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) – July 26, 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 July 26, 2016, Chubb Limited issued a Press Release reporting its second quarter 2016 results and the availability of its second 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 July 26, 2016, Reporting Second Quarter 2016 Results	
		
99.2	  	Second 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	
		
By:	 	/s/ Philip V. Bancroft	
	 	Philip V. Bancroft	
	 	Executive Vice President and Chief Financial Officer	
DATE: July 26, 2016

EXHIBIT INDEX

Number	  	Description	  	Method of Filing	 	
			
99.1	  	Press Release, Dated July 26, 2016, Reporting Second Quarter 2016 Results	  	 	Furnished herewith	  	
			
99.2	  	Second 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 Second Quarter Net and Operating Income of $1.54
and $2.25 per Share, Respectively; Annualized ROE and Operating
ROE are 6.2% and 9.5%, Respectively, for the Quarter and 5.3% and
9.8% Year-to-Date
 
 	•	 	Operating income of $2.25 per share including $0.66 per share of after-tax catastrophe losses, down 6.3% compared with $2.40 per share prior year including $0.32 per share of after-tax catastrophe losses. Operating income excluding catastrophe losses of $2.91 per share, up 7% compared with $2.72 per share prior year.	
 
 	•	 	Consolidated and P&C net premiums written of $7.6 billion and $7.1 billion, respectively, up 59.7% and 66.0%. P&C net premiums written down 4.7% in constant dollars when compared with prior year as if ACE and Chubb were one company in 2015* and down 1.4% in constant dollars excluding the non-recurring Fireman’s Fund transfer in 2015 as previously disclosed and noted below.	
 
 	•	 	P&C combined ratio of 91.2%, or 90.2% excluding the impact from purchase accounting adjustments,* compared with 87.7% prior year, or 87.1% prior year as if ACE and Chubb were one company in 2015.* On an “As If” basis, P&C current accident year combined ratio excluding catastrophe losses of 88.9%, compared with 88.0% prior year, or 88.7% prior year excluding the non-recurring Fireman’s Fund transfer.	
 
 	•	 	Book value and tangible book value per share increased 2.7% and 6.1%, respectively, from prior quarter.	
 
 	•	 	Integration run-rate savings and expenses remain on track.	
 
 	•	 	The transfer of Fireman’s Fund in-force business in April 2015 contributed $252 million of net premiums written, $49 million of underwriting income and $15 million of operating income that were non-recurring in 2016.	
 
*	2016 “As If” results do not include any impact from purchase accounting adjustments related to the acquisition. 2015 “As If” results include Legacy ACE plus Legacy Chubb historical results. ACE Limited acquired The Chubb Corporation on January 14, 2016.	
ZURICH – July 26, 2016 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended June 30, 2016, of $726 million, or $1.54 per share, compared with $942 million, or $2.86 per share, for the same quarter last year. Operating income was $1,058 million, or $2.25 per share, compared with $788 million, or $2.40 per share, for the same quarter last year. Operating income excluding catastrophe losses was $1,369 million, or $2.91 per share, compared with $894 million, or $2.72 per share last year. The property and casualty (P&C) combined ratio for the quarter was 91.2%. Book value and tangible book value per share increased 2.7% and 6.1%, respectively, from March 31, 2016 and now stand at $101.56 and $57.14, respectively. Book value and tangible book value per share were favorably impacted by unrealized gains in the company’s investment portfolio in the quarter of $706 million, after tax.

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

Chubb Limited News Release
 
Chubb Limited
Second Quarter Summary
(in millions, except per share amounts)
(Unaudited)

 	  	 	 	 	 	 	  	 	 	 	(Per Share - Diluted)	 	
 	  	2016	 	 	Legacy
ACE
2015	 	  	Change	 	 	2016	 	 	Legacy
ACE
2015	 	  	Change	 	
Operating income, net of tax	  	$	1,058	  	 	$	788	  	  	 	34.3	% 	 	$	2.25	  	 	$	2.40	  	  	 	(6.3	)% 	
Chubb one-time integration and merger-related expenses, net of tax	  	 	(71	) 	 	 	—  	  	  	 	NM	  	 	 	(0.15	) 	 	 	—  	  	  	 	NM	  	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	(66	) 	 	 	—  	  	  	 	NM	  	 	 	(0.14	) 	 	 	—  	  	  	 	NM	  	
Adjusted net realized gains (losses), net of tax	  	 	(195	) 	 	 	154	  	  	 	NM	  	 	 	(0.42	) 	 	 	0.46	  	  	 	NM	  	
	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Net income	  	$	726	  	 	$	942	  	  	 	(22.8	)% 	 	$	1.54	  	 	$	2.86	  	  	 	(46.2	)% 	
	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
For the three months ended June 30, 2016 and 2015, respectively, the tax expenses (benefits) related to the table above were: $212 million and $136 million, for operating income; $(27) million for Chubb one-time integration and merger-related expenses; $(29) million for amortization of fair value adjustment of acquired invested assets and long-term debt; and $(1) million and $7 million for adjusted net realized gains and losses.
For the six months ended June 30, 2016, net income was $1,165 million, or $2.53 per share, compared with $1,623 million, or $4.91 per share, for 2015. Operating income was $2,077 million, or $4.51 per share, compared with $1,533 million, or $4.64 per share, for 2015. Operating income excluding catastrophe losses was $2,592 million, or $5.63 per share, compared with $1,679 million, or $5.08 per share, last year. The P&C combined ratio for the six months ended June 30, 2016 was 90.6%. Book value per share increased 13.1% from December 31, 2015 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 20.9% from December 31, 2015, reflecting $15.4 billion, net of tax, of goodwill and other intangibles related to the Chubb Corp acquisition. Book value per share and tangible book value per share were favorably impacted by after-tax unrealized gains in the company’s investment portfolio of $1.5 billion and favorable foreign currency movement of $393 million.

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

Chubb Limited News Release
 
Chubb Limited
Six Months Ended Summary
(in millions, except per share amounts)
(Unaudited)

 	  	 	 	 	 	 	  	 	 	 	(Per Share - Diluted)	 	
 	  	2016	 	 	Legacy
ACE
2015	 	  	Change	 	 	2016	 	 	Legacy
ACE
2015	 	  	Change	 	
Operating income, net of tax	  	$	2,077	  	 	$	1,533	  	  	 	35.5	% 	 	$	4.51	  	 	$	4.64	  	  	 	(2.8	)% 	
Chubb one-time integration and merger-related expenses, net of tax	  	 	(177	) 	 	 	—  	  	  	 	NM	  	 	 	(0.38	) 	 	 	—  	  	  	 	NM	  	
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax	  	 	(125	) 	 	 	—  	  	  	 	NM	  	 	 	(0.27	) 	 	 	—  	  	  	 	NM	  	
Adjusted net realized gains (losses), net of tax	  	 	(610	) 	 	 	90	  	  	 	NM	  	 	 	(1.33	) 	 	 	0.27	  	  	 	NM	  	
	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Net income	  	$	1,165	  	 	$	1,623	  	  	 	(28.2	)% 	 	$	2.53	  	 	$	4.91	  	  	 	(48.5	)% 	
	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
For the six months ended June 30, 2016 and 2015, respectively, the tax expenses (benefits) related to the table above were: $413 million and $255 million, for operating income; $(76) million for Chubb one-time integration and merger-related expenses; $(53) million for amortization of fair value adjustment of acquired invested assets and long-term debt; and $(5) million and $8 million for adjusted net realized gains and losses.
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “Chubb produced very good operating results in the quarter despite a greater level of industry natural catastrophe losses globally than has occurred in recent years, though industry insured losses appear in line with longer-term historical averages. After-tax operating income of $2.25 per share was down 6.3% over prior year and included $0.66 of after-tax catastrophe losses. For illustrative purposes, excluding the catastrophe losses, operating EPS for the quarter was up 7% from prior year and up 11% for six months, demonstrating the underlying health and earnings power of the new Chubb and depicting the accretive nature of our merger.
“Our earnings were driven in particular by strong underwriting margins as reflected in the published P&C combined ratio of 91.2%, or 90.2% excluding purchase accounting and other temporary merger-related items. The P&C current accident year combined ratio excluding catastrophe losses was 88.9% versus 88% when comparing results as if we were one company last year. Our six-month results include an annualized operating ROE of circa 10% and book value per share growth of over 13%.
“Premium revenue in the quarter was impacted by foreign exchange, more competitive market conditions and underwriting actions that we took on select portfolios of business. These underwriting actions, including greater use of reinsurance, impacted net premium growth in the quarter by about 1.5 points while improving our risk-reward profile.
“Concerning the merger, our integration efforts, both growth and expense-related, are on track and going well. In fact, the strength of the new Chubb, including cross-selling and the introduction of our total product portfolio to an expanded distribution base, is receiving greater attention and, while early days, the efforts are beginning to contribute to revenue growth.”

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

Chubb Limited News Release
 
Operating highlights for the quarter ended June 30, 2016, were as follows:

 	  	 	 	 	Legacy
ACE
Q2
2015	 	 	 	 	 	As If (1)	 	
Chubb Limited	  	Q2	 	 			 	 	 	 	Q2	 	 	Q2	 	 	 	 	
(in millions of U.S. dollars except for percentages)	  	2016	 	 			 	Change	 	 	2016	 	 	2015	 	 	Change	 	
Consolidated	  				 				 				 				 				 				
Net premiums written	  	$	7,639	  	 	$	4,784	  	 	 	59.7	% 	 	$	7,639	  	 	$	8,108	  	 	 	(5.8	)% 	
Net income	  	$	726	  	 	$	942	  	 	 	(22.8	)% 	 				 				 				
P&C	  				 				 				 				 				 				
Net premiums written	  	$	7,112	  	 	$	4,284	  	 	 	66.0	% 	 	$	7,112	  	 	$	7,584	  	 	 	(6.2	)% 	
Net premiums written constant-dollar	  				 	$	4,213	  	 	 	68.8	% 	 				 	$	7,463	  	 	 	(4.7	)% 	
Net premiums written constant-dollar excluding Fireman’s Fund non-recurring transfer	  				 	$	3,961	  	 	 	79.5	% 	 				 	$	7,211	  	 	 	(1.4	)% 	
Underwriting income	  	$	609	  	 	$	478	  	 	 	27.5	% 	 	$	675	  	 	$	898	  	 	 	(25.0	)% 	
Combined ratio	  	 	91.2	% 	 	 	87.7	% 	 				 	 	90.2	% 	 	 	87.1	% 	 				
Current accident year underwriting income excluding catastrophe losses	  	$	698	  	 	$	449	  	 	 	56.0	% 	 	$	764	  	 	$	836	  	 	 	(8.7	)% 	
Current accident year combined ratio excluding catastrophe losses	  	 	89.9	% 	 	 	88.4	% 	 				 	 	88.9	% 	 	 	88.0	% 	 				
Current accident year combined ratio excluding catastrophe losses and Fireman’s Fund non-recurring transfer	  				 	 	89.7	% 	 				 				 	 	88.7	% 	 				
Global P&C (excludes Agriculture)	  				 				 				 				 				 				
Net premiums written	  	$	6,737	  	 	$	3,905	  	 	 	72.5	% 	 	$	6,737	  	 	$	7,205	  	 	 	(6.5	)% 	
Net premiums written constant-dollar	  				 	$	3,834	  	 	 	75.7	% 	 				 	$	7,083	  	 	 	(4.9	)% 	
Net premiums written constant-dollar excluding Fireman’s Fund non-recurring transfer	  				 	$	3,582	  	 	 	88.1	% 	 				 	$	6,831	  	 	 	(1.4	)% 	
Underwriting income	  	$	595	  	 	$	457	  	 	 	30.3	% 	 	$	661	  	 	$	877	  	 	 	(24.8	)% 	
Combined ratio	  	 	90.9	% 	 	 	87.1	% 	 				 	 	89.9	% 	 	 	86.8	% 	 				
Current accident year underwriting income excluding catastrophe losses	  	$	670	  	 	$	421	  	 	 	59.7	% 	 	$	736	  	 	$	808	  	 	 	(8.9	)% 	
Current accident year combined ratio excluding catastrophe losses	  	 	89.8	% 	 	 	88.2	% 	 				 	 	88.8	% 	 	 	87.9	% 	 				
Current accident year combined ratio excluding catastrophe losses and Fireman’s Fund non-recurring transfer	  				 	 	89.5	% 	 				 				 	 	88.6	% 	 				
 
(1)	Note about “As If” results: 2016 “As If” results do not include the unfavorable impact from purchase accounting adjustments related to the Chubb Corp acquisition of $66 million pre-tax in P&C underwriting income. 2015 “As If” 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
 
 	•	 	Global P&C net premiums written increased 72.5%, or 75.7% in constant dollars. Excluding the non-recurring Fireman’s Fund transfer, Global P&C net premiums written increased 84.4%, or 88.1% in constant dollars. On an “As If” basis, Global P&C net premiums written decreased 6.5%, or 4.9% in constant dollars. Excluding the non-recurring Fireman’s Fund transfer, Global P&C net premiums written decreased 3.1%, or 1.4% in constant dollars.	
 
 	•	 	Consolidated net premiums earned increased 69.8%, or 73.0% in constant dollars reflecting the acquisition of Chubb Corp. On an “As If” basis, consolidated net premiums earned decreased 1.3%, or increased 0.3% in constant dollars.	
 
 	•	 	P&C net premiums earned increased 81.1% in constant dollars reflecting the acquisition of Chubb Corp. On an “As If” basis, P&C net premiums earned decreased 1.4%, or increased 0.1% in constant dollars.	
 
 	•	 	Current accident year P&C and Global P&C underwriting income excluding catastrophe losses and the non-recurring Fireman’s Fund transfer in 2015 increased 75.0% and 80.6%, respectively. On an “As If” basis, current accident year P&C and Global P&C underwriting income excluding catastrophe losses and the non-recurring Fireman’s Fund transfer in 2015 decreased 3.0% and 3.1%, respectively.	
 
 	•	 	The P&C expense ratio was 31.6%, compared with 28.8% last year. On an “As If” basis, the P&C expense ratio was 30.6%, compared with 30.3% last year, or 31.1% excluding the non-recurring Fireman’s Fund transfer.	
 
 	•	 	Total pre-tax and after-tax catastrophe losses were $390 million (5.7 percentage points of the combined ratio) and $311 million, respectively, compared with $124 million (3.2 percentage points of the combined ratio) and $106 million, respectively, last year. On an “As If” basis, total pre-tax and after-tax catastrophe losses for the second quarter of 2015 were $274 million (3.9 percentage points of the combined ratio) and $203 million, respectively.	
 
 	•	 	Total pre-tax and after-tax favorable prior period development were $301 million (4.4 percentage points of the combined ratio) and $241 million, respectively, compared with $153 million pre-tax (3.9 percentage points of the combined ratio) and $128 million after-tax last year. On an “As If” basis, total pre-tax and after-tax favorable prior period development for the second quarter of 2015 were $336 million (4.8 percentage points of the combined ratio) and $248 million, respectively.	
 
 	•	 	Adjusted net investment income, which excludes a purchase accounting adjustment not included in operating income, was $816 million, which is slightly lower than previously estimated due to lower than projected private equity distributions.	
 
 	•	 	Net realized and unrealized gains pre-tax totaled $831 million, including unrealized gains of $1,027 million and net realized losses of $196 million. Net unrealized pre-tax gains comprised primarily unrealized gains of $945 million in the investment portfolio and unrealized foreign exchange gains of $81 million. Adjusted net realized losses included $12 million in the investment portfolio, realized foreign exchange losses of $22 million and $159 million from derivative accounting related to the company’s variable annuity business.	
 
 	•	 	Operating cash flow was $1.1 billion.	
 
 	•	 	Net loss reserves increased $269 million, or $200 million adjusted for foreign exchange.	
 
 	•	 	Book value per share increased 2.7% to $101.56 from $98.85 at March 31, 2016 and increased 13.1% from $89.77 at December 31, 2015. Book value per share was favorably impacted by income, net realized and unrealized gains and favorable foreign currency movement.	

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

Chubb Limited News Release
 
 	•	 	Tangible book value per share increased 6.1% to $57.14 from $53.83 at March 31, 2016 and decreased 20.9% from $72.25 at December 31, 2015. Tangible book value per share benefited from income, favorable foreign currency movement, and net realized and unrealized gains. The year-to-date decline of 20.9% reflected $15.4 billion, net of tax, of goodwill and other intangibles related to the Chubb Corp acquisition.	
Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended June 30, 2016, are presented below:

 	  	 	 	 	Legacy
ACE
Q2
2015	 	 	 	 	 	As If	 	
 	  	Q2	 	 			 	 	 	 	Q2	 	 	Q2	 	 	 	 	
(in millions of U.S. dollars except for percentages)	  	2016	 	 			 	Change	 	 	2016	 	 	2015	 	 	Change	 	
North America Commercial P&C Insurance	  				 				 				 				 				 				
Net premiums written	  	$	3,245	  	 	$	1,428	  	 	 	127.4	% 	 	$	3,245	  	 	$	3,253	  	 	 	(0.2	)% 	
Net premiums written constant-dollar	  				 	$	1,424	  	 	 	128.0	% 	 				 	$	3,249	  	 	 	(0.1	)% 	
Combined ratio	  	 	89.5	% 	 	 	84.6	% 	 				 	 	88.0	% 	 	 	83.4	% 	 				
Current accident year combined ratio excluding catastrophe losses	  	 	89.7	% 	 	 	88.6	% 	 				 	 	88.3	% 	 	 	88.1	% 	 				
North America Personal P&C Insurance	  				 				 				 				 				 				
Net premiums written	  	$	1,231	  	 	$	547	  	 	 	125.1	% 	 	$	1,231	  	 	$	1,550	  	 	 	(20.6	)% 	
Net premiums written excluding Fireman’s Fund non-recurring transfer of $252 million	  				 	$	295	  	 	 	317.3	% 	 				 	$	1,298	  	 	 	(5.2	)% 	
Combined ratio	  	 	90.1	% 	 	 	70.6	% 	 				 	 	87.6	% 	 	 	84.3	% 	 				
Current accident year combined ratio excluding catastrophe losses	  	 	83.0	% 	 	 	65.5	% 	 				 	 	80.5	% 	 	 	77.5	% 	 				
Current accident year combined ratio excluding catastrophe losses and Fireman’s Fund non-recurring transfer	  				 	 	83.5	% 	 				 				 	 	81.7	% 	 				
Overseas General Insurance	  				 				 				 				 				 				
Net premiums written	  	$	2,031	  	 	$	1,669	  	 	 	21.6	% 	 	$	2,031	  	 	$	2,136	  	 	 	(5.0	)% 	
Net premiums written constant-dollar	  				 	$	1,602	  	 	 	26.7	% 	 				 	$	2,020	  	 	 	0.5	% 	
Combined ratio	  	 	90.9	% 	 	 	89.2	% 	 				 	 	91.3	% 	 	 	89.5	% 	 				
Current accident year combined ratio excluding catastrophe losses	  	 	91.5	% 	 	 	89.8	% 	 				 	 	92.0	% 	 	 	90.7	% 	 				
 
 	•	 	Overseas General Insurance: The 2015 “As If” combined ratio benefited by 1.3 percentage points from favorable short-tail large loss experience and a non-recurring reinsurance benefit.	
 
 	•	 	North America Agricultural Insurance: Net premiums written decreased 1.2%. The combined ratio was 95.9%, compared with 93.6%. The current accident year combined ratio excluding catastrophe losses was 91.6%, compared with 91.4%.	
 
 	•	 	Global Reinsurance: Net premiums written decreased 11.9%, or 11.6% in constant dollars due to market conditions. The combined ratio was 79.8%, compared with 65.7%. The current accident year combined ratio excluding catastrophe losses was 78.9%, compared with 79.6%.	

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

Chubb Limited News Release
 
 	•	 	Life Insurance: Segment income was $74 million compared to $78 million. International life insurance net premiums written increased 9.2%, or 15.3% in constant dollars.	
Please refer to the Chubb Limited Financial Supplement , dated June 30, 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 second quarter earnings conference call on Wednesday, July 27, 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 800-946-0719 (within the United States) or 719-325-2210 (international), passcode 4137143. Please refer to the Chubb website under Events for details. A replay of the call will be available until Thursday, August 11, 2016 and the archived webcast will be available for approximately one month. To listen to the replay, please click here to register and receive dial-in numbers.

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

Chubb Limited News Release
 
About 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. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength 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
Regulation G - Non-GAAP Financial Measures
In presenting our results, we included and discussed certain non-GAAP measures, including company measures on an “As If” basis. These non-GAAP measures and combined company 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.
“As If” company measures presented throughout this section are prepared exclusive of the impact of the unearned premium reserves intangible amortization and the elimination of the historical policy acquisition costs as a result of purchase accounting in order to present the underlying profitability of our insurance business. We believe this measure provides visibility into our results and allows for comparability to our historical results and is consistent with how management evaluates results. We have discussed our results on an “As If” basis for both the current and prior year periods, which are defined as follows:
2016 “As If” results: The 2016 and 2015 As If underwriting results do not include the impact of purchase accounting adjustments (i.e., impact of the unearned premium reserves intangible amortization and the elimination of the historical policy acquisition costs as a result of purchase accounting related to the Chubb Corp acquisition).
2015 “As If” results: Legacy ACE plus Legacy Chubb historical results after accounting policy alignment adjustments, including reclassifying certain legacy Chubb Corp corporate expenses to administrative expense and redefining Chubb Corp segment underwriting income by allocating the amortization of deferred acquisition costs to each segment.

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

Chubb Limited News Release
 
Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired assets. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.
Adjusted net realized gains (losses), net of tax , includes net realized gains (losses) and net realized gains (losses) recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives. 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 (loss) includes underwriting income adjusted net investment income, and other income (expense) – operating.
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.
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 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 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.

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

Chubb Limited News Release
 
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, for the six months ended June 30, 2016, 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. 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.
Measures excluding Fireman’s Fund non-recurring unearned premium reserve (UPR) transfer . We acquired Fireman’s Fund high net worth personal lines business in April 2015 and recognized as written premium at the date of acquisition non-recurring unearned premiums reserves of $252 million and underwriting benefit of $49 million. Due to the size of the non-recurring transfer, we believe that excluding this non-recurring benefit in 2015 will allow for comparability when assessing trends in our business.
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 are 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 are excluded from operating income in order to enhance the understanding of our results of underwriting operations as they are heavily influenced by, and fluctuate in part, according to market conditions.
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 is included within operating income.
See reconciliation of Non-GAAP Financial Measures on pages 41-49 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.

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

Chubb Limited News Release
 
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; other expected benefits of the ACE and Chubb merger; and our plans, 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 potential complications or disruptions related to them, the 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)

 	  	June 30	 	  	December 31	 	
 	  	2016	 	  	2015	 	
Assets	  				  				
Investments	  	$	99,846	  	  	$	66,251	  	
Cash	  	 	1,011	  	  	 	1,775	  	
Insurance and reinsurance balances receivable	  	 	8,532	  	  	 	5,323	  	
Reinsurance recoverable on losses and loss expenses	  	 	13,235	  	  	 	11,386	  	
Goodwill and other intangible assets	  	 	22,923	  	  	 	5,683	  	
Other assets	  	 	14,656	  	  	 	11,888	  	
	  	 	 	 	  	 	 	 	
Total assets	  	$	160,203	  	  	$	102,306	  	
	  	 	 	 	  	 	 	 	
Liabilities	  				  				
Unpaid losses and loss expenses	  	$	60,819	  	  	$	37,303	  	
Unearned premiums	  	 	15,229	  	  	 	8,439	  	
Other liabilities	  	 	36,929	  	  	 	27,429	  	
	  	 	 	 	  	 	 	 	
Total liabilities	  	$	112,977	  	  	$	73,171	  	
	  	 	 	 	  	 	 	 	
Shareholders’ equity	  				  				
Total shareholders’ equity	  	 	47,226	  	  	 	29,135	  	
	  	 	 	 	  	 	 	 	
Total liabilities and shareholders’ equity	  	$	160,203	  	  	$	102,306	  	
	  	 	 	 	  	 	 	 	
Book value per common share	  	$	101.56	  	  	$	89.77	  	
Tangible book value per common share	  	$	57.14	  	  	$	72.25	  	
Book value per common share excluding cumulative translation losses (1)	  	$	104.05	  	  	$	94.51	  	
Tangible book value per common share excluding cumulative translation losses (2)	  	$	58.98	  	  	$	75.30	  	
 
(1)	Cumulative translation losses were $1.2 billion in 2016 and $1.5 billion in 2015	
(2)	Cumulative translation losses were $299 million in 2016 and $550 million in 2015	

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

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

 	  	Three Months Ended	 	 	Six Months Ended	 	
 	  	June 30	 	 	June 30	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
Gross premiums written	  	$	9,274	  	 	$	6,504	  	 	$	16,663	  	 	$	11,826	  	
Net premiums written	  	 	7,639	  	 	 	4,784	  	 	 	13,634	  	 	 	8,860	  	
Net premiums earned	  	 	7,405	  	 	 	4,360	  	 	 	14,002	  	 	 	8,287	  	
Losses and loss expenses	  	 	4,254	  	 	 	2,417	  	 	 	7,928	  	 	 	4,539	  	
Policy benefits	  	 	146	  	 	 	153	  	 	 	272	  	 	 	295	  	
Policy acquisition costs	  	 	1,560	  	 	 	727	  	 	 	2,973	  	 	 	1,434	  	
Administrative expenses	  	 	829	  	 	 	578	  	 	 	1,601	  	 	 	1,132	  	
Net investment income	  	 	708	  	 	 	562	  	 	 	1,382	  	 	 	1,113	  	
Net realized gains (losses)	  	 	(216	) 	 	 	126	  	 	 	(610	) 	 	 	37	  	
Interest expense	  	 	153	  	 	 	71	  	 	 	299	  	 	 	139	  	
Other income (expense):	  				 				 				 				
Gains (losses) from separate account assets	  	 	3	  	 	 	6	  	 	 	—  	  	 	 	17	  	
Other	  	 	26	  	 	 	32	  	 	 	1	  	 	 	56	  	
Amortization of purchased intangibles	  	 	5	  	 	 	55	  	 	 	12	  	 	 	85	  	
Chubb integration expenses	  	 	98	  	 	 	—  	  	 	 	246	  	 	 	—  	  	
Income tax expense	  	 	155	  	 	 	143	  	 	 	279	  	 	 	263	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	726	  	 	$	942	  	 	$	1,165	  	 	$	1,623	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings per share:	  				 				 				 				
Operating income	  	$	2.25	  	 	$	2.40	  	 	$	4.51	  	 	$	4.64	  	
Net income	  	$	1.54	  	 	$	2.86	  	 	$	2.53	  	 	$	4.91	  	
Weighted average diluted shares outstanding	  	 	471.2	  	 	 	328.7	  	 	 	460.5	  	 	 	330.2	  	
P&C combined ratio	  				 				 				 				
Loss and loss expense ratio	  	 	59.6	% 	 	 	58.9	% 	 	 	58.5	% 	 	 	58.0	% 	
Policy acquisition cost ratio	  	 	20.6	% 	 	 	15.7	% 	 	 	20.9	% 	 	 	16.5	% 	
Administrative expense ratio	  	 	11.0	% 	 	 	13.1	% 	 	 	11.2	% 	 	 	13.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C combined ratio	  	 	91.2	% 	 	 	87.7	% 	 	 	90.6	% 	 	 	88.0	% 	
P&C underwriting income	  	$	609	  	 	$	478	  	 	$	1,221	  	 	$	880	  	

			
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	 	  	Six Months Ended	 	
 	  	June 30	 	  	June 30	 	
 	  	2016	 	  	2015	 	  	2016	 	  	2015	 	
Gross Premiums Written	  	  				  				
North America Commercial P&C Insurance	  	$	4,041	  	  	$	2,070	  	  	$	7,045	  	  	$	4,049	  	
North America Personal P&C Insurance	  	 	1,369	  	  	 	835	  	  	 	2,343	  	  	 	981	  	
North America Agricultural Insurance	  	 	545	  	  	 	566	  	  	 	681	  	  	 	694	  	
Overseas General Insurance	  	 	2,494	  	  	 	2,212	  	  	 	5,010	  	  	 	4,467	  	
Global Reinsurance	  	 	268	  	  	 	292	  	  	 	481	  	  	 	584	  	
Life Insurance	  	 	557	  	  	 	529	  	  	 	1,103	  	  	 	1,051	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	9,274	  	  	$	6,504	  	  	$	16,663	  	  	$	11,826	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net Premiums Written	  	  				  				
North America Commercial P&C Insurance	  	$	3,245	  	  	$	1,428	  	  	$	5,547	  	  	$	2,725	  	
North America Personal P&C Insurance	  	 	1,231	  	  	 	547	  	  	 	2,102	  	  	 	680	  	
North America Agricultural Insurance	  	 	375	  	  	 	379	  	  	 	439	  	  	 	467	  	
Overseas General Insurance	  	 	2,031	  	  	 	1,669	  	  	 	4,072	  	  	 	3,463	  	
Global Reinsurance	  	 	230	  	  	 	261	  	  	 	431	  	  	 	534	  	
Life Insurance	  	 	527	  	  	 	500	  	  	 	1,043	  	  	 	991	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	7,639	  	  	$	4,784	  	  	$	13,634	  	  	$	8,860	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net Premiums Earned	  	  				  				
North America Commercial P&C Insurance	  	$	3,148	  	  	$	1,419	  	  	$	6,044	  	  	$	2,799	  	
North America Personal P&C Insurance	  	 	1,140	  	  	 	269	  	  	 	2,164	  	  	 	415	  	
North America Agricultural Insurance	  	 	327	  	  	 	321	  	  	 	350	  	  	 	385	  	
Overseas General Insurance	  	 	2,093	  	  	 	1,644	  	  	 	4,048	  	  	 	3,281	  	
Global Reinsurance	  	 	185	  	  	 	220	  	  	 	387	  	  	 	446	  	
Life Insurance	  	 	512	  	  	 	487	  	  	 	1,009	  	  	 	961	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	7,405	  	  	$	4,360	  	  	$	14,002	  	  	$	8,287	  	

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

Chubb Limited News Release

 	  	Three Months Ended	 	 	Six Months Ended	 	
 	  	June 30	 	 	June 30	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
Segment income (loss)	  	 				 				
North America Commercial P&C Insurance	  	$	810	  	 	$	479	  	 	$	1,637	  	 	$	924	  	
North America Personal P&C Insurance	  	 	164	  	 	 	87	  	 	 	236	  	 	 	77	  	
North America Agricultural Insurance	  	 	19	  	 	 	26	  	 	 	77	  	 	 	78	  	
Overseas General Insurance	  	 	342	  	 	 	321	  	 	 	661	  	 	 	639	  	
Global Reinsurance	  	 	104	  	 	 	154	  	 	 	218	  	 	 	291	  	
Life Insurance	  	 	74	  	 	 	78	  	 	 	135	  	 	 	153	  	
Corporate	  	 	(72	) 	 	 	(95	) 	 	 	(147	) 	 	 	(150	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	1,441	  	 	$	1,050	  	 	$	2,817	  	 	$	2,012	  	

			
Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of Chubb Limited.	  	15	

Exhibit 99.2

Chubb Limited
Financial Supplement
for the Quarter Ended June 30, 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.

