Enhanced Investments - Financial Portal

Published: 2022-07-26 00:00:00 ET

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Exhibit 99.2

LOGO

Chubb Limited

Financial Supplement

for the Quarter Ended June 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 June 30									Constant $		Constant $			Six months ended June 30									Constant $		Constant $
	2022			2021			% Change			2021		% Change			2022			2021			% Change			2021		% Change
Gross premiums written	$	13,047		$	11,860			10.0	%	$	11,660		11.9	%	$	24,551		$	22,405			9.6	%	$	22,032		11.4	%
Net premiums written	$	10,302		$	9,546			7.9	%	$	9,368		10.0	%	$	19,501		$	18,208			7.1	%	$	17,879		9.1	%
P&C net premiums written	$	9,731		$	8,931			9.0	%	$	8,769		11.0	%	$	18,344		$	16,973			8.1	%	$	16,673		10.0	%
Global P&C net premiums written	$	8,993		$	8,419			6.8	%	$	8,257		8.9	%	$	17,544		$	16,278			7.8	%	$	15,978		9.8	%
Net premiums earned	$	9,557		$	8,813			8.4	%	$	8,634		10.7	%	$	18,303		$	17,034			7.4	%	$	16,729		9.4	%
Net investment income	$	888		$	884			0.4	%	$	879		1.0	%	$	1,710		$	1,747			-2.1	%	$	1,737		-1.6	%
Adjusted net investment income	$	950		$	945			0.5	%	$	940		1.1	%	$	1,851		$	1,875			-1.3	%	$	1,865		-0.7	%
P&C underwriting income	$	1,441		$	1,191			21.1	%	$	1,152		25.1	%	$	2,724		$	1,813			50.3	%	$	1,756		55.1	%
P&C CAY underwriting income ex Cats	$	1,485		$	1,203			23.5	%	$	1,172		26.7	%	$	2,861		$	2,333			22.6	%	$	2,284		25.3	%
Core operating income	$	1,787		$	1,621			10.3	%	$	1,587		12.7	%	$	3,427		$	2,763			24.0	%	$	2,712		26.4	%
Net income	$	1,215		$	2,265			-46.4	%						$	3,189		$	4,565			-30.1	%
Operating cash flow	$	2,720		$	3,122										$	5,160		$	5,227
P&C combined ratio
Loss and loss expense ratio		58.3	%		58.7	%										57.4	%		61.1	%
Policy acquisition cost and administrative expense ratio		25.7	%		26.8	%										26.8	%		27.5	%

Combined ratio		84.0	%		85.5	%										84.2	%		88.6	%
P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)
CAY loss and loss expense ratio ex Cats		57.8	%		58.6	%										57.1	%		57.9	%
CAY policy acquisition cost and administrative expense ratio ex Cats		25.7	%		26.8	%										26.4	%		27.4	%

CAY combined ratio ex Cats		83.5	%		85.4	%										83.5	%		85.3	%
Global P&C CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		56.3	%		57.5	%										56.2	%		57.2	%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.1	%		27.8	%										27.3	%		28.1	%

CAY combined ratio ex Cats		83.4	%		85.3	%										83.5	%		85.3	%
ROE		9.0	%		15.2	%										11.5	%		15.3	%
Core operating return on tangible equity (ROTE)		18.6	%		17.7	%										18.0	%		15.4	%
Core operating return on equity (ROE)		12.4	%		11.5	%										11.9	%		9.9	%
Effective tax rate		19.4	%		12.3	%										16.9	%		12.5	%
Core operating effective tax rate		17.7	%		15.8	%										17.3	%		15.7	%
Diluted earnings per share
Net income	$	2.86		$	5.06			-43.5	%						$	7.46		$	10.13			-26.4	%
Core operating income	$	4.20		$	3.62			16.0	%						$	8.01		$	6.13			30.7	%
Weighted average basic common shares outstanding		421.6			445.1											423.7			447.8
Weighted average diluted common shares outstanding		425.4			448.0											427.7			450.7

							% Change					% Change
	June 30			March 31			2Q-22 vs.			December 31		2Q-22 vs.
	2022			2022			1Q-22			2021		4Q-21
Book value per common share	$	123.46		$	133.82			-7.7	%	$	139.99		-11.8	%
Tangible book value per common share	$	77.71		$	87.93			-11.6	%	$	94.38		-17.7	%


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	2Q-22			1Q-22			4Q-21			3Q-21			2Q-21			2022			2021			2021
Gross premiums written	$	13,047		$	11,504		$	11,320		$	13,055		$	11,860		$	24,551		$	22,405		$	46,780
Net premiums written		10,302			9,199			9,150			10,510			9,546			19,501			18,208			37,868
Net premiums earned		9,557			8,746			9,321			10,000			8,813			18,303			17,034			36,355
Adjusted losses and loss expenses ⁽¹⁾		5,399			4,786			5,292			6,639			5,003			10,185			10,057			21,988
Realized (gains) losses on crop derivatives		(9	)		(1	)		—			10			(3	)		(10	)		(2	)		8

Losses and loss expenses		5,408			4,787			5,292			6,629			5,006			10,195			10,059			21,980
Adjusted policy benefits ⁽²⁾		177			176			199			175			170			353			333			707
Gains (losses) from fair value changes in separate account liabilities		18			31			3			24			(15	)		49			(19	)		8

Policy benefits		159			145			196			151			185			304			352			699
Policy acquisition costs		1,739			1,737			1,777			1,778			1,698			3,476			3,363			6,918
Administrative expenses		818			778			811			806			775			1,596			1,519			3,136
Adjusted net investment income ⁽³⁾		950			901			904			940			945			1,851			1,875			3,719
Other (income) expense from private equity partnerships		(48	)		(63	)		(44	)		(55	)		(39	)		(111	)		(80	)		(179	)
Amortization expense of fair value adjustment on acquired invested assets		(14	)		(16	)		(17	)		(19	)		(22	)		(30	)		(48	)		(84	)

Net investment income		888			822			843			866			884			1,710			1,747			3,456
Adjusted realized gains (losses) ⁽⁴⁾		(513	)		100			319			(11	)		(36	)		(413	)		852			1,160
Realized gains (losses) on crop derivatives		9			1			—			(10	)		3			10			2			(8	)

Net realized gains (losses)		(504	)		101			319			(21	)		(33	)		(403	)		854			1,152
Adjusted interest expense ⁽⁵⁾		139			137			131			127			127			276			254			512
Amortization benefit of fair value adjustment on acquired long term debt		(5	)		(5	)		(5	)		(5	)		(5	)		(10	)		(10	)		(20	)

Interest expense		134			132			126			122			122			266			244			492
Gains (losses) from fair value changes in separate account assets		(18	)		(31	)		(3	)		(24	)		15			(49	)		19			(8	)
Net realized gains (losses) related to unconsolidated entities		(138	)		267			280			725			710			129			1,129			2,134
Other income (expense) from private equity partnerships		48			63			44			55			39			111			80			179
Other income (expense) - operating		7			11			14			7			13			18			39			60

Other income (expense)		(101	)		310			335			763			777			209			1,267			2,365
Amortization expense of purchased intangibles		71			71			71			71			73			142			145			287
Cigna integration expenses		3			—			—			—			—			3			—			—
Income tax expense		293			355			404			218			317			648			655			1,277

Net income	$	1,215		$	1,974		$	2,141		$	1,833		$	2,265		$	3,189		$	4,565		$	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	2Q-22			1Q-22			4Q-21			3Q-21			2Q-21			2022			2021			2021
P&C underwriting income (Including Corporate and excluding Life Insurance)
Gross premiums written	$	12,437		$	10,885		$	10,646		$	12,409		$	11,208		$	23,322		$	21,098		$	44,153
Net premiums written		9,731			8,613			8,517			9,901			8,931			18,344			16,973			35,391
Net premiums earned		9,010			8,195			8,708			9,411			8,208			17,205			15,834			33,953
Adjusted losses and loss expenses		5,251			4,632			5,114			6,460			4,818			9,883			9,674			21,248
Policy acquisition costs		1,588			1,586			1,603			1,610			1,507			3,174			2,993			6,206
Administrative expenses		730			694			725			724			692			1,424			1,354			2,803

P&C underwriting income	$	1,441		$	1,283		$	1,266		$	617		$	1,191		$	2,724		$	1,813		$	3,696

P&C CAY underwriting income ex Cats	$	1,485		$	1,376		$	1,396		$	1,442		$	1,203		$	2,861		$	2,333		$	5,171
% Change versus prior year period
Net premiums written		9.0	%		7.1	%		9.6	%		16.9	%		15.5	%		8.1	%		12.6	%		13.0	%
Net premiums written - Commercial		10.6	%		7.9	%		12.9	%		22.0	%		19.9	%		9.3	%		17.8	%		17.7	%
Net premiums written - Consumer		4.8	%		5.2	%		2.2	%		4.0	%		5.6	%		5.0	%		1.6	%		2.3	%
Net premiums earned		9.8	%		7.5	%		11.8	%		15.2	%		9.1	%		8.7	%		7.8	%		10.8	%
Net premiums written constant $		11.0	%		9.0	%		9.3	%		15.4	%		12.7	%		10.0	%		10.5	%		11.5	%
Net premiums written - Commercial		12.1	%		9.4	%		12.5	%		20.7	%		17.6	%		10.9	%		15.8	%		16.4	%
Net premiums written - Consumer		8.0	%		7.9	%		2.0	%		1.8	%		2.1	%		7.9	%		-0.9	%		0.5	%
Net premiums earned constant $		12.0	%		9.1	%		11.6	%		13.7	%		6.3	%		10.6	%		5.8	%		9.4	%
P&C combined ratio
Loss and loss expense ratio		58.3	%		56.5	%		58.7	%		68.6	%		58.7	%		57.4	%		61.1	%		62.6	%
Policy acquisition cost ratio		17.6	%		19.3	%		18.4	%		17.1	%		18.4	%		18.5	%		18.9	%		18.3	%
Administrative expense ratio		8.1	%		8.5	%		8.4	%		7.7	%		8.4	%		8.3	%		8.6	%		8.2	%

