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Published: 2022-04-26 00:00:00 ET

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Exhibit 99.2

LOGO

Chubb Limited

Financial Supplement

for the Quarter Ended March 31, 2022

Investor Contact

Karen Beyer: (212) 827-4445

email: investorrelations@chubb.com

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

Cautionary Statement Regarding Forward-Looking Statements

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

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

Chubb Limited

Financial Supplement Table of Contents


		Page
I.	Financial Highlights
	- Consolidated Financial Highlights		1

II.	Consolidated Results
	- Consolidated Statement of Operations		2
	- P&C Results - Consecutive Quarters		3
	- Global P&C Results - Consecutive Quarters		4
	- Summary Consolidated Balance Sheets		5
	- Line of Business		6
	- Consolidated Results by Segment		7 - 8

III.	Segment Results
	- North America Commercial P&C Insurance		9
	- North America Personal P&C Insurance		10
	- North America Agricultural Insurance		11
	- Overseas General Insurance		12
	- Global Reinsurance		13
	- Life Insurance		14
	- Corporate		15

IV.	Balance Sheet Details
	- Loss Reserve Rollforward		16
	- Reinsurance Recoverable Analysis		17
	- Investment Portfolio		18 -21
	- Net Realized and Unrealized Gains (Losses)		22
	- Debt and Capital		23
	- Computation of Basic and Diluted Earnings Per Share		24
	- Book Value and Book Value per Common Share		25

V.	Other Disclosures
	- Non-GAAP Financial Measures		26 -30
	- Glossary		31

Chubb Limited

Consolidated Financial Highlights

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

(Unaudited)

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


	Three months ended March 31						Constant $		Constant $
	2022		2021		% Change		2021		% Change


Gross premiums written	$	11,504	$	10,545		9.1%	$	10,372		10.9%

Net premiums written	$	9,199	$	8,662		6.2%	$	8,511		8.1%

P&C net premiums written	$	8,613	$	8,042		7.1%	$	7,904		9.0%

Global P&C net premiums written	$	8,551	$	7,859		8.8%	$	7,721		10.7%

Net premiums earned	$	8,746	$	8,221		6.4%	$	8,095		8.0%

Net investment income	$	822	$	863		-4.8%	$	858		-4.3%

Adjusted net investment income	$	901	$	930		-3.1%	$	925		-2.6%

P&C underwriting income	$	1,283	$	622		106.2%	$	604		112.6%

P&C CAY underwriting income ex Cats	$	1,376	$	1,130		21.7%	$	1,112		23.8%

Core operating income	$	1,640	$	1,142		43.6%	$	1,125		45.7%

Net income	$	1,974	$	2,300		-14.2%

Operating cash flow	$	2,440	$	2,105

P&C combined ratio

Loss and loss expense ratio		56.5%		63.7%

Policy acquisition cost and administrative expense ratio		27.8%		28.1%

Combined ratio		84.3%		91.8%

P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)

CAY loss and loss expense ratio ex Cats		56.3%		57.2%

CAY policy acquisition cost and administrative expense ratio ex Cats		27.2%		28.0%

CAY combined ratio ex Cats		83.5%		85.2%

Global P&C CAY combined ratio ex Cats

CAY loss and loss expense ratio ex Cats		56.1%		57.0%

CAY policy acquisition cost and administrative expense ratio ex Cats		27.5%		28.2%

CAY combined ratio ex Cats		83.6%		85.2%

ROE		13.6%		15.5%
Core operating return on tangible equity (ROTE)		17.1%		12.8%
Core operating return on equity (ROE)		11.3%		8.2%

Effective tax rate		15.2%		12.8%

Core operating effective tax rate		16.9%		15.5%

Diluted earnings per share

Net income	$	4.59	$	5.07		-9.5%

Core operating income	$	3.82	$	2.52		51.6%

Weighted average basic common shares outstanding		425.8		450.5
Weighted average diluted common shares outstanding		429.8		453.3

	March 31 2022		December 31 2021		% Change 1Q-22 vs. 4Q-21
Book value per common share	$	133.82	$	139.99		-4.4%

Tangible book value per common share	$	87.93	$	94.38		-6.8%


Financial Highlights		Page 1

Chubb Limited

Statement of Operations - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)


Consolidated Statements of Operations	1Q-22			4Q-21			3Q-21			2Q-21			1Q-21			Full Year 2021


Gross premiums written	$	11,504		$	11,320		$	13,055		$	11,860		$	10,545		$	46,780

Net premiums written		9,199			9,150			10,510			9,546			8,662			37,868

Net premiums earned		8,746			9,321			10,000			8,813			8,221			36,355

Adjusted losses and loss expenses ⁽¹⁾		4,786			5,292			6,639			5,003			5,054			21,988

Realized (gains) losses on crop derivatives		(1	)		-			10			(3	)		1			8

Losses and loss expenses		4,787			5,292			6,629			5,006			5,053			21,980

Adjusted policy benefits ⁽²⁾		176			199			175			170			163			707

Gains (losses) from fair value changes in separate account liabilities		31			3			24			(15	)		(4	)		8

Policy benefits		145			196			151			185			167			699

Policy acquisition costs		1,737			1,777			1,778			1,698			1,665			6,918

Administrative expenses		778			811			806			775			744			3,136

Adjusted net investment income ⁽³⁾		901			904			940			945			930			3,719

Other (income) expense from private equity partnerships		(63	)		(44	)		(55	)		(39	)		(41	)		(179	)

Amortization expense of fair value adjustment on acquired invested assets		(16	)		(17	)		(19	)		(22	)		(26	)		(84	)

Net investment income		822			843			866			884			863			3,456

Adjusted realized gains (losses) ⁽⁴⁾		100			319			(11	)		(36	)		888			1,160

Realized gains (losses) on crop derivatives		1			-			(10	)		3			(1	)		(8	)

Net realized gains (losses)		101			319			(21	)		(33	)		887			1,152

Adjusted interest expense ⁽⁵⁾		137			131			127			127			127			512

Amortization benefit of fair value adjustment on acquired long term debt		(5	)		(5	)		(5	)		(5	)		(5	)		(20	)

Interest expense		132			126			122			122			122			492

Gains (losses) from fair value changes in separate account assets		(31	)		(3	)		(24	)		15			4			(8	)

Net realized gains (losses) related to unconsolidated entities		267			280			725			710			419			2,134

Other income (expense) from private equity partnerships		63			44			55			39			41			179
Other income (expense) - operating		11			14			7			13			26			60


Other income (expense)		310			335			763			777			490			2,365

Amortization expense of purchased intangibles		71			71			71			73			72			287

Income tax expense		355			404			218			317			338			1,277


Net income	$	1,974		$	2,141		$	1,833		$	2,265		$	2,300		$	8,539

(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	1Q-22		4Q-21		3Q-21		2Q-21		1Q-21			Full Year 2021

P&C underwriting income (Including Corporate and excluding Life Insurance)
Gross premiums written	$	10,885	$	10,646	$	12,409	$	11,208	$	9,890		$	44,153
Net premiums written		8,613		8,517		9,901		8,931		8,042			35,391
Net premiums earned		8,195		8,708		9,411		8,208		7,626			33,953
Adjusted losses and loss expenses		4,632		5,114		6,460		4,818		4,856			21,248
Policy acquisition costs		1,586		1,603		1,610		1,507		1,486			6,206
Administrative expenses		694		725		724		692		662			2,803

P&C underwriting income	$	1,283	$	1,266	$	617	$	1,191	$	622		$	3,696

P&C CAY underwriting income ex Cats	$	1,376	$	1,396	$	1,442	$	1,203	$	1,130		$	5,171

% Change versus prior year period
Net premiums written		7.1%		9.6%		16.9%		15.5%		9.7%			13.0%
Net premiums written - Commercial		7.9%		12.9%		22.0%		19.9%		15.6%			17.7%
Net premiums written - Consumer		5.2%		2.2%		4.0%		5.6%		-2.5%			2.3%

Net premiums earned		7.5%		11.8%		15.2%		9.1%		6.5%			10.8%

Net premiums written constant $		9.0%		9.3%		15.4%		12.7%		8.1%			11.5%
Net premiums written - Commercial		9.4%		12.5%		20.7%		17.6%		13.9%			16.4%
Net premiums written - Consumer		7.9%		2.0%		1.8%		2.1%		-3.9%			0.5%
Net premiums earned constant $		9.1%		11.6%		13.7%		6.3%		5.1%			9.4%

P&C combined ratio
Loss and loss expense ratio		56.5%		58.7%		68.6%		58.7%		63.7%			62.6%
Policy acquisition cost ratio		19.3%		18.4%		17.1%		18.4%		19.5%			18.3%
Administrative expense ratio		8.5%		8.4%		7.7%		8.4%		8.6%			8.2%

