Enhanced Investments - Financial Portal

Published: 2022-10-25 00:00:00 ET

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Exhibit 99.2

LOGO

Chubb Limited

Financial Supplement

for the Quarter Ended September 30, 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 September 30						Constant $		Constant $		Nine months ended September 30						Constant $		Constant $
	2022		2021		% Change		2021		% Change		2022		2021		% Change		2021		% Change

Gross premiums written	$	15,015	$	13,055		15.0%	$	12,748		17.8%	$	39,566	$	35,460		11.6%	$	34,780		13.8%

Net premiums written	$	12,020	$	10,510		14.4%	$	10,247		17.3%	$	31,521	$	28,718		9.8%	$	28,126		12.1%

P&C net premiums written	$	10,747	$	9,901		8.5%	$	9,660		11.2%	$	29,091	$	26,874		8.3%	$	26,333		10.5%

Global P&C net premiums written	$	9,024	$	8,486		6.3%	$	8,245		9.4%	$	26,568	$	24,764		7.3%	$	24,223		9.7%

Net premiums earned	$	11,535	$	10,000		15.3%	$	9,723		18.6%	$	29,838	$	27,034		10.4%	$	26,452		12.8%

Net investment income	$	979	$	866		13.1%	$	858		14.3%	$	2,689	$	2,613		2.9%	$	2,595		3.7%

Adjusted net investment income	$	1,054	$	940		12.1%	$	932		13.1%	$	2,905	$	2,815		3.2%	$	2,797		3.9%

P&C underwriting income	$	710	$	617		15.0%	$	574		23.6%	$	3,434	$	2,430		41.3%	$	2,330		47.4%

P&C CAY underwriting income ex Cats	$	1,646	$	1,442		14.2%	$	1,399		17.7%	$	4,507	$	3,775		19.4%	$	3,683		22.4%

Core operating income	$	1,331	$	1,157		15.1%	$	1,118		19.1%	$	4,758	$	3,920		21.4%	$	3,830		24.2%

Net income	$	812	$	1,833		-55.7%					$	4,001	$	6,398		-37.5%

Operating cash flow	$	3,432	$	3,322							$	8,592	$	8,549

P&C combined ratio

Loss and loss expense ratio		69.6%		68.6%								62.0%		63.9%
Policy acquisition cost and administrative expense ratio		23.5%		24.8%								25.5%		26.5%

Combined ratio		93.1%		93.4%								87.5%		90.4%

P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)
CAY loss and loss expense ratio ex Cats		60.6%		60.1%								58.4%		58.7%
CAY policy acquisition cost and administrative expense ratio ex Cats		23.4%		24.7%								25.3%		26.4%

CAY combined ratio ex Cats		84.0%		84.8%								83.7%		85.1%

Global P&C CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		56.1%		56.2%								56.2%		56.9%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.1%		27.9%								27.2%		27.9%

CAY combined ratio ex Cats		83.2%		84.1%								83.4%		84.8%

ROE		6.5%		12.3%								9.9%		14.4%
Core operating return on tangible equity (ROTE)		14.4%		12.6%								17.2%		14.6%
Core operating return on equity (ROE)		9.4%		8.2%								11.2%		9.4%

Effective tax rate		24.6%		10.7%								18.6%		12.0%
Core operating effective tax rate		19.3%		14.4%								17.9%		15.3%

Diluted earnings per share
Net income	$	1.94	$	4.18		-53.6%					$	9.41	$	14.33		-34.3%
Core operating income	$	3.17	$	2.64		20.1%					$	11.20	$	8.78		27.6%

Weighted average basic common shares outstanding		416.5		435.3								421.3		443.6
Weighted average diluted common shares outstanding		419.6		438.4								425.0		446.6

					% Change				% Change
	September 30		June 30		3Q-22 vs.		December 31		3Q-22 vs.
	2022		2022		2Q-22		2021		4Q-21

Book value per common share	$	114.79	$	123.46		-7.0%	$	139.99		-18.0%
Tangible book value per common share	$	65.91	$	77.71		-15.2%	$	94.38		-30.2%


Financial Highlights		Page 1

Chubb Limited

Statement of Operations - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)


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

Gross premiums written	$	15,015		$	13,047		$	11,504		$	11,320		$	13,055		$	39,566		$	35,460		$	46,780
Net premiums written		12,020			10,302			9,199			9,150			10,510			31,521			28,718			37,868
Net premiums earned		11,535			9,557			8,746			9,321			10,000			29,838			27,034			36,355
Adjusted losses and loss expenses ⁽¹⁾		7,298			5,399			4,786			5,292			6,639			17,483			16,696			21,988
Realized (gains) losses on crop derivatives		19			(9	)		(1	)		-			10			9			8			8

Losses and loss expenses		7,279			5,408			4,787			5,292			6,629			17,474			16,688			21,980
Adjusted policy benefits ⁽²⁾		553			177			176			199			175			906			508			707
Gains (losses) from fair value changes in separate account liabilities		67			18			31			3			24			116			5			8

Policy benefits		486			159			145			196			151			790			503			699
Policy acquisition costs		1,975			1,739			1,737			1,777			1,778			5,451			5,141			6,918
Administrative expenses		883			818			778			811			806			2,479			2,325			3,136
Adjusted net investment income ⁽³⁾		1,054			950			901			904			940			2,905			2,815			3,719
Other (income) expense from private equity partnerships		(69	)		(48	)		(63	)		(44	)		(55	)		(180	)		(135	)		(179	)
Amortization expense of fair value adjustment on acquired invested assets		(6	)		(14	)		(16	)		(17	)		(19	)		(36	)		(67	)		(84	)

Net investment income		979			888			822			843			866			2,689			2,613			3,456
Adjusted realized gains (losses) ⁽⁴⁾		(365	)		(513	)		100			319			(11	)		(778	)		841			1,160
Realized gains (losses) on crop derivatives		(19	)		9			1			-			(10	)		(9	)		(8	)		(8	)

Net realized gains (losses)		(384	)		(504	)		101			319			(21	)		(787	)		833			1,152
Adjusted interest expense ⁽⁵⁾		156			139			137			131			127			432			381			512
Amortization benefit of fair value adjustment on acquired long term debt		(6	)		(5	)		(5	)		(5	)		(5	)		(16	)		(15	)		(20	)

Interest expense		150			134			132			126			122			416			366			492
Gains (losses) from fair value changes in separate account assets		(67	)		(18	)		(31	)		(3	)		(24	)		(116	)		(5	)		(8	)
Net realized gains (losses) related to unconsolidated entities		(184	)		(138	)		267			280			725			(55	)		1,854			2,134
Other income (expense) from private equity partnerships		69			48			63			44			55			180			135			179
Other income (expense) - operating		(6	)		7			11			14			7			12			46			60

Other income (expense)		(188	)		(101	)		310			335			763			21			2,030			2,365
Amortization expense of purchased intangibles		69			71			71			71			71			211			216			287
Cigna integration expenses		23			3			-			-			-			26			-			-
Income tax expense		265			293			355			404			218			913			873			1,277

Net income	$	812		$	1,215		$	1,974		$	2,141		$	1,833		$	4,001		$	6,398		$	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)


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

P&C underwriting income (Including Corporate and excluding Life Insurance)
Gross premiums written	$	13,663	$	12,437	$	10,885	$	10,646	$	12,409	$	36,985	$	33,507	$	44,153
Net premiums written		10,747		9,731		8,613		8,517		9,901		29,091		26,874		35,391
Net premiums earned		10,286		9,010		8,195		8,708		9,411		27,491		25,245		33,953
Adjusted losses and loss expenses		7,163		5,251		4,632		5,114		6,460		17,046		16,134		21,248
Policy acquisition costs		1,704		1,588		1,586		1,603		1,610		4,878		4,603		6,206
Administrative expenses		709		730		694		725		724		2,133		2,078		2,803

P&C underwriting income	$	710	$	1,441	$	1,283	$	1,266	$	617	$	3,434	$	2,430	$	3,696

P&C CAY underwriting income ex Cats	$	1,646	$	1,485	$	1,376	$	1,396	$	1,442	$	4,507	$	3,775	$	5,171

% Change versus prior year period
Net premiums written		8.5%		9.0%		7.1%		9.6%		16.9%		8.3%		14.2%		13.0%
Net premiums earned		9.3%		9.8%		7.5%		11.8%		15.2%		8.9%		10.5%		10.8%

Net premiums written constant $		11.2%		11.0%		9.0%		9.3%		15.4%		10.5%		12.2%		11.5%
Net premiums earned constant $		12.3%		12.0%		9.1%		11.6%		13.7%		11.2%		8.6%		9.4%

P&C combined ratio
Loss and loss expense ratio		69.6%		58.3%		56.5%		58.7%		68.6%		62.0%		63.9%		62.6%
Policy acquisition cost ratio		16.6%		17.6%		19.3%		18.4%		17.1%		17.7%		18.3%		18.3%
Administrative expense ratio		6.9%		8.1%		8.5%		8.4%		7.7%		7.8%		8.2%		8.2%

Combined ratio		93.1%		84.0%		84.3%		85.5%		93.4%		87.5%		90.4%		89.1%


CAY P&C combined ratio ex Cats

CAY loss and loss expense ratio ex Cats		60.6%		57.8%		56.3%		57.0%		60.1%		58.4%		58.7%		58.3%
CAY policy acquisition cost and administrative expense ratio ex Cats		23.4%		25.7%		27.2%		26.9%		24.7%		25.3%		26.4%		26.5%

CAY combined ratio ex Cats		84.0%		83.5%		83.5%		83.9%		84.8%		83.7%		85.1%		84.8%


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

Expense ratio		23.5%		25.7%		27.8%		26.8%		24.8%		25.5%		26.5%		26.5%
Expense ratio excluding A&H		21.6%		24.1%		26.2%		25.1%		23.1%		23.8%		24.8%		24.8%

Catastrophe reinstatement premiums collected - pre-tax	$	55	$	-	$	-	$	8	$	12	$	55	$	2	$	10
Catastrophe losses - pre-tax	$	1,213	$	291	$	333	$	283	$	1,158	$	1,837	$	2,128	$	2,411
Favorable prior period development (PPD) - pre-tax	$	(222)	$	(247)	$	(240)	$	(145)	$	(321)	$	(709)	$	(781)	$	(926)

Impact of catastrophe losses on P&C combined ratio - Unfavorable		11.3%		3.2%		4.0%		3.2%		12.2%		6.5%		8.4%		7.1%
Impact of PPD on P&C combined ratio - Favorable		-2.2%		-2.7%		-3.2%		-1.6%		-3.6%		-2.7%		-3.1%		-2.8%
Impact of Cats and PPD on P&C combined ratio - Unfavorable		9.1%		0.5%		0.8%		1.6%		8.6%		3.8%		5.3%		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.