Combined ratio		84.0	%		84.3	%		85.5	%		93.4	%		85.5	%		84.2	%		88.6	%		89.1	%

CAY P&C combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		57.8	%		56.3	%		57.0	%		60.1	%		58.6	%		57.1	%		57.9	%		58.3	%
CAY policy acquisition cost and administrative expense ratio ex Cats		25.7	%		27.2	%		26.9	%		24.7	%		26.8	%		26.4	%		27.4	%		26.5	%

CAY combined ratio ex Cats		83.5	%		83.5	%		83.9	%		84.8	%		85.4	%		83.5	%		85.3	%		84.8	%

Other ratios
Net premiums written/gross premiums written		78	%		79	%		80	%		80	%		80	%		79	%		80	%		80	%
Expense ratio		25.7	%		27.8	%		26.8	%		24.8	%		26.8	%		26.8	%		27.5	%		26.5	%
Expense ratio excluding A&H		24.1	%		26.2	%		25.1	%		23.1	%		25.1	%		25.1	%		25.7	%		24.8	%
Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	—		$	—		$	8		$	12		$	8		$	—		$	(10	)	$	10
Catastrophe losses - pre-tax	$	291		$	333		$	283		$	1,158		$	288		$	624		$	970		$	2,411
Favorable prior period development (PPD) - pre-tax	$	(247	)	$	(240	)	$	(145	)	$	(321	)	$	(268	)	$	(487	)	$	(460	)	$	(926	)
Impact of catastrophe losses on P&C combined ratio - Unfavorable		3.2	%		4.0	%		3.2	%		12.2	%		3.4	%		3.6	%		6.2	%		7.1	%
Impact of PPD on P&C combined ratio - Favorable		-2.7	%		-3.2	%		-1.6	%		-3.6	%		-3.3	%		-2.9	%		-2.9	%		-2.8	%
Impact of Cats and PPD on P&C combined ratio - Unfavorable		0.5	%		0.8	%		1.6	%		8.6	%		0.1	%		0.7	%		3.3	%		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.


Global P&C (Including Corporate and excluding Agriculture)	2Q-22			1Q-22			4Q-21			3Q-21			2Q-21			YTD 2022			YTD 2021			Full Year 2021
Global P&C underwriting income
Gross premiums written	$	11,379		$	10,569		$	10,275		$	10,396		$	10,502		$	21,948		$	20,126		$	40,797
Net premiums written		8,993			8,551			8,239			8,486			8,419			17,544			16,278			33,003
Net premiums earned		8,437			8,224			8,228			8,073			7,798			16,661			15,314			31,615
Adjusted losses and loss expenses		4,773			4,724			4,706			5,322			4,487			9,497			9,258			19,286
Policy acquisition costs		1,557			1,574			1,579			1,549			1,480			3,131			2,954			6,082
Administrative expenses		728			695			738			720			689			1,423			1,348			2,806

Global P&C underwriting income	$	1,379		$	1,231		$	1,205		$	482		$	1,142		$	2,610		$	1,754		$	3,441

Global P&C CAY underwriting income ex Cats	$	1,402		$	1,350		$	1,310		$	1,292		$	1,150		$	2,752		$	2,264		$	4,866
% Change versus prior year period
Net premiums written		6.8	%		8.8	%		9.5	%		13.4	%		15.7	%		7.8	%		12.6	%		12.0	%
Net premiums written - Commercial		7.7	%		10.3	%		12.8	%		17.8	%		20.7	%		9.0	%		18.1	%		16.7	%
Net premiums written - Consumer		4.8	%		5.2	%		2.2	%		4.0	%		5.6	%		5.0	%		1.6	%		2.3	%
Net premiums earned		8.2	%		9.4	%		11.1	%		12.2	%		9.1	%		8.8	%		7.8	%		9.7	%
Net premiums written constant $		8.9	%		10.7	%		9.2	%		11.7	%		12.9	%		9.8	%		10.4	%		10.4	%
Net premiums written - Commercial		9.3	%		11.9	%		12.4	%		16.4	%		18.2	%		10.6	%		16.1	%		15.2	%
Net premiums written - Consumer		8.0	%		7.9	%		2.0	%		1.8	%		2.1	%		7.9	%		-0.9	%		0.5	%
Net premiums earned constant $		10.5	%		11.1	%		10.9	%		10.5	%		6.2	%		10.8	%		5.6	%		8.2	%
Combined ratio
Loss and loss expense ratio		56.6	%		57.4	%		57.2	%		65.9	%		57.5	%		57.0	%		60.5	%		61.0	%
Policy acquisition cost ratio		18.5	%		19.1	%		19.2	%		19.2	%		19.0	%		18.8	%		19.2	%		19.2	%
Administrative expense ratio		8.6	%		8.5	%		9.0	%		8.9	%		8.9	%		8.5	%		8.8	%		8.9	%

Combined ratio		83.7	%		85.0	%		85.4	%		94.0	%		85.4	%		84.3	%		88.5	%		89.1	%

CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		56.3	%		56.1	%		55.8	%		56.2	%		57.5	%		56.2	%		57.2	%		56.6	%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.1	%		27.5	%		28.3	%		27.9	%		27.8	%		27.3	%		28.1	%		28.0	%

CAY combined ratio ex Cats		83.4	%		83.6	%		84.1	%		84.1	%		85.3	%		83.5	%		85.3	%		84.6	%

Other ratios
Net premiums written/gross premiums written		79	%		81	%		80	%		82	%		80	%		80	%		81	%		81	%
Expense ratio		27.1	%		27.6	%		28.2	%		28.1	%		27.9	%		27.3	%		28.0	%		28.1	%
Expense ratio excluding A&H		25.4	%		26.0	%		26.5	%		26.4	%		26.1	%		25.7	%		26.4	%		26.4	%
Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	—		$	—		$	10		$	12		$	8		$	—		$	(10	)	$	12
Catastrophe losses - pre-tax	$	270		$	333		$	265		$	1,150		$	284		$	603		$	958		$	2,373
Favorable prior period development (PPD) - pre-tax	$	(247	)	$	(214	)	$	(150	)	$	(328	)	$	(268	)	$	(461	)	$	(458	)	$	(936	)


Global P&C				Page 4

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)


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

		109,849			118,247			122,323
Cash		7,122			1,734			1,659
Securities lending collateral		1,658			1,800			1,831
Insurance and reinsurance balances receivable		12,758			11,452			11,322
Reinsurance recoverable on losses and loss expenses		17,777			17,761			17,366
Deferred policy acquisition costs		5,602			5,587			5,513
Value of business acquired		221			231			236
Prepaid reinsurance premiums		3,356			3,068			3,028
Goodwill and other intangible assets		20,317			20,643			20,668
Deferred tax assets		564			333			—
Investments in partially-owned insurance companies		3,002			3,161			3,130
Other assets		13,425			13,973			12,978

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

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

Total liabilities		143,984			141,292			140,340
Shareholders’ equity
Total shareholders’ equity, excl. AOCI		59,942			60,102			59,364
Accumulated other comprehensive income (loss) (AOCI)		(8,275	)		(3,404	)		350

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

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

Book value per common share	$	123.46		$	133.82		$	139.99
% change over prior quarter		-7.7	%		-4.4	%		1.7	%
Tangible book value per common share	$	77.71		$	87.93		$	94.38
% change over prior quarter		-11.6	%		-6.8	%		2.7	%
Book value per common share, excl. AOCI	$	143.24		$	141.86		$	139.16
% change over prior quarter		1.0	%		1.9	%		2.8	%
Tangible book value per common share, excl. AOCI	$	95.31		$	94.39		$	91.85
% change over prior quarter		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 $
	2Q-22		2Q-21		% Change			% Change			2022		2021		% Change			% Change
Net premiums written
Commercial multiple peril⁽¹⁾	$	341	$	316		8.2	%		8.2	%	$	631	$	579		9.0	%		9.0	%
Commercial casualty		1,773		1,609		10.2	%		11.9	%		3,610		3,258		10.8	%		12.4	%
Workers’ compensation		546		546		-0.1	%		-0.1	%		1,149		1,109		3.6	%		3.6	%
Financial lines		1,275		1,263		0.9	%		2.6	%		2,457		2,353		4.4	%		6.1	%
Surety		172		138		24.1	%		24.9	%		325		296		9.6	%		10.8	%
Property and other short-tail lines		1,970		1,740		13.2	%		15.8	%		3,747		3,334		12.4	%		15.1	%

Total Commercial P&C lines		6,077		5,612		8.3	%		9.9	%		11,919		10,929		9.1	%		10.7	%
Agriculture		738		512		44.0	%		44.0	%		800		695		15.1	%		15.1	%
Personal automobile		423		364		16.2	%		17.6	%		835		751		11.2	%		13.2	%
Personal homeowners		1,057		1,025		3.2	%		4.0	%		1,887		1,800		4.9	%		5.6	%
Personal other		460		464		-0.8	%		4.2	%		955		932		2.4	%		6.4	%

Total Personal lines		1,940		1,853		4.7	%		6.7	%		3,677		3,483		5.6	%		7.4	%
Total Property and Casualty lines		8,755		7,977		9.8	%		11.4	%		16,396		15,107		8.5	%		10.2	%
Global A&H lines ⁽²⁾		958		951		0.7	%		5.3	%		1,933		1,933		0.0	%		4.0	%
Reinsurance lines		262		274		-4.0	%		-3.2	%		515		481		7.2	%		7.9	%
Life		327		344		-4.9	%		-1.0	%		657		687		-4.5	%		-0.6	%

Total consolidated	$	10,302	$	9,546		7.9	%		10.0	%	$	19,501	$	18,208		7.1	%		9.1	%

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

(2)

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


Line of Business				Page 6

Chubb Limited

Consolidated Results - Three months ended June 30, 2022

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

(Unaudited)


	North			North			North
	America			America			America			Overseas
	Commercial P&C			Personal P&C			Agricultural			General			Global						Total			Life			Total
Q2 2022	Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C			Insurance			Consolidated
Net premiums written	$	4,665		$	1,426		$	738		$	2,640		$	262		$	—		$	9,731		$	571		$	10,302
Net premiums earned		4,248			1,271			573			2,696			222			—			9,010			547			9,557
Adjusted losses and loss expenses		2,446			773			478			1,224			139			191			5,251			148			5,399
Adjusted policy benefits		—			—			—			—			—			—			—			177			177
Policy acquisition costs		545			258			31			697			57			—			1,588			151			1,739
Administrative expenses		277			73			2			278			10			90			730			88			818

