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) - January 30, 2024

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 January 30, 2024, Chubb Limited issued a Press Release reporting its fourth quarter and year-end 2023 results and the availability of its fourth quarter and year-end 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 January 30, 2024, Reporting Fourth Quarter and Year-End 2023 Results
99.2	Fourth Quarter and Year-End 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: January 30, 2024

EX-99.1

Exhibit 99.1

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

News Release

Chubb Reports Record Fourth Quarter Per Share Net Income and

Core Operating Income of $8.03 and $8.30, Up 156.5% and 107.5%,

Respectively; Consolidated Net Premiums Written of $11.6 Billion,

Up 13.4%, with P&C Up 12.5%; P&C Combined Ratio of 85.5%;

Record Full-Year Per Share Net Income and Core Operating

Income of $21.80 and $22.54, Up 75.9% and 48.5%, Respectively;

Consolidated Net Premiums Written of $47.4 Billion, Up 13.5%,

with P&C Up 9.9%; Record P&C Combined Ratio of 86.5%

QUARTER

• Net income and core operating income were records at $3.30 billion and $3.41 billion, respectively, up 151.7% and 103.6%, which included a one-time deferred tax benefit of $1.14 billion, or $2.76 per share, related to the enactment of Bermuda’s new income tax law (tax benefit). Excluding the tax benefit, net income and core operating income were $2.16 billion and $2.27 billion, respectively, up 65.1% and 35.8%, and on a per share basis were $5.27 and $5.54.

• Consolidated net premiums written were up 13.4%, with commercial insurance up 10.0% and consumer insurance up 19.9%.

• Global P&C net premiums written were up 10.5%. North America was up 6.2% and Overseas General was up 19.3%, with growth of 37.2% in Asia and 15.4% for both Europe and Latin America.

• P&C underwriting income was a record $1.52 billion, up 35.2%, with a combined ratio of 85.5%. P&C current accident year underwriting income excluding catastrophe losses was $1.64 billion, up 21.1%, with a combined ratio of 84.3%.

• Life Insurance net premiums written were $1.45 billion, up 20.3%, and segment income was $263 million, up 43.5%.

• Pre-tax net investment income was $1.37 billion, up 30.2%, and adjusted net investment income was $1.49 billion, up 33.0%. Both were records.

• Annualized return on equity (ROE) was 23.6% and annualized core operating ROE was 21.9%. Annualized core operating return on tangible equity (ROTE) was 35.3%. Excluding the tax benefit, ROE, core operating ROE, and core operating ROTE were 15.6%, 14.7%, and 23.9%, respectively.

YEAR

• Net income and core operating income were $9.03 billion and $9.34 billion, respectively, up 72.1% and 45.2%, and included the tax benefit noted above of $1.14 billion, or $2.74 per share. Excluding the tax benefit from the fourth quarter, net income and core operating income were $7.89 billion and a record $8.20 billion, respectively, up 50.4% and 27.6%, and on a per share basis were $19.06 and a record $19.80.

• Consolidated net premiums written were up 13.5%, with commercial insurance up 8.6% and consumer insurance up 24.2%.

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

Chubb Limited News Release

• Global P&C net premiums written were up 10.0%, with commercial insurance up 8.5% and consumer insurance up 13.8%. North America was up 8.2% and Overseas General was up 13.7%, with growth in Asia, Europe, and Latin America of 24.7%, 9.4%, and 14.8%, respectively.

• P&C underwriting income was $5.46 billion, up 19.9%, leading to a P&C combined ratio of 86.5% compared with 87.6% prior year. P&C current accident year underwriting income excluding catastrophe losses was $6.52 billion, up 11.1%, leading to a 83.9% combined ratio compared with 84.2% prior year. All were records.

• Life Insurance net premiums written were $5.47 billion, up 51.5%, and segment income was $1.05 billion, up 58.8%.

• Pre-tax net investment income was $4.94 billion, up 31.9%, and adjusted net investment income was $5.34 billion, up 32.8%. Both were records.

• ROE was a record 16.4% and core operating ROE was 15.4%. Core operating ROTE was a record 24.2%. Excluding the tax benefit, ROE, core operating ROE, and core operating ROTE were 14.5%, 13.6%, and 21.6%, respectively.

ZURICH – January 30, 2024 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended December 31, 2023 of $3.30 billion, or $8.03 per share, and core operating income of $3.41 billion, or $8.30 per share. Book value per share and tangible book value per share increased 14.4% and 24.1%, respectively, from September 30, 2023, and, excluding the tax benefit increased 12.2% and 20.2%. Book value per share and tangible book value per share now stand at $146.83 and $87.98, respectively. Book value was favorably impacted by after-tax net realized and unrealized gains of $4.88 billion in the company’s investment portfolio, principally due to the mark-to-market impact from declining interest rates in the fixed-income portfolio. Book value per share and tangible book value per share excluding AOCI increased 4.5% and 6.1%, respectively, from September 30, 2023, and, excluding the tax benefit, increased 2.7% and 3.3%.

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

Chubb Limited News Release

Chubb Limited

Fourth Quarter Summary

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

(Unaudited)

			As  Adjusted						As Adjusted
	Q4		Q4				(Per Share)
	2023		2022		Change		2023		2022		Change
Net income		$3,300		$1,311		151.7%		$8.03		$3.13		156.5%
Cigna integration expenses and other, net of tax		16		24		(33.3)%		0.04		0.05		(20.0)%
Adjusted net realized (gains) losses, net of tax		(59)		334		NM		(0.14)		0.81		NM
Market risk benefits (gains) losses, net of tax		153		5		NM		0.37		0.01		NM
Core operating income, net of tax		$3,410		$1,674		103.6%		$8.30		$4.00		107.5%
Net income excluding tax benefit		$2,165		$1,311		65.1%		$5.27		$3.13		68.4%
Core operating excluding tax benefit		$2,275		$1,674		35.8%		$5.54		$4.00		38.5%
Annualized return on equity (ROE)		23.6%		10.7%
Core operating return on tangible equity (ROTE)		35.3%		18.2%
Core operating ROE		21.9%		11.7%

“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 12 for additional information.

For the year ended December 31, 2023, net income was $9.03 billion, or $21.80 per share, and core operating income was $9.34 billion, or $22.54 per share. Book value per share and tangible book value per share increased 20.5% and 21.3%, respectively, from December 31, 2022, and, excluding the tax benefit, increased 18.2% and 17.5%. Book value was favorably impacted by after-tax net realized and unrealized gains of $3.17 billion in the company’s investment portfolio, principally due to the mark-to-market impact in the fixed-income portfolio. Tangible book value included the adverse impact of $3.53 billion after tax for Chubb’s portion of goodwill and other intangible assets related to the consolidation of Huatai Group. Book value per share and tangible book value per share excluding AOCI increased 11.8% and 8.3%, respectively, from December 31, 2022, and, excluding the tax benefit, increased 9.8% and 5.4%.

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

Chubb Limited News Release

Chubb Limited

Full Year Summary

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

(Unaudited)

			As Adjusted						As Adjusted
	FY		FY				(Per Share)
	2023		2022		Change		2023		2022		Change
Net income		$9,028		$5,246		72.1%		$21.80		$12.39		75.9%
Cigna integration expenses and other, net of tax		58		57		1.8%		0.14		0.13		7.7%
Adjusted net realized (gains) losses, net of tax		(56)		1,206		NM		(0.14)		2.85		NM
Market risk benefits (gains) losses, net of tax		307		(80)		NM		0.74		(0.19)		NM
Core operating income, net of tax		$9,337		$6,429		45.2%		$ 22.54		$15.18		48.5%
Net income excluding tax benefit		$7,893		$5,246		50.4%		$19.06		$12.39		53.8%
Core operating excluding tax benefit		$8,202		$6,429		27.6%		$19.80		$15.18		30.4%
Annualized return on equity (ROE)		16.4%		9.6%
Core operating return on tangible equity (ROTE)		24.2%		17.0%
Core operating ROE		15.4%		11.1%

For the years ended December 31, 2023 and 2022, the tax expenses (benefits) related to the table above were $(173) million and $(130) million, respectively, for adjusted net realized gains and losses; and $687 million and $1.38 billion, respectively, for core operating income.

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “We had a record fourth quarter which contributed to a blowout year – the best in our company’s history. The quarter’s results included double-digit P&C premium growth globally, record P&C underwriting income with a world-class 85.5% combined ratio, record investment income, and strong life operating income, all leading to exceptional operating earnings on both a per-share and dollar basis. Our results, both earnings and book value related, were positively impacted in a significant way by a one-time deferred tax benefit related to Bermuda’s new income tax law. Core operating income was $2.3 billion excluding the tax benefit, up 36%, or $5.54 per share, up 39%. The one-time tax benefit then added $1.1 billion or $2.76 per share.

“Our full-year performance tells a compelling story: Core operating income of $9.3 billion, or a record $8.2 billion excluding the tax benefit; P&C underwriting income of $5.5 billion with a combined ratio of 86.5%; investment income of $5.3 billion; life income over $1 billion; and consolidated net premiums written growth of 13.5%. Shareholder returns for the year were excellent. Core operating ROE was 15.4% and our return on tangible equity was 24.2%. For the year, per-share book and tangible book value each grew by over 20%.

“In the quarter, P&C premiums were up 12.5% and life insurance premiums were up 20%. Of the 12.5% P&C growth, consumer lines were up 20% while commercial P&C was up 10%, which was, in fact, stronger growth

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

Chubb Limited News Release

than the full-year average. Chubb is a globally diversified company, and our growth in the quarter demonstrates the broad-based nature of our operations: P&C premiums were up 9.4% in North America, 37.2% in Asia, and 15.4% for both Europe and Latin America.

“In North America, commercial P&C premiums in the quarter were up 4.4%, impacted by growth of only 1.4% in our Major Accounts division. Growth was adversely impacted by pre-planned underwriting actions we took in a segment of our large account primary and excess casualty business. These actions impact future growth in underwriting income. We fully expect North America Commercial’s growth to return to more robust levels beginning with the first quarter.

“In the quarter, continuing the trend we experienced all year, commercial P&C rates and price increases across the majority of our global portfolio were strong and exceeded loss costs, which were stable. Pricing in our P&C lines was up 12.4% in North America and 10.1% in our international retail business, while financial lines pricing globally continued to decrease led by public D&O. At year-end, our loss reserves were in an exceptionally strong position – as strong as they have ever been.

“We have a lot of momentum around the world going into the first quarter and have hit the ground running. Notwithstanding the obvious fact that we are in the risk business and CAT volatility is a reality, we are confident in our ability to continue growing operating earnings at a double-digit pace through P&C revenue growth and underwriting margins, investment income, and life income.”

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

Chubb Limited News Release

Operating highlights for the quarter ended December 31, 2023 were as follows:

			As  Adjusted
Chubb Limited	Q4		Q4
(in millions of U.S. dollars except for percentages)	2023		2022		Change
Consolidated
Net premiums written (increase of 12.0% in constant dollars)	$	11,596	$	10,226		13.4%
P&C
Net premiums written (increase of 11.3% in constant dollars)	$	10,146	$	9,021		12.5%
Underwriting income	$	1,517	$	1,121		35.2%
Combined ratio		85.5%		88.0%
Current accident year underwriting income excluding catastrophe losses	$	1,640	$	1,354		21.1%
Current accident year combined ratio excluding catastrophe losses		84.3%		85.6%
Global P&C (excludes Agriculture)
Net premiums written (increase of 9.2% in constant dollars)	$	9,539	$	8,637		10.5%
Underwriting income	$	1,565	$	1,228		27.4%
Combined ratio		83.7%		85.9%
Current accident year underwriting income excluding catastrophe losses	$	1,692	$	1,493		13.2%
Current accident year combined ratio excluding catastrophe losses		82.4%		82.9%
Life Insurance
Net premiums written (increase of 17.2% in constant dollars)	$	1,450	$	1,205		20.3%
Segment income (increase of 38.4% in constant dollars)	$	263	$	182		43.5%

• Consolidated net premiums earned increased 12.8%, or 11.4% in constant dollars. P&C net premiums earned increased 11.8%, or 10.6% in constant dollars.

• Operating cash flow was $3.19 billion and adjusted operating cash flow was $2.74 billion for the quarter.

• Total pre-tax and after-tax P&C catastrophe losses, net of reinsurance and including reinstatement premiums, were $300 million (2.9 percentage points of the combined ratio) and $257 million, respectively, compared with $400 million (4.2 percentage points of the combined ratio) and $323 million, respectively, last year.

• Total pre-tax and after-tax favorable prior period development were $177 million and $184 million, respectively, compared with $167 million for both pre-tax and after-tax last year.

• Total capital returned to shareholders in the quarter was $1.07 billion, including share repurchases of $720 million at an average purchase price of $225.58 per share, and dividends of $351 million.

• On December 18, 2023, the company increased its ownership in Huatai with the closing of an incremental 4.5% interest, bringing its total aggregate interest in Huatai to 76.5% as of December 31, 2023. On January 2, 2024, the company further closed on an incremental 2.9% interest, raising its total aggregate interest in Huatai to approximately 79.5%.

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

Chubb Limited News Release

Operating highlights for the year ended December 31, 2023 were as follows:

			As  Adjusted
Chubb Limited	FY		FY
(in millions of U.S. dollars except for percentages)	2023		2022		Change
Consolidated
Net premiums written (increase of 13.5% in constant dollars)	$	47,361	$	41,720		13.5%
P&C
Net premiums written (increase of 9.9% in constant dollars)	$	41,896	$	38,112		9.9%
Underwriting income	$	5,460	$	4,555		19.9%
Combined ratio		86.5%		87.6%
Current accident year underwriting income excluding catastrophe losses	$	6,515	$	5,861		11.1%
Current accident year combined ratio excluding catastrophe losses		83.9%		84.2%
Global P&C (excludes Agriculture)
Net premiums written (increase of 10.0% in constant dollars)	$	38,708	$	35,205		10.0%
Underwriting income	$	5,314	$	4,390		21.0%
Combined ratio		85.7%		87.1%
Current accident year underwriting income excluding catastrophe losses	$	6,348	$	5,693		11.5%
Current accident year combined ratio excluding catastrophe losses		83.0%		83.3%
Life Insurance
Net premiums written (increase of 50.9% in constant dollars)	$	5,465	$	3,608		51.5%
Segment income (increase of 58.4% in constant dollars)	$	1,049	$	661		58.8%

• Consolidated net premiums earned increased 13.3%, or 13.1% in constant dollars. P&C net premiums earned increased 9.4%, or 9.3% in constant dollars.

• Operating cash flow was $12.63 billion and adjusted operating cash flow was $12.18 billion for the year. Both were records.

• Total pre-tax and after-tax P&C catastrophe losses, net of reinsurance and including reinstatement premiums, were $1.83 billion (4.5 percentage points of the combined ratio) and $1.50 billion, respectively, compared with $2.18 billion (5.9 percentage points of the combined ratio) and $1.80 billion, respectively, last year.

• Total pre-tax and after-tax favorable prior period development were $773 million and $604 million, respectively, compared with $876 million and $729 million, respectively, last year.

• Total capital returned to shareholders for the year was $3.88 billion, including share repurchases of $2.48 billion at an average purchase price of $209.52 per share, and dividends of $1.40 billion.

