# EDGAR Filing Document

**Accession Number:** 0000896159
**File Stem:** 0001193125-23-020380
**Filing Date:** 2023-1
**Character Count:** 230626
**Document Hash:** 990c155967696e39517f75c07a51f84e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-020380.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001193125-23-020380

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20230131

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Chubb Ltd
- **CENTRAL INDEX KEY:** 0000896159
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** V8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11778
- **FILM NUMBER:** 23572884

**BUSINESS ADDRESS:**
- **STREET 1:** BARENGASSE 32
- **CITY:** ZURICH
- **STATE:** V8
- **ZIP:** CH-8001
- **BUSINESS PHONE:** 41 0 43 456 7600

**MAIL ADDRESS:**
- **STREET 1:** BARENGASSE 32
- **CITY:** ZURICH
- **STATE:** V8
- **ZIP:** CH-8001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHUBB Ltd
- **DATE OF NAME CHANGE:** 20160115

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ACE Ltd
- **DATE OF NAME CHANGE:** 20091216

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ACE LTD
- **DATE OF NAME CHANGE:** 19930122

?xml version="1.0" encoding="utf-8" ? 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 31, 2023

Chubb Limited

(Exact name of registrant as specified in its charter)

Switzerland 1-11778 98-0091805 <br> (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:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;<u>Title of each class</u> | <u>Trading Symbol(s)</u> | <u>Name of each exchange on which registered</u> |
| &nbsp;&nbsp;&nbsp;Common Shares, par value CHF 24.15 per share | CB | New York Stock Exchange |
| &nbsp;&nbsp;&nbsp;Guarantee of Chubb INA Holdings Inc. 0.30% Senior Notes due 2024 | CB/24A | New York Stock Exchange |
| &nbsp;&nbsp;&nbsp;Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2027 | CB/27 | New York Stock Exchange |
| &nbsp;&nbsp;&nbsp;Guarantee of Chubb INA Holdings Inc. 1.55% Senior Notes due 2028 | CB/28 | New York Stock Exchange |
| &nbsp;&nbsp;&nbsp;Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2029 | CB/29A | New York Stock Exchange |
| &nbsp;&nbsp;&nbsp;Guarantee of Chubb INA Holdings Inc. 1.40% Senior Notes due 2031 | CB/31 | New York Stock Exchange |
| &nbsp;&nbsp;&nbsp;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 31, 2023, Chubb Limited issued a Press Release reporting its fourth quarter and year-end 2022 results and the availability of its fourth quarter and year-end 2022 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<br>Number | Description |
| 99.1 | [Press Release, Dated January 31, 2023, Reporting Fourth Quarter and Year-End 2022 Results](d46261dex991.htm) |
| 99.2 | [Fourth Quarter and Year-End 2022 Financial Supplement](d46261dex992.htm) |
| 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 | Chubb Limited |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Peter Enns |
|  | **Peter Enns** |
|  | Executive Vice President and Chief Financial Officer |

---

DATE: January 31, 2023

## Exhibit 99.1

**Exhibit 99.1** 

---

| | | |
|:---|:---|:---|
| ![LOGO](g46261dsp08.jpg) | Chubb Limited<br> Bärengasse 32<br> CH-8001 Zurich<br> Switzerland | www.chubb.com<br> @Chubb |

---

## News Release

## Chubb Reports Fourth Quarter Per Share Net Income and Core

## Operating Income of $3.13 and $4.05, Respectively; Consolidated

## Net Premiums Written Up 11.9%, or 16.0% in Constant Dollars, with

## P&C Up 9.8% and a Combined Ratio of 88.0%, or 85.9% Excluding Agriculture

## Full-Year Net Income Per Share of $12.55 and Record Core

## Operating Income Per Share of $15.24, Up 21.3%; Consolidated Net

## Premiums Written Up 10.3%, or 13.0% in Constant Dollars, with

## P&C Up 10.3%; P&C Combined Ratio of 87.6%
QUARTER

● Fourth quarter net income was $1.31 billion and core operating income was $1.70 billion.

● Consolidated net premiums written were $10.2 billion, up 11.9%, or 16.0% in constant dollars. P&C net
premiums written were up 5.9%, or 9.8% in constant dollars, with commercial lines up 10.4% and consumer/personal lines up 8.1%. North America was up 9.7%, with growth of 10.8% in commercial lines and 5.9% in personal lines, and Overseas General was
down 1.3%, or up 9.7% in constant dollars, with growth of 9.4% in commercial lines and 10.3% in consumer lines. While unfavorable foreign currency movement negatively impacted premium growth in the quarter, the weakening of the U.S. dollar, which
reached a 20-year high in September 2022, will benefit growth in the future.

● Fourth quarter P&C combined ratio was 88.0% compared with 85.5% prior year. Excluding Agriculture, the
P&C combined ratio was 85.9% compared with 85.4% prior year. The quarter included a true-up to projected full-year crop insurance results reflecting late season development that produced an underwriting
loss of $107 million in North America Agriculture. This led to a 94.2% combined ratio and $165 million in underwriting income for the year.

● Fourth quarter pre-tax and after-tax catastrophe losses were $400 million and $323 million, respectively, compared with $275 million and $245 million, respectively, last year.

● Global P&C current accident year underwriting income excluding catastrophe losses was a record
$1.49 billion, up 13.9%, leading to a record combined ratio of 82.9% on the same basis compared with 84.1% prior year.

● Fourth quarter Life Insurance net premiums written increased 92.0%, or 100.8% in constant dollars, to
$1.21 billion. Growth came predominantly from the company's international life insurance division, driven by the acquisition of the Cigna Asian business in the third quarter.

● Fourth quarter pre-tax net investment income was $1.05 billion, up
24.8%, and adjusted net investment income was $1.12 billion, up 23.6%. Both were records.

Chubb®, Chubb logo® and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb.<sub>1</sub>

------

Chubb Limited News Release

YEAR

● Full-year net income was $5.31 billion versus $8.54 billion prior year. Core operating income was a
record $6.46 billion, up 15.9%.

● Full-year consolidated net premiums written were $41.8 billion, up 10.3%, or 13.0% in constant dollars.
P&C net premiums written were up 7.7%, or 10.3% in constant dollars, with commercial lines up 11.0% and consumer/personal lines up 8.4%. North America was up 9.7%, with growth of 10.6% in commercial lines and 6.2% in personal lines, and Overseas
General was up 3.2%, or 11.4% in constant dollars, with growth of 11.8% in commercial lines and 10.8% in consumer lines.

● Full-year P&C underwriting income was a record $4.56 billion, up 23.2%, leading to a P&C combined
ratio of 87.6% compared with 89.1% prior year. P&C current accident year underwriting income excluding catastrophe losses was a record $5.86 billion, up 13.3%, leading to a record 84.2% combined ratio compared with 84.8% prior year.

● Full-year Life Insurance net premiums written increased 47.1%, or 52.0% in constant dollars, to
$3.64 billion, impacted by six months of the acquired Cigna Asian business.

● Full-year pre-tax net investment income was $3.74 billion, up 8.3%,
and adjusted net investment income was $4.02 billion, up 8.2%. Both were records.

● Full-year ROE was 9.6% and core operating ROE was 11.2%. Core operating ROTE was 17.2%.

**ZURICH – January 31, 2023 –** Chubb Limited (NYSE: CB) today reported net income for the quarter ended December 31, 2022 of $1.31 billion, or $3.13 per share, and core operating income of $1.70 billion, or $4.05 per share. Net income in the quarter was adversely impacted by adjusted net realized losses of $363 million after tax, principally due to the mark-to-market impact on private equities. The P&C combined ratio was 88.0% compared to 85.5% prior year, and the current accident year P&C combined ratio excluding catastrophe losses was 85.6% compared to 83.9% prior year. Book value per share and tangible book value per share increased 6.2% and 9.5%, respectively, from September 30, 2022. Book value was favorably impacted by after-tax net realized and unrealized gains of $1.15 billion in the company's investment portfolio, principally due to the mark-to-market impact from declining interest rates in the fixed income portfolio. After-tax foreign currency movement further increased book value and tangible book value by $594 million and $229 million, respectively. Book value per share and tangible book value per share now stand at $121.90 and $72.20, respectively. Book value per share and tangible book value per share excluding net unrealized investment losses increased 2.9% and 3.6%, respectively, from September 30, 2022. Book value per share and tangible book value per share excluding AOCI increased 1.6% and 2.6%, respectively, from September 30, 2022.

Chubb®, Chubb logo® and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb.<sub>2</sub>

------

Chubb Limited News Release

**Chubb Limited** 

**Fourth Quarter Summary** 

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

**(Unaudited)** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Q4** | **Q4** | | **(Per Share)** | **(Per Share)** | **(Per Share)** |
|  | **2022** | **2021** | **Change** | **2022** | **2021** | **Change** |
|  Net income | $1312 | $2141 | (38.7)% | $3.13 | $4.95 | (36.8)% |
|  Cigna integration expenses, net of tax | 18 |  | NM | 0.04 |  | NM |
|  Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax | 6 | 12 | (50.0)% | 0.01 | 0.03 | (66.7)% |
|  Adjusted net realized (gains) losses, net of tax | 363 | (504) | NM | 0.87 | (1.17) | NM |
|  Core operating income, net of tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1699 | $1649 | 3.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.05 | $3.81 | 6.3% |
|  Annualized return on equity (ROE) | 10.7% | 14.4% |  |  |  |  |
|  Core operating return on tangible equity (ROTE) | 18.6% | 17.7% |  |  |  |  |
|  Core operating ROE | 11.9% | 11.6% |  |  |  |  |

---

For the year ended December 31, 2022, net income was $5.31 billion, or $12.55 per share, and core operating income was $6.46 billion, or $15.24 per share. The P&C combined ratio was 87.6% compared to 89.1% prior year, and the current accident year P&C combined ratio excluding catastrophe losses was 84.2% compared to 84.8% prior year. Book value per share and tangible book value per share decreased 12.9% and 23.5%, respectively, from December 31, 2021. Book value was unfavorably impacted by after-tax net realized and unrealized losses of $10.92 billion in the company's investment portfolio, principally due to the mark-to-market impact from rising interest rates in the fixed income portfolio. At December 31, 2022, the investment portfolio was in an unrealized loss position of $7.28 billion, compared with an unrealized gain position of $2.26 billion at December 31, 2021. After-tax foreign currency movement further reduced book value and tangible book value by $629 million and $453 million, respectively. In addition, tangible book value included the impact of $1.54 billion for goodwill and other intangible assets related to the acquisition of Cigna's business in Asia. Book value per share and tangible book value per share excluding net unrealized investment losses increased 3.5% and 0.8%, respectively, from December 31, 2021. Book value per share and tangible book value per share excluding AOCI increased 5.3% and 3.0%, respectively, from December 31, 2021.

Chubb®, Chubb logo® and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb.<sub>3</sub>

------

Chubb Limited News Release

**Chubb Limited** 

**Full Year Summary** 

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

**(Unaudited)** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **FY** | **FY** | | **(Per Share)** | **(Per Share)** | **(Per Share)** |
|  | **2022** | **2021** | **Change** | **2022** | **2021** | **Change** |
|  Net income | $5313 | $8539 | (37.8)% | $12.55 | $19.27 | (34.9)% |
|  Cigna integration expenses, net of tax | 38 |  | NM | 0.09 |  | NM |
|  Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax | 19 | 53 | (64.2)% | 0.04 | 0.12 | (66.7)% |
|  Adjusted net realized (gains) losses, net of tax | 1087 | (3023) | NM | 2.56 | (6.83) | NM |
|  Core operating income, net of tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6457 | $5569 | 15.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.24 | $12.56 | 21.3% |
|  Annualized return on equity (ROE) | 9.6% | 14.3% |  |  |  |  |
|  Core operating return on tangible equity (ROTE) | 17.2% | 15.3% |  |  |  |  |
|  Core operating ROE | 11.2% | 9.9% |  |  |  |  |

---

*For the years ended December 31, 2022 and 2021, the tax expenses (benefits) related to the table above were $(10) million and nil, respectively, for Cigna integration expenses; $(1) million and $(11) million, respectively, for amortization of fair value adjustment of acquired invested assets and long-term debt; $(129) million and $271 million, respectively, for adjusted net realized gains and losses; and $1.39 billion and $1.02 billion, respectively, for core operating income.* 

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: "We had a strong quarter which contributed to the best full-year financial performance in our company's history. Our quarterly results included record net investment income, double-digit premium growth, and an excellent underwriting performance with an 88% combined ratio despite a true-up to our annual agriculture results reflecting a below-average crop year. Per share core operating earnings were $4.05 for the quarter and a record $15.24 for the year. Crop insurance results were 39 cents per share less than expected.

"Consolidated net premiums, P&C and life together, increased 12% in the quarter, or 16% in constant dollars, to $10.2 billion. P&C premium growth of 9.8% was broad-based globally with good contributions from our commercial and consumer businesses, up 10.4% and 8.1%, respectively. Life premiums, reflecting the addition of the Cigna Asia business, were up over 100%.

"In P&C, North America grew 9.7%, and so did Overseas General in constant dollars while declining 1.3% on a published basis, impacted by the strongest U.S. dollar in 20 years. We expect future published growth to benefit with the dollar weakening. Pricing conditions in commercial P&C remain favorable, the vast majority of our portfolio is achieving good risk-adjusted returns, and we are staying on top of loss cost inflation. On the consumer side, premiums in our North America personal lines business grew a very strong 6% in the quarter with our core high net worth segments up 12.5%. P&C premiums in our international consumer lines increased over 10% in the quarter in constant dollars, driven by our A&H business, which grew over 20% with strong growth in Asia, Latin America and the U.K.

Chubb®, Chubb logo® and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb.<sub>4</sub>

------

Chubb Limited News Release

"On the asset side of the balance sheet, adjusted net investment income topped $1.1 billion for the quarter, up about $215 million from prior year, and contributed to a record $4 billion for the year. We are reinvesting our strong operating cash flow at substantially higher rates and that's translating into a growing investment income run rate.

"We are off to a strong start in the new year and are firing on all cylinders. While there's certainly plenty of risk and uncertainty in the operating environment globally – economic and geopolitical, from what we know and can control, '23 should be a good year in terms of growth and earnings."

Operating highlights for the quarter ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Chubb Limited** | **Q4** | **Q4** | |
| (in millions of U.S. dollars except for percentages) | **2022** | **2021** | **Change** |
|  **<u>Consolidated</u>** |  |  |  |
|  Net premiums written (increase of 16.0% in constant dollars) | $10234 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9150 | 11.9% |
|  **<u>P&C</u>** |  |  |  |
|  Net premiums written (increase of 9.8% in constant dollars) | $9021 | $8517 | 5.9% |
|  Underwriting income | $1121 | $1266 | (11.4)% |
|  Combined ratio | 88.0% | 85.5% |  |
|  Current accident year underwriting income excluding catastrophe losses | $1354 | $1396 | (3.0)% |
|  Current accident year combined ratio excluding catastrophe losses | 85.6% | 83.9% |  |
|  **<u>Global P&C (excludes Agriculture)</u>** |  |  |  |
|  Net premiums written (increase of 8.8% in constant dollars) | $8637 | $8239 | 4.8% |
|  Underwriting income | $1228 | $1205 | 1.9% |
|  Combined ratio | 85.9% | 85.4% |  |
|  Current accident year underwriting income excluding catastrophe losses | $1493 | $1310 | 13.9% |
|  Current accident year combined ratio excluding catastrophe losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82.9% | 84.1% |  |
|  **<u>Life Insurance</u>** |  |  |  |
|  Net premiums written (increase of 100.8% in constant dollars) | $1213 | $633 | 92.0% |
|  Segment income (increase of 105.8% in constant dollars) | $217 | $108 | 100.9% |

---

● Consolidated net premiums earned increased 13.2%, or 17.3% in constant dollars. P&C net premiums earned
increased 7.5%, or 11.3% in constant dollars.

● Total pre-tax and after-tax P&C catastrophe losses, net of reinsurance and including reinstatement premiums, were $400 million (4.2 percentage points of the combined ratio) and $323 million, respectively, compared with $275 million (3.2 percentage points of
the combined ratio) and $245 million, respectively, last year.

● Total pre-tax and after-tax favorable prior period development were both $167 million (1.8 percentage points of the combined ratio) compared with $145 million (1.6 percentage points of the combined ratio) and $149 million, respectively, last year.

● Unfavorable foreign currency movement in the current quarter negatively impacted core operating income by
$71 million, or $0.16 per share.

Chubb®, Chubb logo® and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb.<sub>5</sub>

------

Chubb Limited News Release

● Operating cash flow was $2.65 billion for the quarter.

● Fourth quarter annualized return on equity (ROE) was 10.7% and annualized core operating ROE was 11.9%.
Annualized core operating return on tangible equity (ROTE) was 18.6%.

● Total capital returned to shareholders in the quarter was $544 million, including share repurchases of
$199 million at an average purchase price of $221.67 per share, and dividends of $345 million.

Operating highlights for the year ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Chubb Limited** | **FY** | **FY** | |
| (in millions of U.S. dollars except for percentages) | **2022** | **2021** | **Change** |
|  **<u>Consolidated</u>** |  |  |  |
|  Net premiums written (increase of 13.0% in constant dollars) | $41755 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37868 | 10.3% |
|  **<u>P&C</u>** |  |  |  |
|  Net premiums written (increase of 10.3% in constant dollars) | $38112 | $35391 | 7.7% |
|  Underwriting income | $4555 | $3696 | 23.2% |
|  Combined ratio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87.6% | 89.1% |  |
|  Current accident year underwriting income excluding catastrophe losses | $5861 | $5171 | 13.3% |
|  Current accident year combined ratio excluding catastrophe losses | 84.2% | 84.8% |  |
|  **<u>Global P&C (excludes Agriculture)</u>** |  |  |  |
|  Net premiums written (increase of 9.5% in constant dollars) | $35205 | $33003 | 6.7% |
|  Underwriting income | $4390 | $3441 | 27.6% |
|  Combined ratio | 87.1% | 89.1% |  |
|  Current accident year underwriting income excluding catastrophe losses | $5693 | $4866 | 17.0% |
|  Current accident year combined ratio excluding catastrophe losses | 83.3% | 84.6% |  |
|  **<u>Life Insurance</u>** |  |  |  |
|  Net premiums written (increase of 52.0% in constant dollars) | $3643 | $2477 | 47.1% |
|  Segment income (increase of 69.1% in constant dollars) | $704 | $418 | 68.3% |

---

● Consolidated net premiums earned increased 11.1%, or 13.9% in constant dollars. P&C net premiums earned
increased 8.5%, or 11.2% in constant dollars.

● Total pre-tax and after-tax P&C catastrophe losses, net of reinsurance and including reinstatement premiums, were $2.18 billion (5.9 percentage points of the combined ratio) and $1.80 billion, respectively, compared with $2.40 billion (7.1 percentage points
of the combined ratio) and $1.98 billion, respectively, last year.

● Total pre-tax and after-tax favorable prior period development were $876 million (2.5 percentage points of the combined ratio) and $729 million, respectively, compared with $926 million (2.8 percentage points of the combined ratio) and $756 million,
respectively, last year.

● Unfavorable foreign currency movement for the year negatively impacted core operating income by
$161 million, or $0.36 per share.

● Record operating cash flow of $11.24 billion for the year.

● Total capital returned to shareholders for the year was $4.39 billion, including share repurchases of
$3.01 billion at an average purchase price of $201.96 per share, and dividends of $1.38 billion.

