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EX-99.2 3 d826415dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

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Chubb Limited

Financial Supplement

for the Quarter Ended March 31, 2024

Investor Contact

Karen Beyer: (212) 827-4445

email: investorrelations@chubb.com

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

Cautionary Statement Regarding Forward-Looking Statements

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

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

Chubb Limited

Financial Supplement Table of Contents


		Page
I.	Financial Highlights
	- Consolidated Financial Highlights		1

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

III.	Segment Results
	- North America Commercial P&C Insurance		8
	- North America Personal P&C Insurance		9
	- North America Agricultural Insurance		10
	- Overseas General Insurance		11
	- Global Reinsurance		12
	- Life Insurance		13
	- Corporate		14

IV.	Balance Sheet Details
	- Loss Reserve Rollforward		15
	- Reinsurance Recoverable Analysis		16
	- Investment Portfolio		17 - 20
	- Net Realized and Unrealized Gains (Losses)		21
	- Debt and Capital		22
	- Computation of Basic and Diluted Earnings Per Share		23
	- Book Value and Book Value per Common Share		24

V.	Other Disclosures
	- Non-GAAP Financial Measures		25 - 29
	- Glossary		30

Consolidation of Huatai Group Effective July 1, 2023

Effective July 1, 2023, the company increased its aggregate ownership interest in Huatai Group (Huatai), resulting in a majority controlling interest, and applied consolidation accounting beginning third quarter 2023.

In this financial supplement, business activity for, and the financial position of, Huatai is reported at 100%, as required, except for core operating income, net income, book value, tangible book value, ROE, per share data, and certain other key metrics, which include only the company’s ownership interest and exclude the non-controlling interest.

Chubb Limited

Consolidated Financial Highlights

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

(Unaudited)

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


	Three months ended March 31						Constant $		Constant $
	2024		2023		% Change		2023		% Change


Gross premiums written	$	14,425	$	13,004		10.9%	$	12,993		11.0%

Net premiums written	$	12,221	$	10,710		14.1%	$	10,697		14.2%

P&C net premiums written	$	10,588	$	9,417		12.4%	$	9,439		12.2%

Global P&C net premiums written	$	10,339	$	9,124		13.3%	$	9,146		13.0%

Life Insurance net premiums written	$	1,633	$	1,293		26.3%	$	1,258		29.7%

Net premiums earned	$	11,583	$	10,142		14.2%	$	10,115		14.5%

P&C underwriting income	$	1,400	$	1,213		15.4%	$	1,216		15.1%

P&C CAY underwriting income ex Cats	$	1,628	$	1,475		10.3%	$	1,479		10.1%

Adjusted net investment income	$	1,482	$	1,200		23.5%	$	1,199		23.6%

Core operating income	$	2,216	$	1,842		20.3%	$	1,839		20.5%

Adjusted operating cash flow	$	3,624	$	2,251

Net investment income	$	1,391	$	1,107		25.7%	$	1,106		25.8%

Chubb net income	$	2,143	$	1,892		13.3%

Operating cash flow	$	3,220	$	2,251

P&C combined ratio
Loss and loss expense ratio		58.1%		58.9%
Policy acquisition cost and administrative expense ratio		27.9%		27.4%



Combined ratio		86.0%		86.3%

P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)
CAY loss and loss expense ratio ex Cats		56.1%		55.9%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.6%		27.5%


CAY combined ratio ex Cats		83.7%		83.4%

ROE		14.3%		14.6%
Core operating return on tangible equity (ROTE)		21.9%		19.4%
Core operating return on equity (ROE)		13.7%		12.6%

Effective tax rate		13.7%		16.9%
Core operating effective tax rate ⁽¹⁾		15.2%		18.1%

Diluted earnings per share

Chubb net income	$	5.23	$	4.53		15.5%

Core operating income	$	5.41	$	4.41		22.7%

Weighted average basic common shares outstanding		405.7		414.3
Weighted average diluted common shares outstanding		409.7		417.9

					% Change
	March 31 2024		December 31 2023		1Q-24 vs. 4Q-23


Book value per common share	$	149.09	$	146.83		1.5%
Tangible book value per common share	$	89.55	$	87.98		1.8%

Book value per common share, excl. AOCI	$	167.28	$	163.64		2.2%
Tangible book value per common share, excl. AOCI	$	105.75	$	102.78		2.9%

(1) Q1 2024 includes an incremental deferred tax benefit of $55 million related to the Bermuda tax law (tax benefit) enacted in December 2023. Excluding this tax benefit, core operating effective tax rate for the quarter is 17.3%.


Financial Highlights		Page 1

Chubb Limited

Statement of Operations - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)


Consolidated Statements of Operations	1Q-24			4Q-23			3Q-23			2Q-23			1Q-23			Full Year 2023

Gross premiums written	$	14,425		$	13,646		$	15,996		$	14,880		$	13,004		$	57,526

Net premiums written		12,221			11,596			13,104			11,951			10,710			47,361

Net premiums earned		11,583			11,897			12,674			10,999			10,142			45,712

Adjusted losses and loss expenses ⁽¹⁾		5,728			6,165			7,113			5,678			5,149			24,105

Realized (gains) losses on crop derivatives		1			2			7			(5	)		1			5



Losses and loss expenses		5,727			6,163			7,106			5,683			5,148			24,100

Adjusted policy benefits ⁽²⁾		1,170			1,052			957			842			822			3,673

Gains (losses) from fair value changes in separate account liabilities		(10	)		(11	)		19			12			25			45



Policy benefits		1,180			1,063			938			830			797			3,628

Policy acquisition costs		2,207			2,117			2,178			2,016			1,948			8,259

Administrative expenses		1,070			1,048			1,060			969			930			4,007

Adjusted net investment income ⁽³⁾		1,482			1,487			1,415			1,241			1,200			5,343

Other (income) expense from private equity partnerships		(86	)		(109	)		(92	)		(93	)		(91	)		(385	)

Amortization expense of fair value adjustment on acquired invested assets		(5	)		(7	)		(9	)		(3	)		(2	)		(21	)



Net investment income		1,391			1,371			1,314			1,145			1,107			4,937

Adjusted realized gains (losses) ⁽⁴⁾		(100	)		(121	)		(96	)		(309	)		(76	)		(602	)

Realized gains (losses) on crop derivatives		(1	)		(2	)		(7	)		5			(1	)		(5	)



Net realized gains (losses)		(101	)		(123	)		(103	)		(304	)		(77	)		(607	)

Market risk benefits gains (losses)		21			(153	)		(32	)		(7	)		(115	)		(307	)

Adjusted interest expense ⁽⁵⁾		183			179			179			170			165			693

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



Interest expense		178			173			174			165			160			672

Gains (losses) from fair value changes in separate account assets		10			11			(19	)		(12	)		(25	)		(45	)

Net realized gains (losses) related to unconsolidated entities		101			143			59			(9	)		238			431

Other income (expense) from private equity partnerships		86			109			92			93			91			385

Other income (expense) - operating		(6	)		23			22			28			(8	)		65



Other income (expense)		191			286			154			100			296			836

Amortization expense of purchased intangibles		80			84			84			70			72			310

Cigna integration expenses		7			18			14			15			22			69

Income tax expense (benefit)		342			(678	)		413			392			384			511



Net income	$	2,294		$	3,290		$	2,040		$	1,793		$	1,892		$	9,015

Less: NCI income (loss)		151			(10	)		(3	)		-			-			(13	)



Chubb net income	$	2,143		$	3,300		$	2,043		$	1,793		$	1,892		$	9,028

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

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

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

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

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


Statement of Operations		Page 2

Chubb Limited

P&C Underwriting Results - Consecutive Quarters

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

(Unaudited)


Chubb Limited P&C Underwriting Results	1Q-24			4Q-23			3Q-23			2Q-23			1Q-23			Full Year 2023

P&C underwriting income

Gross premiums written	$	12,724		$	12,122		$	14,467		$	13,538		$	11,645		$	51,772
Net premiums written		10,588			10,146			11,652			10,681			9,417			41,896
Net premiums earned		9,972			10,461			11,232			9,743			8,878			40,314
Adjusted losses and loss expenses		5,696			6,138			7,093			5,643			5,117			23,991
Policy benefits		100			119			91			137			110			457
Policy acquisition costs		1,913			1,857			1,899			1,739			1,675			7,170
Administrative expenses		863			830			844			799			763			3,236

P&C underwriting income	$	1,400		$	1,517		$	1,305		$	1,425		$	1,213		$	5,460

P&C CAY underwriting income ex Cats	$	1,628		$	1,640		$	1,775		$	1,625		$	1,475		$	6,515

% Change versus prior year period
Net premiums written		12.4%			12.5%			8.4%			9.8%			9.3%			9.9%
Net premiums earned		12.3%			11.8%			9.2%			8.1%			8.3%			9.4%

Net premiums written constant $		12.2%			11.3%			7.6%			10.4%			11.0%			9.9%
Net premiums earned constant $		12.2%			10.6%			8.1%			8.7%			9.8%			9.3%

