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EX-99.2 3 d452393dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

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Chubb Limited

Financial Supplement

for the Quarter Ended June 30, 2023

Investor Contact

Karen Beyer: (212) 827-4445

email: investorrelations@chubb.com

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

Cautionary Statement Regarding Forward-Looking Statements

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

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

Chubb Limited

Financial Supplement Table of Contents


		Page
I.	Financial Highlights
	- Consolidated Financial Highlights		1

II.	Consolidated Results
	- Consolidated Statement of Operations		2
	- P&C Results - Consecutive Quarters		3
	- Global P&C Results - Consecutive Quarters		4
	- Summary Consolidated Balance Sheets		5
	- Product Line		6
	- Consolidated Results by Segment		7 - 10

III.	Segment Results
	- North America Commercial P&C Insurance		11
	- North America Personal P&C Insurance		12
	- North America Agricultural Insurance		13
	- Overseas General Insurance		14
	- Global Reinsurance		15
	- Life Insurance		16
	- Corporate		17

IV.	Balance Sheet Details
	- Loss Reserve Rollforward		18
	- Reinsurance Recoverable Analysis		19
	- Investment Portfolio		20 - 23
	- Net Realized and Unrealized Gains (Losses)		24 - 25
	- Debt and Capital		26
	- Computation of Basic and Diluted Earnings Per Share		27
	- Book Value and Book Value per Common Share		28

V.	Other Disclosures
	- Non-GAAP Financial Measures		29 - 35
	- Accounting Adoption		36
	- Glossary		37

New U.S. GAAP Accounting Standard Adopted in 2023

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

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

Chubb Limited

Consolidated Financial Highlights

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

(Unaudited)

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


			As Adjusted										As Adjusted
	Three months ended June 30						Constant $ 2022		Constant $ % Change		Six months ended June 30						Constant $ 2022		Constant $ % Change
	2023		2022		% Change		Constant $ 2022		Constant $ % Change		2023		2022		% Change		Constant $ 2022		Constant $ % Change


Gross premiums written	$	14,880	$	13,038		14.1%	$	12,964		14.8%	$	27,884	$	24,532		13.7%	$	24,297		14.8%

Net premiums written	$	11,951	$	10,293		16.1%	$	10,232		16.8%	$	22,661	$	19,482		16.3%	$	19,283		17.5%

P&C net premiums written	$	10,681	$	9,731		9.8%	$	9,674		10.4%	$	20,098	$	18,344		9.6%	$	18,160		10.7%

Global P&C net premiums written	$	9,914	$	8,993		10.2%	$	8,936		10.9%	$	19,038	$	17,544		8.5%	$	17,360		9.7%

Life Insurance net premiums written	$	1,270	$	562		126.1%	$	558		127.6%	$	2,563	$	1,138		125.3%	$	1,123		128.1%

Net premiums earned	$	10,999	$	9,549		15.2%	$	9,497		15.8%	$	21,141	$	18,286		15.6%	$	18,115		16.7%

P&C underwriting income	$	1,425	$	1,441		-1.1%	$	1,420		0.3%	$	2,638	$	2,724		-3.1%	$	2,689		-1.9%

P&C CAY underwriting income ex Cats	$	1,625	$	1,485		9.4%	$	1,466		10.9%	$	3,100	$	2,861		8.4%	$	2,826		9.7%

Adjusted net investment income	$	1,241	$	950		30.6%	$	947		31.1%	$	2,441	$	1,851		31.9%	$	1,843		32.5%

Core operating income	$	2,044	$	1,794		13.9%	$	1,776		15.1%	$	3,886	$	3,441		12.9%	$	3,405		14.1%

Net investment income	$	1,145	$	888		28.9%	$	885		29.4%	$	2,252	$	1,710		31.7%	$	1,702		32.4%

Net income	$	1,793	$	1,190		50.7%					$	3,685	$	3,143		17.2%

Operating cash flow	$	2,515	$	2,722							$	4,766	$	5,166

P&C combined ratio
Loss and loss expense ratio		59.3%		58.3%								59.1%		57.4%
Policy acquisition cost and administrative expense ratio		26.1%		25.7%								26.7%		26.8%



Combined ratio		85.4%		84.0%								85.8%		84.2%

P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)
CAY loss and loss expense ratio ex Cats		57.4%		57.8%								56.7%		57.1%
CAY policy acquisition cost and administrative expense ratio ex Cats		25.9%		25.7%								26.7%		26.4%


CAY combined ratio ex Cats		83.3%		83.5%								83.4%		83.5%

ROE		13.6%		8.9%								14.3%		11.5%
Core operating return on tangible equity (ROTE)		21.0%		18.6%								20.2%		18.0%
Core operating return on equity (ROE)		13.8%		12.4%								13.2%		12.0%

Effective tax rate		17.9%		19.6%								17.4%		17.0%
Core operating effective tax rate		19.0%		17.5%								18.5%		17.2%

Diluted earnings per share

Net income	$	4.32	$	2.80		54.3%					$	8.84	$	7.35		20.3%

Core operating income	$	4.92	$	4.22		16.6%					$	9.32	$	8.05		15.8%

Weighted average basic common shares outstanding		412.5		421.6								413.4		423.7
Weighted average diluted common shares outstanding		415.6		425.4								416.8		427.7

					% Change		As Adjusted		% Change
	June 30 2023		March 31 2023		2Q-23 vs. 1Q-23		December 31 2022		2Q-23 vs. 4Q-22

Book value per common share	$	128.75	$	127.94		0.6%	$	121.85		5.7%
Tangible book value per common share	$	78.97	$	78.84		0.2%	$	72.51		8.9%

Book value per common share, excl. AOCI	$	152.66	$	149.42		2.2%	$	146.42		4.3%
Tangible book value per common share, excl. AOCI	$	101.03	$	98.02		3.1%	$	94.90		6.5%


Financial Highlights		Page 1

Chubb Limited

Statement of Operations - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)


							As Adjusted												As Adjusted
Consolidated Statements of Operations	2Q-23			1Q-23			4Q-22			3Q-22			2Q-22			YTD 2023			YTD 2022			Full Year 2022

Gross premiums written	$	14,880		$	13,004		$	12,440		$	15,006		$	13,038		$	27,884		$	24,532		$	51,978

Net premiums written		11,951			10,710			10,226			12,012			10,293			22,661			19,482			41,720

Net premiums earned		10,999			10,142			10,544			11,530			9,549			21,141			18,286			40,360

Adjusted losses and loss expenses ⁽¹⁾		5,678			5,149			5,741			7,082			5,197			10,827			9,760			22,583

Realized (gains) losses on crop derivatives		(5	)		1			2			19			(9	)		(4	)		(10	)		11



Losses and loss expenses		5,683			5,148			5,739			7,063			5,206			10,831			9,770			22,572

Adjusted policy benefits ⁽²⁾		842			822			799			774			379			1,664			783			2,356

Gains (losses) from fair value changes in separate account liabilities		12			25			(74	)		67			18			37			49			42



Policy benefits		830			797			873			707			361			1,627			734			2,314

Policy acquisition costs		2,016			1,948			1,924			1,970			1,726			3,964			3,445			7,339

Administrative expenses		969			930			916			883			818			1,899			1,596			3,395

Adjusted net investment income ⁽³⁾		1,241			1,200			1,118			1,054			950			2,441			1,851			4,023

Other (income) expense from private equity partnerships		(93	)		(91	)		(60	)		(69	)		(48	)		(184	)		(111	)		(240	)

Amortization expense of fair value adjustment on acquired invested assets		(3	)		(2	)		(5	)		(6	)		(14	)		(5	)		(30	)		(41	)



Net investment income		1,145			1,107			1,053			979			888			2,252			1,710			3,742

Adjusted realized gains (losses) ⁽⁴⁾		(309	)		(76	)		(147	)		(437	)		(512	)		(385	)		(490	)		(1,074	)

Realized gains (losses) on crop derivatives		5			(1	)		(2	)		(19	)		9			4			10			(11	)



Net realized gains (losses)		(304	)		(77	)		(149	)		(456	)		(503	)		(381	)		(480	)		(1,085	)

Market risk benefits gains (losses)		(7	)		(115	)		(5	)		69			(33	)		(122	)		16			80

Adjusted interest expense ⁽⁵⁾		170			165			159			156			139			335			276			591

Amortization benefit of fair value adjustment on acquired long term debt		(5	)		(5	)		(5	)		(6	)		(5	)		(10	)		(10	)		(21	)



Interest expense		165			160			154			150			134			325			266			570

Gains (losses) from fair value changes in separate account assets		(12	)		(25	)		74			(67	)		(18	)		(37	)		(49	)		(42	)

Net realized gains (losses) related to unconsolidated entities		(9	)		238			(207	)		(184	)		(138	)		229			129			(262	)

Other income (expense) from private equity partnerships		93			91			60			69			48			184			111			240

Other income (expense) - operating		28			(8	)		(25	)		(20	)		7			20			20			(25	)



Other income (expense)		100			296			(98	)		(202	)		(101	)		396			211			(89	)

Amortization expense of purchased intangibles		70			72			74			69			71			142			142			285

Cigna integration expenses		15			22			22			23			3			37			3			48

Income tax expense		392			384			332			263			291			776			644			1,239



Net income	$	1,793		$	1,892		$	1,311		$	792		$	1,190		$	3,685		$	3,143		$	5,246

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

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

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

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

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


Statement of Operations		Page 2

Chubb Limited

P&C Underwriting Results - Consecutive Quarters

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

(Unaudited)


Chubb Limited P&C Underwriting Results	2Q-23			1Q-23			4Q-22			3Q-22			2Q-22			YTD 2023			YTD 2022			Full Year 2022

P&C underwriting income (Including Corporate and excluding Life Insurance)

Gross premiums written	$	13,538		$	11,645		$	11,158		$	13,663		$	12,437		$	25,183		$	23,322		$	48,143
Net premiums written		10,681			9,417			9,021			10,747			9,731			20,098			18,344			38,112
Net premiums earned		9,743			8,878			9,359			10,286			9,010			18,621			17,205			36,850
Adjusted losses and loss expenses		5,643			5,117			5,734			7,055			5,170			10,760			9,709			22,498
Adjusted policy benefits		137			110			76			108			81			247			174			358
Policy acquisition costs		1,739			1,675			1,676			1,704			1,588			3,414			3,174			6,554
Administrative expenses		799			763			752			709			730			1,562			1,424			2,885

P&C underwriting income	$	1,425		$	1,213		$	1,121		$	710		$	1,441		$	2,638		$	2,724		$	4,555

P&C CAY underwriting income ex Cats	$	1,625		$	1,475		$	1,354		$	1,646		$	1,485		$	3,100		$	2,861		$	5,861

% Change versus prior year period
Net premiums written		9.8%			9.3%			5.9%			8.5%			9.0%			9.6%			8.1%			7.7%
Net premiums earned		8.1%			8.3%			7.5%			9.3%			9.8%			8.2%			8.7%			8.5%

Net premiums written constant $		10.4%			11.0%			9.8%			11.2%			11.0%			10.7%			10.0%			10.3%
Net premiums earned constant $		8.7%			9.8%			11.3%			12.3%			12.0%			9.2%			10.6%			11.2%

P&C combined ratio
Loss and loss expense ratio		59.3%			58.9%			62.1%			69.6%			58.3%			59.1%			57.4%			62.0%
Policy acquisition cost ratio		17.9%			18.8%			17.9%			16.6%			17.6%			18.3%			18.5%			17.8%
Administrative expense ratio		8.2%			8.6%			8.0%			6.9%			8.1%			8.4%			8.3%			7.8%

Combined ratio		85.4%			86.3%			88.0%			93.1%			84.0%			85.8%			84.2%			87.6%


CAY P&C combined ratio ex Cats

CAY loss and loss expense ratio ex Cats		57.4%			55.9%			59.9%			60.6%			57.8%			56.7%			57.1%			58.8%
CAY policy acquisition cost and administrative expense ratio ex Cats		25.9%			27.5%			25.7%			23.4%			25.7%			26.7%			26.4%			25.4%

CAY combined ratio ex Cats		83.3%			83.4%			85.6%			84.0%			83.5%			83.4%			83.5%			84.2%


Other ratios
Net premiums written/gross premiums written		79%			81%			81%			79%			78%			80%			79%			79%

Expense ratio		26.1%			27.4%			25.9%			23.5%			25.7%			26.7%			26.8%			25.6%
Expense ratio excluding A&H		24.3%			25.7%			24.2%			21.6%			24.1%			25.0%			25.1%			23.9%

Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	-		$	-		$	(6	)	$	55		$	-		$	-		$	-		$	49
Catastrophe losses - pre-tax	$	400		$	458		$	394		$	1,213		$	291		$	858		$	624		$	2,231
Favorable prior period development (PPD) - pre-tax	$	(200	)	$	(196	)	$	(167	)	$	(222	)	$	(247	)	$	(396	)	$	(487	)	$	(876	)

