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) – May 4, 2016

Chubb 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 May 4, 2016, Chubb Limited issued a Press Release reporting its first quarter 2016 results and the availability of its first quarter 2016 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 May 4, 2016, Reporting First Quarter 2016 Results	
		
  99.2	  	First Quarter 2016 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.

	 	Chubb Limited	
			
DATE: May 4, 2016	 	By:	 	/s/ Philip V. Bancroft	
	 		 	      Philip V. Bancroft	
	 		 	      Executive Vice President and
      Chief Financial Officer	

EXHIBIT INDEX

Number	  	Description	  	Method of Filing	
			
99.1	  	Press Release, Dated May 4, 2016, Reporting First Quarter 2016 Results	  	Furnished herewith	
			
99.2	  	First Quarter 2016 Financial Supplement	  	Furnished herewith	

Exhibit 99.1

	    	Chubb Limited
Bärengasse 32
CH-8001 Zurich
Switzerland	    	new.chubb.com
@Chubb	
News Release
Chubb Reports First Quarter Operating EPS of $2.26 Versus $2.25 Prior Year; Operating EPS with 14-Day Stub Period is $2.29; P&C Combined Ratio is 90.0% and Annualized Operating ROE is 10.2%; Operating Return on Tangible Equity is 18.5%
 
●	 	As reported Global P&C net premiums written of $5.4 billion, up 63.6% in constant dollars; Global P&C net premiums written of $6.3 billion that include the company’s results for the first 14 days of January, herein called 2016 pro forma results, down 1.0% in constant dollars when compared with prior year as if ACE and Chubb were one company in 2015, herein called 2015 pro forma results*	
 
●	 	As reported P&C underwriting income of $612 million, up 52.3%, or 59.4% in constant dollars, leading to a combined ratio of 90.0%; on a 2016 and 2015 pro forma basis, P&C underwriting income of $720 million, up 23.2%, or 28.6% in constant dollars, leading to a combined ratio of 88.9%	
 
●	 	Adjusted net investment income of $767 million, or $812 million on a 2016 pro forma basis that includes $45 million from 14-day stub period	
 
●	 	Operating cash flow was $1.0 billion. Adjusted for the 14-day stub period and certain merger-related expenses in the quarter, underlying cash flow was $1.3 billion	
 
●	 	As reported unfavorable foreign currency movement negatively impacted consolidated operating income in the quarter by $21 million, or $0.05 per share	
 
●	 	Integration expense savings annualized run rate now projected at approximately $750 million by 2018, compared with original estimate of $650 million, or $610 million at current foreign currency rates. Annual investment income run rate to improve by approximately $100 million to $120 million pre-tax by the third or fourth quarter, depending on market conditions, from what the company would otherwise earn as a result of investment portfolio management improvements. Before the improvements, the company’s revised estimate of quarterly investment income was expected to be in the range of $790 million to $810 million. Now, with the improvements, quarterly investment income is expected to be in the range of $820 million to $840 million for the balance of the year.	
* 2016 pro forma results include the combined company’s results for the first 14 days of January. (The Chubb Corporation acquisition closed 1/14/16.) 2016 pro forma results do not include any impact from purchase accounting adjustments related to the acquisition. 2015 pro forma results include Legacy ACE plus Legacy Chubb historical results.

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb Limited.	  	1	

Chubb Limited News Release
 
ZURICH – May 4, 2016 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended March 31, 2016, of $0.97 per share, compared with $2.05 per share for the same quarter last year. (1) Operating income was $2.26 per share, compared with $2.25 per share for the same quarter last year. The property and casualty (P&C) combined ratio for the quarter was 90.0%. Book value per share increased 10.1%, reflecting the impact of The Chubb Corporation (Chubb Corp) acquisition, including the issuance of 137 million common shares totaling $15.2 billion and $323 million of equity awards related to the transaction. Tangible book value per share decreased 25.5% from December 31, 2015, reflecting $15.4 billion, net of tax, of goodwill and other intangibles related to the Chubb Corp acquisition. The dilution at the time of the acquisition closing was 29.3%, as expected. Book value per share and tangible book value per share were favorably impacted by income, favorable foreign currency movement and net realized and unrealized gains. Book value and tangible book value per share now stand at $98.85 and $53.83, respectively. Annualized operating return on equity for the quarter was 10.2%.
Chubb Limited
First Quarter Summary
(in millions, except per share amounts)
(Unaudited)

 	 	 	  	 	 	  	 	 	 	  	(Per Share - Diluted)	
								
As Reported	 	2016
 	  	2015
 	 	  	Change
 	 	 	  	2016
 	 	  	2015
 	 	  	Change

Operating income, net of tax (1)	 	$    1,019	  	 	$    745	  	  	36.8%	 		  	 	$    2.26	  	  	 	$    2.25	  	  	0.4%	
Chubb one-time integration and merger-related expenses, net of
tax	 	(106)	  	 	—	  	  	NM	 		  	 	(0.24)	  	  	 	—	  	  	NM	
								
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	 	(59)	  	 	—	  	  	NM	 		  	 	(0.13)	  	  	 	—	  	  	NM	
Adjusted net realized gains (losses), net of tax	 	(415)
 	  	 
 	(64)
 	  
 	  	NM
 	 		  	 
 	(0.92)

 	(0.20)
 	  
 	  	NM

Net income (2)	 	  $    439
 	  	 
 	$    681
 	  
 	  	(35.6)%
 	 		  	 
 	$    0.97

 	$    2.05
 	  
 	  	(52.7)%

 	(1)  	Operating income was adversely impacted by purchase accounting adjustments of $0.06 per share.	
 	(2)  	Net income was adversely impacted by $0.43 per share comprising Chubb integration and related expenses, the amortization of fair value adjustments, and purchase accounting adjustments on operating income of $0.06 per share as noted above.	
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “We’re off to a good start as the new Chubb with strong earnings for the first quarter, driven by excellent operating and underwriting results exclusive of the impact of one-time acquisition-related costs. After-tax operating income was $2.26 per share compared to $2.25 prior year. Comparing our results in 2016 to 2015 as if we were one company in both periods, our EPS in ’16 was $2.29 and our underwriting income of $720 million was up 23% over prior year with an excellent combined ratio of 88.9%. Book value per share was up over 10%, or 2.3% when excluding the merger impact, while our annualized operating ROE for the quarter was over 10%%.

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb Limited.	  	2	

Chubb Limited News Release
 
“Total premium revenue in the quarter was impacted by market conditions as we maintained underwriting discipline, as well as continued foreign exchange headwinds and integration-related activities. Our client renewal retention rates were very strong in the quarter, so the impact to growth came predominantly from new business, where greater momentum has begun to build. The impact of merger-related focus is diminishing and foreign exchange should have a reduced effect in the second quarter. In fact, we are already beginning to see evidence of both.
“Concerning the merger, our integration efforts are on track and going well. Our people are highly focused on serving their clients and writing business, and as they do so, we are knitting ourselves together at every level of the organization. Reception to the new Chubb in the market from customers, agents and brokers around the globe has been terrific. We also now project that we will surpass our original run-rate target for integration-related expense savings and, separately, we expect to increase our investment income run rate from what we would otherwise earn as a result of investment portfolio management improvements. In sum, the value creation that will come from the new Chubb is exceeding our initial expectations.”

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb Limited.	  	3	

Chubb Limited News Release
 
Operating highlights for the quarter ended March 31, 2016, were as follows:

 	  	As Reported	 	 	  	Pro Forma (1)	
								
Chubb Limited	  	Q1	 	  	Q1	 	  	 	 	 	  	Q1	 	  	Q1	 	  	 	
								
(in millions of U.S. dollars except for percentages)	  	2016	 	  	2015	 	  	Change	 	 	  	2016	 	  	2015	 	  	Change	
								
P&C	  				  				  		 		  				  				  		
								
Net premiums written	  	$	    5,479	  	  	$	    3,585	  	  	    52.8%	 		  	$	    6,333	  	  	$	    6,700	  	  	    (5.5)%	
								
Net premiums written constant-dollar	  				  	$	3,397	  	  	61.3%	 		  				  	$	6,422	  	  	(1.4)%	
								
Underwriting income	  	$	612	  	  	$	402	  	  	52.3%	 		  	$	720	  	  	$	585	  	  	23.2%	
								
Underwriting income constant-dollar	  				  	$	384	  	  	59.4%	 		  				  	$	560	  	  	28.6%	
								
Combined ratio	  	 	90.0%	  	  	 	88.4%	  	  		 		  	 	88.9%	  	  	 	91.1%	  	  		
								
Current accident year underwriting income excluding catastrophe losses	  	$	623	  	  	$	370	  	  	68.3%	 		  	$	731	  	  	$	708	  	  	3.3%	
								
Current accident year underwriting income excluding catastrophe losses constant-dollars	  				  	$	355	  	  	75.7%	 		  				  	$	686	  	  	6.6%	
								
Current accident year combined ratio excluding catastrophe losses	  	 	89.9%	  	  	 	89.3%	  	  		 		  	 	88.8%	  	  	 	89.2%	  	  		
								
Global P&C (excludes Agriculture)	  				  				  		 		  				  				  		
								
Net premiums written	  	$	5,415	  	  	$	3,497	  	  	54.9%	 		  	$	6,269	  	  	$	6,612	  	  	(5.2)%	
								
Net premiums written constant-dollar	  				  	$	3,309	  	  	63.6%	 		  				  	$	6,334	  	  	(1.0)%	
								
Underwriting income	  	$	559	  	  	$	355	  	  	57.7%	 		  	$	667	  	  	$	538	  	  	24.2%	
								
Underwriting income constant-dollar	  				  	$	337	  	  	66.1%	 		  				  	$	513	  	  	30.1%	
								
Combined ratio	  	 	90.8%	  	  	 	89.5%	  	  		 		  	 	89.7%	  	  	 	91.7%	  	  		
								
Current accident year underwriting income excluding catastrophe losses	  	$	609	  	  	$	355	  	  	71.9%	 		  	$	717	  	  	$	693	  	  	3.7%	
								
Current accident year underwriting income excluding catastrophe losses constant-dollar	  				  	$	339	  	  	79.7%	 		  				  	$	670	  	  	7.1%	
								
Current accident year combined ratio excluding catastrophe losses	  	 	90.0%	  	  	 	89.5%	  	  		 		  	 	88.9%	  	  	 	89.3%	  	  		
(1) Note about pro forma results: 2016 pro forma results include the combined company’s results for the first 14 days of January ($44 million pre-tax in P&C underwriting income). (The Chubb Corp acquisition closed 1/14/16.) 2016 pro forma results do not include any impact from purchase accounting adjustments related to the acquisition ($64 million pre-tax in P&C underwriting income). 2015 pro forma results include Legacy ACE plus Legacy Chubb historical results.
Refer to the Non-GAAP Financial Measures section of the Financial Supplement for a reconciliation of these measures to pro forma measures calculated in accordance with SEC guidance.

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb Limited.	  	4	

Chubb Limited News Release

●	 	Results for the quarter on an as-reported basis exclude the results of operations of Chubb Corp for the 14 days prior to the acquisition closing date (stub period) totaling $845 million in P&C net premiums written, $44 million in P&C underwriting income and $60 million in operating income. The stub period amounts for underwriting are included in the 2016 pro forma results found in the operating highlights table above.	
 
●	 	P&C net premiums earned increased 76.7% reflecting the acquisition of Chubb Corp. On a 2016 and 2015 pro forma basis, P&C net premiums earned decreased 0.7%, or increased 2.9% in constant dollars.	
 
●	 	On an as-reported basis, the P&C expense ratio was 32.7%, compared with 31.3% last year. The Global P&C expense ratio was 32.8%, compared with 32.0% last year. On a 2016 and 2015 pro forma basis, the P&C expense ratio was 31.6%, compared with 31.8% last year, and the Global P&C expense ratio was 31.7%, compared with 32.1% last year.	
 
●	 	On an as-reported basis, total pre-tax and after-tax catastrophe losses, including reinstatement premiums, were $258 million (4.3 percentage points of the combined ratio) and $204 million, respectively, compared with $51 million (1.5 percentage points of the combined ratio) and $40 million, respectively, last year. On a 2015 pro forma basis, total pre-tax and after-tax catastrophe losses, including reinstatement premiums, were $315 million (4.8 percentage points of the combined ratio) and $243 million, respectively.	
 
●	 	On an as-reported basis, total P&C pre-tax and after-tax favorable prior period development was $247 million (4.2 percentage points of the combined ratio) and $198 million, respectively, compared with $83 million pre-tax (2.4 percentage points of the combined ratio) and $67 million after-tax last year. On a 2015 pro forma basis, total P&C pre-tax and after-tax favorable prior period development for first quarter of 2015 was $192 million (2.9 percentage points of the combined ratio) and $148 million, respectively.	
 
●	 	Adjusted net investment income, which excludes a purchase accounting adjustment not included in operating income, was $767 million, compared with $551 million last year. The current period excludes $45 million related to the 14-day stub period. On a 2016 and 2015 pro forma basis, adjusted net investment income was $812 million, compared with $878 million, primarily due to a lower invested asset base, plus unfavorable foreign currency movement and lower reinvestment yields.	
 
●	 	Net realized and unrealized gains pre-tax totaled $952 million, including unrealized gains of $1.4 billion and net realized losses of $419 million. Net unrealized pre-tax gains comprised primarily unrealized gains of $1.1 billion in the investment portfolio and unrealized foreign exchange gains of $312 million. Net realized losses included $210 million in the investment portfolio and $243 million from derivative accounting related to the company’s variable annuity business.	
 
●	 	Operating cash flow was $1.0 billion. Adjusted for the 14-day stub period and certain merger-related expenses, underlying cash flow was $1.3 billion.	
 
●	 	Net loss reserves increased $21.4 billion, primarily comprising $20.5 billion of acquired reserves and an increase of $715 million related to the fair value adjustment at the acquisition close. Excluding the Chubb Corp acquisition, net loss reserves increased $125 million adjusted for foreign exchange.	

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb Limited.	  	5	

Chubb Limited News Release

●	 	Book value per share increased 10.1% to $98.85 from $89.77 at December 31, 2015, reflecting the impact of the Chubb Corp acquisition, including the issuance of 137 million common shares totaling $15.2 billion and $323 million of equity awards related to the transaction (7.8% of the increase). In addition, book value per share was favorably impacted by income, favorable foreign currency movement, and net realized and unrealized gains (2.3% of the increase).	
 
●	 	Tangible book value per share declined 25.5% to $53.83 from $72.25 at December 31, 2015, reflecting $15.4 billion, net of tax, of goodwill and other intangibles related to the Chubb Corp acquisition. The dilution at acquisition was 29.3%, as expected. Tangible book value per share benefited 3.8% from income, favorable foreign currency movement, and net realized and unrealized gains.	
Effective with the first quarter of 2016, Chubb Limited reports its financial results within the newly defined business segments as outlined below. Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended March 31, 2016, are presented below:

 	  	As Reported	 	 	  	Pro Forma	
								
Chubb Limited	  	Q1	 	  	Q1	 	  	 	 	 	  	Q1	 	  	Q1	 	  	 	
								
(in millions of U.S. dollars except for percentages)	  	2016	 	  	2015	 	  	Change	 	 	  	2016	 	  	2015	 	  	Change	
								
North America Commercial P&C Insurance*	  				  				  		 		  				  				  		
								
Net premiums written	  	$	    2,302	  	  	$	    1,297	  	  	77.4%	 		  	$	    2,821	  	  	$	    2,928	  	  	(3.7)%	
								
Net premiums written constant-dollar	  				  	$	1,290	  	  	78.4%	 		  				  	$	2,923	  	  	(3.5)%	
								
Combined ratio	  	 	86.1%	  	  	 	86.7%	  	  		 		  	 	85.2%	  	  	 	86.6%	  	  		
								
Current accident year combined ratio excluding catastrophe losses	  	 	89.5%	  	  	 	88.1%	  	  		 		  	 	88.3%	  	  	 	88.2%	  	  		
								
North America Personal P&C Insurance	  				  				  		 		  				  				  		
								
Net premiums written	  	$	871	  	  	$	133	  	  	NM	 		  	$	971	  	  	$	909	  	  	6.8%	
								
Net premiums written constant-dollar	  				  	$	133	  	  	NM	 		  				  	$	904	  	  	7.4%	
								
Combined ratio	  	 	97.5%	  	  	 	110.2%	  	  		 		  	 	92.3%	  	  	 	106.2%	  	  		
								
Current accident year combined ratio excluding catastrophe losses	  	 	82.5%	  	  	 	85.3%	  	  		 		  	 	78.7%	  	  	 	82.6%	  	  		
								
Overseas General Insurance	  				  				  		 		  				  				  		
								
Net premiums written	  	$	2,041	  	  	$	1,794	  	  	13.8%	 		  	$	2,256	  	  	$	2,480	  	  	(9.0)%	
								
Net premiums written constant-dollar	  				  	$	1,620	  	  	26.1%	 		  				  	$	2,219	  	  	1.7%	
								
Combined ratio	  	 	91.4%	  	  	 	89.1%	  	  		 		  	 	92.2%	  	  	 	89.5%	  	  		
								
Current accident year combined ratio excluding catastrophe losses	  	 	92.0%	  	  	 	90.3%	  	  		 		  	 	92.8%	  	  	 	91.6%	  	  		

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb Limited.	  	6	

Chubb Limited News Release
 
* The North America Commercial P&C Insurance segment includes the Commercial Insurance Division, which comprises the middle market and small commercial business units, and the Major Accounts & Specialty Division. In the future, the company expects to treat these two divisions as separate segments for reporting purposes.
 
●	 	North America Agricultural Insurance: Net premiums written decreased 27.0%, primarily due to lower premium retention as a result of the premium-sharing formulas with the U.S. government that resulted from a true-up in 2016 of the 2015 crop year loss estimates. The current accident year combined ratio excluding catastrophe losses was 80.6%, compared with 76.7%.	
 
●	 	Global Reinsurance: Net premiums written decreased 26.3%, or 24.6% in constant dollars due to market conditions. The combined ratio was 77.3%, compared with 73.2%. The current accident year combined ratio excluding catastrophe losses was 78.5%, compared with 75.5%.	
 
●	 	Life Insurance: Segment income was $64 million, compared with $77 million, reflecting the runoff of the company’s life reinsurance business and unfavorable claims reserve development of $9 million in Combined Insurance’s U.S. operations. International life insurance net premiums and deposits collected increased 3.3% in constant dollars.	
The company originally announced that it expected integration-related savings of $650 million, or $610 million at current foreign currency rates. The company now expects integration-related savings of $750 million. The following table shows annualized and realized integration-related savings and integration and merger-related expenses expected by year:

Chubb Limited	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
						
(in millions of U.S. dollars)	  	FY 2015	 	  	FY 2016	 	  	FY 2017	 	  	FY 2018	 	  	Total	 	
						
Chubb integration-related savings (1)	  				  				  				  				  				
						
     Annualized savings	  	 	—	  	  	 	$  470	  	  	 	$   690	  	  	 	$   750	  	  	 	$   750	  	
						
     Realized savings	  	 	—	  	  	 	$   275	  	  	 	$   530	  	  	 	$    715	  	  	 	$   750	  	
						
Chubb integration and merger-related expenses (2)	  				  				  				  				  				
						
     One-time integration expenses related to savings	  	 	$   22	  	  	 	$   343	  	  	 	$    119	  	  	 	$    41	  	  	 	$    525	  	
						
     Other one-time merger-related expenses	  	 	11	  	  	 	210	  	  	 	56	  	  	 	9	  	  	 	286	  	
						
 Total expected integration and merger-related expenses	  	 	$   33	  	  	 	$   553	  	  	 	$   175	  	  	 	$   50	  	  	 	$   811	  	
 
 	(1)  	Realized savings are the portion that is recorded in the financial statements in the current period. Annualized savings are the annualized run rate of the realized savings that will impact future years.	
 
 	(2)  	Integration expenses related to savings are one-time costs that are directly attributable to the achievement of the annualized savings, including employee severance, third-party consulting fees, and systems integration expenses. Other merger-related expenses are one-time costs directly attributable to the merger, including rebranding, employee retention costs and other professional and legal fees related to the acquisition.	