P&C combined ratio
Loss and loss expense ratio		58.1%			59.8%			64.0%			59.3%			58.9%			60.6%
Policy acquisition cost ratio		19.2%			17.8%			16.9%			17.9%			18.8%			17.8%
Administrative expense ratio		8.7%			7.9%			7.5%			8.2%			8.6%			8.1%

Combined ratio		86.0%			85.5%			88.4%			85.4%			86.3%			86.5%


CAY P&C combined ratio ex Cats

CAY loss and loss expense ratio ex Cats		56.1%			58.7%			60.1%			57.4%			55.9%			58.2%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.6%			25.6%			24.2%			25.9%			27.5%			25.7%

CAY combined ratio ex Cats		83.7%			84.3%			84.3%			83.3%			83.4%			83.9%


Other ratios
Net premiums written/gross premiums written		83%			84%			81%			79%			81%			81%

Expense ratio		27.9%			25.7%			24.4%			26.1%			27.4%			25.9%
Expense ratio excluding A&H		26.1%			23.9%			22.6%			24.3%			25.7%			24.0%

Catastrophe losses - pre-tax	$	435		$	300		$	670		$	400		$	458		$	1,828
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(207	)	$	(177	)	$	(200	)	$	(200	)	$	(196	)	$	(773	)
Impact of catastrophe losses on P&C combined ratio - Unfavorable		4.4%			2.9%			6.0%			4.1%			5.1%			4.5%

Impact of PPD on P&C combined ratio - Favorable		-2.1%			-1.7%			-1.9%			-2.0%			-2.2%			-1.9%
Impact of Cats and PPD on P&C combined ratio - Unfavorable		2.3%			1.2%			4.1%			2.1%			2.9%			2.6%


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	1Q-24		4Q-23		3Q-23		2Q-23		1Q-23		Full Year 2023

Global P&C underwriting income
Gross premiums written	$	12,296	$	11,614	$	12,063	$	12,449	$	11,240	$	47,366
Net premiums written		10,339		9,539		10,131		9,914		9,124		38,708
Net premiums earned		9,844		9,626		9,692		9,108		8,719		37,145
Adjusted losses and loss expenses		5,647		5,267		5,737		5,136		4,977		21,117
Policy benefits		100		119		91		137		110		457
Policy acquisition costs		1,892		1,835		1,823		1,702		1,660		7,020
Administrative expenses		861		840		841		796		760		3,237

Global P&C underwriting income	$	1,344	$	1,565	$	1,200	$	1,337	$	1,212	$	5,314

Global P&C CAY underwriting income ex Cats	$	1,597	$	1,692	$	1,661	$	1,545	$	1,450	$	6,348

% Change versus prior year period
Net premiums written		13.3%		10.5%		12.3%		10.2%		6.7%		10.0%
Net premiums earned		12.9%		10.2%		12.5%		7.9%		6.0%		9.2%

Net premiums written constant $		13.0%		9.2%		11.2%		10.9%		8.3%		10.0%
Net premiums earned constant $		12.8%		8.9%		11.2%		8.6%		7.5%		9.1%

Combined ratio

Loss and loss expense ratio		58.4%		56.0%		60.1%		57.9%		58.3%		58.1%
Policy acquisition cost ratio		19.2%		19.0%		18.8%		18.7%		19.1%		18.9%
Administrative expense ratio		8.7%		8.7%		8.7%		8.7%		8.7%		8.7%

Combined ratio		86.3%		83.7%		87.6%		85.3%		86.1%		85.7%


CAY combined ratio ex Cats

CAY loss and loss expense ratio ex Cats		55.9%		54.7%		55.7%		55.8%		55.6%		55.5%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.9%		27.7%		27.3%		27.3%		27.8%		27.5%

CAY combined ratio ex Cats		83.8%		82.4%		83.0%		83.1%		83.4%		83.0%


Other ratios
Net premiums written/gross premiums written		84%		82%		84%		80%		81%		82%

Expense ratio		27.9%		27.7%		27.5%		27.4%		27.8%		27.6%
Expense ratio excluding A&H		26.2%		26.1%		25.6%		25.7%		26.0%		25.8%
Catastrophe losses - pre-tax	$	432	$	298	$	652	$	405	$	434	$	1,789
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(179)	$	(171)	$	(191)	$	(197)	$	(196)	$	(755)

Impact of catastrophe losses on combined ratio - Unfavorable		4.3%		3.0%		6.7%		4.4%		5.0%		4.8%
Impact of PPD on combined ratio - Favorable		-1.8%		-1.8%		-2.1%		-2.2%		-2.3%		-2.1%
Impact of Cats and PPD on combined ratio - Unfavorable		2.5%		1.2%		4.6%		2.2%		2.7%		2.7%


Global P&C		Page 4

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)


	March 31 2024			December 31 2023
Assets

Short-term investments, at fair value	$	5,107		$	4,551
Fixed maturities available for sale, at fair value		108,289			106,571
Private debt held-for-investment, at amortized cost		2,708			2,553
Equity securities, at fair value		3,769			3,455
Private equities		14,281			14,078
Other investments		6,216			5,527

Total investments		140,370			136,735

Cash and restricted cash		2,651			2,621
Securities lending collateral		1,708			1,299
Insurance and reinsurance balances receivable		13,991			13,379
Reinsurance recoverable on losses and loss expenses		19,109			19,952
Deferred policy acquisition costs		7,537			7,152
Value of business acquired (VOBA)		3,617			3,674
Prepaid reinsurance premiums		3,241			3,221
Goodwill and other intangible assets ($25,660 represents Chubb portion as of 03/31/2024)		26,405			26,461
Deferred tax assets		1,761			1,741
Separate account assets		5,864			5,573
Other assets		8,613			8,874

Total assets	$	234,867		$	230,682


Liabilities
Unpaid losses and loss expenses	$	80,341		$	80,122
Unearned premiums		22,728			22,051

Future policy benefits		14,375			13,888

Market risk benefits		611			771

Policyholder account balances		7,560			7,462

Separate account liabilities		5,864			5,573
Insurance and reinsurance balances payable		8,505			8,302
Securities lending payable		1,708			1,299
Accounts payable, accrued expenses, and other liabilities		11,379			11,165
Deferred tax liabilities		1,543			1,555
Short-term and long-term debt		15,513			14,495
Trust preferred securities		309			308

Total liabilities		170,436			166,991

Shareholders’ equity
Chubb shareholders’ equity, excl. AOCI		67,921			66,316
Accumulated other comprehensive income (loss) (AOCI)		(7,386	)		(6,809	)

Chubb shareholders’ equity		60,535			59,507
Noncontrolling interests		3,896			4,184

Total shareholders’ equity		64,431			63,691

Total liabilities and shareholders’ equity	$	234,867		$	230,682


Book value per common share	$	149.09		$	146.83
% change over prior quarter		1.5%			14.4%
Tangible book value per common share ⁽¹⁾	$	89.55		$	87.98
% change over prior quarter		1.8%			24.1%

Book value per common share, excl. AOCI	$	167.28		$	163.64
% change over prior quarter		2.2%			4.5%
Tangible book value per common share, excl. AOCI	$	105.75		$	102.78
% change over prior quarter		2.9%			6.1%

(1) Refer to page 24 in this financial supplement for more details.


Consol Bal Sheet		Page 5

Chubb Limited

Consolidated Net Premiums Written by Product Line

(in millions of U.S. dollars)

(Unaudited)


							Constant $
	1Q-24		1Q-23		% Change		% Change
Net premiums written

Property and other short-tail lines	$	2,360	$	2,025		16.5%		16.4%
Commercial casualty		2,210		1,903		16.1%		15.8%
Financial lines		1,108		1,156		-4.1%		-4.4%
Workers’ compensation		629		618		1.8%		1.8%
Commercial multiple peril⁽¹⁾		368		340		8.0%		8.0%
Surety		184		160		15.1%		13.0%

Total Commercial P&C lines		6,859		6,202		10.6%		10.3%

Agriculture		249		293		-15.0%		-15.0%

Personal homeowners		1,065		902		18.1%		18.4%
Personal automobile		642		427		50.4%		44.3%
Personal other		565		507		11.4%		11.8%

Total Personal lines		2,272		1,836		23.8%		22.8%

Global A&H - P&C		849		809		4.9%		5.9%

Reinsurance lines		359		277		29.7%		29.7%


Total P&C	$	10,588	$	9,417		12.4%		12.2%


Life Insurance		1,633		1,293		26.3%		29.7%


Total Consolidated	$	12,221	$	10,710		14.1%		14.2%

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


Product Line		Page 6

Chubb Limited

Consolidated Results

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

(Unaudited)


		Three months ended March 31, 2024
	North America Commercial P&C			North America Personal P&C			North America Agricultural		Overseas General		Global				Total		Life		Total
Q1 2024		Insurance			Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated


Net premiums written		$	4,689		$	1,456	$	249	$	3,835	$	359	$	-	$	10,588	$	1,633	$	12,221
% of total net premiums written			39%			12%		2%		31%		3%		-		87%		13%		100%
Net premiums earned			4,880			1,471		128		3,198		295		-		9,972		1,611		11,583
Adjusted losses and loss expenses			3,175			899		49		1,426		137		10		5,696		32		5,728
Adjusted policy benefits			-			-		-		100		-		-		100		1,070		1,170
Policy acquisition costs			688			300		21		823		81		-		1,913		294		2,207
Administrative expenses			328			86		2		331		9		107		863		207		1,070