Impact of catastrophe losses on P&C combined ratio - Unfavorable		4.1%			5.1%			4.2%			11.3%			3.2%			4.6%			3.6%			5.9%
Impact of PPD on P&C combined ratio - Favorable		-2.0%			-2.2%			-1.8%			-2.2%			-2.7%			-2.2%			-2.9%			-2.5%
Impact of Cats and PPD on P&C combined ratio - Unfavorable		2.1%			2.9%			2.4%			9.1%			0.5%			2.4%			0.7%			3.4%


P&C Results		Page 3

Chubb Limited

Global P&C Underwriting Results - Consecutive Quarters

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

(Unaudited)

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


Global P&C (Including Corporate and excluding Agriculture)	2Q-23			1Q-23			4Q-22			3Q-22			2Q-22			YTD 2023			YTD 2022			Full Year 2022

Global P&C underwriting income
Gross premiums written	$	12,449		$	11,240		$	10,662		$	11,121		$	11,379		$	23,689		$	21,948		$	43,731
Net premiums written		9,914			9,124			8,637			9,024			8,993			19,038			17,544			35,205
Net premiums earned		9,108			8,719			8,738			8,613			8,437			17,827			16,661			34,012
Adjusted losses and loss expenses		5,136			4,977			5,007			5,611			4,692			10,113			9,323			19,941
Adjusted policy benefits		137			110			76			108			81			247			174			358
Policy acquisition costs		1,702			1,660			1,661			1,636			1,557			3,362			3,131			6,428
Administrative expenses		796			760			766			706			728			1,556			1,423			2,895

Global P&C underwriting income	$	1,337		$	1,212		$	1,228		$	552		$	1,379		$	2,549		$	2,610		$	4,390

Global P&C CAY underwriting income ex Cats	$	1,545		$	1,450		$	1,493		$	1,448		$	1,402		$	2,995		$	2,752		$	5,693

% Change versus prior year period
Net premiums written		10.2	%		6.7	%		4.8	%		6.3	%		6.8	%		8.5	%		7.8	%		6.7	%
Net premiums earned		7.9	%		6.0	%		6.2	%		6.7	%		8.2	%		7.0	%		8.8	%		7.6	%

Net premiums written constant $		10.9	%		8.3	%		8.8	%		9.4	%		8.9	%		9.7	%		9.8	%		9.5	%
Net premiums earned constant $		8.6	%		7.5	%		10.2	%		10.2	%		10.5	%		8.0	%		10.8	%		10.5	%

Combined ratio

Loss and loss expense ratio		57.9	%		58.3	%		58.2	%		66.4	%		56.6	%		58.1	%		57.0	%		59.7	%
Policy acquisition cost ratio		18.7	%		19.1	%		19.0	%		19.0	%		18.5	%		18.9	%		18.8	%		18.9	%
Administrative expense ratio		8.7	%		8.7	%		8.7	%		8.2	%		8.6	%		8.7	%		8.5	%		8.5	%

Combined ratio		85.3	%		86.1	%		85.9	%		93.6	%		83.7	%		85.7	%		84.3	%		87.1	%


CAY combined ratio ex Cats

CAY loss and loss expense ratio ex Cats		55.8	%		55.6	%		55.4	%		56.1	%		56.3	%		55.7	%		56.2	%		56.0	%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.3	%		27.8	%		27.5	%		27.1	%		27.1	%		27.5	%		27.3	%		27.3	%

CAY combined ratio ex Cats		83.1	%		83.4	%		82.9	%		83.2	%		83.4	%		83.2	%		83.5	%		83.3	%


Other ratios
Net premiums written/gross premiums written		80	%		81	%		81	%		81	%		79	%		80	%		80	%		81	%

Expense ratio		27.4	%		27.8	%		27.7	%		27.2	%		27.1	%		27.6	%		27.3	%		27.4	%
Expense ratio excluding A&H		25.7	%		26.0	%		26.0	%		25.3	%		25.4	%		25.8	%		25.7	%		25.7	%

Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	-		$	-		$	(6	)	$	55		$	-		$	-		$	-		$	49
Catastrophe losses - pre-tax	$	405		$	434		$	382		$	1,182		$	270		$	839		$	603		$	2,167
Favorable prior period development (PPD) - pre-tax	$	(197	)	$	(196	)	$	(123	)	$	(231	)	$	(247	)	$	(393	)	$	(461	)	$	(815	)

Impact of catastrophe losses on combined ratio - Unfavorable		4.4	%		5.0	%		4.4	%		13.1	%		3.2	%		4.7	%		3.6	%		6.2	%
Impact of PPD on combined ratio - Favorable		-2.2	%		-2.3	%		-1.4	%		-2.7	%		-2.9	%		-2.2	%		-2.8	%		-2.4	%
Impact of Cats and PPD on combined ratio - Unfavorable		2.2	%		2.7	%		3.0	%		10.4	%		0.3	%		2.5	%		0.8	%		3.8	%


Global P&C		Page 4

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)


							As Adjusted
	June 30 2023			March 31 2023			December 31 2022
Assets

Fixed maturities available for sale, at fair value ⁽¹⁾	$	96,789		$	88,364		$	85,220
Fixed maturities held to maturity, at amortized cost ⁽¹⁾		-			8,425			8,848
Equity securities, at fair value		1,043			942			827
Short-term investments, at fair value		4,097			3,693			4,960
Other investments		14,707			14,192			13,696

Total investments		116,636			115,616			113,551

Cash		2,285			2,288			2,012
Securities lending collateral		1,525			1,582			1,523
Insurance and reinsurance balances receivable		14,128			12,340			11,933
Reinsurance recoverable on losses and loss expenses		18,398			18,141			18,859
Deferred policy acquisition costs		6,666			6,296			6,031
Value of business acquired (VOBA)		3,575			3,603			3,702
Prepaid reinsurance premiums		3,599			3,166			3,136
Goodwill and other intangible assets		21,642			21,539			21,669
Investments in partially-owned insurance companies		3,542			3,728			2,507
Separate account assets		5,574			5,300			5,190
Other assets		7,878			7,816			8,904

Total assets	$	205,448		$	201,415		$	199,017


Liabilities
Unpaid losses and loss expenses	$	76,480		$	75,417		$	75,747
Unearned premiums		21,860			20,261			19,713

Future policy benefits		11,064			10,782			10,476

Market risk benefits		722			830			800

Policyholder account balances		3,215			3,178			3,140

Separate account liabilities		5,574			5,300			5,190
Insurance and reinsurance balances payable		8,429			7,778			7,780
Securities lending payable		1,525			1,582			1,523
Accounts payable, accrued expenses, and other liabilities		8,382			8,076			8,567
Deferred tax liabilities		533			541			377
Short-term and long-term debt		14,481			14,375			14,877
Trust preferred securities		308			308			308

Total liabilities		152,573			148,428			148,498

Shareholders’ equity
Total shareholders’ equity, excl. AOCI		62,697			61,882			60,704
Accumulated other comprehensive income (loss) (AOCI)		(9,822	)		(8,895	)		(10,185	)

Total shareholders’ equity		52,875			52,987			50,519

Total liabilities and shareholders’ equity	$	205,448		$	201,415		$	199,017


Book value per common share	$	128.75		$	127.94		$	121.85
% change over prior quarter		0.6%			5.0%			6.1%
Tangible book value per common share	$	78.97		$	78.84		$	72.51
% change over prior quarter		0.2%			8.7%			8.9%

Book value per common share, excl. AOCI	$	152.66		$	149.42		$	146.42
% change over prior quarter		2.2%			2.0%			1.6%
Tangible book value per common share, excl. AOCI	$	101.03		$	98.02		$	94.90
% change over prior quarter		3.1%			3.3%			2.4%

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


Consol Bal Sheet		Page 5

Chubb Limited

Consolidated Net Premiums Written by Product Line

(in millions of U.S. dollars)

(Unaudited)


			As Adjusted								As Adjusted
	2Q-23		2Q-22		% Change		Constant $ % Change		YTD 2023		YTD 2022		% Change		Constant $ % Change
Net premiums written

Commercial multiple peril⁽¹⁾	$	391	$	341		14.3%		14.3%	$	731	$	631		15.8%		15.8%
Commercial casualty		2,024		1,773		14.1%		15.2%		3,927		3,610		8.8%		10.2%
Workers’ compensation		537		546		-1.6%		-1.6%		1,155		1,149		0.5%		0.5%
Financial lines		1,244		1,275		-2.3%		-1.5%		2,400		2,457		-2.3%		-1.0%
Surety		174		172		1.3%		1.1%		334		325		2.8%		2.6%
Property and other short-tail lines		2,346		1,970		19.1%		20.4%		4,371		3,747		16.7%		18.5%

Total Commercial P&C lines		6,716		6,077		10.5%		11.4%		12,918		11,919		8.4%		9.6%

Agriculture		767		738		4.0%		4.0%		1,060		800		32.5%		32.5%

Personal automobile		460		423		8.8%		4.9%		887		835		6.2%		2.9%
Personal homeowners		1,174		1,057		11.1%		11.7%		2,076		1,887		10.0%		10.7%
Personal other		485		460		5.2%		6.6%		992		955		3.8%		6.6%

Total Personal lines		2,119		1,940		9.2%		9.0%		3,955		3,677		7.6%		7.8%

Global A&H - P&C		786		714		10.1%		12.1%		1,595		1,433		11.3%		14.2%

Reinsurance lines		293		262		11.6%		12.4%		570		515		10.6%		11.4%


Total P&C	$	10,681	$	9,731		9.8%		10.4%	$	20,098	$	18,344		9.6%		10.7%


Life Insurance		1,270		562		126.1%		127.6%		2,563		1,138		125.3%		128.1%


Total Consolidated	$	11,951	$	10,293		16.1%		16.8%	$	22,661	$	19,482		16.3%		17.5%

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


Product Line		Page 6

Chubb Limited

Consolidated Results - Three months ended June 30, 2023

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

(Unaudited)


	North America Commercial P&C			North America Personal P&C			North America Agricultural		Overseas General		Global				Total		Life		Total
Q2 2023		Insurance			Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated

Net premiums written		$	5,155		$	1,581	$	767	$	2,885	$	293	$	-	$	10,681	$	1,270	$	11,951
Net premiums earned			4,606			1,357		635		2,908		237		-		9,743		1,256		10,999

Adjusted losses and loss expenses			2,871			846		507		1,267		91		61		5,643		35		5,678
Adjusted policy benefits			-			-		-		137		-		-		137		705		842
Policy acquisition costs			614			277		37		746		65		-		1,739		277		2,016
Administrative expenses			316			84		3		292		9		95		799		170		969


Underwriting income (loss)			805			150		88		466		72		(156)		1,425		69		1,494

Adjusted net investment income			726			86		14		200		48		6		1,080		161		1,241
Other income (expense) - operating			(5)			1		1		10		-		(5)		2		26		28
Amortization expense of purchased intangibles			-			(3)		(7)		(15)		-		(43)		(68)		(2)		(70	)

Segment income (loss)		$	1,526		$	234	$	96	$	661	$	120	$	(198)	$	2,439	$	254	$	2,693

Adjusted interest expense														(170)						(170	)
Income tax expense														(479)						(479	)

Core operating income (loss)														(847)						2,044
Cigna integration expenses, net of $6 million tax benefit														(9)						(9	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $6 million tax expense														(4)						(4	)
Adjusted net realized gains (losses), net of $87 million tax benefit ⁽¹⁾														(231)						(231	)
Market risk benefits gains (losses) ⁽²⁾														(7)						(7	)

Net income (loss)													$	(1,098)					$	1,793


Combined ratio			82.5%			88.9%		86.2%		84.0%		69.6%				85.4%
CAY combined ratio ex Cats			80.7%			80.5%		87.4%		85.2%		76.8%				83.3%

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

(2) Includes $75 million of losses on applicable hedges. These losses are both pre-tax and after-tax.