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb Limited.	  	7	

Chubb Limited News Release
 
Please refer to the Chubb Limited Financial Supplement , dated March 31, 2016, which is posted on the company’s investor relations website, investors.chubb.com, in the Financials section for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio and debt and capital.
Chubb Limited will hold its first quarter earnings conference call on Thursday, May 5, 2016, beginning at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 888-312-9841 (within the United States) or 719-325-2349 (international), passcode 9430974. Please refer to the Chubb website under Events for details. A replay of the call will be available until Thursday, May 19, 2016, 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 9430974.
About the new Chubb
Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is distinguished by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, underwriting excellence, superior claims handling expertise and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: new.chubb.com.
Investor Contact
Helen Wilson: (441) 299-9283; helen.wilson@chubb.com
Media Contact
Jeffrey Zack: (212) 827-4444; jeffrey.zack@chubb.com
 
(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, including pro forma measures. These non-GAAP measures and pro forma 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.

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb Limited.	  	8	

Chubb Limited News Release
 
Pro forma measures presented throughout this document are prepared exclusive of purchase accounting adjustments in order to present the underlying profitability of the our insurance business. We believe that excluding these adjustments provide visibility and comparability into our results.
Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired assets.
Adjusted interest expense is interest expense excluding the amortization of the fair value adjustment of acquired debt and the pre-acquisition interest expense on the $5.3 billion senior notes issued in November 2015. We believe that excluding these items are meaningful in order to present the underlying economics of the company’s business.
Adjusted net realized gains (losses), net of tax , includes net realized gains (losses) and net realized gains (losses) recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses. 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.
Segment income includes underwriting income and adjusted net investment income.
Operating income, net of tax, excludes adjusted realized gains and losses, Chubb integration and related expenses, and the amortization of the fair value adjustments of acquired debt and invested assets related to the Chubb Corp acquisition. 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 and related expenses related to the acquisition due to the size, complexity, and volume of this acquisition, which may not be indicative of such future costs. We believe that excluding the Chubb integration and related expenses facilitates the comparison of our financial results to our historical operating results. These costs include legal and professional fees and all costs directly related to the integration activities of the Chubb acquisition including pre-acquisition interest expense on the $5.3 billion senior notes issued in November 2015. The interest expense on the $5.3 billion senior notes was included within operating income subsequent to the acquisition close (i.e., after January 14, 2016). Operating income 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.

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb Limited.	  	9	

Chubb 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 and operating return on tangible equity are annualized financial measures. The ROE numerator includes income adjusted to exclude after-tax adjusted net realized gains (losses), Chubb integration and related expenses, and the amortization of the fair value adjustment of acquired invested assets and long-term debt. The ROE denominator includes the average shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, net of tax. In addition, the denominator was adjusted to account for the weighted-average impact of the $15,527 million issuance of common shares and equity awards related to the Chubb Corp acquisition on January 14, 2016 . To annualize 2016 operating ROE, include the 14-day stub period adjustment in future quarters (i.e., Q2 through Q4 assumes a full quarter of operating income to account for the distortive impact of Q1 not having a full quarter given the acquisition close on January 14, 2016). For the operating return on tangible equity, we excluded goodwill and other intangibles from the denominator to eliminate the distortive impact of acquisitions. Operating ROE and operating return on tangible equity are useful measures as they enhance 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 and the distortive impact of acquisitions.
Tangible book value per common share is shareholders’ equity less goodwill and other intangible assets divided by the shares outstanding. The intangibles related to the Chubb Corp acquisition is excluded from the tangible book value per share calculation net of tax. 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 and the acquisition during 2016 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.

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb Limited.	  	10	

Chubb Limited News Release
 
Chubb integration and related expenses include legal and professional fees and all costs directly related to the integration activities of the Chubb acquisition as well as the pre-acquisition interest expense related to the $5.3 billion senior notes issued in November 2015 to finance a portion of the Chubb acquisition. We exclude this pre-acquisition interest expense from operating income because the operations for which the debt was issued were not part of our operating activities prior to the completion of the acquisition. Effective with the close of the Chubb acquisition (January 14, 2016), the interest on this debt was considered a cost of our operations and will then be included within operating income.
See reconciliation of Non-GAAP Financial Measures on pages 25-29 in the Financial Supplement. These measures should not be viewed as a substitute for measures determined in accordance with GAAP or with SEC guidance under Article 11 for pro forma measures, including premium, net income, return on equity, adjusted net investment income, and effective tax rate.
NM - not meaningful comparison
Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release, such as those related to company performance, including 2016 performance and growth opportunities; integration activities and expected expense savings and income run rate; other expected benefits of the ACE and Chubb merger; and our 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, loss of key employees or disruptions to our operations, 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).
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb Limited.	  	11	

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

 	 	 	
 	 	March 31	  	December 31	
			
 	 	2016	  	2015	
			
Assets	 		  		
			
Investments	 	 $            97,586 	  	 $              66,251 	
			
Cash	 	1,091 	  	1,775 	
			
Insurance and reinsurance balances receivable	 	7,692 	  	5,323 	
			
Reinsurance recoverable on losses and loss expenses	 	12,891 	  	11,386 	
			
Goodwill and other intangible assets	 	23,359 	  	5,683 	
			
Other assets	 	14,025 	  	11,888 	

Total assets	 	 $          156,644 	  	 $            102,306 	

Liabilities	 		  		
			
Unpaid losses and loss expenses	 	 $            60,206 	  	 $              37,303 	
			
Unearned premiums	 	14,896 	  	8,439 	
			
Other liabilities	 	35,645 	  	27,429 	

			
Total liabilities	 	 $          110,747 	  	 $              73,171 	

Shareholders’ equity	 		  		
			
Total shareholders’ equity	 	45,897 	  	29,135 	

Total liabilities and shareholders’ equity	 	 $          156,644 	  	 $            102,306 	

Book value per common share	 	 $              98.85 	  	 $                89.77	
			
Tangible book value per common share	 	 $              53.83 	  	 $                72.25	
			
Book value per common share
excluding cumulative translation losses (1)	 	 $            101.57	  	 $                94.51	
			
Tangible book value per common share
excluding cumulative translation losses (2)
 
 	 	 $              55.81	  	 $                75.30	
 
 	(1)  	 Cumulative translation losses was  $1.3 billion in 2016 and  $1.5 billion in 2015	
 
 	(2)  	 Cumulative translation losses was  $345 million in 2016 and  $550 million in 2015	
Chubb Limited

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb Limited.	  	12	

Chubb Limited News Release
 
Summary Consolidated Financial Data
(in millions of U.S. dollars, except share, per share data, and ratios)
(Unaudited)

 
									
 	  	Three Months Ended	 	
		
 	  	March 31	 	
			
 	  	      2016      
 	 	  	      2015      

Gross premiums written	  	  $	    7,389	  	  	  $	    5,322	  	
			
Net premiums written	  	 	5,995	  	  	 	4,076	  	
			
Net premiums earned	  	 	6,597	  	  	 	3,927	  	
			
Losses and loss expenses	  	 	3,674	  	  	 	2,122	  	
			
Policy benefits	  	 	126	  	  	 	142	  	
			
Policy acquisition costs	  	 	1,413	  	  	 	707	  	
			
Administrative expenses	  	 	772	  	  	 	554	  	
 
Net investment income	  	 
 	 
674	 

551	 

Net realized gains (losses)	  	 	(394)	  	  	 	(89)	  	
			
Interest expense	  	 	146	  	  	 	68	  	
			
Other income (expense):	  				  				
 
Gains (losses) from separate account assets	  	 
 	 
(3)	 

11	 

Other	  	 
 	 
(25)	 

24	 

Amortization of purchased intangibles	  	 	7	  	  	 	30	  	
			
Chubb integration expenses	  	 	148	  	  	 	—	  	
			
Income tax expense	  	 	124	  	  	 	120	  	

Net income	  	  $	    439	  	  	  $	    681	  	

Diluted earnings per share:	  				  				
			
Operating income	  	  $	2.26	  	  	  $	2.25	  	
			
Net income	  	  $	0.97	  	  	  $	2.05	  	
			
Weighted average diluted shares outstanding
 	  	 
 	450.0

 	331.7

 	  	 	 	 	  	 	 	 	
			
P&C combined ratio	  				  				
			
Loss and loss expense ratio	  	 	57.3%	  	  	 	57.1%	  	
 
Policy acquisition cost ratio	  	 
 	 
21.2%	 

17.4%	 

Administrative expense ratio	  	 
 	 
11.5%	 

13.9%	 

			
P&C combined ratio	  	 	90.0%	  	  	 	88.4%	  	
			
P&C underwriting income	  	  $	612	  	  	  $	402	  	

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb Limited.	  	13	

Chubb Limited News Release
 
Chubb Limited
Consolidated Supplemental Segment Information
(in millions of U.S. dollars)
(Unaudited)

 	 	
 	 	Three Months Ended	
		
 	 	March 31	
				
 	 	  2016  	 	 	 	  2015  	
				
Gross Premiums Written	 		 		 		
				
North America Commercial P&C Insurance	 	$        3,004	 		 	    $            1,979	
				
North America Personal P&C Insurance	 	974	 		 	146	
				
North America Agricultural Insurance	 	136	 		 	128	
				
Overseas General Insurance	 	2,516	 		 	2,255	
				
Global Reinsurance	 	213	 		 	292	
				
Life Insurance	 	546	 		 	522	

Total	 	    $        7,389	 		 	    $            5,322	

Net Premiums Written	 		 		 		
				
North America Commercial P&C Insurance	 	    $        2,302	 		 	    $            1,297	
				
North America Personal P&C Insurance	 	871	 		 	133	
				
North America Agricultural Insurance	 	64	 		 	88	
				
Overseas General Insurance	 	2,041	 		 	1,794	
				
Global Reinsurance	 	201	 		 	273	
				
Life Insurance	 	516	 		 	491	

Total	 	    $        5,995	 		 	    $            4,076	

Net Premiums Earned	 		 		 		
				
North America Commercial P&C Insurance	 	    $        2,896	 		 	    $            1,380	
				
North America Personal P&C Insurance	 	1,024	 		 	146	
				
North America Agricultural Insurance	 	23	 		 	64	
				
Overseas General Insurance	 	1,955	 		 	1,637	
				
Global Reinsurance	 	202	 		 	226	
				
Life Insurance	 	497	 		 	474	

Total	 	    $        6,597	 		 	    $            3,927	

Segment Income (loss)	 		 		 		
				
North America Commercial P&C Insurance	 	    $           827	 		 	    $               442	
				
North America Personal P&C Insurance	 	73	 		 	(10)	
				
North America Agricultural Insurance	 	58	 		 	53	
				
Overseas General Insurance	 	314	 		 	316	
				
Global Reinsurance	 	113	 		 	136	
				
Life Insurance	 	64	 		 	77	
				
Corporate	 	(73)	 		 	(50)	

Total	 	    $        1,376	 		 	    $              964	

			
Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb Limited.	  	14	

Exhibit 99.2

Chubb Limited
Financial Supplement
for the Quarter Ended March 31, 2016
Investor Contact
Helen M. Wilson
Phone: (441) 299-9283
email: investorrelations@chubb.com
This report is for informational purposes only. It should be read in conjunction with documents filed by Chubb Limited with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and the closing reports on Form 8-K/A filed on March 24, 2016.

New Financial Reporting Disclosures
Effective Q1 2016, Chubb Limited will report financial results within the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. This reflects the company’s significantly larger and expanded operations subsequent to its acquisition of The Chubb Corporation on January 14, 2016. In addition, the company also redefined Corporate to include all run-off asbestos and environmental (A&E) exposures, the results of its Brandywine business, the results of its Westchester Specialty operations for 1996 and prior years, certain other mass tort exposures and Legacy Chubb A&E and mass tort exposures. Chubb integration expenses are incurred by the overall company and are therefore included in Corporate. The costs are not related to the on-going business activities of the segments and are therefore excluded from our definition of segment income. All prior periods have been revised to conform to the new segment presentation. Unless otherwise indicated, the term ‘pro forma’ is used to represent the combined company’s normal course of business without purchase accounting adjustments in order to present the underlying economics of the company’s business. Pro forma is defined as follows:
2016 Pro forma results : The combined company results inclusive of the first 14 days of January 2016. The 2016 and 2015 pro forma underwriting results do not include any impact from purchase accounting adjustments.
2015 Pro forma results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.
Pro forma results presented throughout this document are unaudited and are provided for informational purposes only. A reconciliation of pro forma results as defined above to pro forma results in accordance with SEC guidance under Article 11, is provided in the Reconciliation of non-GAAP starting on page 25.
Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this financial supplement reflect Chubb’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.
New Disclosures

Chubb 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	
	 	- Pro Forma Consolidated Statement of Operations	  	4	
	 	- Consolidated Statement of Operations	  	5 - 6	
			
III.	 	Global P&C Results	  		
	 	- Global P&C Results - Consecutive Quarters	  	7	
			
IV.	 	Segment Results	  		
	 	- North America Commercial P&C Insurance	  	8	
	 	- North America Personal P&C Insurance	  	9	
	 	- North American Agricultural Insurance	  	10	
	 	- Overseas General Insurance	  	11	
	 	- Global Reinsurance	  	12	
	 	- Life Insurance	  	13	
	 	- Corporate	  	14	
			
V.	 	Balance Sheet Details	  		
	 	- Loss Reserve Rollforward	  	15	
	 	- Reinsurance Recoverable Analysis	  	16	
	 	- Investment Portfolio	  	17 - 20	
	 	- Net Realized and Unrealized Gains (Losses)	  	21	
	 	- Debt and Capital	  	22	
	 	- Computation of Basic and Diluted Earnings Per Share	  	23	
	 	- Book Value and Book Value per Common Share	  	24	
			
VI.	 	Other Disclosures 	  		
	 	- Non-GAAP Financial Measures	  	25 - 29	
	 	- Glossary	  	30	

Chubb Limited
Consolidated Financial Highlights
(in millions of U.S. dollars, except share, per share data, and ratios)
(Unaudited)
Note: All dollar amounts in the Financial Supplement are rounded. However, percent changes and ratios are calculated using whole dollars. Accordingly, calculations using rounded dollars may differ.

 	  	As Reported	 	 	Pro Forma*	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	Constant $	 	 	 	 	 	 	 	 	 	 	 	 	 	  	Constant $	 	
 	  	Three months ended March 31	 	 	% Change	 	 	 	 	 	% Change	 	 	Three months ended March 31	 	 	% Change	 	 	 	 	  	% Change	 	
 	  	 	 	 	 	 	 	1Q-16 vs.	 	 	Constant $	 	 	1Q-16 vs.	 	 	 	 	 	 	 	 	1Q-16 vs.	 	 	Constant $	 	  	1Q-16 vs.	 	
 	  	2016	 	 	2015	 	 	1Q-15	 	 	2015 (1)	 	 	1Q-15 (1)	 	 	2016	 	 	2015	 	 	1Q-15	 	 	2015 (1)	 	  	1Q-15 (1)	 	
											
Gross premiums written	  	$	7,389	  	 	$	5,322	  	 	 	38.8	% 	 	$	5,067	  	 	 	45.8	% 	 	$	8,321	  	 	$	8,700	  	 	 	-4.4	% 	 	$	8,352	  	  	 	-0.4	% 	
											
Net premiums written	  	$	5,995	  	 	$	4,076	  	 	 	47.1	% 	 	$	3,865	  	 	 	55.1	% 	 	$	6,850	  	 	$	7,216	  	 	 	-5.1	% 	 	$	6,916	  	  	 	-1.0	% 	
											
P&C net premiums written (2)	  	$	5,479	  	 	$	3,585	  	 	 	52.8	% 	 	$	3,397	  	 	 	61.3	% 	 	$	6,333	  	 	$	6,700	  	 	 	-5.5	% 	 	$	6,422	  	  	 	-1.4	% 	
											
Global P&C net premiums written (2)	  	$	5,415	  	 	$	3,497	  	 	 	54.9	% 	 	$	3,309	  	 	 	63.6	% 	 	$	6,269	  	 	$	6,612	  	 	 	-5.2	% 	 	$	6,334	  	  	 	-1.0	% 	
											
Net premiums earned	  	$	6,597	  	 	$	3,927	  	 	 	68.0	% 	 	$	3,745	  	 	 	76.2	% 	 	$	6,988	  	 	$	7,037	  	 	 	-0.7	% 	 	$	6,785	  	  	 	3.0	% 	
											
Adjusted net investment income (2)	  	$	767	  	 	$	551	  	 	 	39.3	% 	 	$	540	  	 	 	42.1	% 	 				 				 				 				  				
											
Operating income	  	$	1,019	  	 	$	745	  	 	 	36.8	% 	 	$	724	  	 	 	40.7	% 	 				 				 				 				  				
											
Net income	  	$	439	  	 	$	681	  	 	 	-35.6	% 	 				 				 				 				 				 				  				
											
Comprehensive income	  	$	1,541	  	 	$	642	  	 	 	139.6	% 	 				 				 				 				 				 				  				
											
Operating cash flow	  	$	1,020	  	 	$	1,075	  	 				 				 				 				 				 				 				  				
											
P&C combined ratio (2)	  				 				 				 				 				 				 				 				 				  				
											
Loss and loss expense ratio	  	 	57.3	% 	 	 	57.1	% 	 				 				 				 	 	57.3	% 	 	 	59.3	% 	 				 				  				
											
Underwriting and administrative expense ratio	  	 	32.7	% 	 	 	31.3	% 	 				 				 				 	 	31.6	% 	 	 	31.8	% 	 				 				  				
	  	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				  				
Combined ratio	  	 	90.0	% 	 	 	88.4	% 	 				 				 				 	 	88.9	% 	 	 	91.1	% 	 				 				  				
											
Operating return on equity (ROE)	  	 	10.2	% 	 	 	10.8	% 	 				 				 				 				 				 				 				  				
											
Operating return on tangible equity	  	 	18.5	% 	 				 				 				 				 				 				 				 				  				
											
ROE	  	 	4.7	% 	 	 	9.2	% 	 				 				 				 				 				 				 				  				
											
Operating effective tax rate (3)	  	 	16.5	% 	 	 	13.7	% 	 				 				 				 				 				 				 				  				
											
Effective tax rate	  	 	22.1	% 	 	 	15.0	% 	 				 				 				 				 				 				 				  				
											
Diluted earnings per share	  				 				 				 				 				 				 				 				 				  				
											
Operating income	  	$	2.26	  	 	$	2.25	  	 	 	0.4	% 	 				 				 				 				 				 				  				
											
Net income	  	$	0.97	  	 	$	2.05	  	 	 	-52.7	% 	 				 				 				 				 				 				  				
											
Full quarter diluted earnings per share (4)	  				 				 				 				 				 				 				 				 				  				
											
Operating income	  	$	2.29	  	 				 				 				 				 				 				 				 				  				
											
Net income	  	$	1.06	  	 				 				 				 				 				 				 				 				  				
											
 	  	 	 	 	 	 	 	 	 	 	December  31
2015	 	 	% Change
1Q-16 vs
4Q-15	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	
Book value per common share	  	$	98.85	  	 				 				 	$	89.77	  	 	 	10.1	% 	 				 				 				 				  				
											
Book value per common share excluding foreign currency (5)	  	$	98.20	  	 				 				 	$	89.77	  	 	 	9.4	% 	 				 				 				 				  				
											
Tangible book value per common share	  	$	53.83	  	 				 				 	$	72.25	  	 	 	-25.5	% 	 				 				 				 				  				
											
Tangible book value per common share excluding foreign currency (5)	  	$	53.62	  	 				 				 	$	72.25	  	 	 	-25.8	% 	 				 				 				 				  				
											
Weighted average basic common shares outstanding	  	 	446.7	  	 	 	328.2	  	 				 	 	325.6	  	 				 				 				 				 				  				
											
Weighted average diluted common shares outstanding	  	 	450.0	  	 	 	331.7	  	 				 	 	328.8	  	 				 				 				 				 				  				
											
Total hybrid & financial debt/capitalization	  	 	22.6	% 	 				 				 	 	25.0	% 	 				 				 				 				 				  				
 
(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 increase in the operating effective tax rate for the quarter was primarily due to a higher percentage of operating earnings being generated in higher tax paying jurisdictions.	
(4)	Full quarter diluted earnings per share for Q1 2016 includes the combined company results inclusive of the first 14 days of January 2016 and includes the impact of purchase accounting adjustments related to The Chubb Corporation acquisition.	
(5)	For 2016, book value per common share and tangible book value per common share exclude the impact of foreign currency movement during the quarter.	
 
