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 24, 2023

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 0.50 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 24, 2023, Chubb Limited issued a Press Release reporting its third quarter 2023 results and the availability of its third quarter 2023 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 24, 2023, Reporting Third Quarter 2023 Results
99.2	Third Quarter 2023 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 24, 2023

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 Record

Core Operating Income of $4.95 Each, Up 161.9% and 58.1%,

Respectively; Consolidated Net Premiums Written of $13.1 Billion,

Up 9.1%, with Global P&C Up 12.3%; P&C Combined Ratio of 88.4%;

Year-to-Date Net Income Per Share of $13.79, Up 48.9%, and Record

Core Operating Income Per Share of $14.27, Up 27.5%

● Net income and core operating income were each $2.04 billion, up 157.8% and 55.4%, respectively. For the nine months, net income was $5.73 billion, up 45.5%, and core operating income was a record $5.93 billion, up 24.7%.

● P&C net premiums written in the quarter were up 8.4%. Global P&C, which excludes Agriculture, was up 12.3%, with commercial insurance up 10.3% and consumer insurance up 17.6%. North America was up 8.9%, including growth of 9.6% in personal insurance and 8.7% in commercial insurance with P&C lines up 10.5% and financial lines up 1.1%. Overseas General was up 21.4%, with growth of 28.4% in consumer insurance and 17.0% in commercial insurance. The consolidation of Huatai P&C contributed 2.2 percentage points and 7.5 percentage points to Global P&C and Overseas General net premiums written growth, respectively.

● Agriculture net premiums written declined 11.7%, primarily reflecting the timing of premium recognition this year versus last year. For the nine months, Agriculture net premiums written increased 2.3%.

● P&C underwriting income in the quarter was $1.31 billion, up 83.8%, with a combined ratio of 88.4%. P&C current accident year underwriting income excluding catastrophe losses was a record $1.78 billion, with a combined ratio of 84.3%.

● Global P&C underwriting income, which excludes Agriculture, was $1.20 billion, up 117.2%, with a combined ratio of 87.6%. Global P&C current accident year underwriting income excluding catastrophe losses was a record $1.66 billion, with a combined ratio of 83.0%.

● Agriculture underwriting income was $105 million, with a combined ratio of 93.2% in the quarter, bringing the year-to-date combined ratio to 91.7%. The combined ratio in the quarter increased 2.6 percentage points, as the company trued up its loss estimates to reflect its projected profit and loss for the current crop year. Estimated development for the current crop year was recognized this quarter compared to the fourth quarter in the prior year.

● Life Insurance net premiums written increased 14.9%. International life insurance net premiums written were $1.21 billion, up 19.7%. Life Insurance segment income was $288 million. The consolidation of Huatai Life contributed 14.8 percentage points growth to International Life net premiums written.

● Pre-tax net investment income in the quarter was $1.31 billion, up 34.2%, and adjusted net investment income was $1.41 billion, up 34.2%. Both were records.

● Annualized return on equity (ROE) was 15.5% and annualized core operating ROE was 13.5%. Annualized core operating return on tangible equity (ROTE) was 21.2%.

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

Chubb Limited News Release

Effective July 1, 2023, the company increased its aggregate ownership interest in Huatai Group (Huatai) to 69.6% and applied consolidation accounting beginning in the third quarter. In this release, business activity for, and the financial position of, Huatai is reported at 100%, as required, except for core operating income, net income, book value, tangible book value, ROE, per share data, and certain other key metrics, which include only the company’s ownership interest and exclude the non-controlling interest. For a summary of the financial impact of Huatai, refer to page 37 in the Q3 2023 Chubb Limited Financial Supplement.

ZURICH – October 24, 2023 – Chubb Limited (NYSE: CB) today reported net income and core operating income for the quarter ended September 30, 2023 of $2.04 billion each, or $4.95 per share. Book value per share and tangible book value per share decreased 0.3% and 10.2%, respectively, from June 30, 2023, and now stand at $128.37 and $70.89, respectively. Book value benefited from a one-time after-tax net realized and unrealized gain of $727 million, principally reflecting the discontinuation of the equity method of accounting upon the consolidation of Huatai. Book value was unfavorably impacted by after-tax net realized and unrealized losses of $2.18 billion in the company’s investment portfolio, principally due to the mark-to-market impact of rising interest rates in the fixed income portfolio. In addition, tangible book value included the adverse impact of $3.17 billion after-tax for Chubb’s portion of goodwill and other intangible assets related to the consolidation of Huatai. Book value per share and tangible book value per share excluding AOCI increased 2.6% and decreased 4.2%, respectively, from June 30, 2023.

Chubb Limited

Third Quarter Summary

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

(Unaudited)

			As Adjusted						As Adjusted
							(Per Share)
	2023		2022		Change		2023		2022		Change
Net income		$2,043		$792		157.8%		$4.95		$1.89		161.9%
Cigna integration expenses and other, net of tax		12		17		(29.4)%		0.02		0.04		(50.0)%
Adjusted net realized (gains) losses, net of tax		(46)		574		NM		(0.10)		1.37		NM
Market risk benefits (gains) losses, net of tax		32		(69)		NM		0.08		(0.17)		NM
Core operating income, net of tax		$2,041		$1,314		55.4%		$4.95		$3.13		58.1%
Annualized return on equity (ROE)		15.5%		6.4%
Core operating return on tangible equity (ROTE)		21.2%		14.1%
Core operating ROE		13.5%		9.2%

“As Adjusted”: Financial data for 2022 is adjusted, as applicable, and presented in accordance with the LDTI U.S. GAAP guidance adopted on 1/1/2023. Refer to page 8 for additional information.

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

Chubb Limited News Release

For the nine months ended September 30, 2023, net income was $5.73 billion, or $13.79 per share, and core operating income was $5.93 billion, or $14.27 per share. Book value per share increased 5.4% and tangible book value per share decreased 2.2% from December 31, 2022. Book value was unfavorably impacted by after-tax net realized and unrealized losses of $1.7 billion in the company’s investment portfolio. In addition, tangible book value included the adverse impact of $3.17 billion after tax for Chubb’s portion of goodwill and other intangible assets related to the consolidation of Huatai. Book value per share and tangible book value per share excluding AOCI increased 7.0% and increased 2.0%, respectively, from December 31, 2022.

Chubb Limited

Nine Months Ended Summary

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

(Unaudited)

			As Adjusted						As Adjusted
							(Per Share)
	2023		2022		Change		2023		2022		Change
Net income		$5,728		$3,935		45.5%		$13.79		$9.26		48.9%
Cigna integration expenses and other, net of tax		42		33		27.3%		0.10		0.08		25.0%
Adjusted net realized (gains) losses, net of tax		3		872		NM		0.01		2.05		NM
Market risk benefits (gains) losses, net of tax		154		(85)		NM		0.37		(0.20)		NM
Core operating income, net of tax		$5,927		$4,755		24.7%		$14.27		$11.19		27.5%
Annualized return on equity (ROE)		14.8%		9.9%
Core operating return on tangible equity (ROTE)		21.1%		17.1%
Core operating ROE		13.3%		11.1%

For the nine months ended September 30, 2023 and 2022, the tax expenses (benefits) related to the table above were $(164) million and $(110) million, respectively, for adjusted net realized gains and losses; and $1.36 billion and $1.03 billion, respectively, for core operating income.

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “We had another outstanding quarter which contributed to a record nine months. Our performance in the quarter included double-digit Global P&C premium revenue growth, world-class P&C underwriting results, record net investment income, and strong life operating income. Over $2 billion of core operating income led to per-share earnings growth of 58.1% for the quarter and 27.5% for the year. Annualized core operating ROE was 13.5%, with a return on tangible equity of 21.2%. In the quarter, we increased our ownership in Huatai Group, now at 72%, and consolidated results, which were accretive to EPS and ROE.

“P&C underwriting income of $1.3 billion this quarter was up almost 84%. Our underwriting results were driven by strong P&C earned premium growth, excellent current accident year underwriting margins inclusive of catastrophe losses, and favorable prior period reserve development in both North America and Overseas General. The published calendar year combined ratio was 88.4% while the Global P&C current accident year combined ratio excluding CATs was 83%.

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

Chubb Limited News Release

“Adjusted net investment income of $1.4 billion was up $361 million, or 34%, over prior year. Our investment income continues to grow quickly as we reinvest our strong cash flow at higher rates and compound income in our predominantly fixed-income, relatively short-duration portfolio. Our operating cash flow this quarter was a record $4.7 billion.

“Global P&C premium growth was 12.3%, with commercial lines up 10.3% and consumer lines up 17.6%. In North America commercial, property and casualty premiums were up 10.5% while financial lines were up 1%. Our very large U.S. middle market business had its best growth of the year at 16.3%. Our market-leading high-net-worth personal lines business had another outstanding quarter with growth of 9.6%. Our Overseas General division had a great quarter with premiums up 21.4%, including double-digit growth in Europe, Asia Pacific, and Latin America. Huatai contributed 7.5 percentage points to Overseas General’s growth. In our Asia-focused international life business, premiums were up nearly 20%, including the impact of Huatai.

“In aggregate, rates and price increases in our commercial P&C lines of business remained strong in the quarter globally. Pricing was up 13.9% in North America and 11.7% in our international business. Financial lines pricing was down in North America and up modestly overseas. In North America and Overseas General, P&C pricing exceeded loss cost trends, which were stable in the quarter. We are vigilant and disciplined and are staying on top of loss cost inflation.

“We are confident in our ability to continue growing revenue and operating earnings, which in turn drive EPS, through the three engines of P&C underwriting income, investment income, and life income.”

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

Chubb Limited News Release

Operating highlights for the quarter ended September 30, 2023 were as follows:

			As Adjusted
Chubb Limited	Q3		Q3
(in millions of U.S. dollars except for percentages)	2023		2022		Change
Consolidated
Net premiums written (increase of 8.4% in constant dollars)	$	13,104	$	12,012		9.1%
P&C
Net premiums written (increase of 7.6% in constant dollars)	$	11,652	$	10,747		8.4%
Underwriting income	$	1,305	$	710		83.8%
Combined ratio		88.4%		93.1%
Current accident year underwriting income excluding catastrophe losses	$	1,775	$	1,646		7.8%
Current accident year combined ratio excluding catastrophe losses		84.3%		84.0%
Global P&C (excludes Agriculture)
Net premiums written (increase of 11.2% in constant dollars)	$	10,131	$	9,024		12.3%
Underwriting income	$	1,200	$	552		117.2%
Combined ratio		87.6%		93.6%
Current accident year underwriting income excluding catastrophe losses	$	1,661	$	1,448		14.6%
Current accident year combined ratio excluding catastrophe losses		83.0%		83.2%
Life Insurance
Net premiums written (increase of 15.2% in constant dollars)	$	1,452	$	1,265		14.9%
Segment income (increase of 14.7% in constant dollars)	$	288	$	252		14.8%

• Consolidated net premiums earned increased 9.9%, or 9.0% in constant dollars. P&C net premiums earned increased 9.2%, or 8.1% in constant dollars.

• Operating cash flow was a record $4.68 billion for the quarter.

• Total pre-tax and after-tax P&C catastrophe losses, net of reinsurance and including reinstatement premiums, were $670 million (6.0 percentage points of the combined ratio) and $544 million, respectively, compared with $1.16 billion (11.3 percentage points of the combined ratio) and $949 million, respectively, last year.

• Total pre-tax and after-tax favorable prior period development were $200 million and $116 million, respectively, compared with $222 million and $162 million, respectively, last year.

• Total capital returned to shareholders in the quarter was $958 million, including share repurchases of $606 million at an average purchase price of $205.44 per share, and dividends of $352 million.

• On October 1, 2023, the company increased its ownership in Huatai with the closing of an incremental 2.5% interest, bringing its total aggregate interest in Huatai to 72.1%. The company expects the ownership to increase further during the fourth quarter.

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

Chubb Limited News Release

• In the third quarter, Huatai contributed 2.9 percentage points to consolidated net premiums written growth. Huatai was accretive to third quarter 2023 results as follows: $0.12, or 2.5%, to core operating income per share; 1.3 percentage points to book value per share and 0.3 percentage points to core operating return on equity.

• On July 1, 2023, the consolidation of Huatai added $5.05 billion pre-tax to goodwill and other intangible assets, of which $3.52 billion pre-tax, or $3.23 billion after tax, is attributable to Chubb which resulted in dilution of tangible book value per share excluding AOCI of 7.5 percentage points. The company expects to earn back goodwill and other intangible assets in less than five months.

Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended September 30, 2023 are presented below: 

			As Adjusted
Chubb Limited	Q3		Q3
(in millions of U.S. dollars except for percentages)	2023		2022		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	$	8,180	$	7,837		4.4%
Combined ratio		87.1%		90.7%
Current accident year combined ratio excluding catastrophe losses		83.0%		82.4%
North America Commercial P&C Insurance
Net premiums written	$	5,132	$	4,722		8.7%
Major accounts retail and excess and surplus (E&S) wholesale	$	3,075	$	2,869		7.2%
Middle market and small commercial	$	2,057	$	1,853		11.0%
Combined ratio		84.2%		90.9%
Current accident year combined ratio excluding catastrophe losses		81.1%		81.1%
North America Personal P&C Insurance
Net premiums written	$	1,527	$	1,392		9.6%
Combined ratio		90.3%		90.1%
Current accident year combined ratio excluding catastrophe losses		78.9%		79.5%
North America Agricultural Insurance
Net premiums written	$	1,521	$	1,723		(11.7)%
Combined ratio		93.2%		90.6%
Current accident year combined ratio excluding catastrophe losses		92.7%		88.2%
Overseas General Insurance
Net premiums written (increase of 17.3% in constant dollars)	$	3,211	$	2,645		21.4%
Commercial P&C (increase of 14.6% in constant dollars)	$	1,901	$	1,625		17.0%
Consumer P&C (increase of 21.4% in constant dollars)	$	1,310	$	1,020		28.4%
Combined ratio		87.0%		88.5%
Current accident year combined ratio excluding catastrophe losses		84.8%		85.1%
Life Insurance
Net premiums written (increase of 15.2% in constant dollars)	$	1,452	$	1,265		14.9%
Segment income (increase of 14.7% in constant dollars)	$	288	$	252		14.8%

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

Chubb Limited News Release

• North America Commercial P&C Insurance: Net premiums written increased 8.7% with P&C lines up 10.5% and financial lines were up 1.1%. The combined ratio decreased 6.7 percentage points, primarily reflecting lower catastrophe losses. The current accident year combined ratio excluding catastrophe losses was flat year-over-year, reflecting a 0.4 percentage point decrease in the loss ratio and a 0.4 percentage point increase in the expense ratio primarily from higher pension expenses reflecting financial market conditions at the time of valuation late in 2022.

• North America Personal P&C Insurance: The combined ratio increased 0.2 percentage points, primarily reflecting higher catastrophe losses and lower favorable prior period development. The current accident year combined ratio excluding catastrophe losses decreased 0.6 percentage point, including a 1.2 percentage point decrease in the loss ratio and a 0.6 percentage point increase in the expense ratio. The increase in the expense ratio is primarily from higher pension expenses as noted above.

• Overseas General Insurance: The combined ratio decreased 1.5 percentage points reflecting higher favorable prior period development in the quarter. The current accident year combined ratio excluding catastrophe losses decreased 0.3 percentage point, including a 1.1 percentage point decrease in the expense ratio and a 0.8 percentage point increase in the loss ratio in part from both mix of business and higher losses in automobile.

• Life Insurance: Segment income was $288 million, up 14.8%, including earnings from Huatai and higher net investment income.

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, 2023, 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 25, 2023 beginning at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 877-400-4403 (within the United States) or 332-251-2601 (international), passcode 1641662. Please refer to the Chubb website under Events and Presentations for details. A replay will be available after the call at the same location. To listen to the replay, please click here to register and receive dial-in numbers.

