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Published: 2023-01-31 00:00:00 ET

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Exhibit 99.2

LOGO

Chubb Limited

Financial Supplement

for the Quarter and Year Ended December 31, 2022

Investor Contact

Karen Beyer: (212) 827-4445

email: investorrelations@chubb.com

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

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 December 31						Constant $		Constant $		Year ended December 31						Constant $		Constant $
	2022		2021		% Change		2021		% Change		2022		2021		% Change		2021		% Change

Gross premiums written	$	12,447	$	11,320		10.0%	$	10,949		13.7%	$	52,013	$	46,780		11.2%	$	45,729		13.7%

Net premiums written	$	10,234	$	9,150		11.9%	$	8,822		16.0%	$	41,755	$	37,868		10.3%	$	36,948		13.0%

P&C net premiums written	$	9,021	$	8,517		5.9%	$	8,218		9.8%	$	38,112	$	35,391		7.7%	$	34,551		10.3%

Global P&C net premiums written	$	8,637	$	8,239		4.8%	$	7,940		8.8%	$	35,205	$	33,003		6.7%	$	32,163		9.5%

Net premiums earned	$	10,551	$	9,321		13.2%	$	8,995		17.3%	$	40,389	$	36,355		11.1%	$	35,447		13.9%

Net investment income	$	1,053	$	843		24.8%	$	830		26.6%	$	3,742	$	3,456		8.3%	$	3,425		9.2%

Adjusted net investment income	$	1,118	$	904		23.6%	$	891		25.3%	$	4,023	$	3,719		8.2%	$	3,688		9.1%

P&C underwriting income	$	1,121	$	1,266		-11.4%	$	1,194		-6.1%	$	4,555	$	3,696		23.2%	$	3,524		29.3%

P&C CAY underwriting income ex Cats	$	1,354	$	1,396		-3.0%	$	1,347		0.5%	$	5,861	$	5,171		13.3%	$	5,030		16.5%

Global P&C (ex Agriculture) CAY underwriting income ex Cats	$	1,493	$	1,310		13.9%	$	1,261		18.4%	$	5,693	$	4,866		17.0%	$	4,725		20.5%

Core operating income	$	1,699	$	1,649		3.0%	$	1,578		7.6%	$	6,457	$	5,569		15.9%	$	5,408		19.4%

Net income	$	1,312	$	2,141		-38.7%					$	5,313	$	8,539		-37.8%

Operating cash flow	$	2,651	$	2,600							$	11,243	$	11,149

P&C combined ratio

Loss and loss expense ratio		62.1%		58.7%								62.0%		62.6%

Policy acquisition cost and administrative expense ratio		25.9%		26.8%								25.6%		26.5%

Combined ratio		88.0%		85.5%								87.6%		89.1%

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

CAY loss and loss expense ratio ex Cats		59.9%		57.0%								58.8%		58.3%

CAY policy acquisition cost and administrative expense ratio ex Cats		25.7%		26.9%								25.4%		26.5%

CAY combined ratio ex Cats		85.6%		83.9%								84.2%		84.8%

Global P&C CAY combined ratio ex Cats

CAY loss and loss expense ratio ex Cats		55.4%		55.8%								56.0%		56.6%

CAY policy acquisition cost and administrative expense ratio ex Cats		27.5%		28.3%								27.3%		28.0%

CAY combined ratio ex Cats		82.9%		84.1%								83.3%		84.6%

ROE		10.7%		14.4%								9.6%		14.3%
Core operating return on tangible equity (ROTE)		18.6%		17.7%								17.2%		15.3%
Core operating return on equity (ROE)		11.9%		11.6%								11.2%		9.9%

Effective tax rate		20.7%		15.9%								19.1%		13.0%

Core operating effective tax rate		17.5%		15.7%								17.8%		15.4%

Diluted earnings per share

Net income	$	3.13	$	4.95		-36.8%					$	12.55	$	19.27		-34.9%

Core operating income	$	4.05	$	3.81		6.3%					$	15.24	$	12.56		21.3%

Weighted average basic common shares outstanding		415.3		429.2								419.8		440.0

Weighted average diluted common shares outstanding		418.9		432.8								423.5		443.2

	December 31 2022		September 30 2022		% Change 4Q-22 vs. 3Q-22		December 31 2021		% Change 4Q-22 vs. 4Q-21
Book value per common share	$	121.90	$	114.79		6.2%	$	139.99		-12.9%
Tangible book value per common share	$	72.20	$	65.91		9.5%	$	94.38		-23.5%


Financial Highlights		Page 1

Chubb Limited

Statement of Operations - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)


Consolidated Statements of Operations	4Q-22			3Q-22			2Q-22			1Q-22			4Q-21			Full Year 2022			Full Year 2021

Gross premiums written	$	12,447		$	15,015		$	13,047		$	11,504		$	11,320		$	52,013		$	46,780

Net premiums written		10,234			12,020			10,302			9,199			9,150			41,755			37,868

Net premiums earned		10,551			11,535			9,557			8,746			9,321			40,389			36,355

Adjusted losses and loss expenses ⁽¹⁾		5,870			7,298			5,399			4,786			5,292			23,353			21,988

Realized (gains) losses on crop derivatives		2			19			(9	)		(1	)		-			11			8


Losses and loss expenses		5,868			7,279			5,408			4,787			5,292			23,342			21,980

Adjusted policy benefits ⁽²⁾		628			553			177			176			199			1,534			707

Gains (losses) from fair value changes in separate account liabilities		(74	)		67			18			31			3			42			8


Policy benefits		702			486			159			145			196			1,492			699

Policy acquisition costs		1,941			1,975			1,739			1,737			1,777			7,392			6,918

Administrative expenses		916			883			818			778			811			3,395			3,136

Adjusted net investment income ⁽³⁾		1,118			1,054			950			901			904			4,023			3,719

Other (income) expense from private equity partnerships		(60	)		(69	)		(48	)		(63	)		(44	)		(240	)		(179	)

Amortization expense of fair value adjustment on acquired invested assets		(5	)		(6	)		(14	)		(16	)		(17	)		(41	)		(84	)


Net investment income		1,053			979			888			822			843			3,742			3,456

Adjusted realized gains (losses) ⁽⁴⁾		(176	)		(365	)		(513	)		100			319			(954	)		1,160

Realized gains (losses) on crop derivatives		(2	)		(19	)		9			1			-			(11	)		(8	)


Net realized gains (losses)		(178	)		(384	)		(504	)		101			319			(965	)		1,152

Adjusted interest expense ⁽⁵⁾		159			156			139			137			131			591			512

Amortization benefit of fair value adjustment on acquired long term debt		(5	)		(6	)		(5	)		(5	)		(5	)		(21	)		(20	)


Interest expense		154			150			134			132			126			570			492

Gains (losses) from fair value changes in separate account assets		74			(67	)		(18	)		(31	)		(3	)		(42	)		(8	)

Net realized gains (losses) related to unconsolidated entities		(207	)		(184	)		(138	)		267			280			(262	)		2,134

Other income (expense) from private equity partnerships		60			69			48			63			44			240			179

Other income (expense) - operating		(22	)		(6	)		7			11			14			(10	)		60


Other income (expense)		(95	)		(188	)		(101	)		310			335			(74	)		2,365

Amortization expense of purchased intangibles		74			69			71			71			71			285			287

Cigna integration expenses		22			23			3			-			-			48			-

Income tax expense		342			265			293			355			404			1,255			1,277


Net income	$	1,312		$	812		$	1,215		$	1,974		$	2,141		$	5,313		$	8,539

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

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

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

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

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


Statement of Operations		Page 2

Chubb Limited

P&C Underwriting Results - Consecutive Quarters

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

(Unaudited)


Chubb Limited P&C Underwriting Results	4Q-22		3Q-22		2Q-22		1Q-22		4Q-21		Full Year 2022		Full Year 2021

P&C underwriting income (Including Corporate and excluding Life Insurance)
Gross premiums written	$	11,158	$	13,663	$	12,437	$	10,885	$	10,646	$	48,143	$	44,153
Net premiums written		9,021		10,747		9,731		8,613		8,517		38,112		35,391
Net premiums earned		9,359		10,286		9,010		8,195		8,708		36,850		33,953
Adjusted losses and loss expenses		5,810		7,163		5,251		4,632		5,114		22,856		21,248
Policy acquisition costs		1,676		1,704		1,588		1,586		1,603		6,554		6,206
Administrative expenses		752		709		730		694		725		2,885		2,803

P&C underwriting income	$	1,121	$	710	$	1,441	$	1,283	$	1,266	$	4,555	$	3,696

P&C CAY underwriting income ex Cats	$	1,354	$	1,646	$	1,485	$	1,376	$	1,396	$	5,861	$	5,171

% Change versus prior year period
Net premiums written		5.9%		8.5%		9.0%		7.1%		9.6%		7.7%		13.0%
Net premiums earned		7.5%		9.3%		9.8%		7.5%		11.8%		8.5%		10.8%

Net premiums written constant $		9.8%		11.2%		11.0%		9.0%		9.3%		10.3%		11.5%
Net premiums earned constant $		11.3%		12.3%		12.0%		9.1%		11.6%		11.2%		9.4%

P&C combined ratio
Loss and loss expense ratio		62.1%		69.6%		58.3%		56.5%		58.7%		62.0%		62.6%
Policy acquisition cost ratio		17.9%		16.6%		17.6%		19.3%		18.4%		17.8%		18.3%
Administrative expense ratio		8.0%		6.9%		8.1%		8.5%		8.4%		7.8%		8.2%

Combined ratio		88.0%		93.1%		84.0%		84.3%		85.5%		87.6%		89.1%


CAY P&C combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		59.9%		60.6%		57.8%		56.3%		57.0%		58.8%		58.3%
CAY policy acquisition cost and administrative expense ratio ex Cats		25.7%		23.4%		25.7%		27.2%		26.9%		25.4%		26.5%

CAY combined ratio ex Cats		85.6%		84.0%		83.5%		83.5%		83.9%		84.2%		84.8%


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

Expense ratio		25.9%		23.5%		25.7%		27.8%		26.8%		25.6%		26.5%
Expense ratio excluding A&H		24.2%		21.6%		24.1%		26.2%		25.1%		23.9%		24.8%

Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	(6)	$	55	$	-	$	-	$	8	$	49	$	10
Catastrophe losses - pre-tax	$	394	$	1,213	$	291	$	333	$	283	$	2,231	$	2,411
Favorable prior period development (PPD) - pre-tax	$	(167)	$	(222)	$	(247)	$	(240)	$	(145)	$	(876)	$	(926)

Impact of catastrophe losses on P&C combined ratio - Unfavorable		4.2%		11.3%		3.2%		4.0%		3.2%		5.9%		7.1%
Impact of PPD on P&C combined ratio - Favorable		-1.8%		-2.2%		-2.7%		-3.2%		-1.6%		-2.5%		-2.8%
Impact of Cats and PPD on P&C combined ratio - Unfavorable		2.4%		9.1%		0.5%		0.8%		1.6%		3.4%		4.3%


P&C Results		Page 3

Chubb Limited

Global P&C Underwriting Results - Consecutive Quarters

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

(Unaudited)

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


Global P&C (Including Corporate and excluding Agriculture)	4Q-22		3Q-22		2Q-22		1Q-22		4Q-21		Full Year 2022		Full Year 2021

