
Net income		$1,833		$1,194		53.5	%		$4.18		$2.63		58.9	%
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		11		19		(42.1)	%		0.03		0.04		(25.0)	%
Adjusted net realized (gains) losses, net of tax		(687)		(306)		124.5	%		(1.57)		(0.67)		134.3	%
Core operating income, net of tax		$1,157		$907		27.5	%		$2.64		$2.00		32.0	%

For the nine months ended September 30, 2021, net income was $6.40 billion, or $14.33 per share, compared with $1.11 billion, or $2.46 per share, for 2020. Core operating income was $3.92 billion, or $8.78 per share, compared with $1.87 billion, or $4.13 per share, for 2020. The P&C combined ratio was 90.4% compared to 98.9% prior year, and the current accident year P&C combined ratio excluding catastrophe losses was 85.1% compared to 86.8% prior year. Book and tangible book value per share increased 4.4% and 4.8%, respectively, from December 31, 2020. Book value was favorably impacted by after-tax net realized and unrealized gains of $628 million, including $454 million in the company’s investment portfolio and $140 million from mark-to-market gains in the company’s variable annuity reinsurance portfolio.

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

Chubb Limited News Release

Chubb Limited

Nine Months Ended Summary

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

(Unaudited)

							(Per Share)
	2021		2020		Change		2021		2020		Change
Net income		$6,398		$1,115		NM		$14.33		$2.46		NM
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		41		60		(31.7)%		0.09		0.13		(30.8)%
Adjusted net realized (gains) losses, net of tax		(2,519)		698		NM		(5.64)		1.54		NM
Core operating income, net of tax		$3,920		$1,873		109.2%		$8.78		$4.13		112.6%

For the nine months ended September 30, 2021 and 2020, the tax expenses (benefits) related to the table above were $(11) million and $(14) million, respectively, for amortization of fair value adjustment of acquired invested assets and long-term debt; $176 million and $(54) million, respectively, for adjusted net realized gains and losses; and $708 million and $363 million, respectively, for core operating income.

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “Chubb had a very strong third quarter, highlighted by outstanding premium revenue growth globally and simply excellent underwriting results. P&C net premiums written grew 17%, our strongest organic growth since 2004, driven by commercial lines growth of 22% globally. Despite $1.1 billion of catastrophe losses in the quarter, we reported P&C underwriting income of $617 million, up 58%, and a 93.4% combined ratio, which illustrates the strengths that come from our underwriting capabilities and the broad diversification of our company’s businesses. Core operating income in the quarter of $2.64 per share was up 32% from prior year with per share net income of $4.18 up 59%. Year to date, we have produced record earnings, both net and core operating.

“Our current accident year combined ratio of 84.8% is a quarterly record that featured two percentage points of margin improvement adjusting for a one-time COVID-related frequency benefit in last year’s quarterly result. Through nine months, we have produced $2.4 billion in underwriting income and a combined ratio of 90.4% despite an elevated level of CAT losses year to date. The growing impact of climate change globally is evident in industry results, and we are reacting thoughtfully but swiftly to ensure we maintain an adequate risk-adjusted return on the business we write.

“We continue to capitalize on robust commercial P&C pricing conditions in most regions of the world. Our premium revenue growth in the quarter was broad based with contributions from virtually all of our commercial P&C businesses and year-on-year improvement in rate-to-exposure that is well in excess of loss costs. Commercial lines grew 22.5% in North America and over 20.5%, or 16% in constant dollars, in our international operations. In addition, our international consumer lines businesses are recovering steadily from the impact of the pandemic’s ongoing effects on consumer activity with premiums up almost 10% in the quarter, or 5% in constant dollars.

“In sum, our company is in great shape. We are growing our business, expanding our margins and, as our recent Asia-Pacific transaction announcement demonstrates, investing in our capabilities to position us for continued growth in the future.”

Chubb®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb. 3

Chubb Limited News Release

Operating highlights for the quarter ended September 30, 2021 were as follows:

Chubb Limited	Q3		Q3
(in millions of U.S. dollars except for percentages)		2021		2020	Change
P&C
Net premiums written (increase of 15.4% in constant dollars)	$	9,901	$	8,468	16.9%
Commercial P&C (increase of 20.7% in constant dollars)	$	7,430	$	6,091	22.0%
Consumer P&C (increase of 1.8% in constant dollars)	$	2,471	$	2,377	4.0%
Underwriting income	$	617	$	392	57.5%
Combined ratio		93.4%		95.2%
Current accident year underwriting income excluding catastrophe losses	$	1,442	$	1,171	23.1%
Current accident year combined ratio excluding catastrophe losses		84.8%		85.7%
Global P&C (excludes Agriculture)
Net premiums written (increase of 11.7% in constant dollars)	$	8,486	$	7,482	13.4%
Commercial P&C (increase of 16.4% in constant dollars)	$	6,015	$	5,105	17.8%
Consumer P&C (increase of 1.8% in constant dollars)	$	2,471	$	2,377	4.0%
Underwriting income	$	482	$	327	47.5%
Combined ratio		94.0%		95.5%
Current accident year underwriting income excluding catastrophe losses	$	1,292	$	1,078	19.9%
Current accident year combined ratio excluding catastrophe losses		84.1%		85.0%

The P&C and Global P&C current accident year combined ratios excluding catastrophe losses both decreased 0.9 percentage point. The decrease in the Global P&C ratio comprised a 0.7 percentage point decrease in the expense ratio and a 0.2 percentage point decrease in the loss ratio. The prior year loss ratios were favorably impacted by reduced claim frequency primarily in the automobile portfolios in North America and Latin America. The table below presents the impact of the COVID-related frequency benefit by segment:

Current accident year loss ratio excluding catastrophe losses	North America     Commercial     P&C Insurance		North America Personal P&C     Insurance		Overseas     General Insurance		Global     Reinsurance		Global P&C		North America     Agricultural     Insurance		P&C
Q3 2021		62.3%		50.7%		49.8%		52.0%		56.2%		84.0%		60.1%
Q3 2020		63.8%		49.2%		49.5%		49.7%		56.4%		84.2%		59.7%
Impact of frequency benefit		0.0%		(3.3)%		(1.7)%		0.0%		(1.1)%		0.0%		(1.0)%
Q3 2020 – adjusted		63.8%		52.5%		51.2%		49.7%		57.5%		84.2%		60.7%
Percentage point change excluding frequency benefit		(1.5) pts		(1.8) pts		(1.4) pts		2.3 pts		(1.3) pts		(0.2) pt		(0.6) pt

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

Chubb Limited News Release

· Consolidated net premiums earned increased 14.1%. P&C net premiums earned increased 15.2%, comprising growth in commercial and consumer lines of 21.1% and 1.4%, respectively.

· The combined ratio included 12.2 percentage points of net catastrophe losses compared with 11.3 percentage points last year.

· Total pre-tax and after-tax favorable prior period development were $321 million (3.6 percentage points of the combined ratio) and $227 million, respectively, compared with $146 million (1.8 percentage points of the combined ratio) and $126 million, respectively, last year. The favorable development in the quarter was split 77% from short-tail lines and 23% from long-tail lines.

· Operating cash flow was $3.32 billion.

· Total capital returned to shareholders in the quarter was $1.86 billion, including share repurchases of $1.52 billion, at an average purchase price of $180.23 per share, and dividends of $346 million. Total capital returned to shareholders for the nine months ended September 30, 2021 was $5.01 billion, including share repurchases of $3.96 billion, at an average purchase price of $172.92 per share, and dividends of $1.05 billion.

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

Chubb Limited News Release

Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended September 30, 2021 are presented below:

Chubb Limited	Q3		Q3
(in millions of U.S. dollars except for percentages)	2021		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	$	7,084	$	6,049		17.1%
Commercial P&C	$	5,622	$	4,595		22.4%
Consumer P&C	$	1,462	$	1,454		0.6%
Combined ratio		90.9%		94.7%
Current accident year combined ratio excluding catastrophe losses		82.7%		83.6%
North America Commercial P&C Insurance
Net premiums written	$	4,369	$	3,778		15.6%
Commercial P&C excluding A&H	$	4,207	$	3,609		16.6%
Major accounts retail and excess and surplus (E&S) wholesale	$	2,485	$	2,153		15.4%
Middle market and small commercial	$	1,722	$	1,456		18.3%
Accident and health (A&H)	$	162	$	169		(3.9)%
Combined ratio		90.1%		91.9%
Current accident year combined ratio excluding catastrophe losses		82.4%		84.9%
North America Personal P&C Insurance
Net premiums written (1)	$	1,300	$	1,285		1.2%
Combined ratio		94.3%		103.5%
Current accident year combined ratio excluding catastrophe losses		77.0%		74.8%
North America Agricultural Insurance
Net premiums written	$	1,415	$	986		43.6%
Combined ratio		89.9%		93.3%
Current accident year combined ratio excluding catastrophe losses		88.9%		90.4%
Overseas General Insurance
Net premiums written (increase of 11.2% in constant dollars)	$	2,596	$	2,238		15.9%
Commercial P&C (increase of 16.0% in constant dollars)	$	1,587	$	1,315		20.6%
Consumer P&C (increase of 4.5% in constant dollars)	$	1,009	$	923		9.2%
Combined ratio		92.2%		89.4%
Current accident year combined ratio excluding catastrophe losses		86.2%		87.9%

⁽¹⁾ Primarily excluding exposure-related cancellations in California and the year-over-year impact of automobile return premiums, net premiums written increased 3.1%.

· North America Commercial P&C Insurance: The current accident year combined ratio excluding catastrophe losses decreased 2.5 percentage points, including a 1.5 percentage point decrease in the loss ratio and a 1.0 percentage point decrease in the expense ratio.

· North America Personal P&C Insurance: The current accident year combined ratio excluding catastrophe losses increased 2.2 percentage points, including a 1.5 percentage point increase in the loss ratio. The prior year included a COVID-related frequency benefit that lowered the loss ratio by 3.3 percentage points.

Chubb®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb. 6

Chubb Limited News Release

· North America Agricultural Insurance: The current accident year combined ratio excluding catastrophe losses decreased 1.5 percentage points, including a 1.3 percentage point decrease in the expense ratio and a 0.2 percentage point decrease in the loss ratio.

· Overseas General Insurance: The current accident year combined ratio excluding catastrophe losses decreased 1.7 percentage points, including a 2.0 percentage point decrease in the expense ratio and a 0.3 percentage point increase in the loss ratio. The prior year included a COVID-related frequency benefit that lowered the loss ratio by 1.7 percentage points.

· Global Reinsurance: Net premiums written were $221 million, up 22.3%. The combined ratio was 121.4% compared with 118.3% prior year. The current accident year combined ratio excluding catastrophe losses was 83.5% compared with 80.8% prior year.

· Life Insurance: Net premiums written were $609 million and segment income was $104 million. International life insurance net premiums written increased 14.8%, or 13.0% in constant dollars, while net premiums written and deposits collected were up 52.3%, or 47.3% in constant dollars. International life insurance segment income was $31 million, down 39.5%, reflecting additional COVID losses and a non-recurring charge in the current quarter. Combined Insurance North America net premiums written decreased 7.3%, driven by the impact of the pandemic on face-to-face and worksite sales.

Chubb®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb. 7

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 September 30, 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 third quarter earnings conference call on Wednesday, October 27, 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 8805396. Please refer to the Chubb website under Events and Presentations for details. A replay of the call will be available until Wednesday, November 10, 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

Chubb®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb. 8

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.

Q3 2020 adjusted current accident year loss ratio excluding catastrophe losses is the current accident year loss ratio excluding catastrophe losses adjusted for a one-time COVID-related reduced claim frequency benefit primarily in the automobile portfolios in North America and Latin America. We believe this measure is meaningful to evaluate trends in the underlying business on a comparable basis.

Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from the acquisition of The Chubb Corporation (Chubb Corp) of $19 million in Q3 2021 and $67 million for the nine months ended September 30, 2021 and including investment income of $55 million in Q3 2021 and $135 million for the nine months ended September 30, 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).

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

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

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

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. Annualized core operating ROE adjusted for the impact of mark-to-market gains on private equity investments of $705 million after tax added 5.0 percentage points, resulting in an adjusted return on equity of 13.2%. We believe that inclusion of this impact is meaningful for comparison to peer companies that include this metric within core operating income.

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

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

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

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

International life insurance net premiums written and deposits collected includes deposits collected on universal life and investment contracts (life deposits). Life deposits are not reflected as revenues in our consolidated statements of operations in accordance with GAAP. However, we include life deposits in presenting growth in our life insurance business because new life deposits are an important component of production and key to our efforts to grow our business.

See the reconciliation of Non-GAAP Financial Measures on pages 29-35 in the Financial Supplement. These measures should not be viewed as a substitute for measures determined in accordance with GAAP, including premium, net income, return on equity, and net investment income.