Consol Results - QTD 2023		Page 7

Chubb Limited

Consolidated Results - Six months ended June 30, 2023

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

(Unaudited)


	North America Commercial P&C			North America Personal P&C			North America Agricultural		Overseas General		Global					Total		Life		Total
YTD 2023		Insurance			Insurance		Insurance		Insurance		Reinsurance		Corporate			P&C		Insurance		Consolidated

Net premiums written		$	9,443		$	2,877	$	1,060	$	6,148	$	570	$	-		$	20,098	$	2,563	$	22,661
Net premiums earned			8,975			2,677		794		5,694		481		-			18,621		2,520		21,141

Adjusted losses and loss expenses			5,600			1,734		647		2,504		203		72			10,760		67		10,827
Adjusted policy benefits			-			-		-		247		-		-			247		1,417		1,664
Policy acquisition costs			1,227			549		52		1,459		127		-			3,414		550		3,964
Administrative expenses			611			163		6		572		18		192			1,562		337		1,899


Underwriting income (loss)			1,537			231		89		912		133		(264	)		2,638		149		2,787

Adjusted net investment income			1,424			168		31		388		97		19			2,127		314		2,441

Other income (expense) - operating			(12)			-		-		19		1		(29	)		(21)		41		20
Amortization expense of purchased intangibles			-			(5)		(13)		(33)		-		(85	)		(136)		(6)		(142	)

Segment income (loss)		$	2,949		$	394	$	107	$	1,286	$	231	$	(359	)	$	4,608	$	498	$	5,106


Adjusted interest expense														(335	)						(335	)
Income tax expense														(885	)						(885	)

Core operating income (loss)														(1,579	)						3,886
Cigna integration expenses, net of $9 million tax benefit														(28	)						(28	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $7 million tax expense														(2	)						(2	)
Adjusted net realized gains (losses), net of $107 million tax benefit⁽¹⁾														(49	)						(49	)
Market risk benefits gains (losses) ⁽²⁾														(122	)						(122	)

Net income (loss)													$	(1,780	)					$	3,685


Combined ratio			82.9%			91.4%		88.8%		84.0%		72.4%					85.8%
CAY combined ratio ex Cats			80.9%			80.5%		86.7%		85.1%		77.6%					83.4%

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

(2) Includes $132 million of losses on applicable hedges. These losses are both pre-tax and after-tax.


Consol Results - YTD 2023		Page 8

Chubb Limited

Consolidated Results - Three months ended June 30, 2022

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

(Unaudited)


															As Adjusted						As Adjusted
Q2 2022	North America Commercial P&C Insurance		North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C			Life Insurance			Total Consolidated

Net premiums written	$	4,665	$	1,426		$	738		$	2,640		$	262		$	-		$	9,731		$	562		$	10,293
Net premiums earned		4,248		1,271			573			2,696			222			-			9,010			539			9,549
Adjusted losses and loss expenses		2,446		773			478			1,143			139			191			5,170			27			5,197
Adjusted policy benefits		-		-			-			81			-			-			81			298			379
Policy acquisition costs		545		258			31			697			57			-			1,588			138			1,726
Administrative expenses		277		73			2			278			10			90			730			88			818

Underwriting income (loss)		980		167			62			497			16			(281	)		1,441			(12	)		1,429

Adjusted net investment income		522		64			7			162			76			10			841			109			950

Other income (expense) - operating		-		(1	)		-			(3	)		(1	)		-			(5	)		12			7
Amortization expense of purchased intangibles		-		(3	)		(6	)		(14	)		-			(45	)		(68	)		(3	)		(71	)

Segment income (loss)	$	1,502	$	227		$	63		$	642		$	91		$	(316	)	$	2,209		$	106		$	2,315

Adjusted interest expense																(139	)								(139	)
Income tax expense																(382	)								(382	)

Core operating income (loss)																(837	)								1,794
Cigna integration expenses, net of $1 million tax benefit																(2	)								(2	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $4 million tax benefit																(5	)								(5	)
Adjusted net realized gains (losses), net of $86 million tax benefit ⁽¹⁾																(564	)								(564	)
Market risk benefits gains (losses) ⁽²⁾																(33	)								(33	)

Net income (loss)															$	(1,441	)							$	1,190


Combined ratio		76.9%		86.9%			89.1%			81.6%			92.8%						84.0%
CAY combined ratio ex Cats		80.8%		79.7%			85.4%			86.2%			80.4%						83.5%

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

(2) Includes $144 million of gains on applicable hedges. These gains are both pre-tax and after-tax.


Consol Results - QTD 2022		Page 9

Chubb Limited

Consolidated Results - Six months ended June 30, 2022

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

(Unaudited)


																As Adjusted						As Adjusted
YTD 2022	North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C			Life Insurance			Total Consolidated

Net premiums written	$	8,704		$	2,606		$	800		$	5,719		$	515		$	-		$	18,344		$	1,138		$	19,482
Net premiums earned		8,362			2,518			544			5,324			457			-			17,205			1,081			18,286
Adjusted losses and loss expenses		4,943			1,486			386			2,439			254			201			9,709			51			9,760
Adjusted policy benefits		-			-			-			174			-			-			174			609			783
Policy acquisition costs		1,118			518			43			1,376			119			-			3,174			271			3,445
Administrative expenses		542			142			1			547			19			173			1,424			172			1,596

Underwriting income (loss)		1,759			372			114			788			65			(374	)		2,724			(22	)		2,702

Adjusted net investment income		1,011			123			14			309			161			21			1,639			212			1,851

Other income (expense) - operating		(6	)		(2	)		-			(5	)		(1	)		(8	)		(22	)		42			20
Amortization expense of purchased intangibles		-			(5	)		(13	)		(28	)		-			(91	)		(137	)		(5	)		(142	)

Segment income (loss)	$	2,764		$	488		$	115		$	1,064		$	225		$	(452	)	$	4,204		$	227		$	4,431

Adjusted interest expense																	(276	)								(276	)
Income tax expense																	(714	)								(714	)

Core operating income (loss)																	(1,442	)								3,441
Cigna integration expenses, net of $1 million tax benefit																	(2	)								(2	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $6 million tax benefit																	(14	)								(14	)
Adjusted net realized gains (losses), net of $63 million tax benefit⁽¹⁾																	(298	)								(298	)
Market risk benefits gains (losses) ⁽²⁾																	16									16

Net income (loss)																$	(1,740	)							$	3,143


Combined ratio		79.0%			85.2%			79.0%			85.2%			85.7%						84.2%
CAY combined ratio ex Cats		81.2%			79.7%			84.3%			85.8%			80.1%						83.5%

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

(2) Year to date includes $186 million of gains on applicable hedges. These gains are both pre-tax and after-tax.


Consol Results - YTD 2022		Page 10

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Commercial P&C Insurance


	2Q-23			1Q-23			4Q-22			3Q-22			2Q-22			YTD 2023			YTD 2022			Full Year 2022

Gross premiums written	$	6,611		$	5,316		$	5,718		$	5,937		$	6,078		$	11,927		$	11,210		$	22,865
Net premiums written		5,155			4,288			4,463			4,722			4,665			9,443			8,704			17,889
Net premiums earned		4,606			4,369			4,462			4,283			4,248			8,975			8,362			17,107
Losses and loss expenses		2,871			2,729			2,849			3,036			2,446			5,600			4,943			10,828
Policy acquisition costs		614			613			612			583			545			1,227			1,118			2,313
Administrative expenses		316			295			299			272			277			611			542			1,113

Underwriting income		805			732			702			392			980			1,537			1,759			2,853
Adjusted net investment income		726			698			647			589			522			1,424			1,011			2,247
Other income (expense) - operating		(5	)		(7	)		(5	)		(6	)		-			(12	)		(6	)		(17	)

Segment income	$	1,526		$	1,423		$	1,344		$	975		$	1,502		$	2,949		$	2,764		$	5,083

CAY underwriting income ex Cats	$	890		$	822		$	859		$	824		$	817		$	1,712		$	1,569		$	3,252

Combined ratio
Loss and loss expense ratio		62.3%			62.5%			63.8%			70.9%			57.6%			62.4%			59.1%			63.3%
Policy acquisition cost ratio		13.3%			14.0%			13.8%			13.6%			12.8%			13.7%			13.4%			13.5%
Administrative expense ratio		6.9%			6.7%			6.7%			6.4%			6.5%			6.8%			6.5%			6.5%

Combined ratio		82.5%			83.2%			84.3%			90.9%			76.9%			82.9%			79.0%			83.3%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		60.7%			60.5%			60.8%			61.5%			61.4%			60.6%			61.5%			61.3%
CAY policy acquisition cost and administrative expense ratio ex Cats ⁽¹⁾		20.0%			20.7%			20.0%			19.6%			19.4%			20.3%			19.7%			19.8%

CAY combined ratio ex Cats		80.7%			81.2%			80.8%			81.1%			80.8%			80.9%			81.2%			81.1%


Catastrophe reinstatement premiums expensed - pre-tax	$	-		$	-		$	(1	)	$	-		$	-		$	-		$	-		$	(1	)
Catastrophe losses - pre-tax	$	231		$	162		$	157		$	598		$	124		$	393		$	205		$	960
Favorable prior period development (PPD) - pre-tax	$	(146	)	$	(72	)	$	(1	)	$	(166	)	$	(287	)	$	(218	)	$	(395	)	$	(562	)

% Change versus prior year period
Net premiums written		10.5%			6.2%			8.9%			8.1%			8.9%			8.5%			9.5%			9.0%
Net premiums earned		8.4%			6.2%			10.7%			8.3%			11.7%			7.3%			11.8%			10.6%

Other ratios
Net premiums written/gross premiums written		78%			81%			78%			80%			77%			79%			78%			78%

Production by Size - Net premiums written ⁽²⁾
Major Accounts & Specialty	$	3,307		$	2,483		$	2,682		$	2,869		$	2,895		$	5,790		$	5,231		$	10,782
Commercial		1,848			1,805			1,781			1,853			1,770			3,653			3,473			7,107

Total	$	5,155		$	4,288		$	4,463		$	4,722		$	4,665		$	9,443		$	8,704		$	17,889

(1) Q2 and YTD 2023 includes the adverse impact of 0.4 for both periods, reflecting higher year-over-year pension expenses from unfavorable market conditions.

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


NA Commercial		Page 11

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Personal P&C Insurance


	2Q-23			1Q-23			4Q-22			3Q-22			2Q-22			YTD 2023			YTD 2022			Full Year 2022

Gross premiums written	$	1,811		$	1,483		$	1,515		$	1,575		$	1,626		$	3,294		$	2,976		$	6,066
Net premiums written		1,581			1,296			1,315			1,392			1,426			2,877			2,606			5,313
Net premiums earned		1,357			1,320			1,328			1,334			1,271			2,677			2,518			5,180
Losses and loss expenses		846			888			843			857			773			1,734			1,486			3,186
Policy acquisition costs		277			272			265			274			258			549			518			1,057
Administrative expenses		84			79			78			71			73			163			142			291

Underwriting income		150			81			142			132			167			231			372			646
Net investment income		86			82			84			76			64			168			123			283
Other income (expense) - operating		1			(1	)		(1	)		(1	)		(1	)		-			(2	)		(4	)
Amortization expense of purchased intangibles		(3	)		(2	)		(3	)		(2	)		(3	)		(5	)		(5	)		(10	)

Segment income	$	234		$	160		$	222		$	205		$	227		$	394		$	488		$	915

CAY underwriting income ex Cats	$	264		$	257		$	305		$	273		$	259		$	521		$	513		$	1,091

Combined ratio
Loss and loss expense ratio		62.4%			67.3%			63.5%			64.2%			60.8%			64.8%			59.0%			61.5%
Policy acquisition cost ratio		20.4%			20.6%			19.9%			20.6%			20.3%			20.5%			20.5%			20.4%
Administrative expense ratio		6.1%			6.0%			5.9%			5.3%			5.8%			6.1%			5.7%			5.6%

Combined ratio		88.9%			93.9%			89.3%			90.1%			86.9%			91.4%			85.2%			87.5%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		54.0%			53.9%			51.3%			53.6%			53.6%			53.9%			53.4%			52.9%
CAY policy acquisition cost and administrative expense ratio ex Cats ⁽¹⁾		26.5%			26.7%			25.8%			25.9%			26.1%			26.6%			26.3%			26.0%

CAY combined ratio ex Cats		80.5%			80.6%			77.1%			79.5%			79.7%			80.5%			79.7%			78.9%


Catastrophe reinstatement premiums expensed - pre-tax	$	-		$	-		$	(2	)	$	-		$	-		$	-		$	-		$	(2	)
Catastrophe losses - pre-tax	$	147		$	159		$	160		$	274		$	95		$	306		$	195		$	629
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(33	)	$	17		$	1		$	(133	)	$	(3	)	$	(16	)	$	(54	)	$	(186	)

% Change versus prior year period
Net premiums written		10.8%			9.9%			5.9%			7.1%			4.7%			10.4%			5.9%			6.2%
Net premiums earned		6.7%			5.9%			5.1%			7.2%			3.9%			6.3%			4.6%			5.4%

Other ratios
Net premiums written/gross premiums written		87%			87%			87%			88%			88%			87%			88%			88%

(1) Q2 and YTD 2023 includes the adverse impact of 0.5 for both periods reflecting higher year-over-year pension expenses from unfavorable market conditions.


