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) – January 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 January 26, 2015, Chubb Limited (formerly ACE Limited) issued a Press Release reporting legacy ACE Limited and legacy Chubb Corporation fourth quarter 2015 results and the availability of the legacy ACE Limited fourth quarter 2015 Financial Supplement, the legacy Chubb Corporation fourth quarter 2015 Financial Supplement, and legacy Chubb Corporation 2015 Update on Asbestos Reserves. The Press Release, the Financial Supplements, and the Update on Asbestos Reserves are attached hereto as Exhibit 99.1 Exhibit 99.2, Exhibit 99.3, and Exhibit 99.4, 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 January 26, 2016, Reporting Fourth Quarter 2015 Results	
		
99.2	  	Fourth Quarter 2015 Financial Supplement - legacy ACE Limited Financial Results	
		
99.3	  	Fourth Quarter 2015 Financial Supplement - legacy Chubb Corporation Financial Results	
		
99.4	  	Legacy Chubb Corporation 2015 Update on Asbestos Reserves	

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

	 		 	Chubb Limited	
				
DATE: January 26, 2016	 		 	By:	 	/s/ Philip V. Bancroft	
	 		 		 	Philip V. Bancroft	
	 		 		 	Executive Vice President and
Chief Financial Officer	

EXHIBIT INDEX

Number	  	Description	  	Method of Filing	 	
			
99.1	  	Press Release, Dated January 26, 2016, Reporting legacy ACE and legacy Chubb Corporation Fourth Quarter 2015 Results	  	 	Furnished herewith	  	
			
99.2	  	Fourth Quarter 2015 Financial Supplement - legacy ACE Limited Financial Results	  	 	Furnished herewith	  	
			
99.3	  	Fourth Quarter 2015 Financial Supplement - legacy Chubb Corporation Financial Results	  	 	Furnished herewith	  	
			
99.4	  	Legacy Chubb Corporation 2015 Update on Asbestos Reserves	  	 	Furnished herewith	  	

Exhibit 99.1

	 		 	Chubb Limited
Bärengasse 32
CH-8001 Zurich
Switzerland	 	new.chubb.com
@Chubb	
 
 	News Release	
 
	Chubb Limited Reports Legacy ACE Operating Income of
$780 Million for the Fourth Quarter and $3.2 Billion for the Year; Full-Year Per Share Operating Income of $9.76 versus $9.79 Prior Year; Operating ROE of 11.1% and 11.5% for the Quarter and Year, Respectively; Record Full-Year P&C Combined Ratio and Underwriting Income; Integration Planning and Execution On Track	
 
 	•	 	Global P&C net premiums written down 2% for the quarter, or up 4.9% in constant dollars; global P&C net premiums written up 1.2% for the year, or 7.7% in constant dollars	
 
 	•	 	Record full-year P&C combined ratio of 87.4% versus 87.7% prior year. Record P&C underwriting income up 1.7% for the year to $1.93 billion, or 8% in constant dollars	
 
 	•	 	Net investment income of $2.2 billion for the year, down 2.6%, or less than one percent in constant dollars, driven by full-year operating cash flow of $3.9 billion	
 
 	•	 	Unfavorable foreign currency movement negatively impacted operating income by $34 million, or $0.11 per share, for the quarter, and $119 million, or $0.36 per share, for the year. Adjusting for foreign exchange, full-year operating income per share up 3.5%	
 
 	•	 	Acquisition of The Chubb Corporation for $29.5 billion completed on January 14, 2016. Company now executing detailed integration roadmap globally; integration plans on track including expense and growth-related initiatives	
 
 	The discussion of Chubb Limited represents Legacy ACE Limited (1) results for fourth quarter and full year 2015 on a standalone basis and does not include the results of Legacy Chubb Corporation, (2) which are presented starting on page 13.	

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

Chubb Limited News Release
 
ZURICH – January 26, 2016 -- Chubb Limited (NYSE: CB) today reported net income for the quarter ended December 31, 2015, of $2.08 per share, compared with $1.66 per share for the same quarter last year. (3) Operating income was $2.38 per share, compared with $2.47 per share for the same quarter last year. The property and casualty (P&C) combined ratio for the quarter was 87.7%. Book value and tangible book value per share remained flat from September 30, 2015, and were adversely impacted by net unrealized losses in the company’s investment portfolio (net of mark-to-market gains in the company’s variable annuity reinsurance portfolios) of $356 million, after-tax. In addition, book value and tangible book value per share were impacted by unfavorable foreign currency movement of $138 million, after-tax, and $120 million, after-tax, respectively. Excluding these items, book value and tangible book value per share increased 1.6% and 2.0%, respectively. Book value and tangible book value per share now stand at $89.77 and $72.25, respectively. Operating return on equity for the quarter was 11.1%.
Chubb Limited (Legacy ACE)
Fourth Quarter Summary
(in millions, except per share amounts)
(Unaudited)

 
																									
 	  	 	 	  	 	 	  	 	 	  	(Per Share – Diluted)	 	
 	  	2015	 	  	2014	 	  	Change	 	  	2015	 	  	2014	 	  	Change	 	

Operating income, net of tax	  	$	     780 	  	  	$	     827 	  	  	 	(5.8)%	  	  	$	   2.38 	  	  	$	   2.47 	  	  	 	(3.6)%	  	
							
Chubb integration and related expenses, net of tax	  	 	(35)	  	  	 	—   	  	  	 	NM   	  	  	 	(0.11)	  	  	 	—   	  	  	 	NM   	  	
							
Adjusted net realized gains (losses), net of tax	  	 	(62)	  	  	 	(272)	  	  	 	(77.4)%	  	  	 	(0.19)	  	  	 	(0.81)	  	  	 	(76.5)%	  	

Net income	  	$	683 	  	  	$	555 	  	  	 	23.0% 	  	  	$	2.08 	  	  	$	1.66 	  	  	 	25.3% 	  	
	  	 	 	 	  	 	 	 	
For the year ended December 31, 2015, net income was $8.62 per share, compared with $8.42 per share for 2014. Operating income was $9.76 per share, compared with $9.79 per share for 2014. The P&C combined ratio for the year ended December 31, 2015, was 87.4% versus 87.7% for 2014. Book value and tangible book value per share declined 0.3% and 0.5%, respectively, from December 31, 2014. Book value and tangible book value per share were negatively impacted by unrealized losses in the company’s investment portfolio of $977 million, after-tax. In addition, book value and tangible book value per share were impacted by unfavorable foreign currency movement of $1.0 billion, after-tax, and $663 million, after-tax, respectively. Tangible book value per share was also negatively impacted by the addition of $474 million of goodwill and other intangibles related to the Fireman’s Fund acquisition that closed during the year. Excluding these items, book value and tangible book value per share increased 6.6% and 8.5%, respectively. Operating return on equity for the year was 11.5%.
Chubb Limited (Legacy ACE)
Full Year Summary
(in millions, except per share amounts)
(Unaudited)

 
																									
 	  	 	 	  	 	 	  	 	 	  	(Per Share – Diluted)	 	
 	  	2015	 	  	2014	 	  	Change	 	  	2015	 	  	2014	 	  	Change	 	

Operating income, net of tax	  	$	  3,210 	  	  	$	  3,320 	  	  	 	(3.3)%	  	  	$	   9.76 	  	  	$	   9.79 	  	  	 	(0.3)%	  	
							
Chubb integration and related expenses, net of tax	  	 	(42)	  	  	 	—   	  	  	 	NM   	  	  	 	(0.13)	  	  	 	—    	  	  	 	NM   	  	
							
Adjusted net realized gains (losses), net of tax	  	 	(334)	  	  	 	(467)	  	  	 	(28.5)%	  	  	 	(1.01)	  	  	 	(1.37)	  	  	 	(26.3)%	  	

Net income	  	$	2,834 	  	  	$	2,853 	  	  	 	(0.7)%	  	  	$	8.62 	  	  	$	8.42 	  	  	 	2.4%	  	

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

Chubb Limited News Release
 
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “For the fourth quarter, our last as ACE Limited, we produced very good operating results that capped an excellent year for the company both financially and strategically. After-tax operating income of $780 million in the quarter contributed to full-year earnings of $9.76 per share, essentially flat with last year’s record operating income and up 3.5% when adjusted for foreign exchange.
“The year was highlighted by record underwriting results, 8% constant-dollar premium growth and an ROE of 11.5%. From a long-term strategic perspective, the year was historic and transformational. We completed the acquisition of the Fireman’s Fund U.S. high net worth personal lines business, launched ABR Re, and then announced the largest insurance transaction in history with the $29.5 billion acquisition of The Chubb Corporation, which we closed on January 14, 2016.
“Our strong earnings were driven first and foremost by an exceptionally strong underwriting performance as illustrated by P&C combined ratios of 87.7% for the quarter and a record 87.4% for the year. At almost $2 billion, full-year P&C underwriting income was also a record. Full-year net investment income of $2.2 billion, down about 2.5%, stood up well, given foreign exchange rates and the low interest rate environment, and benefited from our strong cash flow of $3.9 billion.
“Foreign exchange headwinds, which have affected all dollar-based multinationals, impacted our revenue, income and book value growth throughout the year. Global P&C net premiums, which exclude agriculture, were down 2% in the quarter but up 5% in constant currency, compared to full-year growth of 1% on a reported basis and nearly 8% adjusted for foreign exchange. Per share book value growth was essentially flat for the year but was up over 3% in constant dollars.
“We are now the new Chubb, the largest publicly traded P&C insurer in the world. We’ve hit the ground running and are executing the thorough integration plans we established in the six months leading up to the close of the acquisition. The energy, morale and overall feeling of optimism are high throughout the ranks of the company. We are focused on knitting ourselves together as one and achieving the ambitious targets we have set and expect of ourselves and the value creation we will generate for the benefit of our customers, business partners, employees and shareholders.”

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

Chubb Limited News Release
 
Operating highlights for the quarter and full year ended December 31, 2015, were as follows:
Chubb Limited (Legacy ACE)

(in millions of U.S. dollars except for percentages)	  	4Q
2015	 	  	4Q
2014	 	  	Change	 	  	Full Year
2015	 	  	Full Year
2014	 	  	Change	 	

P&C	  				  				  				  				
							
Net premiums written	  	$	       3,629	  	  	$	       3,803	  	  	 	(4.6)%	  	  	$	     15,715	  	  	$	     15,787	  	  	 	(0.5)%	  	
							
Net premiums written constant-dollar	  				  	$	3,570	  	  	 	1.7%	  	  				  	$	14,925	  	  	 	5.3%	  	
Underwriting income	  	$	453	  	  	$	444	  	  	 	2.1%	  	  	$	1,930	  	  	$	1,898	  	  	 	1.7%	  	
Underwriting income constant-dollar	  				  	$	410	  	  	 	10.6%	  	  				  	$	1,787	  	  	 	8.0%	  	
Combined ratio	  	 	87.7%	  	  	 	88.5%	  	  				  	 	87.4%	  	  	 	87.7%	  	  				
							
Current accident year underwriting income excluding catastrophe losses	  	$	428	  	  	$	406	  	  	 	5.5%	  	  	$	1,706	  	  	$	1,659	  	  	 	2.8%	  	
Current accident year underwriting income excluding catastrophe losses constant-dollar	  				  	$	376	  	  	 	14.0%	  	  				  	$	1,575	  	  	 	8.3%	  	
							
Current accident year combined ratio excluding catastrophe losses	  	 	88.4%	  	  	 	89.5%	  	  				  	 	88.8%	  	  	 	89.3%	  	  				
							
Global P&C (excludes Agriculture)	  				  				  				  				  				  				
Net premiums written	  	$	3,487	  	  	$	3,559	  	  	 	(2.0)%	  	  	$	14,369	  	  	$	14,197	  	  	 	1.2%	  	
							
Net premiums written constant-dollar	  				  	$	3,326	  	  	 	4.9%	  	  				  	$	13,336	  	  	 	7.7%	  	
Underwriting income	  	$	397	  	  	$	385	  	  	 	3.1%	  	  	$	1,733	  	  	$	1,762	  	  	 	(1.7)%	  	
Underwriting income constant-dollar	  				  	$	351	  	  	 	13.1%	  	  				  	$	1,651	  	  	 	5.0%	  	
Combined ratio	  	 	88.5%	  	  	 	89.1%	  	  				  	 	87.5%	  	  	 	87.4%	  	  				
							
Current accident year underwriting income excluding catastrophe losses	  	$	378	  	  	$	347	  	  	 	8.9%	  	  	$	1,545	  	  	$	1,476	  	  	 	4.6%	  	
							
Current accident year underwriting income excluding catastrophe losses constant-dollar	  				  	$	317	  	  	 	19.2%	  	  				  	$	1,393	  	  	 	10.9%	  	
							
Current accident year combined ratio excluding catastrophe losses	  	 	89.1%	  	  	 	90.2%	  	  				  	 	88.9%	  	  	 	89.4%	  	  				

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

Chubb Limited News Release

•	 	P&C net premiums earned for the quarter decreased 4.4% (increased 1.6% in constant dollars) and Global P&C net premiums earned, which excludes Agriculture, decreased 2.4% (increased 4.3% in constant dollars). For the year, P&C net premiums earned decreased 1.3% (increased 4.4% in constant dollars) and Global P&C net premiums earned decreased 0.3% (increased 6.2% in constant dollars).	
•	 	The P&C expense ratio for the quarter was 29.7% compared with 29.9% last year. The Global P&C expense ratio was 31.6% compared with 32.2% last year. For the year, the P&C expense ratio was 29.2% compared with 29.4% last year. The Global P&C expense ratio for the year was 31.4% compared with 32.1% last year.	
•	 	Total pre-tax and after-tax catastrophe losses for the quarter, including reinstatement premiums, were $75 million (2.0 percentage points of the combined ratio) and $67 million, respectively, compared with $69 million (1.7 percentage points of the combined ratio) and $64 million, respectively, last year. For the year, total P&C pre-tax and after-tax catastrophe losses, including reinstatement premiums, were $322 million (2.1 percentage points of the combined ratio) and $272 million, respectively, compared with $288 million (1.8 percentage points of the combined ratio) and $249 million, respectively, last year.	
•	 	Total P&C favorable prior period development pre-tax and after-tax for the quarter were both $100 million (2.7 percentage points of the combined ratio), compared with $107 million pre-tax (2.7 percentage points of the combined ratio) and $117 million after-tax last year. For the year, total P&C favorable prior period development pre-tax and after-tax was $546 million (3.5 percentage points of the combined ratio) and $474 million, respectively, compared with $527 million (3.4 percentage points of the combined ratio) and $459 million, respectively, last year.	
•	 	Operating cash flow was $1.2 billion for the quarter and $3.9 billion for the year.	
•	 	Net loss reserves increased $275 million for the year after adjusting for foreign exchange.	
•	 	Net investment income was $532 million for the quarter compared with $577 million last year, down 7.7%, or 5.4% in constant dollars, primarily reflecting a decline in private equity distributions of $10 million and a decrease in call activity in the company’s corporate bond portfolio. Net investment income for the year was $2.2 billion compared with $2.3 billion last year, down 2.6%, or 0.7% in constant dollars.	
•	 	Net realized and unrealized losses pre-tax totaled $618 million for the quarter. Net realized losses of $74 million included a loss on the investment portfolio of $119 million offset by a gain of $55 million from derivative accounting. Net unrealized pre-tax losses of $544 million were comprised primarily of unrealized losses of $450 million in the investment portfolio and unrealized foreign exchange losses of $98 million.	
Details of financial results by business segment are available in the Chubb Limited Legacy ACE Financial Supplement. Key segment items for the quarter and year ended December 31, 2015, include:
 
•	 	Insurance – North American P&C: For the quarter, net premiums written increased 7.4%, or 8.0% in constant dollars. For the year, net premiums written increased 10.3%, or 10.9% in constant dollars. Net premiums written, excluding the non-recurring transfer of Fireman’s Fund in-force business in the second quarter of 2015, increased 6.3%, or 6.8% in constant dollars for the year. The combined ratio for the quarter was 87.2% compared with 90.2%. The combined ratio for the year was 88.1% compared with 88.4%. The current accident year combined ratio excluding catastrophe losses for the quarter was 86.7% compared with 89.1%. The current accident year combined ratio excluding catastrophe losses for the year was 86.4% compared with 88.0%. Favorable prior period development in the quarter of $19 million included $52 million of adverse development for legacy asbestos exposures.	
•	 	Insurance – North American Agriculture: Net premiums written decreased 41.9% for the quarter and 15.3% for the year primarily due to commodity prices and statutory risk-sharing adjustments with the government. The combined ratio for the quarter was 76.4% compared with 81.8%. The combined ratio for the year was 85.5% compared with 91.1%. The current accident year combined ratio excluding catastrophe losses for the quarter was 79.2% compared with 82.4%. The current accident year combined ratio excluding catastrophe losses for the year was 88.2% compared with 87.8%.	

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

Chubb Limited News Release

•	 	Insurance – Overseas General: For the quarter, net premiums written decreased 9.3% (increased 3.6% in constant dollars). For the year, net premiums written decreased 5.2% (increased 7.1% in constant dollars). The combined ratio for the quarter was 87.6% compared with 86.3%. The combined ratio for the year was 87.0% compared with 85.8%. The current accident year combined ratio excluding catastrophe losses for the quarter was 89.7% compared with 89.4%. The current accident year combined ratio excluding catastrophe losses for the year was 90.1% compared with 89.9%.	
•	 	Global Reinsurance: For the quarter, net premiums written decreased 22.1% (decreased 20.2% in constant dollars). For the year, net premiums written decreased 11.4% (decreased 9.3% in constant dollars). The combined ratio for the quarter was 79.8% compared with 76.5%. The combined ratio for the year was 65.2% compared with 72.3%. The current accident year combined ratio excluding catastrophe losses for the quarter was 76.6% compared with 76.2%. The current accident year combined ratio excluding catastrophe losses for the year was 76.8% compared with 75.6%.	
•	 	Life: Operating income for the quarter was $54 million compared with $76 million. For the year, operating income was $244 million compared with $297 million. The decrease for the year was primarily due to unfavorable claims reserve development in Combined Insurance’s U.S. operations of $15 million, after-tax, in 2015, compared with favorable claims reserve development of $5 million, after-tax, in 2014. The combined ratio for the year for this business was still in the low 90s following the reserve strengthening. Operating income was also impacted by unfavorable foreign currency movement. Life reinsurance operating income decreased $20 million reflecting the run-off of the company’s variable annuity reinsurance business. International life insurance net premiums and deposits collected increased 0.8% for the year (increased 6.9% in constant dollars).	
Please refer to the Chubb Limited (Legacy ACE) Financial Supplement , dated December 31, 2015, which is posted on the company’s website at investors.chubb.com, and access Financial Reports 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 fourth quarter earnings conference call on Wednesday, January 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 888-437-9357 (within the United States) or 719-325-2447 (international), passcode 7296194. Please refer to investors.chubb.com under Events for details. A replay of the call will be available until Wednesday, February 10, 2016, and the archived webcast will be available for approximately one month. To listen to the replay, please dial 888-203-1112 (in the United States) or 719-457-0820 (international), passcode 7296194.
(1) Legacy ACE or ACE is formerly ACE Limited
(2) Legacy Chubb or Chubb is formerly The Chubb Corporation
(3) All comparisons are with the same period last year unless specifically stated.
Regulation G – Non-GAAP Financial Measures
In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP).
Throughout this document there are various measures presented on a constant-dollar basis (i.e., excludes the impact of foreign exchange). We believe it is useful to evaluate the trends in our results, exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.

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

Chubb Limited News Release
 
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.
Operating income or income excluding adjusted net realized gains (losses), net of tax is a common performance measurement for insurance companies. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) because the amount of these gains (losses) is heavily influenced by the availability of market opportunities. We also exclude Chubb integration 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. Operating income or income excluding adjusted net realized gains (losses) should not be viewed as a substitute for net income determined in accordance with GAAP. In addition, we disclose operating income excluding the impact of foreign exchange in order to adjust for the distortive effects of fluctuations in exchange rates.
P&C combined ratio excluding catastrophe losses and PPD and current accident year P&C combined ratio excluding catastrophe losses exclude impacts of catastrophe losses and PPD. We believe this measure provides a better evaluation of our core underwriting performance and enhances the understanding of the trends in our property and casualty business that may be obscured by these items.
Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the operating results of the company’s Life and Insurance – North American Agriculture segments. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s global P&C operations which are the most economically similar. We exclude the Insurance – North American Agriculture and Life segments because the results of these businesses do not always correlate with the results of our global P&C operations.
International life net premiums written and deposits collected, is adjusted to include deposits collected on universal life and investment contracts (life deposits). Life deposits are not reflected as revenues in our consolidated statements of operations in accordance with GAAP. However, we include life deposits in presenting growth in our life insurance business because new life deposits are an important component of production and key to our efforts to grow our business.
Operating return on equity (ROE) or ROE calculated using operating income is an annualized financial measure. The ROE numerator includes income adjusted to exclude adjusted net realized gains (losses), net of tax and Chubb integration expenses, net of tax. The ROE denominator includes the average shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, net of tax. To annualize a quarterly rate, multiply by four. Annualized ROE

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

Chubb Limited News Release
 
calculated using operating income is a useful measure as it enhances the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity excluding the effect of unrealized gains and losses on our investments.
Tangible book value per common share is shareholders’ equity less goodwill and other intangible assets divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful. In addition, we disclose per share measures for book value and tangible book value that exclude the impact of foreign currency fluctuations during 2015 in order to adjust for the distortive effects of fluctuations in exchange rates.
Other income (expense) – operating excludes from consolidated Other income (expense) the portion of net realized gains and losses related to unconsolidated entities and gains and losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP. Net realized gains (losses) related to unconsolidated entities is excluded from operating income in order to enhance the understanding of our core results of operations as they are heavily influenced by, and fluctuate in part according to market conditions.
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), this debt will be considered a cost of our operations and will then be included within operating income.
See reconciliation of Non-GAAP Financial Measures on pages 22-25 in the Chubb Limited (Legacy ACE) Financial Supplement. These measures should not be viewed as a substitute for net income, return on equity, or effective tax rate determined in accordance with GAAP.
NM – not meaningful comparison

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

Chubb Limited News Release
 
Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release, such as those related to company performance, including 2016 performance and growth opportunities, and statements about the benefits of the acquisition and integration of legacy Chubb, our plans, objectives, expectations and intentions and other statements that are not historical facts reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the following: competition, pricing and policy term trends, the levels of new and renewal business achieved, the frequency of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war, economic, political, regulatory, insurance and reinsurance business conditions, potential strategic opportunities including acquisitions and our ability to achieve and integrate them, as well as management’s response to these factors, and other factors identified in our filings with the Securities and Exchange Commission (SEC).
In addition, with regard to the Legacy Chubb, important factors that could cause actual results to differ materially from those indicated by the forward-looking statements include, without limitation, the following: the possibility that any of the anticipated benefits of the Chubb acquisition transaction will not be realized; the risk that integration of Legacy Chubb’s operations with those of Legacy ACE will be materially delayed or will be more costly or difficult than expected; and diversion of management’s attention from ongoing business operations and opportunities. In addition, you should carefully consider the risks and uncertainties and other factors that may affect future results of the combined company described in the section entitled “Risk Factors” in the joint proxy statement/prospectus dated September 11, 2015 as filed with the SEC, and in Legacy ACE’s and Legacy Chubb’s respective filings with the SEC.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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

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

 
									
 	  	December 31
2015	 	  	December 31
2014	 	
			
Assets	  				  				
Investments	  	$	66,251	  	  	$	62,904	  	
Cash	  	 	1,775	  	  	 	655	  	
Insurance and reinsurance balances receivable	  	 	5,323	  	  	 	5,426	  	
Reinsurance recoverable on losses and loss expenses	  	 	11,386	  	  	 	11,992	  	
Other assets	  	 	17,631	  	  	 	17,271	  	
	  	 	 	 	  	 	 	 	
Total assets	  	$	       102,366	  	  	$	         98,248	  	

Liabilities	  				  				
Unpaid losses and loss expenses	  	$	37,303	  	  	$	38,315	  	
Unearned premiums	  	 	8,439	  	  	 	8,222	  	
Other liabilities	  	 	27,489	  	  	 	22,124	  	
	  	 	 	 	  	 	 	 	
Total liabilities	  	 	73,231	  	  	 	68,661	  	

Shareholders’ equity	  				  				
Total shareholders’ equity	  	 	29,135	  	  	 	29,587	  	
	  	 	 	 	  	 	 	 	
Total liabilities and shareholders’ equity	  	$	102,366	  	  	$	98,248	  	

Book value per common share	  	$	89.77	  	  	$	90.02	  	
Tangible book value per common share	  	$	72.25	  	  	$	72.61	  	
Book value per common share excluding cumulative translation losses (1)	  	$	94.51	  	  	$	91.79	  	
Tangible book value per common share excluding cumulative translation losses (2)	  	$	75.30	  	  	$	73.79	  	

 

 	(1)  	Cumulative translation losses were $1.5 billion in 2015 and $582 million in 2014	
 	(2)  	Cumulative translation losses were $550 million in 2015 and $194 million in 2014	

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

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

 
																	
 	  	Three Months Ended	 	  	Year Ended	 	
 	  	December 31	 	  	December 31	 	
 	  	2015	 	  	2014	 	  	2015	 	  	2014	 	
Gross premiums written	  	$	           5,639 	  	  	$	           5,746 	  	  	$	         23,811 	  	  	$	         23,390 	  	
Net premiums written	  	 	4,144 	  	  	 	4,326 	  	  	 	17,713 	  	  	 	17,799 	  	
Net premiums earned	  	 	4,207 	  	  	 	4,370 	  	  	 	17,213 	  	  	 	17,426 	  	
Losses and loss expenses	  	 	2,302 	  	  	 	2,416 	  	  	 	9,484 	  	  	 	9,649 	  	
Policy benefits	  	 	159 	  	  	 	134 	  	  	 	543 	  	  	 	517 	  	
Policy acquisition costs	  	 	736 	  	  	 	764 	  	  	 	2,941 	  	  	 	3,075 	  	
Administrative expenses	  	 	570 	  	  	 	590 	  	  	 	2,270 	  	  	 	2,245 	  	
Net investment income	  	 	532 	  	  	 	577 	  	  	 	2,194 	  	  	 	2,252 	  	
Net realized gains (losses)	  	 	(60)	  	  	 	(210)	  	  	 	(420)	  	  	 	(507)	  	
Interest expense	  	 	93 	  	  	 	67 	  	  	 	300 	  	  	 	280 	  	
Other income (expense):	  				  				  				  				
Gains (losses) from separate account assets	  	 	13 	  	  	 	(3)	  	  	 	(19)	  	  	 	2 	  	
Other	  	 	(23)	  	  	 	54 	  	  	 	70 	  	  	 	188 	  	
Amortization of intangible assets	  	 	35 	  	  	 	30 	  	  	 	171 	  	  	 	108 	  	
Chubb integration expenses	  	 	24 	  	  	 	—   	  	  	 	33 	  	  	 	—   	  	
Income tax expense	  	 	67 	  	  	 	232 	  	  	 	462 	  	  	 	634 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net income	  	$	683 	  	  	$	555 	  	  	$	2,834 	  	  	$	2,853 	  	

Diluted earnings per share:	  				  				  				  				
Operating income	  	$	2.38 	  	  	$	2.47 	  	  	$	9.76 	  	  	$	9.79 	  	
Net income	  	$	2.08 	  	  	$	1.66 	  	  	$	8.62 	  	  	$	8.42 	  	
					
Weighted average diluted shares outstanding	  	 	327.8 	  	  	 	334.6 	  	  	 	328.8 	  	  	 	339.0 	  	

P&C combined ratio	  				  				  				  				
Loss and loss expense ratio	  	 	58.0%	  	  	 	58.6%	  	  	 	58.2%	  	  	 	58.3%	  	
Policy acquisition cost ratio	  	 	16.2%	  	  	 	16.6%	  	  	 	16.1%	  	  	 	16.8%	  	
Administrative expense ratio	  	 	13.5%	  	  	 	13.3%	  	  	 	13.1%	  	  	 	12.6%	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
P&C combined ratio	  	 	87.7%	  	  	 	88.5%	  	  	 	87.4%	  	  	 	87.7%	  	
					
P&C underwriting income	  	$	453 	  	  	$	444 	  	  	$	1,930 	  	  	$	1,898 	  	
					
Other income (expense) – operating	  	$	(6)	  	  	$	5 	  	  	$	3 	  	  	$	(3)	  	

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

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

 
																	
 	  	Three Months Ended	 	  	Year Ended	 	
 	  	December 31	 	  	December 31	 	
 	  	2015	 	  	2014	 	  	2015	 	  	2014	 	
					
Gross Premiums Written	  				  				  				  				
					
Insurance – North American P&C	  	$	           2,722 	  	  	$	           2,539 	  	  	$	         10,124 	  	  	$	           9,036 	  	
Insurance – North American Agriculture	  	 	270 	  	  	 	302 	  	  	 	2,207 	  	  	 	2,378 	  	
Insurance – Overseas General	  	 	1,990 	  	  	 	2,212 	  	  	 	8,476 	  	  	 	8,853 	  	
Global Reinsurance	  	 	109 	  	  	 	140 	  	  	 	883 	  	  	 	994 	  	
Life	  	 	548 	  	  	 	553 	  	  	 	2,121 	  	  	 	2,129 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	5,639 	  	  	$	5,746 	  	  	$	23,811 	  	  	$	23,390 	  	

Net Premiums Written	  				  				  				  				
					
Insurance – North American P&C	  	$	1,791 	  	  	$	1,669 	  	  	$	6,907 	  	  	$	6,263 	  	
Insurance – North American Agriculture	  	 	142 	  	  	 	244 	  	  	 	1,346 	  	  	 	1,590 	  	
Insurance – Overseas General	  	 	1,587 	  	  	 	1,749 	  	  	 	6,634 	  	  	 	6,999 	  	
Global Reinsurance	  	 	109 	  	  	 	141 	  	  	 	828 	  	  	 	935 	  	
Life	  	 	515 	  	  	 	523 	  	  	 	1,998 	  	  	 	2,012 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	4,144 	  	  	$	4,326 	  	  	$	17,713 	  	  	$	17,799 	  	