Underwriting income (loss)		980			167			62			497			16			(281	)		1,441			(17	)		1,424
Adjusted net investment income		522			64			7			162			76			10			841			109			950
Other income (expense) - operating		—			(1	)		—			(3	)		(1	)		—			(5	)		12			7
Amortization expense of purchased intangibles		—			(3	)		(6	)		(14	)		—			(45	)		(68	)		(3	)		(71	)

Segment income (loss)	$	1,502		$	227		$	63		$	642		$	91		$	(316	)	$	2,209		$	101		$	2,310

Adjusted interest expense																	(139	)								(139	)
Income tax expense																	(384	)								(384	)

Core operating income (loss)																	(839	)								1,787
Cigna integration expenses, net of $1 million tax benefit																	(2	)								(2	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $4 million tax benefit																	(5	)								(5	)
Adjusted net realized gains (losses), net of $86 million tax benefit⁽¹⁾																	(565	)								(565	)

Net income (loss)																$	(1,411	)							$	1,215

Combined ratio		76.9	%		86.9	%		89.1	%		81.6	%		92.8	%					84.0	%
CAY combined ratio ex Cats		80.8	%		79.7	%		85.4	%		86.2	%		80.4	%					83.5	%

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


Consol Results - QTD 2022				Page 7

Chubb Limited

Consolidated Results - Six months ended June 30, 2022

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

(Unaudited)


	North			North			North
	America			America			America			Overseas
	Commercial P&C			Personal P&C			Agricultural			General			Global						Total			Life			Total
YTD 2022	Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C			Insurance			Consolidated
Net premiums written	$	8,704		$	2,606		$	800		$	5,719		$	515		$	—		$	18,344		$	1,157		$	19,501
Net premiums earned		8,362			2,518			544			5,324			457			—			17,205			1,098			18,303
Adjusted losses and loss expenses		4,943			1,486			386			2,613			254			201			9,883			302			10,185
Adjusted policy benefits		—			—			—			—			—			—			—			353			353
Policy acquisition costs		1,118			518			43			1,376			119			—			3,174			302			3,476
Administrative expenses		542			142			1			547			19			173			1,424			172			1,596

Underwriting income (loss)		1,759			372			114			788			65			(374	)		2,724			(31	)		2,693
Adjusted net investment income		1,011			123			14			309			161			21			1,639			212			1,851
Other income (expense) - operating		(6	)		(2	)		—			(5	)		(1	)		(8	)		(22	)		40			18
Amortization expense of purchased intangibles		—			(5	)		(13	)		(28	)		—			(91	)		(137	)		(5	)		(142	)

Segment income (loss)	$	2,764		$	488		$	115		$	1,064		$	225		$	(452	)	$	4,204		$	216		$	4,420

Adjusted interest expense																	(276	)								(276	)
Income tax expense																	(717	)								(717	)

Core operating income (loss)																	(1,445	)								3,427
Cigna integration expenses, net of $1 million tax benefit																	(2	)								(2	)
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of $6 million tax benefit																	(14	)								(14	)
Adjusted net realized gains (losses), net of $62 million tax benefit⁽¹⁾																	(222	)								(222	)

Net income (loss)																$	(1,683	)							$	3,189

Combined ratio		79.0	%		85.2	%		79.0	%		85.2	%		85.7	%					84.2	%
CAY combined ratio ex Cats		81.2	%		79.7	%		84.3	%		85.8	%		80.1	%					83.5	%

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


Consol Results - YTD 2022				Page 8

Chubb Limited

Consolidated Results - Three months ended June 30, 2021

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

(Unaudited)


	North			North			North
	America			America			America			Overseas
	Commercial P&C			Personal P&C			Agricultural			General			Global						Total			Life			Total
Q2 2021	Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C			Insurance			Consolidated
Net premiums written	$	4,285		$	1,363		$	512		$	2,497		$	274		$	—		$	8,931		$	615		$	9,546
Net premiums earned		3,803			1,224			410			2,579			192			—			8,208			605			8,813
Adjusted losses and loss expenses		2,426			676			331			1,186			110			89			4,818			185			5,003
Adjusted policy benefits		—			—			—			—			—			—			—			170			170
Policy acquisition costs		489			245			27			699			47			—			1,507			191			1,698
Administrative expenses		245			67			3			279			10			88			692			83			775

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

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

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

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

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

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

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


Consol Results - QTD 2021				Page 9

Chubb Limited

Consolidated Results - Six months ended June 30, 2021

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

(Unaudited)


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

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

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

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

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

Net income																$	688								$	4,565

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

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


Consol Results - YTD 2021				Page 10

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)


North America Commercial P&C Insurance	2Q-22			1Q-22			4Q-21			3Q-21			2Q-21			YTD 2022			YTD 2021			Full Year 2021
Gross premiums written	$	6,078		$	5,132		$	5,347		$	5,471		$	5,456		$	11,210		$	10,001		$	20,819
Net premiums written		4,665			4,039			4,097			4,369			4,285			8,704			7,949			16,415
Net premiums earned		4,248			4,114			4,030			3,954			3,803			8,362			7,477			15,461
Losses and loss expenses		2,446			2,497			2,275			2,754			2,426			4,943			4,986			10,015
Policy acquisition costs		545			573			542			537			489			1,118			1,003			2,082
Administrative expenses		277			265			280			273			245			542			499			1,052

Underwriting income		980			779			933			390			643			1,759			989			2,312
Adjusted net investment income		522			489			496			507			535			1,011			1,075			2,078
Other income (expense) - operating		—			(6	)		(7	)		(8	)		(14	)		(6	)		(16	)		(31	)

Segment income	$	1,502		$	1,262		$	1,422		$	889		$	1,164		$	2,764		$	2,048		$	4,359

CAY underwriting income ex Cats	$	817		$	752		$	724		$	705		$	652		$	1,569		$	1,233		$	2,662
Combined ratio
Loss and loss expense ratio		57.6	%		60.7	%		56.4	%		69.7	%		63.8	%		59.1	%		66.7	%		64.8	%
Policy acquisition cost ratio		12.8	%		13.9	%		13.4	%		13.5	%		12.9	%		13.4	%		13.4	%		13.4	%
Administrative expense ratio		6.5	%		6.5	%		7.0	%		6.9	%		6.4	%		6.5	%		6.7	%		6.8	%

Combined ratio		76.9	%		81.1	%		76.8	%		90.1	%		83.1	%		79.0	%		86.8	%		85.0	%

CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		61.4	%		61.5	%		61.6	%		62.3	%		63.7	%		61.5	%		63.6	%		62.7	%
CAY policy acquisition cost and administrative expense ratio ex Cats		19.4	%		20.2	%		20.4	%		20.1	%		19.2	%		19.7	%		20.0	%		20.2	%

CAY combined ratio ex Cats		80.8	%		81.7	%		82.0	%		82.4	%		82.9	%		81.2	%		83.6	%		82.9	%

Catastrophe losses - pre-tax	$	124		$	81		$	113		$	472		$	165		$	205		$	527		$	1,112
Favorable prior period development (PPD) - pre-tax	$	(287	)	$	(108	)	$	(322	)	$	(157	)	$	(156	)	$	(395	)	$	(283	)	$	(762	)
% Change versus prior year period
Net premiums written		8.9	%		10.2	%		10.0	%		15.6	%		15.2	%		9.5	%		14.0	%		13.4	%
Net premiums written - Commercial		8.7	%		10.5	%		11.0	%		16.6	%		16.3	%		9.6	%		15.6	%		14.6	%
Net premiums written - Consumer		11.6	%		4.4	%		-12.8	%		-3.9	%		-8.9	%		7.9	%		-14.1	%		-11.3	%
Net premiums earned		11.7	%		12.0	%		14.0	%		14.4	%		5.8	%		11.8	%		7.3	%		10.7	%
Other ratios
Net premiums written/gross premiums written		77	%		79	%		77	%		80	%		79	%		78	%		79	%		79	%
Production - Net premiums written
Commercial P&C excluding A&H⁽¹⁾
Major Accounts & Specialty	$	2,743		$	2,195		$	2,331		$	2,485		$	2,487		$	4,938		$	4,491		$	9,307
Commercial		1,752			1,677			1,625			1,722			1,646			3,429			3,146			6,493
A&H (Consumer)		170			167			141			162			152			337			312			615

Total	$	4,665		$	4,039		$	4,097		$	4,369		$	4,285		$	8,704		$	7,949		$	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	2Q-22			1Q-22			4Q-21			3Q-21			2Q-21			YTD 2022			YTD 2021			Full Year 2021
Gross premiums written	$	1,626		$	1,350		$	1,421		$	1,480		$	1,544		$	2,976		$	2,819		$	5,720
Net premiums written		1,426			1,180			1,241			1,300			1,363			2,606			2,461			5,002
Net premiums earned		1,271			1,247			1,263			1,244			1,224			2,518			2,408			4,915
Losses and loss expenses		773			713			583			846			676			1,486			1,495			2,924
Policy acquisition costs		258			260			255			254			245			518			492			1,001
Administrative expenses		73			69			76			73			67			142			127			276

Underwriting income		167			205			349			71			236			372			294			714
Net investment income		64			59			60			60			64			123			129			249
Other income (expense) - operating		(1	)		(1	)		(1	)		(1	)		5			(2	)		4			2
Amortization expense of purchased intangibles		(3	)		(2	)		(2	)		(2	)		(3	)		(5	)		(6	)		(10	)

Segment income	$	227		$	261		$	406		$	128		$	302		$	488		$	421		$	955

CAY underwriting income ex Cats	$	259		$	254		$	291		$	286		$	253		$	513		$	511		$	1,088
Combined ratio
Loss and loss expense ratio		60.8	%		57.2	%		46.1	%		68.0	%		55.2	%		59.0	%		62.1	%		59.5	%
Policy acquisition cost ratio		20.3	%		20.8	%		20.2	%		20.4	%		20.0	%		20.5	%		20.4	%		20.4	%
Administrative expense ratio		5.8	%		5.5	%		6.0	%		5.9	%		5.5	%		5.7	%		5.3	%		5.6	%