Chubb®, Chubb logo® and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb.<sub>6</sub>

------

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, 2022 are presented below:

---

| | | | |
|:---|:---|:---|:---|
| **Chubb Limited** | **Q4** | **Q4** | |
| (in millions of U.S. dollars except for percentages) | **2022** | **2021** | **Change** |
|  **<u>Total North America P&C Insurance</u>** |  |  |  |
|  *(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural Insurance)* |  |  |  |
|  Net premiums written | $6162 | $5616 | 9.7% |
|  Combined ratio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88.5% | 76.7% |  |
|  Current accident year combined ratio excluding catastrophe losses | 84.0% | 80.8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>North America Commercial P&C Insurance</u>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written | $4463 | $4097 | 8.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Major accounts retail and excess and surplus (E&S) wholesale | $2682 | $2458 | 9.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle market and small commercial | $1781 | $1639 | 8.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 84.3% | 76.8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year combined ratio excluding catastrophe losses | 80.8% | 82.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>North America Personal P&C Insurance</u>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written | $1315 | $1241 | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 89.3% | 72.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year combined ratio excluding catastrophe losses | 77.1% | 77.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>North America Agricultural Insurance</u>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written | $384 | $278 | 37.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 117.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year combined ratio excluding catastrophe losses | 122.1% | 81.2% |  |
|  **<u>Overseas General Insurance</u>** |  |  |  |
|  Net premiums written (increase of 9.7% in constant dollars) | $2696 | $2730 | (1.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial P&C (increase of 9.4% in constant dollars) | $1688 | $1702 | (0.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer P&C (increase of 10.3% in constant dollars) | $1008 | $1028 | (2.0)% |
|  Combined ratio | 79.6% | 81.0% |  |
|  Current accident year combined ratio excluding catastrophe losses | 84.8% | 86.6% |  |
|  **<u>Life Insurance</u>** |  |  |  |
|  Net premiums written (increase of 100.8% in constant dollars) | $1213 | $633 | 92.0% |
|  Segment income (increase of 105.8% in constant dollars) | $217 | $108 | 100.9% |

---

● North America Commercial P&C Insurance: The combined ratio increased 7.5 percentage points, primarily
reflecting the favorable COVID reserve release in the prior year and higher catastrophe losses in the current year *.* The current accident year combined ratio excluding catastrophe losses decreased 1.2 percentage points, including a 0.8
percentage point decrease in the loss ratio and a 0.4 percentage point decrease in the expense ratio *.* 

Chubb®, Chubb logo® and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb.<sub>7</sub>

------

Chubb Limited News Release

● North America Personal P&C Insurance: The combined ratio increased 17.0 percentage points, primarily
reflecting the impact of higher catastrophe losses in the fourth quarter related to Winter Storm Elliott *.* The current accident year combined ratio excluding catastrophe losses increased 0.1 percentage point, including a 0.5 percentage point
increase in the loss ratio and a 0.4 percentage point decrease in the expense ratio.

● North America Agricultural Insurance: The current accident year combined ratio excluding catastrophe losses was
122.1%, due to a true-up to projected full-year crop insurance results reflecting late season development that produced an underwriting loss of $107 million.

● Overseas General Insurance: The current accident year combined ratio excluding catastrophe losses decreased 1.8
percentage points, comprising a 1.0 percentage point in the loss ratio, principally due to underlying loss ratio improvement in certain lines of business, and a 0.8 percentage point in the expense ratio reflecting earned rate outpacing increased
expenses *.* 

● Global Reinsurance: Net premiums written were $163 million, down 4.6%. The combined ratio was 83.6%,
compared with 126.2% prior year. The current accident year combined ratio excluding catastrophe losses was 83.1% compared with 81.6% prior year.

Chubb®, Chubb logo® and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb.<sub>8</sub>

------

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, 2022 are presented below:

---

| | | | |
|:---|:---|:---|:---|
| **Chubb Limited** | **FY** | **FY** | |
| (in millions of U.S. dollars except for percentages) | **2022** | **2021** | **Change** |
|  **<u>Total North America P&C Insurance</u>** |  |  |  |
|  *(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural Insurance)* |  |  |  |
|  Net premiums written | $26109 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23805 | 9.7% |
|  Combined ratio | 85.4% | 85.6% |  |
|  Current accident year combined ratio excluding catastrophe losses | 82.2% | 82.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>North America Commercial P&C Insurance</u>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17889 | $16415 | 9.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Major accounts retail and excess and surplus (E&S) wholesale | $10782 | $9836 | 9.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle market and small commercial | $7107 | $6579 | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 83.3% | 85.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year combined ratio excluding catastrophe losses | 81.1% | 82.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>North America Personal P&C Insurance</u>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written | $5313 | $5002 | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 87.5% | 85.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year combined ratio excluding catastrophe losses | 78.9% | 77.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>North America Agricultural Insurance</u>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written | $2907 | $2388 | 21.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 94.2% | 89.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year combined ratio excluding catastrophe losses | 94.4% | 86.8% |  |
|  **<u>Overseas General Insurance</u>** |  |  |  |
|  Net premiums written (increase of 11.4% in constant dollars) | $11060 | $10713 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial P&C (increase of 11.8% in constant dollars) | $6865 | $6581 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer P&C (increase of 10.8% in constant dollars) | $4195 | $4132 | 1.5% |
|  Combined ratio | 84.6% | 86.4% |  |
|  Current accident year combined ratio excluding catastrophe losses | 85.4% | 87.2% |  |
|  **<u>Life Insurance</u>** |  |  |  |
|  Net premiums written (increase of 52.0% in constant dollars) | $3643 | $2477 | 47.1% |
|  Segment income (increase of 69.1% in constant dollars) | $704 | $418 | 68.3% |

---

● North America Commercial P&C Insurance: The current accident year combined ratio excluding catastrophe
losses decreased 1.8 percentage points, including a 1.4 percentage point decrease in the loss ratio.

● North America Personal P&C Insurance: The current accident year combined ratio excluding catastrophe losses
increased 1.0 percentage point as conditions renormalized following Covid.

● North America Agricultural Insurance: The current accident year combined ratio excluding catastrophe losses was
94.4% due to a below-average crop year.

Chubb®, Chubb logo® and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb.<sub>9</sub>

------

Chubb Limited News Release

● Overseas General Insurance: The current accident year combined ratio excluding catastrophe losses decreased 1.8
percentage points, comprising 1.1 percentage point in the expense ratio, principally due to a change in mix of business and earned premium growth outpacing increased expenses, and 0.7 percentage point in the loss ratio reflecting underlying loss
ratio improvement *.* 

● Global Reinsurance: Net premiums written were $943 million, up 8.0%. The combined ratio was 102.6%, compared
with 108.7% prior year. The current accident year combined ratio excluding catastrophe losses was 81.5% compared with 81.2% prior year.

● Life Insurance: Net premiums written increased 47.1% reflecting six months of the acquisition of Cigna's
business in Asia, partially offset by a decline in Combined Insurance North America. Segment income increased 68.3% reflecting the acquisition of Cigna's business in Asia.

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

Please refer to the Chubb Limited Financial Supplement, dated December 31, 2022, which is posted on the company's investor relations website, <u>investors.chubb.com</u>, 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, February 1, 2023 beginning at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at <u>investors.chubb.com</u> 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 <u>click here</u> to register and receive dial-in numbers.

**About Chubb**

Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 34,000 people worldwide. Additional information can be found at: <u>www.chubb.com</u>.

**Investor Contact** 

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

**Media Contact** 

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

Chubb®, Chubb logo® and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb.<sub>10</sub>

------

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 <u>constant-dollar basis</u> (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.

<u>Adjusted net investment income</u> is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from the acquisition of The Chubb Corporation (Chubb Corp) and Cigna business of $5 million and $17 million in Q4 2022 and Q4 2021, respectively, and including investment income of $60 million and $44 million in Q4 2022 and Q4 2021, 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 $41 million and $84 million for full-year 2022 and 2021, respectively, and the investment income from private equity partnerships was $240 million and $179 million for full-year 2022 and 2021, 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.

<u>Adjusted net realized gains (losses), net of tax,</u> 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.

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

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

<u>Core operating income, net of tax</u>, excludes from net income the after-tax impact of adjusted net realized gains (losses), Cigna integration expenses, and the amortization of fair value adjustment of acquired invested assets and long-term debt related to the Chubb Corp acquisition and Cigna business. 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 the Chubb Corp acquisition and Cigna business due to the size and complexity of these acquisitions. We also exclude Cigna integration expenses due to the size and complexity of this acquisition. Cigna integration expenses are incurred by the overall company and are included in Corporate. These

Chubb®, Chubb logo® and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb.<sub>11</sub>

------

Chubb Limited News Release

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.

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

<u>P&C combined ratio</u> 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.

<u>P&C current accident year combined ratio excluding catastrophe losses</u> 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.

<u>Global P&C performance metrics</u> 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.

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

<u>Book value per share and tangible book value per share excluding unrealized investment gains (losses)</u>, excludes the mark-to-market on the company's fixed maturities portfolio. We believe that excluding these net unrealized gains (losses) would highlight the underlying growth in book value and tangible book value without the impact of interest rate volatility. <u>Book value per share and tangible book value per share excluding accumulated other comprehensive income (loss) (AOCI)</u>, 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.

<u>International life insurance net premiums written and deposits collected</u> 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 life deposits are an important component of production and key to our efforts to grow our business.

Chubb®, Chubb logo® and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb.<sub>12</sub>

------

Chubb Limited News Release

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.<sup>SM</sup> are trademarks of Chubb.<sub>13</sub>

------

Chubb Limited News Release

**Chubb Limited** 

**Summary Consolidated Balance Sheets** 

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

**(Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **December 31<br>2022** | **December 31<br>2021** |
|  **Assets** |  |  |
|  Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113551 | $122323 |
|  Cash | 2012 | 1659 |
|  Insurance and reinsurance balances receivable | 11933 | 11322 |
|  Reinsurance recoverable on losses and loss expenses | 18901 | 17366 |
|  Goodwill and other intangible assets | 21818 | 20668 |
|  Other assets | 30909 | 26716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $199124 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200054 |
|  **Liabilities** |  |  |
|  Unpaid losses and loss expenses | $76323 | $72943 |
|  Unearned premiums | 20360 | 19101 |
|  Other liabilities | 51901 | 48296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 148584 | 140340 |
|  **Shareholders' equity** |  |  |
|  Total shareholders' equity, excl. AOCI | 60733 | 59364 |
|  Accumulated other comprehensive income (loss) (AOCI) | (10193) | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | 50540 | 59714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and shareholders' equity | $199124 | $200054 |
|  Book value per common share | $121.90 | $139.99 |
|  Tangible book value per common share | $72.20 | $94.38 |
|  Book value per common share, excl. AOCI | $146.49 | $139.16 |
|  Tangible book value per common share, excl. AOCI | $94.60 | $91.85 |

---

Chubb®, Chubb logo® and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb.<sub>14</sub>

------

Chubb Limited News Release

**Summary Consolidated Financial Data** 

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

**(Unaudited)** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended <br>December 31** | **Three Months Ended <br>December 31** | **Year Ended<br> December 31** | **Year Ended<br> December 31** |
|  | **2022** | **2021** | **2022** | **2021** |
|  Gross premiums written | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12447 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11320 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52013 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46780 |
|  Net premiums written | 10234 | 9150 | 41755 | 37868 |
|  Net premiums earned | 10551 | 9321 | 40389 | 36355 |
|  Losses and loss expenses | 5868 | 5292 | 23342 | 21980 |
|  Policy benefits | 702 | 196 | 1492 | 699 |
|  Policy acquisition costs | 1941 | 1777 | 7392 | 6918 |
|  Administrative expenses | 916 | 811 | 3395 | 3136 |
|  Net investment income | 1053 | 843 | 3742 | 3456 |
|  Net realized gains (losses) | (178) | 319 | (965) | 1152 |
|  Interest expense | 154 | 126 | 570 | 492 |
|  Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gains (losses) from separate account assets | 74 | (3) | (42) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | (169) | 338 | (32) | 2373 |
|  Amortization of purchased intangibles | 74 | 71 | 285 | 287 |
|  Cigna integration expenses | 22 |  | 48 |  |
|  Income tax expense | 342 | 404 | 1255 | 1277 |
|  Net income | $1312 | $2141 | $5313 | $8539 |
|  **Diluted earnings per share:** |  |  |  |  |
|  Net income | $3.13 | $4.95 | $12.55 | $19.27 |
|  Core operating income | $4.05 | $3.81 | $15.24 | $12.56 |
|  Weighted average shares outstanding | 418.9 | 432.8 | 423.5 | 443.2 |
|  **<u>P&C combined ratio</u>** |  |  |  |  |
|  Loss and loss expense ratio | 62.1% | 58.7% | 62.0% | 62.6% |
|  Policy acquisition cost ratio | 17.9% | 18.4% | 17.8% | 18.3% |
|  Administrative expense ratio | 8.0% | 8.4% | 7.8% | 8.2% |
|  P&C combined ratio | 88.0% | 85.5% | 87.6% | 89.1% |
|  P&C underwriting income | $1121 | $1266 | $4555 | $3696 |

---

---

| | |
|:---|:---|
| Chubb®, Chubb logo® and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb. | **15** |

---

## Exhibit 99.2

**Exhibit 99.2**![LOGO](g46261g76m49.jpg)

## Chubb Limited

## Financial Supplement

## for the Quarter and Year Ended December 31, 2022
**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.

**<u>Cautionary Statement Regarding Forward-Looking Statements</u>**

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.** | **<u>Financial Highlights</u>** |  |
|  | - Consolidated Financial Highlights | 1 |
| **II.** | **<u>Consolidated Results</u>** |  |
|  | - Consolidated Statement of Operations | 2 |
|  | - P&C Results - Consecutive Quarters | 3 |
|  | - Global P&C Results - Consecutive Quarters | 4 |
|  | - Summary Consolidated Balance Sheets | 5 |
|  | - Line of Business | 6 |
|  | - Consolidated Results by Segment | 7 - 10 |
| **III.** | **<u>Segment Results</u>** |  |
|  | - 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.** | **<u>Balance Sheet Details</u>** |  |
|  | - 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.** | **<u>Other Disclosures</u>** |  |
|  | - Non-GAAP Financial Measures | 29 - 35 |
|  | - Glossary | 36 |

---

------

**Chubb Limited** 

**Consolidated Financial Highlights** 

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

**(Unaudited)** 

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended December 31** | **Three months ended December 31** | | | | **Year ended December 31** | **Year ended December 31** | | | |
|  | **2022** | **2021** |<br>**% Change** | **Constant $**<br>**2021** | **Constant $**<br>**% Change** | **2022** | **2021** |<br>**% Change** | **Constant $**<br>**2021** | **Constant $**<br>**% Change** |
|  Gross premiums written | $12447 | $11320 | 10.0% | $10949 | 13.7% | $52013 | $46780 | 11.2% | $45729 | 13.7% |
|  Net premiums written | $10234 | $9150 | 11.9% | $8822 | 16.0% | $41755 | $37868 | 10.3% | $36948 | 13.0% |
|  P&C net premiums written | $9021 | $8517 | 5.9% | $8218 | 9.8% | $38112 | $35391 | 7.7% | $34551 | 10.3% |
|  Global P&C net premiums written | $8637 | $8239 | 4.8% | $7940 | 8.8% | $35205 | $33003 | 6.7% | $32163 | 9.5% |
|  Net premiums earned | $10551 | $9321 | 13.2% | $8995 | 17.3% | $40389 | $36355 | 11.1% | $35447 | 13.9% |
|  Net investment income | $1053 | $843 | 24.8% | $830 | 26.6% | $3742 | $3456 | 8.3% | $3425 | 9.2% |
|  Adjusted net investment income | $1118 | $904 | 23.6% | $891 | 25.3% | $4023 | $3719 | 8.2% | $3688 | 9.1% |
|  P&C underwriting income | $1121 | $1266 | -11.4% | $1194 | -6.1% | $4555 | $3696 | 23.2% | $3524 | 29.3% |
|  P&C CAY underwriting income ex Cats | $1354 | $1396 | -3.0% | $1347 | 0.5% | $5861 | $5171 | 13.3% | $5030 | 16.5% |
|  Global P&C (ex Agriculture) CAY underwriting income ex Cats | $1493 | $1310 | 13.9% | $1261 | 18.4% | $5693 | $4866 | 17.0% | $4725 | 20.5% |
|  Core operating income | $1699 | $1649 | 3.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578 | &nbsp;&nbsp;&nbsp;&nbsp;7.6% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6457 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5569 | 15.9% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5408 | 19.4% |
|  Net income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2141 | -38.7% |  |  | $5313 | $8539 | -37.8% |  |  |
|  Operating cash flow | $2651 | $2600 |  |  |  | $11243 | $11149 |  |  |  |
| **P&C combined ratio** |  |  |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | 62.1% | 58.7% |  |  |  | 62.0% | 62.6% |  |  |  |
|  Policy acquisition cost and administrative expense ratio | 25.9% | 26.8% |  |  |  | 25.6% | 26.5% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 88.0% | 85.5% |  |  |  | 87.6% | 89.1% |  |  |  |
| **P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)** |  |  |  |  |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 59.9% | 57.0% |  |  |  | 58.8% | 58.3% |  |  |  |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 25.7% | 26.9% |  |  |  | 25.4% | 26.5% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 85.6% | 83.9% |  |  |  | 84.2% | 84.8% |  |  |  |
| **Global P&C CAY combined ratio ex Cats** |  |  |  |  |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 55.4% | 55.8% |  |  |  | 56.0% | 56.6% |  |  |  |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 27.5% | 28.3% |  |  |  | 27.3% | 28.0% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 82.9% | 84.1% |  |  |  | 83.3% | 84.6% |  |  |  |
|  ROE | 10.7% | 14.4% |  |  |  | 9.6% | 14.3% |  |  |  |
|  Core operating return on tangible equity (ROTE) | 18.6% | 17.7% |  |  |  | 17.2% | 15.3% |  |  |  |
|  Core operating return on equity (ROE) | 11.9% | 11.6% |  |  |  | 11.2% | 9.9% |  |  |  |
|  Effective tax rate | 20.7% | 15.9% |  |  |  | 19.1% | 13.0% |  |  |  |
|  Core operating effective tax rate | 17.5% | 15.7% |  |  |  | 17.8% | 15.4% |  |  |  |
| **Diluted earnings per share** |  |  |  |  |  |  |  |  |  |  |
|  Net income | $3.13 | $4.95 | -36.8% |  |  | $12.55 | $19.27 | -34.9% |  |  |
|  Core operating income | $4.05 | $3.81 | 6.3% |  |  | $15.24 | $12.56 | 21.3% |  |  |
|  Weighted average basic common shares outstanding | 415.3 | 429.2 |  |  |  | 419.8 | 440.0 |  |  |  |
|  Weighted average diluted common shares outstanding | 418.9 | 432.8 |  |  |  | 423.5 | 443.2 |  |  |  |
|  | **December 31**<br> **2022** | **September 30**<br> **2022** | **% Change**<br> **4Q-22 vs.**<br> **3Q-22** | **December 31**<br> **2021** | **% Change**<br> **4Q-22 vs.**<br> **4Q-21** |  |  |  |  |  |
|  Book value per common share | $121.90 | $114.79 | 6.2% | $139.99 | -12.9% |  |  |  |  |  |
|  Tangible book value per common share | $72.20 | $65.91 | 9.5% | $94.38 | -23.5% |  |  |  |  |  |

