UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

Current Report
Pursuant To Section 13 or 15 (d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) – October 20, 2015

ACE LIMITED
(Exact name of registrant as specified in its charter)

 
					
Switzerland	 	1-11778	 	98-0091805	
(State or other jurisdiction
of Incorporation)	 	(Commission
File Number)	 	(I.R.S. Employer
Identification No.)	
Baerengasse 32
CH-8001 Zurich, Switzerland
Telephone: +41 (0)43 456 76 00
(Address of principal executive offices)
Not applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
 
 	¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
 	¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
 	¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-(b))	
 
 	¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

Item 2.02. Results of Operations and Financial Condition
On October 20, 2015, ACE Limited issued a Press Release reporting its third quarter 2015 results and the availability of its third quarter 2015 Financial Supplement. The Press Release and the Financial Supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are hereby incorporated herein by reference.
Item 9.01. Financial Statements, Pro Forma Financial Information and Exhibits
(d) Exhibits

Exhibit
Number	  	Description	
		
99.1	  	Press Release, Dated October 20, 2015, Reporting Third Quarter 2015 Results	
		
99.2	  	Third Quarter 2015 Financial Supplement	

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ACE LIMITED	
		
By:	 	/s/ Philip V. Bancroft	
	 	Philip V. Bancroft
Chief Financial Officer	
DATE: October 20, 2015

EXHIBIT INDEX

Number	  	Description	  	Method of Filing	 	
			
99.1	  	Press Release, Dated October 20, 2015,	  	 	Furnished herewith	  	
	  	Reporting Third Quarter 2015 Results	  				
			
99.2	  	Third Quarter 2015 Financial Supplement	  	 	Furnished herewith	  	

Exhibit 99.1

	  	ACE Limited
Bärengasse 32
CH-8001 Zurich
Switzerland	  	acegroup.com
@ACEGroup	

NEWS RELEASE	 		 		
Ace Reports Record Operating Income per Share of $2.74 for
Third Quarter, P&C Combined Ratio of 85.9%
and Operating Return on Equity of 12.9%
 
•	 	Record after-tax operating income of $897 million for the quarter	
 
•	 	Record P&C underwriting income of $597 million	
 
•	 	Global P&C net premiums written up 7.8% in constant dollars	
 
•	 	Net investment income of $549 million	
 
•	 	Operating cash flow of $808 million	
 
•	 	Unfavorable foreign currency movement negatively impacted operating income by $36 million, or $0.11 per share, reduced Global P&C net premiums written growth by $240 million, or 7.5%, and reduced book value by $548 million and tangible book value by $345 million in the quarter	
 
•	 	Chubb acquisition on track to close first quarter 2016; integration planning proceeding well	
ZURICH – October 20, 2015 – ACE Limited (NYSE: ACE) today reported net income for the quarter ended September 30, 2015, of $1.62 per share, compared with $2.32 per share for the same quarter last year. (1) Operating income was $2.74 per share, compared with $2.64 per share for the same quarter last year. The property and casualty (P&C) combined ratio for the quarter was 85.9%. Book value and tangible book value per share declined 1.5% and 0.8%, respectively, from June 30, 2015, reflecting unfavorable foreign currency movement of $548 million, after-tax, and realized and unrealized losses in the company’s investment and variable annuity reinsurance portfolios of $622 million, after-tax, as a result of global equity and interest rate movements. Book value and tangible book value per share now stand at $89.88 and $72.25, respectively.

ACE ® , ACE logo ® , and ACE insured ® are trademarks of ACE Limited.	 	 	1	  	

ACE LIMITED NEWS RELEASE

Third Quarter Summary
(in millions, except per share amounts)
(Unaudited)

 	  	 	 	 	 	 	 	 	 	 	(Per Share – Diluted)	 	
 	  	2015	 	 	2014	 	 	Change	 	 	2015	 	 	2014	 	 	Change	 	
Operating income, net of tax	  	$	897	  	 	$	891	  	 	 	0.8	% 	 	$	2.74	  	 	$	2.64	  	 	 	3.8	% 	
Chubb integration expenses, net of tax	  	 	(7	) 	 	 	—  	  	 	 	NM	  	 	 	(0.02	) 	 	 	—  	  	 	 	NM	  	
Adjusted net realized gains (losses), net of tax	  	 	(362	) 	 	 	(106	) 	 	 	NM	  	 	 	(1.10	) 	 	 	(0.32	) 	 	 	NM	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	528	  	 	$	785	  	 	 	(32.7	)% 	 	$	1.62	  	 	$	2.32	  	 	 	(30.2	)% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
For the nine months ended September 30, 2015, net income was $6.53 per share, compared with $6.75 per share for 2014. Operating income was $7.38 per share, compared with $7.32 per share for 2014. The P&C combined ratio for the nine months ended September 30, 2015, was 87.2% versus 87.5% prior year. Book value and tangible book value per share declined 0.2% and 0.5%, respectively, from December 31, 2014. Book value and tangible book value per share were negatively impacted by unfavorable foreign currency movement of $885 million, after-tax, net realized and unrealized losses in the investment portfolio of $542 million, after-tax, and realized losses of $268 million, after-tax in the company’s variable annuity reinsurance portfolio during the year. Tangible book value per share was also negatively impacted by the addition of $474 million of goodwill and other intangibles related to the Fireman’s Fund acquisition that closed during the year.
Nine Months Ended Summary
(in millions, except per share amounts)
(Unaudited)

 	  	 	 	 	 	 	 	 	 	 	(Per Share – Diluted)	 	
 	  	2015	 	 	2014	 	 	Change	 	 	2015	 	 	2014	 	 	Change	 	
Operating income, net of tax	  	$	2,430	  	 	$	2,493	  	 	 	(2.5	)% 	 	$	7.38	  	 	$	7.32	  	 	 	0.8	% 	
Chubb integration expenses, net of tax	  	 	(7	) 	 	 	—  	  	 	 	NM	  	 	 	(0.02	) 	 	 	—  	  	 	 	NM	  	
Adjusted net realized gains (losses), net of tax	  	 	(272	) 	 	 	(195	) 	 	 	39.5	% 	 	 	(0.83	) 	 	 	(0.57	) 	 	 	45.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	2,151	  	 	$	2,298	  	 	 	(6.4	)% 	 	$	6.53	  	 	$	6.75	  	 	 	(3.3	)% 	

					
	  	ACE ® , ACE logo ® , and ACE insured ® are trademarks of ACE Limited.	  	2	

ACE LIMITED NEWS RELEASE

Evan G. Greenberg, Chairman and Chief Executive Officer of ACE Limited, commented: “ACE had a great quarter. Volatility in the credit, equity and foreign exchange markets impacted our results but did not prevent us from producing record earnings, record underwriting results and good revenue growth in constant dollars. After-tax operating income was $897 million, or $2.74 per share, leading to an operating ROE of about 13%.
“Our earnings growth was driven by a world-class underwriting performance, highlighted by record underwriting income and a P&C combined ratio of 85.9%. We benefited from very strong current underwriting year results, positive development in our reserves and relatively low catastrophe losses. Year to date, even with foreign exchange headwinds, we’ve produced over $2.4 billion in operating income, which is essentially flat with prior year.
“Book value declined 1.5% due to the impact of foreign exchange and financial market volatility in our investment and variable annuity reinsurance portfolios. Foreign exchange also continued to impact our premium revenue. Global P&C net premiums, which exclude Agriculture, were flat in the quarter but grew nearly 8% in constant currency, with double-digit contributions from our U.S. and Latin American operations. For the year, Global P&C premiums have grown about 2.5% or nearly 9% in constant dollars.
“We are on track to close our acquisition of Chubb in the first quarter of 2016 and expect a very positive response from both companies’ shareholders at Thursday’s shareholder meetings. We are making good progress with integration planning and will be ready to hit the ground running when we close.”

	  	ACE ® , ACE logo ® , and ACE insured ® are trademarks of ACE Limited.	  	3	

ACE LIMITED NEWS RELEASE

Operating highlights for the quarter ended September 30, 2015, were as follows:

 	  	3Q	 	 	3Q	 	 	 	 	
(in millions of U.S. dollars except for percentages)	  	2015	 	 	2014	 	 	Change	 	
				
P&C	  				 				 				
Net premiums written	  	$	4,217	  	 	$	4,232	  	 	 	(0.4	)% 	
Net premiums written constant-dollar	  				 	$	3,992	  	 	 	5.6	% 	
Underwriting income	  	$	597	  	 	$	586	  	 	 	1.9	% 	
Underwriting income constant-dollar	  				 	$	551	  	 	 	8.4	% 	
Combined ratio	  	 	85.9	% 	 	 	86.3	% 	 				
Current accident year underwriting income excluding catastrophe losses	  	$	459	  	 	$	440	  	 	 	4.5	% 	
Current accident year underwriting income excluding catastrophe losses constant-dollar	  				 	$	404	  	 	 	13.7	% 	
Current accident year combined ratio excluding catastrophe losses	  	 	89.2	% 	 	 	89.8	% 	 				
				
Global P&C (excludes Agriculture)	  				 				 				
Net premiums written	  	$	3,480	  	 	$	3,468	  	 	 	0.3	% 	
Net premiums written constant-dollar	  				 	$	3,229	  	 	 	7.8	% 	
Underwriting income	  	$	524	  	 	$	505	  	 	 	3.8	% 	
Underwriting income constant-dollar	  				 	$	470	  	 	 	11.5	% 	
Combined ratio	  	 	85.0	% 	 	 	85.6	% 	 				
Current accident year underwriting income excluding catastrophe losses	  	$	391	  	 	$	360	  	 	 	8.8	% 	
Current accident year underwriting income excluding catastrophe losses constant-dollar	  				 	$	324	  	 	 	20.7	% 	
Current accident year combined ratio excluding catastrophe losses	  	 	88.8	% 	 	 	89.8	% 	 				
				
Agriculture	  				 				 				
Net premiums written	  	$	737	  	 	$	764	  	 	 	(3.5	)% 	
Underwriting income	  	$	73	  	 	$	81	  	 	 	(9.6	)% 	
Combined ratio	  	 	90.2	% 	 	 	89.5	% 	 				
Current accident year underwriting income excluding catastrophe losses	  	$	68	  	 	$	80	  	 	 	(14.9	)% 	
Current accident year combined ratio excluding catastrophe losses	  	 	90.8	% 	 	 	89.6	% 	 				

	  	ACE ® , ACE logo ® , and ACE insured ® are trademarks of ACE Limited.	  	4	

ACE LIMITED NEWS RELEASE

 
 	•	 	P&C net premiums earned decreased 0.6%, or increased 5.4% in constant dollars. Global P&C net premiums earned were flat, or up 7.6% in constant dollars.	
 
 	•	 	The P&C expense ratio for the quarter was 27.1%, compared with 27.8% last year. The Global P&C expense ratio, which excludes Agriculture, was 31.6% compared with 32.7% last year.	
 
 	•	 	Total pre-tax and after-tax catastrophe losses, including reinstatement premiums, were $72 million (1.7 percentage points of the combined ratio) and $59 million, respectively, compared with $86 million (2.1 percentage points of the combined ratio) and $76 million, respectively, last year.	
 
 	•	 	Favorable prior period development pre-tax and after-tax for the quarter were $210 million (5.0 percentage points of the combined ratio) and $180 million, respectively, compared with $232 million (5.6 percentage points of the combined ratio) and $172 million, respectively, last year.	
 
 	•	 	Operating cash flow was $808 million for the quarter.	
 
 	•	 	Net loss reserves decreased $122 million in the quarter. Excluding foreign currency, net loss reserves increased $212 million in the quarter.	
 
 	•	 	Net investment income was $549 million compared with $566 million last year, primarily reflecting unfavorable foreign currency movement of $11 million and a decrease in call activity in the company’s corporate bond portfolio.	
 
 	•	 	Net realized and unrealized losses pre-tax totaled $1.2 billion for the quarter. Net realized losses of $368 million included a loss of $313 million from derivative accounting related to variable annuity reinsurance resulting primarily from global equity and interest rate movements. Net unrealized pre-tax losses of $844 million included unrealized foreign exchange losses of $575 million and unrealized losses of $283 million in the investment portfolio primarily due to widening of credit spreads.	
 
 	•	 	Operating return on equity was 12.9% for the quarter and 11.7% year to date. Return on equity computed using net income was 7.2% for the quarter and 9.8% year to date.	
Details of financial results by business segment are available in the ACE Limited Financial Supplement. Key segment items for the quarter ended September 30, 2015, include:
 
 	•	 	Insurance – North American P&C: Net premiums written increased 11.0%, or 11.7% on a constant-dollar basis. Net premiums written excluding Fireman’s Fund increased 3.9%, or 4.6% on a constant-dollar basis. The combined ratio was 90.5% compared with 91.4%. The current accident year combined ratio excluding catastrophe losses for the quarter was 86.3% compared with 88.5%. Unfavorable prior year reserve development in the quarter of $50 million included a pre-tax environmental liability run-off charge in the company’s Brandywine operation of $76 million. The transfer of the Fireman’s Fund in-force business in April 2015 contributed $33 million of underwriting income that is non-recurring in 2016. This underwriting benefit was offset for operating income purposes by the amortization of intangible assets of $29 million.	
 
 	•	 	Insurance – North American Agriculture: Net premiums written decreased 3.5%. The combined ratio was 90.2% compared with 89.5%. The current accident year combined ratio excluding catastrophe losses for the quarter was 90.8% compared with 89.6%. The ratio is up mainly due to relatively flat loss adjustment expenses with lower earned premiums.	
 
 	•	 	Insurance – Overseas General: 1 Net premiums written decreased 7.9%, or increased 6.1% on a constant-dollar basis. The combined ratio was 82.0% compared with 80.1%. The current accident year combined ratio excluding catastrophe losses was 90.5% for both periods.	

	  	ACE®, ACE logo®, and ACE insured® are trademarks of ACE Limited.	  	5	

ACE LIMITED NEWS RELEASE

 	•	 	Global Reinsurance: * Net premiums written decreased 11.5%, or 9.5% on a constant-dollar basis. The combined ratio was 41.2% compared with 70.2%. The current accident year combined ratio excluding catastrophe losses was 75.3% compared with 75.7%.	
 
 	•	 	Life segment: Operating income was $57 million compared with $72 million. The decrease was primarily due to unfavorable reserve development in the current quarter of $5 million, after-tax, in the accident and health business. Life reinsurance decreased reflecting the run-off of the company’s variable annuity reinsurance business. Operating income was also impacted by unfavorable foreign currency movement. International life insurance net premiums written and deposits collected increased 4.8% on a constant-dollar basis for the year.	
 
 	*  	Favorable prior period development of $177 million in the Insurance – Overseas General segment and $78 million in the Global Reinsurance segment included $26 million and $54 million, respectively, of favorable development related to an individual legacy liability case reserve take-down.	
Please refer to the ACE Limited Financial Supplement , dated September 30, 2015, which is posted on the company’s website in the Investor Information section, and access Financial Reports for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverables, loss reserves, investment portfolio and capital structure.
ACE will hold its third quarter earnings conference call on Wednesday, October 21, 2015, beginning at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at www.acegroup.com or by dialing 1-888-471-3842 (within the United States) or 719-325-2499 (international), passcode 721516. Please refer to the ACE Group website in the Investor Information section under Calendar of Events for details. A replay of the call will be available until Wednesday, November 4, 2015, and the archived webcast will be available for approximately one month. To listen to the replay, please dial 888-203-1112 (in the United States) or 719-457-0820 (international), passcode 721516.
About ACE Group
ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. Additional information can be found at: www.acegroup.com .
Investor Contact
Helen Wilson: (441) 299-9283; helen.wilson@acegroup.com
Media Contact
Jeffrey Zack: (212) 827-4444; jeffrey.zack@acegroup.com

	  	ACE ® , ACE logo ® , and ACE insured ® are trademarks of ACE Limited.	  	6	

ACE LIMITED NEWS RELEASE

 
(1)  	All comparisons are with the same period last year unless specifically stated.	
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.
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. 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 and losses from these derivatives are reclassified to adjusted losses and loss expenses. The P&C combined ratio includes adjusted losses and loss expenses in the ratio numerator.
Underwriting income, P&C underwriting income, and Global P&C underwriting income are calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs and administrative expenses from net premiums earned. P&C underwriting income also includes gains (losses) on crop derivatives. We use underwriting income and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest and income tax expense and adjusted net realized gains (losses). Current accident year underwriting income excluding catastrophe losses is underwriting income adjusted to exclude catastrophe losses and prior period development (PPD). We believe it is useful to exclude catastrophe losses, 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.
Operating income or income excluding adjusted net realized gains (losses), net of tax is a common performance measurement for insurance companies. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) because the amount of these gains (losses) is heavily influenced by the availability of market opportunities. We also exclude Chubb integration expenses related to the planned acquisition due to the size and complexity of this acquisition. These integration expenses are distortive to our results and are not indicative of our underlying profitability. We believe that excluding these integration expenses facilitates the comparison of our financial results to our historical operating results. These expenses include legal and professional fees and all costs directly related to the integration activities of the planned Chubb acquisition. Operating income or income excluding adjusted net realized gains (losses) should not be viewed as a substitute for net income determined in accordance with GAAP. In addition, we disclose operating income excluding the impact of foreign exchange in order to adjust for the distortive effects of fluctuations in exchange rates.

	  	ACE ® , ACE logo ® , and ACE insured ® are trademarks of ACE Limited.	  	7	

ACE LIMITED NEWS RELEASE

P&C combined ratio excluding catastrophe losses and PPD and current accident year P&C combined ratio excluding catastrophe losses exclude impacts of catastrophe losses and PPD. We believe this measure provides a better evaluation of our core underwriting performance and enhances the understanding of the trends in our property and casualty business that may be obscured by these items.
Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the operating results of the company’s Life and Insurance – North American Agriculture segments. 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 Insurance – North American Agriculture and Life segments because the results of these businesses do not always correlate with the results of our global P&C operations.
International life net premiums written and deposits collected, is adjusted to include 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.
Operating return on equity (ROE) or ROE calculated using operating income is an annualized financial measure. The ROE numerator includes income adjusted to exclude adjusted net realized gains (losses), net of tax and Chubb integration expenses, net of tax. The ROE denominator includes the average shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, net of tax. To annualize a quarterly rate, multiply by four. Annualized ROE calculated using operating income is a useful measure as it enhances the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity excluding the effect of unrealized gains and losses on our investments.
Tangible book value per common share is shareholders’ equity less goodwill and other intangible assets 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. In addition, we disclose per share measures for book value and tangible book value that exclude the impact of foreign currency fluctuations during 2015 in order to adjust for the distortive effects of fluctuations in exchange rates.
Other income (expense) – operating excludes from consolidated Other income (expense) the portion of net realized gains and losses related to unconsolidated entities 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 operating income in order to enhance the understanding of our core results of operations as they are heavily influenced by, and fluctuate in part according to market conditions.
See reconciliation of Non-GAAP Financial Measures on pages 22-24 in the Financial Supplement. These measures should not be viewed as a substitute for net income, return on equity, or effective tax rate determined in accordance with GAAP.
NM – not meaningful comparison

	  	ACE ® , ACE logo ® , and ACE insured ® are trademarks of ACE Limited.	  	8	

ACE LIMITED NEWS RELEASE

Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release, such as those related to company performance, including 2015 performance and growth opportunities, and statements about the benefits of the proposed transaction involving ACE and Chubb, ACE’s and Chubb’s plans, objectives, expectations and intentions and other statements that are not historical facts reflect our 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 that could cause actual results to differ materially, including without limitation, the following: competition, pricing and policy term trends, the levels of new and renewal business achieved, the frequency of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, 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 recoverable, credit developments among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war, economic, political, regulatory, insurance and reinsurance business conditions, potential strategic opportunities including acquisitions and our ability to achieve and integrate them, as well as management’s response to these factors, and other factors identified in our filings with the Securities and Exchange Commission (SEC).
In addition, with regard to the proposed transaction involving ACE and Chubb, important factors that could cause actual results to differ materially from those indicated by the forward-looking statements include, without limitation, the following: the inability to complete the transaction in a timely manner; the inability to complete the transaction due to the failure of Chubb’s shareholders to approve the transaction agreement or the failure of ACE shareholders to approve, among other matters, the issuance of ACE common shares in connection with the transaction; the failure to satisfy other conditions to completion of the transaction, including receipt of required regulatory approvals; the failure of the proposed transaction to close for any other reason; the possibility that any of the anticipated benefits of the proposed transaction will not be realized; the risk that integration of Chubb’s operations with those of ACE will be materially delayed or will be more costly or difficult than expected; the effect of the announcement of the transaction on ACE’s, Chubb’s or the combined company’s respective business relationships, operating results and business generally; and diversion of management’s attention from ongoing business operations and opportunities. In addition, you should carefully consider the risks and uncertainties and other factors that may affect future results of the combined company described in the section entitled “Risk Factors” in the joint proxy statement/prospectus delivered to ACE’s and Chubb’s respective shareholders, and in ACE’s and Chubb’s respective filings with the SEC.
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.
Additional Information and Where to Find It
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. This press release may be deemed to be solicitation material in respect of the proposed transaction between ACE and Chubb. In connection with the proposed transaction, ACE has filed a registration statement on Form S-4, and the final joint proxy statement/prospectus has been delivered to the shareholders of ACE and Chubb. This press release is

	  	ACE ® , ACE logo ® , and ACE insured ® are trademarks of ACE Limited.	  	9	

ACE LIMITED NEWS RELEASE

not a substitute for the registration statement, definitive joint proxy statement/prospectus or any other documents that ACE or Chubb may file with the SEC or send to shareholders in connection with the proposed transaction. SHAREHOLDERS ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE JOINT PROXY STATEMENT/PROSPECTUS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.
Shareholders will be able to obtain copies of the joint proxy statement/prospectus and other documents filed with the SEC (when available) free of charge at the SEC’s website, http://www.sec.gov. Copies of documents filed with the SEC by ACE will be made available free of charge on ACE’s website at www.acegroup.com. Copies of documents filed with the SEC by Chubb will be made available free of charge on Chubb’s website at www.chubb.com.
Participants in Solicitation
ACE, Chubb and their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of ACE is set forth in the proxy statement for ACE’s 2015 Annual General Meeting, which was filed with the SEC on April 8, 2015, and ACE’s Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the SEC on February 27, 2015. Information about the directors and executive officers of Chubb is set forth in the proxy statement for Chubb’s 2015 Annual Meeting of Shareholders, which was filed with the SEC on March 13, 2015, and Chubb’s Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the SEC on February 26, 2015. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the joint proxy statement/prospectus and other relevant materials filed with the SEC. You may obtain free copies of these documents as described above.