Segment Reporting and Combined Legacy ACE and Legacy Chubb Results (“As If”) Disclosures
Since the completion of its acquisition of The Chubb Corporation (referred to as Legacy Chubb) on January 14, 2016, Chubb Limited (formerly ACE Limited and referred to as Legacy ACE) began reporting its 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. Corporate includes 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 run-off exposures and Legacy Chubb A&E and mass tort exposures. Revenue and expenses managed at the corporate level and Chubb integration expenses, which are incurred by the overall company, are included in Corporate. These integration costs are not related to the on-going business activities of the segments and are therefore excluded from our definition of segment income. During the second quarter of 2016, the company further defined its segment measure to include Other operating income and expense items such as its share of the operating income (loss) related to partially-owned entities and certain federal excise and capital taxes incurred as a result of capital management initiatives. This updated definition better aligns with how the business is managed as we continue to refine the process. As the company progresses through the integration, it may continue to further refine its segments and segment income measures.
“As If” company measures presented throughout this document are prepared exclusive of the impact of the unearned premium reserves intangible amortization and the elimination of the historical policy acquisition costs, as a result of purchase accounting, in order to present the underlying profitability of our insurance business. We believe this measure provides visibility into our results and allows for comparability to our historical results and is consistent with how management evaluates results. We have discussed our results on an “As If” basis for both the current and prior year periods, which are defined as follows:
2016 “As If” results : The 2016 and 2015 As If underwriting results do not include any impact from purchase accounting adjustments. The first quarter and year to date combined company results are inclusive of the results of Legacy Chubb for the first 14 days of January 2016 when the acquisition had not yet been completed.
2015 “As If” 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.
Note: In the first quarter of 2016 earnings release on May 4, 2016, the company previously labeled “As If” Results as “Pro Forma” Results. In order to emphasize that these combined company results exclude the impact of purchase accounting and are therefore not calculated in accordance with SEC guidance under Article 11, the company has renamed the combined Legacy ACE and Legacy Chubb results from “Pro Forma” to “As If”. The calculation of these results as defined above remains the same as the prior quarter.
“As If” company results presented throughout this document are unaudited and are provided for informational purposes only. A reconciliation of “As If” company results as defined above to pro forma results in accordance with SEC guidance under Article 11, is provided in the Reconciliation of non-GAAP section starting on page 40.
Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this financial supplement reflect Chubb Limited’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from 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, credit developments among reinsurers and activities and expenses related to post-acquisition integration of Legacy ACE and Legacy Chubb.
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.
 
As If Results Definition

Chubb Limited
Financial Supplement Table of Contents

 	  	 	  	Page	 	
I.	  	Financial Highlights	  				
	  	- Consolidated Financial Highlights	  	 	1-2	  	
			
II.	  	Consolidated Results	  				
	  	- Consolidated Statement of Operations	  	 	3	  	
	  	- P&C Results- Consecutive Quarters	  	 	4-5	  	
	  	- Catastrophe Losses	  	 	6	  	
	  	- Summary Consolidated Balance Sheets	  	 	7	  	
	  	- Line of Business	  	 	8	  	
	  	- Consolidated Results	  	 	9-12	  	
	  	- Consolidated Statement of Operations - “As If” Basis	  	 	13-14	  	
			
III.	  	Global P&C Results	  				
	  	- Global P&C Results - Consecutive Quarters	  	 	15-16	  	
			
IV.	  	Segment Results	  				
	  	- North America Commercial P&C Insurance	  	 	17-18	  	
	  	- North America Personal P&C Insurance	  	 	19-20	  	
	  	- North American Agricultural Insurance	  	 	21	  	
	  	- Overseas General Insurance	  	 	22-23	  	
	  	- Global Reinsurance	  	 	24-25	  	
	  	- Life Insurance	  	 	26-27	  	
	  	- Corporate	  	 	28	  	
			
V.	  	Balance Sheet Details	  				
	  	- Loss Reserve Rollforward	  	 	29	  	
	  	- Reinsurance Recoverable Analysis	  	 	30	  	
	  	- Investment Portfolio	  	 	31-34	  	
	  	- Net Realized and Unrealized Gains (Losses)	  	 	35-36	  	
	  	- Debt and Capital	  	 	37	  	
	  	- Computation of Basic and Diluted Earnings Per Share	  	 	38	  	
	  	- Book Value and Book Value per Common Share	  	 	39	  	
			
VI.	  	Other Disclosures	  				
	  	- Non-GAAP Financial Measures	  	 	40-48	  	
	  	- Glossary	  	 	49	  	

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

 	 	 	 	 	 	 	 	 	 	 	Constant $
% Change
2Q-16 vs.
2Q-15 (1)	 	 	As If *	 	
 	 	Three months
ended June 30	 	 	% Change
2Q-16 vs.
2Q-15	 	 	Constant $
2015 (1)	 	 			 	Three months
ended June 30	 	 	% Change
2Q-16 vs.
2Q-15	 	 	Constant $
2015 (1)	 	 	Constant $
% Change
2Q-16 vs.
2Q-15 (1)	 	
 	 	2016	 	 	2015	 	 			 			 			 	2016	 	 	2015	 	 			 			 			
Gross premiums written (2)	 	$	9,274	  	 	$	6,504	  	 	 	42.6	% 	 	$	6,391	  	 	 	45.1	% 	 	$	9,274	  	 	$	10,050	  	 	 	-7.7	% 	 	$	9,890	  	 	 	-6.2	% 	
Net premiums written (2)	 	$	7,639	  	 	$	4,784	  	 	 	59.7	% 	 	$	4,701	  	 	 	62.5	% 	 	$	7,639	  	 	$	8,108	  	 	 	-5.8	% 	 	$	7,972	  	 	 	-4.2	% 	
P&C net premiums written (2)	 	$	7,112	  	 	$	4,284	  	 	 	66.0	% 	 	$	4,213	  	 	 	68.8	% 	 	$	7,112	  	 	$	7,584	  	 	 	-6.2	% 	 	$	7,463	  	 	 	-4.7	% 	
Global P&C net premiums written (2)	 	$	6,737	  	 	$	3,905	  	 	 	72.5	% 	 	$	3,834	  	 	 	75.7	% 	 	$	6,737	  	 	$	7,205	  	 	 	-6.5	% 	 	$	7,083	  	 	 	-4.9	% 	
Net premiums earned	 	$	7,405	  	 	$	4,360	  	 	 	69.8	% 	 	$	4,280	  	 	 	73.0	% 	 	$	7,405	  	 	$	7,503	  	 	 	-1.3	% 	 	$	7,383	  	 	 	0.3	% 	
Net investment income	 	$	708	  	 	$	562	  	 	 	26.0	% 	 	$	554	  	 	 	27.7	% 	 				 				 				 				 				
Adjusted net investment income	 	$	816	  	 	$	562	  	 	 	45.3	% 	 	$	554	  	 	 	47.2	% 	 				 				 				 				 				
Operating income (2)	 	$	1,058	  	 	$	788	  	 	 	34.3	% 	 	$	778	  	 	 	36.0	% 	 				 				 				 				 				
Net income	 	$	726	  	 	$	942	  	 	 	-22.8	% 	 				 				 				 				 				 				 				
Comprehensive income	 	$	1,540	  	 	$	397	  	 	 	288.3	% 	 				 				 				 				 				 				 				
Operating cash flow	 	$	1,133	  	 	$	816	  	 				 				 				 				 				 				 				 				
P&C combined ratio	 				 				 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	59.6	% 	 	 	58.9	% 	 				 				 				 	 	59.6	% 	 	 	56.8	% 	 				 				 				
Underwriting and administrative expense ratio	 	 	31.6	% 	 	 	28.8	% 	 				 				 				 	 	30.6	% 	 	 	30.3	% 	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
Combined ratio	 	 	91.2	% 	 	 	87.7	% 	 				 				 				 	 	90.2	% 	 	 	87.1	% 	 				 				 				
Operating return on equity (ROE)	 	 	9.5	% 	 	 	11.4	% 	 				 				 				 				 				 				 				 				
ROE	 	 	6.2	% 	 	 	12.7	% 	 				 				 				 				 				 				 				 				
Operating effective tax rate (3)	 	 	16.7	% 	 	 	14.7	% 	 				 				 				 				 				 				 				 				
Effective tax rate	 	 	17.6	% 	 	 	13.2	% 	 				 				 				 				 				 				 				 				
Diluted earnings per share	 				 				 				 				 				 				 				 				 				 				
Operating income	 	$	2.25	  	 	$	2.40	  	 	 	-6.3	% 	 				 				 				 				 				 				 				
Net income	 	$	1.54	  	 	$	2.86	  	 	 	-46.2	% 	 				 				 				 				 				 				 				
Weighted average basic common shares outstanding	 	 	467.7	  	 	 	325.5	  	 				 				 				 				 				 				 				 				
Weighted average diluted common shares outstanding	 	 	471.2	  	 	 	328.7	  	 				 				 				 				 				 				 				 				
 
(1)	Prior periods on a constant dollar basis.	
(2)	Included in Q2 2015 are gross premiums written of $428 million, net premiums written of $252 million, and operating income of $15 million related to the transfer of Fireman’s Fund in-force business at the time of the transaction that is non-recurring in 2016.	
(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.	
*	2015 As If 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 - QTR	  	Page 1	

Chubb Limited
Consolidated Financial Highlights - Year to Date
(in millions of U.S. dollars, except share, per share data, and ratios)
(Unaudited)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	As If *	 	
 	 	Six months
ended June 30	 	 	% Change
YTD-16 vs
YTD-15	 	 	Constant $
2015 (1)	 	 	Constant $
% Change
YTD-16 vs
YTD-15 (1)	 	 	Six months
ended June 30	 	 	% Change
YTD-16 vs
YTD-15	 	 	Constant $
2015 (1)	 	 	Constant $
% Change
YTD-16 vs
YTD-15 (1)	 	
 	 	2016	 	 	2015	 	 			 			 			 	2016	 	 	2015	 	 			 			 			
Gross premiums written (2)	 	$	16,663	  	 	$	11,826	  	 	 	40.9	% 	 	$	11,458	  	 	 	45.4	% 	 	$	17,595	  	 	$	18,750	  	 	 	-6.2	% 	 	$	18,242	  	 	 	-3.5	% 	
Net premiums written	 	$	13,634	  	 	$	8,860	  	 	 	53.9	% 	 	$	8,566	  	 	 	59.2	% 	 	$	14,489	  	 	$	15,324	  	 	 	-5.4	% 	 	$	14,888	  	 	 	-2.7	% 	
P&C net premiums written (2)	 	$	12,591	  	 	$	7,869	  	 	 	60.0	% 	 	$	7,610	  	 	 	65.5	% 	 	$	13,445	  	 	$	14,284	  	 	 	-5.9	% 	 	$	13,885	  	 	 	-3.2	% 	
Global P&C net premiums written  (2)	 	$	12,152	  	 	$	7,402	  	 	 	64.2	% 	 	$	7,143	  	 	 	70.1	% 	 	$	13,006	  	 	$	13,817	  	 	 	-5.9	% 	 	$	13,417	  	 	 	-3.1	% 	
Net premiums earned	 	$	14,002	  	 	$	8,287	  	 	 	69.0	% 	 	$	8,025	  	 	 	74.5	% 	 	$	14,393	  	 	$	14,540	  	 	 	-1.0	% 	 	$	14,168	  	 	 	1.6	% 	
Net investment income	 	$	1,382	  	 	$	1,113	  	 	 	24.2	% 	 	$	1,094	  	 	 	26.3	% 	 				 				 				 				 				
Adjusted net investment income	 	$	1,583	  	 	$	1,113	  	 	 	42.3	% 	 	$	1,094	  	 	 	44.7	% 	 				 				 				 				 				
Operating income  (2)	 	$	2,077	  	 	$	1,533	  	 	 	35.5	% 	 	$	1,502	  	 	 	38.3	% 	 				 				 				 				 				
Net income	 	$	1,165	  	 	$	1,623	  	 	 	-28.2	% 	 				 				 				 				 				 				 				
Comprehensive income	 	$	2,346	  	 	$	1,039	  	 	 	125.9	% 	 				 				 				 				 				 				 				
Operating cash flow	 	$	2,153	  	 	$	1,891	  	 				 				 				 				 				 				 				 				
P&C combined ratio	 				 				 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	58.5	% 	 	 	58.0	% 	 				 				 				 	 	58.5	% 	 	 	58.0	% 	 				 				 				
Underwriting and administrative expense ratio	 	 	32.1	% 	 	 	30.0	% 	 				 				 				 	 	31.1	% 	 	 	31.0	% 	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
Combined ratio	 	 	90.6	% 	 	 	88.0	% 	 				 				 				 	 	89.6	% 	 	 	89.0	% 	 				 				 				
Operating return on equity (ROE)	 	 	9.8	% 	 	 	11.0	% 	 				 				 				 				 				 				 				 				
ROE	 	 	5.3	% 	 	 	11.0	% 	 				 				 				 				 				 				 				 				
Operating effective tax rate (3)	 	 	16.6	% 	 	 	14.2	% 	 				 				 				 				 				 				 				 				
Effective tax rate	 	 	19.3	% 	 	 	13.9	% 	 				 				 				 				 				 				 				 				
Diluted earnings per share	 				 				 				 				 				 				 				 				 				 				
Operating income	 	$	4.51	  	 	$	4.64	  	 	 	-2.8	% 	 				 				 				 				 				 				 				
Net income	 	$	2.53	  	 	$	4.91	  	 	 	-48.5	% 	 				 				 				 				 				 				 				
Full six months diluted earnings per share (4)	 				 				 				 				 				 				 				 				 				 				
Operating income	 	$	4.54	  	 	$	4.64	  	 	 	-2.2	% 	 				 				 				 				 				 				 				
Net income	 	$	2.60	  	 	$	4.91	  	 	 	-47.0	% 	 				 				 				 				 				 				 				
											
 	 	 	 	 	 	 	 	 	 	 	December 31
2015	 	 	% Change
2Q-16 vs
4Q-15	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share	 	$	101.56	  	 				 				 	$	89.77	  	 	 	13.1	% 	 				 				 				 				 				
Book value per common share excluding foreign currency (5)	 	$	100.72	  	 				 				 	$	89.77	  	 	 	12.2	% 	 				 				 				 				 				
Tangible book value per common share	 	$	57.14	  	 				 				 	$	72.25	  	 	 	-20.9	% 	 				 				 				 				 				
Tangible book value per common share excluding foreign currency (5)	 	$	56.83	  	 				 				 	$	72.25	  	 	 	-21.3	% 	 				 				 				 				 				
Weighted average basic common shares outstanding	 	 	457.1	  	 	 	326.8	  	 				 	 	325.6	  	 				 				 				 				 				 				
Weighted average diluted common shares outstanding	 	 	460.5	  	 	 	330.2	  	 				 	 	328.8	  	 				 				 				 				 				 				
Total hybrid & financial debt/capitalization	 	 	22.1	% 	 				 				 	 	25.0	% 	 				 				 				 				 				 				
 
(1)	Prior periods on a constant dollar basis.	
(2)	Included in 2015 are gross premiums written of $428 million, net premiums written of $252 million, and operating income of $15 million related to the transfer of the Fireman’s Fund in-force business that existed at the time of the closing that is non-recurring in 2016.	
(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 year was primarily due to a higher percentage of operating earnings being generated in higher tax paying jurisdictions.	
(4)	Full six months diluted earnings per share 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 year.	
*	2016 As If results: The 2016 and 2015 As If underwriting results do not include any impact from purchase accounting adjustments. The YTD 2016 combined company results are inclusive of the first 14 days of January 2016.	
2015 As If 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 - YTD	  	Page 2	

Chubb Limited
Statement of Operations – Consecutive Quarters
(in millions of U.S. dollars)
(Unaudited)

 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Legacy ACE	 	
 	  	 	  	 	 	 	 	 	 	Legacy ACE	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	Consolidated Statements of Operations	  	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	2016	 	 	2015	 	 	2015	 	
	  	Gross premiums written	  	$	9,274	  	 	$	7,389	  	 	$	5,639	  	 	$	6,346	  	 	$	6,504	  	 	$	16,663	  	 	$	11,826	  	 	$	23,811	  	
	  	Net premiums written	  	 	7,639	  	 	 	5,995	  	 	 	4,144	  	 	 	4,709	  	 	 	4,784	  	 	 	13,634	  	 	 	8,860	  	 	 	17,713	  	
	  	Net premiums earned	  	 	7,405	  	 	 	6,597	  	 	 	4,207	  	 	 	4,719	  	 	 	4,360	  	 	 	14,002	  	 	 	8,287	  	 	 	17,213	  	
	  	Losses and loss expenses	  	 	4,254	  	 	 	3,674	  	 	 	2,302	  	 	 	2,643	  	 	 	2,417	  	 	 	7,928	  	 	 	4,539	  	 	 	9,484	  	
	  	Policy benefits	  	 	146	  	 	 	126	  	 	 	159	  	 	 	89	  	 	 	153	  	 	 	272	  	 	 	295	  	 	 	543	  	
	  	Policy acquisition costs	  	 	1,560	  	 	 	1,413	  	 	 	736	  	 	 	771	  	 	 	727	  	 	 	2,973	  	 	 	1,434	  	 	 	2,941	  	
	  	Administrative expenses	  	 	829	  	 	 	772	  	 	 	570	  	 	 	568	  	 	 	578	  	 	 	1,601	  	 	 	1,132	  	 	 	2,270	  	
	  	Net investment income:	  				 				 				 				 				 				 				 				
(1)	  	Adjusted net investment income	  	 	816	  	 	 	767	  	 	 	532	  	 	 	549	  	 	 	562	  	 	 	1,583	  	 	 	1,113	  	 	 	2,194	  	
	  	Amortization expense of fair value adjustment on acquired invested assets	  	 	(108	) 	 	 	(93	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(201	) 	 	 	—  	  	 	 	—  	  	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	Total net investment income	  	 	708	  	 	 	674	  	 	 	532	  	 	 	549	  	 	 	562	  	 	 	1,382	  	 	 	1,113	  	 	 	2,194	  	
	  	Net realized gains (losses):	  				 				 				 				 	 	—  	  	 				 				 				
(2)	  	Adjusted realized gains (losses)	  	 	(214	) 	 	 	(394	) 	 	 	(57	) 	 	 	(393	) 	 	 	128	  	 	 	(608	) 	 	 	39	  	 	 	(411	) 	
	  	Realized gains (losses) on crop derivatives	  	 	(2	) 	 	 	—  	  	 	 	(3	) 	 	 	(4	) 	 	 	(2	) 	 	 	(2	) 	 	 	(2	) 	 	 	(9	) 	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	Total net realized gains (losses)	  	 	(216	) 	 	 	(394	) 	 	 	(60	) 	 	 	(397	) 	 	 	126	  	 	 	(610	) 	 	 	37	  	 	 	(420	) 	
(3)	  	Interest expense:	  				 				 				 				 				 				 				 				
	  	Adjusted interest expense	  	 	166	  	 	 	149	  	 	 	64	  	 	 	68	  	 	 	71	  	 	 	315	  	 	 	139	  	 	 	271	  	
	  	Interest expense related to pre-acquisition debt	  	 	—  	  	 	 	7	  	 	 	29	  	 	 	—  	  	 	 	—  	  	 	 	7	  	 	 	—  	  	 	 	29	  	
	  	Amortization benefit of fair value adjustment on acquired long term debt	  	 	(13	) 	 	 	(10	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(23	) 	 	 	—  	  	 	 	—  	  	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	Total interest expense	  	 	153	  	 	 	146	  	 	 	93	  	 	 	68	  	 	 	71	  	 	 	299	  	 	 	139	  	 	 	300	  	
	  	Other income (expense):	  				 				 				 				 				 				 				 				
	  	Gains (losses) from fair value changes in separate account assets	  	 	3	  	 	 	(3	) 	 	 	13	  	 	 	(49	) 	 	 	6	  	 	 	—  	  	 	 	17	  	 	 	(19	) 	
	  	Net realized gains (losses) related to unconsolidated entities	  	 	18	  	 	 	(25	) 	 	 	(17	) 	 	 	25	  	 	 	33	  	 	 	(7	) 	 	 	59	  	 	 	67	  	
	  	Other income (expense) - operating	  	 	8	  	 	 	—  	  	 	 	(6	) 	 	 	12	  	 	 	(1	) 	 	 	8	  	 	 	(3	) 	 	 	3	  	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	Total other income (expense)	  	 	29	  	 	 	(28	) 	 	 	(10	) 	 	 	(12	) 	 	 	38	  	 	 	1	  	 	 	73	  	 	 	51	  	
	  	Amortization expense of purchased intangibles	  	 	5	  	 	 	7	  	 	 	35	  	 	 	51	  	 	 	55	  	 	 	12	  	 	 	85	  	 	 	171	  	
	  	Chubb integration expenses	  	 	98	  	 	 	148	  	 	 	24	  	 	 	9	  	 	 	—  	  	 	 	246	  	 	 	—  	  	 	 	33	  	
	  	Income tax expense	  	 	155	  	 	 	124	  	 	 	67	  	 	 	132	  	 	 	143	  	 	 	279	  	 	 	263	  	 	 	462	  	
	  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	Net income	  	$	726	  	 	$	439	  	 	$	683	  	 	$	528	  	 	$	942	  	 	$	1,165	  	 	$	1,623	  	 	$	2,834	  	

(1)	Adjusted net investment income used throughout this report excludes amortization of fair value adjustment on acquired invested assets.	
(2)	Adjusted realized gains (losses) used throughout this report excludes realized gains (losses) from crop derivatives.	
(3)	Adjusted interest expense used throughout this report excludes interest expense related to pre-acquisition debt and amortization of fair value adjustment on acquired long term debt.	

Statement of Operations	  	Page 3	

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

 	 	 	 	 	 	 	 	Legacy ACE	 	 	 	 	 	Legacy ACE	 	
Chubb Limited P&C Underwriting Results	 	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	YTD 2016	 	 	YTD
2015	 	 	Full Year
2015	 	
P&C Underwriting Income (Including Corporate and excluding Life Insurance)	 				 				 				 				 				 				 				 				
Gross premiums written (1)	 	$	8,717	  	 	$	6,843	  	 	$	5,091	  	 	$	5,824	  	 	$	5,975	  	 	$	15,560	  	 	$	10,775	  	 	$	21,690	  	
Net premiums written (1)	 	 	7,112	  	 	 	5,479	  	 	 	3,629	  	 	 	4,217	  	 	 	4,284	  	 	 	12,591	  	 	 	7,869	  	 	 	15,715	  	
Net premiums earned	 	 	6,893	  	 	 	6,100	  	 	 	3,701	  	 	 	4,239	  	 	 	3,873	  	 	 	12,993	  	 	 	7,326	  	 	 	15,266	  	
Adjusted losses and loss expenses	 	 	4,109	  	 	 	3,497	  	 	 	2,146	  	 	 	2,494	  	 	 	2,282	  	 	 	7,606	  	 	 	4,252	  	 	 	8,892	  	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	 	 	898	  	 	 	721	  	 	 	602	  	 	 	654	  	 	 	609	  	 	 	1,619	  	 	 	1,209	  	 	 	2,465	  	
Amortization of acquired UPR intangible (2)	 	 	525	  	 	 	570	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,095	  	 	 	—  	  	 	 	—  	  	
Administrative expenses	 	 	752	  	 	 	700	  	 	 	500	  	 	 	494	  	 	 	504	  	 	 	1,452	  	 	 	985	  	 	 	1,979	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C Underwriting income (1)	 	$	609	  	 	$	612	  	 	$	453	  	 	$	597	  	 	$	478	  	 	$	1,221	  	 	$	880	  	 	$	1,930	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C Underwriting income excluding Fireman’s Fund non-recurring transfer	 				 	$	606	  	 	$	434	  	 	$	565	  	 	$	429	  	 	$	1,215	  	 	$	831	  	 	$	1,830	  	
% Change versus prior year period	 				 				 				 				 				 				 				 				
Net premiums written	 	 	66.0	% 	 	 	52.8	% 	 	 	-4.6	% 	 	 	-0.4	% 	 	 	5.5	% 	 	 	65.5	% 	 	 	1.5	% 	 	 	-0.5	% 	
Net premiums earned	 	 	77.9	% 	 	 	76.7	% 	 	 	-4.4	% 	 	 	-0.6	% 	 	 	0.8	% 	 	 	83.1	% 	 	 	0.0	% 	 	 	-1.3	% 	
Net premiums written constant $	 	 	68.8	% 	 	 	61.3	% 	 	 	1.7	% 	 	 	5.6	% 	 	 	11.6	% 	 	 	65.5	% 	 	 	6.9	% 	 	 	5.3	% 	
Net premiums earned constant $	 	 	81.1	% 	 	 	85.3	% 	 	 	1.6	% 	 	 	5.4	% 	 	 	7.0	% 	 	 	83.1	% 	 	 	5.4	% 	 	 	4.4	% 	
Other ratios	 				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	 	 	82	% 	 	 	80	% 	 	 	71	% 	 	 	72	% 	 	 	72	% 	 	 	81	% 	 	 	73	% 	 	 	72	% 	
P&C combined ratio	 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	59.6	% 	 	 	57.3	% 	 	 	58.0	% 	 	 	58.8	% 	 	 	58.9	% 	 	 	58.5	% 	 	 	58.0	% 	 	 	58.2	% 	
Policy acquisition cost ratio	 	 	20.6	% 	 	 	21.2	% 	 	 	16.2	% 	 	 	15.4	% 	 	 	15.7	% 	 	 	20.9	% 	 	 	16.5	% 	 	 	16.1	% 	
Administrative expense ratio	 	 	11.0	% 	 	 	11.5	% 	 	 	13.5	% 	 	 	11.7	% 	 	 	13.1	% 	 	 	11.2	% 	 	 	13.5	% 	 	 	13.1	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 	 	91.2	% 	 	 	90.0	% 	 	 	87.7	% 	 	 	85.9	% 	 	 	87.7	% 	 	 	90.6	% 	 	 	88.0	% 	 	 	87.4	% 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	 	 	89.9	% 	 	 	89.9	% 	 	 	88.4	% 	 	 	89.2	% 	 	 	88.4	% 	 	 	89.9	% 	 	 	88.8	% 	 	 	88.8	% 	
Combined ratio excluding catastrophe losses, PPD and Fireman’s Fund non-recurring transfer	 				 	 	89.9	% 	 	 	88.9	% 	 	 	89.9	% 	 	 	89.7	% 	 	 	89.9	% 	 	 	89.5	% 	 	 	89.5	% 	
P&C expense ratio	 	 	31.6	% 	 	 	32.7	% 	 	 	29.7	% 	 	 	27.1	% 	 	 	28.8	% 	 	 	32.1	% 	 	 	30.0	% 	 	 	29.2	% 	
P&C expense ratio excluding A&H	 	 	29.8	% 	 	 	30.8	% 	 	 	26.3	% 	 	 	23.6	% 	 	 	25.5	% 	 	 	30.3	% 	 	 	26.6	% 	 	 	25.7	% 	
Catastrophe reinstatement premiums (expensed) collected - pre-tax	 	$	6	  	 	$	—  	  	 	$	(1	) 	 	$	—  	  	 	$	—  	  	 	$	6	  	 	$	—  	  	 	$	(1	) 	
Catastrophe losses - pre-tax	 	$	396	  	 	$	258	  	 	$	74	  	 	$	72	  	 	$	124	  	 	$	654	  	 	$	175	  	 	$	321	  	
Favorable prior period development (PPD) - pre-tax	 	$	(301	) 	 	$	(247	) 	 	$	(100	) 	 	$	(210	) 	 	$	(153	) 	 	$	(548	) 	 	$	(236	) 	 	$	(546	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	 	 	58.4	% 	 	 	57.4	% 	 	 	58.5	% 	 	 	62.2	% 	 	 	59.7	% 	 	 	57.9	% 	 	 	58.9	% 	 	 	59.7	% 	
 
(1)	Included in Q2 2015 and YTD 2015 are gross premiums written of $428 million, net premiums written of $252 million, and underwriting income of $49 million related to the transfer of the Fireman’s Fund in-force business that existed at the time of the closing that is non-recurring in 2016.	
(2)	Purchase accounting adjustments related to the acquisition of The Chubb Corporation.	
Note: See Glossary on page 49 for further information on the calculation of the components of combined ratios.