NM - not meaningful comparison

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

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

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

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

Chubb Limited News Release

Chubb Limited
Summary Consolidated Balance Sheets
(in millions of U.S. dollars, except per share data)
(Unaudited)
	September 30 2021		December 31 2020
Assets
Investments	$	122,129	$	118,669
Cash		1,620		1,747
Insurance and reinsurance balances receivable		11,723		10,480
Reinsurance recoverable on losses and loss expenses		16,648		15,592
Goodwill and other intangible assets		20,965		21,211
Other assets		25,969		23,075
Total assets	$	199,054	$	190,774
Liabilities
Unpaid losses and loss expenses	$	72,631	$	67,811
Unearned premiums		19,519		17,652
Other liabilities		47,586		45,870
Total liabilities	$	139,736	$	131,333
Shareholders’ equity
Total shareholders’ equity		59,318		59,441
Total liabilities and shareholders’ equity	$	199,054	$	190,774
Book value per common share	$	137.67	$	131.88
Tangible book value per common share	$	91.89	$	87.69
Book value per common share excluding cumulative translation losses (1)	$	141.65	$	135.51
Tangible book value per common share excluding cumulative translation losses (1)	$	94.69	$	90.24
(1)   Cumulative translation losses were $1.7 billion in 2021 ($1.2 billion on tangible and $0.5 billion on intangible net assets) and $1.6 billion in 2020 ($1.1 billion on tangible and $0.5 billion on intangible net assets).

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

Chubb Limited News Release

Chubb Limited
Summary Consolidated Financial Data
(in millions of U.S. dollars, except share, per share data, and ratios)
(Unaudited)
	Three Months Ended				Nine Months Ended
	September 30				September 30
	2021		2020		2021		2020
Gross premiums written	$	13,055	$	11,220	$	35,460	$	31,012
Net premiums written		10,510		9,078		28,718		25,410
Net premiums earned		10,000		8,765		27,034		24,687
Losses and loss expenses		6,629		5,835		16,688		16,897
Policy benefits		151		198		503		550
Policy acquisition costs		1,778		1,645		5,141		4,853
Administrative expenses		806		733		2,325		2,201
Net investment income		866		840		2,613		2,528
Net realized gains (losses)		(21)		(141)		833		(1,069)
Interest expense		122		130		366		390
Other income (expense):
Gains (losses) from separate account assets		(24)		24		(5)		8
Other		787		461		2,035		364
Amortization of purchased intangibles		71		72		216		217
Income tax expense		218		142		873		295
Net income	$	1,833	$	1,194	$	6,398	$	1,115
Diluted earnings per share:
Net income	$	4.18	$	2.63	$	14.33	$	2.46
Core operating income	$	2.64	$	2.00	$	8.78	$	4.13
Weighted average diluted shares outstanding		438.4		453.3		446.6		453.6
P&C combined ratio
Loss and loss expense ratio		68.6%		69.2%		63.9%		71.5%
Policy acquisition cost ratio		17.1%		18.0%		18.3%		18.8%
Administrative expense ratio		7.7%		8.0%		8.2%		8.6%
P&C combined ratio		93.4%		95.2%		90.4%		98.9%
P&C underwriting income	$	617	$	392	$	2,430	$	241

Chubb®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb. 13

EX-99.2

Exhibit 99.2

Chubb Limited

Financial Supplement

for the Quarter Ended September 30, 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 - 10
III.	Segment Results
	- North America Commercial P&C Insurance		11
	- North America Personal P&C Insurance		12
	- North America Agricultural Insurance		13
	- Overseas General Insurance		14
	- Global Reinsurance		15
	- Life Insurance		16
	- Corporate		17
IV.	Balance Sheet Details
	- Loss Reserve Rollforward		18
	- Reinsurance Recoverable Analysis		19
	- Investment Portfolio		20 - 23
	- Net Realized and Unrealized Gains (Losses)		24 - 25
	- Debt and Capital		26
	- Computation of Basic and Diluted Earnings Per Share		27
	- Book Value and Book Value per Common Share		28
V.	Other Disclosures
	- Non-GAAP Financial Measures		29 - 35
	- Glossary		36

Chubb Limited

Consolidated Financial Highlights

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

(Unaudited)

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

	Three months ended September 30									Constant $		Constant $			Nine months ended September 30									Constant $		Constant $
	2021			2020			% Change			2020		% Change			2021			2020			% Change			2020		% Change
Gross premiums written	$	13,055		$	11,220			16.4	%	$	11,361		14.9	%	$	35,460		$	31,012			14.3	%	$	31,526		12.5	%
Net premiums written	$	10,510		$	9,078			15.8	%	$	9,200		14.2	%	$	28,718		$	25,410			13.0	%	$	25,853		11.1	%
P&C net premiums written	$	9,901		$	8,468			16.9	%	$	8,581		15.4	%	$	26,874		$	23,536			14.2	%	$	23,943		12.2	%
Net premiums written - Commercial	$	7,430		$	6,091			22.0	%	$	6,154		20.7	%	$	19,535		$	16,368			19.3	%	$	16,605		17.6	%
Net premiums written - Consumer	$	2,471		$	2,377			4.0	%	$	2,427		1.8	%	$	7,339		$	7,168			2.4	%	$	7,338		0.0	%
Net premiums earned	$	10,000		$	8,765			14.1	%	$	8,883		12.6	%	$	27,034		$	24,687			9.5	%	$	25,121		7.6	%
Net investment income	$	866		$	840			3.1	%	$	845		2.4	%	$	2,613		$	2,528			3.4	%	$	2,543		2.7	%
Adjusted net investment income	$	940		$	900			4.5	%	$	905		4.0	%	$	2,815		$	2,682			5.0	%	$	2,697		4.4	%
P&C underwriting income	$	617		$	392			57.5	%	$	404		52.9	%	$	2,430		$	241			NM		$	252		NM
P&C CAY underwriting income ex Cats	$	1,442		$	1,171			23.1	%	$	1,187		21.5	%	$	3,775		$	3,015			25.2	%	$	3,071		22.9	%
Core operating income	$	1,157		$	907			27.5	%	$	921		25.6	%	$	3,920		$	1,873			109.2	%	$	1,892		107.2	%
Net income	$	1,833		$	1,194			53.5	%						$	6,398		$	1,115			NM
Operating cash flow	$	3,322		$	3,544										$	8,549		$	7,241
P&C combined ratio
Loss and loss expense ratio		68.6	%		69.2	%										63.9	%		71.5	%
Policy acquisition cost and administrative expense ratio		24.8	%		26.0	%										26.5	%		27.4	%
Combined ratio		93.4	%		95.2	%										90.4	%		98.9	%
P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)
CAY loss and loss expense ratio ex Cats (1)		60.1	%		59.7	%										58.7	%		59.4	%
CAY policy acquisition cost and administrative expense ratio ex Cats		24.7	%		26.0	%										26.4	%		27.4	%
CAY combined ratio ex Cats		84.8	%		85.7	%										85.1	%		86.8	%
Global P&C CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats (1)		56.2	%		56.4	%										56.9	%		57.9	%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.9	%		28.6	%										27.9	%		28.7	%
CAY combined ratio ex Cats		84.1	%		85.0	%										84.8	%		86.6	%
ROE		12.3	%		8.6	%										14.4	%		2.7	%
Core operating return on equity (ROE)		8.2	%		7.0	%										9.4	%		4.7	%
Core operating return on tangible equity (ROTE)		12.6	%		11.3	%										14.6	%		7.6	%
Effective tax rate		10.7	%		10.7	%										12.0	%		20.9	%
Core operating effective tax rate		14.4	%		16.0	%										15.3	%		16.2	%
Diluted earnings per share
Net income	$	4.18		$	2.63			58.9	%						$	14.33		$	2.46			NM
Core operating income	$	2.64		$	2.00			32.0	%						$	8.78		$	4.13			112.6	%
Weighted average basic common shares outstanding		435.3			451.8											443.6			451.7
Weighted average diluted common shares outstanding		438.4			453.3											446.6			453.6
	September 30 2021			June 30 2021			% Change 3Q-21 vs. 2Q-21			December 31 2020		% Change 3Q-21 vs. 4Q-20
Book value per common share	$	137.67		$	136.90			0.6	%	$	131.88		4.4	%
Tangible book value per common share	$	91.89		$	91.48			0.4	%	$	87.69		4.8	%

(1) Q3 2020 includes a one-time COVID-related frequency benefit of 1.0 percentage point and 1.1 percentage points, respectively, in the P&C and Global P&C CAY loss and loss expense ratio ex Cats. Excluding the one-time benefit, the P&C and Global P&C ratios were 60.7% and 57.5%, resulting in an underlying improvement of 0.6 percentage point and 1.3 percentage points, respectively, in the current year ratios.

Financial Highlights Page 1

Chubb Limited

Statement of Operations - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Consolidated Statements of Operations	3Q-21			2Q-21			1Q-21			4Q-20			3Q-20			YTD 2021			YTD 2020			Full Year 2020
Gross premiums written	$	13,055		$	11,860		$	10,545		$	10,249		$	11,220		$	35,460		$	31,012		$	41,261
Net premiums written		10,510			9,546			8,662			8,410			9,078			28,718			25,410			33,820
Net premiums earned		10,000			8,813			8,221			8,430			8,765			27,034			24,687			33,117
Adjusted losses and loss expenses (1)		6,639			5,003			5,054			4,810			5,834			16,696			16,899			21,709
Realized (gains) losses on crop derivatives		10			(3	)		1			(3	)		(1	)		8			2			(1	)
Losses and loss expenses		6,629			5,006			5,053			4,813			5,835			16,688			16,897			21,710
Adjusted policy benefits (2)		175			170			163			184			174			508			542			726
Gains (losses) from fair value changes in separate account liabilities		24			(15	)		(4	)		(50	)		(24	)		5			(8	)		(58	)
Policy benefits		151			185			167			234			198			503			550			784
Policy acquisition costs		1,778			1,698			1,665			1,694			1,645			5,141			4,853			6,547
Administrative expenses		806			775			744			778			733			2,325			2,201			2,979
Adjusted net investment income (3)		940			945			930			924			900			2,815			2,682			3,606
Other (income) expense from private equity partnerships		(55	)		(39	)		(41	)		(51	)		(32	)		(135	)		(64	)		(115	)
Amortization expense of fair value adjustment on acquired invested assets		(19	)		(22	)		(26	)		(26	)		(28	)		(67	)		(90	)		(116	)
Net investment income		866			884			863			847			840			2,613			2,528			3,375
Adjusted realized gains (losses) (4)		(11	)		(36	)		888			568			(142	)		841			(1,067	)		(499	)
Realized gains (losses) on crop derivatives		(10	)		3			(1	)		3			1			(8	)		(2	)		1
Net realized gains (losses)		(21	)		(33	)		887			571			(141	)		833			(1,069	)		(498	)
Adjusted interest expense (5)		127			127			127			131			135			381			406			537
Amortization benefit of fair value adjustment on acquired long term debt		(5	)		(5	)		(5	)		(5	)		(5	)		(15	)		(16	)		(21	)
Interest expense		122			122			122			126			130			366			390			516
Gains (losses) from fair value changes in separate account assets		(24	)		15			4			50			24			(5	)		8			58
Net realized gains (losses) related to unconsolidated entities		725			710			419			506			422			1,854			315			821
Other income (expense) from private equity partnerships		55			39			41			51			32			135			64			115
Other income (expense) - operating		7			13			26			15			7			46			(15	)		-
Other income (expense)		763			777			490			622			485			2,030			372			994
Amortization expense of purchased intangibles		71			73			72			73			72			216			217			290
Income tax expense		218			317			338			334			142			873			295			629
Net income	$	1,833		$	2,265		$	2,300		$	2,418		$	1,194		$	6,398		$	1,115		$	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