	  	ACE ® , ACE logo ® , and ACE insured ® are trademarks of ACE Limited.	  	10	

ACE LIMITED NEWS RELEASE
 
ACE Limited
Summary Consolidated Balance Sheets
(in millions of U.S. dollars, except per share data)
(Unaudited)

 	  	September 30
2015	 	  	December 31
2014	 	
			
Assets	  				  				
Investments	  	$	62,384	  	  	$	62,904	  	
Cash	  	 	1,038	  	  	 	655	  	
Insurance and reinsurance balances receivable	  	 	5,290	  	  	 	5,426	  	
Reinsurance recoverable on losses and loss expenses	  	 	11,231	  	  	 	11,992	  	
Other assets	  	 	17,817	  	  	 	17,271	  	
	  	 	 	 	  	 	 	 	
Total assets	  	$	97,760	  	  	$	98,248	  	

Liabilities	  				  				
Unpaid losses and loss expenses	  	$	37,564	  	  	$	38,315	  	
Unearned premiums	  	 	8,510	  	  	 	8,222	  	
Other liabilities	  	 	22,559	  	  	 	22,124	  	
	  	 	 	 	  	 	 	 	
Total liabilities	  	 	68,633	  	  	 	68,661	  	

Shareholders’ equity	  				  				
Total shareholders’ equity	  	 	29,127	  	  	 	29,587	  	
	  	 	 	 	  	 	 	 	
Total liabilities and shareholders’ equity	  	$	97,760	  	  	$	98,248	  	

Book value per common share	  	$	89.88	  	  	$	90.02	  	

 
					
	  	ACE ® , ACE logo ® , and ACE insured ® are trademarks of ACE Limited.	  	11	

ACE LIMITED NEWS RELEASE
 
ACE Limited
Summary Consolidated Financial Data
(in millions of U.S. dollars, except share, per share data, and ratios)
(Unaudited)

 	  	Three Months Ended	 	 	Nine Months Ended	 	
 	  	September 30	 	 	September 30	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	
Gross premiums written	  	$	6,346	  	 	$	6,264	  	 	$	18,172	  	 	$	17,644	  	
Net premiums written	  	 	4,709	  	 	 	4,729	  	 	 	13,569	  	 	 	13,473	  	
Net premiums earned	  	 	4,719	  	 	 	4,754	  	 	 	13,006	  	 	 	13,056	  	
Losses and loss expenses	  	 	2,643	  	 	 	2,684	  	 	 	7,182	  	 	 	7,233	  	
Policy benefits	  	 	89	  	 	 	125	  	 	 	384	  	 	 	383	  	
Policy acquisition costs	  	 	771	  	 	 	825	  	 	 	2,205	  	 	 	2,311	  	
Administrative expenses	  	 	568	  	 	 	554	  	 	 	1,700	  	 	 	1,655	  	
Net investment income	  	 	549	  	 	 	566	  	 	 	1,662	  	 	 	1,675	  	
Net realized gains (losses)	  	 	(397	) 	 	 	(120	) 	 	 	(360	) 	 	 	(297	) 	
Interest expense	  	 	68	  	 	 	70	  	 	 	207	  	 	 	213	  	
Other income (expense):	  				 				 				 				
Gains (losses) from separate account assets	  	 	(49	) 	 	 	(6	) 	 	 	(32	) 	 	 	5	  	
Other	  	 	37	  	 	 	52	  	 	 	93	  	 	 	134	  	
Amortization of intangible assets	  	 	51	  	 	 	27	  	 	 	136	  	 	 	78	  	
Chubb integration expenses	  	 	9	  	 	 	—  	  	 	 	9	  	 	 	—  	  	
Income tax expense	  	 	132	  	 	 	176	  	 	 	395	  	 	 	402	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	528	  	 	$	785	  	 	$	2,151	  	 	$	2,298	  	

Diluted earnings per share:	  				 				 				 				
					
Operating income	  	$	2.74	  	 	$	2.64	  	 	$	7.38	  	 	$	7.32	  	
Net income	  	$	1.62	  	 	$	2.32	  	 	$	6.53	  	 	$	6.75	  	
					
Weighted average diluted shares outstanding	  	 	327.2	  	 	 	337.7	  	 	 	329.2	  	 	 	340.4	  	
					
P&C combined ratio	  				 				 				 				
Loss and loss expense ratio	  	 	58.8	% 	 	 	58.5	% 	 	 	58.3	% 	 	 	58.1	% 	
Policy acquisition cost ratio	  	 	15.4	% 	 	 	16.5	% 	 	 	16.1	% 	 	 	16.9	% 	
Administrative expense ratio	  	 	11.7	% 	 	 	11.3	% 	 	 	12.8	% 	 	 	12.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C combined ratio	  	 	85.9	% 	 	 	86.3	% 	 	 	87.2	% 	 	 	87.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C underwriting income	  	$	597	  	 	$	586	  	 	$	1,477	  	 	$	1,454	  	
Other income (expense) – operating (1)	  	$	12	  	 	$	(3	) 	 	$	9	  	 	$	(8	) 	
 
(1)	Effective Q3 2015, excludes amortization of intangible assets for all periods presented	

	  	ACE ® , ACE logo ® , and ACE insured ® are trademarks of ACE Limited.	  	12	

ACE LIMITED NEWS RELEASE

ACE Limited
Consolidated Supplemental Segment Information
(in millions of U.S. dollars)
(Unaudited)

 	  	Three Months Ended	 	 	Nine Months Ended	 	
 	  	September 30	 	 	September 30	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	
					
Gross Premiums Written	  				 				 				 				
					
Insurance – North American P&C	  	$	2,372	  	 	$	2,126	  	 	$	7,402	  	 	$	6,497	  	
Insurance – North American Agriculture	  	 	1,243	  	 	 	1,241	  	 	 	1,937	  	 	 	2,076	  	
Insurance – Overseas General	  	 	2,019	  	 	 	2,156	  	 	 	6,486	  	 	 	6,641	  	
Global Reinsurance	  	 	190	  	 	 	213	  	 	 	774	  	 	 	854	  	
Life	  	 	522	  	 	 	528	  	 	 	1,573	  	 	 	1,576	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	6,346	  	 	$	6,264	  	 	$	18,172	  	 	$	17,644	  	

Net Premiums Written	  				 				 				 				
					
Insurance – North American P&C	  	$	1,711	  	 	$	1,541	  	 	$	5,116	  	 	$	4,594	  	
Insurance – North American Agriculture	  	 	737	  	 	 	764	  	 	 	1,204	  	 	 	1,346	  	
Insurance – Overseas General	  	 	1,584	  	 	 	1,719	  	 	 	5,047	  	 	 	5,250	  	
Global Reinsurance	  	 	185	  	 	 	208	  	 	 	719	  	 	 	794	  	
Life	  	 	492	  	 	 	497	  	 	 	1,483	  	 	 	1,489	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	4,709	  	 	$	4,729	  	 	$	13,569	  	 	$	13,473	  	

Net Premiums Earned	  				 				 				 				
					
Insurance – North American P&C	  	$	1,682	  	 	$	1,518	  	 	$	4,896	  	 	$	4,547	  	
Insurance – North American Agriculture	  	 	739	  	 	 	766	  	 	 	1,124	  	 	 	1,199	  	
Insurance – Overseas General	  	 	1,615	  	 	 	1,726	  	 	 	4,896	  	 	 	5,047	  	
Global Reinsurance	  	 	203	  	 	 	255	  	 	 	649	  	 	 	800	  	
Life	  	 	480	  	 	 	489	  	 	 	1,441	  	 	 	1,463	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	4,719	  	 	$	4,754	  	 	$	13,006	  	 	$	13,056	  	

Operating Income (loss)	  				 				 				 				
					
Insurance – North American P&C	  	$	326	  	 	$	337	  	 	$	1,066	  	 	$	1,126	  	
Insurance – North American Agriculture	  	 	56	  	 	 	57	  	 	 	106	  	 	 	51	  	
Insurance – Overseas General	  	 	330	  	 	 	348	  	 	 	811	  	 	 	869	  	
Global Reinsurance	  	 	190	  	 	 	145	  	 	 	463	  	 	 	435	  	
Life	  	 	57	  	 	 	72	  	 	 	190	  	 	 	221	  	
Corporate	  	 	(62	) 	 	 	(68	) 	 	 	(206	) 	 	 	(209	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	897	  	 	$	891	  	 	$	2,430	  	 	$	2,493	  	

 

	  	ACE ® , ACE logo ® , and ACE insured ® are trademarks of ACE Limited.	  	13	

Exhibit 99.2

 
			
Investor Contact
Helen M. Wilson
Phone: (441) 299-9283
email: investorrelations@acegroup.com	  	This report is for informational purposes only. It should be read in conjunction with documents filed by ACE 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 ACE'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 as indicated by such statements. For example, forward-looking statements related to financial performance including exposures, reserves and recoverables could be affected by the frequency 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 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. 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.
Additional Information and Where to Find It
This financial supplement does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. This financial supplement may be deemed to be solicitation material in respect of the proposed transaction between ACE and Chubb. In connection with the proposed transaction, ACE has filed a registration statement on Form S-4, and the final joint proxy statement/prospectus has been delivered to the shareholders of ACE and Chubb. This financial supplement is not a substitute for the registration statement, definitive joint proxy statement/prospectus or any other documents that ACE or Chubb may file with the SEC or send to shareholders in connection with the proposed transaction. SHAREHOLDERS ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE JOINT PROXY STATEMENT/PROSPECTUS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.
Shareholders may obtain copies of the joint proxy statement/prospectus and other documents filed with the SEC (when available) free of charge at the SEC’s website, http://www.sec.gov. Copies of documents filed with the SEC by ACE will be made available free of charge on ACE’s website at www.acegroup.com. Copies of documents filed with the SEC by Chubb will be made available free of charge on Chubb’s website at www.chubb.com.
Participants in Solicitation
ACE, Chubb and their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of ACE is set forth in the proxy statement for ACE’s 2015 Annual General Meeting, which was filed with the SEC on April 8, 2015, and ACE’s Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the SEC on February 27, 2015. Information about the directors and executive officers of Chubb is set forth in the proxy statement for Chubb’s 2015 Annual Meeting of Shareholders, which was filed with the SEC on March 13, 2015, and Chubb’s Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the SEC on February 26, 2015. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the joint proxy statement/prospectus and other relevant materials filed with the SEC. You may obtain free copies of these documents as described above.

					
	 	ACE Limited
Financial Supplement Table of Contents	 		

 	  	 	  	Page	 	
I.	  	Financial Highlights	  				
	  	- Consolidated Financial Highlights	  	 	1	  	
			
II.	  	Consolidated Results	  				
	  	- Consolidated Results—Consecutive Quarters	  	 	2	  	
	  	- Summary Consolidated Balance Sheets	  	 	3	  	
	  	- Consolidated Premiums and Operating Income by Line of Business	  	 	4	  	
			
III.	  	Global P&C Results	  				
	  	- Global P&C Results—Consecutive Quarters	  	 	5	  	
			
IV.	  	Segment Results	  				
	  	- Insurance—North American—For Reference Only	  	 	6	  	
	  	- Insurance—North American P&C	  	 	7	  	
	  	- Insurance—North American Agriculture	  	 	8	  	
	  	- Insurance—Overseas General	  	 	9	  	
	  	- Global Reinsurance	  	 	10	  	
	  	- Life	  	 	11	  	
			
V.	  	Balance Sheet Details	  				
	  	- Loss Reserve Rollforward	  	 	12	  	
	  	- Reinsurance Recoverable Analysis	  	 	13	  	
	  	- Investment Portfolio	  	 	14 - 17	  	
	  	- Net Realized and Unrealized Gains (Losses)	  	 	18	  	
	  	- Capital Structure	  	 	19	  	
	  	- Computation of Basic and Diluted Earnings Per Share	  	 	20	  	
	  	- Book Value and Book Value per Common Share	  	 	21	  	
			
VI.	  	Other Disclosures	  				
	  	- Non-GAAP Financial Measures	  	 	22 - 24	  	
	  	- Glossary	  	 	25	  	

					
	  	 ACE 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.

 	 	 	 	 	 	 	 	 	 	 	 	 	 	Constant $
% Change
3Q-15 vs.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Constant $	 	
 	 	 	 	 	 	 	 	% Change
3Q-15 vs.	 	 	 	 	 			 	 	 	 	 	 	 	% Change	 	 	 	 	 	% Change	 	
 	 	Three months ended September 30	 	 			 	Constant $	 	 			 	Nine months ended September 30	 	 	YTD-15 vs.	 	 	Constant $	 	 	YTD-15 vs.	 	
 	 	2015	 	 	2014	 	 	3Q-14	 	 	2014 (1)	 	 	3Q-14 (1)	 	 	2015	 	 	2014	 	 	YTD-14	 	 	2014 (1)	 	 	YTD-14 (1)	 	
Gross premiums written	 	$	6,346	  	 	$	6,264	  	 	 	1.3	% 	 	$	5,955	  	 	 	6.6	% 	 	$	18,172	  	 	$	17,644	  	 	 	3.0	% 	 	$	16,828	  	 	 	8.0	% 	
Net premiums written	 	$	4,709	  	 	$	4,729	  	 	 	-0.4	% 	 	$	4,464	  	 	 	5.5	% 	 	$	13,569	  	 	$	13,473	  	 	 	0.7	% 	 	$	12,786	  	 	 	6.1	% 	
P&C net premiums written (2)	 	$	4,217	  	 	$	4,232	  	 	 	-0.4	% 	 	$	3,992	  	 	 	5.6	% 	 	$	12,086	  	 	$	11,984	  	 	 	0.8	% 	 	$	11,355	  	 	 	6.4	% 	
Global P&C net premiums written (2)	 	$	3,480	  	 	$	3,468	  	 	 	0.3	% 	 	$	3,230	  	 	 	7.8	% 	 	$	10,882	  	 	$	10,638	  	 	 	2.3	% 	 	$	10,009	  	 	 	8.7	% 	
Net premiums earned	 	$	4,719	  	 	$	4,754	  	 	 	-0.7	% 	 	$	4,484	  	 	 	5.2	% 	 	$	13,006	  	 	$	13,056	  	 	 	-0.4	% 	 	$	12,381	  	 	 	5.0	% 	
Net investment income	 	$	549	  	 	$	566	  	 	 	-3.1	% 	 	$	555	  	 	 	-1.1	% 	 	$	1,662	  	 	$	1,675	  	 	 	-0.8	% 	 	$	1,646	  	 	 	1.0	% 	
Operating income	 	$	897	  	 	$	891	  	 	 	0.8	% 	 	$	855	  	 	 	5.0	% 	 	$	2,430	  	 	$	2,493	  	 	 	-2.5	% 	 	$	2,408	  	 	 	0.9	% 	
Net income	 	$	528	  	 	$	785	  	 	 	-32.7	% 	 				 				 	$	2,151	  	 	$	2,298	  	 	 	-6.4	% 	 				 				
Comprehensive income (loss)	 	$	(271	) 	 	$	298	  	 	 	N/M	  	 				 				 	$	768	  	 	$	2,754	  	 	 	-72.1	% 	 				 				
Operating cash flow	 	$	808	  	 	$	1,126	  	 				 				 				 	$	2,699	  	 	$	3,222	  	 				 				 				
P&C combined ratio (2)	 				 				 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	58.8	% 	 	 	58.5	% 	 				 				 				 	 	58.3	% 	 	 	58.1	% 	 				 				 				
Underwriting and administrative expense ratio	 	 	27.1	% 	 	 	27.8	% 	 				 				 				 	 	28.9	% 	 	 	29.4	% 	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
Combined ratio	 	 	85.9	% 	 	 	86.3	% 	 				 				 				 	 	87.2	% 	 	 	87.5	% 	 				 				 				
Operating return on equity (ROE)	 	 	12.9	% 	 	 	12.6	% 	 				 				 				 	 	11.7	% 	 	 	11.9	% 	 				 				 				
ROE	 	 	7.2	% 	 	 	10.4	% 	 				 				 				 	 	9.8	% 	 	 	10.4	% 	 				 				 				
Operating effective tax rate (3)	 	 	13.5	% 	 	 	16.9	% 	 				 				 				 	 	14.0	% 	 	 	14.2	% 	 				 				 				
Effective tax rate	 	 	20.0	% 	 	 	18.3	% 	 				 				 				 	 	15.5	% 	 	 	14.9	% 	 				 				 				
Diluted earnings per share	 				 				 				 				 				 				 				 				 				 				
Operating income	 	$	2.74	  	 	$	2.64	  	 	 	3.8	% 	 				 				 	$	7.38	  	 	$	7.32	  	 	 	0.8	% 	 				 				
Net income	 	$	1.62	  	 	$	2.32	  	 	 	-30.2	% 	 				 				 	$	6.53	  	 	$	6.75	  	 	 	-3.3	% 	 				 				
											
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	December 31
2014	 	 	% Change
3Q-15 vs.
4Q-14	 	
Book value per common share	 				 				 				 				 				 	$	89.88	  	 				 				 	$	90.02	  	 	 	-0.2	% 	
Book value per common share excluding foreign currency (4)	 				 				 				 				 				 	$	92.61	  	 				 				 	$	90.02	  	 	 	2.9	% 	
Tangible book value per common share	 				 				 				 				 				 	$	72.25	  	 				 				 	$	72.61	  	 	 	-0.5	% 	
Tangible book value per common share excluding foreign currency (4)	 				 				 				 				 				 	$	73.93	  	 				 				 	$	72.61	  	 	 	1.8	% 	
Tangible book value per common share excluding acquisitions  (5)	 				 				 				 				 				 	$	73.72	  	 				 				 	$	72.61	  	 	 	1.5	% 	
Tangible book value per common share excluding acquisitions and foreign currency (4) (5)	 				 				 				 				 				 	$	75.39	  	 				 				 	$	72.61	  	 	 	3.8	% 	
Weighted average basic common shares outstanding	 	 	324.2	  	 	 	334.5	  	 				 				 				 	 	325.9	  	 	 	337.1	  	 				 				 				
Weighted average diluted common shares outstanding	 	 	327.2	  	 	 	337.7	  	 				 				 				 	 	329.2	  	 	 	340.4	  	 				 				 				
Debt plus trust preferred securities/ tangible capital	 				 				 				 				 				 	 	21.9	% 	 	 	20.2	% 	 				 	 	20.7	% 	 				
 
(1)	Prior periods on a constant dollar basis.	
(2)	See non-GAAP financial measures.	
(3)	Operating effective tax rate is dependent upon the mix of earnings from different jurisdictions with various tax rates. A change in the geographic mix of earnings would change the effective tax rate. The decrease in the operating effective tax rate for the quarter was primarily due to a higher percentage of operating earnings being generated in lower tax paying jurisdictions.	
(4)	For 2015, book value per common share and tangible book value per common share exclude the impact of foreign currency movement during the year.	
(5)	For 2015, tangible book value per common share excludes the impact from goodwill and intangibles relating to the acquisition of the Fireman’s Fund high net worth personal lines insurance business in the United States of $474 million.	