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

Chubb Limited News Release

Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended December 31, 2023 are presented below:

			As  Adjusted
Chubb Limited	Q4		Q4
(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	$	6,743	$	6,162		9.4%
Combined ratio		81.9%		88.5%
Current accident year combined ratio excluding catastrophe losses		82.5%		84.0%
North America Commercial P&C Insurance
Net premiums written	$	4,662	$	4,463		4.4%
Major accounts retail and excess and surplus (E&S) wholesale	$	2,788	$	2,682		3.9%
Middle market and small commercial	$	1,874	$	1,781		5.2%
Combined ratio		76.4%		84.3%
Current accident year combined ratio excluding catastrophe losses		79.0%		80.8%
North America Personal P&C Insurance
Net premiums written	$	1,474	$	1,315		12.1%
Combined ratio		86.2%		89.3%
Current accident year combined ratio excluding catastrophe losses		80.4%		77.1%
North America Agricultural Insurance
Net premiums written	$	607	$	384		58.2%
Combined ratio		105.8%		117.2%
Current accident year combined ratio excluding catastrophe losses		106.1%		122.1%
Overseas General Insurance
Net premiums written (increase of 15.0% in constant dollars)	$	3,216	$	2,696		19.3%
Commercial P&C (increase of 10.1% in constant dollars)	$	1,911	$	1,688		13.2%
Consumer P&C (increase of 23.2% in constant dollars)	$	1,305	$	1,008		29.5%
Combined ratio		85.9%		79.6%
Current accident year combined ratio excluding catastrophe losses		85.2%		84.8%
Life Insurance
Net premiums written (increase of 17.2% in constant dollars)	$	1,450	$	1,205		20.3%
Segment income (increase of 38.4% in constant dollars)	$	263	$	182		43.5%

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

Chubb Limited News Release

• North America Commercial P&C Insurance: Net premiums written increased 4.4% with P&C lines up 6.3% and financial lines down 2.1%. Growth in net premiums written and in P&C lines were adversely impacted by 3.0 and 4.0 percentage points, respectively, due to planned corrective underwriting actions in Major Accounts primary and excess casualty. One-half of the reduction in premium was due to increased client risk retentions with the balance lost business. The actions result in improved underwriting margins. The combined ratio decreased 7.9 percentage points, primarily reflecting higher favorable prior period development and lower catastrophe losses. The current accident year combined ratio excluding catastrophe losses decreased 1.8 percentage points, reflecting a 2.2 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: Net premiums written increased 12.1%. The combined ratio decreased 3.1 percentage points, reflecting a 3.1 percentage point decrease in the loss ratio. The current accident year combined ratio excluding catastrophe losses increased 3.3 percentage points, including a 3.4 percentage point increase in the loss ratio primarily from a favorable reserve action in the prior year of 2.6 percentage points, which did not repeat this quarter.

• North America Agricultural Insurance: The combined ratio decreased 11.4 percentage points, reflecting a 12.7 percentage point decrease in the loss ratio and a 1.3 percentage point increase in the expense ratio. The current accident year combined ratio excluding catastrophe losses decreased 16.0 percentage points, including a 17.3 percentage points decrease in the loss ratio. The prior year combined ratio included a true-up to projected full-year crop insurance results reflecting late season development. The full year combined ratio was 95.4%.

• Overseas General Insurance: The combined ratio increased 6.3 percentage points, primarily reflecting lower favorable prior period development and higher catastrophe losses. The current accident year combined ratio excluding catastrophe losses increased 0.4 percentage point, including a 0.7 percentage point increase in the loss ratio and a 0.3 percentage point decrease in the expense ratio, primarily due to the consolidation of Huatai.

• Life Insurance: Segment income was $263 million, up 43.5%, principally driven by growth in International life which increased $102 million, up 90.2%, reflecting earnings from Huatai and higher net investment income. In addition, the prior year included a non-recurring $52 million adverse adjustment related to Huatai. Combined Insurance North America segment income decreased primarily due to a favorable reserve development in the prior year.

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

Chubb Limited News Release

Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the year ended December 31, 2023 are presented below:

			As  Adjusted
Chubb Limited	FY		FY
(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	$	28,303	$	26,109		8.4%
Combined ratio		84.9%		85.4%
Current accident year combined ratio excluding catastrophe losses		82.1%		82.2%
North America Commercial P&C Insurance
Net premiums written	$	19,237	$	17,889		7.5%
Major accounts retail and excess and surplus (E&S) wholesale	$	11,653	$	10,782		8.1%
Middle market and small commercial	$	7,584	$	7,107		6.7%
Combined ratio		81.6%		83.3%
Current accident year combined ratio excluding catastrophe losses		80.5%		81.1%
North America Personal P&C Insurance
Net premiums written	$	5,878	$	5,313		10.6%
Combined ratio		89.7%		87.5%
Current accident year combined ratio excluding catastrophe losses		80.1%		78.9%
North America Agricultural Insurance
Net premiums written	$	3,188	$	2,907		9.7%
Combined ratio		95.4%		94.2%
Current accident year combined ratio excluding catastrophe losses		94.7%		94.4%
Overseas General Insurance
Net premiums written (increase of 13.3% in constant dollars)	$	12,575	$	11,060		13.7%
Commercial P&C (increase of 11.8% in constant dollars)	$	7,633	$	6,865		11.2%
Consumer P&C (increase of 15.7% in constant dollars)	$	4,942	$	4,195		17.8%
Combined ratio		85.3%		84.6%
Current accident year combined ratio excluding catastrophe losses		85.1%		85.4%
Life Insurance
Net premiums written (increase of 50.9% in constant dollars)	$	5,465	$	3,608		51.5%
Segment income (increase of 58.4% in constant dollars)	$	1,049	$	661		58.8%

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

Chubb Limited News Release

• North America Commercial P&C Insurance: Net premiums written increased 7.5% with P&C lines up 9.9% and financial lines down 1.7%. The combined ratio decreased 1.7 points, primarily reflecting lower catastrophe losses. The current accident year combined ratio excluding catastrophe losses decreased 0.6 percentage points, including a 1.1 percentage point decrease in the loss ratio and a 0.5 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: Net premiums written increased 10.6%. The combined ratio increased 2.2 percentage points, primarily reflecting higher catastrophe losses and lower favorable prior period development. The current accident year combined ratio excluding catastrophe losses increased 1.2 percentage points, including a 0.9 percentage point increase in the loss ratio and a 0.3 percentage point increase in the expense ratio. The increase in the expense ratio is primarily from higher pension expenses as noted above.

• North America Agricultural Insurance: The combined ratio increased 1.2 percentage points, primarily reflecting lower favorable prior period development. The current accident year combined ratio excluding catastrophe losses increased 0.3 percentage points, including a 0.7 percentage point increase in the expense ratio and a 0.4 percentage point decrease in the loss ratio.

• Overseas General Insurance: The combined ratio increased 0.7 percentage points, primarily reflecting lower favorable prior period development and higher catastrophe losses. The current accident year combined ratio excluding catastrophe losses decreased 0.3 percentage points, including a 0.6 percentage point decrease in the expense ratio and a 0.3 percentage point increase in the loss ratio.

• Life Insurance: Segment income was $1.05 billion, up 58.8%, including earnings from Huatai and underlying improvement in Asia. The current year included $50 million related to higher than expected asset management fee income and dividend income in Huatai, and the favorable impact of reserve development in Combined Insurance North America.

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

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 December 31, 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 fourth quarter earnings conference call on Wednesday, January 31, 2024 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.

Effective July 1, 2023, the company acquired a majority controlling interest in Huatai Group (Huatai), 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.

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

Chubb Limited News Release

About Chubb

Chubb is a world leader in insurance. 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. 13

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 $7 million and $5 million in Q4 2023 and Q4 2022, respectively, and including investment income of $109 million and $60 million in Q4 2023 and Q4 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 $21 million and $41 million for full-year 2023 and 2022, respectively, and the investment income from private equity partnerships was $385 million and $240 million for full-year 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 (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, amortization of fair value of acquired invested assets and debt, income tax expense, adjusted net realized gains (losses), and market risk benefits gains (losses).

P&C current accident year underwriting income excluding catastrophe losses is P&C underwriting income adjusted to exclude P&C 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 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

Chubb®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb. 14

Chubb Limited News Release

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.

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, all 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 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.

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 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.

Metrics adjusted for the impact of the enactment of the Bermuda Tax Law are adjusted to exclude the one-time deferred tax benefit of $1.14 billion, giving recognition for transition provisions of the Bermuda Tax Law. We believe that excluding the impact of the one-time deferred tax benefit provides a better evaluation of our operating performance and enhances the understanding of the trends in the underlying business that may be obscured by this one-time item.

Chubb®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb. 15

Chubb Limited News Release

Adjusted operating cash flow is Operating cash flow excluding the operating cash flow related to the net investing activities of Huatai’s asset management companies as it relates to the Consolidated Investment Products as required under consolidation accounting. Because these entities are investment companies, we are required to retain the investment company presentation in our consolidated results, which means, we include the net investing activities of these entities in our operating cash flows. Due to the significant impact that this required investment company classification has on the presentation of the company’s operating cash flow, the company has elected to remove the impact of these net investing activities of these investment companies. The investment company presentation is not consistent with our consolidated cash flow presentation. These net investing activities are more appropriately classified outside of operating cash flows, consistent with our consolidated investing activities, and may impact a reader’s analysis of our underlying operating cash flow related to the core insurance company operations. Accordingly, we believe that it is appropriate to adjust operating cash flow for the impact of these consolidated investment products.

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

Cautionary Statement Regarding Forward-Looking Statements:

Forward-looking statements made in this press release, such as those related to company performance, pricing, growth opportunities, economic and market conditions, and our expectations and intentions and other statements that are not historical facts, reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the following: competition, pricing and policy term trends, the levels of new and renewal business achieved, the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, loss of key employees or disruptions to our operations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, rating agency action, infection rates and severity of pandemics, including COVID-19, and their effects on our business operations and claims activity, possible terrorism or the outbreak and effects of war, economic, political, regulatory, insurance and reinsurance business conditions, potential strategic opportunities including acquisitions and our ability to achieve and integrate them, as well as management’s response to these factors, and other factors identified in our filings with the Securities and Exchange Commission (SEC). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Chubb®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb. 16

Chubb Limited News Release

 Chubb Limited

 Summary Consolidated Balance Sheets

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

 (Unaudited)

			As Adjusted
	December 31 2023		December 31 2022
Assets
Investments	$	136,735	$	113,551
Cash and restricted cash		2,621		2,127
Insurance and reinsurance balances receivable		13,379		11,933
Reinsurance recoverable on losses and loss expenses		19,952		18,859
Goodwill and other intangible assets ($25,314 represents Chubb portion as of 12/31/2023)		26,461		21,669
Other assets		29,713		30,878
Total assets	$	228,861	$	199,017
Liabilities
Unpaid losses and loss expenses	$	80,122	$	75,747
Unearned premiums		22,051		19,713
Other liabilities		62,997		53,038
Total liabilities		165,170		148,498
Shareholders’ equity
Chubb shareholders’ equity, excl. AOCI		66,316		60,704
Accumulated other comprehensive income (loss) (AOCI)		(6,809)		(10,185)
Chubb shareholders’ equity		59,507		50,519
Noncontrolling interests		4,184		-
Total shareholders’ equity		63,691		50,519
Total liabilities and shareholders’ equity	$	228,861	$	199,017
Book value per common share	$	146.83	$	121.85
Tangible book value per common share	$	87.98	$	72.51
Book value per common share, excl. AOCI	$	163.64	$	146.42
Tangible book value per common share, excl. AOCI	$	102.78	$	94.90

Chubb®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb. 17

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				Year Ended
	December 31				December 31
			As  Adjusted				As  Adjusted
	2023		2022		2023		2022
Gross premiums written	$	13,646	$	12,440	$	57,526	$	51,978
Net premiums written		11,596		10,226		47,361		41,720
Net premiums earned		11,897		10,544		45,712		40,360
Losses and loss expenses		6,163		5,739		24,100		22,572
Policy benefits		1,063		873		3,628		2,314
Policy acquisition costs		2,117		1,924		8,259		7,339
Administrative expenses		1,048		916		4,007		3,395
Net investment income		1,371		1,053		4,937		3,742
Net realized gains (losses)		(123)		(149)		(607)		(1,085)
Market risk benefits gains (losses)		(153)		(5)		(307)		80
Interest expense		173		154		672		570
Other income (expense):
Gains (losses) from separate account assets		11		74		(45)		(42)
Other		275		(172)		881		(47)
Amortization of purchased intangibles		84		74		310		285
Cigna integration expenses		18		22		69		48
Income tax expense (benefit) (1)		(678)		332		511		1,239
Net income	$	3,290	$	1,311	$	9,015	$	5,246
Less: NCI income (loss)		(10)		-		(13)		-
Chubb net income	$	3,300	$	1,311	$	9,028	$	5,246
Diluted earnings per share:
Chubb net income	$	8.03	$	3.13	$	21.80	$	12.39
Core operating income	$	8.30	$	4.00	$	22.54	$	15.18
Weighted average shares outstanding		410.7		418.9		414.2		423.5
(1)  2023 includes a one-time deferred tax benefit of $1.14 billion.
P&C combined ratio
Loss and loss expense ratio		59.8%		62.1%		60.6%		62.0%
Policy acquisition cost ratio		17.8%		17.9%		17.8%		17.8%
Administrative expense ratio		7.9%		8.0%		8.1%		7.8%
P&C combined ratio		85.5%		88.0%		86.5%		87.6%
P&C underwriting income	$	1,517	$	1,121	$	5,460	$	4,555

Chubb®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb. 18

EX-99.2

Exhibit 99.2

Chubb Limited

Financial Supplement

for the Quarter and Year Ended December 31, 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		1a
	- Consolidated Financial Highlights (ex tax benefit)		1b
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
	- Glossary		37

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.

Consolidation of Huatai Group Effective July 1, 2023

Effective July 1, 2023, the company increased its aggregate ownership interest in Huatai Group (Huatai), resulting in a majority controlling interest, and applied consolidation accounting beginning in the third quarter.

In this financial supplement, 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.