NA Personal		Page 12

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Agricultural Insurance


	2Q-23			1Q-23			4Q-22			3Q-22			2Q-22			YTD 2023			YTD 2022			Full Year 2022

Gross premiums written	$	1,089		$	405		$	496		$	2,542		$	1,058		$	1,494		$	1,374		$	4,412
Net premiums written		767			293			384			1,723			738			1,060			800			2,907
Net premiums earned		635			159			621			1,673			573			794			544			2,838
Adjusted losses and loss expenses		507			140			727			1,444			478			647			386			2,557
Policy acquisition costs		37			15			15			68			31			52			43			126
Administrative expenses		3			3			(14	)		3			2			6			1			(10	)

Underwriting income (loss)		88			1			(107	)		158			62			89			114			165
Net investment income		14			17			13			9			7			31			14			36
Other income (expense) - operating		1			(1	)		-			(1	)		-			-			-			(1	)
Amortization expense of purchased intangibles		(7	)		(6	)		(6	)		(7	)		(6	)		(13	)		(13	)		(26	)

Segment income (loss)	$	96		$	11		$	(100	)	$	159		$	63		$	107		$	115		$	174

CAY underwriting income (loss) ex Cats	$	80		$	25		$	(139	)	$	198		$	83		$	105		$	109		$	168

Combined ratio
Loss and loss expense ratio		79.7%			88.5%			117.1%			86.3%			83.3%			81.5%			70.9%			90.1%
Policy acquisition cost ratio		5.9%			9.3%			2.4%			4.1%			5.4%			6.6%			8.0%			4.4%
Administrative expense ratio		0.6%			1.4%			-2.3%			0.2%			0.4%			0.7%			0.1%			-0.3%

Combined ratio		86.2%			99.2%			117.2%			90.6%			89.1%			88.8%			79.0%			94.2%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		80.9%			73.1%			122.0%			84.0%			79.6%			79.4%			77.9%			90.5%
CAY policy acquisition cost and administrative expense ratio ex Cats		6.5%			10.8%			0.1%			4.2%			5.8%			7.3%			6.4%			3.9%

CAY combined ratio ex Cats		87.4%			83.9%			122.1%			88.2%			85.4%			86.7%			84.3%			94.4%

Unfavorable (favorable) Catastrophe losses - pre-tax	$	(5	)	$	24		$	12		$	31		$	21		$	19		$	21		$	64
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(3	)	$	-		$	(44	)	$	9		$	-		$	(3	)	$	(26	)	$	(61	)

% Change versus prior year period
Net premiums written		4.0%			NM			37.9%			21.8%			44.0%			32.5%			15.1%			21.7%
Net premiums earned		11.0%			NM			29.5%			25.0%			39.6%			46.0%			4.6%			21.4%

Other ratios
Net premiums written/gross premiums written		70%			72%			77%			68%			70%			71%			58%			66%


NA Agriculture		Page 13

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)


Overseas General Insurance

	2Q-23			1Q-23			4Q-22			3Q-22			2Q-22			YTD 2023			YTD 2022			Full Year 2022

Gross premiums written	$	3,677		$	4,131		$	3,249		$	3,313		$	3,345		$	7,808		$	7,143		$	13,705
Net premiums written		2,885			3,263			2,696			2,645			2,640			6,148			5,719			11,060
Net premiums earned		2,908			2,786			2,738			2,741			2,696			5,694			5,324			10,803
Losses and loss expenses		1,267			1,237			1,122			1,333			1,143			2,504			2,439			4,894
Adjusted policy benefits		137			110			76			108			81			247			174			358
Policy acquisition costs		746			713			722			720			697			1,459			1,376			2,818
Administrative expenses		292			280			259			264			278			572			547			1,070

Underwriting income		466			446			559			316			497			912			788			1,663
Adjusted net investment income		200			188			166			151			162			388			309			626
Other income (expense) - operating		10			9			1			2			(3	)		19			(5	)		(2	)
Amortization expense of purchased intangibles		(15	)		(18	)		(17	)		(12	)		(14	)		(33	)		(28	)		(57	)

Segment income	$	661		$	625		$	709		$	457		$	642		$	1,286		$	1,064		$	2,230

CAY underwriting income ex Cats	$	431		$	416		$	416		$	409		$	373		$	847		$	755		$	1,580

Combined ratio
Loss and loss expense ratio		48.3%			48.4%			43.7%			52.6%			45.4%			48.3%			49.1%			48.6%
Policy acquisition cost ratio		25.7%			25.6%			26.4%			26.3%			25.9%			25.6%			25.8%			26.1%
Administrative expense ratio		10.0%			10.0%			9.5%			9.6%			10.3%			10.1%			10.3%			9.9%

Combined ratio		84.0%			84.0%			79.6%			88.5%			81.6%			84.0%			85.2%			84.6%


CAY combined ratio ex Cats

CAY loss and loss expense ratio ex Cats		49.5%			49.4%			49.0%			49.2%			50.0%			49.5%			49.7%			49.4%
CAY policy acquisition cost and administrative expense ratio ex Cats		35.7%			35.7%			35.8%			35.9%			36.2%			35.6%			36.1%			36.0%

CAY combined ratio ex Cats		85.2%			85.1%			84.8%			85.1%			86.2%			85.1%			85.8%			85.4%


Catastrophe reinstatement premiums expensed - pre-tax	$	-		$	-		$	(3	)	$	-		$	-		$	-		$	-		$	(3	)
Catastrophe losses - pre-tax	$	26		$	113		$	64		$	98		$	49		$	139		$	200		$	362
Favorable prior period development (PPD) - pre-tax	$	(61	)	$	(143	)	$	(210	)	$	(5	)	$	(173	)	$	(204	)	$	(233	)	$	(448	)

% Change versus prior year period
Net premiums written		9.3%			6.0%			-1.3%			1.9%			5.7%			7.5%			6.2%			3.2%
Net premiums written - Commercial		9.2%			6.2%			-0.9%			2.5%			7.0%			7.6%			7.9%			4.3%
Net premiums written - Consumer		9.3%			5.6%			-2.0%			1.1%			3.9%			7.4%			3.4%			1.5%
Net premiums earned		7.9%			6.0%			0.6%			2.9%			4.6%			7.0%			5.3%			3.5%

Net premiums written constant $		10.9%			10.0%			9.7%			11.7%			12.4%			10.4%			12.1%			11.4%
Net premiums written - Commercial		11.9%			10.8%			9.4%			11.0%			13.0%			11.3%			13.3%			11.8%
Net premiums written - Consumer		9.5%			8.6%			10.3%			12.7%			11.6%			9.0%			10.2%			10.8%
Net premiums earned constant $		9.2%			9.9%			12.0%			13.1%			11.1%			9.5%			11.1%			11.8%

Other ratios: Net premiums written/gross premiums written		78%			79%			83%			80%			79%			79%			80%			81%

Production by Region - Net premiums written	2Q-23			2Q-22			% Change			Constant $ % Change			YTD 2023			YTD 2022			% Change			Constant $ % Change
Europe, Middle East and Africa	$	1,307		$	1,203			8.7%			10.5%		$	3,028		$	2,857			6.0%			10.3%
Latin America		613			549			11.7%			7.3%			1,274			1,154			10.4%			6.2%
Asia Pacific		772			690			12.0%			17.4%			1,505			1,333			13.0%			18.0%
Japan		142			143			-1.2%			5.9%			247			258			-4.3%			6.4%
Other⁽¹⁾		51			55			-9.1%			-7.1%			94			117			-20.1%			-17.8%

Total	$	2,885		$	2,640			9.3%			10.9%		$	6,148		$	5,719			7.5%			10.4%

(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
	2Q-23			1Q-23			4Q-22		3Q-22			2Q-22			YTD 2023			YTD 2022			Full Year 2022

Gross premiums written	$	350		$	310		$	180	$	296		$	330		$	660		$	619		$	1,095
Net premiums written		293			277			163		265			262			570			515			943
Net premiums earned		237			244			210		255			222			481			457			922
Losses and loss expenses		91			112			105		311			139			203			254			670
Policy acquisition costs		65			62			62		59			57			127			119			240
Administrative expenses		9			9			9		8			10			18			19			36

Underwriting income (loss)		72			61			34		(123	)		16			133			65			(24	)
Adjusted net investment income		48			49			49		71			76			97			161			281
Other income (expense) - operating		-			1			-		-			(1	)		1			(1	)		(1	)

Segment income (loss)	$	120		$	111		$	83	$	(52	)	$	91		$	231		$	225		$	256

CAY underwriting income ex Cats	$	56		$	53		$	35	$	34		$	43		$	109		$	90		$	159

Combined ratio
Loss and loss expense ratio		38.7%			45.7%			49.6%		122.1%			62.6%			42.3%			55.5%			72.6%
Policy acquisition cost ratio		27.0%			25.6%			29.8%		22.9%			25.6%			26.3%			26.1%			26.1%
Administrative expense ratio		3.9%			3.8%			4.2%		3.4%			4.6%			3.8%			4.1%			3.9%

Combined ratio		69.6%			75.1%			83.6%		148.4%			92.8%			72.4%			85.7%			102.6%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		46.7%			49.0%			49.5%		49.6%			49.7%			47.8%			49.8%			49.7%
CAY policy acquisition cost and administrative expense ratio ex Cats		30.1%			29.4%			33.6%		33.4%			30.7%			29.8%			30.3%			31.8%

CAY combined ratio ex Cats		76.8%			78.4%			83.1%		83.0%			80.4%			77.6%			80.1%			81.5%


Catastrophe reinstatement premiums collected - pre-tax	$	-		$	-		$	-	$	55		$	-		$	-		$	-		$	55
Catastrophe losses - pre-tax	$	1		$	-		$	1	$	212		$	2		$	1		$	3		$	216
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(17	)	$	(8	)	$	-	$	-		$	25		$	(25	)	$	22		$	22

% Change versus prior year period
Net premiums written as reported		11.6%			9.4%			-4.6%		19.5%			-4.0%			10.6%			7.2%			8.0%
Net premiums earned as reported		6.7%			3.9%			-2.1%		20.9%			15.2%			5.3%			22.7%			15.6%

Net premiums written constant $		12.4%			10.4%			-2.0%		21.8%			-3.2%			11.4%			7.9%			9.5%
Net premiums earned constant $		7.0%			5.0%			0.5%		23.9%			17.2%			6.0%			24.4%			17.9%

Other ratios
Net premiums written/gross premiums written		84%			89%			91%		89%			80%			86%			83%			86%


Global Reinsurance		Page 15

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)


							As Adjusted												As Adjusted
Life Insurance																YTD			YTD			Full Year
	2Q-23			1Q-23			4Q-22			3Q-22			2Q-22			2023			2022			2022

Gross premiums written	$	1,342		$	1,359		$	1,282		$	1,343		$	601		$	2,701		$	1,210		$	3,835

Net premiums written		1,270			1,293			1,205			1,265			562			2,563			1,138			3,608

Net premiums earned		1,256			1,264			1,185			1,244			539			2,520			1,081			3,510

Losses and loss expenses		35			32			7			27			27			67			51			85

Adjusted policy benefits		705			712			723			666			298			1,417			609			1,998

Policy acquisition costs		277			273			248			266			138			550			271			785

Administrative expenses		170			167			164			174			88			337			172			510

Adjusted net investment income		161			153			150			147			109			314			212			509

Other income (expense) - operating		26			15			(8	)		(4	)		12			41			42			30

Amortization expense of purchased intangibles		(2	)		(4	)		(3	)		(2	)		(3	)		(6	)		(5	)		(10	)

Segment income	$	254		$	244		$	182		$	252		$	106		$	498		$	227		$	661


% Change versus prior year period

Net premiums written		126.1%			124.4%			93.9%			111.0%			-7.1%			125.3%			-6.4%			48.1%

Net premiums earned		132.9%			133.1%			98.0%			115.6%			-7.2%			133.0%			-7.0%			50.1%

Net premiums written constant $		127.6%			128.7%			102.9%			119.8%			-4.7%			128.1%			-4.1%			53.1%

Net premiums earned constant $		134.5%			137.2%			106.7%			124.4%			-4.8%			135.8%			-4.7%			55.2%

International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses):

																As Adjusted
				As Adjusted						Constant $			YTD			YTD						Constant $
	2Q-23			2Q-22			% Change			% Change			2023			2022			% Change			% Change

International life insurance net premiums written	$	1,029		$	308			234.5%			235.2%		$	2,074		$	617			236.1%			240.8%

International life insurance deposits ^{(1) (2)}		400			427			-6.6%			-2.0%			709			984			-27.9%			-22.8%


Total international life insurance net premiums written and deposits	$	1,429		$	735			94.3%			99.9%		$	2,783		$	1,601			73.8%			82.2%




International life insurance segment income	$	207		$	42			NM			NM		$	405		$	103			294.8%			308.9%

(1) 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.

(2) Q2 2023 includes a one-time true-up of $27 million. Excluding the one-time true-up, deposits for Q2 decreased 13.0%, or 8.7% on a constant dollar basis.


