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Published: 2021-07-27 00:00:00 ET

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EX-99.2 3 d166482dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

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Chubb Limited

Financial Supplement

for the Quarter Ended June 30, 2021

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 - 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
	- Glossary		36

Chubb Limited

Consolidated Financial Highlights

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

(Unaudited)

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


	Three months ended June 30									Constant $			Constant $			Six months ended June 30									Constant $			Constant $
	2021			2020			% Change			2020			% Change			2021			2020			% Change			2020			% Change
Gross premiums written	$	11,860		$	10,040			18.1	%	$	10,279			15.4	%	$	22,405		$	19,792			13.2	%	$	20,165			11.1	%
Net premiums written	$	9,546		$	8,355			14.3	%	$	8,561			11.5	%	$	18,208		$	16,332			11.5	%	$	16,653			9.3	%
P&C net premiums written ⁽¹⁾	$	8,931		$	7,736			15.5	%	$	7,922			12.7	%	$	16,973		$	15,068			12.6	%	$	15,362			10.5	%
Net premiums written - Commercial	$	6,398		$	5,338			19.9	%	$	5,440			17.6	%	$	12,105		$	10,277			17.8	%	$	10,451			15.8	%
Net premiums written - Consumer	$	2,533		$	2,398			5.6	%	$	2,482			2.1	%	$	4,868		$	4,791			1.6	%	$	4,911			-0.9	%
Net premiums earned	$	8,813		$	8,128			8.4	%	$	8,347			5.6	%	$	17,034		$	15,922			7.0	%	$	16,238			4.9	%
Net investment income	$	884		$	827			7.0	%	$	834			5.9	%	$	1,747		$	1,688			3.5	%	$	1,698			2.9	%
Adjusted net investment income	$	945		$	865			9.4	%	$	872			8.3	%	$	1,875		$	1,782			5.2	%	$	1,792			4.6	%
P&C underwriting income (loss)	$	1,191		$	(929	)		NM		$	(936	)		NM		$	1,813		$	(151	)		NM		$	(152	)		NM
P&C CAY underwriting income ex Cats	$	1,203		$	947			27.0	%	$	972			23.7	%	$	2,333		$	1,844			26.6	%	$	1,884			23.8	%
Core operating income (loss)	$	1,621		$	(254	)		NM		$	(254	)		NM		$	2,763		$	966			186.0	%	$	971			184.6	%
Net income (loss)	$	2,265		$	(331	)		NM								$	4,565		$	(79	)		NM
Operating cash flow	$	3,122		$	1,985											$	5,227		$	3,697

P&C combined ratio
Loss and loss expense ratio		58.7	%		85.2	%											61.1	%		72.8	%
Policy acquisition cost and administrative expense ratio		26.8	%		27.1	%											27.5	%		28.2	%

Combined ratio		85.5	%		112.3	%											88.6	%		101.0	%

P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)
CAY loss and loss expense ratio ex Cats		58.6	%		60.4	%											57.9	%		59.3	%
CAY policy acquisition cost and administrative expense ratio ex Cats		26.8	%		27.0	%											27.4	%		28.2	%

CAY combined ratio ex Cats		85.4	%		87.4	%											85.3	%		87.5	%

Global P&C CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		57.5	%		59.3	%											57.2	%		58.6	%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.8	%		28.0	%											28.1	%		28.8	%

CAY combined ratio ex Cats		85.3	%		87.3	%											85.3	%		87.4	%

ROE		15.2	%		-2.5	%											15.3	%		-0.3	%
Core operating return on equity (ROE)		11.5	%		-2.0	%											9.9	%		3.7	%
Core operating return on tangible equity (ROTE)		17.7	%		-3.2	%											15.4	%		6.0	%

Effective tax rate		12.3	%		15.8	%											12.5	%		206.8	%
Core operating effective tax rate		15.8	%		15.3	%											15.7	%		16.5	%

Earnings per share ⁽²⁾
Net income (loss)	$	5.06		$	(0.73	)		NM								$	10.13		$	(0.17	)		NM
Core operating income (loss)	$	3.62		$	(0.56	)		NM								$	6.13		$	2.13			187.8	%

Weighted average basic common shares outstanding		445.1			451.4												447.8			451.6
Weighted average diluted common shares outstanding		448.0			452.8												450.7			453.7

							% Change						% Change
	June 30			March 31			2Q-21 vs.			December 31			2Q-21 vs.
	2021			2021			1Q-21			2020			4Q-20
Book value per common share	$	136.90		$	131.37			4.2	%	$	131.88			3.8	%
Tangible book value per common share	$	91.48		$	87.16			5.0	%	$	87.69			4.3	%

(1)

Q2 2021 P&C net premiums written growth was adversely impacted by lower year-over-year large structured transactions written of $241 million, partially offset by the prior year COVID-19 related exposure adjustments of $184 million on in-force policies. Excluding these items, P&C net premiums written increased 16.4% in the quarter and 13.1% YTD.

(2)	In periods where core operating loss and net loss are recognized, inclusion of incremental dilution is anti-dilutive and therefore basic shares are used in the calculation of per share earnings. Refer to page 27 for additional details.


Financial Highlights		Page 1

Chubb Limited

Statement of Operations - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Consolidated Statements of Operations


																YTD			YTD			Full Year
	2Q-21			1Q-21			4Q-20			3Q-20			2Q-20			2021			2020			2020
Gross premiums written	$	11,860		$	10,545		$	10,249		$	11,220		$	10,040		$	22,405		$	19,792		$	41,261
Net premiums written		9,546			8,662			8,410			9,078			8,355			18,208			16,332			33,820
Net premiums earned		8,813			8,221			8,430			8,765			8,128			17,034			15,922			33,117
Adjusted losses and loss expenses ⁽¹⁾		5,003			5,054			4,810			5,834			6,578			10,057			11,065			21,709
Realized (gains) losses on crop derivatives		(3	)		1			(3	)		(1	)		1			(2	)		3			(1	)

Losses and loss expenses		5,006			5,053			4,813			5,835			6,577			10,059			11,062			21,710
Adjusted policy benefits ⁽²⁾		170			163			184			174			183			333			368			726
Gains (losses) from fair value changes in separate account liabilities		(15	)		(4	)		(50	)		(24	)		(40	)		(19	)		16			(58	)

Policy benefits		185			167			234			198			223			352			352			784
Policy acquisition costs		1,698			1,665			1,694			1,645			1,593			3,363			3,208			6,547
Administrative expenses		775			744			778			733			727			1,519			1,468			2,979
Adjusted net investment income ⁽³⁾		945			930			924			900			865			1,875			1,782			3,606
Other (income) expense from private equity partnerships		(39	)		(41	)		(51	)		(32	)		(8	)		(80	)		(32	)		(115	)
Amortization expense of fair value adjustment on acquired invested assets		(22	)		(26	)		(26	)		(28	)		(30	)		(48	)		(62	)		(116	)

Net investment income		884			863			847			840			827			1,747			1,688			3,375
Adjusted realized gains (losses) ⁽⁴⁾		(36	)		888			568			(142	)		31			852			(925	)		(499	)
Realized gains (losses) on crop derivatives		3			(1	)		3			1			(1	)		2			(3	)		1

Net realized gains (losses)		(33	)		887			571			(141	)		30			854			(928	)		(498	)
Adjusted interest expense ⁽⁵⁾		127			127			131			135			134			254			271			537
Amortization benefit of fair value adjustment on acquired long term debt		(5	)		(5	)		(5	)		(5	)		(6	)		(10	)		(11	)		(21	)

Interest expense		122			122			126			130			128			244			260			516
Gains (losses) from fair value changes in separate account assets		15			4			50			24			40			19			(16	)		58
Net realized gains (losses) related to unconsolidated entities		710			419			506			422			(100	)		1,129			(107	)		821
Other income (expense) from private equity partnerships		39			41			51			32			8			80			32			115
Other income (expense) - operating		13			26			15			7			(6	)		39			(22	)		—

Other income (expense)		777			490			622			485			(58	)		1,267			(113	)		994
Amortization expense of purchased intangibles		73			72			73			72			72			145			145			290
Income tax expense (benefit)		317			338			334			142			(62	)		655			153			629

Net income (loss)	$	2,265		$	2,300		$	2,418		$	1,194		$	(331	)	$	4,565		$	(79	)	$	3,533

(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


																YTD			YTD			Full Year
	2Q-21			1Q-21			4Q-20			3Q-20			2Q-20			2021			2020			2020
P&C underwriting income (loss) (Including Corporate and excluding Life Insurance)
Gross premiums written	$	11,208		$	9,890		$	9,571		$	10,575		$	9,387		$	21,098		$	18,456		$	38,602
Net premiums written		8,931			8,042			7,770			8,468			7,736			16,973			15,068			31,306
Net premiums earned		8,208			7,626			7,786			8,166			7,520			15,834			14,683			30,635
Adjusted losses and loss expenses		4,818			4,856			4,642			5,651			6,407			9,674			10,692			20,985
Policy acquisition costs		1,507			1,486			1,479			1,470			1,397			2,993			2,832			5,781
Administrative expenses		692			662			696			653			645			1,354			1,310			2,659

P&C underwriting income (loss)	$	1,191		$	622		$	969		$	392		$	(929	)	$	1,813		$	(151	)	$	1,210

P&C CAY underwriting income ex Cats	$	1,203		$	1,130		$	1,059		$	1,171		$	947		$	2,333		$	1,844		$	4,074

% Change versus prior year period
Net premiums written		15.5	%		9.7	%		5.4	%		5.7	%		-0.4	%		12.6	%		3.9	%		4.8	%
Net premiums written - Commercial		19.9	%		15.6	%		10.0	%		10.4	%		4.2	%		17.8	%		7.5	%		8.9	%
Net premiums written - Consumer		5.6	%		-2.5	%		-3.9	%		-4.6	%		-9.2	%		1.6	%		-3.0	%		-3.6	%
Net premiums earned		9.1	%		6.5	%		6.3	%		5.7	%		2.7	%		7.8	%		5.7	%		5.8	%

Net premiums written constant $		12.7	%		8.1	%		5.0	%		6.4	%		1.4	%		10.5	%		5.1	%		5.4	%
Net premiums written - Commercial		17.6	%		13.9	%		9.5	%		10.8	%		5.4	%		15.8	%		8.4	%		9.3	%
Net premiums written - Consumer		2.1	%		-3.9	%		-4.0	%		-3.3	%		-6.6	%		-0.9	%		-1.3	%		-2.5	%
Net premiums earned constant $		6.3	%		5.1	%		6.0	%		6.3	%		4.6	%		5.8	%		6.8	%		6.5	%

P&C combined ratio
Loss and loss expense ratio		58.7	%		63.7	%		59.6	%		69.2	%		85.2	%		61.1	%		72.8	%		68.5	%
Policy acquisition cost ratio		18.4	%		19.5	%		19.0	%		18.0	%		18.5	%		18.9	%		19.3	%		18.9	%
Administrative expense ratio		8.4	%		8.6	%		9.0	%		8.0	%		8.6	%		8.6	%		8.9	%		8.7	%

Combined ratio		85.5	%		91.8	%		87.6	%		95.2	%		112.3	%		88.6	%		101.0	%		96.1	%

CAY P&C combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		58.6	%		57.2	%		58.5	%		59.7	%		60.4	%		57.9	%		59.3	%		59.2	%
CAY policy acquisition cost and administrative expense ratio ex Cats		26.8	%		28.0	%		27.9	%		26.0	%		27.0	%		27.4	%		28.2	%		27.5	%

CAY combined ratio ex Cats		85.4	%		85.2	%		86.4	%		85.7	%		87.4	%		85.3	%		87.5	%		86.7	%

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

Expense ratio		26.8	%		28.1	%		28.0	%		26.0	%		27.1	%		27.5	%		28.2	%		27.6	%
Expense ratio excluding A&H		25.1	%		26.4	%		26.0	%		24.0	%		25.2	%		25.7	%		26.3	%		25.6	%

Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	8		$	(18	)	$	3		$	7		$	(20	)	$	(10	)	$	(20	)	$	(10	)
Catastrophe losses - pre-tax	$	288		$	682		$	299		$	932		$	1,781		$	970		$	2,018		$	3,249
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(268	)	$	(192	)	$	(206	)	$	(146	)	$	75		$	(460	)	$	(43	)	$	(395	)

Impact of catastrophe losses ex COVID-19 on P&C combined ratio - Unfavorable		3.4	%		9.1	%		3.8	%		11.3	%		5.8	%		6.2	%		4.5	%		6.1	%
Impact of COVID-19 catastrophe losses on P&C combined ratio - Unfavorable		0.0	%		0.0	%		0.0	%		0.0	%		18.1	%		0.0	%		9.3	%		4.5	%
Impact of catastrophe losses on P&C combined ratio - Unfavorable		3.4	%		9.1	%		3.8	%		11.3	%		23.9	%		6.2	%		13.8	%		10.6	%
Impact of PPD on P&C combined ratio - Unfavorable (favorable)		-3.3	%		-2.5	%		-2.6	%		-1.8	%		1.0	%		-2.9	%		-0.3	%		-1.2	%
Impact of Cats and PPD on P&C combined ratio - Unfavorable		0.1	%		6.6	%		1.2	%		9.5	%		24.9	%		3.3	%		13.5	%		9.4	%


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-21			1Q-21			4Q-20			3Q-20			2Q-20			YTD 2021			YTD 2020			Full Year 2020
Global P&C underwriting income (loss)
Gross premiums written	$	10,502		$	9,624		$	9,259		$	9,243		$	8,735		$	20,126		$	17,584		$	36,086
Net premiums written		8,419			7,859			7,528			7,482			7,275			16,278			14,450			29,460
Net premiums earned		7,798			7,516			7,405			7,195			7,144			15,314			14,213			28,813
Adjusted losses and loss expenses		4,487			4,771			4,321			4,806			6,094			9,258			10,314			19,441
Policy acquisition costs		1,480			1,474			1,452			1,414			1,368			2,954			2,792			5,658
Administrative expenses		689			659			699			648			642			1,348			1,303			2,650

Global P&C underwriting income (loss)	$	1,142		$	612		$	933		$	327		$	(960	)	$	1,754		$	(196	)	$	1,064

Global P&C CAY underwriting income ex Cats	$	1,150		$	1,114		$	1,025		$	1,078		$	910		$	2,264		$	1,799		$	3,902

% Change versus prior year period
Net premiums written		15.7	%		9.5	%		6.0	%		5.8	%		-0.3	%		12.6	%		3.9	%		4.9	%
Net premiums earned		9.1	%		6.3	%		7.3	%		6.0	%		2.9	%		7.8	%		5.6	%		6.1	%

Net premiums written constant $		12.9	%		7.9	%		5.7	%		6.6	%		1.6	%		10.4	%		5.2	%		5.7	%
Net premiums earned constant $		6.2	%		5.0	%		6.9	%		6.7	%		4.9	%		5.6	%		6.8	%		6.8	%

Combined ratio
Loss and loss expense ratio		57.5	%		63.5	%		58.4	%		66.8	%		85.3	%		60.5	%		72.6	%		67.5	%
Policy acquisition cost ratio		19.0	%		19.6	%		19.6	%		19.7	%		19.1	%		19.2	%		19.6	%		19.6	%
Administrative expense ratio		8.9	%		8.8	%		9.4	%		9.0	%		9.0	%		8.8	%		9.2	%		9.2	%

Combined ratio		85.4	%		91.9	%		87.4	%		95.5	%		113.4	%		88.5	%		101.4	%		96.3	%

CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		57.5	%		57.0	%		57.0	%		56.4	%		59.3	%		57.2	%		58.6	%		57.6	%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.8	%		28.2	%		29.1	%		28.6	%		28.0	%		28.1	%		28.8	%		28.9	%

CAY combined ratio ex Cats		85.3	%		85.2	%		86.1	%		85.0	%		87.3	%		85.3	%		87.4	%		86.5	%

Other ratios
Net premiums written/gross premiums written		80	%		82	%		81	%		81	%		83	%		81	%		82	%		82	%

Expense ratio		27.9	%		28.4	%		29.0	%		28.7	%		28.1	%		28.0	%		28.8	%		28.8	%
Expense ratio excluding A&H		26.1	%		26.6	%		27.2	%		26.7	%		26.2	%		26.4	%		26.9	%		26.9	%

Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	8		$	(18	)	$	4		$	7		$	(20	)	$	(10	)	$	(20	)	$	(9	)
Catastrophe losses - pre-tax	$	284		$	674		$	288		$	922		$	1,775		$	958		$	2,004		$	3,214
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(268	)	$	(190	)	$	(192	)	$	(164	)	$	75		$	(458	)	$	(29	)	$	(385	)


Global P&C		Page 4

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)


	June 30			March 31			December 31
	2021			2021			2020
Assets
Fixed maturities available for sale, at fair value	$	92,163		$	91,071		$	90,699
Fixed maturities held to maturity, at amortized cost		10,673			11,132			11,653
Equity securities, at fair value		4,607			4,405			4,027
Short-term investments, at fair value		4,470			3,735			4,345
Other investments		9,457			8,636			7,945

		121,370			118,979			118,669

Cash		1,843			1,684			1,747
Securities lending collateral		2,369			2,076			1,844
Insurance and reinsurance balances receivable		11,720			10,573			10,480
Reinsurance recoverable on losses and loss expenses		15,725			15,914			15,592
Deferred policy acquisition costs		5,605			5,443			5,402
Value of business acquired		255			258			263
Prepaid reinsurance premiums		3,141			2,835			2,769
Goodwill and other intangible assets		21,200			21,161			21,211
Investments in partially-owned insurance companies		2,983			2,871			2,813
Other assets		10,963			10,183			9,984

Total assets	$	197,174		$	191,977		$	190,774

Liabilities
Unpaid losses and loss expenses	$	70,289		$	69,255		$	67,811
Unearned premiums		19,167			18,040			17,652
Future policy benefits		5,930			5,839			5,713
Insurance and reinsurance balances payable		7,525			6,566			6,708
Securities lending payable		2,369			2,076			1,844
Accounts payable, accrued expenses, and other liabilities		15,989			15,456			15,457
Deferred tax liabilities		581			482			892
Long-term debt		14,954			14,879			14,948
Trust preferred securities		308			308			308

Total liabilities		137,112			132,901			131,333

Shareholders’ equity
Total shareholders’ equity, excl. AOCI		58,240			58,118			56,572
Accumulated other comprehensive income (loss) (AOCI)		1,822			958			2,869

Total shareholders’ equity		60,062			59,076			59,441

Total liabilities and shareholders’ equity	$	197,174		$	191,977		$	190,774

Book value per common share	$	136.90		$	131.37		$	131.88
% change over prior quarter		4.2	%		-0.4	%		5.5	%
Tangible book value per common share	$	91.48		$	87.16		$	87.69
% change over prior quarter		5.0	%		-0.6	%		8.1	%


Consol Bal Sheet		Page 5

Chubb Limited

Consolidated Net Premiums Written by Line of Business

(in millions of U.S. dollars)

(Unaudited)


								Constant $			YTD		YTD					Constant $
	2Q-21		2Q-20		% Change			% Change			2021		2020		% Change			% Change
Net premiums written

Commercial multiple peril⁽¹⁾	$	316	$	267		18.0	%		18.0	%	$	579	$	508		13.9	%		13.9	%
Commercial casualty		1,609		1,478		8.9	%		8.5	%		3,258		2,819		15.6	%		14.7	%
Workers’ compensation		546		467		17.0	%		17.0	%		1,109		1,053		5.3	%		5.3	%
Professional liability		1,263		997		26.7	%		23.0	%		2,353		1,909		23.3	%		20.3	%
Surety		138		117		18.5	%		14.3	%		296		267		11.2	%		10.7	%
Property and other short-tail lines		1,740		1,344		29.5	%		24.0	%		3,334		2,678		24.5	%		20.1	%

Total Commercial P&C lines		5,612		4,670		20.2	%		17.7	%		10,929		9,234		18.4	%		16.3	%

Agriculture		512		461		11.0	%		11.0	%		695		618		12.4	%		12.4	%

Personal automobile		364		353		3.2	%		-1.0	%		751		794		-5.5	%		-6.2	%
Personal homeowners		1,025		980		4.5	%		3.5	%		1,800		1,753		2.6	%		1.9	%
Personal other		464		402		15.5	%		9.0	%		932		820		13.6	%		8.6	%

Total Personal lines		1,853		1,735		6.8	%		3.9	%		3,483		3,367		3.4	%		1.7	%

Total Property and Casualty lines		7,977		6,866		16.2	%		13.8	%		15,107		13,219		14.3	%		12.4	%

Global A&H lines ⁽²⁾		951		951		0.1	%		-4.2	%		1,933		2,018		-4.2	%		-7.5	%
Reinsurance lines		274		207		32.4	%		30.7	%		481		425		13.1	%		11.7	%
Life		344		331		3.8	%		-0.6	%		687		670		2.5	%		-0.3	%

Total consolidated	$	9,546	$	8,355		14.3	%		11.5	%	$	18,208	$	16,332		11.5	%		9.3	%

(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 June 30, 2021

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

(Unaudited)


Q2 2021	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	$	4,285		$	1,363		$	512		$	2,497		$	274		$	—		$	8,931		$	615		$	9,546
Net premiums earned		3,803			1,224			410			2,579			192			—			8,208			605			8,813
Adjusted losses and loss expenses		2,426			676			331			1,186			110			89			4,818			185			5,003
Adjusted policy benefits		—			—			—			—			—			—			—			170			170
Policy acquisition costs		489			245			27			699			47			—			1,507			191			1,698
Administrative expenses		245			67			3			279			10			88			692			83			775

Underwriting income (loss)		643			236			49			415			25			(177	)		1,191			(24	)		1,167
Adjusted net investment income		535			64			8			149			81			7			844			101			945
Other income (expense) - operating		(14	)		5			—			(2	)		—			(2	)		(13	)		26			13
Amortization expense of purchased intangibles		—			(3	)		(6	)		(13	)		—			(50	)		(72	)		(1	)		(73	)

Segment income (loss)	$	1,164		$	302		$	51		$	549		$	106		$	(222	)	$	1,950		$	102		$	2,052

Adjusted interest expense																	(127	)								(127	)
Income tax expense																	(304	)								(304	)

Core operating income (loss)																	(653	)								1,621
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $3 million tax benefit																	(14	)								(14	)
Adjusted net realized gains (losses), net of $16 million tax⁽¹⁾																	658									658

Net income (loss)																$	(9	)							$	2,265

Combined ratio		83.1	%		80.7	%		88.1	%		83.9	%		86.6	%					85.5	%
CAY combined ratio ex Cats		82.9	%		79.2	%		87.1	%		88.4	%		81.2	%					85.4	%

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


Consol Results - QTD 2021		Page 7

Chubb Limited

Consolidated Results - Six months ended June 30, 2021

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

(Unaudited)


YTD 2021	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	$	7,949		$	2,461		$	695		$	5,387		$	481		$	—		$	16,973		$	1,235		$	18,208
Net premiums earned		7,477			2,408			520			5,057			372			—			15,834			1,200			17,034
Adjusted losses and loss expenses		4,986			1,495			416			2,449			230			98			9,674			383			10,057
Adjusted policy benefits		—			—			—			—			—			—			—			333			333
Policy acquisition costs		1,003			492			39			1,367			92			—			2,993			370			3,363
Administrative expenses		499			127			6			545			18			159			1,354			165			1,519