Combined ratio		84.3%		85.5%		93.4%		85.5%		91.8%			89.1%


CAY P&C combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		56.3%		57.0%		60.1%		58.6%		57.2%			58.3%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.2%		26.9%		24.7%		26.8%		28.0%			26.5%

CAY combined ratio ex Cats		83.5%		83.9%		84.8%		85.4%		85.2%			84.8%


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

Expense ratio		27.8%		26.8%		24.8%		26.8%		28.1%			26.5%
Expense ratio excluding A&H		26.2%		25.1%		23.1%		25.1%		26.4%			24.8%

Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	-	$	8	$	12	$	8	$	(18)		$	10

Catastrophe losses - pre-tax	$	333	$	283	$	1,158	$	288	$	682		$	2,411

Favorable prior period development (PPD) - pre-tax	$	(240)	$	(145)	$	(321)	$	(268)	$	(192	)	$	(926)

Impact of catastrophe losses on P&C combined ratio - Unfavorable		4.0%		3.2%		12.2%		3.4%		9.1%			7.1%

Impact of PPD on P&C combined ratio - Favorable		-3.2%		-1.6%		-3.6%		-3.3%		-2.5%			-2.8%

Impact of Cats and PPD on P&C combined ratio - Unfavorable		0.8%		1.6%		8.6%		0.1%		6.6%			4.3%


P&C Results		Page 3

Chubb Limited

Global P&C Underwriting Results - Consecutive Quarters

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

(Unaudited)

Global P&C includes the company’s North America Commercial P&C Insurance segment (refer to page 9), North America Personal P&C Insurance segment (refer to page 10), Overseas General Insurance segment (refer to page 12), Global Reinsurance segment (refer to page 13), and Corporate (refer to page 15). Global P&C excludes the North America Agricultural Insurance and Life Insurance segments.


Global P&C (Including Corporate and excluding Agriculture)	1Q-22			4Q-21			3Q-21			2Q-21			1Q-21			Full Year 2021

Global P&C underwriting income
Gross premiums written	$	10,569		$	10,275		$	10,396		$	10,502		$	9,624		$	40,797
Net premiums written		8,551			8,239			8,486			8,419			7,859			33,003
Net premiums earned		8,224			8,228			8,073			7,798			7,516			31,615
Adjusted losses and loss expenses		4,724			4,706			5,322			4,487			4,771			19,286
Policy acquisition costs		1,574			1,579			1,549			1,480			1,474			6,082
Administrative expenses		695			738			720			689			659			2,806

Global P&C underwriting income	$	1,231		$	1,205		$	482		$	1,142		$	612		$	3,441

Global P&C CAY underwriting income ex Cats	$	1,350		$	1,310		$	1,292		$	1,150		$	1,114		$	4,866

% Change versus prior year period
Net premiums written		8.8%			9.5%			13.4%			15.7%			9.5%			12.0%
Net premiums written - Commercial		10.3%			12.8%			17.8%			20.7%			15.5%			16.7%
Net premiums written - Consumer		5.2%			2.2%			4.0%			5.6%			-2.5%			2.3%
Net premiums earned		9.4%			11.1%			12.2%			9.1%			6.3%			9.7%

Net premiums written constant $		10.7%			9.2%			11.7%			12.9%			7.9%			10.4%
Net premiums written - Commercial		11.9%			12.4%			16.4%			18.2%			13.8%			15.2%
Net premiums written - Consumer		7.9%			2.0%			1.8%			2.1%			-3.9%			0.5%
Net premiums earned constant $		11.1%			10.9%			10.5%			6.2%			5.0%			8.2%

Combined ratio
Loss and loss expense ratio		57.4%			57.2%			65.9%			57.5%			63.5%			61.0%
Policy acquisition cost ratio		19.1%			19.2%			19.2%			19.0%			19.6%			19.2%
Administrative expense ratio		8.5%			9.0%			8.9%			8.9%			8.8%			8.9%

Combined ratio		85.0%			85.4%			94.0%			85.4%			91.9%			89.1%


CAY combined ratio ex Cats

CAY loss and loss expense ratio ex Cats		56.1%			55.8%			56.2%			57.5%			57.0%			56.6%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.5%			28.3%			27.9%			27.8%			28.2%			28.0%

CAY combined ratio ex Cats		83.6%			84.1%			84.1%			85.3%			85.2%			84.6%


Other ratios
Net premiums written/gross premiums written		81%			80%			82%			80%			82%			81%

Expense ratio		27.6%			28.2%			28.1%			27.9%			28.4%			28.1%
Expense ratio excluding A&H		26.0%			26.5%			26.4%			26.1%			26.6%			26.4%

Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	-		$	10		$	12		$	8		$	(18)		$	12

Catastrophe losses - pre-tax	$	333		$	265		$	1,150		$	284		$	674		$	2,373

Favorable prior period development (PPD) - pre-tax	$	(214	)	$	(150	)	$	(328	)	$	(268	)	$	(190	)	$	(936	)


Global P&C		Page 4

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)


	March 31 2022			December 31 2021
Assets
Fixed maturities available for sale, at fair value	$	89,479		$	93,108
Fixed maturities held to maturity, at amortized cost		9,818			10,118
Equity securities, at fair value		3,596			4,782
Short-term investments, at fair value		3,407			3,146
Other investments		11,947			11,169

		118,247			122,323

Cash		1,734			1,659
Securities lending collateral		1,800			1,831
Insurance and reinsurance balances receivable		11,452			11,322
Reinsurance recoverable on losses and loss expenses		17,761			17,366
Deferred policy acquisition costs		5,587			5,513
Value of business acquired		231			236
Prepaid reinsurance premiums		3,068			3,028
Goodwill and other intangible assets		20,643			20,668
Deferred tax assets		333			-
Investments in partially-owned insurance companies		3,161			3,130
Other assets		13,973			12,978

Total assets	$	197,990		$	200,054


Liabilities
Unpaid losses and loss expenses	$	73,844		$	72,943
Unearned premiums		19,586			19,101
Future policy benefits		5,974			5,947
Insurance and reinsurance balances payable		7,401			7,243
Securities lending payable		1,800			1,831
Accounts payable, accrued expenses, and other liabilities		16,320			16,410
Deferred tax liabilities		-			389
Short-term and long-term debt		16,059			16,168
Trust preferred securities		308			308

Total liabilities		141,292			140,340

Shareholders’ equity
Total shareholders’ equity, excl. AOCI		60,102			59,364
Accumulated other comprehensive income (loss) (AOCI)		(3,404	)		350

Total shareholders’ equity		56,698			59,714

Total liabilities and shareholders’ equity	$	197,990		$	200,054


Book value per common share	$	133.82		$	139.99
% change over prior quarter		-4.4%			1.7%
Tangible book value per common share	$	87.93		$	94.38
% change over prior quarter		-6.8%			2.7%


Consol Bal Sheet		Page 5

Chubb Limited

Consolidated Net Premiums Written by Line of Business

(in millions of U.S. dollars)

(Unaudited)


	1Q-22		1Q-21		% Change		Constant $ % Change
Net premiums written

Commercial multiple peril ⁽¹⁾	$	290	$	263		10.0%		10.0%
Commercial casualty		1,837		1,649		11.4%		12.8%
Workers’ compensation		603		563		7.2%		7.2%
Financial lines		1,182		1,090		8.5%		10.1%
Surety		153		158		-3.1%		-1.7%

Property and other short-tail lines		1,777		1,594		11.5%		14.3%


Total Commercial P&C lines		5,842		5,317		9.9%		11.5%

Agriculture		62		183		-65.9%		-65.9%

Personal automobile		412		387		6.5%		9.0%
Personal homeowners		830		775		7.1%		7.7%
Personal other		495		468		5.7%		8.4%


Total Personal lines		1,737		1,630		6.5%		8.2%

Total Property and Casualty lines		7,641		7,130		7.2%		8.8%

Global A&H lines ⁽²⁾		975		982		-0.6%		2.8%
Reinsurance lines		253		207		22.0%		22.4%
Life		330		343		-4.0%		-0.2%

Total consolidated	$	9,199	$	8,662		6.2%		8.1%

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

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


Line of Business		Page 6

Chubb Limited

Consolidated Results - Three months ended March 31, 2022

(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
Q1 2022		Insurance			Insurance			Insurance			Insurance			Reinsurance		Corporate			P&C			Insurance			Consolidated

Net premiums written		$	4,039		$	1,180		$	62		$	3,079		$	253	$	-		$	8,613		$	586		$	9,199
Net premiums earned			4,114			1,247			(29	)		2,628			235		-			8,195			551			8,746