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 December 31						Constant $		Constant $		Year ended December 31						Constant $		Constant $
	2023		2022		% Change		2022		% Change		2023		2022		% Change		2022		% Change
Gross premiums written	$	13,646	$	12,440		9.7%	$	12,585		8.4%	$	57,526	$	51,978		10.7%	$	51,982		10.7%
Net premiums written	$	11,596	$	10,226		13.4%	$	10,356		12.0%	$	47,361	$	41,720		13.5%	$	41,731		13.5%
P&C net premiums written	$	10,146	$	9,021		12.5%	$	9,118		11.3%	$	41,896	$	38,112		9.9%	$	38,109		9.9%
Global P&C net premiums written	$	9,539	$	8,637		10.5%	$	8,734		9.2%	$	38,708	$	35,205		10.0%	$	35,202		10.0%
Life Insurance net premiums written	$	1,450	$	1,205		20.3%	$	1,238		17.2%	$	5,465	$	3,608		51.5%	$	3,622		50.9%
Net premiums earned	$	11,897	$	10,544		12.8%	$	10,677		11.4%	$	45,712	$	40,360		13.3%	$	40,423		13.1%
P&C underwriting income	$	1,517	$	1,121		35.2%	$	1,136		33.6%	$	5,460	$	4,555		19.9%	$	4,552		19.9%
P&C CAY underwriting income ex Cats	$	1,640	$	1,354		21.1%	$	1,365		20.1%	$	6,515	$	5,861		11.1%	$	5,849		11.4%
Adjusted net investment income	$	1,487	$	1,118		33.0%	$	1,125		32.2%	$	5,343	$	4,023		32.8%	$	4,027		32.7%
Core operating income	$	3,410	$	1,674		103.6%	$	1,692		101.5%	$	9,337	$	6,429		45.2%	$	6,424		45.3%
Net investment income	$	1,371	$	1,053		30.2%	$	1,060		29.4%	$	4,937	$	3,742		31.9%	$	3,746		31.8%
Chubb net income	$	3,300	$	1,311		151.7%					$	9,028	$	5,246		72.1%
Operating cash flow	$	3,186	$	2,658							$	12,632	$	11,258
Adjusted operating cash flow	$	2,736	$	2,658							$	12,182	$	11,258
P&C combined ratio
Loss and loss expense ratio		59.8%		62.1%								60.6%		62.0%
Policy acquisition cost and administrative expense ratio		25.7%		25.9%								25.9%		25.6%
Combined ratio		85.5%		88.0%								86.5%		87.6%
P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)
CAY loss and loss expense ratio ex Cats		58.7%		59.9%								58.2%		58.8%
CAY policy acquisition cost and administrative expense ratio ex Cats		25.6%		25.7%								25.7%		25.4%
CAY combined ratio ex Cats		84.3%		85.6%								83.9%		84.2%
ROE		23.6%		10.7%								16.4%		9.6%
Core operating return on tangible equity (ROTE)		35.3%		18.2%								24.2%		17.0%
Core operating return on equity (ROE)		21.9%		11.7%								15.4%		11.1%
Effective tax rate		-26.0%		20.2%								5.3%		19.1%
Core operating effective tax rate		-24.5%		17.3%								6.9%		17.7%
Diluted earnings per share
Chubb net income	$	8.03	$	3.13		156.5%					$	21.80	$	12.39		75.9%
Core operating income	$	8.30	$	4.00		107.5%					$	22.54	$	15.18		48.5%
Weighted average basic common shares outstanding		407.2		415.3								410.8		419.8
Weighted average diluted common shares outstanding		410.7		418.9								414.2		423.5
					% Change		As Adjusted		% Change
	December 31 2023		September 30 2023		4Q-23 vs. 3Q-23		December 31  2022		4Q-23 vs. 4Q-22
Book value per common share	$	146.83	$	128.37		14.4%	$	121.85		20.5%
Tangible book value per common share	$	87.98	$	70.89		24.1%	$	72.51		21.3%
Book value per common share, excl. AOCI	$	163.64	$	156.60		4.5%	$	146.42		11.8%
Tangible book value per common share, excl. AOCI	$	102.78	$	96.83		6.1%	$	94.90		8.3%

Note: Q4 2023 and full year 2023 include the impact of the one-time deferred tax benefit of $1.14 billion related to the enactment of Bermuda’s new income tax law. Refer to page 1b for the impact of this tax benefit on key metrics.

Financial Highlights Page 1a

Chubb Limited

Consolidated Financial Highlights (ex tax benefit)

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

(Unaudited)

Metrics on this page for Q4 2023 and full year 2023 excludes the impact of the one-time deferred tax benefit of $1.14 billion for transition provisions included as part of Bermuda’s newly enacted income tax law.

	Excluding tax benefit		As Adjusted		Excluding tax benefit		Excluding tax benefit		As Adjusted		Excluding tax benefit
	Three months ended December 31						Year ended December 31
	2023		2022		% Change		2023		2022		% Change
Core operating income	$	2,275	$	1,674		35.8%	$	8,202	$	6,429		27.6%
Chubb net income	$	2,165	$	1,311		65.1%	$	7,893	$	5,246		50.4%
ROE		15.6%		10.7%				14.5%		9.6%
Core operating return on tangible equity (ROTE)		23.9%		18.2%				21.6%		17.0%
Core operating return on equity (ROE)		14.7%		11.7%				13.6%		11.1%
Effective tax rate		17.4%		20.2%				17.2%		19.1%
Core operating effective tax rate		17.0%		17.3%				18.2%		17.7%
Diluted earnings per share
Chubb net income	$	5.27	$	3.13		68.4%	$	19.06	$	12.39		53.8%
Core operating income	$	5.54	$	4.00		38.5%	$	19.80	$	15.18		30.4%
	Excluding tax benefit				Excluding tax benefit		As Adjusted		Excluding tax benefit
					% Change				% Change
	December 31 2023		September 30 2023		4Q-23 vs. 3Q-23		December 31 2022		4Q-23 vs. 4Q-22
Book value per common share	$	144.03	$	128.37		12.2%	$	121.85		18.2%
Tangible book value per common share	$	85.18	$	70.89		20.2%	$	72.51		17.5%
Book value per common share, excl. AOCI	$	160.84	$	156.60		2.7%	$	146.42		9.8%
Tangible book value per common share, excl. AOCI	$	99.98	$	96.83		3.3%	$	94.90		5.4%

Fin Highlights (ex tax benefit) Page 1b

Chubb Limited

Statement of Operations - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

													As Adjusted						As Adjusted
Consolidated Statements of Operations	4Q-23			3Q-23			2Q-23			1Q-23			4Q-22			Full Year 2023			Full Year 2022
Gross premiums written	$	13,646		$	15,996		$	14,880		$	13,004		$	12,440		$	57,526		$	51,978
Net premiums written		11,596			13,104			11,951			10,710			10,226			47,361			41,720
Net premiums earned		11,897			12,674			10,999			10,142			10,544			45,712			40,360
Adjusted losses and loss expenses (1)		6,165			7,113			5,678			5,149			5,741			24,105			22,583
Realized (gains) losses on crop derivatives		2			7			(5	)		1			2			5			11
Losses and loss expenses		6,163			7,106			5,683			5,148			5,739			24,100			22,572
Adjusted policy benefits (2)		1,052			957			842			822			799			3,673			2,356
Gains (losses) from fair value changes in separate account liabilities		(11	)		19			12			25			(74	)		45			42
Policy benefits		1,063			938			830			797			873			3,628			2,314
Policy acquisition costs		2,117			2,178			2,016			1,948			1,924			8,259			7,339
Administrative expenses		1,048			1,060			969			930			916			4,007			3,395
Adjusted net investment income (3)		1,487			1,415			1,241			1,200			1,118			5,343			4,023
Other (income) expense from private equity partnerships		(109	)		(92	)		(93	)		(91	)		(60	)		(385	)		(240	)
Amortization expense of fair value adjustment on acquired invested assets		(7	)		(9	)		(3	)		(2	)		(5	)		(21	)		(41	)
Net investment income		1,371			1,314			1,145			1,107			1,053			4,937			3,742
Adjusted realized gains (losses) (4)		(121	)		(96	)		(309	)		(76	)		(147	)		(602	)		(1,074	)
Realized gains (losses) on crop derivatives		(2	)		(7	)		5			(1	)		(2	)		(5	)		(11	)
Net realized gains (losses)		(123	)		(103	)		(304	)		(77	)		(149	)		(607	)		(1,085	)
Market risk benefits gains (losses)		(153	)		(32	)		(7	)		(115	)		(5	)		(307	)		80
Adjusted interest expense (5)		179			179			170			165			159			693			591
Amortization benefit of fair value adjustment on acquired long term debt		(6	)		(5	)		(5	)		(5	)		(5	)		(21	)		(21	)
Interest expense		173			174			165			160			154			672			570
Gains (losses) from fair value changes in separate account assets		11			(19	)		(12	)		(25	)		74			(45	)		(42	)
Net realized gains (losses) related to unconsolidated entities		143			59			(9	)		238			(207	)		431			(262	)
Other income (expense) from private equity partnerships		109			92			93			91			60			385			240
Other income (expense) - operating		23			22			28			(8	)		(25	)		65			(25	)
Other income (expense)		286			154			100			296			(98	)		836			(89	)
Amortization expense of purchased intangibles		84			84			70			72			74			310			285
Cigna integration expenses		18			14			15			22			22			69			48
Income tax expense (benefit)		(678	)		413			392			384			332			511			1,239
Net income	$	3,290		$	2,040		$	1,793		$	1,892		$	1,311		$	9,015		$	5,246
Less: NCI income (loss)		(10	)		(3	)		-			-			-			(13	)		-
Chubb net income	$	3,300		$	2,043		$	1,793		$	1,892		$	1,311		$	9,028		$	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	4Q-23			3Q-23			2Q-23			1Q-23			4Q-22			Full Year 2023			Full Year 2022
P&C underwriting income (Including Corporate and excluding Life Insurance)
Gross premiums written	$	12,122		$	14,467		$	13,538		$	11,645		$	11,158		$	51,772		$	48,143
Net premiums written		10,146			11,652			10,681			9,417			9,021			41,896			38,112
Net premiums earned		10,461			11,232			9,743			8,878			9,359			40,314			36,850
Adjusted losses and loss expenses		6,138			7,093			5,643			5,117			5,734			23,991			22,498
Adjusted policy benefits		119			91			137			110			76			457			358
Policy acquisition costs		1,857			1,899			1,739			1,675			1,676			7,170			6,554
Administrative expenses		830			844			799			763			752			3,236			2,885
P&C underwriting income	$	1,517		$	1,305		$	1,425		$	1,213		$	1,121		$	5,460		$	4,555
P&C CAY underwriting income ex Cats	$	1,640		$	1,775		$	1,625		$	1,475		$	1,354		$	6,515		$	5,861
% Change versus prior year period
Net premiums written		12.5%			8.4%			9.8%			9.3%			5.9%			9.9%			7.7%
Net premiums earned		11.8%			9.2%			8.1%			8.3%			7.5%			9.4%			8.5%
Net premiums written constant $		11.3%			7.6%			10.4%			11.0%			9.8%			9.9%			10.3%
Net premiums earned constant $		10.6%			8.1%			8.7%			9.8%			11.3%			9.3%			11.2%
P&C combined ratio
Loss and loss expense ratio		59.8%			64.0%			59.3%			58.9%			62.1%			60.6%			62.0%
Policy acquisition cost ratio		17.8%			16.9%			17.9%			18.8%			17.9%			17.8%			17.8%
Administrative expense ratio		7.9%			7.5%			8.2%			8.6%			8.0%			8.1%			7.8%
Combined ratio		85.5%			88.4%			85.4%			86.3%			88.0%			86.5%			87.6%
CAY P&C combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		58.7%			60.1%			57.4%			55.9%			59.9%			58.2%			58.8%
CAY policy acquisition cost and administrative expense ratio ex Cats		25.6%			24.2%			25.9%			27.5%			25.7%			25.7%			25.4%
CAY combined ratio ex Cats		84.3%			84.3%			83.3%			83.4%			85.6%			83.9%			84.2%
Other ratios
Net premiums written/gross premiums written		84%			81%			79%			81%			81%			81%			79%
Expense ratio		25.7%			24.4%			26.1%			27.4%			25.9%			25.9%			25.6%
Expense ratio excluding A&H		23.9%			22.6%			24.3%			25.7%			24.2%			24.0%			23.9%
Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	-		$	-		$	-		$	-		$	(6	)	$	-		$	49
Catastrophe losses - pre-tax	$	300		$	670		$	400		$	458		$	394		$	1,828		$	2,231
Favorable prior period development (PPD) - pre-tax	$	(177	)	$	(200	)	$	(200	)	$	(196	)	$	(167	)	$	(773	)	$	(876	)
Impact of catastrophe losses on P&C combined ratio - Unfavorable		2.9%			6.0%			4.1%			5.1%			4.2%			4.5%			5.9%
Impact of PPD on P&C combined ratio - Favorable		-1.7%			-1.9%			-2.0%			-2.2%			-1.8%			-1.9%			-2.5%
Impact of Cats and PPD on P&C combined ratio - Unfavorable		1.2%			4.1%			2.1%			2.9%			2.4%			2.6%			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)	4Q-23			3Q-23			2Q-23			1Q-23			4Q-22			Full Year   2023			Full Year   2022
Global P&C underwriting income
Gross premiums written	$	11,614		$	12,063		$	12,449		$	11,240		$	10,662		$	47,366		$	43,731
Net premiums written		9,539			10,131			9,914			9,124			8,637			38,708			35,205
Net premiums earned		9,626			9,692			9,108			8,719			8,738			37,145			34,012
Adjusted losses and loss expenses		5,267			5,737			5,136			4,977			5,007			21,117			19,941
Adjusted policy benefits		119			91			137			110			76			457			358
Policy acquisition costs		1,835			1,823			1,702			1,660			1,661			7,020			6,428
Administrative expenses		840			841			796			760			766			3,237			2,895
Global P&C underwriting income	$	1,565		$	1,200		$	1,337		$	1,212		$	1,228		$	5,314		$	4,390
Global P&C CAY underwriting income ex Cats	$	1,692		$	1,661		$	1,545		$	1,450		$	1,493		$	6,348		$	5,693
% Change versus prior year period
Net premiums written		10.5	%		12.3	%		10.2	%		6.7	%		4.8	%		10.0	%		6.7	%
Net premiums earned		10.2	%		12.5	%		7.9	%		6.0	%		6.2	%		9.2	%		7.6	%
Net premiums written constant $		9.2	%		11.2	%		10.9	%		8.3	%		8.8	%		10.0	%		9.5	%
Net premiums earned constant $		8.9	%		11.2	%		8.6	%		7.5	%		10.2	%		9.1	%		10.5	%
Combined ratio
Loss and loss expense ratio		56.0	%		60.1	%		57.9	%		58.3	%		58.2	%		58.1	%		59.7	%
Policy acquisition cost ratio		19.0	%		18.8	%		18.7	%		19.1	%		19.0	%		18.9	%		18.9	%
Administrative expense ratio		8.7	%		8.7	%		8.7	%		8.7	%		8.7	%		8.7	%		8.5	%
Combined ratio		83.7	%		87.6	%		85.3	%		86.1	%		85.9	%		85.7	%		87.1	%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		54.7	%		55.7	%		55.8	%		55.6	%		55.4	%		55.5	%		56.0	%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.7	%		27.3	%		27.3	%		27.8	%		27.5	%		27.5	%		27.3	%
CAY combined ratio ex Cats		82.4	%		83.0	%		83.1	%		83.4	%		82.9	%		83.0	%		83.3	%
Other ratios
Net premiums written/gross premiums written		82	%		84	%		80	%		81	%		81	%		82	%		81	%
Expense ratio		27.7	%		27.5	%		27.4	%		27.8	%		27.7	%		27.6	%		27.4	%
Expense ratio excluding A&H		26.1	%		25.6	%		25.7	%		26.0	%		26.0	%		25.8	%		25.7	%
Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	-		$	-		$	-		$	-		$	(6	)	$	-		$	49
Catastrophe losses - pre-tax	$	298		$	652		$	405		$	434		$	382		$	1,789		$	2,167
Favorable prior period development (PPD) - pre-tax	$	(171	)	$	(191	)	$	(197	)	$	(196	)	$	(123	)	$	(755	)	$	(815	)
Impact of catastrophe losses on combined ratio - Unfavorable		3.0	%		6.7	%		4.4	%		5.0	%		4.4	%		4.8	%		6.2	%
Impact of PPD on combined ratio - Favorable		-1.8	%		-2.1	%		-2.2	%		-2.3	%		-1.4	%		-2.1	%		-2.4	%
Impact of Cats and PPD on combined ratio - Unfavorable		1.2	%		4.6	%		2.2	%		2.7	%		3.0	%		2.7	%		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
	December 31 2023			September 30 2023			June 30 2023			March 31 2023			December 31 2022
Assets
Short-term investments, at fair value	$	4,551		$	5,454		$	4,097		$	3,693		$	4,960
Fixed maturities available for sale, at fair value (1)		106,571			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		2,553			2,401			-			-			-
Equity securities, at fair value		3,455			3,395			1,043			942			827
Private equities		14,078			13,362			13,288			12,805			12,355
Other investments		5,527			5,583			1,419			1,387			1,341
Total investments		136,735			129,961			116,636			115,616			113,551
Cash and restricted cash		2,621			2,778			2,375			2,382			2,127
Securities lending collateral		1,299			1,469			1,525			1,582			1,523
Insurance and reinsurance balances receivable		13,379			13,907			14,128			12,340			11,933
Reinsurance recoverable on losses and loss expenses		19,952			19,750			18,398			18,141			18,859
Deferred policy acquisition costs		7,152			6,856			6,666			6,296			6,031
Value of business acquired (VOBA)		3,674			3,675			3,575			3,603			3,702
Prepaid reinsurance premiums		3,221			3,514			3,599			3,166			3,136
Goodwill and other intangible assets ($25,314 represents Chubb portion as of 12/31/2023) (2)		26,461			26,398			21,642			21,539			21,669
Deferred tax assets		186			_			-			-			-
Investments in partially-owned insurance companies (2)		191			188			3,542			3,728			2,507
Separate account assets		5,573			5,306			5,574			5,300			5,190
Other assets		8,417			8,946			7,788			7,722			8,789
Total assets	$	228,861		$	222,748		$	205,448		$	201,415		$	199,017
Liabilities
Unpaid losses and loss expenses	$	80,122		$	79,705		$	76,480		$	75,417		$	75,747
Unearned premiums		22,051			22,684			21,860			20,261			19,713
Future policy benefits		13,954			13,109			11,064			10,782			10,476
Market risk benefits		771			770			722			830			800
Policyholder account balances		7,396			7,178			3,215			3,178			3,140
Separate account liabilities		5,573			5,306			5,574			5,300			5,190
Insurance and reinsurance balances payable		8,302			8,481			8,429			7,778			7,780
Securities lending payable		1,299			1,469			1,525			1,582			1,523
Accounts payable, accrued expenses, and other liabilities		10,899			11,039			8,382			8,076			8,567
Deferred tax liabilities		-			759			533			541			377
Short-term and long-term debt		14,495			14,436			14,481			14,375			14,877
Trust preferred securities		308			308			308			308			308
Total liabilities		165,170			165,244			152,573			148,428			148,498
Shareholders’ equity
Chubb shareholders’ equity, excl. AOCI		66,316			63,891			62,697			61,882			60,704
Accumulated other comprehensive income (loss) (AOCI)		(6,809	)		(11,518	)		(9,822	)		(8,895	)		(10,185	)
Chubb shareholders’ equity		59,507			52,373			52,875			52,987			50,519
Noncontrolling interests		4,184			5,131			-			-			-
Total shareholders’ equity		63,691			57,504			52,875			52,987			50,519
Total liabilities and shareholders’ equity	$	228,861		$	222,748		$	205,448		$	201,415		$	199,017
Book value per common share	$	146.83		$	128.37		$	128.75		$	127.94		$	121.85
% change over prior quarter		14.4%			-0.3%			0.6%			5.0%			6.1%
Tangible book value per common share (3)	$	87.98		$	70.89		$	78.97		$	78.84		$	72.51
% change over prior quarter		24.1%			-10.2%			0.2%			8.7%			8.9%
Book value per common share, excl. AOCI	$	163.64		$	156.60		$	152.66		$	149.42		$	146.42
% change over prior quarter		4.5%			2.6%			2.2%			2.0%			1.6%
Tangible book value per common share, excl. AOCI	$	102.78		$	96.83		$	101.03		$	98.02		$	94.90
% change over prior quarter		6.1%			-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
	4Q-23		4Q-22		% Change		Constant $  % Change		Full Year 2023		Full Year 2022		% Change		Constant $  % Change
Net premiums written
Property and other short-tail lines	$	1,961	$	1,692		15.9%		14.8%	$	8,414	$	7,195		16.9%		17.5%
Commercial casualty		2,032		1,938		4.9%		4.1%		8,291		7,715		7.5%		7.8%
Financial lines		1,336		1,343		-0.5%		-1.3%		5,069		5,070		0.0%		0.3%
Workers’ compensation		546		539		1.3%		1.3%		2,239		2,164		3.5%		3.5%
Commercial multiple peril (1)		363		339		6.7%		6.7%		1,492		1,311		13.7%		13.7%
Surety		185		145		27.3%		24.6%		691		622		11.0%		9.6%
Total Commercial P&C lines		6,423		5,996		7.1%		6.3%		26,196		24,077		8.8%		9.1%
Agriculture		607		384		58.2%		58.2%		3,188		2,907		9.7%		9.7%
Personal homeowners		1,161		991		17.2%		17.1%		4,429		3,901		13.6%		13.9%
Personal automobile		557		392		42.1%		36.1%		1,991		1,631		22.1%		16.9%
Personal other		463		411		12.4%		9.1%		1,929		1,817		6.1%		6.2%
Total Personal lines		2,181		1,794		21.5%		19.5%		8,349		7,349		13.6%		12.7%
Global A&H - P&C		748		684		9.5%		6.4%		3,145		2,836		10.9%		10.9%
Reinsurance lines		187		163		15.1%		14.3%		1,018		943		8.0%		8.2%
Total P&C	$	10,146	$	9,021		12.5%		11.3%	$	41,896	$	38,112		9.9%		9.9%
Life Insurance		1,450		1,205		20.3%		17.2%		5,465		3,608		51.5%		50.9%
Total Consolidated	$	11,596	$	10,226		13.4%		12.0%	$	47,361	$	41,720		13.5%		13.5%