Life Insurance		Page 16

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)


							As Adjusted												As Adjusted
Corporate
	2Q-23			1Q-23			4Q-22			3Q-22			2Q-22			YTD 2023			YTD 2022			Full Year 2022

Gross premiums written	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Net premiums written		-			-			-			-			-			-			-			-
Net premiums earned		-			-			-			-			-			-			-			-
Loss and loss expenses ⁽¹⁾		61			11			88			74			191			72			201			363
Policy acquisition costs		-			-			-			-			-			-			-			-
Administrative expenses		95			97			121			91			90			192			173			385

Underwriting loss		(156	)		(108	)		(209	)		(165	)		(281	)		(264	)		(374	)		(748	)

Adjusted net investment income		6			13			9			11			10			19			21			41

Other income (expense) - operating		(5	)		(24	)		(12	)		(10	)		-			(29	)		(8	)		(30	)

Adjusted interest expense		(170	)		(165	)		(159	)		(156	)		(139	)		(335	)		(276	)		(591	)
Amortization expense of purchased intangibles		(43	)		(42	)		(45	)		(46	)		(45	)		(85	)		(91	)		(182	)
Income tax expense		(479	)		(406	)		(350	)		(316	)		(382	)		(885	)		(714	)		(1,380	)

Core operating loss		(847	)		(732	)		(766	)		(682	)		(837	)		(1,579	)		(1,442	)		(2,890	)
Cigna integration expenses, net of tax		(9	)		(19	)		(18	)		(18	)		(2	)		(28	)		(2	)		(38	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(4	)		2			(6	)		1			(5	)		(2	)		(14	)		(19	)

Adjusted net realized gains (losses), net of tax		(231	)		182			(334	)		(574	)		(564	)		(49	)		(298	)		(1,206	)
Market risk benefits gains (losses), net of tax		(7	)		(115	)		(5	)		69			(33	)		(122	)		16			80

Net loss	$	(1,098	)	$	(682	)	$	(1,129	)	$	(1,204	)	$	(1,441	)	$	(1,780	)	$	(1,740	)	$	(4,073	)


Unfavorable prior period development (PPD) - pre-tax ⁽¹⁾	$	60		$	10		$	87		$	73		$	191		$	70		$	199		$	359

(1) Q2 2023 includes $49 million of net unfavorable PPD for molestation claims, compared with $155 million prior year for molestation claims related to reviver statute.


Corporate		Page 17

Chubb Limited

Loss Reserve Rollforward

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

(Unaudited)


	Unpaid Losses									Net Paid to

	Gross			Ceded			Net			Incurred Ratio

Balance at December 31, 2021	$	72,330		$	16,132		$	56,198
Losses and loss expenses incurred		5,991			1,427			4,564
Losses and loss expenses paid		(5,071	)		(909	)		(4,162	)		91%
Other (incl. foreign exch. revaluation)		(54	)		(57	)		3

Balance at March 31, 2022	$	73,196		$	16,593		$	56,603
Losses and loss expenses incurred		6,485			1,279			5,206
Losses and loss expenses paid		(5,445	)		(1,160	)		(4,285	)		82%
Other (incl. foreign exch. revaluation)		(788	)		(208	)		(580	)

Balance at June 30, 2022	$	73,448		$	16,504		$	56,944
Losses and loss expenses incurred		9,602			2,539			7,063
Losses and loss expenses paid		(6,769	)		(1,488	)		(5,281	)		75%
Other (incl. foreign exch. revaluation)		(945	)		(242	)		(703	)

Balance at September 30, 2022	$	75,336		$	17,313		$	58,023
Losses and loss expenses incurred		7,346			1,607			5,739
Losses and loss expenses paid		(7,885	)		(2,076	)		(5,809	)		101%
Other (incl. foreign exch. revaluation)		950			242			708

Balance at December 31, 2022	$	75,747		$	17,086		$	58,661
Losses and loss expenses incurred		6,306			1,158			5,148
Losses and loss expenses paid		(6,315	)		(1,599	)		(4,716	)		92%
Other (incl. foreign exch. revaluation)		(321	)		(125	)		(196	)

Balance at March 31, 2023	$	75,417		$	16,520		$	58,897
Losses and loss expenses incurred		7,174			1,491			5,683
Losses and loss expenses paid		(6,595	)		(1,520	)		(5,075	)		89%
Other (incl. foreign exch. revaluation)		484			117			367

Balance at June 30, 2023	$	76,480		$	16,608		$	59,872
Add net recoverable on paid losses		-			1,790			(1,790	)

Balance including net recoverable on paid losses	$	76,480		$	18,398		$	58,082

*2021 and 2022 financial data are adjusted for LDTI.


Loss Reserve Rollforward		Page 18

Chubb Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)


Net Reinsurance Recoverable by Division							As Adjusted
	June 30			March 31			December 31
	2023			2023			2022
Reinsurance recoverable on paid losses and loss expenses

Active operations	$	1,382		$	1,350		$	1,545

Brandywine and Other Run-off		463			328			290


Total	$	1,845		$	1,678		$	1,835


Reinsurance recoverable on unpaid losses and loss expenses

Active operations	$	15,779		$	15,541		$	16,025

Brandywine and Other Run-off		1,135			1,273			1,350


Total	$	16,914		$	16,814		$	17,375


Gross reinsurance recoverable

Active operations	$	17,161		$	16,891		$	17,570

Brandywine and Other Run-off		1,598			1,601			1,640


Total	$	18,759		$	18,492		$	19,210


Provision for uncollectible reinsurance ⁽¹⁾

Active operations	$	(235	)	$	(228	)	$	(223	)

Brandywine and Other Run-off		(126	)		(123	)		(128	)


Total	$	(361	)	$	(351	)	$	(351	)


Net reinsurance recoverable

Active operations	$	16,926		$	16,663		$	17,347

Brandywine and Other Run-off		1,472			1,478			1,512


Total	$	18,398		$	18,141		$	18,859

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


Reinsurance Recoverable		Page 19

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)


	June 30			March 31			December 31
	2023			2023			2022
Market Value

Fixed maturities available for sale ⁽¹⁾	$	96,789		$	88,364		$	85,220

Fixed maturities held to maturity ⁽¹⁾		-			8,109			8,439

Short-term investments		4,097			3,693			4,960


Total fixed maturities	$	100,886		$	100,166		$	98,619


Asset Allocation by Market Value

U.S. Treasury / Agency	$	3,744	4%	$	4,019	4%	$	3,996	4%

Corporate and asset-backed securities		40,177	40%		40,036	40%		38,535	40%

Mortgage-backed securities		17,972	18%		17,384	17%		17,202	17%

Municipal		5,194	5%		6,606	7%		6,964	7%

Non-U.S.		29,702	29%		28,428	28%		26,962	27%

Short-term investments		4,097	4%		3,693	4%		4,960	5%


Total fixed maturities	$	100,886	100%	$	100,166	100%	$	98,619	100%


Credit Quality by Market Value

AAA	$	13,916	14%	$	13,679	14%	$	14,779	15%

AA		31,109	31%		31,505	32%		31,195	32%

A		19,233	19%		18,971	19%		18,366	19%

BBB		18,040	18%		17,837	18%		16,802	17%

BB		9,882	9%		9,245	9%		8,722	9%

B		8,191	8%		8,465	8%		8,347	8%

Other		515	1%		464	0%		408	0%


Total fixed maturities	$	100,886	100%	$	100,166	100%	$	98,619	100%


Cost/Amortized Cost, net

Fixed maturities available for sale	$	104,031		$	94,541		$	93,186

Fixed maturities held to maturity		-			8,425			8,848

Short-term investments		4,099			3,695			4,962


Subtotal fixed maturities ⁽²⁾		108,130			106,661			106,996

Equity securities		1,043			942			827

Other investments		14,707			14,192			13,696


Total investment portfolio	$	123,880		$	121,795		$	121,519


Avg. duration of fixed maturities		4.6 years			4.7 years			4.5 years

Avg. market yield of fixed maturities		5.8%			5.5%			5.6%

Avg. credit quality		A/A			A/A			A/A

Avg. yield on invested assets⁽³⁾		4.0%			3.8%			3.6%

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

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

(3) Calculated using adjusted net investment income.


Investments		Page 20

Chubb Limited

Investment Portfolio - 2

(in millions of U.S. dollars)

(Unaudited)

Mortgage-backed Fixed Income Portfolio

Mortgage-backed securities


	S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total

Market Value at June 30, 2023

Agency residential mortgage-backed securities (RMBS)	$	7	$	15,051	$	-	$	-	$	-	$	15,058

Non-agency RMBS		576		51		48		28		7		710

Commercial mortgage-backed securities		1,890		173		128		13		-		2,204


Total mortgage-backed securities at market value	$	2,473	$	15,275	$	176	$	41	$	7	$	17,972

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



Market Value at June 30, 2023	S&P Credit Rating
	Investment Grade
	AAA		AA		A		BBB		Total


Asset-backed	$	4,758	$	903	$	61	$	59	$	5,781

Banks		-		1		2,539		1,868		4,408

Basic Materials		-		-		92		266		358

Communications		-		197		375		1,271		1,843

Consumer, Cyclical		-		137		487		768		1,392

Consumer, Non-Cyclical		37		452		1,839		1,622		3,950

Diversified Financial Services		1		131		432		392		956

Energy		-		69		249		911		1,229

Industrial		-		10		765		854		1,629

Utilities		137		2		951		786		1,876

All Others		143		342		1,530		1,912		3,927



Total	$	5,076	$	2,244	$	9,320	$	10,709	$	27,349


Market Value at June 30, 2023			S&P Credit Rating
			Below Investment Grade
			BB		B		CCC		Total

Asset-backed			$	23	$	35	$	1	$	59
Banks				-		-		-		-
Basic Materials				353		211		29		593
Communications				735		862		73		1,670
Consumer, Cyclical				1,235		1,186		30		2,451
Consumer, Non-Cyclical				1,095		1,242		64		2,401
Diversified Financial Services				224		240		9		473
Energy				692		367		2		1,061
Industrial				798		824		38		1,660
Utilities				213		111		-		324
All Others				966		1,118		52		2,136

Total			$	6,334	$	6,196	$	298	$	12,828


Investments 2		Page 21

Chubb Limited

Investment Portfolio - 3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

June 30, 2023


Non-U.S. Government Securities	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total

Republic of Korea	$	-	$	1,681	$	-	$	-	$	-	$	1,681

Taiwan		-		987		-		-		-		987

Canada		945		-		-		-		-		945

Federative Republic of Brazil		-		-		-		-		649		649

United Mexican States		-		-		-		610		-		610

Province of Ontario		-		-		589		-		-		589

Kingdom of Thailand		-		-		548		-		-		548

Socialist Republic of Vietnam		-		-		-		-		496		496

Commonwealth of Australia		464		-		-		-		-		464

United Kingdom		-		401		-		-		-		401

Other Non-U.S. Government Securities		484		2,046		922		769		866		5,087


Total	$	1,893	$	5,115	$	2,059	$	1,379	$	2,011	$	12,457


Non-U.S. Corporate Securities	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total

United Kingdom	$	39	$	28	$	836	$	976	$	530	$	2,409

Canada		98		91		791		580		397		1,957

South Korea		-		501		406		542		7		1,456

United States ⁽¹⁾		-		15		210		318		764		1,307

France		5		40		687		389		106		1,227

Australia		65		246		317		381		19		1,028

Japan		-		-		600		133		16		749

Netherlands		51		-		288		88		122		549

Germany		56		34		120		255		51		516

Switzerland		54		16		397		6		15		488

Other Non-U.S. Corporate Securities		241		414		1,562		1,951		1,391		5,559


Total	$	609	$	1,385	$	6,214	$	5,619	$	3,418	$	17,245

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


Investments 3		Page 22

Chubb Limited

Investment Portfolio - 4

(in millions of U.S. dollars)

(Unaudited)

Fixed Maturity Investment Portfolio

Top 10 Global Corporate Exposures


	June 30, 2023	Market Value		Rating

1	Bank of America Corp	$	762	A-

2	JP Morgan Chase & Co		664	A-

3	Morgan Stanley		663	A-

4	Wells Fargo & Co		588	BBB+

5	Citigroup Inc		515	BBB+

6	Goldman Sachs Group Inc		512	BBB+

7	UBS Group AG		386	A-

8	HSBC Holdings Plc		375	A-

9	Verizon Communications Inc		364	BBB+

10	AT&T Inc		363	BBB


Investments 4		Page 23

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)


	Three months ended June 30, 2023

	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains			Gains			Tax			Gains			Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax

Fixed income investments ⁽¹⁾	$	(162	)	$	33		$	(129	)	$	(1,194	)	$	44		$	(1,150	)	$	(1,356	)	$	77		$	(1,279	)
Public equity:
Realized gains (losses) on sales		2			(1	)		1			-			-			-			2			(1	)		1
Mark-to-market		26			(3	)		23			-			-			-			26			(3	)		23
Private equity: Mark-to-market		17			12			29			-			-			-			17			12			29

Total investment portfolio		(117	)		41			(76	)		(1,194	)		44			(1,150	)		(1,311	)		85			(1,226	)
Foreign exchange		(186	)		44			(142	)		215			1			216			29			45			74
Partially-owned entities ⁽²⁾		(6	)		1			(5	)		-			-			-			(6	)		1			(5	)
Current discount rate on future policy benefits		-			-			-			(35	)		(7	)		(42	)		(35	)		(7	)		(42	)
Instrument-specific credit risk - market risk benefits		-			-			-			11			-			11			11			-			11
Other		(9	)		1			(8	)		48			(10	)		38			39			(9	)		30

Net gains (losses)	$	(318	)	$	87		$	(231	)	$	(955	)	$	28		$	(927	)	$	(1,273	)	$	115		$	(1,158	)

(1) The quarter includes pre-tax realized losses on investment derivatives of $55 million, a net decrease of the valuation allowance of expected credit losses of $8 million, and impairments of $19 million for fixed maturities.