Financial Highlights	  	Page 1	

					
	  	ACE Limited
Consolidated Results - Consecutive Quarters
(in millions of U.S. dollars, except ratios)
(Unaudited)	  		
 
ACE Limited Consolidated

 	  	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	4Q-14	 	 	3Q-14	 	 	YTD
2015	 	 	YTD
2014	 	 	Full Year
2014	 	
Consolidated Results (Including Corporate) Excluding Life Segment (1)	  				 				 				 				 				 				 				 				
Gross premiums written	  	$	5,824	  	 	$	5,975	  	 	$	4,800	  	 	$	5,193	  	 	$	5,736	  	 	$	16,599	  	 	$	16,068	  	 	$	21,261	  	
Net premiums written	  	 	4,217	  	 	 	4,284	  	 	 	3,585	  	 	 	3,803	  	 	 	4,232	  	 	 	12,086	  	 	 	11,984	  	 	 	15,787	  	
Net premiums earned	  	 	4,239	  	 	 	3,873	  	 	 	3,453	  	 	 	3,871	  	 	 	4,265	  	 	 	11,565	  	 	 	11,593	  	 	 	15,464	  	
Adjusted losses and loss expenses (1)	  	 	2,494	  	 	 	2,282	  	 	 	1,970	  	 	 	2,269	  	 	 	2,494	  	 	 	6,746	  	 	 	6,740	  	 	 	9,009	  	
Policy acquisition costs	  	 	654	  	 	 	609	  	 	 	600	  	 	 	641	  	 	 	702	  	 	 	1,863	  	 	 	1,956	  	 	 	2,597	  	
Administrative expenses	  	 	494	  	 	 	504	  	 	 	481	  	 	 	517	  	 	 	483	  	 	 	1,479	  	 	 	1,443	  	 	 	1,960	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	 	597	  	 	 	478	  	 	 	402	  	 	 	444	  	 	 	586	  	 	 	1,477	  	 	 	1,454	  	 	 	1,898	  	
Net investment income	  	 	483	  	 	 	496	  	 	 	485	  	 	 	508	  	 	 	497	  	 	 	1,464	  	 	 	1,476	  	 	 	1,984	  	
Interest expense	  	 	67	  	 	 	69	  	 	 	67	  	 	 	66	  	 	 	66	  	 	 	203	  	 	 	203	  	 	 	269	  	
Other income (expense) - operating (2)	  	 	11	  	 	 	(2	) 	 	 	—  	  	 	 	4	  	 	 	(2	) 	 	 	9	  	 	 	(2	) 	 	 	2	  	
Amortization of intangible assets	  	 	51	  	 	 	54	  	 	 	30	  	 	 	29	  	 	 	27	  	 	 	135	  	 	 	76	  	 	 	105	  	
Income tax expense	  	 	133	  	 	 	128	  	 	 	111	  	 	 	110	  	 	 	169	  	 	 	372	  	 	 	377	  	 	 	487	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (including Corporate) excluding Life segment	  	 	840	  	 	 	721	  	 	 	679	  	 	 	751	  	 	 	819	  	 	 	2,240	  	 	 	2,272	  	 	 	3,023	  	
Life segment operating income	  	 	57	  	 	 	67	  	 	 	66	  	 	 	76	  	 	 	72	  	 	 	190	  	 	 	221	  	 	 	297	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated operating income	  	 	897	  	 	 	788	  	 	 	745	  	 	 	827	  	 	 	891	  	 	 	2,430	  	 	 	2,493	  	 	 	3,320	  	
Chubb integration expenses, net of tax	  	 	(7	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(7	) 	 	 	—  	  	 	 	—  	  	
Adjusted net realized gains (losses) (1)	  	 	(393	) 	 	 	128	  	 	 	(89	) 	 	 	(210	) 	 	 	(165	) 	 	 	(354	) 	 	 	(348	) 	 	 	(558	) 	
Net realized gains (losses) related to unconsolidated entities	  	 	25	  	 	 	33	  	 	 	26	  	 	 	49	  	 	 	55	  	 	 	84	  	 	 	142	  	 	 	191	  	
Income tax expense (benefit) on adjusted net realized gains (losses)	  	 	(6	) 	 	 	7	  	 	 	1	  	 	 	111	  	 	 	(4	) 	 	 	2	  	 	 	(11	) 	 	 	100	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated net income	  	$	528	  	 	$	942	  	 	$	681	  	 	$	555	  	 	$	785	  	 	$	2,151	  	 	$	2,298	  	 	$	2,853	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
% Change versus prior year period (1)	  				 				 				 				 				 				 				 				
Net premiums written as reported	  	 	-0.4	% 	 	 	5.5	% 	 	 	-2.9	% 	 	 	2.4	% 	 	 	2.2	% 	 	 	0.8	% 	 	 	5.7	% 	 	 	4.9	% 	
Net premiums earned as reported	  	 	-0.6	% 	 	 	0.8	% 	 	 	-1.0	% 	 	 	-0.3	% 	 	 	2.9	% 	 	 	-0.2	% 	 	 	7.1	% 	 	 	5.1	% 	
Net premiums written constant $	  	 	5.6	% 	 	 	11.6	% 	 	 	1.7	% 	 	 	5.0	% 	 	 	1.7	% 	 	 	6.4	% 	 	 	6.1	% 	 	 	5.9	% 	
Net premiums earned constant $	  	 	5.4	% 	 	 	7.0	% 	 	 	3.5	% 	 	 	2.1	% 	 	 	2.5	% 	 	 	5.4	% 	 	 	7.6	% 	 	 	6.2	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written (1)	  	 	72	% 	 	 	72	% 	 	 	75	% 	 	 	73	% 	 	 	74	% 	 	 	73	% 	 	 	75	% 	 	 	74	% 	
Operating effective tax rate	  	 	13.5	% 	 	 	14.7	% 	 	 	13.7	% 	 	 	12.7	% 	 	 	16.9	% 	 	 	14.0	% 	 	 	14.2	% 	 	 	13.9	% 	
P&C combined ratio (1)	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	58.8	% 	 	 	58.9	% 	 	 	57.1	% 	 	 	58.6	% 	 	 	58.5	% 	 	 	58.3	% 	 	 	58.1	% 	 	 	58.3	% 	
Policy acquisition cost ratio	  	 	15.4	% 	 	 	15.7	% 	 	 	17.4	% 	 	 	16.6	% 	 	 	16.5	% 	 	 	16.1	% 	 	 	16.9	% 	 	 	16.8	% 	
Administrative expense ratio	  	 	11.7	% 	 	 	13.1	% 	 	 	13.9	% 	 	 	13.3	% 	 	 	11.3	% 	 	 	12.8	% 	 	 	12.5	% 	 	 	12.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	85.9	% 	 	 	87.7	% 	 	 	88.4	% 	 	 	88.5	% 	 	 	86.3	% 	 	 	87.2	% 	 	 	87.5	% 	 	 	87.7	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	89.2	% 	 	 	88.4	% 	 	 	89.3	% 	 	 	89.5	% 	 	 	89.8	% 	 	 	89.0	% 	 	 	89.2	% 	 	 	89.3	% 	
P&C expense ratio	  	 	27.1	% 	 	 	28.8	% 	 	 	31.3	% 	 	 	29.9	% 	 	 	27.8	% 	 	 	28.9	% 	 	 	29.4	% 	 	 	29.4	% 	
P&C expense ratio excluding A&H	  	 	23.6	% 	 	 	25.5	% 	 	 	27.9	% 	 	 	26.7	% 	 	 	24.3	% 	 	 	25.5	% 	 	 	25.8	% 	 	 	26.0	% 	
Catastrophe reinstatement premiums collected - pre-tax	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	2	  	 	$	1	  	 	$	—  	  	 	$	1	  	 	$	3	  	
Catastrophe losses - pre-tax	  	$	72	  	 	$	124	  	 	$	51	  	 	$	71	  	 	$	87	  	 	$	247	  	 	$	220	  	 	$	291	  	
Favorable prior period development (PPD) - pre-tax	  	$	(210	) 	 	$	(153	) 	 	$	(83	) 	 	$	(107	) 	 	$	(232	) 	 	$	(446	) 	 	$	(420	) 	 	$	(527	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	62.2	% 	 	 	59.7	% 	 	 	58.1	% 	 	 	59.6	% 	 	 	62.2	% 	 	 	60.1	% 	 	 	59.9	% 	 	 	59.8	% 	
 
(1)	See non-GAAP financial measures.	
(2)	Excludes portion of net realized investment gains and losses related to unconsolidated entities.	
Note: Effective Q3 2015, amortization of intangible assets (previously included in prior year other income (expense) – operating) are now reported separately throughout this report. Prior year amounts are reclassified to conform to the current period presentation.

Consolidated Results	  	Page 2	

					
	  	ACE Limited
Summary Consolidated Balance Sheets
(in millions of U.S. dollars, except per share data)
(Unaudited)	  		

																	
 	  	September 30
2015	 	 	June 30
2015	 	 	March 31
2015	 	 	December 31
2014	 	
Assets	  				 				 				 				
Fixed maturities available for sale, at fair value	  	$	48,278	  	 	$	48,701	  	 	$	50,410	  	 	$	49,395	  	
Fixed maturities held to maturity, at amortized cost	  	 	8,564	  	 	 	8,676	  	 	 	6,982	  	 	 	7,331	  	
Equity securities, at fair value	  	 	464	  	 	 	498	  	 	 	536	  	 	 	510	  	
Short-term investments, at fair value	  	 	1,808	  	 	 	2,062	  	 	 	2,536	  	 	 	2,322	  	
Other investments	  	 	3,270	  	 	 	3,328	  	 	 	3,430	  	 	 	3,346	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investments	  	 	62,384	  	 	 	63,265	  	 	 	63,894	  	 	 	62,904	  	
Cash	  	 	1,038	  	 	 	790	  	 	 	948	  	 	 	655	  	
Securities lending collateral	  	 	1,011	  	 	 	1,080	  	 	 	1,033	  	 	 	1,330	  	
Insurance and reinsurance balances receivable	  	 	5,290	  	 	 	5,757	  	 	 	5,026	  	 	 	5,426	  	
Reinsurance recoverable on losses and loss expenses	  	 	11,231	  	 	 	11,775	  	 	 	11,588	  	 	 	11,992	  	
Deferred policy acquisition costs	  	 	2,809	  	 	 	2,806	  	 	 	2,683	  	 	 	2,601	  	
Value of business acquired	  	 	410	  	 	 	434	  	 	 	440	  	 	 	466	  	
Prepaid reinsurance premiums	  	 	2,059	  	 	 	2,238	  	 	 	1,981	  	 	 	2,026	  	
Goodwill and other intangible assets	  	 	5,713	  	 	 	5,969	  	 	 	5,516	  	 	 	5,724	  	
Deferred tax assets	  	 	395	  	 	 	285	  	 	 	224	  	 	 	295	  	
Investments in partially-owned insurance companies	  	 	654	  	 	 	638	  	 	 	590	  	 	 	504	  	
Other assets	  	 	4,766	  	 	 	4,803	  	 	 	4,475	  	 	 	4,325	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	97,760	  	 	$	99,840	  	 	$	98,398	  	 	$	98,248	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Liabilities	  				 				 				 				
Unpaid losses and loss expenses	  	$	37,564	  	 	$	38,230	  	 	$	37,326	  	 	$	38,315	  	
Unearned premiums	  	 	8,510	  	 	 	8,879	  	 	 	8,182	  	 	 	8,222	  	
Future policy benefits	  	 	4,776	  	 	 	4,835	  	 	 	4,744	  	 	 	4,754	  	
Insurance and reinsurance balances payable	  	 	4,225	  	 	 	4,602	  	 	 	4,198	  	 	 	4,095	  	
Securities lending payable	  	 	1,012	  	 	 	1,081	  	 	 	1,034	  	 	 	1,331	  	
Accounts payable, accrued expenses, and other liabilities	  	 	5,977	  	 	 	6,090	  	 	 	6,194	  	 	 	5,726	  	
Short-term debt	  	 	2,103	  	 	 	2,102	  	 	 	2,552	  	 	 	2,552	  	
Long-term debt	  	 	4,157	  	 	 	4,157	  	 	 	4,157	  	 	 	3,357	  	
Trust preferred securities	  	 	309	  	 	 	309	  	 	 	309	  	 	 	309	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	68,633	  	 	 	70,285	  	 	 	68,696	  	 	 	68,661	  	
Shareholders’ equity	  				 				 				 				
Total shareholders’ equity, excl. AOCI	  	 	29,319	  	 	 	28,948	  	 	 	28,550	  	 	 	28,396	  	
Accumulated other comprehensive income (AOCI)	  	 	(192	) 	 	 	607	  	 	 	1,152	  	 	 	1,191	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total shareholders’ equity	  	 	29,127	  	 	 	29,555	  	 	 	29,702	  	 	 	29,587	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and shareholders’ equity	  	$	97,760	  	 	$	99,840	  	 	$	98,398	  	 	$	98,248	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share	  	$	89.88	  	 	$	91.27	  	 	$	90.81	  	 	$	90.02	  	
% change over prior quarter	  	 	-1.5	% 	 	 	0.5	% 	 	 	0.9	% 	 	 	-0.4	% 	
Tangible book value per common share	  	$	72.25	  	 	$	72.84	  	 	$	73.94	  	 	$	72.61	  	
% change over prior quarter	  	 	-0.8	% 	 	 	-1.5	% 	 	 	1.8	% 	 	 	-1.9	% 	

Consol Bal Sheet	  	Page 3	

					
	  	ACE Limited
Consolidated Premiums and Operating Income by Line of Business
(in millions of U.S. dollars)
(Unaudited)	  		
 
ACE Limited Consolidated

 	 	 	 	 	 	 	 	 	 	 	 	 	 	Constant $	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Constant $	 	
 	 	 	 	 	 	 	 	% Change	 	 	 	 	 	% Change	 	 	 	 	 	 	 	 	% Change	 	 	 	 	 	% Change	 	
 	 	 	 	 	 	 	 	3Q-15 vs.	 	 	Constant $	 	 	3Q-15 vs.	 	 	YTD	 	 	YTD	 	 	YTD-15 vs.	 	 	Constant $	 	 	YTD-15 vs.	 	
 	 	3Q-15	 	 	3Q-14	 	 	3Q-14	 	 	3Q-14 (2)	 	 	3Q-14 (2)	 	 	2015	 	 	2014	 	 	YTD-14	 	 	YTD-14 (2)	 	 	YTD-14 (2)	 	
Net premiums written	 				 				 				 				 				 				 				 				 				 				
Property and all other	 	$	1,250	  	 	$	1,234	  	 	 	1.4	% 	 				 				 	$	4,318	  	 	$	4,071	  	 	 	6.1	% 	 				 				
Casualty	 	 	1,593	  	 	 	1,546	  	 	 	3.0	% 	 				 				 	 	4,635	  	 	 	4,495	  	 	 	3.1	% 	 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
Subtotal	 	 	2,843	  	 	 	2,780	  	 	 	2.3	% 	 	$	2,628	  	 	 	8.2	% 	 	 	8,953	  	 	 	8,566	  	 	 	4.5	% 	 	$	8,160	  	 	 	9.7	% 	
Agriculture	 	 	737	  	 	 	764	  	 	 	-3.5	% 	 	 	764	  	 	 	-3.5	% 	 	 	1,204	  	 	 	1,346	  	 	 	-10.5	% 	 	 	1,346	  	 	 	-10.5	% 	
Personal accident (A&H) (1)	 	 	890	  	 	 	937	  	 	 	-5.2	% 	 	 	841	  	 	 	5.8	% 	 	 	2,689	  	 	 	2,815	  	 	 	-4.5	% 	 	 	2,572	  	 	 	4.5	% 	
Life	 	 	239	  	 	 	248	  	 	 	-3.6	% 	 	 	231	  	 	 	3.3	% 	 	 	723	  	 	 	746	  	 	 	-3.2	% 	 	 	708	  	 	 	2.1	% 	
	 	 	 	 	 	 	 	 	 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 				
Total consolidated	 	$	4,709	  	 	$	4,729	  	 	 	-0.4	% 	 	$	4,464	  	 	 	5.5	% 	 	$	13,569	  	 	$	13,473	  	 	 	0.7	% 	 	$	12,786	  	 	 	6.1	% 	
	 	 	 	 	 	 	 	 	 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 				
% of Total Consolidated	 				 				 				 				 				 				 				 				 				 				
Property and all other	 	 	27	% 	 	 	26	% 	 				 				 				 	 	32	% 	 	 	30	% 	 				 				 				
Casualty	 	 	33	% 	 	 	33	% 	 				 				 				 	 	34	% 	 	 	33	% 	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
Subtotal	 	 	60	% 	 	 	59	% 	 				 				 				 	 	66	% 	 	 	63	% 	 				 				 				
Agriculture	 	 	16	% 	 	 	16	% 	 				 				 				 	 	9	% 	 	 	10	% 	 				 				 				
Personal accident (A&H) (1)	 	 	19	% 	 	 	20	% 	 				 				 				 	 	20	% 	 	 	21	% 	 				 				 				
Life	 	 	5	% 	 	 	5	% 	 				 				 				 	 	5	% 	 	 	6	% 	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
Total consolidated	 	 	100	% 	 	 	100	% 	 				 				 				 	 	100	% 	 	 	100	% 	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
Net premiums earned	 				 				 				 				 				 				 				 				 				 				
Property and all other	 	$	1,321	  	 	$	1,313	  	 	 	0.6	% 	 				 				 	$	3,914	  	 	$	3,847	  	 	 	1.7	% 	 				 				
Casualty	 	 	1,548	  	 	 	1,493	  	 	 	3.8	% 	 				 				 	 	4,642	  	 	 	4,515	  	 	 	2.8	% 	 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
Subtotal	 	 	2,869	  	 	 	2,806	  	 	 	2.3	% 	 	$	2,648	  	 	 	8.4	% 	 	 	8,556	  	 	 	8,362	  	 	 	2.3	% 	 	$	7,963	  	 	 	7.4	% 	
Agriculture	 	 	739	  	 	 	766	  	 	 	-3.6	% 	 	 	766	  	 	 	-3.6	% 	 	 	1,124	  	 	 	1,199	  	 	 	-6.3	% 	 	 	1,199	  	 	 	-6.3	% 	
Personal accident (A&H) (1)	 	 	884	  	 	 	942	  	 	 	-6.2	% 	 	 	846	  	 	 	4.5	% 	 	 	2,645	  	 	 	2,770	  	 	 	-4.5	% 	 	 	2,531	  	 	 	4.5	% 	
Life	 	 	227	  	 	 	240	  	 	 	-5.7	% 	 	 	224	  	 	 	1.2	% 	 	 	681	  	 	 	725	  	 	 	-6.1	% 	 	 	688	  	 	 	-1.0	% 	
	 	 	 	 	 	 	 	 	 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 				
Total consolidated	 	$	4,719	  	 	$	4,754	  	 	 	-0.7	% 	 	$	4,484	  	 	 	5.2	% 	 	$	13,006	  	 	$	13,056	  	 	 	-0.4	% 	 	$	12,381	  	 	 	5.0	% 	
	 	 	 	 	 	 	 	 	 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 				
% of Total Consolidated	 				 				 				 				 				 				 				 				 				 				
Property and all other	 	 	28	% 	 	 	28	% 	 				 				 				 	 	30	% 	 	 	29	% 	 				 				 				
Casualty	 	 	33	% 	 	 	31	% 	 				 				 				 	 	36	% 	 	 	35	% 	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
Subtotal	 	 	61	% 	 	 	59	% 	 				 				 				 	 	66	% 	 	 	64	% 	 				 				 				
Agriculture	 	 	16	% 	 	 	16	% 	 				 				 				 	 	9	% 	 	 	9	% 	 				 				 				
Personal accident (A&H) (1)	 	 	18	% 	 	 	20	% 	 				 				 				 	 	20	% 	 	 	21	% 	 				 				 				
Life	 	 	5	% 	 	 	5	% 	 				 				 				 	 	5	% 	 	 	6	% 	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
Total consolidated	 	 	100	% 	 	 	100	% 	 				 				 				 	 	100	% 	 	 	100	% 	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
Operating income, after-tax	 				 				 				 				 				 				 				 				 				 				
Property, casualty, and all other	 	$	705	  	 	$	671	  	 	 	5.4	% 	 	$	649	  	 	 	8.9	% 	 	$	1,882	  	 	$	1,964	  	 	 	-4.1	% 	 	$	1,913	  	 	 	-1.6	% 	
Agriculture	 	 	56	  	 	 	57	  	 	 	-1.7	% 	 	 	57	  	 	 	-1.7	% 	 	 	106	  	 	 	51	  	 	 	NM	  	 	 	51	  	 	 	NM	  	
Personal accident (A&H) (1)	 	 	102	  	 	 	122	  	 	 	-16.9	% 	 	 	108	  	 	 	-5.8	% 	 	 	337	  	 	 	360	  	 	 	-6.6	% 	 	 	326	  	 	 	3.4	% 	
Life	 	 	34	  	 	 	41	  	 	 	-19.5	% 	 	 	41	  	 	 	-19.5	% 	 	 	105	  	 	 	118	  	 	 	-11.3	% 	 	 	118	  	 	 	-11.3	% 	
	 	 	 	 	 	 	 	 	 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 				
Total consolidated	 	$	897	  	 	$	891	  	 	 	0.8	% 	 	$	855	  	 	 	5.0	% 	 	$	2,430	  	 	$	2,493	  	 	 	-2.5	% 	 	$	2,408	  	 	 	0.9	% 	
	 	 	 	 	 	 	 	 	 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 				
% of Total Consolidated	 				 				 				 				 				 				 				 				 				 				
Property, casualty, and all other	 	 	79	% 	 	 	75	% 	 				 				 				 	 	78	% 	 	 	79	% 	 				 				 				
Agriculture	 	 	6	% 	 	 	6	% 	 				 				 				 	 	4	% 	 	 	2	% 	 				 				 				
Personal accident (A&H) (1)	 	 	11	% 	 	 	14	% 	 				 				 				 	 	14	% 	 	 	14	% 	 				 				 				
Life	 	 	4	% 	 	 	5	% 	 				 				 				 	 	4	% 	 	 	5	% 	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
Total consolidated	 	 	100	% 	 	 	100	% 	 				 				 				 	 	100	% 	 	 	100	% 	 				 				 				

(1)	For purposes of this schedule only, A&H results from our Combined North American and International businesses, normally included in the Life and Insurance – Overseas General segments, respectively, are included in the personal accident (A&H) line items above.	
(2)	Prior periods on a constant-dollar basis.	