Combined ratio		86.9	%		83.5	%		72.3	%		94.3	%		80.7	%		85.2	%		87.8	%		85.5	%

CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		53.6	%		53.3	%		50.8	%		50.7	%		53.6	%		53.4	%		53.4	%		52.0	%
CAY policy acquisition cost and administrative expense ratio ex Cats		26.1	%		26.3	%		26.2	%		26.3	%		25.6	%		26.3	%		25.5	%		25.9	%

CAY combined ratio ex Cats		79.7	%		79.6	%		77.0	%		77.0	%		79.2	%		79.7	%		78.9	%		77.9	%

Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	—		$	—		$	—		$	—		$	7		$	—		$	(16	)	$	(16	)
Unfavorable (favorable) Catastrophe losses - pre-tax	$	95		$	100		$	(19	)	$	397		$	68		$	195		$	285		$	663
Favorable prior period development (PPD) - pre-tax	$	(3	)	$	(51	)	$	(39	)	$	(182	)	$	(44	)	$	(54	)	$	(84	)	$	(305	)
% Change versus prior year period
Net premiums written		4.7	%		7.4	%		3.3	%		1.2	%		2.6	%		5.9	%		1.1	%		1.7	%
Net premiums earned		3.9	%		5.3	%		1.6	%		1.0	%		2.7	%		4.6	%		0.7	%		1.0	%
Other ratios
Net premiums written/gross premiums written		88	%		87	%		87	%		88	%		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	2Q-22			1Q-22			4Q-21			3Q-21			2Q-21			YTD 2022			YTD 2021			Full Year 2021
Gross premiums written	$	1,058		$	316		$	371		$	2,013		$	706		$	1,374		$	972		$	3,356
Net premiums written		738			62			278			1,415			512			800			695			2,388
Net premiums earned		573			(29	)		480			1,338			410			544			520			2,338
Adjusted losses and loss expenses		478			(92	)		408			1,138			331			386			416			1,962
Policy acquisition costs		31			12			24			61			27			43			39			124
Administrative expenses		2			(1	)		(13	)		4			3			1			6			(3	)

Underwriting income		62			52			61			135			49			114			59			255
Net investment income		7			7			7			6			8			14			15			28
Other income (expense) - operating		—			—			(1	)		—			—			—			—			(1	)
Amortization expense of purchased intangibles		(6	)		(7	)		(6	)		(7	)		(6	)		(13	)		(13	)		(26	)

Segment income	$	63		$	52		$	61		$	134		$	51		$	115		$	61		$	256

CAY underwriting income ex Cats	$	83		$	26		$	86		$	150		$	53		$	109		$	69		$	305
Combined ratio
Loss and loss expense ratio		83.3	%		NM			85.1	%		85.0	%		80.7	%		70.9	%		80.0	%		83.9	%
Policy acquisition cost ratio		5.4	%		NM			4.9	%		4.6	%		6.7	%		8.0	%		7.6	%		5.3	%
Administrative expense ratio		0.4	%		NM			-2.7	%		0.3	%		0.7	%		0.1	%		1.1	%		-0.1	%

Combined ratio		89.1	%		NM			87.3	%		89.9	%		88.1	%		79.0	%		88.7	%		89.1	%

CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		79.6	%		70.6	%		78.2	%		84.0	%		79.7	%		77.9	%		77.9	%		81.5	%
CAY policy acquisition cost and administrative expense ratio ex Cats		5.8	%		8.9	%		3.0	%		4.9	%		7.4	%		6.4	%		8.7	%		5.3	%

CAY combined ratio ex Cats		85.4	%		79.5	%		81.2	%		88.9	%		87.1	%		84.3	%		86.6	%		86.8	%

Catastrophe reinstatement premiums expensed - pre-tax	$	—		$	—		$	(2	)	$	—		$	—		$	—		$	—		$	(2	)
Catastrophe losses - pre-tax	$	21		$	—		$	18		$	8		$	4		$	21		$	12		$	38
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	—		$	(26	)	$	5		$	7		$	—		$	(26	)	$	(2	)	$	10
% Change versus prior year period
Net premiums written		44.0	%		-65.9	%		14.6	%		43.6	%		11.0	%		15.1	%		12.4	%		29.3	%
Net premiums earned		39.6	%		NM			25.8	%		37.9	%		8.9	%		4.6	%		10.5	%		28.3	%
Other ratios
Net premiums written/gross premiums written		70	%		20	%		75	%		70	%		72	%		58	%		71	%		71	%


NA Agriculture				Page 13

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)


Overseas General Insurance	2Q-22			1Q-22			4Q-21			3Q-21			2Q-21			YTD 2022			YTD 2021			Full Year 2021
Gross premiums written	$	3,345		$	3,798		$	3,320		$	3,202		$	3,166		$	7,143		$	6,740		$	13,262
Net premiums written		2,640			3,079			2,730			2,596			2,497			5,719			5,387			10,713
Net premiums earned		2,696			2,628			2,720			2,664			2,579			5,324			5,057			10,441
Losses and loss expenses		1,224			1,389			1,207			1,487			1,186			2,613			2,449			5,143
Policy acquisition costs		697			679			729			703			699			1,376			1,367			2,799
Administrative expenses		278			269			267			266			279			547			545			1,078

Underwriting income		497			291			517			208			415			788			696			1,421
Adjusted net investment income		162			147			150			157			149			309			290			597
Other income (expense) - operating		(3	)		(2	)		3			—			(2	)		(5	)		(3	)		—
Amortization expense of purchased intangibles		(14	)		(14	)		(12	)		(11	)		(13	)		(28	)		(25	)		(48	)

Segment income	$	642		$	422		$	658		$	354		$	549		$	1,064		$	958		$	1,970

CAY underwriting income ex Cats	$	373		$	382		$	365		$	368		$	299		$	755		$	605		$	1,338
Combined ratio
Loss and loss expense ratio		45.4	%		52.9	%		44.4	%		55.8	%		46.0	%		49.1	%		48.4	%		49.3	%
Policy acquisition cost ratio		25.9	%		25.8	%		26.8	%		26.4	%		27.1	%		25.8	%		27.0	%		26.8	%
Administrative expense ratio		10.3	%		10.2	%		9.8	%		10.0	%		10.8	%		10.3	%		10.8	%		10.3	%

Combined ratio		81.6	%		88.9	%		81.0	%		92.2	%		83.9	%		85.2	%		86.2	%		86.4	%

CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		50.0	%		49.4	%		50.0	%		49.8	%		50.6	%		49.7	%		50.3	%		50.1	%
CAY policy acquisition cost and administrative expense ratio ex Cats		36.2	%		36.1	%		36.6	%		36.4	%		37.8	%		36.1	%		37.8	%		37.1	%

CAY combined ratio ex Cats		86.2	%		85.5	%		86.6	%		86.2	%		88.4	%		85.8	%		88.1	%		87.2	%

Catastrophe losses - pre-tax	$	49		$	151		$	80		$	188		$	40		$	200		$	90		$	358
Favorable prior period development (PPD) - pre-tax	$	(173	)	$	(60	)	$	(232	)	$	(28	)	$	(156	)	$	(233	)	$	(181	)	$	(441	)
% Change versus prior year period
Net premiums written		5.7	%		6.5	%		10.2	%		15.9	%		23.6	%		6.2	%		16.6	%		14.8	%
Net premiums written - Commercial		7.0	%		8.6	%		15.0	%		20.6	%		32.4	%		7.9	%		25.4	%		21.4	%
Net premiums written - Consumer		3.9	%		3.0	%		3.2	%		9.2	%		12.8	%		3.4	%		5.1	%		5.6	%
Net premiums earned		4.6	%		6.0	%		11.2	%		13.9	%		17.6	%		5.3	%		12.4	%		12.5	%
Net premiums written constant $		12.4	%		11.9	%		9.9	%		11.2	%		15.0	%		12.1	%		10.6	%		10.6	%
Net premiums written - Commercial		13.0	%		13.6	%		14.3	%		16.0	%		23.4	%		13.3	%		18.8	%		16.9	%
Net premiums written - Consumer		11.6	%		9.0	%		3.3	%		4.5	%		4.6	%		10.2	%		-0.1	%		1.8	%
Net premiums earned constant $		11.1	%		11.0	%		11.0	%		9.7	%		9.1	%		11.1	%		6.4	%		8.4	%
Other ratios: Net premiums written/gross premiums written		79	%		81	%		82	%		81	%		79	%		80	%		80	%		81	%

Production by Region - Net premiums written	2Q-22			2Q-21			% Change			Constant $ % Change			YTD 2022			YTD 2021			% Change			Constant $ % Change
Europe, Middle East and Africa	$	1,203		$	1,188			1.3	%		8.7	%	$	2,857		$	2,739			4.3	%		10.4	%
Latin America		549			451			21.5	%		23.2	%		1,154			988			16.8	%		20.5	%
Asia Pacific		690			652			5.6	%		12.5	%		1,333			1,255			6.2	%		12.6	%
Japan		143			162			-11.7	%		0.8	%		258			286			-9.8	%		1.1	%
Other⁽¹⁾		55			44			28.3	%		36.8	%		117			119			-1.7	%		1.7	%

Total	$	2,640		$	2,497			5.7	%		12.4	%	$	5,719		$	5,387			6.2	%		12.1	%

(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	2Q-22			1Q-22			4Q-21			3Q-21			2Q-21			YTD 2022			YTD 2021			Full Year 2021
Gross premiums written	$	330		$	289		$	187		$	243		$	336		$	619		$	566		$	996
Net premiums written		262			253			171			221			274			515			481			873
Net premiums earned		222			235			215			211			192			457			372			798
Losses and loss expenses		139			115			210			192			110			254			230			632
Policy acquisition costs		57			62			53			55			47			119			92			200
Administrative expenses		10			9			8			9			10			19			18			35

Underwriting income (loss)		16			49			(56	)		(45	)		25			65			32			(69	)
Adjusted net investment income		76			85			81			99			81			161			151			331
Other income (expense) - operating		(1	)		—			—			—			—			(1	)		—			—