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


	As Adjusted
	Three months ended June 30, 2022

	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains			Gains			Tax			Gains			Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax

Fixed income investments ⁽³⁾	$	(523	)	$	101		$	(422	)	$	(4,344	)	$	215		$	(4,129	)	$	(4,867	)	$	316		$	(4,551	)
Public equity:
Realized gains (losses) on sales		163			(34	)		129			-			-			-			163			(34	)		129
Mark-to-market		(426	)		81			(345	)		-			-			-			(426	)		81			(345	)
Private equity: Mark-to-market		(130	)		(14	)		(144	)		-			-			-			(130	)		(14	)		(144	)

Total investment portfolio		(916	)		134			(782	)		(4,344	)		215			(4,129	)		(5,260	)		349			(4,911	)
Foreign exchange		270			(48	)		222			(756	)		31			(725	)		(486	)		(17	)		(503	)
Partially-owned entities ⁽⁴⁾		(4	)		-			(4	)		-			-			-			(4	)		-			(4	)
Current discount rate on future policy benefits		-			-			-			632			(62	)		570			632			(62	)		570
Instrument-specific credit risk - market risk benefits		-			-			-			17			-			17			17			-			17
Other		-			-			-			5			(1	)		4			5			(1	)		4

Net gains (losses)	$	(650	)	$	86		$	(564	)	$	(4,446	)	$	183		$	(4,263	)	$	(5,096	)	$	269		$	(4,827	)

(3) 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 $51 million, and impairments of $53 million for fixed maturities.

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


Net Gains (Losses)		Page 24

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)


	Six months ended June 30, 2023

	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains			Gains			Tax			Gains			Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax

Fixed income investments ⁽¹⁾	$	(388	)	$	59		$	(329	)	$	592		$	(122	)	$	470		$	204		$	(63	)	$	141
Public equity:
Realized gains (losses) on sales		(3	)		-			(3	)		-			-			-			(3	)		-			(3	)
Mark-to-market		42			(5	)		37			-			-			-			42			(5	)		37
Private equity: Mark-to-market		274			23			297			-			-			-			274			23			297

Total investment portfolio		(75	)		77			2			592			(122	)		470			517			(45	)		472
Foreign exchange		(55	)		26			(29	)		38			8			46			(17	)		34			17
Partially-owned entities ⁽²⁾		(10	)		1			(9	)		-			-			-			(10	)		1			(9	)
Current discount rate on future policy benefits		-			-			-			(186	)		14			(172	)		(186	)		14			(172	)
Instrument-specific credit risk - market risk benefits		-			-			-			8			-			8			8			-			8
Other		(16	)		3			(13	)		15			(4	)		11			(1	)		(1	)		(2	)

Net gains (losses)	$	(156	)	$	107		$	(49	)	$	467		$	(104	)	$	363		$	311		$	3		$	314

(1) Year to date includes pre-tax realized losses on investment derivatives of $101 million, a net decrease of the valuation allowance of expected credit losses of $10 million, and impairments of $44 million for fixed maturities.

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


	As Adjusted
	Six months ended June 30, 2022

	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains			Gains			Tax			Gains			Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax

Fixed income investments ⁽³⁾	$	(612	)	$	123		$	(489	)	$	(8,996	)	$	1,027		$	(7,969	)	$	(9,608	)	$	1,150		$	(8,458	)
Public equity:
Realized gains (losses) on sales		418			(91	)		327			-			-			-			418			(91	)		327
Mark-to-market		(625	)		117			(508	)		-			-			-			(625	)		117			(508	)
Private equity: Mark-to-market		180			(20	)		160			-			-			-			180			(20	)		160

Total investment portfolio		(639	)		129			(510	)		(8,996	)		1,027			(7,969	)		(9,635	)		1,156			(8,479	)
Foreign exchange		344			(67	)		277			(689	)		35			(654	)		(345	)		(32	)		(377	)
Partially-owned entities ⁽⁴⁾		8			-			8			-			-			-			8			-			8
Current discount rate on future policy benefits		-			-			-			1,067			(95	)		972			1,067			(95	)		972
Instrument-specific credit risk - market risk benefits		-			-			-			40			-			40			40			-			40
Other		(74	)		1			(73	)		24			(5	)		19			(50	)		(4	)		(54	)

Net gains (losses)	$	(361	)	$	63		$	(298	)	$	(8,554	)	$	962		$	(7,592	)	$	(8,915	)	$	1,025		$	(7,890	)

(3) Year to date includes pre-tax realized losses on fixed income derivatives of $34 million, a net increase of the valuation allowance of expected credit losses of $63 million, and impairments of $89 million for fixed maturities.

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


Net Gains (Losses) 2		Page 25

Chubb Limited

Debt and Capital

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

(Unaudited)


					As Adjusted
	June 30		March 31		December 31		December 31
	2023		2023		2022		2021

Financial Debt:

Total short-term debt⁽¹⁾	$	699	$	-	$	475	$	999

Total long-term debt ⁽¹⁾		13,782		14,375		14,402		15,169



Total financial debt	$	14,481	$	14,375	$	14,877	$	16,168

Hybrid debt:

Total trust preferred securities		308		308		308		308



Total	$	14,789	$	14,683	$	15,185	$	16,476


Capitalization:

Shareholders’ equity	$	52,875	$	52,987	$	50,519	$	58,328

Hybrid debt		308		308		308		308

Financial debt		14,481		14,375		14,877		16,168



Total capitalization	$	67,664	$	67,670	$	65,704	$	74,804


Leverage ratios (based on total capital):

Hybrid debt		0.5%		0.5%		0.5%		0.4%

Financial debt		21.4%		21.2%		22.6%		21.6%



Total hybrid & financial debt		21.9%		21.7%		23.1%		22.0%

Note: As of June 30, 2023, there was $1.4 billion usage of credit facilities on total capacity of $4.0 billion.

(1) During Q2 2023, the $700 million 3.35% senior notes due to mature in May 2024 were reclassified to short-term debt.


Debt and Capital		Page 26

Chubb Limited

Computation of Basic and Diluted Earnings Per Share

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

(Unaudited)


				As Adjusted						As Adjusted
	Three months ended June 30						Six months ended June 30
	2023			2022			2023			2022

Numerator
Core operating income to common shares	$	2,044		$	1,794		$	3,886		$	3,441
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		2			(9	)		5			(20	)
Tax (expense) benefit on amortization adjustment		(6	)		4			(7	)		6
Cigna integration expenses, pre-tax		(15	)		(3	)		(37	)		(3	)
Tax benefit on Cigna integration expenses		6			1			9			1
Adjusted net realized gains (losses), pre-tax		(318	)		(650	)		(156	)		(361	)
Tax (expense) benefit on adjusted net realized gains (losses)		87			86			107			63
Market risk benefits gains (losses), pre- and after-tax		(7	)		(33	)		(122	)		16

Net income	$	1,793		$	1,190		$	3,685		$	3,143


Rollforward of Common Shares Outstanding
Shares - beginning of period		414,158,680			423,675,327			414,594,856			426,572,612
Repurchase of shares		(3,674,300	)		(5,476,300	)		(5,684,700	)		(10,346,200	)
Shares issued (canceled), excluding option exercises		46,820			29,120			1,152,633			1,020,892
Issued for option exercises		160,154			245,940			628,565			1,226,783

Shares - end of period		410,691,354			418,474,087			410,691,354			418,474,087


Denominator
Weighted average shares outstanding ⁽¹⁾		412,487,400			421,624,660			413,383,304			423,703,328
Effect of other dilutive securities		3,084,476			3,793,686			3,387,233			3,982,116

Adj. wtd. avg. shares outstanding and assumed conversions		415,571,876			425,418,346			416,770,537			427,685,444


Basic earnings per share
Core operating income	$	4.96		$	4.26		$	9.40		$	8.12
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(0.01	)		(0.01	)		-			(0.03	)
Cigna integration expenses, net of tax		(0.02	)		(0.01	)		(0.07	)		(0.01	)
Adjusted net realized gains (losses), net of tax		(0.56	)		(1.34	)		(0.12	)		(0.70	)
Market risk benefits gains (losses), net of tax		(0.02	)		(0.08	)		(0.29	)		0.04

Net income	$	4.35		$	2.82		$	8.92		$	7.42


Diluted earnings per share
Core operating income	$	4.92		$	4.22		$	9.32		$	8.05
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(0.01	)		(0.01	)		-			(0.03	)
Cigna integration expenses, net of tax		(0.02	)		(0.01	)		(0.07	)		(0.01	)
Adjusted net realized gains (losses), net of tax		(0.55	)		(1.32	)		(0.12	)		(0.70	)
Market risk benefits gains (losses), net of tax		(0.02	)		(0.08	)		(0.29	)		0.04

Net income	$	4.32		$	2.80		$	8.84		$	7.35

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


Earnings per share		Page 27

Chubb Limited

Book Value and Book Value per Common Share

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

(Unaudited)

Reconciliation of Book Value per Common Share


							As Adjusted
	June 30			March 31			December 31			June 30
	2023			2023			2022			2022

Shareholders’ equity	$	52,875		$	52,987		$	50,519		$	51,268
Less: goodwill and other intangible assets, net of tax		20,442			20,333			20,455			19,146

Numerator for tangible book value per share	$	32,433		$	32,654		$	30,064		$	32,122


Book value - % change over prior quarter		-0.2%			4.9%			6.0%			-8.0%
Tangible book value - % change over prior quarter		-0.7%			8.6%			8.8%			-11.4%

Denominator: shares outstanding		410,691,354			414,158,680			414,594,856			418,474,087


Book value per common share	$	128.75		$	127.94		$	121.85		$	122.51
Tangible book value per common share	$	78.97		$	78.84		$	72.51		$	76.76

Reconciliation of Book Value

Shareholders’ equity, beginning of quarter	$	52,987		$	50,519		$	47,675		$	55,716

Core operating income		2,044			1,842			1,674			1,794

Amortization of fair value adjustment of acquired invested assets and long-term debt		(4	)		2			(6	)		(5	)

Cigna integration expenses		(9	)		(19	)		(18	)		(2	)

Adjusted net realized gains (losses) ⁽¹⁾		(231	)		182			(334	)		(564	)

Market risk benefits gains (losses)		(7	)		(115	)		(5	)		(33	)

Net unrealized gains (losses) on investments		(1,150	)		1,620			1,332			(4,129	)

Repurchase of shares		(724	)		(428	)		(199	)		(1,129	)

Dividend declared on common shares		(354	)		(344	)		(345	)		(348	)

Cumulative translation gains (losses)		216			(170	)		737			(725	)

Postretirement benefit liability		(1	)		(1	)		(36	)		4

Current discount rate on future policy benefits		(42	)		(130	)		(70	)		570

Instrument-specific credit risk - market risk benefits		11			(3	)		(15	)		17

Other⁽²⁾		139			32			129			102

	$	52,875		$	52,987		$	50,519		$	51,268

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

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


Reconciliation Book Value		Page 28

Chubb Limited

Non-GAAP Financial Measures

(Unaudited)

Regulation G - Non-GAAP Financial Measures

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

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

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

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

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

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

Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from the acquisitions of The Chubb Corporation (Chubb Corp) and Cigna business in Asia, and including investment income from partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of 3% that are accounted for under the equity method. The mark-to-market movement on these private equity partnerships are included in adjusted net realized gains (losses) as described below. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.

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

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

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

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

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

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

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

Core operating income, net of tax, excludes from net income the after-tax impact of adjusted net realized gains (losses), market risk benefit 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) and market risk benefit gains (losses) because the amounts 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 ongoing 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, market risk benefit 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 taxes on adjusted net realized gains (losses), market risk benefit gains (losses), amortization of the fair value adjustments related to purchased invested assets and long-term debt and Cigna integration expenses. Refer to the definition of core operating income (loss), net of tax above for more information on these adjustments.