---

Financial Highlights Page 1

------

**Chubb Limited** 

**Statement of Operations - Consecutive Quarters** 

**(in millions of U.S. dollars)** 

**(Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Consolidated Statements of Operations</u>** | **4Q-22** | **3Q-22** | **2Q-22** | **1Q-22** | **4Q-21** | **Full Year**<br> **2022** | **Full Year**<br> **2021** |
|  Gross premiums written | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12447 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15015 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13047 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11504 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11320 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52013 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46780 |
|  Net premiums written | 10234 | 12020 | 10302 | 9199 | 9150 | 41755 | 37868 |
|  Net premiums earned | 10551 | 11535 | 9557 | 8746 | 9321 | 40389 | 36355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted losses and loss expenses <sup>(1)</sup> | 5870 | 7298 | 5399 | 4786 | 5292 | 23353 | 21988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized (gains) losses on crop derivatives | 2 | 19 | (9) | (1) |  | 11 | 8 |
|  Losses and loss expenses | 5868 | 7279 | 5408 | 4787 | 5292 | 23342 | 21980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted policy benefits <sup>(2)</sup> | 628 | 553 | 177 | 176 | 199 | 1534 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains (losses) from fair value changes in separate account liabilities | (74) | 67 | 18 | 31 | 3 | 42 | 8 |
|  Policy benefits | 702 | 486 | 159 | 145 | 196 | 1492 | 699 |
|  Policy acquisition costs | 1941 | 1975 | 1739 | 1737 | 1777 | 7392 | 6918 |
|  Administrative expenses | 916 | 883 | 818 | 778 | 811 | 3395 | 3136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted net investment income <sup>(3)</sup> | 1118 | 1054 | 950 | 901 | 904 | 4023 | 3719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (income) expense from private equity partnerships | (60) | (69) | (48) | (63) | (44) | (240) | (179) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization expense of fair value adjustment on acquired invested assets | (5) | (6) | (14) | (16) | (17) | (41) | (84) |
|  Net investment income | 1053 | 979 | 888 | 822 | 843 | 3742 | 3456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted realized gains (losses) <sup>(4)</sup> | (176) | (365) | (513) | 100 | 319 | (954) | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on crop derivatives | (2) | (19) | 9 | 1 |  | (11) | (8) |
|  Net realized gains (losses) | (178) | (384) | (504) | 101 | 319 | (965) | 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted interest expense <sup>(5)</sup> | 159 | 156 | 139 | 137 | 131 | 591 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization benefit of fair value adjustment on acquired long term debt | (5) | (6) | (5) | (5) | (5) | (21) | (20) |
|  Interest expense | 154 | 150 | 134 | 132 | 126 | 570 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains (losses) from fair value changes in separate account assets | 74 | (67) | (18) | (31) | (3) | (42) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) related to unconsolidated entities | (207) | (184) | (138) | 267 | 280 | (262) | 2134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income (expense) from private equity partnerships | 60 | 69 | 48 | 63 | 44 | 240 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income (expense) - operating | (22) | (6) | 7 | 11 | 14 | (10) | 60 |
|  Other income (expense) | (95) | (188) | (101) | 310 | 335 | (74) | 2365 |
|  Amortization expense of purchased intangibles | 74 | 69 | 71 | 71 | 71 | 285 | 287 |
|  Cigna integration expenses | 22 | 23 | 3 |  |  | 48 |  |
|  Income tax expense | 342 | 265 | 293 | 355 | 404 | 1255 | 1277 |
|  Net income | $1312 | $812 | $1215 | $1974 | $2141 | $5313 | $8539 |

---

(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)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Chubb Limited P&C Underwriting Results</u>** | **4Q-22** | **3Q-22** | **2Q-22** | **1Q-22** | **4Q-21** | **Full Year**<br> **2022** | **Full Year**<br> **2021** |
|  **P&C underwriting income (Including Corporate and excluding Life Insurance)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross premiums written | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11158 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13663 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12437 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10885 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10646 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48143 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written | 9021 | 10747 | 9731 | 8613 | 8517 | 38112 | 35391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned | 9359 | 10286 | 9010 | 8195 | 8708 | 36850 | 33953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted losses and loss expenses | 5810 | 7163 | 5251 | 4632 | 5114 | 22856 | 21248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition costs | 1676 | 1704 | 1588 | 1586 | 1603 | 6554 | 6206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative expenses | 752 | 709 | 730 | 694 | 725 | 2885 | 2803 |
|  P&C underwriting income | $1121 | $710 | $1441 | $1283 | $1266 | $4555 | $3696 |
|  P&C CAY underwriting income ex Cats | $1354 | $1646 | $1485 | $1376 | $1396 | $5861 | $5171 |
|  **% Change versus prior year period** |  |  |  |  |  |  |  |
|  Net premiums written | 5.9% | 8.5% | 9.0% | 7.1% | 9.6% | 7.7% | 13.0% |
|  Net premiums earned | 7.5% | 9.3% | 9.8% | 7.5% | 11.8% | 8.5% | 10.8% |
|  Net premiums written constant $ | 9.8% | 11.2% | 11.0% | 9.0% | 9.3% | 10.3% | 11.5% |
|  Net premiums earned constant $ | 11.3% | 12.3% | 12.0% | 9.1% | 11.6% | 11.2% | 9.4% |
|  **P&C combined ratio** |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | 62.1% | 69.6% | 58.3% | 56.5% | 58.7% | 62.0% | 62.6% |
|  Policy acquisition cost ratio | 17.9% | 16.6% | 17.6% | 19.3% | 18.4% | 17.8% | 18.3% |
|  Administrative expense ratio | 8.0% | 6.9% | 8.1% | 8.5% | 8.4% | 7.8% | 8.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 88.0% | 93.1% | 84.0% | 84.3% | 85.5% | 87.6% | 89.1% |
|  **CAY P&C combined ratio ex Cats** |  |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 59.9% | 60.6% | 57.8% | 56.3% | 57.0% | 58.8% | 58.3% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 25.7% | 23.4% | 25.7% | 27.2% | 26.9% | 25.4% | 26.5% |
|  CAY combined ratio ex Cats | 85.6% | 84.0% | 83.5% | 83.5% | 83.9% | 84.2% | 84.8% |
|  **Other ratios** |  |  |  |  |  |  |  |
|  Net premiums written/gross premiums written | 81% | 79% | 78% | 79% | 80% | 79% | 80% |
|  Expense ratio | 25.9% | 23.5% | 25.7% | 27.8% | 26.8% | 25.6% | 26.5% |
|  Expense ratio excluding A&H | 24.2% | 21.6% | 24.1% | 26.2% | 25.1% | 23.9% | 24.8% |
|  Catastrophe reinstatement premiums (expensed) collected - pre-tax | $(6) | $55 | $- | $- | $8 | $49 | $10 |
|  Catastrophe losses - pre-tax | $394 | $1213 | $291 | $333 | $283 | $2231 | $2411 |
|  Favorable prior period development (PPD) - pre-tax | $(167) | $(222) | $(247) | $(240) | $(145) | $(876) | $(926) |
|  Impact of catastrophe losses on P&C combined ratio - Unfavorable | 4.2% | 11.3% | 3.2% | 4.0% | 3.2% | 5.9% | 7.1% |
|  Impact of PPD on P&C combined ratio - Favorable | -1.8% | -2.2% | -2.7% | -3.2% | -1.6% | -2.5% | -2.8% |
|  Impact of Cats and PPD on P&C combined ratio - Unfavorable | 2.4% | 9.1% | 0.5% | 0.8% | 1.6% | 3.4% | 4.3% |

---

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-22** | **3Q-22** | **2Q-22** | **1Q-22** | **4Q-21** | **Full Year**<br> **2022** | **Full Year**<br> **2021** |
|  **Global P&C underwriting income** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross premiums written | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10662 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11121 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11379 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10569 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10275 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43731 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written | 8637 | 9024 | 8993 | 8551 | 8239 | 35205 | 33003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned | 8738 | 8613 | 8437 | 8224 | 8228 | 34012 | 31615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted losses and loss expenses | 5083 | 5719 | 4773 | 4724 | 4706 | 20299 | 19286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition costs | 1661 | 1636 | 1557 | 1574 | 1579 | 6428 | 6082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative expenses | 766 | 706 | 728 | 695 | 738 | 2895 | 2806 |
|  Global P&C underwriting income | $1228 | $552 | $1379 | $1231 | $1205 | $4390 | $3441 |
|  Global P&C CAY underwriting income ex Cats | $1493 | $1448 | $1402 | $1350 | $1310 | $5693 | $4866 |
|  **% Change versus prior year period** |  |  |  |  |  |  |  |
|  Net premiums written | 4.8% | 6.3% | 6.8% | 8.8% | 9.5% | 6.7% | 12.0% |
|  Net premiums earned | 6.2% | 6.7% | 8.2% | 9.4% | 11.1% | 7.6% | 9.7% |
|  Net premiums written constant $ | 8.8% | 9.4% | 8.9% | 10.7% | 9.2% | 9.5% | 10.4% |
|  Net premiums earned constant $ | 10.2% | 10.2% | 10.5% | 11.1% | 10.9% | 10.5% | 8.2% |
|  **Combined ratio** |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | 58.2% | 66.4% | 56.6% | 57.4% | 57.2% | 59.7% | 61.0% |
|  Policy acquisition cost ratio | 19.0% | 19.0% | 18.5% | 19.1% | 19.2% | 18.9% | 19.2% |
|  Administrative expense ratio | 8.7% | 8.2% | 8.6% | 8.5% | 9.0% | 8.5% | 8.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 85.9% | 93.6% | 83.7% | 85.0% | 85.4% | 87.1% | 89.1% |
|  **CAY combined ratio ex Cats** |  |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 55.4% | 56.1% | 56.3% | 56.1% | 55.8% | 56.0% | 56.6% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 27.5% | 27.1% | 27.1% | 27.5% | 28.3% | 27.3% | 28.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 82.9% | 83.2% | 83.4% | 83.6% | 84.1% | 83.3% | 84.6% |
|  **Other ratios** |  |  |  |  |  |  |  |
|  Net premiums written/gross premiums written | 81% | 81% | 79% | 81% | 80% | 81% | 81% |
|  Expense ratio | 27.7% | 27.2% | 27.1% | 27.6% | 28.2% | 27.4% | 28.1% |
|  Expense ratio excluding A&H | 26.0% | 25.3% | 25.4% | 26.0% | 26.5% | 25.7% | 26.4% |
|  Catastrophe reinstatement premiums (expensed) collected - pre-tax | $(6) | $55 | $- | $- | $10 | $49 | $12 |
|  Catastrophe losses - pre-tax | $382 | $1182 | $270 | $333 | $265 | $2167 | $2373 |
|  Favorable prior period development (PPD) - pre-tax | $(123) | $(231) | $(247) | $(214) | $(150) | $(815) | $(936) |

---

Global P&C Page 4

------

**Chubb Limited** 

**Summary Consolidated Balance Sheets** 

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

**(Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31**<br> **2022** | **September 30**<br> **2022** | **June 30**<br> **2022** | **March 31**<br> **2022** | **December 31**<br> **2021** |
|  **Assets** |  |  |  |  |  |
|  Fixed maturities available for sale, at fair value | $85220 | $83741 | $82069 | $89479 | $93108 |
|  Fixed maturities held to maturity, at amortized cost | 8848 | 8976 | 9532 | 9818 | 10118 |
|  Equity securities, at fair value | 827 | 844 | 2649 | 3596 | 4782 |
|  Short-term investments, at fair value | 4960 | 4534 | 3431 | 3407 | 3146 |
|  Other investments | 13696 | 13645 | 12168 | 11947 | 11169 |
|  | 113551 | 111740 | 109849 | 118247 | 122323 |
|  **Cash** | 2012 | 2128 | 7122 | 1734 | 1659 |
|  Securities lending collateral | 1523 | 1626 | 1658 | 1800 | 1831 |
|  Insurance and reinsurance balances receivable | 11933 | 12853 | 12758 | 11452 | 11322 |
|  Reinsurance recoverable on losses and loss expenses | 18901 | 18754 | 17777 | 17761 | 17366 |
|  Deferred policy acquisition costs | 5788 | 5578 | 5602 | 5587 | 5513 |
|  Value of business acquired | 3486 | 3324 | 221 | 231 | 236 |
|  Prepaid reinsurance premiums | 3140 | 3265 | 3356 | 3068 | 3028 |
|  Goodwill and other intangible assets | 21818 | 21490 | 20317 | 20643 | 20668 |
|  Deferred tax assets |  |  | 564 | 333 |  |
|  Investments in partially-owned insurance companies | 2877 | 2943 | 3002 | 3161 | 3130 |
|  Other assets | 14095 | 14410 | 13425 | 13973 | 12978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $199124 | $198111 | $195651 | $197990 | $200054 |
|  **Liabilities** |  |  |  |  |  |
|  Unpaid losses and loss expenses | $76323 | $75992 | $74092 | $73844 | $72943 |
|  Unearned premiums | 20360 | 20520 | 20386 | 19586 | 19101 |
|  Future policy benefits | 10120 | 9586 | 5940 | 5974 | 5947 |
|  Insurance and reinsurance balances payable | 7795 | 7829 | 7888 | 7401 | 7243 |
|  Securities lending payable | 1523 | 1626 | 1658 | 1800 | 1831 |
|  Accounts payable, accrued expenses, and other liabilities | 17006 | 19090 | 17927 | 16320 | 16410 |
|  Deferred tax liabilities | 272 | 2 |  |  | 389 |
|  Short-term and long-term debt | 14877 | 15519 | 15785 | 16059 | 16168 |
|  Trust preferred securities | 308 | 308 | 308 | 308 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 148584 | 150472 | 143984 | 141292 | 140340 |
|  **Shareholders' equity** |  |  |  |  |  |
|  Total shareholders' equity, excl. AOCI | 60733 | 59819 | 59942 | 60102 | 59364 |
|  Accumulated other comprehensive income (loss) (AOCI) | (10193) | (12180) | (8275) | (3404) | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | 50540 | 47639 | 51667 | 56698 | 59714 |
|  Total liabilities and shareholders' equity | $199124 | $&nbsp;&nbsp;&nbsp;&nbsp;198111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195651 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197990 | $&nbsp;&nbsp;&nbsp;&nbsp;200054 |
|  **Book value per common share** | $121.90 | $114.79 | $123.46 | $133.82 | $139.99 |
|  % change over prior quarter | 6.2% | -7.0% | -7.7% | -4.4% | 1.7% |
|  **Tangible book value per common share** | $72.20 | $65.91 | $77.71 | $87.93 | $94.38 |
|  % change over prior quarter | 9.5% | -15.2% | -11.6% | -6.8% | 2.7% |
|  **Book value per common share, excl. AOCI** | $146.49 | $144.13 | $143.24 | $141.86 | $139.16 |
|  % change over prior quarter | 1.6% | 0.6% | 1.0% | 1.9% | 2.8% |
|  **Tangible book value per common share, excl. AOCI** | $94.60 | $92.20 | $95.31 | $94.39 | $91.85 |
|  % change over prior quarter | 2.6% | -3.3% | 1.0% | 2.8% | 3.9% |

---

Consol Bal Sheet Page 5

------

**Chubb Limited** 

**Consolidated Net Premiums Written by Line of Business** 

**(in millions of U.S. dollars)** 

**(Unaudited)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q-22** | **4Q-21** | **% Change** | **Constant $**<br> **% Change** | **Full Year**<br> **2022** | **Full Year**<br> **2021** | **% Change** | **Constant $**<br> **% Change** |
|  **<u>Net premiums written</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial multiple peril <sup>(1)</sup> | $339 | $304 | 11.8% | 11.8% | $1311 | $1193 | 10.0% | 10.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial casualty | 1938 | 1779 | 8.9% | 12.0% | 7715 | 6994 | 10.3% | 12.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Workers' compensation | 539 | 533 | 1.2% | 1.2% | 2164 | 2130 | 1.6% | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial lines | 1343 | 1386 | -3.1% | 0.3% | 5070 | 5067 | 0.0% | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Surety | 145 | 137 | 5.3% | 6.9% | 622 | 572 | 8.6% | 10.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Property and other short-tail lines | 1692 | 1519 | 11.3% | 17.1% | 7195 | 6425 | 12.0% | 15.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial P&C lines | 5996 | 5658 | 6.0% | 9.3% | 24077 | 22381 | 7.6% | 9.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Agriculture | 384 | 278 | 37.9% | 37.9% | 2907 | 2388 | 21.7% | 21.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal automobile | 392 | 391 | 0.2% | 1.3% | 1631 | 1525 | 6.9% | 8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal homeowners | 991 | 941 | 5.4% | 6.8% | 3901 | 3719 | 4.9% | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal other | 411 | 439 | -6.1% | 3.8% | 1817 | 1825 | -0.4% | 6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Personal lines | 1794 | 1771 | 1.4% | 4.9% | 7349 | 7069 | 4.0% | 6.6% |
|  **Total Property and Casualty lines** | 8174 | 7707 | 6.1% | 9.4% | 34333 | 31838 | 7.8% | 10.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Global A&H lines <sup>(2)</sup> | 1443 | 908 | 58.9% | 71.8% | 4894 | 3763 | 30.1% | 37.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance lines | 163 | 171 | -4.6% | -2.0% | 943 | 873 | 8.0% | 9.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Life | 454 | 364 | 24.6% | 33.3% | 1585 | 1394 | 13.7% | 19.9% |
|  **Total consolidated** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10234 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9150 | 11.9% | 16.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41755 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37868 | 10.3% | 13.0% |

---

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

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

Line of Business Page 6

------

**Chubb Limited** 

**Consolidated Results - Three months ended December 31, 2022** 

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

**(Unaudited)** 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | North <br> America  | North <br> America  | North <br> America  | North <br> America  | North <br> America  | North <br> America  | Overseas | Overseas | | | | | | | |
|  | Commercial P&C | Commercial P&C | Personal P&C | Personal P&C | Agricultural  | Agricultural  | General | General | Global | Global | | Total | Total | Life | Total |
| **Q4 2022** | Insurance | Insurance | Insurance | Insurance | Insurance  | Insurance  | Insurance | Insurance | Reinsurance | Reinsurance | Corporate | P&C | P&C | Insurance | Consolidated |
| **Q4 2022** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Net premiums written | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4463 | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp;$| 384 | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2696 | &nbsp;&nbsp;&nbsp;&nbsp;$| 163 | $- | &nbsp;&nbsp;&nbsp;&nbsp;$| 9021 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10234 |
|  Net premiums earned |  | 4462 |  | 1328 |  | 621 |  | 2738 |  | 210 |  |  | 9359 | 1192 | 10551 |
|  Adjusted losses and loss expenses |  | 2849 |  | 843 |  | 727 |  | 1198 |  | 105 | 88 |  | 5810 | 60 | 5870 |
|  Adjusted policy benefits |  |  |  |  |  |  |  |  |  |  |  |  |  | 628 | 628 |
|  Policy acquisition costs |  | 612 |  | 265 |  | 15 |  | 722 |  | 62 |  |  | 1676 | 265 | 1941 |
|  Administrative expenses |  | 299 |  | 78 |  | (14) |  | 259 |  | 9 | 121 |  | 752 | 164 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income (loss) |  | 702 |  | 142 |  | (107) |  | 559 |  | 34 | (209) |  | 1121 | 75 | 1196 |
|  Adjusted net investment income |  | 647 |  | 84 |  | 13 |  | 166 |  | 49 | 9 |  | 968 | 150 | 1118 |
|  Other income (expense) - operating |  | (5) |  | (1) |  |  |  | 1 |  |  | (12) |  | (17) | (5) | (22) |
|  Amortization expense of purchased intangibles |  |  |  | (3) |  | (6) |  | (17) |  |  | (45) |  | (71) | (3) | (74) |
|  Segment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344 | &nbsp;&nbsp;&nbsp;&nbsp;$| 222 | &nbsp;&nbsp;&nbsp;&nbsp;$| (100) | &nbsp;&nbsp;&nbsp;&nbsp;$| 709 | &nbsp;&nbsp;&nbsp;&nbsp;$| 83 | $(257) | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001 | $217 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218 |
|  Adjusted interest expense |  |  |  |  |  |  |  |  |  |  | (159) |  |  |  | (159) |
|  Income tax expense |  |  |  |  |  |  |  |  |  |  | (360) |  |  |  | (360) |
|  Core operating income (loss) |  |  |  |  |  |  |  |  |  |  | (776) |  |  |  | 1699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cigna integration expenses, net of $4 million tax benefit |  |  |  |  |  |  |  |  |  |  | (18) |  |  |  | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $6 million tax expense |  |  |  |  |  |  |  |  |  |  | (6) |  |  |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted net realized gains (losses), net of $20 million tax benefit <sup>(1)</sup> |  |  |  |  |  |  |  |  |  |  | (363) |  |  |  | (363) |
|  Net income (loss) |  |  |  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1163) |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312 |
|  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% |  |  |