“As Adjusted”: Effective January 1, 2023, the company adopted the Long-Duration Targeted Improvements (LDTI) U.S. GAAP guidance, which principally impacted the Life Insurance segment. LDTI requires more frequent updating of assumptions and a standardized discount rate for long-duration contracts, a requirement to use the fair value measurement model for policies with market risk benefits, and amortization of deferred acquisition costs on a constant level basis. Under LDTI, the company’s reinsurance programs covering variable annuity guarantees (principally guaranteed minimum death benefits and guaranteed minimum income benefits) meet the definition of market-risk benefits (MRB) and are measured at fair value and are now reported within “Market risk benefits” in the financial statements. The impact to 2022 results was immaterial.

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 40,000 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.

Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from certain acquisitions of $9 million and $6 million in Q3 2023 and Q3 2022, respectively, and including investment income of $92 million and $69 million in Q3 2023 and Q3 2022, respectively, from partially owned investment companies (private equity partnerships) where our ownership interest is in excess of 3% that are accounted for under the equity method. The amortization of the fair value adjustment on acquired invested assets was $14 million and $36 million for the nine months ended September 30, 2023 and 2022, respectively, and the investment income from private equity partnerships was $276 million and $180 million for the nine months ended September 30, 2023 and 2022, respectively. The mark-to-market movement on these private equity partnerships are included in adjusted net realized gains (losses) as described below. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.

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

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

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

Core operating income, net of tax, relates only to Chubb income, which excludes noncontrolling interests. It excludes from Chubb net income attributable to Chubb the after-tax impact of adjusted net realized gains (losses), market risk benefit gains (losses), Cigna integration expenses, the amortization of fair value adjustment of acquired invested assets and long-term debt related to certain acquisitions. 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 fair value adjustments on purchased invested assets and long-term debt related to certain acquisitions due to the size and complexity of these acquisitions. We also exclude Cigna integration expenses, which are incurred by the overall company and are included in

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

Chubb Limited News Release

Corporate. These expenses include legal and professional fees and all other costs directly related to the integration activities of the Cigna acquisition. The costs are not related to the on-going activities of the individual segments and are therefore also excluded from our definition of segment income. We believe these integration expenses are not indicative of our underlying profitability, and excluding these integration expenses facilitates the comparison of our financial results to our historical operating results. References to core operating income measures mean net of tax, whether or not noted.

Core operating return on equity (ROE) and Core operating return on tangible equity (ROTE) are annualized non-GAAP financial measures. The numerator includes core operating income (loss), net of tax. The denominator includes the average Chubb shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, current discount rate on future policy benefits (FPB), and instrument-specific credit risk on MRB, net of tax. For the ROTE calculation, the denominator is also adjusted to exclude Chubb goodwill and other intangible assets, net of tax. These measures enhance the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity and tangible equity excluding the effect of unrealized gains and losses on our investments that are heavily influenced by available market opportunities. We believe ROTE is meaningful because it measures the performance of our operations without the impact of goodwill and other intangible assets.

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

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

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

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

Book value per share and tangible book value per share excluding accumulated other comprehensive income (loss) (AOCI), excludes AOCI from the numerator because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates and foreign currency movement, to highlight underlying growth in book and tangible book value.

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

NM - not meaningful comparison

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, the timing of Huatai ownership increases, 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)

			As Adjusted
	September 30  2023		December 31  2022
Assets
Investments	$	129,961	$	113,551
Cash		2,586		2,012
Insurance and reinsurance balances receivable		13,907		11,933
Reinsurance recoverable on losses and loss expenses		19,750		18,859
Goodwill and other intangible assets ($24,900 represents Chubb portion as of 9/30/2023)		26,398		21,669
Other assets		30,146		30,993
Total assets	$	222,748	$	199,017
Liabilities
Unpaid losses and loss expenses	$	79,705	$	75,747
Unearned premiums		22,684		19,713
Other liabilities		62,855		53,038
Total liabilities		165,244		148,498
Shareholders’ equity
Chubb shareholders’ equity, excl. AOCI		63,891		60,704
Accumulated other comprehensive income (loss) (AOCI)		(11,518)		(10,185)
Chubb shareholders’ equity		52,373		50,519
Noncontrolling interests		5,131		-
Total shareholders’ equity		57,504		50,519
Total liabilities and shareholders’ equity	$	222,748	$	199,017
Book value per common share	$	128.37	$	121.85
Tangible book value per common share	$	70.89	$	72.51
Book value per common share, excl. AOCI	$	156.60	$	146.42
Tangible book value per common share, excl. AOCI	$	96.83	$	94.90

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 September 30				Nine Months Ended September 30
			As Adjusted				As Adjusted
	2023		2022		2023		2022
Gross premiums written	$	15,996	$	15,006	$	43,880	$	39,538
Net premiums written		13,104		12,012		35,765		31,494
Net premiums earned		12,674		11,530		33,815		29,816
Losses and loss expenses		7,106		7,063		17,937		16,833
Policy benefits		938		707		2,565		1,441
Policy acquisition costs		2,178		1,970		6,142		5,415
Administrative expenses		1,060		883		2,959		2,479
Net investment income		1,314		979		3,566		2,689
Net realized gains (losses)		(103)		(456)		(484)		(936)
Market risk benefits gains (losses)		(32)		69		(154)		85
Interest expense		174		150		499		416
Other income (expense):
Gains (losses) from separate account assets		(19)		(67)		(56)		(116)
Other		173		(135)		606		125
Amortization of purchased intangibles		84		69		226		211
Cigna integration expenses		14		23		51		26
Income tax expense		413		263		1,189		907
Net income	$	2,040	$	792	$	5,725	$	3,935
Less: noncontrolling interests income		(3)		-		(3)		-
Chubb net income	$	2,043	$	792	$	5,728	$	3,935
Diluted earnings per share:
Chubb net income	$	4.95	$	1.89	$	13.79	$	9.26
Core operating income	$	4.95	$	3.13	$	14.27	$	11.19
Weighted average shares outstanding		412.6		419.6		415.4		425.0
P&C combined ratio
Loss and loss expense ratio		64.0%		69.6%		60.9%		62.0%
Policy acquisition cost ratio		16.9%		16.6%		17.8%		17.7%
Administrative expense ratio		7.5%		6.9%		8.1%		7.8%
P&C combined ratio		88.4%		93.1%		86.8%		87.5%
P&C underwriting income	$	1,305	$	710	$	3,943	$	3,434

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, 2023

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
	- Product Line		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
	- Accounting Adoption		36
	- Appendix		37
	- Glossary		38

New U.S. GAAP Accounting Standard Adopted in 2023

Effective January 1, 2023, the company adopted the Long-Duration Targeted Improvements (LDTI) U.S. GAAP guidance, which principally impacted the Life Insurance segment. Financial data for the prior reporting periods in this report are adjusted, as applicable, and are presented in accordance with the new guidance.

As Adjusted results: results for prior periods presented in this report are in accordance with the new guidance.

Refer to page 36 in this financial supplement for more details.

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.

			As Adjusted										As Adjusted
	Three months ended September 30						Constant $ 2022		Constant $   % Change		Nine months ended September 30						Constant $   2022		Constant $   % Change
	2023		2022		% Change						2023		2022		% Change
Gross premiums written	$	15,996	$	15,006		6.6%	$	15,100		5.9%	$	43,880	$	39,538		11.0%	$	39,397		11.4%
Net premiums written	$	13,104	$	12,012		9.1%	$	12,092		8.4%	$	35,765	$	31,494		13.6%	$	31,375		14.0%
P&C net premiums written	$	11,652	$	10,747		8.4%	$	10,831		7.6%	$	31,750	$	29,091		9.1%	$	28,991		9.5%
Global P&C net premiums written	$	10,131	$	9,024		12.3%	$	9,108		11.2%	$	29,169	$	26,568		9.8%	$	26,468		10.2%
Life Insurance net premiums written	$	1,452	$	1,265		14.9%	$	1,261		15.2%	$	4,015	$	2,403		67.1%	$	2,384		68.4%
Net premiums earned	$	12,674	$	11,530		9.9%	$	11,631		9.0%	$	33,815	$	29,816		13.4%	$	29,746		13.7%
P&C underwriting income	$	1,305	$	710		83.8%	$	727		79.5%	$	3,943	$	3,434		14.8%	$	3,416		15.4%
P&C CAY underwriting income ex Cats	$	1,775	$	1,646		7.8%	$	1,658		7.0%	$	4,875	$	4,507		8.2%	$	4,484		8.7%
Adjusted net investment income	$	1,415	$	1,054		34.2%	$	1,059		33.5%	$	3,856	$	2,905		32.7%	$	2,902		32.9%
Core operating income	$	2,041	$	1,314		55.4%	$	1,327		53.8%	$	5,927	$	4,755		24.7%	$	4,732		25.3%
Net investment income	$	1,314	$	979		34.2%	$	984		33.5%	$	3,566	$	2,689		32.6%	$	2,686		32.8%
Chubb net income	$	2,043	$	792		157.8%					$	5,728	$	3,935		45.5%
Operating cash flow	$	4,680	$	3,434							$	9,446	$	8,600
P&C combined ratio
Loss and loss expense ratio		64.0%		69.6%								60.9%		62.0%
Policy acquisition cost and administrative expense ratio		24.4%		23.5%								25.9%		25.5%
Combined ratio		88.4%		93.1%								86.8%		87.5%
P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)
CAY loss and loss expense ratio ex Cats		60.1%		60.6%								58.0%		58.4%
CAY policy acquisition cost and administrative expense ratio ex Cats		24.2%		23.4%								25.7%		25.3%
CAY combined ratio ex Cats		84.3%		84.0%								83.7%		83.7%
ROE		15.5%		6.4%								14.8%		9.9%
Core operating return on tangible equity (ROTE)		21.2%		14.1%								21.1%		17.1%
Core operating return on equity (ROE)		13.5%		9.2%								13.3%		11.1%
Effective tax rate		16.8%		24.9%								17.2%		18.7%
Core operating effective tax rate		18.8%		19.4%								18.6%		17.8%
Diluted earnings per share
Chubb net income	$	4.95	$	1.89		161.9%					$	13.79	$	9.26		48.9%
Core operating income	$	4.95	$	3.13		58.1%					$	14.27	$	11.19		27.5%
Weighted average basic common shares outstanding		409.5		416.5								412.1		421.3
Weighted average diluted common shares outstanding		412.6		419.6								415.4		425.0
					% Change		As Adjusted		% Change
	September 30 2023		June 30 2023		3Q-23 vs. 2Q-23		December 31  2022		3Q-23 vs. 4Q-22
Book value per common share	$	128.37	$	128.75		-0.3%	$	121.85		5.4%
Tangible book value per common share	$	70.89	$	78.97		-10.2%	$	72.51		-2.2%
Book value per common share, excl. AOCI	$	156.60	$	152.66		2.6%	$	146.42		7.0%
Tangible book value per common share, excl. AOCI	$	96.83	$	101.03		-4.2%	$	94.90		2.0%

Financial Highlights Page 1

Chubb Limited

Statement of Operations - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

										As Adjusted									As Adjusted
Consolidated Statements of Operations	3Q-23			2Q-23			1Q-23			4Q-22			3Q-22			YTD 2023			YTD 2022			Full Year 2022
Gross premiums written	$	15,996		$	14,880		$	13,004		$	12,440		$	15,006		$	43,880		$	39,538		$	51,978
Net premiums written		13,104			11,951			10,710			10,226			12,012			35,765			31,494			41,720
Net premiums earned		12,674			10,999			10,142			10,544			11,530			33,815			29,816			40,360
Adjusted losses and loss expenses (1)		7,113			5,678			5,149			5,741			7,082			17,940			16,842			22,583
Realized (gains) losses on crop derivatives		7			(5	)		1			2			19			3			9			11
Losses and loss expenses		7,106			5,683			5,148			5,739			7,063			17,937			16,833			22,572
Adjusted policy benefits (2)		957			842			822			799			774			2,621			1,557			2,356
Gains (losses) from fair value changes in separate account liabilities		19			12			25			(74	)		67			56			116			42
Policy benefits		938			830			797			873			707			2,565			1,441			2,314
Policy acquisition costs		2,178			2,016			1,948			1,924			1,970			6,142			5,415			7,339
Administrative expenses		1,060			969			930			916			883			2,959			2,479			3,395
Adjusted net investment income (3)		1,415			1,241			1,200			1,118			1,054			3,856			2,905			4,023
Other (income) expense from private equity partnerships		(92	)		(93	)		(91	)		(60	)		(69	)		(276	)		(180	)		(240	)
Amortization expense of fair value adjustment on acquired invested assets		(9	)		(3	)		(2	)		(5	)		(6	)		(14	)		(36	)		(41	)
Net investment income		1,314			1,145			1,107			1,053			979			3,566			2,689			3,742
Adjusted realized gains (losses) (4)		(96	)		(309	)		(76	)		(147	)		(437	)		(481	)		(927	)		(1,074	)
Realized gains (losses) on crop derivatives		(7	)		5			(1	)		(2	)		(19	)		(3	)		(9	)		(11	)
Net realized gains (losses)		(103	)		(304	)		(77	)		(149	)		(456	)		(484	)		(936	)		(1,085	)
Market risk benefits gains (losses)		(32	)		(7	)		(115	)		(5	)		69			(154	)		85			80
Adjusted interest expense (5)		179			170			165			159			156			514			432			591
Amortization benefit of fair value adjustment on acquired long term debt		(5	)		(5	)		(5	)		(5	)		(6	)		(15	)		(16	)		(21	)
Interest expense		174			165			160			154			150			499			416			570
Gains (losses) from fair value changes in separate account assets		(19	)		(12	)		(25	)		74			(67	)		(56	)		(116	)		(42	)
Net realized gains (losses) related to unconsolidated entities		59			(9	)		238			(207	)		(184	)		288			(55	)		(262	)
Other income (expense) from private equity partnerships		92			93			91			60			69			276			180			240
Other income (expense) - operating		22			28			(8	)		(25	)		(20	)		42			-			(25	)
Other income (expense)		154			100			296			(98	)		(202	)		550			9			(89	)
Amortization expense of purchased intangibles		84			70			72			74			69			226			211			285
Cigna integration expenses		14			15			22			22			23			51			26			48
Income tax expense		413			392			384			332			263			1,189			907			1,239
Net income	$	2,040		$	1,793		$	1,892		$	1,311		$	792		$	5,725		$	3,935		$	5,246
Less: NCI income (loss)		(3	)		-			-			-			-			(3	)		-			-
Chubb net income	$	2,043		$	1,793		$	1,892		$	1,311		$	792		$	5,728		$	3,935		$	5,246