Underwriting income (loss)		989			294			59			696			32			(257	)		1,813			(51	)		1,762
Adjusted net investment income		1,075			129			15			290			151			16			1,676			199			1,875
Other income (expense) - operating		(16	)		4			—			(3	)		—			(6	)		(21	)		60			39
Amortization expense of purchased intangibles		—			(6	)		(13	)		(25	)		—			(99	)		(143	)		(2	)		(145	)

Segment income (loss)	$	2,048		$	421		$	61		$	958		$	183		$	(346	)	$	3,325		$	206		$	3,531

Adjusted interest expense																	(254	)								(254	)
Income tax expense																	(514	)								(514	)

Core operating income (loss)																	(1,114	)								2,763
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $8 million tax benefit																	(30	)								(30	)
Adjusted net realized gains (losses), net of $149 million tax⁽¹⁾																	1,832									1,832

Net income (loss)																$	688								$	4,565

Combined ratio		86.8	%		87.8	%		88.7	%		86.2	%		91.3	%					88.6	%
CAY combined ratio ex Cats		83.6	%		78.9	%		86.6	%		88.1	%		79.6	%					85.3	%

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


Consol Results - YTD 2021		Page 8

Chubb Limited

Consolidated Results - Three months ended June 30, 2020

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

(Unaudited)


	North			North			North
	America			America			America			Overseas
	Commercial P&C			Personal P&C			Agricultural			General			Global						Total			Life			Total
Q2 2020	Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C			Insurance			Consolidated
Net premiums written	$	3,720		$	1,327		$	461		$	2,021		$	207		$	—		$	7,736		$	619		$	8,355
Net premiums earned		3,595			1,192			376			2,194			163			—			7,520			608			8,128
Adjusted losses and loss expenses		3,498			762			313			1,485			73			276			6,407			171			6,578
Adjusted policy benefits		—			—			—			—			—			—			—			183			183
Policy acquisition costs		471			231			29			624			42			—			1,397			196			1,593
Administrative expenses		249			66			3			241			9			77			645			82			727

Underwriting income (loss)		(623	)		133			31			(156	)		39			(353	)		(929	)		(24	)		(953	)
Adjusted net investment income		509			65			7			121			60			8			770			95			865
Other income (expense) - operating		(6	)		(1	)		(1	)		(5	)		(1	)		(9	)		(23	)		17			(6	)
Amortization expense of purchased intangibles		—			(3	)		(6	)		(11	)		—			(51	)		(71	)		(1	)		(72	)

Segment income (loss)	$	(120	)	$	194		$	31		$	(51	)	$	98		$	(405	)	$	(253	)	$	87		$	(166	)

Adjusted interest expense																	(134	)								(134	)
Income tax benefit																	46									46

Core operating loss																	(493	)								(254	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $5 million tax benefit																	(19	)								(19	)
Adjusted net realized gains (losses), net of $11 million tax benefit ⁽¹⁾																	(58	)								(58	)

Net loss																$	(570	)							$	(331	)

Combined ratio		117.3	%		88.8	%		91.8	%		107.1	%		76.6	%					112.3	%
CAY combined ratio ex Cats		86.0	%		79.6	%		90.2	%		90.7	%		78.2	%					87.4	%

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


Consol Results - QTD 2020		Page 9

Chubb Limited

Consolidated Results - Six months ended June 30, 2020

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

(Unaudited)


	North			North			North
	America			America			America			Overseas
	Commercial P&C			Personal P&C			Agricultural			General			Global						Total			Life			Total
YTD 2020	Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C			Insurance			Consolidated
Net premiums written	$	6,972		$	2,434		$	618		$	4,619		$	425		$	—		$	15,068		$	1,264		$	16,332
Net premiums earned		6,971			2,392			470			4,501			349			—			14,683			1,239			15,922
Adjusted losses and loss expenses		5,679			1,445			378			2,743			160			287			10,692			373			11,065
Adjusted policy benefits		—			—			—			—			—			—			—			368			368
Policy acquisition costs		963			476			40			1,266			87			—			2,832			376			3,208
Administrative expenses		508			134			7			499			19			143			1,310			158			1,468

Underwriting income (loss)		(179	)		337			45			(7	)		83			(430	)		(151	)		(36	)		(187	)
Adjusted net investment income		1,034			131			16			266			129			16			1,592			190			1,782
Other income (expense) - operating		(12	)		(3	)		(1	)		(9	)		(1	)		(25	)		(51	)		29			(22	)
Amortization expense of purchased intangibles		—			(6	)		(13	)		(23	)		—			(101	)		(143	)		(2	)		(145	)

Segment income (loss)	$	843		$	459		$	47		$	227		$	211		$	(540	)	$	1,247		$	181		$	1,428

Adjusted interest expense																	(271	)								(271	)
Income tax expense																	(191	)								(191	)

Core operating income (loss)																	(1,002	)								966
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $10 million tax benefit																	(41	)								(41	)
Adjusted net realized gains (losses), net of $28 million tax benefit ⁽¹⁾																	(1,004	)								(1,004	)

Net loss																$	(2,047	)							$	(79	)

Combined ratio		102.6	%		85.9	%		90.4	%		100.2	%		76.3	%					101.0	%
CAY combined ratio ex Cats		86.2	%		80.4	%		90.4	%		90.2	%		79.2	%					87.5	%

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


Consol Results - YTD 2020		Page 10

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Commercial P&C Insurance


																YTD			YTD			Full Year
	2Q-21			1Q-21			4Q-20			3Q-20			2Q-20			2021			2020			2020
Gross premiums written	$	5,456		$	4,545		$	4,780		$	4,841		$	4,401		$	10,001		$	8,612		$	18,233
Net premiums written		4,285			3,664			3,724			3,778			3,720			7,949			6,972			14,474
Net premiums earned		3,803			3,674			3,537			3,456			3,595			7,477			6,971			13,964
Losses and loss expenses		2,426			2,560			2,006			2,444			3,498			4,986			5,679			10,129
Policy acquisition costs		489			514			490			489			471			1,003			963			1,942
Administrative expenses		245			254			255			243			249			499			508			1,006

Underwriting income (loss)		643			346			786			280			(623	)		989			(179	)		887
Adjusted net investment income		535			540			517			510			509			1,075			1,034			2,061
Other income (expense) - operating		(14	)		(2	)		(4	)		(7	)		(6	)		(16	)		(12	)		(23	)

Segment income (loss)	$	1,164		$	884		$	1,299		$	783		$	(120	)	$	2,048		$	843		$	2,925

CAY underwriting income ex Cats	$	652		$	581		$	568		$	527		$	504		$	1,233		$	961		$	2,056

Combined ratio
Loss and loss expense ratio		63.8	%		69.7	%		56.7	%		70.7	%		97.3	%		66.7	%		81.5	%		72.5	%
Policy acquisition cost ratio		12.9	%		14.0	%		13.9	%		14.2	%		13.1	%		13.4	%		13.8	%		14.0	%
Administrative expense ratio		6.4	%		6.9	%		7.2	%		7.0	%		6.9	%		6.7	%		7.3	%		7.2	%

Combined ratio		83.1	%		90.6	%		77.8	%		91.9	%		117.3	%		86.8	%		102.6	%		93.7	%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		63.7	%		63.4	%		62.8	%		63.8	%		66.1	%		63.6	%		65.2	%		64.2	%
CAY policy acquisition cost and administrative expense ratio ex Cats		19.2	%		20.8	%		21.1	%		21.1	%		19.9	%		20.0	%		21.0	%		21.1	%

CAY combined ratio ex Cats		82.9	%		84.2	%		83.9	%		84.9	%		86.0	%		83.6	%		86.2	%		85.3	%

Catastrophe reinstatement premiums expensed - pre-tax	$	—		$	—		$	—		$	—		$	(3	)	$	—		$	(3	)	$	(3	)
Catastrophe losses - pre-tax	$	165		$	362		$	33		$	447		$	1,270		$	527		$	1,388		$	1,868
Favorable prior period development (PPD) - pre-tax	$	(156	)	$	(127	)	$	(251	)	$	(200	)	$	(146	)	$	(283	)	$	(251	)	$	(702	)

% Change versus prior year period
Net premiums written ⁽¹⁾		15.2	%		12.7	%		8.3	%		9.4	%		5.3	%		14.0	%		7.5	%		8.2	%
Net premiums written - Commercial		16.3	%		14.7	%		10.0	%		11.2	%		6.9	%		15.6	%		8.6	%		9.6	%
Net premiums written - Consumer		-8.9	%		-18.5	%		-19.1	%		-18.1	%		-20.3	%		-14.1	%		-8.9	%		-13.8	%
Net premiums earned		5.8	%		8.8	%		8.4	%		8.5	%		6.1	%		7.3	%		7.7	%		8.1	%

Other ratios
Net premiums written/gross premiums written		79	%		81	%		78	%		78	%		85	%		79	%		81	%		79	%

Production by Size - Net premiums written ⁽²⁾
Major Accounts & Specialty	$	2,622		$	2,140		$	2,229		$	2,294		$	2,350		$	4,762		$	4,224		$	8,747
Commercial		1,663			1,524			1,495			1,484			1,370			3,187			2,748			5,727

Total	$	4,285		$	3,664		$	3,724		$	3,778		$	3,720		$	7,949		$	6,972		$	14,474

(1)

Q2 2021 net premiums written growth was adversely impacted by lower year-over-year large structured transactions written of $241 million, partially offset by the prior year COVID-19 related exposure adjustments of $160 million on in-force policies. Excluding these items, net premiums written increased 18.0% in the quarter and 15.5% YTD.

(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


																YTD			YTD			Full Year
	2Q-21			1Q-21			4Q-20			3Q-20			2Q-20			2021			2020			2020
Gross premiums written	$	1,544		$	1,275		$	1,348		$	1,448		$	1,511		$	2,819		$	2,776		$	5,572
Net premiums written		1,363			1,098			1,201			1,285			1,327			2,461			2,434			4,920
Net premiums earned		1,224			1,184			1,243			1,231			1,192			2,408			2,392			4,866
Losses and loss expenses		676			819			781			961			762			1,495			1,445			3,187
Policy acquisition costs		245			247			250			248			231			492			476			974
Administrative expenses		67			60			71			65			66			127			134			270

Underwriting income (loss)		236			58			141			(43	)		133			294			337			435
Net investment income		64			65			65			64			65			129			131			260
Other income (expense) - operating		5			(1	)		(1	)		(1	)		(1	)		4			(3	)		(5	)
Amortization expense of purchased intangibles		(3	)		(3	)		(3	)		(2	)		(3	)		(6	)		(6	)		(11	)

Segment income	$	302		$	119		$	202		$	18		$	194		$	421		$	459		$	679

CAY underwriting income ex Cats	$	253		$	258		$	254		$	310		$	242		$	511		$	468		$	1,032

Combined ratio
Loss and loss expense ratio		55.2	%		69.2	%		62.8	%		78.1	%		63.8	%		62.1	%		60.4	%		65.5	%
Policy acquisition cost ratio		20.0	%		20.9	%		20.1	%		20.1	%		19.4	%		20.4	%		19.9	%		20.0	%
Administrative expense ratio		5.5	%		5.0	%		5.7	%		5.3	%		5.6	%		5.3	%		5.6	%		5.6	%

Combined ratio		80.7	%		95.1	%		88.6	%		103.5	%		88.8	%		87.8	%		85.9	%		91.1	%

CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		53.6	%		53.2	%		53.4	%		49.2	%		54.7	%		53.4	%		54.9	%		53.1	%
CAY policy acquisition cost and administrative expense ratio ex Cats		25.6	%		25.4	%		25.9	%		25.6	%		24.9	%		25.5	%		25.5	%		25.6	%

CAY combined ratio ex Cats		79.2	%		78.6	%		79.3	%		74.8	%		79.6	%		78.9	%		80.4	%		78.7	%

Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	7		$	(23	)	$	—		$	—		$	(1	)	$	(16	)	$	(1	)	$	(1	)
Catastrophe losses - pre-tax	$	68		$	217		$	98		$	305		$	109		$	285		$	130		$	533
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(44	)	$	(40	)	$	15		$	48		$	(1	)	$	(84	)	$	—		$	63

% Change versus prior year period
Net premiums written		2.6	%		-0.8	%		2.5	%		2.8	%		1.4	%		1.1	%		2.9	%		2.8	%

Net premiums earned		2.7	%		-1.3	%		4.9	%		3.8	%		2.1	%		0.7	%		3.0	%		3.7	%
Other ratios
Net premiums written/gross premiums written		88	%		86	%		89	%		89	%		88	%		87	%		88	%		88	%


NA Personal		Page 12

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Agricultural Insurance


																YTD			YTD			Full Year
	2Q-21			1Q-21			4Q-20			3Q-20			2Q-20			2021			2020			2020
Gross premiums written	$	706		$	266		$	312		$	1,332		$	652		$	972		$	872		$	2,516
Net premiums written		512			183			242			986			461			695			618			1,846
Net premiums earned		410			110			381			971			376			520			470			1,822
Adjusted losses and loss expenses ⁽¹⁾		331			85			321			845			313			416			378			1,544
Policy acquisition costs		27			12			27			56			29			39			40			123
Administrative expenses		3			3			(3	)		5			3			6			7			9

Underwriting income		49			10			36			65			31			59			45			146
Net investment income		8			7			7			7			7			15			16			30
Other income (expense) - operating		—			—			—			—			(1	)		—			(1	)		(1	)
Amortization expense of purchased intangibles		(6	)		(7	)		(7	)		(7	)		(6	)		(13	)		(13	)		(27	)

Segment income	$	51		$	10		$	36		$	65		$	31		$	61		$	47		$	148

CAY underwriting income ex Cats	$	53		$	16		$	34		$	93		$	37		$	69		$	45		$	172

Combined ratio
Loss and loss expense ratio		80.7	%		77.5	%		84.1	%		87.1	%		83.1	%		80.0	%		80.4	%		84.7	%
Policy acquisition cost ratio		6.7	%		10.7	%		7.0	%		5.8	%		7.8	%		7.6	%		8.5	%		6.8	%
Administrative expense ratio		0.7	%		2.7	%		-0.6	%		0.4	%		0.9	%		1.1	%		1.5	%		0.5	%

Combined ratio		88.1	%		90.9	%		90.5	%		93.3	%		91.8	%		88.7	%		90.4	%		92.0	%

CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		79.7	%		71.2	%		86.3	%		84.2	%		81.5	%		77.9	%		80.4	%		83.7	%
CAY policy acquisition cost and administrative expense ratio ex Cats		7.4	%		13.5	%		4.8	%		6.2	%		8.7	%		8.7	%		10.0	%		6.8	%

CAY combined ratio ex Cats		87.1	%		84.7	%		91.1	%		90.4	%		90.2	%		86.6	%		90.4	%		90.5	%

Catastrophe reinstatement premiums expensed - pre-tax	$	—		$	—		$	(1	)	$	—		$	—		$	—		$	—		$	(1	)
Catastrophe losses - pre-tax	$	4		$	8		$	11		$	10		$	6		$	12		$	14		$	35
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	—		$	(2	)	$	(14	)	$	18		$	—		$	(2	)	$	(14	)	$	(10	)

% Change versus prior year period
Net premiums written		11.0	%		16.5	%		-12.2	%		5.0	%		-1.1	%		12.4	%		3.8	%		2.0	%
Net premiums earned		8.9	%		16.7	%		-9.4	%		3.2	%		-0.5	%		10.5	%		8.6	%		1.5	%

Other ratios
Net premiums written/gross premiums written		72	%		69	%		78	%		74	%		71	%		71	%		71	%		73	%

(1)	Includes Realized gains (losses) on crop derivatives.


NA Agriculture		Page 13

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

Overseas General Insurance


																YTD			YTD			Full Year
	2Q-21			1Q-21			4Q-20			3Q-20			2Q-20			2021			2020			2020
Gross premiums written	$	3,166		$	3,574		$	3,001		$	2,756		$	2,561		$	6,740		$	5,692		$	11,449
Net premiums written		2,497			2,890			2,478			2,238			2,021			5,387			4,619			9,335
Net premiums earned		2,579			2,478			2,447			2,337			2,194			5,057			4,501			9,285
Losses and loss expenses		1,186			1,263			1,320			1,192			1,485			2,449			2,743			5,255
Policy acquisition costs		699			668			665			637			624			1,367			1,266			2,568
Administrative expenses		279			266			275			260			241			545			499			1,034

Underwriting income (loss)		415			281			187			248			(156	)		696			(7	)		428
Adjusted net investment income		149			141			138			130			121			290			266			534
Other income (expense) - operating		(2	)		(1	)		(3	)		(1	)		(5	)		(3	)		(9	)		(13	)
Amortization expense of purchased intangibles		(13	)		(12	)		(12	)		(10	)		(11	)		(25	)		(23	)		(45	)

Segment income (loss)	$	549		$	409		$	310		$	367		$	(51	)	$	958		$	227		$	904

CAY underwriting income ex Cats	$	299		$	306		$	258		$	283		$	207		$	605		$	442		$	983

Combined ratio
Loss and loss expense ratio		46.0	%		51.0	%		53.9	%		51.0	%		67.7	%		48.4	%		61.0	%		56.6	%
Policy acquisition cost ratio		27.1	%		27.0	%		27.2	%		27.3	%		28.4	%		27.0	%		28.1	%		27.7	%
Administrative expense ratio		10.8	%		10.7	%		11.3	%		11.1	%		11.0	%		10.8	%		11.1	%		11.1	%

Combined ratio		83.9	%		88.7	%		92.4	%		89.4	%		107.1	%		86.2	%		100.2	%		95.4	%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		50.6	%		49.9	%		51.0	%		49.5	%		51.6	%		50.3	%		51.2	%		50.7	%
CAY policy acquisition cost and administrative expense ratio ex Cats		37.8	%		37.7	%		38.5	%		38.4	%		39.1	%		37.8	%		39.0	%		38.7	%

CAY combined ratio ex Cats		88.4	%		87.6	%		89.5	%		87.9	%		90.7	%		88.1	%		90.2	%		89.4	%

Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	—		$	—		$	1		$	—		$	(16	)	$	—		$	(16	)	$	(15	)
Catastrophe losses - pre-tax	$	40		$	50		$	122		$	95		$	383		$	90		$	473		$	690
Favorable prior period development (PPD) - pre-tax	$	(156	)	$	(25	)	$	(50	)	$	(60	)	$	(36	)	$	(181	)	$	(40	)	$	(150	)

% Change versus prior year period
Net premiums written		23.6	%		11.2	%		4.1	%		0.5	%		-10.5	%		16.6	%		-0.7	%		0.8	%
Net premiums written - Commercial		32.4	%		20.3	%		14.2	%		10.4	%		-1.6	%		25.4	%		5.8	%		9.1	%
Net premiums written - Consumer		12.8	%		-1.3	%		-8.0	%		-10.9	%		-19.6	%		5.1	%		-8.3	%		-8.9	%
Net premiums earned		17.6	%		7.4	%		7.0	%		3.6	%		-1.5	%		12.4	%		3.7	%		4.5	%

Net premiums written constant $		15.0	%		7.1	%		3.3	%		2.8	%		-5.1	%		10.6	%		2.7	%		2.9	%
Net premiums written - Commercial		23.4	%		15.2	%		12.6	%		12.2	%		3.5	%		18.8	%		9.1	%		10.8	%
Net premiums written - Consumer		4.6	%		-4.2	%		-8.1	%		-8.1	%		-14.0	%		-0.1	%		-4.7	%		-6.4	%
Net premiums earned constant $		9.1	%		3.7	%		6.0	%		5.7	%		4.2	%		6.4	%		7.4	%		6.6	%

Other ratios: Net premiums written/gross premiums written		79	%		81	%		83	%		81	%		79	%		80	%		81	%		82	%

Production by Region - Net premiums written	2Q-21			2Q-20			% Change			Constant $ % Change			YTD 2021			YTD 2020			% Change			Constant $ % Change
Europe, Middle East and Africa	$	1,188		$	879			35.2	%		25.6	%	$	2,739		$	2,156			27.1	%		18.7	%
Latin America		451			389			16.3	%		8.2	%		988			972			1.7	%		1.4	%
Asia		825			721			14.4	%		6.7	%		1,586			1,409			12.5	%		5.7	%
Other⁽¹⁾		33			32			1.9	%		-6.5	%		74			82			-10.3	%		-15.5	%

Total	$	2,497		$	2,021			23.6	%		15.0	%	$	5,387		$	4,619			16.6	%		10.6	%

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


Overseas General Insurance		Page 14

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

Global Reinsurance


																YTD			YTD			Full Year
	2Q-21			1Q-21			4Q-20			3Q-20			2Q-20			2021			2020			2020
Gross premiums written	$	336		$	230		$	130		$	198		$	262		$	566		$	504		$	832
Net premiums written		274			207			125			181			207			481			425			731
Net premiums earned		192			180			178			171			163			372			349			698
Losses and loss expenses		110			120			121			154			73			230			160			435
Policy acquisition costs		47			45			47			40			42			92			87			174
Administrative expenses		10			8			9			9			9			18			19			37

Underwriting income (loss)		25			7			1			(32	)		39			32			83			52
Adjusted net investment income		81			70			93			85			60			151			129			307
Other income (expense) - operating		—			—			(1	)		—			(1	)		—			(1	)		(2	)

Segment income	$	106		$	77		$	93		$	53		$	98		$	183		$	211		$	357

CAY underwriting income ex Cats	$	35		$	40		$	33		$	30		$	36		$	75		$	73		$	136

Combined ratio
Loss and loss expense ratio		56.8	%		66.9	%		68.3	%		89.6	%		45.5	%		61.7	%		46.0	%		62.3	%
Policy acquisition cost ratio		24.7	%		24.9	%		25.9	%		23.5	%		25.5	%		24.8	%		25.0	%		24.9	%
Administrative expense ratio		5.1	%		4.6	%		5.4	%		5.2	%		5.6	%		4.8	%		5.3	%		5.3	%

Combined ratio		86.6	%		96.4	%		99.6	%		118.3	%		76.6	%		91.3	%		76.3	%		92.5	%

CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		50.9	%		48.3	%		49.3	%		49.7	%		46.8	%		49.6	%		48.7	%		49.1	%
CAY policy acquisition cost and administrative expense ratio ex Cats		30.3	%		29.7	%		32.0	%		31.1	%		31.4	%		30.0	%		30.5	%		31.0	%

CAY combined ratio ex Cats		81.2	%		78.0	%		81.3	%		80.8	%		78.2	%		79.6	%		79.2	%		80.1	%

Catastrophe reinstatement premiums collected - pre-tax	$	1		$	5		$	3		$	7		$	—		$	6		$	—		$	10
Catastrophe losses - pre-tax	$	11		$	45		$	35		$	75		$	13		$	56		$	13		$	123

Favorable prior period development (PPD) - pre-tax	$	—		$	(7	)	$	—		$	(6	)	$	(16	)	$	(7	)	$	(23	)	$	(29	)

% Change versus prior year period
Net premiums written as reported		32.4	%		-5.1	%		14.4	%		28.4	%		4.6	%		13.1	%		6.5	%		12.6	%
Net premiums earned as reported		17.8	%		-3.3	%		6.5	%		6.7	%		2.9	%		6.6	%		6.8	%		6.7	%

Net premiums written constant $		30.7	%		-6.2	%		12.9	%		27.2	%		4.9	%		11.7	%		6.4	%		12.1	%
Net premiums earned constant $		15.1	%		-4.3	%		5.1	%		5.4	%		4.0	%		4.8	%		7.2	%		6.2	%