Adjusted losses and loss expenses			2,497			713			(92	)		1,389			115		10			4,632			154			4,786
Adjusted policy benefits			-			-			-			-			-		-			-			176			176
Policy acquisition costs			573			260			12			679			62		-			1,586			151			1,737
Administrative expenses			265			69			(1	)		269			9		83			694			84			778

Underwriting income (loss)			779			205			52			291			49		(93	)		1,283			(14	)		1,269

Adjusted net investment income			489			59			7			147			85		11			798			103			901

Other income (expense) - operating			(6	)		(1	)		-			(2	)		-		(8	)		(17	)		28			11

Amortization expense of purchased intangibles			-			(2	)		(7	)		(14	)		-		(46	)		(69	)		(2	)		(71	)



Segment income (loss)		$	1,262		$	261		$	52		$	422		$	134	$	(136	)	$	1,995		$	115		$	2,110



Adjusted interest expense																	(137	)								(137	)

Income tax expense																	(333	)								(333	)



Core operating income (loss)																	(606	)								1,640
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $2 million tax benefit																	(9	)								(9	)
Adjusted net realized gains (losses), net of $24 million tax ⁽¹⁾																	343									343

Net income (loss)																$	(272	)							$	1,974


Combined ratio			81.1%			83.5%			NM			88.9%			79.0%					84.3%
CAY combined ratio ex Cats			81.7%			79.6%			79.5%			85.5%			79.9%					83.5%

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


Consol Results - QTD 2022		Page 7

Chubb Limited

Consolidated Results - Three months ended March 31, 2021

(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
Q1 2021		Insurance			Insurance			Insurance			Insurance			Reinsurance		Corporate			P&C			Insurance			Consolidated

Net premiums written		$	3,664		$	1,098		$	183		$	2,890		$	207	$	-		$	8,042		$	620		$	8,662
Net premiums earned			3,674			1,184			110			2,478			180		-			7,626			595			8,221
Adjusted losses and loss expenses			2,560			819			85			1,263			120		9			4,856			198			5,054
Adjusted policy benefits			-			-			-			-			-		-			-			163			163
Policy acquisition costs			514			247			12			668			45		-			1,486			179			1,665
Administrative expenses			254			60			3			266			8		71			662			82			744

Underwriting income (loss)			346			58			10			281			7		(80	)		622			(27	)		595

Adjusted net investment income			540			65			7			141			70		9			832			98			930

Other income (expense) - operating			(2	)		(1	)		-			(1	)		-		(4	)		(8	)		34			26

Amortization expense of purchased intangibles			-			(3	)		(7	)		(12	)		-		(49	)		(71	)		(1	)		(72	)



Segment income (loss)		$	884		$	119		$	10		$	409		$	77	$	(124	)	$	1,375		$	104		$	1,479



Adjusted interest expense																	(127	)								(127	)

Income tax expense																	(210	)								(210	)



Core operating income (loss)																	(461	)								1,142
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $5 million tax benefit																	(16	)								(16	)
Adjusted net realized gains (losses), net of $133 million tax ⁽¹⁾																	1,174									1,174

Net income																$	697								$	2,300


Combined ratio			90.6%			95.1%			90.9%			88.7%			96.4%					91.8%
CAY combined ratio ex Cats			84.2%			78.6%			84.7%			87.6%			78.0%					85.2%

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


Consol Results - QTD 2021		Page 8

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)


North America Commercial P&C Insurance	1Q-22			4Q-21			3Q-21			2Q-21			1Q-21			Full Year 2021


Gross premiums written	$	5,132		$	5,347		$	5,471		$	5,456		$	4,545		$	20,819

Net premiums written		4,039			4,097			4,369			4,285			3,664			16,415
Net premiums earned		4,114			4,030			3,954			3,803			3,674			15,461
Losses and loss expenses		2,497			2,275			2,754			2,426			2,560			10,015
Policy acquisition costs		573			542			537			489			514			2,082
Administrative expenses		265			280			273			245			254			1,052

Underwriting income		779			933			390			643			346			2,312
Adjusted net investment income		489			496			507			535			540			2,078
Other income (expense) - operating		(6	)		(7	)		(8	)		(14	)		(2	)		(31	)

Segment income	$	1,262		$	1,422		$	889		$	1,164		$	884		$	4,359

CAY underwriting income ex Cats	$	752		$	724		$	705		$	652		$	581		$	2,662

Combined ratio
Loss and loss expense ratio		60.7%			56.4%			69.7%			63.8%			69.7%			64.8%
Policy acquisition cost ratio		13.9%			13.4%			13.5%			12.9%			14.0%			13.4%
Administrative expense ratio		6.5%			7.0%			6.9%			6.4%			6.9%			6.8%

Combined ratio		81.1%			76.8%			90.1%			83.1%			90.6%			85.0%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		61.5%			61.6%			62.3%			63.7%			63.4%			62.7%
CAY policy acquisition cost and administrative expense ratio ex Cats		20.2%			20.4%			20.1%			19.2%			20.8%			20.2%

CAY combined ratio ex Cats		81.7%			82.0%			82.4%			82.9%			84.2%			82.9%


Catastrophe losses - pre-tax	$	81		$	113		$	472		$	165		$	362		$	1,112
Favorable prior period development (PPD) - pre-tax	$	(108	)	$	(322	)	$	(157	)	$	(156	)	$	(127	)	$	(762	)

% Change versus prior year period

Net premiums written		10.2%			10.0%			15.6%			15.2%			12.7%			13.4%
Net premiums written - Commercial		10.5%			11.0%			16.6%			16.3%			14.7%			14.6%
Net premiums written - Consumer		4.4%			-12.8%			-3.9%			-8.9%			-18.5%			-11.3%
Net premiums earned		12.0%			14.0%			14.4%			5.8%			8.8%			10.7%

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

Production - Net premiums written

Commercial P&C excluding A&H ⁽¹⁾
Major Accounts & Specialty	$	2,195		$	2,331		$	2,485		$	2,487		$	2,004		$	9,307
Commercial		1,677			1,625			1,722			1,646			1,500			6,493
A&H (Consumer)		167			141			162			152			160			615

Total	$	4,039		$	4,097		$	4,369		$	4,285		$	3,664		$	16,415

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


NA Commercial		Page 9

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)


North America Personal P&C Insurance	1Q-22			4Q-21			3Q-21			2Q-21			1Q-21			Full Year 2021
North America Personal P&C Insurance	1Q-22			4Q-21			3Q-21			2Q-21			1Q-21			Full Year 2021

Gross premiums written	$	1,350		$	1,421		$	1,480		$	1,544		$	1,275		$	5,720

Net premiums written		1,180			1,241			1,300			1,363			1,098			5,002

Net premiums earned		1,247			1,263			1,244			1,224			1,184			4,915

Losses and loss expenses		713			583			846			676			819			2,924

Policy acquisition costs		260			255			254			245			247			1,001

Administrative expenses		69			76			73			67			60			276



Underwriting income		205			349			71			236			58			714

Net investment income		59			60			60			64			65			249

Other income (expense) - operating		(1	)		(1	)		(1	)		5			(1	)		2

Amortization expense of purchased intangibles		(2	)		(2	)		(2	)		(3	)		(3	)		(10	)

Segment income	$	261		$	406		$	128		$	302		$	119		$	955

CAY underwriting income ex Cats	$	254		$	291		$	286		$	253		$	258		$	1,088

Combined ratio
Loss and loss expense ratio		57.2%			46.1%			68.0%			55.2%			69.2%			59.5%
Policy acquisition cost ratio		20.8%			20.2%			20.4%			20.0%			20.9%			20.4%
Administrative expense ratio		5.5%			6.0%			5.9%			5.5%			5.0%			5.6%

Combined ratio		83.5%			72.3%			94.3%			80.7%			95.1%			85.5%


CAY combined ratio ex Cats

CAY loss and loss expense ratio ex Cats		53.3%			50.8%			50.7%			53.6%			53.2%			52.0%
CAY policy acquisition cost and administrative expense ratio ex Cats		26.3%			26.2%			26.3%			25.6%			25.4%			25.9%

CAY combined ratio ex Cats		79.6%			77.0%			77.0%			79.2%			78.6%			77.9%


Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	-		$	-		$	-		$	7		$	(23	)	$	(16	)

Unfavorable (favorable) Catastrophe losses - pre-tax	$	100		$	(19	)	$	397		$	68		$	217		$	663

Favorable prior period development (PPD) - pre-tax	$	(51	)	$	(39	)	$	(182	)	$	(44	)	$	(40	)	$	(305	)

% Change versus prior year period

Net premiums written ⁽¹⁾		7.4%			3.3%			1.2%			2.6%			-0.8%			1.7%
Net premiums earned		5.3%			1.6%			1.0%			2.7%			-1.3%			1.0%

Other ratios

Net premiums written/gross premiums written		87%			87%			88%			88%			86%			87%

(1) Q1 2022 net premiums written increased 5.6% primarily excluding reinstatement premiums and exposure-related cancellations in California.