(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-23			2Q-23			1Q-23			4Q-22			3Q-22			YTD 2023			YTD 2022			Full Year 2022
P&C underwriting income (Including Corporate and excluding Life Insurance)
Gross premiums written	$	14,467		$	13,538		$	11,645		$	11,158		$	13,663		$	39,650		$	36,985		$	48,143
Net premiums written		11,652			10,681			9,417			9,021			10,747			31,750			29,091			38,112
Net premiums earned		11,232			9,743			8,878			9,359			10,286			29,853			27,491			36,850
Adjusted losses and loss expenses		7,093			5,643			5,117			5,734			7,055			17,853			16,764			22,498
Adjusted policy benefits		91			137			110			76			108			338			282			358
Policy acquisition costs		1,899			1,739			1,675			1,676			1,704			5,313			4,878			6,554
Administrative expenses		844			799			763			752			709			2,406			2,133			2,885
P&C underwriting income	$	1,305		$	1,425		$	1,213		$	1,121		$	710		$	3,943		$	3,434		$	4,555
P&C CAY underwriting income ex Cats	$	1,775		$	1,625		$	1,475		$	1,354		$	1,646		$	4,875		$	4,507		$	5,861
% Change versus prior year period
Net premiums written		8.4%			9.8%			9.3%			5.9%			8.5%			9.1%			8.3%			7.7%
Net premiums earned		9.2%			8.1%			8.3%			7.5%			9.3%			8.6%			8.9%			8.5%
Net premiums written constant $		7.6%			10.4%			11.0%			9.8%			11.2%			9.5%			10.5%			10.3%
Net premiums earned constant $		8.1%			8.7%			9.8%			11.3%			12.3%			8.8%			11.2%			11.2%
P&C combined ratio
Loss and loss expense ratio		64.0%			59.3%			58.9%			62.1%			69.6%			60.9%			62.0%			62.0%
Policy acquisition cost ratio		16.9%			17.9%			18.8%			17.9%			16.6%			17.8%			17.7%			17.8%
Administrative expense ratio		7.5%			8.2%			8.6%			8.0%			6.9%			8.1%			7.8%			7.8%
Combined ratio		88.4%			85.4%			86.3%			88.0%			93.1%			86.8%			87.5%			87.6%
CAY P&C combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		60.1%			57.4%			55.9%			59.9%			60.6%			58.0%			58.4%			58.8%
CAY policy acquisition cost and administrative expense ratio ex Cats		24.2%			25.9%			27.5%			25.7%			23.4%			25.7%			25.3%			25.4%
CAY combined ratio ex Cats		84.3%			83.3%			83.4%			85.6%			84.0%			83.7%			83.7%			84.2%
Other ratios
Net premiums written/gross premiums written		81%			79%			81%			81%			79%			80%			79%			79%
Expense ratio		24.4%			26.1%			27.4%			25.9%			23.5%			25.9%			25.5%			25.6%
Expense ratio excluding A&H		22.6%			24.3%			25.7%			24.2%			21.6%			24.1%			23.8%			23.9%
Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	-		$	-		$	-		$	(6	)	$	55		$	-		$	55		$	49
Catastrophe losses - pre-tax	$	670		$	400		$	458		$	394		$	1,213		$	1,528		$	1,837		$	2,231
Favorable prior period development (PPD) - pre-tax	$	(200	)	$	(200	)	$	(196	)	$	(167	)	$	(222	)	$	(596	)	$	(709	)	$	(876	)
Impact of catastrophe losses on P&C combined ratio - Unfavorable		6.0%			4.1%			5.1%			4.2%			11.3%			5.1%			6.5%			5.9%
Impact of PPD on P&C combined ratio - Favorable		-1.9%			-2.0%			-2.2%			-1.8%			-2.2%			-2.0%			-2.7%			-2.5%
Impact of Cats and PPD on P&C combined ratio - Unfavorable		4.1%			2.1%			2.9%			2.4%			9.1%			3.1%			3.8%			3.4%

P&C Results Page 3

Chubb Limited

Global P&C Underwriting Results - Consecutive Quarters

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

(Unaudited)

Global P&C includes the company’s North America Commercial P&C Insurance segment (refer to page 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-23			2Q-23			1Q-23			4Q-22			3Q-22			YTD   2023			YTD   2022			Full Year   2022
Global P&C underwriting income
Gross premiums written	$	12,063		$	12,449		$	11,240		$	10,662		$	11,121		$	35,752		$	33,069		$	43,731
Net premiums written		10,131			9,914			9,124			8,637			9,024			29,169			26,568			35,205
Net premiums earned		9,692			9,108			8,719			8,738			8,613			27,519			25,274			34,012
Adjusted losses and loss expenses		5,737			5,136			4,977			5,007			5,611			15,850			14,934			19,941
Adjusted policy benefits		91			137			110			76			108			338			282			358
Policy acquisition costs		1,823			1,702			1,660			1,661			1,636			5,185			4,767			6,428
Administrative expenses		841			796			760			766			706			2,397			2,129			2,895
Global P&C underwriting income	$	1,200		$	1,337		$	1,212		$	1,228		$	552		$	3,749		$	3,162		$	4,390
Global P&C CAY underwriting income ex Cats	$	1,661		$	1,545		$	1,450		$	1,493		$	1,448		$	4,656		$	4,200		$	5,693
% Change versus prior year period
Net premiums written		12.3	%		10.2	%		6.7	%		4.8	%		6.3	%		9.8	%		7.3	%		6.7	%
Net premiums earned		12.5	%		7.9	%		6.0	%		6.2	%		6.7	%		8.9	%		8.1	%		7.6	%
Net premiums written constant $		11.2	%		10.9	%		8.3	%		8.8	%		9.4	%		10.2	%		9.7	%		9.5	%
Net premiums earned constant $		11.2	%		8.6	%		7.5	%		10.2	%		10.2	%		9.1	%		10.6	%		10.5	%
Combined ratio
Loss and loss expense ratio		60.1	%		57.9	%		58.3	%		58.2	%		66.4	%		58.8	%		60.2	%		59.7	%
Policy acquisition cost ratio		18.8	%		18.7	%		19.1	%		19.0	%		19.0	%		18.9	%		18.9	%		18.9	%
Administrative expense ratio		8.7	%		8.7	%		8.7	%		8.7	%		8.2	%		8.7	%		8.4	%		8.5	%
Combined ratio		87.6	%		85.3	%		86.1	%		85.9	%		93.6	%		86.4	%		87.5	%		87.1	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		55.7	%		55.8	%		55.6	%		55.4	%		56.1	%		55.7	%		56.2	%		56.0	%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.3	%		27.3	%		27.8	%		27.5	%		27.1	%		27.4	%		27.2	%		27.3	%
CAY combined ratio ex Cats		83.0	%		83.1	%		83.4	%		82.9	%		83.2	%		83.1	%		83.4	%		83.3	%
Other ratios
Net premiums written/gross premiums written		84	%		80	%		81	%		81	%		81	%		82	%		80	%		81	%
Expense ratio		27.5	%		27.4	%		27.8	%		27.7	%		27.2	%		27.6	%		27.3	%		27.4	%
Expense ratio excluding A&H		25.6	%		25.7	%		26.0	%		26.0	%		25.3	%		25.8	%		25.6	%		25.7	%
Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	-		$	-		$	-		$	(6	)	$	55		$	-		$	55		$	49
Catastrophe losses - pre-tax	$	652		$	405		$	434		$	382		$	1,182		$	1,491		$	1,785		$	2,167
Favorable prior period development (PPD) - pre-tax	$	(191	)	$	(197	)	$	(196	)	$	(123	)	$	(231	)	$	(584	)	$	(692	)	$	(815	)
Impact of catastrophe losses on combined ratio - Unfavorable		6.7	%		4.4	%		5.0	%		4.4	%		13.1	%		5.4	%		6.9	%		6.2	%
Impact of PPD on combined ratio - Favorable		-2.1	%		-2.2	%		-2.3	%		-1.4	%		-2.7	%		-2.1	%		-2.8	%		-2.4	%
Impact of Cats and PPD on combined ratio - Unfavorable		4.6	%		2.2	%		2.7	%		3.0	%		10.4	%		3.3	%		4.1	%		3.8	%

Global P&C Page 4

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)

										As Adjusted
	September 30 2023			June 30 2023			March 31 2023			December 31 2022
Assets
Short-term investments, at fair value	$	5,454		$	4,097		$	3,693		$	4,960
Fixed maturities available for sale, at fair value (1)		99,766			96,789			88,364			85,220
Fixed maturities held to maturity, at amortized cost (1)		-			-			8,425			8,848
Private debt held-for-investment, at amortized cost		2,401			-			-			-
Equity securities, at fair value		3,395			1,043			942			827
Private equities		13,362			13,288			12,805			12,355
Other investments		5,583			1,419			1,387			1,341
Total investments		129,961			116,636			115,616			113,551
Cash		2,586			2,285			2,288			2,012
Securities lending collateral		1,469			1,525			1,582			1,523
Insurance and reinsurance balances receivable		13,907			14,128			12,340			11,933
Reinsurance recoverable on losses and loss expenses		19,750			18,398			18,141			18,859
Deferred policy acquisition costs		6,856			6,666			6,296			6,031
Value of business acquired (VOBA)		3,675			3,575			3,603			3,702
Prepaid reinsurance premiums		3,514			3,599			3,166			3,136
Goodwill and other intangible assets ($24,900 represents Chubb portion as of 9/30/2023) (2)		26,398			21,642			21,539			21,669
Investments in partially-owned insurance companies (2)		188			3,542			3,728			2,507
Separate account assets		5,306			5,574			5,300			5,190
Other assets		9,138			7,878			7,816			8,904
Total assets	$	222,748		$	205,448		$	201,415		$	199,017
Liabilities
Unpaid losses and loss expenses	$	79,705		$	76,480		$	75,417		$	75,747
Unearned premiums		22,684			21,860			20,261			19,713
Future policy benefits		13,109			11,064			10,782			10,476
Market risk benefits		770			722			830			800
Policyholder account balances		7,178			3,215			3,178			3,140
Separate account liabilities		5,306			5,574			5,300			5,190
Insurance and reinsurance balances payable		8,481			8,429			7,778			7,780
Securities lending payable		1,469			1,525			1,582			1,523
Accounts payable, accrued expenses, and other liabilities		11,039			8,382			8,076			8,567
Deferred tax liabilities		759			533			541			377
Short-term and long-term debt		14,436			14,481			14,375			14,877
Trust preferred securities		308			308			308			308
Total liabilities		165,244			152,573			148,428			148,498
Shareholders’ equity
Chubb shareholders’ equity, excl. AOCI		63,891			62,697			61,882			60,704
Accumulated other comprehensive income (loss) (AOCI)		(11,518	)		(9,822	)		(8,895	)		(10,185	)
Chubb shareholders’ equity		52,373			52,875			52,987			50,519
Noncontrolling interests		5,131			-			-			-
Total shareholders’ equity		57,504			52,875			52,987			50,519
Total liabilities and shareholders’ equity	$	222,748		$	205,448		$	201,415		$	199,017
Book value per common share	$	128.37		$	128.75		$	127.94		$	121.85
% change over prior quarter		-0.3%			0.6%			5.0%			6.1%
Tangible book value per common share (3)	$	70.89		$	78.97		$	78.84		$	72.51
% change over prior quarter		-10.2%			0.2%			8.7%			8.9%
Book value per common share, excl. AOCI	$	156.60		$	152.66		$	149.42		$	146.42
% change over prior quarter		2.6%			2.2%			2.0%			1.6%
Tangible book value per common share, excl. AOCI	$	96.83		$	101.03		$	98.02		$	94.90
% change over prior quarter		-4.2%			3.1%			3.3%			2.4%

(1) The held-to-maturity portfolio was reclassified as available-for-sale effective June 30, 2023 to increase flexibility to execute on the company’s investment strategy.

(2) Q3 2023 includes embedded goodwill of $1.3 billion related to Huatai previously reported within Investments in partially-owned insurance companies on the Consolidated Balance Sheets as disclosed in the 2022 Form 10-K. This embedded goodwill increased to $2.0 billion at June 30, 2023, reflecting the additional shares that closed in the first half of 2023.

(3) Refer to page 28 in this financial supplement for more details.

Consol Bal Sheet Page 5

Chubb Limited

Consolidated Net Premiums Written by Product Line

(in millions of U.S. dollars)

(Unaudited)

			As Adjusted								As Adjusted
	3Q-23		3Q-22		% Change		Constant $  % Change		YTD 2023		YTD 2022		% Change		Constant $  % Change
Net premiums written
Commercial multiple peril (1)	$	398	$	341		16.9%		16.9%	$	1,129	$	972		16.2%		16.2%
Commercial casualty		2,332		2,167		7.6%		7.2%		6,259		5,777		8.3%		9.1%
Workers’ compensation		538		476		13.1%		13.1%		1,693		1,625		4.2%		4.2%
Financial lines		1,333		1,270		4.9%		4.5%		3,733		3,727		0.2%		0.9%
Surety		172		152		13.1%		10.0%		506		477		6.1%		5.0%
Property and other short-tail lines		2,082		1,756		18.5%		17.8%		6,453		5,503		17.3%		18.3%
Total Commercial P&C lines		6,855		6,162		11.2%		10.7%		19,773		18,081		9.4%		10.0%
Agriculture		1,521		1,723		-11.7%		-11.7%		2,581		2,523		2.3%		2.3%
Personal automobile		547		404		35.3%		26.7%		1,434		1,239		15.7%		10.8%
Personal homeowners		1,192		1,023		16.5%		16.6%		3,268		2,910		12.3%		12.8%
Personal other		474		451		5.3%		2.7%		1,466		1,406		4.3%		5.3%
Total Personal lines		2,213		1,878		17.9%		15.5%		6,168		5,555		11.0%		10.4%
Global A&H - P&C		802		719		11.4%		8.9%		2,397		2,152		11.4%		12.4%
Reinsurance lines		261		265		-1.4%		-1.8%		831		780		6.5%		6.9%
Total P&C	$	11,652	$	10,747		8.4%		7.6%	$	31,750	$	29,091		9.1%		9.5%
Life Insurance		1,452		1,265		14.9%		15.2%		4,015		2,403		67.1%		68.4%
Total Consolidated	$	13,104	$	12,012		9.1%		8.4%	$	35,765	$	31,494		13.6%		14.0%

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

Product Line Page 6

Chubb Limited

Consolidated Results - Three months ended September 30, 2023

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

(Unaudited)

	North America Commercial P&C			North America Personal P&C			North America Agricultural		Overseas General		Global					Total		Life		Total
Q3 2023		Insurance			Insurance		Insurance		Insurance		Reinsurance		Corporate			P&C		Insurance		Consolidated
Net premiums written		$	5,132		$	1,527	$	1,521	$	3,211	$	261	$	-		$	11,652	$	1,452	$	13,104
Net premiums earned			4,735			1,407		1,540		3,311		239		-			11,232		1,442		12,674
Adjusted losses and loss expenses			3,025			900		1,356		1,635		116		61			7,093		20		7,113
Adjusted policy benefits			-			-		-		91		-		-			91		866		957
Policy acquisition costs			640			287		76		827		69		-			1,899		279		2,178
Administrative expenses			323			84		3		327		9		98			844		216		1,060
Underwriting income (loss)			747			136		105		431		45		(159	)		1,305		61		1,366
Adjusted net investment income			780			94		12		248		47		23			1,204		211		1,415
Other income (expense) - operating			(6)			(2)		-		10		-		(8	)		(6)		28		22
Amortization expense of purchased intangibles			-			(3)		(6)		(19)		-		(44	)		(72)		(12)		(84	)
Segment income (loss)		$	1,521		$	225	$	111	$	670	$	92	$	(188	)	$	2,431	$	288	$	2,719
Combined ratio			84.2%			90.3%		93.2%		87.0%		81.3%					88.4%
CAY combined ratio ex Cats			81.1%			78.9%		92.7%		84.8%		78.8%					84.3%

Consol Results - QTD 2023 Page 7

Chubb Limited

Consolidated Results - Nine months ended September 30, 2023

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

(Unaudited)

	North America Commercial P&C				North America Personal P&C				North America Agricultural			Overseas General			Global						Total			Life			Total
YTD 2023		Insurance				Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C			Insurance			Consolidated
Net premiums written		$	14,575			$	4,404		$	2,581		$	9,359		$	831		$	-		$	31,750		$	4,015		$	35,765
Net premiums earned			13,710				4,084			2,334			9,005			720			-			29,853			3,962			33,815
Adjusted losses and loss expenses			8,625				2,634			2,003			4,139			319			133			17,853			87			17,940
Adjusted policy benefits			-				-			-			338			-			-			338			2,283			2,621
Policy acquisition costs			1,867				836			128			2,286			196			-			5,313			829			6,142
Administrative expenses			934				247			9			899			27			290			2,406			553			2,959
Underwriting income (loss)			2,284				367			194			1,343			178			(423	)		3,943			210			4,153
Adjusted net investment income			2,204				262			43			636			144			42			3,331			525			3,856
Other income (expense) - operating			(18	)			(2	)		-			29			1			(37	)		(27	)		69			42
Amortization expense of purchased intangibles			-				(8	)		(19	)		(52	)		-			(129	)		(208	)		(18	)		(226	)
Segment income (loss)		$	4,470			$	619		$	218		$	1,956		$	323		$	(547	)	$	7,039		$	786		$	7,825
Combined ratio			83.3	%			91.0	%		91.7	%		85.1	%		75.3	%					86.8	%
CAY combined ratio ex Cats			81.0	%			80.0	%		90.6	%		85.0	%		78.0	%					83.7	%