---

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

Consol Results - QTD 2022 Page 7

------

**Chubb Limited** 

**Consolidated Results - Full Year 2022** 

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

**(Unaudited)** 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | North | North | North | North | North | North | | | | | | | | | |
|  | America | America | America | America | America | America | Overseas | Overseas | | | | | | | |
|  | Commercial P&C | Commercial P&C | Personal P&C | Personal P&C | Agricultural | Agricultural | General | General | Global | Global | | Total | Total | Life | Total |
| **Full Year 2022** | Insurance  | Insurance  | Insurance | Insurance | Insurance  | Insurance  | Insurance | Insurance | Reinsurance  | Reinsurance  | Corporate | P&C  | P&C  | Insurance  | Consolidated |
| **Full Year 2022** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Net premiums written | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17889 | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5313 | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2907 | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11060 | &nbsp;&nbsp;&nbsp;&nbsp;$| 943 | $- | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38112 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3643 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41755 |
|  Net premiums earned |  | 17107 |  | 5180 |  | 2838 |  | 10803 |  | 922 |  |  | 36850 | 3539 | 40389 |
|  Adjusted losses and loss expenses |  | 10828 |  | 3186 |  | 2557 |  | 5252 |  | 670 | 363 |  | 22856 | 497 | 23353 |
|  Adjusted policy benefits |  |  |  |  |  |  |  |  |  |  |  |  |  | 1534 | 1534 |
|  Policy acquisition costs |  | 2313 |  | 1057 |  | 126 |  | 2818 |  | 240 |  |  | 6554 | 838 | 7392 |
|  Administrative expenses |  | 1113 |  | 291 |  | (10) |  | 1070 |  | 36 | 385 |  | 2885 | 510 | 3395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income (loss) |  | 2853 |  | 646 |  | 165 |  | 1663 |  | (24) | (748) |  | 4555 | 160 | 4715 |
|  Adjusted net investment income |  | 2247 |  | 283 |  | 36 |  | 626 |  | 281 | 41 |  | 3514 | 509 | 4023 |
|  Other income (expense) - operating |  | (17) |  | (4) |  | (1) |  | (2) |  | (1) | (30) |  | (55) | 45 | (10) |
|  Amortization expense of purchased intangibles |  |  |  | (10) |  | (26) |  | (57) |  |  | (182) |  | (275) | (10) | (285) |
|  Segment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$| 5083 | &nbsp;&nbsp;&nbsp;&nbsp;$| 915 | &nbsp;&nbsp;&nbsp;&nbsp;$| 174 | &nbsp;&nbsp;&nbsp;&nbsp;$| 2230 | &nbsp;&nbsp;&nbsp;&nbsp;$| 256 | $(919) | &nbsp;&nbsp;&nbsp;&nbsp;$| 7739 | $704 | $8443 |
|  Adjusted interest expense |  |  |  |  |  |  |  |  |  |  | (591) |  |  |  | (591) |
|  Income tax expense |  |  |  |  |  |  |  |  |  |  | (1395) |  |  |  | (1395) |
|  Core operating income (loss) |  |  |  |  |  |  |  |  |  |  | (2905) |  |  |  | 6457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cigna integration expenses, net of $10 million tax benefit |  |  |  |  |  |  |  |  |  |  | (38) |  |  |  | (38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $1 million tax benefit |  |  |  |  |  |  |  |  |  |  | (19) |  |  |  | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted net realized gains (losses), net of $129 million tax benefit <sup>(1)</sup> |  |  |  |  |  |  |  |  |  |  | (1087) |  |  |  | (1087) |
|  Net income (loss) |  |  |  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4049) |  |  |  | $5313 |
|  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% |  |  |

---

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

Consol Results - FY 2022 Page 8

------

**Chubb Limited** 

**Consolidated Results - Three months ended December 31, 2021** 

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

**(Unaudited)** 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | North | North | North | North | North | North | | | | | | | | | |
|  | America | America | America | America | America | America | Overseas | Overseas | | | | | | | |
|  | Commercial P&C | Commercial P&C | Personal P&C | Personal P&C | Agricultural | Agricultural | General | General | Global | Global | | Total | Total | Life | Total |
| **Q4 2021** | Insurance | Insurance | Insurance | Insurance | Insurance | Insurance | Insurance | Insurance | Reinsurance | Reinsurance | Corporate | P&C | P&C | Insurance | Consolidated |
|  Net premiums written | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4097 | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241 | &nbsp;&nbsp;&nbsp;&nbsp;$| 278 | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2730 | &nbsp;&nbsp;&nbsp;&nbsp;$| 171 | $- | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8517 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9150 |
|  Net premiums earned |  | 4030 |  | 1263 |  | 480 |  | 2720 |  | 215 |  |  | 8708 | 613 | 9321 |
|  Adjusted losses and loss expenses |  | 2275 |  | 583 |  | 408 |  | 1207 |  | 210 | 431 |  | 5114 | 178 | 5292 |
|  Adjusted policy benefits |  |  |  |  |  |  |  |  |  |  |  |  |  | 199 | 199 |
|  Policy acquisition costs |  | 542 |  | 255 |  | 24 |  | 729 |  | 53 |  |  | 1603 | 174 | 1777 |
|  Administrative expenses |  | 280 |  | 76 |  | (13) |  | 267 |  | 8 | 107 |  | 725 | 86 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income (loss) |  | 933 |  | 349 |  | 61 |  | 517 |  | (56) | (538) |  | 1266 | (24) | 1242 |
|  Adjusted net investment income |  | 496 |  | 60 |  | 7 |  | 150 |  | 81 | 4 |  | 798 | 106 | 904 |
|  Other income (expense) - operating |  | (7) |  | (1) |  | (1) |  | 3 |  |  | (7) |  | (13) | 27 | 14 |
|  Amortization expense of purchased intangibles |  |  |  | (2) |  | (6) |  | (12) |  |  | (50) |  | (70) | (1) | (71) |
|  Segment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$| 1422 | &nbsp;&nbsp;&nbsp;&nbsp;$| 406 | &nbsp;&nbsp;&nbsp;&nbsp;$| 61 | &nbsp;&nbsp;&nbsp;&nbsp;$| 658 | &nbsp;&nbsp;&nbsp;&nbsp;$| 25 | $(591) | &nbsp;&nbsp;&nbsp;&nbsp;$| 1981 | $108 | $2089 |
|  Adjusted interest expense |  |  |  |  |  |  |  |  |  |  | (131) |  |  |  | (131) |
|  Income tax expense |  |  |  |  |  |  |  |  |  |  | (309) |  |  |  | (309) |
|  Core operating income (loss) |  |  |  |  |  |  |  |  |  |  | (1031) |  |  |  | 1649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of fair value adjustment of acquired invested assets and long-term debt, net of nil tax |  |  |  |  |  |  |  |  |  |  | (12) |  |  |  | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted net realized gains (losses), net of $95 million tax <sup>(1)</sup> |  |  |  |  |  |  |  |  |  |  | 504 |  |  |  | 504 |
|  Net income (loss) |  |  |  |  |  |  |  |  |  |  | $(539) |  |  |  | $2141 |
|  Combined ratio |  | 76.8% |  | 72.3% |  | 87.3% |  | 81.0% |  | 126.2% |  |  | 85.5% |  |  |
|  CAY combined ratio ex Cats |  | 82.0% |  | 77.0% |  | 81.2% |  | 86.6% |  | 81.6% |  |  | 83.9% |  |  |

---

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

Consol Results - QTD 2021 Page 9

------

**Chubb Limited** 

**Consolidated Results - Full Year 2021** 

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

**(Unaudited)** 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | North | North | North | North | North | North | | | | | | | | | |
|  | America | America | America | America | America | America | Overseas | Overseas | | | | | | | |
|  | Commercial P&C | Commercial P&C | Personal P&C | Personal P&C | Agricultural | Agricultural | General | General | Global | Global | | Total | Total | Life | Total |
| **Full Year 2021** | Insurance | Insurance | Insurance | Insurance | Insurance | Insurance | Insurance | Insurance | Reinsurance | Reinsurance | Corporate | P&C | P&C | Insurance | Consolidated |
| **Full Year 2021** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Net premiums written | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16415 | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5002 | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2388 | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10713 | &nbsp;&nbsp;&nbsp;&nbsp;$| 873 | $- | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35391 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2477 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37868 |
|  Net premiums earned |  | 15461 |  | 4915 |  | 2338 |  | 10441 |  | 798 |  |  | 33953 | 2402 | 36355 |
|  Adjusted losses and loss expenses |  | 10015 |  | 2924 |  | 1962 |  | 5143 |  | 632 | 572 |  | 21248 | 740 | 21988 |
|  Adjusted policy benefits |  |  |  |  |  |  |  |  |  |  |  |  |  | 707 | 707 |
|  Policy acquisition costs |  | 2082 |  | 1001 |  | 124 |  | 2799 |  | 200 |  |  | 6206 | 712 | 6918 |
|  Administrative expenses |  | 1052 |  | 276 |  | (3) |  | 1078 |  | 35 | 365 |  | 2803 | 333 | 3136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income (loss) |  | 2312 |  | 714 |  | 255 |  | 1421 |  | (69) | (937) |  | 3696 | (90) | 3606 |
|  Adjusted net investment income |  | 2078 |  | 249 |  | 28 |  | 597 |  | 331 | 29 |  | 3312 | 407 | 3719 |
|  Other income (expense) - operating |  | (31) |  | 2 |  | (1) |  |  |  |  | (16) |  | (46) | 106 | 60 |
|  Amortization expense of purchased intangibles |  |  |  | (10) |  | (26) |  | (48) |  |  | (198) |  | (282) | (5) | (287) |
|  Segment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$| 4359 | &nbsp;&nbsp;&nbsp;&nbsp;$| 955 | &nbsp;&nbsp;&nbsp;&nbsp;$| 256 | &nbsp;&nbsp;&nbsp;&nbsp;$| 1970 | &nbsp;&nbsp;&nbsp;&nbsp;$| 262 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1122) | &nbsp;&nbsp;&nbsp;&nbsp;$| 6680 | $418 | $7098 |
|  Adjusted interest expense |  |  |  |  |  |  |  |  |  |  | (512) |  |  |  | (512) |
|  Income tax expense |  |  |  |  |  |  |  |  |  |  | (1017) |  |  |  | (1017) |
|  Core operating income (loss) |  |  |  |  |  |  |  |  |  |  | (2651) |  |  |  | 5569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $11 million tax benefit |  |  |  |  |  |  |  |  |  |  | (53) |  |  |  | (53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted net realized gains (losses), net<br>of $271 million tax <sup>(1)</sup> |  |  |  |  |  |  |  |  |  |  | 3023 |  |  |  | 3023 |
|  Net income |  |  |  |  |  |  |  |  |  |  | $319 |  |  |  | $8539 |
|  Combined ratio |  | 85.0% |  | 85.5% |  | 89.1% |  | 86.4% |  | 108.7% |  |  | 89.1% |  |  |
|  CAY combined ratio ex Cats |  | 82.9% |  | 77.9% |  | 86.8% |  | 87.2% |  | 81.2% |  |  | 84.8% |  |  |

---

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

Consol Results - FY 2021 Page 10

------

**Chubb Limited** 

**Segment Results - Consecutive Quarters** 

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

**(Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **North America Commercial P&C Insurance** | | | | | | **Full Year** | **Full Year** |
|  | **4Q-22** | **3Q-22** | **2Q-22** | **1Q-22** | **4Q-21** | **2022** | **2021** |
|  Gross premiums written | $5718 | $5937 | $6078 | $5132 | $5347 | $22865 | $20819 |
|  Net premiums written | 4463 | 4722 | 4665 | 4039 | 4097 | 17889 | 16415 |
|  Net premiums earned | 4462 | 4283 | 4248 | 4114 | 4030 | 17107 | 15461 |
|  Losses and loss expenses | 2849 | 3036 | 2446 | 2497 | 2275 | 10828 | 10015 |
|  Policy acquisition costs | 612 | 583 | 545 | 573 | 542 | 2313 | 2082 |
|  Administrative expenses | 299 | 272 | 277 | 265 | 280 | 1113 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Underwriting income | 702 | 392 | 980 | 779 | 933 | 2853 | 2312 |
|  Adjusted net investment income | 647 | 589 | 522 | 489 | 496 | 2247 | 2078 |
|  Other income (expense) - operating | (5) | (6) |  | (6) | (7) | (17) | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Segment income | $1344 | $975 | $1502 | $1262 | $1422 | $5083 | $4359 |
|  CAY underwriting income ex Cats | $859 | $824 | $817 | $752 | $724 | $3252 | $2662 |
|  **Combined ratio** |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | 63.8% | 70.9% | 57.6% | 60.7% | 56.4% | 63.3% | 64.8% |
|  Policy acquisition cost ratio | 13.8% | 13.6% | 12.8% | 13.9% | 13.4% | 13.5% | 13.4% |
|  Administrative expense ratio | 6.7% | 6.4% | 6.5% | 6.5% | 7.0% | 6.5% | 6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 84.3% | 90.9% | 76.9% | 81.1% | 76.8% | 83.3% | 85.0% |
|  **CAY combined ratio ex Cats** |  |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 60.8% | 61.5% | 61.4% | 61.5% | 61.6% | 61.3% | 62.7% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 20.0% | 19.6% | 19.4% | 20.2% | 20.4% | 19.8% | 20.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 80.8% | 81.1% | 80.8% | 81.7% | 82.0% | 81.1% | 82.9% |
|  Catastrophe reinstatement premiums expensed - pre-tax | $(1) | $- | $- | $- | $- | $(1) | $- |
|  Catastrophe losses - pre-tax | $157 | $598 | $124 | $81 | $113 | $960 | $1112 |
|  Favorable prior period development (PPD) - pre-tax | $(1) | $(166) | $(287) | $(108) | $(322) | $(562) | $(762) |
|  **% Change versus prior year period** |  |  |  |  |  |  |  |
|  Net premiums written | 8.9% | 8.1% | 8.9% | 10.2% | 10.0% | 9.0% | 13.4% |
|  Net premiums earned | 10.7% | 8.3% | 11.7% | 12.0% | 14.0% | 10.6% | 10.7% |
|  **Other ratios** |  |  |  |  |  |  |  |
|  Net premiums written/gross premiums written | 78% | 80% | 77% | 79% | 77% | 78% | 79% |
|  **Production by Size - Net premiums written <sup>(1)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Major Accounts & Specialty | $2682 | $2869 | $2895 | $2336 | $2458 | $10782 | $9836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial | 1781 | 1853 | 1770 | 1703 | 1639 | 7107 | 6579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4463 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4722 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4665 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4039 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4097 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17889 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16415 |

---

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

NA Commercial Page 11

------

**Chubb Limited** 

**Segment Results - Consecutive Quarters** 

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

**(Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **North America Personal P&C Insurance** | | | | | | **Full Year** | **Full Year** |
|  | **4Q-22** | **3Q-22** | **2Q-22** | **1Q-22** | **4Q-21** | **2022** | **2021** |
|  <br> Gross premiums written | $1515  | $1575  | $1626  | $1350  | $1421  | $6066  | $5720  |
|  Net premiums written | 1315 | 1392 | 1426 | 1180 | 1241 | 5313 | 5002 |
|  Net premiums earned | 1328 | 1334 | 1271 | 1247 | 1263 | 5180 | 4915 |
|  Losses and loss expenses | 843 | 857 | 773 | 713 | 583 | 3186 | 2924 |
|  Policy acquisition costs | 265 | 274 | 258 | 260 | 255 | 1057 | 1001 |
|  Administrative expenses | 78 | 71 | 73 | 69 | 76 | 291 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Underwriting income | 142 | 132 | 167 | 205 | 349 | 646 | 714 |
|  Net investment income | 84 | 76 | 64 | 59 | 60 | 283 | 249 |
|  Other income (expense) - operating | (1) | (1) | (1) | (1) | (1) | (4) | 2 |
|  Amortization expense of purchased intangibles | (3) | (2) | (3) | (2) | (2) | (10) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Segment income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 |
|  CAY underwriting income ex Cats | $305 | $273 | $259 | $254 | $291 | $1091 | $1088 |
|  **Combined ratio** |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | 63.5% | 64.2% | 60.8% | 57.2% | 46.1% | 61.5% | 59.5% |
|  Policy acquisition cost ratio | 19.9% | 20.6% | 20.3% | 20.8% | 20.2% | 20.4% | 20.4% |
|  Administrative expense ratio | 5.9% | 5.3% | 5.8% | 5.5% | 6.0% | 5.6% | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 89.3% | 90.1% | 86.9% | 83.5% | 72.3% | 87.5% | 85.5% |
|  **CAY combined ratio ex Cats** |  |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 51.3% | 53.6% | 53.6% | 53.3% | 50.8% | 52.9% | 52.0% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 25.8% | 25.9% | 26.1% | 26.3% | 26.2% | 26.0% | 25.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 77.1% | 79.5% | 79.7% | 79.6% | 77.0% | 78.9% | 77.9% |
|  Catastrophe reinstatement premiums expensed - pre-tax | $(2) | $- | $- | $- | $- | $(2) | $(16) |
|  Unfavorable (favorable) Catastrophe losses - pre-tax | $160 | $274 | $95 | $100 | $(19) | $629 | $663 |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $1 | $(133) | $(3) | $(51) | $(39) | $(186) | $(305) |
|  **% Change versus prior year period** |  |  |  |  |  |  |  |
|  Net premiums written | 5.9% | 7.1% | 4.7% | 7.4% | 3.3% | 6.2% | 1.7% |
|  Net premiums earned | 5.1% | 7.2% | 3.9% | 5.3% | 1.6% | 5.4% | 1.0% |
|  **Other ratios** |  |  |  |  |  |  |  |
|  Net premiums written/gross premiums written | 87% | 88% | 88% | 87% | 87% | 88% | 87% |

---

NA Personal Page 12

------

**Chubb Limited** 

**Segment Results - Consecutive Quarters** 

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

**(Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **North America Agricultural Insurance** | | | | | | **Full Year** | **Full Year** |
|  | **4Q-22** | **3Q-22** | **2Q-22** | **1Q-22** | **4Q-21** | **2022** | **2021** |
|  <br> Gross premiums written | $496  | $2542  | $1058  | $316  | $371  | $4412  | $3356  |
|  Net premiums written | 384 | 1723 | 738 | 62 | 278 | 2907 | 2388 |
|  Net premiums earned | 621 | 1673 | 573 | (29) | 480 | 2838 | 2338 |
|  Adjusted losses and loss expenses | 727 | 1444 | 478 | (92) | 408 | 2557 | 1962 |
|  Policy acquisition costs | 15 | 68 | 31 | 12 | 24 | 126 | 124 |
|  Administrative expenses | (14) | 3 | 2 | (1) | (13) | (10) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Underwriting income (loss) | (107) | 158 | 62 | 52 | 61 | 165 | 255 |
|  Net investment income | 13 | 9 | 7 | 7 | 7 | 36 | 28 |
|  Other income (expense) - operating |  | (1) |  |  | (1) | (1) | (1) |
|  Amortization expense of purchased intangibles | (6) | (7) | (6) | (7) | (6) | (26) | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Segment income (loss) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 |
|  CAY underwriting income (loss) ex Cats | $(139) | $198 | $83 | $26 | $86 | $168 | $305 |
|  **Combined ratio** |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | 117.1% | 86.3% | 83.3% | NM | 85.1% | 90.1% | 83.9% |
|  Policy acquisition cost ratio | 2.4% | 4.1% | 5.4% | NM | 4.9% | 4.4% | 5.3% |
|  Administrative expense ratio | -2.3% | 0.2% | 0.4% | NM | -2.7% | -0.3% | -0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 117.2% | 90.6% | 89.1% | NM | 87.3% | 94.2% | 89.1% |
|  **CAY combined ratio ex Cats** |  |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 122.0% | 84.0% | 79.6% | 70.6% | 78.2% | 90.5% | 81.5% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 0.1% | 4.2% | 5.8% | 8.9% | 3.0% | 3.9% | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 122.1% | 88.2% | 85.4% | 79.5% | 81.2% | 94.4% | 86.8% |
|  Catastrophe reinstatement premiums expensed - pre-tax | $- | $- | $- | $- | $(2) | $- | $(2) |
|  Catastrophe losses - pre-tax | $12 | $31 | $21 | $- | $18 | $64 | $38 |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $(44) | $9 | $- | $(26) | $5 | $(61) | $10 |
|  **% Change versus prior year period** |  |  |  |  |  |  |  |
|  Net premiums written | 37.9% | 21.8% | 44.0% | -65.9% | 14.6% | 21.7% | 29.3% |
|  Net premiums earned | 29.5% | 25.0% | 39.6% | NM | 25.8% | 21.4% | 28.3% |
|  **Other ratios** |  |  |  |  |  |  |  |
|  Net premiums written/gross premiums written | 77% | 68% | 70% | 20% | 75% | 66% | 71% |