Net Premiums Earned	  				  				  				  				
					
Insurance – North American P&C	  	$	1,686 	  	  	$	1,560 	  	  	$	6,582 	  	  	$	6,107 	  	
Insurance – North American Agriculture	  	 	240 	  	  	 	327 	  	  	 	1,364 	  	  	 	1,526 	  	
Insurance – Overseas General	  	 	1,575 	  	  	 	1,758 	  	  	 	6,471 	  	  	 	6,805 	  	
Global Reinsurance	  	 	200 	  	  	 	226 	  	  	 	849 	  	  	 	1,026 	  	
Life	  	 	506 	  	  	 	499 	  	  	 	1,947 	  	  	 	1,962 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	4,207 	  	  	$	4,370 	  	  	$	17,213 	  	  	$	17,426 	  	

Operating Income (loss)	  				  				  				  				
					
Insurance – North American P&C	  	$	389 	  	  	$	372 	  	  	$	1,455 	  	  	$	1,498 	  	
Insurance – North American Agriculture	  	 	43 	  	  	 	45 	  	  	 	149 	  	  	 	96 	  	
Insurance – Overseas General	  	 	261 	  	  	 	294 	  	  	 	1,072 	  	  	 	1,163 	  	
Global Reinsurance	  	 	109 	  	  	 	127 	  	  	 	572 	  	  	 	562 	  	
Life	  	 	54 	  	  	 	76 	  	  	 	244 	  	  	 	297 	  	
Corporate	  	 	(76)	  	  	 	(87)	  	  	 	(282)	  	  	 	(296)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	780 	  	  	$	827 	  	  	$	3,210 	  	  	$	3,320 	  	

 

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

Chubb Limited News Release
 
The discussion of The Chubb Corporation represents Legacy Chubb results for fourth quarter and full year 2015 on a standalone basis and does not include the results of Legacy ACE.
Chubb Limited Reports Legacy Chubb Fourth Quarter Net Income per Share of $2.88; Operating Income per Share of $2.03; Combined Ratio of 86.3%
Net income for the fourth quarter ended December 31, 2015 was $666 million compared to $558 million in the fourth quarter of 2014. Net income per share increased 23% to $2.88 from $2.35. Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, was $469 million in the fourth quarter of 2015 compared to $544 million in the fourth quarter of 2014. Operating income per share decreased 11% to $2.03 from $2.29. Operating income decreased due to both lower underwriting income and lower property and casualty investment income. Underwriting income was adversely affected by the impact of higher catastrophe losses of $0.14 per share and investment income decreased $0.03 per share due to a decline in the average yield on the portfolio in part due to the accumulation of short term invested assets in preparation for the merger and unfavorable foreign currency movement. Operating income per share also reflected the impact of one-time expenses related to the merger with Legacy ACE of $0.09 per share and a decline in investment income.
Chubb Corporation (Legacy Chubb)
Fourth Quarter Summary
(in millions, except per share amounts)
(Unaudited)

 
																									
 	  	 	 	  	 	 	  	 	 	  	(Per Share – Diluted)	 	
 	  	2015	 	  	2014	 	  	Change	 	  	2015	 	  	2014	 	  	Change	 	
	  	 	 	 	  	 	 	 	
Operating income	  	$	   469	  	  	$	   544	  	  	 	(13.8)%	  	  	$	   2.03	  	  	$	   2.29	  	  	 	(11.4)%	  	
Realized investment gains after-tax	  	 	197	  	  	 	14	  	  	 	NM	  	  	 	0.85	  	  	 	0.06	  	  	 	NM	  	
	  	 	 	 	  	 	 	 	
Net income	  	$	666	  	  	$	558	  	  	 	     19.4%	  	  	$	2.88	  	  	$	2.35	  	  	 	   22.6%	  	
	  	 	 	 	  	 	 	 	
For the year ended December 31, 2015, net income increased to $2.1 billion. Net income per share for the year increased 7% to $9.21 from $8.62. Operating income for 2015 was flat at $1.9 billion. Operating income per share for 2015 increased 5% to $8.04 from $7.63. Operating income per share for the year reflected an increase in underwriting income, including a $0.22 per share negative impact from higher catastrophe losses, and a decrease in property and casualty investment income. Underwriting results improved due to a lower current accident year loss ratio excluding catastrophes. Property and casualty investment income decreased due to a decline in the average yield of the investment portfolio and unfavorable foreign currency movement. Operating income per share also reflected one-time merger-related expenses of $0.17 per share.
Chubb Corporation (Legacy Chubb)
Full Year Summary
(in millions, except per share amounts)
(Unaudited)

 
																									
 	  	 	 	  	 	 	  	 	 	  	(Per Share – Diluted)	 	
 	  	2015	 	  	2014	 	  	Change	 	  	2015	 	  	2014	 	  	Change	 	
	  	 	 	 	  	 	 	 	
Operating income	  	$	 1,864	  	  	$	 1,858	  	  	 	     0.3%	  	  	$	   8.04	  	  	$	   7.63	  	  	 	     5.4%	  	
Realized investment gains after-tax	  	 	272	  	  	 	242	  	  	 	12.4%	  	  	 	1.17	  	  	 	0.99	  	  	 	18.2%	  	
	  	 	 	 	  	 	 	 	
Net income	  	$	2,136	  	  	$	2,100	  	  	 	1.7%	  	  	$	9.21	  	  	$	8.62	  	  	 	6.8%	  	

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

Chubb Limited News Release
 
Operating highlights for the quarter and full year ended December 31, 2015, were as follows:
 
•	 	Net written premiums for the fourth quarter of 2015 declined 3% (increased 1% in constant dollars) to $3.0 billion from $3.1 billion in the fourth quarter of 2014. Premiums were up 1% in the U.S. and down 14% outside the U.S. (flat in constant dollars). For the year, net written premiums for 2015 were flat at $12.6 billion, or up 3% in constant dollars. Premiums were up 4% in the U.S. and down 10% outside the U.S. (up 3% in constant dollars).	
•	 	The impact of catastrophes in the fourth quarter was $74 million before tax ($0.21 per share after-tax) in 2015 compared to $25 million before tax ($0.07 per share after-tax) in 2014. For the year, the impact of catastrophes in 2015 was $504 million before tax ($1.41 per share after-tax), compared to $444 million before tax ($1.19 per share after-tax) in 2014.	
•	 	The fourth quarter combined loss and expense ratio was 86.3% in 2015 compared to 84.3% in 2014. The impact of catastrophes accounted for 2.4 percentage points of the combined ratio in the fourth quarter of 2015 compared to 0.8 points in the fourth quarter of 2014. Excluding the impact of catastrophes, the fourth quarter combined ratio was 83.9% in 2015 compared to 83.5% in 2014. For the year, the combined ratio was 87.2% in 2015 compared to 88.3% in 2014. The impact of catastrophes accounted for 4.0 percentage points of the combined ratio in 2015 and 3.6 points in 2014. Excluding the impact of catastrophes, the combined ratio improved to 83.2% in 2015 from 84.7% in 2014.	
•	 	Fourth quarter favorable development before tax on prior-year reserves was approximately $150 million in 2015, compared to $155 million in 2014. The favorable impact of reserve development on the fourth quarter combined ratio was about 4.8 points in 2015 and 5.0 points in 2014. The fourth quarter impact on development from prior-year catastrophes was 0.2 points favorable in 2015 and 0.3 points adverse in 2014. For the year, favorable development before tax on prior year reserves for 2015 totaled about $625 million and had a favorable impact on the combined ratio of approximately 5.0 points, compared to $635 million in 2014 and a favorable impact on the combined ratio of approximately 5.2 points. The impact on development from prior-year catastrophes was 0.1 points favorable in 2015 and 0.1 points adverse in 2014.	
•	 	The expense ratio for the fourth quarter of 2015 was 31.7% compared to 30.5% in the corresponding year-earlier quarter. The expense ratio for the year was 31.5% in 2015 and 31.4% in 2014.	
•	 	Property and casualty investment income after taxes for the fourth quarter declined 6% to $252 million in 2015 from $267 million in 2014. For the year, property and casualty investment income after taxes declined 5% to $1.0 billion in 2015 from $1.1 billion in 2014. The decline in both the quarter and the year was due to a decline in the average yield of the investment portfolio compared to the average yield in the comparable period in the prior year and unfavorable foreign currency movement. The decrease in the average yield resulted primarily from lower reinvestment yields available on securities purchased during the year. The decline in investment income also reflected the accumulation of short term invested assets in preparation for the merger.	
•	 	Results for the fourth quarter of 2015 include approximately $20 million before tax ($0.09 per share after-tax) for professional services expenses related to the merger with Legacy ACE, which was completed on January 14, 2016. For the year, results include approximately $42 million before tax ($0.17 per share after-tax) for professional services expenses related to the merger with Legacy ACE. These expenses are included under Corporate and Other in the supplementary financial data.	
•	 	Book value per share at December 31, 2015 was $73.38, compared to $70.12 at year-end 2014 and $72.09 on September 30, 2015.	
•	 	Net income for the fourth quarter of 2015 reflected net realized investment gains of $302 million before tax ($0.85 per share after-tax), nearly all from the sale of equity securities, compared to gains of $18 million before tax ($0.06 per share after-tax) in the fourth quarter of 2014. Fourth quarter net realized investment gains included losses from alternative investments of $0.08 per share in 2015 and $0.01 per share in 2014. For the year, net realized investment gains were $415 million before tax ($1.17 per share after-tax). Net income for 2014 reflected net realized investment gains of $369 million before tax ($0.99 per share after-tax). Net realized investment gains included gains from alternative investments of $0.14 per share in 2015 and $0.40 per share in 2014.	

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

Chubb Limited News Release
 
•	 	Average diluted shares outstanding for the fourth quarter were 231.2 million in 2015 and 237.8 million in 2014. For the year, average diluted shares outstanding were 231.9 million in 2015 and 243.5 million in 2014.	
Operations Review
Chubb Personal Insurance (CPI) net written premiums declined 3% (increased 2% in constant dollars) in the quarter to $1.1 billion. Net written premiums were up 4% in the U.S. and down 23% outside the U.S. (down 7% in constant dollars). CPI’s combined ratio was 85.1% compared to 83.9% in 2014. The impact of catastrophes in the fourth quarter accounted for 1.5 percentage points of the combined ratio in 2015 and 0.1 points in 2014. Excluding the impact of catastrophes, CPI’s fourth quarter combined ratio was 83.6% in 2015 and 83.8% in 2014. Fourth quarter development before tax on prior-year CPI reserves was insignificant in 2015, compared to approximately $15 million favorable in 2014.
For the year, net written premiums were flat (increased 4% in constant dollars) at $4.5 billion. Net written premiums were up 5% in the U.S. and down 15% outside the U.S. (down 1% in constant dollars). The CPI combined ratio was 91.1% compared to 90.9%. The impact of catastrophes accounted for 7.4 percentage points of the combined ratio in 2015 and 5.5 points in 2014. Excluding the impact of catastrophes, CPI’s combined ratio was 83.7% in 2015 and 85.4% in 2014. Favorable development before tax on prior-year CPI reserves was approximately $20 million in 2015, compared to $45 million in 2014.
 
•	 	Homeowners net written premiums increased 1% (increased 4% in constant dollars) in the quarter. Net written premiums were up 4% in the U.S. and down 13% outside the U.S. (flat in constant dollars). The combined ratio was 77.4% for the quarter. Excluding a 2.3 percentage point impact of catastrophes, the Homeowners combined ratio was 75.1%. For the year, Homeowners net written premiums increased 2% (increased 4% in constant dollars). Net written premiums were up 4 % in the U.S. and down 10% outside the U.S. (up 2% in constant dollars). The combined ratio was 88.1% (76.4% excluding the impact of catastrophes).	
 
•	 	Personal Automobile net written premiums declined 11% (down 2% in constant dollars) in the quarter. Net written premiums were up 5 % in the U.S. and down 37% outside the U.S. (down 17% in constant dollars). Automobile net premiums written outside the U.S. were negatively impacted by our decision to re-underwrite the Brazil personal automobile business, which accounted for the entire decline in constant dollars. The combined ratio was 99.7% for the quarter. For the year, net written premiums were down 5% (increased 2% in constant dollars). Net written premiums were up 4% in the U.S. for the year and down 20% outside the U.S. (down 3% in constant dollars). The combined ratio was 98.5%.	
 
•	 	Other Personal lines net written premiums were down 8% (down 1% in constant dollars) in the quarter. Net written premiums were up 3 % in the U.S. and down 24% outside the U.S. (down 8% in constant dollars). The combined ratio was 96.9% for the quarter. For the year, net written premiums were down 1% (increased 4% in constant dollars). Net written premiums were up 8 % in the U.S. and down 16% outside the U.S. (down 2% in constant dollars). The combined ratio was 94.3%.	
Chubb Commercial Insurance (CCI) net written premiums declined 4% (down 1% in constant dollars) in the quarter to $1.3 billion. Net written premiums were down 2% in the U.S. and down 10% outside the U.S. (up 3% in constant dollars). The combined ratio for the fourth quarter was 91.9% in 2015 compared to 88.5% in 2014. The impact of catastrophes in the fourth quarter accounted for 4.2 percentage points of the combined ratio in 2015 and 1.8 points in 2014. Excluding the impact of catastrophes, CCI’s fourth quarter combined ratio was 87.7% in 2015 and 86.7% in 2014. Fourth quarter favorable development before tax on prior-year CCI reserves was approximately $80 million in 2015, compared to $50 million in 2014. Average fourth quarter renewal rates in the U.S. were flat for CCI, which retained 88% of the U.S. premiums that came up for renewal. In the U.S., the ratio of new to lost business was 1.0 to 1.

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

Chubb Limited News Release
 
For the year, net written premiums increased 1% (up 4% in constant dollars) to $5.5 billion. Net written premiums were up 4% in the U.S. and down 7% outside the U.S. (up 5% in constant dollars). The CCI combined ratio was 89.0% in 2015 and 89.9% in 2014. The impact of catastrophes accounted for 3.2 percentage points of the combined ratio in 2015 and 3.8 points in 2014. Excluding the impact of catastrophes, CCI’s combined ratio was 85.8% in 2015 and 86.1% in 2014. Favorable development before tax on prior-year CCI reserves was approximately $275 million in 2015, compared to $265 million in 2014. In the U.S., average 2015 CCI renewal rates were flat, renewal premium retention was 88% and the ratio of new to lost business was 1.2 to 1.
Chubb Specialty Insurance (CSI) net written premiums declined 1% (increased 2% in constant dollars) in the quarter to $691 million. Net written premiums were flat in the U.S. and down 6% outside the U.S. (up 6% in constant dollars). The combined ratio was 77.6% in 2015 compared to 76.7% in 2014. Fourth quarter favorable development before tax on prior-year CSI reserves was approximately $70 million in 2015, compared to $90 million in 2014.
For the year, net written premiums declined 1% (increased 2% in constant dollars) to $2.6 billion. Net written premiums were up 2% in the U.S. and down 8% outside the U.S. (up 4% in constant dollars). The combined ratio was 77.3% in 2015 and 80.5% in 2014. Favorable development before tax on prior-year CSI reserves was approximately $320 million in 2015, compared to $325 million in 2014.
 
•	 	Professional Liability (PL) net written premiums were down 2% in the quarter (up 1% in constant dollars). Net written premiums were down 1% in the U.S. and down 5% outside the U.S. (up 7% in constant dollars). For the year, net written premiums were down 2% (up 2% in constant dollars). Net written premiums were up 1% in the U.S. and down 9% outside the U.S. (up 3% in constant dollars). The combined ratio was 82.1% for the quarter and 81.5% for the year. In the U.S., average fourth quarter PL renewal rates were flat, premium renewal retention was 90% and the ratio of new to lost business was 1.2 to 1. For the year, in the U.S., average 2015 renewal rates for PL were up 2%, renewal premium retention was 89% and the ratio of new to lost business was 1.3 to 1.	
 
•	 	Surety net written premiums were up 3%, (up 7% in constant dollars), in both the quarter and year. Net written premiums were up 10% in the U.S. for the quarter and down 12% outside the U.S. (flat in constant dollars). For the year, net written premiums were up 5% in the U.S. and down 2% outside the U.S. (up 13% in constant dollars). The combined ratio was 43.2% for the quarter and 45.9% for the year.	
Reinsurance Assumed , which is in runoff, had insignificant development on its prior-year reserves in the fourth quarters of both 2015 and 2014. For the year, Reinsurance Assumed had favorable development before tax on its prior-year reserves of approximately $10 million in 2015, compared to an insignificant amount in 2014.
Please refer to the Chubb Limited (Legacy Chubb Corporation) Financial Supplement, dated December 31, 2015, which is posted on the company’s website at investors.chubb.com, and access Financial Reports for more detailed information on individual segment performance.

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb Limited.	  	16	

Chubb Limited News Release
 
Chubb Corporation (Legacy Chubb)
Supplementary Financial Data
(in millions)
(Unaudited)

 
																	
 	  	Periods Ended December 31	 	
 	  	Fourth Quarter	 	 	Twelve Months	 	
 	  	2015	 	  	2014	 	 	2015	 	 	2014	 	
PROPERTY AND CASUALTY INSURANCE	  				  				 				 				
Underwriting	  				  				 				 				
Net Premiums Written	  	$	         3,047	  	  	$	         3,138	  	 	$	       12,633	  	 	$	       12,592	  	
Decrease (Increase) in Unearned Premiums	  	 	67	  	  	 	(22	) 	 	 	(115	) 	 	 	(264	) 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Premiums Earned	  	 	3,114	  	  	 	3,116	  	 	 	12,518	  	 	 	12,328	  	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Losses and Loss Expenses	  	 	1,693	  	  	 	1,669	  	 	 	6,953	  	 	 	6,985	  	
Operating Costs and Expenses	  	 	963	  	  	 	954	  	 	 	3,962	  	 	 	3,941	  	
Decrease (Increase) in Deferred Policy Acquisition Costs	  	 	12	  	  	 	3	  	 	 	(32	) 	 	 	(45	) 	
Dividends to Policyholders	  	 	11	  	  	 	13	  	 	 	42	  	 	 	45	  	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Underwriting Income	  	 	435	  	  	 	477	  	 	 	1,593	  	 	 	1,402	  	

Investments	  				  				 				 				
Investment Income Before Expenses	  	 	318	  	  	 	334	  	 	 	1,300	  	 	 	1,368	  	
Investment Expenses	  	 	12	  	  	 	9	  	 	 	45	  	 	 	39	  	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Investment Income	  	 	306	  	  	 	325	  	 	 	1,255	  	 	 	1,329	  	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Other Charges	  	 	(4)	  	  	 	—  	  	 	 	(8)	  	 	 	(4)	  	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Property and Casualty Income	  	 	737	  	  	 	802	  	 	 	2,840	  	 	 	2,727	  	
Corporate and Other	  	 	(91)	  	  	 	(58)	  	 	 	(300)	  	 	 	(235)	  	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Consolidated Operating Income Before Income Tax	  	 	646	  	  	 	744	  	 	 	2,540	  	 	 	2,492	  	
Federal and Foreign Income Tax	  	 	177	  	  	 	200	  	 	 	676	  	 	 	634	  	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Consolidated Operating Income	  	 	469	  	  	 	544	  	 	 	1,864	  	 	 	1,858	  	
					
Realized Investment Gains After Income Tax	  	 	197	  	  	 	14	  	 	 	272	  	 	 	242	  	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Consolidated Net Income	  	$	666	  	  	$	558	  	 	$	2,136	  	 	$	2,100	  	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Property and Casualty Investment Income After Income Tax	  	$	252	  	  	$	267	  	 	$	1,034	  	 	$	1,089	  	

 

 
			
Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb Limited.	  	17	

Chubb Limited News Release
 
Chubb Corporation (Legacy Chubb)
Property and Casualty Product Mix
(in millions)
(Unaudited)

 
																									
 	  	Net Premiums Written	 	  	Combined Loss
and Expense
Ratios	 	
Quarters Ended December 31	  	2015	 	  	2014	 	  	% Increase
(Decrease)	 	  	C$ % Increase
(Decrease)	 	  	2015	 	  	2014	 	
Personal Insurance	  				  				  				  				  				  				
Automobile	  	$	162	  	  	$	182	  	  	 	(11)%	  	  	 	(2)%	  	  	 	99.7%	  	  	 	95.2%	  	
Homeowners	  	 	682	  	  	 	672	  	  	 	1	  	  	 	4	  	  	 	77.4	  	  	 	76.5	  	
Other	  	 	243	  	  	 	265	  	  	 	(8)	  	  	 	(1)	  	  	 	96.9	  	  	 	95.1	  	
	  	 	 	 	  	 	 	 	  				  				  				  				
Total Personal	  	 	1,087	  	  	 	1,119	  	  	 	(3)	  	  	 	2	  	  	 	85.1	  	  	 	83.9	  	
	  	 	 	 	  	 	 	 	  				  				  				  				
Commercial Insurance	  				  				  				  				  				  				
Multiple Peril	  	 	270	  	  	 	284	  	  	 	(5)	  	  	 	(2)	  	  	 	96.1	  	  	 	85.4	  	
Casualty	  	 	376	  	  	 	393	  	  	 	(4)	  	  	 	(1)	  	  	 	85.7	  	  	 	99.8	  	
Workers’ Compensation	  	 	291	  	  	 	284	  	  	 	2	  	  	 	3	  	  	 	87.0	  	  	 	80.2	  	
Property and Marine	  	 	331	  	  	 	357	  	  	 	(7)	  	  	 	(4)	  	  	 	99.6	  	  	 	84.4	  	
	  	 	 	 	  	 	 	 	  				  				  				  				
Total Commercial	  	 	1,268	  	  	 	1,318	  	  	 	(4)	  	  	 	(1)	  	  	 	91.9	  	  	 	88.5	  	
	  	 	 	 	  	 	 	 	  				  				  				  				
Specialty Insurance	  				  				  				  				  				  				
Professional Liability	  	 	616	  	  	 	628	  	  	 	(2)	  	  	 	1	  	  	 	82.1	  	  	 	80.3	  	
Surety	  	 	75	  	  	 	73	  	  	 	3	  	  	 	7	  	  	 	43.2	  	  	 	48.6	  	
	  	 	 	 	  	 	 	 	  				  				  				  				
Total Specialty	  	 	691	  	  	 	701	  	  	 	(1)	  	  	 	2	  	  	 	77.6	  	  	 	76.7	  	
	  	 	 	 	  	 	 	 	  				  				  				  				
Total Insurance	  	 	3,046	  	  	 	3,138	  	  	 	(3)	  	  	 	1	  	  	 	86.4	  	  	 	84.3	  	
Reinsurance Assumed	  	 	1	  	  	 	—  	  	  	 	*	  	  	 	*	  	  	 	*	  	  	 	*	  	
	  	 	 	 	  	 	 	 	  				  				  				  				
Total	  	$	    3,047	  	  	$	    3,138	  	  	 	(3)	  	  	 	1	  	  	 	86.3	  	  	 	84.3	  	

Twelve Months Ended December 31	  				  				  				  				  				  				
							
Personal Insurance	  				  				  				  				  				  				
Automobile	  	$	       701	  	  	$	       740	  	  	 	(5)%	  	  	 	2%	  	  	 	98.5%	  	  	 	96.8%	  	
Homeowners	  	 	2,821	  	  	 	2,765	  	  	 	2	  	  	 	4	  	  	 	88.1	  	  	 	88.3	  	
Other	  	 	988	  	  	 	1,003	  	  	 	(1)	  	  	 	4	  	  	 	94.3	  	  	 	94.0	  	
	  	 	 	 	  	 	 	 	  				  				  				  				
Total Personal	  	 	4,510	  	  	 	4,508	  	  	 	—  	  	  	 	4	  	  	 	91.1	  	  	 	90.9	  	
	  	 	 	 	  	 	 	 	  				  				  				  				
Commercial Insurance	  				  				  				  				  				  				
Multiple Peril	  	 	1,113	  	  	 	1,121	  	  	 	(1)	  	  	 	2	  	  	 	90.7	  	  	 	87.6	  	
Casualty	  	 	1,619	  	  	 	1,644	  	  	 	(2)	  	  	 	2	  	  	 	85.8	  	  	 	92.5	  	
Workers’ Compensation	  	 	1,280	  	  	 	1,158	  	  	 	11	  	  	 	11	  	  	 	87.2	  	  	 	83.1	  	
Property and Marine	  	 	1,462	  	  	 	1,479	  	  	 	(1)	  	  	 	2	  	  	 	92.9	  	  	 	94.0	  	
	  	 	 	 	  	 	 	 	  				  				  				  				
Total Commercial	  	 	5,474	  	  	 	5,402	  	  	 	1	  	  	 	4	  	  	 	89.0	  	  	 	89.9	  	
	  	 	 	 	  	 	 	 	  				  				  				  				
Specialty Insurance	  				  				  				  				  				  				
Professional Liability	  	 	2,340	  	  	 	2,381	  	  	 	(2)	  	  	 	2	  	  	 	81.5	  	  	 	82.2	  	
Surety	  	 	309	  	  	 	300	  	  	 	3	  	  	 	7	  	  	 	45.9	  	  	 	67.3	  	
	  	 	 	 	  	 	 	 	  				  				  				  				
Total Specialty	  	 	2,649	  	  	 	2,681	  	  	 	(1)	  	  	 	2	  	  	 	77.3	  	  	 	80.5	  	
	  	 	 	 	  	 	 	 	  				  				  				  				
Total Insurance	  	 	12,633	  	  	 	12,591	  	  	 	—  	  	  	 	3	  	  	 	87.3	  	  	 	88.3	  	
Reinsurance Assumed	  	 	—	  	  	 	1	  	  	 	*	  	  	 	*	  	  	 	*	  	  	 	*	  	
	  	 	 	 	  	 	 	 	  				  				  				  				
Total	  	$	12,633	  	  	$	12,592	  	  	 	—  	  	  	 	3	  	  	 	87.2	  	  	 	88.3	  	

 
*The change in net premiums written and the combined loss and expense ratios are no longer presented for the Reinsurance Assumed business since it is in runoff.
C$ = constant dollars (excluding the effect of foreign currency translation)

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb Limited.	  	18	

Chubb Limited News Release
 
Definitions of Key Terms
Operating Income:
Operating income, a non-GAAP financial measure, is net income excluding after-tax realized investment gains and losses. Management uses operating income, among other measures, to evaluate its performance because the realization of investment gains and losses in any given period is largely discretionary as to timing and can fluctuate significantly, which could distort the analysis of trends.
Underwriting Income (Loss):
Management evaluates underwriting results separately from investment results. The underwriting operations consist of four separate business units: personal insurance, commercial insurance, specialty insurance and reinsurance assumed. Performance of the business units is measured based on statutory underwriting results. Statutory accounting principles applicable to property and casualty insurance companies differ in certain respects from GAAP. Under statutory accounting principles, policy acquisition and other underwriting expenses are recognized immediately, not at the time premiums are earned. Statutory underwriting income (loss) is arrived at by reducing premiums earned by losses and loss expenses incurred and statutory underwriting expenses incurred.
Management uses underwriting results determined in accordance with GAAP, among other measures, to assess the overall performance of the underwriting operations. To convert statutory underwriting results to a GAAP basis, certain policy acquisition expenses are deferred and amortized over the period in which the related premiums are earned. Underwriting income (loss) determined in accordance with GAAP is defined as premiums earned less losses and loss expenses incurred and GAAP underwriting expenses incurred.
Property and Casualty Investment Income After Income Tax:
Management uses property and casualty investment income after income tax, a non-GAAP financial measure, to evaluate its investment results because it reflects the impact of any change in the proportion of tax exempt investment income to total investment income and is therefore more meaningful for analysis purposes than investment income before income tax.
Combined Loss and Expense Ratio or Combined Ratio:
The combined loss and expense ratio, expressed as a percentage, is the key measure of underwriting profitability. Management uses the combined loss and expense ratio calculated in accordance with statutory accounting principles applicable to property and casualty insurance companies to evaluate the performance of the underwriting operations. It is the sum of the ratio of losses and loss expenses to premiums earned (loss ratio) and the ratio of statutory underwriting expenses to premiums written (expense ratio) after reducing both premium amounts by dividends to policyholders.
Net Written Premiums Growth (Decrease) in Constant Dollars:
Management uses growth in net premiums written in constant dollars, a non-GAAP financial measure, to evaluate the trends in net premiums written, exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the foreign currencies in which business is transacted. The impact of foreign currency translation is excluded as exchange rates may fluctuate significantly and the effect of fluctuations could distort the analysis of trends. When excluding the effect of foreign currency translation on growth, management uses the current period average exchange rates to translate both the current period and the prior period foreign currency denominated net premiums written amounts.
About the new Chubb
Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is distinguished by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, underwriting excellence, superior claims handling expertise and local operations globally.