Underwriting income (loss)			689			186		56		518		68		(117)		1,400		8		1,408
Adjusted net investment income			826			102		21		267		57		(21)		1,252		230		1,482
Other income (expense) - operating			(7)			(1)		-		(5)		-		(33)		(46)		40		(6)
Amortization expense of purchased intangibles			-			(2)		(6)		(20)		-		(42)		(70)		(10)		(80)

Segment income (loss)		$	1,508		$	285	$	71	$	760	$	125	$	(213)	$	2,536	$	268	$	2,804


Combined ratio			85.9%			87.4%		56.6%		83.8%		76.9%				86.0%
CAY combined ratio ex Cats			82.0%			79.3%		81.6%		85.8%		76.5%				83.7%


		Three months ended March 31, 2023
	North America Commercial P&C			North America Personal P&C			North America Agricultural		Overseas General		Global				Total		Life		Total
Q1 2023		Insurance			Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated

Net premiums written		$	4,288		$	1,296	$	293	$	3,263	$	277	$	-	$	9,417	$	1,293	$	10,710
% of total net premiums written			40%			12%		3%		30%		3%		-		88%		12%		100%
Net premiums earned			4,369			1,320		159		2,786		244		-		8,878		1,264		10,142
Adjusted losses and loss expenses			2,729			888		140		1,237		112		11		5,117		32		5,149
Adjusted policy benefits			-			-		-		110		-		-		110		712		822
Policy acquisition costs			613			272		15		713		62		-		1,675		273		1,948
Administrative expenses			295			79		3		280		9		97		763		167		930

Underwriting income (loss)			732			81		1		446		61		(108)		1,213		80		1,293
Adjusted net investment income			698			82		17		188		49		13		1,047		153		1,200
Other income (expense) -operating			(7)			(1)		(1)		9		1		(24)		(23)		15		(8)
Amortization expense of purchased intangibles			-			(2)		(6)		(18)		-		(42)		(68)		(4)		(72)

Segment income (loss)		$	1,423		$	160	$	11	$	625	$	111	$	(161)	$	2,169	$	244	$	2,413


Combined ratio			83.2%			93.9%		99.2%		84.0%		75.1%				86.3%
CAY combined ratio ex Cats			81.2%			80.6%		83.9%		85.1%		78.4%				83.4%


Consol Results - QTD		Page 7

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Commercial P&C Insurance


																Full Year
	1Q-24			4Q-23			3Q-23			2Q-23			1Q-23			2023
Gross premiums written	$	5,431		$	5,752		$	6,131		$	6,611		$	5,316		$	23,810
Net premiums written		4,689			4,662			5,132			5,155			4,288			19,237
Net premiums earned		4,880			4,706			4,735			4,606			4,369			18,416
Losses and loss expenses		3,175			2,631			3,025			2,871			2,729			11,256
Policy acquisition costs		688			648			640			614			613			2,515
Administrative expenses		328			316			323			316			295			1,250

Underwriting income		689			1,111			747			805			732			3,395
Adjusted net investment income		826			813			780			726			698			3,017
Other income (expense) - operating		(7	)		(4	)		(6	)		(5	)		(7	)		(22	)

Segment income	$	1,508		$	1,920		$	1,521		$	1,526		$	1,423		$	6,390

CAY underwriting income ex Cats	$	877		$	990		$	909		$	890		$	822		$	3,611

Combined ratio
Loss and loss expense ratio		65.1%			55.9%			63.9%			62.3%			62.5%			61.1%
Policy acquisition cost ratio		14.1%			13.8%			13.5%			13.3%			14.0%			13.7%
Administrative expense ratio		6.7%			6.7%			6.8%			6.9%			6.7%			6.8%

Combined ratio		85.9%			76.4%			84.2%			82.5%			83.2%			81.6%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		61.4%			58.6%			61.1%			60.7%			60.5%			60.2%
CAY policy acquisition cost and administrative expense ratio ex Cats		20.6%			20.4%			20.0%			20.0%			20.7%			20.3%

CAY combined ratio ex Cats ⁽¹⁾		82.0%			79.0%			81.1%			80.7%			81.2%			80.5%


Catastrophe losses - pre-tax	$	236		$	71		$	246		$	231		$	162		$	710
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(48	)	$	(192	)	$	(84	)	$	(146	)	$	(72	)	$	(494	)

% Change versus prior year period
Net premiums written		9.4%			4.4%			8.7%			10.5%			6.2%			7.5%
Net premiums earned		11.7%			5.5%			10.6%			8.4%			6.2%			7.7%

Other ratios
Net premiums written/gross premiums written		86%			81%			84%			78%			81%			81%

Production by Size - Net premiums written ⁽²⁾
Major Accounts & Specialty	$	2,779		$	2,788		$	3,075		$	3,307		$	2,483		$	11,653
Commercial		1,910			1,874			2,057			1,848			1,805			7,584

Total	$	4,689		$	4,662		$	5,132		$	5,155		$	4,288		$	19,237

(1) Q1 2024 includes a 0.7 percentage point adverse impact from a large structured transaction.

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


NA Commercial		Page 8

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Personal P&C Insurance


																Full Year
	1Q-24			4Q-23			3Q-23			2Q-23			1Q-23			2023

Gross premiums written	$	1,679		$	1,695		$	1,750		$	1,811		$	1,483		$	6,739
Net premiums written		1,456			1,474			1,527			1,581			1,296			5,878
Net premiums earned		1,471			1,452			1,407			1,357			1,320			5,536
Losses and loss expenses		899			877			900			846			888			3,511
Policy acquisition costs		300			292			287			277			272			1,128
Administrative expenses		86			82			84			84			79			329

Underwriting income		186			201			136			150			81			568
Net investment income		102			96			94			86			82			358
Other income (expense) - operating		(1	)		(1	)		(2	)		1			(1	)		(3	)
Amortization expense of purchased intangibles		(2	)		(1	)		(3	)		(3	)		(2	)		(9	)

Segment income	$	285		$	295		$	225		$	234		$	160		$	914

CAY underwriting income ex Cats	$	304		$	285		$	297		$	264		$	257		$	1,103

Combined ratio
Loss and loss expense ratio		61.1%			60.4%			63.9%			62.4%			67.3%			63.4%
Policy acquisition cost ratio		20.4%			20.1%			20.4%			20.4%			20.6%			20.4%
Administrative expense ratio		5.9%			5.7%			6.0%			6.1%			6.0%			5.9%

Combined ratio		87.4%			86.2%			90.3%			88.9%			93.9%			89.7%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		53.1%			54.7%			52.4%			54.0%			53.9%			53.8%
CAY policy acquisition cost and administrative expense ratio ex Cats		26.2%			25.7%			26.5%			26.5%			26.7%			26.3%

CAY combined ratio ex Cats		79.3%			80.4%			78.9%			80.5%			80.6%			80.1%


Catastrophe losses - pre-tax	$	170		$	83		$	280		$	147		$	159		$	669
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(52	)	$	1		$	(119	)	$	(33	)	$	17		$	(134	)

% Change versus prior year period
Net premiums written		12.3%			12.1%			9.6%			10.8%			9.9%			10.6%
Net premiums earned		11.4%			9.4%			5.5%			6.7%			5.9%			6.9%

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


NA Personal		Page 9

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Agricultural Insurance


																Full Year
	1Q-24			4Q-23			3Q-23			2Q-23			1Q-23			2023

Gross premiums written	$	428		$	508		$	2,404		$	1,089		$	405		$	4,406
Net premiums written		249			607			1,521			767			293			3,188
Net premiums earned		128			835			1,540			635			159			3,169
Adjusted losses and loss expenses		49			871			1,356			507			140			2,874
Policy acquisition costs		21			22			76			37			15			150
Administrative expenses		2			(10	)		3			3			3			(1	)

Underwriting income (loss)		56			(48	)		105			88			1			146
Net investment income		21			20			12			14			17			63
Other income (expense) - operating		-			(1	)		-			1			(1	)		(1	)
Amortization expense of purchased intangibles		(6	)		(6	)		(6	)		(7	)		(6	)		(25	)

Segment income (loss)	$	71		$	(35	)	$	111		$	96		$	11		$	183

CAY underwriting income (loss) ex Cats	$	31		$	(52	)	$	114		$	80		$	25		$	167

Combined ratio
Loss and loss expense ratio		38.6%			104.4%			88.1%			79.7%			88.5%			90.7%
Policy acquisition cost ratio		16.8%			2.7%			4.9%			5.9%			9.3%			4.7%
Administrative expense ratio		1.2%			-1.3%			0.2%			0.6%			1.4%			0.0%

Combined ratio		56.6%			105.8%			93.2%			86.2%			99.2%			95.4%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		69.5%			104.7%			87.5%			80.9%			73.1%			90.1%
CAY policy acquisition cost and administrative expense ratio ex Cats		12.1%			1.4%			5.2%			6.5%			10.8%			4.6%