Segment income	$	91		$	134		$	25		$	54		$	106		$	225		$	183		$	262

CAY underwriting income ex Cats	$	43		$	47		$	39		$	32		$	35		$	90		$	75		$	146
Combined ratio
Loss and loss expense ratio		62.6	%		48.8	%		97.6	%		91.2	%		56.8	%		55.5	%		61.7	%		79.2	%
Policy acquisition cost ratio		25.6	%		26.5	%		24.6	%		26.0	%		24.7	%		26.1	%		24.8	%		25.1	%
Administrative expense ratio		4.6	%		3.7	%		4.0	%		4.2	%		5.1	%		4.1	%		4.8	%		4.4	%

Combined ratio		92.8	%		79.0	%		126.2	%		121.4	%		86.6	%		85.7	%		91.3	%		108.7	%

CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		49.7	%		49.9	%		51.3	%		52.0	%		50.9	%		49.8	%		49.6	%		50.7	%
CAY policy acquisition cost and administrative expense ratio ex Cats		30.7	%		30.0	%		30.3	%		31.5	%		30.3	%		30.3	%		30.0	%		30.5	%

CAY combined ratio ex Cats		80.4	%		79.9	%		81.6	%		83.5	%		81.2	%		80.1	%		79.6	%		81.2	%

Catastrophe reinstatement premiums collected - pre-tax	$	—		$	—		$	10		$	12		$	1		$	—		$	6		$	28
Catastrophe losses - pre-tax	$	2		$	1		$	91		$	93		$	11		$	3		$	56		$	240
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	25		$	(3	)	$	14		$	(4	)	$	—		$	22		$	(7	)	$	3
% Change versus prior year period
Net premiums written as reported		-4.0	%		22.0	%		36.9	%		22.3	%		32.4	%		7.2	%		13.1	%		19.5	%
Net premiums earned as reported		15.2	%		30.8	%		20.6	%		23.8	%		17.8	%		22.7	%		6.6	%		14.3	%
Net premiums written constant $		-3.2	%		22.4	%		35.9	%		20.6	%		30.7	%		7.9	%		11.7	%		18.0	%
Net premiums earned constant $		17.2	%		32.1	%		19.9	%		21.8	%		15.1	%		24.4	%		4.8	%		12.8	%
Other ratios
Net premiums written/gross premiums written		80	%		87	%		91	%		91	%		81	%		83	%		85	%		88	%


Global Reinsurance				Page 15

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)


Life Insurance	2Q-22			1Q-22			4Q-21			3Q-21			2Q-21			YTD 2022			YTD 2021			Full Year 2021
Gross premiums written	$	610		$	619		$	674		$	646		$	652		$	1,229		$	1,307		$	2,627
Net premiums written		571			586			633			609			615			1,157			1,235			2,477
Net premiums earned		547			551			613			589			605			1,098			1,200			2,402
Losses and loss expenses		148			154			178			179			185			302			383			740
Adjusted policy benefits		177			176			199			175			170			353			333			707
Policy acquisition costs		151			151			174			168			191			302			370			712
Administrative expenses		88			84			86			82			83			172			165			333
Net investment income		109			103			106			102			101			212			199			407

Life Insurance underwriting income⁽¹⁾		92			89			82			87			77			181			148			317
Other income (expense) - operating		12			28			27			19			26			40			60			106
Amortization expense of purchased intangibles		(3	)		(2	)		(1	)		(2	)		(1	)		(5	)		(2	)		(5	)

Segment income	$	101		$	115		$	108		$	104		$	102		$	216		$	206		$	418

% Change versus prior year period
Net premiums written		-7.2	%		-5.5	%		-1.3	%		0.0	%		-0.7	%		-6.4	%		-2.3	%		-1.5	%
Net premiums earned		-9.6	%		-7.5	%		-4.9	%		-1.6	%		-0.4	%		-8.5	%		-3.1	%		-3.2	%
Net premiums written constant $		-4.9	%		-3.5	%		-1.0	%		-1.4	%		-4.0	%		-4.2	%		-4.3	%		-2.8	%
Net premiums earned constant $		-7.2	%		-5.4	%		-4.7	%		-3.0	%		-3.7	%		-6.3	%		-5.2	%		-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):

										Constant $			YTD			YTD						Constant $
	2Q-22			2Q-21			% Change			% Change			2022			2021			% Change			% Change
International life insurance net premiums written	$	308		$	324			-4.9	%		-0.8	%	$	617		$	648			-4.7	%		-0.6	%
International life insurance deposits ⁽²⁾		427			605			-29.3	%		-27.5	%		984			1,156			-14.9	%		-14.1	%

Total international life insurance net premiums written and deposits	$	735		$	929			-20.8	%		-18.3	%	$	1,601		$	1,804			-11.2	%		-9.3	%

International life insurance segment income	$	39		$	35			12.0	%		13.6	%	$	99		$	87			13.7	%		13.7	%

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


Life Insurance				Page 16

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)


Corporate	2Q-22			1Q-22			4Q-21			3Q-21			2Q-21			YTD 2022			YTD 2021			Full Year 2021
Gross premiums written	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net premiums written		—			—			—			—			—			—			—			—
Net premiums earned		—			—			—			—			—			—			—			—
Losses and loss expenses ⁽¹⁾		191			10			431			43			89			201			98			572
Policy acquisition costs		—			—			—			—			—			—			—			—
Administrative expenses		90			83			107			99			88			173			159			365

Underwriting loss		(281	)		(93	)		(538	)		(142	)		(177	)		(374	)		(257	)		(937	)
Adjusted net investment income		10			11			4			9			7			21			16			29
Other income (expense) - operating		—			(8	)		(7	)		(3	)		(2	)		(8	)		(6	)		(16	)
Adjusted interest expense		(139	)		(137	)		(131	)		(127	)		(127	)		(276	)		(254	)		(512	)
Amortization expense of purchased intangibles		(45	)		(46	)		(50	)		(49	)		(50	)		(91	)		(99	)		(198	)
Income tax expense		(384	)		(333	)		(309	)		(194	)		(304	)		(717	)		(514	)		(1,017	)

Core operating loss		(839	)		(606	)		(1,031	)		(506	)		(653	)		(1,445	)		(1,114	)		(2,651	)
Cigna integration expenses, net of tax		(2	)		—			—			—			—			(2	)		—			—
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(5	)		(9	)		(12	)		(11	)		(14	)		(14	)		(30	)		(53	)
Adjusted net realized gains (losses), net of tax		(565	)		343			504			687			658			(222	)		1,832			3,023

Net income (loss)	$	(1,411	)	$	(272	)	$	(539	)	$	170		$	(9	)	$	(1,683	)	$	688		$	319

Unfavorable prior period development (PPD) - pre-tax	$	191		$	8		$	429		$	43		$	88		$	199		$	97		$	569

(1)	Q2 2022 includes $155 million of net unfavorable PPD for molestation claims related to reviver statute, compared with $68 million prior year.


Corporate				Page 17

Chubb Limited

Loss Reserve Rollforward

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

(Unaudited)


	Unpaid Losses									Net Paid to
	Gross			Ceded			Net			Incurred Ratio
Balance at December 31, 2020	$	67,811		$	14,647		$	53,164
Losses and loss expenses incurred		6,467			1,414			5,053
Losses and loss expenses paid		(5,100	)		(1,207	)		(3,893	)		77	%
Other (incl. foreign exch. revaluation)		77			6			71

Balance at March 31, 2021	$	69,255		$	14,860		$	54,395
Losses and loss expenses incurred		5,898			892			5,006
Losses and loss expenses paid		(5,100	)		(1,107	)		(3,993	)		80	%
Other (incl. foreign exch. revaluation)		236			76			160

Balance at June 30, 2021	$	70,289		$	14,721		$	55,568
Losses and loss expenses incurred		8,492			1,863			6,629
Losses and loss expenses paid		(5,750	)		(943	)		(4,807	)		73	%
Other (incl. foreign exch. revaluation)		(400	)		(91	)		(309	)

Balance at September 30, 2021	$	72,631		$	15,550		$	57,081
Losses and loss expenses incurred		7,176			1,884			5,292
Losses and loss expenses paid		(6,292	)		(1,101	)		(5,191	)		98	%
Other (incl. foreign exch. revaluation)		(572	)		(149	)		(423	)

Balance at December 31, 2021	$	72,943		$	16,184		$	56,759
Losses and loss expenses incurred		6,260			1,473			4,787
Losses and loss expenses paid		(5,308	)		(947	)		(4,361	)		91	%
Other (incl. foreign exch. revaluation)		(51	)		(64	)		13

Balance at March 31, 2022	$	73,844		$	16,646		$	57,198
Losses and loss expenses incurred		6,743			1,335			5,408
Losses and loss expenses paid		(5,719	)		(1,233	)		(4,486	)		83	%
Other (incl. foreign exch. revaluation)		(776	)		(175	)		(601	)

Balance at June 30, 2022	$	74,092		$	16,573		$	57,519
Add net recoverable on paid losses		—			1,204			(1,204	)

Balance including net recoverable on paid losses	$	74,092		$	17,777		$	56,315


Loss Reserve Rollforward				Page 18

Chubb Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)

Net Reinsurance Recoverable by Division


	June 30			March 31			December 31
	2022			2022			2021
Reinsurance recoverable on paid losses and loss expenses
Active operations	$	1,077		$	978		$	1,038
Brandywine and Other Run-off		185			190			202

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

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

Total	$	16,856		$	16,922		$	16,455

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

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

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

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

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

Total	$	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 $3.6 billion.