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

Global P&C underwriting income
Gross premiums written	$	11,121	$	11,379	$	10,569	$	10,275	$	10,396	$	33,069	$	30,522	$	40,797
Net premiums written		9,024		8,993		8,551		8,239		8,486		26,568		24,764		33,003
Net premiums earned		8,613		8,437		8,224		8,228		8,073		25,274		23,387		31,615
Adjusted losses and loss expenses		5,719		4,773		4,724		4,706		5,322		15,216		14,580		19,286
Policy acquisition costs		1,636		1,557		1,574		1,579		1,549		4,767		4,503		6,082
Administrative expenses		706		728		695		738		720		2,129		2,068		2,806

Global P&C underwriting income	$	552	$	1,379	$	1,231	$	1,205	$	482	$	3,162	$	2,236	$	3,441

Global P&C CAY underwriting income ex Cats	$	1,448	$	1,402	$	1,350	$	1,310	$	1,292	$	4,200	$	3,556	$	4,866

% Change versus prior year period
Net premiums written		6.3%		6.8%		8.8%		9.5%		13.4%		7.3%		12.9%		12.0%
Net premiums earned		6.7%		8.2%		9.4%		11.1%		12.2%		8.1%		9.2%		9.7%

Net premiums written constant $		9.4%		8.9%		10.7%		9.2%		11.7%		9.7%		10.9%		10.4%
Net premiums earned constant $		10.2%		10.5%		11.1%		10.9%		10.5%		10.6%		7.2%		8.2%

Combined ratio
Loss and loss expense ratio		66.4%		56.6%		57.4%		57.2%		65.9%		60.2%		62.3%		61.0%
Policy acquisition cost ratio		19.0%		18.5%		19.1%		19.2%		19.2%		18.9%		19.3%		19.2%
Administrative expense ratio		8.2%		8.6%		8.5%		9.0%		8.9%		8.4%		8.8%		8.9%

Combined ratio		93.6%		83.7%		85.0%		85.4%		94.0%		87.5%		90.4%		89.1%


CAY combined ratio ex Cats

CAY loss and loss expense ratio ex Cats		56.1%		56.3%		56.1%		55.8%		56.2%		56.2%		56.9%		56.6%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.1%		27.1%		27.5%		28.3%		27.9%		27.2%		27.9%		28.0%

CAY combined ratio ex Cats		83.2%		83.4%		83.6%		84.1%		84.1%		83.4%		84.8%		84.6%


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

Expense ratio		27.2%		27.1%		27.6%		28.2%		28.1%		27.3%		28.1%		28.1%
Expense ratio excluding A&H		25.3%		25.4%		26.0%		26.5%		26.4%		25.6%		26.4%		26.4%

Catastrophe reinstatement premiums collected - pre-tax	$	55	$	-	$	-	$	10	$	12	$	55	$	2	$	12
Catastrophe losses - pre-tax	$	1,182	$	270	$	333	$	265	$	1,150	$	1,785	$	2,108	$	2,373
Favorable prior period development (PPD) - pre-tax	$	(231)	$	(247)	$	(214)	$	(150)	$	(328)	$	(692)	$	(786)	$	(936)


Global P&C		Page 4

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)


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

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

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

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


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

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

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

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

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


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

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


							Constant $		YTD		YTD				Constant $
	3Q-22		3Q-21		% Change		% Change		2022		2021		% Change		% Change
Net premiums written

Commercial multiple peril⁽¹⁾	$	341	$	310		10.1%		10.1%	$	972	$	889		9.4%		9.4%
Commercial casualty		2,167		1,957		10.7%		12.8%		5,777		5,215		10.8%		12.5%
Workers’ compensation		476		488		-2.5%		-2.5%		1,625		1,597		1.7%		1.7%
Financial lines		1,270		1,328		-4.4%		-1.9%		3,727		3,681		1.2%		3.2%
Surety		152		139		9.9%		11.8%		477		435		9.7%		11.1%
Property and other short-tail lines		1,756		1,572		11.8%		15.8%		5,503		4,906		12.2%		15.3%

Total Commercial P&C lines		6,162		5,794		6.4%		8.8%		18,081		16,723		8.1%		10.0%

Agriculture		1,723		1,415		21.8%		21.8%		2,523		2,110		19.6%		19.6%

Personal automobile		404		383		5.4%		7.9%		1,239		1,134		9.2%		11.4%
Personal homeowners		1,023		978		4.5%		5.6%		2,910		2,778		4.7%		5.6%
Personal other		451		454		-0.7%		7.8%		1,406		1,386		1.4%		6.8%

Total Personal lines		1,878		1,815		3.4%		6.6%		5,555		5,298		4.8%		7.2%

Total Property and Casualty lines		9,763		9,024		8.2%		10.4%		26,159		24,131		8.4%		10.3%

Global A&H lines ⁽²⁾		1,518		922		64.7%		75.3%		3,451		2,855		20.9%		26.7%
Reinsurance lines		265		221		19.5%		21.8%		780		702		11.1%		12.2%
Life		474		343		38.6%		48.0%		1,131		1,030		9.9%		15.3%

Total consolidated	$	12,020	$	10,510		14.4%		17.3%	$	31,521	$	28,718		9.8%		12.1%

(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 September 30, 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
Q3 2022		Insurance		Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated

Net premiums written		$	4,722	$	1,392	$	1,723	$	2,645	$	265	$	-	$	10,747	$	1,273	$	12,020
Net premiums earned			4,283		1,334		1,673		2,741		255		-		10,286		1,249		11,535

Adjusted losses and loss expenses			3,036		857		1,444		1,441		311		74		7,163		135		7,298
Adjusted policy benefits			-		-		-		-		-		-		-		553		553
Policy acquisition costs			583		274		68		720		59		-		1,704		271		1,975
Administrative expenses			272		71		3		264		8		91		709		174		883


Underwriting income (loss)			392		132		158		316		(123)		(165)		710		116		826

Adjusted net investment income			589		76		9		151		71		11		907		147		1,054
Other income (expense) - operating			(6)		(1)		(1)		2		-		(10)		(16)		10		(6)
Amortization expense of purchased intangibles			-		(2)		(7)		(12)		-		(46)		(67)		(2)		(69)

Segment income (loss)		$	975	$	205	$	159	$	457	$	(52)	$	(210)	$	1,534	$	271	$	1,805


Adjusted interest expense													(156)						(156)
Income tax expense													(318)						(318)

Core operating income (loss)													(684)						1,331
Cigna integration expenses, net of $5 million tax benefit													(18)						(18)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $1 million tax benefit													1						1
Adjusted net realized gains (losses), net of $47 million tax benefit⁽¹⁾													(502)						(502)

Net income (loss)												$	(1,203)					$	812


Combined ratio			90.9%		90.1%		90.6%		88.5%		148.4%				93.1%
CAY combined ratio ex Cats			81.1%		79.5%		88.2%		85.1%		83.0%				84.0%

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


Consol Results - QTD 2022		Page 7

Chubb Limited

Consolidated Results - Nine months ended September 30, 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
YTD 2022		Insurance		Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated

Net premiums written		$	13,426	$	3,998	$	2,523	$	8,364	$	780	$	-	$	29,091	$	2,430	$	31,521
Net premiums earned			12,645		3,852		2,217		8,065		712		-		27,491		2,347		29,838

Adjusted losses and loss expenses			7,979		2,343		1,830		4,054		565		275		17,046		437		17,483
Adjusted policy benefits			-		-		-		-		-		-		-		906		906
Policy acquisition costs			1,701		792		111		2,096		178		-		4,878		573		5,451
Administrative expenses			814		213		4		811		27		264		2,133		346		2,479

Underwriting income (loss)			2,151		504		272		1,104		(58)		(539)		3,434		85		3,519

Adjusted net investment income			1,600		199		23		460		232		32		2,546		359		2,905
Other income (expense) - operating			(12)		(3)		(1)		(3)		(1)		(18)		(38)		50		12
Amortization expense of purchased intangibles			-		(7)		(20)		(40)		-		(137)		(204)		(7)		(211)

Segment income (loss)		$	3,739	$	693	$	274	$	1,521	$	173	$	(662)	$	5,738	$	487	$	6,225

Adjusted interest expense													(432)						(432)
Income tax expense													(1,035)						(1,035)

Core operating income (loss)													(2,129)						4,758
Cigna integration expenses, net of $6 million tax benefit													(20)						(20)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $7 million tax benefit													(13)						(13)
Adjusted net realized gains (losses), net of $109 million tax benefit⁽¹⁾													(724)						(724)

Net income (loss)												$	(2,886)					$	4,001


Combined ratio			83.0%		86.9%		87.8%		86.3%		108.2%				87.5%
CAY combined ratio ex Cats			81.2%		79.6%		87.1%		85.6%		81.0%				83.7%

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


Consol Results - YTD 2022		Page 8

Chubb Limited

Consolidated Results - Three months ended September 30, 2021

(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
Q3 2021		Insurance		Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated

Net premiums written		$	4,369	$	1,300	$	1,415	$	2,596	$	221	$	-	$	9,901	$	609	$	10,510
Net premiums earned			3,954		1,244		1,338		2,664		211		-		9,411		589		10,000

Adjusted losses and loss expenses			2,754		846		1,138		1,487		192		43		6,460		179		6,639
Adjusted policy benefits			-		-		-		-		-		-		-		175		175
Policy acquisition costs			537		254		61		703		55		-		1,610		168		1,778
Administrative expenses			273		73		4		266		9		99		724		82		806

Underwriting income (loss)			390		71		135		208		(45)		(142)		617		(15)		602

Adjusted net investment income			507		60		6		157		99		9		838		102		940
Other income (expense) - operating			(8)		(1)		-		-		-		(3)		(12)		19		7
Amortization expense of purchased intangibles			-		(2)		(7)		(11)		-		(49)		(69)		(2)		(71)

Segment income (loss)		$	889	$	128	$	134	$	354	$	54	$	(185)	$	1,374	$	104	$	1,478

Adjusted interest expense													(127)						(127)
Income tax expense													(194)						(194)

Core operating income (loss)													(506)						1,157
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $3 million tax benefit													(11)						(11)
Adjusted net realized gains (losses), net of $27 million tax⁽¹⁾													687						687