CAY combined ratio ex Cats		81.6%			106.1%			92.7%			87.4%			83.9%			94.7%

Unfavorable (favorable) Catastrophe losses - pre-tax	$	3		$	2		$	18		$	(5	)	$	24		$	39
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(28	)	$	(6	)	$	(9	)	$	(3	)	$	-		$	(18	)

% Change versus prior year period
Net premiums written		-15.0%			58.2%			-11.7%			4.0%			NM			9.7%
Net premiums earned		-19.4%			34.4%			-8.0%			11.0%			NM			11.7%

Other ratios
Net premiums written/gross premiums written		58%			119%			63%			70%			72%			72%


NA Agriculture		Page 10

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)


Overseas General Insurance

	1Q-24			4Q-23			3Q-23			2Q-23			1Q-23			Full Year 2023

Gross premiums written	$	4,775		$	3,961		$	3,897		$	3,677		$	4,131		$	15,666
Net premiums written		3,835			3,216			3,211			2,885			3,263			12,575
Net premiums earned		3,198			3,226			3,311			2,908			2,786			12,231
Losses and loss expenses		1,426			1,504			1,635			1,267			1,237			5,643
Policy benefits		100			119			91			137			110			457
Policy acquisition costs		823			827			827			746			713			3,113
Administrative expenses		331			320			327			292			280			1,219

Underwriting income		518			456			431			466			446			1,799
Adjusted net investment income		267			259			248			200			188			895
Other income (expense) - operating		(5	)		(4	)		10			10			9			25
Amortization expense of purchased intangibles		(20	)		(18	)		(19	)		(15	)		(18	)		(70	)

Segment income	$	760		$	693		$	670		$	661		$	625		$	2,649

CAY underwriting income ex Cats	$	455		$	477		$	502		$	431		$	416		$	1,826

Combined ratio
Loss and loss expense ratio		47.7%			50.3%			52.1%			48.3%			48.4%			49.9%
Policy acquisition cost ratio		25.7%			25.6%			25.0%			25.7%			25.6%			25.4%
Administrative expense ratio		10.4%			10.0%			9.9%			10.0%			10.0%			10.0%

Combined ratio		83.8%			85.9%			87.0%			84.0%			84.0%			85.3%


CAY combined ratio ex Cats

CAY loss and loss expense ratio ex Cats		49.7%			49.7%			50.0%			49.5%			49.4%			49.7%
CAY policy acquisition cost and administrative expense ratio ex Cats		36.1%			35.5%			34.8%			35.7%			35.7%			35.4%

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


Catastrophe losses - pre-tax	$	26		$	144		$	120		$	26		$	113		$	403
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(89	)	$	(123	)	$	(49	)	$	(61	)	$	(143	)	$	(376	)

% Change versus prior year period
Net premiums written		17.5%			19.3%			21.4%			9.3%			6.0%			13.7%
Net premiums written - Commercial		12.2%			13.2%			17.0%			9.2%			6.2%			11.2%
Net premiums written - Consumer		27.1%			29.5%			28.4%			9.3%			5.6%			17.8%
Net premiums earned		14.8%			17.8%			20.8%			7.9%			6.0%			13.2%

Net premiums written constant $		16.7%			15.0%			17.3%			10.9%			10.0%			13.3%
Net premiums written - Commercial		11.4%			10.1%			14.6%			11.9%			10.8%			11.8%
Net premiums written - Consumer		26.2%			23.2%			21.4%			9.5%			8.6%			15.7%
Net premiums earned constant $		14.4%			13.5%			16.1%			9.2%			9.9%			12.3%

Other ratios: Net premiums written/gross premiums written		80%			81%			82%			78%			79%			80%

Production by Region - Net premiums written	1Q-24			1Q-23			% Change			Constant $ % Change
Europe, Middle East and Africa	$	1,869		$	1,721			8.6%			6.8%
Latin America		777			661			17.5%			12.9%
Asia		1,161			861			34.7%			40.1%
Other⁽¹⁾		28			20			42.5%			42.9%

Total	$	3,835		$	3,263			17.5%			16.7%

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


Overseas General Insurance		Page 11

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)


Global Reinsurance
	1Q-24		4Q-23			3Q-23		2Q-23			1Q-23			Full Year 2023

Gross premiums written	$	411	$	206		$	285	$	350		$	310		$	1,151
Net premiums written		359		187			261		293			277			1,018
Net premiums earned		295		242			239		237			244			962
Losses and loss expenses		137		107			116		91			112			426
Policy acquisition costs		81		68			69		65			62			264
Administrative expenses		9		10			9		9			9			37

Underwriting income		68		57			45		72			61			235
Adjusted net investment income		57		64			47		48			49			208
Other income (expense) - operating		-		1			-		-			1			2

Segment income	$	125	$	122		$	92	$	120		$	111		$	445

CAY underwriting income ex Cats	$	69	$	54		$	51	$	56		$	53		$	214

Combined ratio
Loss and loss expense ratio		46.3%		44.1%			48.4%		38.7%			45.7%			44.3%
Policy acquisition cost ratio		27.5%		28.1%			29.1%		27.0%			25.6%			27.4%
Administrative expense ratio		3.1%		3.9%			3.8%		3.9%			3.8%			3.8%

Combined ratio		76.9%		76.1%			81.3%		69.6%			75.1%			75.5%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		46.0%		45.7%			45.9%		46.7%			49.0%			46.8%
CAY policy acquisition cost and administrative expense ratio ex Cats		30.5%		31.9%			32.9%		30.1%			29.4%			31.1%

CAY combined ratio ex Cats		76.5%		77.6%			78.8%		76.8%			78.4%			77.9%

Catastrophe losses - pre-tax	$	-	$	-		$	6	$	1		$	-		$	7
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	1	$	(3	)	$	-	$	(17	)	$	(8	)	$	(28	)

% Change versus prior year period
Net premiums written as reported		29.7%		15.1%			-1.4%		11.6%			9.4%			8.0%
Net premiums earned as reported		20.8%		15.5%			-6.5%		6.7%			3.9%			4.3%

Net premiums written constant $		29.7%		14.3%			-1.8%		12.4%			10.4%			8.2%
Net premiums earned constant $		20.8%		14.2%			-7.1%		7.0%			5.0%			4.2%

Other ratios
Net premiums written/gross premiums written		87%		91%			91%		84%			89%			88%


Global Reinsurance		Page 12

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)


Life Insurance																Full Year
	1Q-24			4Q-23			3Q-23			2Q-23			1Q-23			2023

Gross premiums written	$	1,701		$	1,524		$	1,529		$	1,342		$	1,359		$	5,754

Net premiums written		1,633			1,450			1,452			1,270			1,293			5,465

Net premiums earned		1,611			1,436			1,442			1,256			1,264			5,398

Losses and loss expenses		32			27			20			35			32			114

Adjusted policy benefits		1,070			933			866			705			712			3,216

Policy acquisition costs		294			260			279			277			273			1,089

Administrative expenses		207			218			216			170			167			771

Adjusted net investment income		230			231			211			161			153			756

Other income (expense) - operating ⁽¹⁾		40			46			28			26			15			115

Amortization expense of purchased intangibles		(10	)		(12	)		(12	)		(2	)		(4	)		(30	)

Segment income	$	268		$	263		$	288		$	254		$	244		$	1,049


% Change versus prior year period

Net premiums written		26.3%			20.3%			14.9%			126.1%			124.4%			51.5%

Net premiums earned		27.5%			21.2%			15.9%			132.9%			133.1%			53.8%

Net premiums written constant $		29.7%			17.2%			15.2%			127.6%			128.7%			50.9%

Net premiums earned constant $		31.2%			18.2%			16.2%			134.5%			137.2%			53.2%

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


							Constant $
	1Q-24		1Q-23		% Change		% Change

International life insurance net premiums written	$	1,374	$	1,045		31.5%		35.9%

International life insurance deposits ⁽²⁾		600		309		93.9%		99.4%


Total international life insurance net premiums written and deposits	$	1,974	$	1,354		45.8%		50.5%




International life insurance segment income	$	225	$	198		13.6%		17.3%

(1) Includes non-premium revenue and expenses unrelated to our core insurance operations from the management of third-party assets by Huatai’s asset management businesses.