Reinsurance Recoverable				Page 19

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)


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

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

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

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

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

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

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

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

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

Avg. duration of fixed maturities		4.3 years					4.2 years					4.1 years
Avg. market yield of fixed maturities		4.7	%				3.4	%				2.3	%
Avg. credit quality		A/A					A/A					A/A
Avg. yield on invested assets⁽²⁾		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 June 30, 2022
Agency residential mortgage-backed securities (RMBS)	$	8	$	15,399	$	—	$	—	$	—	$	15,407
Non-agency RMBS		366		45		68		38		5		522
Commercial mortgage-backed securities		2,567		268		154		12		3		3,004

Total mortgage-backed securities at market value	$	2,941	$	15,712	$	222	$	50	$	8	$	18,933


U.S. Corporate and Asset-backed Fixed Income Portfolios Market Value at June 30, 2022
	S&P Credit Rating
	Investment Grade
	AAA		AA		A		BBB		Total
Asset-backed	$	4,256	$	755	$	43	$	43	$	5,097
Banks		—		6		2,006		1,412		3,424
Basic Materials		—		—		96		207		303
Communications		—		177		361		1,367		1,905
Consumer, Cyclical		—		199		555		678		1,432
Consumer, Non-Cyclical		48		482		1,742		1,613		3,885
Diversified Financial Services		1		173		408		317		899
Energy		—		88		145		893		1,126
Industrial		—		11		697		805		1,513
Utilities		15		2		913		620		1,550
All Others		202		477		1,398		1,545		3,622

Total	$	4,522	$	2,370	$	8,364	$	9,500	$	24,756


Market Value at June 30, 2022
			S&P Credit Rating
			Below Investment Grade
			BB		B		CCC		Total
Asset-backed			$	23	$	7	$	1	$	31
Banks				—		—		—		—
Basic Materials				303		211		8		522
Communications				794		911		44		1,749
Consumer, Cyclical				997		1,143		18		2,158
Consumer, Non-Cyclical				1,023		1,459		69		2,551
Diversified Financial Services				225		201		10		436
Energy				574		306		2		882
Industrial				561		846		39		1,446
Utilities				198		100		—		298
All Others				879		1,039		46		1,964

Total			$	5,577	$	6,223	$	237	$	12,037


Investments 2				Page 21

Chubb Limited

Investment Portfolio - 3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

June 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	$	—	$	949	$	—	$	—	$	—	$	949
Canada		890		—		—		—		—		890
Federative Republic of Brazil		—		—		—		—		605		605
Province of Ontario		—		—		575		—		—		575
United Mexican States		—		—		—		508		—		508
United Kingdom		—		440		—		—		—		440
Kingdom of Thailand		—		—		435		—		—		435
Socialist Republic of Vietnam		—		—		—		—		426		426
Commonwealth of Australia		410		—		1		—		—		411
Province of Quebec		—		400		—		—		—		400
Other Non-U.S. Government Securities		428		1,704		1,046		600		784		4,562

Total	$	1,728	$	3,493	$	2,057	$	1,108	$	1,815	$	10,201


Non-U.S. Corporate Securities	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
United Kingdom	$	41	$	27	$	734	$	866	$	438	$	2,106
Canada		85		98		531		604		369		1,687
United States ⁽¹⁾		—		2		217		266		603		1,088
France		5		48		537		359		89		1,038
Australia		49		162		360		351		10		932
Japan		—		—		611		111		—		722
Switzerland		44		7		272		176		19		518
Germany		55		29		137		231		50		502
Netherlands		48		4		216		127		100		495
China		—		5		247		109		25		386
Other Non-U.S. Corporate Securities		255		386		907		1,468		1,197		4,213

Total	$	582	$	768	$	4,769	$	4,668	$	2,900	$	13,687

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


Investments 3				Page 22

Chubb Limited

Investment Portfolio - 4

(in millions of U.S. dollars)

(Unaudited)

Fixed Maturity Investment Portfolio

Top 10 Global Corporate Exposures


	June 30, 2022	Market Value		Rating
1	Bank of America Corp	$	596	A-
2	JP Morgan Chase & Co		568	A-
3	Wells Fargo & Co		487	BBB+
4	Morgan Stanley		449	A-
5	Comcast Corp		414	A-
6	Verizon Communications Inc		412	BBB+
7	AT&T Inc		387	BBB
8	Citigroup Inc		385	BBB+
9	Goldman Sachs Group Inc		366	BBB+
10	HSBC Holdings Plc		324	A-


Investments 4				Page 23

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)


	Three months ended June 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⁾	$	(523	)	$	101		$	(422	)	$	(4,344	)	$	215		$	(4,129	)	$	(4,867	)	$	316		$	(4,551	)
Public equity:
Realized gains (losses) on sales		163			(34	)		129			—			—			—			163			(34	)		129
Mark-to-market		(426	)		81			(345	)		—			—			—			(426	)		81			(345	)
Private equity: Mark-to-market		(130	)		(14	)		(144	)		—			—			—			(130	)		(14	)		(144	)

Total investment portfolio		(916	)		134			(782	)		(4,344	)		215			(4,129	)		(5,260	)		349			(4,911	)
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges ⁽²⁾		1			—			1			—			—			—			1			—			1
Foreign exchange		268			(48	)		220			(777	)		31			(746	)		(509	)		(17	)		(526	)
Partially-owned entities ⁽³⁾		(4	)		—			(4	)		—			—			—			(4	)		—			(4	)
Other		—			—			—			5			(1	)		4			5			(1	)		4

Net gains (losses)	$	(651	)	$	86		$	(565	)	$	(5,116	)	$	245		$	(4,871	)	$	(5,767	)	$	331		$	(5,436	)

(1)	The quarter includes pre-tax realized losses on fixed income derivatives of $81 million, a net increase of the valuation allowance of expected credit losses of $51 million, and impairments of $53 million for fixed maturities.

(2)	The quarter includes $144 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.


	Three months ended June 30, 2021
	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains			Gains			Tax			Gains			Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax
Fixed income investments ⁽⁴⁾	$	(79	)	$	19		$	(60	)	$	694		$	(113	)	$	581		$	615		$	(94	)	$	521
Public equity:
Realized gains (losses) on sales		45			(9	)		36			—			—			—			45			(9	)		36
Mark-to-market		105			(23	)		82			—			—			—			105			(23	)		82
Private equity: Mark-to-market		736			(24	)		712			—			—			—			736			(24	)		712

Total investment portfolio		807			(37	)		770			694			(113	)		581			1,501			(150	)		1,351
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges ⁽⁵⁾		(72	)		—			(72	)		—			—			—			(72	)		—			(72	)
Foreign exchange		(97	)		22			(75	)		308			(18	)		290			211			4			215
Partially-owned entities ⁽⁶⁾		36			(1	)		35			—			—			—			36			(1	)		35
Other		—			—			—			(9	)		2			(7	)		(9	)		2			(7	)

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

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

(5)	The quarter includes $64 million of losses on applicable hedges. These losses are both pre-tax and after-tax.

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


Net Gains (Losses)				Page 24

Chubb Limited

Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)


	Six months ended June 30, 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⁾	$	(612	)	$	123		$	(489	)	$	(8,996	)	$	1,027		$	(7,969	)	$	(9,608	)	$	1,150		$	(8,458	)
Public equity:
Realized gains (losses) on sales		418			(91	)		327			—			—			—			418			(91	)		327
Mark-to-market		(625	)		117			(508	)		—			—			—			(625	)		117			(508	)
Private equity: Mark-to-market		180			(20	)		160			—			—			—			180			(20	)		160

Total investment portfolio		(639	)		129			(510	)		(8,996	)		1,027			(7,969	)		(9,635	)		1,156			(8,479	)
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges ⁽²⁾		78			—			78			—			—			—			78			—			78
Foreign exchange		343			(68	)		275			(710	)		35			(675	)		(367	)		(33	)		(400	)
Partially-owned entities ⁽³⁾		8			—			8			—			—			—			8			—			8
Other		(74	)		1			(73	)		24			(5	)		19			(50	)		(4	)		(54	)

Net gains (losses)	$	(284	)	$	62		$	(222	)	$	(9,682	)	$	1,057		$	(8,625	)	$	(9,966	)	$	1,119		$	(8,847	)

(1)	Year to date includes pre-tax realized losses on fixed income derivatives of $34 million, a net increase of the valuation allowance of expected credit losses of $63 million, and impairments of $89 million for fixed maturities.

(2)	Year to date includes $186 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.


	Six months ended June 30, 2021
	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains			Gains			Tax			Gains			Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax
Fixed income investments ⁽⁴⁾	$	54		$	(5	)	$	49		$	(1,623	)	$	292		$	(1,331	)	$	(1,569	)	$	287		$	(1,282	)
Public equity:
Realized gains (losses) on sales		90			(16	)		74			—			—			—			90			(16	)		74
Mark-to-market		427			(91	)		336			—			—			—			427			(91	)		336
Private equity: Mark-to-market		1,174			(38	)		1,136			—			—			—			1,174			(38	)		1,136

Total investment portfolio		1,745			(150	)		1,595			(1,623	)		292			(1,331	)		122			142			264
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges ⁽⁵⁾		203			—			203			—			—			—			203			—			203
Foreign exchange		(21	)		4			(17	)		330			(16	)		314			309			(12	)		297
Partially-owned entities ⁽⁶⁾		55			(3	)		52			—			—			—			55			(3	)		52
Other		(1	)		—			(1	)		(37	)		7			(30	)		(38	)		7			(31	)

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

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

(5)	Year to date includes $108 million of losses on applicable hedges. These losses are both pre-tax and after-tax.

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


Net Gains (Losses) 2				Page 25

Chubb Limited

Debt and Capital

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

(Unaudited)


	June 30			March 31			December 31			December 31
	2022			2022			2021			2020
Financial Debt:
Total short-term debt	$	1,474		$	1,474		$	999		$	—
Total long-term debt		14,311			14,585			15,169			14,948

Total financial debt	$	15,785		$	16,059		$	16,168		$	14,948
Hybrid debt:
Total trust preferred securities		308			308			308			308

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

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

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

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

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

Note: As of June 30, 2022, there was $1.3 billion usage of credit facilities on total capacity of $3.7 billion.