*	2016 Pro forma results: The combined company results inclusive of the first 14 days of January 2016. The 2016 and 2015 pro forma underwriting results do not include any impact from purchase accounting adjustments.	
2015 Pro forma results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

			
Financial Highlights	  	Page 1	

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

 	 	As Reported	 	 	Pro Forma*	 	 	Legacy ACE	 	
   	 	1Q-16	 	 	1Q-16	 	 	1Q-15	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	Full Year 2015	 	
Chubb Limited Consolidated	 				 				 				 				 				 				 				 				
P&C Consolidated Results (Including Corporate) Excluding Life Insurance Segment (1)	 				 				 				 				 				 				 				 				
Gross premiums written	 	$	6,843	  	 	$	7,774	  	 	$	8,151	  	 	$	5,091	  	 	$	5,824	  	 	$	5,975	  	 	$	4,800	  	 	$	21,690	  	
Net premiums written	 	 	5,479	  	 	 	6,333	  	 	 	6,700	  	 	 	3,629	  	 	 	4,217	  	 	 	4,284	  	 	 	3,585	  	 	 	15,715	  	
Net premiums earned	 	 	6,100	  	 	 	6,489	  	 	 	6,539	  	 	 	3,701	  	 	 	4,239	  	 	 	3,873	  	 	 	3,453	  	 	 	15,266	  	
Adjusted losses and loss expenses (1)	 	 	3,497	  	 	 	3,719	  	 	 	3,877	  	 	 	2,146	  	 	 	2,494	  	 	 	2,282	  	 	 	1,970	  	 	 	8,892	  	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	 	 	721	  	 	 	1,287	  	 	 	1,284	  	 	 	602	  	 	 	654	  	 	 	609	  	 	 	600	  	 	 	2,465	  	
Amortization of acquired UPR intangible (2)	 	 	570	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	
Administrative expenses	 	 	700	  	 	 	763	  	 	 	793	  	 	 	500	  	 	 	494	  	 	 	504	  	 	 	481	  	 	 	1,979	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	 	 	612	  	 	 	720	  	 	 	585	  	 	 	453	  	 	 	597	  	 	 	478	  	 	 	402	  	 	 	1,930	  	
									
Adjusted net investment income (1)	 	 	700	  	 				 				 	 	465	  	 	 	483	  	 	 	496	  	 	 	485	  	 	 	1,929	  	
Adjusted interest expense (1)	 	 	149	  	 				 				 	 	64	  	 	 	68	  	 	 	71	  	 	 	68	  	 	 	271	  	
Other income (expense) - operating (3)	 	 	—	  	 				 				 	 	(6	) 	 	 	12	  	 	 	(1	) 	 	 	(2	) 	 	 	3	  	
Amortization of purchased intangibles	 	 	7	  	 				 				 	 	35	  	 	 	51	  	 	 	55	  	 	 	30	  	 	 	171	  	
Income tax expense	 	 	201	  	 				 				 	 	97	  	 	 	140	  	 	 	136	  	 	 	119	  	 	 	492	  	
	 	 	 	 	 				 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C Operating income (including Corporate) excluding Life Insurance segment	 	 	955	  	 				 				 	 	716	  	 	 	833	  	 	 	711	  	 	 	668	  	 	 	2,928	  	
Life Insurance segment income	 	 	64	  	 				 				 	 	64	  	 	 	64	  	 	 	77	  	 	 	77	  	 	 	282	  	
	 	 	 	 	 				 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated operating income	 	 	1,019	  	 				 				 	 	780	  	 	 	897	  	 	 	788	  	 	 	745	  	 	 	3,210	  	
									
Chubb integration and related expenses, net of tax	 	 	(106	) 	 				 				 	 	(35	) 	 	 	(7	) 	 	 	—	  	 	 	—	  	 	 	(42	) 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (2)(4)	 	 	(59	) 	 				 				 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	
									
Adjusted net realized gains (losses) (1)	 	 	(394	) 	 				 				 	 	(57	) 	 	 	(393	) 	 	 	128	  	 	 	(89	) 	 	 	(411	) 	
Net realized gains (losses) related to unconsolidated entities	 	 	(25	) 	 				 				 	 	(17	) 	 	 	25	  	 	 	33	  	 	 	26	  	 	 	67	  	
Income tax expense (benefit) on adjusted net realized gains (losses)	 	 	(4	) 	 				 				 	 	(12	) 	 	 	(6	) 	 	 	7	  	 	 	1	  	 	 	(10	) 	
	 	 	 	 	 				 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated net income	 	$	439	  	 				 				 	$	683	  	 	$	528	  	 	$	942	  	 	$	681	  	 	$	2,834	  	

% Change versus prior year period (1)	 				 				 				 				 				 				 				 				
Net premiums written	 	 	52.8	% 	 	 	-5.5	% 	 				 	 	-4.6	% 	 	 	-0.4	% 	 	 	5.5	% 	 	 	-2.9	% 	 	 	-0.5	% 	
Net premiums earned	 	 	76.7	% 	 	 	-0.7	% 	 				 	 	-4.4	% 	 	 	-0.6	% 	 	 	0.8	% 	 	 	-1.0	% 	 	 	-1.3	% 	
									
Net premiums written constant $	 	 	61.3	% 	 	 	-1.4	% 	 				 	 	1.7	% 	 	 	5.6	% 	 	 	11.6	% 	 	 	1.7	% 	 	 	5.3	% 	
Net premiums earned constant $	 	 	85.3	% 	 	 	2.9	% 	 				 	 	1.6	% 	 	 	5.4	% 	 	 	7.0	% 	 	 	3.5	% 	 	 	4.4	% 	
									
Other ratios	 				 				 				 				 				 				 				 				
Net premiums written/gross premiums written (1)	 	 	80	% 	 	 	81	% 	 	 	82	% 	 	 	71	% 	 	 	72	% 	 	 	72	% 	 	 	75	% 	 	 	72	% 	
Operating effective tax rate	 	 	16.5	% 	 				 				 	 	11.1	% 	 	 	13.5	% 	 	 	14.7	% 	 	 	13.7	% 	 	 	13.3	% 	
									
P&C combined ratio (1)	 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	57.3	% 	 	 	57.3	% 	 	 	59.3	% 	 	 	58.0	% 	 	 	58.8	% 	 	 	58.9	% 	 	 	57.1	% 	 	 	58.2	% 	
Policy acquisition cost ratio	 	 	21.2	% 	 	 	19.8	% 	 	 	19.6	% 	 	 	16.2	% 	 	 	15.4	% 	 	 	15.7	% 	 	 	17.4	% 	 	 	16.1	% 	
Administrative expense ratio	 	 	11.5	% 	 	 	11.8	% 	 	 	12.2	% 	 	 	13.5	% 	 	 	11.7	% 	 	 	13.1	% 	 	 	13.9	% 	 	 	13.1	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 	 	90.0	% 	 	 	88.9	% 	 	 	91.1	% 	 	 	87.7	% 	 	 	85.9	% 	 	 	87.7	% 	 	 	88.4	% 	 	 	87.4	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	 	 	89.9	% 	 	 	88.8	% 	 	 	89.2	% 	 	 	88.4	% 	 	 	89.2	% 	 	 	88.4	% 	 	 	89.3	% 	 	 	88.8	% 	
									
P&C expense ratio	 	 	32.7	% 	 	 	31.6	% 	 	 	31.8	% 	 	 	29.7	% 	 	 	27.1	% 	 	 	28.8	% 	 	 	31.3	% 	 	 	29.2	% 	
P&C expense ratio excluding A&H	 	 	30.8	% 	 	 	29.8	% 	 	 	29.9	% 	 	 	26.3	% 	 	 	23.6	% 	 	 	25.5	% 	 	 	27.9	% 	 	 	25.7	% 	
									
Catastrophe reinstatement premiums collected - pre-tax	 	$	—	  	 	$	—	  	 	$	—	  	 	$	(1	) 	 	$	—	  	 	$	—	  	 	$	—	  	 	$	(1	) 	
Catastrophe losses - pre-tax	 	$	258	  	 	$	258	  	 	$	315	  	 	$	74	  	 	$	72	  	 	$	124	  	 	$	51	  	 	$	321	  	
Favorable prior period development (PPD) - pre-tax	 	$	(247	) 	 	$	(247	) 	 	$	(192	) 	 	$	(100	) 	 	$	(210	) 	 	$	(153	) 	 	$	(83	) 	 	$	(546	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	 	 	57.4	% 	 	 	57.4	% 	 	 	57.5	% 	 	 	58.5	% 	 	 	62.2	% 	 	 	59.7	% 	 	 	58.1	% 	 	 	59.7	% 	
 
(1)	See non-GAAP financial measures.	
(2)	Purchase accounting adjustments related to the acquisition of The Chubb Corporation.	
(3)	Excludes portion of net realized investment gains and losses related to unconsolidated entities.	
(4)	Includes $65 million, after-tax, of amortization expense on the fair value adjustment related to acquired invested assets, partially offset by an amortization benefit of $6 million, after-tax, on the fair value adjustment related to acquired long-term debt.	
Note: See Glossary on page 30 for further information on the calculation of the components of combined ratios.
 
*	2016 Pro forma results: The combined company results inclusive of the first 14 days of January 2016. The 2016 and 2015 pro forma underwriting results do not include any impact from purchase accounting adjustments.	
2015 Pro forma results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

Consolidated Results	  	Page 2	

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

 	  	 	 	 	Legacy ACE	 	
 	  	March 31	 	 	December 31	 	
 	  	2016	 	 	2015	 	
Assets	  				 				
Fixed maturities available for sale, at fair value	  	$	77,538	  	 	$	43,587	  	
Fixed maturities held to maturity, at amortized cost	  	 	11,280	  	 	 	8,430	  	
Equity securities, at fair value	  	 	893	  	 	 	497	  	
Short-term investments, at fair value	  	 	3,382	  	 	 	10,446	  	
Other investments	  	 	4,493	  	 	 	3,291	  	
	  	 	 	 	 	 	 	 	
Total investments	  	 	97,586	  	 	 	66,251	  	
			
Cash	  	 	1,091	  	 	 	1,775	  	
Securities lending collateral	  	 	1,003	  	 	 	1,046	  	
Insurance and reinsurance balances receivable	  	 	7,692	  	 	 	5,323	  	
Reinsurance recoverable on losses and loss expenses	  	 	12,891	  	 	 	11,386	  	
Deferred policy acquisition costs	  	 	3,376	  	 	 	2,873	  	
Value of business acquired	  	 	390	  	 	 	395	  	
Prepaid reinsurance premiums	  	 	2,376	  	 	 	2,082	  	
Goodwill and other intangible assets	  	 	23,359	  	 	 	5,683	  	
Deferred tax assets	  	 	—	  	 	 	318	  	
Investments in partially-owned insurance companies	  	 	654	  	 	 	653	  	
Other assets	  	 	6,226	  	 	 	4,521	  	
	  	 	 	 	 	 	 	 	
Total assets	  	$	156,644	  	 	$	102,306	  	

Liabilities	  				 				
Unpaid losses and loss expenses	  	$	60,206	  	 	$	37,303	  	
Unearned premiums	  	 	14,896	  	 	 	8,439	  	
Future policy benefits	  	 	4,869	  	 	 	4,807	  	
Insurance and reinsurance balances payable	  	 	4,733	  	 	 	4,270	  	
Securities lending payable	  	 	1,004	  	 	 	1,047	  	
Accounts payable, accrued expenses, and other liabilities	  	 	10,453	  	 	 	7,609	  	
Deferred tax liabilities	  	 	1,142	  	 	 	—	  	
Short-term debt	  	 	500	  	 	 	—	  	
Long-term debt	  	 	12,636	  	 	 	9,389	  	
Trust preferred securities	  	 	308	  	 	 	307	  	
	  	 	 	 	 	 	 	 	
Total liabilities	  	 	110,747	  	 	 	73,171	  	
			
Shareholders’ equity	  				 				
Total shareholders’ equity, excl. AOCI	  	 	45,530	  	 	 	29,870	  	
Accumulated other comprehensive income (AOCI)	  	 	367	  	 	 	(735	) 	
	  	 	 	 	 	 	 	 	
Total shareholders’ equity	  	 	45,897	  	 	 	29,135	  	
	  	 	 	 	 	 	 	 	
Total liabilities and shareholders’ equity	  	$	156,644	  	 	$	102,306	  	

Book value per common share	  	$	98.85	  	 	$	89.77	  	
% change over prior quarter	  	 	10.1	% 	 	 	-0.1	% 	
Tangible book value per common share	  	$	53.83	  	 	$	72.25	  	
% change over prior quarter	  	 	-25.5	% 	 	 	0.0	% 	

Consol Bal Sheet	  	Page 3	

Chubb Limited
Pro Forma Segment Results
(in millions of U.S. dollars)
(Unaudited)

 	  	Pro Forma* (excluding purchase accounting adjustments)	 	
 	  	North America
Commercial P&C
Insurance	 	 	North America
Personal P&C
Insurance	 	 	North America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total P&C	 	 	Life Insurance	 	 	Total
Consolidated	 	
Pro Forma Q1 2016	  				 				 				 				 				 				 				 				 				
Net premiums written	  	$	2,821	  	 	$	971	  	 	$	64	  	 	$	2,256	  	 	$	221	  	 	$	—	  	 	$	6,333	  	 	$	517	  	 	$	6,850	  	
Net premiums earned	  	 	3,104	  	 	 	1,134	  	 	 	23	  	 	 	2,026	  	 	 	202	  	 	 	—	  	 	 	6,489	  	 	 	499	  	 	 	6,988	  	
Losses and loss expenses	  	 	1,874	  	 	 	714	  	 	 	(30	) 	 	 	1,063	  	 	 	89	  	 	 	9	  	 	 	3,719	  	 	 	177	  	 	 	3,896	  	
Policy benefits	  	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	126	  	 	 	126	  	
(Gains) losses from fair value changes in separate account assets	  	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	3	  	 	 	3	  	
Policy acquisition costs	  	 	469	  	 	 	232	  	 	 	4	  	 	 	529	  	 	 	53	  	 	 	—	  	 	 	1,287	  	 	 	123	  	 	 	1,410	  	
Administrative expenses	  	 	301	  	 	 	101	  	 	 	(4	) 	 	 	275	  	 	 	14	  	 	 	76	  	 	 	763	  	 	 	73	  	 	 	836	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted underwriting income (loss)	  	$	460	  	 	$	87	  	 	$	53	  	 	$	159	  	 	$	46	  	 	$	(85	) 	 	$	720	  	 	$	(3	) 	 	$	717	  	
										
Adjusted combined ratio	  	 	85.2	% 	 	 	92.3	% 	 	 	-126.9	% 	 	 	92.2	% 	 	 	77.3	% 	 				 	 	88.9	% 	 				 				
Adjusted combined ratio excluding catastrophe losses and PPD	  	 	88.3	% 	 	 	78.7	% 	 	 	80.6	% 	 	 	92.8	% 	 	 	78.5	% 	 				 	 	88.8	% 	 				 				
		
 	  	Pro Forma* (excluding purchase accounting adjustments)	 	
 	  	North America
Commercial P&C
Insurance	 	 	North America
Personal P&C
Insurance	 	 	North America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total P&C	 	 	Life Insurance	 	 	Total
Consolidated	 	
Pro Forma Q1 2015	  				 				 				 				 				 				 				 				 				
Net premiums written	  	$	2,928	  	 	$	909	  	 	$	88	  	 	$	2,480	  	 	$	295	  	 	$	—	  	 	$	6,700	  	 	$	516	  	 	$	7,216	  	
Net premiums earned	  	 	3,074	  	 	 	1,007	  	 	 	64	  	 	 	2,166	  	 	 	228	  	 	 	—	  	 	 	6,539	  	 	 	498	  	 	 	7,037	  	
Losses and loss expenses	  	 	1,892	  	 	 	767	  	 	 	22	  	 	 	1,081	  	 	 	98	  	 	 	17	  	 	 	3,877	  	 	 	164	  	 	 	4,041	  	
Policy benefits	  	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	142	  	 	 	142	  	
(Gains) losses from fair value changes in separate account assets	  	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(11	) 	 	 	(11	) 	
Policy acquisition costs	  	 	473	  	 	 	220	  	 	 	(4	) 	 	 	542	  	 	 	53	  	 	 	—	  	 	 	1,284	  	 	 	113	  	 	 	1,397	  	
Administrative expenses	  	 	298	  	 	 	83	  	 	 	(1	) 	 	 	316	  	 	 	15	  	 	 	82	  	 	 	793	  	 	 	82	  	 	 	875	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  	$	411	  	 	$	(63	) 	 	$	47	  	 	$	227	  	 	$	62	  	 	$	(99	) 	 	$	585	  	 	$	8	  	 	$	593	  	
										
Combined ratio	  	 	86.6	% 	 	 	106.2	% 	 	 	26.4	% 	 	 	89.5	% 	 	 	73.0	% 	 				 	 	91.1	% 	 				 				
Combined ratio excluding catastrophe losses and PPD	  	 	88.2	% 	 	 	82.6	% 	 	 	76.7	% 	 	 	91.6	% 	 	 	75.8	% 	 				 	 	89.2	% 	 				 				
	
The following table presents the reconciliation of Q1 2016 as reported underwriting income (loss) for each segment to Q1 2016 adjusted underwriting income (loss) shown above.	   	
										
    	  	North America
Commercial P&C
Insurance	 	 	North America
Personal P&C
Insurance	 	 	North America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total P&C	 	 	Life Insurance	 	 	Total
Consolidated	 	
Q1 2016	  				 				 				 				 				 				 				 				 				
										
Underwriting income (loss) as reported	  	$	401	  	 	$	26	  	 	$	53	  	 	$	168	  	 	$	46	  	 	$	(82	) 	 	$	612	  	 	$	(3	) 	 	$	609	  	
Add: Pre-acquisition underwriting income (loss) (14 days prior to close)	  	 	13	  	 	 	30	  	 	 	—	  	 	 	4	  	 	 	—	  	 	 	(3	) 	 	 	44	  	 	 	—	  	 	 	44	  	
Less: amortization of acquired UPR intangible (1)	  	 	315	  	 	 	181	  	 	 	—	  	 	 	74	  	 	 	—	  	 	 	—	  	 	 	570	  	 	 	—	  	 	 	570	  	
Add: elimination of DAC benefit (1)	  	 	(269	) 	 	 	(150	) 	 	 	—	  	 	 	(87	) 	 	 	—	  	 	 	—	  	 	 	(506	) 	 	 	—	  	 	 	(506	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted underwriting income (loss)	  	$	460	  	 	$	87	  	 	$	53	  	 	$	159	  	 	$	46	  	 	$	(85	) 	 	$	720	  	 	$	(3	) 	 	$	717	  	

(1)	Related to the acquisition of The Chubb Corporation.	
 