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

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


Reconciliation Non-GAAP		Page 29

Chubb Limited

Non-GAAP Financial Measures - 2

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)


Core operating effective tax rate							As Adjusted												As Adjusted
The following table presents the reconciliation of effective tax rate to the Core operating effective tax rate:																YTD			YTD			Full Year
	2Q-23			1Q-23			4Q-22			3Q-22			2Q-22			2023			2022			2022
Tax expense, as reported	$	392		$	384		$	332		$	263		$	291		$	776		$	644		$	1,239
Less: tax expense (benefit) on amortization of fair value of acquired invested assets and debt		6			1			6			(1	)		(4	)		7			(6	)		(1	)
Less: tax benefit on Cigna integration expenses		(6	)		(3	)		(4	)		(5	)		(1	)		(9	)		(1	)		(10	)
Less: tax expense (benefit) on adjusted net realized gains (losses)		(87	)		(20	)		(20	)		(47	)		(86	)		(107	)		(63	)		(130	)

Tax expense, adjusted	$	479		$	406		$	350		$	316		$	382		$	885		$	714		$	1,380

Income before tax, as reported	$	2,185		$	2,276		$	1,643		$	1,055		$	1,481		$	4,461		$	3,787		$	6,485
Less: amortization of fair value of acquired invested assets and debt		2			3			-			-			(9	)		5			(20	)		(20	)
Less: Cigna integration expenses		(15	)		(22	)		(22	)		(23	)		(3	)		(37	)		(3	)		(48	)
Less: adjusted realized gains (losses)		(309	)		(76	)		(147	)		(437	)		(512	)		(385	)		(490	)		(1,074	)
Less: realized gains (losses) related to unconsolidated entities		(9	)		238			(207	)		(184	)		(138	)		229			129			(262	)
Less: market risk benefits gains (losses)		(7	)		(115	)		(5	)		69			(33	)		(122	)		16			80

Core operating income before tax	$	2,523		$	2,248		$	2,024		$	1,630		$	2,176		$	4,771		$	4,155		$	7,809

Effective tax rate		17.9%			16.9%			20.2%			24.9%			19.6%			17.4%			17.0%			19.1%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt		-0.2%			0.0%			-0.3%			0.1%			0.1%			-0.1%			0.1%			0.0%
Adjustment for tax impact of Cigna integration expenses		0.1%			0.0%			0.0%			0.0%			0.0%			0.0%			0.0%			0.0%
Adjustment for tax impact of adjusted net realized gains (losses)		1.3%			2.2%			-2.6%			-6.4%			-1.9%			1.7%			0.0%			-1.6%
Adjustment for tax impact of market risk benefits gains (losses)		-0.1%			-1.0%			0.0%			0.8%			-0.3%			-0.5%			0.1%			0.2%

Core operating effective tax rate		19.0%			18.1%			17.3%			19.4%			17.5%			18.5%			17.2%			17.7%


Core operating income							As Adjusted												As Adjusted
The following table presents the reconciliation of Net income to Core operating income:																YTD			YTD			Full Year
	2Q-23			1Q-23			4Q-22			3Q-22			2Q-22			2023			2022			2022
Net income, as reported	$	1,793		$	1,892		$	1,311		$	792		$	1,190		$	3,685		$	3,143		$	5,246
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		2			3			-			-			(9	)		5			(20	)		(20	)
Tax (expense) benefit on amortization adjustment		(6	)		(1	)		(6	)		1			4			(7	)		6			1
Cigna integration expenses, pre-tax		(15	)		(22	)		(22	)		(23	)		(3	)		(37	)		(3	)		(48	)
Tax benefit on Cigna integration expenses		6			3			4			5			1			9			1			10
Adjusted realized gains (losses), pre-tax		(309	)		(76	)		(147	)		(437	)		(512	)		(385	)		(490	)		(1,074	)
Net realized gains (losses) related to unconsolidated entities, pre-tax ⁽¹⁾		(9	)		238			(207	)		(184	)		(138	)		229			129			(262	)
Tax (expense) benefit on adjusted net realized gains (losses)		87			20			20			47			86			107			63			130
Market risk benefits gains (losses), pre- and after-tax		(7	)		(115	)		(5	)		69			(33	)		(122	)		16			80

Core operating income	$	2,044		$	1,842		$	1,674		$	1,314		$	1,794		$	3,886		$	3,441		$	6,429


Catastrophe losses - after-tax	$	319		$	382		$	323		$	949		$	241		$	701		$	531		$	1,803
Favorable prior period development (PPD) - after-tax	$	(155	)	$	(149	)	$	(167	)	$	(162	)	$	(205	)	$	(304	)	$	(400	)	$	(729	)

Core operating income per share	$	4.92		$	4.41		$	4.00		$	3.13		$	4.22		$	9.32		$	8.05		$	15.18
Impact of Cats on Core operating income per share - Unfavorable	$	(0.77	)	$	(0.91	)	$	(0.77	)	$	(2.25	)	$	(0.55	)	$	(1.69	)	$	(1.24	)	$	(4.26	)
Impact of PPD on Core operating income per share - Favorable	$	0.37		$	0.36		$	0.40		$	0.37		$	0.47		$	0.73		$	0.94		$	1.72
Impact of Cats and PPD on Core operating income per share - Unfavorable	$	(0.40	)	$	(0.55	)	$	(0.37	)	$	(1.88	)	$	(0.08	)	$	(0.96	)	$	(0.30	)	$	(2.54	)

P&C Underwriting income and P&C CAY underwriting income ex Cats							As Adjusted												As Adjusted
The following table presents the reconciliation of Net income to P&C CAY underwriting income ex Cats:																YTD			YTD			Full Year
	2Q-23			1Q-23			4Q-22			3Q-22			2Q-22			2023			2022			2022
Net income, as reported	$	1,793		$	1,892		$	1,311		$	792		$	1,190		$	3,685		$	3,143		$	5,246
Less: Income tax expense		(392	)		(384	)		(332	)		(263	)		(291	)		(776	)		(644	)		(1,239	)
Amortization expense of purchased intangibles		(70	)		(72	)		(74	)		(69	)		(71	)		(142	)		(142	)		(285	)
Other income (expense)		100			296			(98	)		(202	)		(101	)		396			211			(89	)
Interest expense		(165	)		(160	)		(154	)		(150	)		(134	)		(325	)		(266	)		(570	)
Net investment income		1,145			1,107			1,053			979			888			2,252			1,710			3,742
Net realized gains (losses)		(304	)		(77	)		(149	)		(456	)		(503	)		(381	)		(480	)		(1,085	)
Market risk benefits gains (losses)		(7	)		(115	)		(5	)		69			(33	)		(122	)		16			80
Cigna integration expenses		(15	)		(22	)		(22	)		(23	)		(3	)		(37	)		(3	)		(48	)
Life Insurance underlying income (loss) ⁽²⁾		81			105			(31	)		178			6			186			27			174
Add: Realized gains (losses) on crop derivatives		5			(1	)		(2	)		(19	)		9			4			10			(11	)

P&C underwriting income	$	1,425		$	1,213		$	1,121		$	710		$	1,441		$	2,638		$	2,724		$	4,555
Add: Catastrophe losses (including reinstatement premiums) - pre-tax		400			458			400			1,158			291			858			624			2,182
Favorable prior period development (PPD) - pre-tax		(200	)		(196	)		(167	)		(222	)		(247	)		(396	)		(487	)		(876	)

P&C CAY underwriting income ex Cats	$	1,625		$	1,475		$	1,354		$	1,646		$	1,485		$	3,100		$	2,861		$	5,861

(1) Realized gains (losses) on partially-owned entities, which are investments where we hold more than an insignificant percentage of the investee’s shares. The net income or loss is included in other income (expense).

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


Reconciliation Non-GAAP 2		Page 30

Chubb Limited

Non-GAAP Financial Measures - 3

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

Core operating ROE and Core operating ROTE

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


				As Adjusted						As Adjusted
							YTD			YTD			Full Year
	2Q-23			2Q-22			2023			2022			2022
Net income	$	1,793		$	1,190		$	3,685		$	3,143		$	5,246
Core operating income	$	2,044		$	1,794		$	3,886		$	3,441		$	6,429

Equity - beginning of period, as reported	$	52,987		$	55,716		$	50,519		$	58,328		$	58,328
Less: unrealized gains (losses) on investments, net of deferred tax		(5,659	)		(1,584	)		(7,279	)		2,256			2,256
Less: changes in current discount rate on FPB, net of deferred tax		(205	)		(997	)		(75	)		(1,399	)		(1,399	)
Less: changes in instrument-specific credit risk on MRB, net of deferred tax		(27	)		(34	)		(24	)		(57	)		(57	)

Equity - beginning of period, as adjusted	$	58,878		$	58,331		$	57,897		$	57,528		$	57,528

Less: goodwill and other intangible assets, net of tax		20,333		$	19,443			20,455			19,456			19,456

Equity - beginning of period, as adjusted ex goodwill and other intangible assets	$	38,545		$	38,888		$	37,442		$	38,072		$	38,072

Equity - end of period, as reported	$	52,875		$	51,268		$	52,875		$	51,268		$	50,519
Less: unrealized gains (losses) on investments, net of deferred tax		(6,809	)		(5,713	)		(6,809	)		(5,713	)		(7,279	)
Less: changes in current discount rate on FPB, net of deferred tax		(247	)		(427	)		(247	)		(427	)		(75	)
Less: changes in instrument-specific credit risk on MRB, net of deferred tax		(16	)		(17	)		(16	)		(17	)		(24	)

Equity - end of period, as adjusted	$	59,947		$	57,425		$	59,947		$	57,425		$	57,897

Less: goodwill and other intangible assets, net of tax		20,442			19,146			20,442			19,146			20,455

Equity - end of period, as adjusted ex goodwill and other intangible assets	$	39,505		$	38,279		$	39,505		$	38,279		$	37,442

Weighted average equity, as reported	$	52,931		$	53,492		$	51,697		$	54,798		$	54,424
Weighted average equity, as adjusted	$	59,413		$	57,878		$	58,922		$	57,477		$	57,713
Weighted average equity, as adjusted ex goodwill and other intangible assets	$	39,025		$	38,584		$	38,474		$	38,176		$	37,757
ROE		13.6%			8.9%			14.3%			11.5%			9.6%
Core operating ROTE		21.0%			18.6%			20.2%			18.0%			17.0%
Core operating ROE		13.8%			12.4%			13.2%			12.0%			11.1%
Private equities realized gains (losses), after-tax ⁽¹⁾	$	29		$	(144	)	$	297		$	160		$	(274	)
Impact of Private equities if included in Core operating ROE - Favorable (unfavorable) ⁽¹⁾		0.2 pts			-1.0 pt			1.0 pt			0.6 pts			-0.4 pts

Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures
							As Adjusted
	June 30 2023			March 31 2023			December 31 2022			QTD % Change			YTD % Change
Book value	$	52,875		$	52,987		$	50,519
Less: AOCI		(9,822	)		(8,895	)		(10,185	)

Book value excluding AOCI		62,697			61,882			60,704
Tangible book value		32,433			32,654			30,064
Less: Tangible AOCI		(9,059	)		(7,941	)		(9,279	)

Tangible book value excluding tangible AOCI	$	41,492		$	40,595		$	39,343


Denominator: shares outstanding		410,691,354			414,158,680			414,594,856

Book value per share excluding AOCI	$	152.66		$	149.42		$	146.42			2.2%			4.3%
Tangible book value per share excluding tangible AOCI	$	101.03		$	98.02		$	94.90			3.1%			6.5%

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


Reconciliation Non-GAAP 3		Page 31

Chubb Limited

Non-GAAP Financial Measures - 4

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio

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

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


		North			North			North
		America			America			America			Overseas
		Commercial P&C			Personal P&C			Agricultural			General			Global						Total
Q2 2023		Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C
Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits		$	2,871		$	846		$	512		$	1,404		$	91		$	61		$	5,785
Realized (gains) losses on crop derivatives			-			-			(5	)		-			-			-			(5	)

Adjusted losses and loss expenses/policy benefits	A	$	2,871		$	846		$	507		$	1,404		$	91		$	61		$	5,780

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(231	)		(147	)		5			(26	)		(1	)		-			(400	)
Reinstatement premiums collected (expensed) on catastrophe losses			-			-			-			-			-			-			-

Catastrophe losses, gross of related adjustments			(231	)		(147	)		5			(26	)		(1	)		-			(400	)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			146			33			3			61			17			(60	)		200
Net premiums earned adjustments on PPD - unfavorable (favorable)			12			-			(2	)		-			-			-			10
Expense adjustments - unfavorable (favorable)			4			-			-			-			-			-			4
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			6			-			6

PPD, gross of related adjustments - favorable (unfavorable)			162			33			1			61			23			(60	)		220

CAY loss and loss expense ex Cats	B	$	2,802		$	732		$	513		$	1,439		$	113		$	1		$	5,600

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	930		$	361		$	40		$	1,038		$	74		$	95		$	2,538
Expense adjustments - favorable (unfavorable)			(4	)		-			-			-			-			-			(4	)

Policy acquisition costs and administrative expenses, adjusted	D	$	926		$	361		$	40		$	1,038		$	74		$	95		$	2,534