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

Product Line Page 6

Chubb Limited

Consolidated Results - Three months ended December 31, 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
Q4 2023		Insurance			Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated
Net premiums written		$	4,662		$	1,474	$	607	$	3,216	$	187	$	-	$	10,146	$	1,450	$	11,596
% of total net premiums written			40%			12%		5%		28%		2%		-		87%		13%		100%
Net premiums earned			4,706			1,452		835		3,226		242		-		10,461		1,436		11,897
Adjusted losses and loss expenses			2,631			877		871		1,504		107		148		6,138		27		6,165
Adjusted policy benefits			-			-		-		119		-		-		119		933		1,052
Policy acquisition costs			648			292		22		827		68		-		1,857		260		2,117
Administrative expenses			316			82		(10)		320		10		112		830		218		1,048
Underwriting income (loss)			1,111			201		(48)		456		57		(260)		1,517		(2)		1,515
Adjusted net investment income			813			96		20		259		64		4		1,256		231		1,487
Other income (expense) - operating			(4)			(1)		(1)		(4)		1		(14)		(23)		46		23
Amortization expense of purchased intangibles			-			(1)		(6)		(18)		-		(47)		(72)		(12)		(84)
Segment income (loss)		$	1,920		$	295	$	(35)	$	693	$	122	$	(317)	$	2,678	$	263	$	2,941
Combined ratio			76.4%			86.2%		105.8%		85.9%		76.1%				85.5%
CAY combined ratio ex Cats			79.0%			80.4%		106.1%		85.2%		77.6%				84.3%

Consol Results - QTD 2023 Page 7

Chubb Limited

Consolidated Results - Full Year 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
Full Year 2023		Insurance			Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated
Net premiums written		$	19,237		$	5,878	$	3,188	$	12,575	$	1,018	$	-	$	41,896	$	5,465	$	47,361
% of total net premiums written			41%			12%		7%		26%		2%		-		88%		12%		100%
Net premiums earned			18,416			5,536		3,169		12,231		962		-		40,314		5,398		45,712
Adjusted losses and loss expenses			11,256			3,511		2,874		5,643		426		281		23,991		114		24,105
Adjusted policy benefits			-			-		-		457		-		-		457		3,216		3,673
Policy acquisition costs			2,515			1,128		150		3,113		264		-		7,170		1,089		8,259
Administrative expenses			1,250			329		(1)		1,219		37		402		3,236		771		4,007
Underwriting income (loss)			3,395			568		146		1,799		235		(683)		5,460		208		5,668
Adjusted net investment income			3,017			358		63		895		208		46		4,587		756		5,343
Other income (expense) - operating			(22)			(3)		(1)		25		2		(51)		(50)		115		65
Amortization expense of purchased intangibles			-			(9)		(25)		(70)		-		(176)		(280)		(30)		(310	)
Segment income (loss)		$	6,390		$	914	$	183	$	2,649	$	445	$	(864)	$	9,717	$	1,049	$	10,766
Combined ratio			81.6%			89.7%		95.4%		85.3%		75.5%				86.5%
CAY combined ratio ex Cats			80.5%			80.1%		94.7%		85.1%		77.9%				83.9%

Consol Results - FY 2023 Page 8

Chubb Limited

Consolidated Results - Three months ended December 31, 2022

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

(Unaudited)

											As Adjusted				As Adjusted
Q4 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	$	4,463	$	1,315	$	384	$	2,696	$	163	$	-	$	9,021	$	1,205	$	10,226
% of total net premiums written		43%		13%		4%		26%		2%		-		88%		12%		100%
Net premiums earned		4,462		1,328		621		2,738		210		-		9,359		1,185		10,544
Adjusted losses and loss expenses		2,849		843		727		1,122		105		88		5,734		7		5,741
Adjusted policy benefits		-		-		-		76		-		-		76		723		799
Policy acquisition costs		612		265		15		722		62		-		1,676		248		1,924
Administrative expenses		299		78		(14)		259		9		121		752		164		916
Underwriting income (loss)		702		142		(107)		559		34		(209)		1,121		43		1,164
Adjusted net investment income		647		84		13		166		49		9		968		150		1,118
Other income (expense) - operating		(5)		(1)		-		1		-		(12)		(17)		(8)		(25)
Amortization expense of purchased intangibles		-		(3)		(6)		(17)		-		(45)		(71)		(3)		(74)
Segment income (loss)	$	1,344	$	222	$	(100)	$	709	$	83	$	(257)	$	2,001	$	182	$	2,183
Combined ratio		84.3%		89.3%		117.2%		79.6%		83.6%				88.0%
CAY combined ratio ex Cats		80.8%		77.1%		122.1%		84.8%		83.1%				85.6%

Consol Results - QTD 2022 Page 9

Chubb Limited

Consolidated Results - Full Year 2022

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

(Unaudited)

											As Adjusted				As Adjusted
Full Year 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	$	17,889	$	5,313	$	2,907	$	11,060	$	943	$	-	$	38,112	$	3,608	$	41,720
% of total net premiums written		43%		13%		7%		26%		2%		-		91%		9%		100%
Net premiums earned		17,107		5,180		2,838		10,803		922		-		36,850		3,510		40,360
Adjusted losses and loss expenses		10,828		3,186		2,557		4,894		670		363		22,498		85		22,583
Adjusted policy benefits		-		-		-		358		-		-		358		1,998		2,356
Policy acquisition costs		2,313		1,057		126		2,818		240		-		6,554		785		7,339
Administrative expenses		1,113		291		(10)		1,070		36		385		2,885		510		3,395
Underwriting income (loss)		2,853		646		165		1,663		(24)		(748)		4,555		132		4,687
Adjusted net investment income		2,247		283		36		626		281		41		3,514		509		4,023
Other income (expense) - operating		(17)		(4)		(1)		(2)		(1)		(30)		(55)		30		(25)
Amortization expense of purchased intangibles		-		(10)		(26)		(57)		-		(182)		(275)		(10)		(285)
Segment income (loss)	$	5,083	$	915	$	174	$	2,230	$	256	$	(919)	$	7,739	$	661	$	8,400
Combined ratio		83.3%		87.5%		94.2%		84.6%		102.6%				87.6%
CAY combined ratio ex Cats		81.1%		78.9%		94.4%		85.4%		81.5%				84.2%

Consol Results - FY 2022 Page 10

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Commercial P&C Insurance

	4Q-23		3Q-23		2Q-23		1Q-23		4Q-22		Full Year  2023		Full Year  2022
Gross premiums written	$	5,752	$	6,131	$	6,611	$	5,316	$	5,718	$	23,810	$	22,865
Net premiums written		4,662		5,132		5,155		4,288		4,463		19,237		17,889
Net premiums earned		4,706		4,735		4,606		4,369		4,462		18,416		17,107
Losses and loss expenses		2,631		3,025		2,871		2,729		2,849		11,256		10,828
Policy acquisition costs		648		640		614		613		612		2,515		2,313
Administrative expenses		316		323		316		295		299		1,250		1,113
Underwriting income		1,111		747		805		732		702		3,395		2,853
Adjusted net investment income		813		780		726		698		647		3,017		2,247
Other income (expense) - operating		(4)		(6)		(5)		(7)		(5)		(22)		(17)
Segment income	$	1,920	$	1,521	$	1,526	$	1,423	$	1,344	$	6,390	$	5,083
CAY underwriting income ex Cats	$	990	$	909	$	890	$	822	$	859	$	3,611	$	3,252
Combined ratio
Loss and loss expense ratio		55.9%		63.9%		62.3%		62.5%		63.8%		61.1%		63.3%
Policy acquisition cost ratio		13.8%		13.5%		13.3%		14.0%		13.8%		13.7%		13.5%
Administrative expense ratio		6.7%		6.8%		6.9%		6.7%		6.7%		6.8%		6.5%
Combined ratio		76.4%		84.2%		82.5%		83.2%		84.3%		81.6%		83.3%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		58.6%		61.1%		60.7%		60.5%		60.8%		60.2%		61.3%
CAY policy acquisition cost and administrative expense ratio ex Cats (1)		20.4%		20.0%		20.0%		20.7%		20.0%		20.3%		19.8%
CAY combined ratio ex Cats		79.0%		81.1%		80.7%		81.2%		80.8%		80.5%		81.1%
Catastrophe reinstatement premiums expensed - pre-tax	$	-	$	-	$	-	$	-	$	(1)	$	-	$	(1)
Catastrophe losses - pre-tax	$	71	$	246	$	231	$	162	$	157	$	710	$	960
Favorable prior period development (PPD) - pre-tax	$	(192)	$	(84)	$	(146)	$	(72)	$	(1)	$	(494)	$	(562)
% Change versus prior year period
Net premiums written		4.4%		8.7%		10.5%		6.2%		8.9%		7.5%		9.0%
Net premiums earned		5.5%		10.6%		8.4%		6.2%		10.7%		7.7%		10.6%
Other ratios
Net premiums written/gross premiums written		81%		84%		78%		81%		78%		81%		78%
Production by Size - Net premiums written (2)
Major Accounts & Specialty	$	2,788	$	3,075	$	3,307	$	2,483	$	2,682	$	11,653	$	10,782
Commercial		1,874		2,057		1,848		1,805		1,781		7,584		7,107
Total	$	4,662	$	5,132	$	5,155	$	4,288	$	4,463	$	19,237	$	17,889