P&C Results - Reported	  	Page 4	

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

 	  	As If *	 	
Chubb Limited P&C Underwriting Results - As If Basis	  	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	YTD
2016	 	 	YTD
2015	 	 	Full
Year
2015	 	
P&C Underwriting Income (Including Corporate and excluding Life Insurance)	  				 				 				 				 				 				 				 				
Gross premiums written (1)	  	$	8,717	  	 	$	7,774	  	 	$	8,359	  	 	$	9,234	  	 	$	9,497	  	 	$	16,491	  	 	$	17,648	  	 	$	35,241	  	
Net premiums written (1)	  	 	7,112	  	 	 	6,333	  	 	 	6,671	  	 	 	7,375	  	 	 	7,584	  	 	 	13,445	  	 	 	14,284	  	 	 	28,330	  	
Net premiums earned	  	 	6,893	  	 	 	6,489	  	 	 	6,812	  	 	 	7,400	  	 	 	6,992	  	 	 	13,382	  	 	 	13,531	  	 	 	27,743	  	
Adjusted losses and loss expenses	  	 	4,109	  	 	 	3,719	  	 	 	3,835	  	 	 	4,134	  	 	 	3,970	  	 	 	7,828	  	 	 	7,847	  	 	 	15,816	  	
Policy acquisition costs	  	 	1,357	  	 	 	1,287	  	 	 	1,330	  	 	 	1,385	  	 	 	1,333	  	 	 	2,644	  	 	 	2,617	  	 	 	5,332	  	
Administrative expenses	  	 	752	  	 	 	763	  	 	 	780	  	 	 	773	  	 	 	791	  	 	 	1,515	  	 	 	1,584	  	 	 	3,137	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C Underwriting income (1)	  	$	675	  	 	$	720	  	 	$	867	  	 	$	1,108	  	 	$	898	  	 	$	1,395	  	 	$	1,483	  	 	$	3,458	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C Underwriting income excluding Fireman’s Fund non-recurring transfer	  				 	$	714	  	 	$	848	  	 	$	1,076	  	 	$	849	  	 	$	1,389	  	 	$	1,434	  	 	$	3,358	  	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	-6.2	% 	 	 	-5.5	% 	 				 				 				 	 	-5.9	% 	 				 				
Net premiums earned	  	 	-1.4	% 	 	 	-0.7	% 	 				 				 				 	 	-1.1	% 	 				 				
Net premiums written constant $	  	 	-4.7	% 	 	 	-1.4	% 	 				 				 				 	 	-3.2	% 	 				 				
Net premiums earned constant $	  	 	0.1	% 	 	 	2.9	% 	 				 				 				 	 	1.4	% 	 				 				
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	82	% 	 	 	81	% 	 	 	80	% 	 	 	80	% 	 	 	80	% 	 	 	82	% 	 	 	81	% 	 	 	80	% 	
P&C combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	59.6	% 	 	 	57.3	% 	 	 	56.3	% 	 	 	55.9	% 	 	 	56.8	% 	 	 	58.5	% 	 	 	58.0	% 	 	 	57.0	% 	
Policy acquisition cost ratio	  	 	19.6	% 	 	 	19.8	% 	 	 	19.5	% 	 	 	18.7	% 	 	 	19.0	% 	 	 	19.8	% 	 	 	19.3	% 	 	 	19.2	% 	
Administrative expense ratio	  	 	11.0	% 	 	 	11.8	% 	 	 	11.5	% 	 	 	10.4	% 	 	 	11.3	% 	 	 	11.3	% 	 	 	11.7	% 	 	 	11.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	90.2	% 	 	 	88.9	% 	 	 	87.3	% 	 	 	85.0	% 	 	 	87.1	% 	 	 	89.6	% 	 	 	89.0	% 	 	 	87.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	88.9	% 	 	 	88.8	% 	 	 	88.6	% 	 	 	88.9	% 	 	 	88.0	% 	 	 	88.9	% 	 	 	88.6	% 	 	 	88.7	% 	
Combined ratio excluding catastrophe losses, PPD and Fireman’s Fund non-recurring transfer	  				 	 	88.8	% 	 	 	88.9	% 	 	 	89.4	% 	 	 	88.7	% 	 	 	88.9	% 	 	 	89.0	% 	 	 	89.0	% 	
P&C expense ratio	  	 	30.6	% 	 	 	31.6	% 	 	 	31.0	% 	 	 	29.1	% 	 	 	30.3	% 	 	 	31.1	% 	 	 	31.0	% 	 	 	30.5	% 	
P&C expense ratio excluding A&H	  	 	28.8	% 	 	 	29.8	% 	 	 	29.1	% 	 	 	27.3	% 	 	 	28.5	% 	 	 	29.3	% 	 	 	29.2	% 	 	 	28.6	% 	
Catastrophe reinstatement premiums (expensed) collected - pre-tax	  	$	6	  	 	$	—  	  	 	$	(1	) 	 	$	—  	  	 	$	—  	  	 	$	6	  	 	$	—  	  	 	$	(1	) 	
Catastrophe losses - pre-tax	  	$	396	  	 	$	258	  	 	$	158	  	 	$	101	  	 	$	274	  	 	$	654	  	 	$	589	  	 	$	848	  	
Favorable prior period development (PPD) - pre-tax	  	$	(301	) 	 	$	(247	) 	 	$	(253	) 	 	$	(389	) 	 	$	(336	) 	 	$	(548	) 	 	$	(528	) 	 	$	(1,170	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	58.4	% 	 	 	57.4	% 	 	 	57.6	% 	 	 	59.8	% 	 	 	57.7	% 	 	 	57.9	% 	 	 	57.6	% 	 	 	58.2	% 	
 
(1)	Included in Q2 2015 and YTD 2015 are gross premiums written of $428 million, net premiums written of $252 million, and underwriting income of $49 million related to the transfer of the Fireman’s Fund in-force business that existed at the time of the closing that is non-recurring in 2016.	
*	2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.	
2015 As If 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.

P&C Results - As If	  	Page 5	

Chubb Limited
Segments results - Catastrophe Loss Charges
(in millions of U.S. dollars)
(Unaudited)
Chubb Limited Catastrophe Loss Charges - Q2 2016

 	  	North
America
Commercial
P&C
Insurance	 	  	North
America
Personal
P&C
Insurance	 	  	North
America
Agricultural
Insurance	 	  	Overseas
General
Insurance	 	  	Global
Reinsurance	 	  	Total
Consolidated	 	
Catastrophe Loss Charges by Event - Gross	  				  				  				  				  				  				
Texas storms	  	$	64	  	  	$	32	  	  	$	1	  	  	$	3	  	  	$	3	  	  	$	103	  	
Other U.S. flooding, tornadoes, hail, wind	  	 	86	  	  	 	60	  	  	 	11	  	  	 	1	  	  	 	—  	  	  	 	158	  	
Japan and Ecuador earthquakes	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	38	  	  	 	—  	  	  	 	38	  	
Other international events	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	97	  	  	 	—  	  	  	 	97	  	
Fort McMurray wildfire	  	 	20	  	  	 	1	  	  	 	—  	  	  	 	—  	  	  	 	49	  	  	 	70	  	
Other	  	 	19	  	  	 	4	  	  	 	2	  	  	 	4	  	  	 	—  	  	  	 	29	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	189	  	  	$	97	  	  	$	14	  	  	$	143	  	  	$	52	  	  	$	495	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Catastrophe Loss Charges by Event - Net	  				  				  				  				  				  				
Texas storms	  	$	56	  	  	$	32	  	  	$	1	  	  	$	3	  	  	$	3	  	  	$	95	  	
Other U.S. flooding, tornadoes, hail, wind	  	 	77	  	  	 	60	  	  	 	11	  	  	 	1	  	  	 	—  	  	  	 	149	  	
Japan and Ecuador earthquakes	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	31	  	  	 	—  	  	  	 	31	  	
Other international events	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	34	  	  	 	—  	  	  	 	34	  	
Fort McMurray wildfire	  	 	20	  	  	 	1	  	  	 	—  	  	  	 	—  	  	  	 	49	  	  	 	70	  	
Other	  	 	7	  	  	 	4	  	  	 	2	  	  	 	4	  	  	 	—  	  	  	 	17	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	160	  	  	$	97	  	  	$	14	  	  	$	73	  	  	$	52	  	  	$	396	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Reinstatement premiums collected	  	$	—  	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	  	$	6	  	  	$	6	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total impact before income tax	  	$	160	  	  	$	97	  	  	$	14	  	  	$	73	  	  	$	46	  	  	$	390	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total impact after income tax	  	$	118	  	  	$	71	  	  	$	10	  	  	$	66	  	  	$	46	  	  	$	311	  	

			
Catastrophe Losses	  	Page 6	

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

 	  	 	 	 	 	 	 	Legacy ACE	 	
 	  	June 30
2016	 	 	March 31
2016	 	 	December 31
2015	 	
Assets	  				 				 				
Fixed maturities available for sale, at fair value	  	$	79,951	  	 	$	77,538	  	 	$	43,587	  	
Fixed maturities held to maturity, at amortized cost	  	 	11,090	  	 	 	11,280	  	 	 	8,430	  	
Equity securities, at fair value	  	 	787	  	 	 	893	  	 	 	497	  	
Short-term investments, at fair value	  	 	3,631	  	 	 	3,382	  	 	 	10,446	  	
Other investments	  	 	4,387	  	 	 	4,493	  	 	 	3,291	  	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total investments	  	 	99,846	  	 	 	97,586	  	 	 	66,251	  	
Cash	  	 	1,011	  	 	 	1,091	  	 	 	1,775	  	
Securities lending collateral	  	 	1,142	  	 	 	1,003	  	 	 	1,046	  	
Insurance and reinsurance balances receivable	  	 	8,532	  	 	 	7,692	  	 	 	5,323	  	
Reinsurance recoverable on losses and loss expenses	  	 	13,235	  	 	 	12,891	  	 	 	11,386	  	
Deferred policy acquisition costs	  	 	3,948	  	 	 	3,376	  	 	 	2,873	  	
Value of business acquired	  	 	381	  	 	 	390	  	 	 	395	  	
Prepaid reinsurance premiums	  	 	2,464	  	 	 	2,376	  	 	 	2,082	  	
Goodwill and other intangible assets	  	 	22,923	  	 	 	23,359	  	 	 	5,683	  	
Deferred tax assets	  	 	—  	  	 	 	—  	  	 	 	318	  	
Investments in partially-owned insurance companies	  	 	658	  	 	 	654	  	 	 	653	  	
Other assets	  	 	6,063	  	 	 	6,226	  	 	 	4,521	  	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	160,203	  	 	$	156,644	  	 	$	102,306	  	
	  	 	 	 	 	 	 	 	 	 	 	 	
Liabilities	  				 				 				
Unpaid losses and loss expenses	  	$	60,819	  	 	$	60,206	  	 	$	37,303	  	
Unearned premiums	  	 	15,229	  	 	 	14,896	  	 	 	8,439	  	
Future policy benefits	  	 	4,975	  	 	 	4,869	  	 	 	4,807	  	
Insurance and reinsurance balances payable	  	 	4,944	  	 	 	4,733	  	 	 	4,270	  	
Securities lending payable	  	 	1,143	  	 	 	1,004	  	 	 	1,047	  	
Accounts payable, accrued expenses, and other liabilities	  	 	11,019	  	 	 	10,453	  	 	 	7,609	  	
Deferred tax liabilities	  	 	1,409	  	 	 	1,142	  	 	 	—  	  	
Short-term debt	  	 	500	  	 	 	500	  	 	 	—  	  	
Long-term debt	  	 	12,631	  	 	 	12,636	  	 	 	9,389	  	
Trust preferred securities	  	 	308	  	 	 	308	  	 	 	307	  	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	112,977	  	 	 	110,747	  	 	 	73,171	  	
Shareholders’ equity	  				 				 				
Total shareholders’ equity, excl. AOCI	  	 	46,045	  	 	 	45,530	  	 	 	29,870	  	
Accumulated other comprehensive income (AOCI)	  	 	1,181	  	 	 	367	  	 	 	(735	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total shareholders’ equity	  	 	47,226	  	 	 	45,897	  	 	 	29,135	  	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and shareholders’ equity	  	$	160,203	  	 	$	156,644	  	 	$	102,306	  	
	  	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share	  	$	101.56	  	 	$	98.85	  	 	$	89.77	  	
% change over prior quarter	  	 	2.7	% 	 	 	10.1	% 	 	 	-0.1	% 	
Tangible book value per common share	  	$	57.14	  	 	$	53.83	  	 	$	72.25	  	
% change over prior quarter	  	 	6.1	% 	 	 	-25.5	% 	 	 	0.0	% 	

Consol Bal Sheet	  	Page 7	

Chubb Limited
Consolidated Net Premiums Written by Line of Business
(in millions of U.S. dollars)
(Unaudited)

 	  	2Q-16	 	  	 	 	  	 	 	  	% Change
2Q-16 vs.
As If
2Q-15	 	 	 	 	  	Constant $
% Change
2Q-16 vs.
As If
2Q-15	 	 	Constant $
% Change
2Q-16 vs.
As If
2Q-15
Excluding
FF UPR
Transfer  (2)	 	 	Constant $
% Change
2Q-16 vs.
As If
2Q-15
Excluding
Total FF and
One-Time
Adjustment  (3)	 	

 	  			  	 	 	  	 	 	  			 	 	 	  			 			 			
 	  			  	Legacy ACE	 	  	As If	 	  			 	Constant $  (1)
As If	 	  			 			 			
 	  			  	2Q-15	 	  	2Q-15	 	  			 	2Q-15	 	  			 			 			
Net premiums written	  				  				  				  				 				  				 				 				
Commercial multiple peril  (4)	  	$	236	  	  	$	—  	  	  	$	239	  	  	 	-1.3	% 	 	$	239	  	  	 	-1.3	% 	 				 				
Commercial casualty	  	 	893	  	  	 	471	  	  	 	848	  	  	 	5.3	% 	 	 	848	  	  	 	5.3	% 	 				 				
Workers' compensation	  	 	548	  	  	 	194	  	  	 	503	  	  	 	8.9	% 	 	 	503	  	  	 	8.9	% 	 				 				
Professional liability	  	 	927	  	  	 	369	  	  	 	954	  	  	 	-2.8	% 	 	 	945	  	  	 	-1.9	% 	 				 				
Surety	  	 	149	  	  	 	80	  	  	 	163	  	  	 	-8.6	% 	 	 	158	  	  	 	-5.7	% 	 				 				
Property and other short-tail lines	  	 	1,097	  	  	 	818	  	  	 	1,241	  	  	 	-11.6	% 	 	 	1,202	  	  	 	-8.7	% 	 				 				
International other casualty	  	 	247	  	  	 	182	  	  	 	227	  	  	 	8.8	% 	 	 	224	  	  	 	10.3	% 	 				 				
	  	 	 	 	  	 	 	 	  	 	 	 	  				 	 	 	 	  				 				 				
Total Commercial P&C	  	 	4,097	  	  	 	2,114	  	  	 	4,175	  	  	 	-1.9	% 	 	 	4,119	  	  	 	-0.5	% 	 				 				
Agriculture	  	 	375	  	  	 	379	  	  	 	379	  	  	 	-1.2	% 	 	 	379	  	  	 	-1.2	% 	 				 				
Personal automobile	  	 	344	  	  	 	274	  	  	 	416	  	  	 	-17.3	% 	 	 	397	  	  	 	-13.4	% 	 	 	-5.6	% 	 	 	-3.8	% 	
Personal homeowners	  	 	898	  	  	 	325	  	  	 	1,076	  	  	 	-16.5	% 	 	 	1,075	  	  	 	-16.5	% 	 	 	-4.3	% 	 	 	0.9	% 	
Personal other	  	 	405	  	  	 	276	  	  	 	502	  	  	 	-19.3	% 	 	 	483	  	  	 	-16.1	% 	 	 	1.5	% 	 	 	5.4	% 	
	  	 	 	 	  	 	 	 	  	 	 	 	  				 	 	 	 	  				 				 				
Total Personal lines	  	 	1,647	  	  	 	875	  	  	 	1,994	  	  	 	-17.4	% 	 	 	1,955	  	  	 	-15.8	% 	 	 	-3.3	% 	 	 	1.0	% 	
Total Property and Casualty lines	  	 	6,119	  	  	 	3,368	  	  	 	6,548	  	  	 	-6.6	% 	 	 	6,453	  	  	 	-5.2	% 	 	 	-1.4	% 	 	 	-0.2	% 	
Other Lines	  				  				  				  				 				  				 				 				
Global A&H (5)	  	 	1,029	  	  	 	910	  	  	 	1,025	  	  	 	0.4	% 	 	 	997	  	  	 	3.2	% 	 				 				
Reinsurance	  	 	230	  	  	 	261	  	  	 	266	  	  	 	-13.3	% 	 	 	265	  	  	 	-13.0	% 	 				 				
Life	  	 	261	  	  	 	245	  	  	 	269	  	  	 	-3.0	% 	 	 	257	  	  	 	1.6	% 	 				 				
	  	 	 	 	  	 	 	 	  	 	 	 	  				 	 	 	 	  				 				 				
Total consolidated	  	$	7,639	  	  	$	4,784	  	  	$	8,108	  	  	 	-5.8	% 	 	$	7,972	  	  	 	-4.2	% 	 	 	-1.1	% 	 	 	-0.2	% 	

(1)	Prior periods on a constant dollar basis	
(2)	Included in Q2 2015 are net premiums written of $252 million related to the transfer of the Fireman's Fund in-force business that existed at the time of the closing that is non-recurring in 2016.	
(3)	Premium related to Fireman’s Fund high net worth personal lines business was $76 million ($10 million Automobile, $36 million Homeowners, and $30 million Other) in 2016 compared to $378 million ($50 million Automobile, $201 million Homeowners, and $127 million Other) in 2015. In addition, Q2 2015 included a non-recurring reinsurance benefit of $19 million in Homeowners related to a modification in terms related to a ceded reinsurance contract that resulted in a reinsurance return premium.	
(4)	Commercial multiple peril represents retail package business (property and general liability)	
(5)	For purposes of this schedule only, A&H results from our Combined North America and International businesses, normally included in the Life Insurance and Overseas General Insurance segments, respectively, as well as the A&H results of our North America Commercial P&C segment, are included in the Global A&H line item above.	
2015 As If results: Legacy ACE plus Legacy Chubb historical results.

Line of Business	  	Page 8	

Chubb Limited
Consolidated Results - Three months ended June 30, 2016
(in millions of U.S. dollars, except ratios)
(Unaudited)

Q2 2016	 	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	 	
Net premiums written	 	$	3,245	  	 	$	1,231	  	 	$	375	  	 	$	2,031	  	 	$	230	  	 	$	—  	  	 	$	7,112	  	 	$	527	  	 	$	7,639	  	
Net premiums earned	 	 	3,148	  	 	 	1,140	  	 	 	327	  	 	 	2,093	  	 	 	185	  	 	 	—  	  	 	 	6,893	  	 	 	512	  	 	 	7,405	  	
Adjusted losses and loss expenses	 	 	1,971	  	 	 	661	  	 	 	286	  	 	 	1,089	  	 	 	87	  	 	 	15	  	 	 	4,109	  	 	 	147	  	 	 	4,256	  	
Policy benefits	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	146	  	 	 	146	  	
(Gains) losses from fair value changes in separate account assets (1)	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(3	) 	 	 	(3	) 	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	 	 	255	  	 	 	104	  	 	 	25	  	 	 	467	  	 	 	47	  	 	 	—  	  	 	 	898	  	 	 	137	  	 	 	1,035	  	
Amortization of acquired UPR intangible (2)	 	 	290	  	 	 	165	  	 	 	—  	  	 	 	70	  	 	 	—  	  	 	 	—  	  	 	 	525	  	 	 	—  	  	 	 	525	  	
Administrative expenses	 	 	299	  	 	 	98	  	 	 	2	  	 	 	277	  	 	 	14	  	 	 	62	  	 	 	752	  	 	 	77	  	 	 	829	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	 	 	333	  	 	 	112	  	 	 	14	  	 	 	190	  	 	 	37	  	 	 	(77	) 	 	 	609	  	 	 	8	  	 	 	617	  	
Adjusted net investment income	 	 	468	  	 	 	55	  	 	 	5	  	 	 	147	  	 	 	65	  	 	 	7	  	 	 	747	  	 	 	69	  	 	 	816	  	
Other income (expense) - operating (1)	 	 	9	  	 	 	(3	) 	 	 	—  	  	 	 	5	  	 	 	2	  	 	 	(2	) 	 	 	11	  	 	 	(3	) 	 	 	8	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	 	$	810	  	 	$	164	  	 	$	19	  	 	$	342	  	 	$	104	  	 	$	(72	) 	 	$	1,367	  	 	$	74	  	 	$	1,441	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted interest expense	 				 				 				 				 				 	 	(166	) 	 				 				 	 	(166	) 	
Amortization expense of purchased intangibles	 				 				 				 				 				 	 	(5	) 	 				 				 	 	(5	) 	
Income tax expense	 				 				 				 				 				 	 	(212	) 	 				 				 	 	(212	) 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Operating income (loss)	 				 				 				 				 				 	 	(455	) 	 				 				 	 	1,058	  	
Chubb integration expenses, net of $27 million tax benefit	 				 				 				 				 				 	 	(71	) 	 				 				 	 	(71	) 	
Amortization of fair value adjustment on acquired invested assets and long-term debt, net of $29 million tax benefit (2)	 				 				 				 				 				 	 	(66	) 	 				 				 	 	(66	) 	
Adjusted net realized gains (losses), net of $6 million tax benefit	 				 				 				 				 				 	 	(208	) 	 				 				 	 	(208	) 	
Net realized gains (losses) related to unconsolidated entities, net of $5 million tax	 				 				 				 				 				 	 	13	  	 				 				 	 	13	  	
		 				 				 				 	 	 	 	 				 				 	 	 	 	
Net income (loss)	 				 				 				 				 				 	$	(787	) 	 				 				 	$	726	  	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Combined ratio	 	 	89.5	% 	 	 	90.1	% 	 	 	95.9	% 	 	 	90.9	% 	 	 	79.8	% 	 				 	 	91.2	% 	 				 				
Combined ratio excluding catastrophe losses and PPD	 	 	89.7	% 	 	 	83.0	% 	 	 	91.6	% 	 	 	91.5	% 	 	 	78.9	% 	 				 	 	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 underwriting income presentation from Other income (expense).	
(2)	Related to the acquisition of The Chubb Corporation.	

Consol Results 2016 - QTD	  	Page 9	

Chubb Limited
Consolidated Results - Three months ended June 30, 2015
(in millions of U.S. dollars, except ratios)
(Unaudited)

 	 	Legacy ACE	 	
Q2 2015	 	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	 	
Net premiums written (1)	 	$	1,428	  	 	$	547	  	 	$	379	  	 	$	1,669	  	 	$	261	  	 	$	—  	  	 	$	4,284	  	 	$	500	  	 	$	4,784	  	
Net premiums earned	 	 	1,419	  	 	 	269	  	 	 	321	  	 	 	1,644	  	 	 	220	  	 	 	—  	  	 	 	3,873	  	 	 	487	  	 	 	4,360	  	
Adjusted Losses and loss expenses	 	 	916	  	 	 	156	  	 	 	273	  	 	 	816	  	 	 	72	  	 	 	49	  	 	 	2,282	  	 	 	137	  	 	 	2,419	  	
Policy benefits	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	153	  	 	 	153	  	
(Gains) losses from fair value changes in separate account assets (2)	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(6	) 	 	 	(6	) 	
Policy acquisition costs	 	 	131	  	 	 	(1	) 	 	 	23	  	 	 	396	  	 	 	60	  	 	 	—  	  	 	 	609	  	 	 	118	  	 	 	727	  	
Administrative expenses	 	 	154	  	 	 	34	  	 	 	4	  	 	 	254	  	 	 	13	  	 	 	45	  	 	 	504	  	 	 	74	  	 	 	578	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss) (1)	 	 	218	  	 	 	80	  	 	 	21	  	 	 	178	  	 	 	75	  	 	 	(94	) 	 	 	478	  	 	 	11	  	 	 	489	  	
Net investment income	 	 	262	  	 	 	7	  	 	 	6	  	 	 	139	  	 	 	79	  	 	 	3	  	 	 	496	  	 	 	66	  	 	 	562	  	
Other income (expense) - operating (2)	 	 	(1	) 	 	 	—  	  	 	 	(1	) 	 	 	4	  	 	 	—  	  	 	 	(4	) 	 	 	(2	) 	 	 	1	  	 	 	(1	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	 	$	479	  	 	$	87	  	 	$	26	  	 	$	321	  	 	$	154	  	 	$	(95	) 	 	$	972	  	 	$	78	  	 	$	1,050	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 				 				 				 				 				 	 	(71	) 	 				 				 	 	(71	) 	
Amortization expense of purchased intangibles	 				 				 				 				 				 	 	(55	) 	 				 				 	 	(55	) 	
Income tax expense	 				 				 				 				 				 	 	(136	) 	 				 				 	 	(136	) 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Operating income (loss) (1)	 				 				 				 				 				 	 	(357	) 	 				 				 	 	788	  	
Adjusted net realized gains (losses), net of $5 million tax	 				 				 				 				 				 	 	123	  	 				 				 	 	123	  	
Net realized gains (losses) related to unconsolidated entities, net of $2 million tax	 				 				 				 				 				 	 	31	  	 				 				 	 	31	  	
		 				 				 				 	 	 	 	 				 				 	 	 	 	
Net income (loss)	 				 				 				 				 				 	$	(203	) 	 				 				 	$	942	  	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Combined ratio	 	 	84.6	% 	 	 	70.6	% 	 	 	93.6	% 	 	 	89.2	% 	 	 	65.7	% 	 				 	 	87.7	% 	 				 				
Combined ratio excluding catastrophe losses and PPD	 	 	88.6	% 	 	 	65.5	% 	 	 	91.4	% 	 	 	89.8	% 	 	 	79.6	% 	 				 	 	88.4	% 	 				 				
Underwriting income excluding Fireman’s Fund non-recurring transfer	 				 	$	31	  	 				 				 				 				 	$	429	  	 				 				
Combined ratio excluding catastrophe losses, PPD and Fireman’s Fund non-recurring transfer	 				 	 	83.5	% 	 				 				 				 				 	 	89.7	% 	 				 				
 
(1)	Included in Q2 2015 are net premiums written of $252 million, underwriting income of $49 million, and operating income of $15 million related to the transfer of Fireman’s Fund in-force business at the time of the transaction that is non-recurring in 2016.	
(2)	(Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified for underwriting income presentation from Other income (expense).	

Consol Results 2015 - QTD	  	Page 10	

Chubb Limited
Consolidated Results - Six months ended June 30, 2016
(in millions of U.S. dollars, except ratios)
(Unaudited)

YTD 2016	 	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	 	
Net premiums written	 	$	5,547	  	 	$	2,102	  	 	$	439	  	 	$	4,072	  	 	$	431	  	 	$	—  	  	 	$	12,591	  	 	$	1,043	  	 	$	13,634	  	
Net premiums earned	 	 	6,044	  	 	 	2,164	  	 	 	350	  	 	 	4,048	  	 	 	387	  	 	 	—  	  	 	 	12,993	  	 	 	1,009	  	 	 	14,002	  	
Adjusted losses and loss expenses	 	 	3,718	  	 	 	1,322	  	 	 	256	  	 	 	2,110	  	 	 	176	  	 	 	24	  	 	 	7,606	  	 	 	324	  	 	 	7,930	  	
Policy benefits	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	272	  	 	 	272	  	
(Gains) losses from fair value changes in separate account assets (1)	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	 	 	422	  	 	 	172	  	 	 	29	  	 	 	896	  	 	 	100	  	 	 	—  	  	 	 	1,619	  	 	 	259	  	 	 	1,878	  	
Amortization of acquired UPR intangible (2)	 	 	605	  	 	 	346	  	 	 	—  	  	 	 	144	  	 	 	—  	  	 	 	—  	  	 	 	1,095	  	 	 	—  	  	 	 	1,095	  	
Administrative expenses	 	 	565	  	 	 	186	  	 	 	(2	) 	 	 	540	  	 	 	28	  	 	 	135	  	 	 	1,452	  	 	 	149	  	 	 	1,601	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	 	 	734	  	 	 	138	  	 	 	67	  	 	 	358	  	 	 	83	  	 	 	(159	) 	 	 	1,221	  	 	 	5	  	 	 	1,226	  	
Adjusted net investment income	 	 	894	  	 	 	102	  	 	 	10	  	 	 	293	  	 	 	132	  	 	 	16	  	 	 	1,447	  	 	 	136	  	 	 	1,583	  	
Other income (expense) - operating (1)	 	 	9	  	 	 	(4	) 	 	 	—  	  	 	 	10	  	 	 	3	  	 	 	(4	) 	 	 	14	  	 	 	(6	) 	 	 	8	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	 	$	1,637	  	 	$	236	  	 	$	77	  	 	$	661	  	 	$	218	  	 	$	(147	) 	 	$	2,682	  	 	$	135	  	 	$	2,817	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted interest expense	 				 				 				 				 				 	 	(315	) 	 				 				 	 	(315	) 	
Amortization expense of purchased intangibles	 				 				 				 				 				 	 	(12	) 	 				 				 	 	(12	) 	
Income tax expense	 				 				 				 				 				 	 	(413	) 	 				 				 	 	(413	) 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Operating income (loss)	 				 				 				 				 				 	 	(887	) 	 				 				 	 	2,077	  	
Chubb integration and related expenses, net of $76 million tax benefit	 				 				 				 				 				 	 	(177	) 	 				 				 	 	(177	) 	
Amortization of fair value adjustment on acquired invested assets and long-term debt, net of $53 million tax benefit (2)	 				 				 				 				 				 	 	(125	) 	 				 				 	 	(125	) 	
Adjusted net realized gains (losses), net of $2 million tax benefit	 				 				 				 				 				 	 	(606	) 	 				 				 	 	(606	) 	
Net realized gains (losses) related to unconsolidated entities, net of $3 million tax benefit	 				 				 				 				 				 	 	(4	) 	 				 				 	 	(4	) 	
		 				 				 				 	 	 	 	 				 				 	 	 	 	
Net income (loss)	 				 				 				 				 				 	$	(1,799	) 	 				 				 	$	1,165	  	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Combined ratio	 	 	87.9	% 	 	 	93.6	% 	 	 	81.0	% 	 	 	91.1	% 	 	 	78.5	% 	 				 	 	90.6	% 	 				 				
Combined ratio excluding catastrophe losses and PPD	 	 	89.6	% 	 	 	82.8	% 	 	 	89.7	% 	 	 	91.8	% 	 	 	78.7	% 	 				 	 	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 underwriting income presentation from Other income (expense).	
(2)	Related to the acquisition of the Chubb Corporation.	