---

NA Agriculture Page 13

------

**Chubb Limited** 

**Segment Results - Consecutive Quarters** 

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

**(Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Overseas General Insurance</u>** | | | | | | **Full Year** | **Full Year** |
|  | **4Q-22** | **3Q-22** | **2Q-22** | **1Q-22** | **4Q-21** | **2022** | **2021** |
|  Gross premiums written | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3249 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3313 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3345 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3798 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3320 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13705 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13262 |
|  Net premiums written | 2696 | 2645 | 2640 | 3079 | 2730 | 11060 | 10713 |
|  Net premiums earned | 2738 | 2741 | 2696 | 2628 | 2720 | 10803 | 10441 |
|  Losses and loss expenses | 1198 | 1441 | 1224 | 1389 | 1207 | 5252 | 5143 |
|  Policy acquisition costs | 722 | 720 | 697 | 679 | 729 | 2818 | 2799 |
|  Administrative expenses | 259 | 264 | 278 | 269 | 267 | 1070 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income | 559 | 316 | 497 | 291 | 517 | 1663 | 1421 |
|  Adjusted net investment income | 166 | 151 | 162 | 147 | 150 | 626 | 597 |
|  Other income (expense) - operating | 1 | 2 | (3) | (2) | 3 | (2) |  |
|  Amortization expense of purchased intangibles | (17) | (12) | (14) | (14) | (12) | (57) | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment income | $709 | $457 | $642 | $422 | $658 | $2230 | $1970 |
|  CAY underwriting income ex Cats | $416 | $409 | $373 | $382 | $365 | $1580 | $1338 |
|  **Combined ratio** |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | 43.7% | 52.6% | 45.4% | 52.9% | 44.4% | 48.6% | 49.3% |
|  Policy acquisition cost ratio | 26.4% | 26.3% | 25.9% | 25.8% | 26.8% | 26.1% | 26.8% |
|  Administrative expense ratio | 9.5% | 9.6% | 10.3% | 10.2% | 9.8% | 9.9% | 10.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 79.6% | 88.5% | 81.6% | 88.9% | 81.0% | 84.6% | 86.4% |
|  **CAY combined ratio ex Cats** |  |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 49.0% | 49.2% | 50.0% | 49.4% | 50.0% | 49.4% | 50.1% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 35.8% | 35.9% | 36.2% | 36.1% | 36.6% | 36.0% | 37.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 84.8% | 85.1% | 86.2% | 85.5% | 86.6% | 85.4% | 87.2% |
|  Catastrophe reinstatement premiums expensed - pre-tax | $(3) | $- | $- | $- | $- | $(3) | $- |
|  Catastrophe losses - pre-tax | $64 | $98 | $49 | $151 | $80 | $362 | $358 |
|  Favorable prior period development (PPD) - pre-tax | $(210) | $(5) | $(173) | $(60) | $(232) | $(448) | $(441) |
|  **% Change versus prior year period** |  |  |  |  |  |  |  |
|  Net premiums written | -1.3% | 1.9% | 5.7% | 6.5% | 10.2% | 3.2% | 14.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written - Commercial | -0.9% | 2.5% | 7.0% | 8.6% | 15.0% | 4.3% | 21.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written - Consumer | -2.0% | 1.1% | 3.9% | 3.0% | 3.2% | 1.5% | 5.6% |
|  Net premiums earned | 0.6% | 2.9% | 4.6% | 6.0% | 11.2% | 3.5% | 12.5% |
|  Net premiums written constant $ | 9.7% | 11.7% | 12.4% | 11.9% | 9.9% | 11.4% | 10.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written - Commercial | 9.4% | 11.0% | 13.0% | 13.6% | 14.3% | 11.8% | 16.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written - Consumer | 10.3% | 12.7% | 11.6% | 9.0% | 3.3% | 10.8% | 1.8% |
|  Net premiums earned constant $ | 12.0% | 13.1% | 11.1% | 11.0% | 11.0% | 11.8% | 8.4% |
|  **Other ratios:** Net premiums written/gross premiums written | 83% | 80% | 79% | 81% | 82% | 81% | 81% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Production by Region - Net premiums written** | **4Q-22** | **4Q-21** | **% Change** | **Constant $**<br> **% Change** | **Full Year**<br> **2022** | **Full Year**<br> **2021** | **% Change** | **Constant $**<br> **% Change** |
|  Europe, Middle East and Africa | $1232 | $1330 | -7.4% | 4.8% | $5222 | $5242 | -0.4% | 8.4% |
|  Latin America | 593 | 555 | 6.6% | 8.8% | 2312 | 2044 | 13.1% | 16.8% |
|  Asia Pacific | 699 | 674 | 3.5% | 16.8% | 2833 | 2661 | 6.4% | 15.4% |
|  Japan | 100 | 118 | -15.0% | 10.1% | 459 | 520 | -11.7% | 4.2% |
|  Other <sup>(1)</sup> | 72 | 53 | 38.6% | 49.3% | 234 | 246 | -4.5% | -0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2696 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2730 | -1.3% | 9.7% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11060 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10713 | 3.2% | 11.4% |

---

(1) Includes the company's international supplemental A&H business of Combined Insurance and other international operations including mainland China.

Overseas General Insurance Page 14

------

**Chubb Limited** 

**Segment Results - Consecutive Quarters** 

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

**(Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Global Reinsurance** | | | | | | **Full Year** | **Full Year** |
|  | **4Q-22** | **3Q-22** | **2Q-22** | **1Q-22** | **4Q-21** | **2022** | **2021** |
|  Gross premiums written | $180 | $296 | $330 | $289 | $187 | $1095 | $996 |
|  Net premiums written | 163 | 265 | 262 | 253 | 171 | 943 | 873 |
|  Net premiums earned | 210 | 255 | 222 | 235 | 215 | 922 | 798 |
|  Losses and loss expenses | 105 | 311 | 139 | 115 | 210 | 670 | 632 |
|  Policy acquisition costs | 62 | 59 | 57 | 62 | 53 | 240 | 200 |
|  Administrative expenses | 9 | 8 | 10 | 9 | 8 | 36 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Underwriting income (loss) | 34 | (123) | 16 | 49 | (56) | (24) | (69) |
|  Adjusted net investment income | 49 | 71 | 76 | 85 | 81 | 281 | 331 |
|  Other income (expense) - operating |  |  | (1) |  |  | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Segment income (loss) | $83 | $(52) | $91 | $134 | $25 | $256 | $262 |
|  CAY underwriting income ex Cats | $35 | $34 | $43 | $47 | $39 | $159 | $146 |
|  **Combined ratio** |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | 49.6% | 122.1% | 62.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.6% | 72.6% | &nbsp;&nbsp;&nbsp;&nbsp;79.2% |
|  Policy acquisition cost ratio | 29.8% | 22.9% | 25.6% | 26.5% | 24.6% | &nbsp;&nbsp;&nbsp;&nbsp;26.1% | 25.1% |
|  Administrative expense ratio | 4.2% | 3.4% | 4.6% | 3.7% | 4.0% | 3.9% | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.8% | 79.0% | 126.2% | 102.6% | 108.7% |
|  **CAY combined ratio ex Cats** |  |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 49.5% | 49.6% | 49.7% | 49.9% | 51.3% | 49.7% | 50.7% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 33.6% | 33.4% | 30.7% | 30.0% | 30.3% | 31.8% | 30.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 83.1% | 83.0% | 80.4% | 79.9% | 81.6% | 81.5% | 81.2% |
|  Catastrophe reinstatement premiums collected - pre-tax | $- | $55 | $- | $- | $10 | $55 | $28 |
|  Catastrophe losses - pre-tax | $1 | $212 | $2 | $1 | $91 | $216 | $240 |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $- | $- | $25 | $(3) | $14 | $22 | $3 |
|  **% Change versus prior year period** |  |  |  |  |  |  |  |
|  Net premiums written as reported | -4.6% | 19.5% | -4.0% | 22.0% | 36.9% | 8.0% | 19.5% |
|  Net premiums earned as reported | -2.1% | 20.9% | 15.2% | 30.8% | 20.6% | 15.6% | 14.3% |
|  Net premiums written constant $ | -2.0% | 21.8% | -3.2% | 22.4% | 35.9% | 9.5% | 18.0% |
|  Net premiums earned constant $ | 0.5% | 23.9% | 17.2% | 32.1% | 19.9% | 17.9% | 12.8% |
|  **Other ratios** |  |  |  |  |  |  |  |
|  Net premiums written/gross premiums written | 91% | 89% | 80% | 87% | 91% | 86% | 88% |

---

Global Reinsurance Page 15

------

**Chubb Limited** 

**Segment Results - Consecutive Quarters** 

**(in millions of U.S. dollars)** 

**(Unaudited)** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Life Insurance</u>** | | | | | | | | **Full Year** | **Full Year** | **Full Year** | |
|  | **4Q-22** | **3Q-22** | **2Q-22** | **2Q-22** | **1Q-22** | **1Q-22** | **4Q-21** | **2022** | **2021** | **2021** |  |
|  Gross premiums written | $1289 | $1352 | $| 610 | $| 619 | $674 | $3870 | $| 2627 |  |
|  Net premiums written | 1213 | 1273 |  | 571 |  | 586 | 633 | 3643 |  | 2477 |  |
|  Net premiums earned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249 |  | 547 |  | 551 | 613 | 3539 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402 |  |
|  Losses and loss expenses | 60 | 135 |  | 148 |  | 154 | 178 | 497 |  | 740 |  |
|  Adjusted policy benefits | 628 | 553 |  | 177 |  | 176 | 199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534 |  | 707 |  |
|  Policy acquisition costs | 265 | 271 |  | 151 |  | 151 | 174 | 838 |  | 712 |  |
|  Administrative expenses | 164 | 174 |  | 88 |  | 84 | 86 | 510 |  | 333 |  |
|  Adjusted net investment income | 150 | 147 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | 509 |  | 407 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Insurance underwriting income <sup>(1)</sup> | 225 | 263 |  | 92 |  | 89 | 82 | 669 |  | 317 |  |
|  Other income (expense) - operating | (5) | 10 |  | 12 |  | 28 | 27 | 45 |  | 106 |  |
|  Amortization expense of purchased intangibles | (3) | (2) |  | (3) |  | (2) | (1) | (10) |  | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment income <sup>(2)</sup> | $217 | $271 | $| 101 | $| 115 | $108 | $704 | $| 418 |  |
|  **% Change versus prior year period** |  |  |  |  |  |  |  |  |  |  |  |
|  Net premiums written | 92.0% | 108.8% |  | -7.2% |  | -5.5% | -1.3% | 47.1% |  | -1.5% |  |
|  Net premiums earned | 94.8% | 112.0% |  | -9.6% |  | -7.5% | -4.9% | 47.4% |  | -3.2% |  |
|  Net premiums written constant $ | 100.8% | 117.4% |  | -4.9% |  | -3.5% | -1.0% | 52.0% |  | -2.8% |  |
|  Net premiums earned constant $ | 103.4% | 120.8% |  | -7.2% |  | -5.4% | -4.7% | 52.3% |  | -4.6% |  |
| International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses): | International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses): | International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses): | International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses): | International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses): | International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses): | International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses): | International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses): | International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses): | International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses): | International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses): | International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses): |
|  | **4Q-22** | **4Q-21** | **% Change** | **% Change** | **Constant $**<br> **% Change** | **Constant $**<br> **% Change** | **Full Year**<br> **2022** | **Full Year**<br> **2021** | **% Change** | **% Change** | **Constant $**<br> **% Change** |
|  International life insurance net premiums written | $954 | $341 |  | 179.2% |  | 200.2% | $2580 | $1310 |  | 96.9% | 108.4% |
|  International life insurance deposits <sup>(3)</sup> | 367 | 627 |  | -41.3% |  | -34.0% | 1800 | 2441 |  | -26.2% | -22.3% |
|  Total international life insurance net premiums written and deposits | $1321 | $968 |  | 36.5% |  | 51.0% | $4380 | $3751 |  | 16.8% | 23.2% |
|  International life insurance segment income <sup>(2)</sup> | $114 | $22 |  | NM |  | NM | $412 | $140 |  | 194.6% | 195.1% |

---

(1) We assess the performance of our Life Insurance business based on Life Insurance underwriting income which includes Net investment income and (Gains) losses from fair value changes in separate account assets.

(2) Q4 2022 segment income included unfavorable, non-recurring items of $52 million related to Huatai Life, the company's partially-owned entity. In addition, Q4 2022 included $55 million of favorable reserve actions in other life businesses, compared to a favorable $38 million in Q3 2022. Foreign currency unfavorably impacted segment income by $8 million compared to Q3 2022.

(3) 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)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Corporate</u>** | | | | | | **Full Year** | **Full Year** |
|  | **4Q-22** | **3Q-22** | **2Q-22** | **1Q-22** | **4Q-21** | **2022** | **2021** |
|  Gross premiums written | $- | $- | $- | $- | $- | $- | $- |
|  Net premiums written |  |  |  |  |  |  |  |
|  Net premiums earned |  |  |  |  |  |  |  |
|  Losses and loss expenses | 88 | 74 | 191 | 10 | 431 | 363 | 572 |
|  Policy acquisition costs |  |  |  |  |  |  |  |
|  Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | 91 | 90 | 83 | 107 | 385 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Underwriting loss | (209) | (165) | (281) | (93) | (538) | (748) | (937) |
|  Adjusted net investment income | 9 | 11 | 10 | 11 | 4 | 41 | 29 |
|  Other income (expense) - operating | (12) | (10) |  | (8) | (7) | (30) | (16) |
|  Adjusted interest expense | (159) | (156) | (139) | (137) | (131) | (591) | (512) |
|  Amortization expense of purchased intangibles | (45) | (46) | (45) | (46) | (50) | (182) | (198) |
|  Income tax expense | (360) | (318) | (384) | (333) | (309) | (1395) | (1017) |
| &nbsp;&nbsp;&nbsp;&nbsp; Core operating loss | (776) | (684) | (839) | (606) | (1031) | (2905) | (2651) |
|  Cigna integration expenses, net of tax | (18) | (18) | (2) |  |  | (38) |  |
|  Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax | (6) | 1 | (5) | (9) | (12) | (19) | (53) |
|  Adjusted net realized gains (losses), net of tax | (363) | (502) | (565) | 343 | 504 | (1087) | 3023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) | $(1163) | $(1203) | $(1411) | $(272) | $(539) | $(4049) | $319 |
|  Unfavorable prior period development (PPD) - pre-tax | $87 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 |

---

Corporate Page 17

------

**Chubb Limited** 

**Loss Reserve Rollforward** 

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

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Unpaid Losses** | **Unpaid Losses** | **Unpaid Losses** | |
|  | **Gross** | **Ceded** | **Net** | **Net Paid to**<br>**Incurred Ratio** |
|  **Balance at December 31, 2020** | $**67811** | $**14647** | $**53164** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses incurred | 6467 | 1414 | 5053 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses paid | (5100) | (1207) | (3893) | 77% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other (incl. foreign exch. revaluation) | 77 | 6 | 71 |  |
|  **Balance at March 31, 2021** | $**69255** | $**14860** | $**54395** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses incurred | 5898 | 892 | 5006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses paid | (5100) | (1107) | (3993) | 80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other (incl. foreign exch. revaluation) | 236 | 76 | 160 |  |
|  **Balance at June 30, 2021** | $**70289** | $**14721** | $**55568** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses incurred | 8492 | 1863 | 6629 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses paid | (5750) | (943) | (4807) | 73% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other (incl. foreign exch. revaluation) | (400) | (91) | (309) |  |
|  **Balance at September 30, 2021** | $**72631** | $**15550** | $**57081** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses incurred | 7176 | 1884 | 5292 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses paid | (6292) | (1101) | (5191) | 98% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other (incl. foreign exch. revaluation) | (572) | (149) | (423) |  |
|  **Balance at December 31, 2021** | $**72943** | $**16184** | $**56759** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses incurred | 6260 | 1473 | 4787 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses paid | (5308) | (947) | (4361) | 91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other (incl. foreign exch. revaluation) | (51) | (64) | 13 |  |
|  **Balance at March 31, 2022** | $**73844** | $**16646** | $**57198** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses incurred | 6743 | 1335 | 5408 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses paid | (5719) | (1233) | (4486) | 83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other (incl. foreign exch. revaluation) | (776) | (175) | (601) |  |
|  **Balance at June 30, 2022** | $**74092** | $**16573** | $**57519** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses incurred | 9854 | 2575 | 7279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses paid | (6988) | (1514) | (5474) | 75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other (incl. foreign exch. revaluation) | (966) | (254) | (712) |  |
|  **Balance at September 30, 2022** | $**75992** | $**17380** | $**58612** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses incurred | 7489 | 1621 | 5868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses paid | (8114) | (2154) | (5960) | 102% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other (incl. foreign exch. revaluation) | 956 | 239 | 717 |  |
|  **Balance at December 31, 2022** | $**76323** | $**17086** | $**59237** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Add net recoverable on paid losses |  | 1815 | (1815) |  |
|  **Balance including net recoverable on paid losses** | $**76323** | $**18901** | $**57422** |  |

---

Loss Reserve Rollforward Page 18

------

**Chubb Limited** 

**Reinsurance Recoverable Analysis** 

**(in millions of U.S. dollars)** 

**(Unaudited)** 

**<u>Net Reinsurance Recoverable by Division</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31**<br>**2022** | **September 30**<br>**2022** | **June 30**<br>**2022** | **March 31**<br>**2022** | **December 31**<br>**2021** |
|  **Reinsurance recoverable on paid losses and loss expenses** |  |  |  |  |  |
|  Active operations | $1587 | $1161 | $1077 | $978 | $1038 |
|  Brandywine and Other Run-off | 290 | 268 | 185 | 190 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $1877 | $1429 | $1262 | $1168 | $1240 |
|  **Reinsurance recoverable on unpaid losses and loss expenses** |  |  |  |  |  |
|  Active operations | $16025 | $16272 | $15385 | $15494 | $14965 |
|  Brandywine and Other Run-off | 1350 | 1405 | 1471 | 1428 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $17375 | $17677 | $16856 | $16922 | $16455 |
|  **Gross reinsurance recoverable** |  |  |  |  |  |
|  Active operations | $17612 | $17433 | $16462 | $16472 | $16003 |
|  Brandywine and Other Run-off | 1640 | 1673 | 1656 | 1618 | 1692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $19252 | $19106 | $18118 | $18090 | $17695 |
|  **Provision for uncollectible reinsurance <sup>(1)</sup>** |  |  |  |  |  |
|  Active operations | $(223) | $(221) | $(220) | $(210) | $(190) |
|  Brandywine and Other Run-off | (128) | (131) | (121) | (119) | (139) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(351) | $(352) | $(341) | $(329) | $(329) |
|  **Net reinsurance recoverable** |  |  |  |  |  |
|  Active operations | $17389 | $17212 | $16242 | $16262 | $15813 |
|  Brandywine and Other Run-off | 1512 | 1542 | 1535 | 1499 | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $18901 | $18754 | $17777 | $17761 | $17366 |

---

(1) The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $4.0 billion.