Net income												$	170					$	1,833


Combined ratio			90.1%		94.3%		89.9%		92.2%		121.4%				93.4%
CAY combined ratio ex Cats			82.4%		77.0%		88.9%		86.2%		83.5%				84.8%

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


Consol Results - QTD 2021		Page 9

Chubb Limited

Consolidated Results - Nine months ended September 30, 2021

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

Net premiums written		$	12,318	$	3,761	$	2,110	$	7,983	$	702	$	-	$	26,874	$	1,844	$	28,718
Net premiums earned			11,431		3,652		1,858		7,721		583		-		25,245		1,789		27,034

Adjusted losses and loss expenses			7,740		2,341		1,554		3,936		422		141		16,134		562		16,696
Adjusted policy benefits			-		-		-		-		-		-		-		508		508
Policy acquisition costs			1,540		746		100		2,070		147		-		4,603		538		5,141
Administrative expenses			772		200		10		811		27		258		2,078		247		2,325


Underwriting income (loss)			1,379		365		194		904		(13)		(399)		2,430		(66)		2,364

Adjusted net investment income			1,582		189		21		447		250		25		2,514		301		2,815
Other income (expense) - operating			(24)		3		-		(3)		-		(9)		(33)		79		46
Amortization expense of purchased intangibles			-		(8)		(20)		(36)		-		(148)		(212)		(4)		(216)

Segment income (loss)		$	2,937	$	549	$	195	$	1,312	$	237	$	(531)	$	4,699	$	310	$	5,009


Adjusted interest expense													(381)						(381)
Income tax expense													(708)						(708)

Core operating income (loss)													(1,620)						3,920
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $11 million tax benefit													(41)						(41)
Adjusted net realized gains (losses), net of $176 million tax⁽¹⁾													2,519						2,519

Net income												$	858					$	6,398


Combined ratio			87.9%		90.0%		89.6%		88.3%		102.2%				90.4%
CAY combined ratio ex Cats			83.2%		78.3%		88.2%		87.4%		81.0%				85.1%

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


Consol Results - YTD 2021		Page 10

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)


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


Gross premiums written	$	5,937	$	6,078	$	5,132	$	5,347	$	5,471	$	17,147	$	15,472	$	20,819
Net premiums written		4,722		4,665		4,039		4,097		4,369		13,426		12,318		16,415
Net premiums earned		4,283		4,248		4,114		4,030		3,954		12,645		11,431		15,461
Losses and loss expenses		3,036		2,446		2,497		2,275		2,754		7,979		7,740		10,015
Policy acquisition costs		583		545		573		542		537		1,701		1,540		2,082
Administrative expenses		272		277		265		280		273		814		772		1,052

Underwriting income		392		980		779		933		390		2,151		1,379		2,312
Adjusted net investment income		589		522		489		496		507		1,600		1,582		2,078
Other income (expense) - operating		(6)		-		(6)		(7)		(8)		(12)		(24)		(31)

Segment income	$	975	$	1,502	$	1,262	$	1,422	$	889	$	3,739	$	2,937	$	4,359

CAY underwriting income ex Cats	$	824	$	817	$	752	$	724	$	705	$	2,393	$	1,938	$	2,662

Combined ratio
Loss and loss expense ratio		70.9%		57.6%		60.7%		56.4%		69.7%		63.1%		67.7%		64.8%
Policy acquisition cost ratio		13.6%		12.8%		13.9%		13.4%		13.5%		13.5%		13.5%		13.4%
Administrative expense ratio		6.4%		6.5%		6.5%		7.0%		6.9%		6.4%		6.7%		6.8%

Combined ratio		90.9%		76.9%		81.1%		76.8%		90.1%		83.0%		87.9%		85.0%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		61.5%		61.4%		61.5%		61.6%		62.3%		61.5%		63.1%		62.7%
CAY policy acquisition cost and administrative expense ratio ex Cats		19.6%		19.4%		20.2%		20.4%		20.1%		19.7%		20.1%		20.2%

CAY combined ratio ex Cats		81.1%		80.8%		81.7%		82.0%		82.4%		81.2%		83.2%		82.9%


Catastrophe losses - pre-tax	$	598	$	124	$	81	$	113	$	472	$	803	$	999	$	1,112
Favorable prior period development (PPD) - pre-tax	$	(166)	$	(287)	$	(108)	$	(322)	$	(157)	$	(561)	$	(440)	$	(762)

% Change versus prior year period
Net premiums written		8.1%		8.9%		10.2%		10.0%		15.6%		9.0%		14.6%		13.4%
Net premiums earned		8.3%		11.7%		12.0%		14.0%		14.4%		10.6%		9.6%		10.7%

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

Production by Size - Net premiums written ⁽¹⁾
Major Accounts & Specialty	$	2,869	$	2,895	$	2,336	$	2,458	$	2,615	$	8,100	$	7,378	$	9,836
Commercial		1,853		1,770		1,703		1,639		1,754		5,326		4,940		6,579

Total	$	4,722	$	4,665	$	4,039	$	4,097	$	4,369	$	13,426	$	12,318	$	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	3Q-22		2Q-22		1Q-22		4Q-21		3Q-21		YTD 2022		YTD 2021		Full Year 2021


Gross premiums written	$	1,575	$	1,626	$	1,350	$	1,421	$	1,480	$	4,551	$	4,299	$	5,720
Net premiums written		1,392		1,426		1,180		1,241		1,300		3,998		3,761		5,002
Net premiums earned		1,334		1,271		1,247		1,263		1,244		3,852		3,652		4,915
Losses and loss expenses		857		773		713		583		846		2,343		2,341		2,924
Policy acquisition costs		274		258		260		255		254		792		746		1,001
Administrative expenses		71		73		69		76		73		213		200		276

Underwriting income		132		167		205		349		71		504		365		714
Net investment income		76		64		59		60		60		199		189		249
Other income (expense) - operating		(1)		(1)		(1)		(1)		(1)		(3)		3		2
Amortization expense of purchased intangibles		(2)		(3)		(2)		(2)		(2)		(7)		(8)		(10)

Segment income	$	205	$	227	$	261	$	406	$	128	$	693	$	549	$	955

CAY underwriting income ex Cats	$	273	$	259	$	254	$	291	$	286	$	786	$	797	$	1,088

Combined ratio
Loss and loss expense ratio		64.2%		60.8%		57.2%		46.1%		68.0%		60.8%		64.1%		59.5%
Policy acquisition cost ratio		20.6%		20.3%		20.8%		20.2%		20.4%		20.6%		20.4%		20.4%
Administrative expense ratio		5.3%		5.8%		5.5%		6.0%		5.9%		5.5%		5.5%		5.6%

Combined ratio		90.1%		86.9%		83.5%		72.3%		94.3%		86.9%		90.0%		85.5%


CAY combined ratio ex Cats

CAY loss and loss expense ratio ex Cats		53.6%		53.6%		53.3%		50.8%		50.7%		53.5%		52.5%		52.0%
CAY policy acquisition cost and administrative expense ratio ex Cats		25.9%		26.1%		26.3%		26.2%		26.3%		26.1%		25.8%		25.9%

CAY combined ratio ex Cats		79.5%		79.7%		79.6%		77.0%		77.0%		79.6%		78.3%		77.9%


Catastrophe reinstatement premiums expensed - pre-tax	$	-	$	-	$	-	$	-	$	-	$	-	$	(16)	$	(16)
Unfavorable (favorable) Catastrophe losses - pre-tax	$	274	$	95	$	100	$	(19)	$	397	$	469	$	682	$	663
Favorable prior period development (PPD) - pre-tax	$	(133)	$	(3)	$	(51)	$	(39)	$	(182)	$	(187)	$	(266)	$	(305)

% Change versus prior year period
Net premiums written		7.1%		4.7%		7.4%		3.3%		1.2%		6.3%		1.1%		1.7%
Net premiums earned		7.2%		3.9%		5.3%		1.6%		1.0%		5.5%		0.8%		1.0%

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


NA Personal		Page 12

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)


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

Gross premiums written	$	2,542	$	1,058	$	316	$	371	$	2,013	$	3,916	$	2,985	$	3,356
Net premiums written		1,723		738		62		278		1,415		2,523		2,110		2,388
Net premiums earned		1,673		573		(29)		480		1,338		2,217		1,858		2,338
Adjusted losses and loss expenses		1,444		478		(92)		408		1,138		1,830		1,554		1,962
Policy acquisition costs		68		31		12		24		61		111		100		124
Administrative expenses		3		2		(1)		(13)		4		4		10		(3)

Underwriting income		158		62		52		61		135		272		194		255
Net investment income		9		7		7		7		6		23		21		28
Other income (expense) - operating		(1)		-		-		(1)		-		(1)		-		(1)
Amortization expense of purchased intangibles		(7)		(6)		(7)		(6)		(7)		(20)		(20)		(26)

Segment income	$	159	$	63	$	52	$	61	$	134	$	274	$	195	$	256

CAY underwriting income ex Cats	$	198	$	83	$	26	$	86	$	150	$	307	$	219	$	305

Combined ratio
Loss and loss expense ratio		86.3%		83.3%		NM		85.1%		85.0%		82.5%		83.6%		83.9%
Policy acquisition cost ratio		4.1%		5.4%		NM		4.9%		4.6%		5.1%		5.4%		5.3%
Administrative expense ratio		0.2%		0.4%		NM		-2.7%		0.3%		0.2%		0.6%		-0.1%

Combined ratio		90.6%		89.1%		NM		87.3%		89.9%		87.8%		89.6%		89.1%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		84.0%		79.6%		70.6%		78.2%		84.0%		82.2%		82.3%		81.5%
CAY policy acquisition cost and administrative expense ratio ex Cats		4.2%		5.8%		8.9%		3.0%		4.9%		4.9%		5.9%		5.3%

CAY combined ratio ex Cats		88.2%		85.4%		79.5%		81.2%		88.9%		87.1%		88.2%		86.8%


Catastrophe reinstatement premiums expensed - pre-tax	$	-	$	-	$	-	$	(2)	$	-	$	-	$	-	$	(2)
Catastrophe losses - pre-tax	$	31	$	21	$	-	$	18	$	8	$	52	$	20	$	38
Unfavorable (favorable) prior period development (PPD) -pre-tax	$	9	$	-	$	(26)	$	5	$	7	$	(17)	$	5	$	10

% Change versus prior year period
Net premiums written		21.8%		44.0%		-65.9%		14.6%		43.6%		19.6%		31.6%		29.3%
Net premiums earned		25.0%		39.6%		NM		25.8%		37.9%		19.3%		29.0%		28.3%

Other ratios
Net premiums written/gross premiums written		68%		70%		20%		75%		70%		64%		71%		71%