Debt and Capital				Page 26

Chubb Limited

Computation of Basic and Diluted Earnings Per Share

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

(Unaudited)


	Three months ended June 30						Six months ended June 30
	2022			2021			2022			2021
Numerator
Core operating income to common shares	$	1,787		$	1,621		$	3,427		$	2,763
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		(9	)		(17	)		(20	)		(38	)
Tax benefit on amortization adjustment		4			3			6			8
Cigna integration expenses, pre-tax		(3	)		—			(3	)		—
Tax benefit on Cigna integration expenses		1			—			1			—
Adjusted net realized gains (losses), pre-tax		(651	)		674			(284	)		1,981
Tax (expense) benefit on adjusted net realized gains (losses)		86			(16	)		62			(149	)

Net income	$	1,215		$	2,265		$	3,189		$	4,565

Rollforward of Common Shares Outstanding
Shares - beginning of period		423,675,327			449,676,959			426,572,612			450,732,625
Repurchase of shares		(5,476,300	)		(11,355,400	)		(10,346,200	)		(14,465,400	)
Shares issued, excluding option exercises		29,120			63,905			1,020,892			1,071,010
Issued for option exercises		245,940			331,749			1,226,783			1,378,978

Shares - end of period		418,474,087			438,717,213			418,474,087			438,717,213

Denominator
Weighted average shares outstanding ⁽¹⁾		421,624,660			445,094,678			423,703,328			447,802,079
Effect of other dilutive securities		3,793,686			2,857,242			3,982,116			2,900,440

Adj. wtd. avg. shares outstanding and assumed conversions		425,418,346			447,951,920			427,685,444			450,702,519

Basic earnings per share
Core operating income	$	4.24		$	3.64		$	8.09		$	6.17
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(0.01	)		(0.03	)		(0.03	)		(0.07	)
Cigna integration expenses, net of tax		(0.01	)		—			(0.01	)		—
Adjusted net realized gains (losses), net of tax		(1.34	)		1.48			(0.52	)		4.10

Net income	$	2.88		$	5.09		$	7.53		$	10.20

Diluted earnings per share
Core operating income	$	4.20		$	3.62		$	8.01		$	6.13
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		(0.01	)		(0.03	)		(0.03	)		(0.07	)
Cigna integration expenses, net of tax		(0.01	)		—			(0.01	)		—
Adjusted net realized gains (losses), net of tax		(1.32	)		1.47			(0.51	)		4.07

Net income	$	2.86		$	5.06		$	7.46		$	10.13

(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


	June 30			March 31			December 31			June 30
	2022			2022			2021			2021
Shareholders’ equity	$	51,667		$	56,698		$	59,714		$	60,062
Less: goodwill and other intangible assets, net of tax		19,146			19,443			19,456			19,930

Numerator for tangible book value per share	$	32,521		$	37,255		$	40,258		$	40,132

Book value - % change over prior quarter		-8.9	%		-5.1	%		0.7	%		1.7	%
Tangible book value - % change over prior quarter		-12.7	%		-7.5	%		1.7	%		2.4	%
Denominator		418,474,087			423,675,327			426,572,612			438,717,213

Book value per common share	$	123.46		$	133.82		$	139.99		$	136.90
Tangible book value per common share	$	77.71		$	87.93		$	94.38		$	91.48
Reconciliation of Book Value
Shareholders’ equity, beginning of quarter	$	56,698		$	59,714		$	59,318		$	59,076
Core operating income		1,787			1,640			1,649			1,621
Amortization of fair value adjustment of acquired invested assets and long-term debt		(5	)		(9	)		(12	)		(14	)
Cigna integration expenses		(2	)		—			—			—
Adjusted net realized gains (losses) ⁽¹⁾		(565	)		343			504			658
Net unrealized gains (losses) on investments		(4,129	)		(3,840	)		(630	)		581
Repurchase of shares		(1,129	)		(1,001	)		(905	)		(1,921	)
Dividend declared on common shares		(348	)		(340	)		(342	)		(352	)
Cumulative translation gains (losses)		(746	)		71			(432	)		290
Postretirement benefit liability		4			15			434			(7	)
Other⁽²⁾		102			105			130			130

	$	51,667		$	56,698		$	59,714		$	60,062

(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 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), the amortization of fair value adjustment of acquired invested assets and long-term debt related to the Chubb Corp acquisition, and Cigna integration expenses. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) because the amount of these gains (losses) are heavily influenced by, and fluctuate in part according to the availability of market opportunities. We exclude the amortization of the fair value adjustments related to purchased invested assets and long-term debt, related to the Chubb Corp acquisition due to the size and complexity of this acquisition. 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:


																YTD			YTD			Full Year
	2Q-22			1Q-22			4Q-21			3Q-21			2Q-21			2022			2021			2021
Tax expense, as reported	$	293		$	355		$	404		$	218		$	317		$	648		$	655		$	1,277
Less: tax benefit on amortization of fair value of acquired invested assets and debt		(4	)		(2	)		—			(3	)		(3	)		(6	)		(8	)		(11	)
Less: tax benefit on Cigna integration expenses		(1	)		—			—			—			—			(1	)		—			—
Less: tax expense (benefit) on adjusted net realized gains (losses)		(86	)		24			95			27			16			(62	)		149			271

Tax expense, adjusted	$	384		$	333		$	309		$	194		$	304		$	717		$	514		$	1,017

Income before tax, as reported	$	1,508		$	2,329		$	2,545		$	2,051		$	2,582		$	3,837		$	5,220		$	9,816
Less: amortization of fair value of acquired invested assets and debt		(9	)		(11	)		(12	)		(14	)		(17	)		(20	)		(38	)		(64	)
Less: Cigna integration expenses		(3	)		—			—			—			—			(3	)		—			—
Less: adjusted realized gains (losses)		(513	)		100			319			(11	)		(36	)		(413	)		852			1,160
Less: realized gains (losses) related to unconsolidated entities		(138	)		267			280			725			710			129			1,129			2,134

Core operating income before tax	$	2,171		$	1,973		$	1,958		$	1,351		$	1,925		$	4,144		$	3,277		$	6,586

Effective tax rate		19.4	%		15.2	%		15.9	%		10.7	%		12.3	%		16.9	%		12.5	%		13.0	%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt		0.1	%		0.0	%		-0.1	%		0.1	%		0.0	%		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)		-1.8	%		1.7	%		-0.1	%		3.6	%		3.5	%		0.3	%		3.1	%		2.4	%

Core operating effective tax rate		17.7	%		16.9	%		15.7	%		14.4	%		15.8	%		17.3	%		15.7	%		15.4	%


Core operating income

The following table presents the reconciliation of Net income to Core operating income:
																YTD			YTD			Full Year
	2Q-22			1Q-22			4Q-21			3Q-21			2Q-21			2022			2021			2021
Net income, as reported	$	1,215		$	1,974		$	2,141		$	1,833		$	2,265		$	3,189		$	4,565		$	8,539
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		(9	)		(11	)		(12	)		(14	)		(17	)		(20	)		(38	)		(64	)
Tax benefit on amortization adjustment		4			2			—			3			3			6			8			11
Cigna integration expenses, pre-tax		(3	)		—			—			—			—			(3	)		—			—
Tax benefit on Cigna integration expenses		1			—			—			—			—			1			—			—
Adjusted realized gains (losses), pre-tax		(513	)		100			319			(11	)		(36	)		(413	)		852			1,160
Net realized gains (losses) related to unconsolidated entities, pre-tax ⁽¹⁾		(138	)		267			280			725			710			129			1,129			2,134
Tax (expense) benefit on adjusted net realized gains (losses)		86			(24	)		(95	)		(27	)		(16	)		62			(149	)		(271	)

Core operating income	$	1,787		$	1,640		$	1,649		$	1,157		$	1,621		$	3,427		$	2,763		$	5,569

Catastrophe losses - after-tax	$	241		$	290		$	245		$	943		$	226		$	531		$	796		$	1,984
Favorable prior period development (PPD) - after-tax	$	(205	)	$	(195	)	$	(149	)	$	(227	)	$	(224	)	$	(400	)	$	(380	)	$	(756	)
Core operating income per share	$	4.20		$	3.82		$	3.81		$	2.64		$	3.62		$	8.01		$	6.13		$	12.56
Impact of Cats on Core operating income per share - Unfavorable	$	(0.56	)	$	(0.67	)	$	(0.57	)	$	(2.15	)	$	(0.50	)	$	(1.24	)	$	(1.77	)	$	(4.48	)
Impact of PPD on Core operating income per share - Favorable	$	0.48		$	0.45		$	0.35		$	0.52		$	0.50		$	0.93		$	0.85		$	1.70
Impact of Cats and PPD on Core operating income per share - Unfavorable	$	(0.08	)	$	(0.22	)	$	(0.22	)	$	(1.63	)	$	—		$	(0.31	)	$	(0.92	)	$	(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:

																YTD			YTD			Full Year
	2Q-22			1Q-22			4Q-21			3Q-21			2Q-21			2022			2021			2021
Net income, as reported	$	1,215		$	1,974		$	2,141		$	1,833		$	2,265		$	3,189		$	4,565		$	8,539
Less: Income tax expense		(293	)		(355	)		(404	)		(218	)		(317	)		(648	)		(655	)		(1,277	)
Amortization expense of purchased intangibles		(71	)		(71	)		(71	)		(71	)		(73	)		(142	)		(145	)		(287	)
Other income (expense)		(101	)		310			335			763			777			209			1,267			2,365
Interest expense		(134	)		(132	)		(126	)		(122	)		(122	)		(266	)		(244	)		(492	)
Net investment income		888			822			843			866			884			1,710			1,747			3,456
Net realized gains (losses)		(504	)		101			319			(21	)		(33	)		(403	)		854			1,152
Cigna integration expenses		(3	)		—			—			—			—			(3	)		—			—
Life Insurance underlying income (loss) ⁽¹⁾		1			17			(21	)		9			(39	)		18			(70	)		(82	)
Add: Realized gains (losses) on crop derivatives		9			1			—			(10	)		3			10			2			(8	)

P&C underwriting income	$	1,441		$	1,283		$	1,266		$	617		$	1,191		$	2,724		$	1,813		$	3,696
Add: Catastrophe losses (including reinstatement premiums) - pre-tax		291			333			275			1,146			280			624			980			2,401
Favorable prior period development (PPD) - pre-tax		(247	)		(240	)		(145	)		(321	)		(268	)		(487	)		(460	)		(926	)

P&C CAY underwriting income ex Cats	$	1,485		$	1,376		$	1,396		$	1,442		$	1,203		$	2,861		$	2,333		$	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
	2Q-22			2Q-21			2022			2021			2021
Net income	$	1,215		$	2,265		$	3,189		$	4,565		$	8,539
Core operating income	$	1,787		$	1,621		$	3,427		$	2,763		$	5,569
Equity - beginning of period, as reported	$	56,698		$	59,076		$	59,714		$	59,441		$	59,441
Less: unrealized gains (losses) on investments, net of deferred tax		(1,584	)		2,761			2,256			4,673			4,673