Consol Results - YTD 2023 Page 8

Chubb Limited

Consolidated Results - Three months ended September 30, 2022

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

(Unaudited)

																As Adjusted						As Adjusted
Q3 2022	North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C			Life Insurance			Total Consolidated
Net premiums written	$	4,722		$	1,392		$	1,723		$	2,645		$	265		$	-		$	10,747		$	1,265		$	12,012
Net premiums earned		4,283			1,334			1,673			2,741			255			-			10,286			1,244			11,530
Adjusted losses and loss expenses		3,036			857			1,444			1,333			311			74			7,055			27			7,082
Adjusted policy benefits		-			-			-			108			-			-			108			666			774
Policy acquisition costs		583			274			68			720			59			-			1,704			266			1,970
Administrative expenses		272			71			3			264			8			91			709			174			883
Underwriting income (loss)		392			132			158			316			(123	)		(165	)		710			111			821
Adjusted net investment income		589			76			9			151			71			11			907			147			1,054
Other income (expense) - operating		(6	)		(1	)		(1	)		2			-			(10	)		(16	)		(4	)		(20	)
Amortization expense of purchased intangibles		-			(2	)		(7	)		(12	)		-			(46	)		(67	)		(2	)		(69	)
Segment income (loss)	$	975		$	205		$	159		$	457		$	(52	)	$	(210	)	$	1,534		$	252		$	1,786
Combined ratio		90.9	%		90.1	%		90.6	%		88.5	%		148.4	%					93.1	%
CAY combined ratio ex Cats		81.1	%		79.5	%		88.2	%		85.1	%		83.0	%					84.0	%

Consol Results - QTD 2022 Page 9

Chubb Limited

Consolidated Results - Nine months ended September 30, 2022

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

(Unaudited)

																As Adjusted						As Adjusted
YTD 2022	North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C			Life Insurance			Total Consolidated
Net premiums written	$	13,426		$	3,998		$	2,523		$	8,364		$	780		$	-		$	29,091		$	2,403		$	31,494
Net premiums earned		12,645			3,852			2,217			8,065			712			-			27,491			2,325			29,816
Adjusted losses and loss expenses		7,979			2,343			1,830			3,772			565			275			16,764			78			16,842
Adjusted policy benefits		-			-			-			282			-			-			282			1,275			1,557
Policy acquisition costs		1,701			792			111			2,096			178			-			4,878			537			5,415
Administrative expenses		814			213			4			811			27			264			2,133			346			2,479
Underwriting income (loss)		2,151			504			272			1,104			(58	)		(539	)		3,434			89			3,523
Adjusted net investment income		1,600			199			23			460			232			32			2,546			359			2,905
Other income (expense) - operating		(12	)		(3	)		(1	)		(3	)		(1	)		(18	)		(38	)		38			-
Amortization expense of purchased intangibles		-			(7	)		(20	)		(40	)		-			(137	)		(204	)		(7	)		(211	)
Segment income (loss)	$	3,739		$	693		$	274		$	1,521		$	173		$	(662	)	$	5,738		$	479		$	6,217
Combined ratio		83.0%			86.9%			87.8%			86.3%			108.2%						87.5%
CAY combined ratio ex Cats		81.2%			79.6%			87.1%			85.6%			81.0%						83.7%

Consol Results - YTD 2022 Page 10

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Commercial P&C Insurance

	3Q-23			2Q-23			1Q-23			4Q-22			3Q-22			YTD  2023			YTD  2022			Full Year  2022
Gross premiums written	$	6,131		$	6,611		$	5,316		$	5,718		$	5,937		$	18,058		$	17,147		$	22,865
Net premiums written		5,132			5,155			4,288			4,463			4,722			14,575			13,426			17,889
Net premiums earned		4,735			4,606			4,369			4,462			4,283			13,710			12,645			17,107
Losses and loss expenses		3,025			2,871			2,729			2,849			3,036			8,625			7,979			10,828
Policy acquisition costs		640			614			613			612			583			1,867			1,701			2,313
Administrative expenses		323			316			295			299			272			934			814			1,113
Underwriting income		747			805			732			702			392			2,284			2,151			2,853
Adjusted net investment income		780			726			698			647			589			2,204			1,600			2,247
Other income (expense) - operating		(6	)		(5	)		(7	)		(5	)		(6	)		(18	)		(12	)		(17	)
Segment income	$	1,521		$	1,526		$	1,423		$	1,344		$	975		$	4,470		$	3,739		$	5,083
CAY underwriting income ex Cats	$	909		$	890		$	822		$	859		$	824		$	2,621		$	2,393		$	3,252
Combined ratio
Loss and loss expense ratio		63.9%			62.3%			62.5%			63.8%			70.9%			62.9%			63.1%			63.3%
Policy acquisition cost ratio		13.5%			13.3%			14.0%			13.8%			13.6%			13.6%			13.5%			13.5%
Administrative expense ratio		6.8%			6.9%			6.7%			6.7%			6.4%			6.8%			6.4%			6.5%
Combined ratio		84.2%			82.5%			83.2%			84.3%			90.9%			83.3%			83.0%			83.3%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		61.1%			60.7%			60.5%			60.8%			61.5%			60.8%			61.5%			61.3%
CAY policy acquisition cost and administrative expense ratio ex Cats (1)		20.0%			20.0%			20.7%			20.0%			19.6%			20.2%			19.7%			19.8%
CAY combined ratio ex Cats		81.1%			80.7%			81.2%			80.8%			81.1%			81.0%			81.2%			81.1%
Catastrophe reinstatement premiums expensed - pre-tax	$	-		$	-		$	-		$	(1	)	$	-		$	-		$	-		$	(1	)
Catastrophe losses - pre-tax	$	246		$	231		$	162		$	157		$	598		$	639		$	803		$	960
Favorable prior period development (PPD) - pre-tax	$	(84	)	$	(146	)	$	(72	)	$	(1	)	$	(166	)	$	(302	)	$	(561	)	$	(562	)
% Change versus prior year period
Net premiums written		8.7%			10.5%			6.2%			8.9%			8.1%			8.6%			9.0%			9.0%
Net premiums earned		10.6%			8.4%			6.2%			10.7%			8.3%			8.4%			10.6%			10.6%
Other ratios
Net premiums written/gross premiums written		84%			78%			81%			78%			80%			81%			78%			78%
Production by Size - Net premiums written (2)
Major Accounts & Specialty	$	3,075		$	3,307		$	2,483		$	2,682		$	2,869		$	8,865		$	8,100		$	10,782
Commercial		2,057			1,848			1,805			1,781			1,853			5,710			5,326			7,107
Total	$	5,132		$	5,155		$	4,288		$	4,463		$	4,722		$	14,575		$	13,426		$	17,889

(1) Q3 and YTD 2023 includes the adverse impact of 0.4 percentage points for both periods, reflecting higher year-over-year pension expenses from unfavorable market condition.

(2) 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-23			2Q-23			1Q-23			4Q-22			3Q-22			YTD  2023			YTD  2022			Full Year  2022
Gross premiums written	$	1,750		$	1,811		$	1,483		$	1,515		$	1,575		$	5,044		$	4,551		$	6,066
Net premiums written		1,527			1,581			1,296			1,315			1,392			4,404			3,998			5,313
Net premiums earned		1,407			1,357			1,320			1,328			1,334			4,084			3,852			5,180
Losses and loss expenses		900			846			888			843			857			2,634			2,343			3,186
Policy acquisition costs		287			277			272			265			274			836			792			1,057
Administrative expenses		84			84			79			78			71			247			213			291
Underwriting income		136			150			81			142			132			367			504			646
Net investment income		94			86			82			84			76			262			199			283
Other income (expense) - operating		(2	)		1			(1	)		(1	)		(1	)		(2	)		(3	)		(4	)
Amortization expense of purchased intangibles		(3	)		(3	)		(2	)		(3	)		(2	)		(8	)		(7	)		(10	)
Segment income	$	225		$	234		$	160		$	222		$	205		$	619		$	693		$	915
CAY underwriting income ex Cats	$	297		$	264		$	257		$	305		$	273		$	818		$	786		$	1,091
Combined ratio
Loss and loss expense ratio		63.9%			62.4%			67.3%			63.5%			64.2%			64.5%			60.8%			61.5%
Policy acquisition cost ratio		20.4%			20.4%			20.6%			19.9%			20.6%			20.5%			20.6%			20.4%
Administrative expense ratio		6.0%			6.1%			6.0%			5.9%			5.3%			6.0%			5.5%			5.6%
Combined ratio		90.3%			88.9%			93.9%			89.3%			90.1%			91.0%			86.9%			87.5%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		52.4%			54.0%			53.9%			51.3%			53.6%			53.4%			53.5%			52.9%
CAY policy acquisition cost and administrative expense ratio ex Cats (1)		26.5%			26.5%			26.7%			25.8%			25.9%			26.6%			26.1%			26.0%
CAY combined ratio ex Cats		78.9%			80.5%			80.6%			77.1%			79.5%			80.0%			79.6%			78.9%
Catastrophe reinstatement premiums expensed - pre-tax	$	-		$	-		$	-		$	(2	)	$	-		$	-		$	-		$	(2	)
Catastrophe losses - pre-tax	$	280		$	147		$	159		$	160		$	274		$	586		$	469		$	629
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(119	)	$	(33	)	$	17		$	1		$	(133	)	$	(135	)	$	(187	)	$	(186	)
% Change versus prior year period
Net premiums written		9.6%			10.8%			9.9%			5.9%			7.1%			10.1%			6.3%			6.2%
Net premiums earned		5.5%			6.7%			5.9%			5.1%			7.2%			6.0%			5.5%			5.4%
Other ratios
Net premiums written/gross premiums written		87%			87%			87%			87%			88%			87%			88%			88%

(1) Q3 and YTD 2023 includes the adverse impact of 0.5 percentage points for both periods, reflecting higher year-over-year pension expenses from unfavorable market condition.

NA Personal Page 12

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Agricultural Insurance

	3Q-23			2Q-23			1Q-23			4Q-22			3Q-22			YTD  2023			YTD  2022			Full Year  2022
Gross premiums written	$	2,404		$	1,089		$	405		$	496		$	2,542		$	3,898		$	3,916		$	4,412
Net premiums written		1,521			767			293			384			1,723			2,581			2,523			2,907
Net premiums earned		1,540			635			159			621			1,673			2,334			2,217			2,838
Adjusted losses and loss expenses		1,356			507			140			727			1,444			2,003			1,830			2,557
Policy acquisition costs		76			37			15			15			68			128			111			126
Administrative expenses		3			3			3			(14	)		3			9			4			(10	)
Underwriting income (loss)		105			88			1			(107	)		158			194			272			165
Net investment income		12			14			17			13			9			43			23			36
Other income (expense) - operating		-			1			(1	)		-			(1	)		-			(1	)		(1	)
Amortization expense of purchased intangibles		(6	)		(7	)		(6	)		(6	)		(7	)		(19	)		(20	)		(26	)
Segment income (loss)	$	111		$	96		$	11		$	(100	)	$	159		$	218		$	274		$	174
CAY underwriting income (loss) ex Cats	$	114		$	80		$	25		$	(139	)	$	198		$	219		$	307		$	168
Combined ratio
Loss and loss expense ratio		88.1%			79.7%			88.5%			117.1%			86.3%			85.8%			82.5%			90.1%
Policy acquisition cost ratio		4.9%			5.9%			9.3%			2.4%			4.1%			5.5%			5.1%			4.4%
Administrative expense ratio		0.2%			0.6%			1.4%			-2.3%			0.2%			0.4%			0.2%			-0.3%
Combined ratio		93.2%			86.2%			99.2%			117.2%			90.6%			91.7%			87.8%			94.2%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats (1)		87.5%			80.9%			73.1%			122.0%			84.0%			84.7%			82.2%			90.5%
CAY policy acquisition cost and administrative expense ratio ex Cats		5.2%			6.5%			10.8%			0.1%			4.2%			5.9%			4.9%			3.9%
CAY combined ratio ex Cats		92.7%			87.4%			83.9%			122.1%			88.2%			90.6%			87.1%			94.4%
Unfavorable (favorable) Catastrophe losses - pre-tax	$	18		$	(5	)	$	24		$	12		$	31		$	37		$	52		$	64
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(9	)	$	(3	)	$	-		$	(44	)	$	9		$	(12	)	$	(17	)	$	(61	)
% Change versus prior year period
Net premiums written (1)		-11.7%			4.0%			NM			37.9%			21.8%			2.3%			19.6%			21.7%
Net premiums earned		-8.0%			11.0%			NM			29.5%			25.0%			5.3%			19.3%			21.4%
Other ratios
Net premiums written/gross premiums written		63%			70%			72%			77%			68%			66%			64%			66%

(1) Q3 2023 net premiums written declined 11.7%, primarily reflecting the timing of premium recognition this year versus last year. The loss ratio in the quarter increased as the company trued-up its loss estimates to reflect its projections for the current crop year. Estimated development for the current crop year was recognized this quarter compared to the fourth quarter in the prior year.

NA Agriculture Page 13

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

Overseas General Insurance
	3Q-23			2Q-23			1Q-23			4Q-22			3Q-22			YTD  2023			YTD  2022			Full Year  2022
Gross premiums written	$	3,897		$	3,677		$	4,131		$	3,249		$	3,313		$	11,705		$	10,456		$	13,705
Net premiums written		3,211			2,885			3,263			2,696			2,645			9,359			8,364			11,060
Net premiums earned		3,311			2,908			2,786			2,738			2,741			9,005			8,065			10,803
Losses and loss expenses		1,635			1,267			1,237			1,122			1,333			4,139			3,772			4,894
Adjusted policy benefits		91			137			110			76			108			338			282			358
Policy acquisition costs		827			746			713			722			720			2,286			2,096			2,818
Administrative expenses		327			292			280			259			264			899			811			1,070
Underwriting income		431			466			446			559			316			1,343			1,104			1,663
Adjusted net investment income		248			200			188			166			151			636			460			626
Other income (expense) - operating		10			10			9			1			2			29			(3	)		(2	)
Amortization expense of purchased intangibles		(19	)		(15	)		(18	)		(17	)		(12	)		(52	)		(40	)		(57	)
Segment income	$	670		$	661		$	625		$	709		$	457		$	1,956		$	1,521		$	2,230
CAY underwriting income ex Cats	$	502		$	431		$	416		$	416		$	409		$	1,349		$	1,164		$	1,580
Combined ratio
Loss and loss expense ratio		52.1%			48.3%			48.4%			43.7%			52.6%			49.7%			50.3%			48.6%
Policy acquisition cost ratio		25.0%			25.7%			25.6%			26.4%			26.3%			25.4%			26.0%			26.1%
Administrative expense ratio		9.9%			10.0%			10.0%			9.5%			9.6%			10.0%			10.0%			9.9%
Combined ratio		87.0%			84.0%			84.0%			79.6%			88.5%			85.1%			86.3%			84.6%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		50.0%			49.5%			49.4%			49.0%			49.2%			49.7%			49.5%			49.4%
CAY policy acquisition cost and administrative expense ratio ex Cats		34.8%			35.7%			35.7%			35.8%			35.9%			35.3%			36.1%			36.0%
CAY combined ratio ex Cats		84.8%			85.2%			85.1%			84.8%			85.1%			85.0%			85.6%			85.4%
Catastrophe reinstatement premiums expensed - pre-tax	$	-		$	-		$	-		$	(3	)	$	-		$	-		$	-		$	(3	)
Catastrophe losses - pre-tax	$	120		$	26		$	113		$	64		$	98		$	259		$	298		$	362
Favorable prior period development (PPD) - pre-tax	$	(49	)	$	(61	)	$	(143	)	$	(210	)	$	(5	)	$	(253	)	$	(238	)	$	(448	)
% Change versus prior year period
Net premiums written		21.4%			9.3%			6.0%			-1.3%			1.9%			11.9%			4.8%			3.2%
Net premiums written - Commercial		17.0%			9.2%			6.2%			-0.9%			2.5%			10.5%			6.1%			4.3%
Net premiums written - Consumer		28.4%			9.3%			5.6%			-2.0%			1.1%			14.1%			2.7%			1.5%
Net premiums earned		20.8%			7.9%			6.0%			0.6%			2.9%			11.7%			4.5%			3.5%
Net premiums written constant $		17.3%			10.9%			10.0%			9.7%			11.7%			12.7%			12.0%			11.4%
Net premiums written - Commercial		14.6%			11.9%			10.8%			9.4%			11.0%			12.4%			12.6%			11.8%
Net premiums written - Consumer		21.4%			9.5%			8.6%			10.3%			12.7%			13.2%			11.0%			10.8%
Net premiums earned constant $		16.1%			9.2%			9.9%			12.0%			13.1%			11.9%			11.7%			11.8%
Other ratios: Net premiums written/gross premiums written		82%			78%			79%			83%			80%			80%			80%			81%
Production by Region - Net premiums written	3Q-23			3Q-22			% Change			Constant $ % Change			YTD 2023			YTD 2022			% Change			Constant $ % Change
Europe, Middle East and Africa	$	1,264		$	1,133			11.5%			7.5%		$	4,292		$	3,990			7.6%			9.4%
Latin America		695			565			23.0%			10.7%			1,969			1,719			14.5%			7.8%
Asia Pacific (1)		1,099			816			34.5%			35.9%			2,644			2,192			20.6%			24.3%
Japan		102			101			0.9%			5.5%			349			359			-2.8%			6.2%
Other (2)		51			30			77.7%			76.6%			105			104			1.8%			3.8%
Total	$	3,211		$	2,645			21.4%			17.3%		$	9,359		$	8,364			11.9%			12.7%

(1) Includes mainland China.