(1) Q4 and full year 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

	4Q-23			3Q-23			2Q-23			1Q-23			4Q-22			Full Year  2023			Full Year  2022
Gross premiums written	$	1,695		$	1,750		$	1,811		$	1,483		$	1,515		$	6,739		$	6,066
Net premiums written		1,474			1,527			1,581			1,296			1,315			5,878			5,313
Net premiums earned		1,452			1,407			1,357			1,320			1,328			5,536			5,180
Losses and loss expenses		877			900			846			888			843			3,511			3,186
Policy acquisition costs		292			287			277			272			265			1,128			1,057
Administrative expenses		82			84			84			79			78			329			291
Underwriting income		201			136			150			81			142			568			646
Net investment income		96			94			86			82			84			358			283
Other income (expense) - operating		(1	)		(2	)		1			(1	)		(1	)		(3	)		(4	)
Amortization expense of purchased intangibles		(1	)		(3	)		(3	)		(2	)		(3	)		(9	)		(10	)
Segment income	$	295		$	225		$	234		$	160		$	222		$	914		$	915
CAY underwriting income ex Cats	$	285		$	297		$	264		$	257		$	305		$	1,103		$	1,091
Combined ratio
Loss and loss expense ratio		60.4%			63.9%			62.4%			67.3%			63.5%			63.4%			61.5%
Policy acquisition cost ratio		20.1%			20.4%			20.4%			20.6%			19.9%			20.4%			20.4%
Administrative expense ratio		5.7%			6.0%			6.1%			6.0%			5.9%			5.9%			5.6%
Combined ratio		86.2%			90.3%			88.9%			93.9%			89.3%			89.7%			87.5%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		54.7%			52.4%			54.0%			53.9%			51.3%			53.8%			52.9%
CAY policy acquisition cost and administrative expense ratio ex Cats (1)		25.7%			26.5%			26.5%			26.7%			25.8%			26.3%			26.0%
CAY combined ratio ex Cats		80.4%			78.9%			80.5%			80.6%			77.1%			80.1%			78.9%
Catastrophe reinstatement premiums expensed - pre-tax	$	-		$	-		$	-		$	-		$	(2	)	$	-		$	(2	)
Catastrophe losses - pre-tax	$	83		$	280		$	147		$	159		$	160		$	669		$	629
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	1		$	(119	)	$	(33	)	$	17		$	1		$	(134	)	$	(186	)
% Change versus prior year period
Net premiums written		12.1%			9.6%			10.8%			9.9%			5.9%			10.6%			6.2%
Net premiums earned		9.4%			5.5%			6.7%			5.9%			5.1%			6.9%			5.4%
Other ratios
Net premiums written/gross premiums written		87%			87%			87%			87%			87%			87%			88%

(1) Q4 and full year 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

	4Q-23			3Q-23			2Q-23			1Q-23			4Q-22			Full Year  2023			Full Year  2022
Gross premiums written	$	508		$	2,404		$	1,089		$	405		$	496		$	4,406		$	4,412
Net premiums written		607			1,521			767			293			384			3,188			2,907
Net premiums earned		835			1,540			635			159			621			3,169			2,838
Adjusted losses and loss expenses		871			1,356			507			140			727			2,874			2,557
Policy acquisition costs		22			76			37			15			15			150			126
Administrative expenses		(10	)		3			3			3			(14	)		(1	)		(10	)
Underwriting income (loss)		(48	)		105			88			1			(107	)		146			165
Net investment income		20			12			14			17			13			63			36
Other income (expense) - operating		(1	)		-			1			(1	)		-			(1	)		(1	)
Amortization expense of purchased intangibles		(6	)		(6	)		(7	)		(6	)		(6	)		(25	)		(26	)
Segment income (loss)	$	(35	)	$	111		$	96		$	11		$	(100	)	$	183		$	174
CAY underwriting income (loss) ex Cats	$	(52	)	$	114		$	80		$	25		$	(139	)	$	167		$	168
Combined ratio
Loss and loss expense ratio		104.4%			88.1%			79.7%			88.5%			117.1%			90.7%			90.1%
Policy acquisition cost ratio		2.7%			4.9%			5.9%			9.3%			2.4%			4.7%			4.4%
Administrative expense ratio		-1.3%			0.2%			0.6%			1.4%			-2.3%			0.0%			-0.3%
Combined ratio		105.8%			93.2%			86.2%			99.2%			117.2%			95.4%			94.2%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		104.7%			87.5%			80.9%			73.1%			122.0%			90.1%			90.5%
CAY policy acquisition cost and administrative expense ratio ex Cats		1.4%			5.2%			6.5%			10.8%			0.1%			4.6%			3.9%
CAY combined ratio ex Cats		106.1%			92.7%			87.4%			83.9%			122.1%			94.7%			94.4%
Unfavorable (favorable) Catastrophe losses - pre-tax	$	2		$	18		$	(5	)	$	24		$	12		$	39		$	64
Favorable prior period development (PPD) - pre-tax	$	(6	)	$	(9	)	$	(3	)	$	-		$	(44	)	$	(18	)	$	(61	)
% Change versus prior year period
Net premiums written		58.2%			-11.7%			4.0%			NM			37.9%			9.7%			21.7%
Net premiums earned		34.4%			-8.0%			11.0%			NM			29.5%			11.7%			21.4%
Other ratios
Net premiums written/gross premiums written		119%			63%			70%			72%			77%			72%			66%

NA Agriculture Page 13

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

Overseas General Insurance
	4Q-23			3Q-23			2Q-23			1Q-23			4Q-22			Full Year  2023			Full Year  2022
Gross premiums written	$	3,961		$	3,897		$	3,677		$	4,131		$	3,249		$	15,666		$	13,705
Net premiums written		3,216			3,211			2,885			3,263			2,696			12,575			11,060
Net premiums earned		3,226			3,311			2,908			2,786			2,738			12,231			10,803
Losses and loss expenses		1,504			1,635			1,267			1,237			1,122			5,643			4,894
Adjusted policy benefits		119			91			137			110			76			457			358
Policy acquisition costs		827			827			746			713			722			3,113			2,818
Administrative expenses		320			327			292			280			259			1,219			1,070
Underwriting income		456			431			466			446			559			1,799			1,663
Adjusted net investment income		259			248			200			188			166			895			626
Other income (expense) - operating		(4	)		10			10			9			1			25			(2	)
Amortization expense of purchased intangibles		(18	)		(19	)		(15	)		(18	)		(17	)		(70	)		(57	)
Segment income	$	693		$	670		$	661		$	625		$	709		$	2,649		$	2,230
CAY underwriting income ex Cats	$	477		$	502		$	431		$	416		$	416		$	1,826		$	1,580
Combined ratio
Loss and loss expense ratio		50.3%			52.1%			48.3%			48.4%			43.7%			49.9%			48.6%
Policy acquisition cost ratio		25.6%			25.0%			25.7%			25.6%			26.4%			25.4%			26.1%
Administrative expense ratio		10.0%			9.9%			10.0%			10.0%			9.5%			10.0%			9.9%
Combined ratio		85.9%			87.0%			84.0%			84.0%			79.6%			85.3%			84.6%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		49.7%			50.0%			49.5%			49.4%			49.0%			49.7%			49.4%
CAY policy acquisition cost and administrative expense ratio ex Cats		35.5%			34.8%			35.7%			35.7%			35.8%			35.4%			36.0%
CAY combined ratio ex Cats		85.2%			84.8%			85.2%			85.1%			84.8%			85.1%			85.4%
Catastrophe reinstatement premiums expensed - pre-tax	$	-		$	-		$	-		$	-		$	(3	)	$	-		$	(3	)
Catastrophe losses - pre-tax	$	144		$	120		$	26		$	113		$	64		$	403		$	362
Favorable prior period development (PPD) - pre-tax	$	(123	)	$	(49	)	$	(61	)	$	(143	)	$	(210	)	$	(376	)	$	(448	)
% Change versus prior year period
Net premiums written		19.3%			21.4%			9.3%			6.0%			-1.3%			13.7%			3.2%
Net premiums written - Commercial		13.2%			17.0%			9.2%			6.2%			-0.9%			11.2%			4.3%
Net premiums written - Consumer		29.5%			28.4%			9.3%			5.6%			-2.0%			17.8%			1.5%
Net premiums earned		17.8%			20.8%			7.9%			6.0%			0.6%			13.2%			3.5%
Net premiums written constant $		15.0%			17.3%			10.9%			10.0%			9.7%			13.3%			11.4%
Net premiums written - Commercial		10.1%			14.6%			11.9%			10.8%			9.4%			11.8%			11.8%
Net premiums written - Consumer		23.2%			21.4%			9.5%			8.6%			10.3%			15.7%			10.8%
Net premiums earned constant $		13.5%			16.1%			9.2%			9.9%			12.0%			12.3%			11.8%
Other ratios: Net premiums written/gross premiums written		81%			82%			78%			79%			83%			80%			81%
Production by Region - Net premiums written	4Q-23			4Q-22			% Change			Constant $ % Change			Full Year 2023			Full Year 2022			% Change			Constant $ % Change
Europe, Middle East and Africa	$	1,421		$	1,232			15.4%			9.9%		$	5,713		$	5,222			9.4%			9.6%
Latin America		684			593			15.4%			9.1%			2,653			2,312			14.8%			8.1%
Asia Pacific (1)		977			713			37.2%			36.2%			3,621			2,905			24.7%			27.3%
Japan		102			100			2.2%			5.1%			451			459			-1.7%			5.9%
Other (2)		32			58			-47.1%			-48.3%			137			162			-16.0%			-15.7%
Total	$	3,216		$	2,696			19.3%			15.0%		$	12,575		$	11,060			13.7%			13.3%

(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
	4Q-23			3Q-23		2Q-23			1Q-23			4Q-22		Full Year  2023			Full Year  2022
Gross premiums written	$	206		$	285	$	350		$	310		$	180	$	1,151		$	1,095
Net premiums written		187			261		293			277			163		1,018			943
Net premiums earned		242			239		237			244			210		962			922
Losses and loss expenses		107			116		91			112			105		426			670
Policy acquisition costs		68			69		65			62			62		264			240
Administrative expenses		10			9		9			9			9		37			36
Underwriting income (loss)		57			45		72			61			34		235			(24	)
Adjusted net investment income		64			47		48			49			49		208			281
Other income (expense) - operating		1			-		-			1			-		2			(1	)
Segment income	$	122		$	92	$	120		$	111		$	83	$	445		$	256
CAY underwriting income ex Cats	$	54		$	51	$	56		$	53		$	35	$	214		$	159
Combined ratio
Loss and loss expense ratio		44.1%			48.4%		38.7%			45.7%			49.6%		44.3%			72.6%
Policy acquisition cost ratio		28.1%			29.1%		27.0%			25.6%			29.8%		27.4%			26.1%
Administrative expense ratio		3.9%			3.8%		3.9%			3.8%			4.2%		3.8%			3.9%
Combined ratio		76.1%			81.3%		69.6%			75.1%			83.6%		75.5%			102.6%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		45.7%			45.9%		46.7%			49.0%			49.5%		46.8%			49.7%
CAY policy acquisition cost and administrative expense ratio ex Cats		31.9%			32.9%		30.1%			29.4%			33.6%		31.1%			31.8%
CAY combined ratio ex Cats		77.6%			78.8%		76.8%			78.4%			83.1%		77.9%			81.5%
Catastrophe reinstatement premiums collected - pre-tax	$	-		$	-	$	-		$	-		$	-	$	-		$	55
Catastrophe losses - pre-tax	$	-		$	6	$	1		$	-		$	1	$	7		$	216
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(3	)	$	-	$	(17	)	$	(8	)	$	-	$	(28	)	$	22
% Change versus prior year period
Net premiums written as reported		15.1%			-1.4%		11.6%			9.4%			-4.6%		8.0%			8.0%
Net premiums earned as reported		15.5%			-6.5%		6.7%			3.9%			-2.1%		4.3%			15.6%
Net premiums written constant $		14.3%			-1.8%		12.4%			10.4%			-2.0%		8.2%			9.5%
Net premiums earned constant $		14.2%			-7.1%		7.0%			5.0%			0.5%		4.2%			17.9%
Other ratios
Net premiums written/gross premiums written		91%			91%		84%			89%			91%		88%			86%

Global Reinsurance Page 15

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

													As Adjusted						As Adjusted
Life Insurance																Full Year			Full Year
	4Q-23			3Q-23			2Q-23			1Q-23			4Q-22			2023			2022
Gross premiums written	$	1,524		$	1,529		$	1,342		$	1,359		$	1,282		$	5,754		$	3,835
Net premiums written		1,450			1,452			1,270			1,293			1,205			5,465			3,608
Net premiums earned		1,436			1,442			1,256			1,264			1,185			5,398			3,510
Losses and loss expenses		27			20			35			32			7			114			85
Adjusted policy benefits		933			866			705			712			723			3,216			1,998
Policy acquisition costs		260			279			277			273			248			1,089			785
Administrative expenses		218			216			170			167			164			771			510
Adjusted net investment income		231			211			161			153			150			756			509
Other income (expense) - operating (1)		46			28			26			15			(8	)		115			30
Amortization expense of purchased intangibles		(12	)		(12	)		(2	)		(4	)		(3	)		(30	)		(10	)
Segment income	$	263		$	288		$	254		$	244		$	182		$	1,049		$	661
% Change versus prior year period
Net premiums written		20.3	%		14.9	%		126.1	%		124.4	%		93.9	%		51.5	%		48.1	%
Net premiums earned		21.2	%		15.9	%		132.9	%		133.1	%		98.0	%		53.8	%		50.1	%
Net premiums written constant $		17.2	%		15.2	%		127.6	%		128.7	%		102.9	%		50.9	%		53.1	%
Net premiums earned constant $		18.2	%		16.2	%		134.5	%		137.2	%		106.7	%		53.2	%		55.2	%
International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses):
																As Adjusted
				As Adjusted						Constant $			Full Year			Full Year						Constant $
	4Q-23			4Q-22			% Change			% Change			2023			2022			% Change			% Change
International life insurance net premiums written	$	1,202		$	954			26.1	%		21.8	%	$	4,484		$	2,580			73.8	%		72.3	%
International life insurance deposits (2)		493			367			33.7	%		34.7	%		1,590			1,800			-11.7	%		-7.4	%
Total international life insurance net premiums written and deposits	$	1,695		$	1,321			28.2	%		25.3	%	$	6,074		$	4,380			38.7	%		40.6	%
International life insurance segment income	$	215		$	113			90.2	%		78.9	%	$	835		$	399			109.5	%		107.2	%

(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
	4Q-23			3Q-23			2Q-23			1Q-23			4Q-22			Full Year  2023			Full Year  2022
Gross premiums written	$	-		$	-		$	-		$	-		$	-		$	-		$	-
Net premiums written		-			-			-			-			-			-			-
Net premiums earned		-			-			-			-			-			-			-
Adjusted loss and loss expenses		148			61			61			11			88			281			363
Policy acquisition costs		-			-			-			-			-			-			-
Administrative expenses		112			98			95			97			121			402			385
Underwriting loss		(260	)		(159	)		(156	)		(108	)		(209	)		(683	)		(748	)
Adjusted net investment income		4			23			6			13			9			46			41
Other income (expense) - operating		(14	)		(8	)		(5	)		(24	)		(12	)		(51	)		(30	)
Adjusted interest expense		(179	)		(179	)		(170	)		(165	)		(159	)		(693	)		(591	)
Amortization expense of purchased intangibles		(47	)		(44	)		(43	)		(42	)		(45	)		(176	)		(182	)
Cigna integration expenses		(18	)		(14	)		(15	)		(22	)		(22	)		(69	)		(48	)
Amortization of fair value adjustment of acquired invested assets and long-term debt		(1	)		(4	)		2			3			-			-			(20	)
Adjusted net realized gains (losses)		22			(37	)		(318	)		162			(354	)		(171	)		(1,336	)
Market risk benefits gains (losses)		(153	)		(32	)		(7	)		(115	)		(5	)		(307	)		80
Income tax (expense) benefit (1)		678			(413	)		(392	)		(384	)		(332	)		(511	)		(1,239	)
Less: NCI income (loss)		(10	)		(3	)		-			-			-			(13	)		-
Net (loss) benefit	$	42		$	(864	)	$	(1,098	)	$	(682	)	$	(1,129	)	$	(2,602	)	$	(4,073	)
Unfavorable prior period development (PPD) - pre-tax	$	146		$	61		$	60		$	10		$	87		$	277		$	359

(1) Q4 2023 and full year 2023 includes a one-time deferred tax benefit of $1.14 billion for transition provisions included as part of Bermuda’s newly enacted income tax law.