Equity - beginning of period, as adjusted	$	58,282		$	56,315		$	57,458		$	54,768		$	54,768

Less: goodwill and other intangible assets, net of tax		19,443			19,881			19,456			19,916			19,916

Equity - beginning of period, as adjusted ex goodwill and other intangible assets	$	38,839		$	36,434		$	38,002		$	34,852		$	34,852

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

Equity - end of period, as adjusted	$	57,380		$	56,720		$	57,380		$	56,720		$	57,458

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

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

Weighted average equity, as reported	$	54,183		$	59,569		$	55,691		$	59,752		$	59,578
Weighted average equity, as adjusted	$	57,831		$	56,518		$	57,419		$	55,744		$	56,113
Weighted average equity, as adjusted ex goodwill and other intangible assets	$	38,537		$	36,613		$	38,118		$	35,821		$	36,427
ROE		9.0	%		15.2	%		11.5	%		15.3	%		14.3	%
Core operating ROTE		18.6	%		17.7	%		18.0	%		15.4	%		15.3	%
Core operating ROE		12.4	%		11.5	%		11.9	%		9.9	%		9.9	%
Private equities realized gains (losses), after-tax ⁽¹⁾	$	(144	)	$	712		$	160		$	1,136		$	2,053
Impact of Private equities if included in Core operating ROE - Favorable (unfavorable) ⁽¹⁾		-1.0 pt			5.0 pts			0.6 pts			4.1 pts			3.7 pts

Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures
	June 30			March 31			December 31			QTD			YTD
	2022			2022			2021			% Change			% Change
Book value	$	51,667		$	56,698		$	59,714
Less: unrealized gains (losses) on investments, net of deferred tax		(5,713	)		(1,584	)		2,256

Book value excluding mark-to-market		57,380			58,282			57,458
Less: goodwill and other intangible assets, net of tax		19,146			19,443			19,456

Tangible book value excluding mark-to-market	$	38,234		$	38,839		$	38,002

Book value	$	51,667		$	56,698		$	59,714
Less: AOCI		(8,275	)		(3,404	)		350

Book value excluding AOCI		59,942			60,102			59,364
Tangible book value		32,521			37,255			40,258
Less: Tangible AOCI		(7,363	)		(2,736	)		1,078

Tangible book value excluding tangible AOCI	$	39,884		$	39,991		$	39,180

Denominator		418,474,087			423,675,327			426,572,612

Book value per share excluding mark-to-market	$	137.12		$	137.56		$	134.70			-0.3	%		1.8	%
Tangible book value per share excluding mark-to-market	$	91.37		$	91.67		$	89.09			-0.3	%		2.6	%
Book value per share excluding AOCI	$	143.24		$	141.86		$	139.16			1.0	%		2.9	%
Tangible book value per share excluding AOCI	$	95.31		$	94.39		$	91.85			1.0	%		3.8	%

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


Reconciliation Non-GAAP 3				Page 31

Chubb Limited

Non-GAAP Financial Measures - 4

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio

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

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


		North			North			North
		America			America			America			Overseas
		Commercial P&C			Personal P&C			Agricultural			General			Global						Total
Q2 2022		Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C
Numerator
Losses and loss expenses
Losses and loss expenses		$	2,446		$	773		$	487		$	1,224		$	139		$	191		$	5,260
Realized (gains) losses on crop derivatives			—			—			(9	)		—			—			—			(9	)

Adjusted losses and loss expenses	A	$	2,446		$	773		$	478		$	1,224		$	139		$	191		$	5,251

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(124	)		(95	)		(21	)		(49	)		(2	)		—			(291	)
Reinstatement premiums collected (expensed) on catastrophe losses			—			—			—			—			—			—			—

Catastrophe losses, gross of related adjustments			(124	)		(95	)		(21	)		(49	)		(2	)		—			(291	)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			287			3			—			173			(25	)		(191	)		247
Net premiums earned adjustments on PPD - unfavorable (favorable)			3			—			—			—			—			—			3
Expense adjustments - unfavorable (favorable)			(1	)		—			—			—			—			—			(1	)
PPD reinstatement premiums - unfavorable (favorable)			—			—			—			—			(3	)		—			(3	)

PPD, gross of related adjustments - favorable (unfavorable)			289			3			—			173			(28	)		(191	)		246

CAY loss and loss expense ex Cats	B	$	2,611		$	681		$	457		$	1,348		$	109		$	—		$	5,206

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	822		$	331		$	33		$	975		$	67		$	90		$	2,318
Expense adjustments - favorable (unfavorable)			1			—			—			—			—			—			1

Policy acquisition costs and administrative expenses, adjusted	D	$	823		$	331		$	33		$	975		$	67		$	90		$	2,319

Denominator
Net premiums earned	E	$	4,248		$	1,271		$	573		$	2,696		$	222					$	9,010
Net premiums earned adjustments on PPD - unfavorable (favorable)			3			—			—			—			—						3
PPD reinstatement premiums - unfavorable (favorable)			—			—			—			—			(3	)					(3	)

Net premiums earned excluding adjustments	F	$	4,251		$	1,271		$	573		$	2,696		$	219					$	9,010

P&C combined ratio
Loss and loss expense ratio	A/E		57.6	%		60.8	%		83.3	%		45.4	%		62.6	%					58.3	%
Policy acquisition cost and administrative expense ratio	C/E		19.3	%		26.1	%		5.8	%		36.2	%		30.2	%					25.7	%

P&C combined ratio			76.9	%		86.9	%		89.1	%		81.6	%		92.8	%					84.0	%

CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		61.4	%		53.6	%		79.6	%		50.0	%		49.7	%					57.8	%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		19.4	%		26.1	%		5.8	%		36.2	%		30.7	%					25.7	%

CAY P&C combined ratio ex Cats			80.8	%		79.7	%		85.4	%		86.2	%		80.4	%					83.5	%

Combined ratio
Combined ratio																					84.1	%
Add: impact of gains and losses on crop derivatives																					-0.1	%

P&C combined ratio																					84.0	%

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


Reconciliation Non-GAAP 4				Page 32

Chubb Limited

Non-GAAP Financial Measures - 5

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)


		North			North			North
		America			America			America			Overseas
		Commercial P&C			Personal P&C			Agricultural			General			Global						Total
YTD 2022		Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C
Numerator
Losses and loss expenses
Losses and loss expenses		$	4,943		$	1,486		$	396		$	2,613		$	254		$	201		$	9,893
Realized (gains) losses on crop derivatives			—			—			(10	)		—			—			—			(10	)

Adjusted losses and loss expenses	A	$	4,943		$	1,486		$	386		$	2,613		$	254		$	201		$	9,883

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(205	)		(195	)		(21	)		(200	)		(3	)		—			(624	)
Reinstatement premiums collected (expensed) on catastrophe losses			—			—			—			—			—			—			—

Catastrophe losses, gross of related adjustments			(205	)		(195	)		(21	)		(200	)		(3	)		—			(624	)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			395			54			26			233			(22	)		(199	)		487
Net premiums earned adjustments on PPD - unfavorable (favorable)			3			—			159			—			—			—			162
Expense adjustments - unfavorable (favorable)			5			—			(1	)		—			—			—			4
PPD reinstatement premiums - unfavorable (favorable)			—			—			—			—			(2	)		—			(2	)

PPD, gross of related adjustments - favorable (unfavorable)			403			54			184			233			(24	)		(199	)		651

CAY loss and loss expense ex Cats	B	$	5,141		$	1,345		$	549		$	2,646		$	227		$	2		$	9,910

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	1,660		$	660		$	44		$	1,923		$	138		$	173		$	4,598
Expense adjustments - favorable (unfavorable)			(5	)		—			1			—			—			—			(4	)

Policy acquisition costs and administrative expenses, adjusted	D	$	1,655		$	660		$	45		$	1,923		$	138		$	173		$	4,594

Denominator
Net premiums earned	E	$	8,362		$	2,518		$	544		$	5,324		$	457					$	17,205
Net premiums earned adjustments on PPD - unfavorable (favorable)			3			—			159			—			—						162
PPD reinstatement premiums - unfavorable (favorable)			—			—			—			—			(2	)					(2	)

Net premiums earned excluding adjustments	F	$	8,365		$	2,518		$	703		$	5,324		$	455					$	17,365

P&C combined ratio
Loss and loss expense ratio	A/E		59.1	%		59.0	%		70.9	%		49.1	%		55.5	%					57.4	%
Policy acquisition cost and administrative expense ratio	C/E		19.9	%		26.2	%		8.1	%		36.1	%		30.2	%					26.8	%

P&C combined ratio			79.0	%		85.2	%		79.0	%		85.2	%		85.7	%					84.2	%

CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		61.5	%		53.4	%		77.9	%		49.7	%		49.8	%					57.1	%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		19.7	%		26.3	%		6.4	%		36.1	%		30.3	%					26.4	%

CAY P&C combined ratio ex Cats			81.2	%		79.7	%		84.3	%		85.8	%		80.1	%					83.5	%

Combined ratio
Combined ratio																					84.3	%
Add: impact of gains and losses on crop derivatives																					-0.1	%

P&C combined ratio																					84.2	%


Reconciliation Non-GAAP 5				Page 33

Chubb Limited

Non-GAAP Financial Measures - 6

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)


		North			North			North
		America			America			America			Overseas
		Commercial P&C			Personal P&C			Agricultural			General			Global						Total
Q2 2021		Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C
Numerator
Losses and loss expenses
Losses and loss expenses		$	2,426		$	676		$	334		$	1,186		$	110		$	89		$	4,821
Realized (gains) losses on crop derivatives			—			—			(3	)		—			—			—			(3	)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

P&C combined ratio																					85.5	%


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		$	4,986		$	1,495		$	418		$	2,449		$	230		$	98		$	9,676
Realized (gains) losses on crop derivatives			—			—			(2	)		—			—			—			(2	)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

P&C combined ratio																					88.6	%


Reconciliation Non-GAAP 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.

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

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

NM: Not meaningful.


Glossary				Page 36