Consol Results 2016 - YTD	  	Page 11	

Chubb Limited
Consolidated Results - Six months ended June 30, 2015
(in millions of U.S. dollars, except ratios)
(Unaudited)

 	 	Legacy ACE	 	
YTD 2015	 	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	 	
Net premiums written (1)	 	$	2,725	  	 	$	680	  	 	$	467	  	 	$	3,463	  	 	$	534	  	 	$	—  	  	 	$	7,869	  	 	$	991	  	 	$	8,860	  	
Net premiums earned	 	 	2,799	  	 	 	415	  	 	 	385	  	 	 	3,281	  	 	 	446	  	 	 	—  	  	 	 	7,326	  	 	 	961	  	 	 	8,287	  	
Adjusted losses and loss expenses	 	 	1,831	  	 	 	267	  	 	 	295	  	 	 	1,630	  	 	 	171	  	 	 	58	  	 	 	4,252	  	 	 	289	  	 	 	4,541	  	
Policy benefits	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	295	  	 	 	295	  	
(Gains) losses from fair value changes in separate account assets (2)	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(17	) 	 	 	(17	) 	
Policy acquisition costs	 	 	261	  	 	 	30	  	 	 	19	  	 	 	785	  	 	 	114	  	 	 	—  	  	 	 	1,209	  	 	 	225	  	 	 	1,434	  	
Administrative expenses	 	 	305	  	 	 	53	  	 	 	3	  	 	 	510	  	 	 	25	  	 	 	89	  	 	 	985	  	 	 	147	  	 	 	1,132	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss) (1)	 	 	402	  	 	 	65	  	 	 	68	  	 	 	356	  	 	 	136	  	 	 	(147	) 	 	 	880	  	 	 	22	  	 	 	902	  	
Net investment income	 	 	520	  	 	 	12	  	 	 	12	  	 	 	277	  	 	 	154	  	 	 	6	  	 	 	981	  	 	 	132	  	 	 	1,113	  	
Other income (expense) - operating (2)	 	 	2	  	 	 	—  	  	 	 	(2	) 	 	 	6	  	 	 	1	  	 	 	(9	) 	 	 	(2	) 	 	 	(1	) 	 	 	(3	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	 	$	924	  	 	$	77	  	 	$	78	  	 	$	639	  	 	$	291	  	 	$	(150	) 	 	$	1,859	  	 	$	153	  	 	$	2,012	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 				 				 				 				 				 	 	(139	) 	 				 				 	 	(139	) 	
Amortization expense of purchased intangibles	 				 				 				 				 				 	 	(85	) 	 				 				 	 	(85	) 	
Income tax expense	 				 				 				 				 				 	 	(255	) 	 				 				 	 	(255	) 	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Operating income (loss) (1)	 				 				 				 				 				 	 	(629	) 	 				 				 	 	1,533	  	
Adjusted net realized gains (losses), net of $8 million tax	 				 				 				 				 				 	 	31	  	 				 				 	 	31	  	
Net realized gains (losses) related to unconsolidated entities, gross and net of tax	 				 				 				 				 				 	 	59	  	 				 				 	 	59	  	
		 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Net income (loss)	 				 				 				 				 				 	$	(539	) 	 				 				 	$	1,623	  	
	 				 				 				 				 				 	 	 	 	 				 				 	 	 	 	
Combined ratio	 	 	85.6	% 	 	 	84.4	% 	 	 	82.3	% 	 	 	89.1	% 	 	 	69.5	% 	 				 	 	88.0	% 	 				 				
Combined ratio excluding catastrophe losses and PPD	 	 	88.4	% 	 	 	72.4	% 	 	 	88.9	% 	 	 	90.1	% 	 	 	77.5	% 	 				 	 	88.8	% 	 				 				
Underwriting income excluding Fireman’s Fund non-recurring transfer	 				 	$	16	  	 				 				 				 				 	$	831	  	 				 				
Combined ratio excluding catastrophe losses, PPD and Fireman’s Fund non-recurring transfer	 				 	 	84.1	% 	 				 				 				 				 	 	89.5	% 	 				 				
 
(1)	Included in 2015 are net premiums written of $252 million, underwriting income of $49 million, and operating income of $15 million related to the transfer of Fireman’s Fund in-force business at the time of the transaction that is non-recurring in 2016.	
(2)	(Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified for underwriting income presentation from Other income (expense).	

Consol Results 2015 - YTD	  	Page 12	

Chubb Limited
Segment Results - As If Basis
(in millions of U.S. dollars, except ratios)
(Unaudited)

 	 	As If * (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	 	
Q2 2016	 				 				 				 				 				 				 				 				 				
Net premiums written	 	$	3,245	  	 	$	1,231	  	 	$	375	  	 	$	2,031	  	 	$	230	  	 	$	—  	  	 	$	7,112	  	 	$	527	  	 	$	7,639	  	
Net premiums earned	 	 	3,148	  	 	 	1,140	  	 	 	327	  	 	 	2,093	  	 	 	185	  	 	 	—  	  	 	 	6,893	  	 	 	512	  	 	 	7,405	  	
Adjusted losses and loss expenses	 	 	1,971	  	 	 	661	  	 	 	286	  	 	 	1,089	  	 	 	87	  	 	 	15	  	 	 	4,109	  	 	 	147	  	 	 	4,256	  	
Policy benefits	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	146	  	 	 	146	  	
(Gains) losses from fair value changes in separate account assets	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(3	) 	 	 	(3	) 	
Policy acquisition costs	 	 	499	  	 	 	240	  	 	 	25	  	 	 	546	  	 	 	47	  	 	 	—  	  	 	 	1,357	  	 	 	137	  	 	 	1,494	  	
Administrative expenses	 	 	299	  	 	 	98	  	 	 	2	  	 	 	277	  	 	 	14	  	 	 	62	  	 	 	752	  	 	 	77	  	 	 	829	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted underwriting income (loss)	 	$	379	  	 	$	141	  	 	$	14	  	 	$	181	  	 	$	37	  	 	$	(77	) 	 	$	675	  	 	$	8	  	 	$	683	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted combined ratio	 	 	88.0	% 	 	 	87.6	% 	 	 	95.9	% 	 	 	91.3	% 	 	 	79.8	% 	 				 	 	90.2	% 	 				 				
Adjusted combined ratio excluding catastrophe losses and PPD	 	 	88.3	% 	 	 	80.5	% 	 	 	91.6	% 	 	 	92.0	% 	 	 	78.9	% 	 				 	 	88.9	% 	 				 				
		
 	 	As If * (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	 	
Q2 2015	 				 				 				 				 				 				 				 				 				
Net premiums written	 	$	3,253	  	 	$	1,550	  	 	$	379	  	 	$	2,136	  	 	$	266	  	 	$	—  	  	 	$	7,584	  	 	$	524	  	 	$	8,108	  	
Net premiums earned	 	 	3,114	  	 	 	1,160	  	 	 	321	  	 	 	2,170	  	 	 	227	  	 	 	—  	  	 	 	6,992	  	 	 	511	  	 	 	7,503	  	
Adjusted losses and loss expenses	 	 	1,808	  	 	 	676	  	 	 	273	  	 	 	1,080	  	 	 	73	  	 	 	60	  	 	 	3,970	  	 	 	148	  	 	 	4,118	  	
Policy benefits	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	153	  	 	 	153	  	
(Gains) losses from fair value changes in separate account assets	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(6	) 	 	 	(6	) 	
Policy acquisition costs	 	 	492	  	 	 	199	  	 	 	23	  	 	 	558	  	 	 	61	  	 	 	—  	  	 	 	1,333	  	 	 	123	  	 	 	1,456	  	
Administrative expenses	 	 	297	  	 	 	102	  	 	 	4	  	 	 	305	  	 	 	15	  	 	 	68	  	 	 	791	  	 	 	83	  	 	 	874	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	 	$	517	  	 	$	183	  	 	$	21	  	 	$	227	  	 	$	78	  	 	$	(128	) 	 	$	898	  	 	$	10	  	 	$	908	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income excluding Fireman’s Fund non-recurring transfer	 				 	$	134	  	 				 				 				 				 	$	849	  	 				 	$	859	  	
Combined ratio	 	 	83.4	% 	 	 	84.3	% 	 	 	93.6	% 	 	 	89.5	% 	 	 	65.0	% 	 				 	 	87.1	% 	 				 				
Combined ratio excluding catastrophe losses and PPD	 	 	88.1	% 	 	 	77.5	% 	 	 	91.4	% 	 	 	90.7	% 	 	 	80.2	% 	 				 	 	88.0	% 	 				 				
Combined ratio excluding catastrophe losses, PPD and Fireman’s Fund non-recurring transfer	 				 	 	81.7	% 	 				 				 				 				 	 	88.7	% 	 				 				
The following table presents the reconciliation of Q2 2016 underwriting income (loss) for each segment to Q2 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	 	
Q2 2016	 				 				 				 				 				 				 				 				 				
Underwriting income (loss) as reported	 	$	333	  	 	$	112	  	 	$	14	  	 	$	190	  	 	$	37	  	 	$	(77	) 	 	$	609	  	 	$	8	  	 	$	617	  	
Less: amortization of acquired UPR intangible (1)	 	 	290	  	 	 	165	  	 	 	—  	  	 	 	70	  	 	 	—  	  	 	 	—  	  	 	 	525	  	 	 	—  	  	 	 	525	  	
Add: elimination of DAC benefit (1)	 	 	(244	) 	 	 	(136	) 	 	 	—  	  	 	 	(79	) 	 	 	—  	  	 	 	—  	  	 	 	(459	) 	 	 	—  	  	 	 	(459	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted underwriting income (loss)	 	$	379	  	 	$	141	  	 	$	14	  	 	$	181	  	 	$	37	  	 	$	(77	) 	 	$	675	  	 	$	8	  	 	$	683	  	

(1)	Related to the acquisition of The Chubb Corporation.	
*	2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments.	
2015 As If 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.

As If - QTD	  	Page 13	

Chubb Limited
Segment Results - As If Basis
(in millions of U.S. dollars, except ratios)
(Unaudited)

 	 	As If * (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	 	
YTD 2016	 				 				 				 				 				 				 				 				 				
Net premiums written	 	$	6,066	  	 	$	2,202	  	 	$	439	  	 	$	4,287	  	 	$	451	  	 	$	—  	  	 	$	13,445	  	 	$	1,044	  	 	$	14,489	  	
Net premiums earned	 	 	6,252	  	 	 	2,274	  	 	 	350	  	 	 	4,119	  	 	 	387	  	 	 	—  	  	 	 	13,382	  	 	 	1,011	  	 	 	14,393	  	
Adjusted losses and loss expenses	 	 	3,845	  	 	 	1,375	  	 	 	256	  	 	 	2,152	  	 	 	176	  	 	 	24	  	 	 	7,828	  	 	 	324	  	 	 	8,152	  	
Policy benefits	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	272	  	 	 	272	  	
(Gains) losses from fair value changes in separate account assets	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Policy acquisition costs	 	 	968	  	 	 	472	  	 	 	29	  	 	 	1,075	  	 	 	100	  	 	 	—  	  	 	 	2,644	  	 	 	260	  	 	 	2,904	  	
Administrative expenses	 	 	600	  	 	 	199	  	 	 	(2	) 	 	 	552	  	 	 	28	  	 	 	138	  	 	 	1,515	  	 	 	150	  	 	 	1,665	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted underwriting income (loss)	 	$	839	  	 	$	228	  	 	$	67	  	 	$	340	  	 	$	83	  	 	$	(162	) 	 	$	1,395	  	 	$	5	  	 	$	1,400	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted combined ratio	 	 	86.6	% 	 	 	89.9	% 	 	 	81.0	% 	 	 	91.7	% 	 	 	78.5	% 	 				 	 	89.6	% 	 				 				
Adjusted combined ratio excluding catastrophe losses and PPD	 	 	88.3	% 	 	 	79.6	% 	 	 	89.7	% 	 	 	92.3	% 	 	 	78.7	% 	 				 	 	88.9	% 	 				 				
		
 	 	As If * (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	 	
YTD 2015	 				 				 				 				 				 				 				 				 				
Net premiums written	 	$	6,181	  	 	$	2,459	  	 	$	467	  	 	$	4,616	  	 	$	561	  	 	$	—  	  	 	$	14,284	  	 	$	1,040	  	 	$	15,324	  	
Net premiums earned	 	 	6,188	  	 	 	2,167	  	 	 	385	  	 	 	4,336	  	 	 	455	  	 	 	—  	  	 	 	13,531	  	 	 	1,009	  	 	 	14,540	  	
Adjusted losses and loss expenses	 	 	3,700	  	 	 	1,443	  	 	 	295	  	 	 	2,161	  	 	 	171	  	 	 	77	  	 	 	7,847	  	 	 	312	  	 	 	8,159	  	
Policy benefits	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	295	  	 	 	295	  	
(Gains) losses from fair value changes in separate account assets	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(17	) 	 	 	(17	) 	
Policy acquisition costs	 	 	965	  	 	 	419	  	 	 	19	  	 	 	1,100	  	 	 	114	  	 	 	—  	  	 	 	2,617	  	 	 	236	  	 	 	2,853	  	
Administrative expenses	 	 	595	  	 	 	185	  	 	 	3	  	 	 	621	  	 	 	30	  	 	 	150	  	 	 	1,584	  	 	 	165	  	 	 	1,749	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss)	 	$	928	  	 	$	120	  	 	$	68	  	 	$	454	  	 	$	140	  	 	$	(227	) 	 	$	1,483	  	 	$	18	  	 	$	1,501	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income excluding Fireman’s Fund non-recurring transfer	 				 	$	71	  	 				 				 				 				 	$	1,434	  	 				 	$	1,452	  	
Combined ratio	 	 	85.0	% 	 	 	94.5	% 	 	 	82.3	% 	 	 	89.5	% 	 	 	69.0	% 	 				 	 	89.0	% 	 				 				
Combined ratio excluding catastrophe losses and PPD	 	 	88.2	% 	 	 	79.9	% 	 	 	88.9	% 	 	 	91.2	% 	 	 	78.0	% 	 				 	 	88.6	% 	 				 				
Combined ratio excluding catastrophe losses, PPD and Fireman’s Fund non-recurring transfer	 				 	 	82.1	% 	 				 				 				 				 	 	89.0	% 	 				 				
	
The following table presents the reconciliation of YTD 2016 underwriting income (loss) for each segment to YTD 2016 adjusted underwriting income (loss) shown above.	   	
YTD 2016	 	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	 	
Underwriting income (loss) as reported	 	$	734	  	 	$	138	  	 	$	67	  	 	$	358	  	 	$	83	  	 	$	(159	) 	 	$	1,221	  	 	$	5	  	 	$	1,226	  	
Add: Pre-acquisition underwriting income (loss) (14 days prior to close)	 	 	13	  	 	 	30	  	 	 	—  	  	 	 	4	  	 	 	—  	  	 	 	(3	) 	 	 	44	  	 	 	—  	  	 	 	44	  	
Less: amortization of acquired UPR intangible (1)	 	 	605	  	 	 	346	  	 	 	—  	  	 	 	144	  	 	 	—  	  	 	 	—  	  	 	 	1,095	  	 	 	—  	  	 	 	1,095	  	
Add: elimination of DAC benefit (1)	 	 	(513	) 	 	 	(286	) 	 	 	—  	  	 	 	(166	) 	 	 	—  	  	 	 	—  	  	 	 	(965	) 	 	 	—  	  	 	 	(965	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted underwriting income (loss)	 	$	839	  	 	$	228	  	 	$	67	  	 	$	340	  	 	$	83	  	 	$	(162	) 	 	$	1,395	  	 	$	5	  	 	$	1,400	  	

(1)	Related to the acquisition of The Chubb Corporation.	
 
*	2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The YTD 2016 As If company results are inclusive of the first 14 days of January 2016.	
2015 As If 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.

As If - YTD	  	Page 14	

Chubb Limited
Global P&C Underwriting Results - Consecutive Quarters
(in millions of U.S. dollars, except ratios)
(Unaudited)
Global P&C includes the company’s North America Commercial P&C Insurance segment (refer to page 17), North America Personal P&C Insurance segment (refer to page 19), Overseas General Insurance segment (refer to page 22), Global Reinsurance segment (refer to page 24), and Corporate (refer to page 28). Global P&C excludes the North America Agricultural Insurance and Life Insurance segments.

 	  	 	 	 	 	 	 	Legacy ACE	 	 	 	 	 	Legacy ACE	 	
Global P&C (Including Corporate and excluding Agriculture)	  	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	YTD
2016	 	 	YTD
2015	 	 	Full Year
2015	 	
Global P&C Underwriting Income	  				 				 				 				 				 				 				 				
Gross premiums written (1)	  	$	8,172	  	 	$	6,707	  	 	$	4,821	  	 	$	4,581	  	 	$	5,409	  	 	$	14,879	  	 	$	10,081	  	 	$	19,483	  	
Net premiums written (1)	  	 	6,737	  	 	 	5,415	  	 	 	3,487	  	 	 	3,480	  	 	 	3,905	  	 	 	12,152	  	 	 	7,402	  	 	 	14,369	  	
Net premiums earned	  	 	6,566	  	 	 	6,077	  	 	 	3,461	  	 	 	3,500	  	 	 	3,552	  	 	 	12,643	  	 	 	6,941	  	 	 	13,902	  	
Losses and loss expenses	  	 	3,823	  	 	 	3,527	  	 	 	1,968	  	 	 	1,870	  	 	 	2,009	  	 	 	7,350	  	 	 	3,957	  	 	 	7,795	  	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	  	 	873	  	 	 	717	  	 	 	594	  	 	 	612	  	 	 	586	  	 	 	1,590	  	 	 	1,190	  	 	 	2,396	  	
Amortization of acquired UPR intangible (2)	  	 	525	  	 	 	570	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,095	  	 	 	—  	  	 	 	—  	  	
Administrative expenses	  	 	750	  	 	 	704	  	 	 	502	  	 	 	494	  	 	 	500	  	 	 	1,454	  	 	 	982	  	 	 	1,978	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C Underwriting income (1)	  	$	595	  	 	$	559	  	 	$	397	  	 	$	524	  	 	$	457	  	 	$	1,154	  	 	$	812	  	 	$	1,733	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C Underwriting income excluding Fireman’s Fund non-recurring transfer	  				 	$	553	  	 	$	378	  	 	$	492	  	 	$	408	  	 	$	1,148	  	 	$	763	  	 	$	1,633	  	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	72.5	% 	 	 	54.9	% 	 	 	-2.0	% 	 	 	0.3	% 	 	 	6.4	% 	 	 	64.2	% 	 	 	3.2	% 	 	 	1.2	% 	
Net premiums earned	  	 	84.8	% 	 	 	79.4	% 	 	 	-2.4	% 	 	 	0.0	% 	 	 	1.2	% 	 	 	82.2	% 	 	 	0.7	% 	 	 	-0.3	% 	
Net premiums written constant $	  	 	75.7	% 	 	 	63.6	% 	 	 	4.9	% 	 	 	7.8	% 	 	 	13.2	% 	 	 	70.1	% 	 	 	9.2	% 	 	 	7.7	% 	
Net premiums earned constant $	  	 	88.4	% 	 	 	88.3	% 	 	 	4.3	% 	 	 	7.6	% 	 	 	8.0	% 	 	 	88.4	% 	 	 	6.4	% 	 	 	6.2	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	82	% 	 	 	81	% 	 	 	72	% 	 	 	76	% 	 	 	72	% 	 	 	82	% 	 	 	73	% 	 	 	74	% 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	58.2	% 	 	 	58.0	% 	 	 	56.9	% 	 	 	53.4	% 	 	 	56.5	% 	 	 	58.1	% 	 	 	57.0	% 	 	 	56.1	% 	
Policy acquisition cost ratio	  	 	21.3	% 	 	 	21.2	% 	 	 	17.1	% 	 	 	17.5	% 	 	 	16.5	% 	 	 	21.2	% 	 	 	17.1	% 	 	 	17.2	% 	
Administrative expense ratio	  	 	11.4	% 	 	 	11.6	% 	 	 	14.5	% 	 	 	14.1	% 	 	 	14.1	% 	 	 	11.6	% 	 	 	14.2	% 	 	 	14.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	90.9	% 	 	 	90.8	% 	 	 	88.5	% 	 	 	85.0	% 	 	 	87.1	% 	 	 	90.9	% 	 	 	88.3	% 	 	 	87.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	89.8	% 	 	 	90.0	% 	 	 	89.1	% 	 	 	88.8	% 	 	 	88.2	% 	 	 	89.9	% 	 	 	88.8	% 	 	 	88.9	% 	
Combined ratio excluding catastrophe losses, PPD and Fireman’s Fund non-recurring transfer	  				 	 	90.1	% 	 	 	89.6	% 	 	 	89.8	% 	 	 	89.5	% 	 	 	89.9	% 	 	 	89.5	% 	 	 	89.6	% 	
Expense ratio	  	 	32.7	% 	 	 	32.8	% 	 	 	31.6	% 	 	 	31.6	% 	 	 	30.6	% 	 	 	32.8	% 	 	 	31.3	% 	 	 	31.4	% 	
Expense ratio excluding A&H	  	 	31.0	% 	 	 	31.0	% 	 	 	28.3	% 	 	 	28.2	% 	 	 	27.4	% 	 	 	31.0	% 	 	 	28.0	% 	 	 	28.1	% 	
Catastrophe reinstatement premiums (expensed) collected - pre-tax	  	$	6	  	 	$	—  	  	 	$	(1	) 	 	$	—  	  	 	$	—  	  	 	$	6	  	 	$	—  	  	 	$	(1	) 	
Catastrophe losses - pre-tax	  	$	382	  	 	$	256	  	 	$	73	  	 	$	72	  	 	$	117	  	 	$	638	  	 	$	167	  	 	$	312	  	
Favorable prior period development (PPD) - pre-tax	  	$	(301	) 	 	$	(206	) 	 	$	(93	) 	 	$	(205	) 	 	$	(153	) 	 	$	(507	) 	 	$	(203	) 	 	$	(501	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	57.1	% 	 	 	57.2	% 	 	 	57.3	% 	 	 	57.3	% 	 	 	57.6	% 	 	 	57.2	% 	 	 	57.6	% 	 	 	57.4	% 	
 
(1)	Included in Q2 2015 and YTD 2015 are gross premiums written of $428 million, net premiums written of $252 million, and underwriting income of $49 million related to the transfer of the Fireman’s Fund in-force business that existed at the time of the closing that is non-recurring in 2016.	
(2)	Related to the acquisition of The Chubb Corporation.	

Global P&C - Reported	  	Page 15	

Chubb Limited
Global P&C Underwriting Results - Consecutive Quarters
(in millions of U.S. dollars, except ratios)
(Unaudited)
Global P&C includes the company’s North America Commercial P&C Insurance segment (refer to page 18), North America Personal P&C Insurance segment (refer to page 20), Overseas General Insurance segment (refer to page 23), Global Reinsurance segment (refer to page 25), and Corporate (refer to page 28). Global P&C excludes the North America Agricultural Insurance and Life Insurance segments.

 	  	As If *	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
Global P&C (Including Corporate and excluding Agriculture)	  	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	2016	 	 	2015	 	 	2015	 	
Global P&C Underwriting Income	  				 				 				 				 				 				 				 				
Gross premiums written (1)	  	$	8,172	  	 	$	7,638	  	 	$	8,089	  	 	$	7,991	  	 	$	8,931	  	 	$	15,810	  	 	$	16,954	  	 	$	33,034	  	
Net premiums written (1)	  	 	6,737	  	 	 	6,269	  	 	 	6,529	  	 	 	6,638	  	 	 	7,205	  	 	 	13,006	  	 	 	13,817	  	 	 	26,984	  	
Net premiums earned	  	 	6,566	  	 	 	6,466	  	 	 	6,572	  	 	 	6,661	  	 	 	6,671	  	 	 	13,032	  	 	 	13,146	  	 	 	26,379	  	
Losses and loss expenses	  	 	3,823	  	 	 	3,749	  	 	 	3,657	  	 	 	3,510	  	 	 	3,697	  	 	 	7,572	  	 	 	7,552	  	 	 	14,719	  	
Policy acquisition costs	  	 	1,332	  	 	 	1,283	  	 	 	1,322	  	 	 	1,343	  	 	 	1,310	  	 	 	2,615	  	 	 	2,598	  	 	 	5,263	  	
Administrative expenses	  	 	750	  	 	 	767	  	 	 	782	  	 	 	773	  	 	 	787	  	 	 	1,517	  	 	 	1,581	  	 	 	3,136	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C Underwriting income (1)	  	$	661	  	 	$	667	  	 	$	811	  	 	$	1,035	  	 	$	877	  	 	$	1,328	  	 	$	1,415	  	 	$	3,261	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C Underwriting income excluding Fireman’s Fund non-recurring transfer	  				 	$	661	  	 	$	792	  	 	$	1,003	  	 	$	828	  	 	$	1,322	  	 	$	1,366	  	 	$	3,161	  	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	-6.5	% 	 	 	-5.2	% 	 				 				 				 	 	-5.9	% 	 				 				
Net premiums earned	  	 	-1.6	% 	 	 	-0.1	% 	 				 				 				 	 	-0.9	% 	 				 				
Net premiums written constant $	  	 	-4.9	% 	 	 	-1.0	% 	 				 				 				 	 	-3.1	% 	 				 				
Net premiums earned constant $	  	 	0.0	% 	 	 	3.6	% 	 				 				 				 	 	1.7	% 	 				 				
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	82	% 	 	 	82	% 	 	 	81	% 	 	 	83	% 	 	 	81	% 	 	 	82	% 	 	 	81	% 	 	 	82	% 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	58.2	% 	 	 	58.0	% 	 	 	55.6	% 	 	 	52.7	% 	 	 	55.4	% 	 	 	58.1	% 	 	 	57.4	% 	 	 	55.8	% 	
Policy acquisition cost ratio	  	 	20.3	% 	 	 	19.9	% 	 	 	20.1	% 	 	 	20.1	% 	 	 	19.6	% 	 	 	20.1	% 	 	 	19.8	% 	 	 	19.9	% 	
Administrative expense ratio	  	 	11.4	% 	 	 	11.8	% 	 	 	12.0	% 	 	 	11.7	% 	 	 	11.8	% 	 	 	11.6	% 	 	 	12.0	% 	 	 	11.9	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	89.9	% 	 	 	89.7	% 	 	 	87.7	% 	 	 	84.5	% 	 	 	86.8	% 	 	 	89.8	% 	 	 	89.2	% 	 	 	87.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	88.8	% 	 	 	88.9	% 	 	 	89.0	% 	 	 	88.7	% 	 	 	87.9	% 	 	 	88.8	% 	 	 	88.6	% 	 	 	88.7	% 	
Combined ratio excluding catastrophe losses, PPD and Fireman’s Fund non-recurring transfer	  				 	 	89.0	% 	 	 	89.3	% 	 	 	89.2	% 	 	 	88.6	% 	 	 	88.9	% 	 	 	89.0	% 	 	 	89.1	% 	
Expense ratio	  	 	31.7	% 	 	 	31.7	% 	 	 	32.1	% 	 	 	31.8	% 	 	 	31.4	% 	 	 	31.7	% 	 	 	31.8	% 	 	 	31.8	% 	
Expense ratio excluding A&H	  	 	29.9	% 	 	 	29.9	% 	 	 	30.2	% 	 	 	29.9	% 	 	 	29.6	% 	 	 	29.9	% 	 	 	29.9	% 	 	 	30.0	% 	
Catastrophe reinstatement premiums (expensed) collected - pre-tax	  	$	6	  	 	$	—  	  	 	$	(1	) 	 	$	—  	  	 	$	—  	  	 	$	6	  	 	$	—  	  	 	$	(1	) 	
Catastrophe losses - pre-tax	  	$	382	  	 	$	256	  	 	$	157	  	 	$	101	  	 	$	267	  	 	$	638	  	 	$	581	  	 	$	839	  	
Favorable prior period development (PPD) - pre-tax	  	$	(301	) 	 	$	(206	) 	 	$	(246	) 	 	$	(384	) 	 	$	(336	) 	 	$	(507	) 	 	$	(495	) 	 	$	(1,125	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	57.1	% 	 	 	57.2	% 	 	 	56.9	% 	 	 	57.0	% 	 	 	56.5	% 	 	 	57.2	% 	 	 	56.8	% 	 	 	56.9	% 	
 
(1)	Included in Q2 2015 and YTD 2015 are gross premiums written of $428 million, net premiums written of $252 million, and underwriting income of $49 million related to the transfer of the Fireman’s Fund in-force business that existed at the time of the closing that is non-recurring in 2016.	
*	2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.	
2015 As If 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 - As If	  	Page 16	

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

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	2016	 	 	2015	 	 	2015	 	
Gross premiums written	  	$	4,041	  	 	$	3,004	  	 	$	2,408	  	 	$	1,994	  	 	$	2,070	  	 	$	7,045	  	 	$	4,049	  	 	$	8,451	  	
Net premiums written	  	 	3,245	  	 	 	2,302	  	 	 	1,557	  	 	 	1,433	  	 	 	1,428	  	 	 	5,547	  	 	 	2,725	  	 	 	5,715	  	
Net premiums earned	  	 	3,148	  	 	 	2,896	  	 	 	1,425	  	 	 	1,410	  	 	 	1,419	  	 	 	6,044	  	 	 	2,799	  	 	 	5,634	  	
Losses and loss expenses	  	 	1,971	  	 	 	1,747	  	 	 	917	  	 	 	913	  	 	 	916	  	 	 	3,718	  	 	 	1,831	  	 	 	3,661	  	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	  	 	255	  	 	 	167	  	 	 	128	  	 	 	142	  	 	 	131	  	 	 	422	  	 	 	261	  	 	 	531	  	
Amortization of acquired UPR intangible  (1)	  	 	290	  	 	 	315	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	605	  	 	 	—  	  	 	 	—  	  	
Administrative expenses	  	 	299	  	 	 	266	  	 	 	162	  	 	 	154	  	 	 	154	  	 	 	565	  	 	 	305	  	 	 	621	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	 	333	  	 	 	401	  	 	 	218	  	 	 	201	  	 	 	218	  	 	 	734	  	 	 	402	  	 	 	821	  	
Adjusted net investment income	  	 	468	  	 	 	426	  	 	 	252	  	 	 	260	  	 	 	262	  	 	 	894	  	 	 	520	  	 	 	1,032	  	
Other income (expense) - operating	  	 	9	  	 	 	—  	  	 	 	2	  	 	 	3	  	 	 	(1	) 	 	 	9	  	 	 	2	  	 	 	7	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	810	  	 	$	827	  	 	$	472	  	 	$	464	  	 	$	479	  	 	$	1,637	  	 	$	924	  	 	$	1,860	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	62.6	% 	 	 	60.3	% 	 	 	64.4	% 	 	 	64.7	% 	 	 	64.5	% 	 	 	61.5	% 	 	 	65.4	% 	 	 	65.0	% 	
Policy acquisition cost ratio	  	 	17.3	% 	 	 	16.7	% 	 	 	8.9	% 	 	 	10.1	% 	 	 	9.2	% 	 	 	17.0	% 	 	 	9.3	% 	 	 	9.4	% 	
Administrative expense ratio	  	 	9.6	% 	 	 	9.1	% 	 	 	11.3	% 	 	 	11.0	% 	 	 	10.9	% 	 	 	9.4	% 	 	 	10.9	% 	 	 	11.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	89.5	% 	 	 	86.1	% 	 	 	84.6	% 	 	 	85.8	% 	 	 	84.6	% 	 	 	87.9	% 	 	 	85.6	% 	 	 	85.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	89.7	% 	 	 	89.5	% 	 	 	88.3	% 	 	 	89.3	% 	 	 	88.6	% 	 	 	89.6	% 	 	 	88.4	% 	 	 	88.6	% 	
Catastrophe losses - pre-tax	  	$	160	  	 	$	81	  	 	$	25	  	 	$	10	  	 	$	41	  	 	$	241	  	 	$	50	  	 	$	85	  	
Favorable prior period development (PPD) - pre-tax	  	$	(168	) 	 	$	(178	) 	 	$	(79	) 	 	$	(59	) 	 	$	(96	) 	 	$	(346	) 	 	$	(126	) 	 	$	(264	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	62.9	% 	 	 	63.7	% 	 	 	67.8	% 	 	 	68.3	% 	 	 	68.6	% 	 	 	63.3	% 	 	 	68.2	% 	 	 	68.2	% 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	127.4	% 	 	 	77.4	% 	 	 	2.1	% 	 	 	2.9	% 	 	 	-3.3	% 	 	 	103.6	% 	 	 	-1.6	% 	 	 	0.5	% 	
Net premiums earned	  	 	121.8	% 	 	 	109.9	% 	 	 	0.5	% 	 	 	2.3	% 	 	 	1.4	% 	 	 	115.9	% 	 	 	1.7	% 	 	 	1.6	% 	
Net premiums written constant $	  	 	128.0	% 	 	 	78.4	% 	 				 				 				 	 	104.4	% 	 				 				
Net premiums earned constant $	  	 	122.3	% 	 	 	111.1	% 	 				 				 				 	 	116.8	% 	 				 				
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	80	% 	 	 	77	% 	 	 	65	% 	 	 	72	% 	 	 	69	% 	 	 	79	% 	 	 	67	% 	 	 	68	% 	
 
(1)	Related to the acquisition of The Chubb Corporation.	