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
Losses and loss expenses incurred		8,157			1,994			6,163
Losses and loss expenses paid		(7,971	)		(1,971	)		(6,000	)			97%
Other (incl. foreign exch. revaluation)		231			53			178
Balance at December 31, 2023	$	80,122		$	17,884		$	62,238
Add net recoverable on paid losses		-			2,068			(2,068	)
Balance including net recoverable on paid losses	$	80,122		$	19,952		$	60,170

*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
	December 31			September 30			June 30			March 31			December 31
	2023			2023			2023			2023			2022
Reinsurance recoverable on paid losses and loss expenses
Active operations	$	1,670		$	1,533		$	1,382		$	1,350		$	1,545
Brandywine and Other Run-off		480			461			463			328			290
Total	$	2,150		$	1,994		$	1,845		$	1,678		$	1,835
Reinsurance recoverable on unpaid losses and loss expenses
Active operations	$	16,949		$	16,966		$	15,779		$	15,541		$	16,025
Brandywine and Other Run-off		1,220			1,160			1,135			1,273			1,350
Total	$	18,169		$	18,126		$	16,914		$	16,814		$	17,375
Gross reinsurance recoverable
Active operations	$	18,619		$	18,499		$	17,161		$	16,891		$	17,570
Brandywine and Other Run-off		1,700			1,621			1,598			1,601			1,640
Total	$	20,319		$	20,120		$	18,759		$	18,492		$	19,210
Provision for uncollectible reinsurance (1)
Active operations	$	(240	)	$	(238	)	$	(235	)	$	(228	)	$	(223	)
Brandywine and Other Run-off		(127	)		(132	)		(126	)		(123	)		(128	)
Total	$	(367	)	$	(370	)	$	(361	)	$	(351	)	$	(351	)
Net reinsurance recoverable
Active operations	$	18,379		$	18,261		$	16,926		$	16,663		$	17,347
Brandywine and Other Run-off		1,573			1,489			1,472			1,478			1,512
Total	$	19,952		$	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 $4.4 billion.

Reinsurance Recoverable Page 19

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)

	December 31			September 30			June 30			March 31			December 31
	2023			2023			2023			2023			2022
Market Value
Fixed maturities available for sale (1)	$	106,571		$	99,766		$	96,789		$	88,364		$	85,220
Other investments-fixed maturities		3,773			3,937			-			-			-
Fixed maturities held to maturity (1)		-			-			-			8,109			8,439
Short-term investments		4,551			5,454			4,097			3,693			4,960
Total fixed maturities	$	114,895		$	109,157		$	100,886		$	100,166		$	98,619
Asset Allocation by Market Value
U.S. Treasury / Agency	$	3,590	3%	$	3,681	3%	$	3,744	4%	$	4,019	4%	$	3,996	4%
Corporate and asset-backed securities		42,830	37%		40,855	37%		40,177	40%		40,036	40%		38,535	40%
Mortgage-backed securities		22,058	19%		19,605	18%		17,972	18%		17,384	17%		17,202	17%
Municipal		2,929	3%		2,908	3%		5,194	5%		6,606	7%		6,964	7%
Non-U.S.		38,937	34%		36,654	34%		29,702	29%		28,428	28%		26,962	27%
Short-term investments		4,551	4%		5,454	5%		4,097	4%		3,693	4%		4,960	5%
Total fixed maturities	$	114,895	100%	$	109,157	100%	$	100,886	100%	$	100,166	100%	$	98,619	100%
Credit Quality by Market Value
AAA	$	12,669	11%	$	13,567	12%	$	13,916	14%	$	13,679	14%	$	14,779	15%
AA		34,312	30%		31,204	29%		31,109	31%		31,505	32%		31,195	32%
A		27,674	24%		26,567	24%		19,233	19%		18,971	19%		18,366	19%
BBB		20,810	18%		19,102	18%		18,040	18%		17,837	18%		16,802	17%
BB		10,270	9%		9,880	9%		9,882	9%		9,245	9%		8,722	9%
B		8,580	7%		8,306	8%		8,191	8%		8,465	8%		8,347	8%
Other		580	1%		531	0%		515	1%		464	0%		408	0%
Total fixed maturities	$	114,895	100%	$	109,157	100%	$	100,886	100%	$	100,166	100%	$	98,619	100%
Cost/Amortized Cost, net
Fixed maturities available for sale	$	110,972		$	109,197		$	104,031		$	94,541		$	93,186
Other investments-fixed maturities		3,773			3,937			-			-			-
Fixed maturities held to maturity		-			-			-			8,425			8,848
Short-term investments		4,551			5,455			4,099			3,695			4,962
Subtotal fixed maturities (2)		119,296			118,589			108,130			106,661			106,996
Equity securities		3,455			3,395			1,043			942			827
Private debt held-for-investment (2)		2,553			2,401			-			-			-
Private equities and other		15,832			15,008			14,707			14,192			13,696
Total investment portfolio	$	141,136		$	139,393		$	123,880		$	121,795		$	121,519
Avg. duration of fixed maturities		4.8 years			4.8 years			4.6 years			4.7 years			4.5 years
Avg. market yield of fixed maturities		5.3%			6.0%			5.8%			5.5%			5.6%
Avg. credit quality		A/A			A/A			A/A			A/A			A/A
Avg. yield on invested assets (3)		4.3%			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.

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 December 31, 2023
Agency residential mortgage-backed securities (RMBS)	$	9	$	18,885	$	-	$	-	$	-	$	18,894
Non-agency RMBS		881		74		42		54		7		1,058
Commercial mortgage-backed securities		1,798		190		107		9		2		2,106
Total mortgage-backed securities at market value	$	2,688	$	19,149	$	149	$	63	$	9	$	22,058

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

Market Value at December 31, 2023	S&P Credit Rating
	Investment Grade
	AAA		AA		A		BBB		Total
Asset-backed	$	4,246	$	799	$	140	$	74	$	5,259
Banks		-		1		2,623		2,119		4,743
Basic Materials		-		-		94		322		416
Communications		-		200		430		1,430		2,060
Consumer, Cyclical		-		145		613		926		1,684
Consumer, Non-Cyclical		36		481		2,297		1,708		4,522
Diversified Financial Services		1		133		451		334		919
Energy		-		82		299		1,045		1,426
Industrial		-		10		633		1,293		1,936
Utilities		166		2		1,111		933		2,212
All Others		144		359		1,561		2,056		4,120
Total	$	4,593	$	2,212	$	10,252	$	12,240	$	29,297
Market Value at December 31, 2023			S&P Credit Rating
			Below Investment Grade
			BB		B		CCC		Total
Asset-backed			$	24	$	52	$	1	$	77
Banks				-		-		-		-
Basic Materials				401		221		23		645
Communications				752		861		115		1,728
Consumer, Cyclical				1,109		1,261		38		2,408
Consumer, Non-Cyclical				1,153		1,333		62		2,548
Diversified Financial Services				284		270		9		563
Energy				814		355		5		1,174
Industrial				799		838		31		1,668
Utilities				278		113		-		391
All Others				899		1,332		100		2,331
Total			$	6,513	$	6,636	$	384	$	13,533

Investments 2 Page 21

Chubb Limited

Investment Portfolio - 3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

December 31, 2023

Non-U.S. Government Securities	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Republic of Korea	$	-	$	1,784	$	-	$	-	$	-	$	1,784
People’s Republic of China		-		165		1,287		-		-		1,452
Taiwan		-		996		-		-		-		996
Canada		922		-		-		-		-		922
United Mexican States		-		-		-		604		-		604
Federative Republic of Brazil		-		-		-		-		577		577
Province of Ontario		-		-		574		-		-		574
Kingdom of Thailand		-		-		568		-		-		568
Commonwealth of Australia		493		-		-		-		-		493
Socialist Republic of Vietnam		-		-		-		-		484		484
Other Non-U.S. Government Securities		502		2,500		1,187		834		934		5,957
Total	$	1,917	$	5,445	$	3,616	$	1,438	$	1,995	$	14,411
Non-U.S. Corporate Securities	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
China	$	-	$	-	$	5,541	$	287	$	14	$	5,842
United Kingdom		39		38		919		1,166		479		2,641
Canada		115		73		889		612		395		2,084
France		5		44		836		538		123		1,546
South Korea		-		540		416		579		7		1,542
United States (1)		-		9		275		440		808		1,532
Australia		64		280		364		371		23		1,102
Japan		-		-		663		138		19		820
Germany		92		41		132		294		62		621
Netherlands		56		-		325		50		137		568
Other Non-U.S. Corporate Securities		318		463		1,689		2,243		1,515		6,228
Total	$	689	$	1,488	$	12,049	$	6,718	$	3,582	$	24,526

(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

	December 31, 2023		Market Value		Rating
1	Bank of America Corp		$	801	A-
2	Morgan Stanley			703	A-
3	JP Morgan Chase & Co			690	A-
4	Wells Fargo & Co			605	BBB+
5	Citigroup Inc			546	BBB+
6	Goldman Sachs Group Inc			535	BBB+
7	UBS Group AG			421	A-
8	HSBC Holdings Plc			407	A-
9	AT&T Inc			395	BBB
10	Verizon Communications Inc			392	BBB+

Investments 4 Page 23

Chubb Limited

Chubb Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

	Three months ended December 31, 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)	$	(73	)	$	(3	)	$	(76	)	$	5,011		$	(235	)	$	4,776		$	4,938		$	(238	)	$	4,700
Public equity:
Realized gains (losses) on sales		(14	)		-			(14	)		-			-			-			(14	)		-			(14	)
Mark-to-market		62			(12	)		50			-			-			-			62			(12	)		50
Private equity: Mark-to-market		131			9			140			-			-			-			131			9			140
Total investment portfolio		106			(6	)		100			5,011			(235	)		4,776			5,117			(241	)		4,876
Foreign exchange		(61	)		21			(40	)		197			6			203			136			27			163
Partially-owned entities (2)		(1	)		-			(1	)		-			-			-			(1	)		-			(1	)
Current discount rate on future policy benefits		-			-			-			(390	)		37			(353	)		(390	)		37			(353	)
Instrument-specific credit risk - market risk benefits		-			-			-			(1	)		-			(1	)		(1	)		-			(1	)
Other		6			(6	)		-			105			(21	)		84			111			(27	)		84
Net gains (losses)	$	50		$	9		$	59		$	4,922		$	(213	)	$	4,709		$	4,972		$	(204	)	$	4,768

(1) The quarter includes pre-tax realized gains on investment derivatives of $39 million, a net decrease of the valuation allowance of expected credit losses of $3 million on fixed maturities and a net increase of $3 million on private debt held-for-investment, and impairments of $4 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.

	As Adjusted
	Three months ended December 31, 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 (3)	$	(3	)	$	(2	)	$	(5	)	$	1,443		$	(131	)	$	1,312		$	1,440		$	(133	)	$	1,307
Public equity:
Realized gains (losses) on sales		3			(1	)		2			-			-			-			3			(1	)		2
Mark-to-market		54			(7	)		47			-			-			-			54			(7	)		47
Private equity: Mark-to-market		(198	)		(5	)		(203	)		-			-			-			(198	)		(5	)		(203	)
Total investment portfolio		(144	)		(15	)		(159	)		1,443			(131	)		1,312			1,299			(146	)		1,153
Foreign exchange		(149	)		34			(115	)		720			17			737			571			51			622
Partially-owned entities (4)		(57	)		-			(57	)		20			-			20			(37	)		-			(37	)
Current discount rate on future policy benefits		-			-			-			(66	)		(4	)		(70	)		(66	)		(4	)		(70	)
Instrument-specific credit risk - market risk benefits		-			-			-			(15	)		-			(15	)		(15	)		-			(15	)
Other		(4	)		1			(3	)		(65	)		12			(53	)		(69	)		13			(56	)
Net gains (losses)	$	(354	)	$	20		$	(334	)	$	2,037		$	(106	)	$	1,931		$	1,683		$	(86	)	$	1,597

(3) The quarter includes pre-tax realized gains on investment derivatives of $189 million, a net increase of the valuation allowance of expected credit losses of $21 million, and impairments of $24 million for fixed maturities.

(4) 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)

	Year ended December 31, 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)	$	(522	)	$	80		$	(442	)	$	3,419		$	(328	)	$	3,091	$	2,897		$	(248	)	$	2,649
Public equity:
Realized gains (losses) on sales		(49	)		3			(46	)		-			-			-		(49	)		3			(46	)
Mark-to-market		61			(14	)		47			-			-			-		61			(14	)		47
Private equity: Mark-to-market		495			28			523			-			-			-		495			28			523
Total investment portfolio		(15	)		97			82			3,419			(328	)		3,091		3,404			(231	)		3,173
Foreign exchange		(183	)		66			(117	)		(6	)		27			21		(189	)		93			(96	)
Partially-owned entities (2)		(3	)		-			(3	)		11			-			11		8			-			8
Current discount rate on future policy benefits		-			-			-			110			16			126		110			16			126
Instrument-specific credit risk - market risk benefits		-			-			-			2			-			2		2			-			2
Other (3)		84			10			94			157			(32	)		125		241			(22	)		219
Net gains (losses)	$	(117	)	$	173		$	56		$	3,693		$	(317	)	$	3,376	$	3,576		$	(144	)	$	3,432

(1) Full year includes pre-tax realized losses on investment derivatives of $53 million, a net decrease of the valuation allowance of expected credit losses of $47 million on fixed maturities and a net increase of $3 million on private debt held-for-investment, and impairments of $64 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) Full year includes realized gains of $135 million related to the consolidation of Huatai.