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb Limited.	  	19	

Chubb Limited News Release
 
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 30,000 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

Chubb®, Chubb logo® and Chubb. Insured. SM are trademarks of Chubb Limited.	  	20	

Exhibit 99.2

Chubb Limited
Financial Supplement
Legacy ACE Limited Financial Results for the
Quarter and Year Ended December 31, 2015

 
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 and Quarterly Reports on Form 10-Q.
Cautionary Statement Regarding Forward-Looking Statements:
Any forward-looking statements made in this financial supplement reflect Chubb’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from as indicated by such statements. For example, forward-looking statements related to financial performance including exposures, reserves and recoverables could be affected by the frequency of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, currency exchange fluctuations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance receivable and credit developments among reinsurers.
Our forward-looking statements could also be affected by competition, pricing and policy term trends, market acceptance, changes in demand, actual market developments, rating agency action, possible terrorism or the outbreak and effects of war. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Chubb Limited
Financial Supplement Table of Contents

 	  	 	  	Page	 	
I.	  	Financial Highlights	  				
	  	- Consolidated Financial Highlights	  	 	1	  	
			
II.	  	Consolidated Results	  				
	  	- Consolidated Results - Consecutive Quarters	  	 	2	  	
	  	- Summary Consolidated Balance Sheets	  	 	3	  	
	  	- Consolidated Premiums and Operating Income by Line of Business	  	 	4	  	
			
III.	  	Global P&C Results	  				
	  	- Global P&C Results - Consecutive Quarters	  	 	5	  	
			
IV.	  	Segment Results	  				
	  	- Insurance – North American - For Reference Only	  	 	6	  	
	  	- Insurance – North American P&C	  	 	7	  	
	  	- Insurance – North American Agriculture	  	 	8	  	
	  	- Insurance – Overseas General	  	 	9	  	
	  	- Global Reinsurance	  	 	10	  	
	  	- Life	  	 	11	  	
			
V.	  	Balance Sheet Details	  				
	  	- Loss Reserve Rollforward	  	 	12	  	
	  	- Reinsurance Recoverable Analysis	  	 	13	  	
	  	- Investment Portfolio	  	 	14 - 17	  	
	  	- Net Realized and Unrealized Gains (Losses)	  	 	18	  	
	  	- Debt and Capital	  	 	19	  	
	  	- Computation of Basic and Diluted Earnings Per Share	  	 	20	  	
	  	- Book Value and Book Value per Common Share	  	 	21	  	
			
VI.	  	Other Disclosures	  				
	  	- Non-GAAP Financial Measures	  	 	22 - 25	  	
	  	- Glossary	  	 	26	  	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	Constant $	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Constant $	 	
 	 	 	 	 	% Change	 	 	 	 	 	% Change	 	 	 	 	 	 	 	 	% Change	 	 	 	 	 	% Change	 	
 	 	Three months ended December 31	 	 	4Q-15 vs.	 	 	Constant $	 	 	4Q-15 vs.	 	 	Year ended December 31	 	 	2015 vs.	 	 	Constant $	 	 	2015 vs.	 	
 	 	2015	 	 	2014	 	 	4Q-14	 	 	2014 (1)	 	 	4Q-14 (1)	 	 	2015	 	 	2014	 	 	2014	 	 	2014 (1)	 	 	2014 (1)	 	
 
Gross premiums written
 	 	 
$
 	 
5,639

 	 	 
$
 	 
5,746

 	 	 

-1.9% 

 	 	 
  $
 	 
5,432  

 	 	 

3.8% 

 	 	 
$
 	 
23,811

 	 	 
$
 	 
23,390

 	 	 

1.8% 

 	 	 
  $
 	 
22,260  

 	 	 

7.0% 

 	
Net premiums written
 	 	$
 	4,144
 	  
 	 	$
 	4,326

 	-4.2% 
 	  
 	 	  $
 	4,066  

 	1.9% 
 	  
 	 	$
 	17,713
 	  
 	 	$
 	17,799

 	-0.5% 
 	  
 	 	  $
 	16,853  

 	5.1% 

P&C net premiums written (2)
 	 	$
 	3,629
 	  
 	 	$
 	3,803

 	-4.6% 
 	  
 	 	  $
 	3,570  

 	1.7% 
 	  
 	 	$
 	15,715
 	  
 	 	$
 	15,787

 	-0.5% 
 	  
 	 	  $
 	14,925  

 	5.3% 

Global P&C net premiums written (2)
 	 	$
 	3,487
 	  
 	 	$
 	3,559

 	-2.0% 
 	  
 	 	  $
 	3,326  

 	4.9% 
 	  
 	 	$
 	14,369
 	  
 	 	$
 	14,197

 	1.2% 
 	  
 	 	  $
 	13,336  

 	7.7% 

Net premiums earned
 	 	$
 	4,207
 	  
 	 	$
 	4,370

 	-3.7% 
 	  
 	 	  $
 	4,118  

 	2.2% 
 	  
 	 	$
 	17,213
 	  
 	 	$
 	17,426

 	-1.2% 
 	  
 	 	  $
 	16,499  

 	4.3% 

Net investment income
 	 	$
 	532
 	  
 	 	$
 	577

 	-7.7% 
 	  
 	 	  $
 	563  

 	-5.4% 
 	  
 	 	$
 	2,194
 	  
 	 	$
 	2,252

 	-2.6% 
 	  
 	 	  $
 	2,209  

 	-0.7% 

Operating income
 	 	$
 	780
 	  
 	 	$
 	827

 	-5.8% 
 	  
 	 	  $
 	793  

 	-1.6% 
 	  
 	 	$
 	3,210
 	  
 	 	$
 	3,320

 	-3.3% 
 	  
 	 	  $
 	3,201  

 	0.3% 

Net income
 	 	$
 	683
 	  
 	 	$
 	555

 	23.0% 
 	  
 	 				 				 	$
 	2,834
 	  
 	 	$
 	2,853

 	-0.7% 

Comprehensive income
 	 	$
 	140
 	  
 	 	$
 	138

 	1.9% 
 	  
 	 				 				 	$
 	908
 	  
 	 	$
 	2,892

 	-68.6% 

Operating cash flow
 	 	$
 	1,165
 	  
 	 	$
 	1,274
 	  
 	 				 				 				 	$
 	3,864
 	  
 	 	$
 	4,496

P&C combined ratio (2)	 				 				 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	58.0%	  	 	 	58.6%	  	 				 				 				 	 	58.2%	  	 	 	58.3%	  	 				 				 				
Underwriting and administrative expense ratio	 	 	29.7%	  	 	 	29.9%	  	 				 				 				 	 	29.2%	  	 	 	29.4%	  	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
  Combined ratio
 	 	 
 	87.7%

 	88.5%

 	87.4%

 	87.7%

Operating return on equity (ROE)	 	 	11.1%	  	 	 	11.8%	  	 				 				 				 	 	11.5%	  	 	 	12.0%	  	 				 				 				
ROE
 	 	 
 	9.4%

 	7.5%

 	9.7%

 	9.8%

Operating effective tax rate (3)	 	 	11.1%	  	 	 	12.7%	  	 				 				 				 	 	13.3%	  	 	 	13.9%	  	 				 				 				
Effective tax rate (4)
 	 	 
 	9.0%

 	29.5%

 	14.0%

 	18.2%

Diluted earnings per share	 				 				 				 				 				 				 				 				 				 				
Operating income	 	$	2.38	  	 	$	2.47	  	 	 	-3.6%	  	 				 				 	$	9.76	  	 	$	9.79	  	 	 	-0.3%	  	 				 				
Net income
 	 	$
 	2.08
 	  
 	 	$
 	1.66

 	25.3%
 	  
 	 				 				 	$
 	8.62
 	  
 	 	$
 	8.42

 	2.4%

Book value per common share	  	 				 	$	89.77	  	 	$	90.02	  	 	 	-0.3%	  	 				 				
Book value per common share excluding foreign currency (5)
 	  
	 				 	$
 	92.92
 	  
 	 	$
 	90.02

 	3.2%

Tangible book value per common share	  	 				 	$	72.25	  	 	$	72.61	  	 	 	-0.5%	  	 				 				
Tangible book value per common share excluding foreign currency (5)	  	 				 	$	74.30	  	 	$	72.61	  	 	 	2.3%	  	 				 				
Tangible book value per common share excluding acquisitions (5)	  	 				 	$	73.72	  	 	$	72.61	  	 	 	1.5%	  	 				 				
Tangible book value per common share excluding acquisitions and foreign currency (5) (6)
 	    
	 				 	$
 	75.76
 	  
 	 	$
 	72.61

 	4.3%

Weighted average basic common shares outstanding	 	 	324.6	  	 	 	331.1	  	 				 				 				 	 	325.6	  	 	 	335.6	  	 				 				 				
Weighted average diluted common shares outstanding
 	 	 
 	327.8

 	334.6

 	328.8

 	339.0

Total hybrid & financial debt/capitalization (7)	 				 				 				 				 				 	 	25.1%	  	 	 	14.0%	  	 				 				 				
(1) Prior periods on a constant dollar basis.
(2) See non-GAAP financial measures.
(3) Operating effective tax rate is dependent upon the mix of earnings from different jurisdictions with various tax rates. A change in the geographic mix of earnings would change the effective tax rate. The decrease in the operating effective tax rate for the quarter was primarily due to a higher percentage of operating earnings being generated in lower tax paying jurisdictions.
(4) Q4 2014 and full year 2014 include $115 million due to a deferred tax charge related to unrealized foreign exchange losses.
(5) For 2015, book value per common share and tangible book value per common share exclude the impact of foreign currency movement during the year.
(6) For 2015, tangible book value per common share excludes the impact from goodwill and intangibles relating to the acquisition of the Fireman's Fund high net worth personal lines insurance business in the United States of $474 million.
(7) The leverage ratio in 2015 is higher primarily due to the issuance of $5.3 billion senior notes in November 2015 to finance a portion of the Chubb Corporation acquisition. See Debt and Capital page 19 for additional information.

Financial Highlights	 	Page 1	

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

 	 	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	Full Year	 	  	Full Year	 	
Chubb Limited Consolidated	 	4Q-15	 	  	3Q-15	 	  	2Q-15	 	  	1Q-15	 	  	4Q-14	 	  	2015	 	  	2014	 	
Consolidated Results (Including Corporate) Excluding Life Segment (1)	 				  				  				  				  				  				  				
Gross premiums written	 	  $	    5,091  	  	  	  $	    5,824  	  	  	  $	    5,975  	  	  	  $	    4,800  	  	  	  $	    5,193  	  	  	  $	    21,690  	  	  	  $	    21,261  	  	
Net premiums written	 	 	3,629  	  	  	 	4,217  	  	  	 	4,284  	  	  	 	3,585  	  	  	 	3,803  	  	  	 	15,715  	  	  	 	15,787  	  	
Net premiums earned	 	 	3,701  	  	  	 	4,239  	  	  	 	3,873  	  	  	 	3,453  	  	  	 	3,871  	  	  	 	15,266  	  	  	 	15,464  	  	
Adjusted losses and loss expenses (1)	 	 	2,146  	  	  	 	2,494  	  	  	 	2,282  	  	  	 	1,970  	  	  	 	2,269  	  	  	 	8,892  	  	  	 	9,009  	  	
Policy acquisition costs	 	 	602  	  	  	 	654  	  	  	 	609  	  	  	 	600  	  	  	 	641  	  	  	 	2,465  	  	  	 	2,597  	  	
Administrative expenses	 	 	500  	  	  	 	494  	  	  	 	504  	  	  	 	481  	  	  	 	517  	  	  	 	1,979  	  	  	 	1,960  	  	
	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Underwriting income	 	 	453  	  	  	 	597  	  	  	 	478  	  	  	 	402  	  	  	 	444  	  	  	 	1,930  	  	  	 	1,898  	  	
 
Net investment income	 	 	465  	  	  	 	483  	  	  	 	496  	  	  	 	485  	  	  	 	508  	  	  	 	1,929  	  	  	 	1,984  	  	
Adjusted interest expense (2)	 	 	63  	  	  	 	67  	  	  	 	69  	  	  	 	67  	  	  	 	66  	  	  	 	266  	  	  	 	269  	  	
Other income (expense) - operating (3)	 	 	(2) 	  	  	 	11  	  	  	 	(2) 	  	  	 	-       	  	  	 	4  	  	  	 	7  	  	  	 	2  	  	
Amortization of intangible assets	 	 	34  	  	  	 	51  	  	  	 	54  	  	  	 	30  	  	  	 	29  	  	  	 	169  	  	  	 	105  	  	
Income tax expense	 	 	93  	  	  	 	133  	  	  	 	128  	  	  	 	111  	  	  	 	110  	  	  	 	465  	  	  	 	487  	  	
	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Operating income (including Corporate) excluding Life segment	 	 	726  	  	  	 	840  	  	  	 	721  	  	  	 	679  	  	  	 	751  	  	  	 	2,966  	  	  	 	3,023  	  	
Life segment operating income	 	 	54  	  	  	 	57  	  	  	 	67  	  	  	 	66  	  	  	 	76  	  	  	 	244  	  	  	 	297  	  	
	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Consolidated operating income	 	 	780  	  	  	 	897  	  	  	 	788  	  	  	 	745  	  	  	 	827  	  	  	 	3,210  	  	  	 	3,320  	  	
 
Chubb integration and related expenses, net of tax	 	 	(35) 	  	  	 	(7) 	  	  	 	-      	  	  	 	-      	  	  	 	-      	  	  	 	(42) 	  	  	 	-      	  	
 
Adjusted net realized gains (losses) (1)	 	 	(57) 	  	  	 	(393) 	  	  	 	128  	  	  	 	(89) 	  	  	 	(210) 	  	  	 	(411) 	  	  	 	(558) 	  	
Net realized gains (losses) related to unconsolidated entities	 	 	(17) 	  	  	 	25  	  	  	 	33  	  	  	 	26  	  	  	 	49  	  	  	 	67  	  	  	 	191  	  	
Income tax expense (benefit) on adjusted net realized gains (losses)	 	 	(12) 	  	  	 	(6) 	  	  	 	7  	  	  	 	1  	  	  	 	111  	  	  	 	(10) 	  	  	 	100  	  	
	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Consolidated net income	 	  $	683  	  	  	  $	528 	  	  	  $	942  	  	  	  $	681  	  	  	  $	555  	  	  	  $	2,834  	  	  	  $	2,853  	  	

% Change versus prior year period (1)	 				  				  				  				  				  				  				
Net premiums written as reported	 	 	-4.6% 	  	  	 	-0.4% 	  	  	 	5.5% 	  	  	 	-2.9% 	  	  	 	2.4% 	  	  	 	-0.5% 	  	  	 	4.9% 	  	
Net premiums earned as reported	 	 	-4.4% 	  	  	 	-0.6% 	  	  	 	0.8% 	  	  	 	-1.0% 	  	  	 	-0.3% 	  	  	 	-1.3% 	  	  	 	5.1% 	  	
Net premiums written constant $	 	 	1.7% 	  	  	 	5.6% 	  	  	 	11.6% 	  	  	 	1.7% 	  	  	 	5.0% 	  	  	 	5.3% 	  	  	 	5.9% 	  	
Net premiums earned constant $
 	 	 	1.6% 	  	  	 	5.4% 	  	  	 	7.0% 	  	  	 	3.5% 	  	  	 	2.1% 	  	  	 	4.4% 	  	  	 	6.2% 	  	
Other ratios	 				  				  				  				  				  				  				
Net premiums written/gross premiums written (1)	 	 	71% 	  	  	 	72% 	  	  	 	72% 	  	  	 	75% 	  	  	 	73% 	  	  	 	72% 	  	  	 	74% 	  	
Operating effective tax rate	 	 	11.1% 	  	  	 	13.5% 	  	  	 	14.7% 	  	  	 	13.7% 	  	  	 	12.7% 	  	  	 	13.3% 	  	  	 	13.9% 	  	
 
P&C combined ratio (1)	 				  				  				  				  				  				  				
Loss and loss expense ratio	 	 	58.0% 	  	  	 	58.8% 	  	  	 	58.9% 	  	  	 	57.1% 	  	  	 	58.6% 	  	  	 	58.2% 	  	  	 	58.3% 	  	
Policy acquisition cost ratio	 	 	16.2% 	  	  	 	15.4% 	  	  	 	15.7% 	  	  	 	17.4% 	  	  	 	16.6% 	  	  	 	16.1% 	  	  	 	16.8% 	  	
Administrative expense ratio	 	 	13.5% 	  	  	 	11.7% 	  	  	 	13.1% 	  	  	 	13.9% 	  	  	 	13.3% 	  	  	 	13.1% 	  	  	 	12.6% 	  	
	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Combined ratio	 	 	87.7% 	  	  	 	85.9% 	  	  	 	87.7% 	  	  	 	88.4% 	  	  	 	88.5% 	  	  	 	87.4% 	  	  	 	87.7% 	  	
	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Combined ratio excluding catastrophe losses and PPD	 	 	88.4% 	  	  	 	89.2% 	  	  	 	88.4% 	  	  	 	89.3% 	  	  	 	89.5% 	  	  	 	88.8% 	  	  	 	89.3% 	  	
P&C expense ratio	 	 	29.7% 	  	  	 	27.1% 	  	  	 	28.8% 	  	  	 	31.3% 	  	  	 	29.9% 	  	  	 	29.2% 	  	  	 	29.4% 	  	
P&C expense ratio excluding A&H	 	 	26.3% 	  	  	 	23.6% 	  	  	 	25.5% 	  	  	 	27.9% 	  	  	 	26.7% 	  	  	 	25.7% 	  	  	 	26.0% 	  	
 
Catastrophe reinstatement premiums collected - pre-tax	 	  $	(1) 	  	  	  $	-   	  	  	  $	-   	  	  	  $	-   	  	  	  $	2  	  	  	  $	(1) 	  	  	  $	3  	  	
Catastrophe losses - pre-tax	 	  $	74  	  	  	  $	72  	  	  	  $	124  	  	  	  $	51  	  	  	  $	71  	  	  	  $	321  	  	  	  $	291  	  	
Favorable prior period development (PPD) - pre-tax	 	  $	(100) 	  	  	  $	(210) 	  	  	  $	(153) 	  	  	  $	(83) 	  	  	  $	(107) 	  	  	  $	(546) 	  	  	  $	(527) 	  	
Loss and loss expense ratio excluding catastrophe losses and PPD	 	 	58.5% 	  	  	 	62.2% 	  	  	 	59.7% 	  	  	 	58.1% 	  	  	 	59.6% 	  	  	 	59.7% 	  	  	 	59.8% 	  	
(1) See non-GAAP financial measures.
(2) Excludes the pre-acquisition interest expense on the $5.3 billion senior notes issued in November 2015. See non-GAAP financial measures.
(3) Excludes portion of net realized investment gains and losses related to unconsolidated entities.

Consolidated Results	 	Page 2	

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

 	 	    December 31    	 	 	    September 30    	 	 	      June 30      	 	 	      March 31      	 	 	    December 31    	 	
 	 	2015	 	 	2015	 	 	2015	 	 	2015	 	 	2014	 	
Assets	 				 				 				 				 				
Fixed maturities available for sale, at fair value	 	  $	43,587  	  	 	  $	    48,278  	  	 	  $	    48,701  	  	 	  $	    50,410  	  	 	  $	    49,395  	  	
Fixed maturities held to maturity, at amortized cost	 	 	8,430  	  	 	 	8,564  	  	 	 	8,676  	  	 	 	6,982  	  	 	 	7,331  	  	
Equity securities, at fair value	 	 	497  	  	 	 	464  	  	 	 	498  	  	 	 	536  	  	 	 	510  	  	
Short-term investments, at fair value	 	 	10,446  	  	 	 	1,808  	  	 	 	2,062  	  	 	 	2,536  	  	 	 	2,322  	  	
Other investments	 	 	3,291  	  	 	 	3,270  	  	 	 	3,328  	  	 	 	3,430  	  	 	 	3,346  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investments	 	 	66,251  	  	 	 	62,384  	  	 	 	63,265  	  	 	 	63,894  	  	 	 	62,904  	  	
						
Cash	 	 	1,775  	  	 	 	1,038  	  	 	 	790  	  	 	 	948  	  	 	 	655  	  	
Securities lending collateral	 	 	1,046  	  	 	 	1,011  	  	 	 	1,080  	  	 	 	1,033  	  	 	 	1,330  	  	
Insurance and reinsurance balances receivable	 	 	5,323  	  	 	 	5,290  	  	 	 	5,757  	  	 	 	5,026  	  	 	 	5,426  	  	
Reinsurance recoverable on losses and loss expenses	 	 	11,386  	  	 	 	11,231  	  	 	 	11,775  	  	 	 	11,588  	  	 	 	11,992  	  	
Deferred policy acquisition costs	 	 	2,873  	  	 	 	2,809  	  	 	 	2,806  	  	 	 	2,683  	  	 	 	2,601  	  	
Value of business acquired	 	 	395  	  	 	 	410  	  	 	 	434  	  	 	 	440  	  	 	 	466  	  	
Prepaid reinsurance premiums	 	 	2,082  	  	 	 	2,059  	  	 	 	2,238  	  	 	 	1,981  	  	 	 	2,026  	  	
Goodwill and other intangible assets	 	 	5,683  	  	 	 	5,713  	  	 	 	5,969  	  	 	 	5,516  	  	 	 	5,724  	  	
Deferred tax assets	 	 	318  	  	 	 	395  	  	 	 	285  	  	 	 	224  	  	 	 	295  	  	
Investments in partially-owned insurance companies	 	 	653  	  	 	 	654  	  	 	 	638  	  	 	 	590  	  	 	 	504  	  	
Other assets	 	 	4,581  	  	 	 	4,766  	  	 	 	4,803  	  	 	 	4,475  	  	 	 	4,325  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	  $	  102,366  	  	 	  $	97,760  	  	 	  $	99,840  	  	 	  $	98,398  	  	 	  $	98,248  	  	

Liabilities	 				 				 				 				 				
Unpaid losses and loss expenses	 	$	37,303  	  	 	  $	37,564  	  	 	  $	38,230  	  	 	  $	37,326  	  	 	  $	38,315  	  	
Unearned premiums	 	 	8,439  	  	 	 	8,510  	  	 	 	8,879  	  	 	 	8,182  	  	 	 	8,222  	  	
Future policy benefits	 	 	4,807  	  	 	 	4,776  	  	 	 	4,835  	  	 	 	4,744  	  	 	 	4,754  	  	
Insurance and reinsurance balances payable	 	 	4,270  	  	 	 	4,225  	  	 	 	4,602  	  	 	 	4,198  	  	 	 	4,095  	  	
Securities lending payable	 	 	1,047  	  	 	 	1,012  	  	 	 	1,081  	  	 	 	1,034  	  	 	 	1,331  	  	
Accounts payable, accrued expenses, and other liabilities (1)	 	 	7,609  	  	 	 	7,380  	  	 	 	7,492  	  	 	 	7,596  	  	 	 	7,128  	  	
Short-term debt (1)	 	 	-     	  	 	 	700  	  	 	 	700  	  	 	 	1,150  	  	 	 	1,150  	  	
Long-term debt	 	 	9,447  	  	 	 	4,157  	  	 	 	4,157  	  	 	 	4,157  	  	 	 	3,357  	  	
Trust preferred securities	 	 	309  	  	 	 	309  	  	 	 	309  	  	 	 	309  	  	 	 	309  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	 	 	73,231  	  	 	 	68,633  	  	 	 	70,285  	  	 	 	68,696  	  	 	 	68,661  	  	
						
Shareholders’ equity	 				 				 				 				 				
Total shareholders’ equity, excl. AOCI	 	 	29,870  	  	 	 	29,319  	  	 	 	28,948  	  	 	 	28,550  	  	 	 	28,396  	  	
Accumulated other comprehensive income (AOCI)	 	 	(735) 	  	 	 	(192) 	  	 	 	607  	  	 	 	1,152  	  	 	 	1,191  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total shareholders’ equity	 	 	29,135  	  	 	 	29,127  	  	 	 	29,555  	  	 	 	29,702  	  	 	 	29,587  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and shareholders’ equity	 	  $	102,366  	  	 	  $	97,760  	  	 	  $	99,840  	  	 	  $	98,398  	  	 	  $	98,248  	  	

Book value per common share	 	  $	89.77  	  	 	  $	89.88  	  	 	  $	91.27  	  	 	  $	90.81  	  	 	  $	90.02  	  	
% change over prior quarter	 	 	-0.1% 	  	 	 	-1.5% 	  	 	 	0.5% 	  	 	 	0.9% 	  	 	 	-0.4% 	  	
Tangible book value per common share	 	  $	72.25  	  	 	  $	72.25  	  	 	  $	72.84  	  	 	  $	73.94  	  	 	  $	72.61  	  	
% change over prior quarter	 	 	0.0% 	  	 	 	-0.8% 	  	 	 	-1.5% 	  	 	 	1.8% 	  	 	 	-1.9% 	  	
(1) Effective Q4 2015, repurchase agreements (previously reported in Short-term debt) is now reported in Accounts payable, accrued expenses, and other liabilities. Prior period amounts are reclassified to conform to the current presentation

Consol Bal Sheet	 	Page 3	

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

Chubb Limited Consolidated	 	 	 	 	 	 	 	 	 	 	 	 	 	Constant $	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Constant $	 	
 	 	 	 	 	 	 	 	  % Change  	 	 	 	 	 	% Change	 	 	 	 	 	 	 	 	  % Change  	 	 	Constant $	 	 	% Change	 	
 	 	 	 	 	 	 	 	4Q-15 vs.	 	 	Constant $	 	 	4Q-15 vs.	 	 	Full Year	 	 	Full Year	 	 	2015 vs.	 	 	Full Year	 	 	2015 vs.	 	
 	 	4Q-15	 	 	4Q-14	 	 	4Q-14	 	 	4Q-14  (2)	 	 	4Q-14 (2)	 	 	2015	 	 	2014	 	 	2014	 	 	2014 (2)	 	 	2014 (2)	 	
Net premiums written	 				 				 				 				 				 				 				 				 				 				
Property and all other	 	  $	1,162  	  	 	  $	1,178  	  	 	 	-1.5%	  	 				 				 	  $	5,480  	  	 	  $	5,249  	  	 	 	4.4%	  	 				 				
Casualty	 	 	1,725  	  	 	 	1,718  	  	 	 	0.3%	  	 				 				 	 	6,360  	  	 	 	6,213  	  	 	 	2.3%	  	 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
Subtotal	 	 	2,887  	  	 	 	2,896  	  	 	 	-0.4%	  	 	  $	2,745  	  	 	 	5.2%	  	 	 	11,840  	  	 	 	11,462  	  	 	 	3.3%	  	 	  $	10,905  	  	 	 	8.6%	  	
Agriculture	 	 	142  	  	 	 	244  	  	 	 	-41.9%	  	 	 	244  	  	 	 	-41.9%	  	 	 	1,346  	  	 	 	1,590  	  	 	 	-15.3%	  	 	 	1,590  	  	 	 	-15.3%	  	
Personal accident (A&H) (1)	 	 	859  	  	 	 	920  	  	 	 	-6.5%	  	 	 	831  	  	 	 	3.4%	  	 	 	3,548  	  	 	 	3,735  	  	 	 	-5.0%	  	 	 	3,403  	  	 	 	4.3%	  	
Life	 	 	256  	  	 	 	266  	  	 	 	-3.2%	  	 	 	246  	  	 	 	3.7%	  	 	 	979  	  	 	 	1,012  	  	 	 	-3.2%	  	 	 	955  	  	 	 	2.5%	  	
	 	 	 	 	 	 	 	 	 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 				
Total consolidated	 	  $	     4,144  	  	 	  $	     4,326  	  	 	 	-4.2%	  	 	  $	     4,066  	  	 	 	1.9%	  	 	  $	  17,713  	  	 	  $	  17,799  	  	 	 	-0.5%	  	 	  $	     16,853  	  	 	 	5.1%	  	

% of Total Consolidated	 				 				 				 				 				 				 				 				 				 				
Property and all other	 	 	28%	  	 	 	27%	  	 				 				 				 	 	31%	  	 	 	29%	  	 				 				 				
Casualty	 	 	42%	  	 	 	40%	  	 				 				 				 	 	36%	  	 	 	35%	  	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
Subtotal	 	 	70%	  	 	 	67%	  	 				 				 				 	 	67%	  	 	 	64%	  	 				 				 				
Agriculture	 	 	3%	  	 	 	6%	  	 				 				 				 	 	8%	  	 	 	9%	  	 				 				 				
Personal accident (A&H) (1)	 	 	21%	  	 	 	21%	  	 				 				 				 	 	19%	  	 	 	21%	  	 				 				 				
Life	 	 	6%	  	 	 	6%	  	 				 				 				 	 	6%	  	 	 	6%	  	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
Total consolidated	 	 	100%	  	 	 	100%	  	 				 				 				 	 	100%	  	 	 	100%	  	 				 				 				

Net premiums earned	 				 				 				 				 				 				 				 				 				 				
Property and all other	 	  $	1,308  	  	 	  $	1,314  	  	 	 	-0.5%	  	 				 				 	  $	5,222  	  	 	  $	5,161  	  	 	 	1.2%	  	 				 				
Casualty	 	 	1,553  	  	 	 	1,565  	  	 	 	-0.9%	  	 				 				 	 	6,195  	  	 	 	6,080  	  	 	 	1.9%	  	 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
Subtotal	 	 	2,861  	  	 	 	2,879  	  	 	 	-0.7%	  	 	  $	2,728  	  	 	 	4.8%	  	 	 	11,417  	  	 	 	11,241  	  	 	 	1.6%	  	 	  $	10,691  	  	 	 	6.8%	  	
Agriculture	 	 	240  	  	 	 	327  	  	 	 	-26.2%	  	 	 	327  	  	 	 	-26.2%	  	 	 	1,364  	  	 	 	1,526  	  	 	 	-10.6%	  	 	 	1,526  	  	 	 	-10.6%	  	
Personal accident (A&H) (1)	 	 	856  	  	 	 	908  	  	 	 	-5.6%	  	 	 	824  	  	 	 	3.9%	  	 	 	3,501  	  	 	 	3,678  	  	 	 	-4.8%	  	 	 	3,355  	  	 	 	4.4%	  	
Life	 	 	250  	  	 	 	256  	  	 	 	-2.3%	  	 	 	239  	  	 	 	4.5%	  	 	 	931  	  	 	 	981  	  	 	 	-5.1%	  	 	 	927  	  	 	 	0.4%	  	
	 	 	 	 	 	 	 	 	 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 				
Total consolidated	 	  $	4,207  	  	 	  $	4,370  	  	 	 	-3.7%	  	 	  $	4,118  	  	 	 	2.2%	  	 	  $	17,213  	  	 	  $	17,426  	  	 	 	-1.2%	  	 	  $	16,499  	  	 	 	4.3%	  	

% of Total Consolidated	 				 				 				 				 				 				 				 				 				 				
Property and all other	 	 	31%	  	 	 	30%	  	 				 				 				 	 	30%	  	 	 	29%	  	 				 				 				
Casualty	 	 	37%	  	 	 	36%	  	 				 				 				 	 	36%	  	 	 	35%	  	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
Subtotal	 	 	68%	  	 	 	66%	  	 				 				 				 	 	66%	  	 	 	64%	  	 				 				 				
Agriculture	 	 	6%	  	 	 	7%	  	 				 				 				 	 	8%	  	 	 	9%	  	 				 				 				
Personal accident (A&H) (1)	 	 	20%	  	 	 	21%	  	 				 				 				 	 	20%	  	 	 	21%	  	 				 				 				
Life	 	 	6%	  	 	 	6%	  	 				 				 				 	 	6%	  	 	 	6%	  	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
Total consolidated	 	 	100%	  	 	 	100%	  	 				 				 				 	 	100%	  	 	 	100%	  	 				 				 				

Operating income, after-tax	 				 				 				 				 				 				 				 				 				 				
Property, casualty, and all other	 	  $	603  	  	 	  $	620  	  	 	 	-3.1%	  	 	  $	598  	  	 	 	0.7%	  	 	  $	2,485  	  	 	  $	2,584  	  	 	 	-3.9%	  	 	  $	2,511  	  	 	 	-1.1%	  	
Agriculture	 	 	43  	  	 	 	45  	  	 	 	-5.4%	  	 	 	45  	  	 	 	-5.4%	  	 	 	149  	  	 	 	96  	  	 	 	55.1%	  	 	 	96  	  	 	 	55.1%	  	
Personal accident (A&H) (1)	 	 	101  	  	 	 	121  	  	 	 	-15.2%	  	 	 	108  	  	 	 	-5.8%	  	 	 	438  	  	 	 	481  	  	 	 	-8.7%	  	 	 	434  	  	 	 	1.1%	  	
Life	 	 	33  	  	 	 	41  	  	 	 	-18.6%	  	 	 	42  	  	 	 	-20.1%	  	 	 	138  	  	 	 	159  	  	 	 	-13.2%	  	 	 	160  	  	 	 	-13.4%	  	
	 	 	 	 	 	 	 	 	 				 	 	 	 	 				 	 	 	 	 	 	 	 	 				 	 	 	 	 				
Total consolidated	 	  $	780  	  	 	  $	827  	  	 	 	-5.8%	  	 	  $	793  	  	 	 	-1.6%	  	 	  $	3,210  	  	 	  $	3,320  	  	 	 	-3.3%	  	 	  $	3,201  	  	 	 	0.3%	  	

% of Total Consolidated	 				 				 				 				 				 				 				 				 				 				
Property, casualty, and all other	 	 	77%	  	 	 	75%	  	 				 				 				 	 	77%	  	 	 	78%	  	 				 				 				
Agriculture	 	 	6%	  	 	 	5%	  	 				 				 				 	 	5%	  	 	 	3%	  	 				 				 				
Personal accident (A&H) (1)	 	 	13%	  	 	 	15%	  	 				 				 				 	 	14%	  	 	 	14%	  	 				 				 				
Life	 	 	4%	  	 	 	5%	  	 				 				 				 	 	4%	  	 	 	5%	  	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
Total consolidated	 	 	100%	  	 	 	100%	  	 				 				 				 	 	100%	  	 	 	100%	  	 				 				 				
	 	 	 	 	 	 	 	 	 				 				 				 	 	 	 	 	 	 	 	 				 				 				
(1) For purposes of this schedule only, A&H results from our Combined North American and International businesses, normally included in the Life and Insurance – Overseas General segments, respectively, are included in the personal accident (A&H) line items above.
(2) Prior periods on a constant-dollar basis.