Global P&C underwriting income
Gross premiums written	$	10,662	$	11,121	$	11,379	$	10,569	$	10,275	$	43,731	$	40,797
Net premiums written		8,637		9,024		8,993		8,551		8,239		35,205		33,003
Net premiums earned		8,738		8,613		8,437		8,224		8,228		34,012		31,615
Adjusted losses and loss expenses		5,083		5,719		4,773		4,724		4,706		20,299		19,286
Policy acquisition costs		1,661		1,636		1,557		1,574		1,579		6,428		6,082
Administrative expenses		766		706		728		695		738		2,895		2,806

Global P&C underwriting income	$	1,228	$	552	$	1,379	$	1,231	$	1,205	$	4,390	$	3,441

Global P&C CAY underwriting income ex Cats	$	1,493	$	1,448	$	1,402	$	1,350	$	1,310	$	5,693	$	4,866

% Change versus prior year period
Net premiums written		4.8%		6.3%		6.8%		8.8%		9.5%		6.7%		12.0%
Net premiums earned		6.2%		6.7%		8.2%		9.4%		11.1%		7.6%		9.7%

Net premiums written constant $		8.8%		9.4%		8.9%		10.7%		9.2%		9.5%		10.4%
Net premiums earned constant $		10.2%		10.2%		10.5%		11.1%		10.9%		10.5%		8.2%

Combined ratio
Loss and loss expense ratio		58.2%		66.4%		56.6%		57.4%		57.2%		59.7%		61.0%
Policy acquisition cost ratio		19.0%		19.0%		18.5%		19.1%		19.2%		18.9%		19.2%
Administrative expense ratio		8.7%		8.2%		8.6%		8.5%		9.0%		8.5%		8.9%

Combined ratio		85.9%		93.6%		83.7%		85.0%		85.4%		87.1%		89.1%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		55.4%		56.1%		56.3%		56.1%		55.8%		56.0%		56.6%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.5%		27.1%		27.1%		27.5%		28.3%		27.3%		28.0%

CAY combined ratio ex Cats		82.9%		83.2%		83.4%		83.6%		84.1%		83.3%		84.6%


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

Expense ratio		27.7%		27.2%		27.1%		27.6%		28.2%		27.4%		28.1%
Expense ratio excluding A&H		26.0%		25.3%		25.4%		26.0%		26.5%		25.7%		26.4%

Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	(6)	$	55	$	-	$	-	$	10	$	49	$	12
Catastrophe losses - pre-tax	$	382	$	1,182	$	270	$	333	$	265	$	2,167	$	2,373
Favorable prior period development (PPD) - pre-tax	$	(123)	$	(231)	$	(247)	$	(214)	$	(150)	$	(815)	$	(936)


Global P&C		Page 4

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)


	December 31 2022		September 30 2022		June 30 2022		March 31 2022		December 31 2021
Assets
Fixed maturities available for sale, at fair value	$	85,220	$	83,741	$	82,069	$	89,479	$	93,108
Fixed maturities held to maturity, at amortized cost		8,848		8,976		9,532		9,818		10,118
Equity securities, at fair value		827		844		2,649		3,596		4,782
Short-term investments, at fair value		4,960		4,534		3,431		3,407		3,146
Other investments		13,696		13,645		12,168		11,947		11,169

		113,551		111,740		109,849		118,247		122,323

Cash		2,012		2,128		7,122		1,734		1,659
Securities lending collateral		1,523		1,626		1,658		1,800		1,831
Insurance and reinsurance balances receivable		11,933		12,853		12,758		11,452		11,322
Reinsurance recoverable on losses and loss expenses		18,901		18,754		17,777		17,761		17,366
Deferred policy acquisition costs		5,788		5,578		5,602		5,587		5,513
Value of business acquired		3,486		3,324		221		231		236
Prepaid reinsurance premiums		3,140		3,265		3,356		3,068		3,028
Goodwill and other intangible assets		21,818		21,490		20,317		20,643		20,668
Deferred tax assets		-		-		564		333		-
Investments in partially-owned insurance companies		2,877		2,943		3,002		3,161		3,130
Other assets		14,095		14,410		13,425		13,973		12,978

Total assets	$	199,124	$	198,111	$	195,651	$	197,990	$	200,054


Liabilities
Unpaid losses and loss expenses	$	76,323	$	75,992	$	74,092	$	73,844	$	72,943
Unearned premiums		20,360		20,520		20,386		19,586		19,101
Future policy benefits		10,120		9,586		5,940		5,974		5,947
Insurance and reinsurance balances payable		7,795		7,829		7,888		7,401		7,243
Securities lending payable		1,523		1,626		1,658		1,800		1,831
Accounts payable, accrued expenses, and other liabilities		17,006		19,090		17,927		16,320		16,410
Deferred tax liabilities		272		2		-		-		389
Short-term and long-term debt		14,877		15,519		15,785		16,059		16,168
Trust preferred securities		308		308		308		308		308

Total liabilities		148,584		150,472		143,984		141,292		140,340

Shareholders’ equity
Total shareholders’ equity, excl. AOCI		60,733		59,819		59,942		60,102		59,364
Accumulated other comprehensive income (loss) (AOCI)		(10,193)		(12,180)		(8,275)		(3,404)		350

Total shareholders’ equity		50,540		47,639		51,667		56,698		59,714

Total liabilities and shareholders’ equity	$	199,124	$	198,111	$	195,651	$	197,990	$	200,054


Book value per common share	$	121.90	$	114.79	$	123.46	$	133.82	$	139.99
% change over prior quarter		6.2%		-7.0%		-7.7%		-4.4%		1.7%
Tangible book value per common share	$	72.20	$	65.91	$	77.71	$	87.93	$	94.38
% change over prior quarter		9.5%		-15.2%		-11.6%		-6.8%		2.7%

Book value per common share, excl. AOCI	$	146.49	$	144.13	$	143.24	$	141.86	$	139.16
% change over prior quarter		1.6%		0.6%		1.0%		1.9%		2.8%
Tangible book value per common share, excl. AOCI	$	94.60	$	92.20	$	95.31	$	94.39	$	91.85
% change over prior quarter		2.6%		-3.3%		1.0%		2.8%		3.9%


Consol Bal Sheet		Page 5

Chubb Limited

Consolidated Net Premiums Written by Line of Business

(in millions of U.S. dollars)

(Unaudited)


	4Q-22		4Q-21		% Change			Constant $ % Change			Full Year 2022		Full Year 2021		% Change			Constant $ % Change
Net premiums written

Commercial multiple peril⁽¹⁾	$	339	$	304		11.8	%		11.8	%	$	1,311	$	1,193		10.0	%		10.0	%
Commercial casualty		1,938		1,779		8.9	%		12.0	%		7,715		6,994		10.3	%		12.4	%
Workers’ compensation		539		533		1.2	%		1.2	%		2,164		2,130		1.6	%		1.6	%
Financial lines		1,343		1,386		-3.1	%		0.3	%		5,070		5,067		0.0	%		2.4	%
Surety		145		137		5.3	%		6.9	%		622		572		8.6	%		10.1	%

Property and other short-tail lines		1,692		1,519		11.3	%		17.1	%		7,195		6,425		12.0	%		15.7	%


Total Commercial P&C lines		5,996		5,658		6.0	%		9.3	%		24,077		22,381		7.6	%		9.9	%

Agriculture		384		278		37.9	%		37.9	%		2,907		2,388		21.7	%		21.7	%

Personal automobile		392		391		0.2	%		1.3	%		1,631		1,525		6.9	%		8.8	%
Personal homeowners		991		941		5.4	%		6.8	%		3,901		3,719		4.9	%		5.9	%
Personal other		411		439		-6.1	%		3.8	%		1,817		1,825		-0.4	%		6.1	%


Total Personal lines		1,794		1,771		1.4	%		4.9	%		7,349		7,069		4.0	%		6.6	%

Total Property and Casualty lines		8,174		7,707		6.1	%		9.4	%		34,333		31,838		7.8	%		10.0	%

Global A&H lines ⁽²⁾		1,443		908		58.9	%		71.8	%		4,894		3,763		30.1	%		37.3	%
Reinsurance lines		163		171		-4.6	%		-2.0	%		943		873		8.0	%		9.5	%
Life		454		364		24.6	%		33.3	%		1,585		1,394		13.7	%		19.9	%

Total consolidated	$	10,234	$	9,150		11.9	%		16.0	%	$	41,755	$	37,868		10.3	%		13.0	%

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

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


Line of Business		Page 6

Chubb Limited

Consolidated Results - Three months ended December 31, 2022

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

(Unaudited)


		North America			North America		North America		Overseas
	Commercial P&C			Personal P&C			Agricultural		General		Global				Total		Life		Total
Q4 2022		Insurance			Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated
Q4 2022

Net premiums written		$	4,463		$	1,315	$	384	$	2,696	$	163	$	-	$	9,021	$	1,213	$	10,234
Net premiums earned			4,462			1,328		621		2,738		210		-		9,359		1,192		10,551

Adjusted losses and loss expenses			2,849			843		727		1,198		105		88		5,810		60		5,870
Adjusted policy benefits			-			-		-		-		-		-		-		628		628
Policy acquisition costs			612			265		15		722		62		-		1,676		265		1,941
Administrative expenses			299			78		(14)		259		9		121		752		164		916


Underwriting income (loss)			702			142		(107)		559		34		(209)		1,121		75		1,196

Adjusted net investment income			647			84		13		166		49		9		968		150		1,118

Other income (expense) - operating			(5)			(1)		-		1		-		(12)		(17)		(5)		(22)

Amortization expense of purchased intangibles			-			(3)		(6)		(17)		-		(45)		(71)		(3)		(74)


Segment income (loss)		$	1,344		$	222	$	(100)	$	709	$	83	$	(257)	$	2,001	$	217	$	2,218


Adjusted interest expense														(159)						(159)

Income tax expense														(360)						(360)


Core operating income (loss)														(776)						1,699

Cigna integration expenses, net of $4 million tax benefit														(18)						(18)

Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $6 million tax expense														(6)						(6)

Adjusted net realized gains (losses), net of $20 million tax benefit⁽¹⁾														(363)						(363)


Net income (loss)													$	(1,163)					$	1,312


Combined ratio			84.3%			89.3%		117.2%		79.6%		83.6%				88.0%

CAY combined ratio ex Cats			80.8%			77.1%		122.1%		84.8%		83.1%				85.6%

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


Consol Results - QTD 2022		Page 7

Chubb Limited

Consolidated Results - Full Year 2022

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

(Unaudited)


		North			North		North
		America			America		America		Overseas
	Commercial P&C			Personal P&C			Agricultural		General		Global				Total		Life		Total
Full Year 2022		Insurance			Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated
Full Year 2022

Net premiums written		$	17,889		$	5,313	$	2,907	$	11,060	$	943	$	-	$	38,112	$	3,643	$	41,755
Net premiums earned			17,107			5,180		2,838		10,803		922		-		36,850		3,539		40,389

Adjusted losses and loss expenses			10,828			3,186		2,557		5,252		670		363		22,856		497		23,353
Adjusted policy benefits			-			-		-		-		-		-		-		1,534		1,534
Policy acquisition costs			2,313			1,057		126		2,818		240		-		6,554		838		7,392
Administrative expenses			1,113			291		(10)		1,070		36		385		2,885		510		3,395