Reinsurance Recoverable Page 19

------

**Chubb Limited** 

**Investment Portfolio** 

**(in millions of U.S. dollars)** 

**(Unaudited)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31**<br>**2022** | **December 31**<br>**2022** | **September 30**<br>**2022** | **September 30**<br>**2022** | **June 30**<br>**2022** | **June 30**<br>**2022** | **March 31**<br>**2022** | **March 31**<br>**2022** | **December 31**<br>**2021** | **December 31**<br>**2021** |
|  **Market Value** |  |  |  |  |  |  |  |  |  |  |
|  Fixed maturities available for sale | $85220 |  | $83741 |  | $82069 |  | $89479 |  | $93108 |  |
|  Fixed maturities held to maturity | 8439 |  | 8491 |  | 9333 |  | 9888 |  | 10647 |  |
|  Short-term investments | 4960 |  | 4534 |  | 3431 |  | 3407 |  | 3146 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturities | $98619 |  | $96766 |  | $94833 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102774 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106901 |  |
|  **Asset Allocation by Market Value** |  |  |  |  |  |  |  |  |  |  |
|  U.S. Treasury / Agency | $3996 | 4% | $3785 | 4% | $3450 | 4% | $3276 | 3% | $3458 | 3% |
|  Corporate and asset-backed securities | 38535 | 40% | 37965 | 39% | 36793 | 38% | 39604 | 39% | 41264 | 39% |
|  Mortgage-backed securities | 17202 | 17% | 17673 | 18% | 18933 | 20% | 21489 | 21% | 22292 | 21% |
|  Municipal | 6964 | 7% | 7670 | 8% | 8338 | 9% | 9023 | 9% | 9650 | 9% |
|  Non-U.S. | 26962 | 27% | 25139 | 26% | 23888 | 25% | 25975 | 25% | 27091 | 25% |
|  Short-term investments | 4960 | 5% | 4534 | 5% | 3431 | 4% | 3407 | 3% | 3146 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturities | $98619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% | $96766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% | $94833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% | $102774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% | $106901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% |
|  **Credit Quality by Market Value** |  |  |  |  |  |  |  |  |  |  |
|  AAA | $14779 | 15% | $14715 | 15% | $13946 | 15% | $15029 | 15% | $15364 | 14% |
|  AA | 31195 | 32% | 30778 | 32% | 30771 | 32% | 33592 | 33% | 35179 | 33% |
|  A | 18366 | 19% | 17916 | 18% | 17326 | 18% | 18821 | 18% | 20171 | 19% |
|  BBB | 16802 | 17% | 16067 | 17% | 15726 | 17% | 16820 | 16% | 17362 | 16% |
|  BB | 8722 | 9% | 8621 | 9% | 8514 | 9% | 9065 | 9% | 9084 | 8% |
|  B | 8347 | 8% | 8265 | 9% | 8167 | 9% | 8983 | 9% | 9202 | 9% |
|  Other | 408 | 0% | 404 | 0% | 383 | 0% | 464 | 0% | 539 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturities | $98619 | 100% | $96766 | 100% | $94833 | 100% | $102774 | 100% | $106901 | 100% |
|  **Cost/Amortized Cost, net** |  |  |  |  |  |  |  |  |  |  |
|  Fixed maturities available for sale | $93186 |  | $93169 |  | $88438 |  | $91499 |  | $90479 |  |
|  Fixed maturities held to maturity | 8848 |  | 8976 |  | 9532 |  | 9818 |  | 10118 |  |
|  Short-term investments | 4962 |  | 4536 |  | 3433 |  | 3408 |  | 3147 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal fixed maturities <sup>(1)</sup> | 106996 |  | 106681 |  | 101403 |  | 104725 |  | 103744 |  |
|  Equity securities | 827 |  | 844 |  | 2649 |  | 3596 |  | 4782 |  |
|  Other investments | 13696 |  | 13645 |  | 12168 |  | 11947 |  | 11169 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121519 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121170 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116220 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120268 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119695 |  |
|  Avg. duration of fixed maturities | 4.5 years |  | 4.5 years |  | 4.3 years |  | 4.2 years |  | 4.1 years |  |
|  Avg. market yield of fixed maturities | 5.6% |  | 5.8% |  | 4.7% |  | 3.4% |  | 2.3% |  |
|  Avg. credit quality | A/A |  | A/A |  | A/A |  | A/A |  | A/A |  |
|  Avg. yield on invested assets <sup>(2)</sup> | 3.6% |  | 3.4% |  | 3.2% |  | 3.0% |  | 3.1% |  |

---

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

(2) Calculated using adjusted net investment income.

Investments Page 20

------

**Chubb Limited** 

**Investment Portfolio - 2** 

**(in millions of U.S. dollars)** 

**(Unaudited)** 

**<u>Mortgage-backed Fixed Income Portfolio</u>**

**Mortgage-backed securities** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **S&P Credit Rating** | **S&P Credit Rating** | **S&P Credit Rating** | **S&P Credit Rating** | **S&P Credit Rating** | **S&P Credit Rating** |
|  | **AAA** | **AA** | **A** | **BBB** | **BB and below** | **Total** |
|  **Market Value at December 31, 2022** |  |  |  |  |  |  |
|  Agency residential mortgage-backed securities (RMBS) | $7 | $14220 | $- | $- | $- | $14227 |
|  Non-agency RMBS | 479 | 40 | 52 | 36 | 4 | 611 |
|  Commercial mortgage-backed securities | 2042 | 171 | 136 | 12 | 3 | 2364 |
|  **Total mortgage-backed securities at market value** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2528 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14431 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17202 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>U.S. Corporate and Asset-backed Fixed Income Portfolios</u>** | **<u>U.S. Corporate and Asset-backed Fixed Income Portfolios</u>** | **<u>U.S. Corporate and Asset-backed Fixed Income Portfolios</u>** | **<u>U.S. Corporate and Asset-backed Fixed Income Portfolios</u>** | **<u>U.S. Corporate and Asset-backed Fixed Income Portfolios</u>** | **<u>U.S. Corporate and Asset-backed Fixed Income Portfolios</u>** |
| **Market Value at December 31, 2022** | **S&P Credit Rating** | **S&P Credit Rating** | **S&P Credit Rating** | **S&P Credit Rating** | **S&P Credit Rating** |
|  | **Investment Grade** | **Investment Grade** | **Investment Grade** | **Investment Grade** | **Investment Grade** |
|  | **AAA** | **AA** | **A** | **BBB** | **Total** |
|  Asset-backed | $4617 | $909 | $55 | $57 | $5638 |
|  Banks |  | 9 | 2451 | 1804 | 4264 |
|  Basic Materials |  |  | 106 | 246 | 352 |
|  Communications |  | 157 | 352 | 1309 | 1818 |
|  Consumer, Cyclical |  | 153 | 491 | 793 | 1437 |
|  Consumer, Non-Cyclical | 36 | 453 | 1547 | 1704 | 3740 |
|  Diversified Financial Services | 1 | 134 | 442 | 298 | 875 |
|  Energy |  | 66 | 168 | 851 | 1085 |
|  Industrial |  | 10 | 735 | 832 | 1577 |
|  Utilities | 123 | 2 | 946 | 682 | 1753 |
|  All Others | 163 | 374 | 1492 | 1786 | 3815 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4940 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8785 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10362 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26354 |
| **Market Value at December 31, 2022** |  | **S&P Credit Rating** | **S&P Credit Rating** | **S&P Credit Rating** | **S&P Credit Rating** |
|  |  | **Below Investment Grade** | **Below Investment Grade** | **Below Investment Grade** | **Below Investment Grade** |
|  |  | **BB** | **B** | **CCC** | **Total** |
|  Asset-backed |  | $26 | $14 | $2 | $42 |
|  Banks |  |  |  |  |  |
|  Basic Materials |  | 319 | 221 | 3 | 543 |
|  Communications |  | 716 | 954 | 54 | 1724 |
|  Consumer, Cyclical |  | 1036 | 1125 | 35 | 2196 |
|  Consumer, Non-Cyclical |  | 1041 | 1343 | 62 | 2446 |
|  Diversified Financial Services |  | 210 | 207 | 14 | 431 |
|  Energy |  | 518 | 329 | 3 | 850 |
|  Industrial |  | 627 | 842 | 39 | 1508 |
|  Utilities |  | 188 | 114 |  | 302 |
|  All Others |  | 963 | 1135 | 41 | 2139 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5644 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6284 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12181 |

---

Investments 2 Page 21

------

**Chubb Limited** 

**Investment Portfolio - 3** 

**(in millions of U.S. dollars)** 

**(Unaudited)** 

**<u>Non-U.S. Fixed Income Portfolio</u>** 

**December 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Non-U.S. Government Securities** | **Market Value by S&P Credit Rating** | **Market Value by S&P Credit Rating** | **Market Value by S&P Credit Rating** | **Market Value by S&P Credit Rating** | **Market Value by S&P Credit Rating** | **Market Value by S&P Credit Rating** |
|  | **AAA** | **AA** | **A** | **BBB** | **BB and below** | **Total** |
|  Republic of Korea | $- | $1593 | $- | $- | $- | $1593 |
|  Canada | 918 |  |  |  |  | 918 |
|  Taiwan |  | 897 |  |  |  | 897 |
|  Federative Republic of Brazil |  |  |  |  | 583 | 583 |
|  Province of Ontario |  |  | 568 |  |  | 568 |
|  United Mexican States |  |  |  | 519 |  | 519 |
|  Kingdom of Thailand |  |  | 486 |  |  | 486 |
|  Commonwealth of Australia | 454 |  | 1 |  |  | 455 |
|  United Kingdom |  | 393 |  |  |  | 393 |
|  Province of Quebec |  | 379 |  |  |  | 379 |
|  Other Non-U.S. Government Securities | 465 | 1544 | 964 | 624 | 1235 | 4832 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1837 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4806 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11623 |
| **Non-U.S. Corporate Securities** | **Market Value by S&P Credit Rating** | **Market Value by S&P Credit Rating** | **Market Value by S&P Credit Rating** | **Market Value by S&P Credit Rating** | **Market Value by S&P Credit Rating** | **Market Value by S&P Credit Rating** |
|  | **AAA** | **AA** | **A** | **BBB** | **BB and below** | **Total** |
|  United Kingdom | $39 | $23 | $775 | $884 | $529 | $2250 |
|  Canada | 80 | 84 | 683 | 549 | 408 | 1804 |
|  South Korea |  | 451 | 472 | 290 | 7 | 1220 |
|  France | 5 | 53 | 635 | 343 | 117 | 1153 |
|  United States <sup>(1)</sup> |  | 4 | 155 | 287 | 629 | 1075 |
|  Australia | 52 | 180 | 313 | 347 | 13 | 905 |
|  Japan |  |  | 588 | 130 |  | 718 |
|  Netherlands | 47 |  | 254 | 90 | 112 | 503 |
|  Germany | 53 | 27 | 112 | 262 | 44 | 498 |
|  Switzerland | 51 | 11 | 266 | 130 | 11 | 469 |
|  Other Non-U.S. Corporate Securities | 193 | 386 | 1345 | 1550 | 1270 | 4744 |
|  **Total** | $520 | $1219 | $5598 | $4862 | $3140 | $15339 |

---

(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)** 

**<u>Fixed Maturity Investment Portfolio</u>** 

**<u>Top 10 Global Corporate Exposures</u>** 

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2022** | **Market Value** | **Rating** |
| 1 | Bank of America Corp | $744 | A- |
| 2 | JP Morgan Chase & Co | 656 | A- |
| 3 | Morgan Stanley | 624 | A- |
| 4 | Wells Fargo & Co | 579 | BBB+ |
| 5 | Citigroup Inc | 519 | BBB+ |
| 6 | Goldman Sachs Group Inc | 504 | BBB+ |
| 7 | Verizon Communications Inc | 438 | BBB+ |
| 8 | Comcast Corp | 362 | A- |
| 9 | HSBC Holdings Plc | 341 | A- |
| 10 | Anheuser-Busch InBev SA/NV | 315 | BBB+ |

---

Investments 4 Page 23

------

**Chubb Limited** 

**Net Realized and Unrealized Gains (Losses)** 

**(in millions of U.S. dollars)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended December 31, 2022** | **Three months ended December 31, 2022** | **Three months ended December 31, 2022** | **Three months ended December 31, 2022** | **Three months ended December 31, 2022** | **Three months ended December 31, 2022** | **Three months ended December 31, 2022** | **Three months ended December 31, 2022** | **Three months ended December 31, 2022** |
|  | **Realized Gains (Losses)** | **Realized Gains (Losses)** | **Realized Gains (Losses)** | **Unrealized Gains (Losses)** | **Unrealized Gains (Losses)** | **Unrealized Gains (Losses)** | **Realized and Unrealized Gains (Losses)** | **Realized and Unrealized Gains (Losses)** | **Realized and Unrealized Gains (Losses)** |
|  | **Gains**<br> **(Losses)**<br> **Pre-Tax** | **Tax**<br> **(Expense)**<br> **Benefit** | **Gains**<br> **(Losses)**<br> **After-Tax** | **Gains**<br> **(Losses)**<br> **Pre-Tax** | **Tax**<br> **(Expense)**<br> **Benefit** | **Gains**<br> **(Losses)**<br> **After-Tax** | **Gains**<br> **(Losses)**<br> **Pre-Tax** | **Tax**<br> **(Expense)**<br> **Benefit** | **Gains**<br> **(Losses)**<br> **After-Tax** |
|  Fixed income investments <sup>(1)</sup> | $(3) | $(2) | $(5) | $1443 | $(131) | $1312 | $1440 | $(133) | $1307 |
|  Public equity: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on sales | 3 | (1) | 2 |  |  |  | 3 | (1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mark-to-market | 54 | (7) | 47 |  |  |  | 54 | (7) | 47 |
|  Private equity: Mark-to-market | (198) | (5) | (203) |  |  |  | (198) | (5) | (203) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment portfolio | (144) | (15) | (159) | 1443 | (131) | 1312 | 1299 | (146) | 1153 |
|  Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges <sup>(2)</sup> | (30) |  | (30) |  |  |  | (30) |  | (30) |
|  Foreign exchange | (148) | 34 | (114) | 690 | 18 | 708 | 542 | 52 | 594 |
|  Partially-owned entities <sup>(3)</sup> | (57) |  | (57) | 20 |  | 20 | (37) |  | (37) |
|  Other | (4) | 1 | (3) | (65) | 12 | (53) | (69) | 13 | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) | $(383) | $20 | $(363) | $2088 | $(101) | $1987 | $1705 | $(81) | $1624 |
| (1) 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.<br>(2) The quarter includes $53 million of losses on applicable hedges. These losses are both pre-tax and after-tax.<br>(3) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee's shares. Refer to the Non-GAAP financial measures section for additional details. | (1) 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.<br>(2) The quarter includes $53 million of losses on applicable hedges. These losses are both pre-tax and after-tax.<br>(3) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee's shares. Refer to the Non-GAAP financial measures section for additional details. | (1) 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.<br>(2) The quarter includes $53 million of losses on applicable hedges. These losses are both pre-tax and after-tax.<br>(3) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee's shares. Refer to the Non-GAAP financial measures section for additional details. | (1) 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.<br>(2) The quarter includes $53 million of losses on applicable hedges. These losses are both pre-tax and after-tax.<br>(3) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee's shares. Refer to the Non-GAAP financial measures section for additional details. | (1) 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.<br>(2) The quarter includes $53 million of losses on applicable hedges. These losses are both pre-tax and after-tax.<br>(3) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee's shares. Refer to the Non-GAAP financial measures section for additional details. | (1) 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.<br>(2) The quarter includes $53 million of losses on applicable hedges. These losses are both pre-tax and after-tax.<br>(3) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee's shares. Refer to the Non-GAAP financial measures section for additional details. | (1) 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.<br>(2) The quarter includes $53 million of losses on applicable hedges. These losses are both pre-tax and after-tax.<br>(3) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee's shares. Refer to the Non-GAAP financial measures section for additional details. | (1) 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.<br>(2) The quarter includes $53 million of losses on applicable hedges. These losses are both pre-tax and after-tax.<br>(3) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee's shares. Refer to the Non-GAAP financial measures section for additional details. | (1) 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.<br>(2) The quarter includes $53 million of losses on applicable hedges. These losses are both pre-tax and after-tax.<br>(3) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee's shares. Refer to the Non-GAAP financial measures section for additional details. | (1) 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.<br>(2) The quarter includes $53 million of losses on applicable hedges. These losses are both pre-tax and after-tax.<br>(3) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee's shares. Refer to the Non-GAAP financial measures section for additional details. |
|  | **Three months ended December 31, 2021** | **Three months ended December 31, 2021** | **Three months ended December 31, 2021** | **Three months ended December 31, 2021** | **Three months ended December 31, 2021** | **Three months ended December 31, 2021** | **Three months ended December 31, 2021** | **Three months ended December 31, 2021** | **Three months ended December 31, 2021** |
|  | **Realized Gains (Losses)** | **Realized Gains (Losses)** | **Realized Gains (Losses)** | **Unrealized Gains (Losses)** | **Unrealized Gains (Losses)** | **Unrealized Gains (Losses)** | **Realized and Unrealized Gains (Losses)** | **Realized and Unrealized Gains (Losses)** | **Realized and Unrealized Gains (Losses)** |
|  | **Gains<br>(Losses)<br>Pre-Tax** | **Tax<br>(Expense)<br>Benefit** | **Gains<br>(Losses)<br>After-Tax** | **Gains<br>(Losses)<br>Pre-Tax** | **Tax<br>(Expense)<br>Benefit** | **Gains<br>(Losses)<br>After-Tax** | **Gains**<br> **(Losses)**<br> **Pre-Tax** | **Tax**<br> **(Expense)**<br> **Benefit** | **Gains**<br> **(Losses)**<br> **After-Tax** |
|  Fixed income investments <sup>(4)</sup> | $(104) | $16 | $(88) | $(742) | $131 | $(611) | $(846) | $147 | $(699) |
|  Public equity: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on sales | 48 | (10) | 38 |  |  |  | 48 | (10) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mark-to-market | 139 | (31) | 108 |  |  |  | 139 | (31) | 108 |
|  Private equity: Mark-to-market | 228 | (16) | 212 |  |  |  | 228 | (16) | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment portfolio | 311 | (41) | 270 | (742) | 131 | (611) | (431) | 90 | (341) |
|  Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges <sup>(5)</sup> | (26) |  | (26) |  |  |  | (26) |  | (26) |
|  Foreign exchange | 263 | (50) | 213 | (446) | 14 | (432) | (183) | (36) | (219) |
|  Partially-owned entities <sup>(6)</sup> | 52 | (4) | 48 | (19) |  | (19) | 33 | (4) | 29 |
|  Other | (1) |  | (1) | 555 | (121) | 434 | 554 | (121) | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) | $599 | $(95) | $504 | $(652) | $24 | $(628) | $(53) | $(71) | $(124) |

---

(4) The quarter includes pre-tax realized losses on fixed income derivatives of $81 million, a net increase of the valuation allowance of expected credit losses of $3 million, and impairments of $18 million for fixed maturities.

(5) The quarter includes $90 million of losses on applicable hedges. These losses are both pre-tax and after-tax.