	3Q-21			2Q-21			1Q-21			4Q-20			3Q-20			YTD 2021			YTD 2020			Full Year 2020
P&C underwriting income (Including Corporate and excluding Life Insurance)
Gross premiums written	$	12,409		$	11,208		$	9,890		$	9,571		$	10,575		$	33,507		$	29,031		$	38,602
Net premiums written		9,901			8,931			8,042			7,770			8,468			26,874			23,536			31,306
Net premiums earned		9,411			8,208			7,626			7,786			8,166			25,245			22,849			30,635
Adjusted losses and loss expenses		6,460			4,818			4,856			4,642			5,651			16,134			16,343			20,985
Policy acquisition costs		1,610			1,507			1,486			1,479			1,470			4,603			4,302			5,781
Administrative expenses		724			692			662			696			653			2,078			1,963			2,659
P&C underwriting income	$	617		$	1,191		$	622		$	969		$	392		$	2,430		$	241		$	1,210
P&C CAY underwriting income ex Cats	$	1,442		$	1,203		$	1,130		$	1,059		$	1,171		$	3,775		$	3,015		$	4,074
% Change versus prior year period
Net premiums written		16.9	%		15.5	%		9.7	%		5.4	%		5.7	%		14.2	%		4.6	%		4.8	%
Net premiums written - Commercial		22.0	%		19.9	%		15.6	%		10.0	%		10.4	%		19.3	%		8.6	%		8.9	%
Net premiums written - Consumer		4.0	%		5.6	%		-2.5	%		-3.9	%		-4.6	%		2.4	%		-3.5	%		-3.6	%
Net premiums earned		15.2	%		9.1	%		6.5	%		6.3	%		5.7	%		10.5	%		5.7	%		5.8	%
Net premiums written constant $		15.4	%		12.7	%		8.1	%		5.0	%		6.4	%		12.2	%		5.6	%		5.4	%
Net premiums written - Commercial		20.7	%		17.6	%		13.9	%		9.5	%		10.8	%		17.6	%		9.2	%		9.3	%
Net premiums written - Consumer		1.8	%		2.1	%		-3.9	%		-4.0	%		-3.3	%		0.0	%		-2.0	%		-2.5	%
Net premiums earned constant $		13.7	%		6.3	%		5.1	%		6.0	%		6.3	%		8.6	%		6.6	%		6.5	%
P&C combined ratio
Loss and loss expense ratio		68.6	%		58.7	%		63.7	%		59.6	%		69.2	%		63.9	%		71.5	%		68.5	%
Policy acquisition cost ratio		17.1	%		18.4	%		19.5	%		19.0	%		18.0	%		18.3	%		18.8	%		18.9	%
Administrative expense ratio		7.7	%		8.4	%		8.6	%		9.0	%		8.0	%		8.2	%		8.6	%		8.7	%
Combined ratio		93.4	%		85.5	%		91.8	%		87.6	%		95.2	%		90.4	%		98.9	%		96.1	%
CAY P&C combined ratio ex Cats
CAY loss and loss expense ratio ex Cats (1)		60.1	%		58.6	%		57.2	%		58.5	%		59.7	%		58.7	%		59.4	%		59.2	%
CAY policy acquisition cost and administrative expense ratio ex Cats		24.7	%		26.8	%		28.0	%		27.9	%		26.0	%		26.4	%		27.4	%		27.5	%
CAY combined ratio ex Cats		84.8	%		85.4	%		85.2	%		86.4	%		85.7	%		85.1	%		86.8	%		86.7	%
Other ratios
Net premiums written/gross premiums written		80	%		80	%		81	%		81	%		80	%		80	%		81	%		81	%
Expense ratio		24.8	%		26.8	%		28.1	%		28.0	%		26.0	%		26.5	%		27.4	%		27.6	%
Expense ratio excluding A&H		23.1	%		25.1	%		26.4	%		26.0	%		24.0	%		24.8	%		25.5	%		25.6	%
Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	12		$	8		$	(18	)	$	3		$	7		$	2		$	(13	)	$	(10	)
Catastrophe losses - pre-tax	$	1,158		$	288		$	682		$	299		$	932		$	2,128		$	2,950		$	3,249
Favorable prior period development (PPD) - pre-tax	$	(321	)	$	(268	)	$	(192	)	$	(206	)	$	(146	)	$	(781	)	$	(189	)	$	(395	)
Impact of catastrophe losses on P&C combined ratio - Unfavorable		12.2	%		3.4	%		9.1	%		3.8	%		11.3	%		8.4	%		13.0	%		10.6	%
Impact of PPD on P&C combined ratio - Favorable		-3.6	%		-3.3	%		-2.5	%		-2.6	%		-1.8	%		-3.1	%		-0.9	%		-1.2	%
Impact of Cats and PPD on P&C combined ratio - Unfavorable		8.6	%		0.1	%		6.6	%		1.2	%		9.5	%		5.3	%		12.1	%		9.4	%

(1) Q3 2020 includes a one-time COVID-related frequency benefit of 1.0 percentage point in the CAY loss and loss expense ratio ex Cats. Excluding the one-time benefit, the ratio was 60.7%, resulting in an underlying improvement of 0.6 percentage point in the current year ratio.

P&C Results Page 3

Chubb Limited

Global P&C Underwriting Results - Consecutive Quarters

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

(Unaudited)

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

Global P&C (Including Corporate and excluding Agriculture)	3Q-21			2Q-21			1Q-21			4Q-20			3Q-20			YTD 2021			YTD 2020			Full Year 2020
Global P&C underwriting income
Gross premiums written	$	10,396		$	10,502		$	9,624		$	9,259		$	9,243		$	30,522		$	26,827		$	36,086
Net premiums written		8,486			8,419			7,859			7,528			7,482			24,764			21,932			29,460
Net premiums earned		8,073			7,798			7,516			7,405			7,195			23,387			21,408			28,813
Adjusted losses and loss expenses		5,322			4,487			4,771			4,321			4,806			14,580			15,120			19,441
Policy acquisition costs		1,549			1,480			1,474			1,452			1,414			4,503			4,206			5,658
Administrative expenses		720			689			659			699			648			2,068			1,951			2,650
Global P&C underwriting income	$	482		$	1,142		$	612		$	933		$	327		$	2,236		$	131		$	1,064
Global P&C CAY underwriting income ex Cats	$	1,292		$	1,150		$	1,114		$	1,025		$	1,078		$	3,556		$	2,877		$	3,902
% Change versus prior year period
Net premiums written		13.4	%		15.7	%		9.5	%		6.0	%		5.8	%		12.9	%		4.6	%		4.9	%
Net premiums earned		12.2	%		9.1	%		6.3	%		7.3	%		6.0	%		9.2	%		5.7	%		6.1	%
Net premiums written constant $		11.7	%		12.9	%		7.9	%		5.7	%		6.6	%		10.9	%		5.6	%		5.7	%
Net premiums earned constant $		10.5	%		6.2	%		5.0	%		6.9	%		6.7	%		7.2	%		6.8	%		6.8	%
Combined ratio
Loss and loss expense ratio		65.9	%		57.5	%		63.5	%		58.4	%		66.8	%		62.3	%		70.6	%		67.5	%
Policy acquisition cost ratio		19.2	%		19.0	%		19.6	%		19.6	%		19.7	%		19.3	%		19.7	%		19.6	%
Administrative expense ratio		8.9	%		8.9	%		8.8	%		9.4	%		9.0	%		8.8	%		9.1	%		9.2	%
Combined ratio		94.0	%		85.4	%		91.9	%		87.4	%		95.5	%		90.4	%		99.4	%		96.3	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats (1)		56.2	%		57.5	%		57.0	%		57.0	%		56.4	%		56.9	%		57.9	%		57.6	%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.9	%		27.8	%		28.2	%		29.1	%		28.6	%		27.9	%		28.7	%		28.9	%
CAY combined ratio ex Cats		84.1	%		85.3	%		85.2	%		86.1	%		85.0	%		84.8	%		86.6	%		86.5	%
Other ratios
Net premiums written/gross premiums written		82	%		80	%		82	%		81	%		81	%		81	%		82	%		82	%
Expense ratio		28.1	%		27.9	%		28.4	%		29.0	%		28.7	%		28.1	%		28.8	%		28.8	%
Expense ratio excluding A&H		26.4	%		26.1	%		26.6	%		27.2	%		26.7	%		26.4	%		26.9	%		26.9	%
Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	12		$	8		$	(18	)	$	4		$	7		$	2		$	(13	)	$	(9	)
Catastrophe losses - pre-tax	$	1,150		$	284		$	674		$	288		$	922		$	2,108		$	2,926		$	3,214
Favorable prior period development (PPD) - pre-tax	$	(328	)	$	(268	)	$	(190	)	$	(192	)	$	(164	)	$	(786	)	$	(193	)	$	(385	)

(1) Q3 2020 includes a one-time COVID-related frequency benefit of 1.1 percentage points in the CAY loss and loss expense ratio ex Cats. Excluding the one-time benefit, the ratio was 57.5%, resulting in an underlying improvement of 1.3 percentage points in the current year ratio.

Global P&C Page 4

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)

	September 30 2021			June 30 2021			March 31 2021			December 31 2020
Assets
Fixed maturities available for sale, at fair value	$	92,685		$	92,163		$	91,071		$	90,699
Fixed maturities held to maturity, at amortized cost		10,515			10,673			11,132			11,653
Equity securities, at fair value		4,557			4,607			4,405			4,027
Short-term investments, at fair value		3,529			4,470			3,735			4,345
Other investments		10,843			9,457			8,636			7,945
		122,129			121,370			118,979			118,669
Cash		1,620			1,843			1,684			1,747
Securities lending collateral		2,368			2,369			2,076			1,844
Insurance and reinsurance balances receivable		11,723			11,720			10,573			10,480
Reinsurance recoverable on losses and loss expenses		16,648			15,725			15,914			15,592
Deferred policy acquisition costs		5,532			5,605			5,443			5,402
Value of business acquired		245			255			258			263
Prepaid reinsurance premiums		3,092			3,141			2,835			2,769
Goodwill and other intangible assets		20,965			21,200			21,161			21,211
Investments in partially-owned insurance companies		3,006			2,983			2,871			2,813
Other assets		11,726			10,963			10,183			9,984
Total assets	$	199,054		$	197,174		$	191,977		$	190,774
Liabilities
Unpaid losses and loss expenses	$	72,631		$	70,289		$	69,255		$	67,811
Unearned premiums		19,519			19,167			18,040			17,652
Future policy benefits		5,890			5,930			5,839			5,713
Insurance and reinsurance balances payable		7,104			7,525			6,566			6,708
Securities lending payable		2,368			2,369			2,076			1,844
Accounts payable, accrued expenses, and other liabilities		16,876			15,989			15,456			15,457
Deferred tax liabilities		217			581			482			892
Long-term debt		14,823			14,954			14,879			14,948
Trust preferred securities		308			308			308			308
Total liabilities		139,736			137,112			132,901			131,333
Shareholders’ equity
Total shareholders’ equity, excl. AOCI		58,340			58,240			58,118			56,572
Accumulated other comprehensive income (loss) (AOCI)		978			1,822			958			2,869
Total shareholders’ equity		59,318			60,062			59,076			59,441
Total liabilities and shareholders’ equity	$	199,054		$	197,174		$	191,977		$	190,774
Book value per common share	$	137.67		$	136.90		$	131.37		$	131.88
% change over prior quarter		0.6	%		4.2	%		-0.4	%		5.5	%
Tangible book value per common share	$	91.89		$	91.48		$	87.16		$	87.69
% change over prior quarter		0.4	%		5.0	%		-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)

	3Q-21		3Q-20		% Change			Constant $ % Change			YTD 2021		YTD 2020		% Change			Constant $ % Change
Net premiums written
Commercial multiple peril (1)	$	310	$	270		14.8	%		14.8	%	$	889	$	778		14.2	%		14.2	%
Commercial casualty		1,957		1,722		13.6	%		12.7	%		5,215		4,541		14.9	%		13.9	%
Workers’ compensation		488		432		12.8	%		12.8	%		1,597		1,485		7.5	%		7.5	%
Professional liability		1,328		1,103		20.4	%		18.2	%		3,681		3,012		22.2	%		19.6	%
Surety		139		127		8.8	%		6.6	%		435		394		10.4	%		9.4	%
Property and other short-tail lines		1,572		1,270		23.8	%		21.5	%		4,906		3,948		24.3	%		20.5	%
Total Commercial P&C lines		5,794		4,924		17.6	%		16.2	%		16,723		14,158		18.1	%		16.2	%
Agriculture		1,415		986		43.6	%		43.6	%		2,110		1,604		31.6	%		31.6	%
Personal automobile		383		380		0.9	%		-3.4	%		1,134		1,174		-3.4	%		-5.3	%
Personal homeowners		978		955		2.5	%		2.3	%		2,778		2,708		2.6	%		2.1	%
Personal other		454		417		9.0	%		5.4	%		1,386		1,237		12.1	%		7.5	%
Total Personal lines		1,815		1,752		3.7	%		1.8	%		5,298		5,119		3.5	%		1.7	%
Total Property and Casualty lines		9,024		7,662		17.8	%		16.4	%		24,131		20,881		15.6	%		13.8	%
Global A&H lines (2)		922		913		0.9	%		-1.4	%		2,855		2,931		-2.6	%		-5.6	%
Reinsurance lines		221		181		22.3	%		20.6	%		702		606		15.9	%		14.4	%
Life		343		322		6.4	%		4.9	%		1,030		992		3.8	%		1.4	%
Total consolidated	$	10,510	$	9,078		15.8	%		14.2	%	$	28,718	$	25,410		13.0	%		11.1	%

(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 - Three months ended September 30, 2021

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

(Unaudited)

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

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

Consol Results - QTD 2021 Page 7

Chubb Limited

Consolidated Results - Nine months ended September 30, 2021

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

(Unaudited)

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

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

Consol Results - YTD 2021 Page 8

Chubb Limited

Consolidated Results - Three months ended September 30, 2020

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

(Unaudited)