*	2016 Pro forma results: The combined company results inclusive of the first 14 days of January 2016. The 2016 and 2015 pro forma underwriting results do not include any impact from purchase accounting adjustments.	
2015 Pro forma results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

Pro Forma	  	Page 4	

Chubb Limited
Consolidated Statement of Operations - as reported results
(in millions of U.S. dollars, except ratios)
(Unaudited)

 	  	As Reported	 	
   	  	North
America
Commercial  P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	 	Life
Insurance	 	 	Total (3)
Consolidated	 	
Q1 2016	  				 				 				 				 				 				 				 				 				
										
Net premiums written	  	$	2,302	  	 	$	871	  	 	$	64	  	 	$	2,041	  	 	$	201	  	 	$	—	  	 	$	5,479	  	 	$	516	  	 	$	5,995	  	
Net premiums earned	  	 	2,896	  	 	 	1,024	  	 	 	23	  	 	 	1,955	  	 	 	202	  	 	 	—	  	 	 	6,100	  	 	 	497	  	 	$	6,597	  	
Losses and loss expenses	  	 	1,747	  	 	 	661	  	 	 	(30	) 	 	 	1,021	  	 	 	89	  	 	 	9	  	 	 	3,497	  	 	 	177	  	 	 	3,674	  	
Policy benefits	  	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	126	  	 	 	126	  	
(Gains) losses from fair value changes in separate account assets (1)	  	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	3	  	 	 	3	  	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	  	 	167	  	 	 	68	  	 	 	4	  	 	 	429	  	 	 	53	  	 	 	—	  	 	 	721	  	 	 	122	  	 	 	843	  	
Amortization of acquired UPR intangible (2)	  	 	315	  	 	 	181	  	 	 	—	  	 	 	74	  	 	 	—	  	 	 	—	  	 	 	570	  	 	 	—	  	 	 	570	  	
Administrative expenses	  	 	266	  	 	 	88	  	 	 	(4	) 	 	 	263	  	 	 	14	  	 	 	73	  	 	 	700	  	 	 	72	  	 	 	772	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  	 	401	  	 	 	26	  	 	 	53	  	 	 	168	  	 	 	46	  	 	 	(82	) 	 	 	612	  	 	 	(3	) 	 	 	609	  	
										
Adjusted net investment income (3)	  	 	426	  	 	 	47	  	 	 	5	  	 	 	146	  	 	 	67	  	 	 	9	  	 	 	700	  	 	 	67	  	 	 	767	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	827	  	 	$	73	  	 	$	58	  	 	$	314	  	 	$	113	  	 	$	(73	) 	 	$	1,312	  	 	$	64	  	 	$	1,376	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted interest expense (3)	  				 				 				 				 				 	 	149	  	 				 				 	 	149	  	
Other income (expense) - operating (1)	  				 				 				 				 				 	 	—	  	 				 				 	 	—	  	
Amortization of purchased intangibles	  				 				 				 				 				 	 	7	  	 				 				 	 	7	  	
Income tax expense	  				 				 				 				 				 	 	201	  	 				 				 	 	201	  	
	  				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Operating income (loss)	  				 				 				 				 				 	 	(430	) 	 				 				 	 	1,019	  	
										
Chubb integration and related expenses, net of tax	  				 				 				 				 				 	 	(106	) 	 				 				 	 	(106	) 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (2)	  				 				 				 				 				 	 	(59	) 	 				 				 	 	(59	) 	
Net realized gains (losses) (1)	  				 				 				 				 				 	 	(394	) 	 				 				 	 	(394	) 	
Net realized gains (losses) related to unconsolidated entities	  				 				 				 				 				 	 	(25	) 	 				 				 	 	(25	) 	
Income tax expense (benefit) on net realized gains (losses)	  				 				 				 				 				 	 	(4	) 	 				 				 	 	(4	) 	
	  				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Net income (loss)	  				 				 				 				 				 	$	(1,010	) 	 				 				 	$	439	  	

P&C Combined ratio	  	 	86.1	% 	 	 	97.5	% 	 	 	-126.9	% 	 	 	91.4	% 	 	 	77.3	% 	 				 	 	90.0	% 	 				 				
P&C Combined ratio excluding catastrophe losses and PPD	  	 	89.5	% 	 	 	82.5	% 	 	 	80.6	% 	 	 	92.0	% 	 	 	78.5	% 	 				 	 	89.9	% 	 				 				
 
(1)	(Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified for segment income presentation from Other income (expense).	
(2)	Related to the acquisition of the Chubb Corporation.	
(3)	See non-GAAP financial measures.	

Consol P&L 2016	  	Page 5	

Chubb Limited
Consolidated Statement of Operations - as reported results
(in millions of U.S. dollars, except ratios)
(Unaudited)

 	 	Legacy ACE - adjusted to conform to new segment presentation	 	
   	 	North
America
Commercial  P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	North
America
Agricultural
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Corporate	 	 	Total
P&C	 	 	Life
Insurance	 	 	Total (4)
Consolidated	 	
										
Q1 2015	 				 				 				 				 				 				 				 				 				
										
Net premiums written	 	$	1,297	  	 	$	133	  	 	$	88	  	 	$	1,794	  	 	$	273	  	 	$	—	  	 	$	3,585	  	 	$	491	  	 	$	4,076	  	
Net premiums earned	 	 	1,380	  	 	 	146	  	 	 	64	  	 	 	1,637	  	 	 	226	  	 	 	—	  	 	 	3,453	  	 	 	474	  	 	 	3,927	  	
Losses and loss expenses	 	 	915	  	 	 	111	  	 	 	22	  	 	 	814	  	 	 	99	  	 	 	9	  	 	 	1,970	  	 	 	152	  	 	 	2,122	  	
Policy benefits	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	142	  	 	 	142	  	
(Gains) losses from fair value changes in separate account assets (1)	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(11	) 	 	 	(11	) 	
Policy acquisition costs	 	 	130	  	 	 	31	  	 	 	(4	) 	 	 	389	  	 	 	54	  	 	 	—	  	 	 	600	  	 	 	107	  	 	 	707	  	
Administrative expenses	 	 	151	  	 	 	19	  	 	 	(1	) 	 	 	256	  	 	 	12	  	 	 	44	  	 	 	481	  	 	 	73	  	 	 	554	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	 	 	184	  	 	 	(15	) 	 	 	47	  	 	 	178	  	 	 	61	  	 	 	(53	) 	 	 	402	  	 	 	11	  	 	 	413	  	
										
Net investment income	 	 	258	  	 	 	5	  	 	 	6	  	 	 	138	  	 	 	75	  	 	 	3	  	 	 	485	  	 	 	66	  	 	 	551	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	 	$	442	  	 	$	(10	) 	 	$	53	  	 	$	316	  	 	$	136	  	 	$	(50	) 	 	$	887	  	 	$	77	  	 	$	964	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 				 				 				 				 				 	 	68	  	 				 				 	 	68	  	
Other income (expense) -
operating (1)	 				 				 				 				 				 	 	(2	) 	 				 				 	 	(2	) 	
Amortization of purchased intangibles	 				 				 				 				 				 	 	30	  	 				 				 	 	30	  	
Income tax expense	 				 				 				 				 				 	 	119	  	 				 				 	 	119	  	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Operating income (loss)	 				 				 				 				 				 	 	(269	) 	 				 				 	 	745	  	
										
Chubb integration and related expenses, net of tax	 				 				 				 				 				 	 	—	  	 				 				 	 	—	  	
Net realized gains (losses)	 				 				 				 				 				 	 	(89	) 	 				 				 	 	(89	) 	
Net realized gains (losses) related to unconsolidated entities	 				 				 				 				 				 	 	26	  	 				 				 	 	26	  	
Income tax expense (benefit) on net realized gains (losses)	 				 				 				 				 				 	 	1	  	 				 				 	 	1	  	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Net income (loss)	 				 				 				 				 				 	$	(333	) 	 				 				 	$	681	  	

P&C Combined ratio	 	 	86.7	% 	 	 	110.2	% 	 	 	26.4	% 	 	 	89.1	% 	 	 	73.2	% 	 				 	 	88.4	% 	 				 				
P&C Combined ratio excluding catastrophe losses and PPD	 	 	88.1	% 	 	 	85.3	% 	 	 	76.7	% 	 	 	90.3	% 	 	 	75.5	% 	 				 	 	89.3	% 	 				 				
 
(1)	(Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified for segment income presentation from Other income (expense).	

Consol P&L 2015	  	Page 6	

Chubb Limited
Global P&C Results - Consecutive Quarters
(in millions of U.S. dollars, except ratios)
(Unaudited)
Global P&C includes the company’s North America Commercial P&C Insurance segment (refer to page 8), North America Personal P&C Insurance segment (refer to page 9), Overseas General Insurance segment (refer to page 11), Global Reinsurance segment (refer to page 12), and Corporate (refer to page 14). Global P&C excludes the North America Agricultural segment.

 	 	As Reported	 	 	Pro Forma*	 	 	Legacy ACE	 	
 	 	1Q-16	 	 	1Q-16	 	 	1Q-15	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	Full Year
2015	 	
Global P&C (Including Corporate and excluding Agriculture)	 				 				 				 				 				 				 				 				
									
Gross premiums written	 	$	6,707	  	 	$	7,638	  	 	$	8,023	  	 	$	4,821	  	 	$	4,581	  	 	$	5,409	  	 	$	4,672	  	 	$	19,483	  	
Net premiums written	 	 	5,415	  	 	 	6,269	  	 	 	6,612	  	 	 	3,487	  	 	 	3,480	  	 	 	3,905	  	 	 	3,497	  	 	 	14,369	  	
Net premiums earned	 	 	6,077	  	 	 	6,466	  	 	 	6,475	  	 	 	3,461	  	 	 	3,500	  	 	 	3,552	  	 	 	3,389	  	 	 	13,902	  	
Losses and loss expenses	 	 	3,527	  	 	 	3,749	  	 	 	3,855	  	 	 	1,968	  	 	 	1,870	  	 	 	2,009	  	 	 	1,948	  	 	 	7,795	  	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	 	 	717	  	 	 	1,283	  	 	 	1,288	  	 	 	594	  	 	 	612	  	 	 	586	  	 	 	604	  	 	 	2,396	  	
Amortization of acquired UPR intangible (2)	 	 	570	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	
Administrative expenses	 	 	704	  	 	 	767	  	 	 	794	  	 	 	502	  	 	 	494	  	 	 	500	  	 	 	482	  	 	 	1,978	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	 	 	559	  	 	 	667	  	 	 	538	  	 	 	397	  	 	 	524	  	 	 	457	  	 	 	355	  	 	 	1,733	  	
									
Adjusted net investment income (1)	 	 	695	  	 				 				 	 	459	  	 	 	478	  	 	 	490	  	 	 	479	  	 	 	1,906	  	
Adjusted interest expense (1)	 	 	149	  	 				 				 	 	64	  	 	 	68	  	 	 	71	  	 	 	68	  	 	 	271	  	
Other income (expense) - operating (3)	 	 	—	  	 				 				 	 	(6	) 	 	 	12	  	 	 	(1	) 	 	 	(2	) 	 	 	3	  	
Amortization of purchased intangibles	 	 	7	  	 				 				 	 	35	  	 	 	51	  	 	 	55	  	 	 	30	  	 	 	171	  	
Income tax expense	 	 	201	  	 				 				 	 	97	  	 	 	140	  	 	 	136	  	 	 	119	  	 	 	492	  	
	 	 	 	 	 				 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C operating income	 	 	897	  	 				 				 	 	654	  	 	 	755	  	 	 	684	  	 	 	615	  	 	 	2,708	  	
									
Chubb integration and related expenses, net of tax	 	 	(106	) 	 				 				 	 	(35	) 	 	 	(7	) 	 	 	—	  	 	 	—	  	 	 	(42	) 	
Amortization of fair value adjustments of acquired invested assets and long-term debt, net of tax (2)	 	 	(59	) 	 				 				 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	
									
Net realized gains (losses)	 	 	(394	) 	 				 				 	 	(57	) 	 	 	(393	) 	 	 	128	  	 	 	(89	) 	 	 	(411	) 	
Net realized gains (losses) related to unconsolidated entities	 	 	(25	) 	 				 				 	 	(17	) 	 	 	25	  	 	 	33	  	 	 	26	  	 	 	67	  	
Income tax expense (benefit) on net realized gains (losses)	 	 	(4	) 	 				 				 	 	(12	) 	 	 	(6	) 	 	 	7	  	 	 	1	  	 	 	(10	) 	
	 	 	 	 	 				 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C net income	 	$	317	  	 				 				 	$	557	  	 	$	386	  	 	$	838	  	 	$	551	  	 	$	2,332	  	

% Change versus prior year period	 				 				 				 				 				 				 				 				
Net premiums written	 	 	54.9	% 	 	 	-5.2	% 	 				 	 	-2.0	% 	 	 	0.3	% 	 	 	6.4	% 	 	 	0.0	% 	 	 	1.2	% 	
Net premiums earned	 	 	79.4	% 	 	 	-0.1	% 	 				 	 	-2.4	% 	 	 	0.0	% 	 	 	1.2	% 	 	 	0.1	% 	 	 	-0.3	% 	
									
Net premiums written constant $	 	 	63.6	% 	 	 	-1.0	% 	 				 	 	4.9	% 	 	 	7.8	% 	 	 	13.2	% 	 	 	5.0	% 	 	 	7.7	% 	
Net premiums earned constant $	 	 	88.3	% 	 	 	3.6	% 	 				 	 	4.3	% 	 	 	7.6	% 	 	 	8.0	% 	 	 	4.8	% 	 	 	6.2	% 	
									
Other ratios	 				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	 	 	81	% 	 	 	82	% 	 	 	82	% 	 	 	72	% 	 	 	76	% 	 	 	72	% 	 	 	75	% 	 	 	74	% 	
									
Combined ratio	 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	58.0	% 	 	 	58.0	% 	 	 	59.6	% 	 	 	56.9	% 	 	 	53.4	% 	 	 	56.5	% 	 	 	57.5	% 	 	 	56.1	% 	
Policy acquisition cost ratio	 	 	21.2	% 	 	 	19.9	% 	 	 	19.9	% 	 	 	17.1	% 	 	 	17.5	% 	 	 	16.5	% 	 	 	17.8	% 	 	 	17.2	% 	
Administrative expense ratio	 	 	11.6	% 	 	 	11.8	% 	 	 	12.2	% 	 	 	14.5	% 	 	 	14.1	% 	 	 	14.1	% 	 	 	14.2	% 	 	 	14.2	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 	 	90.8	% 	 	 	89.7	% 	 	 	91.7	% 	 	 	88.5	% 	 	 	85.0	% 	 	 	87.1	% 	 	 	89.5	% 	 	 	87.5	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	 	 	90.0	% 	 	 	88.9	% 	 	 	89.3	% 	 	 	89.1	% 	 	 	88.8	% 	 	 	88.2	% 	 	 	89.5	% 	 	 	88.9	% 	
									
Expense ratio	 	 	32.8	% 	 	 	31.7	% 	 	 	32.1	% 	 	 	31.6	% 	 	 	31.6	% 	 	 	30.6	% 	 	 	32.0	% 	 	 	31.4	% 	
Expense ratio excluding A&H	 	 	31.0	% 	 	 	29.9	% 	 	 	30.3	% 	 	 	28.3	% 	 	 	28.2	% 	 	 	27.4	% 	 	 	28.7	% 	 	 	28.1	% 	
									
Catastrophe reinstatement premiums collected - pre-tax	 	$	—	  	 	$	—	  	 	$	—	  	 	$	(1	) 	 	$	—	  	 	$	—	  	 	$	—	  	 	$	(1	) 	
Catastrophe losses - pre-tax	 	$	256	  	 	$	256	  	 	$	314	  	 	$	73	  	 	$	72	  	 	$	117	  	 	$	50	  	 	$	312	  	
Favorable prior period development (PPD) - pre-tax	 	$	(206	) 	 	$	(206	) 	 	$	(159	) 	 	$	(93	) 	 	$	(205	) 	 	$	(153	) 	 	$	(50	) 	 	$	(501	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	 	 	57.2	% 	 	 	57.2	% 	 	 	57.2	% 	 	 	57.3	% 	 	 	57.3	% 	 	 	57.6	% 	 	 	57.6	% 	 	 	57.4	% 	
 
(1)	See non-GAAP financial measures.	
(2)	Purchase accounting adjustments related to the acquisition of The Chubb Corporation.	
(3)	Excludes portion of net realized investment gains and losses related to unconsolidated entities.	
 
*	2016 Pro forma results: The combined company results inclusive of the first 14 days of January 2016. The 2016 and 2015 pro forma underwriting results do not include any impact from purchase accounting adjustments.	
2015 Pro forma results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

			
Global P&C	  	Page 7	

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

 	 	As Reported	 	 	Pro Forma*	 	 	Legacy ACE	 	
 	 	1Q-16	 	 	1Q-16	 	 	1Q-15	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	Full Year
2015	 	
North America Commercial P&C Insurance	 				 				 				 				 				 				 				 				
									
Gross premiums written	 	$	3,004	  	 	$	3,572	  	 	$	3,752	  	 	$	2,408	  	 	$	1,994	  	 	$	2,070	  	 	$	1,979	  	 	$	8,451	  	
Net premiums written	 	 	2,302	  	 	 	2,821	  	 	 	2,928	  	 	 	1,557	  	 	 	1,433	  	 	 	1,428	  	 	 	1,297	  	 	 	5,715	  	
Net premiums earned	 	 	2,896	  	 	 	3,104	  	 	 	3,074	  	 	 	1,425	  	 	 	1,410	  	 	 	1,419	  	 	 	1,380	  	 	 	5,634	  	
Losses and loss expenses	 	 	1,747	  	 	 	1,874	  	 	 	1,892	  	 	 	917	  	 	 	913	  	 	 	916	  	 	 	915	  	 	 	3,661	  	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	 	 	167	  	 	 	469	  	 	 	473	  	 	 	128	  	 	 	142	  	 	 	131	  	 	 	130	  	 	 	531	  	
Amortization of acquired UPR intangible (1)	 	 	315	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	
Administrative expenses	 	 	266	  	 	 	301	  	 	 	298	  	 	 	162	  	 	 	154	  	 	 	154	  	 	 	151	  	 	 	621	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	 	 	401	  	 	 	460	  	 	 	411	  	 	 	218	  	 	 	201	  	 	 	218	  	 	 	184	  	 	 	821	  	
Adjusted Net investment income	 	 	426	  	 				 				 	 	252	  	 	 	260	  	 	 	262	  	 	 	258	  	 	 	1,032	  	
	 	 	 	 	 				 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	 	$	827	  	 				 				 	$	470	  	 	$	461	  	 	$	480	  	 	$	442	  	 	$	1,853	  	

Combined ratio	 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	60.3	% 	 	 	60.4	% 	 	 	61.6	% 	 	 	64.4	% 	 	 	64.7	% 	 	 	64.5	% 	 	 	66.3	% 	 	 	65.0	% 	
Policy acquisition cost ratio	 	 	16.7	% 	 	 	15.1	% 	 	 	15.4	% 	 	 	8.9	% 	 	 	10.1	% 	 	 	9.2	% 	 	 	9.4	% 	 	 	9.4	% 	
Administrative expense ratio	 	 	9.1	% 	 	 	9.7	% 	 	 	9.6	% 	 	 	11.3	% 	 	 	11.0	% 	 	 	10.9	% 	 	 	11.0	% 	 	 	11.0	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 	 	86.1	% 	 	 	85.2	% 	 	 	86.6	% 	 	 	84.6	% 	 	 	85.8	% 	 	 	84.6	% 	 	 	86.7	% 	 	 	85.4	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	 	 	89.5	% 	 	 	88.3	% 	 	 	88.2	% 	 	 	88.3	% 	 	 	89.3	% 	 	 	88.6	% 	 	 	88.1	% 	 	 	88.6	% 	
									
Catastrophe losses - pre-tax	 	$	81	  	 	$	81	  	 	$	66	  	 	$	25	  	 	$	10	  	 	$	41	  	 	$	9	  	 	$	85	  	
Favorable prior period development (PPD) - pre-tax	 	$	(178	) 	 	$	(178	) 	 	$	(115	) 	 	$	(79	) 	 	$	(59	) 	 	$	(96	) 	 	$	(30	) 	 	$	(264	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	 	 	63.7	% 	 	 	63.5	% 	 	 	63.2	% 	 	 	67.8	% 	 	 	68.3	% 	 	 	68.6	% 	 	 	67.9	% 	 	 	68.2	% 	
									
% Change versus prior year period	 				 				 				 				 				 				 				 				
Net premiums written	 	 	77.4	% 	 	 	-3.7	% 	 				 	 	2.1	% 	 	 	2.9	% 	 	 	-3.3	% 	 	 	0.4	% 	 	 	0.5	% 	
Net premiums earned	 	 	109.9	% 	 	 	1.0	% 	 				 	 	0.5	% 	 	 	2.3	% 	 	 	1.4	% 	 	 	2.1	% 	 	 	1.6	% 	
									
Net premiums written constant $	 	 	78.4	% 	 	 	-3.5	% 	 				 				 				 				 				 				
Net premiums earned constant $	 	 	111.1	% 	 	 	1.3	% 	 				 				 				 				 				 				
									
Other ratios	 				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	 	 	77	% 	 	 	79	% 	 	 	78	% 	 	 	65	% 	 	 	72	% 	 	 	69	% 	 	 	66	% 	 	 	68	% 	
 
(1)	Related to the acquisition of The Chubb Corporation.	
 