Line of Business	 	Page 4	

Chubb Limited
Global P&C Results - Consecutive Quarters
(in millions of U.S. dollars, except ratios)
(Unaudited)
Global P&C includes the company’s Insurance – North American P&C segment (refer to page 7), Insurance – Overseas General segment (refer to page 9), Global Reinsurance segment (refer to page 10), and Corporate (not separately disclosed in the Financial Supplement). Global P&C excludes the Insurance – North American Agriculture segment.

Global P&C (Including Corporate)	 	    4Q-15    	 	 	    3Q-15    	 	 	    2Q-15    	 	 	    1Q-15    	 	 	    4Q-14    	 	 	    Full Year    
2015	 	 	    Full Year    
2014	 	
								
Gross premiums written	 	$	4,821  	  	 	$	4,581  	  	 	$	5,409  	  	 	$	4,672  	  	 	$	4,891  	  	 	$	19,483  	  	 	$	18,883  	  	
Net premiums written	 	 	3,487  	  	 	 	3,480  	  	 	 	3,905  	  	 	 	3,497  	  	 	 	3,559  	  	 	 	14,369  	  	 	 	14,197  	  	
Net premiums earned	 	 	3,461  	  	 	 	3,500  	  	 	 	3,552  	  	 	 	3,389  	  	 	 	3,544  	  	 	 	13,902  	  	 	 	13,938  	  	
Losses and loss expenses	 	 	1,968  	  	 	 	1,870  	  	 	 	2,009  	  	 	 	1,948  	  	 	 	2,017  	  	 	 	7,795  	  	 	 	7,709  	  	
Policy acquisition costs	 	 	594  	  	 	 	612  	  	 	 	586  	  	 	 	604  	  	 	 	629  	  	 	 	2,396  	  	 	 	2,516  	  	
Administrative expenses	 	 	502  	  	 	 	494  	  	 	 	500  	  	 	 	482  	  	 	 	513  	  	 	 	1,978  	  	 	 	1,951  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	 	 	397  	  	 	 	524  	  	 	 	457  	  	 	 	355  	  	 	 	385  	  	 	 	1,733  	  	 	 	1,762  	  	
								
Net investment income	 	 	459  	  	 	 	478  	  	 	 	490  	  	 	 	479  	  	 	 	501  	  	 	 	1,906  	  	 	 	1,958  	  	
Adjusted interest expense	 	 	63  	  	 	 	67  	  	 	 	69  	  	 	 	67  	  	 	 	66  	  	 	 	266  	  	 	 	269  	  	
Other income (expense) - operating (1)	 	 	(2) 	  	 	 	10  	  	 	 	(1) 	  	 	 	1  	  	 	 	5  	  	 	 	8  	  	 	 	4  	  	
Amortization of intangible assets	 	 	26  	  	 	 	43  	  	 	 	47  	  	 	 	23  	  	 	 	21  	  	 	 	139  	  	 	 	74  	  	
Income tax expense	 	 	82  	  	 	 	118  	  	 	 	124  	  	 	 	101  	  	 	 	98  	  	 	 	425  	  	 	 	454  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C operating income	 	 	683  	  	 	 	784  	  	 	 	706  	  	 	 	644  	  	 	 	706  	  	 	 	2,817  	  	 	 	2,927  	  	
								
Chubb integration and related expenses, net of tax	 	 	(35) 	  	 	 	(7) 	  	 	 	-      	  	 	 	-      	  	 	 	-      	  	 	 	(42) 	  	 	 	-      	  	
								
Net realized gains (losses)	 	 	(111) 	  	 	 	(67) 	  	 	 	25  	  	 	 	(30) 	  	 	 	(67) 	  	 	 	(183) 	  	 	 	(178) 	  	
Net realized gains (losses) related to unconsolidated entities	 	 	(17) 	  	 	 	13  	  	 	 	16  	  	 	 	12  	  	 	 	43  	  	 	 	24  	  	 	 	185  	  	
Income tax expense (benefit) on net realized gains (losses)	 	 	(11) 	  	 	 	(7) 	  	 	 	5  	  	 	 	-  	  	 	 	110  	  	 	 	(13) 	  	 	 	101  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Global P&C net income	 	$	531  	  	 	$	730  	  	 	$	742  	  	 	$	626  	  	 	$	572  	  	 	$	2,629  	  	 	$	2,833  	  	

% Change versus prior year period	 				 				 				 				 				 				 				
Net premiums written as reported	 	 	-2.0% 	  	 	 	0.3% 	  	 	 	6.4% 	  	 	 	0.0% 	  	 	 	3.0% 	  	 	 	1.2% 	  	 	 	5.7% 	  	
Net premiums earned as reported	 	 	-2.4% 	  	 	 	0.0% 	  	 	 	1.2% 	  	 	 	0.1% 	  	 	 	2.6% 	  	 	 	-0.3% 	  	 	 	7.0% 	  	
								
Net premiums written constant $	 	 	4.9% 	  	 	 	7.8% 	  	 	 	13.2% 	  	 	 	5.0% 	  	 	 	5.8% 	  	 	 	7.7% 	  	 	 	6.9% 	  	
Net premiums earned constant $	 	 	4.3% 	  	 	 	7.6% 	  	 	 	8.0% 	  	 	 	4.8% 	  	 	 	5.4% 	  	 	 	6.2% 	  	 	 	8.2% 	  	
								
Other ratios	 				 				 				 				 				 				 				
Net premiums written/gross premiums written	 	 	72% 	  	 	 	76% 	  	 	 	72% 	  	 	 	75% 	  	 	 	73% 	  	 	 	74% 	  	 	 	75% 	  	
								
Combined ratio	 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	56.9% 	  	 	 	53.4% 	  	 	 	56.5% 	  	 	 	57.5% 	  	 	 	56.9% 	  	 	 	56.1% 	  	 	 	55.3% 	  	
Policy acquisition cost ratio	 	 	17.1% 	  	 	 	17.5% 	  	 	 	16.5% 	  	 	 	17.8% 	  	 	 	17.8% 	  	 	 	17.2% 	  	 	 	18.0% 	  	
Administrative expense ratio	 	 	14.5% 	  	 	 	14.1% 	  	 	 	14.1% 	  	 	 	14.2% 	  	 	 	14.4% 	  	 	 	14.2% 	  	 	 	14.1% 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 	 	88.5% 	  	 	 	85.0% 	  	 	 	87.1% 	  	 	 	89.5% 	  	 	 	89.1% 	  	 	 	87.5% 	  	 	 	87.4% 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	 	 	89.1% 	  	 	 	88.8% 	  	 	 	88.2% 	  	 	 	89.5% 	  	 	 	90.2% 	  	 	 	88.9% 	  	 	 	89.4% 	  	
								
Expense ratio	 	 	31.6% 	  	 	 	31.6% 	  	 	 	30.6% 	  	 	 	32.0% 	  	 	 	32.2% 	  	 	 	31.4% 	  	 	 	32.1% 	  	
Expense ratio excluding A&H	 	 	28.3% 	  	 	 	28.2% 	  	 	 	27.4% 	  	 	 	28.7% 	  	 	 	29.2% 	  	 	 	28.1% 	  	 	 	28.8% 	  	
								
Catastrophe reinstatement premiums collected - pre-tax	 	$	(1) 	  	 	$	-  	  	 	$	-  	  	 	$	-  	  	 	$	2  	  	 	$	(1) 	  	 	$	3  	  	
Catastrophe losses - pre-tax	 	$	73  	  	 	$	72  	  	 	$	117  	  	 	$	50  	  	 	$	70  	  	 	$	312  	  	 	$	278  	  	
Favorable prior period development (PPD) - pre-tax	 	$	(93) 	  	 	$	(205) 	  	 	$	(153) 	  	 	$	(50) 	  	 	$	(106) 	  	 	$	(501) 	  	 	$	(561) 	  	
Loss and loss expense ratio excluding catastrophe losses and PPD	 	 	57.3% 	  	 	 	57.3% 	  	 	 	57.6% 	  	 	 	57.6% 	  	 	 	57.9% 	  	 	 	57.4% 	  	 	 	57.5% 	  	
(1) Excludes portion of net realized investment gains and losses related to unconsolidated entities.

Global P&C	 	Page 5	

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

Insurance – North American	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  Full Year  	 	 	  Full Year  	 	
 	 	    4Q-15    	 	 	    3Q-15    	 	 	    2Q-15    	 	 	    1Q-15    	 	 	    4Q-14    	 	 	2015	 	 	2014	 	
								
Gross premiums written	 	  $	      2,992  	  	 	  $	      3,615  	  	 	  $	      3,471  	  	 	  $	      2,253  	  	 	  $	    2,841  	  	 	  $	      12,331  	  	 	  $	      11,414  	  	
Net premiums written	 	 	1,933  	  	 	 	2,448  	  	 	 	2,354  	  	 	 	1,518  	  	 	 	1,913  	  	 	 	8,253  	  	 	 	7,853  	  	
Net premiums earned	 	 	1,926  	  	 	 	2,421  	  	 	 	2,009  	  	 	 	1,590  	  	 	 	1,887  	  	 	 	7,946  	  	 	 	7,633  	  	
Losses and loss expenses (1)	 	 	1,298  	  	 	 	1,799  	  	 	 	1,393  	  	 	 	1,057  	  	 	 	1,329  	  	 	 	5,547  	  	 	 	5,386  	  	
Policy acquisition costs	 	 	162  	  	 	 	197  	  	 	 	153  	  	 	 	157  	  	 	 	166  	  	 	 	669  	  	 	 	715  	  	
Administrative expenses	 	 	194  	  	 	 	192  	  	 	 	193  	  	 	 	170  	  	 	 	181  	  	 	 	749  	  	 	 	687  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	 	 	272  	  	 	 	233  	  	 	 	270  	  	 	 	206  	  	 	 	211  	  	 	 	981  	  	 	 	845  	  	
								
Net investment income	 	 	264  	  	 	 	271  	  	 	 	275  	  	 	 	269  	  	 	 	280  	  	 	 	1,079  	  	 	 	1,111  	  	
Interest expense	 	 	(5) 	  	 	 	3  	  	 	 	2  	  	 	 	2  	  	 	 	2  	  	 	 	2  	  	 	 	9  	  	
Other income (expense) - operating	 	 	1  	  	 	 	3  	  	 	 	(2) 	  	 	 	2  	  	 	 	6  	  	 	 	4  	  	 	 	9  	  	
Amortization of intangible assets	 	 	23  	  	 	 	39  	  	 	 	39  	  	 	 	7  	  	 	 	8  	  	 	 	108  	  	 	 	31  	  	
Income tax expense	 	 	87  	  	 	 	83  	  	 	 	92  	  	 	 	88  	  	 	 	70  	  	 	 	350  	  	 	 	331  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	 	 	432  	  	 	 	382  	  	 	 	410  	  	 	 	380  	  	 	 	417  	  	 	 	1,604  	  	 	 	1,594  	  	
								
Net realized gains (losses) (1)	 	 	(68) 	  	 	 	(33) 	  	 	 	-   	  	 	 	(6) 	  	 	 	(39) 	  	 	 	(107) 	  	 	 	(64) 	  	
Net realized gains (losses) related to unconsolidated entities	 	 	(4) 	  	 	 	14  	  	 	 	10  	  	 	 	4  	  	 	 	19  	  	 	 	24  	  	 	 	90  	  	
Income tax expense on net realized gains (losses)	 	 	1  	  	 	 	2  	  	 	 	1  	  	 	 	2  	  	 	 	1  	  	 	 	6  	  	 	 	8  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	  $	359  	  	 	  $	361  	  	 	  $	419  	  	 	  $	376  	  	 	  $	396  	  	 	  $	1,515  	  	 	  $	1,612  	  	

Combined ratio	 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	67.4% 	  	 	 	74.3% 	  	 	 	69.3% 	  	 	 	66.5% 	  	 	 	70.4% 	  	 	 	69.8% 	  	 	 	70.6% 	  	
Policy acquisition cost ratio	 	 	8.4% 	  	 	 	8.2% 	  	 	 	7.6% 	  	 	 	9.8% 	  	 	 	8.8% 	  	 	 	8.4% 	  	 	 	9.4% 	  	
Administrative expense ratio	 	 	10.1% 	  	 	 	7.9% 	  	 	 	9.7% 	  	 	 	10.7% 	  	 	 	9.6% 	  	 	 	9.5% 	  	 	 	8.9% 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 	 	85.9% 	  	 	 	90.4% 	  	 	 	86.6% 	  	 	 	87.0% 	  	 	 	88.8% 	  	 	 	87.7% 	  	 	 	88.9% 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	 	 	85.8% 	  	 	 	87.6% 	  	 	 	86.0% 	  	 	 	87.4% 	  	 	 	87.9% 	  	 	 	86.7% 	  	 	 	88.0% 	  	
Catastrophe losses - pre-tax	 	  $	28  	  	 	  $	22  	  	 	  $	61  	  	 	  $	46  	  	 	  $	30  	  	 	  $	157  	  	 	  $	145  	  	
Unfavorable (favorable) prior period development (PPD) - pre-tax	 	  $	(26) 	  	 	  $	45  	  	 	  $	(49) 	  	 	  $	(54) 	  	 	  $	(12) 	  	 	  $	(84) 	  	 	  $	(73) 	  	
Loss and loss expense ratio excluding catastrophe losses and PPD	 	 	67.0% 	  	 	 	71.6% 	  	 	 	68.8% 	  	 	 	67.1% 	  	 	 	69.6% 	  	 	 	68.9% 	  	 	 	69.6% 	  	
								
% Change versus prior year period	 				 				 				 				 				 				 				
Net premiums written	 	 	1.1% 	  	 	 	6.2% 	  	 	 	16.4% 	  	 	 	-5.9% 	  	 	 	3.0% 	  	 	 	5.1% 	  	 	 	4.1% 	  	
Net premiums earned	 	 	2.1% 	  	 	 	5.9% 	  	 	 	7.4% 	  	 	 	0.0% 	  	 	 	-2.6% 	  	 	 	4.1% 	  	 	 	3.2% 	  	
								
Other ratios	 				 				 				 				 				 				 				
Net premiums written/gross premiums written	 	 	65% 	  	 	 	68% 	  	 	 	68% 	  	 	 	67% 	  	 	 	67% 	  	 	 	67% 	  	 	 	69% 	  	
(1) See non-GAAP financial measures.

Insurance - North American	 	Page 6	

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

Insurance – North American P&C	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  Full Year  	 	 	  Full Year  	 	
 	 	    4Q-15    	 	 	    3Q-15    	 	 	    2Q-15    	 	 	    1Q-15    	 	 	    4Q-14    	 	 	2015	 	 	2014	 	
								
Gross premiums written	 	  $	      2,722  	  	 	  $	      2,372  	  	 	  $	      2,905  	  	 	  $	      2,125  	  	 	  $	      2,539  	  	 	  $	      10,124  	  	 	  $	      9,036  	  	
Net premiums written	 	 	1,791  	  	 	 	1,711  	  	 	 	1,975  	  	 	 	1,430  	  	 	 	1,669  	  	 	 	6,907  	  	 	 	6,263  	  	
Net premiums earned	 	 	1,686  	  	 	 	1,682  	  	 	 	1,688  	  	 	 	1,526  	  	 	 	1,560  	  	 	 	6,582  	  	 	 	6,107  	  	
Losses and loss expenses	 	 	1,120  	  	 	 	1,175  	  	 	 	1,120  	  	 	 	1,035  	  	 	 	1,077  	  	 	 	4,450  	  	 	 	4,086  	  	
Policy acquisition costs	 	 	154  	  	 	 	155  	  	 	 	130  	  	 	 	161  	  	 	 	154  	  	 	 	600  	  	 	 	634  	  	
Administrative expenses	 	 	196  	  	 	 	192  	  	 	 	189  	  	 	 	171  	  	 	 	177  	  	 	 	748  	  	 	 	678  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	 	 	216  	  	 	 	160  	  	 	 	249  	  	 	 	159  	  	 	 	152  	  	 	 	784  	  	 	 	709  	  	
								
Net investment income	 	 	258  	  	 	 	266  	  	 	 	269  	  	 	 	263  	  	 	 	273  	  	 	 	1,056  	  	 	 	1,085  	  	
Interest expense	 	 	(5) 	  	 	 	3  	  	 	 	2  	  	 	 	2  	  	 	 	2  	  	 	 	2  	  	 	 	9  	  	
Other income (expense) - operating	 	 	1  	  	 	 	2  	  	 	 	(1) 	  	 	 	3  	  	 	 	7  	  	 	 	5  	  	 	 	11  	  	
Amortization of intangible assets	 	 	15  	  	 	 	31  	  	 	 	32  	  	 	 	-  	  	 	 	-  	  	 	 	78  	  	 	 	-       	  	
Income tax expense	 	 	76  	  	 	 	68  	  	 	 	88  	  	 	 	78  	  	 	 	58  	  	 	 	310  	  	 	 	298  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	 	 	389  	  	 	 	326  	  	 	 	395  	  	 	 	345  	  	 	 	372  	  	 	 	1,455  	  	 	 	1,498  	  	
								
Net realized gains (losses)	 	 	(69) 	  	 	 	(33) 	  	 	 	-      	  	 	 	(6) 	  	 	 	(42) 	  	 	 	(108) 	  	 	 	(67) 	  	
Net realized gains (losses) related to unconsolidated entities	 	 	(4) 	  	 	 	14  	  	 	 	10  	  	 	 	4  	  	 	 	19  	  	 	 	24  	  	 	 	90  	  	
Income tax expense on net realized gains (losses)	 	 	1  	  	 	 	2  	  	 	 	1  	  	 	 	2  	  	 	 	1  	  	 	 	6  	  	 	 	8  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	  $	315  	  	 	  $	305  	  	 	  $	404  	  	 	  $	341  	  	 	  $	348  	  	 	  $	1,365  	  	 	  $	1,513  	  	

Combined ratio	 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	66.5% 	  	 	 	69.9% 	  	 	 	66.3% 	  	 	 	67.9% 	  	 	 	69.0% 	  	 	 	67.6% 	  	 	 	66.9% 	  	
Policy acquisition cost ratio	 	 	9.1% 	  	 	 	9.2% 	  	 	 	7.7% 	  	 	 	10.5% 	  	 	 	9.9% 	  	 	 	9.1% 	  	 	 	10.4% 	  	
Administrative expense ratio	 	 	11.6% 	  	 	 	11.4% 	  	 	 	11.2% 	  	 	 	11.2% 	  	 	 	11.3% 	  	 	 	11.4% 	  	 	 	11.1% 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 	 	87.2% 	  	 	 	90.5% 	  	 	 	85.2% 	  	 	 	89.6% 	  	 	 	90.2% 	  	 	 	88.1% 	  	 	 	88.4% 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	 	 	86.7% 	  	 	 	86.3% 	  	 	 	85.0% 	  	 	 	87.9% 	  	 	 	89.1% 	  	 	 	86.4% 	  	 	 	88.0% 	  	
Catastrophe losses - pre-tax	 	  $	27  	  	 	  $	22  	  	 	  $	54  	  	 	  $	45  	  	 	  $	29  	  	 	  $	148  	  	 	  $	132  	  	
Unfavorable (favorable) prior period development (PPD) - pre-tax	 	  $	(19) 	  	 	  $	50  	  	 	  $	(49) 	  	 	  $	(21) 	  	 	  $	(11) 	  	 	  $	(39) 	  	 	  $	(107) 	  	
Loss and loss expense ratio excluding catastrophe losses and PPD	 	 	65.7% 	  	 	 	65.7% 	  	 	 	66.1% 	  	 	 	66.3% 	  	 	 	67.8% 	  	 	 	66.0% 	  	 	 	66.6% 	  	
								
% Change versus prior year period (1)	 				 				 				 				 				 				 				
Net premiums written	 	 	7.4% 	  	 	 	11.0% 	  	 	 	20.8% 	  	 	 	0.8% 	  	 	 	4.2% 	  	 	 	10.3% 	  	 	 	5.9% 	  	
Net premiums earned	 	 	8.0% 	  	 	 	10.7% 	  	 	 	9.6% 	  	 	 	2.5% 	  	 	 	3.3% 	  	 	 	7.8% 	  	 	 	6.8% 	  	
								
Other ratios	 				 				 				 				 				 				 				
Net premiums written/gross premiums written	 	 	66% 	  	 	 	72% 	  	 	 	68% 	  	 	 	67% 	  	 	 	66% 	  	 	 	68% 	  	 	 	69% 	  	
(1) On a constant dollar basis, net premiums written increased 8.0 % and 10.9% for the quarter and full year, respectively. Net premiums earned increased 8.7% and 8.4%, on a constant dollar basis, for the quarter and full year, respectively.

			
Insurance - North American P&C	 	Page 7	

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

Insurance – North American Agriculture	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Full Year	 	 	Full Year	 	
 	 	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	4Q-14	 	 	2015	 	 	2014	 	
	 				 				 				 				 				 				 				
Gross premiums written	 	  $	270  	  	 	  $	1,243  	  	 	  $	566  	  	 	  $	128  	  	 	  $	302  	  	 	  $	2,207  	  	 	  $	2,378  	  	
Net premiums written	 	 	142  	  	 	 	737  	  	 	 	379  	  	 	 	88  	  	 	 	244  	  	 	 	1,346  	  	 	 	1,590  	  	
Net premiums earned	 	 	240  	  	 	 	739  	  	 	 	321  	  	 	 	64  	  	 	 	327  	  	 	 	1,364  	  	 	 	1,526  	  	
Losses and loss expenses (1)	 	 	178  	  	 	 	624  	  	 	 	273  	  	 	 	22  	  	 	 	252  	  	 	 	1,097  	  	 	 	1,300  	  	
Policy acquisition costs	 	 	8  	  	 	 	42  	  	 	 	23  	  	 	 	(4) 	  	 	 	12  	  	 	 	69  	  	 	 	81  	  	
Administrative expenses	 	 	(2) 	  	 	 	-      	  	 	 	4  	  	 	 	(1) 	  	 	 	4  	  	 	 	1  	  	 	 	9  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	 	 	56  	  	 	 	73  	  	 	 	21  	  	 	 	47  	  	 	 	59  	  	 	 	197  	  	 	 	136  	  	
								
Net investment income	 	 	6  	  	 	 	5  	  	 	 	6  	  	 	 	6  	  	 	 	7  	  	 	 	23  	  	 	 	26  	  	
Interest expense	 	 	-   	  	 	 	-   	  	 	 	-   	  	 	 	-   	  	 	 	-   	  	 	 	-   	  	 	 	-   	  	
Other income (expense) - operating	 	 	-     	  	 	 	1  	  	 	 	(1) 	  	 	 	(1) 	  	 	 	(1) 	  	 	 	(1) 	  	 	 	(2) 	  	
Amortization of intangible assets	 	 	8  	  	 	 	8  	  	 	 	7  	  	 	 	7  	  	 	 	8  	  	 	 	30  	  	 	 	31  	  	
Income tax expense	 	 	11  	  	 	 	15  	  	 	 	4  	  	 	 	10  	  	 	 	12  	  	 	 	40  	  	 	 	33  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	 	 	43  	  	 	 	56  	  	 	 	15  	  	 	 	35  	  	 	 	45  	  	 	 	149  	  	 	 	96  	  	
								
Net realized gains (losses) (1)	 	 	1  	  	 	 	-   	  	 	 	-   	  	 	 	-   	  	 	 	3  	  	 	 	1  	  	 	 	3  	  	
Net realized gains (losses) related to unconsolidated entities	 	 	-   	  	 	 	-   	  	 	 	-   	  	 	 	-   	  	 	 	-   	  	 	 	-   	  	 	 	-   	  	
Income tax expense on net realized gains (losses)	 	 	-   	  	 	 	-   	  	 	 	-   	  	 	 	-   	  	 	 	-   	  	 	 	-   	  	 	 	-   	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	  $	44  	  	 	  $	56  	  	 	  $	15  	  	 	  $	35  	  	 	  $	48  	  	 	  $	150  	  	 	  $	99  	  	

Combined ratio	 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	73.9% 	  	 	 	84.5% 	  	 	 	85.3% 	  	 	 	33.3% 	  	 	 	77.2% 	  	 	 	80.4% 	  	 	 	85.2% 	  	
Policy acquisition cost ratio	 	 	3.4% 	  	 	 	5.7% 	  	 	 	7.2% 	  	 	 	-6.0% 	  	 	 	3.6% 	  	 	 	5.1% 	  	 	 	5.3% 	  	
Administrative expense ratio	 	 	-0.9% 	  	 	 	0.0% 	  	 	 	1.1% 	  	 	 	-0.9% 	  	 	 	1.0% 	  	 	 	0.0% 	  	 	 	0.6% 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio	 	 	    76.4% 	  	 	 	    90.2% 	  	 	 	    93.6% 	  	 	 	    26.4% 	  	 	 	    81.8% 	  	 	 	    85.5% 	  	 	 	    91.1% 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	 	 	79.2% 	  	 	 	90.8% 	  	 	 	91.4% 	  	 	 	76.7% 	  	 	 	82.4% 	  	 	 	88.2% 	  	 	 	87.8% 	  	
Catastrophe losses - pre-tax	 	  $	1  	  	 	  $	-   	  	 	  $	7  	  	 	  $	1  	  	 	  $	1  	  	 	  $	9  	  	 	  $	13  	  	
Unfavorable (favorable) prior period development (PPD) - pre-tax	 	  $	(7) 	  	 	  $	(5) 	  	 	  $	-   	  	 	  $	(33) 	  	 	  $	(1) 	  	 	  $	(45) 	  	 	  $	34 	  	
Loss and loss expense ratio excluding catastrophe losses and PPD	 	 	75.4% 	  	 	 	85.1% 	  	 	 	83.1% 	  	 	 	83.2% 	  	 	 	77.9% 	  	 	 	82.8% 	  	 	 	81.8% 	  	
								
% Change versus prior year period	 				 				 				 				 				 				 				
Net premiums written	 	 	-41.9% 	  	 	 	-3.5% 	  	 	 	-2.4% 	  	 	 	-54.6% 	  	 	 	-5.0% 	  	 	 	-15.3% 	  	 	 	-2.3% 	  	
Net premiums earned	 	 	-26.2% 	  	 	 	-3.6% 	  	 	 	-2.9% 	  	 	 	-37.2% 	  	 	 	-23.4% 	  	 	 	-10.6% 	  	 	 	-9.1% 	  	
								
Other ratios	 				 				 				 				 				 				 				
Net premiums written/gross premiums written	 	 	52% 	  	 	 	59% 	  	 	 	67% 	  	 	 	69% 	  	 	 	81% 	  	 	 	61% 	  	 	 	67% 	  	
(1) See non-GAAP financial measures.