Underwriting income (loss)			2,853			646		165		1,663		(24)		(748)		4,555		160		4,715

Adjusted net investment income			2,247			283		36		626		281		41		3,514		509		4,023

Other income (expense) - operating			(17)			(4)		(1)		(2)		(1)		(30)		(55)		45		(10)

Amortization expense of purchased intangibles			-			(10)		(26)		(57)		-		(182)		(275)		(10)		(285)


Segment income (loss)		$	5,083		$	915	$	174	$	2,230	$	256	$	(919)	$	7,739	$	704	$	8,443


Adjusted interest expense														(591)						(591)

Income tax expense														(1,395)						(1,395)

Core operating income (loss)														(2,905)						6,457
Cigna integration expenses, net of $10 million tax benefit														(38)						(38)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $1 million tax benefit														(19)						(19)
Adjusted net realized gains (losses), net of $129 million tax benefit⁽¹⁾														(1,087)						(1,087)

Net income (loss)													$	(4,049)					$	5,313


Combined ratio			83.3%			87.5%		94.2%		84.6%		102.6%				87.6%
CAY combined ratio ex Cats			81.1%			78.9%		94.4%		85.4%		81.5%				84.2%

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


Consol Results - FY 2022		Page 8

Chubb Limited

Consolidated Results - Three months ended December 31, 2021

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

(Unaudited)


		North			North		North
		America			America		America		Overseas
	Commercial P&C			Personal P&C			Agricultural		General		Global				Total		Life		Total
Q4 2021		Insurance			Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated

Net premiums written		$	4,097		$	1,241	$	278	$	2,730	$	171	$	-	$	8,517	$	633	$	9,150
Net premiums earned			4,030			1,263		480		2,720		215		-		8,708		613		9,321

Adjusted losses and loss expenses			2,275			583		408		1,207		210		431		5,114		178		5,292
Adjusted policy benefits			-			-		-		-		-		-		-		199		199
Policy acquisition costs			542			255		24		729		53		-		1,603		174		1,777
Administrative expenses			280			76		(13)		267		8		107		725		86		811


Underwriting income (loss)			933			349		61		517		(56)		(538)		1,266		(24)		1,242

Adjusted net investment income			496			60		7		150		81		4		798		106		904

Other income (expense) - operating			(7)			(1)		(1)		3		-		(7)		(13)		27		14

Amortization expense of purchased intangibles			-			(2)		(6)		(12)		-		(50)		(70)		(1)		(71)


Segment income (loss)		$	1,422		$	406	$	61	$	658	$	25	$	(591)	$	1,981	$	108	$	2,089


Adjusted interest expense														(131)						(131)

Income tax expense														(309)						(309)


Core operating income (loss)														(1,031)						1,649
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of nil tax														(12)						(12)
Adjusted net realized gains (losses), net of $95 million tax⁽¹⁾														504						504

Net income (loss)													$	(539)					$	2,141


Combined ratio			76.8%			72.3%		87.3%		81.0%		126.2%				85.5%
CAY combined ratio ex Cats			82.0%			77.0%		81.2%		86.6%		81.6%				83.9%

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


Consol Results - QTD 2021		Page 9

Chubb Limited

Consolidated Results - Full Year 2021

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

(Unaudited)


		North			North		North
		America			America		America		Overseas
	Commercial P&C			Personal P&C			Agricultural		General		Global				Total		Life		Total
Full Year 2021		Insurance			Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated
Full Year 2021

Net premiums written		$	16,415		$	5,002	$	2,388	$	10,713	$	873	$	-	$	35,391	$	2,477	$	37,868
Net premiums earned			15,461			4,915		2,338		10,441		798		-		33,953		2,402		36,355

Adjusted losses and loss expenses			10,015			2,924		1,962		5,143		632		572		21,248		740		21,988
Adjusted policy benefits			-			-		-		-		-		-		-		707		707
Policy acquisition costs			2,082			1,001		124		2,799		200		-		6,206		712		6,918
Administrative expenses			1,052			276		(3)		1,078		35		365		2,803		333		3,136


Underwriting income (loss)			2,312			714		255		1,421		(69)		(937)		3,696		(90)		3,606

Adjusted net investment income			2,078			249		28		597		331		29		3,312		407		3,719

Other income (expense) - operating			(31)			2		(1)		-		-		(16)		(46)		106		60

Amortization expense of purchased intangibles			-			(10)		(26)		(48)		-		(198)		(282)		(5)		(287)


Segment income (loss)		$	4,359		$	955	$	256	$	1,970	$	262	$	(1,122)	$	6,680	$	418	$	7,098


Adjusted interest expense														(512)						(512)

Income tax expense														(1,017)						(1,017)


Core operating income (loss)														(2,651)						5,569
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $11 million tax benefit														(53)						(53)
Adjusted net realized gains (losses), net of $271 million tax⁽¹⁾														3,023						3,023

Net income													$	319					$	8,539


Combined ratio			85.0%			85.5%		89.1%		86.4%		108.7%				89.1%
CAY combined ratio ex Cats			82.9%			77.9%		86.8%		87.2%		81.2%				84.8%

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


Consol Results - FY 2021		Page 10

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)


North America Commercial P&C Insurance											Full Year		Full Year
	4Q-22		3Q-22		2Q-22		1Q-22		4Q-21		2022		2021

Gross premiums written	$	5,718	$	5,937	$	6,078	$	5,132	$	5,347	$	22,865	$	20,819

Net premiums written		4,463		4,722		4,665		4,039		4,097		17,889		16,415
Net premiums earned		4,462		4,283		4,248		4,114		4,030		17,107		15,461
Losses and loss expenses		2,849		3,036		2,446		2,497		2,275		10,828		10,015
Policy acquisition costs		612		583		545		573		542		2,313		2,082
Administrative expenses		299		272		277		265		280		1,113		1,052

Underwriting income		702		392		980		779		933		2,853		2,312
Adjusted net investment income		647		589		522		489		496		2,247		2,078
Other income (expense) - operating		(5)		(6)		-		(6)		(7)		(17)		(31)

Segment income	$	1,344	$	975	$	1,502	$	1,262	$	1,422	$	5,083	$	4,359

CAY underwriting income ex Cats	$	859	$	824	$	817	$	752	$	724	$	3,252	$	2,662

Combined ratio
Loss and loss expense ratio		63.8%		70.9%		57.6%		60.7%		56.4%		63.3%		64.8%
Policy acquisition cost ratio		13.8%		13.6%		12.8%		13.9%		13.4%		13.5%		13.4%
Administrative expense ratio		6.7%		6.4%		6.5%		6.5%		7.0%		6.5%		6.8%

Combined ratio		84.3%		90.9%		76.9%		81.1%		76.8%		83.3%		85.0%


CAY combined ratio ex Cats

CAY loss and loss expense ratio ex Cats		60.8%		61.5%		61.4%		61.5%		61.6%		61.3%		62.7%
CAY policy acquisition cost and administrative expense ratio ex Cats		20.0%		19.6%		19.4%		20.2%		20.4%		19.8%		20.2%

CAY combined ratio ex Cats		80.8%		81.1%		80.8%		81.7%		82.0%		81.1%		82.9%


Catastrophe reinstatement premiums expensed - pre-tax	$	(1)	$	-	$	-	$	-	$	-	$	(1)	$	-
Catastrophe losses - pre-tax	$	157	$	598	$	124	$	81	$	113	$	960	$	1,112
Favorable prior period development (PPD) - pre-tax	$	(1)	$	(166)	$	(287)	$	(108)	$	(322)	$	(562)	$	(762)

% Change versus prior year period

Net premiums written		8.9%		8.1%		8.9%		10.2%		10.0%		9.0%		13.4%
Net premiums earned		10.7%		8.3%		11.7%		12.0%		14.0%		10.6%		10.7%

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

Production by Size - Net premiums written ⁽¹⁾
Major Accounts & Specialty	$	2,682	$	2,869	$	2,895	$	2,336	$	2,458	$	10,782	$	9,836
Commercial		1,781		1,853		1,770		1,703		1,639		7,107		6,579

Total	$	4,463	$	4,722	$	4,665	$	4,039	$	4,097	$	17,889	$	16,415

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


NA Commercial		Page 11

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)


North America Personal P&C Insurance											Full Year		Full Year
	4Q-22		3Q-22		2Q-22		1Q-22		4Q-21		2022		2021

Gross premiums written	$	1,515	$	1,575	$	1,626	$	1,350	$	1,421	$	6,066	$	5,720

Net premiums written		1,315		1,392		1,426		1,180		1,241		5,313		5,002

Net premiums earned		1,328		1,334		1,271		1,247		1,263		5,180		4,915

Losses and loss expenses		843		857		773		713		583		3,186		2,924

Policy acquisition costs		265		274		258		260		255		1,057		1,001

Administrative expenses		78		71		73		69		76		291		276


Underwriting income		142		132		167		205		349		646		714

Net investment income		84		76		64		59		60		283		249

Other income (expense) - operating		(1)		(1)		(1)		(1)		(1)		(4)		2

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

Segment income	$	222	$	205	$	227	$	261	$	406	$	915	$	955


CAY underwriting income ex Cats	$	305	$	273	$	259	$	254	$	291	$	1,091	$	1,088

Combined ratio
Loss and loss expense ratio		63.5%		64.2%		60.8%		57.2%		46.1%		61.5%		59.5%
Policy acquisition cost ratio		19.9%		20.6%		20.3%		20.8%		20.2%		20.4%		20.4%
Administrative expense ratio		5.9%		5.3%		5.8%		5.5%		6.0%		5.6%		5.6%

Combined ratio		89.3%		90.1%		86.9%		83.5%		72.3%		87.5%		85.5%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		51.3%		53.6%		53.6%		53.3%		50.8%		52.9%		52.0%
CAY policy acquisition cost and administrative expense ratio ex Cats		25.8%		25.9%		26.1%		26.3%		26.2%		26.0%		25.9%

CAY combined ratio ex Cats		77.1%		79.5%		79.7%		79.6%		77.0%		78.9%		77.9%


Catastrophe reinstatement premiums expensed - pre-tax	$	(2)	$	-	$	-	$	-	$	-	$	(2)	$	(16)
Unfavorable (favorable) Catastrophe losses - pre-tax	$	160	$	274	$	95	$	100	$	(19)	$	629	$	663
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	1	$	(133)	$	(3)	$	(51)	$	(39)	$	(186)	$	(305)

% Change versus prior year period
Net premiums written		5.9%		7.1%		4.7%		7.4%		3.3%		6.2%		1.7%
Net premiums earned		5.1%		7.2%		3.9%		5.3%		1.6%		5.4%		1.0%

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


NA Personal		Page 12

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)


North America Agricultural Insurance											Full Year		Full Year
	4Q-22		3Q-22		2Q-22		1Q-22		4Q-21		2022		2021

Gross premiums written	$	496	$	2,542	$	1,058	$	316	$	371	$	4,412	$	3,356

Net premiums written		384		1,723		738		62		278		2,907		2,388

Net premiums earned		621		1,673		573		(29)		480		2,838		2,338
Adjusted losses and loss expenses		727		1,444		478		(92)		408		2,557		1,962
Policy acquisition costs		15		68		31		12		24		126		124
Administrative expenses		(14)		3		2		(1)		(13)		(10)		(3)