	As Adjusted
	Year ended December 31, 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)	$	(1,092	)	$	205		$	(887	)	$	(10,598	)	$	1,043		$	(9,555	)	$	(11,690	)	$	1,248		$	(10,442	)
Public equity:
Realized gains (losses) on sales		409			(91	)		318			-			-			-			409			(91	)		318
Mark-to-market		(639	)		122			(517	)		-			-			-			(639	)		122			(517	)
Private equity: Mark-to-market		(250	)		(24	)		(274	)		-			-			-			(250	)		(24	)		(274	)
Total investment portfolio		(1,572	)		212			(1,360	)		(10,598	)		1,043			(9,555	)		(12,170	)		1,255			(10,915	)
Foreign exchange		397			(94	)		303			(911	)		59			(852	)		(514	)		(35	)		(549	)
Partially-owned entities (5)		(43	)		-			(43	)		20			-			20			(23	)		-			(23	)
Current discount rate on future policy benefits		-			-			-			1,480			(156	)		1,324			1,480			(156	)		1,324
Instrument-specific credit risk - market risk benefits		-			-			-			33			-			33			33			-			33
Other		(118	)		12			(106	)		(100	)		19			(81	)		(218	)		31			(187	)
Net gains (losses)	$	(1,336	)	$	130		$	(1,206	)	$	(10,076	)	$	965		$	(9,111	)	$	(11,412	)	$	1,095		$	(10,317	)

(4) Full year includes pre-tax realized losses on investment derivatives of $43 million, a net increase of the valuation allowance of expected credit losses of $154 million, and impairments of $135 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
	December 31			September 30			June 30			March 31			December 31			December 31
	2023			2023			2023			2023			2022			2021
Financial Debt:
Total short-term debt (1)	$	1,460		$	700		$	699		$	-		$	475		$	999
Total long-term debt (1)		13,035			13,736			13,782			14,375			14,402			15,169
Total financial debt	$	14,495		$	14,436		$	14,481		$	14,375		$	14,877		$	16,168
Hybrid debt:
Total trust preferred securities		308			308			308			308			308			308
Total	$	14,803		$	14,744		$	14,789		$	14,683		$	15,185		$	16,476
Capitalization:
Chubb shareholders’ equity	$	59,507		$	52,373		$	52,875		$	52,987		$	50,519		$	58,328
Hybrid debt		308			308			308			308			308			308
Financial debt		14,495			14,436			14,481			14,375			14,877			16,168
Total capitalization	$	74,310		$	67,117		$	67,664		$	67,670		$	65,704		$	74,804
Leverage ratios (based on total capital):
Hybrid debt		0.4	%		0.5	%		0.5	%		0.5	%		0.5	%		0.4	%
Financial debt		19.5	%		21.5	%		21.4	%		21.2	%		22.6	%		21.6	%
Total hybrid & financial debt		19.9	%		22.0	%		21.9	%		21.7	%		23.1	%		22.0	%

Note: As of December 31, 2023, there was $0.9 billion usage of credit facilities on total capacity of $4.0 billion.

(1) During Q4 2023, the €700 million 0.3% senior notes due to mature in December 2024 were reclassified to short-term debt.

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 December 31						Year ended December 31
	2023			2022			2023			2022
Numerator
Core operating income	$	3,410		$	1,674		$	9,337		$	6,429
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		2			-			5			(20	)
Tax (expense) benefit on amortization adjustment		(1	)		(6	)		(8	)		1
Cigna integration expenses, pre-tax		(18	)		(22	)		(69	)		(48	)
Tax benefit on Cigna integration expenses		1			4			14			10
Adjusted net realized gains (losses), pre-tax		50			(354	)		(117	)		(1,336	)
Tax benefit on adjusted net realized gains (losses)		9			20			173			130
Market risk benefits gains (losses), pre- and after-tax		(153	)		(5	)		(307	)		80
Chubb net income	$	3,300		$	1,311		$	9,028		$	5,246
Rollforward of Common Shares Outstanding
Shares - beginning of period		407,984,339			415,020,484			414,594,856			426,572,612
Repurchase of shares		(3,191,000	)		(902,300	)		(11,825,600	)		(14,925,028	)
Shares issued (canceled), excluding option exercises		122,095			87,584			1,251,031			1,069,125
Issued for option exercises		354,203			389,088			1,249,350			1,878,147
Shares - end of period		405,269,637			414,594,856			405,269,637			414,594,856
Denominator
Weighted average shares outstanding (1)		407,191,783			415,298,553			410,845,263			419,779,847
Effect of other dilutive securities		3,556,814			3,616,712			3,357,305			3,747,597
Adj. wtd. avg. shares outstanding and assumed conversions		410,748,597			418,915,265			414,202,568			423,527,444
Basic earnings per share
Core operating income	$	8.37		$	4.03		$	22.73		$	15.32
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		-			(0.01	)		(0.01	)		(0.04	)
Cigna integration expenses, net of tax		(0.04	)		(0.04	)		(0.13	)		(0.09	)
Adjusted net realized gains (losses), net of tax		0.14			(0.81	)		0.13			(2.88	)
Market risk benefits gains (losses), net of tax		(0.37	)		(0.01	)		(0.75	)		0.19
Chubb net income	$	8.10		$	3.16		$	21.97		$	12.50
Diluted earnings per share
Core operating income	$	8.30		$	4.00		$	22.54		$	15.18
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		-			(0.01	)		(0.01	)		(0.04	)
Cigna integration expenses, net of tax		(0.04	)		(0.04	)		(0.13	)		(0.09	)
Adjusted net realized gains (losses), net of tax		0.14			(0.81	)		0.14			(2.85	)
Market risk benefits gains (losses), net of tax		(0.37	)		(0.01	)		(0.74	)		0.19
Chubb net income	$	8.03		$	3.13		$	21.80		$	12.39

(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
	December 31			September 30			June 30			March 31			December 31
	2023			2023			2023			2023			2022
Chubb shareholders’ equity	$	59,507		$	52,373		$	52,875		$	52,987		$	50,519
Less: Chubb goodwill and other intangible assets, net of tax		23,853			23,450			20,442			20,333			20,455
Numerator for tangible book value per share	$	35,654		$	28,923		$	32,433		$	32,654		$	30,064
Book value - % change over prior quarter		13.6%			-1.0%			-0.2%			4.9%			6.0%
Tangible book value - % change over prior quarter		23.3%			-10.8%			-0.7%			8.6%			8.8%
Denominator: shares outstanding		405,269,637			407,984,339			410,691,354			414,158,680			414,594,856
Book value per common share	$	146.83		$	128.37		$	128.75		$	127.94		$	121.85
Tangible book value per common share	$	87.98		$	70.89		$	78.97		$	78.84		$	72.51
Reconciliation of Book Value
Chubb shareholders’ equity, beginning of quarter	$	52,373		$	52,875		$	52,987		$	50,519		$	47,675
Core operating income		3,410			2,041			2,044			1,842			1,674
Amortization of fair value adjustment of acquired invested assets and long-term debt		1			(2	)		(4	)		2			(6	)
Cigna integration expenses		(17	)		(10	)		(9	)		(19	)		(18	)
Adjusted net realized gains (losses) (1)		59			46			(231	)		182			(334	)
Market risk benefits gains (losses)		(153	)		(32	)		(7	)		(115	)		(5	)
Net unrealized gains (losses) on investments		4,776			(2,144	)		(1,150	)		1,620			1,332
Repurchase of shares		(720	)		(606	)		(724	)		(428	)		(199	)
Dividend declared on common shares		(351	)		(352	)		(354	)		(344	)		(345	)
Cumulative translation gains (losses)		203			(228	)		216			(170	)		737
Postretirement benefit liability		75			(1	)		(1	)		(1	)		(36	)
Current discount rate on future policy benefits		(353	)		651			(42	)		(130	)		(70	)
Instrument-specific credit risk - market risk benefits		(1	)		(5	)		11			(3	)		(15	)
Other (2)		205			140			139			32			129
Chubb shareholders’ equity, end of quarter	$	59,507		$	52,373		$	52,875		$	52,987		$	50,519

(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, amortization of fair value of acquired invested assets and debt, income tax expense, adjusted net realized gains (losses), and market risk benefits 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 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.

Metrics adjusted for the impact of the enactment of the Bermuda Tax Law are adjusted to exclude the one-time deferred tax benefit of $1.14 billion, giving recognition for transition provisions of the Bermuda Tax Law. We believe that excluding the impact of the one-time deferred tax benefit provides a better evaluation of our operating performance and enhances the understanding of the trends in the underlying business that may be obscured by this one-time item.

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.

Adjusted operating cash flow is Operating cash flow excluding the operating cash flow related to the net investing activities of Huatai’s asset management companies as it relates to the Consolidated Investment Products as required under consolidation accounting. Because these entities are investment companies, we are required to retain the investment company presentation in our consolidated results, which means, we include the net investing activities of these entities in our operating cash flows. Due to the significant impact that this required investment company classification has on the presentation of the company’s operating cash flow, the company has elected to remove the impact of these net investing activities of these investment companies. The investment company presentation is not consistent with our consolidated cash flow presentation. These net investing activities are more appropriately classified outside of operating cash flows, consistent with our consolidated investing activities, and may impact a reader’s analysis of our underlying operating cash flow related to the core insurance company operations. Accordingly, we believe that it is appropriate to adjust operating cash flow for the impact of these consolidated investment products.

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:											Full Year		Full Year
	4Q-23		3Q-23		2Q-23		1Q-23		4Q-22		2023		2022
Tax expense (benefit), as reported	$	(680)	$	412	$	392	$	384	$	332	$	508	$	1,239
Less: tax expense (benefit) on amortization of fair value of acquired invested assets and debt		1		-		6		1		6		8		(1)
Less: tax benefit on Cigna integration expenses		(1)		(4)		(6)		(3)		(4)		(14)		(10)
Less: tax benefit on adjusted net realized gains (losses)		(9)		(57)		(87)		(20)		(20)		(173)		(130)
Tax expense (benefit), adjusted	$	(671)	$	473	$	479	$	406	$	350	$	687	$	1,380
Income before tax, as reported	$	2,620	$	2,455	$	2,185	$	2,276	$	1,643	$	9,536	$	6,485
Less: amortization of fair value of acquired invested assets and debt		2		(2)		2		3		-		5		(20)
Less: Cigna integration expenses		(18)		(14)		(15)		(22)		(22)		(69)		(48)
Less: adjusted realized gains (losses)		(84)		(70)		(309)		(76)		(147)		(539)		(1,074)
Less: realized gains (losses) related to unconsolidated entities		134		59		(9)		238		(207)		422		(262)
Less: market risk benefits gains (losses)		(153)		(32)		(7)		(115)		(5)		(307)		80
Core operating income before tax	$	2,739	$	2,514	$	2,523	$	2,248	$	2,024	$	10,024	$	7,809
Effective tax rate		-26.0%		16.8%		17.9%		16.9%		20.2%		5.3%		19.1%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt		-0.1%		0.0%		-0.2%		0.0%		-0.3%		-0.1%		0.0%
Adjustment for tax impact of Cigna integration expenses		0.2%		0.1%		0.1%		0.0%		0.0%		0.1%		0.0%
Adjustment for tax impact of adjusted net realized gains (losses)		0.0%		2.1%		1.3%		2.2%		-2.6%		1.8%		-1.6%
Adjustment for tax impact of market risk benefits gains (losses)		1.4%		-0.2%		-0.1%		-1.0%		0.0%		-0.2%		0.2%
Core operating effective tax rate		-24.5%		18.8%		19.0%		18.1%		17.3%		6.9%		17.7%
Core operating income									As Adjusted				As Adjusted
The following table presents the reconciliation of Chubb net income to Core operating income:											Full Year		Full Year
	4Q-23		3Q-23		2Q-23		1Q-23		4Q-22		2023		2022
Net income, as reported	$	3,300	$	2,043	$	1,793	$	1,892	$	1,311	$	9,028	$	5,246
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		2		(2)		2		3		-		5		(20)
Tax (expense) benefit on amortization adjustment		(1)		-		(6)		(1)		(6)		(8)		1
Cigna integration expenses, pre-tax		(18)		(14)		(15)		(22)		(22)		(69)		(48)
Tax benefit on Cigna integration expenses		1		4		6		3		4		14		10
Adjusted realized gains (losses), pre-tax		(84)		(70)		(309)		(76)		(147)		(539)		(1,074)
Net realized gains (losses) related to unconsolidated entities, pre-tax (1)		134		59		(9)		238		(207)		422		(262)
Tax (expense) benefit on adjusted net realized gains (losses)		9		57		87		20		20		173		130
Market risk benefits gains (losses), pre- and after-tax		(153)		(32)		(7)		(115)		(5)		(307)		80
Core operating income	$	3,410	$	2,041	$	2,044	$	1,842	$	1,674	$	9,337	$	6,429
Catastrophe losses - after-tax	$	257	$	544	$	319	$	382	$	323	$	1,502	$	1,803
Favorable prior period development (PPD) - after-tax	$	(184)	$	(116)	$	(155)	$	(149)	$	(167)	$	(604)	$	(729)
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:											Full Year		Full Year
	4Q-23		3Q-23		2Q-23		1Q-23		4Q-22		2023		2022
Net income, as reported	$	3,290	$	2,040	$	1,793	$	1,892	$	1,311	$	9,015	$	5,246
Less: Income tax (expense) benefit		678		(413)		(392)		(384)		(332)		(511)		(1,239)
Amortization expense of purchased intangibles		(84)		(84)		(70)		(72)		(74)		(310)		(285)
Other income (expense)		286		154		100		296		(98)		836		(89)
Interest expense		(173)		(174)		(165)		(160)		(154)		(672)		(570)
Net investment income		1,371		1,314		1,145		1,107		1,053		4,937		3,742
Net realized gains (losses)		(123)		(103)		(304)		(77)		(149)		(607)		(1,085)
Market risk benefits gains (losses)		(153)		(32)		(7)		(115)		(5)		(307)		80
Cigna integration expenses		(18)		(14)		(15)		(22)		(22)		(69)		(48)
Life Insurance underlying income (loss) (2)		(13)		80		81		105		(31)		253		174
Add: Realized gains (losses) on crop derivatives		(2)		(7)		5		(1)		(2)		(5)		(11)
P&C underwriting income	$	1,517	$	1,305	$	1,425	$	1,213	$	1,121	$	5,460	$	4,555
Add: Catastrophe losses (including reinstatement premiums) - pre-tax		300		670		400		458		400		1,828		2,182
Favorable prior period development (PPD) - pre-tax		(177)		(200)		(200)		(196)		(167)		(773)		(876)
P&C CAY underwriting income ex Cats	$	1,640	$	1,775	$	1,625	$	1,475	$	1,354	$	6,515	$	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
							Full Year			Full Year
	4Q-23			4Q-22			2023			2022
Chubb net income	$	3,300		$	1,311		$	9,028		$	5,246
Core operating income	$	3,410		$	1,674		$	9,337		$	6,429
Equity - beginning of period, as reported	$	52,373		$	47,675		$	50,519		$	58,328
Less: unrealized gains (losses) on investments, net of deferred tax		(8,953	)		(8,611	)		(7,279	)		2,256
Less: changes in current discount rate on FPB, net of deferred tax		404			(5	)		(75	)		(1,399	)
Less: changes in instrument-specific credit risk on MRB, net of deferred tax		(21	)		(9	)		(24	)		(57	)
Equity - beginning of period, as adjusted	$	60,943		$	56,300		$	57,897		$	57,528
Less: Chubb goodwill and other intangible assets, net of tax		23,450			20,047			20,455			19,456
Equity - beginning of period, as adjusted ex Chubb goodwill and other intangible assets	$	37,493		$	36,253		$	37,442		$	38,072
Equity - end of period, as reported	$	59,507		$	50,519		$	59,507		$	50,519
Less: unrealized gains (losses) on investments, net of deferred tax		(4,177	)		(7,279	)		(4,177	)		(7,279	)
Less: changes in current discount rate on FPB, net of deferred tax		51			(75	)		51			(75	)
Less: changes in instrument-specific credit risk on MRB, net of deferred tax		(22	)		(24	)		(22	)		(24	)
Equity - end of period, as adjusted	$	63,655		$	57,897		$	63,655		$	57,897
Less: Chubb goodwill and other intangible assets, net of tax		23,853			20,455			23,853			20,455
Equity - end of period, as adjusted ex Chubb goodwill and other intangible assets	$	39,802		$	37,442		$	39,802		$	37,442
Weighted average equity, as reported	$	55,940		$	49,097		$	55,013		$	54,424
Weighted average equity, as adjusted	$	62,299		$	57,099		$	60,776		$	57,713
Weighted average equity, as adjusted ex Chubb goodwill and other intangible assets	$	38,648		$	36,848		$	38,622		$	37,757
ROE		23.6%			10.7%			16.4%			9.6%
Core operating ROTE		35.3%			18.2%			24.2%			17.0%
Core operating ROE		21.9%			11.7%			15.4%			11.1%
Private equities realized gains (losses), after-tax (1)	$	140		$	(203	)	$	523		$	(274	)
Impact of Private equities if included in Core operating ROE - Favorable (unfavorable) (1)		0.9 pts			-1.4 pts			0.9 pts			-0.4 pts

Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures
							As Adjusted
	December 31 2023			September 30 2023			December 31 2022			QTD % Change			Full Year % Change
Book value	$	59,507		$	52,373		$	50,519
Less: AOCI		(6,809	)		(11,518	)		(10,185	)
Book value excluding AOCI		66,316			63,891			60,704
Tangible book value		35,654			28,923			30,064
Less: Tangible AOCI		(5,999	)		(10,583	)		(9,279	)
Tangible book value excluding tangible AOCI	$	41,653		$	39,506		$	39,343
Denominator: shares outstanding		405,269,637			407,984,339			414,594,856
Book value per share excluding AOCI	$	163.64		$	156.60		$	146.42			4.5	%		11.8	%
Tangible book value per share excluding tangible AOCI	$	102.78		$	96.83		$	94.90			6.1	%		8.3	%

(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
Q4 2023		Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C
Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits		$	2,631		$	877		$	869		$	1,623		$	107		$	148		$	6,255
Realized (gains) losses on crop derivatives			-			-			2			-			-			-			2
Adjusted losses and loss expenses/policy benefits	A	$	2,631		$	877		$	871		$	1,623		$	107		$	148		$	6,257
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(71	)		(83	)		(2	)		(144	)		-			-			(300	)
Reinstatement premiums collected (expensed) on catastrophe losses			-			-			-			-			-			-			-
Catastrophe losses, gross of related adjustments			(71	)		(83	)		(2	)		(144	)		-			-			(300	)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			192			(1	)		6			123			3			(146	)		177
Net premiums earned adjustments on PPD - unfavorable (favorable)			-			-			8			-			-			-			8
Expense adjustments - unfavorable (favorable)			6			-			-			-			(1	)		-			5
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			3			-			3
PPD, gross of related adjustments - favorable (unfavorable)			198			(1	)		14			123			5			(146	)		193
CAY loss and loss expense ex Cats	B	$	2,758		$	793		$	883		$	1,602		$	112		$	2		$	6,150
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	964		$	374		$	12		$	1,147		$	78		$	112		$	2,687
Expense adjustments - favorable (unfavorable)			(6	)		-			-			-			1			-			(5	)
CAY Policy acquisition costs and administrative expenses	D	$	958		$	374		$	12		$	1,147		$	79		$	112		$	2,682
Denominator
Net premiums earned	E	$	4,706		$	1,452		$	835		$	3,226		$	242					$	10,461
Reinstatement premiums (collected) expensed on catastrophe losses			-			-			-			-			-						-
Net premiums earned adjustments on PPD - unfavorable (favorable)			-			-			8			-			-						8
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			3						3
Net premiums earned excluding adjustments	F	$	4,706		$	1,452		$	843		$	3,226		$	245					$	10,472
P&C combined ratio
Loss and loss expense ratio	A/E		55.9	%		60.4	%		104.4	%		50.3	%		44.1	%					59.8	%
Policy acquisition cost and administrative expense ratio	C/E		20.5	%		25.8	%		1.4	%		35.6	%		32.0	%					25.7	%
P&C combined ratio			76.4	%		86.2	%		105.8	%		85.9	%		76.1	%					85.5	%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		58.6	%		54.7	%		104.7	%		49.7	%		45.7	%					58.7	%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.4	%		25.7	%		1.4	%		35.5	%		31.9	%					25.6	%
CAY P&C combined ratio ex Cats			79.0	%		80.4	%		106.1	%		85.2	%		77.6	%					84.3	%
Combined ratio
Combined ratio																					85.5	%
Add: impact of gains and losses on crop derivatives																					0.0	%
P&C combined ratio																					85.5	%

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 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)

Full Year 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		$	11,256		$	3,511		$	2,869		$	6,100		$	426		$	281		$	24,443
Realized (gains) losses on crop derivatives			-			-			5			-			-			-			5
Adjusted losses and loss expenses/policy benefits	A	$	11,256		$	3,511		$	2,874		$	6,100		$	426		$	281		$	24,448
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(710	)		(669	)		(39	)		(403	)		(7	)		-			(1,828	)
Reinstatement premiums collected (expensed) on catastrophe losses			-			-			-			-			-			-			-
Catastrophe losses, gross of related adjustments			(710	)		(669	)		(39	)		(403	)		(7	)		-			(1,828	)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			494			134			18			376			28			(277	)		773
Net premiums earned adjustments on PPD - unfavorable (favorable)			78			-			6			-			-			-			84
Expense adjustments - unfavorable (favorable)			20			-			-			-			(1	)		-			19
PPD reinstatement premiums - unfavorable (favorable)			-			(2	)		-			-			8			-			6
PPD, gross of related adjustments - favorable (unfavorable)			592			132			24			376			35			(277	)		882
CAY loss and loss expense ex Cats	B	$	11,138		$	2,974		$	2,859		$	6,073		$	454		$	4		$	23,502
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	3,765		$	1,457		$	149		$	4,332		$	301		$	402		$	10,406
Expense adjustments - favorable (unfavorable)			(20	)		-			-			-			1			-			(19	)
CAY Policy acquisition costs and administrative expenses	D	$	3,745		$	1,457		$	149		$	4,332		$	302		$	402		$	10,387
Denominator
Net premiums earned	E	$	18,416		$	5,536		$	3,169		$	12,231		$	962					$	40,314
Reinstatement premiums (collected) expensed on catastrophe losses			-			-			-			-			-						-
Net premiums earned adjustments on PPD - unfavorable (favorable)			78			-			6			-			-						84
PPD reinstatement premiums - unfavorable (favorable)			-			(2	)		-			-			8						6
Net premiums earned excluding adjustments	F	$	18,494		$	5,534		$	3,175		$	12,231		$	970					$	40,404
P&C combined ratio
Loss and loss expense ratio	A/E		61.1%			63.4%			90.7%			49.9%			44.3%						60.6%
Policy acquisition cost and administrative expense ratio	C/E		20.5%			26.3%			4.7%			35.4%			31.2%						25.9%
P&C combined ratio			81.6%			89.7%			95.4%			85.3%			75.5%						86.5%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		60.2%			53.8%			90.1%			49.7%			46.8%						58.2%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.3%			26.3%			4.6%			35.4%			31.1%						25.7%
CAY P&C combined ratio ex Cats			80.5%			80.1%			94.7%			85.1%			77.9%						83.9%
Combined ratio
Combined ratio																					86.5%
Add: impact of gains and losses on crop derivatives																					0.0%
P&C combined ratio																					86.5%

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 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)

Q4 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		$	2,849	$	843	$	725	$	1,198	$	105	$	88	$	5,808
Realized (gains) losses on crop derivatives			-		-		2		-		-		-		2
Adjusted losses and loss expenses/policy benefits	A	$	2,849	$	843	$	727	$	1,198	$	105	$	88	$	5,810
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(158)		(162)		(12)		(67)		(1)		-		(400)
Reinstatement premiums collected (expensed) on catastrophe losses			(1)		(2)		-		(3)		-		-		(6)
Catastrophe losses, gross of related adjustments			(157)		(160)		(12)		(64)		(1)		-		(394)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			1		(1)		44		210		-		(87)		167
Net premiums earned adjustments on PPD - unfavorable (favorable)			5		-		9		-		-		-		14
Expense adjustments - unfavorable (favorable)			20		-		(1)		-		1		-		20
PPD reinstatement premiums - unfavorable (favorable)			-		-		-		-		-		-		-
PPD, gross of related adjustments - favorable (unfavorable)			26		(1)		52		210		1		(87)		201
CAY loss and loss expense ex Cats	B	$	2,718	$	682	$	767	$	1,344	$	105	$	1	$	5,617
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	911	$	343	$	1	$	981	$	71	$	121	$	2,428
Expense adjustments - favorable (unfavorable)			(20)		-		1		-		(1)		-		(20)
CAY Policy acquisition costs and administrative expenses	D	$	891	$	343	$	2	$	981	$	70	$	121	$	2,408
Denominator
Net premiums earned	E	$	4,462	$	1,328	$	621	$	2,738	$	210			$	9,359
Reinstatement premiums (collected) expensed on catastrophe losses			1		2		-		3		-				6
Net premiums earned adjustments on PPD - unfavorable (favorable)			5		-		9		-		-				14
PPD reinstatement premiums - unfavorable (favorable)			-		-		-		-		-				-
Net premiums earned excluding adjustments	F	$	4,468	$	1,330	$	630	$	2,741	$	210			$	9,379
P&C combined ratio
Loss and loss expense ratio	A/E		63.8%		63.5%		117.1%		43.7%		49.6%				62.1%
Policy acquisition cost and administrative expense ratio	C/E		20.5%		25.8%		0.1%		35.9%		34.0%				25.9%
P&C combined ratio			84.3%		89.3%		117.2%		79.6%		83.6%				88.0%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		60.8%		51.3%		122.0%		49.0%		49.5%				59.9%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.0%		25.8%		0.1%		35.8%		33.6%				25.7%
CAY P&C combined ratio ex Cats			80.8%		77.1%		122.1%		84.8%		83.1%				85.6%
Combined ratio
Combined ratio															88.0%
Add: impact of gains and losses on crop derivatives															0.0%
P&C combined ratio															88.0%

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)

Full Year 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		$	10,828		$	3,186		$	2,546		$	5,252		$	670		$	363		$	22,845
Realized (gains) losses on crop derivatives			-			-			11			-			-			-			11
Adjusted losses and loss expenses/policy benefits	A	$	10,828		$	3,186		$	2,557		$	5,252		$	670		$	363		$	22,856
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(961	)		(631	)		(64	)		(365	)		(161	)		-			(2,182	)
Reinstatement premiums collected (expensed) on catastrophe losses			(1	)		(2	)		-			(3	)		55			-			49
Catastrophe losses, gross of related adjustments			(960	)		(629	)		(64	)		(362	)		(216	)		-			(2,231	)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			562			186			61			448			(22	)		(359	)		876
Net premiums earned adjustments on PPD - unfavorable (favorable)			88			-			168			-			-			-			256
Expense adjustments - unfavorable (favorable)			24			-			(2	)		-			1			-			23
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			(2	)		-			(2	)
PPD, gross of related adjustments - favorable (unfavorable)			674			186			227			448			(23	)		(359	)		1,153
CAY loss and loss expense ex Cats	B	$	10,542		$	2,743		$	2,720		$	5,338		$	431		$	4		$	21,778
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	3,426		$	1,348		$	116		$	3,888		$	276		$	385		$	9,439
Expense adjustments - favorable (unfavorable)			(24	)		-			2			-			(1	)		-			(23	)
CAY Policy acquisition costs and administrative expenses	D	$	3,402		$	1,348		$	118		$	3,888		$	275		$	385		$	9,416
Denominator
Net premiums earned	E	$	17,107		$	5,180		$	2,838		$	10,803		$	922					$	36,850
Reinstatement premiums (collected) expensed on catastrophe losses			1			2			-			3			(55	)					(49	)
Net premiums earned adjustments on PPD - unfavorable (favorable)			88			-			168			-			-						256
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			(2	)					(2	)
Net premiums earned excluding adjustments	F	$	17,196		$	5,182		$	3,006		$	10,806		$	865					$	37,055
P&C combined ratio
Loss and loss expense ratio	A/E		63.3%			61.5%			90.1%			48.6%			72.6%						62.0%
Policy acquisition cost and administrative expense ratio	C/E		20.0%			26.0%			4.1%			36.0%			30.0%						25.6%
P&C combined ratio			83.3%			87.5%			94.2%			84.6%			102.6%						87.6%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		61.3%			52.9%			90.5%			49.4%			49.7%						58.8%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		19.8%			26.0%			3.9%			36.0%			31.8%						25.4%
CAY P&C combined ratio ex Cats			81.1%			78.9%			94.4%			85.4%			81.5%						84.2%
Combined ratio
Combined ratio																					87.6%
Add: impact of gains and losses on crop derivatives																					0.0%
P&C combined ratio																					87.6%

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

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 Chubb 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 37

XML

Document and Entity Information	Jan. 30, 2024
Document Type	8-K
Document Period End Date	Jan. 30, 2024
Entity Registrant Name	Chubb Limited
Entity Incorporation State Country Code	V8
Entity File Number	1-11778
Entity Tax Identification Number	98-0091805
Entity Address Address Line 1	Baerengasse 32
Entity Address Postal Zip Code	8001
Entity Address City Or Town	Zurich
Entity Address Country	CH
Country Region	41
City Area Code	(0)43
Local Phone Number	456 76 00
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000896159
Common Class A [Member]
Security 12b Title	Common Shares, par value CHF 0.50 per share
Trading Symbol	CB
Security Exchange Name	NYSE
INA Senior Notes Due December 2024 [Member]
Security 12b Title	Guarantee of Chubb INA Holdings Inc. 0.30% Senior Notes due 2024
Trading Symbol	CB/24A
Security Exchange Name	NYSE
INA Senior Notes Due June 2027 [Member]
Security 12b Title	Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2027
Trading Symbol	CB/27
Security Exchange Name	NYSE
INA Senior Notes Due March 2028 [Member]
Security 12b Title	Guarantee of Chubb INA Holdings Inc. 1.55% Senior Notes due 2028
Trading Symbol	CB/28
Security Exchange Name	NYSE
INA Senior Notes Due December 2029 [Member]
Security 12b Title	Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2029
Trading Symbol	CB/29A
Security Exchange Name	NYSE
INA Senior Notes Due June 2031 [Member]
Security 12b Title	Guarantee of Chubb INA Holdings Inc. 1.40% Senior Notes due 2031
Trading Symbol	CB/31
Security Exchange Name	NYSE
INA Senior Notes Due March 2038 [Member]
Security 12b Title	Guarantee of Chubb INA Holdings Inc. 2.50% Senior Notes due 2038
Trading Symbol	CB/38A
Security Exchange Name	NYSE