Q3 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	$	3,778		$	1,285		$	986		$	2,238		$	181		$	—		$	8,468		$	610		$	9,078
Net premiums earned		3,456			1,231			971			2,337			171			—			8,166			599			8,765
Adjusted losses and loss expenses		2,444			961			845			1,192			154			55			5,651			183			5,834
Adjusted policy benefits		—			—			—			—			—			—			—			174			174
Policy acquisition costs		489			248			56			637			40			—			1,470			175			1,645
Administrative expenses		243			65			5			260			9			71			653			80			733
Underwriting income (loss)		280			(43	)		65			248			(32	)		(126	)		392			(13	)		379
Adjusted net investment income		510			64			7			130			85			9			805			95			900
Other income (expense) - operating		(7	)		(1	)		—			(1	)		—			(7	)		(16	)		23			7
Amortization expense of purchased intangibles		—			(2	)		(7	)		(10	)		—			(52	)		(71	)		(1	)		(72	)
Segment income (loss)	$	783		$	18		$	65		$	367		$	53		$	(176	)	$	1,110		$	104		$	1,214
Adjusted interest expense																	(135	)								(135	)
Income tax expense																	(172	)								(172	)
Core operating income (loss)																	(483	)								907
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $4 million tax benefit																	(19	)								(19	)
Adjusted net realized gains (losses), net of $26 million tax benefit (1)																	306									306
Net income (loss)																$	(196	)							$	1,194
Combined ratio		91.9	%		103.5	%		93.3	%		89.4	%		118.3	%					95.2	%
CAY combined ratio ex Cats		84.9	%		74.8	%		90.4	%		87.9	%		80.8	%					85.7	%
Impact of COVID-related frequency benefit		0.0	%		-3.3	%		0.0	%		-1.7	%		0.0	%					-1.0	%
Adjusted CAY combined ratio ex Cats		84.9	%		78.1	%		90.4	%		89.6	%		80.8	%					86.7	%

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

Consol Results - QTD 2021 Page 9

Chubb Limited

Consolidated Results - Nine months ended September 30, 2020

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

(Unaudited)

YTD 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	$	10,750		$	3,719		$	1,604		$	6,857		$	606		$	—		$	23,536		$	1,874		$	25,410
Net premiums earned		10,427			3,623			1,441			6,838			520			—			22,849			1,838			24,687
Adjusted losses and loss expenses		8,123			2,406			1,223			3,935			314			342			16,343			556			16,899
Adjusted policy benefits		—			—			—			—			—			—			—			542			542
Policy acquisition costs		1,452			724			96			1,903			127			—			4,302			551			4,853
Administrative expenses		751			199			12			759			28			214			1,963			238			2,201
Underwriting income (loss)		101			294			110			241			51			(556	)		241			(49	)		192
Adjusted net investment income		1,544			195			23			396			214			25			2,397			285			2,682
Other income (expense) - operating		(19	)		(4	)		(1	)		(10	)		(1	)		(32	)		(67	)		52			(15	)
Amortization expense of purchased intangibles		—			(8	)		(20	)		(33	)		—			(153	)		(214	)		(3	)		(217	)
Segment income (loss)	$	1,626		$	477		$	112		$	594		$	264		$	(716	)	$	2,357		$	285		$	2,642
Adjusted interest expense																	(406	)								(406	)
Income tax expense																	(363	)								(363	)
Core operating income (loss)																	(1,485	)								1,873
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $14 million tax benefit																	(60	)								(60	)
Adjusted net realized gains (losses), net of $54 million tax benefit (1)																	(698	)								(698	)
Net income (loss)																$	(2,243	)							$	1,115
Combined ratio		99.0	%		91.9	%		92.3	%		96.5	%		90.1	%					98.9	%
CAY combined ratio ex Cats		85.8	%		78.5	%		90.4	%		89.4	%		79.7	%					86.8	%

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

Consol Results - YTD 2021 Page 10

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Commercial P&C Insurance

	3Q-21			2Q-21			1Q-21			4Q-20			3Q-20			YTD 2021			YTD 2020			Full Year 2020
Gross premiums written	$	5,471		$	5,456		$	4,545		$	4,780		$	4,841		$	15,472		$	13,453		$	18,233
Net premiums written		4,369			4,285			3,664			3,724			3,778			12,318			10,750			14,474
Net premiums earned		3,954			3,803			3,674			3,537			3,456			11,431			10,427			13,964
Losses and loss expenses		2,754			2,426			2,560			2,006			2,444			7,740			8,123			10,129
Policy acquisition costs		537			489			514			490			489			1,540			1,452			1,942
Administrative expenses		273			245			254			255			243			772			751			1,006
Underwriting income		390			643			346			786			280			1,379			101			887
Adjusted net investment income		507			535			540			517			510			1,582			1,544			2,061
Other income (expense) - operating		(8	)		(14	)		(2	)		(4	)		(7	)		(24	)		(19	)		(23	)
Segment income	$	889		$	1,164		$	884		$	1,299		$	783		$	2,937		$	1,626		$	2,925
CAY underwriting income ex Cats	$	705		$	652		$	581		$	568		$	527		$	1,938		$	1,488		$	2,056
Combined ratio
Loss and loss expense ratio		69.7	%		63.8	%		69.7	%		56.7	%		70.7	%		67.7	%		77.9	%		72.5	%
Policy acquisition cost ratio		13.5	%		12.9	%		14.0	%		13.9	%		14.2	%		13.5	%		13.9	%		14.0	%
Administrative expense ratio		6.9	%		6.4	%		6.9	%		7.2	%		7.0	%		6.7	%		7.2	%		7.2	%
Combined ratio		90.1	%		83.1	%		90.6	%		77.8	%		91.9	%		87.9	%		99.0	%		93.7	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		62.3	%		63.7	%		63.4	%		62.8	%		63.8	%		63.1	%		64.7	%		64.2	%
CAY policy acquisition cost and administrative expense ratio ex Cats		20.1	%		19.2	%		20.8	%		21.1	%		21.1	%		20.1	%		21.1	%		21.1	%
CAY combined ratio ex Cats		82.4	%		82.9	%		84.2	%		83.9	%		84.9	%		83.2	%		85.8	%		85.3	%
Catastrophe reinstatement premiums expensed - pre-tax	$	—		$	—		$	—		$	—		$	—		$	—		$	(3	)	$	(3	)
Catastrophe losses - pre-tax	$	472		$	165		$	362		$	33		$	447		$	999		$	1,835		$	1,868
Favorable prior period development (PPD) - pre-tax	$	(157	)	$	(156	)	$	(127	)	$	(251	)	$	(200	)	$	(440	)	$	(451	)	$	(702	)
% Change versus prior year period
Net premiums written		15.6	%		15.2	%		12.7	%		8.3	%		9.4	%		14.6	%		8.2	%		8.2	%
Net premiums written - Commercial		16.6	%		16.3	%		14.7	%		10.0	%		11.2	%		15.9	%		9.5	%		9.6	%
Net premiums written - Consumer		-3.9	%		-8.9	%		-18.5	%		-19.1	%		-18.1	%		-10.9	%		-12.0	%		-13.8	%
Net premiums earned		14.4	%		5.8	%		8.8	%		8.4	%		8.5	%		9.6	%		7.9	%		8.1	%
Other ratios
Net premiums written/gross premiums written		80	%		79	%		81	%		78	%		78	%		80	%		80	%		79	%
Production - Net premiums written	3Q-21			2Q-21			1Q-21			4Q-20			3Q-20			YTD 2021			YTD 2020			Full Year 2020
Commercial P&C excluding A&H (1)
Major Accounts & Specialty		2,485			2,487			2,004			2,082			2,153			6,976			6,058			8,141
Commercial		1,722			1,646			1,500			1,481			1,456			4,868			4,159			5,640
A&H		162			152			160			161			169			474			533			693
Total	$	4,369		$	4,285		$	3,664		$	3,724		$	3,778		$	12,318		$	10,750		$	14,474

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

NA Commercial Page 11

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Personal P&C Insurance

	3Q-21			2Q-21			1Q-21			4Q-20			3Q-20			YTD 2021			YTD 2020			Full Year 2020
Gross premiums written	$	1,480		$	1,544		$	1,275		$	1,348		$	1,448		$	4,299		$	4,224		$	5,572
Net premiums written		1,300			1,363			1,098			1,201			1,285			3,761			3,719			4,920
Net premiums earned		1,244			1,224			1,184			1,243			1,231			3,652			3,623			4,866
Losses and loss expenses		846			676			819			781			961			2,341			2,406			3,187
Policy acquisition costs		254			245			247			250			248			746			724			974
Administrative expenses		73			67			60			71			65			200			199			270
Underwriting income (loss)		71			236			58			141			(43	)		365			294			435
Net investment income		60			64			65			65			64			189			195			260
Other income (expense) - operating		(1	)		5			(1	)		(1	)		(1	)		3			(4	)		(5	)
Amortization expense of purchased intangibles		(2	)		(3	)		(3	)		(3	)		(2	)		(8	)		(8	)		(11	)
Segment income	$	128		$	302		$	119		$	202		$	18		$	549		$	477		$	679
CAY underwriting income ex Cats	$	286		$	253		$	258		$	254		$	310		$	797		$	778		$	1,032
Combined ratio
Loss and loss expense ratio		68.0	%		55.2	%		69.2	%		62.8	%		78.1	%		64.1	%		66.4	%		65.5	%
Policy acquisition cost ratio		20.4	%		20.0	%		20.9	%		20.1	%		20.1	%		20.4	%		20.0	%		20.0	%
Administrative expense ratio		5.9	%		5.5	%		5.0	%		5.7	%		5.3	%		5.5	%		5.5	%		5.6	%
Combined ratio		94.3	%		80.7	%		95.1	%		88.6	%		103.5	%		90.0	%		91.9	%		91.1	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats (1)		50.7	%		53.6	%		53.2	%		53.4	%		49.2	%		52.5	%		53.0	%		53.1	%
CAY policy acquisition cost and administrative expense ratio ex Cats		26.3	%		25.6	%		25.4	%		25.9	%		25.6	%		25.8	%		25.5	%		25.6	%
CAY combined ratio ex Cats		77.0	%		79.2	%		78.6	%		79.3	%		74.8	%		78.3	%		78.5	%		78.7	%
Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	—		$	7		$	(23	)	$	—		$	—		$	(16	)	$	(1	)	$	(1	)
Catastrophe losses - pre-tax	$	397		$	68		$	217		$	98		$	305		$	682		$	435		$	533
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(182	)	$	(44	)	$	(40	)	$	15		$	48		$	(266	)	$	48		$	63
% Change versus prior year period
Net premiums written		1.2	%		2.6	%		-0.8	%		2.5	%		2.8	%		1.1	%		2.9	%		2.8	%
Net premiums earned		1.0	%		2.7	%		-1.3	%		4.9	%		3.8	%		0.8	%		3.3	%		3.7	%
Other ratios
Net premiums written/gross premiums written		88	%		88	%		86	%		89	%		89	%		87	%		88	%		88	%

(1) Q3 2020 includes a one-time COVID-related frequency benefit of 3.3 percentage points in the CAY loss and loss expense ratio ex Cats. Excluding the one-time benefit, the ratio was 52.5%, resulting in an underlying improvement of 1.8 percentage points in the current year ratio.

NA Personal Page 12

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Agricultural Insurance

	3Q-21			2Q-21			1Q-21			4Q-20			3Q-20			YTD 2021			YTD 2020			Full Year 2020
Gross premiums written	$	2,013		$	706		$	266		$	312		$	1,332		$	2,985		$	2,204		$	2,516
Net premiums written		1,415			512			183			242			986			2,110			1,604			1,846
Net premiums earned		1,338			410			110			381			971			1,858			1,441			1,822
Adjusted losses and loss expenses (1)		1,138			331			85			321			845			1,554			1,223			1,544
Policy acquisition costs		61			27			12			27			56			100			96			123
Administrative expenses		4			3			3			(3	)		5			10			12			9
Underwriting income		135			49			10			36			65			194			110			146
Net investment income		6			8			7			7			7			21			23			30
Other income (expense) - operating		—			—			—			—			—			—			(1	)		(1	)
Amortization expense of purchased intangibles		(7	)		(6	)		(7	)		(7	)		(7	)		(20	)		(20	)		(27	)
Segment income	$	134		$	51		$	10		$	36		$	65		$	195		$	112		$	148
CAY underwriting income ex Cats	$	150		$	53		$	16		$	34		$	93		$	219		$	138		$	172
Combined ratio
Loss and loss expense ratio		85.0	%		80.7	%		77.5	%		84.1	%		87.1	%		83.6	%		84.9	%		84.7	%
Policy acquisition cost ratio		4.6	%		6.7	%		10.7	%		7.0	%		5.8	%		5.4	%		6.6	%		6.8	%
Administrative expense ratio		0.3	%		0.7	%		2.7	%		-0.6	%		0.4	%		0.6	%		0.8	%		0.5	%
Combined ratio		89.9	%		88.1	%		90.9	%		90.5	%		93.3	%		89.6	%		92.3	%		92.0	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		84.0	%		79.7	%		71.2	%		86.3	%		84.2	%		82.3	%		83.0	%		83.7	%
CAY policy acquisition cost and administrative expense ratio ex Cats		4.9	%		7.4	%		13.5	%		4.8	%		6.2	%		5.9	%		7.4	%		6.8	%
CAY combined ratio ex Cats		88.9	%		87.1	%		84.7	%		91.1	%		90.4	%		88.2	%		90.4	%		90.5	%
Catastrophe reinstatement premiums expensed - pre-tax	$	—		$	—		$	—		$	(1	)	$	—		$	—		$	—		$	(1	)
Catastrophe losses - pre-tax	$	8		$	4		$	8		$	11		$	10		$	20		$	24		$	35
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	7		$	—		$	(2	)	$	(14	)	$	18		$	5		$	4		$	(10	)
% Change versus prior year period
Net premiums written		43.6	%		11.0	%		16.5	%		-12.2	%		5.0	%		31.6	%		4.5	%		2.0	%
Net premiums earned		37.9	%		8.9	%		16.7	%		-9.4	%		3.2	%		29.0	%		4.9	%		1.5	%
Other ratios
Net premiums written/gross premiums written		70	%		72	%		69	%		78	%		74	%		71	%		73	%		73	%