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


Life Insurance		Page 13

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)


Corporate
	1Q-24			4Q-23			3Q-23			2Q-23			1Q-23			Full Year 2023

Adjusted loss and loss expenses	$	10		$	148		$	61		$	61		$	11		$	281
Administrative expenses		107			112			98			95			97			402

Underwriting loss		(117	)		(260	)		(159	)		(156	)		(108	)		(683	)

Adjusted net investment income		(21	)		4			23			6			13			46

Other income (expense) - operating		(33	)		(14	)		(8	)		(5	)		(24	)		(51	)

Adjusted interest expense		(183	)		(179	)		(179	)		(170	)		(165	)		(693	)
Amortization expense of purchased intangibles		(42	)		(47	)		(44	)		(43	)		(42	)		(176	)
Cigna integration expenses		(7	)		(18	)		(14	)		(15	)		(22	)		(69	)
Amortization of fair value adjustment of acquired invested assets and long-term debt		-			(1	)		(4	)		2			3			-

Adjusted net realized gains (losses)		1			22			(37	)		(318	)		162			(171	)
Market risk benefits gains (losses)		21			(153	)		(32	)		(7	)		(115	)		(307	)
Income tax (expense) benefit		(342	)		678			(413	)		(392	)		(384	)		(511	)
Less: NCI income (loss)		151			(10	)		(3	)		-			-			(13	)

Net (loss) benefit	$	(874	)	$	42		$	(864	)	$	(1,098	)	$	(682	)	$	(2,602	)


Unfavorable (favorable) prior period development (PPD) - pre-tax	$	9		$	146		$	61		$	60		$	10		$	277


Corporate		Page 14

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

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

Balance at June 30, 2023	$	76,480		$	16,608		$	59,872
Losses and loss expenses incurred		9,709			2,603			7,106
Losses and loss expenses paid		(6,921	)		(1,701	)		(5,220	)		73%
Other (incl. foreign exch. revaluation)		437			298			139

Balance at September 30, 2023	$	79,705		$	17,808		$	61,897
Losses and loss expenses incurred		8,157			1,994			6,163
Losses and loss expenses paid		(7,971	)		(1,971	)		(6,000	)		97%
Other (incl. foreign exch. revaluation)		231			53			178

Balance at December 31, 2023	$	80,122		$	17,884		$	62,238
Losses and loss expenses incurred		6,603			876			5,727
Losses and loss expenses paid		(6,423	)		(1,601	)		(4,822	)		84%
Other (incl. foreign exch. revaluation)		39			4			35

Balance at March 31, 2024	$	80,341		$	17,163		$	63,178
Add net recoverable on paid losses		-			1,946			(1,946	)

Balance including net recoverable on paid losses	$	80,341		$	19,109		$	61,232


Loss Reserve Rollforward		Page 15

Chubb Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)


Net Reinsurance Recoverable by Division
	March 31			December 31
	2024			2023
Reinsurance recoverable on paid losses and loss expenses

Active operations	$	1,573		$	1,670

Brandywine and Other Run-off		458			480


Total	$	2,031		$	2,150


Reinsurance recoverable on unpaid losses and loss expenses

Active operations	$	16,238		$	16,949

Brandywine and Other Run-off		1,215			1,220


Total	$	17,453		$	18,169


Gross reinsurance recoverable

Active operations	$	17,811		$	18,619

Brandywine and Other Run-off		1,673			1,700


Total	$	19,484		$	20,319


Provision for uncollectible reinsurance ⁽¹⁾

Active operations	$	(252	)	$	(240	)

Brandywine and Other Run-off		(123	)		(127	)


Total	$	(375	)	$	(367	)


Net reinsurance recoverable

Active operations	$	17,559		$	18,379

Brandywine and Other Run-off		1,550			1,573


Total	$	19,109		$	19,952

(1) The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $4.4 billion.


Reinsurance Recoverable		Page 16

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)


	March 31			December 31
	2024			2023
Market Value

Fixed maturities available for sale	$	108,289		$	106,571

Other investments-fixed maturities		4,408			3,773

Short-term investments		5,107			4,551


Total fixed maturities	$	117,804		$	114,895


Asset Allocation by Market Value

U.S. Treasury / Agency	$	2,899	2%	$	3,590	3%

Corporate and asset-backed securities		43,447	38%		42,830	37%

Mortgage-backed securities		23,755	20%		22,058	19%

Municipal		2,043	2%		2,929	3%

Non-U.S.		40,553	34%		38,937	34%

Short-term investments		5,107	4%		4,551	4%


Total fixed maturities	$	117,804	100%	$	114,895	100%


Credit Quality by Market Value

AAA	$	14,289	12%	$	12,669	11%

AA		34,371	29%		34,312	30%

A		28,134	24%		27,674	24%

BBB		21,283	18%		20,810	18%

BB		10,529	9%		10,270	9%

B		8,539	7%		8,580	7%

Other		659	1%		580	1%


Total fixed maturities	$	117,804	100%	$	114,895	100%


Cost/Amortized Cost, net

Fixed maturities available for sale	$	113,364		$	110,972

Other investments-fixed maturities		4,408			3,773

Short-term investments		5,108			4,551


Subtotal fixed maturities ⁽¹⁾		122,880			119,296

Equity securities		3,769			3,455

Private debt held-for-investment ⁽¹⁾		2,708			2,553

Private equities and other		16,089			15,832


Total investment portfolio	$	145,446		$	141,136


Avg. duration of fixed maturities ⁽²⁾		4.9 years			4.7 years

Avg. market yield of fixed income investments ⁽³⁾		5.8%			5.6%

Avg. credit quality		A/A			A/A

Avg. book yield of fixed income investments ⁽³⁾		4.9%			4.8%

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

(2) Excludes Huatai.

(3) Includes fixed maturities and other debt investments and excludes Huatai.


Investments		Page 17

Chubb Limited

Investment Portfolio - 2

(in millions of U.S. dollars)

(Unaudited)

Mortgage-backed Fixed Income Portfolio

Mortgage-backed securities


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


Market Value at March 31, 2024

Agency residential mortgage-backed securities (RMBS)	$	9	$	20,413	$	-	$	-	$	-	$	20,422

Non-agency RMBS		1,086		101		61		62		6		1,316

Commercial mortgage-backed securities		1,716		173		113		14		1		2,017


Total mortgage-backed securities at market value	$	2,811	$	20,687	$	174	$	76	$	7	$	23,755


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

Market Value at March 31, 2024			S&P Credit Rating
			Investment Grade
			AAA		AA		A		BBB		Total


Asset-backed			$	4,599	$	821	$	146	$	105	$	5,671

Banks				-		1		2,604		2,163		4,768

Basic Materials				-		-		101		358		459

Communications				-		202		369		1,416		1,987

Consumer, Cyclical				-		122		610		906		1,638

Consumer, Non-Cyclical				32		473		2,402		1,759		4,666

Diversified Financial Services				1		137		440		339		917

Energy				-		89		299		1,140		1,528

Industrial				-		10		590		1,310		1,910

Utilities				211		2		1,067		983		2,263

All Others				132		351		1,436		1,892		3,811



Total			$	4,975	$	2,208	$	10,064	$	12,371	$	29,618


Market Value at March 31, 2024					S&P Credit Rating
					Below Investment Grade
					BB		B		CCC		Total

Asset-backed					$	23	$	52	$	1	$	76
Banks						-		-		-		-
Basic Materials						409		261		27		697
Communications						725		675		126		1,526
Consumer, Cyclical						1,285		1,180		41		2,506
Consumer, Non-Cyclical						1,367		1,441		67		2,875
Diversified Financial Services						293		290		-		583
Energy						786		512		5		1,303
Industrial						896		802		21		1,719
Utilities						292		114		-		406
All Others						780		1,270		88		2,138

Total					$	6,856	$	6,597	$	376	$	13,829


Investments 2		Page 18

Chubb Limited

Investment Portfolio - 3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

March 31, 2024


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

Republic of Korea	$	-	$	1,770	$	-	$	-	$	-	$	1,770

People’s Republic of China		-		184		1,402		-		-		1,586

Taiwan		-		985		-		-		-		985

Canada		907		-		-		-		-		907

Federative Republic of Brazil		-		-		-		-		631		631

United Mexican States		-		-		-		611		-		611

Kingdom of Thailand		-		-		587		-		-		587

Commonwealth of Australia		553		-		-		-		-		553

Province of Ontario		-		-		510		-		-		510

Socialist Republic of Vietnam		-		-		-		-		474		474

Other Non-U.S. Government Securities		552		2,561		1,336		852		923		6,224


Total	$	2,012	$	5,500	$	3,835	$	1,463	$	2,028	$	14,838


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


China	$	-	$	-	$	6,240	$	270	$	14	$	6,524

United Kingdom		24		36		934		1,184		451		2,629

Canada		145		73		942		678		411		2,249

United States⁽¹⁾		-		9		295		452		858		1,614

South Korea		-		473		438		654		7		1,572

France		6		45		844		548		124		1,567

Australia		58		286		377		394		22		1,137

Japan		-		-		665		140		11		816

Germany		80		102		79		305		65		631

Netherlands		61		-		332		49		144		586

Other Non-U.S. Corporate Securities		331		453		1,760		2,340		1,506		6,390


Total	$	705	$	1,477	$	12,906	$	7,014	$	3,613	$	25,715

(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 19

Chubb Limited

Investment Portfolio - 4

(in millions of U.S. dollars)

(Unaudited)

Fixed Maturity Investment Portfolio

Top 10 Global Corporate Exposures


	March 31, 2024	Market Value		Rating

1	Bank of America Corp	$	818	A-

2	Morgan Stanley		724	A-

3	JP Morgan Chase & Co		664	A-

4	Wells Fargo & Co		597	BBB+

5	Citigroup Inc		556	BBB+

6	Goldman Sachs Group Inc		550	BBB+

7	UBS Group AG		410	A-

8	HSBC Holdings Plc		399	A-

9	Verizon Communications Inc		396	BBB+

10	AT&T Inc		394	BBB


Investments 4		Page 20

Chubb Limited

Chubb Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)