Other ratios
Net premiums written/gross premiums written		81	%		90	%		96	%		91	%		79	%		85	%		84	%		88	%


Global Reinsurance		Page 15

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Life Insurance


																YTD			YTD			Full Year
	2Q-21			1Q-21			4Q-20			3Q-20			2Q-20			2021			2020			2020
Gross premiums written	$	652		$	655		$	678		$	645		$	653		$	1,307		$	1,336		$	2,659
Net premiums written		615			620			640			610			619			1,235			1,264			2,514
Net premiums earned		605			595			644			599			608			1,200			1,239			2,482
Losses and loss expenses		185			198			168			183			171			383			373			724
Adjusted policy benefits		170			163			184			174			183			333			368			726
Policy acquisition costs		191			179			215			175			196			370			376			766
Administrative expenses		83			82			82			80			82			165			158			320
Net investment income		101			98			100			95			95			199			190			385

Life Insurance underwriting income⁽¹⁾		77			71			95			82			71			148			154			331
Other income (expense) - operating		26			34			22			23			17			60			29			74
Amortization expense of purchased intangibles		(1	)		(1	)		(1	)		(1	)		(1	)		(2	)		(2	)		(4	)

Segment income	$	102		$	104		$	116		$	104		$	87		$	206		$	181		$	401

% Change versus prior year period
Net premiums written		-0.7	%		-3.8	%		3.0	%		-0.4	%		7.0	%		-2.3	%		9.2	%		5.1	%
Net premiums earned		-0.4	%		-5.7	%		5.0	%		0.0	%		6.5	%		-3.1	%		9.5	%		5.9	%

Net premiums written constant $		-4.0	%		-4.7	%		3.1	%		0.2	%		8.5	%		-4.3	%		9.9	%		5.6	%
Net premiums earned constant $		-3.7	%		-6.7	%		5.2	%		0.7	%		8.0	%		-5.2	%		10.2	%		6.5	%

(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):
										Constant $			YTD			YTD						Constant $
	2Q-21			2Q-20			% Change			% Change			2021			2020			% Change			% Change
International life insurance net premiums written	$	324		$	290			11.6	%		6.3	%	$	648		$	585			10.7	%		7.2	%
International life insurance deposits ⁽²⁾		605			309			95.8	%		86.9	%		1,156			752			53.7	%		45.7	%

Total international life insurance net premiums written and deposits	$	929		$	599			55.0	%		47.8	%	$	1,804		$	1,337			34.9	%		29.1	%

International life insurance segment income	$	35		$	37			-6.2	%		-6.8	%	$	87		$	82			5.8	%		4.8	%

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


Life Insurance		Page 16

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Corporate


																YTD			YTD			Full Year
	2Q-21			1Q-21			4Q-20			3Q-20			2Q-20			2021			2020			2020
Gross premiums written	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net premiums written		—			—			—			—			—			—			—			—
Net premiums earned		—			—			—			—			—			—			—			—
Losses and loss expenses ⁽¹⁾		89			9			93			55			276			98			287			435
Policy acquisition costs		—			—			—			—			—			—			—			—
Administrative expenses		88			71			89			71			77			159			143			303

Underwriting loss		(177	)		(80	)		(182	)		(126	)		(353	)		(257	)		(430	)		(738	)
Adjusted net investment income		7			9			4			9			8			16			16			29
Other income (expense) - operating		(2	)		(4	)		2			(7	)		(9	)		(6	)		(25	)		(30	)
Adjusted interest expense		(127	)		(127	)		(131	)		(135	)		(134	)		(254	)		(271	)		(537	)
Amortization expense of purchased intangibles		(50	)		(49	)		(50	)		(52	)		(51	)		(99	)		(101	)		(203	)
Income tax (expense) benefit		(304	)		(210	)		(259	)		(172	)		46			(514	)		(191	)		(622	)

Core operating loss		(653	)		(461	)		(616	)		(483	)		(493	)		(1,114	)		(1,002	)		(2,101	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(14	)		(16	)		(18	)		(19	)		(19	)		(30	)		(41	)		(78	)

Adjusted net realized gains (losses), net of tax⁽²⁾		658			1,174			996			306			(58	)		1,832			(1,004	)		298

Net income (loss)	$	(9	)	$	697		$	362		$	(196	)	$	(570	)	$	688		$	(2,047	)	$	(1,881	)

Unfavorable prior period development (PPD) - pre-tax	$	88		$	9		$	94		$	54		$	274		$	97		$	285		$	433

(1)	Q2 and YTD 2021 includes $68 million of unfavorable PPD for legacy exposures for molestation claims, compared with $254 million prior year. Excluded from this amount is $5 million recorded in the North America Commercial P&C Insurance segment in Q2 and YTD 2020.

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


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, 2019	$	62,690		$	14,181		$	48,509
Losses and loss expenses incurred		5,569			1,084			4,485
Losses and loss expenses paid		(5,345	)		(1,090	)		(4,255	)		95	%
Other (incl. foreign exch. revaluation)		(700	)		(135	)		(565	)

Balance at March 31, 2020	$	62,214		$	14,040		$	48,174
Losses and loss expenses incurred		7,825			1,248			6,577
Losses and loss expenses paid		(4,874	)		(1,024	)		(3,850	)		59	%
Other (incl. foreign exch. revaluation)		534			97			437

Balance at June 30, 2020	$	65,699		$	14,361		$	51,338
Losses and loss expenses incurred		7,288			1,453			5,835
Losses and loss expenses paid		(5,342	)		(1,084	)		(4,258	)		73	%
Other (incl. foreign exch. revaluation)		260			37			223

Balance at September 30, 2020	$	67,905		$	14,767		$	53,138
Losses and loss expenses incurred		6,029			1,216			4,813
Losses and loss expenses paid		(6,492	)		(1,421	)		(5,071	)		105	%
Other (incl. foreign exch. revaluation)		369			85			284

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
Add net recoverable on paid losses		—			1,004			(1,004	)

Balance including net recoverable on paid losses	$	70,289		$	15,725		$	54,564


Loss Reserve Rollforward		Page 18

Chubb Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)

Net Reinsurance Recoverable by Division


	June 30			March 31			December 31
	2021			2021			2020
Reinsurance recoverable on paid losses and loss expenses
Active operations	$	885		$	915		$	789
Brandywine and Other Run-off		176			198			213

Total	$	1,061		$	1,113		$	1,002

Reinsurance recoverable on unpaid losses and loss expenses
Active operations	$	13,707		$	13,868		$	13,629
Brandywine and Other Run-off		1,279			1,250			1,275

Total	$	14,986		$	15,118		$	14,904

Gross reinsurance recoverable
Active operations	$	14,592		$	14,783		$	14,418
Brandywine and Other Run-off		1,455			1,448			1,488

Total	$	16,047		$	16,231		$	15,906

Provision for uncollectible reinsurance ⁽¹⁾
Active operations	$	(187	)	$	(181	)	$	(178	)
Brandywine and Other Run-off		(135	)		(136	)		(136	)

Total	$	(322	)	$	(317	)	$	(314	)

Net reinsurance recoverable
Active operations	$	14,405		$	14,602		$	14,240
Brandywine and Other Run-off		1,320			1,312			1,352

Total	$	15,725		$	15,914		$	15,592

(1)	The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $3.5 billion.


Reinsurance Recoverable		Page 19

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)


	June 30					March 31					December 31
	2021					2021					2020
Market Value
Fixed maturities available for sale	$	92,163				$	91,071				$	90,699
Fixed maturities held to maturity		11,343					11,752					12,510
Short-term investments		4,470					3,735					4,345

Total fixed maturities	$	107,976				$	106,558				$	107,554

Asset Allocation by Market Value
U.S. Treasury / Agency	$	3,560		3	%	$	3,724		3	%	$	4,122		4	%
Corporate and asset-backed securities		39,889		37	%		38,711		36	%		38,769		36	%
Mortgage-backed securities		21,445		20	%		21,434		20	%		20,616		19	%
Municipal		10,834		10	%		11,437		11	%		11,943		11	%
Non-U.S.		27,778		26	%		27,517		26	%		27,759		26	%
Short-term investments		4,470		4	%		3,735		4	%		4,345		4	%

Total fixed maturities	$	107,976		100	%	$	106,558		100	%	$	107,554		100	%

Credit Quality by Market Value
AAA	$	16,274		15	%	$	15,462		15	%	$	15,622		15	%
AA		35,412		33	%		35,930		33	%		36,125		33	%
A		19,720		18	%		19,420		18	%		19,712		18	%
BBB		17,479		16	%		17,214		16	%		17,542		16	%
BB		9,495		9	%		9,308		9	%		9,699		9	%
B		9,004		8	%		8,646		8	%		8,267		8	%
Other		592		1	%		578		1	%		587		1	%

Total fixed maturities	$	107,976		100	%	$	106,558		100	%	$	107,554		100	%

Cost/Amortized Cost, net
Fixed maturities available for sale	$	88,254				$	87,858				$	85,168
Fixed maturities held to maturity		10,673					11,132					11,653
Short-term investments		4,471					3,736					4,349

Subtotal fixed maturities ⁽¹⁾		103,398					102,726					101,170
Equity securities		4,607					4,405					4,027
Other investments		9,457					8,636					7,945

Total investment portfolio	$	117,462				$	115,767				$	113,142

Avg. duration of fixed maturities		4.2 years					4.3 years					4.0 years
Avg. market yield of fixed maturities		2.0	%				2.1	%				1.7	%
Avg. credit quality		A/Aa					A/Aa					A/Aa
Avg. yield on invested assets⁽²⁾		3.2	%				3.2	%				3.3	%

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

(2)	Calculated using adjusted net investment income.


Investments		Page 20

Chubb Limited

Investment Portfolio - 2

(in millions of U.S. dollars)

(Unaudited)

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, 2021
Agency residential mortgage-backed securities (RMBS)	$	99	$	17,605	$	—	$	—	$	—	$	17,704
Non-agency RMBS		236		38		72		26		8		380
Commercial mortgage-backed securities		2,915		269		155		16		6		3,361

Total mortgage-backed securities at market value	$	3,250	$	17,912	$	227	$	42	$	14	$	21,445

U.S. Corporate and Asset-backed Fixed Income Portfolios Market Value at June 30, 2021
			S&P Credit Rating
			Investment Grade
			AAA		AA		A		BBB		Total
Asset-backed			$	4,082	$	700	$	28	$	35	$	4,845
Banks				—		9		1,834		2,097		3,940
Basic Materials				—		—		101		232		333
Communications				—		218		438		1,549		2,205
Consumer, Cyclical				—		222		567		836		1,625
Consumer, Non-Cyclical				60		581		1,905		1,872		4,418
Diversified Financial Services				8		203		380		345		936
Energy				—		106		192		754		1,052
Industrial				—		13		991		906		1,910
Utilities				—		3		1,100		582		1,685
All Others				241		604		1,522		1,229		3,596

Total			$	4,391	$	2,659	$	9,058	$	10,437	$	26,545

Market Value at June 30, 2021
					S&P Credit Rating
					Below Investment Grade
					BB		B		CCC		Total
Asset-backed					$	16	$	4	$	2	$	22
Banks						—		—		—		—
Basic Materials						342		185		10		537
Communications						829		961		78		1,868
Consumer, Cyclical						1,100		1,189		129		2,418
Consumer, Non-Cyclical						1,145		1,568		79		2,792
Diversified Financial Services						208		192		5		405
Energy						826		420		9		1,255
Industrial						595		916		21		1,532
Utilities						395		44		1		440
All Others						860		1,176		39		2,075