*	2016 Pro forma results: The combined company results inclusive of the first 14 days of January 2016. The 2016 and 2015 pro forma underwriting results do not include any impact from purchase accounting adjustments.	
2015 Pro forma results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

NA Commercial	  	Page 8	

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

 	  	As Reported	 	 	Pro Forma*	 	 	Legacy ACE	 	
 	  	1Q-16	 	 	1Q-16	 	 	1Q-15	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	Full Year
2015	 	
North America Personal P&C Insurance	  				 				 				 				 				 				 				 				
									
Gross premiums written	  	$	974	  	 	$	1,083	  	 	$	978	  	 	$	314	  	 	$	378	  	 	$	835	  	 	$	146	  	 	$	1,673	  	
Net premiums written	  	 	871	  	 	 	971	  	 	 	909	  	 	 	234	  	 	 	278	  	 	 	547	  	 	 	133	  	 	 	1,192	  	
Net premiums earned	  	 	1,024	  	 	 	1,134	  	 	 	1,007	  	 	 	261	  	 	 	272	  	 	 	269	  	 	 	146	  	 	 	948	  	
Losses and loss expenses	  	 	661	  	 	 	714	  	 	 	767	  	 	 	144	  	 	 	179	  	 	 	156	  	 	 	111	  	 	 	590	  	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	  	 	68	  	 	 	232	  	 	 	220	  	 	 	26	  	 	 	13	  	 	 	(1	) 	 	 	31	  	 	 	69	  	
Amortization of acquired UPR intangible (1)	  	 	181	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	
Administrative expenses	  	 	88	  	 	 	101	  	 	 	83	  	 	 	34	  	 	 	36	  	 	 	34	  	 	 	19	  	 	 	123	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	  	 	26	  	 	 	87	  	 	 	(63	) 	 	 	57	  	 	 	44	  	 	 	80	  	 	 	(15	) 	 	 	166	  	
Adjusted Net investment income	  	 	47	  	 				 				 	 	6	  	 	 	7	  	 	 	7	  	 	 	5	  	 	 	25	  	
	  	 	 	 	 				 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	  	$	73	  	 				 				 	$	63	  	 	$	51	  	 	$	87	  	 	$	(10	) 	 	$	191	  	

Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	64.6	% 	 	 	62.9	% 	 	 	76.2	% 	 	 	55.2	% 	 	 	65.8	% 	 	 	57.9	% 	 	 	76.4	% 	 	 	62.3	% 	
Policy acquisition cost ratio	  	 	24.3	% 	 	 	20.5	% 	 	 	21.9	% 	 	 	10.1	% 	 	 	4.9	% 	 	 	-0.3	% 	 	 	21.0	% 	 	 	7.3	% 	
Administrative expense ratio	  	 	8.6	% 	 	 	8.9	% 	 	 	8.1	% 	 	 	13.1	% 	 	 	13.0	% 	 	 	13.0	% 	 	 	12.8	% 	 	 	13.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	97.5	% 	 	 	92.3	% 	 	 	106.2	% 	 	 	78.4	% 	 	 	83.7	% 	 	 	70.6	% 	 	 	110.2	% 	 	 	82.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	82.5	% 	 	 	78.7	% 	 	 	82.6	% 	 	 	77.5	% 	 	 	70.5	% 	 	 	65.5	% 	 	 	85.3	% 	 	 	73.2	% 	
									
Catastrophe losses - pre-tax	  	$	156	  	 	$	156	  	 	$	243	  	 	$	2	  	 	$	12	  	 	$	13	  	 	$	36	  	 	$	63	  	
Unfavorable (favorable) prior period development (PPD) - pre-tax	  	$	(3	) 	 	$	(3	) 	 	$	(5	) 	 	$	—	  	 	$	25	  	 	$	—	  	 	$	—	  	 	$	25	  	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	49.6	% 	 	 	49.3	% 	 	 	52.6	% 	 	 	54.3	% 	 	 	52.6	% 	 	 	52.7	% 	 	 	51.5	% 	 	 	52.9	% 	
									
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	NM	  	 	 	6.8	% 	 				 	 	62.7	% 	 	 	86.0	% 	 	 	247.0	% 	 	 	5.0	% 	 	 	106.4	% 	
Net premiums earned	  	 	NM	  	 	 	12.7	% 	 				 	 	82.5	% 	 	 	92.6	% 	 	 	92.5	% 	 	 	6.7	% 	 	 	69.2	% 	
									
Net premiums written constant $	  	 	NM	  	 	 	7.4	% 	 				 				 				 				 				 				
Net premiums earned constant $	  	 	NM	  	 	 	12.7	% 	 				 				 				 				 				 				
									
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	89	% 	 	 	90	% 	 	 	93	% 	 	 	75	% 	 	 	74	% 	 	 	65	% 	 	 	91	% 	 	 	71	% 	
 
(1)	Related to the acquisition of The Chubb Corporation.	
 
*	2016 Pro forma results: The combined company results inclusive of the first 14 days of January 2016. The 2016 and 2015 pro forma underwriting results do not include any impact from purchase accounting adjustments.	
2015 Pro forma results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

NA Personal	  	Page 9	

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

 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	Full Year
2015	 	
North America Agricultural Insurance	 				 				 				 				 				 				
							
Gross premiums written	 	$	136	  	 	$	270	  	 	$	1,243	  	 	$	566	  	 	$	128	  	 	$	2,207	  	
Net premiums written	 	 	64	  	 	 	142	  	 	 	737	  	 	 	379	  	 	 	88	  	 	 	1,346	  	
Net premiums earned	 	 	23	  	 	 	240	  	 	 	739	  	 	 	321	  	 	 	64	  	 	 	1,364	  	
Losses and loss expenses (1)	 	 	(30	) 	 	 	178	  	 	 	624	  	 	 	273	  	 	 	22	  	 	 	1,097	  	
Policy acquisition costs	 	 	4	  	 	 	8	  	 	 	42	  	 	 	23	  	 	 	(4	) 	 	 	69	  	
Administrative expenses	 	 	(4	) 	 	 	(2	) 	 	 	—	  	 	 	4	  	 	 	(1	) 	 	 	1	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	 	 	53	  	 	 	56	  	 	 	73	  	 	 	21	  	 	 	47	  	 	 	197	  	
Net investment income	 	 	5	  	 	 	6	  	 	 	5	  	 	 	6	  	 	 	6	  	 	 	23	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	 	$	58	  	 	$	62	  	 	$	78	  	 	$	27	  	 	$	53	  	 	$	220	  	

Combined ratio	 				 				 				 				 				 				
Loss and loss expense ratio	 	 	-125.2	% 	 	 	73.9	% 	 	 	84.5	% 	 	 	85.3	% 	 	 	33.3	% 	 	 	80.4	% 	
Policy acquisition cost ratio	 	 	15.9	% 	 	 	3.4	% 	 	 	5.7	% 	 	 	7.2	% 	 	 	-6.0	% 	 	 	5.1	% 	
Administrative expense ratio	 	 	-17.6	% 	 	 	-0.9	% 	 	 	0.0	% 	 	 	1.1	% 	 	 	-0.9	% 	 	 	0.0	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 	 	-126.9	% 	 	 	76.4	% 	 	 	90.2	% 	 	 	93.6	% 	 	 	26.4	% 	 	 	85.5	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	 	 	80.6	% 	 	 	79.2	% 	 	 	90.8	% 	 	 	91.4	% 	 	 	76.7	% 	 	 	88.2	% 	
							
Catastrophe losses - pre-tax	 	$	2	  	 	$	1	  	 	$	—	  	 	$	7	  	 	$	1	  	 	$	9	  	
Favorable prior period development (PPD) - pre-tax (2)	 	$	(41	) 	 	$	(7	) 	 	$	(5	) 	 	$	—	  	 	$	(33	) 	 	$	(45	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	 	 	75.1	% 	 	 	75.4	% 	 	 	85.1	% 	 	 	83.1	% 	 	 	83.2	% 	 	 	82.8	% 	
							
% Change versus prior year period	 				 				 				 				 				 				
Net premiums written	 	 	-27.0	% 	 	 	-41.9	% 	 	 	-3.5	% 	 	 	-2.4	% 	 	 	-54.6	% 	 	 	-15.3	% 	
Net premiums earned	 	 	-63.7	% 	 	 	-26.2	% 	 	 	-3.6	% 	 	 	-2.9	% 	 	 	-37.2	% 	 	 	-10.6	% 	
							
Other ratios	 				 				 				 				 				 				
Net premiums written/gross premiums written	 	 	47	% 	 	 	52	% 	 	 	59	% 	 	 	67	% 	 	 	69	% 	 	 	61	% 	
 
(1)	Include gains/losses on crop derivatives.	
(2)	For Q1 2016, favorable prior period development is net of $47 million of unfavorable net earned premium adjustments.	

NA Agriculture	  	Page 10	

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

 	 	As Reported	 	 	Pro Forma*	 	 	Legacy ACE	 	
 	 	1Q-16	 	 	1Q-16	 	 	1Q-15	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	Full Year
2015	 	
Overseas General Insurance	 				 				 				 				 				 				 				 				
									
Gross premiums written (1)	 	$	2,516	  	 	$	2,749	  	 	$	2,972	  	 	$	1,990	  	 	$	2,019	  	 	$	2,212	  	 	$	2,255	  	 	$	8,476	  	
Net premiums written (1)	 	 	2,041	  	 	 	2,256	  	 	 	2,480	  	 	 	1,587	  	 	 	1,584	  	 	 	1,669	  	 	 	1,794	  	 	 	6,634	  	
Net premiums earned	 	 	1,955	  	 	 	2,026	  	 	 	2,166	  	 	 	1,575	  	 	 	1,615	  	 	 	1,644	  	 	 	1,637	  	 	 	6,471	  	
Losses and loss expenses	 	 	1,021	  	 	 	1,063	  	 	 	1,081	  	 	 	748	  	 	 	674	  	 	 	816	  	 	 	814	  	 	 	3,052	  	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	 	 	429	  	 	 	529	  	 	 	542	  	 	 	391	  	 	 	405	  	 	 	396	  	 	 	389	  	 	 	1,581	  	
Amortization of acquired UPR intangible (2)	 	 	74	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	
Administrative expenses	 	 	263	  	 	 	275	  	 	 	316	  	 	 	241	  	 	 	246	  	 	 	254	  	 	 	256	  	 	 	997	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	 	 	168	  	 	 	159	  	 	 	227	  	 	 	195	  	 	 	290	  	 	 	178	  	 	 	178	  	 	 	841	  	
Adjusted Net investment income	 	 	146	  	 				 				 	 	125	  	 	 	132	  	 	 	139	  	 	 	138	  	 	 	534	  	
	 	 	 	 	 				 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	 	$	314	  	 				 				 	$	320	  	 	$	422	  	 	$	317	  	 	$	316	  	 	$	1,375	  	

Combined ratio	 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	52.2	% 	 	 	52.4	% 	 	 	49.9	% 	 	 	47.5	% 	 	 	41.7	% 	 	 	49.7	% 	 	 	49.7	% 	 	 	47.2	% 	
Policy acquisition cost ratio	 	 	25.7	% 	 	 	26.1	% 	 	 	25.0	% 	 	 	24.8	% 	 	 	25.1	% 	 	 	24.1	% 	 	 	23.8	% 	 	 	24.4	% 	
Administrative expense ratio	 	 	13.5	% 	 	 	13.7	% 	 	 	14.6	% 	 	 	15.3	% 	 	 	15.2	% 	 	 	15.4	% 	 	 	15.6	% 	 	 	15.4	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 	 	91.4	% 	 	 	92.2	% 	 	 	89.5	% 	 	 	87.6	% 	 	 	82.0	% 	 	 	89.2	% 	 	 	89.1	% 	 	 	87.0	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	 	 	92.0	% 	 	 	92.8	% 	 	 	91.6	% 	 	 	89.7	% 	 	 	90.5	% 	 	 	89.8	% 	 	 	90.3	% 	 	 	90.1	% 	
									
Catastrophe reinstatement premiums - pre-tax	 	$	—	  	 	$	—	  	 	$	—	  	 	$	(2	) 	 	$	—	  	 	$	—	  	 	$	—	  	 	$	(2	) 	
Catastrophe losses - pre-tax	 	$	18	  	 	$	18	  	 	$	5	  	 	$	40	  	 	$	39	  	 	$	58	  	 	$	5	  	 	$	142	  	
Favorable prior period development (PPD) - pre-tax	 	$	(30	) 	 	$	(30	) 	 	$	(50	) 	 	$	(74	) 	 	$	(177	) 	 	$	(68	) 	 	$	(24	) 	 	$	(343	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	 	 	52.8	% 	 	 	53.0	% 	 	 	52.0	% 	 	 	49.6	% 	 	 	50.2	% 	 	 	50.3	% 	 	 	50.9	% 	 	 	50.3	% 	
									
% Change versus prior year period	 				 				 				 				 				 				 				 				
Net premiums written as reported	 	 	13.8	% 	 	 	-9.0	% 	 				 	 	-9.3	% 	 	 	-7.9	% 	 	 	-5.1	% 	 	 	1.3	% 	 	 	-5.2	% 	
Net premiums earned as reported	 	 	19.4	% 	 	 	-6.4	% 	 				 	 	-10.5	% 	 	 	-6.4	% 	 	 	-3.9	% 	 	 	1.6	% 	 	 	-4.9	% 	
									
Net premiums written constant $	 	 	26.1	% 	 	 	1.7	% 	 				 	 	3.6	% 	 	 	6.1	% 	 	 	7.6	% 	 	 	11.0	% 	 	 	7.1	% 	
Net premiums earned constant $	 	 	31.3	% 	 	 	4.0	% 	 				 	 	1.7	% 	 	 	7.8	% 	 	 	9.4	% 	 	 	11.2	% 	 	 	7.5	% 	
									
Other ratios	 				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	 	 	81	% 	 	 	82	% 	 	 	83	% 	 	 	80	% 	 	 	78	% 	 	 	75	% 	 	 	80	% 	 	 	78	% 	

 	 	As Reported	 	 	Pro Forma*	 	
   	 	1Q-16	 	 	1Q-15	 	 	% Growth	 	 	Constant  $
1Q-15 (3)	 	 	Constant $
% Growth	 	 	1Q-16	 	 	1Q-15	 	 	% Growth	 	 	Constant  $
1Q-15 (3)	 	 	Constant $
% Growth	 	
(1) Production by Region	 				 				 				 				 				 				 				 				 				 				
											
Gross premiums written	 				 				 				 				 				 				 				 				 				 				
Europe	 	$	1,203	  	 	$	1,056	  	 	 	13.9	% 	 	$	996	  	 	 	20.8	% 	 	$	1,398	  	 	$	1,454	  	 	 	-3.9	% 	 	$	1,376	  	 	 	1.6	% 	
Latin America	 	 	591	  	 	 	573	  	 	 	3.1	% 	 	 	467	  	 	 	26.6	% 	 	 	607	  	 	 	732	  	 	 	-17.1	% 	 	 	574	  	 	 	5.7	% 	
Asia	 	 	634	  	 	 	521	  	 	 	21.7	% 	 	 	485	  	 	 	30.7	% 	 	 	656	  	 	 	681	  	 	 	-3.7	% 	 	 	625	  	 	 	5.0	% 	
Other (4)	 	 	88	  	 	 	105	  	 	 	-16.2	% 	 	 	95	  	 	 	-7.4	% 	 	 	88	  	 	 	105	  	 	 	-16.2	% 	 	 	95	  	 	 	-7.4	% 	
	 	 	 	 	 	 	 	 	 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 				
Overseas General Insurance	 	$	2,516	  	 	$	2,255	  	 	 	11.6	% 	 	$	2,043	  	 	 	23.1	% 	 	$	2,749	  	 	$	2,972	  	 	 	-7.5	% 	 	$	2,670	  	 	 	3.0	% 	

Net Premiums Written	 				 				 				 				 				 				 				 				 				 				
Europe	 	$	899	  	 	$	780	  	 	 	15.3	% 	 	$	734	  	 	 	22.5	% 	 	$	1,079	  	 	$	1,163	  	 	 	-7.2	% 	 	$	1,097	  	 	 	-1.6	% 	
Latin America	 	 	482	  	 	 	459	  	 	 	5.0	% 	 	 	372	  	 	 	29.6	% 	 	 	496	  	 	 	611	  	 	 	-18.8	% 	 	 	475	  	 	 	4.4	% 	
Asia	 	 	570	  	 	 	452	  	 	 	26.1	% 	 	 	421	  	 	 	35.4	% 	 	 	591	  	 	 	603	  	 	 	-2.0	% 	 	 	554	  	 	 	6.7	% 	
Other (4)	 	 	90	  	 	 	103	  	 	 	-12.6	% 	 	 	93	  	 	 	-3.2	% 	 	 	90	  	 	 	103	  	 	 	-12.6	% 	 	 	93	  	 	 	-3.2	% 	
	 	 	 	 	 	 	 	 	 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 				
Overseas General Insurance	 	$	2,041	  	 	$	1,794	  	 	 	13.8	% 	 	$	1,620	  	 	 	26.1	% 	 	$	2,256	  	 	$	2,480	  	 	 	-9.0	% 	 	$	2,219	  	 	 	1.7	% 	

(2)	Related to the acquisition of The Chubb Corporation.	
(3)	Prior periods on a constant dollar basis.	
(4)	Primarily includes Eurasia and Africa, and the company’s international supplemental A&H business of Combined Insurance.	
 