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

NA Agriculture Page 13

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

Overseas General Insurance

	3Q-21			2Q-21			1Q-21			4Q-20			3Q-20			YTD 2021			YTD 2020			Full Year 2020
Gross premiums written	$	3,202		$	3,166		$	3,574		$	3,001		$	2,756		$	9,942		$	8,448		$	11,449
Net premiums written		2,596			2,497			2,890			2,478			2,238			7,983			6,857			9,335
Net premiums earned		2,664			2,579			2,478			2,447			2,337			7,721			6,838			9,285
Losses and loss expenses		1,487			1,186			1,263			1,320			1,192			3,936			3,935			5,255
Policy acquisition costs		703			699			668			665			637			2,070			1,903			2,568
Administrative expenses		266			279			266			275			260			811			759			1,034
Underwriting income		208			415			281			187			248			904			241			428
Adjusted net investment income		157			149			141			138			130			447			396			534
Other income (expense) - operating		—			(2	)		(1	)		(3	)		(1	)		(3	)		(10	)		(13	)
Amortization expense of purchased intangibles		(11	)		(13	)		(12	)		(12	)		(10	)		(36	)		(33	)		(45	)
Segment income	$	354		$	549		$	409		$	310		$	367		$	1,312		$	594		$	904
CAY underwriting income ex Cats	$	368		$	299		$	306		$	258		$	283		$	973		$	725		$	983
Combined ratio
Loss and loss expense ratio		55.8	%		46.0	%		51.0	%		53.9	%		51.0	%		51.0	%		57.6	%		56.6	%
Policy acquisition cost ratio		26.4	%		27.1	%		27.0	%		27.2	%		27.3	%		26.8	%		27.8	%		27.7	%
Administrative expense ratio		10.0	%		10.8	%		10.7	%		11.3	%		11.1	%		10.5	%		11.1	%		11.1	%
Combined ratio		92.2	%		83.9	%		88.7	%		92.4	%		89.4	%		88.3	%		96.5	%		95.4	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats (1)		49.8	%		50.6	%		49.9	%		51.0	%		49.5	%		50.1	%		50.6	%		50.7	%
CAY policy acquisition cost and administrative expense ratio ex Cats		36.4	%		37.8	%		37.7	%		38.5	%		38.4	%		37.3	%		38.8	%		38.7	%
CAY combined ratio ex Cats		86.2	%		88.4	%		87.6	%		89.5	%		87.9	%		87.4	%		89.4	%		89.4	%
Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	—		$	—		$	—		$	1		$	—		$	—		$	(16	)	$	(15	)
Catastrophe losses - pre-tax	$	188		$	40		$	50		$	122		$	95		$	278		$	568		$	690
Favorable prior period development (PPD) - pre-tax	$	(28	)	$	(156	)	$	(25	)	$	(50	)	$	(60	)	$	(209	)	$	(100	)	$	(150	)
% Change versus prior year period
Net premiums written		15.9	%		23.6	%		11.2	%		4.1	%		0.5	%		16.4	%		-0.3	%		0.8	%
Net premiums written - Commercial		20.6	%		32.4	%		20.3	%		14.2	%		10.4	%		23.8	%		7.3	%		9.1	%
Net premiums written - Consumer		9.2	%		12.8	%		-1.3	%		-8.0	%		-10.9	%		6.4	%		-9.1	%		-8.9	%
Net premiums earned		13.9	%		17.6	%		7.4	%		7.0	%		3.6	%		12.9	%		3.7	%		4.5	%
Net premiums written constant $		11.2	%		15.0	%		7.1	%		3.3	%		2.8	%		10.8	%		2.7	%		2.9	%
Net premiums written - Commercial		16.0	%		23.4	%		15.2	%		12.6	%		12.2	%		17.8	%		10.1	%		10.8	%
Net premiums written - Consumer		4.5	%		4.6	%		-4.2	%		-8.1	%		-8.1	%		1.3	%		-5.8	%		-6.4	%
Net premiums earned constant $		9.7	%		9.1	%		3.7	%		6.0	%		5.7	%		7.5	%		6.8	%		6.6	%
Other ratios: Net premiums written/gross premiums written		81	%		79	%		81	%		83	%		81	%		80	%		81	%		82	%
Production by Region - Net premiums written	3Q-21			3Q-20			% Change			Constant $ % Change			YTD 2021			YTD 2020			% Change			Constant $ % Change
Europe, Middle East and Africa	$	1,173		$	955			22.7	%		17.1	%	$	3,912		$	3,111			25.7	%		18.2	%
Latin America		501			442			13.1	%		7.8	%		1,489			1,414			5.3	%		3.5	%
Asia		862			794			8.5	%		5.1	%		2,448			2,203			11.1	%		5.5	%
Other (2)		60			47			29.7	%		25.9	%		134			129			4.2	%		-0.8	%
Total	$	2,596		$	2,238			15.9	%		11.2	%	$	7,983		$	6,857			16.4	%		10.8	%

(1) Q3 2020 includes a one-time COVID-related frequency benefit of 1.7 percentages points in the CAY loss and loss expense ratio ex Cats. Excluding the one-time benefit, the ratio was 51.2%, resulting in an underlying improvement of 1.4 percentage points in the current year ratio.

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

Overseas General Insurance Page 14

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

Global Reinsurance

	3Q-21			2Q-21			1Q-21			4Q-20			3Q-20			YTD 2021			YTD 2020			Full Year 2020
Gross premiums written	$	243		$	336		$	230		$	130		$	198		$	809		$	702		$	832
Net premiums written		221			274			207			125			181			702			606			731
Net premiums earned		211			192			180			178			171			583			520			698
Losses and loss expenses		192			110			120			121			154			422			314			435
Policy acquisition costs		55			47			45			47			40			147			127			174
Administrative expenses		9			10			8			9			9			27			28			37
Underwriting income (loss)		(45	)		25			7			1			(32	)		(13	)		51			52
Adjusted net investment income		99			81			70			93			85			250			214			307
Other income (expense) - operating		—			—			—			(1	)		—			—			(1	)		(2	)
Segment income	$	54		$	106		$	77		$	93		$	53		$	237		$	264		$	357
CAY underwriting income ex Cats	$	32		$	35		$	40		$	33		$	30		$	107		$	103		$	136
Combined ratio
Loss and loss expense ratio		91.2	%		56.8	%		66.9	%		68.3	%		89.6	%		72.4	%		60.3	%		62.3	%
Policy acquisition cost ratio		26.0	%		24.7	%		24.9	%		25.9	%		23.5	%		25.2	%		24.5	%		24.9	%
Administrative expense ratio		4.2	%		5.1	%		4.6	%		5.4	%		5.2	%		4.6	%		5.3	%		5.3	%
Combined ratio		121.4	%		86.6	%		96.4	%		99.6	%		118.3	%		102.2	%		90.1	%		92.5	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		52.0	%		50.9	%		48.3	%		49.3	%		49.7	%		50.5	%		49.0	%		49.1	%
CAY policy acquisition cost and administrative expense ratio ex Cats		31.5	%		30.3	%		29.7	%		32.0	%		31.1	%		30.5	%		30.7	%		31.0	%
CAY combined ratio ex Cats		83.5	%		81.2	%		78.0	%		81.3	%		80.8	%		81.0	%		79.7	%		80.1	%
Catastrophe reinstatement premiums collected - pre-tax	$	12		$	1		$	5		$	3		$	7		$	18		$	7		$	10
Catastrophe losses - pre-tax	$	93		$	11		$	45		$	35		$	75		$	149		$	88		$	123
Favorable prior period development (PPD) - pre-tax	$	(4	)	$	—		$	(7	)	$	—		$	(6	)	$	(11	)	$	(29	)	$	(29	)
% Change versus prior year period
Net premiums written as reported		22.3	%		32.4	%		-5.1	%		14.4	%		28.4	%		15.9	%		12.2	%		12.6	%
Net premiums earned as reported		23.8	%		17.8	%		-3.3	%		6.5	%		6.7	%		12.2	%		6.8	%		6.7	%
Net premiums written constant $		20.6	%		30.7	%		-6.2	%		12.9	%		27.2	%		14.4	%		11.9	%		12.1	%
Net premiums earned constant $		21.8	%		15.1	%		-4.3	%		5.1	%		5.4	%		10.4	%		6.6	%		6.2	%
Other ratios
Net premiums written/gross premiums written		91	%		81	%		90	%		96	%		91	%		87	%		86	%		88	%

Global Reinsurance Page 15

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Life Insurance

	3Q-21			2Q-21			1Q-21			4Q-20			3Q-20			YTD 2021			YTD 2020			Full Year 2020
Gross premiums written	$	646		$	652		$	655		$	678		$	645		$	1,953		$	1,981		$	2,659
Net premiums written		609			615			620			640			610			1,844			1,874			2,514
Net premiums earned		589			605			595			644			599			1,789			1,838			2,482
Losses and loss expenses		179			185			198			168			183			562			556			724
Adjusted policy benefits		175			170			163			184			174			508			542			726
Policy acquisition costs		168			191			179			215			175			538			551			766
Administrative expenses		82			83			82			82			80			247			238			320
Net investment income		102			101			98			100			95			301			285			385
Life Insurance underwriting income (1)		87			77			71			95			82			235			236			331
Other income (expense) - operating		19			26			34			22			23			79			52			74
Amortization expense of purchased intangibles		(2	)		(1	)		(1	)		(1	)		(1	)		(4	)		(3	)		(4	)
Segment income	$	104		$	102		$	104		$	116		$	104		$	310		$	285		$	401
% Change versus prior year period
Net premiums written		0.0	%		-0.7	%		-3.8	%		3.0	%		-0.4	%		-1.5	%		5.9	%		5.1	%
Net premiums earned		-1.6	%		-0.4	%		-5.7	%		5.0	%		0.0	%		-2.6	%		6.2	%		5.9	%
Net premiums written constant $		-1.4	%		-4.0	%		-4.7	%		3.1	%		0.2	%		-3.4	%		6.5	%		5.6	%
Net premiums earned constant $		-3.0	%		-3.7	%		-6.7	%		5.2	%		0.7	%		-4.5	%		6.9	%		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):
	3Q-21			3Q-20			% Change			Constant $ % Change			YTD 2021			YTD 2020			% Change			Constant $ % Change
International life insurance net premiums written	$	321		$	280			14.8	%		13.0	%	$	969		$	865			12.0	%		9.0	%
International life insurance deposits (2)		658			363			81.3	%		73.0	%		1,814			1,115			62.7	%		54.5	%
Total international life insurance net premiums written and deposits	$	979		$	643			52.3	%		47.3	%	$	2,783		$	1,980			40.6	%		34.9	%
International life insurance segment income	$	31		$	52			-39.5	%		-40.0	%	$	118		$	134			-11.6	%		-12.3	%

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

Life Insurance Page 16

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Corporate

	3Q-21			2Q-21			1Q-21			4Q-20			3Q-20			YTD 2021			YTD 2020			Full Year 2020
Gross premiums written	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net premiums written		—			—			—			—			—			—			—			—
Net premiums earned		—			—			—			—			—			—			—			—
Losses and loss expenses		43			89			9			93			55			141			342			435
Policy acquisition costs		—			—			—			—			—			—			—			—
Administrative expenses		99			88			71			89			71			258			214			303
Underwriting loss		(142	)		(177	)		(80	)		(182	)		(126	)		(399	)		(556	)		(738	)
Adjusted net investment income		9			7			9			4			9			25			25			29
Other income (expense) - operating		(3	)		(2	)		(4	)		2			(7	)		(9	)		(32	)		(30	)
Adjusted interest expense		(127	)		(127	)		(127	)		(131	)		(135	)		(381	)		(406	)		(537	)
Amortization expense of purchased intangibles		(49	)		(50	)		(49	)		(50	)		(52	)		(148	)		(153	)		(203	)
Income tax expense		(194	)		(304	)		(210	)		(259	)		(172	)		(708	)		(363	)		(622	)
Core operating loss		(506	)		(653	)		(461	)		(616	)		(483	)		(1,620	)		(1,485	)		(2,101	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(11	)		(14	)		(16	)		(18	)		(19	)		(41	)		(60	)		(78	)
Adjusted net realized gains (losses), net of tax (1)		687			658			1,174			996			306			2,519			(698	)		298
Net income (loss)	$	170		$	(9	)	$	697		$	362		$	(196	)	$	858		$	(2,243	)	$	(1,881	)
Unfavorable prior period development (PPD) - pre-tax	$	43		$	88		$	9		$	94		$	54		$	140		$	339		$	433

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

Corporate Page 17

Chubb Limited

Loss Reserve Rollforward

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

(Unaudited)