Line of Business	  	Page 4	

					
	  	ACE Limited
Global P&C Results - Consecutive Quarters
(in millions of U.S. dollars, except ratios)
(Unaudited)	  		

Global P&C includes the company’s Insurance – North American P&C segment (refer to page 7), Insurance – Overseas General segment (refer to page 9), Global Reinsurance segment (refer to page 10), and Corporate (not separately disclosed in the Financial Supplement). Global P&C excludes the Insurance – North American Agriculture segment.
Global P&C (Including Corporate)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	 	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	4Q-14	 	 	3Q-14	 	 	2015	 	 	2014	 	 	2014	 	
Gross premiums written	 	$	4,581	  	 	$	5,409	  	 	$	4,672	  	 	$	4,891	  	 	$	4,495	  	 	$	14,662	  	 	$	13,992	  	 	$	18,883	  	
Net premiums written	 	 	3,480	  	 	 	3,905	  	 	 	3,497	  	 	 	3,559	  	 	 	3,468	  	 	 	10,882	  	 	 	10,638	  	 	 	14,197	  	
Net premiums earned	 	 	3,500	  	 	 	3,552	  	 	 	3,389	  	 	 	3,544	  	 	 	3,499	  	 	 	10,441	  	 	 	10,394	  	 	 	13,938	  	
Losses and loss expenses	 	 	1,870	  	 	 	2,009	  	 	 	1,948	  	 	 	2,017	  	 	 	1,853	  	 	 	5,827	  	 	 	5,692	  	 	 	7,709	  	
Policy acquisition costs	 	 	612	  	 	 	586	  	 	 	604	  	 	 	629	  	 	 	661	  	 	 	1,802	  	 	 	1,887	  	 	 	2,516	  	
Administrative expenses	 	 	494	  	 	 	500	  	 	 	482	  	 	 	513	  	 	 	480	  	 	 	1,476	  	 	 	1,438	  	 	 	1,951	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	 	 	524	  	 	 	457	  	 	 	355	  	 	 	385	  	 	 	505	  	 	 	1,336	  	 	 	1,377	  	 	 	1,762	  	
Net investment income	 	 	478	  	 	 	490	  	 	 	479	  	 	 	501	  	 	 	491	  	 	 	1,447	  	 	 	1,457	  	 	 	1,958	  	
Interest expense	 	 	67	  	 	 	69	  	 	 	67	  	 	 	66	  	 	 	66	  	 	 	203	  	 	 	203	  	 	 	269	  	
Other income (expense)—operating (1)	 	 	10	  	 	 	(1	) 	 	 	1	  	 	 	5	  	 	 	(3	) 	 	 	10	  	 	 	(2	) 	 	 	4	  	
Amortization of intangible assets	 	 	43	  	 	 	47	  	 	 	23	  	 	 	21	  	 	 	19	  	 	 	113	  	 	 	52	  	 	 	74	  	
Income tax expense	 	 	118	  	 	 	124	  	 	 	101	  	 	 	98	  	 	 	146	  	 	 	343	  	 	 	356	  	 	 	454	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C operating income	 	 	784	  	 	 	706	  	 	 	644	  	 	 	706	  	 	 	762	  	 	 	2,134	  	 	 	2,221	  	 	 	2,927	  	
Chubb integration expenses, net of tax	 	 	(7	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(7	) 	 	 	—  	  	 	 	—  	  	
Net realized gains (losses)	 	 	(67	) 	 	 	25	  	 	 	(30	) 	 	 	(67	) 	 	 	(76	) 	 	 	(72	) 	 	 	(111	) 	 	 	(178	) 	
Net realized gains (losses) related to unconsolidated entities	 	 	13	  	 	 	16	  	 	 	12	  	 	 	43	  	 	 	51	  	 	 	41	  	 	 	142	  	 	 	185	  	
Income tax expense (benefit) on net realized gains
(losses)	 	 	(7	) 	 	 	5	  	 	 	—  	  	 	 	110	  	 	 	(5	) 	 	 	(2	) 	 	 	(9	) 	 	 	101	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C net income	 	$	730	  	 	$	742	  	 	$	626	  	 	$	572	  	 	$	742	  	 	$	2,098	  	 	$	2,261	  	 	$	2,833	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
% Change versus prior year period	 				 				 				 				 				 				 				 				
Net premiums written as reported	 	 	0.3	% 	 	 	6.4	% 	 	 	0.0	% 	 	 	3.0	% 	 	 	4.0	% 	 	 	2.3	% 	 	 	6.7	% 	 	 	5.7	% 	
Net premiums earned as reported	 	 	0.0	% 	 	 	1.2	% 	 	 	0.1	% 	 	 	2.6	% 	 	 	6.2	% 	 	 	0.5	% 	 	 	8.6	% 	 	 	7.0	% 	
Net premiums written constant $	 	 	7.8	% 	 	 	13.2	% 	 	 	5.0	% 	 	 	5.8	% 	 	 	3.4	% 	 	 	8.7	% 	 	 	7.2	% 	 	 	6.9	% 	
Net premiums earned constant $	 	 	7.6	% 	 	 	8.0	% 	 	 	4.8	% 	 	 	5.4	% 	 	 	5.7	% 	 	 	6.8	% 	 	 	9.2	% 	 	 	8.2	% 	
Other ratios	 				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	 	 	76	% 	 	 	72	% 	 	 	75	% 	 	 	73	% 	 	 	77	% 	 	 	74	% 	 	 	76	% 	 	 	75	% 	
Combined ratio	 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	53.4	% 	 	 	56.5	% 	 	 	57.5	% 	 	 	56.9	% 	 	 	52.9	% 	 	 	55.8	% 	 	 	54.8	% 	 	 	55.3	% 	
Policy acquisition cost ratio	 	 	17.5	% 	 	 	16.5	% 	 	 	17.8	% 	 	 	17.8	% 	 	 	18.9	% 	 	 	17.3	% 	 	 	18.1	% 	 	 	18.0	% 	
Administrative expense ratio	 	 	14.1	% 	 	 	14.1	% 	 	 	14.2	% 	 	 	14.4	% 	 	 	13.8	% 	 	 	14.1	% 	 	 	13.8	% 	 	 	14.1	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 	 	85.0	% 	 	 	87.1	% 	 	 	89.5	% 	 	 	89.1	% 	 	 	85.6	% 	 	 	87.2	% 	 	 	86.7	% 	 	 	87.4	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses
and PPD	 	 	88.8	% 	 	 	88.2	% 	 	 	89.5	% 	 	 	90.2	% 	 	 	89.8	% 	 	 	88.8	% 	 	 	89.2	% 	 	 	89.4	% 	
Expense ratio	 	 	31.6	% 	 	 	30.6	% 	 	 	32.0	% 	 	 	32.2	% 	 	 	32.7	% 	 	 	31.4	% 	 	 	31.9	% 	 	 	32.1	% 	
Expense ratio excluding A&H	 	 	28.2	% 	 	 	27.4	% 	 	 	28.7	% 	 	 	29.2	% 	 	 	29.3	% 	 	 	28.1	% 	 	 	28.6	% 	 	 	28.8	% 	
Catastrophe reinstatement premiums
collected—pre-tax	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	2	  	 	$	1	  	 	$	—  	  	 	$	1	  	 	$	3	  	
Catastrophe losses—pre-tax	 	$	72	  	 	$	117	  	 	$	50	  	 	$	70	  	 	$	85	  	 	$	239	  	 	$	208	  	 	$	278	  	
Favorable prior period development (PPD)—
pre-tax	 	$	(205	) 	 	$	(153	) 	 	$	(50	) 	 	$	(106	) 	 	$	(229	) 	 	$	(408	) 	 	$	(455	) 	 	$	(561	) 	
Loss and loss expense ratio excluding
catastrophe losses and PPD	 	 	57.3	% 	 	 	57.6	% 	 	 	57.6	% 	 	 	57.9	% 	 	 	57.5	% 	 	 	57.5	% 	 	 	57.3	% 	 	 	57.5	% 	
 
(1)	Excludes portion of net realized investment gains and losses related to unconsolidated entities.	

Global P&C	  	Page 5	

					
	  	ACE Limited
Insurance - North American
(in millions of U.S. dollars, except ratios)
(Unaudited)	  		
 
The table below combines the company’s Insurance – North American P&C segment (refer to page 7) and Insurance – North American Agriculture segment (refer to page 8) into total Insurance – North American business presentation for reference purposes only.
Insurance - North American

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	4Q-14	 	 	3Q-14	 	 	2015	 	 	2014	 	 	2014	 	
Gross premiums written	  	$	3,615	  	 	$	3,471	  	 	$	2,253	  	 	$	2,841	  	 	$	3,367	  	 	$	9,339	  	 	$	8,573	  	 	$	11,414	  	
Net premiums written	  	 	2,448	  	 	 	2,354	  	 	 	1,518	  	 	 	1,913	  	 	 	2,305	  	 	 	6,320	  	 	 	5,940	  	 	 	7,853	  	
Net premiums earned	  	 	2,421	  	 	 	2,009	  	 	 	1,590	  	 	 	1,887	  	 	 	2,284	  	 	 	6,020	  	 	 	5,746	  	 	 	7,633	  	
Losses and loss expenses (1)	  	 	1,799	  	 	 	1,393	  	 	 	1,057	  	 	 	1,329	  	 	 	1,694	  	 	 	4,249	  	 	 	4,057	  	 	 	5,386	  	
Policy acquisition costs	  	 	197	  	 	 	153	  	 	 	157	  	 	 	166	  	 	 	210	  	 	 	507	  	 	 	549	  	 	 	715	  	
Administrative expenses	  	 	192	  	 	 	193	  	 	 	170	  	 	 	181	  	 	 	168	  	 	 	555	  	 	 	506	  	 	 	687	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	 	233	  	 	 	270	  	 	 	206	  	 	 	211	  	 	 	212	  	 	 	709	  	 	 	634	  	 	 	845	  	
Net investment income	  	 	271	  	 	 	275	  	 	 	269	  	 	 	280	  	 	 	283	  	 	 	815	  	 	 	831	  	 	 	1,111	  	
Interest expense	  	 	3	  	 	 	2	  	 	 	2	  	 	 	2	  	 	 	2	  	 	 	7	  	 	 	7	  	 	 	9	  	
Other income (expense)—operating	  	 	3	  	 	 	(2	) 	 	 	2	  	 	 	6	  	 	 	—  	  	 	 	3	  	 	 	4	  	 	 	9	  	
Amortization of intangible assets	  	 	39	  	 	 	39	  	 	 	7	  	 	 	8	  	 	 	8	  	 	 	85	  	 	 	24	  	 	 	31	  	
Income tax expense	  	 	83	  	 	 	92	  	 	 	88	  	 	 	70	  	 	 	91	  	 	 	263	  	 	 	261	  	 	 	331	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	382	  	 	 	410	  	 	 	380	  	 	 	417	  	 	 	394	  	 	 	1,172	  	 	 	1,177	  	 	 	1,594	  	
Net realized gains (losses) (1)	  	 	(33	) 	 	 	—  	  	 	 	(6	) 	 	 	(39	) 	 	 	(5	) 	 	 	(39	) 	 	 	(25	) 	 	 	(64	) 	
Net realized gains (losses) related to unconsolidated entities	  	 	14	  	 	 	10	  	 	 	4	  	 	 	19	  	 	 	32	  	 	 	28	  	 	 	71	  	 	 	90	  	
Income tax expense on net realized gains
(losses)	  	 	2	  	 	 	1	  	 	 	2	  	 	 	1	  	 	 	5	  	 	 	5	  	 	 	7	  	 	 	8	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	361	  	 	$	419	  	 	$	376	  	 	$	396	  	 	$	416	  	 	$	1,156	  	 	$	1,216	  	 	$	1,612	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	74.3	% 	 	 	69.3	% 	 	 	66.5	% 	 	 	70.4	% 	 	 	74.1	% 	 	 	70.6	% 	 	 	70.6	% 	 	 	70.6	% 	
Policy acquisition cost ratio	  	 	8.2	% 	 	 	7.6	% 	 	 	9.8	% 	 	 	8.8	% 	 	 	9.2	% 	 	 	8.4	% 	 	 	9.5	% 	 	 	9.4	% 	
Administrative expense ratio	  	 	7.9	% 	 	 	9.7	% 	 	 	10.7	% 	 	 	9.6	% 	 	 	7.4	% 	 	 	9.2	% 	 	 	8.9	% 	 	 	8.9	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	90.4	% 	 	 	86.6	% 	 	 	87.0	% 	 	 	88.8	% 	 	 	90.7	% 	 	 	88.2	% 	 	 	89.0	% 	 	 	88.9	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	87.6	% 	 	 	86.0	% 	 	 	87.4	% 	 	 	87.9	% 	 	 	88.9	% 	 	 	87.1	% 	 	 	88.0	% 	 	 	88.0	% 	
Catastrophe reinstatement premiums expensed—pre-tax	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	
Catastrophe losses—pre-tax	  	$	22	  	 	$	61	  	 	$	46	  	 	$	30	  	 	$	37	  	 	$	129	  	 	$	115	  	 	$	145	  	
Unfavorable (favorable) prior period development (PPD)—pre-tax	  	$	45	  	 	$	(49	) 	 	$	(54	) 	 	$	(12	) 	 	$	8	  	 	$	(58	) 	 	$	(61	) 	 	$	(73	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	71.6	% 	 	 	68.8	% 	 	 	67.1	% 	 	 	69.6	% 	 	 	72.5	% 	 	 	69.5	% 	 	 	69.6	% 	 	 	69.6	% 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	6.2	% 	 	 	16.4	% 	 	 	-5.9	% 	 	 	3.0	% 	 	 	-0.1	% 	 	 	6.4	% 	 	 	4.5	% 	 	 	4.1	% 	
Net premiums earned	  	 	5.9	% 	 	 	7.4	% 	 	 	0.0	% 	 	 	-2.6	% 	 	 	-0.4	% 	 	 	4.8	% 	 	 	5.2	% 	 	 	3.2	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	68	% 	 	 	68	% 	 	 	67	% 	 	 	67	% 	 	 	68	% 	 	 	68	% 	 	 	69	% 	 	 	69	% 	
 
(1)	See non-GAAP financial measures.	

Insurance - North American	  	Page 6	

					
	  	ACE Limited
Segment Results - Consecutive Quarters
(in millions of U.S. dollars, except ratios)
(Unaudited)	  		
 
Insurance - North American P&C

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	 	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	4Q-14	 	 	3Q-14	 	 	2015	 	 	2014	 	 	2014	 	
Gross premiums written	 	$	2,372	  	 	$	2,905	  	 	$	2,125	  	 	$	2,539	  	 	$	2,126	  	 	$	7,402	  	 	$	6,497	  	 	$	9,036	  	
Net premiums written	 	 	1,711	  	 	 	1,975	  	 	 	1,430	  	 	 	1,669	  	 	 	1,541	  	 	 	5,116	  	 	 	4,594	  	 	 	6,263	  	
Net premiums earned	 	 	1,682	  	 	 	1,688	  	 	 	1,526	  	 	 	1,560	  	 	 	1,518	  	 	 	4,896	  	 	 	4,547	  	 	 	6,107	  	
Losses and loss expenses	 	 	1,175	  	 	 	1,120	  	 	 	1,035	  	 	 	1,077	  	 	 	1,053	  	 	 	3,330	  	 	 	3,009	  	 	 	4,086	  	
Policy acquisition costs	 	 	155	  	 	 	130	  	 	 	161	  	 	 	154	  	 	 	169	  	 	 	446	  	 	 	480	  	 	 	634	  	
Administrative expenses	 	 	192	  	 	 	189	  	 	 	171	  	 	 	177	  	 	 	165	  	 	 	552	  	 	 	501	  	 	 	678	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	 	 	160	  	 	 	249	  	 	 	159	  	 	 	152	  	 	 	131	  	 	 	568	  	 	 	557	  	 	 	709	  	
Net investment income	 	 	266	  	 	 	269	  	 	 	263	  	 	 	273	  	 	 	277	  	 	 	798	  	 	 	812	  	 	 	1,085	  	
Interest expense	 	 	3	  	 	 	2	  	 	 	2	  	 	 	2	  	 	 	2	  	 	 	7	  	 	 	7	  	 	 	9	  	
Other income (expense)—operating	 	 	2	  	 	 	(1	) 	 	 	3	  	 	 	7	  	 	 	(1	) 	 	 	4	  	 	 	4	  	 	 	11	  	
Amortization of intangible assets	 	 	31	  	 	 	32	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	63	  	 	 	—  	  	 	 	—  	  	
Income tax expense	 	 	68	  	 	 	88	  	 	 	78	  	 	 	58	  	 	 	68	  	 	 	234	  	 	 	240	  	 	 	298	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	 	 	326	  	 	 	395	  	 	 	345	  	 	 	372	  	 	 	337	  	 	 	1,066	  	 	 	1,126	  	 	 	1,498	  	
Net realized gains (losses)	 	 	(33	) 	 	 	—  	  	 	 	(6	) 	 	 	(42	) 	 	 	(5	) 	 	 	(39	) 	 	 	(25	) 	 	 	(67	) 	
Net realized gains (losses) related to unconsolidated entities	 	 	14	  	 	 	10	  	 	 	4	  	 	 	19	  	 	 	32	  	 	 	28	  	 	 	71	  	 	 	90	  	
Income tax expense on net realized gains (losses)	 	 	2	  	 	 	1	  	 	 	2	  	 	 	1	  	 	 	5	  	 	 	5	  	 	 	7	  	 	 	8	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	305	  	 	$	404	  	 	$	341	  	 	$	348	  	 	$	359	  	 	$	1,050	  	 	$	1,165	  	 	$	1,513	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	69.9	% 	 	 	66.3	% 	 	 	67.9	% 	 	 	69.0	% 	 	 	69.3	% 	 	 	68.0	% 	 	 	66.2	% 	 	 	66.9	% 	
Policy acquisition cost ratio	 	 	9.2	% 	 	 	7.7	% 	 	 	10.5	% 	 	 	9.9	% 	 	 	11.1	% 	 	 	9.1	% 	 	 	10.5	% 	 	 	10.4	% 	
Administrative expense ratio	 	 	11.4	% 	 	 	11.2	% 	 	 	11.2	% 	 	 	11.3	% 	 	 	11.0	% 	 	 	11.3	% 	 	 	11.1	% 	 	 	11.1	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 	 	90.5	% 	 	 	85.2	% 	 	 	89.6	% 	 	 	90.2	% 	 	 	91.4	% 	 	 	88.4	% 	 	 	87.8	% 	 	 	88.4	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	 	 	86.3	% 	 	 	85.0	% 	 	 	87.9	% 	 	 	89.1	% 	 	 	88.5	% 	 	 	86.4	% 	 	 	87.6	% 	 	 	88.0	% 	
Catastrophe reinstatement premiums expensed—pre-tax	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	
Catastrophe losses—pre-tax	 	$	22	  	 	$	54	  	 	$	45	  	 	$	29	  	 	$	35	  	 	$	121	  	 	$	103	  	 	$	132	  	
Unfavorable (favorable) prior period development (PPD)—pre-tax	 	$	50	  	 	$	(49	) 	 	$	(21	) 	 	$	(11	) 	 	$	11	  	 	$	(20	) 	 	$	(96	) 	 	$	(107	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	 	 	65.7	% 	 	 	66.1	% 	 	 	66.3	% 	 	 	67.8	% 	 	 	66.9	% 	 	 	66.0	% 	 	 	66.2	% 	 	 	66.6	% 	
% Change versus prior year period	 				 				 				 				 				 				 				 				
Net premiums written	 	 	11.0	% 	 	 	20.8	% 	 	 	0.8	% 	 	 	4.2	% 	 	 	2.7	% 	 	 	11.3	% 	 	 	6.5	% 	 	 	5.9	% 	
Net premiums earned	 	 	10.7	% 	 	 	9.6	% 	 	 	2.5	% 	 	 	3.3	% 	 	 	5.1	% 	 	 	7.7	% 	 	 	8.0	% 	 	 	6.8	% 	
Other ratios	 				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	 	 	72	% 	 	 	68	% 	 	 	67	% 	 	 	66	% 	 	 	72	% 	 	 	69	% 	 	 	71	% 	 	 	69	% 	