NA Commercial - Reported	  	Page 17	

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

 	  	As If*	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	2016	 	 	2015	 	 	2015	 	
Gross premiums written	  	$	4,041	  	 	$	3,572	  	 	$	4,237	  	 	$	3,906	  	 	$	4,048	  	 	$	7,613	  	 	$	7,800	  	 	$	15,943	  	
Net premiums written	  	 	3,245	  	 	 	2,821	  	 	 	3,247	  	 	 	3,186	  	 	 	3,253	  	 	 	6,066	  	 	 	6,181	  	 	 	12,614	  	
Net premiums earned	  	 	3,148	  	 	 	3,104	  	 	 	3,140	  	 	 	3,156	  	 	 	3,114	  	 	 	6,252	  	 	 	6,188	  	 	 	12,484	  	
Losses and loss expenses	  	 	1,971	  	 	 	1,874	  	 	 	1,844	  	 	 	1,798	  	 	 	1,808	  	 	 	3,845	  	 	 	3,700	  	 	 	7,342	  	
Policy acquisition costs	  	 	499	  	 	 	469	  	 	 	498	  	 	 	517	  	 	 	492	  	 	 	968	  	 	 	965	  	 	 	1,980	  	
Administrative expenses	  	 	299	  	 	 	301	  	 	 	304	  	 	 	288	  	 	 	297	  	 	 	600	  	 	 	595	  	 	 	1,187	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	$	379	  	 	$	460	  	 	$	494	  	 	$	553	  	 	$	517	  	 	$	839	  	 	$	928	  	 	$	1,975	  	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	62.6	% 	 	 	60.4	% 	 	 	58.7	% 	 	 	57.0	% 	 	 	58.0	% 	 	 	61.5	% 	 	 	59.8	% 	 	 	58.8	% 	
Policy acquisition cost ratio	  	 	15.8	% 	 	 	15.1	% 	 	 	15.9	% 	 	 	16.3	% 	 	 	15.8	% 	 	 	15.5	% 	 	 	15.6	% 	 	 	15.9	% 	
Administrative expense ratio	  	 	9.6	% 	 	 	9.7	% 	 	 	9.6	% 	 	 	9.2	% 	 	 	9.6	% 	 	 	9.6	% 	 	 	9.6	% 	 	 	9.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	88.0	% 	 	 	85.2	% 	 	 	84.2	% 	 	 	82.5	% 	 	 	83.4	% 	 	 	86.6	% 	 	 	85.0	% 	 	 	84.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	88.3	% 	 	 	88.3	% 	 	 	88.5	% 	 	 	88.4	% 	 	 	88.1	% 	 	 	88.3	% 	 	 	88.2	% 	 	 	88.3	% 	
Catastrophe losses - pre-tax	  	$	160	  	 	$	81	  	 	$	84	  	 	$	18	  	 	$	100	  	 	$	241	  	 	$	166	  	 	$	268	  	
Favorable prior period development (PPD) - pre-tax	  	$	(168	) 	 	$	(178	) 	 	$	(220	) 	 	$	(202	) 	 	$	(246	) 	 	$	(346	) 	 	$	(361	) 	 	$	(783	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	62.9	% 	 	 	63.5	% 	 	 	62.9	% 	 	 	62.9	% 	 	 	62.8	% 	 	 	63.2	% 	 	 	63.0	% 	 	 	62.9	% 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	-0.2	% 	 	 	-3.7	% 	 				 				 				 	 	-1.9	% 	 				 				
Net premiums earned	  	 	1.1	% 	 	 	1.0	% 	 				 				 				 	 	1.0	% 	 				 				
Net premiums written constant $	  	 	-0.1	% 	 	 	-3.5	% 	 				 				 				 	 	-1.7	% 	 				 				
Net premiums earned constant $	  	 	1.2	% 	 	 	1.3	% 	 				 				 				 	 	1.2	% 	 				 				
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	80	% 	 	 	79	% 	 	 	77	% 	 	 	82	% 	 	 	80	% 	 	 	80	% 	 	 	79	% 	 	 	79	% 	
								
 	  	 	 	 	 	 	 	% Change	 	 	 	 	 	 	 	 	 	 	 	% Change	 	
 	  	 	 	 	 	 	 	2Q-16 vs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD-16 vs	 	
Production by Size	  	2Q-16	 	 	2Q-15	 	 	2Q-15	 	 	 	 	 	 	 	 	YTD-16	 	 	YTD-15	 	 	YTD-15	 	
Net Premiums Written	  				 				 				 				 				 				 				 				
Major account & specialty (1)	  	$	1,927	  	 	$	1,943	  	 	 	-0.8	% 	 				 				 	$	3,544	  	 	$	3,644	  	 	 	-2.7	% 	
Commercial (2)	  	 	1,318	  	 	 	1,310	  	 	 	0.6	% 	 				 				 	 	2,522	  	 	 	2,537	  	 	 	-0.6	% 	
	  	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				
Total	  	$	3,245	  	 	$	3,253	  	 	 	-0.2	% 	 				 				 	$	6,066	  	 	$	6,181	  	 	 	-1.9	% 	

(1)	Principally large corporate accounts and wholesale business.	
(2)	Principally middle market and small commercial accounts.	
*	2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.	
2015 As If 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 - As If	  	Page 18	

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

 	  	 	 	 	 	 	 	Legacy ACE	 	 	 	 	 	Legacy ACE	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	2016	 	 	2015	 	 	2015	 	
Gross premiums written (1)	  	$	1,369	  	 	$	974	  	 	$	314	  	 	$	378	  	 	$	835	  	 	$	2,343	  	 	$	981	  	 	$	1,673	  	
Net premiums written (1)	  	 	1,231	  	 	 	871	  	 	 	234	  	 	 	278	  	 	 	547	  	 	 	2,102	  	 	 	680	  	 	 	1,192	  	
Net premiums earned	  	 	1,140	  	 	 	1,024	  	 	 	261	  	 	 	272	  	 	 	269	  	 	 	2,164	  	 	 	415	  	 	 	948	  	
Losses and loss expenses	  	 	661	  	 	 	661	  	 	 	144	  	 	 	179	  	 	 	156	  	 	 	1,322	  	 	 	267	  	 	 	590	  	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	  	 	104	  	 	 	68	  	 	 	26	  	 	 	13	  	 	 	(1	) 	 	 	172	  	 	 	30	  	 	 	69	  	
Amortization of acquired UPR intangible (2)	  	 	165	  	 	 	181	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	346	  	 	 	—  	  	 	 	—  	  	
Administrative expenses	  	 	98	  	 	 	88	  	 	 	34	  	 	 	36	  	 	 	34	  	 	 	186	  	 	 	53	  	 	 	123	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss) (1)	  	 	112	  	 	 	26	  	 	 	57	  	 	 	44	  	 	 	80	  	 	 	138	  	 	 	65	  	 	 	166	  	
Adjusted net investment income	  	 	55	  	 	 	47	  	 	 	6	  	 	 	7	  	 	 	7	  	 	 	102	  	 	 	12	  	 	 	25	  	
Other expense - operating	  	 	(3	) 	 	 	(1	) 	 	 	(1	) 	 	 	(1	) 	 	 	—  	  	 	 	(4	) 	 	 	—  	  	 	 	(2	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income (loss)	  	$	164	  	 	$	72	  	 	$	62	  	 	$	50	  	 	$	87	  	 	$	236	  	 	$	77	  	 	$	189	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income excluding Fireman’s Fund non-recurring transfer	  				 	$	20	  	 	$	38	  	 	$	12	  	 	$	31	  	 	$	132	  	 	$	16	  	 	$	66	  	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	58.0	% 	 	 	64.6	% 	 	 	55.2	% 	 	 	65.8	% 	 	 	57.9	% 	 	 	61.1	% 	 	 	64.3	% 	 	 	62.3	% 	
Policy acquisition cost ratio	  	 	23.6	% 	 	 	24.3	% 	 	 	10.1	% 	 	 	4.9	% 	 	 	-0.3	% 	 	 	23.9	% 	 	 	7.2	% 	 	 	7.3	% 	
Administrative expense ratio	  	 	8.5	% 	 	 	8.6	% 	 	 	13.1	% 	 	 	13.0	% 	 	 	13.0	% 	 	 	8.6	% 	 	 	12.9	% 	 	 	13.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	90.1	% 	 	 	97.5	% 	 	 	78.4	% 	 	 	83.7	% 	 	 	70.6	% 	 	 	93.6	% 	 	 	84.4	% 	 	 	82.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	83.0	% 	 	 	82.5	% 	 	 	77.5	% 	 	 	70.5	% 	 	 	65.5	% 	 	 	82.8	% 	 	 	72.4	% 	 	 	73.2	% 	
Combined ratio excluding catastrophe losses, PPD and Fireman’s Fund non-recurring transfer	  				 	 	83.1	% 	 	 	84.6	% 	 	 	82.5	% 	 	 	83.5	% 	 	 	83.1	% 	 	 	84.1	% 	 	 	83.8	% 	
Catastrophe losses - pre-tax	  	$	97	  	 	$	156	  	 	$	2	  	 	$	12	  	 	$	13	  	 	$	253	  	 	$	49	  	 	$	63	  	
Unfavorable (favorable) prior period development (PPD) - pre-tax	  	$	(15	) 	 	$	(3	) 	 	$	—  	  	 	$	25	  	 	$	—  	  	 	$	(18	) 	 	$	—  	  	 	$	25	  	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	50.9	% 	 	 	49.6	% 	 	 	54.3	% 	 	 	52.6	% 	 	 	52.7	% 	 	 	50.3	% 	 	 	52.3	% 	 	 	52.9	% 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	125.1	% 	 	 	NM	  	 	 	62.7	% 	 	 	86.0	% 	 	 	247.0	% 	 	 	209.2	% 	 	 	139.2	% 	 	 	106.4	% 	
Net premiums earned	  	 	322.4	% 	 	 	NM	  	 	 	82.5	% 	 	 	92.6	% 	 	 	92.5	% 	 	 	422.0	% 	 	 	50.3	% 	 	 	69.2	% 	
Net premiums written constant $	  	 	125.1	% 	 	 	NM	  	 				 				 				 	 	209.2	% 	 				 				
Net premiums earned constant $	  	 	322.4	% 	 	 	NM	  	 				 				 				 	 	422.0	% 	 				 				
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	90	% 	 	 	89	% 	 	 	75	% 	 	 	74	% 	 	 	65	% 	 	 	90	% 	 	 	69	% 	 	 	71	% 	
 
(1)	Included in Q2 2015 and YTD 2015 are gross premiums written of $428 million, net premiums written of $252 million, and underwriting income of $49 million related to the transfer of the Fireman’s Fund in-force business that existed at the time of the closing that is non-recurring in 2016.	
(2)	Related to the acquisition of The Chubb Corporation.	

NA Personal - Reported	  	Page 19	

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

 	  	As If*	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	2016	 	 	2015	 	 	2015	 	
Gross premiums written (1)	  	$	1,369	  	 	$	1,083	  	 	$	1,226	  	 	$	1,368	  	 	$	1,872	  	 	$	2,452	  	 	$	2,850	  	 	$	5,444	  	
Net premiums written (1)	  	 	1,231	  	 	 	971	  	 	 	1,093	  	 	 	1,210	  	 	 	1,550	  	 	 	2,202	  	 	 	2,459	  	 	 	4,762	  	
Net premiums earned	  	 	1,140	  	 	 	1,134	  	 	 	1,140	  	 	 	1,147	  	 	 	1,160	  	 	 	2,274	  	 	 	2,167	  	 	 	4,454	  	
Losses and loss expenses	  	 	661	  	 	 	714	  	 	 	597	  	 	 	629	  	 	 	676	  	 	 	1,375	  	 	 	1,443	  	 	 	2,669	  	
Policy acquisition costs	  	 	240	  	 	 	232	  	 	 	228	  	 	 	211	  	 	 	199	  	 	 	472	  	 	 	419	  	 	 	858	  	
Administrative expenses	  	 	98	  	 	 	101	  	 	 	96	  	 	 	98	  	 	 	102	  	 	 	199	  	 	 	185	  	 	 	379	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income (loss) (1)	  	$	141	  	 	$	87	  	 	$	219	  	 	$	209	  	 	$	183	  	 	$	228	  	 	$	120	  	 	$	548	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income excluding Fireman’s Fund non-recurring transfer	  				 	$	81	  	 	$	200	  	 	$	177	  	 	$	134	  	 	$	222	  	 	$	71	  	 	$	448	  	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	58.0	% 	 	 	62.9	% 	 	 	52.4	% 	 	 	54.9	% 	 	 	58.2	% 	 	 	60.4	% 	 	 	66.6	% 	 	 	59.9	% 	
Policy acquisition cost ratio	  	 	21.1	% 	 	 	20.5	% 	 	 	20.0	% 	 	 	18.4	% 	 	 	17.2	% 	 	 	20.8	% 	 	 	19.3	% 	 	 	19.3	% 	
Administrative expense ratio	  	 	8.5	% 	 	 	8.9	% 	 	 	8.5	% 	 	 	8.5	% 	 	 	8.9	% 	 	 	8.7	% 	 	 	8.6	% 	 	 	8.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	87.6	% 	 	 	92.3	% 	 	 	80.9	% 	 	 	81.8	% 	 	 	84.3	% 	 	 	89.9	% 	 	 	94.5	% 	 	 	87.7	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	80.5	% 	 	 	78.7	% 	 	 	80.9	% 	 	 	77.6	% 	 	 	77.5	% 	 	 	79.6	% 	 	 	79.9	% 	 	 	79.5	% 	
Combined ratio excluding catastrophe losses, PPD and Fireman’s Fund non-recurring transfer	  				 	 	79.3	% 	 	 	82.5	% 	 	 	80.4	% 	 	 	81.7	% 	 	 	79.9	% 	 	 	82.1	% 	 	 	81.8	% 	
Catastrophe losses - pre-tax	  	$	97	  	 	$	156	  	 	$	15	  	 	$	30	  	 	$	95	  	 	$	253	  	 	$	338	  	 	$	383	  	
Unfavorable (favorable) prior period development (PPD) - pre-tax	  	$	(15	) 	 	$	(3	) 	 	$	(15	) 	 	$	19	  	 	$	(17	) 	 	$	(18	) 	 	$	(22	) 	 	$	(18	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	50.9	% 	 	 	49.3	% 	 	 	52.4	% 	 	 	50.7	% 	 	 	51.5	% 	 	 	50.1	% 	 	 	52.0	% 	 	 	51.7	% 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	-20.6	% 	 	 	6.8	% 	 				 				 				 	 	-10.5	% 	 				 				
Net premiums earned	  	 	-1.8	% 	 	 	12.7	% 	 				 				 				 	 	4.9	% 	 				 				
Net premiums written constant $	  	 	-20.6	% 	 	 	7.4	% 	 				 				 				 	 	-10.3	% 	 				 				
Net premiums earned constant $	  	 	-1.8	% 	 	 	12.7	% 	 				 				 				 	 	4.9	% 	 				 				
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	90	% 	 	 	90	% 	 	 	89	% 	 	 	89	% 	 	 	83	% 	 	 	90	% 	 	 	86	% 	 	 	87	% 	
 
(1)	Included in Q2 2015 are gross premiums written of $428 million, net premiums written of $252 million, and underwriting income of $49 million related to the transfer of the Fireman’s Fund in-force business that existed at the time of the closing that is non-recurring in 2016.	
*	2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.	
2015 As If 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 - As If	  	Page 20	

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

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	2016	 	 	2015	 	 	2015	 	
Gross premiums written	  	$	545	  	 	$	136	  	 	$	270	  	 	$	1,243	  	 	$	566	  	 	$	681	  	 	$	694	  	 	$	2,207	  	
Net premiums written	  	 	375	  	 	 	64	  	 	 	142	  	 	 	737	  	 	 	379	  	 	 	439	  	 	 	467	  	 	 	1,346	  	
Net premiums earned	  	 	327	  	 	 	23	  	 	 	240	  	 	 	739	  	 	 	321	  	 	 	350	  	 	 	385	  	 	 	1,364	  	
Losses and loss expenses (1)	  	 	286	  	 	 	(30	) 	 	 	178	  	 	 	624	  	 	 	273	  	 	 	256	  	 	 	295	  	 	 	1,097	  	
Policy acquisition costs	  	 	25	  	 	 	4	  	 	 	8	  	 	 	42	  	 	 	23	  	 	 	29	  	 	 	19	  	 	 	69	  	
Administrative expenses	  	 	2	  	 	 	(4	) 	 	 	(2	) 	 	 	—  	  	 	 	4	  	 	 	(2	) 	 	 	3	  	 	 	1	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	 	14	  	 	 	53	  	 	 	56	  	 	 	73	  	 	 	21	  	 	 	67	  	 	 	68	  	 	 	197	  	
Net investment income	  	 	5	  	 	 	5	  	 	 	6	  	 	 	5	  	 	 	6	  	 	 	10	  	 	 	12	  	 	 	23	  	
Other income (expense) - operating	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1	  	 	 	(1	) 	 	 	—  	  	 	 	(2	) 	 	 	(1	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	19	  	 	$	58	  	 	$	62	  	 	$	79	  	 	$	26	  	 	$	77	  	 	$	78	  	 	$	219	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	87.5	% 	 	 	-125.2	% 	 	 	73.9	% 	 	 	84.5	% 	 	 	85.3	% 	 	 	73.3	% 	 	 	76.6	% 	 	 	80.4	% 	
Policy acquisition cost ratio	  	 	7.7	% 	 	 	15.9	% 	 	 	3.4	% 	 	 	5.7	% 	 	 	7.2	% 	 	 	8.2	% 	 	 	5.0	% 	 	 	5.1	% 	
Administrative expense ratio	  	 	0.7	% 	 	 	-17.6	% 	 	 	-0.9	% 	 	 	0.0	% 	 	 	1.1	% 	 	 	-0.5	% 	 	 	0.7	% 	 	 	0.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	95.9	% 	 	 	-126.9	% 	 	 	76.4	% 	 	 	90.2	% 	 	 	93.6	% 	 	 	81.0	% 	 	 	82.3	% 	 	 	85.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	91.6	% 	 	 	80.6	% 	 	 	79.2	% 	 	 	90.8	% 	 	 	91.4	% 	 	 	89.7	% 	 	 	88.9	% 	 	 	88.2	% 	
Catastrophe losses - pre-tax	  	$	14	  	 	$	2	  	 	$	1	  	 	$	—  	  	 	$	7	  	 	$	16	  	 	$	8	  	 	$	9	  	
Favorable prior period development (PPD) - pre-tax	  	$	—  	  	 	$	(41	) 	 	$	(7	) 	 	$	(5	) 	 	$	—  	  	 	$	(41	) 	 	$	(33	) 	 	$	(45	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	83.3	% 	 	 	75.1	% 	 	 	75.4	% 	 	 	85.1	% 	 	 	83.1	% 	 	 	81.8	% 	 	 	83.1	% 	 	 	82.8	% 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	-1.2	% 	 	 	-27.0	% 	 	 	-41.9	% 	 	 	-3.5	% 	 	 	-2.4	% 	 	 	-6.1	% 	 	 	-19.8	% 	 	 	-15.3	% 	
Net premiums earned	  	 	1.6	% 	 	 	-63.7	% 	 	 	-26.2	% 	 	 	-3.6	% 	 	 	-2.9	% 	 	 	-9.3	% 	 	 	-11.0	% 	 	 	-10.6	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	69	% 	 	 	47	% 	 	 	52	% 	 	 	59	% 	 	 	67	% 	 	 	64	% 	 	 	67	% 	 	 	61	% 	
 
(1)	Includes realized gains/losses on crop derivatives.	

NA Agriculture	  	Page 21	

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

 	  	 	 	 	 	 	 	Legacy ACE	 	 	 	 	 	Legacy ACE	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	2016	 	 	2015	 	 	2015	 	
Gross premiums written	  	$	2,494	  	 	$	2,516	  	 	$	1,990	  	 	$	2,019	  	 	$	2,212	  	 	$	5,010	  	 	$	4,467	  	 	$	8,476	  	
Net premiums written	  	 	2,031	  	 	 	2,041	  	 	 	1,587	  	 	 	1,584	  	 	 	1,669	  	 	 	4,072	  	 	 	3,463	  	 	 	6,634	  	
Net premiums earned	  	 	2,093	  	 	 	1,955	  	 	 	1,575	  	 	 	1,615	  	 	 	1,644	  	 	 	4,048	  	 	 	3,281	  	 	 	6,471	  	
Losses and loss expenses	  	 	1,089	  	 	 	1,021	  	 	 	748	  	 	 	674	  	 	 	816	  	 	 	2,110	  	 	 	1,630	  	 	 	3,052	  	
Policy acquisition costs (excluding amortization of acquired UPR intangible)	  	 	467	  	 	 	429	  	 	 	391	  	 	 	405	  	 	 	396	  	 	 	896	  	 	 	785	  	 	 	1,581	  	
Amortization of acquired UPR intangible  (1)	  	 	70	  	 	 	74	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	144	  	 	 	—  	  	 	 	—  	  	
Administrative expenses	  	 	277	  	 	 	263	  	 	 	241	  	 	 	246	  	 	 	254	  	 	 	540	  	 	 	510	  	 	 	997	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	 	190	  	 	 	168	  	 	 	195	  	 	 	290	  	 	 	178	  	 	 	358	  	 	 	356	  	 	 	841	  	
Adjusted net investment income	  	 	147	  	 	 	146	  	 	 	125	  	 	 	132	  	 	 	139	  	 	 	293	  	 	 	277	  	 	 	534	  	
Other income - operating	  	 	5	  	 	 	5	  	 	 	5	  	 	 	6	  	 	 	4	  	 	 	10	  	 	 	6	  	 	 	17	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	342	  	 	$	319	  	 	$	325	  	 	$	428	  	 	$	321	  	 	$	661	  	 	$	639	  	 	$	1,392	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	52.1	% 	 	 	52.2	% 	 	 	47.5	% 	 	 	41.7	% 	 	 	49.7	% 	 	 	52.1	% 	 	 	49.7	% 	 	 	47.2	% 	
Policy acquisition cost ratio	  	 	25.6	% 	 	 	25.7	% 	 	 	24.8	% 	 	 	25.1	% 	 	 	24.1	% 	 	 	25.7	% 	 	 	23.9	% 	 	 	24.4	% 	
Administrative expense ratio	  	 	13.2	% 	 	 	13.5	% 	 	 	15.3	% 	 	 	15.2	% 	 	 	15.4	% 	 	 	13.3	% 	 	 	15.5	% 	 	 	15.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	90.9	% 	 	 	91.4	% 	 	 	87.6	% 	 	 	82.0	% 	 	 	89.2	% 	 	 	91.1	% 	 	 	89.1	% 	 	 	87.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	91.5	% 	 	 	92.0	% 	 	 	89.7	% 	 	 	90.5	% 	 	 	89.8	% 	 	 	91.8	% 	 	 	90.1	% 	 	 	90.1	% 	
Catastrophe reinstatement premiums expensed - pre-tax	  	$	—  	  	 	$	—  	  	 	$	(2	) 	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	(2	) 	
Catastrophe losses - pre-tax	  	$	73	  	 	$	18	  	 	$	40	  	 	$	39	  	 	$	58	  	 	$	91	  	 	$	63	  	 	$	142	  	
Favorable prior period development (PPD) - pre-tax	  	$	(85	) 	 	$	(30	) 	 	$	(74	) 	 	$	(177	) 	 	$	(68	) 	 	$	(115	) 	 	$	(92	) 	 	$	(343	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	52.7	% 	 	 	52.8	% 	 	 	49.6	% 	 	 	50.2	% 	 	 	50.3	% 	 	 	52.8	% 	 	 	50.6	% 	 	 	50.3	% 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written as reported	  	 	21.6	% 	 	 	13.8	% 	 	 	-9.3	% 	 	 	-7.9	% 	 	 	-5.1	% 	 	 	17.6	% 	 	 	-1.9	% 	 	 	-5.2	% 	
Net premiums earned as reported	  	 	27.3	% 	 	 	19.4	% 	 	 	-10.5	% 	 	 	-6.4	% 	 	 	-3.9	% 	 	 	23.4	% 	 	 	-1.2	% 	 	 	-4.9	% 	
Net premiums written constant $	  	 	26.7	% 	 	 	26.1	% 	 	 	3.6	% 	 	 	6.1	% 	 	 	7.6	% 	 	 	26.4	% 	 	 	9.3	% 	 	 	7.1	% 	
Net premiums earned constant $	  	 	32.4	% 	 	 	31.3	% 	 	 	1.7	% 	 	 	7.8	% 	 	 	9.4	% 	 	 	31.9	% 	 	 	10.3	% 	 	 	7.5	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	81	% 	 	 	81	% 	 	 	80	% 	 	 	78	% 	 	 	75	% 	 	 	81	% 	 	 	78	% 	 	 	78	% 	
 
(1)	Related to the acquisition of The Chubb Corporation.	

Overseas General Insurance - RP	  	Page 22	

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

 	  	As If*	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	Full Year	 	
 	  	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	YTD 2016	 	 	2015	 	 	2015	 	
Gross premiums written	  	$	2,494	  	 	$	2,749	  	 	$	2,515	  	 	$	2,526	  	 	$	2,713	  	 	$	5,243	  	 	$	5,685	  	 	$	10,726	  	
Net premiums written	  	 	2,031	  	 	 	2,256	  	 	 	2,078	  	 	 	2,057	  	 	 	2,136	  	 	 	4,287	  	 	 	4,616	  	 	 	8,751	  	
Net premiums earned	  	 	2,093	  	 	 	2,026	  	 	 	2,084	  	 	 	2,146	  	 	 	2,170	  	 	 	4,119	  	 	 	4,336	  	 	 	8,566	  	
Losses and loss expenses	  	 	1,089	  	 	 	1,063	  	 	 	1,011	  	 	 	948	  	 	 	1,080	  	 	 	2,152	  	 	 	2,161	  	 	 	4,120	  	
Policy acquisition costs	  	 	546	  	 	 	529	  	 	 	547	  	 	 	563	  	 	 	558	  	 	 	1,075	  	 	 	1,100	  	 	 	2,210	  	
Administrative expenses	  	 	277	  	 	 	275	  	 	 	287	  	 	 	290	  	 	 	305	  	 	 	552	  	 	 	621	  	 	 	1,198	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	$	181	  	 	$	159	  	 	$	239	  	 	$	345	  	 	$	227	  	 	$	340	  	 	$	454	  	 	$	1,038	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	52.1	% 	 	 	52.4	% 	 	 	48.5	% 	 	 	44.2	% 	 	 	49.8	% 	 	 	52.2	% 	 	 	49.9	% 	 	 	48.1	% 	
Policy acquisition cost ratio	  	 	26.0	% 	 	 	26.1	% 	 	 	26.3	% 	 	 	26.2	% 	 	 	25.7	% 	 	 	26.1	% 	 	 	25.4	% 	 	 	25.8	% 	
Administrative expense ratio	  	 	13.2	% 	 	 	13.7	% 	 	 	13.7	% 	 	 	13.5	% 	 	 	14.0	% 	 	 	13.4	% 	 	 	14.2	% 	 	 	14.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	91.3	% 	 	 	92.2	% 	 	 	88.5	% 	 	 	83.9	% 	 	 	89.5	% 	 	 	91.7	% 	 	 	89.5	% 	 	 	87.9	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	92.0	% 	 	 	92.8	% 	 	 	91.2	% 	 	 	92.7	% 	 	 	90.7	% 	 	 	92.3	% 	 	 	91.2	% 	 	 	91.5	% 	
Catastrophe reinstatement premiums expensed - pre-tax	  	$	—  	  	 	$	—  	  	 	$	(2	) 	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	(2	) 	
Catastrophe losses - pre-tax	  	$	73	  	 	$	18	  	 	$	49	  	 	$	42	  	 	$	66	  	 	$	91	  	 	$	71	  	 	$	162	  	
Favorable prior period development (PPD) - pre-tax	  	$	(85	) 	 	$	(30	) 	 	$	(106	) 	 	$	(231	) 	 	$	(90	) 	 	$	(115	) 	 	$	(140	) 	 	$	(477	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	52.7	% 	 	 	53.0	% 	 	 	51.2	% 	 	 	52.9	% 	 	 	50.9	% 	 	 	52.8	% 	 	 	51.5	% 	 	 	51.8	% 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written as reported	  	 	-5.0	% 	 	 	-9.0	% 	 				 				 				 	 	-7.1	% 	 				 				
Net premiums earned as reported	  	 	-3.5	% 	 	 	-6.4	% 	 				 				 				 	 	-5.0	% 	 				 				
Net premiums written constant $	  	 	0.5	% 	 	 	1.7	% 	 				 				 				 	 	1.1	% 	 				 				
Net premiums earned constant $	  	 	1.2	% 	 	 	4.0	% 	 				 				 				 	 	2.6	% 	 				 				
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	81	% 	 	 	82	% 	 	 	83	% 	 	 	81	% 	 	 	79	% 	 	 	82	% 	 	 	81	% 	 	 	82	% 	

Production by Region	  	2Q-16	 	  	2Q-15	 	  	% Change
2Q-16 vs
2Q-15	 	 	Constant $
2Q-15 (1)	 	  	Constant $
% Change
2Q-16 vs
2Q-15 (1)	 	 	YTD-16	 	  	YTD-15	 	  	% Change
YTD-16 vs
YTD-15	 	 	Constant $
YTD-15 (1)	 	  	Constant $
% Change
YTD-16 vs
YTD-15 (1)	 	
Gross premiums written	  				  				  				 				  				 				  				  				 				  				
Europe	  	$	1,084	  	  	$	1,133	  	  	 	-4.3	% 	 	$	1,117	  	  	 	-3.0	% 	 	$	2,482	  	  	$	2,587	  	  	 	-4.1	% 	 	$	2,493	  	  	 	-0.4	% 	
Latin America	  	 	607	  	  	 	774	  	  	 	-21.6	% 	 	 	667	  	  	 	-9.0	% 	 	 	1,214	  	  	 	1,506	  	  	 	-19.4	% 	 	 	1,241	  	  	 	-2.2	% 	
Asia	  	 	718	  	  	 	711	  	  	 	1.0	% 	 	 	695	  	  	 	3.3	% 	 	 	1,374	  	  	 	1,392	  	  	 	-1.3	% 	 	 	1,320	  	  	 	4.1	% 	
Other (2)	  	 	85	  	  	 	95	  	  	 	-10.5	% 	 	 	96	  	  	 	-11.5	% 	 	 	173	  	  	 	200	  	  	 	-13.5	% 	 	 	191	  	  	 	-9.4	% 	
	  	 	 	 	  	 	 	 	  				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  				
Total	  	$	2,494	  	  	$	2,713	  	  	 	-8.1	% 	 	$	2,575	  	  	 	-3.1	% 	 	$	5,243	  	  	$	5,685	  	  	 	-7.8	% 	 	$	5,245	  	  	 	0.0	% 	
	  	 	 	 	  	 	 	 	  				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  				
Net Premiums Written	  				  				  				 				  				 				  				  				 				  				
Europe	  	$	807	  	  	$	832	  	  	 	-3.0	% 	 	$	821	  	  	 	-1.7	% 	 	$	1,886	  	  	$	1,995	  	  	 	-5.5	% 	 	$	1,918	  	  	 	-1.7	% 	
Latin America	  	 	483	  	  	 	585	  	  	 	-17.4	% 	 	 	501	  	  	 	-3.6	% 	 	 	979	  	  	 	1,196	  	  	 	-18.1	% 	 	 	976	  	  	 	0.3	% 	
Asia	  	 	641	  	  	 	621	  	  	 	3.2	% 	 	 	606	  	  	 	5.8	% 	 	 	1,232	  	  	 	1,224	  	  	 	0.7	% 	 	 	1,160	  	  	 	6.2	% 	
Other (2)	  	 	100	  	  	 	98	  	  	 	2.0	% 	 	 	92	  	  	 	8.7	% 	 	 	190	  	  	 	201	  	  	 	-5.5	% 	 	 	185	  	  	 	2.7	% 	
	  	 	 	 	  	 	 	 	  				 	 	 	 	  				 	 	 	 	  	 	 	 	  				 	 	 	 	  				
Total	  	$	2,031	  	  	$	2,136	  	  	 	-5.0	% 	 	$	2,020	  	  	 	0.5	% 	 	$	4,287	  	  	$	4,616	  	  	 	-7.1	% 	 	$	4,239	  	  	 	1.1	% 	

(1)	Prior periods on a constant dollar basis.	
(2)	Primarily includes Eurasia and Africa, and the company’s international supplemental A&H business of Combined Insurance.	
 