	Unpaid Losses									Net Paid to Incurred Ratio
	Gross			Ceded			Net
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
Losses and loss expenses incurred		5,898			892			5,006
Losses and loss expenses paid		(5,100	)		(1,107	)		(3,993	)		80	%
Other (incl. foreign exch. revaluation)		236			76			160
Balance at June 30, 2021	$	70,289		$	14,721		$	55,568
Losses and loss expenses incurred		8,492			1,863			6,629
Losses and loss expenses paid		(5,750	)		(943	)		(4,807	)		73	%
Other (incl. foreign exch. revaluation)		(400	)		(91	)		(309	)
Balance at September 30, 2021	$	72,631		$	15,550		$	57,081
Add net recoverable on paid losses		—			1,098			(1,098	)
Balance including net recoverable on paid losses	$	72,631		$	16,648		$	55,983

Loss Reserve Rollforward Page 18

Chubb Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)

Net Reinsurance Recoverable by Division

	September 30 2021			June 30 2021			March 31 2021			December 31 2020
Reinsurance recoverable on paid losses and loss expenses
Active operations	$	975		$	885		$	915		$	789
Brandywine and Other Run-off		179			176			198			213
Total	$	1,154		$	1,061		$	1,113		$	1,002
Reinsurance recoverable on unpaid losses and loss expenses
Active operations	$	14,551		$	13,707		$	13,868		$	13,629
Brandywine and Other Run-off		1,268			1,279			1,250			1,275
Total	$	15,819		$	14,986		$	15,118		$	14,904
Gross reinsurance recoverable
Active operations	$	15,526		$	14,592		$	14,783		$	14,418
Brandywine and Other Run-off		1,447			1,455			1,448			1,488
Total	$	16,973		$	16,047		$	16,231		$	15,906
Provision for uncollectible reinsurance (1)
Active operations	$	(190	)	$	(187	)	$	(181	)	$	(178	)
Brandywine and Other Run-off		(135	)		(135	)		(136	)		(136	)
Total	$	(325	)	$	(322	)	$	(317	)	$	(314	)
Net reinsurance recoverable
Active operations	$	15,336		$	14,405		$	14,602		$	14,240
Brandywine and Other Run-off		1,312			1,320			1,312			1,352
Total	$	16,648		$	15,725		$	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 $3.1 billion.

Reinsurance Recoverable Page 19

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)

	September 30 2021					June 30 2021					March 31 2021					December 31 2020
Market Value
Fixed maturities available for sale	$	92,685				$	92,163				$	91,071				$	90,699
Fixed maturities held to maturity		11,119					11,343					11,752					12,510
Short-term investments		3,529					4,470					3,735					4,345
Total fixed maturities	$	107,333				$	107,976				$	106,558				$	107,554
Asset Allocation by Market Value
U.S. Treasury / Agency	$	3,534		3	%	$	3,560		3	%	$	3,724		3	%	$	4,122		4	%
Corporate and asset-backed securities		40,976		39	%		39,889		37	%		38,711		36	%		38,769		36	%
Mortgage-backed securities		21,831		20	%		21,445		20	%		21,434		20	%		20,616		19	%
Municipal		10,206		10	%		10,834		10	%		11,437		11	%		11,943		11	%
Non-U.S.		27,257		25	%		27,778		26	%		27,517		26	%		27,759		26	%
Short-term investments		3,529		3	%		4,470		4	%		3,735		4	%		4,345		4	%
Total fixed maturities	$	107,333		100	%	$	107,976		100	%	$	106,558		100	%	$	107,554		100	%
Credit Quality by Market Value
AAA	$	15,432		14	%	$	16,274		15	%	$	15,462		15	%	$	15,622		15	%
AA		35,275		33	%		35,412		33	%		35,930		33	%		36,125		33	%
A		20,242		19	%		19,720		18	%		19,420		18	%		19,712		18	%
BBB		17,485		16	%		17,479		16	%		17,214		16	%		17,542		16	%
BB		9,236		9	%		9,495		9	%		9,308		9	%		9,699		9	%
B		9,115		8	%		9,004		8	%		8,646		8	%		8,267		8	%
Other		548		1	%		592		1	%		578		1	%		587		1	%
Total fixed maturities	$	107,333		100	%	$	107,976		100	%	$	106,558		100	%	$	107,554		100	%
Cost/Amortized Cost, net
Fixed maturities available for sale	$	89,323				$	88,254				$	87,858				$	85,168
Fixed maturities held to maturity		10,515					10,673					11,132					11,653
Short-term investments		3,529					4,471					3,736					4,349
Subtotal fixed maturities (1)		103,367					103,398					102,726					101,170
Equity securities		4,557					4,607					4,405					4,027
Other investments		10,843					9,457					8,636					7,945
Total investment portfolio	$	118,767				$	117,462				$	115,767				$	113,142
Avg. duration of fixed maturities		4.1 years					4.2 years					4.3 years					4.0 years
Avg. market yield of fixed maturities		2.0	%				2.0	%				2.1	%				1.7	%
Avg. credit quality		A/A	*				A/Aa					A/Aa					A/Aa
Avg. yield on invested assets (2)		3.2	%				3.2	%				3.2	%				3.3	%

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

(2) Calculated using adjusted net investment income.

* The change in rating is due to a reduction in Aaa-rated short-term investments used for corporate purposes.

Investments Page 20

Chubb Limited

Investment Portfolio - 2

(in millions of U.S. dollars)

(Unaudited)

Mortgage-backed Fixed Income Portfolio

Mortgage-backed securities

	S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Market Value at September 30, 2021
Agency residential mortgage-backed securities (RMBS)	$	97	$	17,959	$	—	$	—	$	—	$	18,056
Non-agency RMBS		290		39		70		34		7		440
Commercial mortgage-backed securities		2,909		250		160		12		4		3,335
Total mortgage-backed securities at market value	$	3,296	$	18,248	$	230	$	46	$	11	$	21,831

U.S. Corporate and Asset-backed Fixed Income Portfolios

	S&P Credit Rating
	Investment Grade
	AAA		AA		A		BBB		Total
Market Value at September 30, 2021
Asset-backed	$	4,645	$	820	$	31	$	38	$	5,534
Banks		—		9		1,850		2,086		3,945
Basic Materials		—		—		101		261		362
Communications		—		217		441		1,555		2,213
Consumer, Cyclical		—		239		664		785		1,688
Consumer, Non-Cyclical		60		602		2,016		1,831		4,509
Diversified Financial Services		8		204		415		368		995
Energy		—		134		168		764		1,066
Industrial		—		12		1,041		919		1,972
Utilities		—		3		1,097		573		1,673
All Others		233		609		1,641		1,319		3,802
Total	$	4,946	$	2,849	$	9,465	$	10,499	$	27,759
			S&P Credit Rating
			Below Investment Grade
			BB		B		CCC		Total
Market Value at September 30, 2021
Asset-backed			$	22	$	7	$	2	$	31
Banks				—		—		—		—
Basic Materials				316		226		17		559
Communications				790		1,002		63		1,855
Consumer, Cyclical				1,012		1,100		105		2,217
Consumer, Non-Cyclical				1,098		1,629		69		2,796
Diversified Financial Services				213		208		5		426
Energy				861		413		9		1,283
Industrial				577		928		24		1,529
Utilities				332		46		—		378
All Others				876		1,224		43		2,143
Total			$	6,097	$	6,783	$	337	$	13,217

Investments 2 Page 21

Chubb Limited

Investment Portfolio - 3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

September 30, 2021

	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Non-U.S. Government Securities
Canada	$	997	$	—	$	—	$	—	$	—	$	997
Republic of Korea		—		918		—		—		—		918
United Kingdom		—		698		—		—		—		698
Province of Ontario		—		—		665		—		—		665
Kingdom of Thailand		—		—		555		—		—		555
United Mexican States		—		—		—		552		—		552
Federative Republic of Brazil		—		—		—		—		549		549
Province of Quebec		—		454		—		—		—		454
Socialist Republic of Vietnam		—		—		—		—		430		430
Commonwealth of Australia		422		—		1		—		—		423
Other Non-U.S. Government Securities		453		1,957		1,316		751		1,054		5,531
Total	$	1,872	$	4,027	$	2,537	$	1,303	$	2,033	$	11,772
	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Non-U.S. Corporate Securities
United Kingdom	$	55	$	33	$	919	$	1,026	$	495	$	2,528
Canada		77		142		580		609		424		1,832
France		9		46		690		484		67		1,296
United States (1)		—		—		201		299		710		1,210
Australia		71		165		355		305		28		924
Japan		—		—		647		87		—		734
Switzerland		54		3		324		189		37		607
Germany		84		35		157		262		66		604
Netherlands		42		6		235		130		125		538
China		—		6		289		111		63		469
Other Non-U.S. Corporate Securities		364		354		1,041		1,708		1,276		4,743
Total	$	756	$	790	$	5,438	$	5,210	$	3,291	$	15,485

(1) Countries represent the ultimate parent company’s country of risk. Non-U.S. corporate securities could be issued by foreign subsidiaries of U.S. corporations.

Investments 3 Page 22

Chubb Limited

Investment Portfolio - 4

(in millions of U.S. dollars)

(Unaudited)

Fixed Maturity Investment Portfolio

Top 10 Global Corporate Exposures

September 30, 2021	Market Value		Rating
1 Wells Fargo & Co	$	725	BBB+
2 Bank of America Corp		683	A-
3 JP Morgan Chase & Co		616	A-
4 Comcast Corp		498	A-
5 Verizon Communications Inc		487	BBB+
6 Morgan Stanley		479	BBB+
7 AT&T Inc		453	BBB
8 Citigroup Inc		426	BBB+
9 HSBC Holdings Plc		383	A-
10 Goldman Sachs Group Inc		358	BBB+

Investments 4 Page 23

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

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

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

(2) The quarter includes $4 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 September 30, 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)	$	58		$	(8	)	$	50		$	638		$	(95	)	$	543		$	696		$	(103	)	$	593
Public equity:
Realized gains (losses) on sales		34			(2	)		32			—			—			—			34			(2	)		32
Mark-to-market		(34	)		5			(29	)		—			—			—			(34	)		5			(29	)
Private equity:
Realized gains (losses) on sales		—			—			—			—			—			—			—			—			—
Mark-to-market		436			(8	)		428			—			—			—			436			(8	)		428
Total investment portfolio		494			(13	)		481			638			(95	)		543			1,132			(108	)		1,024
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (5)		(6	)		—			(6	)		—			—			—			(6	)		—			(6	)
Foreign exchange		(222	)		38			(184	)		246			(13	)		233			24			25			49
Partially-owned entities (6)		17			—			17			—			—			—			17			—			17
Other		(3	)		1			(2	)		(23	)		5			(18	)		(26	)		6			(20	)
Net gains (losses)	$	280		$	26		$	306		$	861		$	(103	)	$	758		$	1,141		$	(77	)	$	1,064

(4) The quarter includes pre-tax realized gains on fixed income derivatives of $9 million, a net reduction of the valuation allowance of expected credit losses of $42 million, and impairment of $11 million for fixed maturities during the quarter.

(5) The quarter includes $52 million of losses on applicable hedges. These losses 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 24

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

	Nine months ended September 30, 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)	$	35		$	(10	)	$	25		$	(2,177	)	$	390	$	(1,787	)	$	(2,142	)	$	380		$	(1,762	)
Public equity:
Realized gains (losses) on sales		109			(19	)		90			—			—		—			109			(19	)		90
Mark-to-market		366			(81	)		285			—			—		—			366			(81	)		285
Private equity:
Realized gains (losses) on sales		—			—			—			—			—		—			—			—			—
Mark-to-market		1,887			(46	)		1,841			—			—		—			1,887			(46	)		1,841
Total investment portfolio		2,397			(156	)		2,241			(2,177	)		390		(1,787	)		220			234			454
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (2)		140			—			140			—			—		—			140			—			140
Foreign exchange		85			(16	)		69			(84	)		7		(77	)		1			(9	)		(8	)
Partially-owned entities (3)		78			(5	)		73			—			—		—			78			(5	)		73
Other		(5	)		1			(4	)		(33	)		6		(27	)		(38	)		7			(31	)
Net gains (losses)	$	2,695		$	(176	)	$	2,519		$	(2,294	)	$	403	$	(1,891	)	$	401		$	227		$	628

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

(2) Year to date includes $112 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.

	Nine months ended September 30, 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)	$	(307	)	$	32		$	(275	)	$	1,759		$	(335	)	$	1,424		$	1,452		$	(303	)	$	1,149
Public equity (4):
Realized gains (losses) on sales		239			(44	)		195			—			—			—			239			(44	)		195
Mark-to-market		(78	)		8			(70	)		—			—			—			(78	)		8			(70	)
Private equity:
Realized gains (losses) on sales		—			—			—			—			—			—			—			—			—
Mark-to-market		229			(6	)		223			—			—			—			229			(6	)		223
Total investment portfolio		83			(10	)		73			1,759			(335	)		1,424			1,842			(345	)		1,497
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (5)		(456	)		—			(456	)		—			—			—			(456	)		—			(456	)
Foreign exchange		(351	)		55			(296	)		(168	)		27			(141	)		(519	)		82			(437	)
Partially-owned entities (6)		15			—			15			—			—			—			15			—			15
Other		(43	)		9			(34	)		(59	)		13			(46	)		(102	)		22			(80	)
Net gains (losses)	$	(752	)	$	54		$	(698	)	$	1,532		$	(295	)	$	1,237		$	780		$	(241	)	$	539

(4) Year to date includes pre-tax realized gains on equity derivatives of $42 million, realized losses on fixed income derivatives of $4 million, expected credit losses of $4 million, and impairments of $163 million related to certain securities the company intended to sell and securities written to market entering default.