Insurance - North American P&C	  	Page 7	

					
	  	ACE Limited
Segment Results - Consecutive Quarters
(in millions of U.S. dollars, except ratios)
(Unaudited)	  		
 
Insurance - North American Agriculture

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	 	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	4Q-14	 	 	3Q-14	 	 	2015	 	 	2014	 	 	2014	 	
Gross premiums written	 	$	1,243	  	 	$	566	  	 	$	128	  	 	$	302	  	 	$	1,241	  	 	$	1,937	  	 	$	2,076	  	 	$	2,378	  	
Net premiums written	 	 	737	  	 	 	379	  	 	 	88	  	 	 	244	  	 	 	764	  	 	 	1,204	  	 	 	1,346	  	 	 	1,590	  	
Net premiums earned	 	 	739	  	 	 	321	  	 	 	64	  	 	 	327	  	 	 	766	  	 	 	1,124	  	 	 	1,199	  	 	 	1,526	  	
Losses and loss expenses (1)	 	 	624	  	 	 	273	  	 	 	22	  	 	 	252	  	 	 	641	  	 	 	919	  	 	 	1,048	  	 	 	1,300	  	
Policy acquisition costs	 	 	42	  	 	 	23	  	 	 	(4	) 	 	 	12	  	 	 	41	  	 	 	61	  	 	 	69	  	 	 	81	  	
Administrative expenses	 	 	—  	  	 	 	4	  	 	 	(1	) 	 	 	4	  	 	 	3	  	 	 	3	  	 	 	5	  	 	 	9	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	 	 	73	  	 	 	21	  	 	 	47	  	 	 	59	  	 	 	81	  	 	 	141	  	 	 	77	  	 	 	136	  	
Net investment income	 	 	5	  	 	 	6	  	 	 	6	  	 	 	7	  	 	 	6	  	 	 	17	  	 	 	19	  	 	 	26	  	
Interest expense	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Other income (expense)—operating	 	 	1	  	 	 	(1	) 	 	 	(1	) 	 	 	(1	) 	 	 	1	  	 	 	(1	) 	 	 	—  	  	 	 	(2	) 	
Amortization of intangible assets	 	 	8	  	 	 	7	  	 	 	7	  	 	 	8	  	 	 	8	  	 	 	22	  	 	 	24	  	 	 	31	  	
Income tax expense	 	 	15	  	 	 	4	  	 	 	10	  	 	 	12	  	 	 	23	  	 	 	29	  	 	 	21	  	 	 	33	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	 	 	56	  	 	 	15	  	 	 	35	  	 	 	45	  	 	 	57	  	 	 	106	  	 	 	51	  	 	 	96	  	
Net realized gains (losses) (1)	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	3	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	3	  	
Net realized gains (losses) related to unconsolidated entities	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Income tax expense on net realized gains (losses)	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	56	  	 	$	15	  	 	$	35	  	 	$	48	  	 	$	57	  	 	$	106	  	 	$	51	  	 	$	99	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	84.5	% 	 	 	85.3	% 	 	 	33.3	% 	 	 	77.2	% 	 	 	83.7	% 	 	 	81.8	% 	 	 	87.4	% 	 	 	85.2	% 	
Policy acquisition cost ratio	 	 	5.7	% 	 	 	7.2	% 	 	 	-6.0	% 	 	 	3.6	% 	 	 	5.4	% 	 	 	5.4	% 	 	 	5.8	% 	 	 	5.3	% 	
Administrative expense ratio	 	 	0.0	% 	 	 	1.1	% 	 	 	-0.9	% 	 	 	1.0	% 	 	 	0.4	% 	 	 	0.3	% 	 	 	0.4	% 	 	 	0.6	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 	 	90.2	% 	 	 	93.6	% 	 	 	26.4	% 	 	 	81.8	% 	 	 	89.5	% 	 	 	87.5	% 	 	 	93.6	% 	 	 	91.1	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	 	 	90.8	% 	 	 	91.4	% 	 	 	76.7	% 	 	 	82.4	% 	 	 	89.6	% 	 	 	90.1	% 	 	 	89.4	% 	 	 	87.8	% 	
Catastrophe reinstatement premiums—pre-tax	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	
Catastrophe losses—pre-tax	 	$	—  	  	 	$	7	  	 	$	1	  	 	$	1	  	 	$	2	  	 	$	8	  	 	$	12	  	 	$	13	  	
Unfavorable (favorable) prior period development (PPD)—pre-tax	 	$	(5	) 	 	$	—  	  	 	$	(33	) 	 	$	(1	) 	 	$	(3	) 	 	$	(38	) 	 	$	35	  	 	$	34	  	
Loss and loss expense ratio excluding catastrophe losses and PPD	 	 	85.1	% 	 	 	83.1	% 	 	 	83.2	% 	 	 	77.9	% 	 	 	83.8	% 	 	 	84.4	% 	 	 	82.9	% 	 	 	81.8	% 	
% Change versus prior year period	 				 				 				 				 				 				 				 				
Net premiums written	 	 	-3.5	% 	 	 	-2.4	% 	 	 	-54.6	% 	 	 	-5.0	% 	 	 	-5.2	% 	 	 	-10.5	% 	 	 	-1.8	% 	 	 	-2.3	% 	
Net premiums earned	 	 	-3.6	% 	 	 	-2.9	% 	 	 	-37.2	% 	 	 	-23.4	% 	 	 	-9.8	% 	 	 	-6.3	% 	 	 	-4.2	% 	 	 	-9.1	% 	
Other ratios	 				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	 	 	59	% 	 	 	67	% 	 	 	69	% 	 	 	81	% 	 	 	62	% 	 	 	62	% 	 	 	65	% 	 	 	67	% 	
 
(1)	See non-GAAP financial measures for treatment of losses and loss expenses in the P&C combined ratio.	

Insurance - North American Agriculture	  	Page 8	

					
	  	ACE Limited
Segment Results - Consecutive Quarters
(in millions of U.S. dollars, except ratios)
(Unaudited)	  		
 
Insurance - Overseas General

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Constant $	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	 	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	4Q-14	 	 	3Q-14	 	 	3Q-14 (1)	 	 	2015	 	 	2014	 	 	2014	 	
Gross premiums written	 	$	2,019	  	 	$	2,212	  	 	$	2,255	  	 	$	2,212	  	 	$	2,156	  	 	$	1,894	  	 	$	6,486	  	 	$	6,641	  	 	$	8,853	  	
Net premiums written	 	 	1,584	  	 	 	1,669	  	 	 	1,794	  	 	 	1,749	  	 	 	1,719	  	 	 	1,493	  	 	 	5,047	  	 	 	5,250	  	 	 	6,999	  	
Net premiums earned	 	 	1,615	  	 	 	1,644	  	 	 	1,637	  	 	 	1,758	  	 	 	1,726	  	 	 	1,498	  	 	 	4,896	  	 	 	5,047	  	 	 	6,805	  	
Losses and loss expenses	 	 	674	  	 	 	816	  	 	 	814	  	 	 	835	  	 	 	707	  	 	 	601	  	 	 	2,304	  	 	 	2,354	  	 	 	3,189	  	
Policy acquisition costs	 	 	405	  	 	 	396	  	 	 	389	  	 	 	419	  	 	 	418	  	 	 	361	  	 	 	1,190	  	 	 	1,206	  	 	 	1,625	  	
Administrative expenses	 	 	246	  	 	 	254	  	 	 	256	  	 	 	262	  	 	 	258	  	 	 	226	  	 	 	756	  	 	 	764	  	 	 	1,026	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	 	 	290	  	 	 	178	  	 	 	178	  	 	 	242	  	 	 	343	  	 	 	310	  	 	 	646	  	 	 	723	  	 	 	965	  	
Net investment income	 	 	132	  	 	 	139	  	 	 	138	  	 	 	147	  	 	 	130	  	 	 	122	  	 	 	409	  	 	 	398	  	 	 	545	  	
Interest expense	 	 	1	  	 	 	1	  	 	 	1	  	 	 	2	  	 	 	2	  	 	 	1	  	 	 	3	  	 	 	4	  	 	 	6	  	
Other income (expense)—operating	 	 	6	  	 	 	4	  	 	 	2	  	 	 	6	  	 	 	4	  	 	 	4	  	 	 	12	  	 	 	11	  	 	 	18	  	
Amortization of intangible assets	 	 	12	  	 	 	15	  	 	 	23	  	 	 	21	  	 	 	19	  	 	 	18	  	 	 	50	  	 	 	52	  	 	 	74	  	
Income tax expense	 	 	85	  	 	 	65	  	 	 	53	  	 	 	78	  	 	 	108	  	 	 	100	  	 	 	203	  	 	 	207	  	 	 	285	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	 	 	330	  	 	 	240	  	 	 	241	  	 	 	294	  	 	 	348	  	 	 	317	  	 	 	811	  	 	 	869	  	 	 	1,163	  	
Net realized gains (losses)	 	 	(13	) 	 	 	13	  	 	 	(10	) 	 	 	(7	) 	 	 	(75	) 	 				 	 	(10	) 	 	 	(71	) 	 	 	(78	) 	
Net realized gains (losses) related to unconsolidated entities	 	 	—  	  	 	 	3	  	 	 	4	  	 	 	12	  	 	 	9	  	 				 	 	7	  	 	 	33	  	 	 	45	  	
Income tax expense (benefit) on net realized gains (losses)	 	 	(9	) 	 	 	4	  	 	 	(1	) 	 	 	111	  	 	 	(11	) 	 				 	 	(6	) 	 	 	(18	) 	 	 	93	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	326	  	 	$	252	  	 	$	236	  	 	$	188	  	 	$	293	  	 				 	$	814	  	 	$	849	  	 	$	1,037	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 				 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	41.7	% 	 	 	49.7	% 	 	 	49.7	% 	 	 	47.5	% 	 	 	40.9	% 	 				 	 	47.1	% 	 	 	46.6	% 	 	 	46.9	% 	
Policy acquisition cost ratio	 	 	25.1	% 	 	 	24.1	% 	 	 	23.8	% 	 	 	23.8	% 	 	 	24.3	% 	 				 	 	24.3	% 	 	 	23.9	% 	 	 	23.9	% 	
Administrative expense ratio	 	 	15.2	% 	 	 	15.4	% 	 	 	15.6	% 	 	 	15.0	% 	 	 	14.9	% 	 				 	 	15.4	% 	 	 	15.2	% 	 	 	15.0	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 	 	82.0	% 	 	 	89.2	% 	 	 	89.1	% 	 	 	86.3	% 	 	 	80.1	% 	 				 	 	86.8	% 	 	 	85.7	% 	 	 	85.8	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	 	 	90.5	% 	 	 	89.8	% 	 	 	90.3	% 	 	 	89.4	% 	 	 	90.5	% 	 				 	 	90.2	% 	 	 	90.1	% 	 	 	89.9	% 	
Catastrophe reinstatement premiums—pre-tax	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 				 	$	—  	  	 	$	—  	  	 	$	—  	  	
Catastrophe losses—pre-tax	 	$	39	  	 	$	58	  	 	$	5	  	 	$	30	  	 	$	39	  	 				 	$	102	  	 	$	82	  	 	$	112	  	
Favorable prior period development (PPD)—pre-tax	 	$	(177	) 	 	$	(68	) 	 	$	(24	) 	 	$	(86	) 	 	$	(219	) 	 				 	$	(269	) 	 	$	(305	) 	 	$	(391	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	 	 	50.2	% 	 	 	50.3	% 	 	 	50.9	% 	 	 	50.7	% 	 	 	51.3	% 	 				 	 	50.5	% 	 	 	51.1	% 	 	 	51.0	% 	
% Change versus prior year period	 				 				 				 				 				 				 				 				 				
Net premiums written as reported	 	 	-7.9	% 	 	 	-5.1	% 	 	 	1.3	% 	 	 	3.0	% 	 	 	9.4	% 	 				 	 	-3.9	% 	 	 	8.9	% 	 	 	7.4	% 	
Net premiums earned as reported	 	 	-6.4	% 	 	 	-3.9	% 	 	 	1.6	% 	 	 	3.4	% 	 	 	7.2	% 	 				 	 	-3.0	% 	 	 	9.0	% 	 	 	7.5	% 	
Net premiums written constant $	 	 	6.1	% 	 	 	7.6	% 	 	 	11.0	% 	 	 	8.4	% 	 	 	8.1	% 	 				 	 	8.3	% 	 	 	9.7	% 	 	 	9.4	% 	
Net premiums earned constant $	 	 	7.8	% 	 	 	9.4	% 	 	 	11.2	% 	 	 	8.8	% 	 	 	6.0	% 	 				 	 	9.5	% 	 	 	9.9	% 	 	 	9.6	% 	
Other ratios	 				 				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	 	 	78	% 	 	 	75	% 	 	 	80	% 	 	 	79	% 	 	 	80	% 	 				 	 	78	% 	 	 	79	% 	 	 	79	% 	
 
(1)	Prior periods on a constant dollar basis.	

Insurance - Overseas General	  	Page 9	

					
	  	ACE Limited
Segment Results - Consecutive Quarters
(in millions of U.S. dollars, except ratios)
(Unaudited)	  		
 
Global Reinsurance

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	 	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	4Q-14	 	 	3Q-14	 	 	2015	 	 	2014	 	 	2014	 	
Gross premiums written	 	$	190	  	 	$	292	  	 	$	292	  	 	$	140	  	 	$	213	  	 	$	774	  	 	$	854	  	 	$	994	  	
Net premiums written	 	 	185	  	 	 	261	  	 	 	273	  	 	 	141	  	 	 	208	  	 	 	719	  	 	 	794	  	 	 	935	  	
Net premiums earned	 	 	203	  	 	 	220	  	 	 	226	  	 	 	226	  	 	 	255	  	 	 	649	  	 	 	800	  	 	 	1,026	  	
Losses and loss expenses	 	 	20	  	 	 	72	  	 	 	99	  	 	 	104	  	 	 	92	  	 	 	191	  	 	 	327	  	 	 	431	  	
Policy acquisition costs	 	 	52	  	 	 	60	  	 	 	54	  	 	 	56	  	 	 	74	  	 	 	166	  	 	 	201	  	 	 	257	  	
Administrative expenses	 	 	12	  	 	 	13	  	 	 	12	  	 	 	13	  	 	 	13	  	 	 	37	  	 	 	41	  	 	 	54	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	 	 	119	  	 	 	75	  	 	 	61	  	 	 	53	  	 	 	76	  	 	 	255	  	 	 	231	  	 	 	284	  	
Net investment income	 	 	76	  	 	 	79	  	 	 	75	  	 	 	78	  	 	 	81	  	 	 	230	  	 	 	238	  	 	 	316	  	
Interest expense	 	 	1	  	 	 	1	  	 	 	1	  	 	 	—  	  	 	 	1	  	 	 	3	  	 	 	4	  	 	 	4	  	
Other income (expense)—operating	 	 	4	  	 	 	—  	  	 	 	1	  	 	 	3	  	 	 	—  	  	 	 	5	  	 	 	1	  	 	 	4	  	
Amortization of intangible assets	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Income tax expense	 	 	8	  	 	 	8	  	 	 	8	  	 	 	7	  	 	 	11	  	 	 	24	  	 	 	31	  	 	 	38	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	 	 	190	  	 	 	145	  	 	 	128	  	 	 	127	  	 	 	145	  	 	 	463	  	 	 	435	  	 	 	562	  	
Net realized gains (losses)	 	 	(14	) 	 	 	5	  	 	 	(11	) 	 	 	(12	) 	 	 	6	  	 	 	(20	) 	 	 	(17	) 	 	 	(29	) 	
Net realized gains (losses) related to unconsolidated entities	 	 	(2	) 	 	 	3	  	 	 	4	  	 	 	12	  	 	 	10	  	 	 	5	  	 	 	38	  	 	 	50	  	
Income tax expense on net realized gains (losses)	 	 	—  	  	 	 	(1	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(1	) 	 	 	—  	  	 	 	—  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	174	  	 	$	154	  	 	$	121	  	 	$	127	  	 	$	161	  	 	$	449	  	 	$	456	  	 	$	583	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	9.6	% 	 	 	32.9	% 	 	 	43.6	% 	 	 	45.8	% 	 	 	36.2	% 	 	 	29.4	% 	 	 	40.9	% 	 	 	42.0	% 	
Policy acquisition cost ratio	 	 	25.4	% 	 	 	27.2	% 	 	 	24.0	% 	 	 	25.0	% 	 	 	28.8	% 	 	 	25.5	% 	 	 	25.0	% 	 	 	25.0	% 	
Administrative expense ratio	 	 	6.2	% 	 	 	5.6	% 	 	 	5.6	% 	 	 	5.7	% 	 	 	5.2	% 	 	 	5.7	% 	 	 	5.2	% 	 	 	5.3	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 	 	41.2	% 	 	 	65.7	% 	 	 	73.2	% 	 	 	76.5	% 	 	 	70.2	% 	 	 	60.6	% 	 	 	71.1	% 	 	 	72.3	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	 	 	75.3	% 	 	 	79.6	% 	 	 	75.5	% 	 	 	76.2	% 	 	 	75.7	% 	 	 	76.8	% 	 	 	75.4	% 	 	 	75.6	% 	
Catastrophe reinstatement premiums collected—pre-tax	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	2	  	 	$	1	  	 	$	—  	  	 	$	1	  	 	$	3	  	
Catastrophe losses—pre-tax	 	$	11	  	 	$	5	  	 	$	—  	  	 	$	11	  	 	$	11	  	 	$	16	  	 	$	23	  	 	$	34	  	
Favorable prior period development (PPD)—pre-tax	 	$	(78	) 	 	$	(36	) 	 	$	(5	) 	 	$	(9	) 	 	$	(21	) 	 	$	(119	) 	 	$	(54	) 	 	$	(63	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	 	 	44.3	% 	 	 	46.7	% 	 	 	46.0	% 	 	 	45.4	% 	 	 	42.8	% 	 	 	45.7	% 	 	 	45.5	% 	 	 	45.5	% 	
% Change versus prior year period	 				 				 				 				 				 				 				 				
Net premiums written as reported	 	 	-11.5	% 	 	 	-5.9	% 	 	 	-11.4	% 	 	 	-9.4	% 	 	 	-21.2	% 	 	 	-9.5	% 	 	 	-5.0	% 	 	 	-5.7	% 	
Net premiums earned as reported	 	 	-20.4	% 	 	 	-15.5	% 	 	 	-20.6	% 	 	 	-7.7	% 	 	 	6.3	% 	 	 	-18.8	% 	 	 	9.3	% 	 	 	5.1	% 	
Net premiums written constant $	 	 	-9.5	% 	 	 	-3.9	% 	 	 	-9.1	% 	 	 	-8.8	% 	 	 	-21.8	% 	 	 	-7.4	% 	 	 	-5.2	% 	 	 	-5.8	% 	
Net premiums earned constant $	 	 	-18.1	% 	 	 	-13.2	% 	 	 	-19.0	% 	 	 	-7.1	% 	 	 	5.7	% 	 	 	-16.8	% 	 	 	8.9	% 	 	 	4.9	% 	
Other ratios	 				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	 	 	97	% 	 	 	90	% 	 	 	93	% 	 	 	100	% 	 	 	98	% 	 	 	93	% 	 	 	93	% 	 	 	94	% 	