Underwriting income (loss)		(107)		158		62		52		61		165		255
Net investment income		13		9		7		7		7		36		28
Other income (expense) - operating		-		(1)		-		-		(1)		(1)		(1)

Amortization expense of purchased intangibles		(6)		(7)		(6)		(7)		(6)		(26)		(26)

Segment income (loss)	$	(100)	$	159	$	63	$	52	$	61	$	174	$	256

CAY underwriting income (loss) ex Cats	$	(139)	$	198	$	83	$	26	$	86	$	168	$	305

Combined ratio
Loss and loss expense ratio		117.1%		86.3%		83.3%		NM		85.1%		90.1%		83.9%
Policy acquisition cost ratio		2.4%		4.1%		5.4%		NM		4.9%		4.4%		5.3%
Administrative expense ratio		-2.3%		0.2%		0.4%		NM		-2.7%		-0.3%		-0.1%

Combined ratio		117.2%		90.6%		89.1%		NM		87.3%		94.2%		89.1%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		122.0%		84.0%		79.6%		70.6%		78.2%		90.5%		81.5%
CAY policy acquisition cost and administrative expense ratio ex Cats		0.1%		4.2%		5.8%		8.9%		3.0%		3.9%		5.3%

CAY combined ratio ex Cats		122.1%		88.2%		85.4%		79.5%		81.2%		94.4%		86.8%


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

Catastrophe losses - pre-tax	$	12	$	31	$	21	$	-	$	18	$	64	$	38

Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(44)	$	9	$	-	$	(26)	$	5	$	(61)	$	10

% Change versus prior year period
Net premiums written		37.9%		21.8%		44.0%		-65.9%		14.6%		21.7%		29.3%
Net premiums earned		29.5%		25.0%		39.6%		NM		25.8%		21.4%		28.3%

Other ratios
Net premiums written/gross premiums written		77%		68%		70%		20%		75%		66%		71%


NA Agriculture		Page 13

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)


Overseas General Insurance																Full Year			Full Year
	4Q-22			3Q-22			2Q-22			1Q-22			4Q-21			2022			2021

Gross premiums written	$	3,249		$	3,313		$	3,345		$	3,798		$	3,320		$	13,705		$	13,262

Net premiums written		2,696			2,645			2,640			3,079			2,730			11,060			10,713
Net premiums earned		2,738			2,741			2,696			2,628			2,720			10,803			10,441
Losses and loss expenses		1,198			1,441			1,224			1,389			1,207			5,252			5,143
Policy acquisition costs		722			720			697			679			729			2,818			2,799
Administrative expenses		259			264			278			269			267			1,070			1,078

Underwriting income		559			316			497			291			517			1,663			1,421
Adjusted net investment income		166			151			162			147			150			626			597
Other income (expense) - operating		1			2			(3	)		(2	)		3			(2	)		-
Amortization expense of purchased intangibles		(17	)		(12	)		(14	)		(14	)		(12	)		(57	)		(48	)

Segment income	$	709		$	457		$	642		$	422		$	658		$	2,230		$	1,970

CAY underwriting income ex Cats	$	416		$	409		$	373		$	382		$	365		$	1,580		$	1,338

Combined ratio
Loss and loss expense ratio		43.7%			52.6%			45.4%			52.9%			44.4%			48.6%			49.3%
Policy acquisition cost ratio		26.4%			26.3%			25.9%			25.8%			26.8%			26.1%			26.8%
Administrative expense ratio		9.5%			9.6%			10.3%			10.2%			9.8%			9.9%			10.3%

Combined ratio		79.6%			88.5%			81.6%			88.9%			81.0%			84.6%			86.4%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		49.0%			49.2%			50.0%			49.4%			50.0%			49.4%			50.1%
CAY policy acquisition cost and administrative expense ratio ex Cats		35.8%			35.9%			36.2%			36.1%			36.6%			36.0%			37.1%

CAY combined ratio ex Cats		84.8%			85.1%			86.2%			85.5%			86.6%			85.4%			87.2%


Catastrophe reinstatement premiums expensed - pre-tax	$	(3	)	$	-		$	-		$	-		$	-		$	(3	)	$	-

Catastrophe losses - pre-tax	$	64		$	98		$	49		$	151		$	80		$	362		$	358

Favorable prior period development (PPD) - pre-tax	$	(210	)	$	(5	)	$	(173	)	$	(60	)	$	(232	)	$	(448	)	$	(441	)

% Change versus prior year period
Net premiums written		-1.3%			1.9%			5.7%			6.5%			10.2%			3.2%			14.8%
Net premiums written - Commercial		-0.9%			2.5%			7.0%			8.6%			15.0%			4.3%			21.4%
Net premiums written - Consumer		-2.0%			1.1%			3.9%			3.0%			3.2%			1.5%			5.6%
Net premiums earned		0.6%			2.9%			4.6%			6.0%			11.2%			3.5%			12.5%

Net premiums written constant $		9.7%			11.7%			12.4%			11.9%			9.9%			11.4%			10.6%

Net premiums written - Commercial		9.4%			11.0%			13.0%			13.6%			14.3%			11.8%			16.9%
Net premiums written - Consumer		10.3%			12.7%			11.6%			9.0%			3.3%			10.8%			1.8%
Net premiums earned constant $		12.0%			13.1%			11.1%			11.0%			11.0%			11.8%			8.4%

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



Production by Region -Net premiums written	4Q-22		4Q-21		% Change		Constant $ % Change		Full Year 2022		Full Year 2021		% Change		Constant $ % Change
Europe, Middle East and Africa	$	1,232	$	1,330		-7.4%		4.8%	$	5,222	$	5,242		-0.4%		8.4%
Latin America		593		555		6.6%		8.8%		2,312		2,044		13.1%		16.8%
Asia Pacific		699		674		3.5%		16.8%		2,833		2,661		6.4%		15.4%
Japan		100		118		-15.0%		10.1%		459		520		-11.7%		4.2%
Other⁽¹⁾		72		53		38.6%		49.3%		234		246		-4.5%		-0.1%

Total	$	2,696	$	2,730		-1.3%		9.7%	$	11,060	$	10,713		3.2%		11.4%

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


Overseas General Insurance		Page 14

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)


Global Reinsurance															Full Year			Full Year
	4Q-22		3Q-22			2Q-22			1Q-22			4Q-21			2022			2021

Gross premiums written	$	180	$	296		$	330		$	289		$	187		$	1,095		$	996
Net premiums written		163		265			262			253			171			943			873
Net premiums earned		210		255			222			235			215			922			798
Losses and loss expenses		105		311			139			115			210			670			632
Policy acquisition costs		62		59			57			62			53			240			200
Administrative expenses		9		8			10			9			8			36			35

Underwriting income (loss)		34		(123	)		16			49			(56	)		(24	)		(69	)
Adjusted net investment income		49		71			76			85			81			281			331
Other income (expense) - operating		-		-			(1	)		-			-			(1	)		-

Segment income (loss)	$	83	$	(52	)	$	91		$	134		$	25		$	256		$	262

CAY underwriting income ex Cats	$	35	$	34		$	43		$	47		$	39		$	159		$	146

Combined ratio
Loss and loss expense ratio		49.6%		122.1%			62.6%			48.8%			97.6%			72.6%			79.2%
Policy acquisition cost ratio		29.8%		22.9%			25.6%			26.5%			24.6%			26.1%			25.1%
Administrative expense ratio		4.2%		3.4%			4.6%			3.7%			4.0%			3.9%			4.4%

Combined ratio		83.6%		148.4%			92.8%			79.0%			126.2%			102.6%			108.7%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		49.5%		49.6%			49.7%			49.9%			51.3%			49.7%			50.7%
CAY policy acquisition cost and administrative expense ratio ex Cats		33.6%		33.4%			30.7%			30.0%			30.3%			31.8%			30.5%

CAY combined ratio ex Cats		83.1%		83.0%			80.4%			79.9%			81.6%			81.5%			81.2%

Catastrophe reinstatement premiums collected - pre-tax	$	-	$	55		$	-		$	-		$	10		$	55		$	28
Catastrophe losses - pre-tax	$	1	$	212		$	2		$	1		$	91		$	216		$	240
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	-	$	-		$	25		$	(3	)	$	14		$	22		$	3

% Change versus prior year period
Net premiums written as reported		-4.6%		19.5%			-4.0%			22.0%			36.9%			8.0%			19.5%
Net premiums earned as reported		-2.1%		20.9%			15.2%			30.8%			20.6%			15.6%			14.3%

Net premiums written constant $		-2.0%		21.8%			-3.2%			22.4%			35.9%			9.5%			18.0%
Net premiums earned constant $		0.5%		23.9%			17.2%			32.1%			19.9%			17.9%			12.8%

Other ratios
Net premiums written/gross premiums written		91%		89%			80%			87%			91%			86%			88%


Global Reinsurance		Page 15

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)


Life Insurance																Full Year			Full Year
	4Q-22			3Q-22			2Q-22			1Q-22			4Q-21			2022			2021

Gross premiums written	$	1,289		$	1,352		$	610		$	619		$	674		$	3,870		$	2,627
Net premiums written		1,213			1,273			571			586			633			3,643			2,477
Net premiums earned		1,192			1,249			547			551			613			3,539			2,402
Losses and loss expenses		60			135			148			154			178			497			740
Adjusted policy benefits		628			553			177			176			199			1,534			707
Policy acquisition costs		265			271			151			151			174			838			712
Administrative expenses		164			174			88			84			86			510			333
Adjusted net investment income		150			147			109			103			106			509			407

Life Insurance underwriting income⁽¹⁾		225			263			92			89			82			669			317
Other income (expense) - operating		(5	)		10			12			28			27			45			106
Amortization expense of purchased intangibles		(3	)		(2	)		(3	)		(2	)		(1	)		(10	)		(5	)

Segment income ⁽²⁾	$	217		$	271		$	101		$	115		$	108		$	704		$	418


% Change versus prior year period
Net premiums written		92.0%			108.8%			-7.2%			-5.5%			-1.3%			47.1%			-1.5%
Net premiums earned		94.8%			112.0%			-9.6%			-7.5%			-4.9%			47.4%			-3.2%

Net premiums written constant $		100.8%			117.4%			-4.9%			-3.5%			-1.0%			52.0%			-2.8%
Net premiums earned constant $		103.4%			120.8%			-7.2%			-5.4%			-4.7%			52.3%			-4.6%

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

	4Q-22			4Q-21			% Change			Constant $ % Change			Full Year 2022			Full Year 2021			% Change			Constant $ % Change
International life insurance net premiums written	$	954		$	341			179.2%			200.2%		$	2,580		$	1,310			96.9%			108.4%
International life insurance deposits ⁽³⁾		367			627			-41.3%			-34.0%			1,800			2,441			-26.2%			-22.3%


Total international life insurance net premiums written and deposits	$	1,321		$	968			36.5%			51.0%		$	4,380		$	3,751			16.8%			23.2%



International life insurance segment income ⁽²⁾	$	114		$	22			NM			NM		$	412		$	140			194.6%			195.1%

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

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

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


Life Insurance		Page 16

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)


Corporate																Full Year			Full Year
	4Q-22			3Q-22			2Q-22			1Q-22			4Q-21			2022			2021