NA Personal		Page 10

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)


North America Agricultural Insurance	1Q-22			4Q-21			3Q-21			2Q-21			1Q-21			Full Year 2021

Gross premiums written	$	316		$	371		$	2,013		$	706		$	266		$	3,356

Net premiums written ⁽¹⁾		62			278			1,415			512			183			2,388

Net premiums earned ⁽¹⁾		(29	)		480			1,338			410			110			2,338

Adjusted losses and loss expenses ⁽¹⁾		(92	)		408			1,138			331			85			1,962
Policy acquisition costs		12			24			61			27			12			124
Administrative expenses		(1	)		(13	)		4			3			3			(3	)


Underwriting income		52			61			135			49			10			255
Net investment income		7			7			6			8			7			28
Other income (expense) - operating		-			(1	)		-			-			-			(1	)
Amortization expense of purchased intangibles		(7	)		(6	)		(7	)		(6	)		(7	)		(26	)

Segment income	$	52		$	61		$	134		$	51		$	10		$	256

CAY underwriting income ex Cats	$	26		$	86		$	150		$	53		$	16		$	305

Combined ratio

Loss and loss expense ratio		NM			85.1%			85.0%			80.7%			77.5%			83.9%
Policy acquisition cost ratio		NM			4.9%			4.6%			6.7%			10.7%			5.3%
Administrative expense ratio		NM			-2.7%			0.3%			0.7%			2.7%			-0.1%

Combined ratio		NM			87.3%			89.9%			88.1%			90.9%			89.1%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		70.6%			78.2%			84.0%			79.7%			71.2%			81.5%
CAY policy acquisition cost and administrative expense ratio ex Cats		8.9%			3.0%			4.9%			7.4%			13.5%			5.3%

CAY combined ratio ex Cats		79.5%			81.2%			88.9%			87.1%			84.7%			86.8%


Catastrophe reinstatement premiums expensed - pre-tax	$	-		$	(2	)	$	-		$	-		$	-		$	(2	)

Catastrophe losses - pre-tax	$	-		$	18		$	8		$	4		$	8		$	38

Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(26	)	$	5		$	7		$	-		$	(2	)	$	10

% Change versus prior year period
Net premiums written		-65.9%			14.6%			43.6%			11.0%			16.5%			29.3%
Net premiums earned		NM			25.8%			37.9%			8.9%			16.7%			28.3%

Other ratios

Net premiums written/gross premiums written		20%			75%			70%			72%			69%			71%

(1) Q1 2022 includes $161 million reduction to net premiums written, net premiums earned and losses and loss expenses as a result of additional cessions to the government reflecting the profitable 2021 crop year due to lower than expected losses. There was no net impact to underwriting income.


NA Agriculture		Page 11

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)


Overseas General Insurance	1Q-22			4Q-21			3Q-21			2Q-21			1Q-21			Full Year 2021

Gross premiums written	$	3,798		$	3,320		$	3,202		$	3,166		$	3,574		$	13,262
Net premiums written		3,079			2,730			2,596			2,497			2,890			10,713
Net premiums earned		2,628			2,720			2,664			2,579			2,478			10,441
Losses and loss expenses		1,389			1,207			1,487			1,186			1,263			5,143
Policy acquisition costs		679			729			703			699			668			2,799
Administrative expenses		269			267			266			279			266			1,078

Underwriting income		291			517			208			415			281			1,421
Adjusted net investment income		147			150			157			149			141			597
Other income (expense) - operating		(2	)		3			-			(2	)		(1	)		-
Amortization expense of purchased intangibles		(14	)		(12	)		(11	)		(13	)		(12	)		(48	)

Segment income	$	422		$	658		$	354		$	549		$	409		$	1,970

CAY underwriting income ex Cats	$	382		$	365		$	368		$	299		$	306		$	1,338

Combined ratio
Loss and loss expense ratio		52.9%			44.4%			55.8%			46.0%			51.0%			49.3%
Policy acquisition cost ratio		25.8%			26.8%			26.4%			27.1%			27.0%			26.8%
Administrative expense ratio		10.2%			9.8%			10.0%			10.8%			10.7%			10.3%

Combined ratio		88.9%			81.0%			92.2%			83.9%			88.7%			86.4%


CAY combined ratio ex Cats

CAY loss and loss expense ratio ex Cats		49.4%			50.0%			49.8%			50.6%			49.9%			50.1%
CAY policy acquisition cost and administrative expense ratio ex Cats		36.1%			36.6%			36.4%			37.8%			37.7%			37.1%

CAY combined ratio ex Cats		85.5%			86.6%			86.2%			88.4%			87.6%			87.2%


Catastrophe losses - pre-tax	$	151		$	80		$	188		$	40		$	50		$	358

Favorable prior period development (PPD) - pre-tax	$	(60	)	$	(232	)	$	(28	)	$	(156	)	$	(25	)	$	(441	)

% Change versus prior year period

Net premiums written		6.5%			10.2%			15.9%			23.6%			11.2%			14.8%
Net premiums written - Commercial		8.6%			15.0%			20.6%			32.4%			20.3%			21.4%
Net premiums written - Consumer		3.0%			3.2%			9.2%			12.8%			-1.3%			5.6%
Net premiums earned		6.0%			11.2%			13.9%			17.6%			7.4%			12.5%

Net premiums written constant $		11.9%			9.9%			11.2%			15.0%			7.1%			10.6%
Net premiums written - Commercial		13.6%			14.3%			16.0%			23.4%			15.2%			16.9%
Net premiums written - Consumer		9.0%			3.3%			4.5%			4.6%			-4.2%			1.8%
Net premiums earned constant $		11.0%			11.0%			9.7%			9.1%			3.7%			8.4%

Other ratios: Net premiums written/gross premiums written		81%			82%			81%			79%			81%			81%


Production by Region - Net premiums written	1Q-22		1Q-21		% Change		Constant $ % Change
Europe, Middle East and Africa	$	1,654	$	1,551		6.6%		11.6%
Latin America		605		537		12.8%		18.1%
Asia Pacific ex Japan		668		637		4.9%		10.4%
Japan		115		124		-7.4%		1.6%
Other⁽¹⁾		37		41		-10.7%		-7.8%

Total	$	3,079	$	2,890		6.5%		11.9%

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


Overseas General Insurance		Page 12

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)


Global Reinsurance	1Q-22			4Q-21			3Q-21			2Q-21		1Q-21			Full Year 2021

Gross premiums written	$	289		$	187		$	243		$	336	$	230		$	996
Net premiums written		253			171			221			274		207			873
Net premiums earned		235			215			211			192		180			798
Losses and loss expenses		115			210			192			110		120			632
Policy acquisition costs		62			53			55			47		45			200
Administrative expenses		9			8			9			10		8			35

Underwriting income (loss)		49			(56	)		(45	)		25		7			(69	)
Adjusted net investment income		85			81			99			81		70			331
Other income (expense) - operating		-			-			-			-		-			-

Segment income	$	134		$	25		$	54		$	106	$	77		$	262

CAY underwriting income ex Cats	$	47		$	39		$	32		$	35	$	40		$	146

Combined ratio
Loss and loss expense ratio		48.8%			97.6%			91.2%			56.8%		66.9%			79.2%
Policy acquisition cost ratio		26.5%			24.6%			26.0%			24.7%		24.9%			25.1%
Administrative expense ratio		3.7%			4.0%			4.2%			5.1%		4.6%			4.4%

Combined ratio		79.0%			126.2%			121.4%			86.6%		96.4%			108.7%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		49.9%			51.3%			52.0%			50.9%		48.3%			50.7%
CAY policy acquisition cost and administrative expense ratio ex Cats		30.0%			30.3%			31.5%			30.3%		29.7%			30.5%

CAY combined ratio ex Cats		79.9%			81.6%			83.5%			81.2%		78.0%			81.2%


Catastrophe reinstatement premiums collected - pre-tax	$	-		$	10		$	12		$	1	$	5		$	28
Catastrophe losses - pre-tax	$	1		$	91		$	93		$	11	$	45		$	240
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(3	)	$	14		$	(4	)	$	-	$	(7	)	$	3

% Change versus prior year period
Net premiums written as reported		22.0%			36.9%			22.3%			32.4%		-5.1%			19.5%
Net premiums earned as reported		30.8%			20.6%			23.8%			17.8%		-3.3%			14.3%