*	2016 Pro forma results: The combined company results inclusive of the first 14 days of January 2016. The 2016 and 2015 pro forma underwriting results do not include any impact from purchase accounting adjustments.	
2015 Pro forma results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

Overseas General Insurance	  	Page 11	

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

 	  	As Reported	 	 	Pro Forma*	 	 	Legacy ACE	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	
 	  	1Q-16	 	 	1Q-16	 	 	1Q-15	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	2015	 	
Global Reinsurance	  				 				 				 				 				 				 				 				
									
Gross premiums written	  	$	213	  	 	$	234	  	 	$	321	  	 	$	109	  	 	$	190	  	 	$	292	  	 	$	292	  	 	$	883	  	
Net premiums written	  	 	201	  	 	 	221	  	 	 	295	  	 	 	109	  	 	 	185	  	 	 	261	  	 	 	273	  	 	 	828	  	
Net premiums earned	  	 	202	  	 	 	202	  	 	 	228	  	 	 	200	  	 	 	203	  	 	 	220	  	 	 	226	  	 	 	849	  	
Losses and loss expenses	  	 	89	  	 	 	89	  	 	 	98	  	 	 	99	  	 	 	20	  	 	 	72	  	 	 	99	  	 	 	290	  	
Policy acquisition costs	  	 	53	  	 	 	53	  	 	 	53	  	 	 	48	  	 	 	52	  	 	 	60	  	 	 	54	  	 	 	214	  	
Administrative expenses	  	 	14	  	 	 	14	  	 	 	15	  	 	 	12	  	 	 	12	  	 	 	13	  	 	 	12	  	 	 	49	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	 	46	  	 	 	46	  	 	 	62	  	 	 	41	  	 	 	119	  	 	 	75	  	 	 	61	  	 	 	296	  	
Net investment income	  	 	67	  	 				 				 	 	70	  	 	 	76	  	 	 	79	  	 	 	75	  	 	 	300	  	
	  	 	 	 	 				 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment Income	  	$	113	  	 				 				 	$	111	  	 	$	195	  	 	$	154	  	 	$	136	  	 	$	596	  	

Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	44.3	% 	 	 	44.3	% 	 	 	42.8	% 	 	 	49.7	% 	 	 	9.6	% 	 	 	32.9	% 	 	 	43.6	% 	 	 	34.2	% 	
Policy acquisition cost ratio	  	 	26.2	% 	 	 	26.2	% 	 	 	23.4	% 	 	 	24.1	% 	 	 	25.4	% 	 	 	27.2	% 	 	 	24.0	% 	 	 	25.2	% 	
Administrative expense ratio	  	 	6.8	% 	 	 	6.8	% 	 	 	6.8	% 	 	 	6.0	% 	 	 	6.2	% 	 	 	5.6	% 	 	 	5.6	% 	 	 	5.8	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	77.3	% 	 	 	77.3	% 	 	 	73.0	% 	 	 	79.8	% 	 	 	41.2	% 	 	 	65.7	% 	 	 	73.2	% 	 	 	65.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	78.5	% 	 	 	78.5	% 	 	 	75.8	% 	 	 	76.6	% 	 	 	75.3	% 	 	 	79.6	% 	 	 	75.5	% 	 	 	76.8	% 	
									
Catastrophe reinstatement premiums collected - pre-tax	  	$	—	  	 	$	—	  	 	$	—	  	 	$	1	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	1	  	
Catastrophe losses - pre-tax	  	$	1	  	 	$	1	  	 	$	—	  	 	$	6	  	 	$	11	  	 	$	5	  	 	$	—	  	 	$	22	  	
Favorable prior period development (PPD) - pre-tax	  	$	(3	) 	 	$	(3	) 	 	$	(6	) 	 	$	—	  	 	$	(78	) 	 	$	(36	) 	 	$	(5	) 	 	$	(119	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	45.5	% 	 	 	45.5	% 	 	 	45.6	% 	 	 	46.5	% 	 	 	44.3	% 	 	 	46.7	% 	 	 	46.0	% 	 	 	45.9	% 	
									
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written as reported	  	 	-26.3	% 	 	 	-25.1	% 	 				 	 	-22.1	% 	 	 	-11.5	% 	 	 	-5.9	% 	 	 	-11.4	% 	 	 	-11.4	% 	
Net premiums earned as reported	  	 	-10.7	% 	 	 	-11.5	% 	 				 	 	-11.3	% 	 	 	-20.4	% 	 	 	-15.5	% 	 	 	-20.6	% 	 	 	-17.2	% 	
									
Net premiums written constant $	  	 	-24.6	% 	 	 	-23.4	% 	 				 	 	-20.2	% 	 	 	-9.5	% 	 	 	-3.9	% 	 	 	-9.1	% 	 	 	-9.3	% 	
Net premiums earned constant $	  	 	-9.2	% 	 	 	-10.0	% 	 				 	 	-9.0	% 	 	 	-18.1	% 	 	 	-13.2	% 	 	 	-19.0	% 	 	 	-15.1	% 	
									
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	94	% 	 	 	94	% 	 	 	92	% 	 	 	100	% 	 	 	97	% 	 	 	90	% 	 	 	93	% 	 	 	94	% 	
 
*	2016 Pro forma results: The combined company results inclusive of the first 14 days of January 2016. The 2016 and 2015 pro forma underwriting results do not include any impact from purchase accounting adjustments.	
2015 Pro forma results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

Global Reinsurance	  	Page 12	

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

 	  	As Reported	 	 	Pro Forma*	 	 	Legacy ACE	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	
 	  	1Q-16	 	 	1Q-16	 	 	1Q-15	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	2015	 	
Life Insurance	  				 				 				 				 				 				 				 				
									
Gross premiums written	  	$	546	  	 	$	547	  	 	$	549	  	 	$	548	  	 	$	522	  	 	$	529	  	 	$	522	  	 	$	2,121	  	
Net premiums written	  	 	516	  	 	 	517	  	 	 	517	  	 	 	515	  	 	 	492	  	 	 	500	  	 	 	491	  	 	 	1,998	  	
Net premiums earned	  	 	497	  	 	 	499	  	 	 	498	  	 	 	506	  	 	 	480	  	 	 	487	  	 	 	474	  	 	 	1,947	  	
Losses and loss expenses (1)	  	 	177	  	 	 	177	  	 	 	164	  	 	 	159	  	 	 	153	  	 	 	137	  	 	 	152	  	 	 	601	  	
Policy benefits (2)	  	 	126	  	 	 	126	  	 	 	142	  	 	 	159	  	 	 	89	  	 	 	153	  	 	 	142	  	 	 	543	  	
(Gains) losses from fair value changes in separate account assets (2)	  	 	3	  	 	 	3	  	 	 	(11	) 	 	 	(13	) 	 	 	49	  	 	 	(6	) 	 	 	(11	) 	 	 	19	  	
Policy acquisition costs	  	 	122	  	 	 	123	  	 	 	113	  	 	 	134	  	 	 	117	  	 	 	118	  	 	 	107	  	 	 	476	  	
Administrative expenses	  	 	72	  	 	 	73	  	 	 	82	  	 	 	70	  	 	 	74	  	 	 	74	  	 	 	73	  	 	 	291	  	
Net investment income	  	 	67	  	 	 	67	  	 	 	66	  	 	 	67	  	 	 	66	  	 	 	66	  	 	 	66	  	 	 	265	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Life Insurance segment income (3)	  	$	64	  	 	$	64	  	 	$	74	  	 	$	64	  	 	$	64	  	 	$	77	  	 	$	77	  	 	$	282	  	

% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	5.1	% 	 	 	0.0	% 	 				 	 	-1.6	% 	 	 	-0.8	% 	 	 	0.3	% 	 	 	-0.6	% 	 	 	-0.7	% 	
Net premiums earned	  	 	4.9	% 	 	 	0.2	% 	 				 	 	1.4	% 	 	 	-1.9	% 	 	 	-0.8	% 	 	 	-1.9	% 	 	 	-0.8	% 	
									
Net premiums written constant $ (4)	  	 	10.2	% 	 	 	4.6	% 	 				 	 	3.7	% 	 	 	4.4	% 	 	 	4.1	% 	 	 	2.4	% 	 	 	3.7	% 	
Net premiums earned constant $	  	 	9.8	% 	 	 	4.7	% 	 				 	 	6.8	% 	 	 	3.4	% 	 	 	3.0	% 	 	 	0.9	% 	 	 	3.5	% 	
 
(1)	Q1 2016 includes unfavorable reserve development of $9 million compared to Q1 2015 which includes $1 million of unfavorable reserve development.	
(2)	(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), recorded in corporate, for purposes of presenting Life segment income in the Life Insurance segment. The offsetting movement in the separate account liabilities is included in Policy benefits.	
(3)	We assess the performance of our Life Insurance business based on Life Insurance segment income which includes (Gains) losses from fair value changes in separate account assets.	
(4)	International life insurance net premiums written and deposits breakdown (excludes Combined North American and Life reinsurance businesses):	

 	  	As Reported	 	
 	  	 	 	  	 	 	  	Constant $	 	
 	  	 	 	  	 	 	  	% Change	 	
 	  	 	 	  	Constant $	 	  	1Q-16 vs.	 	
 	  	1Q-16	 	  	1Q-15 (6)	 	  	1Q-15 (6)	 	
International life insurance net premiums written	  	$	203	  	  	$	162	  	  	 	25.3	% 	
International life insurance deposits (5)	  	 	213	  	  	 	241	  	  	 	-11.5	% 	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total international life insurance net premiums written and deposits	  	$	416	  	  	$	403	  	  	 	3.3	% 	

(5)	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.	
(6)	Prior periods on a constant dollar basis.	
 
*	2016 Pro forma results: The combined company results inclusive of the first 14 days of January 2016. The 2016 and 2015 pro forma underwriting results do not include any impact from purchase accounting adjustments. 2015 Pro forma results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.	

Life Insurance	  	Page 13	

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

 	  	As Reported	 	 	Pro Forma*	 	 	Legacy ACE	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	
 	  	1Q-16	 	 	1Q-16	 	 	1Q-15	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	2015	 	
Corporate	  				 				 				 				 				 				 				 				
									
Gross premiums written	  	$	—	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	—	  	
Net premiums written	  	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	
Net premiums earned	  	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	
Losses and loss expenses	  	 	9	  	 	 	9	  	 	 	17	  	 	 	60	  	 	 	84	  	 	 	49	  	 	 	9	  	 	 	202	  	
Policy acquisition costs	  	 	—	  	 	 	—	  	 	 	—	  	 	 	1	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1	  	
Administrative expenses	  	 	73	  	 	 	76	  	 	 	82	  	 	 	53	  	 	 	46	  	 	 	45	  	 	 	44	  	 	 	188	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting loss	  	 	(82	) 	 	 	(85	) 	 	 	(99	) 	 	 	(114	) 	 	 	(130	) 	 	 	(94	) 	 	 	(53	) 	 	 	(391	) 	
Net investment income	  	 	9	  	 				 				 	 	6	  	 	 	3	  	 	 	3	  	 	 	3	  	 	 	15	  	
Adjusted interest expense (1)	  	 	149	  	 				 				 	 	64	  	 	 	68	  	 	 	71	  	 	 	68	  	 	 	271	  	
Other income (expense) - operating (1)	  	 	—	  	 				 				 	 	(6	) 	 	 	12	  	 	 	(1	) 	 	 	(2	) 	 	 	3	  	
Amortization of purchased intangibles	  	 	7	  	 				 				 	 	35	  	 	 	51	  	 	 	55	  	 	 	30	  	 	 	171	  	
Income tax expense	  	 	201	  	 				 				 	 	97	  	 	 	140	  	 	 	136	  	 	 	119	  	 	 	492	  	
	  	 	 	 	 				 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating loss	  	 	(430	) 	 				 				 	 	(310	) 	 	 	(374	) 	 	 	(354	) 	 	 	(269	) 	 	 	(1,307	) 	
Chubb integration and related expenses, net of tax	  	 	(106	) 	 				 				 	 	(35	) 	 	 	(7	) 	 	 	—	  	 	 	—	  	 	 	(42	) 	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)	  	 	(59	) 	 				 				 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	
Adjusted net realized gains (losses) (1)	  	 	(394	) 	 				 				 	 	(57	) 	 	 	(393	) 	 	 	128	  	 	 	(89	) 	 	 	(411	) 	
Net realized gains (losses) related to unconsolidated entities	  	 	(25	) 	 				 				 	 	(17	) 	 	 	25	  	 	 	33	  	 	 	26	  	 	 	67	  	
Income tax expense (benefit) on adjusted net realized gains (losses)	  	 	(4	) 	 				 				 	 	(12	) 	 	 	(6	) 	 	 	7	  	 	 	1	  	 	 	(10	) 	
	  	 	 	 	 				 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net loss	  	$	(1,010	) 	 				 				 	$	(407	) 	 	$	(743	) 	 	$	(200	) 	 	$	(333	) 	 	$	(1,683	) 	

Unfavorable prior period development (PPD) - pre-tax	  	$	8	  	 	$	8	  	 	$	17	  	 	$	60	  	 	$	84	  	 	$	47	  	 	$	9	  	 	$	200	  	
Note: The Company presents all profit and loss items below net investment income within the Corporate segment.
 
(1)	See non-GAAP financial measures.	
 
*	2016 Pro forma results: The combined company results inclusive of the first 14 days of January 2016. The 2016 and 2015 pro forma underwriting results do not include any impact from purchase accounting adjustments.	
2015 Pro forma results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

Corporate	  	Page 14	

Chubb Limited
Loss Reserve Rollforward
(in millions of U.S. dollars, except ratios)
(Unaudited)

 	  	Unpaid Losses	 	 	Net Paid to	 	
 	  	Gross	 	 	Ceded	 	 	Net	 	 	Incurred Ratio	 	
Balance at December 31, 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	  	 				
Losses and loss expenses incurred	  	 	3,481	  	 	 	1,179	  	 	 	2,302	  	 				
Losses and loss expenses paid	  	 	(3,616	) 	 	 	(1,050	) 	 	 	(2,566	) 	 	 	111	% 	
Other (incl. foreign exch. revaluation)	  	 	(126	) 	 	 	(44	) 	 	 	(82	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at December 31, 2015	  	$	37,303	  	 	$	10,741	  	 	$	26,562	  	 				
Losses and loss expenses incurred	  	 	4,663	  	 	 	989	  	 	 	3,674	  	 				
Losses and loss expenses paid	  	 	(4,692	) 	 	 	(1,143	) 	 	 	(3,549	) 	 	 	97	% 	
Acquired reserve (Legacy Chubb)	  	 	22,878	  	 	 	1,515	  	 	 	21,363	  	 				
Other (incl. foreign exch. revaluation)	  	 	54	  	 	 	25	  	 	 	29	  	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at March 31, 2016	  	$	60,206	  	 	$	12,127	  	 	$	48,079	  	 				
					
Add net recoverable on paid losses	  	 	—	  	 	 	764	  	 	 	(764	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance including net recoverable on paid losses	  	$	60,206	  	 	$	12,891	  	 	$	47,315	  	 				

			
Loss Reserve Rollforward	  	Page 15	

Chubb Limited
Reinsurance Recoverable Analysis
(in millions of U.S. dollars)
(Unaudited)

   	  	 	 	 	Legacy ACE	 	
 	  	March 31	 	 	December 31	 	
 	  	2016	 	 	2015	 	
Net Reinsurance Recoverable by Division	  				 				
			
Reinsurance recoverable on paid losses and loss expenses	  				 				
			
Active operations	  	$	592	  	 	$	450	  	
			
Brandywine and Other Run-off	  	 	269	  	 	 	288	  	

Total	  	$	861	  	 	$	738	  	

Reinsurance recoverable on unpaid losses and loss expenses	  				 				
			
Active operations	  	$	11,169	  	 	$	9,884	  	
			
Brandywine and Other Run-off	  	 	1,182	  	 	 	1,092	  	

Total	  	$	12,351	  	 	$	10,976	  	

Gross reinsurance recoverable	  				 				
			
Active operations	  	$	11,761	  	 	$	10,334	  	
			
Brandywine and Other Run-off	  	 	1,451	  	 	 	1,380	  	

Total	  	$	13,212	  	 	$	11,714	  	

Provision for uncollectible reinsurance (1)	  				 				
			
Active operations	  	$	(164	) 	 	$	(194	) 	
			
Brandywine and Other Run-off	  	 	(157	) 	 	 	(134	) 	

Total	  	$	(321	) 	 	$	(328	) 	

Net reinsurance recoverable	  				 				
			
Active operations	  	$	11,597	  	 	$	10,140	  	
			
Brandywine and Other Run-off	  	 	1,294	  	 	 	1,246	  	

Total	  	$	12,891	  	 	$	11,386	  	

(1)	The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $3.1 billion.	

Reinsurance Recoverable	  	Page 16	

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

 	  	 	 	 	 	 	 	Legacy ACE	 	
 	  	March 31	 	 	December 31	 	
 	  	2016	 	 	2015	 	
Market Value	  				 				 				 				
Fixed maturities available for sale	  	$	77,538	  	 				 	$	43,587	  	 				
Fixed maturities held to maturity	  	 	11,580	  	 				 	 	8,552	  	 				
Short-term investments	  	 	3,382	  	 				 	 	10,446	  	 				
	  	 	 	 	 				 	 	 	 	 				
Total fixed maturities	  	$	92,500	  	 				 	$	62,585	  	 				

Asset Allocation by Market Value	  				 				 				 				
Treasury	  	$	3,145	  	 	 	3	% 	 	$	2,395	  	 	 	4	% 	
Agency	  	 	647	  	 	 	1	% 	 	 	878	  	 	 	1	% 	
Corporate and asset-backed	  	 	25,244	  	 	 	27	% 	 	 	17,985	  	 	 	28	% 	
Mortgage-backed	  	 	13,761	  	 	 	15	% 	 	 	11,701	  	 	 	19	% 	
Municipal	  	 	24,945	  	 	 	27	% 	 	 	4,950	  	 	 	8	% 	
Non-U.S.	  	 	21,376	  	 	 	23	% 	 	 	14,230	  	 	 	23	% 	
Short-term investments	  	 	3,382	  	 	 	4	% 	 	 	10,446	  	 	 	17	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturities	  	$	92,500	  	 	 	100	% 	 	$	62,585	  	 	 	100	% 	

Credit Quality by Market Value	  				 				 				 				
AAA	  	$	19,524	  	 	 	21	% 	 	$	14,369	  	 	 	23	% 	
AA	  	 	34,399	  	 	 	37	% 	 	 	22,141	  	 	 	36	% 	
A	  	 	17,726	  	 	 	19	% 	 	 	10,163	  	 	 	16	% 	
BBB	  	 	11,604	  	 	 	13	% 	 	 	8,941	  	 	 	14	% 	
BB	  	 	5,484	  	 	 	6	% 	 	 	3,775	  	 	 	6	% 	
B	  	 	3,494	  	 	 	4	% 	 	 	3,018	  	 	 	5	% 	
Other	  	 	269	  	 	 	0	% 	 	 	178	  	 	 	0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturities	  	$	92,500	  	 	 	100	% 	 	$	62,585	  	 	 	100	% 	

Cost/Amortized Cost	  				 				 				 				
Fixed maturities available for sale	  	$	75,991	  	 				 	$	43,149	  	 				
Fixed maturities held to maturity	  	 	11,280	  	 				 	 	8,430	  	 				
Short-term investments	  	 	3,382	  	 				 	 	10,446	  	 				
	  	 	 	 	 				 	 	 	 	 				
Subtotal fixed maturities	  	 	90,653	  	 				 	 	62,025	  	 				
Equity securities	  	 	841	  	 				 	 	441	  	 				
Other investments	  	 	4,233	  	 				 	 	2,993	  	 				
	  	 	 	 	 				 	 	 	 	 				
Total investment portfolio	  	$	95,727	  	 				 	$	65,459	  	 				

Avg. duration of fixed maturities	  	 	3.9 years	  	 				 	 	3.5 years	  	 				
Avg. market yield of fixed maturities	  	 	2.5	% 	 				 	 	2.8	% 	 				
Avg. credit quality	  	 	AA/Aa	  	 				 	 	A/Aa	  	 				
Avg. yield on invested assets (1)	  	 	3.4	% 	 				 	 	3.4	% 	 				
 
(1)	Calculated using adjusted net investment income.	