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

Losses and loss expenses		88			74			191			10			431			363			572
Policy acquisition costs		-			-			-			-			-			-			-
Administrative expenses		121			91			90			83			107			385			365

Underwriting loss		(209	)		(165	)		(281	)		(93	)		(538	)		(748	)		(937	)
Adjusted net investment income		9			11			10			11			4			41			29

Other income (expense) - operating		(12	)		(10	)		-			(8	)		(7	)		(30	)		(16	)

Adjusted interest expense		(159	)		(156	)		(139	)		(137	)		(131	)		(591	)		(512	)
Amortization expense of purchased intangibles		(45	)		(46	)		(45	)		(46	)		(50	)		(182	)		(198	)
Income tax expense		(360	)		(318	)		(384	)		(333	)		(309	)		(1,395	)		(1,017	)

Core operating loss		(776	)		(684	)		(839	)		(606	)		(1,031	)		(2,905	)		(2,651	)
Cigna integration expenses, net of tax		(18	)		(18	)		(2	)		-			-			(38	)		-
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(6	)		1			(5	)		(9	)		(12	)		(19	)		(53	)

Adjusted net realized gains (losses), net of tax		(363	)		(502	)		(565	)		343			504			(1,087	)		3,023

Net income (loss)	$	(1,163	)	$	(1,203	)	$	(1,411	)	$	(272	)	$	(539	)	$	(4,049	)	$	319


Unfavorable prior period development (PPD) - pre-tax	$	87		$	73		$	191		$	8		$	429		$	359		$	569


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Losses and loss expenses incurred		6,743			1,335			5,408

Losses and loss expenses paid		(5,719	)		(1,233	)		(4,486	)		83%

Other (incl. foreign exch. revaluation)		(776	)		(175	)		(601	)

Balance at June 30, 2022	$	74,092		$	16,573		$	57,519

Losses and loss expenses incurred		9,854			2,575			7,279

Losses and loss expenses paid		(6,988	)		(1,514	)		(5,474	)		75%

Other (incl. foreign exch. revaluation)		(966	)		(254	)		(712	)

Balance at September 30, 2022	$	75,992		$	17,380		$	58,612

Losses and loss expenses incurred		7,489			1,621			5,868

Losses and loss expenses paid		(8,114	)		(2,154	)		(5,960	)		102%

Other (incl. foreign exch. revaluation)		956			239			717

Balance at December 31, 2022	$	76,323		$	17,086		$	59,237

Add net recoverable on paid losses		-			1,815			(1,815	)

Balance including net recoverable on paid losses	$	76,323		$	18,901		$	57,422


Loss Reserve Rollforward		Page 18

Chubb Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)

Net Reinsurance Recoverable by Division


	December 31			September 30			June 30			March 31			December 31
	2022			2022			2022			2022			2021

Reinsurance recoverable on paid losses and loss expenses

Active operations	$	1,587		$	1,161		$	1,077		$	978		$	1,038

Brandywine and Other Run-off		290			268			185			190			202

Total	$	1,877		$	1,429		$	1,262		$	1,168		$	1,240


Reinsurance recoverable on unpaid losses and loss expenses

Active operations	$	16,025		$	16,272		$	15,385		$	15,494		$	14,965

Brandywine and Other Run-off		1,350			1,405			1,471			1,428			1,490

Total	$	17,375		$	17,677		$	16,856		$	16,922		$	16,455


Gross reinsurance recoverable

Active operations	$	17,612		$	17,433		$	16,462		$	16,472		$	16,003

Brandywine and Other Run-off		1,640			1,673			1,656			1,618			1,692

Total	$	19,252		$	19,106		$	18,118		$	18,090		$	17,695


Provision for uncollectible reinsurance ⁽¹⁾

Active operations	$	(223	)	$	(221	)	$	(220	)	$	(210	)	$	(190	)

Brandywine and Other Run-off		(128	)		(131	)		(121	)		(119	)		(139	)

Total	$	(351	)	$	(352	)	$	(341	)	$	(329	)	$	(329	)


Net reinsurance recoverable

Active operations	$	17,389		$	17,212		$	16,242		$	16,262		$	15,813

Brandywine and Other Run-off		1,512			1,542			1,535			1,499			1,553

Total	$	18,901		$	18,754		$	17,777		$	17,761		$	17,366

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


Reinsurance Recoverable		Page 19

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)


	December 31 2022			September 30 2022			June 30 2022			March 31 2022			December 31 2021
Market Value

Fixed maturities available for sale	$	85,220		$	83,741		$	82,069		$	89,479		$	93,108

Fixed maturities held to maturity		8,439			8,491			9,333			9,888			10,647

Short-term investments		4,960			4,534			3,431			3,407			3,146

Total fixed maturities	$	98,619		$	96,766		$	94,833		$	102,774		$	106,901


Asset Allocation by Market Value

U.S. Treasury / Agency	$	3,996	4%	$	3,785	4%	$	3,450	4%	$	3,276	3%	$	3,458	3%

Corporate and asset-backed securities		38,535	40%		37,965	39%		36,793	38%		39,604	39%		41,264	39%

Mortgage-backed securities		17,202	17%		17,673	18%		18,933	20%		21,489	21%		22,292	21%

Municipal		6,964	7%		7,670	8%		8,338	9%		9,023	9%		9,650	9%

Non-U.S.		26,962	27%		25,139	26%		23,888	25%		25,975	25%		27,091	25%

Short-term investments		4,960	5%		4,534	5%		3,431	4%		3,407	3%		3,146	3%

Total fixed maturities	$	98,619	100%	$	96,766	100%	$	94,833	100%	$	102,774	100%	$	106,901	100%


Credit Quality by Market Value

AAA	$	14,779	15%	$	14,715	15%	$	13,946	15%	$	15,029	15%	$	15,364	14%

AA		31,195	32%		30,778	32%		30,771	32%		33,592	33%		35,179	33%

A		18,366	19%		17,916	18%		17,326	18%		18,821	18%		20,171	19%

BBB		16,802	17%		16,067	17%		15,726	17%		16,820	16%		17,362	16%

BB		8,722	9%		8,621	9%		8,514	9%		9,065	9%		9,084	8%

B		8,347	8%		8,265	9%		8,167	9%		8,983	9%		9,202	9%

Other		408	0%		404	0%		383	0%		464	0%		539	1%



Total fixed maturities	$	98,619	100%	$	96,766	100%	$	94,833	100%	$	102,774	100%	$	106,901	100%


Cost/Amortized Cost, net

Fixed maturities available for sale	$	93,186		$	93,169		$	88,438		$	91,499		$	90,479

Fixed maturities held to maturity		8,848			8,976			9,532			9,818			10,118

Short-term investments		4,962			4,536			3,433			3,408			3,147


Subtotal fixed maturities ⁽¹⁾		106,996			106,681			101,403			104,725			103,744

Equity securities		827			844			2,649			3,596			4,782

Other investments		13,696			13,645			12,168			11,947			11,169


Total investment portfolio	$	121,519		$	121,170		$	116,220		$	120,268		$	119,695


Avg. duration of fixed maturities		4.5 years			4.5 years			4.3 years			4.2 years			4.1 years

Avg. market yield of fixed maturities		5.6%			5.8%			4.7%			3.4%			2.3%

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

Avg. yield on invested assets⁽²⁾		3.6%			3.4%			3.2%			3.0%			3.1%

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

(2) Calculated using adjusted net investment income.


Investments		Page 20

Chubb Limited

Investment Portfolio - 2

(in millions of U.S. dollars)

(Unaudited)

Mortgage-backed Fixed Income Portfolio

Mortgage-backed securities


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

Market Value at December 31, 2022
Agency residential mortgage-backed securities (RMBS)	$	7	$	14,220	$	-	$	-	$	-	$	14,227
Non-agency RMBS		479		40		52		36		4		611
Commercial mortgage-backed securities		2,042		171		136		12		3		2,364

Total mortgage-backed securities at market value	$	2,528	$	14,431	$	188	$	48	$	7	$	17,202



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

Market Value at December 31, 2022	S&P Credit Rating

	Investment Grade
	AAA		AA		A		BBB		Total


Asset-backed	$	4,617	$	909	$	55	$	57	$	5,638
Banks		-		9		2,451		1,804		4,264
Basic Materials		-		-		106		246		352
Communications		-		157		352		1,309		1,818
Consumer, Cyclical		-		153		491		793		1,437
Consumer, Non-Cyclical		36		453		1,547		1,704		3,740
Diversified Financial Services		1		134		442		298		875
Energy		-		66		168		851		1,085
Industrial		-		10		735		832		1,577
Utilities		123		2		946		682		1,753
All Others		163		374		1,492		1,786		3,815

Total	$	4,940	$	2,267	$	8,785	$	10,362	$	26,354


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


Asset-backed			$	26	$	14	$	2	$	42
Banks				-		-		-		-
Basic Materials				319		221		3		543
Communications				716		954		54		1,724
Consumer, Cyclical				1,036		1,125		35		2,196
Consumer, Non-Cyclical				1,041		1,343		62		2,446
Diversified Financial Services				210		207		14		431
Energy				518		329		3		850
Industrial				627		842		39		1,508
Utilities				188		114		-		302
All Others				963		1,135		41		2,139

Total			$	5,644	$	6,284	$	253	$	12,181


Investments 2		Page 21

Chubb Limited

Investment Portfolio - 3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

December 31, 2022


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


Republic of Korea	$	-	$	1,593	$	-	$	-	$	-	$	1,593

Canada		918		-		-		-		-		918

Taiwan		-		897		-		-		-		897

Federative Republic of Brazil		-		-		-		-		583		583

Province of Ontario		-		-		568		-		-		568

United Mexican States		-		-		-		519		-		519

Kingdom of Thailand		-		-		486		-		-		486

Commonwealth of Australia		454		-		1		-		-		455

United Kingdom		-		393		-		-		-		393

Province of Quebec		-		379		-		-		-		379

Other Non-U.S. Government Securities		465		1,544		964		624		1,235		4,832



Total	$	1,837	$	4,806	$	2,019	$	1,143	$	1,818	$	11,623


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


United Kingdom	$	39	$	23	$	775	$	884	$	529	$	2,250

Canada		80		84		683		549		408		1,804

South Korea		-		451		472		290		7		1,220

France		5		53		635		343		117		1,153

United States ⁽¹⁾		-		4		155		287		629		1,075

Australia		52		180		313		347		13		905

Japan		-		-		588		130		-		718

Netherlands		47		-		254		90		112		503

Germany		53		27		112		262		44		498

Switzerland		51		11		266		130		11		469

Other Non-U.S. Corporate Securities		193		386		1,345		1,550		1,270		4,744



Total	$	520	$	1,219	$	5,598	$	4,862	$	3,140	$	15,339

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


Investments 3		Page 22

Chubb Limited

Investment Portfolio - 4

(in millions of U.S. dollars)

(Unaudited)

Fixed Maturity Investment Portfolio

Top 10 Global Corporate Exposures


	December 31, 2022	Market Value		Rating


1	Bank of America Corp	$	744	A-

2	JP Morgan Chase & Co		656	A-

3	Morgan Stanley		624	A-

4	Wells Fargo & Co		579	BBB+

5	Citigroup Inc		519	BBB+

6	Goldman Sachs Group Inc		504	BBB+

7	Verizon Communications Inc		438	BBB+

8	Comcast Corp		362	A-

9	HSBC Holdings Plc		341	A-

10	Anheuser-Busch InBev SA/NV		315	BBB+


Investments 4		Page 23

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)