NA Agriculture		Page 13

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)


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

Gross premiums written	$	3,313	$	3,345	$	3,798	$	3,320	$	3,202	$	10,456	$	9,942	$	13,262
Net premiums written		2,645		2,640		3,079		2,730		2,596		8,364		7,983		10,713
Net premiums earned		2,741		2,696		2,628		2,720		2,664		8,065		7,721		10,441
Losses and loss expenses		1,441		1,224		1,389		1,207		1,487		4,054		3,936		5,143
Policy acquisition costs		720		697		679		729		703		2,096		2,070		2,799
Administrative expenses		264		278		269		267		266		811		811		1,078

Underwriting income		316		497		291		517		208		1,104		904		1,421
Adjusted net investment income		151		162		147		150		157		460		447		597
Other income (expense) - operating		2		(3)		(2)		3		-		(3)		(3)		-
Amortization expense of purchased intangibles		(12)		(14)		(14)		(12)		(11)		(40)		(36)		(48)

Segment income	$	457	$	642	$	422	$	658	$	354	$	1,521	$	1,312	$	1,970

CAY underwriting income ex Cats	$	409	$	373	$	382	$	365	$	368	$	1,164	$	973	$	1,338

Combined ratio
Loss and loss expense ratio		52.6%		45.4%		52.9%		44.4%		55.8%		50.3%		51.0%		49.3%
Policy acquisition cost ratio		26.3%		25.9%		25.8%		26.8%		26.4%		26.0%		26.8%		26.8%
Administrative expense ratio		9.6%		10.3%		10.2%		9.8%		10.0%		10.0%		10.5%		10.3%

Combined ratio		88.5%		81.6%		88.9%		81.0%		92.2%		86.3%		88.3%		86.4%


CAY combined ratio ex Cats

CAY loss and loss expense ratio ex Cats		49.2%		50.0%		49.4%		50.0%		49.8%		49.5%		50.1%		50.1%
CAY policy acquisition cost and administrative expense ratio ex Cats		35.9%		36.2%		36.1%		36.6%		36.4%		36.1%		37.3%		37.1%

CAY combined ratio ex Cats		85.1%		86.2%		85.5%		86.6%		86.2%		85.6%		87.4%		87.2%


Catastrophe losses - pre-tax	$	98	$	49	$	151	$	80	$	188	$	298	$	278	$	358
Favorable prior period development (PPD) - pre-tax	$	(5)	$	(173)	$	(60)	$	(232)	$	(28)	$	(238)	$	(209)	$	(441)

% Change versus prior year period
Net premiums written		1.9%		5.7%		6.5%		10.2%		15.9%		4.8%		16.4%		14.8%
Net premiums written - Commercial		2.5%		7.0%		8.6%		15.0%		20.6%		6.1%		23.8%		21.4%
Net premiums written - Consumer		1.1%		3.9%		3.0%		3.2%		9.2%		2.7%		6.4%		5.6%
Net premiums earned		2.9%		4.6%		6.0%		11.2%		13.9%		4.5%		12.9%		12.5%

Net premiums written constant $		11.7%		12.4%		11.9%		9.9%		11.2%		12.0%		10.8%		10.6%
Net premiums written - Commercial		11.0%		13.0%		13.6%		14.3%		16.0%		12.6%		17.8%		16.9%
Net premiums written - Consumer		12.7%		11.6%		9.0%		3.3%		4.5%		11.0%		1.3%		1.8%
Net premiums earned constant $		13.1%		11.1%		11.0%		11.0%		9.7%		11.7%		7.5%		8.4%

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



Production by Region - Net premiums written	3Q-22		3Q-21		% Change		Constant $ % Change		YTD 2022		YTD 2021		% Change		Constant $ % Change
Europe, Middle East and Africa	$	1,133	$	1,173		-3.4%		7.4%	$	3,990	$	3,912		2.0%		9.5%
Latin America		565		501		12.9%		18.6%		1,719		1,489		15.5%		19.9%
Asia Pacific		801		732		9.5%		19.1%		2,134		1,987		7.4%		15.0%
Japan		101		116		-12.8%		7.0%		359		402		-10.7%		2.7%
Other⁽¹⁾		45		74		-39.8%		-37.1%		162		193		-16.3%		-13.1%

Total	$	2,645	$	2,596		1.9%		11.7%	$	8,364	$	7,983		4.8%		12.0%

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

Gross premiums written	$	296		$	330		$	289		$	187		$	243		$	915		$	809		$	996
Net premiums written		265			262			253			171			221			780			702			873
Net premiums earned		255			222			235			215			211			712			583			798
Losses and loss expenses		311			139			115			210			192			565			422			632
Policy acquisition costs		59			57			62			53			55			178			147			200
Administrative expenses		8			10			9			8			9			27			27			35

Underwriting income (loss)		(123	)		16			49			(56	)		(45	)		(58	)		(13	)		(69	)
Adjusted net investment income		71			76			85			81			99			232			250			331
Other income (expense) - operating		-			(1	)		-			-			-			(1	)		-			-

Segment income (loss)	$	(52	)	$	91		$	134		$	25		$	54		$	173		$	237		$	262

CAY underwriting income ex Cats	$	34		$	43		$	47		$	39		$	32		$	124		$	107		$	146

Combined ratio
Loss and loss expense ratio		122.1%			62.6%			48.8%			97.6%			91.2%			79.4%			72.4%			79.2%
Policy acquisition cost ratio		22.9%			25.6%			26.5%			24.6%			26.0%			25.0%			25.2%			25.1%
Administrative expense ratio		3.4%			4.6%			3.7%			4.0%			4.2%			3.8%			4.6%			4.4%

Combined ratio		148.4%			92.8%			79.0%			126.2%			121.4%			108.2%			102.2%			108.7%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		49.6%			49.7%			49.9%			51.3%			52.0%			49.8%			50.5%			50.7%
CAY policy acquisition cost and administrative expense ratio ex Cats		33.4%			30.7%			30.0%			30.3%			31.5%			31.2%			30.5%			30.5%

CAY combined ratio ex Cats		83.0%			80.4%			79.9%			81.6%			83.5%			81.0%			81.0%			81.2%


Catastrophe reinstatement premiums collected - pre-tax	$	55		$	-		$	-		$	10		$	12		$	55		$	18		$	28
Catastrophe losses - pre-tax	$	212		$	2		$	1		$	91		$	93		$	215		$	149		$	240
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	-		$	25		$	(3	)	$	14		$	(4	)	$	22		$	(11	)	$	3

% Change versus prior year period
Net premiums written as reported		19.5%			-4.0%			22.0%			36.9%			22.3%			11.1%			15.9%			19.5%
Net premiums earned as reported		20.9%			15.2%			30.8%			20.6%			23.8%			22.0%			12.2%			14.3%

Net premiums written constant $		21.8%			-3.2%			22.4%			35.9%			20.6%			12.2%			14.4%			18.0%
Net premiums earned constant $		23.9%			17.2%			32.1%			19.9%			21.8%			24.2%			10.4%			12.8%

Other ratios
Net premiums written/gross premiums written		89%			80%			87%			91%			91%			85%			87%			88%


Global Reinsurance		Page 15

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)


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

Gross premiums written	$	1,352		$	610		$	619		$	674		$	646		$	2,581		$	1,953		$	2,627
Net premiums written		1,273			571			586			633			609			2,430			1,844			2,477
Net premiums earned		1,249			547			551			613			589			2,347			1,789			2,402
Losses and loss expenses		135			148			154			178			179			437			562			740
Adjusted policy benefits		553			177			176			199			175			906			508			707
Policy acquisition costs		271			151			151			174			168			573			538			712
Administrative expenses		174			88			84			86			82			346			247			333
Net investment income		147			109			103			106			102			359			301			407

Life Insurance underwriting income⁽¹⁾		263			92			89			82			87			444			235			317
Other income (expense) - operating		10			12			28			27			19			50			79			106
Amortization expense of purchased intangibles		(2	)		(3	)		(2	)		(1	)		(2	)		(7	)		(4	)		(5	)

Segment income	$	271		$	101		$	115		$	108		$	104		$	487		$	310		$	418


% Change versus prior year period
Net premiums written		108.8%			-7.2%			-5.5%			-1.3%			0.0%			31.7%			-1.5%			-1.5%
Net premiums earned		112.0%			-9.6%			-7.5%			-4.9%			-1.6%			31.1%			-2.6%			-3.2%

Net premiums written constant $		117.4%			-4.9%			-3.5%			-1.0%			-1.4%			35.5%			-3.4%			-2.8%
Net premiums earned constant $		120.8%			-7.2%			-5.4%			-4.7%			-3.0%			35.1%			-4.5%			-4.6%
(1) We assess the performance of our Life Insurance business based on Life Insurance underwriting income which includes Net investment income and (Gains) losses from fair value changes in separate account assets. International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses):
	3Q-22			3Q-21			% Change			Constant $ % Change			YTD 2022			YTD 2021			% Change			Constant $ % Change
International life insurance net premiums written	$	1,009		$	321			214.1%			237.1%		$	1,626		$	969			67.9%			76.7%
International life insurance deposits ⁽²⁾		449			658			-31.8%			-27.1%			1,433			1,814			-21.0%			-18.6%

Total international life insurance net premiums written and deposits	$	1,458		$	979			48.9%			59.4%		$	3,059		$	2,783			9.9%			14.1%



International life insurance segment income	$	199		$	31			NM			NM		$	298		$	118			152.0%			149.0%

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


Life Insurance		Page 16

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)


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

Gross premiums written	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Net premiums written		-			-			-			-			-			-			-			-
Net premiums earned		-			-			-			-			-			-			-			-
Losses and loss expenses		74			191			10			431			43			275			141			572
Policy acquisition costs		-			-			-			-			-			-			-			-
Administrative expenses		91			90			83			107			99			264			258			365

Underwriting loss		(165	)		(281	)		(93	)		(538	)		(142	)		(539	)		(399	)		(937	)
Adjusted net investment income		11			10			11			4			9			32			25			29
Other income (expense) - operating		(10	)		-			(8	)		(7	)		(3	)		(18	)		(9	)		(16	)
Adjusted interest expense		(156	)		(139	)		(137	)		(131	)		(127	)		(432	)		(381	)		(512	)
Amortization expense of purchased intangibles		(46	)		(45	)		(46	)		(50	)		(49	)		(137	)		(148	)		(198	)
Income tax expense		(318	)		(384	)		(333	)		(309	)		(194	)		(1,035	)		(708	)		(1,017	)