Insurance - Agriculture	 	Page 8	

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

Insurance – Overseas General	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	    Constant $    	 	 	    Full Year    	 	 	    Full Year    	 	
 	 	  4Q-15  	 	 	  3Q-15  	 	 	  2Q-15  	 	 	  1Q-15  	 	 	  4Q-14  	 	 	4Q-14 (1)	 	 	2015	 	 	2014	 	
	 				 				 				 				 				 				 				 				
Gross premiums written	 	  $	  1,990  	  	 	  $	    2,019  	  	 	  $	    2,212  	  	 	  $	    2,255  	  	 	  $	    2,212  	  	 	  $	    1,946  	  	 	  $	    8,476  	  	 	  $	    8,853  	  	
Net premiums written	 	 	1,587  	  	 	 	1,584  	  	 	 	1,669  	  	 	 	1,794  	  	 	 	1,749  	  	 	 	1,530  	  	 	 	6,634  	  	 	 	6,999  	  	
Net premiums earned	 	 	1,575  	  	 	 	1,615  	  	 	 	1,644  	  	 	 	1,637  	  	 	 	1,758  	  	 	 	1,547  	  	 	 	6,471  	  	 	 	6,805  	  	
Losses and loss expenses	 	 	748  	  	 	 	674  	  	 	 	816  	  	 	 	814  	  	 	 	835  	  	 	 	734  	  	 	 	3,052  	  	 	 	3,189  	  	
Policy acquisition costs	 	 	391  	  	 	 	405  	  	 	 	396  	  	 	 	389  	  	 	 	419  	  	 	 	366  	  	 	 	1,581  	  	 	 	1,625  	  	
Administrative expenses	 	 	241  	  	 	 	246  	  	 	 	254  	  	 	 	256  	  	 	 	262  	  	 	 	236  	  	 	 	997  	  	 	 	1,026  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Underwriting income	 	 	195  	  	 	 	290  	  	 	 	178  	  	 	 	178  	  	 	 	242  	  	 	 	211  	  	 	 	841  	  	 	 	965  	  	
									
Net investment income	 	 	125  	  	 	 	132  	  	 	 	139  	  	 	 	138  	  	 	 	147  	  	 	 	136  	  	 	 	534  	  	 	 	545  	  	
Interest expense	 	 	5  	  	 	 	1  	  	 	 	1  	  	 	 	1  	  	 	 	2  	  	 	 	2  	  	 	 	8  	  	 	 	6  	  	
Other income (expense) - operating	 	 	5  	  	 	 	6  	  	 	 	4  	  	 	 	2  	  	 	 	6  	  	 	 	7  	  	 	 	17  	  	 	 	18  	  	
Amortization of intangible assets	 	 	11  	  	 	 	12  	  	 	 	15  	  	 	 	23  	  	 	 	21  	  	 	 	18  	  	 	 	61  	  	 	 	74  	  	
Income tax expense	 	 	48  	  	 	 	85  	  	 	 	65  	  	 	 	53  	  	 	 	78  	  	 	 	70  	  	 	 	251  	  	 	 	285  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	 	 	261  	  	 	 	330  	  	 	 	240  	  	 	 	241  	  	 	 	294  	  	 	 	264  	  	 	 	1,072  	  	 	 	1,163  	  	
									
Net realized gains (losses)	 	 	(28) 	  	 	 	(13) 	  	 	 	13  	  	 	 	(10) 	  	 	 	(7) 	  	 				 	 	(38) 	  	 	 	(78) 	  	
Net realized gains (losses) related to unconsolidated entities	 	 	(8) 	  	 	 	-      	  	 	 	3  	  	 	 	4  	  	 	 	12  	  	 				 	 	(1) 	  	 	 	45  	  	
									
Income tax expense (benefit) on net realized gains (losses)	 	 	(13) 	  	 	 	(9) 	  	 	 	4  	  	 	 	(1) 	  	 	 	111  	  	 				 	 	(19) 	  	 	 	93  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	
Net income	 	  $	       238  	  	 	  $	       326  	  	 	  $	       252  	  	 	  $	       236  	  	 	  $	       188  	  	 				 	  $	    1,052  	  	 	  $	    1,037  	  	

Combined ratio	 				 				 				 				 				 				 				 				
Loss and loss expense ratio	 	 	47.5% 	  	 	 	41.7% 	  	 	 	49.7% 	  	 	 	49.7% 	  	 	 	47.5% 	  	 				 	 	47.2% 	  	 	 	46.9% 	  	
Policy acquisition cost ratio	 	 	24.8% 	  	 	 	25.1% 	  	 	 	24.1% 	  	 	 	23.8% 	  	 	 	23.8% 	  	 				 	 	24.4% 	  	 	 	23.9% 	  	
Administrative expense ratio	 	 	15.3% 	  	 	 	15.2% 	  	 	 	15.4% 	  	 	 	15.6% 	  	 	 	15.0% 	  	 				 	 	15.4% 	  	 	 	15.0% 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	
Combined ratio	 	 	87.6% 	  	 	 	82.0% 	  	 	 	89.2% 	  	 	 	89.1% 	  	 	 	86.3% 	  	 				 	 	87.0% 	  	 	 	85.8% 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	 	 	 	 	
Combined ratio excluding catastrophe losses and PPD	 	 	89.7% 	  	 	 	90.5% 	  	 	 	89.8% 	  	 	 	90.3% 	  	 	 	89.4% 	  	 				 	 	90.1% 	  	 	 	89.9% 	  	
									
Catastrophe reinstatement premiums - pre-tax	 	  $	          (2) 	  	 	  $	            -  	  	 	  $	            -  	  	 	  $	            -  	  	 	  $	            -  	  	 				 	  $	          (2) 	  	 	  $	            -  	  	
Catastrophe losses - pre-tax	 	  $	         40  	  	 	  $	         39  	  	 	  $	         58  	  	 	  $	           5  	  	 	  $	         30  	  	 				 	  $	       142  	  	 	  $	       112  	  	
Favorable prior period development (PPD) - pre-tax	 	  $	        (74) 	  	 	  $	      (177) 	  	 	  $	        (68) 	  	 	  $	        (24) 	  	 	  $	        (86) 	  	 				 	  $	      (343) 	  	 	  $	      (391) 	  	
Loss and loss expense ratio excluding catastrophe losses and PPD	 	 	49.6% 	  	 	 	50.2% 	  	 	 	50.3% 	  	 	 	50.9% 	  	 	 	50.7% 	  	 				 	 	50.3% 	  	 	 	51.0% 	  	
									
% Change versus prior year period	 				 				 				 				 				 				 				 				
Net premiums written as reported	 	 	-9.3% 	  	 	 	-7.9% 	  	 	 	-5.1% 	  	 	 	1.3% 	  	 	 	3.0% 	  	 				 	 	-5.2% 	  	 	 	7.4% 	  	
Net premiums earned as reported	 	 	-10.5% 	  	 	 	-6.4% 	  	 	 	-3.9% 	  	 	 	1.6% 	  	 	 	3.4% 	  	 				 	 	-4.9% 	  	 	 	7.5% 	  	
									
Net premiums written constant $	 	 	3.6% 	  	 	 	6.1% 	  	 	 	7.6% 	  	 	 	11.0% 	  	 	 	8.4% 	  	 				 	 	7.1% 	  	 	 	9.4% 	  	
Net premiums earned constant $	 	 	1.7% 	  	 	 	7.8% 	  	 	 	9.4% 	  	 	 	11.2% 	  	 	 	8.8% 	  	 				 	 	7.5% 	  	 	 	9.6% 	  	
									
Other ratios	 				 				 				 				 				 				 				 				
Net premiums written/gross premiums written	 	 	80% 	  	 	 	78% 	  	 	 	75% 	  	 	 	80% 	  	 	 	79% 	  	 				 	 	78% 	  	 	 	79% 	  	
(1) Prior periods on a constant dollar basis.

Insurance - Overseas General	 	Page 9	

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

Global Reinsurance	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	  Full Year  	 	  	  Full Year  	 	
 	  	    4Q-15    	 	  	    3Q-15    	 	  	    2Q-15    	 	  	    1Q-15    	 	  	    4Q-14    	 	  	2015	 	  	2014	 	
Gross premiums written	  	  $	      109  	  	  	  $	      190  	  	  	  $	      292  	  	  	  $	      292  	  	  	  $	      140  	  	  	  $	      883  	  	  	  $	      994  	  	
Net premiums written	  	 	109  	  	  	 	185  	  	  	 	261  	  	  	 	273  	  	  	 	141  	  	  	 	828  	  	  	 	935  	  	
Net premiums earned	  	 	200  	  	  	 	203  	  	  	 	220  	  	  	 	226  	  	  	 	226  	  	  	 	849  	  	  	 	1,026  	  	
Losses and loss expenses	  	 	99  	  	  	 	20  	  	  	 	72  	  	  	 	99  	  	  	 	104  	  	  	 	290  	  	  	 	431  	  	
Policy acquisition costs	  	 	48  	  	  	 	52  	  	  	 	60  	  	  	 	54  	  	  	 	56  	  	  	 	214  	  	  	 	257  	  	
Administrative expenses	  	 	12  	  	  	 	12  	  	  	 	13  	  	  	 	12  	  	  	 	13  	  	  	 	49  	  	  	 	54  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Underwriting income	  	 	41  	  	  	 	119  	  	  	 	75  	  	  	 	61  	  	  	 	53  	  	  	 	296  	  	  	 	284  	  	
								
Net investment income	  	 	70  	  	  	 	76  	  	  	 	79  	  	  	 	75  	  	  	 	78  	  	  	 	300  	  	  	 	316  	  	
Interest expense	  	 	2  	  	  	 	1  	  	  	 	1  	  	  	 	1  	  	  	 	-  	  	  	 	5  	  	  	 	4  	  	
Other income (expense) - operating	  	 	1  	  	  	 	4  	  	  	 	-  	  	  	 	1  	  	  	 	3  	  	  	 	6  	  	  	 	4  	  	
Amortization of intangible assets	  	 	-  	  	  	 	-  	  	  	 	-  	  	  	 	-  	  	  	 	-  	  	  	 	-  	  	  	 	-  	  	
Income tax expense	  	 	1  	  	  	 	8  	  	  	 	8  	  	  	 	8  	  	  	 	7  	  	  	 	25  	  	  	 	38  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Operating income	  	 	109  	  	  	 	190  	  	  	 	145  	  	  	 	128  	  	  	 	127  	  	  	 	572  	  	  	 	562  	  	
								
Net realized gains (losses)	  	 	(12) 	  	  	 	(14) 	  	  	 	5  	  	  	 	(11) 	  	  	 	(12) 	  	  	 	(32) 	  	  	 	(29) 	  	
Net realized gains (losses) related to unconsolidated entities	  	 	(5) 	  	  	 	(2) 	  	  	 	3  	  	  	 	4  	  	  	 	12  	  	  	 	-  	  	  	 	50  	  	
Income tax expense on net realized gains (losses)	  	 	2  	  	  	 	-  	  	  	 	(1) 	  	  	 	-  	  	  	 	-  	  	  	 	1  	  	  	 	-  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net income	  	  $	90  	  	  	  $	174  	  	  	  $	154  	  	  	  $	121  	  	  	  $	127  	  	  	  $	539  	  	  	  $	583  	  	

Combined ratio	  				  				  				  				  				  				  				
Loss and loss expense ratio	  	 	49.7% 	  	  	 	9.6% 	  	  	 	32.9% 	  	  	 	43.6% 	  	  	 	45.8% 	  	  	 	34.2% 	  	  	 	42.0% 	  	
Policy acquisition cost ratio	  	 	24.1% 	  	  	 	25.4% 	  	  	 	27.2% 	  	  	 	24.0% 	  	  	 	25.0% 	  	  	 	25.2% 	  	  	 	25.0% 	  	
Administrative expense ratio	  	 	6.0% 	  	  	 	6.2% 	  	  	 	5.6% 	  	  	 	5.6% 	  	  	 	5.7% 	  	  	 	5.8% 	  	  	 	5.3% 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Combined ratio	  	 	79.8% 	  	  	 	41.2% 	  	  	 	65.7% 	  	  	 	73.2% 	  	  	 	76.5% 	  	  	 	65.2% 	  	  	 	72.3% 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Combined ratio excluding catastrophe losses and PPD	  	 	76.6% 	  	  	 	75.3% 	  	  	 	79.6% 	  	  	 	75.5% 	  	  	 	76.2% 	  	  	 	76.8% 	  	  	 	75.6% 	  	
								
Catastrophe reinstatement premiums collected - pre-tax	  	  $	1  	  	  	  $	-  	  	  	  $	-  	  	  	  $	-  	  	  	  $	2  	  	  	  $	1  	  	  	  $	3  	  	
Catastrophe losses - pre-tax	  	  $	6  	  	  	  $	11  	  	  	  $	5  	  	  	  $	-  	  	  	  $	11  	  	  	  $	22  	  	  	  $	34  	  	
Favorable prior period development (PPD) - pre-tax	  	  $	-  	  	  	  $	(78) 	  	  	  $	(36) 	  	  	  $	(5) 	  	  	  $	(9) 	  	  	  $	(119) 	  	  	  $	(63) 	  	
Loss and loss expense ratio excluding catastrophe losses and PPD	  	 	46.5% 	  	  	 	44.3% 	  	  	 	46.7% 	  	  	 	46.0% 	  	  	 	45.4% 	  	  	 	45.9% 	  	  	 	45.5% 	  	
								
% Change versus prior year period	  				  				  				  				  				  				  				
Net premiums written as reported	  	 	-22.1% 	  	  	 	-11.5% 	  	  	 	-5.9% 	  	  	 	-11.4% 	  	  	 	-9.4% 	  	  	 	-11.4% 	  	  	 	-5.7% 	  	
Net premiums earned as reported	  	 	-11.3% 	  	  	 	-20.4% 	  	  	 	-15.5% 	  	  	 	-20.6% 	  	  	 	-7.7% 	  	  	 	-17.2% 	  	  	 	5.1% 	  	
								
Net premiums written constant $	  	 	-20.2% 	  	  	 	-9.5% 	  	  	 	-3.9% 	  	  	 	-9.1% 	  	  	 	-8.8% 	  	  	 	-9.3% 	  	  	 	-5.8% 	  	
Net premiums earned constant $	  	 	-9.0% 	  	  	 	-18.1% 	  	  	 	-13.2% 	  	  	 	-19.0% 	  	  	 	-7.1% 	  	  	 	-15.1% 	  	  	 	4.9% 	  	
								
Other ratios	  				  				  				  				  				  				  				
Net premiums written/gross premiums written	  	 	100% 	  	  	 	97% 	  	  	 	90% 	  	  	 	93% 	  	  	 	100% 	  	  	 	94% 	  	  	 	94% 	  	

Global Reinsurance	 	Page 10	

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

Life	 	    4Q-15    	 	 	    3Q-15    	 	 	    2Q-15    	 	 	    1Q-15    	 	 	    4Q-14    	 	 	  Full Year  
2015	 	 	  Full Year  
2014	 	
Gross premiums written	 	  $	548  	  	 	  $	522  	  	 	  $	529  	  	 	  $	522  	  	 	  $	553  	  	 	  $	2,121  	  	 	  $	2,129  	  	
Net premiums written	 	 	515  	  	 	 	492  	  	 	 	500  	  	 	 	491  	  	 	 	523  	  	 	 	1,998  	  	 	 	2,012  	  	
Net premiums earned	 	 	506  	  	 	 	480  	  	 	 	487  	  	 	 	474  	  	 	 	499  	  	 	 	1,947  	  	 	 	1,962  	  	
Losses and loss expenses (1)	 	 	159  	  	 	 	153  	  	 	 	137  	  	 	 	152  	  	 	 	147  	  	 	 	601  	  	 	 	589  	  	
Policy benefits (2)	 	 	159  	  	 	 	89  	  	 	 	153  	  	 	 	142  	  	 	 	134  	  	 	 	543  	  	 	 	517  	  	
(Gains) losses from fair value changes in separate account assets (2)	 	 	(13) 	  	 	 	49  	  	 	 	(6) 	  	 	 	(11) 	  	 	 	3  	  	 	 	19  	  	 	 	(2) 	  	
Policy acquisition costs	 	 	134  	  	 	 	117  	  	 	 	118  	  	 	 	107  	  	 	 	123  	  	 	 	476  	  	 	 	478  	  	
Administrative expenses	 	 	70  	  	 	 	74  	  	 	 	74  	  	 	 	73  	  	 	 	73  	  	 	 	291  	  	 	 	285  	  	
Net investment income	 	 	67  	  	 	 	66  	  	 	 	66  	  	 	 	66  	  	 	 	69  	  	 	 	265  	  	 	 	268  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Life underwriting income (3)	 	 	64  	  	 	 	64  	  	 	 	77  	  	 	 	77  	  	 	 	88  	  	 	 	282  	  	 	 	363  	  	
								
Interest expense	 	 	1  	  	 	 	1  	  	 	 	2  	  	 	 	1  	  	 	 	1  	  	 	 	5  	  	 	 	11  	  	
Other income (expense) - operating (1)	 	 	(4) 	  	 	 	1  	  	 	 	1  	  	 	 	(2) 	  	 	 	1  	  	 	 	(4) 	  	 	 	(5) 	  	
Amortization of intangible assets	 	 	1  	  	 	 	-  	  	 	 	1  	  	 	 	-  	  	 	 	1  	  	 	 	2  	  	 	 	3  	  	
Income tax expense	 	 	4  	  	 	 	7  	  	 	 	8  	  	 	 	8  	  	 	 	11  	  	 	 	27  	  	 	 	47  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	 	 	54  	  	 	 	57  	  	 	 	67  	  	 	 	66  	  	 	 	76  	  	 	 	244  	  	 	 	297  	  	
								
Net realized gains (losses):	 				 				 				 				 				 				 				
Mark-to-market on guaranteed living benefits derivative (net of related hedges)	 	 	55  	  	 	 	(313	)  	 	 	102  	  	 	 	(57	)  	 	 	(153	)  	 	 	(213	)  	 	 	(385	)  	
Foreign exchange gains (losses) and all other	 	 	(2) 	  	 	 	(13) 	  	 	 	1  	  	 	 	(2) 	  	 	 	7  	  	 	 	(16) 	  	 	 	2  	  	
Net realized gains (losses) related to unconsolidated entities	 	 	-  	  	 	 	12  	  	 	 	17  	  	 	 	14  	  	 	 	6  	  	 	 	43  	  	 	 	6  	  	
Income tax expense (benefit) on net realized gains (losses)	 	 	(1) 	  	 	 	1  	  	 	 	2  	  	 	 	1  	  	 	 	1  	  	 	 	3  	  	 	 	(1) 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	 	  $	108  	  	 	  $	(258) 	  	 	  $	185  	  	 	  $	20  	  	 	  $	(65) 	  	 	  $	55  	  	 	  $	(79) 	  	

% Change versus prior year period	 				 				 				 				 				 				 				
Net premiums written as reported	 	 	-1.6% 	  	 	 	-0.8% 	  	 	 	0.3% 	  	 	 	-0.6% 	  	 	 	4.0% 	  	 	 	-0.7% 	  	 	 	2.0% 	  	
Net premiums earned as reported	 	 	1.4% 	  	 	 	-1.9% 	  	 	 	-0.8% 	  	 	 	-1.9% 	  	 	 	3.6% 	  	 	 	-0.8% 	  	 	 	3.0% 	  	
								
Net premiums written constant $  (4)	 	 	3.7% 	  	 	 	4.4% 	  	 	 	4.1% 	  	 	 	2.4% 	  	 	 	6.2% 	  	 	 	3.7% 	  	 	 	4.0% 	  	
								
Net premiums earned constant $	 	 	6.8% 	  	 	 	3.4% 	  	 	 	3.0% 	  	 	 	0.9% 	  	 	 	5.9% 	  	 	 	3.5% 	  	 	 	4.9% 	  	
(1) Q4 2015 includes unfavorable reserve development of $13 million compared to $7 million favorable reserve development in Q4 2014.
(2) (Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified from Other income (expense) for purposes of presenting Life underwriting income in the Life segment. The offsetting movement in the separate account liabilities is included in Policy benefits.
(3) We assess the performance of our Life business based on Life underwriting income which includes Net investment income and (Gains) losses from fair value changes in separate account assets.
(4) International life insurance net premiums written and deposits breakdown (excludes Combined North American and Life reinsurance businesses):

 	 	    4Q-15    	 	 	  Constant $  
4Q-14 (6)	 	 	  Constant $  
% Change
4Q-15 vs.
4Q-14 (6)	 	 	 	 	    Full Year    
2015	 	 	  Constant $  
Full Year
2014 (6)	 	 	  Constant $  
% Change
2015 vs.
2014 (6)	 	
International life insurance net premiums written	 	  $	199 	  	 	  $	183 	  	 	 	8.5% 	  	 		 	  $	744 	  	 	  $	693 	  	 	 	7.3% 	  	
International life insurance deposits (5)	 	 	289 	  	 	 	250 	  	 	 	15.5% 	  	 		 	 	1,015 	  	 	 	953 	  	 	 	6.6% 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	
Total international life insurance net premiums written and deposits	 	  $	488 	  	 	  $	433 	  	 	 	12.5% 	  	 		 	  $	1,759 	  	 	  $	1,646 	  	 	 	6.9% 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	
(5) Includes deposits collected on universal life and investment contracts. Consistent with GAAP, premiums collected on universal life and investment contracts are considered deposits and excluded from revenues.
(6) Prior periods on a constant dollar basis.

Life	 	Page 11	

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

Add net recoverable on paid losses	  	 	-	  	 	 	645	  	 	 	(645) 	  	  		
	  	 	 	 	  		
Balance including net recoverable on paid losses	  	  $	37,303	  	 	$	11,386	  	 	$	25,917  	  	  		

			
Loss Reserve Rollforward	 	Page 12	

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

 	 	    December 31    	 	 	    September 30    	 	 	      June 30      	 	 	      March 31      	 	 	    December 31    	 	
 	 	2015	 	 	2015	 	 	2015	 	 	2015	 	 	2014	 	
Reinsurance recoverable on paid losses and loss expenses	 				 				 				 				 				
Active operations	 	  $	450  	  	 	  $	392  	  	 	  $	448  	  	 	  $	413  	  	 	  $	478  	  	
Brandywine and Other Run-off	 	 	288  	  	 	 	284  	  	 	 	283  	  	 	 	292  	  	 	 	313  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	  $	738  	  	 	  $	676  	  	 	  $	731  	  	 	  $	705  	  	 	  $	791  	  	

Reinsurance recoverable on unpaid losses and loss expenses	 				 				 				 				 				
Active operations	 	  $	9,884  	  	 	  $	9,769  	  	 	  $	10,262  	  	 	  $	10,052  	  	 	  $	10,348  	  	
Brandywine and Other Run-off	 	 	1,092  	  	 	 	1,127  	  	 	 	1,136  	  	 	 	1,184  	  	 	 	1,210  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	  $	    10,976  	  	 	  $	    10,896  	  	 	  $	    11,398  	  	 	  $	    11,236  	  	 	  $	    11,558  	  	

Gross reinsurance recoverable	 				 				 				 				 				
Active operations	 	  $	10,334  	  	 	  $	10,161  	  	 	  $	10,710  	  	 	  $	10,465  	  	 	  $	10,826  	  	
Brandywine and Other Run-off	 	 	1,380  	  	 	 	1,411  	  	 	 	1,419  	  	 	 	1,476  	  	 	 	1,523  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	  $	11,714  	  	 	  $	11,572  	  	 	  $	12,129  	  	 	  $	11,941  	  	 	  $	12,349  	  	

Provision for uncollectible reinsurance (1)	 				 				 				 				 				
Active operations	 	  $	(194) 	  	 	  $	(207) 	  	 	  $	(214) 	  	 	  $	(213) 	  	 	  $	(217) 	  	
Brandywine and Other Run-off	 	 	(134) 	  	 	 	(134) 	  	 	 	(140) 	  	 	 	(140) 	  	 	 	(140) 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	  $	(328) 	  	 	  $	(341) 	  	 	  $	(354) 	  	 	  $	(353) 	  	 	  $	(357) 	  	

Net reinsurance recoverable	 				 				 				 				 				
Active operations	 	  $	10,140  	  	 	  $	9,954  	  	 	  $	10,496  	  	 	  $	10,252  	  	 	  $	10,609  	  	
Brandywine and Other Run-off	 	 	1,246  	  	 	 	1,277  	  	 	 	1,279  	  	 	 	1,336  	  	 	 	1,383  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	  $	11,386  	  	 	  $	11,231  	  	 	  $	11,775  	  	 	  $	11,588  	  	 	  $	11,992  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $2.4 billion.

Reinsurance Recoverable	 	Page 13	

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

 	 	    December 31    	 	 	    September 30    	 	 	    June 30    	 	 	    March 31    	 	 	    December 31    	 	
 	 	2015	 	 	2015	 	 	2015	 	 	2015	 	 	2014	 	
Market Value	 				 				 				 				 				 				 				 				 				 				
Fixed maturities available for sale	 	  $	        43,587 	  	 				 	  $	        48,278 	  	 				 	  $	        48,701 	  	 				 	  $	        50,410 	  	 				 	  $	        49,395 	  	 				
Fixed maturities held to maturity	 	 	8,552 	  	 				 	 	8,750 	  	 				 	 	8,805 	  	 				 	 	7,307 	  	 				 	 	7,589 	  	 				
Short-term investments	 	 	10,446 	  	 				 	 	1,808 	  	 				 	 	2,062 	  	 				 	 	2,536 	  	 				 	 	2,322 	  	 				
	 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Total fixed maturities	 	  $	62,585 	  	 				 	  $	58,836 	  	 				 	  $	59,568 	  	 				 	  $	60,253 	  	 				 	  $	59,306 	  	 				
	 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Asset Allocation by Market Value	 				 				 				 				 				 				 				 				 				 				
Treasury	 	  $	2,395 	  	 	 	4% 	  	 	  $	2,619 	  	 	 	4% 	  	 	  $	2,424 	  	 	 	4% 	  	 	  $	2,448 	  	 	 	4% 	  	 	  $	2,448 	  	 	 	4% 	  	
Agency	 	 	878 	  	 	 	1% 	  	 	 	1,040 	  	 	 	2% 	  	 	 	1,139 	  	 	 	2% 	  	 	 	1,221 	  	 	 	2% 	  	 	 	1,222 	  	 	 	2% 	  	
Corporate and asset-backed	 	 	17,985 	  	 	 	28% 	  	 	 	20,018 	  	 	 	34% 	  	 	 	20,007 	  	 	 	34% 	  	 	 	20,370 	  	 	 	34% 	  	 	 	19,854 	  	 	 	34% 	  	
Mortgage-backed	 	 	11,701 	  	 	 	19% 	  	 	 	12,936 	  	 	 	22% 	  	 	 	12,661 	  	 	 	21% 	  	 	 	12,791 	  	 	 	21% 	  	 	 	12,325 	  	 	 	21% 	  	
Municipal	 	 	4,950 	  	 	 	8% 	  	 	 	5,306 	  	 	 	9% 	  	 	 	5,276 	  	 	 	9% 	  	 	 	5,067 	  	 	 	9% 	  	 	 	4,930 	  	 	 	8% 	  	
Non-U.S.	 	 	14,230 	  	 	 	23% 	  	 	 	15,109 	  	 	 	26% 	  	 	 	15,999 	  	 	 	27% 	  	 	 	15,820 	  	 	 	26% 	  	 	 	16,205 	  	 	 	27% 	  	
Short-term investments	 	 	10,446 	  	 	 	17% 	  	 	 	1,808 	  	 	 	3% 	  	 	 	2,062 	  	 	 	3% 	  	 	 	2,536 	  	 	 	4% 	  	 	 	2,322 	  	 	 	4% 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturities	 	  $	62,585 	  	 	 	100% 	  	 	  $	58,836 	  	 	 	100% 	  	 	  $	59,568 	  	 	 	100% 	  	 	  $	60,253 	  	 	 	100% 	  	 	  $	59,306 	  	 	 	100% 	  	

Credit Quality by Market Value	 				 				 				 				 				 				 				 				 				 				
AAA	 	  $	14,369 	  	 	 	23% 	  	 	  $	8,712 	  	 	 	15% 	  	 	  $	9,320 	  	 	 	16% 	  	 	  $	9,386 	  	 	 	16% 	  	 	  $	8,943 	  	 	 	15% 	  	
AA	 	 	22,141 	  	 	 	36% 	  	 	 	21,560 	  	 	 	37% 	  	 	 	21,294 	  	 	 	36% 	  	 	 	21,760 	  	 	 	36% 	  	 	 	21,589 	  	 	 	36% 	  	
A	 	 	10,163 	  	 	 	16% 	  	 	 	11,877 	  	 	 	20% 	  	 	 	11,568 	  	 	 	19% 	  	 	 	11,712 	  	 	 	19% 	  	 	 	11,625 	  	 	 	20% 	  	
BBB	 	 	8,941 	  	 	 	14% 	  	 	 	8,688 	  	 	 	15% 	  	 	 	8,806 	  	 	 	15% 	  	 	 	8,789 	  	 	 	15% 	  	 	 	8,690 	  	 	 	15% 	  	
BB	 	 	3,775 	  	 	 	6% 	  	 	 	4,281 	  	 	 	7% 	  	 	 	4,531 	  	 	 	8% 	  	 	 	4,377 	  	 	 	7% 	  	 	 	4,372 	  	 	 	7% 	  	
B	 	 	3,018 	  	 	 	5% 	  	 	 	3,527 	  	 	 	6% 	  	 	 	3,860 	  	 	 	6% 	  	 	 	4,054 	  	 	 	7% 	  	 	 	3,916 	  	 	 	7% 	  	
Other	 	 	178 	  	 	 	0% 	  	 	 	191 	  	 	 	0% 	  	 	 	189 	  	 	 	0% 	  	 	 	175 	  	 	 	0% 	  	 	 	171 	  	 	 	0% 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturities	 	  $	62,585 	  	 	 	    100% 	  	 	  $	58,836 	  	 	 	    100% 	  	 	  $	59,568 	  	 	 	    100% 	  	 	  $	60,253 	  	 	 	    100% 	  	 	  $	59,306 	  	 	 	  100% 	  	

Cost/Amortized Cost	 				 				 				 				 				 				 				 				 				 				
Fixed maturities available for sale	 	  $	43,149 	  	 				 	  $	47,411 	  	 				 	  $	47,599 	  	 				 	  $	48,384 	  	 				 	  $	47,826 	  	 				
Fixed maturities held to maturity	 	 	8,430 	  	 				 	 	8,564 	  	 				 	 	8,676 	  	 				 	 	6,982 	  	 				 	 	7,331 	  	 				
Short-term investments	 	 	10,446 	  	 				 	 	1,808 	  	 				 	 	2,062 	  	 				 	 	2,536 	  	 				 	 	2,322 	  	 				
	 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Subtotal fixed maturities	 	 	62,025 	  	 				 	 	57,783 	  	 				 	 	58,337 	  	 				 	 	57,902 	  	 				 	 	57,479 	  	 				
Equity securities	 	 	441 	  	 				 	 	434 	  	 				 	 	433 	  	 				 	 	447 	  	 				 	 	440 	  	 				
Other investments	 	 	2,993 	  	 				 	 	2,943 	  	 				 	 	2,989 	  	 				 	 	3,096 	  	 				 	 	2,999 	  	 				
	 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				 	 	 	 	 				
Total investment portfolio	 	  $	65,459 	  	 				 	  $	61,160 	  	 				 	  $	61,759 	  	 				 	  $	61,445 	  	 				 	  $	60,918 	  	 				

Avg. duration of fixed maturities	 	 	3.5 years 	  	 				 	 	4.0 years 	  	 				 	 	4.1 years 	  	 				 	 	3.9 years 	  	 				 	 	4.0 years 	  	 				
Avg. market yield of fixed maturities	 	 	2.8% 	  	 				 	 	2.9% 	  	 				 	 	2.9% 	  	 				 	 	2.6% 	  	 				 	 	2.8% 	  	 				
Avg. credit quality	 	 	A/Aa 	  	 				 	 	A/Aa 	  	 				 	 	A/Aa 	  	 				 	 	A/Aa 	  	 				 	 	A/Aa 	  	 				
Avg. yield on invested assets	 	 	3.4% 	  	 				 	 	3.6% 	  	 				 	 	3.6% 	  	 				 	 	3.6% 	  	 				 	 	3.8% 	  	 				