(5) Year to date includes $30 million of losses on applicable hedges. These losses 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) 2 Page 25

Chubb Limited

Debt and Capital

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

(Unaudited)

	September 30 2021			June 30 2021			March 31 2021			December 31 2020			December 31 2019
Financial Debt:
Total short-term debt	$	—		$	—		$	—		$	—		$	1,299
Total long-term debt		14,823			14,954			14,879			14,948			13,559
Total financial debt	$	14,823		$	14,954		$	14,879		$	14,948		$	14,858
Hybrid debt:
Total trust preferred securities		308			308			308			308			308
Total	$	15,131		$	15,262		$	15,187		$	15,256		$	15,166
Capitalization:
Shareholders’ equity	$	59,318		$	60,062		$	59,076		$	59,441		$	55,331
Hybrid debt		308			308			308			308			308
Financial debt		14,823			14,954			14,879			14,948			14,858
Total capitalization	$	74,449		$	75,324		$	74,263		$	74,697		$	70,497
Leverage ratios (based on total capital):
Hybrid debt		0.4	%		0.4	%		0.4	%		0.4	%		0.4	%
Financial debt		19.9	%		19.9	%		20.0	%		20.0	%		21.1	%
Total hybrid & financial debt		20.3	%		20.3	%		20.4	%		20.4	%		21.5	%

Note: As of September 30, 2021, there was $1.4 billion usage of credit facilities on total capacity of $3.7 billion.

Debt and Capital Page 26

Chubb Limited

Computation of Basic and Diluted Earnings Per Share

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

(Unaudited)

	Three months ended September 30						Nine months ended September 30
	2021			2020			2021			2020
Numerator
Core operating income to common shares	$	1,157		$	907		$	3,920		$	1,873
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		(14	)		(23	)		(52	)		(74	)
Tax benefit on amortization adjustment		3			4			11			14
Adjusted net realized gains (losses), pre-tax		714			280			2,695			(752	)
Tax (expense) benefit on adjusted net realized gains (losses)		(27	)		26			(176	)		54
Net income	$	1,833		$	1,194		$	6,398		$	1,115
Rollforward of Common Shares Outstanding
Shares - beginning of period		438,717,213			451,360,023			450,732,625			451,971,567
Repurchase of shares		(8,412,000	)		—			(22,877,400	)		(2,266,150	)
Shares issued (cancelled), excluding option exercises		7,403			(13,731	)		1,078,413			1,013,831
Issued for option exercises		563,636			29,902			1,942,614			656,946
Shares - end of period		430,876,252			451,376,194			430,876,252			451,376,194
Denominator
Weighted average shares outstanding (1)		435,318,088			451,794,046			443,595,026			451,683,093
Effect of other dilutive securities		3,123,550			1,471,434			3,032,989			1,894,699
Adj. wtd. avg. shares outstanding and assumed conversions		438,441,638			453,265,480			446,628,015			453,577,792
Basic earnings per share
Core operating income	$	2.66		$	2.01		$	8.84		$	4.15
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(0.03	)		(0.04	)		(0.09	)		(0.13	)
Adjusted net realized gains (losses), net of tax		1.58			0.67			5.67			(1.55	)
Net income	$	4.21		$	2.64		$	14.42		$	2.47
Diluted earnings per share
Core operating income	$	2.64		$	2.00		$	8.78		$	4.13
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(0.03	)		(0.04	)		(0.09	)		(0.13	)
Adjusted net realized gains (losses), net of tax		1.57			0.67			5.64			(1.54	)
Net income	$	4.18		$	2.63		$	14.33		$	2.46

(1) Includes unvested restricted stock units that are not included in common shares outstanding as the shares are not issued until time of vesting, but are eligible to receive dividends (participating securities).

Earnings per share Page 27

Chubb Limited

Book Value and Book Value per Common Share

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

(Unaudited)

Reconciliation of Book Value per Common Share

	September 30 2021			June 30 2021			March 31 2021			December 31 2020			September 30 2020
Shareholders’ equity	$	59,318		$	60,062		$	59,076		$	59,441		$	56,413
Less: goodwill and other intangible assets, net of tax		19,723			19,930			19,881			19,916			19,802
Numerator for tangible book value per share	$	39,595		$	40,132		$	39,195		$	39,525		$	36,611
Book value - % change over prior quarter		-1.2	%		1.7	%		-0.6	%		5.4	%		3.0	%
Tangible book value - % change over prior quarter		-1.3	%		2.4	%		-0.8	%		8.0	%		4.7	%
Denominator		430,876,252			438,717,213			449,676,959			450,732,625			451,376,194
Book value per common share	$	137.67		$	136.90		$	131.37		$	131.88		$	124.98
Tangible book value per common share	$	91.89		$	91.48		$	87.16		$	87.69		$	81.11
Reconciliation of Book Value
Shareholders’ equity, beginning of quarter	$	60,062		$	59,076		$	59,441		$	56,413		$	54,760
Core operating income		1,157			1,621			1,142			1,440			907
Amortization of fair value adjustment of acquired invested assets and long-term debt		(11	)		(14	)		(16	)		(18	)		(19	)
Adjusted net realized gains (losses) (1)		687			658			1,174			996			306
Net unrealized gains (losses) on investments		(456	)		581			(1,912	)		706			543
Repurchase of shares		(1,516	)		(1,921	)		(519	)		(190	)		-
Dividend declared on common shares		(346	)		(352	)		(352	)		(352	)		(353	)
Cumulative translation gains (losses)		(391	)		290			24			443			233
Postretirement benefit liability		3			(7	)		(23	)		(136	)		(18	)
Other (2)		129			130			117			139			54
	$	59,318		$	60,062		$	59,076		$	59,441		$	56,413

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

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

Reconciliation Book Value Page 28

Chubb Limited

Non-GAAP Financial Measures

(Unaudited)

Regulation G - Non-GAAP Financial Measures

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

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

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

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

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

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

Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from the acquisition of The Chubb Corporation (Chubb Corp) and 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 combined ratio excludes the Life Insurance segment. P&C loss and loss expense ratio and P&C combined ratio include adjusted losses and loss expenses in the ratio numerator. P&C expense ratio and P&C combined ratio include policy acquisition costs and administrative expenses in the ratio numerator. A reconciliation of combined ratio to P&C combined ratio is provided on pages 32-35.

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

Adjusted CAY combined ratio excluding Cats and adjusted CAY loss ratio excluding Cats in Q3 2020 excludes a one-time COVID-related reduced claim frequency benefit primarily in the automobile portfolios in North America and Latin America. We believe this measure is meaningful to evaluate trends in the underlying business on a comparable basis.

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 29

Chubb Limited

Non-GAAP Financial Measures - 2

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

Core operating effective tax rate

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

	3Q-21			2Q-21			1Q-21			4Q-20			3Q-20			YTD 2021			YTD 2020			Full Year 2020
Tax expense, as reported	$	218		$	317		$	338		$	334		$	142		$	873		$	295		$	629
Less: tax benefit on amortization of fair value of acquired invested assets and debt		(3	)		(3	)		(5	)		(3	)		(4	)		(11	)		(14	)		(17	)
Less: tax expense (benefit) on adjusted net realized gains (losses)		27			16			133			78			(26	)		176			(54	)		24
Tax expense, adjusted	$	194		$	304		$	210		$	259		$	172		$	708		$	363		$	622
Income before tax, as reported	$	2,051		$	2,582		$	2,638		$	2,752		$	1,336		$	7,271		$	1,410		$	4,162
Less: amortization of fair value of acquired invested assets and debt		(14	)		(17	)		(21	)		(21	)		(23	)		(52	)		(74	)		(95	)
Less: adjusted realized gains (losses)		(11	)		(36	)		888			568			(142	)		841			(1,067	)		(499	)
Less: realized gains (losses) related to unconsolidated entities		725			710			419			506			422			1,854			315			821
Core operating income before tax	$	1,351		$	1,925		$	1,352		$	1,699		$	1,079		$	4,628		$	2,236		$	3,935
Effective tax rate		10.7	%		12.3	%		12.8	%		12.1	%		10.7	%		12.0	%		20.9	%		15.1	%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt		0.1	%		0.0	%		0.1	%		0.0	%		0.0	%		0.1	%		0.1	%		0.1	%
Adjustment for tax impact of adjusted net realized gains (losses)		3.6	%		3.5	%		2.6	%		3.1	%		5.3	%		3.2	%		-4.8	%		0.6	%
Core operating effective tax rate		14.4	%		15.8	%		15.5	%		15.2	%		16.0	%		15.3	%		16.2	%		15.8	%
Core operating income
The following table presents the reconciliation of Net income to Core operating income:
	3Q-21			2Q-21			1Q-21			4Q-20			3Q-20			YTD 2021			YTD 2020			Full Year 2020
Net income, as reported	$	1,833		$	2,265		$	2,300		$	2,418		$	1,194		$	6,398		$	1,115		$	3,533
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		(14	)		(17	)		(21	)		(21	)		(23	)		(52	)		(74	)		(95	)
Tax benefit on amortization adjustment		3			3			5			3			4			11			14			17
Adjusted realized gains (losses), pre-tax		(11	)		(36	)		888			568			(142	)		841			(1,067	)		(499	)
Net realized gains (losses) related to unconsolidated entities, pre-tax (1)		725			710			419			506			422			1,854			315			821
Tax (expense) benefit on adjusted net realized gains (losses)		(27	)		(16	)		(133	)		(78	)		26			(176	)		54			(24	)
Core operating income	$	1,157		$	1,621		$	1,142		$	1,440		$	907		$	3,920		$	1,873		$	3,313
Catastrophe losses - after-tax	$	943		$	226		$	570		$	271		$	797		$	1,739		$	2,506		$	2,777
Favorable prior period development (PPD) - after-tax	$	(227	)	$	(224	)	$	(156	)	$	(189	)	$	(126	)	$	(607	)	$	(168	)	$	(357	)
Core operating income per share	$	2.64		$	3.62		$	2.52		$	3.18		$	2.00		$	8.78		$	4.13		$	7.31
Impact of Cats on Core operating income per share - Unfavorable	$	(2.15	)	$	(0.50	)	$	(1.26	)	$	(0.60	)	$	(1.76	)	$	(3.89	)	$	(5.52	)	$	(6.12	)
Impact of PPD on Core operating income per share - Favorable	$	0.52		$	0.50		$	0.35		$	0.42		$	0.28		$	1.36		$	0.37		$	0.79
Impact of Cats and PPD on Core operating income per share - Unfavorable	$	(1.63	)	$	—		$	(0.91	)	$	(0.18	)	$	(1.48	)	$	(2.53	)	$	(5.15	)	$	(5.33	)
Private equities realized gains (losses), after-tax	$	705
Impact of Private equities on Core operating income per share - Favorable	$	1.61
(1)   Realized gains (losses) on partially-owned entities, which are investments where we hold more than an insignificant percentage of the investee’s shares. The net income or loss is included in other income (expense).
P&C Underwriting income and P&C CAY underwriting income ex Cats
The following table presents the reconciliation of Net income to P&C CAY underwriting income ex Cats:
	3Q-21			2Q-21			1Q-21			4Q-20			3Q-20			YTD 2021			YTD 2020			Full Year 2020
Net income, as reported	$	1,833		$	2,265		$	2,300		$	2,418		$	1,194		$	6,398		$	1,115		$	3,533
Less: Income tax expense		(218	)		(317	)		(338	)		(334	)		(142	)		(873	)		(295	)		(629	)
Amortization expense of purchased intangibles		(71	)		(73	)		(72	)		(73	)		(72	)		(216	)		(217	)		(290	)
Other income (expense)		763			777			490			622			485			2,030			372			994
Interest expense		(122	)		(122	)		(122	)		(126	)		(130	)		(366	)		(390	)		(516	)
Net investment income		866			884			863			847			840			2,613			2,528			3,375
Net realized gains (losses)		(21	)		(33	)		887			571			(141	)		833			(1,069	)		(498	)
Life Insurance underlying income (loss) (1)		9			(39	)		(31	)		(55	)		(37	)		(61	)		(57	)		(112	)
Add: Realized gains (losses) on crop derivatives		(10	)		3			(1	)		3			1			(8	)		(2	)		1
P&C underwriting income	$	617		$	1,191		$	622		$	969		$	392		$	2,430		$	241		$	1,210
Add: Catastrophe losses (including reinstatement premiums) - pre-tax		1,146			280			700			296			925			2,126			2,963			3,259
Favorable prior period development (PPD) - pre-tax		(321	)		(268	)		(192	)		(206	)		(146	)		(781	)		(189	)		(395	)
P&C CAY underwriting income ex Cats	$	1,442		$	1,203		$	1,130		$	1,059		$	1,171		$	3,775		$	3,015		$	4,074