(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-23		2Q-23			1Q-23			4Q-22		3Q-22			YTD  2023			YTD  2022			Full Year  2022
Gross premiums written	$	285	$	350		$	310		$	180	$	296		$	945		$	915		$	1,095
Net premiums written		261		293			277			163		265			831			780			943
Net premiums earned		239		237			244			210		255			720			712			922
Losses and loss expenses		116		91			112			105		311			319			565			670
Policy acquisition costs		69		65			62			62		59			196			178			240
Administrative expenses		9		9			9			9		8			27			27			36
Underwriting income (loss)		45		72			61			34		(123	)		178			(58	)		(24	)
Adjusted net investment income		47		48			49			49		71			144			232			281
Other income (expense) - operating		-		-			1			-		-			1			(1	)		(1	)
Segment income (loss)	$	92	$	120		$	111		$	83	$	(52	)	$	323		$	173		$	256
CAY underwriting income ex Cats	$	51	$	56		$	53		$	35	$	34		$	160		$	124		$	159
Combined ratio
Loss and loss expense ratio		48.4%		38.7%			45.7%			49.6%		122.1%			44.3%			79.4%			72.6%
Policy acquisition cost ratio		29.1%		27.0%			25.6%			29.8%		22.9%			27.2%			25.0%			26.1%
Administrative expense ratio		3.8%		3.9%			3.8%			4.2%		3.4%			3.8%			3.8%			3.9%
Combined ratio		81.3%		69.6%			75.1%			83.6%		148.4%			75.3%			108.2%			102.6%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		45.9%		46.7%			49.0%			49.5%		49.6%			47.2%			49.8%			49.7%
CAY policy acquisition cost and administrative expense ratio ex Cats		32.9%		30.1%			29.4%			33.6%		33.4%			30.8%			31.2%			31.8%
CAY combined ratio ex Cats		78.8%		76.8%			78.4%			83.1%		83.0%			78.0%			81.0%			81.5%
Catastrophe reinstatement premiums collected - pre-tax	$	-	$	-		$	-		$	-	$	55		$	-		$	55		$	55
Catastrophe losses - pre-tax	$	6	$	1		$	-		$	1	$	212		$	7		$	215		$	216
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	-	$	(17	)	$	(8	)	$	-	$	-		$	(25	)	$	22		$	22
% Change versus prior year period
Net premiums written as reported		-1.4%		11.6%			9.4%			-4.6%		19.5%			6.5%			11.1%			8.0%
Net premiums earned as reported		-6.5%		6.7%			3.9%			-2.1%		20.9%			1.0%			22.0%			15.6%
Net premiums written constant $		-1.8%		12.4%			10.4%			-2.0%		21.8%			6.9%			12.2%			9.5%
Net premiums earned constant $		-7.1%		7.0%			5.0%			0.5%		23.9%			1.3%			24.2%			17.9%
Other ratios
Net premiums written/gross premiums written		91%		84%			89%			91%		89%			88%			85%			86%

Global Reinsurance Page 15

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

										As Adjusted									As Adjusted
Life Insurance																YTD			YTD			Full Year
	3Q-23			2Q-23			1Q-23			4Q-22			3Q-22			2023			2022			2022
Gross premiums written	$	1,529		$	1,342		$	1,359		$	1,282		$	1,343		$	4,230		$	2,553		$	3,835
Net premiums written		1,452			1,270			1,293			1,205			1,265			4,015			2,403			3,608
Net premiums earned		1,442			1,256			1,264			1,185			1,244			3,962			2,325			3,510
Losses and loss expenses		20			35			32			7			27			87			78			85
Adjusted policy benefits		866			705			712			723			666			2,283			1,275			1,998
Policy acquisition costs		279			277			273			248			266			829			537			785
Administrative expenses		216			170			167			164			174			553			346			510
Adjusted net investment income		211			161			153			150			147			525			359			509
Other income (expense) - operating (1)		28			26			15			(8	)		(4	)		69			38			30
Amortization expense of purchased intangibles		(12	)		(2	)		(4	)		(3	)		(2	)		(18	)		(7	)		(10	)
Segment income	$	288		$	254		$	244		$	182		$	252		$	786		$	479		$	661
% Change versus prior year period
Net premiums written		14.9%			126.1%			124.4%			93.9%			111.0%			67.1%			32.4%			48.1%
Net premiums earned		15.9%			132.9%			133.1%			98.0%			115.6%			70.4%			33.6%			50.1%
Net premiums written constant $		15.2%			127.6%			128.7%			102.9%			119.8%			68.4%			36.4%			53.1%
Net premiums earned constant $		16.2%			134.5%			137.2%			106.7%			124.4%			71.6%			37.7%			55.2%
International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses):
																As Adjusted
				As Adjusted						Constant $			YTD			YTD						Constant $
	3Q-23			3Q-22			% Change			% Change			2023			2022			% Change			% Change
International life insurance net premiums written	$	1,208		$	1,009			19.7%			19.9%		$	3,282		$	1,626			101.8%			103.1%
International life insurance deposits (2)		388			449			-13.4%			-10.2%			1,097			1,433			-23.4%			-18.8%
Total international life insurance net premiums written and deposits	$	1,596		$	1,458			9.5%			10.8%		$	4,379		$	3,059			43.2%			47.6%
International life insurance segment income	$	215		$	183			17.4%			16.8%		$	620		$	286			117.2%			119.2%

(1) Includes non-premium revenue and expenses unrelated to our core insurance operations from the management of third-party assets by Huatai’s asset management businesses.

(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)

										As Adjusted									As Adjusted
Corporate
	3Q-23			2Q-23			1Q-23			4Q-22			3Q-22			YTD  2023			YTD  2022			Full Year  2022
Gross premiums written	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Net premiums written		-			-			-			-			-			-			-			-
Net premiums earned		-			-			-			-			-			-			-			-
Adjusted loss and loss expenses		61			61			11			88			74			133			275			363
Policy acquisition costs		-			-			-			-			-			-			-			-
Administrative expenses		98			95			97			121			91			290			264			385
Underwriting loss		(159	)		(156	)		(108	)		(209	)		(165	)		(423	)		(539	)		(748	)
Adjusted net investment income		23			6			13			9			11			42			32			41
Other income (expense) - operating		(8	)		(5	)		(24	)		(12	)		(10	)		(37	)		(18	)		(30	)
Adjusted interest expense		(179	)		(170	)		(165	)		(159	)		(156	)		(514	)		(432	)		(591	)
Amortization expense of purchased intangibles		(44	)		(43	)		(42	)		(45	)		(46	)		(129	)		(137	)		(182	)
Cigna integration expenses		(14	)		(15	)		(22	)		(22	)		(23	)		(51	)		(26	)		(48	)
Amortization of fair value adjustment of acquired invested assets and long-term debt		(4	)		2			3			-			-			1			(20	)		(20	)
Adjusted net realized gains (losses)		(37	)		(318	)		162			(354	)		(621	)		(193	)		(982	)		(1,336	)
Market risk benefits gains (losses)		(32	)		(7	)		(115	)		(5	)		69			(154	)		85			80
Income tax expense		(413	)		(392	)		(384	)		(332	)		(263	)		(1,189	)		(907	)		(1,239	)
Less: NCI income (loss)		(3	)		-			-			-			-			(3	)		-			-
Net loss	$	(864	)	$	(1,098	)	$	(682	)	$	(1,129	)	$	(1,204	)	$	(2,644	)	$	(2,944	)	$	(4,073	)
Unfavorable prior period development (PPD) - pre-tax	$	61		$	60		$	10		$	87		$	73		$	131		$	272		$	359

Corporate Page 17

Chubb Limited

Loss Reserve Rollforward

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

(Unaudited)

	Unpaid Losses										Net Paid to
	Gross			Ceded			Net				Incurred Ratio
Balance at December 31, 2021	$	72,330		$	16,132		$	56,198
Losses and loss expenses incurred		5,991			1,427			4,564
Losses and loss expenses paid		(5,071	)		(909	)		(4,162	)			91%
Other (incl. foreign exch. revaluation)		(54	)		(57	)		3
Balance at March 31, 2022	$	73,196		$	16,593		$	56,603
Losses and loss expenses incurred		6,485			1,279			5,206
Losses and loss expenses paid		(5,445	)		(1,160	)		(4,285	)			82%
Other (incl. foreign exch. revaluation)		(788	)		(208	)		(580	)
Balance at June 30, 2022	$	73,448		$	16,504		$	56,944
Losses and loss expenses incurred		9,602			2,539			7,063
Losses and loss expenses paid		(6,769	)		(1,488	)		(5,281	)			75%
Other (incl. foreign exch. revaluation)		(945	)		(242	)		(703	)
Balance at September 30, 2022	$	75,336		$	17,313		$	58,023
Losses and loss expenses incurred		7,346			1,607			5,739
Losses and loss expenses paid		(7,885	)		(2,076	)		(5,809	)			101%
Other (incl. foreign exch. revaluation)		950			242			708
Balance at December 31, 2022	$	75,747		$	17,086		$	58,661
Losses and loss expenses incurred		6,306			1,158			5,148
Losses and loss expenses paid		(6,315	)		(1,599	)		(4,716	)			92%
Other (incl. foreign exch. revaluation)		(321	)		(125	)		(196	)
Balance at March 31, 2023	$	75,417		$	16,520		$	58,897
Losses and loss expenses incurred		7,174			1,491			5,683
Losses and loss expenses paid		(6,595	)		(1,520	)		(5,075	)			89%
Other (incl. foreign exch. revaluation)		484			117			367
Balance at June 30, 2023	$	76,480		$	16,608		$	59,872
Losses and loss expenses incurred		9,709			2,603			7,106
Losses and loss expenses paid		(6,921	)		(1,701	)		(5,220	)			73%
Other (incl. foreign exch. revaluation)		437			298			139
Balance at September 30, 2023	$	79,705		$	17,808		$	61,897
Add net recoverable on paid losses		-			1,942			(1,942	)
Balance including net recoverable on paid losses	$	79,705		$	19,750		$	59,955

*2021 and 2022 financial data are adjusted for LDTI.

Loss Reserve Rollforward Page 18

Chubb Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)

Net Reinsurance Recoverable by Division										As Adjusted
	September 30			June 30			March 31			December 31
	2023			2023			2023			2022
Reinsurance recoverable on paid losses and loss expenses
Active operations	$	1,533		$	1,382		$	1,350		$	1,545
Brandywine and Other Run-off		461			463			328			290
Total	$	1,994		$	1,845		$	1,678		$	1,835
Reinsurance recoverable on unpaid losses and loss expenses
Active operations	$	16,966		$	15,779		$	15,541		$	16,025
Brandywine and Other Run-off		1,160			1,135			1,273			1,350
Total	$	18,126		$	16,914		$	16,814		$	17,375
Gross reinsurance recoverable
Active operations	$	18,499		$	17,161		$	16,891		$	17,570
Brandywine and Other Run-off		1,621			1,598			1,601			1,640
Total	$	20,120		$	18,759		$	18,492		$	19,210
Provision for uncollectible reinsurance (1)
Active operations	$	(238	)	$	(235	)	$	(228	)	$	(223	)
Brandywine and Other Run-off		(132	)		(126	)		(123	)		(128	)
Total	$	(370	)	$	(361	)	$	(351	)	$	(351	)
Net reinsurance recoverable
Active operations	$	18,261		$	16,926		$	16,663		$	17,347
Brandywine and Other Run-off		1,489			1,472			1,478			1,512
Total	$	19,750		$	18,398		$	18,141		$	18,859

(1) The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $4.2 billion.

Reinsurance Recoverable Page 19

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)

	September 30			June 30			March 31			December 31
	2023			2023			2023			2022
Market Value
Fixed maturities available for sale (1)	$	99,766		$	96,789		$	88,364		$	85,220
Other investments-fixed maturities		3,937			-			-			-
Fixed maturities held to maturity (1)		-			-			8,109			8,439
Short-term investments		5,454			4,097			3,693			4,960
Total fixed maturities	$	109,157		$	100,886		$	100,166		$	98,619
Asset Allocation by Market Value
U.S. Treasury / Agency	$	3,681	3%	$	3,744	4%	$	4,019	4%	$	3,996	4%
Corporate and asset-backed securities		40,855	37%		40,177	40%		40,036	40%		38,535	40%
Mortgage-backed securities		19,605	18%		17,972	18%		17,384	17%		17,202	17%
Municipal		2,908	3%		5,194	5%		6,606	7%		6,964	7%
Non-U.S.		36,654	34%		29,702	29%		28,428	28%		26,962	27%
Short-term investments		5,454	5%		4,097	4%		3,693	4%		4,960	5%
Total fixed maturities	$	109,157	100%	$	100,886	100%	$	100,166	100%	$	98,619	100%
Credit Quality by Market Value
AAA	$	13,567	12%	$	13,916	14%	$	13,679	14%	$	14,779	15%
AA		31,204	29%		31,109	31%		31,505	32%		31,195	32%
A		26,567	24%		19,233	19%		18,971	19%		18,366	19%
BBB		19,102	18%		18,040	18%		17,837	18%		16,802	17%
BB		9,880	9%		9,882	9%		9,245	9%		8,722	9%
B		8,306	8%		8,191	8%		8,465	8%		8,347	8%
Other		531	0%		515	1%		464	0%		408	0%
Total fixed maturities	$	109,157	100%	$	100,886	100%	$	100,166	100%	$	98,619	100%
Cost/Amortized Cost, net
Fixed maturities available for sale	$	109,197		$	104,031		$	94,541		$	93,186
Other investments-fixed maturities		3,937			-			-			-
Fixed maturities held to maturity		-			-			8,425			8,848
Short-term investments		5,455			4,099			3,695			4,962
Subtotal fixed maturities (2)		118,589			108,130			106,661			106,996
Equity securities		3,395			1,043			942			827
Private debt held-for-investment (2)		2,401			-			-			-
Private equities and other		15,008			14,707			14,192			13,696
Total investment portfolio	$	139,393		$	123,880		$	121,795		$	121,519
Avg. duration of fixed maturities		4.7 years			4.6 years			4.7 years			4.5 years
Avg. market yield of fixed maturities		6.2%			5.8%			5.5%			5.6%
Avg. credit quality		A/A			A/A			A/A			A/A
Avg. yield on invested assets (3)		4.1%			4.0%			3.8%			3.6%

(1) The held-to-maturity portfolio was reclassified as available-for-sale effective June 30, 2023 to increase flexibility to execute on the company’s investment strategy.