Global Reinsurance	  	Page 10	

					
	  	ACE Limited
Segment Results - Consecutive Quarters
(in millions of U.S. dollars)
(Unaudited)	  		
 
Life

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	4Q-14	 	 	3Q-14	 	 	2015	 	 	2014	 	 	2014	 	
Gross premiums written	  	$	522	  	 	$	529	  	 	$	522	  	 	$	553	  	 	$	528	  	 	$	1,573	  	 	$	1,576	  	 	$	2,129	  	
Net premiums written	  	 	492	  	 	 	500	  	 	 	491	  	 	 	523	  	 	 	497	  	 	 	1,483	  	 	 	1,489	  	 	 	2,012	  	
Net premiums earned	  	 	480	  	 	 	487	  	 	 	474	  	 	 	499	  	 	 	489	  	 	 	1,441	  	 	 	1,463	  	 	 	1,962	  	
Losses and loss expenses	  	 	153	  	 	 	137	  	 	 	152	  	 	 	147	  	 	 	145	  	 	 	442	  	 	 	442	  	 	 	589	  	
Policy benefits (1)	  	 	89	  	 	 	153	  	 	 	142	  	 	 	134	  	 	 	125	  	 	 	384	  	 	 	383	  	 	 	517	  	
(Gains) losses from fair value changes in separate account assets (1)	  	 	49	  	 	 	(6	) 	 	 	(11	) 	 	 	3	  	 	 	6	  	 	 	32	  	 	 	(5	) 	 	 	(2	) 	
Policy acquisition costs	  	 	117	  	 	 	118	  	 	 	107	  	 	 	123	  	 	 	123	  	 	 	342	  	 	 	355	  	 	 	478	  	
Administrative expenses	  	 	74	  	 	 	74	  	 	 	73	  	 	 	73	  	 	 	71	  	 	 	221	  	 	 	212	  	 	 	285	  	
Net investment income	  	 	66	  	 	 	66	  	 	 	66	  	 	 	69	  	 	 	69	  	 	 	198	  	 	 	199	  	 	 	268	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Life underwriting income (2)	  	 	64	  	 	 	77	  	 	 	77	  	 	 	88	  	 	 	88	  	 	 	218	  	 	 	275	  	 	 	363	  	
Interest expense	  	 	1	  	 	 	2	  	 	 	1	  	 	 	1	  	 	 	4	  	 	 	4	  	 	 	10	  	 	 	11	  	
Other income (expense) - operating (1)	  	 	1	  	 	 	1	  	 	 	(2	) 	 	 	1	  	 	 	(1	) 	 	 	—  	  	 	 	(6	) 	 	 	(5	) 	
Amortization of intangible assets	  	 	—  	  	 	 	1	  	 	 	—  	  	 	 	1	  	 	 	—  	  	 	 	1	  	 	 	2	  	 	 	3	  	
Income tax expense	  	 	7	  	 	 	8	  	 	 	8	  	 	 	11	  	 	 	11	  	 	 	23	  	 	 	36	  	 	 	47	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	57	  	 	 	67	  	 	 	66	  	 	 	76	  	 	 	72	  	 	 	190	  	 	 	221	  	 	 	297	  	
Net realized gains (losses):	  				 				 				 				 				 				 				 				
Mark-to-market on guaranteed living benefits derivative (net of related hedges)	  	 	(313	) 	 	 	102	  	 	 	(57	) 	 	 	(153	) 	 	 	(95	) 	 	 	(268	) 	 	 	(232	) 	 	 	(385	) 	
Foreign exchange gains (losses) and all other	  	 	(13	) 	 	 	1	  	 	 	(2	) 	 	 	7	  	 	 	6	  	 	 	(14	) 	 	 	(5	) 	 	 	2	  	
Net realized gains (losses) related to unconsolidated entities	  	 	12	  	 	 	17	  	 	 	14	  	 	 	6	  	 	 	4	  	 	 	43	  	 	 	—  	  	 	 	6	  	
Income tax expense (benefit) on net realized gains (losses)	  	 	1	  	 	 	2	  	 	 	1	  	 	 	1	  	 	 	1	  	 	 	4	  	 	 	(2	) 	 	 	(1	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	  	$	(258	) 	 	$	185	  	 	$	20	  	 	$	(65	) 	 	$	(14	) 	 	$	(53	) 	 	$	(14	) 	 	$	(79	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written as reported	  	 	-0.8	% 	 	 	0.3	% 	 	 	-0.6	% 	 	 	4.0	% 	 	 	3.8	% 	 	 	-0.4	% 	 	 	1.4	% 	 	 	2.0	% 	
Net premiums earned as reported	  	 	-1.9	% 	 	 	-0.8	% 	 	 	-1.9	% 	 	 	3.6	% 	 	 	4.8	% 	 	 	-1.5	% 	 	 	2.8	% 	 	 	3.0	% 	
Net premiums written constant $ (3)	  	 	4.4	% 	 	 	4.1	% 	 	 	2.4	% 	 	 	6.2	% 	 	 	4.4	% 	 	 	3.7	% 	 	 	3.3	% 	 	 	4.0	% 	
Net premiums earned constant $	  	 	3.4	% 	 	 	3.0	% 	 	 	0.9	% 	 	 	5.9	% 	 	 	5.4	% 	 	 	2.4	% 	 	 	4.5	% 	 	 	4.9	% 	
 
(1)	(Gains) 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) for purposes of presenting Life underwriting income in the Life segment. The offsetting movement in the separate account liabilities is included in Policy benefits.	
(2)	We assess the performance of our Life business based on Life underwriting income which includes Net investment income and (Gains) losses from fair value changes in separate account assets.	
(3)	International life insurance net premiums written and deposits breakdown (excludes Combined North American and Life reinsurance businesses):	

 	  	 	 	  	 	 	  	Constant $	 	 	 	 	  	 	 	  	Constant $	 	
 	  	 	 	  	 	 	  	% Change	 	 	 	 	  	 	 	  	% Change	 	
 	  	 	 	  	Constant $	 	  	3Q-15 vs.	 	 	 	 	  	Constant $	 	  	YTD-15 vs.	 	
 	  	3Q-15	 	  	3Q-14 (5)	 	  	3Q-14 (5)	 	 	YTD-15	 	  	YTD-14 (5)	 	  	YTD-14 (5)	 	
International life insurance net premiums written	  	$	180	  	  	$	165	  	  	 	8.7	% 	 	$	545	  	  	$	510	  	  	 	6.9	% 	
International life insurance deposits (4)	  	 	210	  	  	 	233	  	  	 	-9.6	% 	 	 	726	  	  	 	703	  	  	 	3.4	% 	
	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total international life insurance net premiums written and deposits	  	$	390	  	  	$	398	  	  	 	-2.0	% 	 	$	1,271	  	  	$	1,213	  	  	 	4.8	% 	

(4)	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.	
(5)	Prior periods on a constant dollar basis.	

Life	  	Page 11	

					
	  	ACE 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, 2013	  	$	37,443	  	 	$	10,612	  	 	$	26,831	  	 				
Losses and loss expenses incurred	  	 	2,462	  	 	 	301	  	 	 	2,161	  	 				
Losses and loss expenses paid	  	 	(3,059	) 	 	 	(762	) 	 	 	(2,297	) 	 	 	106	% 	
Other (incl. foreign exch. revaluation)	  	 	20	  	 	 	16	  	 	 	4	  	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at March 31, 2014	  	$	36,866	  	 	$	10,167	  	 	$	26,699	  	 				
Losses and loss expenses incurred	  	 	3,004	  	 	 	616	  	 	 	2,388	  	 				
Losses and loss expenses paid	  	 	(2,878	) 	 	 	(729	) 	 	 	(2,149	) 	 	 	90	% 	
Other (incl. foreign exch. revaluation)	  	 	185	  	 	 	56	  	 	 	129	  	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at June 30, 2014	  	$	37,177	  	 	$	10,110	  	 	$	27,067	  	 				
Losses and loss expenses incurred	  	 	3,840	  	 	 	1,156	  	 	 	2,684	  	 				
Losses and loss expenses paid	  	 	(3,165	) 	 	 	(810	) 	 	 	(2,355	) 	 	 	88	% 	
Other (incl. foreign exch. revaluation)	  	 	(405	) 	 	 	(120	) 	 	 	(285	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at September 30, 2014	  	$	37,447	  	 	$	10,336	  	 	$	27,111	  	 				
Losses and loss expenses incurred	  	 	3,442	  	 	 	1,026	  	 	 	2,416	  	 				
Losses and loss expenses paid	  	 	(3,307	) 	 	 	(873	) 	 	 	(2,434	) 	 	 	101	% 	
Other (incl. foreign exch. revaluation)	  	 	733	  	 	 	818	  	 	 	(85	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at December 31, 2014	  	$	38,315	  	 	$	11,307	  	 	$	27,008	  	 				
Losses and loss expenses incurred	  	 	2,743	  	 	 	621	  	 	 	2,122	  	 				
Losses and loss expenses paid	  	 	(3,062	) 	 	 	(744	) 	 	 	(2,318	) 	 	 	109	% 	
Other (incl. foreign exch. revaluation)	  	 	(670	) 	 	 	(197	) 	 	 	(473	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at March 31, 2015	  	$	37,326	  	 	$	10,987	  	 	$	26,339	  	 				
Losses and loss expenses incurred	  	 	3,065	  	 	 	648	  	 	 	2,417	  	 				
Losses and loss expenses paid	  	 	(2,830	) 	 	 	(547	) 	 	 	(2,283	) 	 	 	94	% 	
Other (incl. foreign exch. revaluation)	  	 	669	  	 	 	60	  	 	 	609	  	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at June 30, 2015	  	$	38,230	  	 	$	11,148	  	 	$	27,082	  	 				
Losses and loss expenses incurred	  	 	3,252	  	 	 	609	  	 	 	2,643	  	 				
Losses and loss expenses paid	  	 	(3,391	) 	 	 	(908	) 	 	 	(2,483	) 	 	 	94	% 	
Other (incl. foreign exch. revaluation)	  	 	(527	) 	 	 	(193	) 	 	 	(334	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at September 30, 2015	  	$	37,564	  	 	$	10,656	  	 	$	26,908	  	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Add net recoverable on paid losses	  	 	—  	  	 	 	575	  	 	 	(575	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance including net recoverable on paid losses	  	$	37,564	  	 	$	11,231	  	 	$	26,333	  	 				

			
Loss Reserve Rollforward	  	Page 12	

					
	  	ACE Limited
Reinsurance Recoverable Analysis
(in millions of U.S. dollars)
(Unaudited)	  		
 
Net Reinsurance Recoverable by Division

 	  	September 30	 	 	June 30	 	 	March 31	 	 	December 31	 	
 	  	2015	 	 	2015	 	 	2015	 	 	2014	 	
Reinsurance recoverable on paid losses and loss expenses	  				 				 				 				
Active operations	  	$	392	  	 	$	448	  	 	$	413	  	 	$	478	  	
Brandywine and Other Run-off	  	 	284	  	 	 	283	  	 	 	292	  	 	 	313	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	676	  	 	$	731	  	 	$	705	  	 	$	791	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reinsurance recoverable on unpaid losses and loss expenses	  				 				 				 				
Active operations	  	$	9,769	  	 	$	10,262	  	 	$	10,052	  	 	$	10,348	  	
Brandywine and Other Run-off	  	 	1,127	  	 	 	1,136	  	 	 	1,184	  	 	 	1,210	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	10,896	  	 	$	11,398	  	 	$	11,236	  	 	$	11,558	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross reinsurance recoverable	  				 				 				 				
Active operations	  	$	10,161	  	 	$	10,710	  	 	$	10,465	  	 	$	10,826	  	
Brandywine and Other Run-off	  	 	1,411	  	 	 	1,419	  	 	 	1,476	  	 	 	1,523	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	11,572	  	 	$	12,129	  	 	$	11,941	  	 	$	12,349	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Provision for uncollectible reinsurance (1)	  				 				 				 				
Active operations	  	$	(207	) 	 	$	(214	) 	 	$	(213	) 	 	$	(217	) 	
Brandywine and Other Run-off	  	 	(134	) 	 	 	(140	) 	 	 	(140	) 	 	 	(140	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	(341	) 	 	$	(354	) 	 	$	(353	) 	 	$	(357	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net reinsurance recoverable	  				 				 				 				
Active operations	  	$	9,954	  	 	$	10,496	  	 	$	10,252	  	 	$	10,609	  	
Brandywine and Other Run-off	  	 	1,277	  	 	 	1,279	  	 	 	1,336	  	 	 	1,383	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	11,231	  	 	$	11,775	  	 	$	11,588	  	 	$	11,992	  	

(1)	The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $2.4 billion.	

Reinsurance Recoverable	  	Page 13	

					
	  	ACE Limited
Investment Portfolio
(in millions of U.S. dollars)
(Unaudited)	  		

 
																																	
 	  	September 30
2015	 	 	June 30
2015	 	 	March 31
2015	 	 	December 31
2014	 	
Market Value	  				 				 				 				 				 				 				 				
Fixed maturities available for sale	  	$	48,278	  	 				 	$	48,701	  	 				 	$	50,410	  	 				 	$	49,395	  	 				
Fixed maturities held to maturity	  	 	8,750	  	 				 	 	8,805	  	 				 	 	7,307	  	 				 	 	7,589	  	 				
Short-term investments	  	 	1,808	  	 				 	 	2,062	  	 				 	 	2,536	  	 				 	 	2,322	  	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Total fixed maturities	  	$	58,836	  	 				 	$	59,568	  	 				 	$	60,253	  	 				 	$	59,306	  	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Asset Allocation by Market Value	  				 				 				 				 				 				 				 				
Treasury	  	$	2,619	  	 	 	4	% 	 	$	2,424	  	 	 	4	% 	 	$	2,448	  	 	 	4	% 	 	$	2,448	  	 	 	4	% 	
Agency	  	 	1,040	  	 	 	2	% 	 	 	1,139	  	 	 	2	% 	 	 	1,221	  	 	 	2	% 	 	 	1,222	  	 	 	2	% 	
Corporate and asset-backed	  	 	20,018	  	 	 	34	% 	 	 	20,007	  	 	 	34	% 	 	 	20,370	  	 	 	34	% 	 	 	19,854	  	 	 	34	% 	
Mortgage-backed	  	 	12,936	  	 	 	22	% 	 	 	12,661	  	 	 	21	% 	 	 	12,791	  	 	 	21	% 	 	 	12,325	  	 	 	21	% 	
Municipal	  	 	5,306	  	 	 	9	% 	 	 	5,276	  	 	 	9	% 	 	 	5,067	  	 	 	9	% 	 	 	4,930	  	 	 	8	% 	
Non-U.S.	  	 	15,109	  	 	 	26	% 	 	 	15,999	  	 	 	27	% 	 	 	15,820	  	 	 	26	% 	 	 	16,205	  	 	 	27	% 	
Short-term investments	  	 	1,808	  	 	 	3	% 	 	 	2,062	  	 	 	3	% 	 	 	2,536	  	 	 	4	% 	 	 	2,322	  	 	 	4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturities	  	$	58,836	  	 	 	100	% 	 	$	59,568	  	 	 	100	% 	 	$	60,253	  	 	 	100	% 	 	$	59,306	  	 	 	100	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Quality by Market Value	  				 				 				 				 				 				 				 				
AAA	  	$	8,712	  	 	 	15	% 	 	$	9,320	  	 	 	16	% 	 	$	9,386	  	 	 	16	% 	 	$	8,943	  	 	 	15	% 	
AA	  	 	21,560	  	 	 	37	% 	 	 	21,294	  	 	 	36	% 	 	 	21,760	  	 	 	36	% 	 	 	21,589	  	 	 	36	% 	
A	  	 	11,877	  	 	 	20	% 	 	 	11,568	  	 	 	19	% 	 	 	11,712	  	 	 	19	% 	 	 	11,625	  	 	 	20	% 	
BBB	  	 	8,688	  	 	 	15	% 	 	 	8,806	  	 	 	15	% 	 	 	8,789	  	 	 	15	% 	 	 	8,690	  	 	 	15	% 	
BB	  	 	4,281	  	 	 	7	% 	 	 	4,531	  	 	 	8	% 	 	 	4,377	  	 	 	7	% 	 	 	4,372	  	 	 	7	% 	
B	  	 	3,527	  	 	 	6	% 	 	 	3,860	  	 	 	6	% 	 	 	4,054	  	 	 	7	% 	 	 	3,916	  	 	 	7	% 	
Other	  	 	191	  	 	 	0	% 	 	 	189	  	 	 	0	% 	 	 	175	  	 	 	0	% 	 	 	171	  	 	 	0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturities	  	$	58,836	  	 	 	100	% 	 	$	59,568	  	 	 	100	% 	 	$	60,253	  	 	 	100	% 	 	$	59,306	  	 	 	100	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost/Amortized Cost	  				 				 				 				 				 				 				 				
Fixed maturities available for sale	  	$	47,411	  	 				 	$	47,599	  	 				 	$	48,384	  	 				 	$	47,826	  	 				
Fixed maturities held to maturity	  	 	8,564	  	 				 	 	8,676	  	 				 	 	6,982	  	 				 	 	7,331	  	 				
Short-term investments	  	 	1,808	  	 				 	 	2,062	  	 				 	 	2,536	  	 				 	 	2,322	  	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Subtotal fixed maturities	  	 	57,783	  	 				 	 	58,337	  	 				 	 	57,902	  	 				 	 	57,479	  	 				
Equity securities	  	 	434	  	 				 	 	433	  	 				 	 	447	  	 				 	 	440	  	 				
Other investments	  	 	2,943	  	 				 	 	2,989	  	 				 	 	3,096	  	 				 	 	2,999	  	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Total investment portfolio	  	$	61,160	  	 				 	$	61,759	  	 				 	$	61,445	  	 				 	$	60,918	  	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Avg. duration of fixed maturities	  	 	4.0 years	  	 				 	 	4.1 years	  	 				 	 	3.9 years	  	 				 	 	4.0 years	  	 				
Avg. market yield of fixed maturities	  	 	2.9	% 	 				 	 	2.9	% 	 				 	 	2.6	% 	 				 	 	2.8	% 	 				
Avg. credit quality	  	 	A/Aa	  	 				 	 	A/Aa	  	 				 	 	A/Aa	  	 				 	 	A/Aa	  	 				
Avg. yield on invested assets	  	 	3.6	% 	 				 	 	3.6	% 	 				 	 	3.6	% 	 				 	 	3.8	% 	 				

Investments	  	Page 14	

					
	  	ACE Limited
Investment Portfolio - 2
(in millions of U.S. dollars)
(Unaudited)	  		
 
Mortgage-backed Fixed Income Portfolio
Mortgage-backed securities

 	  	S&P Credit Rating	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
Market Value at September 30, 2015	  				  				  				  				  				  				
Agency residential mortgage-backed (RMBS)	  	$	—  	  	  	$	10,327	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	  	$	10,327	  	
Non-agency RMBS	  	 	26	  	  	 	5	  	  	 	14	  	  	 	8	  	  	 	13	  	  	 	66	  	
Commercial mortgage-backed	  	 	2,516	  	  	 	13	  	  	 	14	  	  	 	—  	  	  	 	—  	  	  	 	2,543	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total mortgage-backed securities at market value	  	$	2,542	  	  	$	10,345	  	  	$	28	  	  	$	8	  	  	$	13	  	  	$	12,936	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
U.S. Corporate and Asset-backed Fixed Income Portfolios
Market Value at September 30, 2015