Investments	 	Page 14	

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 December 31, 2015	 				 				 				 				 				 				
Agency residential mortgage-backed (RMBS)	 	  $	-	  	 	$	9,502	  	 	$	-	  	 	$	-	  	 	$	-	  	 	$	9,502  	  	
Non-agency RMBS	 	 	15	  	 	 	5	  	 	 	12	  	 	 	6	  	 	 	12	  	 	 	50  	  	
Commercial mortgage-backed	 	 	2,126	  	 	 	10	  	 	 	13	  	 	 	-	  	 	 	-	  	 	 	2,149  	  	
	 	 	 	 	
Total mortgage-backed securities at market value	 	  $	2,141	  	 	$	9,517	  	 	$	25	  	 	$	6	  	 	$	12	  	 	$	11,701  	  	
	 	 	 	 	
U.S. Corporate and Asset-backed Fixed Income Portfolios

Market Value at December 31, 2015	  	S&P Credit Rating	 	
 	  	Investment Grade	 	
	  	 	 	 	
 	  	        AAA        	 	  	        AA        	 	  	        A        	 	  	        BBB        	 	  	        Total        	 	
	  	 	 	 	
Asset-backed	  	  $	620	  	  	$	34	  	  	$	-	  	  	$	3	  	  	$	657  	  	
Banks	  	 	-	  	  	 	17	  	  	 	1,148	  	  	 	1,184	  	  	 	2,349  	  	
Basic Materials	  	 	-	  	  	 	3	  	  	 	89	  	  	 	220	  	  	 	312  	  	
Communications	  	 	-	  	  	 	58	  	  	 	212	  	  	 	930	  	  	 	1,200  	  	
Consumer, Cyclical	  	 	-	  	  	 	102	  	  	 	362	  	  	 	515	  	  	 	979  	  	
Consumer, Non-Cyclical	  	 	52	  	  	 	504	  	  	 	1,154	  	  	 	737	  	  	 	2,447  	  	
Diversified Financial Services	  	 	29	  	  	 	26	  	  	 	310	  	  	 	165	  	  	 	530  	  	
Energy	  	 	25	  	  	 	31	  	  	 	146	  	  	 	619	  	  	 	821  	  	
Industrial	  	 	-	  	  	 	324	  	  	 	402	  	  	 	366	  	  	 	1,092  	  	
Utilities	  	 	1	  	  	 	8	  	  	 	614	  	  	 	382	  	  	 	1,005  	  	
All Others	  	 	78	  	  	 	214	  	  	 	519	  	  	 	529	  	  	 	1,340  	  	
	  	 	 	 	
Total	  	  $	805	  	  	$	1,321	  	  	$	4,956	  	  	$	5,650	  	  	$	12,732  	  	

																	
Market Value at December 31, 2015	  	S&P Credit Rating	 	
 	  	Below Investment Grade	 	
	  	 	 	 	
 	  	        BB        	 	  	        B        	 	  	        CCC        	 	  	        Total        	 	
	  	 	 	 	
Asset-backed	  	  $	4	  	  	$	-	  	  	$	5	  	  	$	9  	  	
Banks	  	 	3	  	  	 	4	  	  	 	-	  	  	 	7  	  	
Basic Materials	  	 	97	  	  	 	93	  	  	 	3	  	  	 	193  	  	
Communications	  	 	588	  	  	 	456	  	  	 	10	  	  	 	1,054  	  	
Consumer, Cyclical	  	 	504	  	  	 	418	  	  	 	34	  	  	 	956  	  	
Consumer, Non-Cyclical	  	 	477	  	  	 	687	  	  	 	19	  	  	 	1,183  	  	
Diversified Financial Services	  	 	147	  	  	 	30	  	  	 	3	  	  	 	180  	  	
Energy	  	 	253	  	  	 	105	  	  	 	18	  	  	 	376  	  	
Industrial	  	 	284	  	  	 	284	  	  	 	10	  	  	 	578  	  	
Utilities	  	 	166	  	  	 	64	  	  	 	-	  	  	 	230  	  	
All Others	  	 	233	  	  	 	242	  	  	 	12	  	  	 	487  	  	
	  	 	 	 	
Total	  	  $	2,756	  	  	$	2,383	  	  	$	114	  	  	$	5,253  	  	

			
Investments 2	 	Page 15	

Chubb Limited
Investment Portfolio - 3
(in millions of U.S. dollars)
(Unaudited)
Non-U.S. Fixed Income Portfolio
December 31, 2015

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

United Kingdom	  	   $	959	  	  	$	-	  	  	$	-	  	  	$	-	  	  	$	-	  	  	$	959 	  	
Republic of Korea	  	 	-	  	  	 	900	  	  	 	-	  	  	 	-	  	  	 	-	  	  	 	900 	  	
Federative Republic of Brazil	  	 	-	  	  	 	-	  	  	 	-	  	  	 	528	  	  	 	40	  	  	 	568 	  	
United Mexican States	  	 	-	  	  	 	-	  	  	 	382	  	  	 	116	  	  	 	-	  	  	 	498 	  	
Canada	  	 	396	  	  	 	-	  	  	 	-	  	  	 	-	  	  	 	-	  	  	 	396 	  	
Kingdom of Thailand	  	 	-	  	  	 	-	  	  	 	375	  	  	 	-	  	  	 	-	  	  	 	375 	  	
Province of Ontario	  	 	-	  	  	 	-	  	  	 	300	  	  	 	-	  	  	 	-	  	  	 	300 	  	
Province of Quebec	  	 	-	  	  	 	-	  	  	 	210	  	  	 	-	  	  	 	-	  	  	 	210 	  	
Japan	  	 	-	  	  	 	-	  	  	 	192	  	  	 	-	  	  	 	-	  	  	 	192 	  	
Socialist Republic of Vietnam	  	 	-	  	  	 	-	  	  	 	-	  	  	 	-	  	  	 	168	  	  	 	168 	  	
Other Non-U.S. Government Securities	  	 	665	  	  	 	809	  	  	 	246	  	  	 	358	  	  	 	313	  	  	 	2,391 	  	
	  	 	 	 	
Total	  	   $	2,020	  	  	$	            1,709	  	  	$	1,705	  	  	$	1,002	  	  	$	521	  	  	$	6,957 	  	

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

United Kingdom	  	   $	109	  	  	$	39	  	  	$	541	  	  	$	565	  	  	$	188	  	  	$	1,442 	  	
Canada	  	 	53	  	  	 	132	  	  	 	188	  	  	 	267	  	  	 	143	  	  	 	783 	  	
United States (1)	  	 	1	  	  	 	93	  	  	 	112	  	  	 	179	  	  	 	183	  	  	 	568 	  	
France	  	 	33	  	  	 	61	  	  	 	222	  	  	 	168	  	  	 	23	  	  	 	507 	  	
Netherlands	  	 	80	  	  	 	69	  	  	 	157	  	  	 	141	  	  	 	52	  	  	 	499 	  	
Australia	  	 	64	  	  	 	74	  	  	 	240	  	  	 	86	  	  	 	19	  	  	 	483 	  	
Germany	  	 	74	  	  	 	17	  	  	 	95	  	  	 	142	  	  	 	19	  	  	 	347 	  	
Switzerland	  	 	37	  	  	 	16	  	  	 	91	  	  	 	70	  	  	 	34	  	  	 	248 	  	
China	  	 	-	  	  	 	126	  	  	 	71	  	  	 	29	  	  	 	5	  	  	 	231 	  	
Hong Kong	  	 	9	  	  	 	5	  	  	 	136	  	  	 	11	  	  	 	3	  	  	 	164 	  	
Other Non-U.S. Corporate Securities	  	 	190	  	  	 	297	  	  	 	564	  	  	 	535	  	  	 	415	  	  	 	2,001 	  	
	  	 	 	 	
Total	  	   $	            650	  	  	$	929	  	  	$	            2,417	  	  	$	            2,193	  	  	$	            1,084	  	  	$	            7,273 	  	
	  	 	 	 	
(1) Countries represent the ultimate parent company’s country of risk. Non-U.S. corporate securities could be issued by foreign subsidiaries of U.S. corporations.

Investments 3            	 	Page 16	

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

 	 	December 31, 2015	 	            	 	    Market Value  	 	 	  Rating  	
	 	 	 		 	 	 	
1 	 	JP Morgan Chase & Co	 		 	 	 $                  441	  	 	A-	
2 	 	General Electric Co	 		 	 	392	  	 	AA+	
3 	 	Goldman Sachs Group Inc	 		 	 	318	  	 	BBB+	
4 	 	AT&T INC	 		 	 	269	  	 	BBB+	
5 	 	Wells Fargo & Co	 		 	 	257	  	 	A	
6 	 	Bank of America Corp	 		 	 	237	  	 	BBB+	
7 	 	Verizon Communications Inc	 		 	 	232	  	 	BBB+	
8 	 	Morgan Stanley	 		 	 	216	  	 	BBB+	
9 	 	Citigroup Inc	 		 	 	200	  	 	BBB+	
10 	 	Ford Motor Co	 		 	 	197	  	 	BBB-	

Investments 4	 	Page 17	

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

 	 	Three months ended December 31, 2015	 	 	Year ended December 31, 2015	 	
 	 	  Net Realized  
  Gains  
  (Losses)  (1)   	 	 	Net Unrealized
Gains
(Losses)	 	 	    Net        
    Impact        	 	 	    Net Realized  
    Gains  
    (Losses)  (1)   	 	 	Net Unrealized
Gains
(Losses)	 	 	    Net        
    Impact        	 	
	 	 	 	 	 	 	 	 	
Fixed maturities	 	  $	(130	) 	 	$	(446	) 	 	$	(576) 	  	 	  $	(180	) 	 	$	(1,076	) 	 	$	(1,256) 	  	
Fixed income derivatives	 	 	26	  	 	 	-	  	 	 	26  	  	 	 	32	  	 	 	-	  	 	 	32  	  	
Public equity	 	 	(3	) 	 	 	23	  	 	 	20  	  	 	 	29	  	 	 	(17	) 	 	 	12  	  	
Private equity	 	 	(12	) 	 	 	(27	) 	 	 	(39) 	  	 	 	37	  	 	 	(46	) 	 	 	(9) 	  	
	 	 	 	 	 	 	 	 	
Total investment portfolio (2)	 	 	(119	) 	 	 	(450	) 	 	 	(569) 	  	 	 	(82	) 	 	 	(1,139	) 	 	 	(1,221) 	  	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (3)	 	 	55	  	 	 	-	  	 	 	55  	  	 	 	(213	) 	 	 	-	  	 	 	(213) 	  	
Foreign exchange (4)	 	 	(7	) 	 	 	(98	) 	 	 	(105) 	  	 	 	(80	) 	 	 	(958	) 	 	 	(1,038) 	  	
Partially-owned entities (5)	 	 	(3	) 	 	 	-	  	 	 	(3) 	  	 	 	42	  	 	 	10	  	 	 	52  	  	
Other	 	 	-	  	 	 	4	  	 	 	4  	  	 	 	(11	) 	 	 	15	  	 	 	4  	  	
	 	 	 	 	 	 	 	 	
Net (losses) before tax	 	 	(74	) 	 	 	(544	) 	 	 	(618) 	  	 	 	(344	) 	 	 	(2,072	) 	 	 	(2,416) 	  	
Income tax (benefit)	 	 	(12	) 	 	 	(1	) 	 	 	(13) 	  	 	 	(10	) 	 	 	(146	) 	 	 	(156) 	  	
	 	 	 	 	 	 	 	 	
Net (losses)	 	  $	(62	) 	 	$	(543	) 	 	$	(605) 	  	 	  $	(334	) 	 	$	(1,926	) 	 	$	(2,260) 	  	
	 	 	 	 	 	 	 	 	
(1) Other-than-temporary impairments for the quarter includes $57 million for fixed maturities, $3 million for public equity and $1 million for private equity. Year to date other-than-temporary impairments includes $103 million for fixed maturities, $7 million for public equities and $2 million for private equity.
(2) Total after-tax net realized losses on the investment portfolio were $109 million and $85 million for the quarter and year to date, respectively. Total after-tax net unrealized losses on the investment portfolio were $411 million and $977 million for the quarter and year to date, respectively.
(3) The quarter and year to date include $79 million and $10 million, respectively, of losses on applicable hedges. These losses are both pre-tax and after-tax.
(4) Unrealized foreign exchange loss, after-tax, for the quarter and year to date were $133 million and $958 million, respectively.
(5) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee's shares. The net income or loss is included in other income (expense).

 	 	Three months ended December 31, 2014	 	 	Year ended December 31, 2014	 	
 	 	  Net Realized  
  Gains  
  (Losses)  (6)   	 	 	Net Unrealized
Gains
(Losses)	 	 	    Net        
    Impact        	 	 	    Net Realized  
    Gains  
    (Losses)  (6)   	 	 	Net Unrealized
Gains
(Losses)	 	 	    Net        
    Impact        	 	
	 	 	 	 	 	 	 	 	
Fixed maturities	 	  $	(26	) 	 	$	94	  	 	$	68  	  	 	  $	23	  	 	$	732	  	 	$	755  	  	
Fixed income derivatives	 	 	(54	) 	 	 	-	  	 	 	(54) 	  	 	 	(107	) 	 	 	-	  	 	 	(107) 	  	
Public equity	 	 	13	  	 	 	7	  	 	 	20  	  	 	 	(47	) 	 	 	77	  	 	 	30  	  	
Private equity	 	 	44	  	 	 	(1	) 	 	 	43  	  	 	 	187	  	 	 	42	  	 	 	229  	  	
	 	 	 	 	 	 	 	 	
Total investment portfolio	 	 	(23	) 	 	 	100	  	 	 	77  	  	 	 	56	  	 	 	851	  	 	 	907  	  	
Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (7)	 	 	(153	) 	 	 	-	  	 	 	(153) 	  	 	 	(385	) 	 	 	-	  	 	 	(385) 	  	
Foreign exchange (8)	 	 	2	  	 	 	(501	) 	 	 	(499) 	  	 	 	(40	) 	 	 	(632	) 	 	 	(672) 	  	
Partially-owned entities (9)	 	 	5	  	 	 	-	  	 	 	5  	  	 	 	1	  	 	 	(7	) 	 	 	(6) 	  	
Other	 	 	8	  	 	 	8	  	 	 	16  	  	 	 	1	  	 	 	2	  	 	 	3  	  	
	 	 	 	 	 	 	 	 	
Net gains (losses) before tax	 	 	(161	) 	 	 	(393	) 	 	 	(554) 	  	 	 	(367	) 	 	 	214	  	 	 	(153) 	  	
Income tax expense (benefit)	 	 	111	  	 	 	24	  	 	 	135  	  	 	 	100	  	 	 	175	  	 	 	275  	  	
	 	 	 	 	 	 	 	 	
Net gains (losses)	 	  $	(272	) 	 	$	(417	) 	 	$	(689) 	  	 	  $	(467	) 	 	$	39	  	 	$	(428) 	  	
	 	 	 	 	 	 	 	 	
(6) Other-than-temporary impairments for the quarter includes $40 million for fixed maturities and $1 million for public equities. Year to date other-than-temporary impairments includes $57 million for fixed maturities, $3 million for private equity, and $8 million for public equity.
(7) The quarter and year to date include $62 million and $168 million, respectively, of losses on applicable hedges.
(8) Unrealized foreign exchange loss, after-tax, for the quarter and year to date were $520 million and $644 million, respectively.
(9) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee's shares. The net income or loss is included in other income (expense).

Net Gains (Losses)	 	Page 18	

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

 	 	    December 31    
2015	 	 	    September 30    
2015	 	 	      June 30      
2015	 	 	      March 31      
2015	 	 	    December 31    
2014	 	 	    December 31    
2013	 	
Financial Debt:	 				 				 				 				 				 				
Total short-term debt  (1)	 	  $	-      	  	 	  $	700  	  	 	  $	700  	  	 	  $	1,150  	  	 	  $	1,150  	  	 	  $	500  	  	
Total long-term debt  (2)	 	 	9,447  	  	 	 	4,157  	  	 	 	4,157  	  	 	 	  4,157  	  	 	 	3,357  	  	 	 	3,807  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total financial debt	 	  $	9,447  	  	 	  $	4,857  	  	 	  $	4,857  	  	 	  $	5,307  	  	 	  $	4,507  	  	 	  $	4,307  	  	
							
Hybrid debt	 				 				 				 				 				 				
Total trust preferred securities	 	 	309  	  	 	 	309  	  	 	 	309  	  	 	 	309  	  	 	 	309  	  	 	 	309  	  	

Total debt	 	  $	9,756  	  	 	  $	5,166  	  	 	  $	5,166  	  	 	  $	5,616  	  	 	  $	4,816  	  	 	  $	4,616  	  	

Chubb Capitalization:	 				 				 				 				 				 				
Shareholders' equity	 	  $	29,135  	  	 	  $	29,127  	  	 	  $	29,555  	  	 	  $	29,702  	  	 	  $	29,587  	  	 	  $	28,825  	  	
Hybrid debt	 	 	309  	  	 	 	309  	  	 	 	309  	  	 	 	309  	  	 	 	309  	  	 	 	309  	  	
Financial debt	 	 	9,447  	  	 	 	4,857  	  	 	 	4,857  	  	 	 	5,307  	  	 	 	4,507  	  	 	 	4,307  	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total capitalization	 	  $	38,891  	  	 	  $	34,293  	  	 	  $	34,721  	  	 	  $	35,318  	  	 	  $	34,403  	  	 	  $	33,441  	  	

Leverage ratios (based on total capital) (3)	 				 				 				 				 				 				
Hybrid debt	 	 	0.8% 	  	 	 	0.9% 	  	 	 	0.9% 	  	 	 	0.9% 	  	 	 	0.9% 	  	 	 	0.9% 	  	
Financial debt (4)	 	 	24.3% 	  	 	 	14.2% 	  	 	 	14.0% 	  	 	 	15.0% 	  	 	 	13.1% 	  	 	 	12.9% 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total hybrid & financial debt	 	 	25.1% 	  	 	 	15.1% 	  	 	 	14.9% 	  	 	 	15.9% 	  	 	 	14.0% 	  	 	 	13.8% 	  	
Note:  As of December 31, 2015, there was $0.8 billion usage of credit facilities on a total commitment of $1.5 billion.
(1) In May 2015, $450 million of 5.6 percent senior notes matured and were fully paid. In November 2015, $700 million of 2.6 percent senior notes matured and were fully paid.
(2) In November 2015, $5.3 billion of senior notes were issued in connection with our acquisition of The Chubb Corporation.
(3) Repurchase agreements are excluded from our leverage ratios effective Q4 2015. Repurchase agreements are excluded by many rating agencies from debt to capital leverage ratios because repayment is not dependent on other resources.
(4) Excluding the $5.3 billion pre-acquisition debt, the financial debt ratio is 12.4%

Debt and Capital	 	Page 19	

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 December 31
 	 	  	Year ended December 31
 	 	
 	  	2015	 	  	2014	 	  	2015	 	  	2014	 	
	  	 	 	 	  	 	 	 	
Numerator
 	  				  				  				  				
Operating income to common shares	  	 $	780  	  	  	 $	827  	  	  	 $	3,210  	  	  	 $	3,320  	  	
Chubb integration and related expenses, net of tax	  	 	(35) 	  	  	 	-      	  	  	 	(42) 	  	  	 	-      	  	
Adjusted net realized gains (losses), net of tax	  	 	(62) 	  	  	 	(272) 	  	  	 	(334) 	  	  	 	(467) 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
   Net income	  	 $	683  	  	  	 $	555  	  	  	 $	2,834  	  	  	 $	2,853  	  	

Rollforward of Common Shares Outstanding
 	  				  				  				  				
Shares - beginning of period	  	 	324,062,368  	  	  	 	332,111,557  	  	  	 	328,659,686  	  	  	 	339,793,935  	  	
Repurchase of shares	  	 	-      	  	  	 	(3,839,174) 	  	  	 	(6,677,663) 	  	  	 	(13,982,358) 	  	
Shares issued, excluding option exercises	  	 	84,600  	  	  	 	66,123  	  	  	 	1,123,838  	  	  	 	1,336,161  	  	
Issued for option exercises	  	 	416,473  	  	  	 	321,180  	  	  	 	1,457,580  	  	  	 	1,511,948  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Shares - end of period	  	 	324,563,441  	  	  	 	328,659,686  	  	  	 	324,563,441  	  	  	 	328,659,686  	  	

Denominator
 	  				  				  				  				
Weighted average shares outstanding	  	 	324,578,610  	  	  	 	331,124,128  	  	  	 	325,589,361  	  	  	 	335,609,899  	  	
Effect of other dilutive securities	  	 	3,227,644  	  	  	 	3,464,261  	  	  	 	3,246,017  	  	  	 	3,376,388  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
    Adj. wtd. avg. shares outstanding and assumed conversions	  	 	          327,806,254  	  	  	 	          334,588,389  	  	  	 	          328,835,378  	  	  	 	          338,986,287  	  	

Basic earnings per share
 	  				  				  				  				
Operating income	  	 $	2.40  	  	  	 $	2.50  	  	  	 $	9.86  	  	  	 $	9.89  	  	
Chubb integration and related expenses, net of tax	  	 	(0.11) 	  	  	 	-      	  	  	 	(0.13) 	  	  	 	-      	  	
Adjusted net realized gains (losses), net of tax	  	 	(0.19) 	  	  	 	(0.82) 	  	  	 	(1.02) 	  	  	 	(1.39) 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
   Net income	  	 $	2.10  	  	  	 $	1.68  	  	  	 $	8.71  	  	  	 $	8.50  	  	

Diluted earnings per share
 	  				  				  				  				
Operating income	  	 $	2.38  	  	  	 $	2.47  	  	  	 $	9.76  	  	  	 $	9.79  	  	
Chubb integration and related expenses, net of tax	  	 	(0.11) 	  	  	 	-      	  	  	 	(0.13) 	  	  	 	-      	  	
Adjusted net realized gains (losses), net of tax	  	 	(0.19) 	  	  	 	(0.81) 	  	  	 	(1.01) 	  	  	 	(1.37) 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
   Net income	  	 $	2.08  	  	  	 $	1.66  	  	  	 $	8.62  	  	  	 $	8.42  	  	

			
Earnings per share	 	Page 20	

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

 	  	December 31
 	 	  	September 30
 	 	  	June 30
 	 	  	March 31
 	 	  	December 31
 	 	
 	  	2015	 	  	2015	 	  	2015	 	  	2015	 	  	2014	 	
Shareholders’ equity	  	 $	29,135  	  	  	 $	29,127  	  	  	 $	29,555  	  	  	 $	29,702  	  	  	 $	29,587  	  	
   Less: goodwill and other intangible assets	  	 	5,683  	  	  	 	5,713  	  	  	 	5,969  	  	  	 	5,516  	  	  	 	5,724  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Numerator for tangible book value per share	  	 $	23,452  	  	  	 $	23,414  	  	  	 $	23,586  	  	  	 $	24,186  	  	  	 $	23,863  	  	

Book value - % change over prior quarter	  	 	0.0% 	  	  	 	-1.4% 	  	  	 	-0.5% 	  	  	 	0.4% 	  	  	 	-1.4% 	  	
Tangible book value - % change over prior quarter	  	 	0.2% 	  	  	 	-0.7% 	  	  	 	-2.5% 	  	  	 	1.4% 	  	  	 	-3.0% 	  	
						
Denominator	  	 	        324,563,441  	  	  	 	        324,062,368  	  	  	 	        323,814,281  	  	  	 	        327,084,762  	  	  	 	        328,659,686  	  	

Book value per common share	  	 $	89.77  	  	  	 $	89.88  	  	  	 $	91.27  	  	  	 $	90.81  	  	  	 $	90.02  	  	
Tangible book value per common share	  	 $	72.25  	  	  	 $	72.25  	  	  	 $	72.84  	  	  	 $	73.94  	  	  	 $	72.61  	  	
						
Reconciliation of Book Value	  				  				  				  				  				
						
Shareholders’ equity, beginning of quarter	  	 $	29,127  	  	  	 $	29,555  	  	  	 $	29,702  	  	  	 $	29,587  	  	  	 $	30,017  	  	
Operating income	  	 	780  	  	  	 	897  	  	  	 	788  	  	  	 	745  	  	  	 	827  	  	
Chubb integration and related expenses, net of tax	  	 	(35) 	  	  	 	(7) 	  	  	 	-      	  	  	 	-      	  	  	 	-      	  	
Adjusted net realized gains (losses), net of tax	  	 	(62) 	  	  	 	(362) 	  	  	 	154  	  	  	 	(64) 	  	  	 	(272) 	  	
Net unrealized gains (losses), net of tax	  	 	(411) 	  	  	 	(255) 	  	  	 	(672) 	  	  	 	361  	  	  	 	94  	  	
Repurchase of shares	  	 	-  	  	  	 	-      	  	  	 	(394) 	  	  	 	(340) 	  	  	 	(430) 	  	
Dividend declared on common shares	  	 	(218) 	  	  	 	(218) 	  	  	 	(217) 	  	  	 	(222) 	  	  	 	(223) 	  	
Cumulative translation, net of tax	  	 	(133) 	  	  	 	(547) 	  	  	 	132  	  	  	 	(410) 	  	  	 	(520) 	  	
Pension liability	  	 	1  	  	  	 	3  	  	  	 	(5) 	  	  	 	10  	  	  	 	9  	  	
Other (1)	  	 	86  	  	  	 	61  	  	  	 	67  	  	  	 	35  	  	  	 	85  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	 $	29,135  	  	  	 $	29,127  	  	  	 $	29,555  	  	  	 $	29,702  	  	  	 $	29,587  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
(1) Other primarily includes proceeds from exercise of stock options and stock compensation.

Reconciliation Book Value	 	Page 21	

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 25.
In presenting our segment operating results, we have shown our performance with reference to underwriting results. Underwriting results are calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs, and administrative expenses from net premiums earned. We use underwriting results and operating ratios to monitor the results of our operations without the impact of certain factors, including investment income, other income and expenses, interest and income tax expense, and net realized gains (losses). P&C underwriting income is a non-GAAP financial measure which includes Adjusted losses and loss expenses. Insurance – North American Agriculture underwriting income includes gains (losses) on crop derivatives. Life underwriting income includes net investment income and gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.
Operating income or income excluding adjusted net realized gains (losses), net of tax, is a common performance measurement for insurance companies and a non-GAAP financial measure. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) and net realized gains (losses) included in other income (expense) related to partially owned entities because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. We also exclude Chubb integration and related expenses related to the acquisition due to the size and complexity of this acquisition. 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 facilitates the comparison of our financial results to our historical operating results. These expenses include legal and professional fees and all costs directly related to the integration activities of the Chubb acquisition. In addition, we exclude 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 are 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 will be considered a cost of our operations and will then be included within operating income. Operating income or income excluding adjusted net realized gains (losses) should not be viewed as a substitute for net income determined in accordance with GAAP.
Other income (expense) – operating is a non-GAAP financial measure and excludes the portion of net realized gains and losses related to unconsolidated entities from other income (expense). These gains and losses are reported as Net realized gains (losses) and represent the non-operating activities of entities where we hold more than an insignificant percentage of the investee’s shares. We exclude these gains and losses from other income (expense) to enhance the understanding of our core results of operations as they are heavily influenced by, and fluctuate in part according to market conditions. A reconciliation of Consolidated Other income (expense) on a GAAP basis to Consolidated Other income (expense) - operating is provided on page 24.
P&C combined ratio excluding catastrophe losses and prior period development (PPD) is a non-GAAP financial measure. The ratio numerator includes adjusted losses and loss expenses, policy acquisition costs, and administrative expenses adjusted to exclude catastrophe losses and PPD. The ratio denominator includes net premiums earned adjusted to exclude the amount of reinstatement premiums (expensed) collected and net earned premium adjustments on loss sensitive policies. We believe that excluding the impact of catastrophe losses and PPD provides a better evaluation of our core underwriting performance and enhances the understanding of the trends in our property & casualty business that may be obscured by these items.
P&C loss and loss expense ratio excluding the impact of catastrophe losses and PPD is a non-GAAP financial measure. The loss ratio numerator includes adjusted losses and loss expenses adjusted to exclude catastrophe losses and PPD. The loss ratio denominator includes Net premiums earned adjusted to exclude the amount of reinstatement premiums (expensed) collected. In periods where there are adjustments on loss sensitive policies, these adjustments are excluded from PPD and net earned premiums when calculating this ratio. We believe that excluding the impact of catastrophe losses and PPD provides a better evaluation of our core underwriting performance and enhances the understanding of the trends in our property & casualty business that may be obscured by these items.
P&C expense ratio excluding accident and health (A&H) is a non-GAAP financial measure and excludes the impact of our A&H business from our consolidated expense ratio. The expense ratio for the A&H business is typically higher than our traditional P&C business, and we believe that this measure provides better comparison to our peer companies that may not have a significant A&H block of business.
Global P&C performance metrics are non-GAAP financial measures and comprise consolidated operating results (including corporate) and exclude the operating results of the company’s Life and Insurance – North American Agriculture segments. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s global P&C operations which are the most economically similar. We exclude the Insurance – North American Agriculture and Life segments because the results of these businesses do not always correlate with the results of our global P&C operations.
International life insurance net premiums written and deposits collected, is a non-GAAP financial measure. Deposits collected on universal life and investment contracts (life deposits) are not reflected as revenues in our consolidated statements of operations in accordance with GAAP. However, we include life deposits in presenting growth in our life insurance business because new life deposits are an important component of production and key to our efforts to grow our business.
Operating return on equity (ROE) or ROE calculated using operating income is an annualized non-GAAP financial measure and is calculated as operating income divided by average shareholders' equity, as adjusted, for the period. To annualize a quarterly rate, multiply by four. Operating ROE is a useful measure as it enhances the understanding of the return on shareholders' equity by highlighting the underlying profitability relative to shareholders' equity excluding the effect of unrealized gains and losses on our investments.
Operating effective tax rate is a non-GAAP financial measure. The numerator excludes tax on adjusted net realized gains (losses). The denominator excludes adjusted net realized gains (losses), before tax. We exclude adjusted net realized gains (losses) and the related tax impact because these amounts are heavily influenced by, and fluctuate in part according to, the availability of market opportunities. Operating effective tax rate should not be viewed as a substitute for effective tax rate determined in accordance with GAAP.
Tangible book value per common share is a non-GAAP financial measure and is shareholders' equity less goodwill and other intangible assets divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful. A reconciliation of tangible book value per share is provided on page 21. Tangible book value per common share excluding 2014 acquisitions is shareholders' equity less goodwill and other intangible assets divided by the shares outstanding. The numerator adds back the goodwill and other intangible assets related to the acquisition of the Fireman's Fund high net worth personal lines insurance business in the United States in order to adjust for the distortive effect of acquisitions. In addition, we disclose per share measures that exclude the impact of foreign currency fluctuations during 2015 in order to adjust for the distortive effects of fluctuations in exchange rates.