	Three months ended March 31, 2024

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

Fixed income investments ⁽¹⁾	$	(162	)	$	17		$	(145	)	$	(690	)	$	42		$	(648	)	$	(852	)	$	59		$	(793	)
Public equity:
Realized gains (losses) on sales		(1	)		-			(1	)		-			-			-			(1	)		-			(1	)
Mark-to-market		36			3			39			-			-			-			36			3			39
Private equity: Mark-to-market		127			6			133			-			-			-			127			6			133

Total investment portfolio		-			26			26			(690	)		42			(648	)		(690	)		68			(622	)
Foreign exchange		(131	)		31			(100	)		88			(7	)		81			(43	)		24			(19	)
Partially-owned entities ⁽²⁾		(3	)		-			(3	)		-			-			-			(3	)		-			(3	)
Current discount rate on future policy benefits		-			-			-			(20	)		(20	)		(40	)		(20	)		(20	)		(40	)
Instrument-specific credit risk - market risk benefits		-			-			-			5			-			5			5			-			5
Other		(10	)		(2	)		(12	)		31			(6	)		25			21			(8	)		13

Net gains (losses)	$	(144	)	$	55		$	(89	)	$	(586	)	$	9		$	(577	)	$	(730	)	$	64		$	(666	)

(1) The quarter includes pre-tax realized losses on investment derivatives of $43 million, a net decrease of the valuation allowance of expected credit losses of $41 million on fixed maturities and a net increase of $1 million on private debt held-for-investment, and impairments of $34 million for fixed maturities.

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


	Three months ended March 31, 2023

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

Fixed income investments ⁽³⁾	$	(226	)	$	26		$	(200	)	$	1,786		$	(166	)	$	1,620		$	1,560		$	(140	)	$	1,420
Public equity:
Realized gains (losses) on sales		(5	)		1			(4	)		-			-			-			(5	)		1			(4	)
Mark-to-market		16			(2	)		14			-			-			-			16			(2	)		14
Private equity: Mark-to-market		257			11			268			-			-			-			257			11			268

Total investment portfolio		42			36			78			1,786			(166	)		1,620			1,828			(130	)		1,698
Foreign exchange		131			(18	)		113			(177	)		7			(170	)		(46	)		(11	)		(57	)
Partially-owned entities ⁽⁴⁾		(4	)		-			(4	)		-			-			-			(4	)		-			(4	)
Current discount rate on future policy benefits		-			-			-			(151	)		21			(130	)		(151	)		21			(130	)
Instrument-specific credit risk - market risk benefits		-			-			-			(3	)		-			(3	)		(3	)		-			(3	)
Other		(7	)		2			(5	)		(33	)		6			(27	)		(40	)		8			(32	)

Net gains (losses)	$	162		$	20		$	182		$	1,422		$	(132	)	$	1,290		$	1,584		$	(112	)	$	1,472

(3) The quarter includes pre-tax realized losses on investment derivatives of $46 million, a net reduction of the valuation allowance of expected credit losses of $2 million, and impairments of $25 million for fixed maturities.

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


Net Gains (Losses)		Page 21

Chubb Limited

Debt and Capital

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

(Unaudited)


	March 31		December 31		December 31
	2024		2023		2022
Financial Debt:

Total short-term debt⁽¹⁾	$	2,265	$	1,460	$	475

Total long-term debt^{(1) (2)}		13,248		13,035		14,402


Total financial debt	$	15,513	$	14,495	$	14,877

Hybrid debt:

Total trust preferred securities		309		308		308


Total	$	15,822	$	14,803	$	15,185


Capitalization:

Chubb shareholders’ equity	$	60,535	$	59,507	$	50,519

Hybrid debt		309		308		308

Financial debt		15,513		14,495		14,877


Total capitalization	$	76,357	$	74,310	$	65,704


Leverage ratios (based on total capital):

Hybrid debt		0.4%		0.4%		0.5%

Financial debt		20.3%		19.5%		22.6%


Total hybrid & financial debt		20.7%		19.9%		23.1%

Note: As of March 31, 2024, there was $1.0 billion usage of credit facilities on total capacity of $4.0 billion.

(1) During Q1 2024, the $800 million 3.15% senior notes due to mature in March 2025 were reclassified to short-term debt.

(2) In March 2024, the company issued $1.0 billion of 5.00% senior notes due 2034. The use of proceeds was for general corporate purposes, including the repayment at maturity of its $0.7 billion 3.35% senior notes due May 2024.


Debt and Capital		Page 22

Chubb Limited

Computation of Basic and Diluted Earnings Per Share

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

(Unaudited)


	Three months ended March 31
	2024			2023

Numerator
Core operating income	$	2,216		$	1,842
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		1			3
Tax expense on amortization adjustment		(5	)		(1	)
Cigna integration expenses, pre-tax		(7	)		(22	)
Tax benefit on Cigna integration expenses		6			3
Adjusted net realized gains (losses), pre-tax		(144	)		162
Tax benefit on adjusted net realized gains (losses)		55			20
Market risk benefits gains (losses), pre- and after-tax		21			(115	)

Chubb net income	$	2,143		$	1,892


Rollforward of Common Shares Outstanding
Shares - beginning of period		405,269,637			414,594,856
Repurchase of shares		(1,220,121	)		(2,010,400	)
Shares issued (canceled), excluding option exercises		728,964			1,105,813
Issued for option exercises		1,254,586			468,411

Shares - end of period		406,033,066			414,158,680


Denominator
Weighted average shares outstanding ⁽¹⁾		405,662,694			414,289,150
Effect of other dilutive securities		4,076,941			3,639,042

Adj. wtd. avg. shares outstanding and assumed conversions		409,739,635			417,928,192


Basic earnings per share
Core operating income	$	5.46		$	4.45
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(0.01	)		-
Cigna integration expenses, net of tax		-			(0.05	)
Adjusted net realized gains (losses), net of tax		(0.22	)		0.45
Market risk benefits gains (losses), net of tax		0.05			(0.28	)

Chubb net income	$	5.28		$	4.57


Diluted earnings per share
Core operating income	$	5.41		$	4.41
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(0.01	)		-
Cigna integration expenses, net of tax		-			(0.05	)
Adjusted net realized gains (losses), net of tax		(0.22	)		0.45
Market risk benefits gains (losses), net of tax		0.05			(0.28	)

Chubb net income	$	5.23		$	4.53

(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 23

Chubb Limited

Book Value and Book Value per Common Share

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

(Unaudited)

Reconciliation of Book Value per Common Share


	March 31			December 31			March 31
	2024			2023			2023

Chubb shareholders’ equity	$	60,535		$	59,507		$	52,987
Less: Chubb goodwill and other intangible assets, net of tax		24,175			23,853			20,333

Numerator for tangible book value per share	$	36,360		$	35,654		$	32,654


Book value - % change over prior quarter		1.7%			13.6%			4.9%
Tangible book value - % change over prior quarter		2.0%			23.3%			8.6%

Denominator: shares outstanding		406,033,066			405,269,637			414,158,680


Book value per common share	$	149.09		$	146.83		$	127.94
Tangible book value per common share	$	89.55		$	87.98		$	78.84

Reconciliation of Book Value

Chubb shareholders’ equity, beginning of quarter	$	59,507		$	52,373		$	50,519

Core operating income		2,216			3,410			1,842

Amortization of fair value adjustment of acquired invested assets and long-term debt		(4	)		1			2

Cigna integration expenses		(1	)		(17	)		(19	)

Adjusted net realized gains (losses) ⁽¹⁾		(89	)		59			182

Market risk benefits gains (losses)		21			(153	)		(115	)

Net unrealized gains (losses) on investments		(648	)		4,776			1,620

Repurchase of shares		(316	)		(720	)		(428	)

Dividend declared on common shares		(350	)		(351	)		(344	)

Cumulative translation gains (losses)		81			203			(170	)

Postretirement benefit liability		(1	)		75			(1	)

Current discount rate on future policy benefits		(40	)		(353	)		(130	)

Instrument-specific credit risk - market risk benefits		5			(1	)		(3	)

Other⁽²⁾		154			205			32

Chubb shareholders’ equity, end of quarter	$	60,535		$	59,507		$	52,987

(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 24

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

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

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

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

P&C combined ratio excludes the Life Insurance segment. P&C loss and loss expense ratio and P&C combined ratio include adjusted losses and loss expenses and policy benefits in the ratio numerator. P&C expense ratio and P&C combined ratio include policy acquisition costs and administrative expenses in the ratio numerator. A reconciliation of combined ratio to P&C combined ratio is provided on pages 28-29.

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, relates only to Chubb income, which excludes noncontrolling interests. It excludes from Chubb net income the after-tax impact of adjusted net realized gains (losses), market risk benefit gains (losses), Cigna integration expenses, the amortization of fair value adjustment of acquired invested assets and long-term debt related to certain acquisitions. 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) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. We exclude the amortization of fair value adjustments on purchased invested assets and long-term debt related to certain acquisitions due to the size and complexity of these acquisitions. We also exclude Cigna integration expenses, which are incurred by the overall company and are included in Corporate. These expenses include legal and professional fees and all other costs directly related to the integration activities of the Cigna acquisition. The costs are not related to the ongoing activities of the individual segments and are therefore also excluded from our definition of segment income. We believe these integration expenses are not indicative of our underlying profitability, and excluding these integration expenses facilitates the comparison of our financial results to our historical operating results. References to core operating income measures mean net of tax, whether or not noted.