*	2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.	
2015 As If 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 Ins. - As If	  	Page 23	

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

 	  	 	 	 	 	 	 	Legacy ACE	 	 	 	 	 	Legacy ACE	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	2016	 	 	2015	 	 	2015	 	
Gross premiums written	  	$	268	  	 	$	213	  	 	$	109	  	 	$	190	  	 	$	292	  	 	$	481	  	 	$	584	  	 	$	883	  	
Net premiums written	  	 	230	  	 	 	201	  	 	 	109	  	 	 	185	  	 	 	261	  	 	 	431	  	 	 	534	  	 	 	828	  	
Net premiums earned	  	 	185	  	 	 	202	  	 	 	200	  	 	 	203	  	 	 	220	  	 	 	387	  	 	 	446	  	 	 	849	  	
Losses and loss expenses	  	 	87	  	 	 	89	  	 	 	99	  	 	 	20	  	 	 	72	  	 	 	176	  	 	 	171	  	 	 	290	  	
Policy acquisition costs	  	 	47	  	 	 	53	  	 	 	48	  	 	 	52	  	 	 	60	  	 	 	100	  	 	 	114	  	 	 	214	  	
Administrative expenses	  	 	14	  	 	 	14	  	 	 	12	  	 	 	12	  	 	 	13	  	 	 	28	  	 	 	25	  	 	 	49	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	 	37	  	 	 	46	  	 	 	41	  	 	 	119	  	 	 	75	  	 	 	83	  	 	 	136	  	 	 	296	  	
Net investment income	  	 	65	  	 	 	67	  	 	 	70	  	 	 	76	  	 	 	79	  	 	 	132	  	 	 	154	  	 	 	300	  	
Other income - operating	  	 	2	  	 	 	1	  	 	 	1	  	 	 	4	  	 	 	—  	  	 	 	3	  	 	 	1	  	 	 	6	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	104	  	 	$	114	  	 	$	112	  	 	$	199	  	 	$	154	  	 	$	218	  	 	$	291	  	 	$	602	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	46.9	% 	 	 	44.3	% 	 	 	49.7	% 	 	 	9.6	% 	 	 	32.9	% 	 	 	45.5	% 	 	 	38.3	% 	 	 	34.2	% 	
Policy acquisition cost ratio	  	 	25.5	% 	 	 	26.2	% 	 	 	24.1	% 	 	 	25.4	% 	 	 	27.2	% 	 	 	25.9	% 	 	 	25.6	% 	 	 	25.2	% 	
Administrative expense ratio	  	 	7.4	% 	 	 	6.8	% 	 	 	6.0	% 	 	 	6.2	% 	 	 	5.6	% 	 	 	7.1	% 	 	 	5.6	% 	 	 	5.8	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	79.8	% 	 	 	77.3	% 	 	 	79.8	% 	 	 	41.2	% 	 	 	65.7	% 	 	 	78.5	% 	 	 	69.5	% 	 	 	65.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	78.9	% 	 	 	78.5	% 	 	 	76.6	% 	 	 	75.3	% 	 	 	79.6	% 	 	 	78.7	% 	 	 	77.5	% 	 	 	76.8	% 	
Catastrophe reinstatement premiums collected - pre-tax	  	$	6	  	 	$	—  	  	 	$	1	  	 	$	—  	  	 	$	—  	  	 	$	6	  	 	$	—  	  	 	$	1	  	
Catastrophe losses - pre-tax	  	$	52	  	 	$	1	  	 	$	6	  	 	$	11	  	 	$	5	  	 	$	53	  	 	$	5	  	 	$	22	  	
Favorable prior period development (PPD) - pre-tax	  	$	(47	) 	 	$	(3	) 	 	$	—  	  	 	$	(78	) 	 	$	(36	) 	 	$	(50	) 	 	$	(41	) 	 	$	(119	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	46.0	% 	 	 	45.5	% 	 	 	46.5	% 	 	 	44.3	% 	 	 	46.7	% 	 	 	45.8	% 	 	 	46.3	% 	 	 	45.9	% 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written as reported	  	 	-11.9	% 	 	 	-26.3	% 	 	 	-22.1	% 	 	 	-11.5	% 	 	 	-5.9	% 	 	 	-19.3	% 	 	 	-8.8	% 	 	 	-11.4	% 	
Net premiums earned as reported	  	 	-15.7	% 	 	 	-10.7	% 	 	 	-11.3	% 	 	 	-20.4	% 	 	 	-15.5	% 	 	 	-13.2	% 	 	 	-18.1	% 	 	 	-17.2	% 	
Net premiums written constant $	  	 	-11.6	% 	 	 	-24.6	% 	 	 	-20.2	% 	 	 	-9.5	% 	 	 	-3.9	% 	 	 	-18.2	% 	 	 	-6.6	% 	 	 	-9.3	% 	
Net premiums earned constant $	  	 	-15.0	% 	 	 	-9.2	% 	 	 	-9.0	% 	 	 	-18.1	% 	 	 	-13.2	% 	 	 	-12.1	% 	 	 	-16.3	% 	 	 	-15.1	% 	
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	86	% 	 	 	94	% 	 	 	100	% 	 	 	97	% 	 	 	90	% 	 	 	90	% 	 	 	92	% 	 	 	94	% 	

Global Reinsurance - Reported	  	Page 24	

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

 	  	As If*	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	2016	 	 	2015	 	 	2015	 	
Gross premiums written	  	$	268	  	 	$	234	  	 	$	111	  	 	$	191	  	 	$	298	  	 	$	502	  	 	$	619	  	 	$	921	  	
Net premiums written	  	 	230	  	 	 	221	  	 	 	111	  	 	 	185	  	 	 	266	  	 	 	451	  	 	 	561	  	 	 	857	  	
Net premiums earned	  	 	185	  	 	 	202	  	 	 	208	  	 	 	212	  	 	 	227	  	 	 	387	  	 	 	455	  	 	 	875	  	
Losses and loss expenses	  	 	87	  	 	 	89	  	 	 	103	  	 	 	21	  	 	 	73	  	 	 	176	  	 	 	171	  	 	 	295	  	
Policy acquisition costs	  	 	47	  	 	 	53	  	 	 	48	  	 	 	52	  	 	 	61	  	 	 	100	  	 	 	114	  	 	 	214	  	
Administrative expenses	  	 	14	  	 	 	14	  	 	 	12	  	 	 	13	  	 	 	15	  	 	 	28	  	 	 	30	  	 	 	55	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	  	$	37	  	 	$	46	  	 	$	45	  	 	$	126	  	 	$	78	  	 	$	83	  	 	$	140	  	 	$	311	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  				 				 				 				 				 				 				 				
Loss and loss expense ratio	  	 	46.9	% 	 	 	44.3	% 	 	 	49.2	% 	 	 	9.7	% 	 	 	32.5	% 	 	 	45.5	% 	 	 	37.7	% 	 	 	33.7	% 	
Policy acquisition cost ratio	  	 	25.5	% 	 	 	26.2	% 	 	 	23.6	% 	 	 	24.3	% 	 	 	26.3	% 	 	 	25.9	% 	 	 	24.8	% 	 	 	24.4	% 	
Administrative expense ratio	  	 	7.4	% 	 	 	6.8	% 	 	 	5.8	% 	 	 	6.3	% 	 	 	6.2	% 	 	 	7.1	% 	 	 	6.5	% 	 	 	6.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	  	 	79.8	% 	 	 	77.3	% 	 	 	78.6	% 	 	 	40.3	% 	 	 	65.0	% 	 	 	78.5	% 	 	 	69.0	% 	 	 	64.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	78.9	% 	 	 	78.5	% 	 	 	77.8	% 	 	 	75.4	% 	 	 	80.2	% 	 	 	78.7	% 	 	 	78.0	% 	 	 	77.3	% 	
Catastrophe reinstatement premiums collected - pre-tax	  	$	6	  	 	$	—  	  	 	$	1	  	 	$	—  	  	 	$	—  	  	 	$	6	  	 	$	—  	  	 	$	1	  	
Catastrophe losses - pre-tax	  	$	52	  	 	$	1	  	 	$	9	  	 	$	11	  	 	$	6	  	 	$	53	  	 	$	6	  	 	$	26	  	
Favorable prior period development (PPD) - pre-tax	  	$	(47	) 	 	$	(3	) 	 	$	(7	) 	 	$	(84	) 	 	$	(41	) 	 	$	(50	) 	 	$	(47	) 	 	$	(138	) 	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	46.0	% 	 	 	45.5	% 	 	 	48.4	% 	 	 	45.3	% 	 	 	47.7	% 	 	 	45.8	% 	 	 	46.6	% 	 	 	46.7	% 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written as reported	  	 	-13.3	% 	 	 	-25.1	% 	 				 				 				 	 	-19.5	% 	 				 				
Net premiums earned as reported	  	 	-18.2	% 	 	 	-11.5	% 	 				 				 				 	 	-14.9	% 	 				 				
Net premiums written constant $	  	 	-13.0	% 	 	 	-23.4	% 	 				 				 				 	 	-18.4	% 	 				 				
Net premiums earned constant $	  	 	-17.6	% 	 	 	-10.0	% 	 				 				 				 	 	-13.8	% 	 				 				
Other ratios	  				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	  	 	86	% 	 	 	94	% 	 	 	99	% 	 	 	97	% 	 	 	89	% 	 	 	90	% 	 	 	91	% 	 	 	93	% 	
 
*	2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.	
2015 As If 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 - As If	  	Page 25	

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

 	  	 	 	 	 	 	 	Legacy ACE	 	 	 	 	 	Legacy ACE	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	2016	 	 	2015	 	 	2015	 	
Gross premiums written	  	$	557	  	 	$	546	  	 	$	548	  	 	$	522	  	 	$	529	  	 	$	1,103	  	 	$	1,051	  	 	$	2,121	  	
Net premiums written	  	 	527	  	 	 	516	  	 	 	515	  	 	 	492	  	 	 	500	  	 	 	1,043	  	 	 	991	  	 	 	1,998	  	
Net premiums earned	  	 	512	  	 	 	497	  	 	 	506	  	 	 	480	  	 	 	487	  	 	 	1,009	  	 	 	961	  	 	 	1,947	  	
Losses and loss expenses	  	 	147	  	 	 	177	  	 	 	159	  	 	 	153	  	 	 	137	  	 	 	324	  	 	 	289	  	 	 	601	  	
Policy benefits (1)	  	 	146	  	 	 	126	  	 	 	159	  	 	 	89	  	 	 	153	  	 	 	272	  	 	 	295	  	 	 	543	  	
(Gains) losses from fair value changes in separate account assets (1)	  	 	(3	) 	 	 	3	  	 	 	(13	) 	 	 	49	  	 	 	(6	) 	 	 	—  	  	 	 	(17	) 	 	 	19	  	
Policy acquisition costs	  	 	137	  	 	 	122	  	 	 	134	  	 	 	117	  	 	 	118	  	 	 	259	  	 	 	225	  	 	 	476	  	
Administrative expenses	  	 	77	  	 	 	72	  	 	 	70	  	 	 	74	  	 	 	74	  	 	 	149	  	 	 	147	  	 	 	291	  	
Net investment income	  	 	69	  	 	 	67	  	 	 	67	  	 	 	66	  	 	 	66	  	 	 	136	  	 	 	132	  	 	 	265	  	
Other income (expense) - operating (1)	  	 	(3	) 	 	 	(3	) 	 	 	(4	) 	 	 	1	  	 	 	1	  	 	 	(6	) 	 	 	(1	) 	 	 	(4	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	74	  	 	$	61	  	 	$	60	  	 	$	65	  	 	$	78	  	 	$	135	  	 	$	153	  	 	$	278	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
% Change versus prior year period	  				 				 				 				 				 				 				 				
Net premiums written	  	 	5.5	% 	 	 	5.1	% 	 	 	-1.6	% 	 	 	-0.8	% 	 	 	0.3	% 	 	 	5.3	% 	 	 	-0.1	% 	 	 	-0.7	% 	
Net premiums earned	  	 	5.1	% 	 	 	4.9	% 	 	 	1.4	% 	 	 	-1.9	% 	 	 	-0.8	% 	 	 	5.0	% 	 	 	-1.4	% 	 	 	-0.8	% 	
Net premiums written constant $	  	 	8.2	% 	 	 	10.2	% 	 	 	3.7	% 	 	 	4.4	% 	 	 	4.1	% 	 	 	9.1	% 	 	 	3.3	% 	 	 	3.7	% 	
Net premiums earned constant $	  	 	7.8	% 	 	 	9.8	% 	 	 	6.8	% 	 	 	3.4	% 	 	 	3.0	% 	 	 	8.8	% 	 	 	1.9	% 	 	 	3.5	% 	
 
(1)	(Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified from Other income (expense). The offsetting movement in the separate account liabilities is included in Policy benefits.	
International life insurance net premiums written and deposits breakdown (excludes Combined North American and Life reinsurance businesses):

 	  	2Q-16	 	  	Constant $
2Q-15	 	  	Constant $
% Change
2Q-16 vs.
2Q-15	 	 	YTD-16	 	  	Constant $
YTD-15	 	  	Constant $
% Change
YTD-16 vs
YTD-15	 	
International life insurance net premiums written	  	$	204	  	  	$	177	  	  	 	15.3	% 	 	$	407	  	  	$	339	  	  	 	20.1	% 	
International life insurance deposits (2)	  	 	262	  	  	 	251	  	  	 	4.2	% 	 	 	475	  	  	 	492	  	  	 	-3.5	% 	
	  	 	 	 	  	 	 	 	  				 	 	 	 	  	 	 	 	  				
Total international life insurance net premiums written and deposits	  	$	466	  	  	$	428	  	  	 	8.8	% 	 	$	882	  	  	$	831	  	  	 	6.1	% 	

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

Life Insurance - Reported	  	Page 26	

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

 	  	As If*	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	  	2Q-15	 	 	2016	 	 	2015	 	 	2015	 	
Gross premiums written	  	$	557	  	 	$	547	  	 	$	572	  	 	$	546	  	  	$	553	  	 	$	1,104	  	 	$	1,102	  	 	$	2,220	  	
Net premiums written	  	 	527	  	 	 	517	  	 	 	538	  	 	 	515	  	  	 	524	  	 	 	1,044	  	 	 	1,040	  	 	 	2,093	  	
Net premiums earned	  	 	512	  	 	 	499	  	 	 	531	  	 	 	503	  	  	 	511	  	 	 	1,011	  	 	 	1,009	  	 	 	2,043	  	
Losses and loss expenses	  	 	147	  	 	 	177	  	 	 	171	  	 	 	165	  	  	 	148	  	 	 	324	  	 	 	312	  	 	 	648	  	
Policy benefits (1)	  	 	146	  	 	 	126	  	 	 	159	  	 	 	89	  	  	 	153	  	 	 	272	  	 	 	295	  	 	 	543	  	
(Gains) losses from fair value changes in separate account assets (1)	  	 	(3	) 	 	 	3	  	 	 	(13	) 	 	 	49	  	  	 	(6	) 	 	 	—  	  	 	 	(17	) 	 	 	19	  	
Policy acquisition costs	  	 	137	  	 	 	123	  	 	 	138	  	 	 	120	  	  	 	123	  	 	 	260	  	 	 	236	  	 	 	494	  	
Administrative expenses	  	 	77	  	 	 	73	  	 	 	80	  	 	 	83	  	  	 	83	  	 	 	150	  	 	 	165	  	 	 	328	  	
Net investment income	  	 	69	  	 	 	67	  	 	 	67	  	 	 	66	  	  	 	66	  	 	 	136	  	 	 	132	  	 	 	265	  	
Other income (expense) - operating (1)	  	 	(3	) 	 	 	(3	) 	 	 	(4	) 	 	 	1	  	  	 	1	  	 	 	(6	) 	 	 	(1	) 	 	 	(4	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment income	  	$	74	  	 	$	61	  	 	$	59	  	 	$	64	  	  	$	77	  	 	$	135	  	 	$	149	  	 	$	272	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
% Change versus prior year period	  				 				 				 				  				 				 				 				
Net premiums written	  	 	0.7	% 	 	 	0.0	% 	 				 				  				 	 	0.4	% 	 				 				
Net premiums earned	  	 	0.2	% 	 	 	0.2	% 	 				 				  				 	 	0.2	% 	 				 				
Net premiums written constant $	  	 	3.5	% 	 	 	4.6	% 	 				 				  				 	 	4.0	% 	 				 				
Net premiums earned constant $	  	 	2.9	% 	 	 	4.7	% 	 				 				  				 	 	3.8	% 	 				 				
 
(1)	(Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified from Other income (expense). The offsetting movement in the separate account liabilities is included in Policy benefits.	
*	2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.	
2015 As If 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 - As If	  	Page 27	

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

 	  	 	 	 	 	 	 	Legacy ACE	 	 	 	 	 	Legacy ACE	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	2016	 	 	2015	 	 	2015	 	
Gross premiums written	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	
Net premiums written	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Net premiums earned	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Losses and loss expenses	  	 	15	  	 	 	9	  	 	 	60	  	 	 	84	  	 	 	49	  	 	 	24	  	 	 	58	  	 	 	202	  	
Policy acquisition costs	  	 	—  	  	 	 	—  	  	 	 	1	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1	  	
Administrative expenses	  	 	62	  	 	 	73	  	 	 	53	  	 	 	46	  	 	 	45	  	 	 	135	  	 	 	89	  	 	 	188	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting loss	  	 	(77	) 	 	 	(82	) 	 	 	(114	) 	 	 	(130	) 	 	 	(94	) 	 	 	(159	) 	 	 	(147	) 	 	 	(391	) 	
Net investment income	  	 	7	  	 	 	9	  	 	 	6	  	 	 	3	  	 	 	3	  	 	 	16	  	 	 	6	  	 	 	15	  	
Other expense - operating	  	 	(2	) 	 	 	(2	) 	 	 	(9	) 	 	 	(2	) 	 	 	(4	) 	 	 	(4	) 	 	 	(9	) 	 	 	(20	) 	
Adjusted interest expense (1)	  	 	(166	) 	 	 	(149	) 	 	 	(64	) 	 	 	(68	) 	 	 	(71	) 	 	 	(315	) 	 	 	(139	) 	 	 	(271	) 	
Amortization expense of purchased intangibles	  	 	(5	) 	 	 	(7	) 	 	 	(35	) 	 	 	(51	) 	 	 	(55	) 	 	 	(12	) 	 	 	(85	) 	 	 	(171	) 	
Income tax expense	  	 	(212	) 	 	 	(201	) 	 	 	(97	) 	 	 	(140	) 	 	 	(136	) 	 	 	(413	) 	 	 	(255	) 	 	 	(492	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating loss	  	 	(455	) 	 	 	(432	) 	 	 	(313	) 	 	 	(388	) 	 	 	(357	) 	 	 	(887	) 	 	 	(629	) 	 	 	(1,330	) 	
Chubb integration and related expenses, net of tax	  	 	(71	) 	 	 	(106	) 	 	 	(35	) 	 	 	(7	) 	 	 	—  	  	 	 	(177	) 	 	 	—  	  	 	 	(42	) 	
Amortization of fair value adjustment on acquired invested assets and long-term debt, net of tax (1)	  	 	(66	) 	 	 	(59	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(125	) 	 	 	—  	  	 	 	—  	  	
Adjusted net realized gains (losses) (1)	  	 	(214	) 	 	 	(394	) 	 	 	(57	) 	 	 	(393	) 	 	 	128	  	 	 	(608	) 	 	 	39	  	 	 	(411	) 	
Net realized gains (losses) related to unconsolidated entities	  	 	18	  	 	 	(25	) 	 	 	(17	) 	 	 	25	  	 	 	33	  	 	 	(7	) 	 	 	59	  	 	 	67	  	
Income tax (expense) benefit on adjusted net realized gains (losses)	  	 	1	  	 	 	4	  	 	 	12	  	 	 	6	  	 	 	(7	) 	 	 	5	  	 	 	(8	) 	 	 	10	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net loss	  	$	(787	) 	 	$	(1,012	) 	 	$	(410	) 	 	$	(757	) 	 	$	(203	) 	 	$	(1,799	) 	 	$	(539	) 	 	$	(1,706	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unfavorable prior period development (PPD) - pre-tax	  	$	14	  	 	$	8	  	 	$	60	  	 	$	84	  	 	$	47	  	 	$	22	  	 	$	56	  	 	$	200	  	

 	  	As If*	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	2016	 	 	2015	 	 	2015	 	
Gross premiums written	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	
Net premiums written	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Net premiums earned	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Losses and loss expenses	  	 	15	  	 	 	9	  	 	 	102	  	 	 	114	  	 	 	60	  	 	 	24	  	 	 	77	  	 	 	293	  	
Policy acquisition costs	  	 	—  	  	 	 	—  	  	 	 	1	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1	  	
Administrative expenses	  	 	62	  	 	 	76	  	 	 	83	  	 	 	84	  	 	 	68	  	 	 	138	  	 	 	150	  	 	 	317	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting loss	  	$	(77	) 	 	$	(85	) 	 	$	(186	) 	 	$	(198	) 	 	$	(128	) 	 	$	(162	) 	 	$	(227	) 	 	$	(611	) 	
Unfavorable prior period development (PPD) - pre-tax	  	$	14	  	 	$	8	  	 	$	102	  	 	$	114	  	 	$	58	  	 	$	22	  	 	$	75	  	 	$	291	  	
Note: The Company presents all profit and loss items below Other income (expense) - operating within Corporate.
 
(1)	See non-GAAP financial measures.	
*	2016 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.	
2015 As If 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 28	

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	  	 				
Losses and loss expenses incurred	  	 	5,239	  	 	 	985	  	 	 	4,254	  	 				
Losses and loss expenses paid	  	 	(4,708	) 	 	 	(752	) 	 	 	(3,956	) 	 	 	93	% 	
Other (incl. foreign exch. revaluation)	  	 	82	  	 	 	36	  	 	 	46	  	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance at June 30, 2016	  	$	60,819	  	 	$	12,396	  	 	$	48,423	  	 				
Add net recoverable on paid losses	  	 	—  	  	 	 	839	  	 	 	(839	) 	 				
	  	 	 	 	 	 	 	 	 	 	 	 	 				
Balance including net recoverable on paid losses	  	$	60,819	  	 	$	13,235	  	 	$	47,584	  	 				

			
Loss Reserve Rollforward	  	Page 29	

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

 	  	 	 	 	 	 	 	Legacy ACE	 	
 	  	June 30	 	 	March 31	 	 	December 31	 	
 	  	2016	 	 	2016	 	 	2015	 	
Reinsurance recoverable on paid losses and loss expenses	  				 				 				
Active operations	  	$	598	  	 	$	592	  	 	$	450	  	
Brandywine and Other Run-off	  	 	323	  	 	 	269	  	 	 	288	  	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	921	  	 	$	861	  	 	$	738	  	
	  	 	 	 	 	 	 	 	 	 	 	 	
Reinsurance recoverable on unpaid losses and loss expenses	  				 				 				
Active operations	  	$	11,535	  	 	$	11,169	  	 	$	9,884	  	
Brandywine and Other Run-off	  	 	1,097	  	 	 	1,182	  	 	 	1,092	  	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	12,632	  	 	$	12,351	  	 	$	10,976	  	
	  	 	 	 	 	 	 	 	 	 	 	 	
Gross reinsurance recoverable	  				 				 				
Active operations	  	$	12,133	  	 	$	11,761	  	 	$	10,334	  	
Brandywine and Other Run-off	  	 	1,420	  	 	 	1,451	  	 	 	1,380	  	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	13,553	  	 	$	13,212	  	 	$	11,714	  	
	  	 	 	 	 	 	 	 	 	 	 	 	
Provision for uncollectible reinsurance (1)	  				 				 				
Active operations	  	$	(162	) 	 	$	(164	) 	 	$	(194	) 	
Brandywine and Other Run-off	  	 	(156	) 	 	 	(157	) 	 	 	(134	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	(318	) 	 	$	(321	) 	 	$	(328	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Net reinsurance recoverable	  				 				 				
Active operations	  	$	11,971	  	 	$	11,597	  	 	$	10,140	  	
Brandywine and Other Run-off	  	 	1,264	  	 	 	1,294	  	 	 	1,246	  	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	13,235	  	 	$	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 $3.2 billion.	

Reinsurance Recoverable	  	Page 30	

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

 	  	 	 	 	 	 	 	 	 	 	 	 	 	Legacy ACE	 	
 	  	June 30	 	 	March 31	 	 	December 31	 	
 	  	2016	 	 	2016	 	 	2015	 	
Market Value	  				 				 				 				 				 				
Fixed maturities available for sale	  	$	79,951	  	 				 	$	77,538	  	 				 	$	43,587	  	 				
Fixed maturities held to maturity	  	 	11,581	  	 				 	 	11,580	  	 				 	 	8,552	  	 				
Short-term investments	  	 	3,631	  	 				 	 	3,382	  	 				 	 	10,446	  	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Total fixed maturities	  	$	95,163	  	 				 	$	92,500	  	 				 	$	62,585	  	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Asset Allocation by Market Value	  				 				 				 				 				 				
Treasury	  	$	2,864	  	 	 	3	% 	 	$	3,145	  	 	 	3	% 	 	$	2,395	  	 	 	4	% 	
Agency	  	 	550	  	 	 	1	% 	 	 	634	  	 	 	1	% 	 	 	878	  	 	 	1	% 	
Corporate and asset-backed	  	 	25,450	  	 	 	27	% 	 	 	24,060	  	 	 	26	% 	 	 	17,985	  	 	 	28	% 	
Mortgage-backed	  	 	14,440	  	 	 	15	% 	 	 	13,757	  	 	 	15	% 	 	 	11,701	  	 	 	19	% 	
Municipal	  	 	24,975	  	 	 	26	% 	 	 	24,945	  	 	 	27	% 	 	 	4,950	  	 	 	8	% 	
Non-U.S.	  	 	23,253	  	 	 	24	% 	 	 	22,577	  	 	 	24	% 	 	 	14,230	  	 	 	23	% 	
Short-term investments	  	 	3,631	  	 	 	4	% 	 	 	3,382	  	 	 	4	% 	 	 	10,446	  	 	 	17	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturities	  	$	95,163	  	 	 	100	% 	 	$	92,500	  	 	 	100	% 	 	$	62,585	  	 	 	100	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Quality by Market Value	  				 				 				 				 				 				
AAA	  	$	17,412	  	 	 	18	% 	 	$	19,524	  	 	 	21	% 	 	$	14,369	  	 	 	23	% 	
AA	  	 	36,802	  	 	 	39	% 	 	 	34,399	  	 	 	37	% 	 	 	22,141	  	 	 	36	% 	
A	  	 	18,016	  	 	 	19	% 	 	 	17,726	  	 	 	19	% 	 	 	10,163	  	 	 	16	% 	
BBB	  	 	12,148	  	 	 	13	% 	 	 	11,604	  	 	 	13	% 	 	 	8,941	  	 	 	14	% 	
BB	  	 	6,465	  	 	 	7	% 	 	 	5,484	  	 	 	6	% 	 	 	3,775	  	 	 	6	% 	
B	  	 	4,061	  	 	 	4	% 	 	 	3,494	  	 	 	4	% 	 	 	3,018	  	 	 	5	% 	
Other	  	 	259	  	 	 	0	% 	 	 	269	  	 	 	0	% 	 	 	178	  	 	 	0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturities	  	$	95,163	  	 	 	100	% 	 	$	92,500	  	 	 	100	% 	 	$	62,585	  	 	 	100	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost/Amortized Cost	  				 				 				 				 				 				
Fixed maturities available for sale	  	$	77,436	  	 				 	$	75,991	  	 				 	$	43,149	  	 				
Fixed maturities held to maturity	  	 	11,090	  	 				 	 	11,280	  	 				 	 	8,430	  	 				
Short-term investments	  	 	3,631	  	 				 	 	3,382	  	 				 	 	10,446	  	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Subtotal fixed maturities	  	 	92,157	  	 				 	 	90,653	  	 				 	 	62,025	  	 				
Equity securities	  	 	703	  	 				 	 	841	  	 				 	 	441	  	 				
Other investments	  	 	4,152	  	 				 	 	4,233	  	 				 	 	2,993	  	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Total investment portfolio	  	$	97,012	  	 				 	$	95,727	  	 				 	$	65,459	  	 				
	  	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Avg. duration of fixed maturities	  	 	3.9 years	  	 				 	 	3.9 years	  	 				 	 	3.5 years	  	 				
Avg. market yield of fixed maturities	  	 	2.3	% 	 				 	 	2.5	% 	 				 	 	2.8	% 	 				
Avg. credit quality	  	 	A/Aa	  	 				 	 	AA/Aa	  	 				 	 	A/Aa	  	 				
Avg. yield on invested assets (1)	  	 	3.4	% 	 				 	 	3.4	% 	 				 	 	3.4	% 	 				
 
(1)	Calculated using adjusted net investment income.	