Total					$	6,316	$	6,655	$	373	$	13,344


Investments 2		Page 21

Chubb Limited

Investment Portfolio - 3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

June 30, 2021

Non-U.S. Government Securities


	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Republic of Korea	$	—	$	1,050	$	—	$	—	$	—	$	1,050
Canada		1,035		—		—		—		—		1,035
United Kingdom		—		824		—		—		—		824
Province of Ontario		—		—		714		—		—		714
Kingdom of Thailand		—		—		632		—		—		632
United Mexican States		—		—		—		571		—		571
Federative Republic of Brazil		—		—		—		—		555		555
Province of Quebec		—		470		—		—		—		470
Commonwealth of Australia		436		—		1		—		—		437
Socialist Republic of Vietnam		—		—		—		—		426		426
Other Non-U.S. Government Securities		581		1,978		1,299		785		1,091		5,734

Total	$	2,052	$	4,322	$	2,646	$	1,356	$	2,072	$	12,448


Non-U.S. Corporate Securities

	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
United Kingdom	$	64	$	41	$	863	$	1,070	$	520	$	2,558
Canada		79		157		542		612		450		1,840
France		8		47		634		479		74		1,242
United States ⁽¹⁾		—		—		208		278		675		1,161
Australia		72		178		329		303		25		907
Japan		—		2		622		67		—		691
Germany		83		37		118		301		69		608
Switzerland		54		7		307		184		40		592
Netherlands		43		7		227		132		130		539
China		—		7		294		111		69		481
Other Non-U.S. Corporate Securities		384		319		1,021		1,703		1,284		4,711

Total	$	787	$	802	$	5,165	$	5,240	$	3,336	$	15,330

(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, 2021	Market Value		Rating
1	Wells Fargo & Co	$	726	BBB+
2	Bank of America Corp		657	A-
3	JP Morgan Chase & Co		615	A-
4	Comcast Corp		507	A-
5	Verizon Communications Inc		489	BBB+
6	Morgan Stanley		474	BBB+
7	AT&T Inc		430	BBB
8	Citigroup Inc		419	BBB+
9	HSBC Holdings Plc		393	A-
10	Goldman Sachs Group Inc		379	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, 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 ⁽¹⁾	$	(79	)	$	19		$	(60	)	$	694		$	(113	)	$	581		$	615		$	(94	)	$	521
Public equity:
Realized gains (losses) on sales		45			(9	)		36			—			—			—			45			(9	)		36
Mark-to-market		105			(23	)		82			—			—			—			105			(23	)		82
Private equity:
Realized gains (losses) on sales		—			—			—			—			—			—			—			—			—
Mark-to-market		736			(24	)		712			—			—			—			736			(24	)		712

Total investment portfolio		807			(37	)		770			694			(113	)		581			1,501			(150	)		1,351
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges ⁽²⁾		(72	)		—			(72	)		—			—			—			(72	)		—			(72	)
Foreign exchange		(97	)		22			(75	)		308			(18	)		290			211			4			215
Partially-owned entities ⁽³⁾		36			(1	)		35			—			—			—			36			(1	)		35
Other		—			—			—			(9	)		2			(7	)		(9	)		2			(7	)

Net gains (losses)	$	674		$	(16	)	$	658		$	993		$	(129	)	$	864		$	1,667		$	(145	)	$	1,522

(1)	The quarter includes pre-tax realized losses on fixed income derivatives of $91 million, a net reduction of the valuation allowance of expected credit losses of $10 million, and impairments of $1 million for fixed maturities.

(2)	The quarter includes $64 million of losses on applicable hedges. These losses 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.


	Three months ended June 30, 2020
	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains			Gains			Tax			Gains			Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax
Fixed income investments ⁽⁴⁾	$	(19	)	$	—		$	(19	)	$	3,281		$	(524	)	$	2,757		$	3,262		$	(524	)	$	2,738
Public equity ⁽⁴⁾:
Realized gains (losses) on sales		187			(39	)		148			—			—			—			187			(39	)		148
Mark-to-market		(39	)		11			(28	)		—			—			—			(39	)		11			(28	)
Private equity:
Realized gains (losses) on sales		—			—			—			—			—			—			—			—			—
Mark-to-market		(200	)		11			(189	)		—			—			—			(200	)		11			(189	)

Total investment portfolio		(71	)		(17	)		(88	)		3,281			(524	)		2,757			3,210			(541	)		2,669
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges ⁽⁵⁾		110			—			110			—			—			—			110			—			110
Foreign exchange		(61	)		20			(41	)		445			6			451			384			26			410
Partially-owned entities ⁽⁶⁾		(7	)		—			(7	)		—			—			—			(7	)		—			(7	)
Other		(40	)		8			(32	)		(22	)		5			(17	)		(62	)		13			(49	)

Net gains (losses)	$	(69	)	$	11		$	(58	)	$	3,704		$	(513	)	$	3,191		$	3,635		$	(502	)	$	3,133

(4)

The quarter includes pre-tax realized gains on fixed income derivatives of $14 million, realized gains related to the adoption of new accounting guidance that required the acceleration of certain mark-to-market losses on fixed maturities, previously classified as unrealized gains, as realized gains of $104 million, and impairment of $31 million for fixed maturities written to market entering default and our intent to sell certain securities during the quarter.

(5)	The quarter includes $103 million of losses on applicable hedges. These losses are both pre-tax and after-tax.

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


Net Gains (Losses)		Page 24

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)


	Six months ended June 30, 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 ⁽¹⁾	$	54		$	(5	)	$	49		$	(1,623	)	$	292		$	(1,331	)	$	(1,569	)	$	287		$	(1,282	)
Public equity:
Realized gains (losses) on sales		90			(16	)		74			—			—			—			90			(16	)		74
Mark-to-market		427			(91	)		336			—			—			—			427			(91	)		336
Private equity:
Realized gains (losses) on sales		—			—			—			—			—			—			—			—			—
Mark-to-market		1,174			(38	)		1,136			—			—			—			1,174			(38	)		1,136

Total investment portfolio		1,745			(150	)		1,595			(1,623	)		292			(1,331	)		122			142			264
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges ⁽²⁾		203			—			203			—			—			—			203			—			203
Foreign exchange		(21	)		4			(17	)		330			(16	)		314			309			(12	)		297
Partially-owned entities ⁽³⁾		55			(3	)		52			—			—			—			55			(3	)		52
Other		(1	)		—			(1	)		(37	)		7			(30	)		(38	)		7			(31	)

Net gains (losses)	$	1,981		$	(149	)	$	1,832		$	(1,330	)	$	283		$	(1,047	)	$	651		$	134		$	785

(1)	Year to date includes pre-tax realized gains on fixed income derivatives of $18 million, a net reduction of the valuation allowance of expected credit losses of $16 million, and impairments of $1 million for fixed maturities.

(2)	Year to date includes $108 million of losses on applicable hedges. These losses 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.


	Six months ended June 30, 2020
	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains			Gains			Tax			Gains			Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax
Fixed income investments ⁽⁴⁾	$	(365	)	$	40		$	(325	)	$	1,121		$	(240	)	$	881		$	756		$	(200	)	$	556
Public equity ⁽⁴⁾:
Realized gains (losses) on sales		205			(42	)		163			—			—			—			205			(42	)		163
Mark-to-market		(44	)		3			(41	)		—			—			—			(44	)		3			(41	)
Private equity:
Realized gains (losses) on sales		—			—			—			—			—			—			—			—			—
Mark-to-market		(207	)		2			(205	)		—			—			—			(207	)		2			(205	)

Total investment portfolio		(411	)		3			(408	)		1,121			(240	)		881			710			(237	)		473
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges ⁽⁵⁾		(450	)		—			(450	)		—			—			—			(450	)		—			(450	)
Foreign exchange		(129	)		17			(112	)		(414	)		40			(374	)		(543	)		57			(486	)
Partially-owned entities ⁽⁶⁾		(2	)		—			(2	)		—			—			—			(2	)		—			(2	)
Other		(40	)		8			(32	)		(36	)		8			(28	)		(76	)		16			(60	)

Net gains (losses)	$	(1,032	)	$	28		$	(1,004	)	$	671		$	(192	)	$	479		$	(361	)	$	(164	)	$	(525	)

(4)

Year to date includes pre-tax realized gains on equity derivatives of $42 million, realized losses on fixed income derivatives of $13 million, realized losses related to the adoption of new accounting guidance that required the acceleration of certain mark-to-market losses on fixed maturities, previously classified as unrealized losses, as realized losses of $46 million, and impairments of $152 million related to certain securities the company intended to sell and securities written to market entering default.

(5)	Year to date includes $22 million of gains on applicable hedges. These gains are both pre-tax and after-tax.

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


Net Gains (Losses) 2		Page 25

Chubb Limited

Debt and Capital

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

(Unaudited)


	June 30			March 31			December 31			December 31
	2021			2021			2020			2019
Financial Debt:
Total short-term debt	$	—		$	—		$	—		$	1,299
Total long-term debt		14,954			14,879			14,948			13,559

Total financial debt	$	14,954		$	14,879		$	14,948		$	14,858

Hybrid debt:
Total trust preferred securities		308			308			308			308

Total	$	15,262		$	15,187		$	15,256		$	15,166

Capitalization:
Shareholders’ equity	$	60,062		$	59,076		$	59,441		$	55,331
Hybrid debt		308			308			308			308
Financial debt		14,954			14,879			14,948			14,858

Total capitalization	$	75,324		$	74,263		$	74,697		$	70,497

Leverage ratios (based on total capital):
Hybrid debt		0.4	%		0.4	%		0.4	%		0.4	%
Financial debt		19.9	%		20.0	%		20.0	%		21.1	%

Total hybrid & financial debt		20.3	%		20.4	%		20.4	%		21.5	%

Note: As of June 30, 2021, there was $1.4 billion usage of credit facilities on total capacity of $3.7 billion.


Debt and Capital		Page 26

Chubb Limited

Computation of Basic and Diluted Earnings Per Share

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

(Unaudited)


	Three months ended June 30						Six months ended June 30
	2021			2020			2021			2020
Numerator
Core operating income (loss) to common shares	$	1,621		$	(254	)	$	2,763		$	966
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		(17	)		(24	)		(38	)		(51	)
Tax benefit on amortization adjustment		3			5			8			10
Adjusted net realized gains (losses), pre-tax		674			(69	)		1,981			(1,032	)
Tax (expense) benefit on adjusted net realized gains (losses)		(16	)		11			(149	)		28

Net income (loss)	$	2,265		$	(331	)	$	4,565		$	(79	)

Rollforward of Common Shares Outstanding
Shares - beginning of period		449,676,959			451,367,782			450,732,625			451,971,567
Repurchase of shares		(11,355,400	)		—			(14,465,400	)		(2,266,150	)
Shares issued (cancelled), excluding option exercises		63,905			(64,658	)		1,071,010			1,027,562
Issued for option exercises		331,749			56,899			1,378,978			627,044

Shares - end of period		438,717,213			451,360,023			438,717,213			451,360,023

Denominator
Weighted average shares outstanding ⁽¹⁾		445,094,678			451,402,807			447,802,079			451,635,733
Effect of other dilutive securities ⁽²⁾		2,857,242			—			2,900,440			—

Adj. wtd. avg. shares outstanding and assumed conversions		447,951,920			451,402,807			450,702,519			451,635,733

Basic earnings per share
Core operating income (loss)	$	3.64		$	(0.56	)	$	6.17		$	2.14
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(0.03	)		(0.04	)		(0.07	)		(0.09	)
Adjusted net realized gains (losses), net of tax		1.48			(0.13	)		4.10			(2.22	)

Net income (loss)	$	5.09		$	(0.73	)	$	10.20		$	(0.17	)

Diluted earnings per share
Core operating income (loss) ⁽²⁾	$	3.62		$	(0.56	)	$	6.13		$	2.13
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(0.03	)		(0.04	)		(0.07	)		(0.09	)
Adjusted net realized gains (losses), net of tax		1.47			(0.13	)		4.07			(2.22	)
Use of weighted-average dilutive shares		—			—			—			0.01

Net income (loss)⁽²⁾	$	5.06		$	(0.73	)	$	10.13		$	(0.17	)

(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).