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

(3) Calculated using adjusted net investment income.

Note: The calculation for average duration, average market yield, average credit quality and average yield on invested assets, excludes Huatai’s investment portfolio in order to show comparability with prior periods presented.

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, 2023
Agency residential mortgage-backed securities (RMBS)	$	9	$	16,587	$	-	$	-	$	-	$	16,596
Non-agency RMBS		729		53		45		32		7		866
Commercial mortgage-backed securities		1,854		162		116		9		2		2,143
Total mortgage-backed securities at market value	$	2,592	$	16,802	$	161	$	41	$	9	$	19,605

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

Market Value at September 30, 2023	S&P Credit Rating
	Investment Grade
	AAA		AA		A		BBB		Total
Asset-backed	$	4,802	$	896	$	78	$	66	$	5,842
Banks		-		1		2,474		1,850		4,325
Basic Materials		-		-		95		257		352
Communications		-		187		390		1,285		1,862
Consumer, Cyclical		-		131		543		769		1,443
Consumer, Non-Cyclical		34		435		1,874		1,677		4,020
Diversified Financial Services		1		127		428		436		992
Energy		-		74		278		940		1,292
Industrial		-		10		588		1,163		1,761
Utilities		131		2		994		810		1,937
All Others		134		347		1,564		1,944		3,989
Total	$	5,102	$	2,210	$	9,306	$	11,197	$	27,815
Market Value at September 30, 2023			S&P Credit Rating
			Below Investment Grade
			BB		B		CCC		Total
Asset-backed			$	24	$	51	$	1	$	76
Banks				-		-		-		-
Basic Materials				335		213		30		578
Communications				690		872		91		1,653
Consumer, Cyclical				1,250		1,186		31		2,467
Consumer, Non-Cyclical				1,153		1,301		65		2,519
Diversified Financial Services				236		247		9		492
Energy				763		348		-		1,111
Industrial				810		819		33		1,662
Utilities				223		116		-		339
All Others				915		1,163		65		2,143
Total			$	6,399	$	6,316	$	325	$	13,040

Investments 2 Page 21

Chubb Limited

Investment Portfolio - 3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

September 30, 2023

Non-U.S. Government Securities	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Republic of Korea	$	-	$	1,617	$	-	$	-	$	-	$	1,617
People’s Republic of China		-		156		1,189		-		-		1,345
Taiwan		-		955		-		-		-		955
Canada		883		-		-		-		-		883
Federative Republic of Brazil		-		-		-		-		663		663
United Mexican States		-		-		-		592		-		592
Province of Ontario		-		-		534		-		-		534
Kingdom of Thailand		-		-		525		-		-		525
Socialist Republic of Vietnam		-		-		-		-		482		482
Commonwealth of Australia		439		-		-		-		-		439
Other Non-U.S. Government Securities		464		2,190		1,142		776		836		5,408
Total	$	1,786	$	4,918	$	3,390	$	1,368	$	1,981	$	13,443
Non-U.S. Corporate Securities	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
China	$	-	$	-	$	5,457	$	280	$	24	$	5,761
United Kingdom		39		37		847		1,080		533		2,536
Canada		99		73		800		572		397		1,941
South Korea		-		468		409		538		7		1,422
United States (1)		-		12		222		399		747		1,380
France		5		43		782		443		105		1,378
Australia		65		258		322		368		22		1,035
Japan		-		-		610		131		18		759
Germany		83		39		128		269		56		575
Netherlands		53		-		304		78		128		563
Other Non-U.S. Corporate Securities		310		424		1,720		2,024		1,383		5,861
Total	$	654	$	1,354	$	11,601	$	6,182	$	3,420	$	23,211

(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, 2023		Market Value		Rating
1	Bank of America Corp		$	739	A-
2	Morgan Stanley			651	A-
3	JP Morgan Chase & Co			647	A-
4	Wells Fargo & Co			572	BBB+
5	Citigroup Inc			505	BBB+
6	Goldman Sachs Group Inc			505	BBB+
7	UBS Group AG			391	A-
8	HSBC Holdings Plc			377	A-
9	Verizon Communications Inc			360	BBB+
10	Comcast Corp			352	A-

Investments 4 Page 23

Chubb Limited

Chubb Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

	Three months ended September 30, 2023
	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains			Gains			Tax			Gains			Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax
Fixed income investments (1)	$	(61	)	$	24		$	(37	)	$	(2,184	)	$	29		$	(2,155	)	$	(2,245	)	$	53		$	(2,192	)
Public equity:
Realized gains (losses) on sales		(32	)		3			(29	)		-			-			-			(32	)		3			(29	)
Mark-to-market		(43	)		3			(40	)		-			-			-			(43	)		3			(40	)
Private equity: Mark-to-market		90			(4	)		86			-			-			-			90			(4	)		86
Total investment portfolio		(46	)		26			(20	)		(2,184	)		29			(2,155	)		(2,230	)		55			(2,175	)
Foreign exchange		(67	)		19			(48	)		(241	)		13			(228	)		(308	)		32			(276	)
Partially-owned entities (2)		8			(1	)		7			11			-			11			19			(1	)		18
Current discount rate on future policy benefits		-			-			-			686			(35	)		651			686			(35	)		651
Instrument-specific credit risk - market risk benefits		-			-			-			(5	)		-			(5	)		(5	)		-			(5	)
Other (3)		94			13			107			37			(7	)		30			131			6			137
Net gains (losses)	$	(11	)	$	57		$	46		$	(1,696	)	$	-		$	(1,696	)	$	(1,707	)	$	57		$	(1,650	)

(1) The quarter includes pre-tax realized gains on investment derivatives of $9 million, a net decrease of the valuation allowance of expected credit losses of $34 million, and impairments of $16 million for fixed maturities.

(2) 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.

(3) Includes a one-time net realized gain of $116 million as a result of the consolidation of Huatai.

	As Adjusted
	Three months ended September 30, 2022
	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains			Gains			Tax			Gains			Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax
Fixed income investments (4)	$	(477	)	$	84		$	(393	)	$	(3,045	)	$	147		$	(2,898	)	$	(3,522	)	$	231		$	(3,291	)
Public equity:
Realized gains (losses) on sales		(12	)		1			(11	)		-			-			-			(12	)		1			(11	)
Mark-to-market		(68	)		12			(56	)		-			-			-			(68	)		12			(56	)
Private equity: Mark-to-market		(232	)		1			(231	)		-			-			-			(232	)		1			(231	)
Total investment portfolio		(789	)		98			(691	)		(3,045	)		147			(2,898	)		(3,834	)		245			(3,589	)
Foreign exchange		202			(61	)		141			(942	)		7			(935	)		(740	)		(54	)		(794	)
Partially-owned entities (5)		6			-			6			-			-			-			6			-			6
Current discount rate on future policy benefits		-			-			-			479			(57	)		422			479			(57	)		422
Instrument-specific credit risk - market risk benefits		-			-			-			8			-			8			8			-			8
Other		(40	)		10			(30	)		(59	)		12			(47	)		(99	)		22			(77	)
Net gains (losses)	$	(621	)	$	47		$	(574	)	$	(3,559	)	$	109		$	(3,450	)	$	(4,180	)	$	156		$	(4,024	)

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

(5) 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

Chubb Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

	Nine months ended September 30, 2023
	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains			Gains			Tax			Gains			Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax
Fixed income investments (1)	$	(449	)	$	83		$	(366	)	$	(1,592	)	$	(93	)	$	(1,685	)	$	(2,041	)	$	(10	)	$	(2,051	)
Public equity:
Realized gains (losses) on sales		(35	)		3			(32	)		-			-			-			(35	)		3			(32	)
Mark-to-market		(1	)		(2	)		(3	)		-			-			-			(1	)		(2	)		(3	)
Private equity: Mark-to-market		364			19			383			-			-			-			364			19			383
Total investment portfolio		(121	)		103			(18	)		(1,592	)		(93	)		(1,685	)		(1,713	)		10			(1,703	)
Foreign exchange		(122	)		45			(77	)		(203	)		21			(182	)		(325	)		66			(259	)
Partially-owned entities (2)		(2	)		-			(2	)		11			-			11			9			-			9
Current discount rate on future policy benefits		-			-			-			500			(21	)		479			500			(21	)		479
Instrument-specific credit risk - market risk benefits		-			-			-			3			-			3			3			-			3
Other (3)		78			16			94			52			(11	)		41			130			5			135
Net gains (losses)	$	(167	)	$	164		$	(3	)	$	(1,229	)	$	(104	)	$	(1,333	)	$	(1,396	)	$	60		$	(1,336	)

(1) Year to date includes pre-tax realized losses on investment derivatives of $92 million, a net decrease of the valuation allowance of expected credit losses of $44 million, and impairments of $60 million for fixed maturities.

(2) 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.

(3) Includes a one-time net realized gain of $116 million as a result of the consolidation of Huatai.

	As Adjusted
	Nine months ended September 30, 2022
	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains			Gains			Tax			Gains			Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax
Fixed income investments (4)	$	(1,089	)	$	207		$	(882	)	$	(12,041	)	$	1,174		$	(10,867	)	$	(13,130	)	$	1,381		$	(11,749	)
Public equity:
Realized gains (losses) on sales		406			(90	)		316			-			-			-			406			(90	)		316
Mark-to-market		(693	)		129			(564	)		-			-			-			(693	)		129			(564	)
Private equity: Mark-to-market		(52	)		(19	)		(71	)		-			-			-			(52	)		(19	)		(71	)
Total investment portfolio		(1,428	)		227			(1,201	)		(12,041	)		1,174			(10,867	)		(13,469	)		1,401			(12,068	)
Foreign exchange		546			(128	)		418			(1,631	)		42			(1,589	)		(1,085	)		(86	)		(1,171	)
Partially-owned entities (5)		14			-			14			-			-			-			14			-			14
Current discount rate on future policy benefits		-			-			-			1,546			(152	)		1,394			1,546			(152	)		1,394
Instrument-specific credit risk - market risk benefits		-			-			-			48			-			48			48			-			48
Other		(114	)		11			(103	)		(35	)		7			(28	)		(149	)		18			(131	)
Net gains (losses)	$	(982	)	$	110		$	(872	)	$	(12,113	)	$	1,071		$	(11,042	)	$	(13,095	)	$	1,181		$	(11,914	)

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

(5) 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)

								As Adjusted
	September 30		June 30		March 31			December 31		December 31
	2023		2023		2023			2022		2021
Financial Debt:
Total short-term debt	$	700	$	699	$	-		$	475	$	999
Total long-term debt		13,736		13,782		14,375			14,402		15,169
Total financial debt	$	14,436	$	14,481	$	14,375		$	14,877	$	16,168
Hybrid debt:
Total trust preferred securities		308		308		308			308		308
Total	$	14,744	$	14,789	$	14,683		$	15,185	$	16,476
Capitalization:
Chubb shareholders’ equity	$	52,373	$	52,875	$	52,987		$	50,519	$	58,328
Hybrid debt		308		308		308			308		308
Financial debt		14,436		14,481		14,375			14,877		16,168
Total capitalization	$	67,117	$	67,664	$	67,670		$	65,704	$	74,804
Leverage ratios (based on total capital):
Hybrid debt		0.5%		0.5%		0.5%			0.5%		0.4%
Financial debt		21.5%		21.4%		21.2%			22.6%		21.6%
Total hybrid & financial debt		22.0%		21.9%		21.7%			23.1%		22.0%

Note: As of September 30, 2023, there was $1.0 billion usage of credit facilities on total capacity of $4.0 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)

				As Adjusted						As Adjusted
	Three months ended September 30						Nine months ended September 30
	2023			2022			2023			2022
Numerator
Core operating income	$	2,041		$	1,314		$	5,927		$	4,755
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		(2	)		-			3			(20	)
Tax (expense) benefit on amortization adjustment		-			1			(7	)		7
Cigna integration expenses, pre-tax		(14	)		(23	)		(51	)		(26	)
Tax benefit on Cigna integration expenses		4			5			13			6
Adjusted net realized gains (losses), pre-tax		(11	)		(621	)		(167	)		(982	)
Tax (expense) benefit on adjusted net realized gains (losses)		57			47			164			110
Market risk benefits gains (losses), pre- and after-tax		(32	)		69			(154	)		85
Chubb net income	$	2,043		$	792		$	5,728		$	3,935
Rollforward of Common Shares Outstanding
Shares - beginning of period		410,691,354			418,474,087			414,594,856			426,572,612
Repurchase of shares		(2,949,900	)		(3,676,528	)		(8,634,600	)		(14,022,728	)
Shares issued (canceled), excluding option exercises		(23,697	)		(39,351	)		1,128,936			981,541
Issued for option exercises		266,582			262,276			895,147			1,489,059
Shares - end of period		407,984,339			415,020,484			407,984,339			415,020,484
Denominator
Weighted average shares outstanding (1)		409,505,454			416,542,101			412,076,470			421,290,032
Effect of other dilutive securities		3,100,505			3,076,855			3,288,940			3,733,449
Adj. wtd. avg. shares outstanding and assumed conversions		412,605,959			419,618,956			415,365,410			425,023,481
Basic earnings per share
Core operating income	$	4.98		$	3.15		$	14.38		$	11.29
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		-			-			(0.01	)		(0.03	)
Cigna integration expenses, net of tax		(0.02	)		(0.04	)		(0.09	)		(0.05	)
Adjusted net realized gains (losses), net of tax		0.11			(1.38	)		(0.01	)		(2.07	)
Market risk benefits gains (losses), net of tax		(0.08	)		0.17			(0.37	)		0.20
Chubb net income	$	4.99		$	1.90		$	13.90		$	9.34
Diluted earnings per share
Core operating income	$	4.95		$	3.13		$	14.27		$	11.19
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		-			-			(0.01	)		(0.03	)
Cigna integration expenses, net of tax		(0.02	)		(0.04	)		(0.09	)		(0.05	)
Adjusted net realized gains (losses), net of tax		0.10			(1.37	)		(0.01	)		(2.05	)
Market risk benefits gains (losses), net of tax		(0.08	)		0.17			(0.37	)		0.20
Chubb net income	$	4.95		$	1.89		$	13.79		$	9.26

(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

										As Adjusted
	September 30			June 30			March 31			December 31			September 30
	2023			2023			2023			2022			2022
Chubb shareholders’ equity	$	52,373		$	52,875		$	52,987		$	50,519		$	47,675
Less: Chubb goodwill and other intangible assets, net of tax		23,450			20,442			20,333			20,455			20,047
Numerator for tangible book value per share	$	28,923		$	32,433		$	32,654		$	30,064		$	27,628
Book value - % change over prior quarter		-1.0%			-0.2%			4.9%			6.0%			-7.0%
Tangible book value - % change over prior quarter		-10.8%			-0.7%			8.6%			8.8%			-14.0%
Denominator: shares outstanding		407,984,339			410,691,354			414,158,680			414,594,856			415,020,484
Book value per common share	$	128.37		$	128.75		$	127.94		$	121.85		$	114.87
Tangible book value per common share	$	70.89		$	78.97		$	78.84		$	72.51		$	66.57
Reconciliation of Book Value
Chubb shareholders’ equity, beginning of quarter	$	52,875		$	52,987		$	50,519		$	47,675		$	51,268
Core operating income		2,041			2,044			1,842			1,674			1,314
Amortization of fair value adjustment of acquired invested assets and long-term debt		(2	)		(4	)		2			(6	)		1
Cigna integration expenses		(10	)		(9	)		(19	)		(18	)		(18	)
Adjusted net realized gains (losses) (1)		46			(231	)		182			(334	)		(574	)
Market risk benefits gains (losses)		(32	)		(7	)		(115	)		(5	)		69
Net unrealized gains (losses) on investments		(2,144	)		(1,150	)		1,620			1,332			(2,898	)
Repurchase of shares		(606	)		(724	)		(428	)		(199	)		(685	)
Dividend declared on common shares		(352	)		(354	)		(344	)		(345	)		(346	)
Cumulative translation gains (losses)		(228	)		216			(170	)		737			(935	)
Postretirement benefit liability		(1	)		(1	)		(1	)		(36	)		2
Current discount rate on future policy benefits		651			(42	)		(130	)		(70	)		422
Instrument-specific credit risk - market risk benefits		(5	)		11			(3	)		(15	)		8
Other (2)		140			139			32			129			47
Chubb shareholders’ equity, end of quarter	$	52,373		$	52,875		$	52,987		$	50,519		$	47,675

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

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

Reconciliation Book Value Page 28

Chubb Limited

Non-GAAP Financial Measures

(Unaudited)

Regulation G - Non-GAAP Financial Measures

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

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

P&C underwriting income (loss) excludes the Life Insurance segment and is calculated by subtracting adjusted losses and loss expenses, adjusted policy benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income (loss) and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest expense, amortization expense of purchased intangibles, Cigna integration expense, income tax expense, adjusted net realized gains (losses), and market risk benefit 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 certain acquisitions, and including investment income from partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of 3% that are accounted for under the equity method. The mark-to-market movement on these private equity partnerships are included in adjusted net realized gains (losses) as described below. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.