Net premiums written constant $		22.4%			35.9%			20.6%			30.7%		-6.2%			18.0%
Net premiums earned constant $		32.1%			19.9%			21.8%			15.1%		-4.3%			12.8%

Other ratios
Net premiums written/gross premiums written		87%			91%			91%			81%		90%			88%


Global Reinsurance		Page 13

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)


Life Insurance	1Q-22			4Q-21			3Q-21			2Q-21			1Q-21			Full Year 2021
Life Insurance	1Q-22			4Q-21			3Q-21			2Q-21			1Q-21			Full Year 2021

Gross premiums written	$	619		$	674		$	646		$	652		$	655		$	2,627
Net premiums written		586			633			609			615			620			2,477
Net premiums earned		551			613			589			605			595			2,402
Losses and loss expenses		154			178			179			185			198			740
Adjusted policy benefits		176			199			175			170			163			707
Policy acquisition costs		151			174			168			191			179			712
Administrative expenses		84			86			82			83			82			333
Net investment income		103			106			102			101			98			407

Life Insurance underwriting income⁽¹⁾		89			82			87			77			71			317
Other income (expense) - operating		28			27			19			26			34			106
Amortization expense of purchased intangibles		(2	)		(1	)		(2	)		(1	)		(1	)		(5	)

Segment income	$	115		$	108		$	104		$	102		$	104		$	418


% Change versus prior year period
Net premiums written		-5.5%			-1.3%			0.0%			-0.7%			-3.8%			-1.5%
Net premiums earned		-7.5%			-4.9%			-1.6%			-0.4%			-5.7%			-3.2%

Net premiums written constant $		-3.5%			-1.0%			-1.4%			-4.0%			-4.7%			-2.8%
Net premiums earned constant $		-5.4%			-4.7%			-3.0%			-3.7%			-6.7%			-4.6%

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

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


	1Q-22		1Q-21		% Change		Constant $ % Change
	1Q-22		1Q-21		% Change		Constant $ % Change
International life insurance net premiums written	$	309	$	324		-4.5%		-0.4%
International life insurance deposits ⁽²⁾		557		551		0.9%		0.3%

Total international life insurance net premiums written and deposits	$	866	$	875		-1.1%		0.0%


International life insurance segment income	$	60	$	52		14.9%		13.7%

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


Life Insurance		Page 14

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)


Corporate	1Q-22			4Q-21			3Q-21			2Q-21			1Q-21			Full Year 2021

Gross premiums written	$	-		$	-		$	-		$	-		$	-		$	-
Net premiums written		-			-			-			-			-			-
Net premiums earned		-			-			-			-			-			-

Losses and loss expenses		10			431			43			89			9			572
Policy acquisition costs		-			-			-			-			-			-
Administrative expenses		83			107			99			88			71			365

Underwriting loss		(93	)		(538	)		(142	)		(177	)		(80	)		(937	)
Adjusted net investment income		11			4			9			7			9			29

Other income (expense) - operating		(8	)		(7	)		(3	)		(2	)		(4	)		(16	)

Adjusted interest expense		(137	)		(131	)		(127	)		(127	)		(127	)		(512	)
Amortization expense of purchased intangibles		(46	)		(50	)		(49	)		(50	)		(49	)		(198	)
Income tax expense		(333	)		(309	)		(194	)		(304	)		(210	)		(1,017	)

Core operating loss		(606	)		(1,031	)		(506	)		(653	)		(461	)		(2,651	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(9	)		(12	)		(11	)		(14	)		(16	)		(53	)

Adjusted net realized gains (losses), net of tax		343			504			687			658			1,174			3,023

Net income (loss)	$	(272	)	$	(539	)	$	170		$	(9	)	$	697		$	319


Unfavorable prior period development (PPD) - pre-tax	$	8		$	429		$	43		$	88		$	9		$	569


Corporate		Page 15

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, 2020	$	67,811		$	14,647		$	53,164

Losses and loss expenses incurred		6,467			1,414			5,053

Losses and loss expenses paid		(5,100	)		(1,207	)		(3,893)		77%

Other (incl. foreign exch. revaluation)		77			6			71


Balance at March 31, 2021	$	69,255		$	14,860		$	54,395

Losses and loss expenses incurred		5,898			892			5,006

Losses and loss expenses paid		(5,100	)		(1,107	)		(3,993)		80%

Other (incl. foreign exch. revaluation)		236			76			160


Balance at June 30, 2021	$	70,289		$	14,721		$	55,568

Losses and loss expenses incurred		8,492			1,863			6,629

Losses and loss expenses paid		(5,750	)		(943	)		(4,807)		73%

Other (incl. foreign exch. revaluation)		(400	)		(91	)		(309)


Balance at September 30, 2021	$	72,631		$	15,550		$	57,081

Losses and loss expenses incurred		7,176			1,884			5,292

Losses and loss expenses paid		(6,292	)		(1,101	)		(5,191)		98%

Other (incl. foreign exch. revaluation)		(572	)		(149	)		(423)


Balance at December 31, 2021	$	72,943		$	16,184		$	56,759

Losses and loss expenses incurred		6,260			1,473			4,787

Losses and loss expenses paid		(5,308	)		(947	)		(4,361)		91%

Other (incl. foreign exch. revaluation)		(51	)		(64	)		13


Balance at March 31, 2022	$	73,844		$	16,646		$	57,198

Add net recoverable on paid losses		-			1,115			(1,115)


Balance including net recoverable on paid losses	$	73,844		$	17,761		$	56,083


Loss Reserve Rollforward		Page 16

Chubb Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)

Net Reinsurance Recoverable by Division


	March 31 2022			December 31 2021

Reinsurance recoverable on paid losses and loss expenses

Active operations	$	978		$	1,038

Brandywine and Other Run-off		190			202


Total	$	1,168		$	1,240


Reinsurance recoverable on unpaid losses and loss expenses

Active operations	$	15,494		$	14,965

Brandywine and Other Run-off		1,428			1,490


Total	$	16,922		$	16,455


Gross reinsurance recoverable

Active operations	$	16,472		$	16,003

Brandywine and Other Run-off		1,618			1,692


Total	$	18,090		$	17,695


Provision for uncollectible reinsurance ⁽¹⁾

Active operations	$	(210	)	$	(190	)

Brandywine and Other Run-off		(119	)		(139	)


Total	$	(329	)	$	(329	)


Net reinsurance recoverable

Active operations	$	16,262		$	15,813

Brandywine and Other Run-off		1,499			1,553


Total	$	17,761		$	17,366

(1) The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $3.8 billion.


Reinsurance Recoverable		Page 17

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)


	March 31			December 31
	2022			2021

Market Value

Fixed maturities available for sale	$	89,479		$	93,108

Fixed maturities held to maturity		9,888			10,647

Short-term investments		3,407			3,146


Total fixed maturities	$	102,774		$	106,901


Asset Allocation by Market Value

U.S. Treasury / Agency	$	3,276	3%	$	3,458	3%

Corporate and asset-backed securities		39,604	39%		41,264	39%

Mortgage-backed securities		21,489	21%		22,292	21%

Municipal		9,023	9%		9,650	9%

Non-U.S.		25,975	25%		27,091	25%

Short-term investments		3,407	3%		3,146	3%


Total fixed maturities	$	102,774	100%	$	106,901	100%


Credit Quality by Market Value

AAA	$	15,029	15%	$	15,364	14%

AA		33,592	33%		35,179	33%

A		18,821	18%		20,171	19%

BBB		16,820	16%		17,362	16%

BB		9,065	9%		9,084	8%

B		8,983	9%		9,202	9%

Other		464	0%		539	1%


Total fixed maturities	$	102,774	100%	$	106,901	100%


Cost/Amortized Cost, net

Fixed maturities available for sale	$	91,499		$	90,479

Fixed maturities held to maturity		9,818			10,118

Short-term investments		3,408			3,147


Subtotal fixed maturities ⁽¹⁾		104,725			103,744

Equity securities		3,596			4,782

Other investments		11,947			11,169


Total investment portfolio	$	120,268		$	119,695


Avg. duration of fixed maturities		4.2 years			4.1 years

Avg. market yield of fixed maturities		3.4%			2.3%

Avg. credit quality		A/A			A/A

Avg. yield on invested assets ⁽²⁾		3.0%			3.1%

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

(2) Calculated using adjusted net investment income.