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

Net Gains (Losses) Page 24

------

**Chubb Limited** 

**Net Realized and Unrealized Gains (Losses)** 

**(in millions of U.S. dollars)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
|  | **Realized Gains (Losses)** | **Realized Gains (Losses)** | **Realized Gains (Losses)** | **Unrealized Gains (Losses)** | **Unrealized Gains (Losses)** | **Unrealized Gains (Losses)** | **Realized and Unrealized Gains (Losses)** | **Realized and Unrealized Gains (Losses)** | **Realized and Unrealized Gains (Losses)** |
|  | **Gains**<br> **(Losses)**<br> **Pre-Tax** | **Tax**<br> **(Expense)**<br> **Benefit** | **Gains**<br> **(Losses)**<br> **After-Tax** | **Gains**<br> **(Losses)**<br> **Pre-Tax** | **Tax**<br> **(Expense)**<br> **Benefit** | **Gains**<br> **(Losses)**<br> **After-Tax** | **Gains**<br> **(Losses)**<br> **Pre-Tax** | **Tax**<br> **(Expense)**<br> **Benefit** | **Gains**<br> **(Losses)**<br> **After-Tax** |
|  Fixed income investments <sup>(1)</sup> | $(1092) | $205 | $(887) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10598) | $1043 | $(9555) | $(11690) | $1248 | $(10442) |
|  Public equity: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on sales | 409 | (91) | 318 |  |  |  | 409 | (91) | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mark-to-market | (639) | 122 | (517) |  |  |  | (639) | 122 | (517) |
|  Private equity: Mark-to-market | (250) | (24) | (274) |  |  |  | (250) | (24) | (274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment portfolio | (1572) | 212 | (1360) | (10598) | 1043 | (9555) | (12170) | 1255 | (10915) |
|  Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges <sup>(2)</sup> | 124 |  | 124 |  |  |  | 124 |  | 124 |
|  Foreign exchange | 393 | (95) | 298 | (986) | 59 | (927) | (593) | (36) | (629) |
|  Partially-owned entities <sup>(3)</sup> | (43) |  | (43) | 20 |  | 20 | (23) |  | (23) |
|  Other | (118) | 12 | (106) | (100) | 19 | (81) | (218) | 31 | (187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) | $(1216) | $129 | $(1087) | $(11664) | $1121 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10543) | $(12880) | $1250 | $(11630) |
| (1) 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.<br>(2) Full year includes $187 million of gains on applicable hedges. These gains are both pre-tax and after-tax.<br>(3) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee's shares. Refer to the Non-GAAP financial measures section for additional details. | (1) 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.<br>(2) Full year includes $187 million of gains on applicable hedges. These gains are both pre-tax and after-tax.<br>(3) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee's shares. Refer to the Non-GAAP financial measures section for additional details. | (1) 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.<br>(2) Full year includes $187 million of gains on applicable hedges. These gains are both pre-tax and after-tax.<br>(3) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee's shares. Refer to the Non-GAAP financial measures section for additional details. | (1) 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.<br>(2) Full year includes $187 million of gains on applicable hedges. These gains are both pre-tax and after-tax.<br>(3) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee's shares. Refer to the Non-GAAP financial measures section for additional details. | (1) 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.<br>(2) Full year includes $187 million of gains on applicable hedges. These gains are both pre-tax and after-tax.<br>(3) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee's shares. Refer to the Non-GAAP financial measures section for additional details. | (1) 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.<br>(2) Full year includes $187 million of gains on applicable hedges. These gains are both pre-tax and after-tax.<br>(3) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee's shares. Refer to the Non-GAAP financial measures section for additional details. | (1) 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.<br>(2) Full year includes $187 million of gains on applicable hedges. These gains are both pre-tax and after-tax.<br>(3) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee's shares. Refer to the Non-GAAP financial measures section for additional details. | (1) 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.<br>(2) Full year includes $187 million of gains on applicable hedges. These gains are both pre-tax and after-tax.<br>(3) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee's shares. Refer to the Non-GAAP financial measures section for additional details. | (1) 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.<br>(2) Full year includes $187 million of gains on applicable hedges. These gains are both pre-tax and after-tax.<br>(3) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee's shares. Refer to the Non-GAAP financial measures section for additional details. | (1) 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.<br>(2) Full year includes $187 million of gains on applicable hedges. These gains are both pre-tax and after-tax.<br>(3) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee's shares. Refer to the Non-GAAP financial measures section for additional details. |
|  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
|  | **Realized Gains (Losses)** | **Realized Gains (Losses)** | **Realized Gains (Losses)** | **Unrealized Gains (Losses)** | **Unrealized Gains (Losses)** | **Unrealized Gains (Losses)** | **Realized and Unrealized Gains (Losses)** | **Realized and Unrealized Gains (Losses)** | **Realized and Unrealized Gains (Losses)** |
|  | **Gains**<br> **(Losses)**<br> **Pre-Tax** | **Tax**<br> **(Expense)**<br> **Benefit** | **Gains**<br> **(Losses)**<br> **After-Tax** | **Gains**<br> **(Losses)**<br> **Pre-Tax** | **Tax**<br> **(Expense)**<br> **Benefit** | **Gains**<br> **(Losses)**<br> **After-Tax** | **Gains**<br> **(Losses)**<br> **Pre-Tax** | **Tax**<br> **(Expense)**<br> **Benefit** | **Gains**<br> **(Losses)**<br> **After-Tax** |
|  Fixed income investments <sup>(4)</sup> | $(69) | $6 | $(63) | $(2919) | $521 | $(2398) | $(2988) | $527 | $(2461) |
|  Public equity: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on sales | 157 | (29) | 128 |  |  |  | 157 | (29) | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mark-to-market | 505 | (112) | 393 |  |  |  | 505 | (112) | 393 |
|  Private equity: Mark-to-market | 2115 | (62) | 2053 |  |  |  | 2115 | (62) | 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment portfolio | 2708 | (197) | 2511 | (2919) | 521 | (2398) | (211) | 324 | 113 |
|  Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges <sup>(5)</sup> | 114 |  | 114 |  |  |  | 114 |  | 114 |
|  Foreign exchange | 348 | (66) | 282 | (530) | 21 | (509) | (182) | (45) | (227) |
|  Partially-owned entities <sup>(6)</sup> | 130 | (9) | 121 | (19) |  | (19) | 111 | (9) | 102 |
|  Other | (6) | 1 | (5) | 522 | (115) | 407 | 516 | (114) | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) | $3294 | $(271) | $3023 | $(2946) | $427 | $(2519) | $348 | $156 | $504 |

---

(4) Full year includes pre-tax realized losses on fixed income derivatives of $72 million, a net reduction of the valuation allowance of expected credit losses of $14 million, and impairments of $30 million for fixed maturities.

(5) Full year includes $202 million of losses on applicable hedges. These losses are both pre-tax and after-tax.

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

Net Gains (Losses) 2 Page 25

------

**Chubb Limited** 

**Debt and Capital** 

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

**(Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31**<br> **2022** | **September 30**<br> **2022** | **June 30**<br> **2022** | **March 31**<br> **2022** | **December 31**<br> **2021** | **December 31**<br> **2020** |
|  **Financial Debt:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total short-term debt <sup>(1)</sup> | $475 | $1475 | $1474 | $1474 | $999 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp; Total long-term debt | 14402 | 14044 | 14311 | 14585 | 15169 | 14948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total financial debt | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14877 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15519 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15785 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16059 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16168 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14948 |
|  **Hybrid debt:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total trust preferred securities | 308 | 308 | 308 | 308 | 308 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $15185 | $15827 | $16093 | $16367 | $16476 | $15256 |
|  **Capitalization:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' equity | $50540 | $47639 | $51667 | $56698 | $59714 | $59441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hybrid debt | 308 | 308 | 308 | 308 | 308 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial debt | 14877 | 15519 | 15785 | 16059 | 16168 | 14948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total capitalization | $65725 | $63466 | $67760 | $73065 | $76190 | $74697 |
|  **Leverage ratios (based on total capital):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hybrid debt | 0.5% | 0.5% | 0.5% | 0.4% | 0.4% | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial debt | 22.6% | 24.5% | 23.3% | 22.0% | 21.2% | 20.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total hybrid & financial debt | 23.1% | 25.0% | 23.8% | 22.4% | 21.6% | 20.4% |

---

Note: As of December 31, 2022, there was $1.3 billion usage of credit facilities on total capacity of $4.0 billion.

(1) During Q4 2022, the $1.0 billion 2.875% senior notes matured and were fully paid.

Debt and Capital Page 26

------

**Chubb Limited** 

**Computation of Basic and Diluted Earnings Per Share** 

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

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended December 31** | **Three months ended December 31** | **Year ended December 31** | **Year ended December 31** |
|  | **2022** | **2021** | **2022** | **2021** |
|  **Numerator** |  |  |  |  |
|  Core operating income to common shares | $1699 | $1649 | $6457 | $5569 |
|  Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax |  | (12) | (20) | (64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax benefit on amortization adjustment | (6) |  | 1 | 11 |
|  Cigna integration expenses, pre-tax | (22) |  | (48) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax benefit on Cigna integration expenses | 4 |  | 10 |  |
|  Adjusted net realized gains (losses), pre-tax | (383) | 599 | (1216) | 3294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on adjusted net realized gains (losses) | 20 | (95) | 129 | (271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | $1312 | $2141 | $5313 | $8539 |
|  **Rollforward of Common Shares Outstanding** |  |  |  |  |
|  Shares - beginning of period | 415020484 | 430876252 | 426572612 | 450732625 |
|  Repurchase of shares | (902300) | (4767100) | (14925028) | (27644500) |
|  Shares issued (canceled), excluding option exercises | 87584 | 120910 | 1069125 | 1199323 |
|  Issued for option exercises | 389088 | 342550 | 1878147 | 2285164 |
|  Shares - end of period | 414594856 | 426572612 | 414594856 | 426572612 |
|  **Denominator** |  |  |  |  |
|  Weighted average shares outstanding <sup>(1)</sup> | 415298553 | 429206889 | 419779847 | 439968422 |
|  Effect of other dilutive securities | 3616712 | 3582880 | 3747597 | 3228856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adj. wtd. avg. shares outstanding and assumed conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418915265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432789769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423527444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443197278 |
|  **Basic earnings per share** |  |  |  |  |
|  Core operating income | $4.09 | $3.84 | $15.38 | $12.66 |
|  Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax | (0.01) | (0.03) | (0.04) | (0.12) |
|  Cigna integration expenses, net of tax | (0.04) |  | (0.09) |  |
|  Adjusted net realized gains (losses), net of tax | (0.88) | 1.18 | (2.59) | 6.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | $3.16 | $4.99 | $12.66 | $19.41 |
|  **Diluted earnings per share** |  |  |  |  |
|  Core operating income | $4.05 | $3.81 | $15.24 | $12.56 |
|  Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax | (0.01) | (0.03) | (0.04) | (0.12) |
|  Cigna integration expenses, net of tax | (0.04) |  | (0.09) |  |
|  Adjusted net realized gains (losses), net of tax | (0.87) | 1.17 | (2.56) | 6.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | $3.13 | $4.95 | $12.55 | $19.27 |

---

(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)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Reconciliation of Book Value per Common Share</u>** | **<u>Reconciliation of Book Value per Common Share</u>** | **<u>Reconciliation of Book Value per Common Share</u>** | **<u>Reconciliation of Book Value per Common Share</u>** | **<u>Reconciliation of Book Value per Common Share</u>** | **<u>Reconciliation of Book Value per Common Share</u>** |
|  | **December 31**<br> **2022** | **September 30**<br> **2022** | **June 30**<br> **2022** | **March 31**<br> **2022** | **December 31**<br> **2021** |
|  Shareholders' equity | $50540 | $47639 | $51667 | $56698 | $59714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: goodwill and other intangible assets, net of tax | 20605 | 20284 | 19146 | 19443 | 19456 |
|  Numerator for tangible book value per share | $29935 | $27355 | $32521 | $37255 | $40258 |
|  Book value - % change over prior quarter | 6.1% | -7.8% | -8.9% | -5.1% | 0.7% |
|  Tangible book value - % change over prior quarter | 9.4% | -15.9% | -12.7% | -7.5% | 1.7% |
|  Denominator | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414594856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415020484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418474087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423675327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426572612 |
|  Book value per common share | $121.90 | $114.79 | $123.46 | $133.82 | $139.99 |
|  Tangible book value per common share | $72.20 | $65.91 | $77.71 | $87.93 | $94.38 |
| **<u>Reconciliation of Book Value</u>** | **<u>Reconciliation of Book Value</u>** | **<u>Reconciliation of Book Value</u>** | **<u>Reconciliation of Book Value</u>** |  |  |
|  Shareholders' equity, beginning of quarter | $47639 | $51667 | $56698 | $59714 | $59318 |
|  Core operating income | 1699 | 1331 | 1787 | 1640 | 1649 |
| Amortization of fair value adjustment of acquired invested assets and long-term debt | (6) | 1 | (5) | (9) | (12) |
|  Cigna integration expenses | (18) | (18) | (2) |  |  |
|  Adjusted net realized gains (losses) <sup>(1)</sup> | (363) | (502) | (565) | 343 | 504 |
|  Net unrealized gains (losses) on investments | 1332 | (2898) | (4129) | (3840) | (630) |
|  Repurchase of shares | (199) | (685) | (1129) | (1001) | (905) |
|  Dividend declared on common shares | (345) | (346) | (348) | (340) | (342) |
|  Cumulative translation gains (losses) | 708 | (960) | (746) | 71 | (432) |
|  Postretirement benefit liability | (36) | 2 | 4 | 15 | 434 |
|  Other <sup>(2)</sup> | 129 | 47 | 102 | 105 | 130 |
|  | $50540 | $47639 | $51667 | $56698 | $59714 |

---

(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)** 

**<u>Regulation G - Non-GAAP Financial Measures</u>**

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

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

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

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

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

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

Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from the acquisition of The Chubb Corporation (Chubb Corp) and Cigna business, 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 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, excludes from net income the after-tax impact of adjusted net realized gains (losses), Cigna integration expenses, and the amortization of fair value adjustment of acquired invested assets and long-term debt related to the Chubb Corp acquisition and Cigna business. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) because the amount of these gains (losses) are heavily influenced by, and fluctuate in part according to, the availability of market opportunities. We exclude the amortization of the fair value adjustments related to purchased invested assets and long-term debt, related to the Chubb Corp acquisition and Cigna business due to the size and complexity of these acquisitions. We also exclude Cigna integration expenses due to the size and complexity of this acquisition. Cigna integration expenses are incurred by the overall company and are therefore included in Corporate. The costs are not related to the on-going activities of the individual segments and are therefore excluded from our definition of segment income, as well. These integration expenses are distortive to our results and are not indicative of our underlying profitability. We believe that excluding these integration expenses facilitate the comparison of our financial results to our historical operating results. These expenses include legal and professional fees and all other costs directly related to the integration activities of the Cigna acquisition. References to core operating income measures mean net of tax, whether or not noted.

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

Book value per common share, is shareholders' equity divided by the shares outstanding. Tangible book value per common share, is shareholders' equity less goodwill and other intangible assets, net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Book value per common share excluding mark-to-market, excludes unrealized investment gains (losses), net of tax. Tangible book value per common share excluding mark-to-market, excludes goodwill and other intangible assets, net of tax, as well as unrealized investment gains (losses), net of tax. We exclude unrealized investment gains (losses) because the amount of these gains (losses) is heavily influenced by changes in market conditions, including interest rate changes, and we believe that excluding these gains and losses would highlight the underlying growth in book value and tangible book value. Book value per share and tangible book value per share excluding accumulated other comprehensive income (loss) (AOCI), excludes AOCI from the numerator because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates and foreign currency movement, to highlight underlying growth in book and tangible book value.

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

Reconciliation Non-GAAP Page 29

------

**Chubb Limited** 

**Non-GAAP Financial Measures - 2** 

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

**(Unaudited)** 

**<u>Regulation G - Non-GAAP Financial Measures (continued)</u>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Core operating effective tax rate</u>** |  |  |  |  |  |  |  |
| The following table presents the reconciliation of effective tax rate to the Core operating effective tax rate: | The following table presents the reconciliation of effective tax rate to the Core operating effective tax rate: | The following table presents the reconciliation of effective tax rate to the Core operating effective tax rate: | The following table presents the reconciliation of effective tax rate to the Core operating effective tax rate: | The following table presents the reconciliation of effective tax rate to the Core operating effective tax rate: | The following table presents the reconciliation of effective tax rate to the Core operating effective tax rate: | **Full Year** | **Full Year** |
|  | **4Q-22** | **3Q-22** | **2Q-22** | **1Q-22** | **4Q-21** | **2022** | **2021** |
|  Tax expense, as reported | $342 | $265 | $293 | $355 | $404 | $1255 | $1277 |
|  Less: tax expense (benefit) on amortization of fair value of acquired invested assets and debt | 6 | (1) | (4) | (2) |  | (1) | (11) |
|  Less: tax benefit on Cigna integration expenses | (4) | (5) | (1) |  |  | (10) |  |
|  Less: tax expense (benefit) on adjusted net realized gains (losses) | (20) | (47) | (86) | 24 | 95 | (129) | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax expense, adjusted | $360 | $318 | $384 | $333 | $309 | $1395 | $1017 |
|  Income before tax, as reported | $1654 | $1077 | $1508 | $2329 | $2545 | $6568 | $9816 |
|  Less: amortization of fair value of acquired invested assets and debt |  |  | (9) | (11) | (12) | (20) | (64) |
|  Less: Cigna integration expenses | (22) | (23) | (3) |  |  | (48) |  |
|  Less: adjusted realized gains (losses) | (176) | (365) | (513) | 100 | 319 | (954) | 1160 |
|  Less: realized gains (losses) related to unconsolidated entities | (207) | (184) | (138) | 267 | 280 | (262) | 2134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core operating income before tax | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2171 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7852 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6586 |
|  Effective tax rate | 20.7% | 24.6% | 19.4% | 15.2% | 15.9% | 19.1% | 13.0% |
|  Adjustment for tax impact of amortization of fair value of acquired invested assets and debt | -0.3% | 0.1% | 0.1% | 0.0% | -0.1% | 0.0% | 0.0% |
|  Adjustment for tax impact of Cigna integration expenses | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
|  Adjustment for tax impact of adjusted net realized gains (losses) | -2.9% | -5.4% | -1.8% | 1.7% | -0.1% | -1.3% | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core operating effective tax rate | 17.5% | 19.3% | 17.7% | 16.9% | 15.7% | 17.8% | 15.4% |
| **<u>Core operating income</u>** |  |  |  |  |  |  |  |
| The following table presents the reconciliation of Net income to Core operating income: |  |  |  |  |  | **Full Year** | **Full Year** |
|  | **4Q-22** | **3Q-22** | **2Q-22** | **1Q-22** | **4Q-21** | **2022** | **2021** |
|  Net income, as reported | $1312 | $812 | $1215 | $1974 | $2141 | $5313 | $8539 |
|  Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax |  |  | (9) | (11) | (12) | (20) | (64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on amortization adjustment | (6) | 1 | 4 | 2 |  | 1 | 11 |
|  Cigna integration expenses, pre-tax | (22) | (23) | (3) |  |  | (48) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax benefit on Cigna integration expenses | 4 | 5 | 1 |  |  | 10 |  |
|  Adjusted realized gains (losses), pre-tax | (176) | (365) | (513) | 100 | 319 | (954) | 1160 |
|  Net realized gains (losses) related to unconsolidated entities, pre-tax <sup>(1)</sup> | (207) | (184) | (138) | 267 | 280 | (262) | 2134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on adjusted net realized gains (losses) | 20 | 47 | 86 | (24) | (95) | 129 | (271) |
|  Core operating income | $1699 | $1331 | $1787 | $1640 | $1649 | $6457 | $5569 |
|  Catastrophe losses - after-tax | $323 | $949 | $241 | $290 | $245 | $1803 | $1984 |
|  Favorable prior period development (PPD) - after-tax | $(167) | $(162) | $(205) | $(195) | $(149) | $(729) | $(756) |
|  Core operating income per share | $4.05 | $3.17 | $4.20 | $3.82 | $3.81 | $15.24 | $12.56 |
|  Impact of Cats on Core operating income per share - Unfavorable | $(0.77) | $(2.26) | $(0.56) | $(0.67) | $(0.57) | $(4.26) | $(4.48) |
|  Impact of PPD on Core operating income per share - Favorable | $0.39 | $0.38 | $0.48 | $0.45 | $0.35 | $1.72 | $1.70 |
|  Impact of Cats and PPD on Core operating income per share - Unfavorable | $(0.38) | $(1.88) | $(0.08) | $(0.22) | $(0.22) | $(2.54) | $(2.78) |
| **<u>P&C Underwriting income and P&C CAY underwriting income ex Cats</u>** |  |  |  |  |  |  |  |
| The following table presents the reconciliation of Net income to P&C CAY underwriting income ex Cats: |  |  |  |  |  | **Full Year** | **Full Year** |
|  | **4Q-22** | **3Q-22** | **2Q-22** | **1Q-22** | **4Q-21** | **2022** | **2021** |
|  Net income, as reported | $1312 | $812 | $1215 | $1974 | $2141 | $5313 | $8539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Income tax expense | (342) | (265) | (293) | (355) | (404) | (1255) | (1277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization expense of purchased intangibles | (74) | (69) | (71) | (71) | (71) | (285) | (287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income (expense) | (95) | (188) | (101) | 310 | 335 | (74) | 2365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (154) | (150) | (134) | (132) | (126) | (570) | (492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1053 | 979 | 888 | 822 | 843 | 3742 | 3456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (178) | (384) | (504) | 101 | 319 | (965) | 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cigna integration expenses | (22) | (23) | (3) |  |  | (48) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Insurance underlying income (loss) <sup>(2)</sup> | 1 | 183 | 1 | 17 | (21) | 202 | (82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Add: Realized gains (losses) on crop derivatives | (2) | (19) | 9 | 1 |  | (11) | (8) |
|  P&C underwriting income | $1121 | $710 | $1441 | $1283 | $1266 | $4555 | $3696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Add: Catastrophe losses (including reinstatement premiums) - pre-tax | 400 | 1158 | 291 | 333 | 275 | 2182 | 2401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Favorable prior period development (PPD) - pre-tax | (167) | (222) | (247) | (240) | (145) | (876) | (926) |
|  P&C CAY underwriting income ex Cats | $1354 | $1646 | $1485 | $1376 | $1396 | $5861 | $5171 |