Core operating loss		(684	)		(839	)		(606	)		(1,031	)		(506	)		(2,129	)		(1,620	)		(2,651	)
Cigna integration expenses, net of tax		(18	)		(2	)		-			-			-			(20	)		-			-
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		1			(5	)		(9)			(12	)		(11	)		(13	)		(41	)		(53	)
Adjusted net realized gains (losses), net of tax		(502	)		(565	)		343			504			687			(724	)		2,519			3,023

Net income (loss)	$	(1,203	)	$	(1,411	)	$	(272)		$	(539	)	$	170		$	(2,886	)	$	858		$	319


Unfavorable prior period development (PPD) - pre-tax	$	73		$	191		$	8		$	429		$	43		$	272		$	140		$	569


Corporate		Page 17

Chubb Limited

Loss Reserve Rollforward

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

(Unaudited)


	Unpaid Losses						Net Paid to Incurred Ratio
	Gross		Ceded		Net		Net Paid to 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
Add net recoverable on paid losses		-		1,374		(1,374)

Balance including net recoverable on paid losses	$	75,992	$	18,754	$	57,238


Loss Reserve Rollforward		Page 18

Chubb Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)

Net Reinsurance Recoverable by Division


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

Reinsurance recoverable on paid losses and loss expenses
Active operations	$	1,161		$	1,077		$	978		$	1,038
Brandywine and Other Run-off		268			185			190			202

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


Reinsurance recoverable on unpaid losses and loss expenses
Active operations	$	16,272		$	15,385		$	15,494		$	14,965
Brandywine and Other Run-off		1,405			1,471			1,428			1,490

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


Gross reinsurance recoverable
Active operations	$	17,433		$	16,462		$	16,472		$	16,003
Brandywine and Other Run-off		1,673			1,656			1,618			1,692

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


Provision for uncollectible reinsurance ⁽¹⁾
Active operations	$	(221	)	$	(220	)	$	(210	)	$	(190	)
Brandywine and Other Run-off		(131	)		(121	)		(119	)		(139	)

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


Net reinsurance recoverable
Active operations	$	17,212		$	16,242		$	16,262		$	15,813
Brandywine and Other Run-off		1,542			1,535			1,499			1,553

Total	$	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 $3.8 billion.


Reinsurance Recoverable		Page 19

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)


	September 30 2022				June 30 2022				March 31 2022				December 31 2021
Market Value
Fixed maturities available for sale	$	83,741			$	82,069			$	89,479			$	93,108
Fixed maturities held to maturity		8,491				9,333				9,888				10,647
Short-term investments		4,534				3,431				3,407				3,146

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


Asset Allocation by Market Value
U.S. Treasury / Agency	$	3,785	4	%	$	3,450	4	%	$	3,276	3	%	$	3,458	3	%
Corporate and asset-backed securities		37,965	39	%		36,793	38	%		39,604	39	%		41,264	39	%
Mortgage-backed securities		17,673	18	%		18,933	20	%		21,489	21	%		22,292	21	%
Municipal		7,670	8	%		8,338	9	%		9,023	9	%		9,650	9	%
Non-U.S.		25,139	26	%		23,888	25	%		25,975	25	%		27,091	25	%
Short-term investments		4,534	5	%		3,431	4	%		3,407	3	%		3,146	3	%

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


Credit Quality by Market Value
AAA	$	14,715	15	%	$	13,946	15	%	$	15,029	15	%	$	15,364	14	%
AA		30,778	32	%		30,771	32	%		33,592	33	%		35,179	33	%
A		17,916	18	%		17,326	18	%		18,821	18	%		20,171	19	%
BBB		16,067	17	%		15,726	17	%		16,820	16	%		17,362	16	%
BB		8,621	9	%		8,514	9	%		9,065	9	%		9,084	8	%
B		8,265	9	%		8,167	9	%		8,983	9	%		9,202	9	%
Other		404	0	%		383	0	%		464	0	%		539	1	%

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


Cost/Amortized Cost, net
Fixed maturities available for sale	$	93,169			$	88,438			$	91,499			$	90,479
Fixed maturities held to maturity		8,976				9,532				9,818				10,118
Short-term investments		4,536				3,433				3,408				3,147

Subtotal fixed maturities ⁽¹⁾		106,681				101,403				104,725				103,744
Equity securities		844				2,649				3,596				4,782
Other investments		13,645				12,168				11,947				11,169

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


Avg. duration of fixed maturities		4.5 years				4.3 years				4.2 years				4.1 years
Avg. market yield of fixed maturities		5.8%				4.7%				3.4%				2.3%
Avg. credit quality		A/A				A/A				A/A				A/A
Avg. yield on invested assets⁽²⁾		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 September 30, 2022
Agency residential mortgage-backed securities (RMBS)	$	8	$	14,233	$	-	$	-	$	-	$	14,241
Non-agency RMBS		483		42		57		38		5		625
Commercial mortgage-backed securities		2,439		215		141		9		3		2,807

Total mortgage-backed securities at market value	$	2,930	$	14,490	$	198	$	47	$	8	$	17,673


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

Market Value at September 30, 2022			S&P Credit Rating
			Investment Grade
			AAA		AA		A		BBB		Total


Asset-backed			$	4,551	$	895	$	46	$	53	$	5,545
Banks				-		9		2,282		1,668		3,959
Basic Materials				-		-		100		262		362
Communications				-		148		334		1,338		1,820
Consumer, Cyclical				-		148		510		768		1,426
Consumer, Non-Cyclical				35		448		1,605		1,562		3,650
Diversified Financial Services				1		142		431		300		874
Energy				-		64		160		850		1,074
Industrial				-		10		713		814		1,537
Utilities				121		2		928		689		1,740
All Others				160		370		1,485		1,691		3,706

Total			$	4,868	$	2,236	$	8,594	$	9,995	$	25,693


Market Value at September 30, 2022					S&P Credit Rating
					Below Investment Grade
					BB		B		CCC		Total


Asset-backed					$	23	$	7	$	1	$	31
Banks						-		-		-		-
Basic Materials						323		225		7		555
Communications						843		944		46		1,833
Consumer, Cyclical						997		1,176		32		2,205
Consumer, Non-Cyclical						1,087		1,338		62		2,487
Diversified Financial Services						217		201		14		432
Energy						493		337		3		833
Industrial						580		834		39		1,453
Utilities						199		107		-		306
All Others						988		1,106		43		2,137

Total					$	5,750	$	6,275	$	247	$	12,272


Investments 2		Page 21

Chubb Limited

Investment Portfolio - 3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

September 30, 2022


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


Republic of Korea	$	-	$	1,416	$	-	$	-	$	-	$	1,416
Canada		864		-		-		-		-		864
Taiwan		-		804		-		-		-		804
Federative Republic of Brazil		-		-		-		-		581		581
Province of Ontario		-		-		535		-		-		535
United Mexican States		-		-		-		486		-		486
Kingdom of Thailand		-		-		415		-		-		415
Province of Quebec		-		377		-		-		-		377
Commonwealth of Australia		364		-		1		-		-		365
Socialist Republic of Vietnam		-		-		-		-		357		357
Other Non-U.S. Government Securities		438		1,765		913		599		817		4,532

Total	$	1,666	$	4,362	$	1,864	$	1,085	$	1,755	$	10,732


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


United Kingdom	$	35	$	22	$	701	$	810	$	461	$	2,029
Canada		80		94		648		547		378		1,747
South Korea		-		402		440		258		6		1,106
France		4		43		614		291		108		1,060
United States ⁽¹⁾		-		2		155		239		626		1,022
Australia		46		172		293		326		11		848
Japan		-		-		579		128		-		707
Switzerland		46		9		263		163		15		496
Netherlands		44		-		240		91		99		474
Germany		49		29		107		212		46		443
Other Non-U.S. Corporate Securities		210		367		1,255		1,456		1,187		4,475

Total	$	514	$	1,140	$	5,295	$	4,521	$	2,937	$	14,407

(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


	September 30, 2022	Market Value		Rating

1	Bank of America Corp	$	713	A-
2	JP Morgan Chase & Co		590	A-
3	Morgan Stanley		587	A-
4	Wells Fargo & Co		531	BBB+
5	Citigroup Inc		482	BBB+
6	Goldman Sachs Group Inc		458	BBB+
7	Verizon Communications Inc		418	BBB+
8	Comcast Corp		353	A-
9	HSBC Holdings Plc		330	A-
10	AT&T Inc		328	BBB


Investments 4		Page 23

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)


	Three months ended September 30, 2022
	Realized Gains (Losses)								Unrealized Gains (Losses)							Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains		Gains			Tax		Gains		Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)		(Losses)			(Expense)		(Losses)		(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax		Pre-Tax			Benefit		After-Tax		Pre-Tax			Benefit			After-Tax

Fixed income investments ⁽¹⁾	$	(477	)	$	84		$	(393)	$	(3,045	)	$	147	$	(2,898)	$	(3,522	)	$	231		$	(3,291)
Public equity:
Realized gains (losses) on sales		(12	)		1			(11)		-			-		-		(12	)		1			(11)
Mark-to-market		(68	)		12			(56)		-			-		-		(68	)		12			(56)
Private equity: Mark-to-market		(232	)		1			(231)		-			-		-		(232	)		1			(231)

Total investment portfolio		(789	)		98			(691)		(3,045	)		147		(2,898)		(3,834	)		245			(3,589)
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges ⁽²⁾		76			-			76		-			-		-		76			-			76
Foreign exchange		198			(61	)		137		(966	)		6		(960)		(768	)		(55	)		(823)
Partially-owned entities ⁽³⁾		6			-			6		-			-		-		6			-			6
Other ⁽⁴⁾		(40	)		10			(30)		(59	)		12		(47)		(99	)		22			(77)

Net gains (losses)	$	(549	)	$	47		$	(502)	$	(4,070	)	$	165	$	(3,905)	$	(4,619	)	$	212		$	(4,407)

(1) The quarter includes pre-tax realized losses on investment derivatives of $198 million, a net increase of the valuation allowance of expected credit losses of $70 million, and impairments of $22 million for fixed maturities.

(2) The quarter includes $54 million of gains on applicable hedges. These gains are both pre-tax and after-tax.

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

(4) Other realized losses, pre-tax, includes $36 million related to impairment of fixed assets.