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

Metrics adjusted for the impact of the Bermuda Tax Law are adjusted to exclude the incremental deferred tax benefit for Q1 2024 of $55 million, giving recognition for transition provisions of the Bermuda Tax Law. We believe that excluding the impact of the incremental deferred tax benefit provides a better evaluation of our operating performance and enhances the understanding of the trends in the underlying business that may be obscured by this one-time item. For Q1 2024 we also exclude expense related to the Chubb Charitable Foundation given that it’s a discrete item that is not part of operating results. Excluding these one-time items facilitates the comparison of our financial results to our historical operating results.

Tangible book value per common share is Chubb shareholders’ equity less Chubb goodwill and other intangible assets, net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Book value per share and tangible book value per share excluding accumulated other comprehensive income (loss) (AOCI), excludes AOCI from the numerator because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates and foreign currency movement, to highlight underlying growth in book and tangible book value.

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

Adjusted operating cash flow is Operating cash flow excluding the operating cash flow related to the net investing activities of Huatai’s asset management companies as it relates to the Consolidated Investment Products as required under consolidation accounting. Because these entities are investment companies, we are required to retain the investment company presentation in our consolidated results, which means, we include the net investing activities of these entities in our operating cash flows. Due to the significant impact that this required investment company classification has on the presentation of the company’s operating cash flow, the company has elected to remove the impact of these net investing activities of these investment companies. The investment company presentation is not consistent with our consolidated cash flow presentation. These net investing activities are more appropriately classified outside of operating cash flows, consistent with our consolidated investing activities, and may impact a reader’s analysis of our underlying operating cash flow related to the core insurance company operations. Accordingly, we believe that it is appropriate to adjust operating cash flow for the impact of these consolidated investment products.


Reconciliation Non-GAAP		Page 25

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)

Chubb Core operating effective tax rate


The following table presents the reconciliation of effective tax rate to the Core operating effective tax rate:																Full Year
	1Q-24			4Q-23			3Q-23			2Q-23			1Q-23			2023
Tax expense (benefit), as reported	$	340		$	(680	)	$	412		$	392		$	384		$	508
Less: tax expense on amortization of fair value of acquired invested assets and debt		5			1			-			6			1			8
Less: tax benefit on Cigna integration expenses		(6	)		(1	)		(4	)		(6	)		(3	)		(14	)
Less: tax benefit on adjusted net realized gains (losses)		(55	)		(9	)		(57	)		(87	)		(20	)		(173	)

Tax expense (benefit), adjusted	$	396		$	(671	)	$	473		$	479		$	406		$	687

Income before tax, as reported	$	2,483		$	2,620		$	2,455		$	2,185		$	2,276		$	9,536
Less: amortization of fair value of acquired invested assets and debt		1			2			(2	)		2			3			5
Less: Cigna integration expenses		(7	)		(18	)		(14	)		(15	)		(22	)		(69	)
Less: adjusted realized gains (losses)		(238	)		(84	)		(70	)		(309	)		(76	)		(539	)
Less: realized gains (losses) related to unconsolidated entities		94			134			59			(9	)		238			422
Less: market risk benefits gains (losses)		21			(153	)		(32	)		(7	)		(115	)		(307	)

Core operating income before tax	$	2,612		$	2,739		$	2,514		$	2,523		$	2,248		$	10,024

Effective tax rate		13.7%			-26.0%			16.8%			17.9%			16.9%			5.3%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt		-0.2%			-0.1%			0.0%			-0.2%			0.0%			-0.1%
Adjustment for tax impact of Cigna integration expenses		0.2%			0.2%			0.1%			0.1%			0.0%			0.1%
Adjustment for tax impact of adjusted net realized gains (losses)		1.4%			0.0%			2.1%			1.3%			2.2%			1.8%
Adjustment for tax impact of market risk benefits gains (losses)		0.1%			1.4%			-0.2%			-0.1%			-1.0%			-0.2%

Core operating effective tax rate		15.2%			-24.5%			18.8%			19.0%			18.1%			6.9%


Core operating income
The following table presents the reconciliation of Chubb net income to Core operating income:																Full Year
	1Q-24			4Q-23			3Q-23			2Q-23			1Q-23			2023
Net income, as reported	$	2,143		$	3,300		$	2,043		$	1,793		$	1,892		$	9,028
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		1			2			(2	)		2			3			5
Tax (expense) benefit on amortization adjustment		(5	)		(1	)		-			(6	)		(1	)		(8	)
Cigna integration expenses, pre-tax		(7	)		(18	)		(14	)		(15	)		(22	)		(69	)
Tax benefit on Cigna integration expenses		6			1			4			6			3			14
Adjusted realized gains (losses), pre-tax		(238	)		(84	)		(70	)		(309	)		(76	)		(539	)
Net realized gains (losses) related to unconsolidated entities, pre-tax ⁽¹⁾		94			134			59			(9	)		238			422
Tax (expense) benefit on adjusted net realized gains (losses)		55			9			57			87			20			173
Market risk benefits gains (losses), pre- and after-tax		21			(153	)		(32	)		(7	)		(115	)		(307	)

Core operating income	$	2,216		$	3,410		$	2,041		$	2,044		$	1,842		$	9,337


Catastrophe losses - after-tax	$	347		$	257		$	544		$	319		$	382		$	1,502
Unfavorable (favorable) prior period development (PPD) - after-tax	$	(168	)	$	(184	)	$	(116	)	$	(155	)	$	(149	)	$	(604	)

P&C Underwriting income and P&C CAY underwriting income ex Cats
The following table presents the reconciliation of Net income to P&C underwriting income and P&C CAY underwriting income ex Cats:																Full Year
	1Q-24			4Q-23			3Q-23			2Q-23			1Q-23			2023
Net income, as reported	$	2,294		$	3,290		$	2,040		$	1,793		$	1,892		$	9,015
Less: Income tax (expense) benefit		(342	)		678			(413	)		(392	)		(384	)		(511	)
Amortization expense of purchased intangibles		(80	)		(84	)		(84	)		(70	)		(72	)		(310	)
Other income (expense)		191			286			154			100			296			836
Interest expense		(178	)		(173	)		(174	)		(165	)		(160	)		(672	)
Net investment income		1,391			1,371			1,314			1,145			1,107			4,937
Net realized gains (losses)		(101	)		(123	)		(103	)		(304	)		(77	)		(607	)
Market risk benefits gains (losses)		21			(153	)		(32	)		(7	)		(115	)		(307	)
Cigna integration expenses		(7	)		(18	)		(14	)		(15	)		(22	)		(69	)
Life Insurance underlying income (loss) ⁽²⁾		(2	)		(13	)		80			81			105			253
Add: Realized gains (losses) on crop derivatives		(1	)		(2	)		(7	)		5			(1	)		(5	)

P&C underwriting income	$	1,400		$	1,517		$	1,305		$	1,425		$	1,213		$	5,460
Add: Catastrophe losses (including reinstatement premiums) - pre-tax		435			300			670			400			458			1,828
Unfavorable (favorable) prior period development (PPD) - pre-tax		(207	)		(177	)		(200	)		(200	)		(196	)		(773	)

P&C CAY underwriting income ex Cats	$	1,628		$	1,640		$	1,775		$	1,625		$	1,475		$	6,515

(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) under GAAP.

(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 26

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 Chubb shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, current discount rate on future policy benefits (FPB), and instrument-specific credit risk – market risk benefits (MRB), all net of tax and attributable to Chubb. For the ROTE calculation, the denominator is also adjusted to exclude Chubb goodwill and other intangible assets, net of tax. These measures enhance the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity and tangible equity excluding the effect of these items as these are heavily influenced by changes in market conditions. We believe ROTE is meaningful because it measures the performance of our operations without the impact of goodwill and other intangible assets.