Denominator
Net premiums earned	E	$	4,606		$	1,357		$	635		$	2,908		$	237					$	9,743
Reinstatement premiums (collected) expensed on catastrophe losses			-			-			-			-			-						-
Net premiums earned adjustments on PPD - unfavorable (favorable)			12			-			(2	)		-			-						10
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			6						6

Net premiums earned excluding adjustments	F	$	4,618		$	1,357		$	633		$	2,908		$	243					$	9,759


P&C combined ratio
Loss and loss expense ratio	A/E		62.3%			62.4%			79.7%			48.3%			38.7%						59.3%
Policy acquisition cost and administrative expense ratio	C/E		20.2%			26.5%			6.5%			35.7%			30.9%						26.1%

P&C combined ratio			82.5%			88.9%			86.2%			84.0%			69.6%						85.4%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		60.7%			54.0%			80.9%			49.5%			46.7%						57.4%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.0%			26.5%			6.5%			35.7%			30.1%						25.9%

CAY P&C combined ratio ex Cats			80.7%			80.5%			87.4%			85.2%			76.8%						83.3%


Combined ratio
Combined ratio																					85.4%
Add: impact of gains and losses on crop derivatives																					0.0%

P&C combined ratio																					85.4%

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


Reconciliation Non-GAAP 4		Page 32

Chubb Limited

Non-GAAP Financial Measures - 5

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)


YTD 2023		North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C
Numerator
Losses and loss expenses

Losses and loss expenses/policy benefits		$	5,600		$	1,734		$	651		$	2,751		$	203		$	72		$	11,011
Realized (gains) losses on crop derivatives			-			-			(4	)		-			-			-			(4	)

Adjusted losses and loss expenses/policy benefits	A	$	5,600		$	1,734		$	647		$	2,751		$	203		$	72		$	11,007

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(393	)		(306	)		(19	)		(139	)		(1	)		-			(858	)
Reinstatement premiums collected (expensed) on catastrophe losses			-			-			-			-			-			-			-

Catastrophe losses, gross of related adjustments			(393	)		(306	)		(19	)		(139	)		(1	)		-			(858	)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			218			16			3			204			25			(70	)		396
Net premiums earned adjustments on PPD - unfavorable (favorable)			12			-			(2	)		-			-			-			10
Expense adjustments - unfavorable (favorable)			7			-			-			-			-			-			7
PPD reinstatement premiums - unfavorable (favorable)			-			(1	)		-			-			6			-			5

PPD, gross of related adjustments - favorable (unfavorable)			237			15			1			204			31			(70	)		418

CAY loss and loss expense ex Cats	B	$	5,444		$	1,443		$	629		$	2,816		$	233		$	2		$	10,567

Policy acquisition costs and administrative expenses

Policy acquisition costs and administrative expenses	C	$	1,838		$	712		$	58		$	2,031		$	145		$	192		$	4,976
Expense adjustments - favorable (unfavorable)			(7	)		-			-			-			-			-			(7	)

Policy acquisition costs and administrative expenses, adjusted	D	$	1,831		$	712		$	58		$	2,031		$	145		$	192		$	4,969


Denominator
Net premiums earned	E	$	8,975		$	2,677		$	794		$	5,694		$	481					$	18,621

Reinstatement premiums (collected) expensed on catastrophe losses			-			-			-			-			-						-
Net premiums earned adjustments on PPD - unfavorable (favorable)			12			-			(2	)		-			-						10
PPD reinstatement premiums - unfavorable (favorable)			-			(1	)		-			-			6						5

Net premiums earned excluding adjustments	F	$	8,987		$	2,676		$	792		$	5,694		$	487					$	18,636


P&C combined ratio

Loss and loss expense ratio	A/E		62.4%			64.8%			81.5%			48.3%			42.3%						59.1%
Policy acquisition cost and administrative expense ratio	C/E		20.5%			26.6%			7.3%			35.7%			30.1%						26.7%

P&C combined ratio			82.9%			91.4%			88.8%			84.0%			72.4%						85.8%


CAY P&C combined ratio ex Cats

Loss and loss expense ratio, adjusted	B/F		60.6%			53.9%			79.4%			49.5%			47.8%						56.7%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.3%			26.6%			7.3%			35.6%			29.8%						26.7%

CAY P&C combined ratio ex Cats			80.9%			80.5%			86.7%			85.1%			77.6%						83.4%


Combined ratio

Combined ratio																					85.8%
Add: impact of gains and losses on crop derivatives																					0.0%

P&C combined ratio																					85.8%


Reconciliation Non-GAAP 5		Page 33

Chubb Limited

Non-GAAP Financial Measures - 6

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)


Q2 2022		North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Corporate		Total P&C
Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits		$	2,446	$	773	$	487	$	1,224	$	139	$	191	$	5,260
Realized (gains) losses on crop derivatives			-		-		(9)		-		-		-		(9)

Adjusted losses and loss expenses/policy benefits	A	$	2,446	$	773	$	478	$	1,224	$	139	$	191	$	5,251

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(124)		(95)		(21)		(49)		(2)		-		(291)
Reinstatement premiums collected (expensed) on catastrophe losses			-		-		-		-		-		-		-

Catastrophe losses, gross of related adjustments			(124)		(95)		(21)		(49)		(2)		-		(291)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			287		3		-		173		(25)		(191)		247
Net premiums earned adjustments on PPD - unfavorable (favorable)			3		-		-		-		-		-		3
Expense adjustments - unfavorable (favorable)			(1)		-		-		-		-		-		(1)
PPD reinstatement premiums - unfavorable (favorable)			-		-		-		-		(3)		-		(3)

PPD, gross of related adjustments - favorable (unfavorable)			289		3		-		173		(28)		(191)		246

CAY loss and loss expense ex Cats	B	$	2,611	$	681	$	457	$	1,348	$	109	$	-	$	5,206

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	822	$	331	$	33	$	975	$	67	$	90	$	2,318
Expense adjustments - favorable (unfavorable)			1		-		-		-		-		-		1

Policy acquisition costs and administrative expenses, adjusted	D	$	823	$	331	$	33	$	975	$	67	$	90	$	2,319


Denominator
Net premiums earned	E	$	4,248	$	1,271	$	573	$	2,696	$	222			$	9,010
Net premiums earned adjustments on PPD - unfavorable (favorable)			3		-		-		-		-				3
PPD reinstatement premiums - unfavorable (favorable)			-		-		-		-		(3)				(3)

Net premiums earned excluding adjustments	F	$	4,251	$	1,271	$	573	$	2,696	$	219			$	9,010


P&C combined ratio
Loss and loss expense ratio	A/E		57.6%		60.8%		83.3%		45.4%		62.6%				58.3%
Policy acquisition cost and administrative expense ratio	C/E		19.3%		26.1%		5.8%		36.2%		30.2%				25.7%

P&C combined ratio			76.9%		86.9%		89.1%		81.6%		92.8%				84.0%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		61.4%		53.6%		79.6%		50.0%		49.7%				57.8%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		19.4%		26.1%		5.8%		36.2%		30.7%				25.7%

CAY P&C combined ratio ex Cats			80.8%		79.7%		85.4%		86.2%		80.4%				83.5%


Combined ratio
Combined ratio															84.1%
Add: impact of gains and losses on crop derivatives															-0.1%

P&C combined ratio															84.0%


Reconciliation Non-GAAP 6		Page 34

Chubb Limited

Non-GAAP Financial Measures - 7

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)


YTD 2022		North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C
Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits		$	4,943		$	1,486		$	396		$	2,613		$	254		$	201		$	9,893
Realized (gains) losses on crop derivatives			-			-			(10	)		-			-			-			(10	)

Adjusted losses and loss expenses	A	$	4,943		$	1,486		$	386		$	2,613		$	254		$	201		$	9,883

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(205	)		(195	)		(21	)		(200	)		(3	)		-			(624	)
Reinstatement premiums collected (expensed) on catastrophe losses			-			-			-			-			-			-			-

Catastrophe losses, gross of related adjustments			(205	)		(195	)		(21	)		(200	)		(3	)		-			(624	)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			395			54			26			233			(22	)		(199	)		487
Net premiums earned adjustments on PPD - unfavorable (favorable)			3			-			159			-			-			-			162
Expense adjustments - unfavorable (favorable)			5			-			(1	)		-			-			-			4
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			(2	)		-			(2	)

PPD, gross of related adjustments - favorable (unfavorable)			403			54			184			233			(24	)		(199	)		651

CAY loss and loss expense ex Cats	B	$	5,141		$	1,345		$	549		$	2,646		$	227		$	2		$	9,910

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	1,660		$	660		$	44		$	1,923		$	138		$	173		$	4,598
Expense adjustments - favorable (unfavorable)			(5	)		-			1			-			-			-			(4	)

Policy acquisition costs and administrative expenses, adjusted	D	$	1,655		$	660		$	45		$	1,923		$	138		$	173		$	4,594


Denominator
Net premiums earned	E	$	8,362		$	2,518		$	544		$	5,324		$	457					$	17,205
Net premiums earned adjustments on PPD - unfavorable (favorable)			3			-			159			-			-						162
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			(2	)					(2	)

Net premiums earned excluding adjustments	F	$	8,365		$	2,518		$	703		$	5,324		$	455					$	17,365


P&C combined ratio
Loss and loss expense ratio	A/E		59.1%			59.0%			70.9%			49.1%			55.5%						57.4%
Policy acquisition cost and administrative expense ratio	C/E		19.9%			26.2%			8.1%			36.1%			30.2%						26.8%

P&C combined ratio			79.0%			85.2%			79.0%			85.2%			85.7%						84.2%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		61.5%			53.4%			77.9%			49.7%			49.8%						57.1%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		19.7%			26.3%			6.4%			36.1%			30.3%						26.4%

CAY P&C combined ratio ex Cats			81.2%			79.7%			84.3%			85.8%			80.1%						83.5%


Combined ratio
Combined ratio																					84.3%
Add: impact of gains and losses on crop derivatives																					-0.1%

P&C combined ratio																					84.2%


Reconciliation Non-GAAP 7		Page 35

Chubb Limited

Accounting Adoption

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

New U.S. GAAP Accounting Standard Adopted in 2023

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

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

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

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

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

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

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


Consolidated Balance Sheets (As Adjusted vs. Reported)	December 31 2022			December 31 2021			January 1 2021
Retained earnings	$	(29	)	$	38		$	53
AOCI		8			(1,424	)		(1,803	)

Total shareholders’ equity	$	(21	)	$	(1,386	)	$	(1,750	)

Book value per common share	$	(0.05	)	$	(3.25	)	$	(3.89	)

Statement of Operations (As Adjusted)	4Q-22			3Q-22			2Q-22			1Q-22			Full Year 2022			Full Year 2021
Net income	$	1,311		$	792		$	1,190		$	1,953		$	5,246		$	8,525
Core operating income	$	1,674		$	1,314		$	1,794		$	1,647		$	6,429		$	5,586
Life Insurance segment income	$	182		$	252		$	106		$	121		$	661		$	427

Diluted earnings per share:
Net income	$	3.13		$	1.89		$	2.80		$	4.55		$	12.39		$	19.24
Core operating income	$	4.00		$	3.13		$	4.22		$	3.83		$	15.18		$	12.60

Statement of Operations (Reported)	4Q-22			3Q-22			2Q-22			1Q-22			Full Year 2022			Full Year 2021
Net income	$	1,312		$	812		$	1,215		$	1,974		$	5,313		$	8,539
Core operating income	$	1,699		$	1,331		$	1,787		$	1,640		$	6,457		$	5,569
Life Insurance segment income	$	217		$	271		$	101		$	115		$	704		$	418

Diluted earnings per share:
Net income	$	3.13		$	1.94		$	2.86		$	4.59		$	12.55		$	19.27
Core operating income	$	4.05		$	3.17		$	4.20		$	3.82		$	15.24		$	12.56

Statement of Operations (As Adjusted vs. Reported)	4Q-22			3Q-22			2Q-22			1Q-22			Full Year 2022			Full Year 2021
Net income	$	(1	)	$	(20	)	$	(25	)	$	(21	)	$	(67	)	$	(14	)
Core operating income	$	(25	)	$	(17	)	$	7		$	7		$	(28	)	$	17
Life Insurance segment income	$	(35	)	$	(19	)	$	5		$	6		$	(43	)	$	9

Diluted earnings per share:
Net income	$	-		$	(0.05	)	$	(0.06	)	$	(0.04	)	$	(0.16	)	$	(0.03	)
Core operating income	$	(0.05	)	$	(0.04	)	$	0.02		$	0.01		$	(0.06	)	$	0.04


Accounting Adoption		Page 36

Chubb Limited

Glossary

Chubb Limited Consolidated comprises all segments including Corporate.

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

Book value per common share: 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 primarily of the Cigna acquisition. Cigna integration expenses are incurred by the overall company and are therefore included in Corporate. These costs are not related to the on-going business activities of the segments and are therefore excluded from our definition of segment income.

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

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

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

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

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

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

NM: Not meaningful.


Glossary		Page 37