 	  	S&P Credit Rating	 	
 	  	Investment Grade	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	Total	 	
Asset-backed	  	$	754	  	  	$	50	  	  	$	—  	  	  	$	—  	  	  	$	804	  	
Banks	  	 	—  	  	  	 	18	  	  	 	2,207	  	  	 	314	  	  	 	2,539	  	
Basic Materials	  	 	—  	  	  	 	3	  	  	 	92	  	  	 	286	  	  	 	381	  	
Communications	  	 	—  	  	  	 	58	  	  	 	212	  	  	 	997	  	  	 	1,267	  	
Consumer, Cyclical	  	 	—  	  	  	 	108	  	  	 	444	  	  	 	512	  	  	 	1,064	  	
Consumer, Non-Cyclical	  	 	53	  	  	 	474	  	  	 	1,245	  	  	 	835	  	  	 	2,607	  	
Diversified Financial Services	  	 	—  	  	  	 	44	  	  	 	303	  	  	 	137	  	  	 	484	  	
Energy	  	 	25	  	  	 	35	  	  	 	147	  	  	 	757	  	  	 	964	  	
Industrial	  	 	—  	  	  	 	362	  	  	 	456	  	  	 	407	  	  	 	1,225	  	
Utilities	  	 	—  	  	  	 	10	  	  	 	660	  	  	 	388	  	  	 	1,058	  	
All Others	  	 	80	  	  	 	244	  	  	 	562	  	  	 	608	  	  	 	1,494	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	912	  	  	$	1,406	  	  	$	6,328	  	  	$	5,241	  	  	$	13,887	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Market Value at September 30, 2015

 	  	S&P Credit Rating	 	
 	  	Below Investment Grade	 	
 	  	BB	 	  	B	 	  	CCC	 	  	Total	 	
Asset-backed	  	$	—  	  	  	$	3	  	  	$	10	  	  	$	13	  	
Banks	  	 	3	  	  	 	4	  	  	 	—  	  	  	 	7	  	
Basic Materials	  	 	139	  	  	 	90	  	  	 	2	  	  	 	231	  	
Communications	  	 	582	  	  	 	477	  	  	 	11	  	  	 	1,070	  	
Consumer, Cyclical	  	 	595	  	  	 	514	  	  	 	27	  	  	 	1,136	  	
Consumer, Non-Cyclical	  	 	530	  	  	 	792	  	  	 	29	  	  	 	1,351	  	
Diversified Financial Services	  	 	141	  	  	 	45	  	  	 	—  	  	  	 	186	  	
Energy	  	 	373	  	  	 	141	  	  	 	10	  	  	 	524	  	
Industrial	  	 	342	  	  	 	329	  	  	 	16	  	  	 	687	  	
Utilities	  	 	207	  	  	 	66	  	  	 	—  	  	  	 	273	  	
All Others	  	 	270	  	  	 	366	  	  	 	17	  	  	 	653	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	3,182	  	  	$	2,827	  	  	$	122	  	  	$	6,131	  	

			
Investments 2	  	Page 15	

					
	  	ACE Limited
Investment Portfolio - 3
(in millions of U.S. dollars)
(Unaudited)	  		
 
Non-U.S. Fixed Income Portfolio
September 30, 2015
Non-U.S. Government Securities

 	  	Market Value by S&P Credit Rating	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
United Kingdom	  	$	991	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	  	$	991	  	
Republic of Korea	  	 	—  	  	  	 	897	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	897	  	
Federative Republic of Brazil	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	545	  	  	 	28	  	  	 	573	  	
United Mexican States	  	 	—  	  	  	 	—  	  	  	 	393	  	  	 	118	  	  	 	—  	  	  	 	511	  	
Canada	  	 	435	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	435	  	
Kingdom of Thailand	  	 	—  	  	  	 	—  	  	  	 	356	  	  	 	—  	  	  	 	—  	  	  	 	356	  	
Province of Ontario	  	 	—  	  	  	 	—  	  	  	 	340	  	  	 	—  	  	  	 	—  	  	  	 	340	  	
Province of Quebec	  	 	—  	  	  	 	—  	  	  	 	237	  	  	 	—  	  	  	 	—  	  	  	 	237	  	
Japan	  	 	—  	  	  	 	—  	  	  	 	203	  	  	 	—  	  	  	 	—  	  	  	 	203	  	
Australia	  	 	187	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	187	  	
Other Non-U.S. Government Securities	  	 	515	  	  	 	848	  	  	 	254	  	  	 	319	  	  	 	501	  	  	 	2,437	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	2,128	  	  	$	1,745	  	  	$	1,783	  	  	$	982	  	  	$	529	  	  	$	7,167	  	

Non-U.S. Corporate Securities
 	 	  	 	 	
 	  	Market Value by S&P Credit Rating	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
United Kingdom	  	$	114	  	  	$	44	  	  	$	608	  	  	$	571	  	  	$	190	  	  	$	1,527	  	
Canada	  	 	89	  	  	 	134	  	  	 	222	  	  	 	316	  	  	 	182	  	  	 	943	  	
United States (1)	  	 	1	  	  	 	84	  	  	 	106	  	  	 	224	  	  	 	187	  	  	 	602	  	
France	  	 	34	  	  	 	64	  	  	 	224	  	  	 	174	  	  	 	30	  	  	 	526	  	
Australia	  	 	76	  	  	 	77	  	  	 	249	  	  	 	96	  	  	 	22	  	  	 	520	  	
Netherlands	  	 	24	  	  	 	125	  	  	 	164	  	  	 	130	  	  	 	56	  	  	 	499	  	
Germany	  	 	80	  	  	 	18	  	  	 	131	  	  	 	130	  	  	 	19	  	  	 	378	  	
Switzerland	  	 	39	  	  	 	16	  	  	 	98	  	  	 	114	  	  	 	33	  	  	 	300	  	
China	  	 	—  	  	  	 	146	  	  	 	79	  	  	 	29	  	  	 	11	  	  	 	265	  	
Hong Kong	  	 	9	  	  	 	5	  	  	 	146	  	  	 	7	  	  	 	4	  	  	 	171	  	
Other Non-U.S. Corporate Securities	  	 	251	  	  	 	278	  	  	 	639	  	  	 	558	  	  	 	485	  	  	 	2,211	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	717	  	  	$	991	  	  	$	2,666	  	  	$	2,349	  	  	$	1,219	  	  	$	7,942	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
(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 16	

					
	  	ACE Limited
Investment Portfolio - 4
(in millions of U.S. dollars)
(Unaudited)	  		
 
Fixed Maturity Investment Portfolio
Top 10 Global Corporate Exposures

 	  	September 30, 2015	  	Market Value	 	  	Rating	
1	  	JP Morgan Chase & Co	  	$	475	  	  	A	
2	  	General Electric Co	  	 	455	  	  	AA+	
3	  	Goldman Sachs Group Inc	  	 	329	  	  	A-	
4	  	AT&T INC	  	 	294	  	  	BBB+	
5	  	Wells Fargo & Co	  	 	268	  	  	A+	
6	  	Bank of America Corp	  	 	238	  	  	A-	
7	  	Verizon Communications Inc	  	 	236	  	  	BBB+	
8	  	Morgan Stanley	  	 	229	  	  	A-	
9	  	HSBC Holdings Plc	  	 	228	  	  	A	
10	  	Ford Motor Co	  	 	210	  	  	BBB-	

Investments 4	  	Page 17	

					
	  	ACE Limited
Net Realized and Unrealized Gains (Losses)
(in millions of U.S. dollars)
(Unaudited)	  		

																									
 	  	Three months ended September 30, 2015	 	 	Nine months ended September 30, 2015	 	
 	  	Net Realized	 	 	Net Unrealized	 	 	 	 	 	Net Realized	 	 	Net Unrealized	 	 	 	 	
 	  	Gains	 	 	Gains	 	 	Net	 	 	Gains	 	 	Gains	 	 	Net	 	
 	  	(Losses) (1)	 	 	(Losses)	 	 	Impact	 	 	(Losses) (1)	 	 	(Losses)	 	 	Impact	 	
Fixed maturities	  	$	(51	) 	 	$	(237	) 	 	$	(288	) 	 	$	(50	) 	 	$	(630	) 	 	$	(680	) 	
Fixed income derivatives	  	 	(22	) 	 	 	—  	  	 	 	(22	) 	 	 	6	  	 	 	—  	  	 	 	6	  	
Public equity	  	 	2	  	 	 	(34	) 	 	 	(32	) 	 	 	32	  	 	 	(40	) 	 	 	(8	) 	
Private equity	  	 	9	  	 	 	(12	) 	 	 	(3	) 	 	 	49	  	 	 	(19	) 	 	 	30	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio	  	 	(62	) 	 	 	(283	) 	 	 	(345	) 	 	 	37	  	 	 	(689	) 	 	 	(652	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (2)	  	 	(313	) 	 	 	—  	  	 	 	(313	) 	 	 	(268	) 	 	 	—  	  	 	 	(268	) 	
Foreign exchange (3)	  	 	(2	) 	 	 	(575	) 	 	 	(577	) 	 	 	(73	) 	 	 	(860	) 	 	 	(933	) 	
Partially-owned entities (4)	  	 	14	  	 	 	10	  	 	 	24	  	 	 	45	  	 	 	10	  	 	 	55	  	
Other	  	 	(5	) 	 	 	4	  	 	 	(1	) 	 	 	(11	) 	 	 	11	  	 	 	—  	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses) before tax	  	 	(368	) 	 	 	(844	) 	 	 	(1,212	) 	 	 	(270	) 	 	 	(1,528	) 	 	 	(1,798	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income tax expense (benefit)	  	 	(6	) 	 	 	(45	) 	 	 	(51	) 	 	 	2	  	 	 	(145	) 	 	 	(143	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	  	$	(362	) 	 	$	(799	) 	 	$	(1,161	) 	 	$	(272	) 	 	$	(1,383	) 	 	$	(1,655	) 	

(1)	Other-than-temporary impairments for the quarter includes $26 million for fixed maturities, $3 million for public equity and $1 million for private equity. Year to date other-than-temporary impairments includes $46 million for fixed maturities, $4 million for public equities and $1 million for private equity.	
(2)	The quarter and year to date include $83 million and $69 million, respectively, of gains on applicable hedges.	
(3)	Unrealized foreign exchange loss, after-tax, for the quarter was $547 million. Unrealized foreign exchange loss, after-tax, year to date was $825 million.	
(4)	Partially-owned entities 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).	

 	  	Three months ended September 30, 2014	 	 	Nine months ended September 30, 2014	 	
 	  	Net Realized	 	 	Net Unrealized	 	 	 	 	 	Net Realized	 	 	Net Unrealized	 	 	 	 	
 	  	Gains	 	 	Gains	 	 	Net	 	 	Gains	 	 	Gains	 	 	Net	 	
 	  	(Losses) (5)	 	 	(Losses)	 	 	Impact	 	 	(Losses) (5)	 	 	(Losses)	 	 	Impact	 	
Fixed maturities	  	$	18	  	 	$	(361	) 	 	$	(343	) 	 	$	49	  	 	$	638	  	 	$	687	  	
Fixed income derivatives	  	 	(13	) 	 	 	—  	  	 	 	(13	) 	 	 	(53	) 	 	 	—  	  	 	 	(53	) 	
Public equity	  	 	(56	) 	 	 	36	  	 	 	(20	) 	 	 	(60	) 	 	 	70	  	 	 	10	  	
Private equity	  	 	51	  	 	 	(5	) 	 	 	46	  	 	 	143	  	 	 	43	  	 	 	186	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio	  	 	—  	  	 	 	(330	) 	 	 	(330	) 	 	 	79	  	 	 	751	  	 	 	830	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (6)	  	 	(95	) 	 	 	—  	  	 	 	(95	) 	 	 	(232	) 	 	 	—  	  	 	 	(232	) 	
Foreign exchange (7)	  	 	(19	) 	 	 	(251	) 	 	 	(270	) 	 	 	(42	) 	 	 	(131	) 	 	 	(173	) 	
Partially-owned entities (8)	  	 	4	  	 	 	(7	) 	 	 	(3	) 	 	 	(4	) 	 	 	(7	) 	 	 	(11	) 	
Other	  	 	—  	  	 	 	7	  	 	 	7	  	 	 	(7	) 	 	 	(6	) 	 	 	(13	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses) before tax	  	 	(110	) 	 	 	(581	) 	 	 	(691	) 	 	 	(206	) 	 	 	607	  	 	 	401	  	
Income tax expense (benefit)	  	 	(4	) 	 	 	(94	) 	 	 	(98	) 	 	 	(11	) 	 	 	151	  	 	 	140	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	  	$	(106	) 	 	$	(487	) 	 	$	(593	) 	 	$	(195	) 	 	$	456	  	 	$	261	  	

(5)	Other-than-temporary impairments for the quarter includes $4 million for fixed maturities. Year to date other-than-temporary impairments includes $17 million for fixed maturities, $3 million for private equity, and $7 million for public equity.	
(6)	The quarter and year to date include $15 million and $106 million, respectively, of losses on applicable hedges.	
(7)	Unrealized foreign exchange loss, after-tax, for the quarter and year to date were $202 million and $124 million, respectively.	
(8)	Partially-owned entities 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).	

Net Gains (Losses)	  	Page 18	

					
	  	ACE Limited
Capital Structure
(in millions of U.S. dollars, except ratios)
(Unaudited)	  		

																					
 	  	September 30	 	 	June 30	 	 	March 31	 	 	December 31	 	 	December 31	 	
 	  	2015	 	 	2015	 	 	2015	 	 	2014	 	 	2013	 	
Total short-term debt (1) (2)	  	$	2,103	  	 	$	2,102	  	 	$	2,552	  	 	$	2,552	  	 	$	1,901	  	
Total long-term debt	  	 	4,157	  	 	 	4,157	  	 	 	4,157	  	 	 	3,357	  	 	 	3,807	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total debt	  	$	6,260	  	 	$	6,259	  	 	$	6,709	  	 	$	5,909	  	 	$	5,708	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total trust preferred securities	  	$	309	  	 	$	309	  	 	$	309	  	 	$	309	  	 	$	309	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total shareholders’ equity	  	$	29,127	  	 	$	29,555	  	 	$	29,702	  	 	$	29,587	  	 	$	28,825	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total capitalization	  	$	35,696	  	 	$	36,123	  	 	$	36,720	  	 	$	35,805	  	 	$	34,842	  	
Tangible capital (3)	  	$	29,983	  	 	$	30,154	  	 	$	31,204	  	 	$	30,081	  	 	$	29,438	  	
Leverage ratios	  				 				 				 				 				
Debt/ total capitalization	  	 	17.5	% 	 	 	17.3	% 	 	 	18.3	% 	 	 	16.5	% 	 	 	16.4	% 	
Debt plus trust preferred securities/ total capitalization	  	 	18.4	% 	 	 	18.2	% 	 	 	19.1	% 	 	 	17.4	% 	 	 	17.3	% 	
Debt/ tangible capital	  	 	20.9	% 	 	 	20.8	% 	 	 	21.5	% 	 	 	19.6	% 	 	 	19.4	% 	
Debt plus trust preferred securities/ tangible capital	  	 	21.9	% 	 	 	21.8	% 	 	 	22.5	% 	 	 	20.7	% 	 	 	20.4	% 	
Note: As of September 30, 2015, there was $0.5 billion usage of credit facilities on a total commitment of $1.0 billion.
 
(1)	In May 2015, $450 million of 5.6 percent senior notes matured and were fully paid. In November 2015, $700 million of 2.6 percent senior notes will mature and are expected to be fully paid using proceeds from the issuance of $700 million of 3.35 percent senior notes in May 2014.	
(2)	Repurchase agreements in the amount of $150 million matured during the quarter, and there were new repurchase agreements in the amount of $151 million.	
(3)	Tangible capital is equal to total capitalization less goodwill and other intangible assets.	

Capital Structure	  	Page 19	

					
	  	ACE Limited
Computation of Basic and Diluted Earnings Per Share
(in millions of U.S. dollars, except share and per share data)
(Unaudited)	  		

																	
 	  	Three months ended September 30	 	 	Nine months ended September 30	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	
Numerator	  				 				 				 				
Operating income to common shares	  	$	897	  	 	$	891	  	 	$	2,430	  	 	$	2,493	  	
Chubb integration expenses, net of tax	  	 	(7	) 	 	 	—  	  	 	 	(7	) 	 	 	—  	  	
Adjusted net realized gains (losses), net of tax	  	 	(362	) 	 	 	(106	) 	 	 	(272	) 	 	 	(195	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	528	  	 	$	785	  	 	$	2,151	  	 	$	2,298	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rollforward of Common Shares Outstanding	  				 				 				 				
Shares - beginning of period	  	 	323,814,281	  	 	 	336,225,589	  	 	 	328,659,686	  	 	 	339,793,935	  	
Repurchase of shares	  	 	—  	  	 	 	(4,349,302	) 	 	 	(6,677,663	) 	 	 	(10,143,184	) 	
Shares issued, excluding option exercises	  	 	(78,863	) 	 	 	(41,637	) 	 	 	1,039,238	  	 	 	1,270,038	  	
Issued for option exercises	  	 	326,950	  	 	 	276,907	  	 	 	1,041,107	  	 	 	1,190,768	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Shares - end of period	  	 	324,062,368	  	 	 	332,111,557	  	 	 	324,062,368	  	 	 	332,111,557	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Denominator	  				 				 				 				
Weighted average shares outstanding	  	 	324,210,936	  	 	 	334,472,324	  	 	 	325,904,502	  	 	 	337,083,498	  	
Effect of other dilutive securities	  	 	2,962,484	  	 	 	3,201,656	  	 	 	3,269,724	  	 	 	3,298,569	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adj. wtd. avg. shares outstanding and assumed conversions	  	 	327,173,420	  	 	 	337,673,980	  	 	 	329,174,226	  	 	 	340,382,067	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	  				 				 				 				
Operating income	  	$	2.77	  	 	$	2.66	  	 	$	7.46	  	 	$	7.40	  	
Chubb integration expenses, net of tax	  	 	(0.02	) 	 	 	—  	  	 	 	(0.02	) 	 	 	—  	  	
Adjusted net realized gains (losses), net of tax	  	 	(1.12	) 	 	 	(0.31	) 	 	 	(0.84	) 	 	 	(0.58	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	1.63	  	 	$	2.35	  	 	$	6.60	  	 	$	6.82	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings per share	  				 				 				 				
Operating income	  	$	2.74	  	 	$	2.64	  	 	$	7.38	  	 	$	7.32	  	
Chubb integration expenses, net of tax	  	 	(0.02	) 	 	 	—  	  	 	 	(0.02	) 	 	 	—  	  	
Adjusted net realized gains (losses), net of tax	  	 	(1.10	) 	 	 	(0.32	) 	 	 	(0.83	) 	 	 	(0.57	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	1.62	  	 	$	2.32	  	 	$	6.53	  	 	$	6.75	  	

			
Earnings per share	  	Page 20	

					
	  	ACE Limited
Book Value and Book Value per Common Share
(in millions of U.S. dollars, except share and per share data)
(Unaudited)	  		
 
Reconciliation of Book Value per Common Share

 	  	September 30	 	 	June 30	 	 	March 31	 	 	December 31	 	 	September 30	 	
 	  	2015	 	 	2015	 	 	2015	 	 	2014	 	 	2014	 	
Shareholders’ equity	  	$	29,127	  	 	$	29,555	  	 	$	29,702	  	 	$	29,587	  	 	$	30,017	  	
Less: goodwill and other intangible assets	  	 	5,713	  	 	 	5,969	  	 	 	5,516	  	 	 	5,724	  	 	 	5,425	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Numerator for tangible book value per share	  	$	23,414	  	 	$	23,586	  	 	$	24,186	  	 	$	23,863	  	 	$	24,592	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value - % change over prior quarter	  	 	-1.4	% 	 	 	-0.5	% 	 	 	0.4	% 	 	 	-1.4	% 	 	 	-1.0	% 	
Tangible book value - % change over prior quarter	  	 	-0.7	% 	 	 	-2.5	% 	 	 	1.4	% 	 	 	-3.0	% 	 	 	-0.8	% 	
Denominator	  	 	324,062,368	  	 	 	323,814,281	  	 	 	327,084,762	  	 	 	328,659,686	  	 	 	332,111,557	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share	  	$	89.88	  	 	$	91.27	  	 	$	90.81	  	 	$	90.02	  	 	$	90.38	  	
Tangible book value per common share	  	$	72.25	  	 	$	72.84	  	 	$	73.94	  	 	$	72.61	  	 	$	74.05	  	
Reconciliation of Book Value	  				 				 				 				 				
Shareholders’ equity, beginning of quarter	  	$	29,555	  	 	$	29,702	  	 	$	29,587	  	 	$	30,017	  	 	$	30,325	  	
Operating income	  	 	897	  	 	 	788	  	 	 	745	  	 	 	827	  	 	 	891	  	
Chubb integration expenses, net of tax	  	 	(7	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Adjusted net realized gains (losses), net of tax	  	 	(362	) 	 	 	154	  	 	 	(64	) 	 	 	(272	) 	 	 	(106	) 	
Net unrealized gains (losses), net of tax	  	 	(255	) 	 	 	(672	) 	 	 	361	  	 	 	94	  	 	 	(290	) 	
Repurchase of shares	  	 	—  	  	 	 	(394	) 	 	 	(340	) 	 	 	(430	) 	 	 	(450	) 	
Dividend declared on common shares	  	 	(218	) 	 	 	(217	) 	 	 	(222	) 	 	 	(223	) 	 	 	(223	) 	
Cumulative translation, net of tax	  	 	(547	) 	 	 	132	  	 	 	(410	) 	 	 	(520	) 	 	 	(202	) 	
Pension liability	  	 	3	  	 	 	(5	) 	 	 	10	  	 	 	9	  	 	 	5	  	
Other (1)	  	 	61	  	 	 	67	  	 	 	35	  	 	 	85	  	 	 	67	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	$	29,127	  	 	$	29,555	  	 	$	29,702	  	 	$	29,587	  	 	$	30,017	  	

(1)	Other primarily includes proceeds from exercise of stock options and stock compensation.	