Reconciliation Non-GAAP	 	Page 22	

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:

 	 	    4Q-15    	 	 	    3Q-15    	 	 	    2Q-15    	 	 	    1Q-15    	 	 	    4Q-14    	 	  	  Full Year  
2015	 	 	  Full Year  
2014	 	

Net income, as reported	 	  $	683 	  	 	$	528 	  	 	$	942 	  	 	$	681 	  	 	$	555 	  	  	$	2,834 	  	 	$	2,853 	  	
Chubb integration and related expenses, net of tax	 	 	(35)	  	 	 	(7)	  	 	 	-      	  	 	 	-      	  	 	 	-      	  	  	 	(42)	  	 	 	-      	  	
Adjusted net realized gains (losses)	 	 	(57)	  	 	 	(393)	  	 	 	128 	  	 	 	(89)	  	 	 	(210)	  	  	 	(411)	  	 	 	(558)	  	
Net realized gains (losses) related to unconsolidated entities (1)	 	 	(17)	  	 	 	25 	  	 	 	33 	  	 	 	26 	  	 	 	49 	  	  	 	67 	  	 	 	191 	  	
Income tax expense (benefit) on adjusted net realized gains (losses)	 	 	(12)	  	 	 	(6)	  	 	 	7 	  	 	 	1 	  	 	 	111 	  	  	 	(10)	  	 	 	100 	  	
	 	 	 	 	  	 	 	 	 	 	 	 	
Operating income	 	  $	780 	  	 	$	897 	  	 	$	788 	  	 	$	745	  	 	$	827 	  	  	$	3,210 	  	 	$	3,320 	  	
	 	 	 	 	  	 	 	 	 	 	 	 	
(1) Realized gains (losses) on partially-owned entities, which are investments where we hold more than an insignificant percentage of the investee's shares. The net income or loss is included in other income (expense).
The following table presents the Operating income (loss) of each segment and Corporate:

 	 	    4Q-15    	 	 	    3Q-15    	 	 	    2Q-15    	 	 	1Q-15    	 	 	    4Q-14    	 	  	  Full Year  
2015	 	 	  Full Year  
2014	 	

Insurance – North American P&C	 	  $	389 	  	 	$	326 	  	 	$	395 	  	 	$	345 	  	 	$	372 	  	  	$	1,455 	  	 	$	1,498 	  	
Insurance – Overseas General	 	 	261 	  	 	 	330 	  	 	 	240 	  	 	 	241 	  	 	 	294 	  	  	 	1,072 	  	 	 	1,163 	  	
Global Reinsurance	 	 	109 	  	 	 	190 	  	 	 	145 	  	 	 	128 	  	 	 	127 	  	  	 	572 	  	 	 	562 	  	
Corporate	 	 	(76)	  	 	 	(62)	  	 	 	(74)	  	 	 	(70)	  	 	 	(87)	  	  	 	(282)	  	 	 	(296)	  	
	 	 	 	 	  	 	 	 	 	 	 	 	
Global P&C (including Corporate)	 	 	683 	  	 	 	784 	  	 	 	706 	  	 	 	644 	  	 	 	706 	  	  	 	2,817 	  	 	 	2,927 	  	
								
Insurance – North American Agriculture	 	 	43 	  	 	 	56 	  	 	 	15 	  	 	 	35 	  	 	 	45 	  	  	 	149 	  	 	 	96 	  	
	 	 	 	 	  	 	 	 	 	 	 	 	
Consolidated Results (including Corporate) Excluding Life Segment	 	 	726 	  	 	 	840 	  	 	 	721 	  	 	 	679 	  	 	 	751 	  	  	 	2,966 	  	 	 	3,023 	  	
								
Life	 	 	54 	  	 	 	57 	  	 	 	67 	  	 	 	66 	  	 	 	76 	  	  	 	244 	  	 	 	297 	  	
	 	 	 	 	  	 	 	 	 	 	 	 	
Consolidated operating income	 	  $	780 	  	 	$	897 	  	 	$	788 	  	 	$	745 	  	 	$	827 	  	  	$	3,210 	  	 	$	3,320 	  	
	 	 	 	 	  	 	 	 	 	 	 	 	
Operating ROE
The following table presents the reconciliation of ROE to Operating ROE:

 	 	    4Q-15    	 	 	 	 	 	 	 	 	    4Q-14    	 	  	  Full Year  
2015	 	 	  Full Year  
2014	 	
Net income	 	  $	683 	  	 		 		 		 	  $	555 	  	  	  $	2,834 	  	 	  $	2,853 	  	
Operating income	 	  $	780 	  	 		 		 		 	  $	827 	  	  	  $	3,210 	  	 	  $	3,320 	  	
								
Equity - beginning of period, as reported	 	  $	29,127 	  	 		 		 		 	  $	30,017 	  	  	  $	29,587 	  	 	  $	28,825 	  	
Less: unrealized gains (losses) on investments, net of deferred tax	 	 	1,285 	  	 		 		 		 	 	1,757 	  	  	 	1,851 	  	 	 	1,174 	  	
	 	 	 	 	 		 		 		 	 	 	 	  	 	 	 	 	 	 	 	
Equity - beginning of period, as adjusted	 	  $	27,842 	  	 		 		 		 	  $	28,260 	  	  	  $	27,736 	  	 	  $	27,651 	  	
	 	 	 	 	 		 		 		 	 	 	 	  	 	 	 	 	 	 	 	
Equity - end of period, as reported	 	  $	29,135 	  	 		 		 		 	  $	29,587 	  	  	  $	29,135 	  	 	  $	29,587 	  	
Less: unrealized gains (losses) on investments, net of deferred tax	 	 	874 	  	 		 		 		 	 	1,851 	  	  	 	874 	  	 	 	1,851 	  	
	 	 	 	 	 		 		 		 	 	 	 	  	 	 	 	 	 	 	 	
Equity - end of period, as adjusted	 	  $	28,261 	  	 		 		 		 	  $	27,736 	  	  	  $	28,261 	  	 	  $	27,736 	  	

Average equity, as reported	 	  $	29,131 	  	 		 		 		 	  $	29,802 	  	  	  $	29,361 	  	 	  $	29,206 	  	
Average equity, as adjusted	 	  $	28,052 	  	 		 		 		 	  $	27,998 	  	  	  $	27,999 	  	 	  $	27,694 	  	
Operating ROE	 	 	11.1%	  	 		 		 		 	 	11.8%	  	  	 	11.5%	  	 	 	12.0%	  	
ROE	 	 	9.4%	  	 		 		 		 	 	7.5%	  	  	 	9.7%	  	 	 	9.8%	  	

Reconciliation Non-GAAP 2	 	Page 23	

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:

 	  	 	 	 	 	 	 	 	 	  	 	 	 	 	 	  	Full Year
 	 	  	Full Year
 	 	
 	  	4Q-15	 	 	3Q-15	 	 	2Q-15	 	  	1Q-15	 	 	4Q-14	 	  	2015	 	  	2014	 	
	  	 	 	 	  	 	 	 	  	 	 	 	
Tax expense, as reported	  	  $	67	  	 	$	132	  	 	$	143	  	  	$	120	  	 	$	232  	  	  	$	462  	  	  	$	634  	  	
Tax expense (benefit) on Chubb integration and related expenses	  	 	(18	) 	 	 	(2	) 	 	 	-     	  	  	 	-     	  	 	 	-     	  	  	 	(20) 	  	  	 	-     	  	
Tax expense (benefit) on adjusted net realized gains (losses)	  	 	(12	) 	 	 	(6	) 	 	 	7	  	  	 	1	  	 	 	111  	  	  	 	(10) 	  	  	 	100  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Tax expense, adjusted	  	  $	97	  	 	$	140	  	 	$	136	  	  	$	119	  	 	$	121  	  	  	$	492  	  	  	$	534  	  	

Income before tax, as reported	  	  $	750	  	 	$	660	  	 	$	1,085	  	  	$	801	  	 	$	787  	  	  	$	3,296  	  	  	$	3,487  	  	
Less: Chubb integration and related expenses	  	 	(53	) 	 	 	(9	) 	 	 	-     	  	  	 	-     	  	 	 	-     	  	  	 	(62) 	  	  	 	-     	  	
Less: adjusted realized gains (losses)	  	 	(57	) 	 	 	(393	) 	 	 	128	  	  	 	(89	) 	 	 	(210) 	  	  	 	(411) 	  	  	 	(558) 	  	
Less: realized gains (losses) related to unconsolidated entities	  	 	(17	) 	 	 	25	  	 	 	33	  	  	 	26	  	 	 	49  	  	  	 	67  	  	  	 	191  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Operating income before tax	  	  $	        877	  	 	$	    1,037	  	 	$	        924	  	  	$	        864	  	 	$	        948  	  	  	$	        3,702  	  	  	$	        3,854  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Effective tax rate	  	 	9.0%	  	 	 	20.0%	  	 	 	13.2%	  	  	 	15.0%	  	 	 	29.5% 	  	  	 	14.0% 	  	  	 	18.2% 	  	
Adjustment for tax impact of Chubb integration and related expenses	  	 	-1.3%	  	 	 	-0.1%	  	 	 	-     	  	  	 	-     	  	 	 	-     	  	  	 	-0.2% 	  	  	 	-     	  	
Adjustment for tax impact of adjusted net realized gains (losses)	  	 	3.4%	  	 	 	-6.4%	  	 	 	1.5%	  	  	 	-1.3%	  	 	 	-16.8% 	  	  	 	-0.5% 	  	  	 	-4.3% 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Operating effective tax rate	  	 	11.1%	  	 	 	13.5%	  	 	 	14.7%	  	  	 	13.7%	  	 	 	12.7% 	  	  	 	13.3% 	  	  	 	13.9% 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Other income (expense) - operating
The following table presents the reconciliation of Consolidated Other income (expense) on a GAAP basis to Consolidated Other income (expense) - operating. Other income (expense) – operating is a non-GAAP financial measure which excludes gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP and the portion of net realized gains and losses related to unconsolidated entities. Gains (losses) from fair value changes in separate account assets are reclassified from Other income (expense) for purposes of presenting Life underwriting income, as the offsetting movement in the separate account liabilities is included in Policy benefits. Net realized gains (losses) related to unconsolidated entities is excluded from operating income in order to enhance the understanding of our core results of operations as they are heavily influenced by, and fluctuate in part according to market conditions.
Note: Effective Q3 2015, amortization of intangible assets (previously reported in Other income (expense) - operating) are now reported separately. Prior year amounts are reclassified to conform to the current year presentation.

 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	Full Year
 	 	  	Full Year
 	 	
 	  	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	4Q-14	 	  	2015	 	  	2014	 	
	  	 	 	 	  	 	 	 	  	 	 	 	
Consolidated GAAP Other income (expense):	  				 				 				 				 				  				  				
Consolidated excluding Life segment	  	  $	(19	) 	 	$	24	  	 	$	        14	  	 	$	        12	  	 	$	        47  	  	  	$	        31  	  	  	$	        187  	  	
Life segment	  	 	9	  	 	 	(36	) 	 	 	24	  	 	 	23	  	 	 	4  	  	  	 	20  	  	  	 	3  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Consolidated	  	 	(10	) 	 	 	(12	) 	 	 	38	  	 	 	35	  	 	 	51  	  	  	 	51  	  	  	 	190  	  	
								
Less: Gains (losses) from fair value changes in separate account assets	  				 				 				 				 				  				  				
Consolidated excluding Life segment	  	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-  	  	  	 	-  	  	  	 	-  	  	
Life segment	  	 	13	  	 	 	(49	) 	 	 	6	  	 	 	11	  	 	 	(3) 	  	  	 	(19) 	  	  	 	2  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Consolidated	  	 	            13	  	 	 	(49	) 	 	 	6	  	 	 	11	  	 	 	(3) 	  	  	 	(19) 	  	  	 	2  	  	
								
Less: Net realized gains (losses) related to unconsolidated entities	  				 				 				 				 				  				  				
Consolidated excluding Life segment	  	 	(17	) 	 	 	13	  	 	 	16	  	 	 	12	  	 	 	43  	  	  	 	24  	  	  	 	185  	  	
Life segment	  	 	-	  	 	 	12	  	 	 	17	  	 	 	14	  	 	 	6  	  	  	 	43  	  	  	 	6  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Consolidated	  	 	(17	) 	 	 	25	  	 	 	33	  	 	 	26	  	 	 	49  	  	  	 	67  	  	  	 	191  	  	
								
Consolidated Other income (expense) - operating:	  				 				 				 				 				  				  				
Consolidated excluding Life segment	  	 	(2	) 	 	 	11	  	 	 	(2	) 	 	 	-	  	 	 	4  	  	  	 	7  	  	  	 	2  	  	
Life segment	  	 	(4	) 	 	 	1	  	 	 	1	  	 	 	(2	) 	 	 	1  	  	  	 	(4) 	  	  	 	(5) 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Consolidated	  	  $	(6	) 	 	$	        12	  	 	$	(1	) 	 	$	(2	) 	 	$	5  	  	  	$	3  	  	  	$	(3) 	  	

			
Reconciliation Non-GAAP 3	 	Page 24	

Chubb Limited
Non-GAAP Financial Measures - 4
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G - Non-GAAP Financial Measures (continued)
 
P&C combined ratio
The 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.

  	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	Full Year
 	 	  	Full Year
 	 	
 	  	    4Q-15    	 	 	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	4Q-14	 	  	2015	 	  	2014	 	
	  	 	 	 	  	 	 	 	  	 	 	 	
GAAP combined ratio	  	 	87.7	% 	 	 	85.8	% 	 	 	87.6	% 	 	 	88.4	% 	 	 	88.5% 	  	  	 	87.3% 	  	  	 	88.1% 	  	
Impact of gains and losses on crop derivatives	  	 	0.0	% 	 	 	0.1	% 	 	 	0.1	% 	 	 	0.0	% 	 	 	0.0% 	  	  	 	0.1% 	  	  	 	-0.4% 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
P&C combined ratio	  	 	87.7	% 	 	 	85.9	% 	 	 	87.7	% 	 	 	88.4	% 	 	 	88.5% 	  	  	 	87.4% 	  	  	 	87.7% 	  	

Adjusted interest expense	  				 				 				 				 				  				  				
 
The following table presents the reconciliation of Consolidated Interest expense on a GAAP basis to Consolidated Adjusted interest expense.	
  	
  	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	Full Year
 	 	  	Full Year
 	 	
 	  	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	4Q-14	 	  	2015	 	  	2014	 	
	  	 	 	 	  	 	 	 	  	 	 	 	
Interest expense (GAAP)	  	  $	93	  	 	$	68	  	 	$	71	  	 	$	68	  	 	$	67  	  	  	  $	300  	  	  	  $	280  	  	
Less: pre-acquisition interest expense related to $5.3 billion senior notes.	  	 	(29	) 	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-  	  	  	 	(29) 	  	  	 	- 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Adjusted interest expense	  	  $	            64	  	 	$	            68	  	 	$	            71	  	 	$	            68	  	 	$	            67  	  	  	  $	        271  	  	  	  $	        280  	  	

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 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), this debt will be considered a cost of our operations and will then be 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 facilitates the comparison of our financial results to our historical operating results. The following table presents the reconciliation of Chubb integration expenses, net of tax on a GAAP basis to Chubb integration and related expenses, net of tax.

	
  	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	Full Year
 	 	  	Full Year
 	 	
 	  	4Q-15	 	 	3Q-15	 	 	2Q-15	 	 	1Q-15	 	 	4Q-14	 	  	2015	 	  	2014	 	
	  	 	 	 	  	 	 	 	  	 	 	 	
Chubb integration expenses, net of tax	  	  $	16	  	 	$	7	  	 	$	-	  	 	$	-	  	 	$	-  	  	  	  $	23  	  	  	  $	-  	  	
Add: pre-acquisition interest expense related to $5.3 billion senior notes, net of tax	  	 	19	  	 	 	-     	  	 	 	-     	  	 	 	-     	  	 	 	-       	  	  	 	19  	  	  	 	-       	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Chubb integration and related expenses, net of tax	  	  $	35	  	 	$	7	  	 	$	-	  	 	$	-	  	 	$	-  	  	  	  $	42  	  	  	  $	-  	  	

			
Reconciliation Non-GAAP 4	 	Page 25	

Chubb Limited
Glossary
 
Chubb Limited Consolidated comprises all segments including Corporate.
Operating return on equity (ROE) or ROE calculated using income excluding Chubb integration expenses, net of tax and adjusted net realized gains (losses), net of tax: Operating income or income excluding Chubb integration expenses and adjusted net realized gains (losses), net of tax, divided by average shareholders' equity for the period excluding unrealized gains (losses) on investments, net of tax. To annualize a quarterly rate multiply by four.
Book value per common share: Shareholders' equity divided by the shares outstanding.
Combined ratio: The sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding life business.
Operating effective tax rate: Income tax expense excluding tax expense (benefit) on adjusted net realized gains (losses) divided by income excluding adjusted net realized gains (losses) before tax.
Life underwriting income: Net premiums earned and net investment income less losses and loss expenses, policy benefits, acquisition costs, and administrative expenses. In addition, Life underwriting income includes gains/losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.
Tangible book value per common share: Shareholders’ equity less goodwill and other intangible assets divided by the shares outstanding.
Average market yield of fixed maturities: Weighted average yield to maturity of our fixed income portfolio based on the market prices of the holdings as of that date.
Average yield on invested assets: Net investment income divided by average cost of fixed maturities and other investments, and average market value of equity securities.
Tangible capital: Total capitalization less goodwill and other intangible assets.
Total capitalization: Short-term debt, long-term debt, trust preferreds, and shareholders’ equity.
NM: Not meaningful.
Chubb integration and related expenses, net of tax: Chubb integration expenses comprise legal and professional fees and all other costs directly related to the integration activities of the Chubb acquisition including the pre-acquisition interest expense on the $5.3 billion senior notes issued in November 2015. The pre-acquisition interest expense will be included in operating income commencing on January 14th, 2016, the date of the acquisition close.

Glossary	 	Page 26	

Exhibit 99.3

 

 
Chubb Limited
Financial Supplement
Legacy Chubb Corporation Financial Results for the
Quarter and Year Ended December 31, 2015
 
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 and Quarterly Reports on Form 10-Q.

THE CHUBB CORPORATION
SUPPLEMENTARY INVESTOR INFORMATION
TABLE OF CONTENTS
DECEMBER 31, 2015

 	  	Page	
The Chubb Corporation:	  		
Consolidated Balance Sheet Highlights	  	1	
Share Repurchase Activity	  	2	
		
Summary of Invested Assets:	  		
Corporate	  	3	
Property and Casualty	  	3	
		
Investment Income After Taxes:	  		
Corporate	  	4	
Property and Casualty	  	4	
		
Property and Casualty Insurance Group:	  		
Statutory Policyholders’ Surplus	  	4	
Change in Net Unpaid Losses	  	5	
Underwriting Results - Quarterly	  	6-10	
Underwriting Results - Year-To-Date	  	11-15	
		
Definitions of Key Terms	  	16-17	

THE CHUBB CORPORATION
CONSOLIDATED BALANCE SHEET HIGHLIGHTS
(in millions, except per share amounts)

 	  	December 31
2015	 	 	December 31
2014	 	
 	  	 	 	 	% of Total 	 	 	 	 	 	% of Total 	 	
Invested Assets (at carrying value) 	  				 				 				 				
Short Term Investments	  	$	4,631	  	 	 	11	% 	 	$	1,318	  	 	 	3	% 	
Fixed Maturities	  				 				 				 				
Tax Exempt	  	 	20,000	  	 	 	46	  	 	 	19,772	  	 	 	45	  	
Taxable	  	 	15,703	  	 	 	37	  	 	 	19,008	  	 	 	44	  	
Equity Securities	  	 	1,279	  	 	 	3	  	 	 	1,964	  	 	 	5	  	
Other Invested Assets	  	 	1,371	  	 	 	3	  	 	 	1,423	  	 	 	3	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Invested Assets	  	$	42,984	  	 	 	100	% 	 	$	43,485	  	 	 	100	% 	

Unrealized Appreciation of Investments	  				 				 				 				
Fixed Maturities	  	$	1,480	  	 				 	$	1,822	  	 				
Equity Securities	  	 	465	  	 				 	 	875	  	 				
	  	 	 	 	 				 	 	 	 	 				
	  	 	1,945	  	 				 	 	2,697	  	 				
Deferred Income Tax Liability	  	 	681	  	 				 	 	944	  	 				
	  	 	 	 	 				 	 	 	 	 				
	  	$	1,264	  	 				 	$	1,753	  	 				

Fixed Maturities - Average Credit Rating	  	 	Aa3 	  	 				 	 	Aa3 	  	 				
Fixed Maturities - Average Duration ( in years ) 	  	 	4.2 	  	 				 	 	4.0 	  	 				
					
Capitalization	  				 				 				 				
Long Term Debt	  	$	3,300	  	 				 	$	3,300	  	 				
Shareholders’ Equity	  	 	16,694	  	 				 	 	16,296	  	 				
	  	 	 	 	 				 	 	 	 	 				
Total Capitalization	  	$	19,994	  	 				 	$	19,596	  	 				

Debt as a Percentage of Total Capitalization	  	 	16.5	% 	 				 	 	16.8	% 	 				
					
Actual Common Shares Outstanding	  	 	227.5	  	 				 	 	232.4	  	 				
					
Book Value Per Common Share	  	$	73.38	  	 				 	$	70.12	  	 				
					
Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost 	  	$	69.15	  	 				 	$	65.03	  	 				
 
Page 1 of 17

THE CHUBB CORPORATION
SHARE REPURCHASE ACTIVITY
(dollars in millions, except per share amounts)

 	  	Periods Ended December 31	 	  	 	 	
				
 	  	Fourth
Quarter
2015	 	  	Twelve
Months
2015	 	  	From
December 2005 to
December 31, 2015	 	
Cost of Shares Repurchased	  	$	—	  	  	$	604	  	  	$	14,072	  	
				
Average Cost Per Share	  	$	—	  	  	$	99.83	  	  	$	59.88	  	
				
Shares Repurchased	  	 	—	  	  	 	6,046,623	  	  	 	235,013,012	  	
During the period from December 2005 through January 2014, the Board of Directors periodically authorized share repurchase programs. Pursuant to these authorizations, approximately 229 million shares of the Corporation’s common stock were repurchased. No shares or funds remain available under these authorizations.
In January 2015, the Board of Directors authorized the repurchase of up to $1.3 billion of the Corporation’s common stock. The Corporation suspended repurchases of its common stock in connection with its agreeing to be acquired by ACE Limited, which was announced on July 1, 2015. As of December 31, 2015, approximately $749 million remained under this authorization.
 
Page 2 of 17

THE CHUBB CORPORATION
SUMMARY OF INVESTED ASSETS
AS OF DECEMBER 31
CORPORATE

 	  	Cost or	 	  	Carrying	 	
 	  	Amortized Cost	 	  	Value (a)	 	
 	  	2015	 	  	2014	 	  	2015	 	  	2014	 	
 	  	(in millions) 
 	 	
Short Term Investments	  	$	2,965	  	  	$	585	  	  	$	2,965	  	  	$	585	  	
					
Taxable Fixed Maturities	  	 	246	  	  	 	1,231	  	  	 	249	  	  	 	1,244	  	

TOTAL	  	$	3,211	  	  	$	1,816	  	  	$	3,214	  	  	$	1,829	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
PROPERTY AND CASUALTY

 	  	Cost or	 	  	Carrying	 	
 	  	Amortized Cost	 	  	Value (a)	 	
 	  	2015	 	  	2014	 	  	2015	 	  	2014	 	
 	  	(in millions) 
 	 	
Short Term Investments	  	$	1,666	  	  	$	733	  	  	$	1,666	  	  	$	733	  	
					
Fixed Maturities	  				  				  				  				
					
Tax Exempt	  	 	18,946	  	  	 	18,614	  	  	 	20,000	  	  	 	19,772	  	
					
Taxable	  	 	15,031	  	  	 	17,113	  	  	 	15,454	  	  	 	17,764	  	
					
Equity Securities	  	 	814	  	  	 	1,089	  	  	 	1,279	  	  	 	1,964	  	
					
Other Invested Assets	  	 	1,371	  	  	 	1,423	  	  	 	1,371	  	  	 	1,423	  	

TOTAL	  	$	37,828	  	  	$	38,972	  	  	$	39,770	  	  	$	41,656	  	

(a)	Short term investments are carried at amortized cost, which approximates fair value. Fixed maturities and equity securities are carried at fair value. Other invested assets include private equity limited partnerships carried at the Corporation’s equity in the net assets of the partnerships.	
 
Page 3 of 17

THE CHUBB CORPORATION
INVESTMENT INCOME AFTER TAXES

 	  	Periods Ended December 31	 	
 	  	Fourth Quarter	 	 	Twelve Months	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	
 	  	(in millions)	 	
					
CORPORATE INVESTMENT INCOME	  	$	3	  	 	$	4	  	 	$	13	  	 	$	15	  	

PROPERTY AND CASUALTY INVESTMENT INCOME	  				 				 				 				
					
Tax Exempt Interest	  	$	157	  	 	$	163	  	 	$	647	  	 	$	659	  	
					
Taxable Interest	  	 	89	  	 	 	95	  	 	 	361	  	 	 	397	  	
					
Other	  	 	14	  	 	 	15	  	 	 	56	  	 	 	58	  	
					
Investment Expenses	  	 	(8	) 	 	 	(6	) 	 	 	(30	) 	 	 	(25	) 	

TOTAL	  	$	252	  	 	$	267	  	 	$	1,034	  	 	$	1,089	  	

Effective Tax Rate	  	 	17.6	% 	 	 	17.8	% 	 	 	17.6	% 	 	 	18.1	% 	
					
After-Tax Annualized Yield	  	 	2.59	% 	 	 	2.64	% 	 	 	2.62	% 	 	 	2.73	% 	
After-tax annualized yield is based on the average invested assets for the periods presented, with fixed maturities at amortized cost and equity securities at fair value.
STATUTORY POLICYHOLDERS’ SURPLUS
AS OF DECEMBER 31

 	  	2015	 	  	2014	 	  	2013	 	
 	  	(in millions)	 	
				
Estimated Statutory Policyholders’ Surplus	  	$	13,500	  	  	$	15,127	  	  	$	15,024	  	
				
Rolling Year Statutory Net Premiums Written	  	$	12,622	  	  	$	12,593	  	  	$	12,214	  	
				
Ratio of Statutory Net Premiums Written to Policyholders’ Surplus	  	 	0.93:1	  	  	 	0.83:1	  	  	 	0.81:1	  	
Statutory Policyholders’ Surplus and Net Premiums Written include all domestic and foreign property and casualty subsidiaries.