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

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

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

P&C combined ratio excludes the Life Insurance segment. P&C loss and loss expense ratio and P&C combined ratio include adjusted losses and loss expenses and adjusted policy benefits in the ratio numerator. P&C expense ratio and P&C combined ratio include policy acquisition costs and administrative expenses in the ratio numerator. A reconciliation of combined ratio to P&C combined ratio is provided on pages 32-35.

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

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

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

Core operating income, net of tax, relates only to Chubb income, which excludes noncontrolling interests. It excludes from Chubb net income attributable to Chubb the after-tax impact of adjusted net realized gains (losses), market risk benefit gains (losses), Cigna integration expenses, the amortization of fair value adjustment of acquired invested assets and long-term debt related to certain acquisitions. 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 fair value adjustments on purchased invested assets and long-term debt related to certain acquisitions due to the size and complexity of these acquisitions. We also exclude Cigna integration expenses, which are incurred by the overall company and are included in Corporate. These expenses include legal and professional fees and all other costs directly related to the integration activities of the Cigna acquisition. The costs are not related to the on-going activities of the individual segments and are therefore also excluded from our definition of segment income. We believe these integration expenses are not indicative of our underlying profitability, and excluding these integration expenses facilitates the comparison of our financial results to our historical operating results. References to core operating income measures mean net of tax, whether or not noted.

Chubb core operating effective tax rate is income tax expense (benefit) excluding tax expense (benefit) on adjusted net realized gains (losses), tax benefit on amortization of fair value of acquired invested assets and debt, and tax benefit on Cigna integration expenses, all attributable to Chubb, divided by Chubb income before tax excluding adjusted net realized gains (losses) before tax, market risk benefit gains (losses) before tax, amortization of fair value of acquired invested assets and debt before tax, and Cigna integration expenses, all attributable to Chubb, 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 taxes on adjusted net realized gains (losses), market risk benefit gains (losses), amortization of the fair value adjustments related to purchased invested assets and long-term debt and Cigna integration expenses. Refer to the definition of core operating income (loss), net of tax above for more information on these adjustments.

Tangible book value per common share is Chubb shareholders’ equity less Chubb goodwill and other intangible assets, net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Book value per share and tangible book value per share excluding accumulated other comprehensive income (loss) (AOCI), excludes AOCI from the numerator because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates and foreign currency movement, to highlight underlying growth in book and tangible book value.

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

Reconciliation Non-GAAP Page 29

Chubb Limited

Non-GAAP Financial Measures - 2

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

Chubb Core operating effective tax rate										As Adjusted									As Adjusted
The following table presents the reconciliation of effective tax rate to the Core operating effective tax rate:																YTD			YTD			Full Year
	3Q-23			2Q-23			1Q-23			4Q-22			3Q-22			2023			2022			2022
Tax expense, as reported	$	412		$	392		$	384		$	332		$	263		$	1,188		$	907		$	1,239
Less: tax expense (benefit) on amortization of fair value of acquired invested assets and debt		-			6			1			6			(1	)		7			(7	)		(1	)
Less: tax benefit on Cigna integration expenses		(4	)		(6	)		(3	)		(4	)		(5	)		(13	)		(6	)		(10	)
Less: tax expense (benefit) on adjusted net realized gains (losses)		(57	)		(87	)		(20	)		(20	)		(47	)		(164	)		(110	)		(130	)
Tax expense, adjusted	$	473		$	479		$	406		$	350		$	316		$	1,358		$	1,030		$	1,380
Income before tax, as reported	$	2,455		$	2,185		$	2,276		$	1,643		$	1,055		$	6,916		$	4,842		$	6,485
Less: amortization of fair value of acquired invested assets and debt		(2	)		2			3			-			-			3			(20	)		(20	)
Less: Cigna integration expenses		(14	)		(15	)		(22	)		(22	)		(23	)		(51	)		(26	)		(48	)
Less: adjusted realized gains (losses)		(70	)		(309	)		(76	)		(147	)		(437	)		(455	)		(927	)		(1,074	)
Less: realized gains (losses) related to unconsolidated entities		59			(9	)		238			(207	)		(184	)		288			(55	)		(262	)
Less: market risk benefits gains (losses)		(32	)		(7	)		(115	)		(5	)		69			(154	)		85			80
Core operating income before tax	$	2,514		$	2,523		$	2,248		$	2,024		$	1,630		$	7,285		$	5,785		$	7,809
Effective tax rate		16.8%			17.9%			16.9%			20.2%			24.9%			17.2%			18.7%			19.1%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt		0.0%			-0.2%			0.0%			-0.3%			0.1%			-0.1%			0.1%			0.0%
Adjustment for tax impact of Cigna integration expenses		0.1%			0.1%			0.0%			0.0%			0.0%			0.0%			0.0%			0.0%
Adjustment for tax impact of adjusted net realized gains (losses)		2.1%			1.3%			2.2%			-2.6%			-6.4%			1.9%			-1.3%			-1.6%
Adjustment for tax impact of market risk benefits gains (losses)		-0.2%			-0.1%			-1.0%			0.0%			0.8%			-0.4%			0.3%			0.2%
Core operating effective tax rate		18.8%			19.0%			18.1%			17.3%			19.4%			18.6%			17.8%			17.7%
Core operating income										As Adjusted									As Adjusted
The following table presents the reconciliation of Chubb net income to Core operating income:																YTD			YTD			Full Year
	3Q-23			2Q-23			1Q-23			4Q-22			3Q-22			2023			2022			2022
Net income, as reported	$	2,043		$	1,793		$	1,892		$	1,311		$	792		$	5,728		$	3,935		$	5,246
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		(2	)		2			3			-			-			3			(20	)		(20	)
Tax (expense) benefit on amortization adjustment		-			(6	)		(1	)		(6	)		1			(7	)		7			1
Cigna integration expenses, pre-tax		(14	)		(15	)		(22	)		(22	)		(23	)		(51	)		(26	)		(48	)
Tax benefit on Cigna integration expenses		4			6			3			4			5			13			6			10
Adjusted realized gains (losses), pre-tax		(70	)		(309	)		(76	)		(147	)		(437	)		(455	)		(927	)		(1,074	)
Net realized gains (losses) related to unconsolidated entities, pre-tax (1)		59			(9	)		238			(207	)		(184	)		288			(55	)		(262	)
Tax (expense) benefit on adjusted net realized gains (losses)		57			87			20			20			47			164			110			130
Market risk benefits gains (losses), pre- and after-tax		(32	)		(7	)		(115	)		(5	)		69			(154	)		85			80
Core operating income	$	2,041		$	2,044		$	1,842		$	1,674		$	1,314		$	5,927		$	4,755		$	6,429
Catastrophe losses - after-tax	$	544		$	319		$	382		$	323		$	949		$	1,245		$	1,480		$	1,803
Favorable prior period development (PPD) - after-tax	$	(116	)	$	(155	)	$	(149	)	$	(167	)	$	(162	)	$	(420	)	$	(562	)	$	(729	)
Core operating income per share	$	4.95		$	4.92		$	4.41		$	4.00		$	3.13		$	14.27		$	11.19		$	15.18
Impact of Cats on Core operating income per share - Unfavorable	$	(1.31	)	$	(0.77	)	$	(0.91	)	$	(0.77	)	$	(2.25	)	$	(3.00	)	$	(3.48	)	$	(4.26	)
Impact of PPD on Core operating income per share - Favorable	$	0.28		$	0.37		$	0.36		$	0.40		$	0.37		$	1.02		$	1.32		$	1.72
Impact of Cats and PPD on Core operating income per share - Unfavorable	$	(1.03	)	$	(0.40	)	$	(0.55	)	$	(0.37	)	$	(1.88	)	$	(1.98	)	$	(2.16	)	$	(2.54	)
P&C Underwriting income and P&C CAY underwriting income ex Cats										As Adjusted									As Adjusted
The following table presents the reconciliation of Net income to P&C CAY underwriting income ex Cats:																YTD			YTD			Full Year
	3Q-23			2Q-23			1Q-23			4Q-22			3Q-22			2023			2022			2022
Net income, as reported	$	2,040		$	1,793		$	1,892		$	1,311		$	792		$	5,725		$	3,935		$	5,246
Less: Income tax expense		(413	)		(392	)		(384	)		(332	)		(263	)		(1,189	)		(907	)		(1,239	)
Amortization expense of purchased intangibles		(84	)		(70	)		(72	)		(74	)		(69	)		(226	)		(211	)		(285	)
Other income (expense)		154			100			296			(98	)		(202	)		550			9			(89	)
Interest expense		(174	)		(165	)		(160	)		(154	)		(150	)		(499	)		(416	)		(570	)
Net investment income		1,314			1,145			1,107			1,053			979			3,566			2,689			3,742
Net realized gains (losses)		(103	)		(304	)		(77	)		(149	)		(456	)		(484	)		(936	)		(1,085	)
Market risk benefits gains (losses)		(32	)		(7	)		(115	)		(5	)		69			(154	)		85			80
Cigna integration expenses		(14	)		(15	)		(22	)		(22	)		(23	)		(51	)		(26	)		(48	)
Life Insurance underlying income (loss) (2)		80			81			105			(31	)		178			266			205			174
Add: Realized gains (losses) on crop derivatives		(7	)		5			(1	)		(2	)		(19	)		(3	)		(9	)		(11	)
P&C underwriting income	$	1,305		$	1,425		$	1,213		$	1,121		$	710		$	3,943		$	3,434		$	4,555
Add: Catastrophe losses (including reinstatement premiums) - pre-tax		670			400			458			400			1,158			1,528			1,782			2,182
Favorable prior period development (PPD) - pre-tax		(200	)		(200	)		(196	)		(167	)		(222	)		(596	)		(709	)		(876	)
P&C CAY underwriting income ex Cats	$	1,775		$	1,625		$	1,475		$	1,354		$	1,646		$	4,875		$	4,507		$	5,861

(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).

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

Reconciliation Non-GAAP 2 Page 30

Chubb Limited

Non-GAAP Financial Measures - 3

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

Core operating ROE and Core operating ROTE

Core operating return on equity (ROE) and Core operating return on tangible equity (ROTE) are annualized non-GAAP financial measures. The numerator includes core operating income (loss), net of tax. The denominator includes the average Chubb shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, current discount rate on future policy benefits (FPB), and instrument-specific credit risk – market risk benefits (MRB), all net of tax and attributable to Chubb. For the ROTE calculation, the denominator is also adjusted to exclude Chubb 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 these items as these are heavily influenced by changes in market conditions. We believe ROTE is meaningful because it measures the performance of our operations without the impact of goodwill and other intangible assets.

				As Adjusted						As Adjusted
							YTD			YTD			Full Year
	3Q-23			3Q-22			2023			2022			2022
Chubb net income	$	2,043		$	792		$	5,728		$	3,935		$	5,246
Core operating income	$	2,041		$	1,314		$	5,927		$	4,755		$	6,429
Equity - beginning of period, as reported	$	52,875		$	51,268		$	50,519		$	58,328		$	58,328
Less: unrealized gains (losses) on investments, net of deferred tax		(6,809	)		(5,713	)		(7,279	)		2,256			2,256
Less: changes in current discount rate on FPB, net of deferred tax		(247	)		(427	)		(75	)		(1,399	)		(1,399	)
Less: changes in instrument-specific credit risk on MRB, net of deferred tax		(16	)		(17	)		(24	)		(57	)		(57	)
Equity - beginning of period, as adjusted	$	59,947		$	57,425		$	57,897		$	57,528		$	57,528
Less: Chubb goodwill and other intangible assets, net of tax		20,442		$	19,146			20,455			19,456			19,456
Equity - beginning of period, as adjusted ex Chubb goodwill and other intangible assets	$	39,505		$	38,279		$	37,442		$	38,072		$	38,072
Equity - end of period, as reported	$	52,373		$	47,675		$	52,373		$	47,675		$	50,519
Less: unrealized gains (losses) on investments, net of deferred tax		(8,953	)		(8,611	)		(8,953	)		(8,611	)		(7,279	)
Less: changes in current discount rate on FPB, net of deferred tax		404			(5	)		404			(5	)		(75	)
Less: changes in instrument-specific credit risk on MRB, net of deferred tax		(21	)		(9	)		(21	)		(9	)		(24	)
Equity - end of period, as adjusted	$	60,943		$	56,300		$	60,943		$	56,300		$	57,897
Less: Chubb goodwill and other intangible assets, net of tax		23,450			20,047			23,450			20,047			20,455
Equity - end of period, as adjusted ex Chubb goodwill and other intangible assets	$	37,493		$	36,253		$	37,493		$	36,253		$	37,442
Weighted average equity, as reported	$	52,624		$	49,472		$	51,446		$	53,002		$	54,424
Weighted average equity, as adjusted	$	60,445		$	56,863		$	59,420		$	56,914		$	57,713
Weighted average equity, as adjusted ex goodwill and other intangible assets	$	38,499		$	37,266		$	37,468		$	37,163		$	37,757
ROE		15.5%			6.4%			14.8%			9.9%			9.6%
Core operating ROTE		21.2%			14.1%			21.1%			17.1%			17.0%
Core operating ROE		13.5%			9.2%			13.3%			11.1%			11.1%
Private equities realized gains (losses), after-tax (1)	$	86		$	(231	)	$	383		$	(71	)	$	(274	)
Impact of Private equities if included in Core operating ROE - Favorable (unfavorable) (1)		0.6 pts			-1.6 pts			0.9 pts			-0.2 pts			-0.4 pts
Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures
							As Adjusted
	September 30 2023			June 30 2023			December 31 2022			QTD % Change			YTD % Change
Book value	$	52,373		$	52,875		$	50,519
Less: AOCI		(11,518	)		(9,822	)		(10,185	)
Book value excluding AOCI		63,891			62,697			60,704
Tangible book value		28,923			32,433			30,064
Less: Tangible AOCI		(10,583	)		(9,059	)		(9,279	)
Tangible book value excluding tangible AOCI	$	39,506		$	41,492		$	39,343
Denominator: shares outstanding		407,984,339			410,691,354			414,594,856
Book value per share excluding AOCI	$	156.60		$	152.66		$	146.42			2.6%			7.0%
Tangible book value per share excluding tangible AOCI	$	96.83		$	101.03		$	94.90			-4.2%			2.0%