---

(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)** 

**<u>Regulation G - Non-GAAP Financial Measures (continued)</u>**

**<u>Core operating ROE and Core operating ROTE</u>**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **4Q-22** | **4Q-21** | **Full Year**<br> **2022** | **Full Year**<br> **2021** | |
| Net income | $1312 | $2141 | $5313 | $8539 |  |
| Core operating income | $1699 | $1649 | $6457 | $5569 |  |
| <br> Equity - beginning of period, as reported | $47639 | $59318 | $59714 | $59441 |  |
| Less: unrealized gains (losses) on investments, net of deferred tax | (8611) | 2886 | 2256 | 4673 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity - beginning of period, as adjusted | $56250 | $56432 | $57458 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54768 |  |
| Less: goodwill and other intangible assets, net of tax | 20284 | 19723 | 19456 | 19916 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity - beginning of period, as adjusted ex goodwill and other intangible assets | $35966 | $36709 | $38002 | $34852 |  |
| Equity - end of period, as reported | $50540 | $59714 | $50540 | $59714 |  |
| Less: unrealized gains (losses) on investments, net of deferred tax | (7279) | 2256 | (7279) | 2256 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity - end of period, as adjusted | $57819 | $57458 | $57819 | $57458 |  |
| Less: goodwill and other intangible assets, net of tax | 20605 | 19456 | 20605 | 19456 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity - end of period, as adjusted ex goodwill and other intangible assets | $37214 | $38002 | $37214 | $38002 |  |
| <br> Weighted average equity, as reported | $49090 | $59516 | $55127 | $59578 |  |
| Weighted average equity, as adjusted | $57035 | $56945 | $57639 | $56113 |  |
| Weighted average equity, as adjusted ex goodwill and other intangible assets | $36590 | $37356 | $37608 | $36427 |  |
| <br> ROE | 10.7% | 14.4% | 9.6% | 14.3% |  |
| Core operating ROTE | 18.6% | 17.7% | 17.2% | 15.3% |  |
| Core operating ROE | 11.9% | 11.6% | 11.2% | 9.9% |  |
| Private equities realized gains (losses), after-tax <sup>(1)</sup> | $(203) | $212 | $(274) | $2053 |  |
| Impact of Private equities if included in Core operating ROE - Favorable (unfavorable) <sup>(1)</sup> | -1.4 pts | 1.5 pts | -0.5 pts | 3.7 pts |  |
| **<u>Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures</u>** |  |  |  |  |  |
|  | **December 31**<br> **2022** | **September 30**<br> **2022** | **December 31**<br> **2021** | **QTD**<br> **% Change** | **Full Year** <br> **% Change**  |
| Book value | $50540 | $47639 | $59714 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: unrealized gains (losses) on investments, net of deferred tax | (7279) | (8611) | 2256 |  |  |
| Book value excluding mark-to-market | 57819 | 56250 | 57458 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: goodwill and other intangible assets, net of tax | 20605 | 20284 | 19456 |  |  |
| Tangible book value excluding mark-to-market | $37214 | $35966 | $38002 |  |  |
| Book value | $50540 | $47639 | $59714 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: AOCI | (10193) | (12180) | 350 |  |  |
| Book value excluding AOCI | 60733 | 59819 | 59364 |  |  |
| Tangible book value | 29935 | 27355 | 40258 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Tangible AOCI | (9287) | (10911) | 1078 |  |  |
| Tangible book value excluding tangible AOCI | $39222 | $38266 | $39180 |  |  |
| Denominator | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414594856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415020484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426572612 |  |  |
| Book value per share excluding mark-to-market | $139.46 | $135.54 | $134.70 | 2.9% | 3.5% |
| Tangible book value per share excluding mark-to-market | $89.76 | $86.66 | $89.09 | 3.6% | 0.8% |
| Book value per share excluding AOCI | $146.49 | $144.13 | $139.16 | 1.6% | 5.3% |
| Tangible book value per share excluding tangible AOCI | $94.60 | $92.20 | $91.85 | 2.6% | 3.0% |

---

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

Reconciliation Non-GAAP 3 Page 31

------

**Chubb Limited** 

**Non-GAAP Financial Measures - 4** 

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

**(Unaudited)** 

**<u>Regulation G - Non-GAAP Financial Measures (continued)</u>**

**<u>P&C combined ratio</u>**

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 | North | North | North | | | | | | | |
|  |  | America | America | America | America | America | America | Overseas | Overseas | | | | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial P&C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial P&C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial P&C | Personal P&C | Personal P&C | Agricultural | Agricultural | General | General | Global | Global | | Total | Total |
| **Q4 2022** |  | Insurance | Insurance | Insurance | Insurance | Insurance | Insurance | Insurance | Insurance | Reinsurance | Reinsurance | Corporate | P&C | P&C |
|  **Numerator** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Losses and loss expenses** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses |  | $| 2849 | $| 843 | $| 725 | $| 1198 | $| 105 | $88 | $| 5808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized (gains) losses on crop derivatives |  |  | - |  | - |  | 2 |  | - |  | - | - |  | 2 |
|  Adjusted losses and loss expenses | **A** | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2849 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5810 |
|  Catastrophe losses and related adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses, net of related adjustments |  |  | (158) |  | (162) |  | (12) |  | (67) |  | (1) |  |  | (400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinstatement premiums collected (expensed) on catastrophe losses |  |  | (1) |  | (2) |  | - |  | (3) |  | - | - |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses, gross of related adjustments |  |  | (157) |  | (160) |  | (12) |  | (64) |  | (1) | - |  | (394) |
|  PPD and related adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD, net of related adjustments - favorable (unfavorable) |  |  | 1 |  | (1) |  | 44 |  | 210 |  |  | (87) |  | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned adjustments on PPD - unfavorable (favorable) |  |  | 5 |  |  |  | 9 |  |  |  |  |  |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - unfavorable (favorable) |  |  | 20 |  | - |  | (1) |  | - |  | 1 | - |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD, gross of related adjustments - favorable (unfavorable) |  |  | 26 |  | (1) |  | 52 |  | 210 |  | 1 | (87) |  | 201 |
|  **CAY loss and loss expense ex Cats** | **B** | $| 2718 | $| 682 | $| 767 | $| 1344 | $| 105 | $1 | $| 5617 |
|  **Policy acquisition costs and administrative expenses** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition costs and administrative expenses | **C** | $| 911 | $| 343 | $| 1 | $| 981 | $| 71 | $121 | $| 2428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - favorable (unfavorable) |  |  | (20) |  | - |  | 1 |  | - |  | (1) | - |  | (20) |
|  Policy acquisition costs and administrative expenses, adjusted | **D** | $| 891 | $| 343 | $| 2 | $| 981 | $| 70 | $121 | $| 2408 |
|  **Denominator** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Net premiums earned** | **E** | $| 4462 | $| 1328 | $| 621 | $| 2738 | $| 210 |  | $| 9359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinstatement premiums (collected) expensed on catastrophe losses |  |  | 1 |  | 2 |  |  |  | 3 |  |  |  |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned adjustments on PPD - unfavorable (favorable) |  |  | 5 |  | - |  | 9 |  | - |  | - |  |  | 14 |
|  **Net premiums earned excluding adjustments** | **F** | $| 4468 | $| 1330 | $| 630 | $| 2741 | $| 210 |  | $| 9379 |
|  **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 4 Page 32

------

**Chubb Limited** 

**Non-GAAP Financial Measures - 5** 

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

**(Unaudited)** 

**<u>Regulation G - Non-GAAP Financial Measures (continued)</u>**

**<u>P&C combined ratio (continued)</u>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Full Year 2022** |  | North<br> America<br> Commercial P&C<br> Insurance | North<br> America<br> Personal P&C<br>Insurance | North<br> America<br> Agricultural<br> Insurance | Overseas<br> General<br> Insurance | Global<br> Reinsurance | Corporate | Total<br> P&C |
|  **Numerator** |  |  |  |  |  |  |  |  |
|  **Losses and loss expenses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses |  | $10828 | $3186 | $2546 | $5252 | $670 | $363 | $22845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized (gains) losses on crop derivatives |  |  |  | 11 |  |  |  | 11 |
|  Adjusted losses and loss expenses | **A** | $10828 | $3186 | $2557 | $5252 | $670 | $363 | $22856 |
|  Catastrophe losses and related adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses, net of related adjustments |  | (961) | (631) | (64) | (365) | (161) |  | (2182) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinstatement premiums collected (expensed) on catastrophe losses |  | (1) | (2) |  | (3) | 55 |  | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses, gross of related adjustments |  | (960) | (629) | (64) | (362) | (216) |  | (2231) |
|  PPD and related adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD, net of related adjustments - favorable (unfavorable) |  | 562 | 186 | 61 | 448 | (22) | (359) | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned adjustments on PPD - unfavorable (favorable) |  | 88 |  | 168 |  |  |  | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - unfavorable (favorable) |  | 24 |  | (2) |  | 1 |  | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD reinstatement premiums - unfavorable (favorable) |  |  |  |  |  | (2) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD, gross of related adjustments - favorable (unfavorable) |  | 674 | 186 | 227 | 448 | (23) | (359) | 1153 |
|  **CAY loss and loss expense ex Cats** | **B** | $10542 | $2743 | $2720 | $5338 | $431 | $4 | $21778 |
|  **Policy acquisition costs and administrative expenses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition costs and administrative expenses | **C** | $3426 | $1348 | $116 | $3888 | $276 | $385 | $9439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - favorable (unfavorable) |  | (24) |  | 2 |  | (1) |  | (23) |
|  Policy acquisition costs and administrative expenses, adjusted | **D** | $3402 | $1348 | $118 | $3888 | $275 | $385 | $9416 |
|  **Denominator** |  |  |  |  |  |  |  |  |
|  **Net premiums earned** | **E** | $17107 | $5180 | $2838 | $10803 | $922 |  | $36850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinstatement premiums (collected) expensed on catastrophe losses |  | 1 | 2 |  | 3 | (55) |  | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned adjustments on PPD - unfavorable (favorable) |  | 88 |  | 168 |  |  |  | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD reinstatement premiums - unfavorable (favorable) |  |  |  |  |  | (2) |  | (2) |
|  **Net premiums earned excluding adjustments** | **F** | $17196 | $5182 | $3006 | $10806 | $865 |  | $37055 |
|  **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 5 Page 33

------

**Chubb Limited** 

**Non-GAAP Financial Measures - 6** 

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

**(Unaudited)** 

**<u>Regulation G - Non-GAAP Financial Measures (continued)</u>**

**<u>P&C combined ratio (continued)</u>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Q4 2021</u>** |  | North<br>America<br>Commercial P&C<br>Insurance | North<br>America<br> Personal P&C<br>Insurance | North<br>America<br> Agricultural<br>Insurance | Overseas<br>General<br> Insurance | Global<br> Reinsurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br>P&C |
|  **Numerator** |  |  |  |  |  |  |  |  |
|  **Losses and loss expenses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses |  | $2275 | $583 | $408 | $1207 | $210 | $431 | $5114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized (gains) losses on crop derivatives |  |  |  |  |  |  |  |  |
|  Adjusted losses and loss expenses | **A** | $2275 | $583 | $408 | $1207 | $210 | $431 | $5114 |
|  Catastrophe losses and related adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses, net of related adjustments |  | (113) | 19 | (20) | (80) | (81) |  | (275) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinstatement premiums collected (expensed) on catastrophe losses |  |  |  | (2) |  | 10 |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses, gross of related adjustments |  | (113) | 19 | (18) | (80) | (91) |  | (283) |
|  PPD and related adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD, net of related adjustments - favorable (unfavorable) |  | 322 | 39 | (5) | 232 | (14) | (429) | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned adjustments on PPD - unfavorable (favorable) |  |  |  | (23) |  |  |  | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - unfavorable (favorable) |  |  |  | (3) |  |  |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD reinstatement premiums - unfavorable (favorable) |  |  |  |  |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD, gross of related adjustments - favorable (unfavorable) |  | 322 | 39 | (31) | 232 | (15) | (429) | 118 |
|  **CAY loss and loss expense ex Cats** | **B** | $2484 | $641 | $359 | $1359 | $104 | $2 | $4949 |
|  **Policy acquisition costs and administrative expenses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition costs and administrative expenses | **C** | $822 | $331 | $11 | $996 | $61 | $107 | $2328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - favorable (unfavorable) |  |  |  | 3 |  |  |  | 3 |
|  Policy acquisition costs and administrative expenses, adjusted | **D** | $822 | $331 | $14 | $996 | $61 | $107 | $2331 |
|  **Denominator** |  |  |  |  |  |  |  |  |
|  **Net premiums earned** | **E** | $4030 | $1263 | $480 | $2720 | $215 |  | $8708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinstatement premiums (collected) expensed on catastrophe losses |  |  |  | 2 |  | (10) |  | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned adjustments on PPD - unfavorable (favorable) |  |  |  | (23) |  |  |  | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD reinstatement premiums - unfavorable (favorable) |  |  |  |  |  | (1) |  | (1) |
|  **Net premiums earned excluding adjustments** | **F** | $4030 | $1263 | $459 | $2720 | $204 |  | $8676 |
|  **P&C combined ratio** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | **A/E** | 56.4% | 46.1% | 85.1% | 44.4% | 97.6% |  | 58.7% |
|  Policy acquisition cost and administrative expense ratio | **C/E** | 20.4% | 26.2% | 2.2% | 36.6% | 28.6% |  | 26.8% |
|  P&C combined ratio |  | 76.8% | 72.3% | 87.3% | 81.0% | 126.2% |  | 85.5% |
|  **CAY P&C combined ratio ex Cats** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio, adjusted | **B/F** | 61.6% | 50.8% | 78.2% | 50.0% | 51.3% |  | 57.0% |
|  Policy acquisition cost and administrative expense ratio, adjusted | **D/F** | 20.4% | 26.2% | 3.0% | 36.6% | 30.3% |  | 26.9% |
|  CAY P&C combined ratio ex Cats |  | 82.0% | 77.0% | 81.2% | 86.6% | 81.6% |  | 83.9% |
|  **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 6 Page 34

------

**Chubb Limited** 

**Non-GAAP Financial Measures - 7** 

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

**(Unaudited)** 

**<u>Regulation G - Non-GAAP Financial Measures (continued)</u>**

**<u>P&C combined ratio (continued)</u>**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | North | North | North | North | North | North | | | | | | | |
|  |  | America | America | America | America | America | America | Overseas | Overseas | | | | | |
|  |  | Commercial P&C | Commercial P&C | Personal P&C | Personal P&C | Agricultural | Agricultural | General | General | Global | Global | | Total | Total |
| **<u>Full Year 2021</u>** |  | Insurance | Insurance | Insurance | Insurance | Insurance | Insurance | Insurance | Insurance | Reinsurance | Reinsurance | Corporate | P&C | P&C |
|  **Numerator** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Losses and loss expenses** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses |  | $| 10015 | $| 2924 | $| 1954 | $| 5143 | $| 632 | $572 | $| 21240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized (gains) losses on crop derivatives |  |  | - |  | - |  | 8 |  | - |  | - | - |  | 8 |
|  Adjusted losses and loss expenses | **A** | $| 10015 | $| 2924 | $| 1962 | $| 5143 | $| 632 | $572 | $| 21248 |
|  Catastrophe losses and related adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses, net of related adjustments |  |  | (1112) |  | (679) |  | (40) |  | (358) |  | (212) |  |  | (2401) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinstatement premiums collected (expensed) on catastrophe losses |  |  | - |  | (16) |  | (2) |  | - |  | 28 | - |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses, gross of related adjustments |  |  | (1112) |  | (663) |  | (38) |  | (358) |  | (240) | - |  | (2411) |
|  PPD and related adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD, net of related adjustments - favorable (unfavorable) |  |  | 762 |  | 305 |  | (10) |  | 441 |  | (3) | (569) |  | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned adjustments on PPD - unfavorable (favorable) |  |  | 67 |  |  |  | (25) |  |  |  |  |  |  | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - unfavorable (favorable) |  |  | 6 |  |  |  | (3) |  |  |  |  |  |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD reinstatement premiums - unfavorable (favorable) |  |  | 6 |  | (1) |  | - |  | 7 |  | 3 | - |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD, gross of related adjustments - favorable (unfavorable) |  |  | 841 |  | 304 |  | (38) |  | 448 |  | - | (569) |  | 986 |
|  **CAY loss and loss expense ex Cats** | **B** | $| 9744 | $| 2565 | $| 1886 | $| 5233 | $| 392 | $3 | $| 19823 |
|  **Policy acquisition costs and administrative expenses** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition costs and administrative expenses | **C** | $| 3134 | $| 1277 | $| 121 | $| 3877 | $| 235 | $365 | $| 9009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - favorable (unfavorable) |  |  | (6) |  | - |  | 3 |  | - |  | - | - |  | (3) |
|  Policy acquisition costs and administrative expenses, adjusted | **D** | $| 3128 | $| 1277 | $| 124 | $| 3877 | $| 235 | $365 | $| 9006 |
|  **Denominator** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Net premiums earned** | **E** | $| 15461 | $| 4915 | $| 2338 | $| 10441 | $| 798 |  | $| 33953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinstatement premiums (collected) expensed on catastrophe losses |  |  |  |  | 16 |  | 2 |  |  |  | (28) |  |  | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned adjustments on PPD - unfavorable (favorable) |  |  | 67 |  |  |  | (25) |  |  |  |  |  |  | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD reinstatement premiums - unfavorable (favorable) |  |  | 6 |  | (1) |  | - |  | 7 |  | 3 |  |  | 15 |
|  **Net premiums earned excluding adjustments** | **F** | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15534 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2315 | &nbsp;&nbsp;&nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10448 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773 |  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 |
|  **P&C combined ratio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | **A/E** |  | 64.8% |  | 59.5% |  | 83.9% |  | 49.3% |  | 79.2% |  |  | 62.6% |
|  Policy acquisition cost and administrative expense ratio | **C/E** |  | 20.2% |  | 26.0% |  | 5.2% |  | 37.1% |  | 29.5% |  |  | 26.5% |
|  P&C combined ratio |  |  | 85.0% |  | 85.5% |  | 89.1% |  | 86.4% |  | 108.7% |  |  | 89.1% |
|  **CAY P&C combined ratio ex Cats** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio, adjusted | **B/F** |  | 62.7% |  | 52.0% |  | 81.5% |  | 50.1% |  | 50.7% |  |  | 58.3% |
|  Policy acquisition cost and administrative expense ratio, adjusted | **D/F** |  | 20.2% |  | 25.9% |  | 5.3% |  | 37.1% |  | 30.5% |  |  | 26.5% |
|  CAY P&C combined ratio ex Cats |  |  | 82.9% |  | 77.9% |  | 86.8% |  | 87.2% |  | 81.2% |  |  | 84.8% |
|  **Combined ratio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Combined ratio |  |  |  |  |  |  |  |  |  |  |  |  |  | 89.1% |
|  Add: impact of gains and losses on crop derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.0% |
|  P&C combined ratio |  |  |  |  |  |  |  |  |  |  |  |  |  | 89.1% |

---

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

Reconciliation Non-GAAP 7 Page 35

------

**Chubb Limited** 

**Glossary** 

**Chubb Limited Consolidated** comprises all segments including Corporate.

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

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

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

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

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

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

**Cigna integration expenses:** Cigna integration expenses comprise legal and professional fees and all other costs directly related to the integration activities 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.

**NM:** Not meaningful.

Glossary Page 36