Investments	  	Page 31	

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

 	  	S&P Credit Rating	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
Market Value at June 30, 2016	  				  				  				  				  				  				
Agency residential mortgage-backed (RMBS)	  	$	—  	  	  	$	11,360	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	  	$	11,360	  	
Non-agency RMBS	  	 	4	  	  	 	6	  	  	 	10	  	  	 	8	  	  	 	35	  	  	 	63	  	
Commercial mortgage-backed	  	 	2,978	  	  	 	33	  	  	 	6	  	  	 	—  	  	  	 	—  	  	  	 	3,017	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total mortgage-backed securities at market value	  	$	2,982	  	  	$	11,399	  	  	$	16	  	  	$	8	  	  	$	35	  	  	$	14,440	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
U.S. Corporate and Asset-backed Fixed Income Portfolios

 	  	S&P Credit Rating	 	
 	  	Investment Grade	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	Total	 	
Market Value at June 30, 2016	  				  				  				  				  				
Asset-backed	  	$	717	  	  	$	39	  	  	$	—  	  	  	$	—  	  	  	$	756	  	
Banks	  	 	—  	  	  	 	17	  	  	 	1,620	  	  	 	1,596	  	  	 	3,233	  	
Basic Materials	  	 	—  	  	  	 	—  	  	  	 	109	  	  	 	248	  	  	 	357	  	
Communications	  	 	—  	  	  	 	160	  	  	 	300	  	  	 	1,254	  	  	 	1,714	  	
Consumer, Cyclical	  	 	—  	  	  	 	183	  	  	 	621	  	  	 	744	  	  	 	1,548	  	
Consumer, Non-Cyclical	  	 	113	  	  	 	549	  	  	 	1,801	  	  	 	1,097	  	  	 	3,560	  	
Diversified Financial Services	  	 	29	  	  	 	41	  	  	 	478	  	  	 	204	  	  	 	752	  	
Energy	  	 	—  	  	  	 	60	  	  	 	114	  	  	 	696	  	  	 	870	  	
Industrial	  	 	—  	  	  	 	346	  	  	 	551	  	  	 	505	  	  	 	1,402	  	
Utilities	  	 	1	  	  	 	8	  	  	 	1,067	  	  	 	653	  	  	 	1,729	  	
All Others	  	 	83	  	  	 	456	  	  	 	776	  	  	 	572	  	  	 	1,887	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	943	  	  	$	1,859	  	  	$	7,437	  	  	$	7,569	  	  	$	17,808	  	

																	
 	  	S&P Credit Rating	 	
 	  	Below Investment Grade	 	
 	  	BB	 	  	B	 	  	CCC	 	  	Total	 	
Market Value at June 30, 2016	  				  				  				  				
Asset-backed	  	$	6	  	  	$	—  	  	  	$	10	  	  	$	16	  	
Banks	  	 	36	  	  	 	—  	  	  	 	—  	  	  	 	36	  	
Basic Materials	  	 	169	  	  	 	137	  	  	 	2	  	  	 	308	  	
Communications	  	 	896	  	  	 	646	  	  	 	23	  	  	 	1,565	  	
Consumer, Cyclical	  	 	847	  	  	 	566	  	  	 	37	  	  	 	1,450	  	
Consumer, Non-Cyclical	  	 	717	  	  	 	927	  	  	 	12	  	  	 	1,656	  	
Diversified Financial Services	  	 	169	  	  	 	37	  	  	 	1	  	  	 	207	  	
Energy	  	 	349	  	  	 	124	  	  	 	25	  	  	 	498	  	
Industrial	  	 	377	  	  	 	376	  	  	 	24	  	  	 	777	  	
Utilities	  	 	261	  	  	 	105	  	  	 	2	  	  	 	368	  	
All Others	  	 	465	  	  	 	276	  	  	 	20	  	  	 	761	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	4,292	  	  	$	3,194	  	  	$	156	  	  	$	7,642	  	

			
Investments 2	  	Page 32	

Chubb Limited
Investment Portfolio - 3
(in millions of U.S. dollars)
(Unaudited)
Non-U.S. Fixed Income Portfolio
June 30, 2016
Non-U.S. Government Securities

 	  	Market Value by S&P Credit Rating	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
United Kingdom	  	$	—  	  	  	$	1,848	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	  	$	1,848	  	
Canada	  	 	1,204	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	1,204	  	
Republic of Korea	  	 	—  	  	  	 	1,046	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	1,046	  	
Federative Republic of Brazil	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	833	  	  	 	833	  	
Germany	  	 	622	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	622	  	
Province of Ontario	  	 	—  	  	  	 	—  	  	  	 	513	  	  	 	—  	  	  	 	—  	  	  	 	513	  	
United Mexican States	  	 	—  	  	  	 	—  	  	  	 	322	  	  	 	167	  	  	 	—  	  	  	 	489	  	
Kingdom of Thailand	  	 	—  	  	  	 	—  	  	  	 	424	  	  	 	—  	  	  	 	—  	  	  	 	424	  	
Province of Quebec	  	 	—  	  	  	 	—  	  	  	 	385	  	  	 	—  	  	  	 	—  	  	  	 	385	  	
Australia	  	 	317	  	  	 	3	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	320	  	
Other Non-U.S. Government Securities	  	 	1,090	  	  	 	1,611	  	  	 	544	  	  	 	413	  	  	 	645	  	  	 	4,303	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	3,233	  	  	$	4,508	  	  	$	2,188	  	  	$	580	  	  	$	1,478	  	  	$	11,987	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-U.S. Corporate Securities

 	  	Market Value by S&P Credit Rating	 	
 	  	AAA	 	  	AA	 	  	A	 	  	BBB	 	  	BB and below	 	  	Total	 	
United Kingdom	  	$	134	  	  	$	105	  	  	$	813	  	  	$	871	  	  	$	255	  	  	$	2,178	  	
Canada	  	 	124	  	  	 	307	  	  	 	308	  	  	 	405	  	  	 	197	  	  	 	1,341	  	
United States (1)	  	 	2	  	  	 	113	  	  	 	193	  	  	 	310	  	  	 	288	  	  	 	906	  	
France	  	 	23	  	  	 	62	  	  	 	466	  	  	 	281	  	  	 	38	  	  	 	870	  	
Netherlands	  	 	78	  	  	 	55	  	  	 	401	  	  	 	200	  	  	 	71	  	  	 	805	  	
Australia	  	 	99	  	  	 	161	  	  	 	272	  	  	 	90	  	  	 	38	  	  	 	660	  	
Germany	  	 	95	  	  	 	66	  	  	 	144	  	  	 	213	  	  	 	23	  	  	 	541	  	
Japan	  	 	—  	  	  	 	42	  	  	 	335	  	  	 	43	  	  	 	9	  	  	 	429	  	
Switzerland	  	 	35	  	  	 	21	  	  	 	107	  	  	 	149	  	  	 	35	  	  	 	347	  	
China	  	 	—  	  	  	 	131	  	  	 	110	  	  	 	34	  	  	 	4	  	  	 	279	  	
Other Non-U.S. Corporate Securities	  	 	485	  	  	 	409	  	  	 	860	  	  	 	653	  	  	 	503	  	  	 	2,910	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	1,075	  	  	$	1,472	  	  	$	4,009	  	  	$	3,249	  	  	$	1,461	  	  	$	11,266	  	

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

Investments 3	  	Page 33	

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

 	  	June 30, 2016	  	Market Value	 	  	Rating	
1	  	JP Morgan Chase & Co	  	$	546	  	  	A-	
2	  	Wells Fargo & Co	  	 	468	  	  	A	
3	  	General Electric Co	  	 	444	  	  	AA+	
4	  	Goldman Sachs Group Inc	  	 	416	  	  	BBB+	
5	  	Bank of America Corp	  	 	385	  	  	BBB+	
6	  	Anheuser-Busch InBev NV	  	 	356	  	  	A-	
7	  	Verizon Communications Inc	  	 	355	  	  	BBB+	
8	  	AT&T Inc	  	 	334	  	  	BBB+	
9	  	Berkshire Hathaway Inc	  	 	321	  	  	AA	
10	  	Rabobank Nederland NV	  	 	310	  	  	A+	

Investments 4	  	Page 34	

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

 	 	Three months ended June 30, 2016	 	
 	 	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	
 	 	(Losses)  (1)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	
 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	
Fixed maturities	 	$	7	  	 	$	(8	) 	 	$	(1	) 	 	$	954	  	 	$	(234	) 	 	$	720	  	 	$	961	  	 	$	(242	) 	 	$	719	  	
Fixed income derivatives	 	 	(47	) 	 	 	7	  	 	 	(40	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(47	) 	 	 	7	  	 	 	(40	) 	
Public equity	 	 	(5	) 	 	 	2	  	 	 	(3	) 	 	 	33	  	 	 	(10	) 	 	 	23	  	 	 	28	  	 	 	(8	) 	 	 	20	  	
Private equity	 	 	33	  	 	 	(5	) 	 	 	28	  	 	 	(42	) 	 	 	5	  	 	 	(37	) 	 	 	(9	) 	 	 	—  	  	 	 	(9	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio	 	 	(12	) 	 	 	(4	) 	 	 	(16	) 	 	 	945	  	 	 	(239	) 	 	 	706	  	 	 	933	  	 	 	(243	) 	 	 	690	  	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (2)	 	 	(159	) 	 	 	—  	  	 	 	(159	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(159	) 	 	 	—  	  	 	 	(159	) 	
Foreign exchange	 	 	(22	) 	 	 	4	  	 	 	(18	) 	 	 	81	  	 	 	24	  	 	 	105	  	 	 	59	  	 	 	28	  	 	 	87	  	
Partially-owned entities (3)	 	 	(2	) 	 	 	1	  	 	 	(1	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(2	) 	 	 	1	  	 	 	(1	) 	
Other	 	 	(1	) 	 	 	—  	  	 	 	(1	) 	 	 	1	  	 	 	2	  	 	 	3	  	 	 	—  	  	 	 	2	  	 	 	2	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	 	$	(196	) 	 	$	1	  	 	$	(195	) 	 	$	1,027	  	 	$	(213	) 	 	$	814	  	 	$	831	  	 	$	(212	) 	 	$	619	  	

(1)	Other-than-temporary impairments for the quarter includes $11 million for fixed maturities and $5 million for public equity.	
(2)	The quarter includes $28 million of losses on applicable hedges. These losses are both pre-tax and after-tax.	
(3)	Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. The net income or loss is included in other income (expense).	

 	 	Legacy ACE	 	
 	 	Three months ended June 30, 2015	 	
 	 	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	
 	 	(Losses)  (4)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	
 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	
Fixed maturities	 	$	5	  	 	$	—  	  	 	$	5	  	 	$	(832	) 	 	$	171	  	 	$	(661	) 	 	$	(827	) 	 	$	171	  	 	$	(656	) 	
Fixed income derivatives	 	 	27	  	 	 	(9	) 	 	 	18	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	27	  	 	 	(9	) 	 	 	18	  	
Public equity	 	 	29	  	 	 	(8	) 	 	 	21	  	 	 	(23	) 	 	 	8	  	 	 	(15	) 	 	 	6	  	 	 	—  	  	 	 	6	  	
Private equity	 	 	27	  	 	 	(2	) 	 	 	25	  	 	 	5	  	 	 	(1	) 	 	 	4	  	 	 	32	  	 	 	(3	) 	 	 	29	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio	 	 	88	  	 	 	(19	) 	 	 	69	  	 	 	(850	) 	 	 	178	  	 	 	(672	) 	 	 	(762	) 	 	 	159	  	 	 	(603	) 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (5)	 	 	102	  	 	 	—  	  	 	 	102	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	102	  	 	 	—  	  	 	 	102	  	
Foreign exchange	 	 	(40	) 	 	 	11	  	 	 	(29	) 	 	 	136	  	 	 	(4	) 	 	 	132	  	 	 	96	  	 	 	7	  	 	 	103	  	
Partially-owned entities (6)	 	 	18	  	 	 	(1	) 	 	 	17	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	18	  	 	 	(1	) 	 	 	17	  	
Other	 	 	(7	) 	 	 	2	  	 	 	(5	) 	 	 	(6	) 	 	 	1	  	 	 	(5	) 	 	 	(13	) 	 	 	3	  	 	 	(10	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	 	$	161	  	 	$	(7	) 	 	$	154	  	 	$	(720	) 	 	$	175	  	 	$	(545	) 	 	$	(559	) 	 	$	168	  	 	$	(391	) 	

(4)	Other-than-temporary impairments for the quarter includes $7 million for fixed maturities and $1 million for public equity.	
(5)	The quarter includes $2 million of losses on applicable hedges. These losses are both pre-tax and after-tax.	
(6)	Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. The net income or loss is included in other income (expense).	

Net Gains (Losses) 1	  	Page 35	

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

 	 	Six months ended June 30, 2016	 	
 	 	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	
 	 	(Losses)  (1)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	
 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	
Fixed maturities	 	$	(183	) 	 	$	6	  	 	$	(177	) 	 	$	2,042	  	 	$	(466	) 	 	$	1,576	  	 	$	1,859	  	 	$	(460	) 	 	$	1,399	  	
Fixed income derivatives	 	 	(86	) 	 	 	12	  	 	 	(74	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(86	) 	 	 	12	  	 	 	(74	) 	
Public equity	 	 	33	  	 	 	(11	) 	 	 	22	  	 	 	29	  	 	 	(9	) 	 	 	20	  	 	 	62	  	 	 	(20	) 	 	 	42	  	
Private equity	 	 	14	  	 	 	3	  	 	 	17	  	 	 	(69	) 	 	 	3	  	 	 	(66	) 	 	 	(55	) 	 	 	6	  	 	 	(49	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio	 	 	(222	) 	 	 	10	  	 	 	(212	) 	 	 	2,002	  	 	 	(472	) 	 	 	1,530	  	 	 	1,780	  	 	 	(462	) 	 	 	1,318	  	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (2)	 	 	(402	) 	 	 	—  	  	 	 	(402	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(402	) 	 	 	—  	  	 	 	(402	) 	
Foreign exchange	 	 	17	  	 	 	(6	) 	 	 	11	  	 	 	393	  	 	 	(11	) 	 	 	382	  	 	 	410	  	 	 	(17	) 	 	 	393	  	
Partially-owned entities (3)	 	 	(5	) 	 	 	1	  	 	 	(4	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(5	) 	 	 	1	  	 	 	(4	) 	
Other	 	 	(3	) 	 	 	—  	  	 	 	(3	) 	 	 	3	  	 	 	1	  	 	 	4	  	 	 	—  	  	 	 	1	  	 	 	1	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	 	$	(615	) 	 	$	5	  	 	$	(610	) 	 	$	2,398	  	 	$	(482	) 	 	$	1,916	  	 	$	1,783	  	 	$	(477	) 	 	$	1,306	  	

(1)	Year to date other-than-temporary impairments includes $70 million for fixed maturities, $6 million for public equity and $3 million for private equity.	
(2)	Year to date includes $43 million of losses on applicable hedges. These losses are both pre-tax and after-tax.	
(3)	Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. The net income or loss is included in other income (expense).	

 	 	Legacy ACE	 	
 	 	Six months ended June 30, 2015	 	
 	 	Realized Gains (Losses)	 	 	Unrealized Gains (Losses)	 	 	Realized and Unrealized Gains (Losses)	 	
 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	 	Gains	 	 	Tax	 	 	Gains	 	
 	 	(Losses)  (4)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	 	(Losses)	 	 	(Expense)	 	 	(Losses)	 	
 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	 	Pre-Tax	 	 	Benefit	 	 	After-Tax	 	
Fixed maturities	 	$	1	  	 	$	(5	) 	 	$	(4	) 	 	$	(393	) 	 	$	93	  	 	$	(300	) 	 	$	(392	) 	 	$	88	  	 	$	(304	) 	
Fixed income derivatives	 	 	28	  	 	 	(3	) 	 	 	25	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	28	  	 	 	(3	) 	 	 	25	  	
Public equity	 	 	30	  	 	 	(9	) 	 	 	21	  	 	 	(6	) 	 	 	2	  	 	 	(4	) 	 	 	24	  	 	 	(7	) 	 	 	17	  	
Private equity	 	 	40	  	 	 	(3	) 	 	 	37	  	 	 	(7	) 	 	 	—  	  	 	 	(7	) 	 	 	33	  	 	 	(3	) 	 	 	30	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment portfolio	 	 	99	  	 	 	(20	) 	 	 	79	  	 	 	(406	) 	 	 	95	  	 	 	(311	) 	 	 	(307	) 	 	 	75	  	 	 	(232	) 	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (5)	 	 	45	  	 	 	—  	  	 	 	45	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	45	  	 	 	—  	  	 	 	45	  	
Foreign exchange	 	 	(71	) 	 	 	12	  	 	 	(59	) 	 	 	(285	) 	 	 	7	  	 	 	(278	) 	 	 	(356	) 	 	 	19	  	 	 	(337	) 	
Partially-owned entities (6)	 	 	31	  	 	 	(2	) 	 	 	29	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	31	  	 	 	(2	) 	 	 	29	  	
Other	 	 	(6	) 	 	 	2	  	 	 	(4	) 	 	 	7	  	 	 	(2	) 	 	 	5	  	 	 	1	  	 	 	—  	  	 	 	1	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gains (losses)	 	$	98	  	 	$	(8	) 	 	$	90	  	 	$	(684	) 	 	$	100	  	 	$	(584	) 	 	$	(586	) 	 	$	92	  	 	$	(494	) 	

(4)	Year to date other-than-temporary impairments includes $20 million for fixed maturities and $1 million for public equities.	
(5)	Year to date includes $14 million of losses on applicable hedges. These losses are both pre-tax and after-tax.	
(6)	Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. The net income or loss is included in other income (expense).	

Net Gains (Losses) 2	  	Page 36	

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

 	  	 	 	 	 	 	 	Legacy ACE	 	
 	  	June 30	 	 	March 31	 	 	December 31	 	 	December 31	 	
 	  	2016	 	 	2016	 	 	2015	 	 	2014	 	
Financial Debt:	  				 				 				 				
Total short-term debt	  	$	500	  	 	$	500	  	 	$	—  	  	 	$	1,150	  	
Total long-term debt (1)	  	 	12,631	  	 	 	12,636	  	 	 	9,389	  	 	 	3,334	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total financial debt	  	$	13,131	  	 	$	13,136	  	 	$	9,389	  	 	$	4,484	  	
Hybrid debt	  				 				 				 				
Total trust preferred securities	  	 	308	  	 	 	308	  	 	 	307	  	 	 	307	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	$	13,439	  	 	$	13,444	  	 	$	9,696	  	 	$	4,791	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capitalization:	  				 				 				 				
Shareholders’ equity	  	$	47,226	  	 	$	45,897	  	 	$	29,135	  	 	$	29,587	  	
Hybrid debt	  	 	308	  	 	 	308	  	 	 	307	  	 	 	307	  	
Financial debt	  	 	13,131	  	 	 	13,136	  	 	 	9,389	  	 	 	4,484	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total capitalization	  	$	60,665	  	 	$	59,341	  	 	$	38,831	  	 	$	34,378	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Leverage ratios (based on total capital)	  				 				 				 				
Hybrid debt	  	 	0.5	% 	 	 	0.5	% 	 	 	0.8	% 	 	 	0.9	% 	
Financial debt	  	 	21.6	% 	 	 	22.1	% 	 	 	24.2	% 	 	 	13.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total hybrid & financial debt	  	 	22.1	% 	 	 	22.6	% 	 	 	25.0	% 	 	 	13.9	% 	
Note: As of June 30, 2016, there was $0.5 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 37	

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

 	  	Three months ended June 30	 	 	Six months ended June 30	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
Numerator	  				 				 				 				
Operating income to common shares	  	$	1,058	  	 	$	788	  	 	$	2,077	  	 	$	1,533	  	
Amortization of fair value adjustment on acquired invested assets and long-term debt, pre-tax (1)	  	 	(95	) 	 	 	—  	  	 	 	(178	) 	 	 	—  	  	
Tax benefit on amortization adjustment	  	 	29	  	 	 	—  	  	 	 	53	  	 	 	—  	  	
Chubb integration and related expenses, pre-tax	  	 	(98	) 	 	 	—  	  	 	 	(253	) 	 	 	—  	  	
Tax benefit on Chubb integration and related expenses	  	 	27	  	 	 	—  	  	 	 	76	  	 	 	—  	  	
Adjusted net realized gains (losses), pre-tax	  	 	(196	) 	 	 	161	  	 	 	(615	) 	 	 	98	  	
Tax (expense) benefit on adjusted net realized gains (losses)	  	 	1	  	 	 	(7	) 	 	 	5	  	 	 	(8	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	726	  	 	$	942	  	 	$	1,165	  	 	$	1,623	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rollforward of Common Shares Outstanding	  				 				 				 				
Shares - beginning of period	  	 	464,283,520	  	 	 	327,084,762	  	 	 	324,563,441	  	 	 	328,659,686	  	
Share Issuance for Chubb Acquisition	  	 	—  	  	 	 	—  	  	 	 	136,950,381	  	 	 	—  	  	
Repurchase of shares	  	 	—  	  	 	 	(3,650,200	) 	 	 	—  	  	 	 	(6,677,663	) 	
Shares issued, excluding option exercises	  	 	297,586	  	 	 	107,071	  	 	 	2,469,747	  	 	 	1,118,101	  	
Issued for option exercises	  	 	431,874	  	 	 	272,648	  	 	 	1,029,411	  	 	 	714,157	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Shares - end of period	  	 	465,012,980	  	 	 	323,814,281	  	 	 	465,012,980	  	 	 	323,814,281	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Denominator	  				 				 				 				
Weighted average shares outstanding	  	 	467,701,328	  	 	 	325,463,196	  	 	 	457,102,802	  	 	 	326,795,838	  	
Effect of other dilutive securities	  	 	3,455,969	  	 	 	3,222,562	  	 	 	3,379,559	  	 	 	3,373,809	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adj. wtd. avg. shares outstanding and assumed conversions	  	 	471,157,297	  	 	 	328,685,758	  	 	 	460,482,361	  	 	 	330,169,647	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	  				 				 				 				
Operating income	  	$	2.26	  	 	$	2.42	  	 	$	4.54	  	 	$	4.69	  	
Amortization of fair value adjustment on acquired invested assets and long-term debt, net of tax (1)	  	 	(0.14	) 	 	 	—  	  	 	 	(0.27	) 	 	 	—  	  	
Chubb integration and related expenses, net of tax	  	 	(0.15	) 	 	 	—  	  	 	 	(0.39	) 	 	 	—  	  	
Adjusted net realized gains (losses), net of tax	  	 	(0.42	) 	 	 	0.47	  	 	 	(1.33	) 	 	 	0.28	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	1.55	  	 	$	2.89	  	 	$	2.55	  	 	$	4.97	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings per share	  				 				 				 				
Operating income	  	$	2.25	  	 	$	2.40	  	 	$	4.51	  	 	$	4.64	  	
Amortization of fair value adjustment on acquired invested assets and long-term debt (1)	  	 	(0.14	) 	 	 	—  	  	 	 	(0.27	) 	 	 	—  	  	
Chubb integration and related expenses	  	 	(0.15	) 	 	 	—  	  	 	 	(0.38	) 	 	 	—  	  	
Adjusted net realized gains (losses)	  	 	(0.42	) 	 	 	0.46	  	 	 	(1.33	) 	 	 	0.27	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	1.54	  	 	$	2.86	  	 	$	2.53	  	 	$	4.91	  	

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

Earnings per share	  	Page 38	

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

 	  	June 30	 	 	March 31	 	 	December 31	 	 	June 30	 	
 	  	2016	 	 	2016	 	 	2015	 	 	2015	 	
Shareholders’ equity	  	$	47,226	  	 	$	45,897	  	 	$	29,135	  	 	$	29,555	  	
Less: goodwill and other intangible assets, net of tax	  	 	20,656	  	 	 	20,904	  	 	 	5,683	  	 	 	5,969	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Numerator for tangible book value per share	  	$	26,570	  	 	$	24,993	  	 	$	23,452	  	 	$	23,586	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value - % change over prior quarter	  	 	2.9	% 	 	 	57.5	% 	 	 	0.0	% 	 	 	-0.5	% 	
Tangible book value - % change over prior quarter	  	 	6.3	% 	 	 	6.6	% 	 	 	0.2	% 	 	 	-2.5	% 	
Denominator	  	 	465,012,980	  	 	 	464,283,520	  	 	 	324,563,441	  	 	 	323,814,281	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per common share	  	$	101.56	  	 	$	98.85	  	 	$	89.77	  	 	$	91.27	  	
Tangible book value per common share	  	$	57.14	  	 	$	53.83	  	 	$	72.25	  	 	$	72.84	  	
Reconciliation of Book Value	  				 				 				 				
Shareholders’ equity, beginning of quarter	  	$	45,897	  	 	$	29,135	  	 	$	29,127	  	 	$	29,702	  	
Operating income	  	 	1,058	  	 	 	1,019	  	 	 	780	  	 	 	788	  	
Amortization of fair value adjustment on acquired invested assets and long-term debt, net of tax (1)	  	 	(66	) 	 	 	(59	) 	 	 	—  	  	 	 	—  	  	
Chubb integration and related expenses, net of tax	  	 	(71	) 	 	 	(106	) 	 	 	(35	) 	 	 	—  	  	
Adjusted net realized gains (losses), net of tax	  	 	(195	) 	 	 	(415	) 	 	 	(62	) 	 	 	154	  	
Net unrealized gains (losses) on the investment portfolio	  	 	706	  	 	 	824	  	 	 	(411	) 	 	 	(672	) 	
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	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(394	) 	
Dividend declared on common shares	  	 	(323	) 	 	 	(314	) 	 	 	(218	) 	 	 	(217	) 	
Cumulative translation	  	 	105	  	 	 	277	  	 	 	(133	) 	 	 	132	  	
Pension liability	  	 	3	  	 	 	1	  	 	 	1	  	 	 	(5	) 	
Other (2)	  	 	112	  	 	 	8	  	 	 	86	  	 	 	67	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	$	47,226	  	 	$	45,897	  	 	$	29,135	  	 	$	29,555	  	

(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 39	

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 42.
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 underwriting operations as they are heavily influenced by, and fluctuate in part according to market conditions. The focus of our business is underwriting operations. Excluding results that are not underwriting related provide visibility into the effectiveness of our company pricing underwriting risks. Results based on market conditions, such as realized gains and losses from our investment portfolio, and results that are driven by unusual items, such as the size and complexity of our recent Chubb Corp acquisition and the related integration costs and purchase accounting adjustments, are not indicative measure of our effectiveness in pricing underwriting risks.
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 American Agricultural Insurance underwriting income includes gains (losses) on crop derivatives.
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 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 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 39. 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 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 is 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 invested assets. Adjusted interest expense is interest expense excluding the amortization of the fair value adjustment on 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.
We acquired Fireman’s Fund high net worth personal lines business in April 2015 and recognized as written premiums non-recurring unearned premiums reserves of $252 million. Due to the size of this non-recurring transfer, we believe that excluding this one-time benefit in 2015 will allow for comparability when assessing trends in our business. We present measures exclusive of Fireman’s Fund high net worth business and a $19 million one-time reinsurance benefit related to a modification in terms related to a ceded reinsurance contract that resulted in a reinsurance return premium. We exclude Fireman’s Fund from our 2016 and 2015 in order to show its impact on our results and to highlight the negative impact of Fireman’s Fund low retention on our business.

Reconciliation Non-GAAP	  	Page 40	

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:

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	2016	 	 	2015	 	 	2015	 	
Net income, as reported	  	$	726	  	 	$	439	  	 	$	683	  	 	$	528	  	 	$	942	  	 	$	1,165	  	 	$	1,623	  	 	$	2,834	  	
Amortization of fair value adjustment on acquired invested assets and long-term debt, pre-tax (1)	  	 	(95	) 	 	 	(83	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(178	) 	 	 	—  	  	 	 	—  	  	
Tax benefit on amortization adjustment	  	 	29	  	 	 	24	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	53	  	 				 	 	—  	  	
Chubb integration and related expenses, pre tax	  	 	(98	) 	 	 	(155	) 	 	 	(53	) 	 	 	(9	) 	 	 	—  	  	 	 	(253	) 	 	 	—  	  	 	 	(62	) 	
Tax benefit on Chubb integration and related expenses	  	 	27	  	 	 	49	  	 	 	18	  	 	 	2	  	 	 	—  	  	 	 	76	  	 	 	—  	  	 	 	20	  	
Adjusted net realized gains (losses)	  	 	(214	) 	 	 	(394	) 	 	 	(57	) 	 	 	(393	) 	 	 	128	  	 	 	(608	) 	 	 	39	  	 	 	(411	) 	
Net realized gains (losses) related to unconsolidated entities  (2)	  	 	18	  	 	 	(25	) 	 	 	(17	) 	 	 	25	  	 	 	33	  	 	 	(7	) 	 	 	59	  	 	 	67	  	
Tax (expense) benefit on adjusted net realized gains (losses)	  	 	1	  	 	 	4	  	 	 	12	  	 	 	6	  	 	 	(7	) 	 	 	5	  	 	 	(8	) 	 	 	10	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	$	1,058	  	 	$	1,019	  	 	$	780	  	 	$	897	  	 	$	788	  	 	$	2,077	  	 	$	1,533	  	 	$	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: 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 on 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, for the six months ended June 30, 2016, 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 YTD 2016 operating ROE, include the 14-day stub period adjustment in the numerator (i.e., include income from the first 14 days of January of approximately $60 million 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 measures 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.