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

Reconciliation Non-GAAP 3 Page 31

Chubb Limited

Non-GAAP Financial Measures - 4

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio

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

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

		North			North			North
		America			America			America			Overseas
		Commercial P&C			Personal P&C			Agricultural			General			Global						Total
Q3 2023		Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C
Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits		$	3,025		$	900		$	1,349		$	1,726		$	116		$	61		$	7,177
Realized (gains) losses on crop derivatives			-			-			7			-			-			-			7
Adjusted losses and loss expenses/policy benefits	A	$	3,025		$	900		$	1,356		$	1,726		$	116		$	61		$	7,184
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(246	)		(280	)		(18	)		(120	)		(6	)		-			(670	)
Reinstatement premiums collected (expensed) on catastrophe losses			-			-			-			-			-			-			-
Catastrophe losses, gross of related adjustments			(246	)		(280	)		(18	)		(120	)		(6	)		-			(670	)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			84			119			9			49			-			(61	)		200
Net premiums earned adjustments on PPD - unfavorable (favorable)			66			-			-			-			-			-			66
Expense adjustments - unfavorable (favorable)			7			-			-			-			-			-			7
PPD reinstatement premiums - unfavorable (favorable)			-			(1	)		-			-			(1	)		-			(2	)
PPD, gross of related adjustments - favorable (unfavorable)			157			118			9			49			(1	)		(61	)		271
CAY loss and loss expense ex Cats	B	$	2,936		$	738		$	1,347		$	1,655		$	109		$	-		$	6,785
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	963		$	371		$	79		$	1,154		$	78		$	98		$	2,743
Expense adjustments - favorable (unfavorable)			(7	)		-			-			-			-			-			(7	)
CAY Policy acquisition costs and administrative expenses, adjusted	D	$	956		$	371		$	79		$	1,154		$	78		$	98		$	2,736
Denominator
Net premiums earned	E	$	4,735		$	1,407		$	1,540		$	3,311		$	239					$	11,232
Reinstatement premiums (collected) expensed on catastrophe losses			-			-			-			-			-						-
Net premiums earned adjustments on PPD - unfavorable (favorable)			66			-			-			-			-						66
PPD reinstatement premiums - unfavorable (favorable)			-			(1	)		-			-			(1	)					(2	)
Net premiums earned excluding adjustments	F	$	4,801		$	1,406		$	1,540		$	3,311		$	238					$	11,296
P&C combined ratio
Loss and loss expense ratio	A/E		63.9	%		63.9	%		88.1	%		52.1	%		48.4	%					64.0	%
Policy acquisition cost and administrative expense ratio	C/E		20.3	%		26.4	%		5.1	%		34.9	%		32.9	%					24.4	%
P&C combined ratio			84.2	%		90.3	%		93.2	%		87.0	%		81.3	%					88.4	%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		61.1	%		52.4	%		87.5	%		50.0	%		45.9	%					60.1	%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.0	%		26.5	%		5.2	%		34.8	%		32.9	%					24.2	%
CAY P&C combined ratio ex Cats			81.1	%		78.9	%		92.7	%		84.8	%		78.8	%					84.3	%
Combined ratio
Combined ratio																					88.3	%
Add: impact of gains and losses on crop derivatives																					0.1	%
P&C combined ratio																					88.4	%

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 2023		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/policy benefits		$	8,625		$	2,634		$	2,000		$	4,477		$	319		$	133		$	18,188
Realized (gains) losses on crop derivatives			-			-			3			-			-			-			3
Adjusted losses and loss expenses/policy benefits	A	$	8,625		$	2,634		$	2,003		$	4,477		$	319		$	133		$	18,191
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(639	)		(586	)		(37	)		(259	)		(7	)		-			(1,528	)
Reinstatement premiums collected (expensed) on catastrophe losses			-			-			-			-			-			-			-
Catastrophe losses, gross of related adjustments			(639	)		(586	)		(37	)		(259	)		(7	)		-			(1,528	)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			302			135			12			253			25			(131	)		596
Net premiums earned adjustments on PPD - unfavorable (favorable)			78			-			(2	)		-			-			-			76
Expense adjustments - unfavorable (favorable)			14			-			-			-			-			-			14
PPD reinstatement premiums - unfavorable (favorable)			-			(2	)		-			-			5			-			3
PPD, gross of related adjustments - favorable (unfavorable)			394			133			10			253			30			(131	)		689
CAY loss and loss expense ex Cats	B	$	8,380		$	2,181		$	1,976		$	4,471		$	342		$	2		$	17,352
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	2,801		$	1,083		$	137		$	3,185		$	223		$	290		$	7,719
Expense adjustments - favorable (unfavorable)			(14	)		-			-			-			-			-			(14	)
CAY Policy acquisition costs and administrative expenses, adjusted	D	$	2,787		$	1,083		$	137		$	3,185		$	223		$	290		$	7,705
Denominator
Net premiums earned	E	$	13,710		$	4,084		$	2,334		$	9,005		$	720					$	29,853
Reinstatement premiums (collected) expensed on catastrophe losses			-			-			-			-			-						-
Net premiums earned adjustments on PPD - unfavorable (favorable)			78			-			(2	)		-			-						76
PPD reinstatement premiums - unfavorable (favorable)			-			(2	)		-			-			5						3
Net premiums earned excluding adjustments	F	$	13,788		$	4,082		$	2,332		$	9,005		$	725					$	29,932
P&C combined ratio
Loss and loss expense ratio	A/E		62.9%			64.5%			85.8%			49.7%			44.3%						60.9%
Policy acquisition cost and administrative expense ratio	C/E		20.4%			26.5%			5.9%			35.4%			31.0%						25.9%
P&C combined ratio			83.3%			91.0%			91.7%			85.1%			75.3%						86.8%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		60.8%			53.4%			84.7%			49.7%			47.2%						58.0%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.2%			26.6%			5.9%			35.3%			30.8%						25.7%
CAY P&C combined ratio ex Cats			81.0%			80.0%			90.6%			85.0%			78.0%						83.7%
Combined ratio
Combined ratio																					86.8%
Add: impact of gains and losses on crop derivatives																					0.0%
P&C combined ratio																					86.8%

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

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

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

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

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

Reconciliation Non-GAAP 7 Page 35

Chubb Limited

Accounting Adoption

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

(Unaudited)

New U.S. GAAP Accounting Standard Adopted in 2023

The company adopted the Long Duration Targeted Improvements (LDTI) standard applicable to its long-duration contracts, as required, on January 1, 2023, with a transition date of January 1, 2021. The company applied the modified retrospective transition method relating to its future policy benefits liabilities, and the associated deferred policy acquisition costs (DAC), and applied the retrospective basis to its liabilities for market risk benefits (MRB).

This financial supplement adjusts previously reported financial information for the quarters and years ended 2021 and 2022 for the implementation of LDTI. This guidance primarily impacted the company’s Life Insurance segment results, with key impacts to book value and net income reflecting the following provisions of the guidance:

1. Future policy benefits (FPB) - an annual review of cash flow assumptions used to measure the FPB, and periodic updates for historical experience, with updates recorded within the income statement. Additionally, FPBs are discounted using an upper-medium grade fixed income instrument yield, updated quarterly, with related changes in discounting the liability recognized in other comprehensive income (OCI);

2. Market risk benefits (MRB) - Under LDTI, the company’s reinsurance programs covering variable annuity guarantees (principally guaranteed minimum death benefits and guaranteed minimum income benefits) meet the definition of market-risk benefits (MRB). MRBs are required to be carried at fair value and the changes in fair value are presented separately within the income statement, with the exception of changes in fair value due to the company’s own credit (or non-performance) risk, which are recognized in OCI; and

3. Deferred policy acquisition costs (DAC) - DAC is amortized on a constant-level basis, independent of profitability on the underlying business.

As Adjusted results: results for prior periods presented in this report are in accordance with the new guidance.

The following tables presents a summary of the impact of LDTI on our previously reported results:

Consolidated Balance Sheets (As Adjusted vs. Reported)	December 31   2022			December 31   2021			January 1   2021
Retained earnings	$	(29	)	$	38		$	53
AOCI		8			(1,424	)		(1,803	)
Total shareholders’ equity	$	(21	)	$	(1,386	)	$	(1,750	)
Book value per common share	$	(0.05	)	$	(3.25	)	$	(3.89	)
Statement of Operations (As Adjusted)	4Q-22			3Q-22			2Q-22			1Q-22			Full Year   2022			Full Year   2021
Net income	$	1,311		$	792		$	1,190		$	1,953		$	5,246		$	8,525
Core operating income	$	1,674		$	1,314		$	1,794		$	1,647		$	6,429		$	5,586
Life Insurance segment income	$	182		$	252		$	106		$	121		$	661		$	427
Diluted earnings per share:
Net income	$	3.13		$	1.89		$	2.80		$	4.55		$	12.39		$	19.24
Core operating income	$	4.00		$	3.13		$	4.22		$	3.83		$	15.18		$	12.60
Statement of Operations (Reported)	4Q-22			3Q-22			2Q-22			1Q-22			Full Year   2022			Full Year   2021
Net income	$	1,312		$	812		$	1,215		$	1,974		$	5,313		$	8,539
Core operating income	$	1,699		$	1,331		$	1,787		$	1,640		$	6,457		$	5,569
Life Insurance segment income	$	217		$	271		$	101		$	115		$	704		$	418
Diluted earnings per share:
Net income	$	3.13		$	1.94		$	2.86		$	4.59		$	12.55		$	19.27
Core operating income	$	4.05		$	3.17		$	4.20		$	3.82		$	15.24		$	12.56
Statement of Operations (As Adjusted vs. Reported)	4Q-22			3Q-22			2Q-22			1Q-22			Full Year   2022			Full Year   2021
Net income	$	(1	)	$	(20	)	$	(25	)	$	(21	)	$	(67	)	$	(14	)
Core operating income	$	(25	)	$	(17	)	$	7		$	7		$	(28	)	$	17
Life Insurance segment income	$	(35	)	$	(19	)	$	5		$	6		$	(43	)	$	9
Diluted earnings per share:
Net income	$	—		$	(0.05	)	$	(0.06	)	$	(0.04	)	$	(0.16	)	$	(0.03	)
Core operating income	$	(0.05	)	$	(0.04	)	$	0.02		$	0.01		$	(0.06	)	$	0.04

Accounting Adoption Page 36

Chubb Limited

Appendix

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

(Unaudited)

Consolidation of Huatai Group Effective July 1, 2023

Effective July 1, 2023, the company increased its aggregate ownership interest in Huatai Insurance Group Co., Ltd. (Huatai Group) to approximately 69.6%, resulting in a majority controlling interest. Accordingly, the company applied consolidation accounting commencing in the third quarter of 2023, which requires that 100% of the business activity for, and the financial position of, Huatai Group be reported on Chubb’s consolidated financial statements. The results representing the portion of Huatai Group owned by investors other than Chubb (representing approximately 31.4% of Huatai Group) are presented as noncontrolling interests on Chubb’s consolidated financial statements.

The results of Huatai Group subsidiaries will be reported as follows:

Overseas General: P&C business

Life Insurance: life and asset management businesses

Corporate: real estate business and holding company activity

Metrics in this report with “Chubb” means excluding noncontrolling interests in Huatai Group (example, Chubb book value and Chubb net income). Note that the company reports its key metrics exclusive of noncontrolling interests as this reflects Chubb’s financial condition and results of operations. The following measures are presented as attributable to Chubb, whether or not noted: core operating income, basic and diluted earnings per share on a net income and core operating income basis, book and tangible book value and adjusted book and tangible book value per common share metrics, ROE and adjusted ROE metrics, and effective and core operating effective tax rate. In addition, goodwill and other intangible assets, used in the calculation of tangible book value per common share, reflects the portion of goodwill and other intangible assets attributable to Chubb. The following presents the impact of Huatai including the net realized and unrealized gain of $727 million upon the consolidation of Huatai.

	As Reported / % Change versus prior year period								Huatai Group / Pt impact on growth
	Three months ended September 30, 2023								Three months ended September 30, 2023
	Overseas General Insurance		Total P&C		Life Insurance		Total Consolidated		Overseas General Insurance		Total P&C		Life Insurance		Total Consolidated
Net premiums written	$	3,211	$	11,652	$	1,452	$	13,104	$	216	$	216	$	149	$	365
Net premiums earned	$	3,311	$	11,232	$	1,442	$	12,674	$	249	$	249	$	150	$	399
Net premiums written		21.4%		8.4%		14.9%		9.1%		7.5 pts		1.8 pts		11.9 pts		2.9 pts
Net premiums earned		20.8%		9.2%		15.9%		9.9%		8.3 pts		2.2 pts		12.0 pts		3.3 pts
Net premiums written constant $		17.3%		7.6%		15.2%		8.4%		7.3 pts		1.9 pts		11.9 pts		2.9 pts
Net premiums earned constant $		16.1%		8.1%		16.2%		9.0%		8.0 pts		2.2 pts		12.1 pts		3.3 pts
	September 30, 2023
	Impact of Huatai (attributable to Chubb)		As Reported
Chubb shareholders’ equity	$	653	$	52,373
Goodwill and other intangible assets (pre-tax) (1)	$	3,438	$	26,398
Total investments (2)	$	12,670	$	129,961
	Accretive (Dilutive)
Book value per common share		1.3 pts
Tangible book value per common share		-8.0 pts
Book value per common share, excl. AOCI		0.2 pts
Tangible book value per common share, excl. AOCI		-7.3 pts
Three months ended September 30, 2023:
ROE		0.7 pts
Core operating return on tangible equity (ROTE)		1.3 pts
Core operating return on equity (ROE)		0.3 pts

(1) Includes embedded goodwill of $1.3 billion related to Huatai previously reported within Investments in partially-owned insurance companies on the Consolidated Balance Sheets as disclosed in the 2022 Form 10-K. This embedded goodwill increased to $2.0 billion at June 30, 2023, reflecting the additional shares that closed in the first half of 2023.

(2) Huatai’s investment portfolio totaling $12.7 billion at 9/30/2023, comprised $7.7 billion in fixed maturities, $2.3 billion in equity securities and $2.4 billion of private debt held-for-investment. Of the $12.7 billion, $6.4 billion is attributable to Chubb, with the remaining attributable to noncontrolling interest holders.

Appendix Page 37

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 insurance segment and including the realized gains and losses on the crop derivatives.

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

Tangible book value per common share: Chubb 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 Chubb shareholders’ equity.

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

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

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

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

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

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

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

Non-premium revenues and expenses included in Other income and expense, principally pertain to the management of third-party assets by Huatai Asset Management Co., Ltd. (HAM) and Huatai Baoxing, which are unrelated to Huatai Group’s core insurance operations. These revenues and expenses are recognized in the period in which the services are performed.

NM: Not meaningful.

Glossary Page 38

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Document Type	8-K
Document Period End Date	Oct. 24, 2023
Entity Registrant Name	Chubb Limited
Entity Incorporation, State or Country Code	V8
Entity File Number	1-11778
Entity Tax Identification Number	98-0091805
Entity Address, Address Line One	Baerengasse 32
Entity Address, Country	CH
Entity Address, Postal Zip Code	8001
Entity Address, City or Town	Zurich
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City Area Code	(0)43
Local Phone Number	456 76 00
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INA Senior Notes Due December 2024 [Member]
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Security Exchange Name	NYSE
INA Senior Notes Due June 2027 [Member]
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Security Exchange Name	NYSE
INA Senior Notes Due March 2028 [Member]
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Security Exchange Name	NYSE
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Security Exchange Name	NYSE
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Security Exchange Name	NYSE
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Security Exchange Name	NYSE