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

Reconciliation Non-GAAP 2 Page 30

Chubb Limited

Non-GAAP Financial Measures - 3

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

Core operating ROE

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

	3Q-21			3Q-20			YTD 2021			YTD 2020			Full Year 2020
Net income	$	1,833		$	1,194		$	6,398		$	1,115		$	3,533
Core operating income	$	1,157		$	907		$	3,920		$	1,873		$	3,313
Equity - beginning of period, as reported	$	60,062		$	54,760		$	59,441		$	55,259		$	55,259
Less: unrealized gains (losses) on investments, net of deferred tax		3,342			3,424			4,673			2,543			2,543
Equity - beginning of period, as adjusted	$	56,720		$	51,336		$	54,768		$	52,716		$	52,716
Less: goodwill and other intangible assets, net of tax	$	19,930		$	19,783		$	19,916		$	20,012		$	20,012
Equity - beginning of period, as adjusted ex goodwill and other intangible assets	$	36,790		$	31,553		$	34,852		$	32,704		$	32,704
Equity - end of period, as reported	$	59,318		$	56,413		$	59,318		$	56,413		$	59,441
Less: unrealized gains (losses) on investments, net of deferred tax		2,886			3,967			2,886			3,967			4,673
Equity - end of period, as adjusted	$	56,432		$	52,446		$	56,432		$	52,446		$	54,768
Less: goodwill and other intangible assets, net of tax		19,723			19,802			19,723			19,802			19,916
Equity - end of period, as adjusted ex goodwill and other intangible assets	$	36,709		$	32,644		$	36,709		$	32,644		$	34,852
Weighted average equity, as reported	$	59,690		$	55,587		$	59,380		$	55,836		$	57,350
Weighted average equity, as adjusted	$	56,576		$	51,891		$	55,600		$	52,581		$	53,742
Weighted average equity, as adjusted ex goodwill and other intangible assets	$	36,750		$	32,099		$	35,781		$	32,674		$	33,778
ROE		12.3	%		8.6	%		14.4	%		2.7	%		6.2	%
Core operating ROE		8.2	%		7.0	%		9.4	%		4.7	%		6.2	%
Core operating ROTE		12.6	%		11.3	%		14.6	%		7.6	%		9.8	%
Private equities realized gains (losses), after-tax (1)	$	705		$	428		$	1,841		$	223		$	690
Impact of Private equities if included in Core operating ROE - Favorable (1)		5.0 pts			3.3 pts			4.4 pts			0.6 pt			1.3 pts
Reconciliation of Book Value and Tangible Book Value per Share, excluding mark-to-market
	September 30 2021			June 30 2021			December 31 2020			QTD % Change			YTD % Change
Book value	$	59,318		$	60,062		$	59,441
Less: unrealized gains (losses) on investments, net of deferred tax		2,886			3,342			4,673
Book value excluding mark-to-market		56,432			56,720			54,768
Less: goodwill and other intangible assets, net of tax		19,723			19,930			19,916
Tangible book value excluding mark-to-market	$	36,709		$	36,790		$	34,852
Denominator		430,876,252			438,717,213			450,732,625
Book value per share excluding mark-to-market	$	130.97		$	129.29		$	121.51			1.3	%		7.8	%
Tangible book value per share excluding mark-to-market	$	85.20		$	83.86		$	77.32			1.6	%		10.2	%

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

Reconciliation Non-GAAP 3 Page 31

Chubb Limited

Non-GAAP Financial Measures - 4

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio

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

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

Q3 2021		North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C
Numerator
Losses and loss expenses
Losses and loss expenses		$	2,754		$	846		$	1,128		$	1,487		$	192		$	43		$	6,450
Realized (gains) losses on crop derivatives			—			—			10			—			—			—			10
Adjusted losses and loss expenses	A	$	2,754		$	846		$	1,138		$	1,487		$	192		$	43		$	6,460
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(472	)		(397	)		(8	)		(188	)		(81	)		—			(1,146	)
Reinstatement premiums collected (expensed) on catastrophe losses			—			—			—			—			12			—			12
Catastrophe losses, gross of related adjustments			(472	)		(397	)		(8	)		(188	)		(93	)		—			(1,158	)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			157			182			(7	)		28			4			(43	)		321
Net premiums earned adjustments on PPD - unfavorable (favorable)			56			—			—			—			—			—			56
Expense adjustments - unfavorable (favorable)			3			—			—			—			—			—			3
PPD reinstatement premiums - unfavorable (favorable)			—			(2	)		—			—			3			—			1
PPD, gross of related adjustments - favorable (unfavorable)			216			180			(7	)		28			7			(43	)		381
CAY loss and loss expense ex Cats	B	$	2,498		$	629		$	1,123		$	1,327		$	106		$	—		$	5,683
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	810		$	327		$	65		$	969		$	64		$	99		$	2,334
Expense adjustments - favorable (unfavorable)			(3	)		—			—			—			—			—			(3	)
Policy acquisition costs and administrative expenses, adjusted	D	$	807		$	327		$	65		$	969		$	64		$	99		$	2,331
Denominator
Net premiums earned	E	$	3,954		$	1,244		$	1,338		$	2,664		$	211					$	9,411
Reinstatement premiums (collected) expensed on catastrophe losses			—			—			—			—			(12	)					(12	)
Net premiums earned adjustments on PPD - unfavorable (favorable)			56			—			—			—			—						56
PPD reinstatement premiums - unfavorable (favorable)			—			(2	)		—			—			3						1
Net premiums earned excluding adjustments	F	$	4,010		$	1,242		$	1,338		$	2,664		$	202					$	9,456
P&C combined ratio
Loss and loss expense ratio	A/E		69.7	%		68.0	%		85.0	%		55.8	%		91.2	%					68.6	%
Policy acquisition cost and administrative expense ratio	C/E		20.4	%		26.3	%		4.9	%		36.4	%		30.2	%					24.8	%
P&C combined ratio			90.1	%		94.3	%		89.9	%		92.2	%		121.4	%					93.4	%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		62.3	%		50.7	%		84.0	%		49.8	%		52.0	%					60.1	%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.1	%		26.3	%		4.9	%		36.4	%		31.5	%					24.7	%
CAY P&C combined ratio ex Cats			82.4	%		77.0	%		88.9	%		86.2	%		83.5	%					84.8	%
Combined ratio
Combined ratio																					93.3	%
Add: impact of gains and losses on crop derivatives																					0.1	%
P&C combined ratio																					93.4	%

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

Reconciliation Non-GAAP 4 Page 32

Chubb Limited

Non-GAAP Financial Measures - 5

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)

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

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

Reconciliation Non-GAAP 5 Page 33

Chubb Limited

Non-GAAP Financial Measures - 6

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)

Q3 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		$	2,444		$	961		$	846		$	1,192		$	154		$	55		$	5,652
Realized (gains) losses on crop derivatives			—			—			(1	)		—			—			—			(1	)
Adjusted losses and loss expenses	A	$	2,444		$	961		$	845		$	1,192		$	154		$	55		$	5,651
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(447	)		(305	)		(10	)		(95	)		(68	)		—			(925	)
Reinstatement premiums collected (expensed) on catastrophe losses			—			—			—			—			7			—			7
Catastrophe losses, gross of related adjustments			(447	)		(305	)		(10	)		(95	)		(75	)		—			(932	)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			200			(48	)		(18	)		60			6			(54	)		146
Net premiums earned adjustments on PPD - unfavorable (favorable)			28			—			—			—			—			—			28
Expense adjustments - unfavorable (favorable)			(1	)		—			—			—			(2	)		—			(3	)
PPD reinstatement premiums - unfavorable (favorable)			—			(8	)		—			—			—			—			(8	)
PPD, gross of related adjustments - favorable (unfavorable)			227			(56	)		(18	)		60			4			(54	)		163
CAY loss and loss expense ex Cats	B	$	2,224		$	600		$	817		$	1,157		$	83		$	1		$	4,882
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	732		$	313		$	61		$	897		$	49		$	71		$	2,123
Expense adjustments - favorable (unfavorable)			1			—			—			—			2			—			3
Policy acquisition costs and administrative expenses, adjusted	D	$	733		$	313		$	61		$	897		$	51		$	71		$	2,126
Denominator
Net premiums earned	E	$	3,456		$	1,231		$	971		$	2,337		$	171					$	8,166
Reinstatement premiums (collected) expensed on catastrophe losses			—			—			—			—			(7	)					(7	)
Net premiums earned adjustments on PPD - unfavorable (favorable)			28			—			—			—			—						28
PPD reinstatement premiums - unfavorable (favorable)			—			(8	)		—			—			—						(8	)
Net premiums earned excluding adjustments	F	$	3,484		$	1,223		$	971		$	2,337		$	164					$	8,179
P&C combined ratio
Loss and loss expense ratio	A/E		70.7	%		78.1	%		87.1	%		51.0	%		89.6	%					69.2	%
Policy acquisition cost and administrative expense ratio	C/E		21.2	%		25.4	%		6.2	%		38.4	%		28.7	%					26.0	%
P&C combined ratio			91.9	%		103.5	%		93.3	%		89.4	%		118.3	%					95.2	%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		63.8	%		49.2	%		84.2	%		49.5	%		49.7	%					59.7	%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		21.1	%		25.6	%		6.2	%		38.4	%		31.1	%					26.0	%
CAY P&C combined ratio ex Cats			84.9	%		74.8	%		90.4	%		87.9	%		80.8	%					85.7	%
Combined ratio
Combined ratio																					95.2	%
Add: impact of gains and losses on crop derivatives																					0.0	%
P&C combined ratio																					95.2	%

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

Reconciliation Non-GAAP 6 Page 34

Chubb Limited

Non-GAAP Financial Measures - 7

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)

YTD 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		$	8,123		$	2,406		$	1,221		$	3,935		$	314		$	342		$	16,341
Realized (gains) losses on crop derivatives			—			—			2			—			—			—			2
Adjusted losses and loss expenses	A	$	8,123		$	2,406		$	1,223		$	3,935		$	314		$	342		$	16,343
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(1,838	)		(436	)		(24	)		(584	)		(81	)		—			(2,963	)
Reinstatement premiums collected (expensed) on catastrophe losses			(3	)		(1	)		—			(16	)		7			—			(13	)
Catastrophe losses, gross of related adjustments			(1,835	)		(435	)		(24	)		(568	)		(88	)		—			(2,950	)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			451			(48	)		(4	)		100			29			(339	)		189
Net premiums earned adjustments on PPD - unfavorable (favorable)			32			—			3			—			—			—			35
Expense adjustments - unfavorable (favorable)			(1	)		—			—			—			(2	)		—			(3	)
PPD reinstatement premiums - unfavorable (favorable)			—			(8	)		—			—			(1	)		—			(9	)
PPD, gross of related adjustments - favorable (unfavorable)			482			(56	)		(1	)		100			26			(339	)		212
CAY loss and loss expense ex Cats	B	$	6,770		$	1,915		$	1,198		$	3,467		$	252		$	3		$	13,605
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	2,203		$	923		$	108		$	2,662		$	155		$	214		$	6,265
Expense adjustments - favorable (unfavorable)			1			—			—			—			2			—			3
Policy acquisition costs and administrative expenses, adjusted	D	$	2,204		$	923		$	108		$	2,662		$	157		$	214		$	6,268
Denominator
Net premiums earned	E	$	10,427		$	3,623		$	1,441		$	6,838		$	520					$	22,849
Reinstatement premiums (collected) expensed on catastrophe losses			3			1			—			16			(7	)					13
Net premiums earned adjustments on PPD - unfavorable (favorable)			32			—			3			—			—						35
PPD reinstatement premiums - unfavorable (favorable)			—			(8	)		—			—			(1	)					(9	)
Net premiums earned excluding adjustments	F	$	10,462		$	3,616		$	1,444		$	6,854		$	512					$	22,888
P&C combined ratio
Loss and loss expense ratio	A/E		77.9	%		66.4	%		84.9	%		57.6	%		60.3	%					71.5	%
Policy acquisition cost and administrative expense ratio	C/E		21.1	%		25.5	%		7.4	%		38.9	%		29.8	%					27.4	%
P&C combined ratio			99.0	%		91.9	%		92.3	%		96.5	%		90.1	%					98.9	%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		64.7	%		53.0	%		83.0	%		50.6	%		49.0	%					59.4	%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		21.1	%		25.5	%		7.4	%		38.8	%		30.7	%					27.4	%
CAY P&C combined ratio ex Cats			85.8	%		78.5	%		90.4	%		89.4	%		79.7	%					86.8	%
Combined ratio
Combined ratio																					98.9	%
Add: impact of gains and losses on crop derivatives																					0.0	%
P&C combined ratio																					98.9	%

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

Reconciliation Non-GAAP 7 Page 35

Chubb Limited

Glossary

Chubb Limited Consolidated comprises all segments including Corporate.

P&C combined ratio: The sum of the loss and loss expense ratio, policy acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the crop derivatives.

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

Tangible book value per common share: Shareholders’ equity less goodwill and other intangible assets, net of tax, divided by the shares outstanding.

Average market yield of fixed maturities: Weighted average yield to maturity of our fixed income portfolio based on the market prices of the holdings as of that date.

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

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

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 36

XML

Document and Entity Information	Oct. 26, 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	Oct. 26, 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