 	  	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	2Q-16	 	 	2Q-15	 	 	2016	 	 	2015	 	 	2015	 	
Net income	  	$	726	  	 	$	942	  	 	$	1,165	  	 	$	1,623	  	 	$	2,834	  	
Operating income	  	$	1,058	  	 	$	788	  	 	$	2,077	  	 	$	1,533	  	 	$	3,210	  	
Equity - beginning of period, as reported	  	$	45,897	  	 	$	29,702	  	 	$	29,135	  	 	$	29,587	  	 	$	29,587	  	
Add: weighted average impact of equity issuance (168 days)	  				 				 	 	14,333	  	 				 				
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	1,698	  	 	 	2,212	  	 	 	874	  	 	 	1,851	  	 	 	1,851	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity - beginning of period, as adjusted	  	$	44,199	  	 	$	27,490	  	 	$	42,594	  	 	$	27,736	  	 	$	27,736	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity - end of period, as reported	  	$	47,226	  	 	$	29,555	  	 	$	47,226	  	 	$	29,555	  	 	$	29,135	  	
Less: weighted average impact of equity issuance (14 days)	  	 	—  	  	 	 	—  	  	 	 	1,194	  	 	 	—  	  	 	 	—  	  	
Less: unrealized gains (losses) on investments, net of deferred tax	  	 	2,404	  	 	 	1,540	  	 	 	2,404	  	 	 	1,540	  	 	 	874	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity - end of period, as adjusted	  	$	44,822	  	 	$	28,015	  	 	$	43,628	  	 	$	28,015	  	 	$	28,261	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average equity, as reported	  	$	46,562	  	 	$	29,629	  	 	$	44,750	  	 	$	29,571	  	 	$	29,361	  	
Weighted average equity, as adjusted	  	$	44,511	  	 	$	27,753	  	 	$	43,111	  	 	$	27,876	  	 	$	27,999	  	
Operating ROE	  	 	9.5	% 	 	 	11.4	% 	 	 	9.8	% 	 	 	11.0	% 	 	 	11.5	% 	
ROE	  	 	6.2	% 	 	 	12.7	% 	 	 	5.3	% 	 	 	11.0	% 	 	 	9.7	% 	

Reconciliation Non-GAAP 2	  	Page 41	

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:

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	2016	 	 	2015	 	 	2015	 	
Tax expense, as reported	  	$	155	  	 	$	124	  	 	$	67	  	 	$	132	  	 	$	143	  	 	$	279	  	 	$	263	  	 	$	462	  	
Tax benefit on amortization of fair value of acquired invested assets and debt (1)	  	 	(29	) 	 	 	(24	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(53	) 	 	 	—  	  	 	 	—  	  	
Tax benefit on Chubb integration and related expenses	  	 	(27	) 	 	 	(49	) 	 	 	(18	) 	 	 	(2	) 	 	 	—  	  	 	 	(76	) 	 	 	—  	  	 	 	(20	) 	
Tax expense (benefit) on adjusted net realized gains (losses)	  	 	(1	) 	 	 	(4	) 	 	 	(12	) 	 	 	(6	) 	 	 	7	  	 	 	(5	) 	 	 	8	  	 	 	(10	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tax expense, adjusted	  	$	212	  	 	$	201	  	 	$	97	  	 	$	140	  	 	$	136	  	 	$	413	  	 	$	255	  	 	$	492	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before tax, as reported	  	$	881	  	 	$	563	  	 	$	750	  	 	$	660	  	 	$	1,085	  	 	$	1,444	  	 	$	1,886	  	 	$	3,296	  	
Less: amortization of fair value of acquired invested assets and debt (1)	  	 	(95	) 	 	 	(83	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(178	) 	 	 	—  	  	 	 	—  	  	
Less: Chubb integration and related expenses	  	 	(98	) 	 	 	(155	) 	 	 	(53	) 	 	 	(9	) 	 	 	—  	  	 	 	(253	) 	 	 	—  	  	 	 	(62	) 	
Less: adjusted realized gains (losses)	  	 	(214	) 	 	 	(394	) 	 	 	(57	) 	 	 	(393	) 	 	 	128	  	 	 	(608	) 	 	 	39	  	 	 	(411	) 	
Less: realized gains (losses) related to unconsolidated entities	  	 	18	  	 	 	(25	) 	 	 	(17	) 	 	 	25	  	 	 	33	  	 	 	(7	) 	 	 	59	  	 	 	67	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before tax	  	$	1,270	  	 	$	1,220	  	 	$	877	  	 	$	1,037	  	 	$	924	  	 	$	2,490	  	 	$	1,788	  	 	$	3,702	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effective tax rate	  	 	17.6	% 	 	 	22.1	% 	 	 	9.0	% 	 	 	20.1	% 	 	 	13.2	% 	 	 	19.3	% 	 	 	13.9	% 	 	 	14.0	% 	
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt (1)	  	 	1.1	% 	 	 	0.9	% 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1.0	% 	 	 	—  	  	 	 	—  	  	
Adjustment for tax impact of Chubb integration and related expenses	  	 	0.9	% 	 	 	2.2	% 	 	 	1.5	% 	 	 	-0.1	% 	 	 	—  	  	 	 	1.5	% 	 	 	—  	  	 	 	0.3	% 	
Adjustment for tax impact of adjusted net realized gains (losses)	  	 	-2.9	% 	 	 	-8.7	% 	 	 	0.6	% 	 	 	-6.5	% 	 	 	1.5	% 	 	 	-5.2	% 	 	 	0.3	% 	 	 	-1.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating effective tax rate	  	 	16.7	% 	 	 	16.5	% 	 	 	11.1	% 	 	 	13.5	% 	 	 	14.7	% 	 	 	16.6	% 	 	 	14.2	% 	 	 	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.

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	YTD	 	 	YTD	 	 	Full Year	 	
 	  	2Q-16	 	 	1Q-16	 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	2016	 	 	2015	 	 	2015	 	
GAAP combined ratio	  	 	91.2	% 	 	 	90.0	% 	 	 	87.7	% 	 	 	85.8	% 	 	 	87.6	% 	 	 	90.6	% 	 	 	88.0	% 	 	 	87.3	% 	
Impact of gains and losses on crop derivatives	  	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.1	% 	 	 	0.1	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
P&C combined ratio	  	 	91.2	% 	 	 	90.0	% 	 	 	87.7	% 	 	 	85.9	% 	 	 	87.7	% 	 	 	90.6	% 	 	 	88.0	% 	 	 	87.4	% 	

Reconciliation Non-GAAP 3	  	Page 42	

Chubb Limited
Non-GAAP Financial Measures - 4
(in millions of U.S. dollars, except share data)
(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 is 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 on a GAAP basis to Chubb integration and related expenses.

 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	YTD	 	  	YTD	 	  	Full Year	 	
 	  	2Q-16	 	  	1Q-16	 	  	4Q-15	 	  	3Q-15	 	  	2Q-15	 	  	2016	 	  	2015	 	  	2015	 	
Chubb integration expenses, net of tax	  	$	71	  	  	$	102	  	  	$	16	  	  	$	7	  	  	$	—  	  	  	$	173	  	  	$	—  	  	  	$	23	  	
Add: pre-acquisition interest expense related to $5.3 billion senior notes, net of tax	  	 	—  	  	  	 	4	  	  	 	19	  	  	 	—  	  	  	 	—  	  	  	 	4	  	  	 	—  	  	  	 	19	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Chubb integration and related expenses, net of tax	  	 	71	  	  	 	106	  	  	 	35	  	  	 	7	  	  	 	—  	  	  	 	177	  	  	 	—  	  	  	 	42	  	
Tax benefit	  	 	27	  	  	 	49	  	  	 	18	  	  	 	2	  	  	 	—  	  	  	 	76	  	  	 	—  	  	  	 	20	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Chubb integration and related expenses, pre- tax	  	$	98	  	  	$	155	  	  	$	53	  	  	$	9	  	  	$	—  	  	  	$	253	  	  	$	—  	  	  	$	62	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
As If Results
As If results presented throughout this document are prepared exclusive of purchase accounting adjustments in order to present the underlying profitability of our insurance business. We believe that excluding these adjustments provide visibility and comparability into our results. As If is defined as follows:
2016 As If results: The 2016 and 2015 As If underwriting results do not include any impact from purchase accounting adjustments. The first quarter and year to date combined company results are inclusive of the first 14 days of January 2016.
2015 As If 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 YTD 2016:

 	  	YTD	 	 	 	  	YTD	 	
Numerator	  	2016	 	 	Denominator	  	2016	 	
Operating income as reported	  	$	2,077	  	 		  				
Add: 14-day stub period income	  				 	Weighted average shares outstanding and assumed conversions	  	 	460,482,361	  	
Underwriting income	  	 	44	  	 	Impact of shares issued in connection with Chubb Corp acquisition	  	 	10,116,378	  	
Net investment income	  	 	45	  	 	As If adjusted weighted average shares outstanding	  	 	470,598,739	  	
Interest expense	  	 	(9	) 	 		  				
Income tax expense	  	 	(20	) 	 	Diluted earnings per share, including 14 day stub period	  				
	  	 	 	 	 		  				
Total 14-day stub period income	  	 	60	  	 	Operating income per share	  	$	4.54	  	
	  	 	 	 	 		  				
As If operating income, including 14 day stub period	  	$	2,137	  	 	Net income per share	  	$	2.60	  	
	  	 	 	 	 		  				
Net income as reported	  	$	1,165	  	 		  				
Add: 14-day stub period income from above	  	 	60	  	 		  				
	  	 	 	 	 		  				
As If net income, including 14 day stub period	  	$	1,225	  	 		  				

			
Reconciliation Non-GAAP 4	  	Page 43	

Chubb Limited
Non-GAAP Financial Measures - 5
(in millions of U.S. dollars)
(Unaudited)
 
Regulation G - Non-GAAP Financial Measures (continued)
 
The following table presents the reconciliation of Q1 2016 As If underwriting income excluding purchase accounting adjustments and including 14 days prior to the acquisition (14 Day Stub Period) to Q1 2016 underwriting results.

 	 	 	 	 	Purchase Accounting adjustments  (1)	 	 	14 Day Stub Period	 	 	 	 	
 	 	Total
Consolidated
As If*
(Excluding
Purchase
Accounting)	 	 	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	 	
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)	Purchase accounting adjustments include the amortization of the fair value adjustment related to unearned premiums at the date of purchase amortized over the remaining coverage period. In addition, as part of purchase accounting, we recognize a benefit (Acquisition expense elimination) associated with the acquired unearned premiums being recognized over the remaining coverage period with no expense for the historical acquisition costs.	
The following table presents the reconciliation of underwriting income excluding purchase accounting adjustments, as used throughout this report (As If), to Pro Forma results calculated in accordance with SEC guidance under Article 11:

 	  	 	 	 	 	 	  	 	 	 	 	 	 	Purchase Accounting
adjustments (1)	 	  	 	 	
 	  	Legacy ACE	 	 	Legacy Chubb	 	  	Accounting
policy
alignment  (2)	 	 	As If*	 	 	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 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 As If company results are inclusive of the first 14 days of January 2016.	
2015 As If 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 44	

Chubb Limited
Non-GAAP Financial Measures - 6
(in millions of U.S. dollars)
(Unaudited)
 
Regulation G - Non-GAAP Financial Measures (continued)
 
The following presents the reconciliation of Q2 2016 As If underwriting income excluding purchase accounting adjustments to Q2 2016 underwriting results.

 	  	 	 	 	Purchase Accounting
adjustments (1)	 	  	 	 	
 	  	Total
Consolidated
As If*
(Excluding
Purchase
Accounting)	 	 	Acquisition
expense
elimination	 	 	UPR
intangible
amortization	 	  	Total
Consolidated	 	
Q2 2016	  				 				 				  				
Net premiums written	  	$	7,639	  	 				 				  	$	7,639	  	
Net premiums earned	  	 	7,405	  	 				 				  	 	7,405	  	
Losses and loss expenses	  	 	4,256	  	 				 				  	 	4,256	  	
Policy benefits	  	 	146	  	 				 				  	 	146	  	
(Gains) losses from fair value
changes in separate account assets	  	 	(3	) 	 				 				  	 	(3	) 	
Policy acquisition costs	  	 	1,494	  	 	 	(459	) 	 				  	 	1,035	  	
Amortization of acquired UPR intangible	  	 	—  	  	 				 	 	525	  	  	 	525	  	
Administrative expenses	  	 	829	  	 				 				  	 	829	  	
	  	 	 	 	 				 				  	 	 	 	
Adjusted underwriting income (loss)	  	$	683	  	 				 				  	$	617 	(1)  	
 
(1)	Refer to page 9 for a reconciliation of underwriting income to net income. Purchase accounting adjustments include the amortization of the fair value adjustment related to unearned premiums at the date of purchase amortized over the remaining coverage period. In addition, as part of purchase accounting, we recognize a benefit (Acquisition expense elimination) associated with the acquired unearned premiums being recognized over the remaining coverage period with no expense for the historical acquisition costs.	
The following table presents the reconciliation of underwriting income excluding purchase accounting adjustments, as used throughout this report (As If), to Pro Forma results calculated in accordance with SEC guidance under Article 11:

 	  	 	 	  	 	 	 	 	 	 	Purchase Accounting
adjustments (1)	 	  	 	 	
 	  	Legacy ACE	 	 	Legacy Chubb	 	  	Accounting
policy
alignment  (2)	 	 	As If*	 	 	Acquisition
expense
elimination	 	 	UPR
intangible
amortization	 	  	SEC
Pro Forma
2015  (3)	 	
Q2 2015	  				 				  				 				 				 				  				
Net premiums written	  	$	4,784	  	 	$	3,309	  	  	$	15	  	 	$	8,108	  	 				 				  	$	8,108	  	
Net premiums earned	  	 	4,360	  	 	 	3,133	  	  	 	10	  	 	 	7,503	  	 				 				  	 	7,503	  	
Losses and loss expenses	  	 	2,419	  	 	 	1,707	  	  	 	(8	) 	 	 	4,118	  	 				 				  	 	4,118	  	
Policy benefits	  	 	153	  	 	 	—  	  	  	 	—  	  	 	 	153	  	 				 				  	 	153	  	
(Gains) losses from fair value
changes in separate account assets	  	 	(6	) 	 	 	—  	  	  	 	—  	  	 	 	(6	) 	 				 				  	 	(6	) 	
Policy acquisition costs	  	 	727	  	 	 	652	  	  	 	77	  	 	 	1,456	  	 	 	(395	) 	 				  	 	1,061	  	
Amortization of acquired UPR intangible	  	 	—  	  	 	 	—  	  	  	 	—  	  	 	 	—  	  	 				 	 	489	  	  	 	489	  	
Administrative expenses	  	 	578	  	 	 	346	  	  	 	(50	) 	 	 	874	  	 				 				  	 	874	  	
	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 				 				  	 	 	 	
Underwriting income (loss)	  	$	489	  	 	$	428	  	  	$	(9	) 	 	$	908	  	 				 				  	$	814	  	
 
(1)	As if acquisition occurred on January 1, 2015. Purchase accounting adjustments include the amortization of the fair value adjustment related to unearned premiums at the date of purchase amortized over the remaining coverage period. In addition, as part of purchase accounting, we recognize a benefit (Acquisition expense elimination) associated with the acquired unearned premiums being recognized over the remaining coverage period with no expense for the historical acquisition costs.	
(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 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments.	
2015 As If 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 6	  	Page 45	

Chubb Limited
Non-GAAP Financial Measures - 7
(in millions of U.S. dollars)
(Unaudited)
 
Regulation G - Non-GAAP Financial Measures (continued)
 
The following presents the reconciliation of YTD 2016 As If underwriting income excluding purchase accounting adjustments and including 14 days prior to the acquisition (14 Day Stub Period) to YTD 2016 as reported underwriting results.

 	 	 	 	 	Purchase Accounting
adjustments (1)	 	 	14 Day Stub Period	 	 	 	 	
 	 	Total
Consolidated
As If*
(Excluding
Purchase
Accounting)	 	 	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	 	
Q2 YTD 2016	 				 				 				 				 				 				 				 				 				 				
Net premiums written	 	$	14,489	  	 				 				 	$	519	  	 	$	100	  	 	$	215	  	 	$	20	  	 	$	1	  	 	$	—  	  	 	$	13,634	  	
Net premiums earned	 	 	14,393	  	 				 				 	 	208	  	 	 	109	  	 	 	72	  	 	 	—  	  	 	 	2	  	 	 	—  	  	 	 	14,002	  	
Losses and loss expenses	 	 	8,152	  	 				 				 	 	127	  	 	 	53	  	 	 	42	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	7,930	  	
Policy benefits	 	 	272	  	 				 				 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	272	  	
(Gains) losses from fair value changes in separate account assets	 	 	—  	  	 				 				 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Policy acquisition costs	 	 	2,904	  	 	 	(965	) 	 				 	 	33	  	 	 	14	  	 	 	13	  	 	 	—  	  	 	 	1	  	 	 	—  	  	 	 	1,878	  	
Amortization of acquired UPR intangible	 	 	—  	  	 				 	 	1,095	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,095	  	
Administrative expenses	 	 	1,665	  	 				 				 	 	35	  	 	 	13	  	 	 	12	  	 	 	—  	  	 	 	1	  	 	 	3	  	 	 	1,601	  	
	 	 	 	 	 				 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted underwriting income (loss)	 	$	1,400	  	 				 				 	$	13	  	 	$	29	  	 	$	5	  	 	$	—  	  	 	$	—  	  	 	$	(3	) 	 	$	1,226	 (1)  	
 
(1)	Refer to page 11 for a reconciliation of underwriting income to net income. Purchase accounting adjustments include the amortization of the fair value adjustment related to unearned premiums at the date of purchase amortized over the remaining coverage period. In addition, as part of purchase accounting, we recognize a benefit (Acquisition expense elimination) associated with the acquired unearned premiums being recognized over the remaining coverage period with no expense for the historical acquisition costs.	
The following table presents the reconciliation of underwriting income excluding purchase accounting adjustments, as used throughout this report (“As If”), to Pro Forma results calculated in accordance with SEC guidance under Article 11:

 	  	 	 	 	 	 	  	 	 	 	 	 	 	Purchase Accounting
adjustments (1)	 	  	 	 	
 	  	Legacy ACE	 	 	Legacy Chubb	 	  	Accounting
policy
alignment  (2)	 	 	As If*	 	 	Acquisition
expense
elimination	 	 	UPR
intangible
amortization	 	  	SEC
Pro Forma
2015 (3)	 	
Six months ended June 30, 2015	  				 				  				 				 				 				  				
Net premiums written	  	$	8,860	  	 	$	6,415	  	  	$	49	  	 	$	15,324	  	 				 				  	$	15,324	  	
Net premiums earned	  	 	8,287	  	 	 	6,238	  	  	 	15	  	 	 	14,540	  	 				 				  	 	14,540	  	
Losses and loss expenses	  	 	4,541	  	 	 	3,627	  	  	 	(9	) 	 	 	8,159	  	 				 				  	 	8,159	  	
Policy benefits	  	 	295	  	 	 	—  	  	  	 	—  	  	 	 	295	  	 				 				  	 	295	  	
(Gains) losses from fair value changes in separate account assets	  	 	(17	) 	 	 	—  	  	  	 	—  	  	 	 	(17	) 	 				 				  	 	(17	) 	
Policy acquisition costs	  	 	1,434	  	 	 	1,278	  	  	 	141	  	 	 	2,853	  	 	 	(938	) 	 				  	 	1,915	  	
Amortization of acquired UPR intangible	  	 	—  	  	 	 	—  	  	  	 	—  	  	 	 	—  	  	 				 	 	1,163	  	  	 	1,163	  	
Administrative expenses	  	 	1,132	  	 	 	700	  	  	 	(83	) 	 	 	1,749	  	 				 				  	 	1,749	  	
	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 				 				  	 	 	 	
Underwriting income (loss)	  	$	902	  	 	$	633	  	  	$	(34	) 	 	$	1,501	  	 				 				  	$	1,276	  	
 
(1)	As if acquisition occurred on January 1, 2015. Purchase accounting adjustments include the amortization of the fair value adjustment related to unearned premiums at the date of purchase amortized over the remaining coverage period. In addition, as part of purchase accounting, we recognize a benefit (Acquisition expense elimination) associated with the acquired unearned premiums being recognized over the remaining coverage period with no expense for the historical acquisition costs.	
(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 As If results: The 2016 and 2015 As If company underwriting results do not include any impact from purchase accounting adjustments. The Q1 2016 and YTD 2016 As If company results are inclusive of the first 14 days of January 2016.	
2015 As If 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 7	  	Page 46	

Chubb Limited
Non-GAAP Financial Measures - 8
(in millions of U.S. dollars)
(Unaudited)
 
Regulation G - Non-GAAP Financial Measures (continued)
 
The following tables present the reconciliation of combined company underwriting income (“As If”) used throughout this report to Pro Forma results calculated in accordance with SEC guidance under Article 11:

 	  	 	 	  	 	 	 	 	 	  	Purchase Accounting
adjustments (1)	 	  	 	 	
 	  	Legacy ACE	 	  	Legacy Chubb	 	  	Accounting
policy
alignment  (2)	 	 	As If*	 	  	Acquisition
expense
elimination	 	 	UPR
intangible
amortization	 	  	SEC
Pro Forma
2015  (3)	 	
Q3 2015	  				  				  				 				  				 				  				
Net premiums written	  	$	4,709	  	  	$	3,171	  	  	$	10	  	 	$	7,890	  	  				 				  	$	7,890	  	
Net premiums earned	  	 	4,719	  	  	 	3,166	  	  	 	18	  	 	 	7,903	  	  				 				  	 	7,903	  	
Losses and loss expenses	  	 	2,647	  	  	 	1,633	  	  	 	19	  	 	 	4,299	  	  				 				  	 	4,299	  	
Policy benefits	  	 	89	  	  	 	—  	  	  	 	—  	  	 	 	89	  	  				 				  	 	89	  	
(Gains) losses from fair value
changes in separate account assets	  	 	49	  	  	 	—  	  	  	 	—  	  	 	 	49	  	  				 				  	 	49	  	
Policy acquisition costs	  	 	771	  	  	 	663	  	  	 	71	  	 	 	1,505	  	  	 	(247	) 	 				  	 	1,258	  	
Amortization of acquired UPR intangible	  	 	—  	  	  	 	—  	  	  	 	—  	  	 	 	—  	  	  				 	 	288	  	  	 	288	  	
Administrative expenses	  	 	568	  	  	 	345	  	  	 	(57	) 	 	 	856	  	  				 				  	 	856	  	
	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  				 				  	 	 	 	
Underwriting income (loss)	  	$	595	  	  	$	525	  	  	$	(15	) 	 	$	1,105	  	  				 				  	$	1,064	  	

 	  	 	 	  	 	 	  	 	 	 	 	 	  	Purchase Accounting
adjustments (1)	 	  	 	 	
 	  	Legacy ACE	 	  	Legacy Chubb	 	  	Accounting
policy
alignment  (2)	 	 	As If*	 	  	Acquisition
expense
elimination	 	 	UPR
intangible
amortization	 	  	SEC
Pro Forma
2015 (3)	 	
Nine months ended September 30, 2015	  				  				  				 				  				 				  				
Net premiums written	  	$	13,569	  	  	$	9,586	  	  	$	59	  	 	$	23,214	  	  				 				  	$	23,214	  	
Net premiums earned	  	 	13,006	  	  	 	9,404	  	  	 	33	  	 	 	22,443	  	  				 				  	 	22,443	  	
Losses and loss expenses	  	 	7,188	  	  	 	5,260	  	  	 	10	  	 	 	12,458	  	  				 				  	 	12,458	  	
Policy benefits	  	 	384	  	  	 	—  	  	  	 	—  	  	 	 	384	  	  				 				  	 	384	  	
(Gains) losses from fair value
changes in separate account assets	  	 	32	  	  	 	—  	  	  	 	—  	  	 	 	32	  	  				 				  	 	32	  	
Policy acquisition costs	  	 	2,205	  	  	 	1,941	  	  	 	212	  	 	 	4,358	  	  	 	(1,185	) 	 				  	 	3,173	  	
Amortization of acquired UPR intangible	  	 	—  	  	  	 	—  	  	  	 	—  	  	 	 	—  	  	  				 	 	1,451	  	  	 	1,451	  	
Administrative expenses	  	 	1,700	  	  	 	1,045	  	  	 	(140	) 	 	 	2,605	  	  				 				  	 	2,605	  	
	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  				 				  	 	 	 	
Underwriting income (loss)	  	$	1,497	  	  	$	1,158	  	  	$	(49	) 	 	$	2,606	  	  				 				  	$	2,340	  	
 
(1)	As if acquisition occurred on January 1, 2015. Purchase accounting adjustments include the amortization of the fair value adjustment related to unearned premiums at the date of purchase amortized over the remaining coverage period. In addition, as part of purchase accounting, we recognize a benefit (Acquisition expense elimination) associated with the acquired unearned premiums being recognized over the remaining coverage period with no expense for the historical acquisition costs.	
(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.	
*	2015 As If 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 8	  	Page 47	

Chubb Limited
Non-GAAP Financial Measures - 9
(in millions of U.S. dollars)
(Unaudited)
 
Regulation G - Non-GAAP Financial Measures (continued)
 
The following tables present the reconciliation of combined company underwriting income (“As If”) used throughout this report to Pro Forma results calculated in accordance with SEC guidance under Article 11:

 	  	 	 	  	 	 	 	 	 	 	Purchase Accounting
adjustments (1)	 	  	 	 	
 	  	Legacy ACE	 	 	Legacy Chubb	 	  	Accounting
policy
alignment  (2)	 	 	As If*	 	 	Acquisition
expense
elimination	 	 	UPR
intangible
amortization	 	  	SEC
Pro Forma
2015 (3)	 	
Q4 2015	  				 				  				 				 				 				  				
Net premiums written	  	$	4,144	  	 	$	3,047	  	  	$	18	  	 	$	7,209	  	 				 				  	$	7,209	  	
Net premiums earned	  	 	4,207	  	 	 	3,114	  	  	 	22	  	 	 	7,343	  	 				 				  	 	7,343	  	
Losses and loss expenses	  	 	2,305	  	 	 	1,693	  	  	 	8	  	 	 	4,006	  	 				 				  	 	4,006	  	
Policy benefits	  	 	159	  	 	 	—  	  	  	 	—  	  	 	 	159	  	 				 				  	 	159	  	
(Gains) losses from fair value
changes in separate account assets	  	 	(13	) 	 	 	—  	  	  	 	—  	  	 	 	(13	) 	 				 				  	 	(13	) 	
Policy acquisition costs	  	 	736	  	 	 	652	  	  	 	80	  	 	 	1,468	  	 	 	(99	) 	 				  	 	1,369	  	
Amortization of acquired UPR intangible	  	 	—  	  	 	 	—  	  	  	 	—  	  	 	 	—  	  	 				 	 	99	  	  	 	99	  	
Administrative expenses	  	 	570	  	 	 	334	  	  	 	(44	) 	 	 	860	  	 				 				  	 	860	  	
	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 				 				  	 	 	 	
Underwriting income (loss)	  	$	450	  	 	$	435	  	  	$	(22	) 	 	$	863	  	 				 				  	$	863	  	

 	  	 	 	  	 	 	 	 	 	  	Purchase Accounting
adjustments (1)	 	  	 	 	
 	  	Legacy ACE	 	  	Legacy Chubb	 	  	Accounting
policy
alignment  (2)	 	 	As If*	 	  	Acquisition
expense
elimination	 	 	UPR
intangible
amortization	 	  	SEC
Pro Forma
2015 (3)	 	
Full Year 2015	  				  				  				 				  				 				  				
Net premiums written	  	$	17,713	  	  	$	12,633	  	  	$	77	  	 	$	30,423	  	  				 				  	$	30,423	  	
Net premiums earned	  	 	17,213	  	  	 	12,518	  	  	 	55	  	 	 	29,786	  	  				 				  	 	29,786	  	
Losses and loss expenses	  	 	9,493	  	  	 	6,953	  	  	 	18	  	 	 	16,464	  	  				 				  	 	16,464	  	
Policy benefits	  	 	543	  	  	 	—  	  	  	 	—  	  	 	 	543	  	  				 				  	 	543	  	
(Gains) losses from fair value
changes in separate account assets	  	 	19	  	  	 	—  	  	  	 	—  	  	 	 	19	  	  				 				  	 	19	  	
Policy acquisition costs	  	 	2,941	  	  	 	2,593	  	  	 	292	  	 	 	5,826	  	  	 	(1,284	) 	 				  	 	4,542	  	
Amortization of acquired UPR intangible	  	 	—  	  	  	 	—  	  	  	 	—  	  	 	 	—  	  	  				 	 	1,550	  	  	 	1,550	  	
Administrative expenses	  	 	2,270	  	  	 	1,379	  	  	 	(184	) 	 	 	3,465	  	  				 				  	 	3,465	  	
	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  				 				  	 	 	 	
Underwriting income (loss)	  	$	1,947	  	  	$	1,593	  	  	$	(71	) 	 	$	3,469	  	  				 				  	$	3,203	  	
 
(1)	As if acquisition occurred on January 1, 2015. Purchase accounting adjustments include the amortization of the fair value adjustment related to unearned premiums at the date of purchase amortized over the remaining coverage period. In addition, as part of purchase accounting, we recognize a benefit (Acquisition expense elimination) associated with the acquired unearned premiums being recognized over the remaining coverage period with no expense for the historical acquisition costs.	
(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.	
*	2015 As If 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 9	  	Page 48	

Chubb Limited
Glossary
Chubb Limited Consolidated comprises all segments including Corporate.
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:   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. These 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 49