(2)

In periods where core operating loss and net loss are recognized, inclusion of incremental dilution is anti-dilutive and therefore basic shares are used in the calculation of per share earnings. For the three and six months ended June 30, 2020, the effect of dilutive securities was 1,395,951 shares and 2,044,144 shares, respectively. Weighted-average shares outstanding used to calculate earnings per share for the 2021 periods and core operating income per share for the six months ended June 30, 2020 include the effect of dilutive 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


	June 30			March 31			December 31			June 30
	2021			2021			2020			2020
Shareholders’ equity	$	60,062		$	59,076		$	59,441		$	54,760
Less: goodwill and other intangible assets, net of tax		19,930			19,881			19,916			19,783

Numerator for tangible book value per share	$	40,132		$	39,195		$	39,525		$	34,977

Book value - % change over prior quarter		1.7	%		-0.6	%		5.4	%		4.9	%
Tangible book value - % change over prior quarter		2.4	%		-0.8	%		8.0	%		7.2	%

Denominator		438,717,213			449,676,959			450,732,625			451,360,023

Book value per common share	$	136.90		$	131.37		$	131.88		$	121.32
Tangible book value per common share	$	91.48		$	87.16		$	87.69		$	77.49

Reconciliation of Book Value

Shareholders’ equity, beginning of quarter	$	59,076		$	59,441		$	56,413		$	52,188
Core operating income (loss)		1,621			1,142			1,440			(254	)
Amortization of fair value adjustment of acquired invested assets and long-term debt		(14	)		(16	)		(18	)		(19	)
Adjusted net realized gains (losses) ⁽¹⁾		658			1,174			996			(58	)
Net unrealized gains (losses) on investments		581			(1,912	)		706			2,757
Repurchase of shares		(1,921	)		(519	)		(190	)		—
Dividend declared on common shares		(352	)		(352	)		(352	)		(353	)
Cumulative translation gains (losses)		290			24			443			451
Postretirement benefit liability		(7	)		(23	)		(136	)		(17	)
Other⁽²⁾		130			117			139			65

	$	60,062		$	59,076		$	59,441		$	54,760

(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, 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 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 (loss), 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 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) and 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 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
The following table presents the reconciliation of effective tax rate to the Core operating effective tax rate:
	2Q-21			1Q-21			4Q-20			3Q-20			2Q-20			YTD 2021			YTD 2020			Full Year 2020
Tax expense (benefit), as reported	$	317		$	338		$	334		$	142		$	(62	)	$	655		$	153		$	629
Less: tax benefit on amortization of fair value of acquired invested assets and debt		(3	)		(5	)		(3	)		(4	)		(5	)		(8	)		(10	)		(17	)
Less: tax expense (benefit) on adjusted net realized gains (losses)		16			133			78			(26	)		(11	)		149			(28	)		24

Tax expense (benefit), adjusted	$	304		$	210		$	259		$	172		$	(46	)	$	514		$	191		$	622

Income (loss) before tax, as reported	$	2,582		$	2,638		$	2,752		$	1,336		$	(393	)	$	5,220		$	74		$	4,162
Less: amortization of fair value of acquired invested assets and debt		(17	)		(21	)		(21	)		(23	)		(24	)		(38	)		(51	)		(95	)
Less: adjusted realized gains (losses)		(36	)		888			568			(142	)		31			852			(925	)		(499	)
Less: realized gains (losses) related to unconsolidated entities		710			419			506			422			(100	)		1,129			(107	)		821

Core operating income (loss) before tax	$	1,925		$	1,352		$	1,699		$	1,079		$	(300	)	$	3,277		$	1,157		$	3,935

Effective tax rate		12.3	%		12.8	%		12.1	%		10.7	%		15.8	%		12.5	%		206.8	%		15.1	%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt		0.0	%		0.1	%		0.0	%		0.0	%		-0.4	%		0.1	%		0.1	%		0.1	%
Adjustment for tax impact of adjusted net realized gains (losses)		3.5	%		2.6	%		3.1	%		5.3	%		-0.1	%		3.1	%		-190.4	%		0.6	%

Core operating effective tax rate		15.8	%		15.5	%		15.2	%		16.0	%		15.3	%		15.7	%		16.5	%		15.8	%

Core operating income
The following table presents the reconciliation of Net income (loss) to Core operating income (loss):
	2Q-21			1Q-21			4Q-20			3Q-20			2Q-20			YTD 2021			YTD 2020			Full Year 2020
Net income (loss), as reported	$	2,265		$	2,300		$	2,418		$	1,194		$	(331	)	$	4,565		$	(79	)	$	3,533
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		(17	)		(21	)		(21	)		(23	)		(24	)		(38	)		(51	)		(95	)
Tax benefit on amortization adjustment		3			5			3			4			5			8			10			17
Adjusted realized gains (losses), pre-tax		(36	)		888			568			(142	)		31			852			(925	)		(499	)
Net realized gains (losses) related to unconsolidated entities, pre-tax ⁽¹⁾		710			419			506			422			(100	)		1,129			(107	)		821
Tax (expense) benefit on adjusted net realized gains (losses)		(16	)		(133	)		(78	)		26			11			(149	)		28			(24	)

Core operating income (loss)	$	1,621		$	1,142		$	1,440		$	907		$	(254	)	$	2,763		$	966		$	3,313


Catastrophe losses - after-tax	$	226		$	570		$	271		$	797		$	1,510		$	796		$	1,709		$	2,777
Unfavorable (favorable) prior period development (PPD) - after-tax	$	(224	)	$	(156	)	$	(189	)	$	(126	)	$	52		$	(380	)	$	(42	)	$	(357	)

Core operating income (loss) per share	$	3.62		$	2.52		$	3.18		$	2.00		$	(0.56	)	$	6.13		$	2.13		$	7.31
Impact of Cats on Core operating income per share - Unfavorable	$	(0.50	)	$	(1.26	)	$	(0.60	)	$	(1.76	)	$	(3.35	)	$	(1.77	)	$	(3.77	)	$	(6.12	)
Impact of PPD on Core operating income per share - Favorable (unfavorable)	$	0.50		$	0.35		$	0.42		$	0.28		$	(0.11	)	$	0.85		$	0.10		$	0.79
Impact of Cats and PPD on Core operating income per share - Unfavorable	$	—		$	(0.91	)	$	(0.18	)	$	(1.48	)	$	(3.46	)	$	(0.92	)	$	(3.67	)	$	(5.33	)

(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 (loss) to P&C CAY underwriting income ex Cats:
	2Q-21			1Q-21			4Q-20			3Q-20			2Q-20			YTD 2021			YTD 2020			Full Year 2020
Net income (loss), as reported	$	2,265		$	2,300		$	2,418		$	1,194		$	(331	)	$	4,565		$	(79	)	$	3,533
Less: Income tax (expense) benefit		(317	)		(338	)		(334	)		(142	)		62			(655	)		(153	)		(629	)
Amortization expense of purchased intangibles		(73	)		(72	)		(73	)		(72	)		(72	)		(145	)		(145	)		(290	)
Other income (expense)		777			490			622			485			(58	)		1,267			(113	)		994
Interest expense		(122	)		(122	)		(126	)		(130	)		(128	)		(244	)		(260	)		(516	)
Net investment income		884			863			847			840			827			1,747			1,688			3,375
Net realized gains (losses)		(33	)		887			571			(141	)		30			854			(928	)		(498	)
Life Insurance underlying loss ⁽¹⁾		(39	)		(31	)		(55	)		(37	)		(64	)		(70	)		(20	)		(112	)
Add: Realized gains (losses) on crop derivatives		3			(1	)		3			1			(1	)		2			(3	)		1

P&C underwriting income (loss)	$	1,191		$	622		$	969		$	392		$	(929	)	$	1,813		$	(151	)	$	1,210
Add: Catastrophe losses (including reinstatement premiums) - pre-tax		280			700			296			925			1,801			980			2,038			3,259
Unfavorable (favorable) prior period development (PPD) - pre-tax		(268	)		(192	)		(206	)		(146	)		75			(460	)		(43	)		(395	)

P&C CAY underwriting income ex Cats	$	1,203		$	1,130		$	1,059		$	1,171		$	947		$	2,333		$	1,844		$	4,074

(1)	Life Insurance underlying 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

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.


							YTD			YTD			Full Year
	2Q-21			2Q-20			2021			2020			2020
Net income (loss)	$	2,265		$	(331	)	$	4,565		$	(79	)	$	3,533
Core operating income (loss)	$	1,621		$	(254	)	$	2,763		$	966		$	3,313

Equity - beginning of period, as reported	$	59,076		$	52,188		$	59,441		$	55,259		$	55,259
Less: unrealized gains (losses) on investments, net of deferred tax		2,761			667			4,673			2,543			2,543

Equity - beginning of period, as adjusted	$	56,315		$	51,521		$	54,768		$	52,716		$	52,716

Less: goodwill and other intangible assets, net of tax	$	19,881		$	19,569		$	19,916		$	20,012		$	20,012

Equity - beginning of period, as adjusted ex goodwill and other intangible assets	$	36,434		$	31,952		$	34,852		$	32,704		$	32,704

Equity - end of period, as reported	$	60,062		$	54,760		$	60,062		$	54,760		$	59,441
Less: unrealized gains (losses) on investments, net of deferred tax		3,342			3,424			3,342			3,424			4,673

Equity - end of period, as adjusted	$	56,720		$	51,336		$	56,720		$	51,336		$	54,768

Less: goodwill and other intangible assets, net of tax		19,929			19,783			19,929			19,783			19,916

Equity - end of period, as adjusted ex goodwill and other intangible assets	$	36,791		$	31,553		$	36,791		$	31,553		$	34,852

Weighted average equity, as reported	$	59,569		$	53,474		$	59,752		$	55,010		$	57,350
Weighted average equity, as adjusted	$	56,518		$	51,429		$	55,744		$	52,026		$	53,742
Weighted average equity, as adjusted ex goodwill and other intangible assets	$	36,613		$	31,753		$	35,822		$	32,129		$	33,778

ROE		15.2	%		-2.5	%		15.3	%		-0.3	%		6.2	%
Core operating ROE		11.5	%		-2.0	%		9.9	%		3.7	%		6.2	%
Core operating ROTE		17.7	%		-3.2	%		15.4	%		6.0	%		9.8	%

Private equities realized gains (losses), after-tax ⁽¹⁾	$	712		$	(189	)	$	1,136		$	(205	)	$	690
Impact of Private equities if included in Core operating ROE - Favorable (unfavorable) ⁽¹⁾		5.0 pts			-1.5 pts			4.1 pts			-0.8 pt			1.3 pts

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

	June 30 2021			March 31 2021			December 31 2020			QTD % Change			YTD % Change
Book value	$	60,062		$	59,076		$	59,441
Less: unrealized gains (losses) on investments, net of deferred tax		3,342			2,761			4,673

Book value excluding mark-to-market		56,720			56,315			54,768
Less: goodwill and other intangible assets, net of tax		19,929			19,881			19,916

Tangible book value excluding mark-to-market	$	36,791		$	36,434		$	34,852

Denominator		438,717,213			449,676,959			450,732,625

Book value per share excluding mark-to-market	$	129.29		$	125.23		$	121.51			3.2	%		6.4	%
Tangible book value per share excluding mark-to-market	$	83.86		$	81.02		$	77.32			3.5	%		8.5	%

(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 2021		Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C
Numerator
Losses and loss expenses
Losses and loss expenses		$	2,426		$	676		$	334		$	1,186		$	110		$	89		$	4,821
Realized (gains) losses on crop derivatives			—			—			(3	)		—			—			—			(3	)

Adjusted losses and loss expenses	A	$	2,426		$	676		$	331		$	1,186		$	110		$	89		$	4,818

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(165	)		(61	)		(4	)		(40	)		(10	)		—			(280	)
Reinstatement premiums collected (expensed) on catastrophe losses			—			7			—			—			1			—			8