	Three months ended September 30, 2021
	Realized Gains (Losses)								Unrealized Gains (Losses)								Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains		Gains			Tax			Gains		Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)		(Losses)			(Expense)			(Losses)		(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax		Pre-Tax			Benefit			After-Tax		Pre-Tax			Benefit			After-Tax

Fixed income investments ⁽⁵⁾	$	(19	)	$	(5	)	$	(24)	$	(554	)	$	98		$	(456)	$	(573	)	$	93		$	(480)
Public equity:
Realized gains (losses) on sales		19			(3	)		16		-			-			-		19			(3	)		16
Mark-to-market		(61	)		10			(51)		-			-			-		(61	)		10			(51)
Private equity: Mark-to-market		713			(8	)		705		-			-			-		713			(8	)		705

Total investment portfolio		652			(6	)		646		(554	)		98			(456)		98			92			190
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges ⁽⁶⁾		(63	)		-			(63)		-			-			-		(63	)		-			(63)
Foreign exchange		106			(20	)		86		(414	)		23			(391)		(308	)		3			(305)
Partially-owned entities ⁽⁷⁾		23			(2	)		21		-			-			-		23			(2	)		21
Other		(4	)		1			(3)		4			(1	)		3		-			-			-

Net gains (losses)	$	714		$	(27	)	$	687	$	(964	)	$	120		$	(844)	$	(250	)	$	93		$	(157)

(5) The quarter includes pre-tax realized losses on investment derivatives of $9 million, a net reduction of the valuation allowance of expected credit losses of $1 million, and impairments of $11 million for fixed maturities.

(6) The quarter includes $4 million of losses on applicable hedges. These losses are both pre-tax and after-tax.

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


Net Gains (Losses)		Page 24

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)


	Nine months ended September 30, 2022
	Realized Gains (Losses)								Unrealized Gains (Losses)							Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains		Gains			Tax		Gains		Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)		(Losses)			(Expense)		(Losses)		(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax		Pre-Tax			Benefit		After-Tax		Pre-Tax			Benefit			After-Tax

Fixed income investments ⁽¹⁾	$	(1,089	)	$	207		$	(882)	$	(12,041	)	$	1,174	$	(10,867)	$	(13,130	)	$	1,381		$	(11,749)
Public equity:
Realized gains (losses) on sales		406			(90	)		316		-			-		-		406			(90	)		316
Mark-to-market		(693	)		129			(564)		-			-		-		(693	)		129			(564)
Private equity: Mark-to-market		(52	)		(19	)		(71)		-			-		-		(52	)		(19	)		(71)

Total investment portfolio		(1,428	)		227			(1,201)		(12,041	)		1,174		(10,867)		(13,469	)		1,401			(12,068)
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges ⁽²⁾		154			-			154		-			-		-		154			-			154
Foreign exchange		541			(129	)		412		(1,676	)		41		(1,635)		(1,135	)		(88	)		(1,223)
Partially-owned entities ⁽³⁾		14			-			14		-			-		-		14			-			14
Other ⁽⁴⁾		(114	)		11			(103)		(35	)		7		(28)		(149	)		18			(131)

Net gains (losses)	$	(833	)	$	109		$	(724)	$	(13,752	)	$	1,222	$	(12,530)	$	(14,585	)	$	1,331		$	(13,254)

(1) Year to date includes pre-tax realized losses on investment derivatives of $232 million, a net increase of the valuation allowance of expected credit losses of $133 million, and impairments of $111 million for fixed maturities.

(2) Year to date includes $240 million of gains applicable hedges. These gains are both pre-tax and after-tax.

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

(4) Other realized losses, pre-tax, includes $36 million related to impairment of fixed assets.


	Nine months ended September 30, 2021
	Realized Gains (Losses)								Unrealized Gains (Losses)							Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains		Gains			Tax		Gains		Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)		(Losses)			(Expense)		(Losses)		(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax		Pre-Tax			Benefit		After-Tax		Pre-Tax			Benefit			After-Tax

Fixed income investments ⁽⁵⁾	$	35		$	(10	)	$	25	$	(2,177	)	$	390	$	(1,787)	$	(2,142	)	$	380		$	(1,762)
Public equity:
Realized gains (losses) on sales		109			(19	)		90		-			-		-		109			(19	)		90
Mark-to-market		366			(81	)		285		-			-		-		366			(81	)		285
Private equity: Mark-to-market		1,887			(46	)		1,841		-			-		-		1,887			(46	)		1,841

Total investment portfolio		2,397			(156	)		2,241		(2,177	)		390		(1,787)		220			234			454
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges ⁽⁶⁾		140			-			140		-			-		-		140			-			140
Foreign exchange		85			(16	)		69		(84	)		7		(77)		1			(9	)		(8)
Partially-owned entities ⁽⁷⁾		78			(5	)		73		-			-		-		78			(5	)		73
Other		(5	)		1			(4)		(33	)		6		(27)		(38	)		7			(31)

Net gains (losses)	$	2,695		$	(176	)	$	2,519	$	(2,294	)	$	403	$	(1,891)	$	401		$	227		$	628

(5) Year to date includes pre-tax realized gains on investment derivatives of $9 million, a net reduction of the valuation allowance of expected credit losses of $17 million, and impairments of $12 million for fixed maturities.

(6) Year to date includes $112 million of losses on applicable hedges. These losses are both pre-tax and after-tax.

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


Net Gains (Losses) 2		Page 25

Chubb Limited

Debt and Capital

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

(Unaudited)


	September 30		June 30		March 31		December 31		December 31
	2022		2022		2022		2021		2020

Financial Debt:
Total short-term debt	$	1,475	$	1,474	$	1,474	$	999	$	-
Total long-term debt		14,044		14,311		14,585		15,169		14,948

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

Hybrid debt:
Total trust preferred securities		308		308		308		308		308

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


Capitalization:
Shareholders’ equity	$	47,639	$	51,667	$	56,698	$	59,714	$	59,441
Hybrid debt		308		308		308		308		308
Financial debt		15,519		15,785		16,059		16,168		14,948

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


Leverage ratios (based on total capital):
Hybrid debt		0.5%		0.5%		0.4%		0.4%		0.4%
Financial debt		24.5%		23.3%		22.0%		21.2%		20.0%

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

Note: As of September 30, 2022, there was $1.4 billion usage of credit facilities on total capacity of $3.7 billion.


Debt and Capital		Page 26

Chubb Limited

Computation of Basic and Diluted Earnings Per Share

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

(Unaudited)


	Three months ended September 30						Nine months ended September 30
	2022			2021			2022			2021

Numerator
Core operating income to common shares	$	1,331		$	1,157		$	4,758		$	3,920
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		-			(14	)		(20	)		(52	)
Tax benefit on amortization adjustment		1			3			7			11
Cigna integration expenses, pre-tax		(23	)		-			(26	)		-
Tax benefit on Cigna integration expenses		5			-			6			-
Adjusted net realized gains (losses), pre-tax		(549	)		714			(833	)		2,695
Tax (expense) benefit on adjusted net realized gains (losses)		47			(27	)		109			(176	)

Net income	$	812		$	1,833		$	4,001		$	6,398


Rollforward of Common Shares Outstanding
Shares - beginning of period		418,474,087			438,717,213			426,572,612			450,732,625
Repurchase of shares		(3,676,528	)		(8,412,000	)		(14,022,728	)		(22,877,400	)
Shares issued (canceled), excluding option exercises		(39,351	)		7,403			981,541			1,078,413
Issued for option exercises		262,276			563,636			1,489,059			1,942,614

Shares - end of period		415,020,484			430,876,252			415,020,484			430,876,252


Denominator
Weighted average shares outstanding ⁽¹⁾		416,542,101			435,318,088			421,290,032			443,595,026
Effect of other dilutive securities		3,076,855			3,123,550			3,733,449			3,032,989

Adj. wtd. avg. shares outstanding and assumed conversions		419,618,956			438,441,638			425,023,481			446,628,015


Basic earnings per share
Core operating income	$	3.20		$	2.66		$	11.29		$	8.84
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		-			(0.03	)		(0.03	)		(0.09	)
Cigna integration expenses, net of tax		(0.04	)		-			(0.05	)		-
Adjusted net realized gains (losses), net of tax		(1.21	)		1.58			(1.71	)		5.67

Net income	$	1.95		$	4.21		$	9.50		$	14.42


Diluted earnings per share
Core operating income	$	3.17		$	2.64		$	11.20		$	8.78
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		-			(0.03	)		(0.03	)		(0.09	)
Cigna integration expenses, net of tax		(0.04	)		-			(0.05	)		-
Adjusted net realized gains (losses), net of tax		(1.19	)		1.57			(1.71	)		5.64

Net income	$	1.94		$	4.18		$	9.41		$	14.33

(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


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

Shareholders’ equity	$	47,639		$	51,667		$	56,698		$	59,714		$	59,318
Less: goodwill and other intangible assets, net of tax		20,284			19,146			19,443			19,456			19,723

Numerator for tangible book value per share	$	27,355		$	32,521		$	37,255		$	40,258		$	39,595


Book value - % change over prior quarter		-7.8%			-8.9%			-5.1%			0.7%			-1.2%
Tangible book value - % change over prior quarter		-15.9%			-12.7%			-7.5%			1.7%			-1.3%

Denominator		415,020,484			418,474,087			423,675,327			426,572,612			430,876,252


Book value per common share	$	114.79		$	123.46		$	133.82		$	139.99		$	137.67
Tangible book value per common share	$	65.91		$	77.71		$	87.93		$	94.38		$	91.89

Reconciliation of Book Value

Shareholders’ equity, beginning of quarter	$	51,667		$	56,698		$	59,714		$	59,318		$	60,062
Core operating income		1,331			1,787			1,640			1,649			1,157
Amortization of fair value adjustment of acquired invested assets and long-term debt		1			(5	)		(9	)		(12	)		(11	)
Cigna integration expenses		(18	)		(2	)		-			-			-
Adjusted net realized gains (losses) ⁽¹⁾		(502	)		(565	)		343			504			687
Net unrealized gains (losses) on investments		(2,898	)		(4,129	)		(3,840	)		(630	)		(456	)
Repurchase of shares		(685	)		(1,129	)		(1,001	)		(905	)		(1,516	)
Dividend declared on common shares		(346	)		(348	)		(340	)		(342	)		(346	)
Cumulative translation gains (losses)		(960	)		(746	)		71			(432	)		(391	)
Postretirement benefit liability		2			4			15			434			3
Other⁽²⁾		47			102			105			130			129

	$	47,639		$	51,667		$	56,698		$	59,714		$	59,318

(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:


	3Q-22			2Q-22			1Q-22			4Q-21			3Q-21			YTD 2022			YTD 2021			Full Year 2021
Tax expense, as reported	$	265		$	293		$	355		$	404		$	218		$	913		$	873		$	1,277
Less: tax benefit on amortization of fair value of acquired invested assets and debt		(1	)		(4	)		(2	)		-			(3	)		(7	)		(11	)		(11	)
Less: tax benefit on Cigna integration expenses		(5	)		(1	)		-			-			-			(6	)		-			-
Less: tax expense (benefit) on adjusted net realized gains (losses)		(47	)		(86	)		24			95			27			(109	)		176			271

Tax expense, adjusted	$	318		$	384		$	333		$	309		$	194		$	1,035		$	708		$	1,017

Income before tax, as reported	$	1,077		$	1,508		$	2,329		$	2,545		$	2,051		$	4,914		$	7,271		$	9,816
Less: amortization of fair value of acquired invested assets and debt		-			(9	)		(11	)		(12	)		(14	)		(20	)		(52	)		(64	)
Less: Cigna integration expenses		(23	)		(3	)		-			-			-			(26	)		-			-
Less: adjusted realized gains (losses)		(365	)		(513	)		100			319			(11	)		(778	)		841			1,160
Less: realized gains (losses) related to unconsolidated entities		(184	)		(138	)		267			280			725			(55	)		1,854			2,134

Core operating income before tax	$	1,649		$	2,171		$	1,973		$	1,958		$	1,351		$	5,793		$	4,628		$	6,586

Effective tax rate		24.6%			19.4%			15.2%			15.9%			10.7%			18.6%			12.0%			13.0%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt		0.1%			0.1%			0.0%			-0.1%			0.1%			0.1%			0.1%			0.0%
Adjustment for tax impact of Cigna integration expenses		0.0%			0.0%			0.0%			0.0%			0.0%			0.0%			0.0%			0.0%
Adjustment for tax impact of adjusted net realized gains (losses)		-5.4%			-1.8%			1.7%			-0.1%			3.6%			-0.8%			3.2%			2.4%

Core operating effective tax rate		19.3%			17.7%			16.9%			15.7%			14.4%			17.9%			15.3%			15.4%

Core operating income

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


	3Q-22			2Q-22			1Q-22			4Q-21			3Q-21			YTD 2022			YTD 2021			Full Year 2021
Net income, as reported	$	812		$	1,215		$	1,974		$	2,141		$	1,833		$	4,001		$	6,398		$	8,539
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		-			(9	)		(11	)		(12	)		(14	)		(20	)		(52	)		(64	)
Tax benefit on amortization adjustment		1			4			2			-			3			7			11			11
Cigna integration expenses, pre-tax		(23	)		(3	)		-			-			-			(26	)		-			-
Tax benefit on Cigna integration expenses		5			1			-			-			-			6			-			-
Adjusted realized gains (losses), pre-tax		(365	)		(513	)		100			319			(11	)		(778	)		841			1,160
Net realized gains (losses) related to unconsolidated entities, pre-tax ⁽¹⁾		(184	)		(138	)		267			280			725			(55	)		1,854			2,134
Tax (expense) benefit on adjusted net realized gains (losses)		47			86			(24	)		(95	)		(27	)		109			(176	)		(271	)

Core operating income	$	1,331		$	1,787		$	1,640		$	1,649		$	1,157		$	4,758		$	3,920		$	5,569


Catastrophe losses - after-tax	$	949		$	241		$	290		$	245		$	943		$	1,480		$	1,739		$	1,984
Favorable prior period development (PPD) - after-tax	$	(162	)	$	(205	)	$	(195	)	$	(149	)	$	(227	)	$	(562	)	$	(607	)	$	(756	)

Core operating income per share	$	3.17		$	4.20		$	3.82		$	3.81		$	2.64		$	11.20		$	8.78		$	12.56
Impact of Cats on Core operating income per share - Unfavorable	$	(2.26	)	$	(0.56	)	$	(0.67	)	$	(0.57	)	$	(2.15	)	$	(3.48	)	$	(3.89	)	$	(4.48	)
Impact of PPD on Core operating income per share - Favorable	$	0.38		$	0.48		$	0.45		$	0.35		$	0.52		$	1.32		$	1.36		$	1.70
Impact of Cats and PPD on Core operating income per share - Unfavorable	$	(1.88	)	$	(0.08	)	$	(0.22	)	$	(0.22	)	$	(1.63	)	$	(2.16	)	$	(2.53	)	$	(2.78	)

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

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

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


	3Q-22			2Q-22			1Q-22			4Q-21			3Q-21			YTD 2022			YTD 2021			Full Year 2021
Net income, as reported	$	812		$	1,215		$	1,974		$	2,141		$	1,833		$	4,001		$	6,398		$	8,539
Less: Income tax expense		(265	)		(293	)		(355	)		(404	)		(218	)		(913	)		(873	)		(1,277	)
Amortization expense of purchased intangibles		(69	)		(71	)		(71	)		(71	)		(71	)		(211	)		(216	)		(287	)
Other income (expense)		(188	)		(101	)		310			335			763			21			2,030			2,365
Interest expense		(150	)		(134	)		(132	)		(126	)		(122	)		(416	)		(366	)		(492	)
Net investment income		979			888			822			843			866			2,689			2,613			3,456
Net realized gains (losses)		(384	)		(504	)		101			319			(21	)		(787	)		833			1,152
Cigna integration expenses		(23	)		(3	)		-			-			-			(26	)		-			-
Life Insurance underlying income (loss) ⁽¹⁾		183			1			17			(21	)		9			201			(61	)		(82	)
Add: Realized gains (losses) on crop derivatives		(19	)		9			1			-			(10	)		(9	)		(8	)		(8	)

P&C underwriting income	$	710		$	1,441		$	1,283		$	1,266		$	617		$	3,434		$	2,430		$	3,696
Add: Catastrophe losses (including reinstatement premiums) - pre-tax		1,158			291			333			275			1,146			1,782			2,126			2,401
Favorable prior period development (PPD) - pre-tax		(222	)		(247	)		(240	)		(145	)		(321	)		(709	)		(781	)		(926	)

P&C CAY underwriting income ex Cats	$	1,646		$	1,485		$	1,376		$	1,396		$	1,442		$	4,507		$	3,775		$	5,171

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


Reconciliation Non-GAAP 2		Page 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.


							YTD			YTD		Full Year
	3Q-22			3Q-21			2022			2021		2021
Net income	$	812		$	1,833		$	4,001		$	6,398	$	8,539
Core operating income	$	1,331		$	1,157		$	4,758		$	3,920	$	5,569

Equity - beginning of period, as reported	$	51,667		$	60,062		$	59,714		$	59,441	$	59,441
Less: unrealized gains (losses) on investments, net of deferred tax		(5,713	)		3,342			2,256			4,673		4,673

Equity - beginning of period, as adjusted	$	57,380		$	56,720		$	57,458		$	54,768	$	54,768

Less: goodwill and other intangible assets, net of tax		19,146			19,930			19,456			19,916		19,916

Equity - beginning of period, as adjusted ex goodwill and other intangible assets	$	38,234		$	36,790		$	38,002		$	34,852	$	34,852

Equity - end of period, as reported	$	47,639		$	59,318		$	47,639		$	59,318	$	59,714
Less: unrealized gains (losses) on investments, net of deferred tax		(8,611	)		2,886			(8,611	)		2,886		2,256

Equity - end of period, as adjusted	$	56,250		$	56,432		$	56,250		$	56,432	$	57,458

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

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

Weighted average equity, as reported	$	49,653		$	59,690		$	53,677		$	59,380	$	59,578
Weighted average equity, as adjusted	$	56,815		$	56,576		$	56,854		$	55,600	$	56,113
Weighted average equity, as adjusted ex goodwill and other intangible assets	$	37,100		$	36,750		$	36,984		$	35,781	$	36,427

ROE		6.5%			12.3%			9.9%			14.4%		14.3%
Core operating ROTE		14.4%			12.6%			17.2%			14.6%		15.3%
Core operating ROE		9.4%			8.2%			11.2%			9.4%		9.9%

Private equities realized gains (losses), after-tax ⁽¹⁾	$	(231	)	$	705		$	(71	)	$	1,841	$	2,053
Impact of Private equities if included in Core operating ROE - Favorable (unfavorable) ⁽¹⁾		-1.6 pts			5.0 pts			-0.2 pts			4.4 pts		3.7 pts

Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures

	September 30			June 30			December 31			QTD		YTD
	2022			2022			2021			% Change		% Change
Book value	$	47,639		$	51,667		$	59,714
Less: unrealized gains (losses) on investments, net of deferred tax		(8,611	)		(5,713	)		2,256

Book value excluding mark-to-market		56,250			57,380			57,458
Less: goodwill and other intangible assets, net of tax		20,284			19,146			19,456

Tangible book value excluding mark-to-market	$	35,966		$	38,234		$	38,002

Book value	$	47,639		$	51,667		$	59,714
Less: AOCI		(12,180	)		(8,275	)		350

Book value excluding AOCI		59,819			59,942			59,364

Tangible book value		27,355			32,521			40,258
Less: Tangible AOCI		(10,911	)		(7,363	)		1,078

Tangible book value excluding tangible AOCI	$	38,266		$	39,884		$	39,180


Denominator		415,020,484			418,474,087			426,572,612


Book value per share excluding mark-to-market	$	135.54		$	137.12		$	134.70			-1.2%		0.6%
Tangible book value per share excluding mark-to-market	$	86.66		$	91.37		$	89.09			-5.2%		-2.7%

Book value per share excluding AOCI	$	144.13		$	143.24		$	139.16			0.6%		3.6%
Tangible book value per share excluding AOCI	$	92.20		$	95.31		$	91.85			-3.3%		0.4%

(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
Q3 2022		Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C
Numerator
Losses and loss expenses
Losses and loss expenses		$	3,036		$	857		$	1,425		$	1,441		$	311		$	74		$	7,144
Realized (gains) losses on crop derivatives			-			-			19			-			-			-			19

Adjusted losses and loss expenses	A	$	3,036		$	857		$	1,444		$	1,441		$	311		$	74		$	7,163

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(598	)		(274	)		(31	)		(98	)		(157	)		-			(1,158	)
Reinstatement premiums collected (expensed) on catastrophe losses			-			-			-			-			55			-			55

Catastrophe losses, gross of related adjustments			(598	)		(274	)		(31	)		(98	)		(212	)		-			(1,213	)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			166			133			(9	)		5			-			(73	)		222
Net premiums earned adjustments on PPD - unfavorable (favorable)			80			-			-			-			-			-			80
Expense adjustments - unfavorable (favorable)			(1	)		-			-			-			-			-			(1	)
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			-			-			-

PPD, gross of related adjustments - favorable (unfavorable)			245			133			(9	)		5			-			(73	)		301