	Three months ended December 31, 2022

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

Fixed income investments ⁽¹⁾	$	(3	)	$	(2	)	$	(5	)	$	1,443		$	(131	)	$	1,312		$	1,440		$	(133	)	$	1,307
Public equity:
Realized gains (losses) on sales		3			(1	)		2			-			-			-			3			(1	)		2
Mark-to-market		54			(7	)		47			-			-			-			54			(7	)		47
Private equity: Mark-to-market		(198	)		(5	)		(203	)		-			-			-			(198	)		(5	)		(203	)

Total investment portfolio		(144	)		(15	)		(159	)		1,443			(131	)		1,312			1,299			(146	)		1,153
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges ⁽²⁾		(30	)		-			(30	)		-			-			-			(30	)		-			(30	)
Foreign exchange		(148	)		34			(114	)		690			18			708			542			52			594
Partially-owned entities ⁽³⁾		(57	)		-			(57	)		20			-			20			(37	)		-			(37	)
Other		(4	)		1			(3	)		(65	)		12			(53	)		(69	)		13			(56	)

Net gains (losses)	$	(383	)	$	20		$	(363	)	$	2,088		$	(101	)	$	1,987		$	1,705		$	(81	)	$	1,624



(1) The quarter includes pre-tax realized gains on investment derivatives of $189 million, a net increase of the valuation allowance of expected credit losses of $21 million, and impairments of $24 million for fixed maturities. (2) The quarter includes $53 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 December 31, 2021

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

Fixed income investments ⁽⁴⁾	$	(104	)	$	16		$	(88	)	$	(742	)	$	131		$	(611	)	$	(846	)	$	147		$	(699	)
Public equity:
Realized gains (losses) on sales		48			(10	)		38			-			-			-			48			(10	)		38
Mark-to-market		139			(31	)		108			-			-			-			139			(31	)		108
Private equity: Mark-to-market		228			(16	)		212			-			-			-			228			(16	)		212

Total investment portfolio		311			(41	)		270			(742	)		131			(611	)		(431	)		90			(341	)
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges ⁽⁵⁾		(26	)		-			(26	)		-			-			-			(26	)		-			(26	)
Foreign exchange		263			(50	)		213			(446	)		14			(432	)		(183	)		(36	)		(219	)
Partially-owned entities ⁽⁶⁾		52			(4	)		48			(19	)		-			(19	)		33			(4	)		29
Other		(1	)		-			(1	)		555			(121	)		434			554			(121	)		433

Net gains (losses)	$	599		$	(95	)	$	504		$	(652	)	$	24		$	(628	)	$	(53	)	$	(71	)	$	(124	)

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

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

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


Net Gains (Losses)		Page 24

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)


	Year ended December 31, 2022

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

Fixed income investments ⁽¹⁾	$	(1,092	)	$	205		$	(887	)	$	(10,598	)	$	1,043		$	(9,555	)	$	(11,690	)	$	1,248		$	(10,442	)
Public equity:
Realized gains (losses) on sales		409			(91	)		318			-			-			-			409			(91	)		318
Mark-to-market		(639	)		122			(517	)		-			-			-			(639	)		122			(517	)
Private equity: Mark-to-market		(250	)		(24	)		(274	)		-			-			-			(250	)		(24	)		(274	)

Total investment portfolio		(1,572	)		212			(1,360	)		(10,598	)		1,043			(9,555	)		(12,170	)		1,255			(10,915	)
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges ⁽²⁾		124			-			124			-			-			-			124			-			124
Foreign exchange		393			(95	)		298			(986	)		59			(927	)		(593	)		(36	)		(629	)
Partially-owned entities ⁽³⁾		(43	)		-			(43	)		20			-			20			(23	)		-			(23	)
Other		(118	)		12			(106	)		(100	)		19			(81	)		(218	)		31			(187	)

Net gains (losses)	$	(1,216	)	$	129		$	(1,087	)	$	(11,664	)	$	1,121		$	(10,543	)	$	(12,880	)	$	1,250		$	(11,630	)



(1) Full year includes pre-tax realized losses on investment derivatives of $43 million, a net increase of the valuation allowance of expected credit losses of $154 million, and impairments of $135 million for fixed maturities. (2) Full year includes $187 million of gains on applicable hedges. These gains are both pre-tax and after-tax. (3) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.
	Year ended December 31, 2021

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

Fixed income investments ⁽⁴⁾	$	(69	)	$	6		$	(63	)	$	(2,919	)	$	521		$	(2,398	)	$	(2,988	)	$	527		$	(2,461	)
Public equity:
Realized gains (losses) on sales		157			(29	)		128			-			-			-			157			(29	)		128
Mark-to-market		505			(112	)		393			-			-			-			505			(112	)		393
Private equity: Mark-to-market		2,115			(62	)		2,053			-			-			-			2,115			(62	)		2,053

Total investment portfolio		2,708			(197	)		2,511			(2,919	)		521			(2,398	)		(211	)		324			113
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges ⁽⁵⁾		114			-			114			-			-			-			114			-			114
Foreign exchange		348			(66	)		282			(530	)		21			(509	)		(182	)		(45	)		(227	)
Partially-owned entities ⁽⁶⁾		130			(9	)		121			(19	)		-			(19	)		111			(9	)		102
Other		(6	)		1			(5	)		522			(115	)		407			516			(114	)		402

Net gains (losses)	$	3,294		$	(271	)	$	3,023		$	(2,946	)	$	427		$	(2,519	)	$	348		$	156		$	504

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

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

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


Net Gains (Losses) 2		Page 25

Chubb Limited

Debt and Capital

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

(Unaudited)


	December 31 2022		September 30 2022		June 30 2022		March 31 2022		December 31 2021		December 31 2020
Financial Debt:

Total short-term debt ⁽¹⁾	$	475	$	1,475	$	1,474	$	1,474	$	999	$	-

Total long-term debt		14,402		14,044		14,311		14,585		15,169		14,948

Total financial debt	$	14,877	$	15,519	$	15,785	$	16,059	$	16,168	$	14,948

Hybrid debt:

Total trust preferred securities		308		308		308		308		308		308


Total	$	15,185	$	15,827	$	16,093	$	16,367	$	16,476	$	15,256



Capitalization:

Shareholders’ equity	$	50,540	$	47,639	$	51,667	$	56,698	$	59,714	$	59,441

Hybrid debt		308		308		308		308		308		308

Financial debt		14,877		15,519		15,785		16,059		16,168		14,948


Total capitalization	$	65,725	$	63,466	$	67,760	$	73,065	$	76,190	$	74,697



Leverage ratios (based on total capital):

Hybrid debt		0.5%		0.5%		0.5%		0.4%		0.4%		0.4%

Financial debt		22.6%		24.5%		23.3%		22.0%		21.2%		20.0%


Total hybrid & financial debt		23.1%		25.0%		23.8%		22.4%		21.6%		20.4%

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

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


Debt and Capital		Page 26

Chubb Limited

Computation of Basic and Diluted Earnings Per Share

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

(Unaudited)


	Three months ended December 31						Year ended December 31
	2022			2021			2022			2021

Numerator
Core operating income to common shares	$	1,699		$	1,649		$	6,457		$	5,569

Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		-			(12	)		(20	)		(64	)
Tax benefit on amortization adjustment		(6	)		-			1			11
Cigna integration expenses, pre-tax		(22	)		-			(48	)		-
Tax benefit on Cigna integration expenses		4			-			10			-
Adjusted net realized gains (losses), pre-tax		(383	)		599			(1,216	)		3,294
Tax (expense) benefit on adjusted net realized gains (losses)		20			(95	)		129			(271	)

Net income	$	1,312		$	2,141		$	5,313		$	8,539


Rollforward of Common Shares Outstanding
Shares - beginning of period		415,020,484			430,876,252			426,572,612			450,732,625
Repurchase of shares		(902,300	)		(4,767,100	)		(14,925,028	)		(27,644,500	)
Shares issued (canceled), excluding option exercises		87,584			120,910			1,069,125			1,199,323
Issued for option exercises		389,088			342,550			1,878,147			2,285,164


Shares - end of period		414,594,856			426,572,612			414,594,856			426,572,612


Denominator
Weighted average shares outstanding ⁽¹⁾		415,298,553			429,206,889			419,779,847			439,968,422

Effect of other dilutive securities		3,616,712			3,582,880			3,747,597			3,228,856


Adj. wtd. avg. shares outstanding and assumed conversions		418,915,265			432,789,769			423,527,444			443,197,278


Basic earnings per share
Core operating income	$	4.09		$	3.84		$	15.38		$	12.66
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(0.01	)		(0.03	)		(0.04	)		(0.12	)
Cigna integration expenses, net of tax		(0.04	)		-			(0.09	)		-
Adjusted net realized gains (losses), net of tax		(0.88	)		1.18			(2.59	)		6.87


Net income	$	3.16		$	4.99		$	12.66		$	19.41


Diluted earnings per share

Core operating income	$	4.05		$	3.81		$	15.24		$	12.56
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(0.01	)		(0.03	)		(0.04	)		(0.12	)
Cigna integration expenses, net of tax		(0.04	)		-			(0.09	)		-
Adjusted net realized gains (losses), net of tax		(0.87	)		1.17			(2.56	)		6.83


Net income	$	3.13		$	4.95		$	12.55		$	19.27

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


Earnings Per Share		Page 27

Chubb Limited

Book Value and Book Value per Common Share

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

(Unaudited)


Reconciliation of Book Value per Common Share

	December 31 2022		September 30 2022		June 30 2022		March 31 2022		December 31 2021

Shareholders’ equity	$	50,540	$	47,639	$	51,667	$	56,698	$	59,714
Less: goodwill and other intangible assets, net of tax		20,605		20,284		19,146		19,443		19,456

Numerator for tangible book value per share	$	29,935	$	27,355	$	32,521	$	37,255	$	40,258


Book value - % change over prior quarter		6.1%		-7.8%		-8.9%		-5.1%		0.7%
Tangible book value - % change over prior quarter		9.4%		-15.9%		-12.7%		-7.5%		1.7%

Denominator		414,594,856		415,020,484		418,474,087		423,675,327		426,572,612


Book value per common share	$	121.90	$	114.79	$	123.46	$	133.82	$	139.99
Tangible book value per common share	$	72.20	$	65.91	$	77.71	$	87.93	$	94.38

Reconciliation of Book Value

Shareholders’ equity, beginning of quarter	$	47,639	$	51,667	$	56,698	$	59,714	$	59,318

Core operating income		1,699		1,331		1,787		1,640		1,649

Amortization of fair value adjustment of acquired invested assets and long-term debt		(6)		1		(5)		(9)		(12)

Cigna integration expenses		(18)		(18)		(2)		-		-

Adjusted net realized gains (losses) ⁽¹⁾		(363)		(502)		(565)		343		504

Net unrealized gains (losses) on investments		1,332		(2,898)		(4,129)		(3,840)		(630)

Repurchase of shares		(199)		(685)		(1,129)		(1,001)		(905)