Investments		Page 18

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 March 31, 2022

Agency residential mortgage-backed securities (RMBS)	$	85	$	17,567	$	-	$	-	$	-	$	17,652

Non-agency RMBS		429		44		62		45		5		585

Commercial mortgage-backed securities		2,810		263		164		11		4		3,252

Total mortgage-backed securities at market value	$	3,324	$	17,874	$	226	$	56	$	9	$	21,489

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


Market Value at March 31, 2022	S&P Credit Rating
	Investment Grade
	AAA		AA		A		BBB		Total


Asset-backed	$	4,712	$	826	$	40	$	38	$	5,616

Banks		-		6		1,680		1,825		3,511

Basic Materials		-		-		103		217		320

Communications		-		188		397		1,539		2,124

Consumer, Cyclical		-		219		604		773		1,596

Consumer, Non-Cyclical		53		586		1,796		1,770		4,205

Diversified Financial Services		1		186		387		315		889

Energy		-		135		157		828		1,120

Industrial		-		11		906		833		1,750

Utilities		3		2		993		625		1,623

All Others		218		599		1,563		1,433		3,813

Total	$	4,987	$	2,758	$	8,626	$	10,196	$	26,567


Market Value at March 31, 2022			S&P Credit Rating
			Below Investment Grade
			BB		B		CCC		Total


Asset-backed			$	24	$	7	$	1	$	32

Banks				-		-		-		-

Basic Materials				330		229		16		575

Communications				822		919		61		1,802

Consumer, Cyclical				1,061		1,205		42		2,308

Consumer, Non-Cyclical				1,134		1,675		70		2,879

Diversified Financial Services				203		213		5		421

Energy				688		343		2		1,033

Industrial				601		894		36		1,531

Utilities				216		104		-		320

All Others				953		1,126		57		2,136

Total			$	6,032	$	6,715	$	290	$	13,037


Investments 2		Page 19

Chubb Limited

Investment Portfolio - 3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

March 31, 2022


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


Canada	$	957	$	-	$	-	$	-	$	-	$	957

Republic of Korea		-		903		-		-		-		903

Province of Ontario		-		-		633		-		-		633

Federative Republic of Brazil		-		-		-		-		586		586

United Mexican States		-		-		-		571		-		571

Kingdom of Thailand		-		-		510		-		-		510

United Kingdom		-		487		-		-		-		487

Socialist Republic of Vietnam		-		-		-		-		470		470

Commonwealth of Australia		454		-		1		-		-		455

Province of Quebec		-		395		-		-		-		395

Other Non-U.S. Government Securities		413		1,928		1,152		667		919		5,079


Total	$	1,824	$	3,713	$	2,296	$	1,238	$	1,975	$	11,046


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


United Kingdom	$	45	$	34	$	817	$	952	$	489	$	2,337

Canada		81		115		650		609		405		1,860

United States ⁽¹⁾		-		-		244		265		745		1,254

France		6		41		635		458		80		1,220

Australia		68		169		366		347		11		961

Japan		-		-		671		92		-		763

Germany		61		36		173		251		57		578

Switzerland		49		5		269		210		19		552

Netherlands		47		5		243		118		114		527

China		-		6		266		95		27		394

Other Non-U.S. Corporate Securities		310		385		1,004		1,562		1,222		4,483


Total	$	667	$	796	$	5,338	$	4,959	$	3,169	$	14,929

(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 20

Chubb Limited

Investment Portfolio - 4

(in millions of U.S. dollars)

(Unaudited)

Fixed Maturity Investment Portfolio

Top 10 Global Corporate Exposures


	March 31, 2022	Market Value		Rating


1	Bank of America Corp	$	650	A-

2	JP Morgan Chase & Co		571	A-

3	Wells Fargo & Co		527	BBB+

4	AT&T Inc		488	BBB

5	Comcast Corp		453	A-

6	Verizon Communications Inc		451	BBB+

7	Morgan Stanley		436	BBB+

8	Citigroup Inc		384	BBB+

9	Goldman Sachs Group Inc		365	BBB+

10	Anheuser-Busch InBev SA/NV		315	BBB+


Investments 4		Page 21

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)


	Three months ended March 31, 2022

	Realized Gains (Losses)								Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)

	Gains			Tax			Gains		Gains			Tax			Gains			Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)		(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax		Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax

Fixed income investments ⁽¹⁾	$	(89	)	$	22		$	(67)	$	(4,652	)	$	812		$	(3,840	)	$	(4,741	)	$	834		$	(3,907)
Public equity:
Realized gains (losses) on sales		255			(57	)		198		-			-			-			255			(57	)		198
Mark-to-market		(199	)		36			(163)		-			-			-			(199	)		36			(163)
Private equity: Mark-to-market		310			(6	)		304		-			-			-			310			(6	)		304

Total investment portfolio		277			(5	)		272		(4,652	)		812			(3,840	)		(4,375	)		807			(3,568)
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges ⁽²⁾		77			-			77		-			-			-			77			-			77
Foreign exchange		75			(20	)		55		67			4			71			142			(16	)		126
Partially-owned entities ⁽³⁾		12			-			12		-			-			-			12			-			12
Other ⁽⁴⁾		(74	)		1			(73)		19			(4	)		15			(55	)		(3	)		(58)

Net gains (losses)	$	367		$	(24	)	$	343	$	(4,566	)	$	812		$	(3,754	)	$	(4,199	)	$	788		$	(3,411)

(1) The quarter includes pre-tax realized gains on fixed income derivatives of $47 million, a net increase of the valuation allowance of expected credit losses of $12 million, and impairments of $36 million for fixed maturities.

(2) The quarter includes $42 million of gains on applicable hedges. These gains are both pre-tax and after-tax.

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

(4) Other realized losses include impairment of assets related to the company’s Russian entities.


	Three months ended March 31, 2021
	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 ⁽⁵⁾	$	133		$	(24	)	$	109	$	(2,317	)	$	405	$	(1,912)	$	(2,184	)	$	381		$	(1,803)
Public equity:
Realized gains (losses) on sales		45			(7	)		38		-			-		-		45			(7	)		38
Mark-to-market		322			(68	)		254		-			-		-		322			(68	)		254
Private equity: Mark-to-market		438			(14	)		424		-			-		-		438			(14	)		424

Total investment portfolio		938			(113	)		825		(2,317	)		405		(1,912)		(1,379	)		292			(1,087)
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges ⁽⁶⁾		275			-			275		-			-		-		275			-			275
Foreign exchange		76			(18	)		58		22			2		24		98			(16	)		82
Partially-owned entities ⁽⁷⁾		19			(2	)		17		-			-		-		19			(2	)		17
Other		(1	)		-			(1)		(28	)		5		(23)		(29	)		5			(24)

Net gains (losses)	$	1,307		$	(133	)	$	1,174	$	(2,323	)	$	412	$	(1,911)	$	(1,016	)	$	279		$	(737)

(5) The quarter includes pre-tax realized gains on fixed income derivatives of $109 million and a net reduction of the valuation allowance of expected credit losses of $6 million. There were no impairments during the quarter.

(6) The quarter includes $44 million of losses on applicable hedges. These losses are both pre-tax and after-tax.

(7) 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 22

Chubb Limited

Debt and Capital

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

(Unaudited)


	March 31 2022		December 31 2021		December 31 2020
Financial Debt:

Total short-term debt ⁽¹⁾	$	1,474	$	999	$	-

Total long-term debt ⁽¹⁾		14,585		15,169		14,948

Total financial debt	$	16,059	$	16,168	$	14,948

Hybrid debt:

Total trust preferred securities		308		308		308


Total	$	16,367	$	16,476	$	15,256


Capitalization:

Shareholders’ equity	$	56,698	$	59,714	$	59,441

Hybrid debt		308		308		308

Financial debt		16,059		16,168		14,948

Total capitalization	$	73,065	$	76,190	$	74,697



Leverage ratios (based on total capital):

Hybrid debt		0.4%		0.4%		0.4%

Financial debt		22.0%		21.2%		20.0%


Total hybrid & financial debt		22.4%		21.6%		20.4%

Note: As of March 31, 2022, there was $1.3 billion usage of credit facilities on total capacity of $3.7 billion.

(1) During Q1 2022, the $475 million 2.7% senior notes due to mature in March 2023 were reclassified to short-term debt.