CAY loss and loss expense ex Cats	B	$	2,683		$	716		$	1,404		$	1,348		$	99		$	1		$	6,251

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	855		$	345		$	71		$	984		$	67		$	91		$	2,413
Expense adjustments - favorable (unfavorable)			1			-			-			-			-			-			1

Policy acquisition costs and administrative expenses, adjusted	D	$	856		$	345		$	71		$	984		$	67		$	91		$	2,414


Denominator
Net premiums earned	E	$	4,283		$	1,334		$	1,673		$	2,741		$	255					$	10,286
Reinstatement premiums (collected) expensed on catastrophe losses			-			-			-			-			(55	)					(55	)
Net premiums earned adjustments on PPD - unfavorable (favorable)			80			-			-			-			-						80
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			-						-

Net premiums earned excluding adjustments	F	$	4,363		$	1,334		$	1,673		$	2,741		$	200					$	10,311


P&C combined ratio
Loss and loss expense ratio	A/E		70.9%			64.2%			86.3%			52.6%			122.1%						69.6%
Policy acquisition cost and administrative expense ratio	C/E		20.0%			25.9%			4.3%			35.9%			26.3%						23.5%

P&C combined ratio			90.9%			90.1%			90.6%			88.5%			148.4%						93.1%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		61.5%			53.6%			84.0%			49.2%			49.6%						60.6%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		19.6%			25.9%			4.2%			35.9%			33.4%						23.4%

CAY P&C combined ratio ex Cats			81.1%			79.5%			88.2%			85.1%			83.0%						84.0%


Combined ratio
Combined ratio																					92.9%
Add: impact of gains and losses on crop derivatives																					0.2%

P&C combined ratio																					93.1%

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


Reconciliation Non-GAAP 4		Page 32

Chubb Limited

Non-GAAP Financial Measures - 5

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)


YTD 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		$	7,97	9	$	2,343		$	1,821		$	4,054		$	565		$	275		$	17,037
Realized (gains) losses on crop derivatives			-			-			9			-			-			-			9

Adjusted losses and loss expenses	A	$	7,979		$	2,343		$	1,830		$	4,054		$	565		$	275		$	17,046

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(803	)		(469	)		(52	)		(298	)		(160	)		-			(1,782	)
Reinstatement premiums collected (expensed) on catastrophe losses			-			-			-			-			55			-			55

Catastrophe losses, gross of related adjustments			(803	)		(469	)		(52	)		(298	)		(215	)		-			(1,837	)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			561			187			17			238			(22	)		(272	)		709
Net premiums earned adjustments on PPD - unfavorable (favorable)			83			-			159			-			-			-			242
Expense adjustments - unfavorable (favorable)			4			-			(1	)		-			-			-			3
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			(2	)		-			(2	)

PPD, gross of related adjustments - favorable (unfavorable)			648			187			175			238			(24	)		(272	)		952

CAY loss and loss expense ex Cats	B	$	7,824		$	2,061		$	1,953		$	3,994		$	326		$	3		$	16,161

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	2,515		$	1,005		$	115		$	2,907		$	205		$	264		$	7,011
Expense adjustments - favorable (unfavorable)			(4	)		-			1			-			-			-			(3	)

Policy acquisition costs and administrative expenses, adjusted	D	$	2,511		$	1,005		$	116		$	2,907		$	205		$	264		$	7,008


Denominator
Net premiums earned	E	$	12,645		$	3,852		$	2,217		$	8,065		$	712					$	27,491
Reinstatement premiums (collected) expensed on catastrophe losses			-			-			-			-			(55	)					(55	)
Net premiums earned adjustments on PPD - unfavorable (favorable)			83			-			159			-			-						242
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			(2	)					(2	)

Net premiums earned excluding adjustments	F	$	12,728		$	3,852		$	2,376		$	8,065		$	655					$	27,676


P&C combined ratio
Loss and loss expense ratio	A/E		63.1%			60.8%			82.5%			50.3%			79.4%						62.0%
Policy acquisition cost and administrative expense ratio	C/E		19.9%			26.1%			5.3%			36.0%			28.8%						25.5%

P&C combined ratio			83.0%			86.9%			87.8%			86.3%			108.2%						87.5%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		61.5%			53.5%			82.2%			49.5%			49.8%						58.4%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		19.7%			26.1%			4.9%			36.1%			31.2%						25.3%

CAY P&C combined ratio ex Cats			81.2%			79.6%			87.1%			85.6%			81.0%						83.7%


Combined ratio
Combined ratio																					87.5%
Add: impact of gains and losses on crop derivatives																					0.0%

P&C combined ratio																					87.5%


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)


Q3 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		$	2,754		$	846		$	1,128		$	1,487		$	192		$	43		$	6,450
Realized (gains) losses on crop derivatives			-			-			10			-			-			-			10

Adjusted losses and loss expenses	A	$	2,754		$	846		$	1,138		$	1,487		$	192		$	43		$	6,460

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(472	)		(397	)		(8	)		(188	)		(81	)		-			(1,146	)
Reinstatement premiums collected (expensed) on catastrophe losses			-			-			-			-			12			-			12

Catastrophe losses, gross of related adjustments			(472	)		(397	)		(8	)		(188	)		(93	)		-			(1,158	)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			157			182			(7	)		28			4			(43	)		321
Net premiums earned adjustments on PPD - unfavorable (favorable)			56			-			-			-			-			-			56
Expense adjustments - unfavorable (favorable)			3			-			-			-			-			-			3
PPD reinstatement premiums - unfavorable (favorable)			-			(2	)		-			-			3			-			1

PPD, gross of related adjustments - favorable (unfavorable)			216			180			(7	)		28			7			(43	)		381

CAY loss and loss expense ex Cats	B	$	2,498		$	629		$	1,123		$	1,327		$	106		$	-		$	5,683

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	810		$	327		$	65		$	969		$	64		$	99		$	2,334
Expense adjustments - favorable (unfavorable)			(3	)		-			-			-			-			-			(3	)

Policy acquisition costs and administrative expenses, adjusted	D	$	807		$	327		$	65		$	969		$	64		$	99		$	2,331


Denominator
Net premiums earned	E	$	3,954		$	1,244		$	1,338		$	2,664		$	211					$	9,411
Reinstatement premiums (collected) expensed on catastrophe losses			-			-			-			-			(12	)					(12	)
Net premiums earned adjustments on PPD - unfavorable (favorable)			56			-			-			-			-						56
PPD reinstatement premiums - unfavorable (favorable)			-			(2	)		-			-			3						1

Net premiums earned excluding adjustments	F	$	4,010		$	1,242		$	1,338		$	2,664		$	202					$	9,456


P&C combined ratio
Loss and loss expense ratio	A/E		69.7%			68.0%			85.0%			55.8%			91.2%						68.6%
Policy acquisition cost and administrative expense ratio	C/E		20.4%			26.3%			4.9%			36.4%			30.2%						24.8%

P&C combined ratio			90.1%			94.3%			89.9%			92.2%			121.4%						93.4%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		62.3%			50.7%			84.0%			49.8%			52.0%						60.1%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.1%			26.3%			4.9%			36.4%			31.5%						24.7%

CAY P&C combined ratio ex Cats			82.4%			77.0%			88.9%			86.2%			83.5%						84.8%


Combined ratio
Combined ratio																					93.3%
Add: impact of gains and losses on crop derivatives																					0.1%

P&C combined ratio																					93.4%


Reconciliation Non-GAAP 6		Page 34

Chubb Limited

Non-GAAP Financial Measures - 7

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)


		North			North			North
		America			America			America			Overseas
		Commercial P&C			Personal P&C			Agricultural			General			Global						Total
YTD 2021		Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C
Numerator
Losses and loss expenses
Losses and loss expenses		$	7,740		$	2,341		$	1,546		$	3,936		$	422		$	141		$	16,126
Realized (gains) losses on crop derivatives			-			-			8			-			-			-			8

Adjusted losses and loss expenses	A	$	7,740		$	2,341		$	1,554		$	3,936		$	422		$	141		$	16,134

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(999	)		(698	)		(20	)		(278	)		(131	)		-			(2,126	)
Reinstatement premiums collected (expensed) on catastrophe losses			-			(16	)		-			-			18			-			2

Catastrophe losses, gross of related adjustments			(999	)		(682	)		(20	)		(278	)		(149	)		-			(2,128	)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			440			266			(5	)		209			11			(140	)		781
Net premiums earned adjustments on PPD - unfavorable (favorable)			67			-			(2	)		-			-			-			65
Expense adjustments - unfavorable (favorable)			6			-			-			-			-			-			6
PPD reinstatement premiums - unfavorable (favorable)			6			(1	)		-			7			4			-			16

PPD, gross of related adjustments - favorable (unfavorable)			519			265			(7	)		216			15			(140	)		868

CAY loss and loss expense ex Cats	B	$	7,260		$	1,924		$	1,527		$	3,874		$	288		$	1		$	14,874

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	2,312		$	946		$	110		$	2,881		$	174		$	258		$	6,681
Expense adjustments - favorable (unfavorable)			(6	)		-			-			-			-			-			(6	)

Policy acquisition costs and administrative expenses, adjusted	D	$	2,306		$	946		$	110		$	2,881		$	174		$	258		$	6,675


Denominator
Net premiums earned	E	$	11,431		$	3,652		$	1,858		$	7,721		$	583					$	25,245
Reinstatement premiums (collected) expensed on catastrophe losses			-			16			-			-			(18	)					(2	)
Net premiums earned adjustments on PPD - unfavorable (favorable)			67			-			(2	)		-			-						65
PPD reinstatement premiums - unfavorable (favorable)			6			(1	)		-			7			4						16

Net premiums earned excluding adjustments	F	$	11,504		$	3,667		$	1,856		$	7,728		$	569					$	25,324


P&C combined ratio
Loss and loss expense ratio	A/E		67.7%			64.1%			83.6%			51.0%			72.4%						63.9%
Policy acquisition cost and administrative expense ratio	C/E		20.2%			25.9%			6.0%			37.3%			29.8%						26.5%

P&C combined ratio			87.9%			90.0%			89.6%			88.3%			102.2%						90.4%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		63.1%			52.5%			82.3%			50.1%			50.5%						58.7%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.1%			25.8%			5.9%			37.3%			30.5%						26.4%

CAY P&C combined ratio ex Cats			83.2%			78.3%			88.2%			87.4%			81.0%						85.1%


Combined ratio
Combined ratio																					90.4%
Add: impact of gains and losses on crop derivatives																					0.0%

P&C combined ratio																					90.4%


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