Dividend declared on common shares		(345)		(346)		(348)		(340)		(342)

Cumulative translation gains (losses)		708		(960)		(746)		71		(432)

Postretirement benefit liability		(36)		2		4		15		434

Other⁽²⁾		129		47		102		105		130


	$	50,540	$	47,639	$	51,667	$	56,698	$	59,714

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

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


Reconciliation Book Value		Page 28

Chubb Limited

Non-GAAP Financial Measures

(Unaudited)

Regulation G - Non-GAAP Financial Measures

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


Reconciliation Non-GAAP		Page 29

Chubb Limited

Non-GAAP Financial Measures - 2

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

(Unaudited)

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:																Full Year			Full Year
	4Q-22			3Q-22			2Q-22			1Q-22			4Q-21			2022			2021
Tax expense, as reported	$	342		$	265		$	293		$	355		$	404		$	1,255		$	1,277
Less: tax expense (benefit) on amortization of fair value of acquired invested assets and debt		6			(1	)		(4	)		(2	)		-			(1	)		(11	)
Less: tax benefit on Cigna integration expenses		(4	)		(5	)		(1	)		-			-			(10	)		-
Less: tax expense (benefit) on adjusted net realized gains (losses)		(20	)		(47	)		(86	)		24			95			(129	)		271


Tax expense, adjusted	$	360		$	318		$	384		$	333		$	309		$	1,395		$	1,017


Income before tax, as reported	$	1,654		$	1,077		$	1,508		$	2,329		$	2,545		$	6,568		$	9,816
Less: amortization of fair value of acquired invested assets and debt		-			-			(9	)		(11	)		(12	)		(20	)		(64	)
Less: Cigna integration expenses		(22	)		(23	)		(3	)		-			-			(48	)		-
Less: adjusted realized gains (losses)		(176	)		(365	)		(513	)		100			319			(954	)		1,160
Less: realized gains (losses) related to unconsolidated entities		(207	)		(184	)		(138	)		267			280			(262	)		2,134


Core operating income before tax	$	2,059		$	1,649		$	2,171		$	1,973		$	1,958		$	7,852		$	6,586


Effective tax rate		20.7	%		24.6	%		19.4	%		15.2	%		15.9	%		19.1	%		13.0	%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt		-0.3	%		0.1	%		0.1	%		0.0	%		-0.1	%		0.0	%		0.0	%
Adjustment for tax impact of Cigna integration expenses		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Adjustment for tax impact of adjusted net realized gains (losses)		-2.9	%		-5.4	%		-1.8	%		1.7	%		-0.1	%		-1.3	%		2.4	%


Core operating effective tax rate		17.5	%		19.3	%		17.7	%		16.9	%		15.7	%		17.8	%		15.4	%


Core operating income
The following table presents the reconciliation of Net income to Core operating income:																Full Year			Full Year
	4Q-22			3Q-22			2Q-22			1Q-22			4Q-21			2022			2021
Net income, as reported	$	1,312		$	812		$	1,215		$	1,974		$	2,141		$	5,313		$	8,539
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		-			-			(9	)		(11	)		(12	)		(20	)		(64	)
Tax (expense) benefit on amortization adjustment		(6	)		1			4			2			-			1			11
Cigna integration expenses, pre-tax		(22	)		(23	)		(3	)		-			-			(48	)		-
Tax benefit on Cigna integration expenses		4			5			1			-			-			10			-
Adjusted realized gains (losses), pre-tax		(176	)		(365	)		(513	)		100			319			(954	)		1,160
Net realized gains (losses) related to unconsolidated entities, pre-tax ⁽¹⁾		(207	)		(184	)		(138	)		267			280			(262	)		2,134
Tax (expense) benefit on adjusted net realized gains (losses)		20			47			86			(24	)		(95	)		129			(271	)


Core operating income	$	1,699		$	1,331		$	1,787		$	1,640		$	1,649		$	6,457		$	5,569


Catastrophe losses - after-tax	$	323		$	949		$	241		$	290		$	245		$	1,803		$	1,984
Favorable prior period development (PPD) - after-tax	$	(167	)	$	(162	)	$	(205	)	$	(195	)	$	(149	)	$	(729	)	$	(756	)

Core operating income per share	$	4.05		$	3.17		$	4.20		$	3.82		$	3.81		$	15.24		$	12.56
Impact of Cats on Core operating income per share - Unfavorable	$	(0.77	)	$	(2.26	)	$	(0.56	)	$	(0.67	)	$	(0.57	)	$	(4.26	)	$	(4.48	)
Impact of PPD on Core operating income per share - Favorable	$	0.39		$	0.38		$	0.48		$	0.45		$	0.35		$	1.72		$	1.70
Impact of Cats and PPD on Core operating income per share - Unfavorable	$	(0.38	)	$	(1.88	)	$	(0.08	)	$	(0.22	)	$	(0.22	)	$	(2.54	)	$	(2.78	)

P&C Underwriting income and P&C CAY underwriting income ex Cats
The following table presents the reconciliation of Net income to P&C CAY underwriting income ex Cats:																Full Year			Full Year
	4Q-22			3Q-22			2Q-22			1Q-22			4Q-21			2022			2021
Net income, as reported	$	1,312		$	812		$	1,215		$	1,974		$	2,141		$	5,313		$	8,539
Less: Income tax expense		(342	)		(265	)		(293	)		(355	)		(404	)		(1,255	)		(1,277	)
Amortization expense of purchased intangibles		(74	)		(69	)		(71	)		(71	)		(71	)		(285	)		(287	)
Other income (expense)		(95	)		(188	)		(101	)		310			335			(74	)		2,365
Interest expense		(154	)		(150	)		(134	)		(132	)		(126	)		(570	)		(492	)
Net investment income		1,053			979			888			822			843			3,742			3,456
Net realized gains (losses)		(178	)		(384	)		(504	)		101			319			(965	)		1,152
Cigna integration expenses		(22	)		(23	)		(3	)		-			-			(48	)		-
Life Insurance underlying income (loss) ⁽²⁾		1			183			1			17			(21	)		202			(82	)
Add: Realized gains (losses) on crop derivatives		(2	)		(19	)		9			1			-			(11	)		(8	)

P&C underwriting income	$	1,121		$	710		$	1,441		$	1,283		$	1,266		$	4,555		$	3,696
Add: Catastrophe losses (including reinstatement premiums) - pre-tax		400			1,158			291			333			275			2,182			2,401
Favorable prior period development (PPD) - pre-tax		(167	)		(222	)		(247	)		(240	)		(145	)		(876	)		(926	)

P&C CAY underwriting income ex Cats	$	1,354		$	1,646		$	1,485		$	1,376		$	1,396		$	5,861		$	5,171

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

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


Reconciliation Non-GAAP 2		Page 30

Chubb Limited

Non-GAAP Financial Measures - 3

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

Core operating ROE and Core operating ROTE

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


	4Q-22			4Q-21			Full Year 2022			Full Year 2021
Net income	$	1,312		$	2,141		$	5,313		$	8,539
Core operating income	$	1,699		$	1,649		$	6,457		$	5,569
Equity - beginning of period, as reported	$	47,639		$	59,318		$	59,714		$	59,441
Less: unrealized gains (losses) on investments, net of deferred tax		(8,611	)		2,886			2,256			4,673

Equity - beginning of period, as adjusted	$	56,250		$	56,432		$	57,458		$	54,768

Less: goodwill and other intangible assets, net of tax		20,284			19,723			19,456			19,916

Equity - beginning of period, as adjusted ex goodwill and other intangible assets	$	35,966		$	36,709		$	38,002		$	34,852

Equity - end of period, as reported	$	50,540		$	59,714		$	50,540		$	59,714
Less: unrealized gains (losses) on investments, net of deferred tax		(7,279	)		2,256			(7,279	)		2,256

Equity - end of period, as adjusted	$	57,819		$	57,458		$	57,819		$	57,458

Less: goodwill and other intangible assets, net of tax		20,605			19,456			20,605			19,456

Equity - end of period, as adjusted ex goodwill and other intangible assets	$	37,214		$	38,002		$	37,214		$	38,002

Weighted average equity, as reported	$	49,090		$	59,516		$	55,127		$	59,578
Weighted average equity, as adjusted	$	57,035		$	56,945		$	57,639		$	56,113
Weighted average equity, as adjusted ex goodwill and other intangible assets	$	36,590		$	37,356		$	37,608		$	36,427
ROE		10.7%			14.4%			9.6%			14.3%
Core operating ROTE		18.6%			17.7%			17.2%			15.3%
Core operating ROE		11.9%			11.6%			11.2%			9.9%
Private equities realized gains (losses), after-tax ⁽¹⁾	$	(203	)	$	212		$	(274	)	$	2,053
Impact of Private equities if included in Core operating ROE - Favorable (unfavorable) ⁽¹⁾		-1.4 pts			1.5 pts			-0.5 pts			3.7 pts

Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures
	December 31 2022			September 30 2022			December 31 2021			QTD % Change		Full Year % Change
Book value	$	50,540		$	47,639		$	59,714
Less: unrealized gains (losses) on investments, net of deferred tax		(7,279	)		(8,611	)		2,256

Book value excluding mark-to-market		57,819			56,250			57,458
Less: goodwill and other intangible assets, net of tax		20,605			20,284			19,456

Tangible book value excluding mark-to-market	$	37,214		$	35,966		$	38,002


Book value	$	50,540		$	47,639		$	59,714
Less: AOCI		(10,193	)		(12,180	)		350

Book value excluding AOCI		60,733			59,819			59,364

Tangible book value		29,935			27,355			40,258
Less: Tangible AOCI		(9,287	)		(10,911	)		1,078

Tangible book value excluding tangible AOCI	$	39,222		$	38,266		$	39,180


Denominator		414,594,856			415,020,484			426,572,612


Book value per share excluding mark-to-market	$	139.46		$	135.54		$	134.70			2.9%		3.5%
Tangible book value per share excluding mark-to-market	$	89.76		$	86.66		$	89.09			3.6%		0.8%

Book value per share excluding AOCI	$	146.49		$	144.13		$	139.16			1.6%		5.3%
Tangible book value per share excluding tangible AOCI	$	94.60		$	92.20		$	91.85			2.6%		3.0%

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


Reconciliation Non-GAAP 3		Page 31

Chubb Limited

Non-GAAP Financial Measures - 4

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio

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

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


		North		North		North
		America		America		America		Overseas
	Commercial P&C			Personal P&C		Agricultural		General		Global				Total
Q4 2022		Insurance		Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C
Numerator
Losses and loss expenses
Losses and loss expenses		$	2,849	$	843	$	725	$	1,198	$	105	$	88	$	5,808
Realized (gains) losses on crop derivatives			-		-		2		-		-		-		2
Adjusted losses and loss expenses	A	$	2,849	$	843	$	727	$	1,198	$	105	$	88	$	5,810
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(158)		(162)		(12)		(67)		(1)		-		(400)
Reinstatement premiums collected (expensed) on catastrophe losses			(1)		(2)		-		(3)		-		-		(6)
Catastrophe losses, gross of related adjustments			(157)		(160)		(12)		(64)		(1)		-		(394)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			1		(1)		44		210		-		(87)		167
Net premiums earned adjustments on PPD - unfavorable (favorable)			5		-		9		-		-		-		14
Expense adjustments - unfavorable (favorable)			20		-		(1)		-		1		-		20
PPD, gross of related adjustments - favorable (unfavorable)			26		(1)		52		210		1		(87)		201
CAY loss and loss expense ex Cats	B	$	2,718	$	682	$	767	$	1,344	$	105	$	1	$	5,617
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	911	$	343	$	1	$	981	$	71	$	121	$	2,428
Expense adjustments - favorable (unfavorable)			(20)		-		1		-		(1)		-		(20)
Policy acquisition costs and administrative expenses, adjusted	D	$	891	$	343	$	2	$	981	$	70	$	121	$	2,408