Catastrophe losses, gross of related adjustments			(165	)		(68	)		(4	)		(40	)		(11	)		—			(288	)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			156			44			—			156			—			(88	)		268
Net premiums earned adjustments on PPD - unfavorable (favorable)			11			—			—			—			—			—			11
PPD reinstatement premiums - unfavorable (favorable)			6			1			—			7			(2	)		—			12

PPD, gross of related adjustments - favorable (unfavorable)			173			45			—			163			(2	)		(88	)		291

CAY loss and loss expense ex Cats	B	$	2,434		$	653		$	327		$	1,309		$	97		$	1		$	4,821

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	734		$	312		$	30		$	978		$	57		$	88		$	2,199
Expense adjustments - favorable (unfavorable)			—			—			—			—			—			—			—

Policy acquisition costs and administrative expenses, adjusted	D	$	734		$	312		$	30		$	978		$	57		$	88		$	2,199

Denominator
Net premiums earned	E	$	3,803		$	1,224		$	410		$	2,579		$	192					$	8,208
Reinstatement premiums (collected) expensed on catastrophe losses			—			(7	)		—			—			(1	)					(8	)
Net premiums earned adjustments on PPD - unfavorable (favorable)			11			—			—			—			—						11
PPD reinstatement premiums - unfavorable (favorable)			6			1			—			7			(2	)					12

Net premiums earned excluding adjustments	F	$	3,820		$	1,218		$	410		$	2,586		$	189					$	8,223

P&C combined ratio
Loss and loss expense ratio	A/E		63.8	%		55.2	%		80.7	%		46.0	%		56.8	%					58.7	%
Policy acquisition cost and administrative expense ratio	C/E		19.3	%		25.5	%		7.4	%		37.9	%		29.8	%					26.8	%

P&C combined ratio			83.1	%		80.7	%		88.1	%		83.9	%		86.6	%					85.5	%

CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		63.7	%		53.6	%		79.7	%		50.6	%		50.9	%					58.6	%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		19.2	%		25.6	%		7.4	%		37.8	%		30.3	%					26.8	%

CAY P&C combined ratio ex Cats			82.9	%		79.2	%		87.1	%		88.4	%		81.2	%					85.4	%

Combined ratio
Combined ratio																					85.5	%
Add: impact of gains and losses on crop derivatives																					0.0	%

P&C combined ratio																					85.5	%

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


Reconciliation Non-GAAP 4		Page 32

Chubb Limited

Non-GAAP Financial Measures - 5

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)


		North			North			North
		America			America			America			Overseas
		Commercial P&C			Personal P&C			Agricultural			General			Global						Total
YTD 2021		Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C
Numerator
Losses and loss expenses
Losses and loss expenses		$	4,986		$	1,495		$	418		$	2,449		$	230		$	98		$	9,676
Realized (gains) losses on crop derivatives			—			—			(2	)		—			—			—			(2	)

Adjusted losses and loss expenses	A	$	4,986		$	1,495		$	416		$	2,449		$	230		$	98		$	9,674

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(527	)		(301	)		(12	)		(90	)		(50	)		—			(980	)
Reinstatement premiums collected (expensed) on catastrophe losses			—			(16	)		—			—			6			—			(10	)

Catastrophe losses, gross of related adjustments			(527	)		(285	)		(12	)		(90	)		(56	)		—			(970	)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			283			84			2			181			7			(97	)		460
Net premiums earned adjustments on PPD - unfavorable (favorable)			11			—			(2	)		—			—			—			9
Expense adjustments - unfavorable (favorable)			3			—			—			—			—			—			3
PPD reinstatement premiums - unfavorable (favorable)			6			1			—			7			1			—			15

PPD, gross of related adjustments - favorable (unfavorable)			303			85			—			188			8			(97	)		487

CAY loss and loss expense ex Cats	B	$	4,762		$	1,295		$	404		$	2,547		$	182		$	1		$	9,191

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	1,502		$	619		$	45		$	1,912		$	110		$	159		$	4,347
Expense adjustments - favorable (unfavorable)			(3	)		—			—			—			—			—			(3	)

Policy acquisition costs and administrative expenses, adjusted	D	$	1,499		$	619		$	45		$	1,912		$	110		$	159		$	4,344

Denominator
Net premiums earned	E	$	7,477		$	2,408		$	520		$	5,057		$	372					$	15,834
Reinstatement premiums (collected) expensed on catastrophe losses			—			16			—			—			(6	)					10
Net premiums earned adjustments on PPD - unfavorable (favorable)			11			—			(2	)		—			—						9
PPD reinstatement premiums - unfavorable (favorable)			6			1			—			7			1						15

Net premiums earned excluding adjustments	F	$	7,494		$	2,425		$	518		$	5,064		$	367					$	15,868

P&C combined ratio
Loss and loss expense ratio	A/E		66.7	%		62.1	%		80.0	%		48.4	%		61.7	%					61.1	%
Policy acquisition cost and administrative expense ratio	C/E		20.1	%		25.7	%		8.7	%		37.8	%		29.6	%					27.5	%

P&C combined ratio			86.8	%		87.8	%		88.7	%		86.2	%		91.3	%					88.6	%

CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		63.6	%		53.4	%		77.9	%		50.3	%		49.6	%					57.9	%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.0	%		25.5	%		8.7	%		37.8	%		30.0	%					27.4	%

CAY P&C combined ratio ex Cats			83.6	%		78.9	%		86.6	%		88.1	%		79.6	%					85.3	%

Combined ratio
Combined ratio																					88.6	%
Add: impact of gains and losses on crop derivatives																					0.0	%

P&C combined ratio																					88.6	%


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)


		North			North			North
		America			America			America			Overseas
		Commercial P&C			Personal P&C			Agricultural			General			Global						Total
Q2 2020		Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C
Numerator
Losses and loss expenses
Losses and loss expenses		$	3,498		$	762		$	312		$	1,485		$	73		$	276		$	6,406
Realized (gains) losses on crop derivatives			—			—			1			—			—			—			1

Adjusted losses and loss expenses	A	$	3,498		$	762		$	313		$	1,485		$	73		$	276		$	6,407

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(1,273	)		(110	)		(6	)		(399	)		(13	)		—			(1,801	)
Reinstatement premiums collected (expensed) on catastrophe losses			(3	)		(1	)		—			(16	)		—			—			(20	)

Catastrophe losses, gross of related adjustments			(1,270	)		(109	)		(6	)		(383	)		(13	)		—			(1,781	)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			146			1			—			36			16			(274	)		(75	)
Net premiums earned adjustments on PPD - unfavorable (favorable)			4			—			—			—			—			—			4
Expense adjustments - unfavorable (favorable)			1			—			—			—			—			—			1
PPD reinstatement premiums - unfavorable (favorable)			—			—			—			—			(1	)		—			(1	)

PPD, gross of related adjustments - favorable (unfavorable)			151			1			—			36			15			(274	)		(71	)

CAY loss and loss expense ex Cats	B	$	2,379		$	654		$	307		$	1,138		$	75		$	2		$	4,555

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	720		$	297		$	32		$	865		$	51		$	77		$	2,042
Expense adjustments - favorable (unfavorable)			(1	)		—			—			—			—			—			(1	)

Policy acquisition costs and administrative expenses, adjusted	D	$	719		$	297		$	32		$	865		$	51		$	77		$	2,041

Denominator
Net premiums earned	E	$	3,595		$	1,192		$	376		$	2,194		$	163					$	7,520
Reinstatement premiums (collected) expensed on catastrophe losses			3			1			—			16			—						20
Net premiums earned adjustments on PPD - unfavorable (favorable)			4			—			—			—			—						4
PPD reinstatement premiums - unfavorable (favorable)			—			—			—			—			(1	)					(1	)

Net premiums earned excluding adjustments	F	$	3,602		$	1,193		$	376		$	2,210		$	162					$	7,543

P&C combined ratio
Loss and loss expense ratio	A/E		97.3	%		63.8	%		83.1	%		67.7	%		45.5	%					85.2	%
Policy acquisition cost and administrative expense ratio	C/E		20.0	%		25.0	%		8.7	%		39.4	%		31.1	%					27.1	%

P&C combined ratio			117.3	%		88.8	%		91.8	%		107.1	%		76.6	%					112.3	%

CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		66.1	%		54.7	%		81.5	%		51.6	%		46.8	%					60.4	%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		19.9	%		24.9	%		8.7	%		39.1	%		31.4	%					27.0	%

CAY P&C combined ratio ex Cats			86.0	%		79.6	%		90.2	%		90.7	%		78.2	%					87.4	%

Combined ratio
Combined ratio																					112.3	%
Add: impact of gains and losses on crop derivatives																					0.0	%

P&C combined ratio																					112.3	%


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)


		North			North			North
		America			America			America			Overseas
		Commercial P&C			Personal P&C			Agricultural			General			Global						Total
YTD 2020		Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C
Numerator
Losses and loss expenses
Losses and loss expenses		$	5,679		$	1,445		$	375		$	2,743		$	160		$	287		$	10,689
Realized (gains) losses on crop derivatives			—			—			3			—			—			—			3

Adjusted losses and loss expenses	A	$	5,679		$	1,445		$	378		$	2,743		$	160		$	287		$	10,692

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(1,391	)		(131	)		(14	)		(489	)		(13	)		—			(2,038	)
Reinstatement premiums collected (expensed) on catastrophe losses			(3	)		(1	)		—			(16	)		—			—			(20	)

Catastrophe losses, gross of related adjustments			(1,388	)		(130	)		(14	)		(473	)		(13	)		—			(2,018	)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			251			—			14			40			23			(285	)		43
Net premiums earned adjustments on PPD - unfavorable (favorable)			4			—			3			—			—			—			7
PPD reinstatement premiums - unfavorable (favorable)			—			—			—			—			(1	)		—			(1	)

PPD, gross of related adjustments - favorable (unfavorable)			255			—			17			40			22			(285	)		49

CAY loss and loss expense ex Cats	B	$	4,546		$	1,315		$	381		$	2,310		$	169		$	2		$	8,723

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	1,471		$	610		$	47		$	1,765		$	106		$	143		$	4,142
Expense adjustments - favorable (unfavorable)			—			—			—			—			—			—			—

Policy acquisition costs and administrative expenses, adjusted	D	$	1,471		$	610		$	47		$	1,765		$	106		$	143		$	4,142

Denominator
Net premiums earned	E	$	6,971		$	2,392		$	470		$	4,501		$	349					$	14,683
Reinstatement premiums (collected) expensed on catastrophe losses			3			1			—			16			—						20
Net premiums earned adjustments on PPD - unfavorable (favorable)			4			—			3			—			—						7
PPD reinstatement premiums - unfavorable (favorable)			—			—			—			—			(1	)					(1	)

Net premiums earned excluding adjustments	F	$	6,978		$	2,393		$	473		$	4,517		$	348					$	14,709

P&C combined ratio
Loss and loss expense ratio	A/E		81.5	%		60.4	%		80.4	%		61.0	%		46.0	%					72.8	%
Policy acquisition cost and administrative expense ratio	C/E		21.1	%		25.5	%		10.0	%		39.2	%		30.3	%					28.2	%

P&C combined ratio			102.6	%		85.9	%		90.4	%		100.2	%		76.3	%					101.0	%

CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		65.2	%		54.9	%		80.4	%		51.2	%		48.7	%					59.3	%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		21.0	%		25.5	%		10.0	%		39.0	%		30.5	%					28.2	%

CAY P&C combined ratio ex Cats			86.2	%		80.4	%		90.4	%		90.2	%		79.2	%					87.5	%

Combined ratio
Combined ratio																					101.0	%
Add: impact of gains and losses on crop derivatives																					0.0	%

P&C combined ratio																					101.0	%


Reconciliation Non-GAAP 7		Page 35

Chubb Limited

Glossary

Chubb Limited Consolidated comprises all segments including Corporate.

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

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

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

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

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

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

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 36