Investment	  	Page 17	

Chubb Limited
Investment Portfolio - 2
(in millions of U.S. dollars)
(Unaudited)
Mortgage-backed Fixed Income Portfolio
Mortgage-backed securities
																									
 	  	S&P Credit Rating	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
Market Value at March 31, 2016	  				  				  				  				  				  				
Agency residential mortgage-backed (RMBS)	  	$	—	  	  	$	10,658	  	  	$	—	  	  	$	—	  	  	$	—	  	  	$	10,658	  	
Non-agency RMBS	  	 	6	  	  	 	6	  	  	 	11	  	  	 	11	  	  	 	44	  	  	 	78	  	
Commercial mortgage-backed	  	 	2,985	  	  	 	27	  	  	 	13	  	  	 	—	  	  	 	—	  	  	 	3,025	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total mortgage-backed securities at market value	  	$	2,991	  	  	$	10,691	  	  	$	24	  	  	$	11	  	  	$	44	  	  	$	13,761	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
U.S. Corporate and Asset-backed Fixed Income Portfolios

 	  	S&P Credit Rating	 	
 	  	Investment Grade	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	Total	 	
						
Market Value at March 31, 2016	  				  				  				  				  				
						
Asset-backed	  	$	758	  	  	$	41	  	  	$	—	  	  	$	—	  	  	$	799	  	
						
Banks	  	 	165	  	  	 	128	  	  	 	1,802	  	  	 	1,652	  	  	 	3,747	  	
						
Basic Materials	  	 	—	  	  	 	3	  	  	 	113	  	  	 	256	  	  	 	372	  	
						
Communications	  	 	—	  	  	 	160	  	  	 	292	  	  	 	1,355	  	  	 	1,807	  	
						
Consumer, Cyclical	  	 	—	  	  	 	182	  	  	 	624	  	  	 	778	  	  	 	1,584	  	
						
Consumer, Non-Cyclical	  	 	143	  	  	 	541	  	  	 	1,773	  	  	 	1,102	  	  	 	3,559	  	
						
Diversified Financial Services	  	 	262	  	  	 	38	  	  	 	468	  	  	 	208	  	  	 	976	  	
						
Energy	  	 	25	  	  	 	36	  	  	 	266	  	  	 	654	  	  	 	981	  	
Industrial	  	 	—	  	  	 	368	  	  	 	551	  	  	 	489	  	  	 	1,408	  	
Utilities	  	 	1	  	  	 	34	  	  	 	1,091	  	  	 	721	  	  	 	1,847	  	
All Others	  	 	83	  	  	 	445	  	  	 	714	  	  	 	528	  	  	 	1,770	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	1,437	  	  	$	1,976	  	  	$	7,694	  	  	$	7,743	  	  	$	18,850	  	

																	
 	  	S&P Credit Rating	 	
 	  	Below Investment Grade	 	
 	  	BB	 	  	B	 	  	CCC	 	  	Total	 	
					
Market Value at March 31, 2016	  				  				  				  				
					
Asset-backed	  	$	7	  	  	$	—	  	  	$	5	  	  	$	12	  	
					
Banks	  	 	34	  	  	 	—	  	  	 	—	  	  	 	34	  	
					
Basic Materials	  	 	129	  	  	 	82	  	  	 	2	  	  	 	213	  	
					
Communications	  	 	756	  	  	 	513	  	  	 	8	  	  	 	1,277	  	
					
Consumer, Cyclical	  	 	639	  	  	 	508	  	  	 	34	  	  	 	1,181	  	
					
Consumer, Non-Cyclical	  	 	600	  	  	 	845	  	  	 	12	  	  	 	1,457	  	
					
Diversified Financial Services	  	 	158	  	  	 	45	  	  	 	2	  	  	 	205	  	
					
Energy	  	 	319	  	  	 	75	  	  	 	19	  	  	 	413	  	
					
Industrial	  	 	305	  	  	 	322	  	  	 	16	  	  	 	643	  	
					
Utilities	  	 	217	  	  	 	86	  	  	 	10	  	  	 	313	  	
					
All Others	  	 	372	  	  	 	257	  	  	 	17	  	  	 	646	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	3,536	  	  	$	2,733	  	  	$	125	  	  	$	6,394	  	

			
Investment 2	  	Page 18	

Chubb Limited
Investment Portfolio - 3
(in millions of U.S. dollars)
(Unaudited)
Non-U.S. Fixed Income Portfolio
March 31, 2016

 	  	Market Value by S&P Credit Rating	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
							
Non-U.S. Government Securities	  				  				  				  				  				  				
							
United Kingdom	  	$	1,848	  	  	$	—	  	  	$	—	  	  	$	—	  	  	$	—	  	  	$	1,848	  	
							
Canada	  	 	1,391	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	1,391	  	
							
Republic of Korea	  	 	—	  	  	 	970	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	970	  	
							
Federative Republic of Brazil	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	774	  	  	 	774	  	
							
Germany	  	 	680	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	680	  	
							
United Mexican States	  	 	—	  	  	 	—	  	  	 	354	  	  	 	161	  	  	 	—	  	  	 	515	  	
							
Province of Ontario	  	 	—	  	  	 	—	  	  	 	480	  	  	 	—	  	  	 	—	  	  	 	480	  	
							
Kingdom of Thailand	  	 	—	  	  	 	—	  	  	 	409	  	  	 	—	  	  	 	—	  	  	 	409	  	
							
Province of Quebec	  	 	—	  	  	 	—	  	  	 	398	  	  	 	—	  	  	 	—	  	  	 	398	  	
							
Australia	  	 	305	  	  	 	3	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	308	  	
							
Other Non-U.S. Government Securities	  	 	1,360	  	  	 	1,374	  	  	 	509	  	  	 	391	  	  	 	555	  	  	 	4,189	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	5,584	  	  	$	2,347	  	  	$	2,150	  	  	$	552	  	  	$	1,329	  	  	$	11,962	  	

 	  	Market Value by S&P Credit Rating	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
							
Non-U.S. Corporate Securities	  				  				  				  				  				  				
							
United Kingdom	  	$	123	  	  	$	58	  	  	$	739	  	  	$	829	  	  	$	218	  	  	$	1,967	  	
							
Canada	  	 	74	  	  	 	236	  	  	 	236	  	  	 	288	  	  	 	164	  	  	 	998	  	
							
United States (1)	  	 	2	  	  	 	135	  	  	 	156	  	  	 	222	  	  	 	268	  	  	 	783	  	
							
France	  	 	33	  	  	 	58	  	  	 	345	  	  	 	273	  	  	 	22	  	  	 	731	  	
							
Netherlands	  	 	80	  	  	 	16	  	  	 	379	  	  	 	192	  	  	 	61	  	  	 	728	  	
							
Australia	  	 	74	  	  	 	121	  	  	 	270	  	  	 	86	  	  	 	26	  	  	 	577	  	
							
Germany	  	 	67	  	  	 	48	  	  	 	123	  	  	 	195	  	  	 	24	  	  	 	457	  	
							
Switzerland	  	 	38	  	  	 	23	  	  	 	95	  	  	 	115	  	  	 	36	  	  	 	307	  	
							
Sweden	  	 	14	  	  	 	160	  	  	 	43	  	  	 	27	  	  	 	8	  	  	 	252	  	
							
China	  	 	—	  	  	 	96	  	  	 	112	  	  	 	27	  	  	 	5	  	  	 	240	  	
							
Other Non-U.S. Corporate Securities	  	 	214	  	  	 	226	  	  	 	852	  	  	 	605	  	  	 	477	  	  	 	2,374	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	719	  	  	$	1,177	  	  	$	3,350	  	  	$	2,859	  	  	$	1,309	  	  	$	9,414	  	

(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.	

Investment 3	  	Page 19	

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

 	 	March 31, 2016	  	Market Value	 	  	Rating	 	
1	 	JP Morgan Chase & Co	  	$	557	  	  	 	A-	  	
2	 	General Electric Co	  	 	495	  	  	 	AA+	  	
3	 	Wells Fargo & Co	  	 	443	  	  	 	A	  	
4	 	Goldman Sachs Group Inc	  	 	403	  	  	 	BBB+	  	
5	 	Verizon Communications Inc	  	 	389	  	  	 	BBB+	  	
6	 	Bank of America Corp	  	 	383	  	  	 	BBB+	  	
7	 	Anheuser-Busch InBev NV	  	 	341	  	  	 	A-	  	
8	 	AT&T Inc	  	 	334	  	  	 	BBB+	  	
9	 	Rabobank Nederland NV	  	 	300	  	  	 	A+	  	
10	 	Berkshire Hathaway Inc	  	 	293	  	  	 	AA	  	

Investment 4	  	Page 20	

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

 	  	Three months ended March 31, 2016	 	
 	  	Net Realized	 	 	Net Unrealized	 	 	Net	 	 	Tax	 	 	Net	 	
 	  	Gains	 	 	Gains	 	 	Impact	 	 	Expense	 	 	Impact	 	
 	  	(Losses)  (1)	 	 	(Losses)	 	 	Pre-tax	 	 	(Benefit)	 	 	After-tax	 	
						
Fixed maturities	  	$	(190	) 	 	$	1,088	  	 	$	898	  	 	$	218	  	 	$	680	  	
						
Fixed income derivatives	  	 	(39	) 	 	 	—	  	 	 	(39	) 	 	 	(5	) 	 	 	(34	) 	
						
Public equity	  	 	38	  	 	 	(4	) 	 	 	34	  	 	 	12	  	 	 	22	  	
						
Private equity	  	 	(19	) 	 	 	(27	) 	 	 	(46	) 	 	 	(6	) 	 	 	(40	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio (2)	  	 	(210	) 	 	 	1,057	  	 	 	847	  	 	 	219	  	 	 	628	  	
						
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (3)	  	 	(243	) 	 	 	—	  	 	 	(243	) 	 	 	—	  	 	 	(243	) 	
						
Foreign exchange (4)	  	 	39	  	 	 	312	  	 	 	351	  	 	 	45	  	 	 	306	  	
						
Partially-owned entities (5)	  	 	(3	) 	 	 	—	  	 	 	(3	) 	 	 	—	  	 	 	(3	) 	
						
Other	  	 	(2	) 	 	 	2	  	 	 	—	  	 	 	1	  	 	 	(1	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	  	$	(419	) 	 	$	1,371	  	 	$	952	  	 	$	265	  	 	$	687	  	

(1)	Other-than-temporary impairments for the quarter includes $59 million for fixed maturities, $1 million for public equity and $3 million for private equity.	
(2)	Total after-tax net realized losses on the investment portfolio were $196 million for the quarter. Total after-tax net unrealized gains on the investment portfolio were $824 million for the quarter.	
(3)	The quarter includes $15 million of losses on applicable hedges. These losses are both pre-tax and after-tax.	
(4)	Realized foreign exchange gains, after-tax, for the quarter were $29 million. Unrealized foreign exchange gains, after-tax, for the quarter were $277 million.	
(5)	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).	

 	  	Legacy ACE	 	
 	  	Three months ended March 31, 2015	 	
 	  	Net Realized	 	 	Net Unrealized	 	 	Net	 	 	Tax	 	 	Net	 	
 	  	Gains	 	 	Gains	 	 	Impact	 	 	Expense	 	 	Impact	 	
 	  	(Losses) (6)	 	 	(Losses)	 	 	Pre-tax	 	 	(Benefit)	 	 	After-tax	 	
						
Fixed maturities	  	$	(4	) 	 	$	438	  	 	$	434	  	 	$	83	  	 	$	351	  	
						
Fixed income derivatives	  	 	1	  	 	 	—	  	 	 	1	  	 	 	(6	) 	 	 	7	  	
						
Public equity	  	 	1	  	 	 	18	  	 	 	19	  	 	 	7	  	 	 	12	  	
						
Private equity	  	 	13	  	 	 	(12	) 	 	 	1	  	 	 	—	  	 	 	1	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio (7)	  	 	11	  	 	 	444	  	 	 	455	  	 	 	84	  	 	 	371	  	
						
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (8)	  	 	(57	) 	 	 	—	  	 	 	(57	) 	 	 	—	  	 	 	(57	) 	
						
Foreign exchange (9)	  	 	(31	) 	 	 	(421	) 	 	 	(452	) 	 	 	(12	) 	 	 	(440	) 	
						
Partially-owned entities (10)	  	 	13	  	 	 	—	  	 	 	13	  	 	 	3	  	 	 	10	  	
						
Other	  	 	1	  	 	 	13	  	 	 	14	  	 	 	1	  	 	 	13	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	  	$	(63	) 	 	$	36	  	 	$	(27	) 	 	$	76	  	 	$	(103	) 	

(6)	Other-than-temporary impairments for the quarter includes $13 million for fixed maturities.	
(7)	Total after-tax net realized gains on the investment portfolio were $10 million for the quarter. Total after-tax net unrealized gains on the investment portfolio were $361 million for the quarter.	
(8)	The quarter includes $19 million of losses on applicable hedges.	
(9)	Realized foreign exchange losses, after-tax, for the quarter were $30 million. Unrealized foreign exchange losses, after-tax, for the quarter were $410 million.	
(10)	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 21	

Chubb Limited
Debt and Capital
(in millions of U.S. dollars, except ratios)
(Unaudited)

 	  	 	 	 	Legacy ACE	 	
 	  	March 31	 	 	December 31	 	 	December 31	 	
 	  	2016	 	 	2015	 	 	2014	 	
Financial Debt:	  				 				 				
Total short-term debt	  	$	500	  	 	$	—	  	 	$	1,150	  	
Total long-term debt (1)	  	 	12,636	  	 	 	9,389	  	 	 	3,334	  	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total financial debt	  	$	13,136	  	 	$	9,389	  	 	$	4,484	  	
				
Hybrid debt	  				 				 				
Total trust preferred securities	  	 	308	  	 	 	307	  	 	 	307	  	

Total	  	$	13,444	  	 	$	9,696	  	 	$	4,791	  	

Capitalization:	  				 				 				
Shareholders’ equity	  	$	45,897	  	 	$	29,135	  	 	$	29,587	  	
Hybrid debt	  	 	308	  	 	 	307	  	 	 	307	  	
Financial debt	  	 	13,136	  	 	 	9,389	  	 	 	4,484	  	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total capitalization	  	$	59,341	  	 	$	38,831	  	 	$	34,378	  	

Leverage ratios (based on total capital)	  				 				 				
Hybrid debt	  	 	0.5	% 	 	 	0.8	% 	 	 	0.9	% 	
Financial debt	  	 	22.1	% 	 	 	24.2	% 	 	 	13.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total hybrid & financial debt	  	 	22.6	% 	 	 	25.0	% 	 	 	13.9	% 	
Effective Q1 2016, the company retrospectively adopted guidance that required presentation of debt issuance costs (previously included within Other assets on the balance sheet) as a deduction from the carrying amount of the related debt. Prior year amounts have been reclassified to conform to this new presentation. The carrying amount of long-term debt was reduced by $58 million and $23 million for 2015 and 2014, respectively, and the carrying amount of trust preferred securities was reduced by $2 million for both 2015 and 2014 as a result of this new guidance.
Note: As of March 31, 2016, there was $0.7 billion usage of credit facilities on a total commitment of $1.5 billion.
 
(1)	In connection with our acquisition of The Chubb Corporation, we assumed $3.3 billion par value of Legacy Chubb’s debt, fair valued at $3.8 billion for purchase accounting purposes. This included $1 billion of junior subordinated capital securities.	

Debt and Capital	  	Page 22	

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

 	  	Three months ended March 31	 	
 	  	2016	 	 	2015	 	
Numerator	  				 				
Operating income to common shares	  	$	1,019	  	 	$	745	  	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)	  	 	(59	) 	 	 	—	  	
Chubb integration and related expenses, net of tax	  	 	(106	) 	 	 	—	  	
Adjusted net realized gains (losses), net of tax	  	 	(415	) 	 	 	(64	) 	
	  	 	 	 	 	 	 	 	
Net income	  	$	439	  	 	$	681	  	

Rollforward of Common Shares Outstanding	  				 				
Shares - beginning of period	  	 	324,563,441	  	 	 	328,659,686	  	
Share Issuance for Chubb Acquisition	  	 	136,950,381	  	 	 	—	  	
Repurchase of shares	  	 	—	  	 	 	(3,027,463	) 	
Shares issued, excluding option exercises	  	 	2,172,161	  	 	 	1,011,030	  	
Issued for option exercises	  	 	597,537	  	 	 	441,509	  	
	  	 	 	 	 	 	 	 	
Shares - end of period	  	 	464,283,520	  	 	 	327,084,762	  	

Denominator	  				 				
Weighted average shares outstanding	  	 	446,739,586	  	 	 	328,212,376	  	
Effect of other dilutive securities	  	 	3,270,156	  	 	 	3,480,344	  	
	  	 	 	 	 	 	 	 	
Adj. wtd. avg. shares outstanding and assumed conversions	  	 	450,009,742	  	 	 	331,692,720	  	

Basic earnings per share	  				 				
Operating income	  	$	2.28	  	 	$	2.27	  	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)	  	 	(0.13	) 	 	 	—	  	
Chubb integration and related expenses, net of tax	  	 	(0.24	) 	 	 	—	  	
Adjusted net realized gains (losses), net of tax	  	 	(1.06	) 	 	 	(0.19	) 	
	  	 	 	 	 	 	 	 	
Net income	  	$	0.98	  	 	$	2.08	  	

Diluted earnings per share	  				 				
Operating income	  	$	2.26	  	 	$	2.25	  	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)	  	 	(0.13	) 	 	 	—	  	
Chubb integration and related expenses, net of tax	  	 	(0.24	) 	 	 	—	  	
Adjusted net realized gains (losses), net of tax	  	 	(0.92	) 	 	 	(0.20	) 	
	  	 	 	 	 	 	 	 	
Net income	  	$	0.97	  	 	$	2.05	  	

(1)	Related to the acquisition of the Chubb Corporation.	

Earnings Per Share	  	Page 23	

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

 	  	March 31	 	 	December 31	 	 	March 31	 	
 	  	2016	 	 	2015	 	 	2015	 	
Shareholders’ equity	  	$	45,897	  	 	$	29,135	  	 	$	29,702	  	
Less: goodwill and other intangible assets, net of tax	  	 	20,904	  	 	 	5,683	  	 	 	5,516	  	
	  	 	 	 	 	 	 	 	 	 	 	 	
Numerator for tangible book value per share	  	$	24,993	  	 	$	23,452	  	 	$	24,186	  	

Book value - % change over prior quarter	  	 	57.5	% 	 	 	0.0	% 	 	 	0.4	% 	
Tangible book value - % change over prior quarter	  	 	6.6	% 	 	 	0.2	% 	 	 	1.4	% 	
				
Denominator	  	 	464,283,520	  	 	 	324,563,441	  	 	 	327,084,762	  	

Book value per common share	  	$	98.85	  	 	$	89.77	  	 	$	90.81	  	
Tangible book value per common share	  	$	53.83	  	 	$	72.25	  	 	$	73.94	  	
				
Reconciliation of Book Value	  				 				 				
				
Shareholders’ equity, beginning of quarter	  	$	29,135	  	 	$	29,127	  	 	$	29,587	  	
Operating income	  	 	1,019	  	 	 	780	  	 	 	745	  	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax (1)	  	 	(59	) 	 	 	—	  	 	 	—	  	
Chubb integration and related expenses, net of tax	  	 	(106	) 	 	 	(35	) 	 	 	—	  	
Adjusted net realized gains (losses), net of tax	  	 	(415	) 	 	 	(62	) 	 	 	(64	) 	
Net unrealized gains (losses) on the investment portfolio, net of tax	  	 	824	  	 	 	(411	) 	 	 	361	  	
Share Issuance related to acquisition of The Chubb Corp.	  	 	15,204	  	 	 	—	  	 	 	—	  	
Fair value of equity awards assumed in acquisition of The Chubb Corp.	  	 	323	  	 				 				
Repurchase of shares	  	 	—	  	 	 	—	  	 	 	(340	) 	
Dividend declared on common shares	  	 	(314	) 	 	 	(218	) 	 	 	(222	) 	
Cumulative translation, net of tax	  	 	277	  	 	 	(133	) 	 	 	(410	) 	
Pension liability	  	 	1	  	 	 	1	  	 	 	10	  	
Other (2)	  	 	8	  	 	 	86	  	 	 	35	  	
	  	 	 	 	 	 	 	 	 	 	 	 	
	  	$	45,897	  	 	$	29,135	  	 	$	29,702	  	

(1)	Related to the acquisition of the Chubb Corporation.	
(2)	Other primarily includes proceeds from exercise of stock options and stock compensation.	