Denominator
Net premiums earned	E	$	4,462	$	1,328	$	621	$	2,738	$	210			$	9,359
Reinstatement premiums (collected) expensed on catastrophe losses			1		2		-		3		-				6
Net premiums earned adjustments on PPD - unfavorable (favorable)			5		-		9		-		-				14
Net premiums earned excluding adjustments	F	$	4,468	$	1,330	$	630	$	2,741	$	210			$	9,379

P&C combined ratio
Loss and loss expense ratio	A/E		63.8%		63.5%		117.1%		43.7%		49.6%				62.1%
Policy acquisition cost and administrative expense ratio	C/E		20.5%		25.8%		0.1%		35.9%		34.0%				25.9%
P&C combined ratio			84.3%		89.3%		117.2%		79.6%		83.6%				88.0%

CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		60.8%		51.3%		122.0%		49.0%		49.5%				59.9%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.0%		25.8%		0.1%		35.8%		33.6%				25.7%
CAY P&C combined ratio ex Cats			80.8%		77.1%		122.1%		84.8%		83.1%				85.6%

Combined ratio
Combined ratio															88.0%
Add: impact of gains and losses on crop derivatives															0.0%
P&C combined ratio															88.0%

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


Reconciliation Non-GAAP 4		Page 32

Chubb Limited

Non-GAAP Financial Measures - 5

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)


Full Year 2022		North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Corporate		Total P&C
Numerator
Losses and loss expenses
Losses and loss expenses		$	10,828	$	3,186	$	2,546	$	5,252	$	670	$	363	$	22,845
Realized (gains) losses on crop derivatives			-		-		11		-		-		-		11

Adjusted losses and loss expenses	A	$	10,828	$	3,186	$	2,557	$	5,252	$	670	$	363	$	22,856

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(961)		(631)		(64)		(365)		(161)		-		(2,182)
Reinstatement premiums collected (expensed) on catastrophe losses			(1)		(2)		-		(3)		55		-		49

Catastrophe losses, gross of related adjustments			(960)		(629)		(64)		(362)		(216)		-		(2,231)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			562		186		61		448		(22)		(359)		876
Net premiums earned adjustments on PPD - unfavorable (favorable)			88		-		168		-		-		-		256
Expense adjustments - unfavorable (favorable)			24		-		(2)		-		1		-		23
PPD reinstatement premiums - unfavorable (favorable)			-		-		-		-		(2)		-		(2)

PPD, gross of related adjustments - favorable (unfavorable)			674		186		227		448		(23)		(359)		1,153

CAY loss and loss expense ex Cats	B	$	10,542	$	2,743	$	2,720	$	5,338	$	431	$	4	$	21,778

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	3,426	$	1,348	$	116	$	3,888	$	276	$	385	$	9,439
Expense adjustments - favorable (unfavorable)			(24)		-		2		-		(1)		-		(23)

Policy acquisition costs and administrative expenses, adjusted	D	$	3,402	$	1,348	$	118	$	3,888	$	275	$	385	$	9,416


Denominator
Net premiums earned	E	$	17,107	$	5,180	$	2,838	$	10,803	$	922			$	36,850
Reinstatement premiums (collected) expensed on catastrophe losses			1		2		-		3		(55)				(49)
Net premiums earned adjustments on PPD - unfavorable (favorable)			88		-		168		-		-				256
PPD reinstatement premiums - unfavorable (favorable)			-		-		-		-		(2)				(2)

Net premiums earned excluding adjustments	F	$	17,196	$	5,182	$	3,006	$	10,806	$	865			$	37,055


P&C combined ratio
Loss and loss expense ratio	A/E		63.3%		61.5%		90.1%		48.6%		72.6%				62.0%
Policy acquisition cost and administrative expense ratio	C/E		20.0%		26.0%		4.1%		36.0%		30.0%				25.6%

P&C combined ratio			83.3%		87.5%		94.2%		84.6%		102.6%				87.6%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		61.3%		52.9%		90.5%		49.4%		49.7%				58.8%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		19.8%		26.0%		3.9%		36.0%		31.8%				25.4%

CAY P&C combined ratio ex Cats			81.1%		78.9%		94.4%		85.4%		81.5%				84.2%

Combined ratio
Combined ratio															87.6%
Add: impact of gains and losses on crop derivatives															0.0%

P&C combined ratio															87.6%


Reconciliation Non-GAAP 5		Page 33

Chubb Limited

Non-GAAP Financial Measures - 6

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)


Q4 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
Numerator
Losses and loss expenses
Losses and loss expenses		$	2,275	$	583	$	408	$	1,207	$	210	$	431	$	5,114
Realized (gains) losses on crop derivatives			-		-		-		-		-		-		-

Adjusted losses and loss expenses	A	$	2,275	$	583	$	408	$	1,207	$	210	$	431	$	5,114

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(113)		19		(20)		(80)		(81)		-		(275)
Reinstatement premiums collected (expensed) on catastrophe losses			-		-		(2)		-		10		-		8

Catastrophe losses, gross of related adjustments			(113)		19		(18)		(80)		(91)		-		(283)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			322		39		(5)		232		(14)		(429)		145
Net premiums earned adjustments on PPD - unfavorable (favorable)			-		-		(23)		-		-		-		(23)
Expense adjustments - unfavorable (favorable)			-		-		(3)		-		-		-		(3)
PPD reinstatement premiums - unfavorable (favorable)			-		-		-		-		(1)		-		(1)

PPD, gross of related adjustments - favorable (unfavorable)			322		39		(31)		232		(15)		(429)		118

CAY loss and loss expense ex Cats	B	$	2,484	$	641	$	359	$	1,359	$	104	$	2	$	4,949

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	822	$	331	$	11	$	996	$	61	$	107	$	2,328
Expense adjustments - favorable (unfavorable)			-		-		3		-		-		-		3

Policy acquisition costs and administrative expenses, adjusted	D	$	822	$	331	$	14	$	996	$	61	$	107	$	2,331


Denominator
Net premiums earned	E	$	4,030	$	1,263	$	480	$	2,720	$	215			$	8,708
Reinstatement premiums (collected) expensed on catastrophe losses			-		-		2		-		(10)				(8)
Net premiums earned adjustments on PPD - unfavorable (favorable)			-		-		(23)		-		-				(23)
PPD reinstatement premiums - unfavorable (favorable)			-		-		-		-		(1)				(1)

Net premiums earned excluding adjustments	F	$	4,030	$	1,263	$	459	$	2,720	$	204			$	8,676


P&C combined ratio
Loss and loss expense ratio	A/E		56.4%		46.1%		85.1%		44.4%		97.6%				58.7%
Policy acquisition cost and administrative expense ratio	C/E		20.4%		26.2%		2.2%		36.6%		28.6%				26.8%

P&C combined ratio			76.8%		72.3%		87.3%		81.0%		126.2%				85.5%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		61.6%		50.8%		78.2%		50.0%		51.3%				57.0%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.4%		26.2%		3.0%		36.6%		30.3%				26.9%

CAY P&C combined ratio ex Cats			82.0%		77.0%		81.2%		86.6%		81.6%				83.9%


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

P&C combined ratio															85.5%


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
Full Year 2021			Insurance		Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C
Numerator
Losses and loss expenses
Losses and loss expenses			$	10,015	$	2,924	$	1,954	$	5,143	$	632	$	572	$	21,240
Realized (gains) losses on crop derivatives				-		-		8		-		-		-		8
Adjusted losses and loss expenses	A		$	10,015	$	2,924	$	1,962	$	5,143	$	632	$	572	$	21,248
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments				(1,112)		(679)		(40)		(358)		(212)		-		(2,401)
Reinstatement premiums collected (expensed) on catastrophe losses				-		(16)		(2)		-		28		-		10
Catastrophe losses, gross of related adjustments				(1,112)		(663)		(38)		(358)		(240)		-		(2,411)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)				762		305		(10)		441		(3)		(569)		926
Net premiums earned adjustments on PPD - unfavorable (favorable)				67		-		(25)		-		-		-		42
Expense adjustments - unfavorable (favorable)				6		-		(3)		-		-		-		3
PPD reinstatement premiums - unfavorable (favorable)				6		(1)		-		7		3		-		15
PPD, gross of related adjustments - favorable (unfavorable)				841		304		(38)		448		-		(569)		986
CAY loss and loss expense ex Cats	B		$	9,744	$	2,565	$	1,886	$	5,233	$	392	$	3	$	19,823
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C		$	3,134	$	1,277	$	121	$	3,877	$	235	$	365	$	9,009
Expense adjustments - favorable (unfavorable)				(6)		-		3		-		-		-		(3)
Policy acquisition costs and administrative expenses, adjusted	D		$	3,128	$	1,277	$	124	$	3,877	$	235	$	365	$	9,006

Denominator
Net premiums earned	E		$	15,461	$	4,915	$	2,338	$	10,441	$	798			$	33,953
Reinstatement premiums (collected) expensed on catastrophe losses				-		16		2		-		(28)				(10)
Net premiums earned adjustments on PPD - unfavorable (favorable)				67		-		(25)		-		-				42
PPD reinstatement premiums - unfavorable (favorable)				6		(1)		-		7		3				15
Net premiums earned excluding adjustments	F		$	15,534	$	4,930	$	2,315	$	10,448	$	773			$	34,000

P&C combined ratio
Loss and loss expense ratio	A/E			64.8%		59.5%		83.9%		49.3%		79.2%				62.6%
Policy acquisition cost and administrative expense ratio	C/E			20.2%		26.0%		5.2%		37.1%		29.5%				26.5%
P&C combined ratio				85.0%		85.5%		89.1%		86.4%		108.7%				89.1%

CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F			62.7%		52.0%		81.5%		50.1%		50.7%				58.3%
Policy acquisition cost and administrative expense ratio, adjusted	D/F			20.2%		25.9%		5.3%		37.1%		30.5%				26.5%
CAY P&C combined ratio ex Cats				82.9%		77.9%		86.8%		87.2%		81.2%				84.8%

Combined ratio
Combined ratio																89.1%
Add: impact of gains and losses on crop derivatives																0.0%
P&C combined ratio																89.1%


Reconciliation Non-GAAP 7		Page 35

Chubb Limited

Glossary

Chubb Limited Consolidated comprises all segments including Corporate.

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

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

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

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

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

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

Cigna integration expenses: Cigna integration expenses comprise legal and professional fees and all other costs directly related to the integration activities of the Cigna acquisition. Cigna integration expenses are incurred by the overall company and are therefore included in Corporate. These costs are not related to the on-going business activities of the segments and are therefore excluded from our definition of segment income.

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

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

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

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

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

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

NM: Not meaningful.


Glossary		Page 36