Debt and Capital		Page 23

Chubb Limited

Computation of Basic and Diluted Earnings Per Share

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

(Unaudited)


	Three months ended March 31
	2022		2021
Numerator
Core operating income to common shares	$	1,640	$	1,142

Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		(11)		(21)

Tax benefit on amortization adjustment		2		5

Adjusted net realized gains (losses), pre-tax		367		1,307

Tax expense on adjusted net realized gains (losses)		(24)		(133)

Net income	$	1,974	$	2,300


Rollforward of Common Shares Outstanding
Shares - beginning of period		426,572,612		450,732,625

Repurchase of shares		(4,869,900)		(3,110,000)

Shares issued, excluding option exercises		991,772		1,007,105

Issued for option exercises		980,843		1,047,229

Shares - end of period		423,675,327		449,676,959


Denominator
Weighted average shares outstanding ⁽¹⁾		425,805,105		450,539,568

Effect of other dilutive securities		3,985,729		2,795,971

Adj. wtd. avg. shares outstanding and assumed conversions		429,790,834		453,335,539


Basic earnings per share
Core operating income	$	3.85	$	2.53

Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(0.02)		(0.04)

Adjusted net realized gains (losses), net of tax		0.81		2.61


Net income	$	4.64	$	5.10


Diluted earnings per share

Core operating income	$	3.82	$	2.52

Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(0.02)		(0.04)

Adjusted net realized gains (losses), net of tax		0.79		2.59

Net income	$	4.59	$	5.07

(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 24

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


	March 31 2022			December 31 2021			March 31 2021

Shareholders’ equity	$	56,698		$	59,714		$	59,076
Less: goodwill and other intangible assets, net of tax		19,443			19,456			19,881

Numerator for tangible book value per share	$	37,255		$	40,258		$	39,195


Book value - % change over prior quarter		-5.1%			0.7%			-0.6%
Tangible book value - % change over prior quarter		-7.5%			1.7%			-0.8%

Denominator		423,675,327			426,572,612			449,676,959


Book value per common share	$	133.82		$	139.99		$	131.37
Tangible book value per common share	$	87.93		$	94.38		$	87.16

Reconciliation of Book Value

Shareholders’ equity, beginning of quarter	$	59,714		$	59,318		$	59,441
Core operating income		1,640			1,649			1,142
Amortization of fair value adjustment of acquired invested assets and long-term debt		(9	)		(12	)		(16	)
Adjusted net realized gains (losses) ⁽¹⁾		343			504			1,174
Net unrealized gains (losses) on investments		(3,840	)		(630	)		(1,912	)
Repurchase of shares		(1,001	)		(905	)		(519	)
Dividend declared on common shares		(340	)		(342	)		(352	)
Cumulative translation gains (losses)		71			(432	)		24
Postretirement benefit liability		15			434			(23	)
Other⁽²⁾		105			130			117


	$	56,698		$	59,714		$	59,076

(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 25

Chubb Limited

Non-GAAP Financial Measures

(Unaudited)

Regulation G - Non-GAAP Financial Measures

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

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

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

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

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

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

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

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

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

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

P&C combined ratio excludes the Life Insurance segment. P&C loss and loss expense ratio and P&C combined ratio include adjusted losses and loss expenses in the ratio numerator. P&C expense ratio and P&C combined ratio include policy acquisition costs and administrative expenses in the ratio numerator. A reconciliation of combined ratio to P&C combined ratio is provided on pages 29-30.

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) and the amortization of fair value adjustment of acquired invested assets and long-term debt related to the Chubb Corp acquisition. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) because the amount of these gains (losses) are heavily influenced by, and fluctuate in part according to the availability of market opportunities. We exclude the amortization of the fair value adjustments related to purchased invested assets and long-term debt, related to the Chubb Corp acquisition due to the size and complexity of this acquisition. References to core operating income measures mean net of tax, whether or not noted.

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

Book value per common share, is shareholders’ equity divided by the shares outstanding. Tangible book value per common share, is shareholders’ equity less goodwill and other intangible assets, net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Book value per common share excluding mark-to-market, excludes unrealized investment gains (losses). Tangible book value per common share excluding mark-to-market, excludes goodwill and other intangible assets, net of tax, as well as unrealized investment gains (losses), net of tax. We exclude unrealized investment gains (losses) because the amount of these gains (losses) is heavily influenced by changes in market conditions, including interest rate changes, and we believe that excluding these gains and losses would highlight the underlying growth in book value and tangible book value.

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


Reconciliation Non-GAAP		Page 26

Chubb Limited

Non-GAAP Financial Measures - 2

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

Core operating effective tax rate

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


	1Q-22			4Q-21			3Q-21			2Q-21			1Q-21			Full Year 2021
Tax expense, as reported	$	355		$	404		$	218		$	317		$	338		$	1,277
Less: tax benefit on amortization of fair value of acquired invested assets and debt		(2	)		-			(3	)		(3	)		(5	)		(11	)
Less: tax expense on adjusted net realized gains (losses)		24			95			27			16			133			271

Tax expense, adjusted	$	333		$	309		$	194		$	304		$	210		$	1,017


Income before tax, as reported	$	2,329		$	2,545		$	2,051		$	2,582		$	2,638		$	9,816
Less: amortization of fair value of acquired invested assets and debt		(11	)		(12	)		(14	)		(17	)		(21	)		(64	)
Less: adjusted realized gains (losses)		100			319			(11	)		(36	)		888			1,160
Less: realized gains (losses) related to unconsolidated entities		267			280			725			710			419			2,134

Core operating income before tax	$	1,973		$	1,958		$	1,351		$	1,925		$	1,352		$	6,586

Effective tax rate		15.2%			15.9%			10.7%			12.3%			12.8%			13.0%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt		0.0%			-0.1%			0.1%			0.0%			0.1%			0.0%
Adjustment for tax impact of adjusted net realized gains (losses)		1.7%			-0.1%			3.6%			3.5%			2.6%			2.4%

Core operating effective tax rate		16.9%			15.7%			14.4%			15.8%			15.5%			15.4%

Core operating income

The following table presents the reconciliation of Net income to Core operating income:


	1Q-22			4Q-21			3Q-21			2Q-21			1Q-21			Full Year 2021
Net income, as reported	$	1,974		$	2,141		$	1,833		$	2,265		$	2,300		$	8,539
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		(11	)		(12	)		(14	)		(17	)		(21	)		(64	)
Tax benefit on amortization adjustment		2			-			3			3			5			11
Adjusted realized gains (losses), pre-tax		100			319			(11	)		(36	)		888			1,160
Net realized gains (losses) related to unconsolidated entities, pre-tax ⁽¹⁾		267			280			725			710			419			2,134
Tax expense on adjusted net realized gains (losses)		(24	)		(95	)		(27	)		(16	)		(133	)		(271	)

Core operating income	$	1,640		$	1,649		$	1,157		$	1,621		$	1,142		$	5,569


Catastrophe losses - after-tax	$	290		$	245		$	943		$	226		$	570		$	1,984
Favorable prior period development (PPD) - after-tax	$	(195	)	$	(149	)	$	(227	)	$	(224	)	$	(156	)	$	(756	)

Core operating income per share	$	3.82		$	3.81		$	2.64		$	3.62		$	2.52		$	12.56
Impact of Cats on Core operating income per share - Unfavorable	$	(0.67	)	$	(0.57	)	$	(2.15	)	$	(0.50	)	$	(1.26	)	$	(4.48	)
Impact of PPD on Core operating income per share - Favorable	$	0.45		$	0.35		$	0.52		$	0.50		$	0.35		$	1.70
Impact of Cats and PPD on Core operating income per share - Unfavorable	$	(0.22	)	$	(0.22	)	$	(1.63	)	$	-		$	(0.91	)	$	(2.78	)

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

P&C Underwriting income and P&C CAY underwriting income ex Cats

The following table presents the reconciliation of Net income to P&C CAY underwriting income ex Cats:


	1Q-22			4Q-21			3Q-21			2Q-21			1Q-21			Full Year 2021
Net income, as reported	$	1,974		$	2,141		$	1,833		$	2,265		$	2,300		$	8,539
Less: Income tax expense		(355	)		(404	)		(218	)		(317	)		(338	)		(1,277	)
Amortization expense of purchased intangibles		(71	)		(71	)		(71	)		(73	)		(72	)		(287	)
Other income (expense)		310			335			763			777			490			2,365
Interest expense		(132	)		(126	)		(122	)		(122	)		(122	)		(492	)
Net investment income		822			843			866			884			863			3,456
Net realized gains (losses)		101			319			(21	)		(33	)		887			1,152

Life Insurance underlying income (loss) ⁽¹⁾		17			(21	)		9			(39	)		(31	)		(82	)
Add: Realized gains (losses) on crop derivatives		1			—			(10	)		3			(1	)		(8	)

P&C underwriting income	$	1,283		$	1,266		$	617		$	1,191		$	622		$	3,696
Add: Catastrophe losses (including reinstatement premiums) - pre-tax		333			275			1,146			280			700			2,401
Favorable prior period development (PPD) - pre-tax		(240	)		(145	)		(321	)		(268	)		(192	)		(926	)

P&C CAY underwriting income ex Cats	$	1,376		$	1,396		$	1,442		$	1,203		$	1,130		$	5,171

(1) 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 27

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, net of tax. For the ROTE calculation, the denominator is also adjusted to exclude goodwill and other intangible assets, net of tax. These measures enhance the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity and tangible equity excluding the effect of unrealized gains and losses on our investments that are heavily influenced by available market opportunities. We believe ROTE is meaningful because it measures the performance of our operations without the impact of goodwill and other intangible assets.