Reconciliation Book Value	  	Page 21	

					
	  	ACE Limited
Non-GAAP Financial Measures
(in millions of U.S. dollars)
(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).
We provide financial measures such as gross premiums written, net premiums written, net premiums earned, and operating income on a constant-dollar basis. We believe it is useful to evaluate the trends in these measures 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.
Adjusted net realized gains (losses) is a non-GAAP financial measure that excludes 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 and therefore realized gains and losses from these derivatives are reclassified to Adjusted losses and loss expenses (a non-GAAP financial measure). Adjusted losses and loss expenses include gains and losses on crop derivatives. P&C loss and loss expense ratio and P&C combined ratio (both non-GAAP financial measures) include adjusted losses and loss expenses in the ratio numerator. A reconciliation of GAAP combined ratio to P&C combined ratio is provided on page 24.
In presenting our segment operating results, we have shown our performance with reference to underwriting results. Underwriting results are calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs, and administrative expenses from net premiums earned. We use underwriting results and operating ratios to monitor the results of our operations without the impact of certain factors, including investment income, other income and expenses, interest and income tax expense, and net realized gains (losses). P&C underwriting income is a non-GAAP financial measure which includes Adjusted losses and loss expenses. Insurance – North American Agriculture underwriting income includes gains (losses) on crop derivatives. Life underwriting income includes net investment income and gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.
Operating income or income excluding adjusted net realized gains (losses), net of tax, is a common performance measurement for insurance companies and a non-GAAP financial measure. 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) and net realized gains (losses) included in other income (expense) related to partially owned entities because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. We also exclude Chubb integration expenses related to the planned acquisition due to the size and complexity of this acquisition. These integration expenses are distortive to our results and are not indicative of our underlying profitability. We believe that excluding these integration expenses facilitates the comparison of our financial results to our historical operating results. These expenses include legal and professional fees and all costs directly related to the integration activities of the planned Chubb acquisition. Operating income or income excluding adjusted net realized gains (losses) should not be viewed as a substitute for net income determined in accordance with GAAP.
Other income (expense) – operating is a non-GAAP financial measure and excludes the portion of net realized gains and losses related to unconsolidated entities from other income (expense). These gains and losses are reported as Net realized gains (losses) and represent the non-operating activities of entities where we hold more than an insignificant percentage of the investee’s shares. We exclude these gains and losses from other income (expense) to enhance the understanding of our core results of operations as they are heavily influenced by, and fluctuate in part according to market conditions. A reconciliation of Consolidated Other income (expense) on a GAAP basis to Consolidated Other income (expense) - operating is provided on page 24.
P&C combined ratio excluding catastrophe losses and prior period development (PPD) is a non-GAAP financial measure. The ratio numerator includes adjusted losses and loss expenses, policy acquisition costs, and administrative expenses adjusted to exclude catastrophe losses and PPD. The ratio denominator includes net premiums earned adjusted to exclude the amount of reinstatement premiums (expensed) collected and net earned premium adjustments on loss sensitive policies. We believe that excluding the impact of catastrophe losses and PPD provides a better evaluation of our core underwriting performance and enhances the understanding of the trends in our property & casualty business that may be obscured by these items.
P&C loss and loss expense ratio excluding the impact of catastrophe losses and PPD is a non-GAAP financial measure. The loss ratio numerator includes adjusted losses and loss expenses adjusted to exclude catastrophe losses and PPD. The loss ratio denominator includes Net premiums earned adjusted to exclude the amount of reinstatement premiums (expensed) collected. In periods where there are adjustments on loss sensitive policies, these adjustments are excluded from PPD and net earned premiums when calculating this ratio. We believe that excluding the impact of catastrophe losses and PPD provides a better evaluation of our core underwriting performance and enhances the understanding of the trends in our property & casualty business that may be obscured by these items.
P&C expense ratio excluding accident and health (A&H) is a non-GAAP financial measure and excludes the impact of our A&H business from our consolidated 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 are non-GAAP financial measures and comprise consolidated operating results (including corporate) and exclude the operating results of the company’s Life and Insurance – North American Agriculture segments. 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 Insurance – North American Agriculture and Life segments because the results of these businesses do not always correlate with the results of our global P&C operations.
International life insurance net premiums written and deposits collected, is a non-GAAP financial measure. Deposits collected on universal life and investment contracts (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.
Operating return on equity (ROE) or ROE calculated using operating income is an annualized non-GAAP financial measure and is calculated as operating income divided by average shareholders’ equity, as adjusted, for the period. To annualize a quarterly rate, multiply by four. Operating ROE is a useful measure as it enhances the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity excluding the effect of unrealized gains and losses on our investments.
Operating effective tax rate is a non-GAAP financial measure. The numerator excludes tax on adjusted net realized gains (losses). The denominator excludes adjusted net realized gains (losses), before tax. We exclude adjusted net realized gains (losses) and the related tax impact because these amounts are heavily influenced by, and fluctuate in part according to, the availability of market opportunities. Operating effective tax rate should not be viewed as a substitute for effective tax rate determined in accordance with GAAP.
Tangible book value per common share is a non-GAAP financial measure and is shareholders’ equity less goodwill and other intangible assets 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. A reconciliation of tangible book value per share is provided on page 21. Tangible book value per common share excluding 2014 acquisitions is shareholders’ equity less goodwill and other intangible assets divided by the shares outstanding. The numerator adds back the goodwill and other intangible assets related to the acquisition of the Fireman’s Fund high net worth personal lines insurance business in the United States in order to adjust for the distortive effect of acquisitions. In addition, we disclose per share measures that exclude the impact of foreign currency fluctuations during 2015 in order to adjust for the distortive effects of fluctuations in exchange rates.

Reconciliation Non-GAAP	  	Page 22	

					
	  	ACE Limited
Non-GAAP Financial Measures - 2
(in millions of U.S. dollars, except ratios)
(Unaudited)	  		
 
Regulation G - Non-GAAP Financial Measures (continued)
Operating income
Operating income is a common performance measure for insurance companies and is presented throughout this report.
The following table presents the reconciliation of Net income to Operating income:

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	 	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	4Q-14	 	 	3Q-14	 	 	2015	 	 	2014	 	 	2014	 	
Net income, as reported	 	$	528	  	 	$	942	  	 	$	681	  	 	$	555	  	 	$	785	  	 	$	2,151	  	 	$	2,298	  	 	$	2,853	  	
Chubb integration expenses, net of tax	 	 	(7	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(7	) 	 	 	—  	  	 	 	—  	  	
Adjusted net realized gains (losses)	 	 	(393	) 	 	 	128	  	 	 	(89	) 	 	 	(210	) 	 	 	(165	) 	 	 	(354	) 	 	 	(348	) 	 	 	(558	) 	
Net realized gains (losses) related to unconsolidated entities (1)	 	 	25	  	 	 	33	  	 	 	26	  	 	 	49	  	 	 	55	  	 	 	84	  	 	 	142	  	 	 	191	  	
Income tax expense (benefit) on adjusted net realized gains (losses)	 	 	(6	) 	 	 	7	  	 	 	1	  	 	 	111	  	 	 	(4	) 	 	 	2	  	 	 	(11	) 	 	 	100	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	 	$	897	  	 	$	788	  	 	$	745	  	 	$	827	  	 	$	891	  	 	$	2,430	  	 	$	2,493	  	 	$	3,320	  	

(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).	
The following table presents the Operating income (loss) of each segment and Corporate:

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	4Q-14	 	 	3Q-14	 	 	2015	 	 	2014	 	 	2014	 	
Insurance – North American P&C	  	$	326	  	 	$	395	  	 	$	345	  	 	$	372	  	 	$	337	  	 	$	1,066	  	 	$	1,126	  	 	$	1,498	  	
Insurance – Overseas General	  	 	330	  	 	 	240	  	 	 	241	  	 	 	294	  	 	 	348	  	 	 	811	  	 	 	869	  	 	 	1,163	  	
Global Reinsurance	  	 	190	  	 	 	145	  	 	 	128	  	 	 	127	  	 	 	145	  	 	 	463	  	 	 	435	  	 	 	562	  	
Corporate	  	 	(62	) 	 	 	(74	) 	 	 	(70	) 	 	 	(87	) 	 	 	(68	) 	 	 	(206	) 	 	 	(209	) 	 	 	(296	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C (including Corporate)	  	 	784	  	 	 	706	  	 	 	644	  	 	 	706	  	 	 	762	  	 	 	2,134	  	 	 	2,221	  	 	 	2,927	  	
Insurance – North American Agriculture	  	 	56	  	 	 	15	  	 	 	35	  	 	 	45	  	 	 	57	  	 	 	106	  	 	 	51	  	 	 	96	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated Results (including Corporate) Excluding Life Segment	  	 	840	  	 	 	721	  	 	 	679	  	 	 	751	  	 	 	819	  	 	 	2,240	  	 	 	2,272	  	 	 	3,023	  	
Life	  	 	57	  	 	 	67	  	 	 	66	  	 	 	76	  	 	 	72	  	 	 	190	  	 	 	221	  	 	 	297	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated operating income	  	$	897	  	 	$	788	  	 	$	745	  	 	$	827	  	 	$	891	  	 	$	2,430	  	 	$	2,493	  	 	$	3,320	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating ROE
The following table presents the reconciliation of ROE to Operating ROE:

 	  	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	3Q-15	 	 	3Q-14	 	 	2015	 	 	2014	 	 	2014	 	
Net income	  	$	528	  	 	$	785	  	 	$	2,151	  	 	$	2,298	  	 	$	2,853	  	
Operating income	  	$	897	  	 	$	891	  	 	$	2,430	  	 	$	2,493	  	 	$	3,320	  	
Equity - beginning of period, as reported	  	$	29,555	  	 	$	30,325	  	 	$	29,587	  	 	$	28,825	  	 	$	28,825	  	
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	1,540	  	 	 	2,047	  	 	 	1,851	  	 	 	1,174	  	 	 	1,174	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity - beginning of period, as adjusted	  	$	28,015	  	 	$	28,278	  	 	$	27,736	  	 	$	27,651	  	 	$	27,651	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity - end of period, as reported	  	$	29,127	  	 	$	30,017	  	 	$	29,127	  	 	$	30,017	  	 	$	29,587	  	
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	1,285	  	 	 	1,757	  	 	 	1,285	  	 	 	1,757	  	 	 	1,851	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity - end of period, as adjusted	  	$	27,842	  	 	$	28,260	  	 	$	27,842	  	 	$	28,260	  	 	$	27,736	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average equity, as reported	  	$	29,341	  	 	$	30,171	  	 	$	29,357	  	 	$	29,421	  	 	$	29,206	  	
Average equity, as adjusted	  	$	27,929	  	 	$	28,269	  	 	$	27,789	  	 	$	27,956	  	 	$	27,694	  	
Operating ROE	  	 	12.9	% 	 	 	12.6	% 	 	 	11.7	% 	 	 	11.9	% 	 	 	12.0	% 	
ROE	  	 	7.2	% 	 	 	10.4	% 	 	 	9.8	% 	 	 	10.4	% 	 	 	9.8	% 	

Reconciliation Non-GAAP 2	  	Page 23	

					
	  	ACE Limited
Non-GAAP Financial Measures - 3
(in millions of U.S. dollars, except ratios)
(Unaudited)	  		
 
Regulation G - Non-GAAP Financial Measures (continued)
Operating effective tax rate
The following table presents the reconciliation of effective tax rate to the operating effective tax rate:

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	4Q-14	 	 	3Q-14	 	 	2015	 	 	2014	 	 	2014	 	
Tax expense, as reported	  	$	134	  	 	$	143	  	 	$	120	  	 	$	232	  	 	$	176	  	 	$	397	  	 	$	402	  	 	$	634	  	
Tax expense (benefit) on Chubb integration expenses	  	 	(2	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(2	) 	 	 	—  	  	 	 	—  	  	
Tax expense (benefit) on adjusted net realized gains (losses)	  	 	(6	) 	 	 	7	  	 	 	1	  	 	 	111	  	 	 	(4	) 	 	 	2	  	 	 	(11	) 	 	 	100	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tax expense, adjusted	  	$	142	  	 	$	136	  	 	$	119	  	 	$	121	  	 	$	180	  	 	$	397	  	 	$	413	  	 	$	534	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before tax, as reported	  	$	662	  	 	$	1,085	  	 	$	801	  	 	$	787	  	 	$	961	  	 	$	2,548	  	 	$	2,700	  	 	$	3,487	  	
Less: Chubb integration expenses	  	 	(9	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(9	) 	 	 	—  	  	 	 	—  	  	
Less: adjusted realized gains (losses)	  	 	(393	) 	 	 	128	  	 	 	(89	) 	 	 	(210	) 	 	 	(165	) 	 	 	(354	) 	 	 	(348	) 	 	 	(558	) 	
Less: realized gains (losses) related to unconsolidated entities	  	 	25	  	 	 	33	  	 	 	26	  	 	 	49	  	 	 	55	  	 	 	84	  	 	 	142	  	 	 	191	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before tax	  	$	1,039	  	 	$	924	  	 	$	864	  	 	$	948	  	 	$	1,071	  	 	$	2,827	  	 	$	2,906	  	 	$	3,854	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effective tax rate	  	 	20.0	% 	 	 	13.2	% 	 	 	15.0	% 	 	 	29.5	% 	 	 	18.3	% 	 	 	15.5	% 	 	 	14.9	% 	 	 	18.2	% 	
Adjustment for tax impact of Chubb integration expenses	  	 	-0.1	% 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	0.0	% 	 	 	—  	  	 	 	—  	  	
Adjustment for tax impact of adjusted net realized gains (losses)	  	 	-6.4	% 	 	 	1.5	% 	 	 	-1.3	% 	 	 	-16.8	% 	 	 	-1.4	% 	 	 	-1.5	% 	 	 	-0.7	% 	 	 	-4.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating effective tax rate	  	 	13.5	% 	 	 	14.7	% 	 	 	13.7	% 	 	 	12.7	% 	 	 	16.9	% 	 	 	14.0	% 	 	 	14.2	% 	 	 	13.9	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other income (expense) - operating
The following table presents the reconciliation of Consolidated Other income (expense) on a GAAP basis to Consolidated Other income (expense) - operating. Other income (expense) – operating is a non-GAAP financial measure which excludes gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP and the portion of net realized gains and losses related to unconsolidated entities. Gains (losses) from fair value changes in separate account assets are reclassified from Other income (expense) for purposes of presenting Life underwriting income, as the offsetting movement in the separate account liabilities is included in Policy benefits. Net realized gains (losses) related to unconsolidated entities is excluded from operating income in order to enhance the understanding of our core results of operations as they are heavily influenced by, and fluctuate in part according to market conditions.
Note: Effective Q3 2015, amortization of intangible assets (previously reported in Other income (expense) - operating) are now reported separately. Prior year amounts are reclassified to conform to the current year presentation.

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	4Q-14	 	 	3Q-14	 	 	2015	 	 	2014	 	 	2014	 	
Consolidated GAAP Other income (expense):	  				 				 				 				 				 				 				 				
Consolidated excluding Life segment	  	$	24	  	 	$	14	  	 	$	12	  	 	$	47	  	 	$	49	  	 	$	50	  	 	$	140	  	 	$	187	  	
Life segment	  	 	(36	) 	 	 	24	  	 	 	23	  	 	 	4	  	 	 	(3	) 	 	 	11	  	 	 	(1	) 	 	 	3	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	 	(12	) 	 	 	38	  	 	 	35	  	 	 	51	  	 	 	46	  	 	 	61	  	 	 	139	  	 	 	190	  	
Less: Gains (losses) from fair value changes in separate account assets	  				 				 				 				 				 				 				 				
Consolidated excluding Life segment	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Life segment	  	 	(49	) 	 	 	6	  	 	 	11	  	 	 	(3	) 	 	 	(6	) 	 	 	(32	) 	 	 	5	  	 	 	2	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	 	(49	) 	 	 	6	  	 	 	11	  	 	 	(3	) 	 	 	(6	) 	 	 	(32	) 	 	 	5	  	 	 	2	  	
Less: Net realized gains (losses) related to unconsolidated entities	  				 				 				 				 				 				 				 				
Consolidated excluding Life segment	  	 	13	  	 	 	16	  	 	 	12	  	 	 	43	  	 	 	51	  	 	 	41	  	 	 	142	  	 	 	185	  	
Life segment	  	 	12	  	 	 	17	  	 	 	14	  	 	 	6	  	 	 	4	  	 	 	43	  	 	 	—  	  	 	 	6	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	 	25	  	 	 	33	  	 	 	26	  	 	 	49	  	 	 	55	  	 	 	84	  	 	 	142	  	 	 	191	  	
Consolidated Other income (expense) - operating:	  				 				 				 				 				 				 				 				
Consolidated excluding Life segment	  	 	11	  	 	 	(2	) 	 	 	—  	  	 	 	4	  	 	 	(2	) 	 	 	9	  	 	 	(2	) 	 	 	2	  	
Life segment	  	 	1	  	 	 	1	  	 	 	(2	) 	 	 	1	  	 	 	(1	) 	 	 	—  	  	 	 	(6	) 	 	 	(5	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	12	  	 	$	(1	) 	 	$	(2	) 	 	$	5	  	 	$	(3	) 	 	$	9	  	 	$	(8	) 	 	$	(3	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C combined ratio
The following table presents the reconciliation of GAAP combined ratio to 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.

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	4Q-14	 	 	3Q-14	 	 	2015	 	 	2014	 	 	2014	 	
GAAP combined ratio	  	 	85.8	% 	 	 	87.6	% 	 	 	88.4	% 	 	 	88.5	% 	 	 	87.3	% 	 	 	87.2	% 	 	 	87.9	% 	 	 	88.1	% 	
Impact of gains and losses on crop derivatives	  	 	0.1	% 	 	 	0.1	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	-1.0	% 	 	 	0.0	% 	 	 	-0.4	% 	 	 	-0.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C combined ratio	  	 	85.9	% 	 	 	87.7	% 	 	 	88.4	% 	 	 	88.5	% 	 	 	86.3	% 	 	 	87.2	% 	 	 	87.5	% 	 	 	87.7	% 	

			
Reconciliation Non-GAAP 3	  	Page 24	

					
	  	ACE Limited
Glossary	  		
 
ACE Limited Consolidated comprises all segments including Corporate.
Operating return on equity (ROE) or ROE calculated using income excluding Chubb integration expenses, net of tax and adjusted net realized gains (losses), net of tax: Operating income or income excluding Chubb integration expenses and adjusted net realized gains (losses), net of tax, divided by average shareholders’ equity for the period excluding unrealized gains (losses) on investments, net of tax. To annualize a quarterly rate multiply by four.
Book value per common share: Shareholders’ equity divided by the shares outstanding.
Combined ratio: The sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding life business.
Operating effective tax rate: Income tax expense excluding tax expense (benefit) on adjusted net realized gains (losses) divided by income excluding adjusted net realized gains (losses) before tax.
Life underwriting income: Net premiums earned and net investment income less losses and loss expenses, policy benefits, acquisition costs, and administrative expenses. In addition, Life underwriting income includes gains/losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.
Tangible book value per common share: Shareholders’ equity less goodwill and other intangible assets 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: Net investment income divided by average cost of fixed maturities and other investments, and average market value of equity securities.
Tangible capital: Total capitalization less goodwill and other intangible assets.
Total capitalization: Short-term debt, long-term debt, trust preferreds, and shareholders’ equity.
NM: Not meaningful.
Chubb integration expenses, net of tax: Chubb integration expenses comprise legal and professional fees and all other costs directly related to the integration activities of the planned Chubb acquisition.

Glossary	  	Page 25