							Full Year
	1Q-24			1Q-23			2023
Chubb net income	$	2,143		$	1,892		$	9,028
Core operating income	$	2,216		$	1,842		$	9,337

Equity - beginning of period, as reported	$	59,507		$	50,519		$	50,519
Less: unrealized gains (losses) on investments, net of deferred tax		(4,177	)		(7,279	)		(7,279	)
Less: changes in current discount rate on FPB, net of deferred tax		51			(75	)		(75	)
Less: changes in instrument-specific credit risk on MRB, net of deferred tax		(22	)		(24	)		(24	)

Equity - beginning of period, as adjusted	$	63,655		$	57,897		$	57,897

Less: Chubb goodwill and other intangible assets, net of tax		23,853			20,455			20,455

Equity - beginning of period, as adjusted ex Chubb goodwill and other intangible assets	$	39,802		$	37,442		$	37,442

Equity - end of period, as reported	$	60,535		$	52,987		$	59,507
Less: unrealized gains (losses) on investments, net of deferred tax		(4,825	)		(5,659	)		(4,177	)
Less: changes in current discount rate on FPB, net of deferred tax		11			(205	)		51
Less: changes in instrument-specific credit risk on MRB, net of deferred tax		(17	)		(27	)		(22	)

Equity - end of period, as adjusted	$	65,366		$	58,878		$	63,655

Less: Chubb goodwill and other intangible assets, net of tax		24,175			20,333			23,853

Equity - end of period, as adjusted ex Chubb goodwill and other intangible assets	$	41,191		$	38,545		$	39,802

Weighted average equity, as reported	$	60,021		$	51,753		$	55,013
Weighted average equity, as adjusted	$	64,511		$	58,388		$	60,776
Weighted average equity, as adjusted ex Chubb goodwill and other intangible assets	$	40,497		$	37,994		$	38,622
ROE		14.3%			14.6%			16.4%
Core operating ROTE		21.9%			19.4%			24.2%
Core operating ROE		13.7%			12.6%			15.4%
Private equities realized gains (losses), after-tax ⁽¹⁾	$	133		$	268		$	523
Impact of Private equities if included in Core operating ROE - Favorable (unfavorable) ⁽¹⁾		0.8 pts			1.8 pts			0.9 pts

Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures
	March 31			December 31
	2024			2023			% Change
Book value	$	60,535		$	59,507
Less: AOCI		(7,386	)		(6,809	)

Book value excluding AOCI		67,921			66,316
Tangible book value		36,360			35,654
Less: Tangible AOCI		(6,581	)		(5,999	)

Tangible book value excluding tangible AOCI	$	42,941		$	41,653


Denominator: shares outstanding		406,033,066			405,269,637

Book value per share excluding AOCI	$	167.28		$	163.64			2.2%
Tangible book value per share excluding tangible AOCI	$	105.75		$	102.78			2.9%

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

Reconciliation of Net income and Core Operating Income adjusted to exclude one-time items for Q1 2024

Metrics below for Q1 2024 exclude two items: an incremental deferred tax benefit of $55 million related to the Bermuda tax law and a contribution to the Chubb Charitable Foundation of $30 million ($24 million after-tax) (one-time items).


	As Reported		Excluding one-time items				Excluding one-time items
	Three months ended March 31
	2024		2024		2023		% Change
Core operating income	$	2,216	$	2,185	$	1,842		18.6%
Chubb net income	$	2,143	$	2,112	$	1,892		11.7%

Diluted earnings per share
Chubb net income	$	5.23	$	5.15	$	4.53		13.7%
Core operating income	$	5.41	$	5.33	$	4.41		20.9%


Reconciliation Non-GAAP 3		Page 27

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
Q1 2024		Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C

Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits		$	3,175		$	899		$	48		$	1,526		$	137		$	10		$	5,795
Realized (gains) losses on crop derivatives			-			-			1			-			-			-			1

Adjusted losses and loss expenses/policy benefits	A	$	3,175		$	899		$	49		$	1,526		$	137		$	10		$	5,796

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(236	)		(170	)		(3	)		(26	)		-			-			(435	)
Reinstatement premiums collected (expensed) on catastrophe losses			-			-			-			-			-			-			-

Catastrophe losses, gross of related adjustments			(236	)		(170	)		(3	)		(26	)		-			-			(435	)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			48			52			28			89			(1	)		(9	)		207
Net premiums earned adjustments on PPD - unfavorable (favorable)			-			-			39			-			-			-			39
Expense adjustments - unfavorable (favorable)			8			-			3			-			-			-			11
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			-			-			-

PPD, gross of related adjustments - favorable (unfavorable)			56			52			70			89			(1	)		(9	)		257

CAY loss and loss expense ex Cats	B	$	2,995		$	781		$	116		$	1,589		$	136		$	1		$	5,618

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	1,016		$	386		$	23		$	1,154		$	90		$	107		$	2,776
Expense adjustments - favorable (unfavorable)			(8	)		-			(3	)		-			-			-			(11	)

CAY Policy acquisition costs and administrative expenses	D	$	1,008		$	386		$	20		$	1,154		$	90		$	107		$	2,765


Denominator
Net premiums earned	E	$	4,880		$	1,471		$	128		$	3,198		$	295					$	9,972
Reinstatement premiums (collected) expensed on catastrophe losses			-			-			-			-			-						-
Net premiums earned adjustments on PPD - unfavorable (favorable)			-			-			39			-			-						39
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			-						-

Net premiums earned excluding adjustments	F	$	4,880		$	1,471		$	167		$	3,198		$	295					$	10,011


P&C combined ratio
Loss and loss expense ratio	A/E		65.1	%		61.1	%		38.6	%		47.7	%		46.3	%					58.1	%
Policy acquisition cost and administrative expense ratio	C/E		20.8	%		26.3	%		18.0	%		36.1	%		30.6	%					27.9	%

P&C combined ratio			85.9	%		87.4	%		56.6	%		83.8	%		76.9	%					86.0	%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		61.4	%		53.1	%		69.5	%		49.7	%		46.0	%					56.1	%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.6	%		26.2	%		12.1	%		36.1	%		30.5	%					27.6	%

CAY P&C combined ratio ex Cats			82.0	%		79.3	%		81.6	%		85.8	%		76.5	%					83.7	%


Combined ratio
Combined ratio																					86.0	%
Add: impact of gains and losses on crop derivatives																					0.0	%

P&C combined ratio																					86.0	%

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 28

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)


Q1 2023		North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Corporate		Total P&C

Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits		$	2,729	$	888	$	139	$	1,347	$	112	$	11	$	5,226
Realized (gains) losses on crop derivatives			-		-		1		-		-		-		1

Adjusted losses and loss expenses/policy benefits	A	$	2,729	$	888	$	140	$	1,347	$	112	$	11	$	5,227

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(162)		(159)		(24)		(113)		-		-		(458)
Reinstatement premiums collected (expensed) on catastrophe losses			-		-		-		-		-		-		-

Catastrophe losses, gross of related adjustments			(162)		(159)		(24)		(113)		-		-		(458)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			72		(17)		-		143		8		(10)		196
Net premiums earned adjustments on PPD - unfavorable (favorable)			-		-		-		-		-		-		-
Expense adjustments - unfavorable (favorable)			3		-		-		-		-		-		3
PPD reinstatement premiums - unfavorable (favorable)			-		(1)		-		-		-		-		(1)

PPD, gross of related adjustments - favorable (unfavorable)			75		(18)		-		143		8		(10)		198

CAY loss and loss expense ex Cats	B	$	2,642	$	711	$	116	$	1,377	$	120	$	1	$	4,967

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	908	$	351	$	18	$	993	$	71	$	97	$	2,438
Expense adjustments - favorable (unfavorable)			(3)		-		-		-		-		-		(3)

CAY Policy acquisition costs and administrative expenses	D	$	905	$	351	$	18	$	993	$	71	$	97	$	2,435


Denominator
Net premiums earned	E	$	4,369	$	1,320	$	159	$	2,786	$	244			$	8,878
Reinstatement premiums (collected) expensed on catastrophe losses			-		-		-		-		-				-
Net premiums earned adjustments on PPD - unfavorable (favorable)			-		-		-		-		-				-
PPD reinstatement premiums - unfavorable (favorable)			-		(1)		-		-		-				(1)

Net premiums earned excluding adjustments	F	$	4,369	$	1,319	$	159	$	2,786	$	244			$	8,877


P&C combined ratio
Loss and loss expense ratio	A/E		62.5%		67.3%		88.5%		48.4%		45.7%				58.9%
Policy acquisition cost and administrative expense ratio	C/E		20.7%		26.6%		10.7%		35.6%		29.4%				27.4%

P&C combined ratio			83.2%		93.9%		99.2%		84.0%		75.1%				86.3%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		60.5%		53.9%		73.1%		49.4%		49.0%				55.9%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.7%		26.7%		10.8%		35.7%		29.4%				27.5%

CAY P&C combined ratio ex Cats			81.2%		80.6%		83.9%		85.1%		78.4%				83.4%


Combined ratio
Combined ratio															86.3%
Add: impact of gains and losses on crop derivatives															0.0%

P&C combined ratio															86.3%


Reconciliation Non-GAAP 5		Page 29

Chubb Limited

Glossary

Chubb Limited Consolidated comprises all segments including Corporate.

Total P&C comprises all segments (including Corporate) except the Life Insurance segment.

Global P&C comprises all segments (including Corporate) except the Life Insurance and North America Agricultural segments.

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

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

Tangible book value per common share: Chubb shareholders’ equity less Chubb 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 Chubb shareholders’ equity.

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

Catastrophe losses (Cats): We generally define catastrophe loss events consistent with the definition of the Property Claims Service (PCS) for events in the U.S. and Canada. PCS defines a catastrophe as an event that causes damage of $25 million or more in insured losses and affects a significant number of insureds. 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.

Non-premium revenues and expenses included in Other income and expense, principally pertain to the management of third-party assets by Huatai Asset Management Co., Ltd. (HAM) and Huatai Baoxing, which are unrelated to Huatai Group’s core insurance operations. These revenues and expenses are recognized in the period in which the services are performed.

NM: Not meaningful.


Glossary		Page 30