	1Q-22			1Q-21		Full Year 2021
Net income	$	1,974		$	2,300	$	8,539
Core operating income	$	1,640		$	1,142	$	5,569

Equity - beginning of period, as reported	$	59,714		$	59,441	$	59,441

Less: unrealized gains (losses) on investments, net of deferred tax		2,256			4,673		4,673

Equity - beginning of period, as adjusted	$	57,458		$	54,768	$	54,768

Less: goodwill and other intangible assets, net of tax		19,456			19,916		19,916

Equity - beginning of period, as adjusted ex goodwill and other intangible assets	$	38,002		$	34,852	$	34,852


Equity - end of period, as reported	$	56,698		$	59,076	$	59,714
Less: unrealized gains (losses) on investments, net of deferred tax		(1,584	)		2,761		2,256

Equity - end of period, as adjusted	$	58,282		$	56,315	$	57,458

Less: goodwill and other intangible assets, net of tax		19,443			19,881		19,456

Equity - end of period, as adjusted ex goodwill and other intangible assets	$	38,839		$	36,434	$	38,002


Weighted average equity, as reported	$	58,206		$	59,259	$	59,578
Weighted average equity, as adjusted	$	57,870		$	55,542	$	56,113
Weighted average equity, as adjusted ex goodwill and other intangible assets	$	38,421		$	35,643	$	36,427

ROE		13.6%			15.5%		14.3%

Core operating ROTE		17.1%			12.8%		15.3%

Core operating ROE		11.3%			8.2%		9.9%

Private equities realized gains (losses), after-tax ⁽¹⁾	$	304		$	424	$	2,053

Impact of Private equities if included in Core operating ROE - Favorable ⁽¹⁾		2.1 pts			3.1 pts		3.7 pts

Reconciliation of Book Value and Tangible Book Value per Share, excluding mark-to-market


	March 31 2022			December 31 2021		% Change
Book value	$	56,698		$	59,714
Less: unrealized gains (losses) on investments, net of deferred tax		(1,584	)		2,256

Book value excluding mark-to-market		58,282			57,458
Less: goodwill and other intangible assets, net of tax		19,443			19,456

Tangible book value excluding mark-to-market	$	38,839		$	38,002

Denominator		423,675,327			426,572,612

Book value per share excluding mark-to-market	$	137.56		$	134.70		2.1%
Tangible book value per share excluding mark-to-market	$	91.67		$	89.09		2.9%

(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 28

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).


Q1 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		$	2,497		$	713		$	(91	)	$	1,389		$	115		$	10		$	4,633

Realized (gains) losses on crop derivatives			-			-			(1	)		-			-			-			(1	)


Adjusted losses and loss expenses	A	$	2,497		$	713		$	(92	)	$	1,389		$	115		$	10		$	4,632


Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(81	)		(100	)		-			(151	)		(1	)		-			(333	)
Reinstatement premiums collected (expensed) on catastrophe losses			-			-			-			-			-			-			-

Catastrophe losses, gross of related adjustments			(81	)		(100	)		-			(151	)		(1	)		-			(333	)


PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			108			51			26			60			3			(8	)		240
Net premiums earned adjustments on PPD - unfavorable (favorable)			-			-			159			-			-			-			159
Expense adjustments - unfavorable (favorable)			6			-			(1	)		-			-			-			5
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			1			-			1

PPD, gross of related adjustments - favorable (unfavorable)			114			51			184			60			4			(8	)		405


CAY loss and loss expense ex Cats	B	$	2,530		$	664		$	92		$	1,298		$	118		$	2		$	4,704


Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	838		$	329		$	11		$	948		$	71		$	83		$	2,280
Expense adjustments - favorable (unfavorable)			(6	)		-			1			-			-			-			(5	)

Policy acquisition costs and administrative expenses, adjusted	D	$	832		$	329		$	12		$	948		$	71		$	83		$	2,275


Denominator

Net premiums earned	E	$	4,114		$	1,247		$	(29	)	$	2,628		$	235					$	8,195

Net premiums earned adjustments on PPD - unfavorable (favorable)			-			-			159			-			-						159

PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			1						1


Net premiums earned excluding adjustments	F	$	4,114		$	1,247		$	130		$	2,628		$	236					$	8,355


P&C combined ratio

Loss and loss expense ratio	A/E		60.7%			57.2%			318.4%			52.9%			48.8%						56.5%
Policy acquisition cost and administrative expense ratio	C/E		20.4%			26.3%			-36.8%			36.0%			30.2%						27.8%

P&C combined ratio			81.1%			83.5%			281.6%			88.9%			79.0%						84.3%


CAY P&C combined ratio ex Cats

Loss and loss expense ratio, adjusted	B/F		61.5%			53.3%			70.6%			49.4%			49.9%						56.3%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.2%			26.3%			8.9%			36.1%			30.0%						27.2%


CAY P&C combined ratio ex Cats			81.7%			79.6%			79.5%			85.5%			79.9%						83.5%


Combined ratio

Combined ratio																					84.3%

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



P&C combined ratio																					84.3%

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 29

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)


	North America Commercial P&C				North America Personal P&C			North America Agricultural			Overseas General			Global						Total
Q1 2021		Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C
Numerator
Losses and loss expenses
Losses and loss expenses		$	2,560		$	819		$	84		$	1,263		$	120		$	9		$	4,855
Realized (gains) losses on crop derivatives			-			-			1			-			-			-			1

Adjusted losses and loss expenses	A	$	2,560		$	819		$	85		$	1,263		$	120		$	9		$	4,856

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(362	)		(240	)		(8	)		(50	)		(40	)		-			(700	)
Reinstatement premiums collected (expensed) on catastrophe losses			-			(23	)		-			-			5			-			(18	)

Catastrophe losses, gross of related adjustments			(362	)		(217	)		(8	)		(50	)		(45	)		-			(682	)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			127			40			2			25			7			(9	)		192
Net premiums earned adjustments on PPD - unfavorable (favorable)			-			-			(2	)		-			-			-			(2	)
Expense adjustments - unfavorable (favorable)			3			-			-			-			-			-			3
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			3			-			3

PPD, gross of related adjustments - favorable (unfavorable)			130			40			-			25			10			(9	)		196

CAY loss and loss expense ex Cats	B	$	2,328		$	642		$	77		$	1,238		$	85		$	-		$	4,370

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	768		$	307		$	15		$	934		$	53		$	71		$	2,148
Expense adjustments - favorable (unfavorable)			(3	)		-			-			-			-			-			(3	)

Policy acquisition costs and administrative expenses, adjusted	D	$	765		$	307		$	15		$	934		$	53		$	71		$	2,145


Denominator
Net premiums earned	E	$	3,674		$	1,184		$	110		$	2,478		$	180					$	7,626
Reinstatement premiums (collected) expensed on catastrophe losses			-			23			-			-			(5	)					18
Net premiums earned adjustments on PPD - unfavorable (favorable)			-			-			(2	)		-			-						(2	)
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			3						3

Net premiums earned excluding adjustments	F	$	3,674		$	1,207		$	108		$	2,478		$	178					$	7,645


P&C combined ratio
Loss and loss expense ratio	A/E		69.7%			69.2%			77.5%			51.0%			66.9%						63.7%
Policy acquisition cost and administrative expense ratio	C/E		20.9%			25.9%			13.4%			37.7%			29.5%						28.1%

P&C combined ratio			90.6%			95.1%			90.9%			88.7%			96.4%						91.8%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		63.4%			53.2%			71.2%			49.9%			48.3%						57.2%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.8%			25.4%			13.5%			37.7%			29.7%						28.0%

CAY P&C combined ratio ex Cats			84.2%			78.6%			84.7%			87.6%			78.0%						85.2%


Combined ratio
Combined ratio																					91.8%
Add: impact of gains and losses on crop derivatives																					0.0%

P&C combined ratio																					91.8%


Reconciliation Non-GAAP 5		Page 30

Chubb Limited

Glossary

Chubb Limited Consolidated comprises all segments including Corporate.

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

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

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

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

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

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

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

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

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

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

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

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

Commercial P&C lines includes Commercial P&C, Agriculture and Reinsurance lines of business.

Consumer P&C lines includes Personal and Global accident and health (A&H) lines of business.

NM: Not meaningful.


Glossary		Page 31