Reconciliation Book Value	  	Page 24	

Chubb 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 27.
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.
In presenting our segment income results, we have shown our performance with reference to underwriting results. Underwriting results are calculated by subtracting adjusted 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 adjusted net realized gains (losses). P&C underwriting income is a non-GAAP financial measure which excludes the Life Insurance segment. North America Agricultural Insurance underwriting income includes gains (losses) on crop derivatives. Life Insurance segment income includes adjusted net investment income and gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.
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 and excludes 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 Insurance and North American Agricultural Insurance 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 North American Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.
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 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, net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful. A reconciliation of tangible book value per share is provided on page 25. Tangible book value per common share excluding acquisitions is shareholders’ equity less goodwill and other intangible assets, net of tax, divided by the shares outstanding. The numerator adds back the goodwill and other intangible assets, net of tax, related to the acquisition of The Chubb Corporation in order to adjust for the distortive effect of the acquisition. In addition, we disclose per share measures that exclude the impact of foreign currency fluctuations during 2016 in order to adjust for the distortive effects of fluctuations in exchange rates.
Operating income is a non-GAAP financial measure that excludes the after-tax impact of adjusted net realized gains (losses), net realized gains (losses) included in other income (expense) related to partially owned entities, Chubb integration and related expenses, and the amortization of the fair value adjustments related to purchased invested assets and long-term debt from the Chubb Corp acquisition. We exclude realized gains and losses 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 and related expenses due to the size and complexity of this acquisition. Chubb integration expenses are incurred by the overall company and are therefore included in Corporate. The costs are not related to the on-going activities of the individual segments and are therefore excluded from our definition of segment income, as well. These integration and related expenses are distortive to our results and are not indicative of our underlying profitability. We believe that excluding these integration and related expenses facilitate the comparison of our financial results to our historical operating results. These expenses include legal and professional fees and all other costs directly related to the integration activities of the Chubb Corp acquisition. In addition, we excluded the pre-acquisition interest expense of $4 million, net of tax, on the $5.3 billion senior notes issued in November 2015 from operating income because the operations for which the debt was issued were not part of our operating activities prior to the completion of the acquisition. Effective with the close of the Chubb acquisition (January 14, 2016), this debt was considered a cost of our operations and interest expense associated with this debt was included within operating income. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. Operating income should not be viewed as a substitute for net income determined in accordance with GAAP.
Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired assets. Adjusted interest expense is interest expense excluding the amortization of the fair value adjustment of acquired debt and the pre-acquisition interest expense on the $5.3 billion senior notes issued in November 2015. We believe that excluding these items are meaningful in order to present the underlying economics of the company’s business.

Reconciliation Non-GAAP	  	Page 25	

Chubb 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:

   	  	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	  	1Q-15	 	 	Full Year
2015	 	
Net income, as reported	  	$	439	  	 	$	683	  	 	$	528	  	 	$	942	  	  	$	681	  	 	$	2,834	  	
Amortization of fair value of acquired invested assets and long-term debt, net of tax (1)	  	 	(59	) 	 	 	—	  	 	 	—	  	 	 	—	  	  	 	—	  	 	 	—	  	
Chubb integration and related expenses, net of tax	  	 	(106	) 	 	 	(35	) 	 	 	(7	) 	 	 	—	  	  	 	—	  	 	 	(42	) 	
Adjusted net realized gains (losses)	  	 	(394	) 	 	 	(57	) 	 	 	(393	) 	 	 	128	  	  	 	(89	) 	 	 	(411	) 	
Net realized gains (losses) related to unconsolidated entities (2)	  	 	(25	) 	 	 	(17	) 	 	 	25	  	 	 	33	  	  	 	26	  	 	 	67	  	
Income tax expense (benefit) on adjusted net realized gains (losses)	  	 	(4	) 	 	 	(12	) 	 	 	(6	) 	 	 	7	  	  	 	1	  	 	 	(10	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Operating income	  	$	1,019	  	 	$	780	  	 	$	897	  	 	$	788	  	  	$	745	  	 	$	3,210	  	

(1)	Related to the acquisition of the Chubb Corporation	
(2)	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).	
Operating ROE
Operating return on equity (ROE) or ROE calculated using operating income is an annualized financial measure. The ROE numerator includes income adjusted to exclude after-tax adjusted net realized gains (losses), Chubb integration and related expenses, and the amortization of the fair value adjustment of acquired invested assets and long-term debt. The ROE denominator includes the average shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, net of tax. In addition, the denominator was adjusted to account for the weighted-average impact of the $15,527 million issuance of common shares and equity awards related to the Chubb Corp acquisition on January 14, 2016 . To annualize 2016 operating ROE, include the 14-day stub period adjustment in future quarters (i.e., Q2 through Q4 assumes a full quarter of operating income to account for the distortive impact of Q1 not having a full quarter given the acquisition close on January 14, 2016). 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 and the distortive impact of acquisitions.

   	  	1Q-16	 	 	1Q-15	 	 	Full Year
2015	 	
Net income	  	$	439	  	 	$	681	  	 	$	2,834	  	
Operating income	  	$	1,019	  	 	$	745	  	 	$	3,210	  	
				
Equity - beginning of period, as reported	  	$	29,135	  	 	$	29,587	  	 	$	29,587	  	
Add: weighted average impact of equity issuance (77 days)	  	 	13,138	  	 				 				
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	874	  	 	 	1,851	  	 	 	1,851	  	
	  	 	 	 	 	 	 	 	 	 	 	 	
Equity - beginning of period, as adjusted	  	$	41,399	  	 	$	27,736	  	 	$	27,736	  	
	  	 	 	 	 	 	 	 	 	 	 	 	
Equity - end of period, as reported	  	$	45,897	  	 	$	29,702	  	 	$	29,135	  	
Less: weighted average impact of equity issuance (14 days)	  	 	2,389	  	 				 				
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	1,698	  	 	 	2,212	  	 	 	874	  	
	  	 	 	 	 	 	 	 	 	 	 	 	
Equity - end of period, as adjusted	  	$	44,810	  	 	$	27,490	  	 	$	28,261	  	

Weighted average equity, as reported	  	$	42,479	  	 	$	29,645	  	 	$	29,361	  	
Weighted average equity, as adjusted	  	$	41,605	  	 	$	27,613	  	 	$	27,999	  	
Operating ROE	  	 	10.2	% 	 	 	10.8	% 	 	 	11.5	% 	
ROE	  	 	4.7	% 	 	 	9.2	% 	 	 	9.7	% 	

			
Reconciliation Non-GAAP 2	  	Page 26	

Chubb 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:

   	  	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	Full Year
2015	 	
Tax expense, as reported	  	$	124	  	 	$	67	  	 	$	132	  	 	$	143	  	 	$	120	  	 	$	462	  	
							
Tax benefit on amortization of fair value of acquired invested assets and debt (1)	  	 	(24	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	
Tax benefit on Chubb integration and related expenses	  	 	(49	) 	 	 	(18	) 	 	 	(2	) 	 	 	—	  	 	 	—	  	 	 	(20	) 	
Tax expense (benefit) on adjusted net realized gains (losses)	  	 	(4	) 	 	 	(12	) 	 	 	(6	) 	 	 	7	  	 	 	1	  	 	 	(10	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tax expense, adjusted	  	$	201	  	 	$	97	  	 	$	140	  	 	$	136	  	 	$	119	  	 	$	492	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before tax, as reported	  	$	563	  	 	$	750	  	 	$	660	  	 	$	1,085	  	 	$	801	  	 	$	3,296	  	
							
Less: amortization of fair value of acquired invested assets and debt (1)	  	 	(83	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	
Less: Chubb integration and related expenses	  	 	(155	) 	 	 	(53	) 	 	 	(9	) 	 	 	—	  	 	 	—	  	 	 	(62	) 	
Less: adjusted realized gains (losses)	  	 	(394	) 	 	 	(57	) 	 	 	(393	) 	 	 	128	  	 	 	(89	) 	 	 	(411	) 	
Less: realized gains (losses) related to unconsolidated entities	  	 	(25	) 	 	 	(17	) 	 	 	25	  	 	 	33	  	 	 	26	  	 	 	67	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before tax	  	$	1,220	  	 	$	877	  	 	$	1,037	  	 	$	924	  	 	$	864	  	 	$	3,702	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effective tax rate	  	 	22.1	% 	 	 	9.0	% 	 	 	20.1	% 	 	 	13.2	% 	 	 	15.0	% 	 	 	14.0	% 	
							
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt (1)	  	 	0.9	% 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	
Adjustment for tax impact of Chubb integration and related expenses	  	 	2.2	% 	 	 	1.5	% 	 	 	-0.1	% 	 	 	—	  	 	 	—	  	 	 	0.3	% 	
Adjustment for tax impact of adjusted net realized gains (losses)	  	 	-8.7	% 	 	 	0.6	% 	 	 	-6.5	% 	 	 	1.5	% 	 	 	-1.3	% 	 	 	-1.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating effective tax rate	  	 	16.5	% 	 	 	11.1	% 	 	 	13.5	% 	 	 	14.7	% 	 	 	13.7	% 	 	 	13.3	% 	

(1)	Related to the acquisition of The Chubb Corporation	
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.

   	  	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	Full Year
2015	 	
GAAP combined ratio	  	 	90.0	% 	 	 	87.7	% 	 	 	85.8	% 	 	 	87.6	% 	 	 	88.4	% 	 	 	87.3	% 	
Impact of gains and losses on crop derivatives	  	 	0.0	% 	 	 	0.0	% 	 	 	0.1	% 	 	 	0.1	% 	 	 	0.0	% 	 	 	0.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C combined ratio	  	 	90.0	% 	 	 	87.7	% 	 	 	85.9	% 	 	 	87.7	% 	 	 	88.4	% 	 	 	87.4	% 	
Adjusted interest expense
The following table presents the reconciliation of Consolidated Interest expense on a GAAP basis to Consolidated Adjusted interest expense.

    	  	1Q-16	 	 	4Q-15	 	 	3Q-15	 	  	2Q-15	 	  	1Q-15	 	  	Full Year
2015	 	
Interest expense (GAAP)	  	 	146	  	 	 	93	  	 	 	68	  	  	 	71	  	  	 	68	  	  	 	300	  	
Less: amortization of fair value adjustment of acquired long-term debt	  	 	10	  	 				 				  				  				  				
Less: pre-acquisition interest expense related to $5.3 billion senior notes	  	 	(7	) 	 	 	(29	) 	 	 	—	  	  	 	—	  	  	 	—	  	  	 	(29	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Adjusted interest expense	  	$	149	  	 	$	64	  	 	$	68	  	  	$	71	  	  	$	68	  	  	$	271	  	
	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Adjusted net investment income
The following table presents the reconciliation of Consolidated Net investment income on a GAAP basis to Consolidated Adjusted net investment income.

 	  	1Q-16	 	  	4Q-15	 	  	3Q-15	 	  	2Q-15	 	  	1Q-15	 	  	Full Year
2015	 	
Net investment income (GAAP)	  	 	674	  	  	 	532	  	  	 	549	  	  	 	562	  	  	 	551	  	  	 	2,194	  	
Less: amortization of fair value adjustment of acquired invested assets	  	 	93	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  				
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Adjusted net investment income	  	$	767	  	  	$	532	  	  	$	549	  	  	$	562	  	  	$	551	  	  	$	2,194	  	

			
Reconciliation Non-GAAP 3	  	Page 27	

Chubb Limited
Non-GAAP Financial Measures - 4
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G - Non-GAAP Financial Measures (continued)
Chubb integration and related expenses, net of tax
Chubb integration and related expenses is a non-GAAP financial measure and includes legal and professional fees and all other costs directly related to the integration activities of the Chubb acquisition, including the pre-acquisition interest expense on the $5.3 billion senior notes issued in November 2015. We exclude Chubb integration expenses related to the Chubb acquisition from operating income due to the size and complexity of this acquisition. We exclude the pre-acquisition interest expense from operating income because the operations for which the debt was issued were not part of our operating activities prior to the completion of the acquisition. Effective with the close of the Chubb acquisition (January 14, 2016), the interest on this debt was considered a cost of our operations and was included within operating income. These integration and related expenses are distortive to our results and are not indicative of our underlying profitability. We believe that excluding these integration and related expenses facilitate the comparison of our financial results to our historical operating results. The following table presents the reconciliation of Chubb integration expenses, net of tax on a GAAP basis to Chubb integration and related expenses, net of tax.

 	  	1Q-16	 	  	4Q-15	 	  	3Q-15	 	  	2Q-15	 	  	1Q-15	 	  	Full Year
2015	 	
Chubb integration expenses, net of tax	  	$	102	  	  	$	16	  	  	$	7	  	  	$	—	  	  	$	—	  	  	$	23	  	
Add: pre-acquisition interest expense related to $5.3 billion senior notes, net of tax	  	 	4	  	  	 	19	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	19	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Chubb integration and related expenses, net of tax	  	$	106	  	  	$	35	  	  	$	7	  	  	$	—	  	  	$	—	  	  	$	42	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Pro Forma
Pro forma measures presented throughout this document are prepared exclusive of purchase accounting adjustments in order to present the underlying profitability of the our insurance business. We believe that excluding these adjustments provide visibility and comparability into our results. Pro forma is defined as follows:
2016 Pro forma results: The combined company results inclusive of the first 14 days of January 2016. The 2016 and 2015 pro forma underwriting results do not include any impact from purchase accounting adjustments. 
2015 Pro forma results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results. 
The following presents the reconciliation of earnings per share to earnings per share, including the 14 day stub period for Q1 2016:

					
Numerator	  	Q1-16	 	
Operating income as reported	  	$	1,019	  	
Add: 14-day stub period income	  				
Underwriting income	  	 	44	  	
Net investment income	  	 	45	  	
Interest expense	  	 	(9	) 	
Income tax expense	  	 	(20	) 	
	  	 	 	 	
Total 14-day stub period income	  	 	60	  	
	  	 	 	 	
Pro forma operating income, including 14 day stub period	  	$	1,079	  	

Net income as reported	  	$	439	  	
Add: 14-day stub period income from above	  	 	60	  	
	  	 	 	 	
Pro forma net income, including 14 day stub period	  	$	499	  	

					
Denominator	  	Q1-16	 	
Weighted average shares outstanding and assumed conversions	  	 	450,009,742	  	
Impact of shares issued in connection with Chubb Corp acquisition	  	 	20,232,753	  	
Pro forma adjusted weighted average shares outstanding	  	 	470,242,495	  	
		
Diluted earnings per share, including 14 day stub period	  				
Operating income	  	$	2.29	  	
Net income	  	$	1.06	  	

			
Reconciliation Non-GAAP 4	  	Page 28	

Chubb Limited
Non-GAAP Financial Measures - 5
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G - Non-GAAP Financial Measures (continued)
The following presents the reconciliation of Q1 2016 Pro Forma underwriting income excluding purchase accounting adjustments to Q1 2016 as reported underwriting results.

   	 	 	 	 	PGAAP adjustments	 	 	14 Day Stub Period	 	 	 	 	
 	 	Total
Consolidated
Pro Forma*
(Excluding PGAAP)	 	 	Acquisition
expense
elimination	 	 	UPR
intangible
amortization	 	 	North
America
Commercial
P&C
Insurance	 	 	North
America
Personal P&C
Insurance	 	 	Overseas
General
Insurance	 	 	Global
Reinsurance	 	 	Life
Insurance	 	 	Corporate	 	 	Total
Consolidated
As reported	 	
Q1 2016	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums written	 	$	6,850	  	 				 				 	$	519	  	 	$	100	  	 	$	215	  	 	$	20	  	 	$	1	  	 	$	 —	  	 	$	5,995	  	
Net premiums earned	 	 	6,988	  	 				 				 	 	208	  	 	 	109	  	 	 	72	  	 	 	—	  	 	 	2	  	 	 	—	  	 	 	6,597	  	
Losses and loss expenses	 	 	3,896	  	 				 				 	 	127	  	 	 	53	  	 	 	42	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	3,674	  	
Policy benefits	 	 	126	  	 				 				 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	126	  	
											
(Gains) losses from fair value changes in separate account assets	 	 	3	  	 				 				 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	3	  	
Policy acquisition costs	 	 	1,410	  	 	 	(506	) 	 				 	 	33	  	 	 	14	  	 	 	13	  	 	 	—	  	 	 	1	  	 	 	—	  	 	 	843	  	
Amortization of acquired UPR intangible	 	 	—	  	 				 	 	570	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	570	  	
Administrative expenses	 	 	836	  	 				 				 	 	35	  	 	 	13	  	 	 	12	  	 	 	—	  	 	 	1	  	 	 	3	  	 	 	772	  	
	 	 	 	 	 				 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted underwriting income (loss)	 	$	717	  	 				 				 	$	13	  	 	$	29	  	 	$	5	  	 	$	 —	  	 	$	 —	  	 	$	(3	) 	 	$	609	(1)  	
 
(1)	Refer to page 5 for a reconciliation of underwriting income to net income.	
The following presents the reconciliation of Q1 2015 Pro Forma underwriting income excluding purchase accounting adjustments, as used throughout this report, to Pro Forma results calculated in accordance with SEC guidance under Article 11:

 	  	As Reported	 	  	 	 	 	 	 	 	PGAAP adjustments  (1)	 	  	 	 	
 	  	Legacy ACE	 	 	Legacy Chubb	 	  	Accounting
policy
alignment  (2)	 	 	Pro forma*	 	 	Acquisition
expense
elimination	 	 	UPR
intangible
amortization	 	  	SEC
Pro Forma
2015   (3)	 	
Q1 2015	  				 				  				 				 				 				  				
Net premiums written	  	$	4,076	  	 	$	3,106	  	  	$	34	  	 	$	7,216	  	 				 				  	$	7,216	  	
Net premiums earned	  	 	3,927	  	 	 	3,105	  	  	 	5	  	 	 	7,037	  	 				 				  	 	7,037	  	
Losses and loss expenses	  	 	2,122	  	 	 	1,920	  	  	 	(1	) 	 	 	4,041	  	 				 				  	 	4,041	  	
Policy benefits	  	 	142	  	 	 	—	  	  	 	—	  	 	 	142	  	 				 				  	 	142	  	
								
(Gains) losses from fair value changes in separate account assets	  	 	(11	) 	 	 	—	  	  	 	—	  	 	 	(11	) 	 				 				  	 	(11	) 	
Policy acquisition costs	  	 	707	  	 	 	626	  	  	 	64	  	 	 	1,397	  	 	 	(543	) 	 				  	 	854	  	
Amortization of acquired UPR intangible	  	 	—	  	 				  	 	—	  	 	 	—	  	 				 	 	674	  	  	 	674	  	
Administrative expenses	  	 	554	  	 	 	354	  	  	 	(33	) 	 	 	875	  	 				 				  	 	875	  	
	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 				 				  	 	 	 	
Underwriting income (loss)	  	$	413	  	 	$	205	  	  	$	(25	) 	 	$	593	  	 				 				  	$	462	  	
 
(1)	As if acquisition occurred on January 1, 2015	
(2)	Refer to the closing Form 8-K/A filed on March 24, 2016 for further information on these adjustments.	
(3)	Based on SEC guidance under Article 11	
 
*	2016 Pro forma results: The combined company results inclusive of the first 14 days of January 2016. The 2016 and 2015 pro forma underwriting results do not include any impact from purchase accounting adjustments.	
2015 Pro forma results: Legacy ACE plus Legacy Chubb historical results. For comparative purposes, the company reclassified certain income and expense items in the 2015 reported amounts of Legacy Chubb to be on the same basis as Legacy ACE results.

Reconciliation Non-GAAP 5	  	Page 29	

Chubb Limited
Glossary
Chubb Limited Consolidated comprises all segments including Corporate.
Operating return on equity (ROE) or ROE calculated using operating income and operating return on tangible equity: The ROE numerator includes income adjusted to exclude after-tax adjusted net realized gains (losses), Chubb integration and related expenses, and the amortization of the fair value adjustment of acquired invested assets and long-term debt. The ROE denominator includes the average shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, net of tax. In addition, the denominator was adjusted to account for the weighted-average impact of the $15,527 million issuance of common shares and equity awards related to the Chubb Corp acquisition on January 14, 2016 . To annualize 2016 operating ROE, include the 14-day stub period adjustment in future quarters (i.e., Q2 through Q4 assumes a full quarter of operating income to account for the distortive impact of Q1 not having a full quarter given the acquisition close on January 14, 2016). For the operating return on tangible equity, we excluded goodwill and other intangibles from the denominator to eliminate the distortive impact of acquisitions. Operating ROE and operating return on tangible equity are useful measures as they enhance 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 and the distortive impact of acquisitions.
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.
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 and related expenses, net of tax: Chubb integration expenses comprise legal and professional fees and all other costs directly related to the integration activities of the Chubb acquisition including the pre-acquisition interest expense on the $5.3 billion senior notes issued in November 2015. The pre-acquisition interest expense is included in operating income subsequent to January 14th, 2016, the date of the acquisition close. Chubb integration expenses are incurred by the overall company and are therefore included in Corporate. The costs are not related to the on-going business activities of the segments and are therefore excluded from our definition of segment income.

Glossary	  	Page 30