Page 4 of 17

THE CHUBB CORPORATION
PROPERTY AND CASUALTY
CHANGE IN NET UNPAID LOSSES
TWELVE MONTHS ENDED DECEMBER 31, 2015

 	  	Net Unpaid Losses	 	 	IBNR
Increase
(Decrease)	 	 	All Other
Unpaid Losses
Increase
(Decrease)	 	
 	  	Dec. 31
2015	 	  	Dec. 31
2014	 	  	Increase
(Decrease)	 	 			 			
 	  	(in millions)	 	
Personal Insurance	  				  				  				 				 				
						
Automobile	  	$	383	  	  	$	397	  	  	$	(14	) 	 	$	(7	) 	 	$	(7	) 	
						
Homeowners	  	 	765	  	  	 	748	  	  	 	17	  	 	 	(3	) 	 	 	20	  	
						
Other	  	 	942	  	  	 	1,000	  	  	 	(58	) 	 	 	(17	) 	 	 	(41	) 	

Total Personal	  	 	2,090	  	  	 	2,145	  	  	 	(55	) 	 	 	(27	) 	 	 	(28	) 	

Commercial Insurance	  				  				  				 				 				
						
Multiple Peril	  	 	1,739	  	  	 	1,750	  	  	 	(11	) 	 	 	7	  	 	 	(18	) 	
						
Casualty	  	 	6,383	  	  	 	6,514	  	  	 	(131	) 	 	 	(25	) 	 	 	(106	) 	
						
Workers’ Compensation	  	 	3,138	  	  	 	2,918	  	  	 	220	  	 	 	93	  	 	 	127	  	
						
Property and Marine	  	 	900	  	  	 	883	  	  	 	17	  	 	 	(12	) 	 	 	29	  	

Total Commercial	  	 	12,160	  	  	 	12,065	  	  	 	95	  	 	 	63	  	 	 	32	  	

Specialty Insurance	  				  				  				 				 				
						
Professional Liability	  	 	6,081	  	  	 	6,480	  	  	 	(399	) 	 	 	(333	) 	 	 	(66	) 	
						
Surety	  	 	86	  	  	 	75	  	  	 	11	  	 	 	7	  	 	 	4	  	

Total Specialty	  	 	6,167	  	  	 	6,555	  	  	 	(388	) 	 	 	(326	) 	 	 	(62	) 	

Total Insurance	  	 	20,417	  	  	 	20,765	  	  	 	(348	) 	 	 	(290	) 	 	 	(58	) 	
						
Reinsurance Assumed	  	 	231	  	  	 	274	  	  	 	(43	) 	 	 	(19	) 	 	 	(24	) 	

Total	  	$	20,648	  	  	$	21,039	  	  	$	(391	) 	 	$	(309	) 	 	$	(82	) 	

Page 5 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2015 AND 2014
(DOLLARS IN MILLIONS)

 	  	Personal	 	 	 	 	 	 	 	 	Other	 	 	Total	 	
 	  	Automobile	 	 	Homeowners	 	 	Personal	 	 	Personal	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	 	2015	 	 	2014	 	 	2015	 	 	2014	 	
Net Premiums Written	  	$	162	  	 	$	182	  	 	$	682	  	 	$	672	  	 	$	243	  	 	$	265	  	 	$	1,087	  	 	$	1,119	  	
Decrease (Increase) in Unearned Premiums	  	 	8	  	 	 	1	  	 	 	14	  	 	 	13	  	 	 	(1	) 	 	 	(11	) 	 	 	21	  	 	 	3	  	

Net Premiums Earned	  	 	170	  	 	 	183	  	 	 	696	  	 	 	685	  	 	 	242	  	 	 	254	  	 	 	1,108	  	 	 	1,122	  	

Net Losses Paid	  	 	118	  	 	 	122	  	 	 	368	  	 	 	339	  	 	 	168	  	 	 	137	  	 	 	654	  	 	 	598	  	
Increase (Decrease) in Outstanding Losses	  	 	(2	) 	 	 	(2	) 	 	 	(52	) 	 	 	(27	) 	 	 	(29	) 	 	 	—	  	 	 	(83	) 	 	 	(29	) 	

Net Losses Incurred	  	 	116	  	 	 	120	  	 	 	316	  	 	 	312	  	 	 	139	  	 	 	137	  	 	 	571	  	 	 	569	  	

Expenses Incurred	  	 	51	  	 	 	54	  	 	 	218	  	 	 	208	  	 	 	96	  	 	 	109	  	 	 	365	  	 	 	371	  	
									
Dividends Incurred	  	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	

Statutory Underwriting Income (Loss)	  	$	3	  	 	$	9	  	 	$	162	  	 	$	165	  	 	$	7	  	 	$	8	  	 	$	172	  	 	$	182	  	

Ratios After Dividends to Policyholders:	  				 				 				 				 				 				 				 				
									
Loss	  	 	68.2	% 	 	 	65.5	% 	 	 	45.4	% 	 	 	45.5	% 	 	 	57.4	% 	 	 	54.0	% 	 	 	51.5	% 	 	 	50.7	% 	
Expense	  	 	31.5	  	 	 	29.7	  	 	 	32.0	  	 	 	31.0	  	 	 	39.5	  	 	 	41.1	  	 	 	33.6	  	 	 	33.2	  	

Combined	  	 	99.7	% 	 	 	95.2	% 	 	 	77.4	% 	 	 	76.5	% 	 	 	96.9	% 	 	 	95.1	% 	 	 	85.1	% 	 	 	83.9	% 	

Premiums Written as a % of Total	  	 	5.3	% 	 	 	5.8	% 	 	 	22.4	% 	 	 	21.4	% 	 	 	8.0	% 	 	 	8.5	% 	 	 	35.7	% 	 	 	35.7	% 	
 
Page 6 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2015 AND 2014
(DOLLARS IN MILLIONS)

 	  	Commercial
Multiple Peril	 	 	Commercial
Casualty	 	 	Commercial
Workers’
Compensation	 	 	Commercial
Property
and Marine	 	 	Total
Commercial	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	 	2015	 	 	2014	 	 	2015	 	 	2014	 	 	2015	 	 	2014	 	
Net Premiums Written	  	$	270	  	 	$	284	  	 	$	376	  	 	$	393	  	 	$	291	  	 	$	284	  	 	$	331	  	 	$	357	  	 	$	1,268	  	 	$	1,318	  	
Decrease (Increase) in Unearned Premiums	  	 	6	  	 	 	(3	) 	 	 	21	  	 	 	14	  	 	 	28	  	 	 	2	  	 	 	29	  	 	 	7	  	 	 	84	  	 	 	20	  	

Net Premiums Earned	  	 	276	  	 	 	281	  	 	 	397	  	 	 	407	  	 	 	319	  	 	 	286	  	 	 	360	  	 	 	364	  	 	 	1,352	  	 	 	1,338	  	

Net Losses Paid	  	 	131	  	 	 	156	  	 	 	239	  	 	 	289	  	 	 	140	  	 	 	123	  	 	 	212	  	 	 	196	  	 	 	722	  	 	 	764	  	
Increase (Decrease) in Outstanding Losses	  	 	27	  	 	 	(12	) 	 	 	(17	) 	 	 	(1	) 	 	 	55	  	 	 	37	  	 	 	17	  	 	 	(10	) 	 	 	82	  	 	 	14	  	

Net Losses Incurred	  	 	158	  	 	 	144	  	 	 	222	  	 	 	288	  	 	 	195	  	 	 	160	  	 	 	229	  	 	 	186	  	 	 	804	  	 	 	778	  	

Expenses Incurred	  	 	104	  	 	 	96	  	 	 	112	  	 	 	113	  	 	 	68	  	 	 	61	  	 	 	119	  	 	 	119	  	 	 	403	  	 	 	389	  	
											
Dividends Incurred	  	 	1	  	 	 	1	  	 	 	—	  	 	 	1	  	 	 	9	  	 	 	10	  	 	 	—	  	 	 	—	  	 	 	10	  	 	 	12	  	

Statutory Underwriting Income (Loss)	  	$	13	  	 	$	40	  	 	$	63	  	 	$	5	  	 	$	47	  	 	$	55	  	 	$	12	  	 	$	59	  	 	$	135	  	 	$	159	  	

Ratios After Dividends to Policyholders:	  				 				 				 				 				 				 				 				 				 				
											
Loss	  	 	57.4	% 	 	 	51.5	% 	 	 	55.9	% 	 	 	71.0	% 	 	 	62.9	% 	 	 	57.9	% 	 	 	63.6	% 	 	 	51.1	% 	 	 	59.9	% 	 	 	58.7	% 	
Expense	  	 	38.7	  	 	 	33.9	  	 	 	29.8	  	 	 	28.8	  	 	 	24.1	  	 	 	22.3	  	 	 	36.0	  	 	 	33.3	  	 	 	32.0	  	 	 	29.8	  	

Combined	  	 	96.1	% 	 	 	85.4	% 	 	 	85.7	% 	 	 	99.8	% 	 	 	87.0	% 	 	 	80.2	% 	 	 	99.6	% 	 	 	84.4	% 	 	 	91.9	% 	 	 	88.5	% 	

Premiums Written as a % of Total	  	 	8.9	% 	 	 	9.1	% 	 	 	12.3	% 	 	 	12.5	% 	 	 	9.5	% 	 	 	9.1	% 	 	 	10.9	% 	 	 	11.3	% 	 	 	41.6	% 	 	 	42.0	% 	

Page 7 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2015 AND 2014
(DOLLARS IN MILLIONS)

 	  	Professional
Liability	 	 	Surety	 	 	Total
Specialty	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	 	2015	 	 	2014	 	
Net Premiums Written	  	$	616	  	 	$	628	  	 	$	75	  	 	$	73	  	 	$	691	  	 	$	701	  	
Decrease (Increase) in Unearned Premiums	  	 	(38	) 	 	 	(45	) 	 	 	—	  	 	 	—	  	 	 	(38	) 	 	 	(45	) 	

Net Premiums Earned	  	 	578	  	 	 	583	  	 	 	75	  	 	 	73	  	 	 	653	  	 	 	656	  	

Net Losses Paid	  	 	395	  	 	 	492	  	 	 	(5	) 	 	 	4	  	 	 	390	  	 	 	496	  	
Increase (Decrease) in Outstanding Losses	  	 	(76	) 	 	 	(174	) 	 	 	8	  	 	 	(1	) 	 	 	(68	) 	 	 	(175	) 	

Net Losses Incurred	  	 	319	  	 	 	318	  	 	 	3	  	 	 	3	  	 	 	322	  	 	 	321	  	

Expenses Incurred	  	 	166	  	 	 	162	  	 	 	29	  	 	 	32	  	 	 	195	  	 	 	194	  	
							
Dividends Incurred	  	 	—	  	 	 	—	  	 	 	1	  	 	 	1	  	 	 	1	  	 	 	1	  	

Statutory Underwriting Income (Loss)	  	$	93	  	 	$	103	  	 	$	42	  	 	$	37	  	 	$	135	  	 	$	140	  	

Ratios After Dividends to Policyholders:	  				 				 				 				 				 				
							
Loss	  	 	55.2	% 	 	 	54.5	% 	 	 	4.0	% 	 	 	4.2	% 	 	 	49.3	% 	 	 	49.0	% 	
Expense	  	 	26.9	  	 	 	25.8	  	 	 	39.2	  	 	 	44.4	  	 	 	28.3	  	 	 	27.7	  	

Combined	  	 	82.1	% 	 	 	80.3	% 	 	 	43.2	% 	 	 	48.6	% 	 	 	77.6	% 	 	 	76.7	% 	

Premiums Written as a % of Total	  	 	20.2	% 	 	 	20.0	% 	 	 	2.5	% 	 	 	2.3	% 	 	 	22.7	% 	 	 	22.3	% 	
 
Page 8 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2015 AND 2014
(DOLLARS IN MILLIONS)

 	  	Total
Insurance	 	 	Reinsurance
Assumed	 	 	Worldwide
Total	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	 	2015	 	 	2014	 	
Net Premiums Written	  	$	3,046	  	 	$	3,138	  	 	$	1	  	 	$	—	  	 	$	3,047	  	 	$	3,138	  	
Decrease (Increase) in Unearned Premiums	  	 	67	  	 	 	(22	) 	 	 	—	  	 	 	—	  	 	 	67	  	 	 	(22	) 	

Net Premiums Earned	  	 	3,113	  	 	 	3,116	  	 	 	1	  	 	 	—	  	 	 	3,114	  	 	 	3,116	  	

Net Losses Paid	  	 	1,766	  	 	 	1,858	  	 	 	8	  	 	 	7	  	 	 	1,774	  	 	 	1,865	  	
Increase (Decrease) in Outstanding Losses	  	 	(69	) 	 	 	(190	) 	 	 	(12	) 	 	 	(6	) 	 	 	(81	) 	 	 	(196	) 	

Net Losses Incurred	  	 	1,697	  	 	 	1,668	  	 	 	(4	) 	 	 	1	  	 	 	1,693	  	 	 	1,669	  	

Expenses Incurred	  	 	963	  	 	 	954	  	 	 	—	  	 	 	—	  	 	 	963	  	 	 	954	  	
							
Dividends Incurred	  	 	11	  	 	 	13	  	 	 	—	  	 	 	—	  	 	 	11	  	 	 	13	  	

Statutory Underwriting Income (Loss)	  	$	442	  	 	$	481	  	 	$	5	  	 	$	(1	) 	 	 	447	  	 	 	480	  	

Decrease in Deferred Acquisition Costs	  				 				 				 				 	 	(12	) 	 	 	(3	) 	

GAAP Underwriting Income	  				 				 				 				 	$	435	  	 	$	477	  	

Ratios After Dividends to Policyholders:	  				 				 				 				 				 				
							
Loss	  	 	54.7	% 	 	 	53.8	% 	 	 	*	% 	 	 	*	% 	 	 	54.6	% 	 	 	53.8	% 	
Expense	  	 	31.7	  	 	 	30.5	  	 	 	*	  	 	 	*	  	 	 	31.7	  	 	 	30.5	  	

Combined	  	 	86.4	% 	 	 	84.3	% 	 	 	*	% 	 	 	*	% 	 	 	86.3	% 	 	 	84.3	% 	

Premiums Written as a % of Total	  	 	100.0	% 	 	 	100.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	100.0	% 	 	 	100.0	% 	
 
*	Combined, loss and expense ratios are no longer presented for the Reinsurance Assumed business since it is in runoff.	
 
Page 9 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2015 AND 2014
(DOLLARS IN MILLIONS)

 	  	United States	 	 	Outside
the
United States	 	 	Worldwide
Total	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	 	2015	 	 	2014	 	
							
Net Premiums Written	  	$	2,377	  	 	$	2,362	  	 	$	670	  	 	$	776	  	 	$	3,047	  	 	$	3,138	  	
Decrease (Increase) in Unearned Premiums	  	 	77	  	 	 	—	  	 	 	(10	) 	 	 	(22	) 	 	 	67	  	 	 	(22	) 	

Net Premiums Earned	  	 	2,454	  	 	 	2,362	  	 	 	660	  	 	 	754	  	 	 	3,114	  	 	 	3,116	  	

Net Losses Paid	  	 	1,392	  	 	 	1,426	  	 	 	382	  	 	 	439	  	 	 	1,774	  	 	 	1,865	  	
Increase (Decrease) in Outstanding Losses	  	 	(49	) 	 	 	(211	) 	 	 	(32	) 	 	 	15	  	 	 	(81	) 	 	 	(196	) 	

Net Losses Incurred	  	 	1,343	  	 	 	1,215	  	 	 	350	  	 	 	454	  	 	 	1,693	  	 	 	1,669	  	

Expenses Incurred	  	 	701	  	 	 	655	  	 	 	262	  	 	 	299	  	 	 	963	  	 	 	954	  	
							
Dividends Incurred	  	 	11	  	 	 	13	  	 	 	—	  	 	 	—	  	 	 	11	  	 	 	13	  	

Statutory Underwriting Income (Loss)	  	$	399	  	 	$	479	  	 	$	48	  	 	$	1	  	 	 	447	  	 	 	480	  	

Decrease in Deferred Acquisition Costs	  				 				 				 				 	 	(12	) 	 	 	(3	) 	

GAAP Underwriting Income	  				 				 				 				 	$	435	  	 	$	477	  	

Ratios After Dividends to Policyholders:	  				 				 				 				 				 				
							
Loss	  	 	55.0	% 	 	 	51.7	% 	 	 	53.0	% 	 	 	60.2	% 	 	 	54.6	% 	 	 	53.8	% 	
Expense	  	 	29.6	  	 	 	27.9	  	 	 	39.1	  	 	 	38.5	  	 	 	31.7	  	 	 	30.5	  	

Combined	  	 	84.6	% 	 	 	79.6	% 	 	 	92.1	% 	 	 	98.7	% 	 	 	86.3	% 	 	 	84.3	% 	

Premiums Written as a % of Total	  	 	78.0	% 	 	 	75.3	% 	 	 	22.0	% 	 	 	24.7	% 	 	 	100.0	% 	 	 	100.0	% 	
 
Page 10 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2015 AND 2014
(DOLLARS IN MILLIONS)

 	  	Personal
Automobile	 	 	Homeowners	 	 	Other
Personal	 	 	Total
Personal	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	 	2015	 	 	2014	 	 	2015	 	 	2014	 	
									
Net Premiums Written	  	$	701	  	 	$	740	  	 	$	2,821	  	 	$	2,765	  	 	$	988	  	 	$	1,003	  	 	$	4,510	  	 	$	4,508	  	
Decrease (Increase) in Unearned Premiums	  	 	2	  	 	 	(16	) 	 	 	(38	) 	 	 	(55	) 	 	 	(2	) 	 	 	(19	) 	 	 	(38	) 	 	 	(90	) 	

Net Premiums Earned	  	 	703	  	 	 	724	  	 	 	2,783	  	 	 	2,710	  	 	 	986	  	 	 	984	  	 	 	4,472	  	 	 	4,418	  	

Net Losses Paid	  	 	456	  	 	 	466	  	 	 	1,535	  	 	 	1,500	  	 	 	562	  	 	 	476	  	 	 	2,553	  	 	 	2,442	  	
Increase (Decrease) in Outstanding Losses	  	 	13	  	 	 	13	  	 	 	36	  	 	 	43	  	 	 	(23	) 	 	 	42	  	 	 	26	  	 	 	98	  	

Net Losses Incurred	  	 	469	  	 	 	479	  	 	 	1,571	  	 	 	1,543	  	 	 	539	  	 	 	518	  	 	 	2,579	  	 	 	2,540	  	

Expenses Incurred	  	 	223	  	 	 	227	  	 	 	893	  	 	 	866	  	 	 	392	  	 	 	415	  	 	 	1,508	  	 	 	1,508	  	
									
Dividends Incurred	  	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	

Statutory Underwriting Income	  	$	11	  	 	$	18	  	 	$	319	  	 	$	301	  	 	$	55	  	 	$	51	  	 	$	385	  	 	$	370	  	

Ratios After Dividends to Policyholders:	  				 				 				 				 				 				 				
									
Loss	  	 	66.7	% 	 	 	66.1	% 	 	 	56.4	% 	 	 	57.0	% 	 	 	54.6	% 	 	 	52.6	% 	 	 	57.7	% 	 	 	57.5	% 	
Expense	  	 	31.8	  	 	 	30.7	  	 	 	31.7	  	 	 	31.3	  	 	 	39.7	  	 	 	41.4	  	 	 	33.4	  	 	 	33.4	  	

Combined	  	 	98.5	% 	 	 	96.8	% 	 	 	88.1	% 	 	 	88.3	% 	 	 	94.3	% 	 	 	94.0	% 	 	 	91.1	% 	 	 	90.9	% 	

Premiums Written as a % of Total	  	 	5.6	% 	 	 	5.9	% 	 	 	22.3	% 	 	 	21.9	% 	 	 	7.8	% 	 	 	8.0	% 	 	 	35.7	% 	 	 	35.8	% 	
 
Page 11 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2015 AND 2014
(DOLLARS IN MILLIONS)

 	  	Commercial
Multiple Peril	 	 	Commercial
Casualty	 	 	Commercial
Workers’
Compensation	 	 	Commercial
Property and
Marine	 	 	Total
Commercial	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	 	2015	 	 	2014	 	 	2015	 	 	2014	 	 	2015	 	 	2014	 	
Net Premiums Written	  	$	1,113	  	 	$	1,121	  	 	$	1,619	  	 	$	1,644	  	 	$	1,280	  	 	$	1,158	  	 	$	1,462	  	 	$	1,479	  	 	$	5,474	  	 	$	5,402	  	
Decrease (Increase) in Unearned Premiums	  	 	(1	) 	 	 	(4	) 	 	 	10	  	 	 	(16	) 	 	 	(44	) 	 	 	(51	) 	 	 	(10	) 	 	 	(50	) 	 	 	(45	) 	 	 	(121	) 	

Net Premiums Earned	  	 	1,112	  	 	 	1,117	  	 	 	1,629	  	 	 	1,628	  	 	 	1,236	  	 	 	1,107	  	 	 	1,452	  	 	 	1,429	  	 	 	5,429	  	 	 	5,281	  	

Net Losses Paid	  	 	570	  	 	 	548	  	 	 	942	  	 	 	1,029	  	 	 	546	  	 	 	513	  	 	 	799	  	 	 	848	  	 	 	2,857	  	 	 	2,938	  	
Increase (Decrease) in Outstanding Losses	  	 	17	  	 	 	20	  	 	 	(5	) 	 	 	11	  	 	 	229	  	 	 	134	  	 	 	42	  	 	 	8	  	 	 	283	  	 	 	173	  	

Net Losses Incurred	  	 	587	  	 	 	568	  	 	 	937	  	 	 	1,040	  	 	 	775	  	 	 	647	  	 	 	841	  	 	 	856	  	 	 	3,140	  	 	 	3,111	  	

Expenses Incurred	  	 	421	  	 	 	411	  	 	 	458	  	 	 	469	  	 	 	280	  	 	 	252	  	 	 	511	  	 	 	505	  	 	 	1,670	  	 	 	1,637	  	
											
Dividends Incurred	  	 	1	  	 	 	1	  	 	 	—	  	 	 	1	  	 	 	37	  	 	 	39	  	 	 	—	  	 	 	—	  	 	 	38	  	 	 	41	  	

Statutory Underwriting Income	  	$	103	  	 	$	137	  	 	$	234	  	 	$	118	  	 	$	144	  	 	$	169	  	 	$	100	  	 	$	68	  	 	$	581	  	 	$	492	  	

Ratios After Dividends to Policyholders:	  				 				 				 				 				 				 				 				 				 				
											
Loss	  	 	52.8	% 	 	 	50.9	% 	 	 	57.5	% 	 	 	63.9	% 	 	 	64.7	% 	 	 	60.6	% 	 	 	57.9	% 	 	 	59.9	% 	 	 	58.3	% 	 	 	59.4	% 	
Expense	  	 	37.9	  	 	 	36.7	  	 	 	28.3	  	 	 	28.6	  	 	 	22.5	  	 	 	22.5	  	 	 	35.0	  	 	 	34.1	  	 	 	30.7	  	 	 	30.5	  	

Combined	  	 	90.7	% 	 	 	87.6	% 	 	 	85.8	% 	 	 	92.5	% 	 	 	87.2	% 	 	 	83.1	% 	 	 	92.9	% 	 	 	94.0	% 	 	 	89.0	% 	 	 	89.9	% 	

Premiums Written as a % of Total	  	 	8.8	% 	 	 	8.9	% 	 	 	12.8	% 	 	 	13.1	% 	 	 	10.1	% 	 	 	9.2	% 	 	 	11.6	% 	 	 	11.7	% 	 	 	43.3	% 	 	 	42.9	% 	
 
Page 12 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2015 AND 2014
(DOLLARS IN MILLIONS)

 	  	Professional
Liability	 	 	Surety	 	 	Total
Specialty	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	 	2015	 	 	2014	 	
Net Premiums Written	  	$	2,340	  	 	$	2,381	  	 	$	309	  	 	$	300	  	 	$	2,649	  	 	$	2,681	  	
Decrease (Increase) in Unearned Premiums	  	 	(31	) 	 	 	(52	) 	 	 	(1	) 	 	 	(1	) 	 	 	(32	) 	 	 	(53	) 	

Net Premiums Earned	  	 	2,309	  	 	 	2,329	  	 	 	308	  	 	 	299	  	 	 	2,617	  	 	 	2,628	  	

Net Losses Paid	  	 	1,416	  	 	 	1,550	  	 	 	1	  	 	 	62	  	 	 	1,417	  	 	 	1,612	  	
Increase (Decrease) in Outstanding Losses	  	 	(183	) 	 	 	(286	) 	 	 	12	  	 	 	7	  	 	 	(171	) 	 	 	(279	) 	

Net Losses Incurred	  	 	1,233	  	 	 	1,264	  	 	 	13	  	 	 	69	  	 	 	1,246	  	 	 	1,333	  	

Expenses Incurred	  	 	657	  	 	 	666	  	 	 	127	  	 	 	130	  	 	 	784	  	 	 	796	  	
							
Dividends Incurred	  	 	—	  	 	 	—	  	 	 	4	  	 	 	4	  	 	 	4	  	 	 	4	  	

Statutory Underwriting Income	  	$	419	  	 	$	399	  	 	$	164	  	 	$	96	  	 	$	583	  	 	$	495	  	

Ratios After Dividends to Policyholders:	  				 				 				 				 				 				
							
Loss	  	 	53.4	% 	 	 	54.2	% 	 	 	4.3	% 	 	 	23.4	% 	 	 	47.7	% 	 	 	50.8	% 	
Expense	  	 	28.1	  	 	 	28.0	  	 	 	41.6	  	 	 	43.9	  	 	 	29.6	  	 	 	29.7	  	

Combined	  	 	81.5	% 	 	 	82.2	% 	 	 	45.9	% 	 	 	67.3	% 	 	 	77.3	% 	 	 	80.5	% 	

Premiums Written as a % of Total	  	 	18.5	% 	 	 	18.9	% 	 	 	2.5	% 	 	 	2.4	% 	 	 	21.0	% 	 	 	21.3	% 	
 
Page 13 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2015 AND 2014
(DOLLARS IN MILLIONS)

 	  	Total
Insurance	 	 	Reinsurance
Assumed	 	 	Worldwide
Total	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	 	2015	 	 	2014	 	
Net Premiums Written	  	$	12,633	  	 	$	12,591	  	 	$	—	  	 	$	1	  	 	$	12,633	  	 	$	12,592	  	
Decrease (Increase) in Unearned Premiums	  	 	(115	) 	 	 	(264	) 	 	 	—	  	 	 	—	  	 	 	(115	) 	 	 	(264	) 	

Net Premiums Earned	  	 	12,518	  	 	 	12,327	  	 	 	—	  	 	 	1	  	 	 	12,518	  	 	 	12,328	  	

Net Losses Paid	  	 	6,827	  	 	 	6,992	  	 	 	31	  	 	 	38	  	 	 	6,858	  	 	 	7,030	  	
Increase (Decrease) in Outstanding Losses	  	 	138	  	 	 	(8	) 	 	 	(43	) 	 	 	(37	) 	 	 	95	  	 	 	(45	) 	

Net Losses Incurred	  	 	6,965	  	 	 	6,984	  	 	 	(12	) 	 	 	1	  	 	 	6,953	  	 	 	6,985	  	

Expenses Incurred	  	 	3,962	  	 	 	3,941	  	 	 	—	  	 	 	—	  	 	 	3,962	  	 	 	3,941	  	
							
Dividends Incurred	  	 	42	  	 	 	45	  	 	 	—	  	 	 	—	  	 	 	42	  	 	 	45	  	

Statutory Underwriting Income	  	$	1,549	  	 	$	1,357	  	 	$	12	  	 	$	—	  	 	 	1,561	  	 	 	1,357	  	

Increase in Deferred Acquisition Costs	  				 				 				 				 	 	32	  	 	 	45	  	

GAAP Underwriting Income	  				 				 				 				 	$	1,593	  	 	$	1,402	  	

Ratios After Dividends to Policyholders:	  				 				 				 				 				 				
							
Loss	  	 	55.8	% 	 	 	56.9	% 	 	 	*	% 	 	 	*	% 	 	 	55.7	% 	 	 	56.9	% 	
Expense	  	 	31.5	  	 	 	31.4	  	 	 	*	  	 	 	*	  	 	 	31.5	  	 	 	31.4	  	

Combined	  	 	87.3	% 	 	 	88.3	% 	 	 	*	% 	 	 	*	% 	 	 	87.2	% 	 	 	88.3	% 	

Premiums Written as a % of Total	  	 	100.0	% 	 	 	100.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	100.0	% 	 	 	100.0	% 	
 
*	Combined, loss and expense ratios are no longer presented for the Reinsurance Assumed business since it is in runoff.	
 
Page 14 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2015 AND 2014
(DOLLARS IN MILLIONS)

 	  	United States	 	 	Outside
the
United States	 	 	Worldwide
Total	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	 	2015	 	 	2014	 	
Net Premiums Written	  	$	9,858	  	 	$	9,513	  	 	$	2,775	  	 	$	3,079	  	 	$	12,633	  	 	$	12,592	  	
Decrease (Increase) in Unearned Premiums	  	 	(92	) 	 	 	(197	) 	 	 	(23	) 	 	 	(67	) 	 	 	(115	) 	 	 	(264	) 	

Net Premiums Earned	  	 	9,766	  	 	 	9,316	  	 	 	2,752	  	 	 	3,012	  	 	 	12,518	  	 	 	12,328	  	

Net Losses Paid	  	 	5,374	  	 	 	5,333	  	 	 	1,484	  	 	 	1,697	  	 	 	6,858	  	 	 	7,030	  	
Increase (Decrease) in Outstanding Losses	  	 	163	  	 	 	(13	) 	 	 	(68	) 	 	 	(32	) 	 	 	95	  	 	 	(45	) 	

Net Losses Incurred	  	 	5,537	  	 	 	5,320	  	 	 	1,416	  	 	 	1,665	  	 	 	6,953	  	 	 	6,985	  	

Expenses Incurred	  	 	2,878	  	 	 	2,749	  	 	 	1,084	  	 	 	1,192	  	 	 	3,962	  	 	 	3,941	  	
							
Dividends Incurred	  	 	42	  	 	 	45	  	 	 	—	  	 	 	—	  	 	 	42	  	 	 	45	  	

Statutory Underwriting Income	  	$	1,309	  	 	$	1,202	  	 	$	252	  	 	$	155	  	 	 	1,561	  	 	 	1,357	  	

Increase in Deferred Acquisition Costs	  				 				 				 				 	 	32	  	 	 	45	  	

GAAP Underwriting Income	  				 				 				 				 	$	1,593	  	 	$	1,402	  	

Ratios After Dividends to Policyholders:	  				 				 				 				 				 				
							
Loss	  	 	57.0	% 	 	 	57.4	% 	 	 	51.4	% 	 	 	55.3	% 	 	 	55.7	% 	 	 	56.9	% 	
Expense	  	 	29.3	  	 	 	29.0	  	 	 	39.1	  	 	 	38.7	  	 	 	31.5	  	 	 	31.4	  	

Combined	  	 	86.3	% 	 	 	86.4	% 	 	 	90.5	% 	 	 	94.0	% 	 	 	87.2	% 	 	 	88.3	% 	

Premiums Written as a % of Total	  	 	78.0	% 	 	 	75.5	% 	 	 	22.0	% 	 	 	24.5	% 	 	 	100.0	% 	 	 	100.0	% 	
 
Page 15 of 17

THE CHUBB CORPORATION
Definitions of Key Terms
Underwriting Income (Loss)
Management evaluates underwriting results separately from investment results. The underwriting operations consist of four separate business units: personal insurance, commercial insurance, specialty insurance and reinsurance assumed. Performance of the business units is measured based on statutory underwriting results. Statutory accounting principles applicable to property and casualty insurance companies differ in certain respects from generally accepted accounting principles (GAAP). Under statutory accounting principles, policy acquisition and other underwriting expenses are recognized immediately, not at the time premiums are earned. Statutory underwriting income (loss) is arrived at by reducing premiums earned by losses and loss expenses incurred and statutory underwriting expenses incurred.
Management uses underwriting results determined in accordance with GAAP, among other measures, to assess the overall performance of the underwriting operations. To convert statutory underwriting results to a GAAP basis, certain policy acquisition expenses are deferred and amortized over the period in which the related premiums are earned. Underwriting income (loss) determined in accordance with GAAP is defined as premiums earned less losses and loss expenses incurred and GAAP underwriting expenses incurred.
Property and Casualty Investment Income After Income Tax
Management uses property and casualty investment income after income tax, a non-GAAP financial measure, to evaluate its investment results because it reflects the impact of any change in the proportion of tax exempt investment income to total investment income and is therefore more meaningful for analysis purposes than investment income before income tax.
Book Value per Common Share with Available-for-Sale Fixed Maturities at Amortized Cost
Book value per common share represents the portion of consolidated shareholders’ equity attributable to one share of common stock outstanding as of the balance sheet date. Consolidated shareholders’ equity includes, as part of accumulated other comprehensive income or loss, the after-tax appreciation or depreciation, including unrealized other-than-temporary impairment losses, of the Corporation’s available-for-sale fixed maturities, which are carried at fair value. The appreciation or depreciation of available-for-sale fixed maturities is subject to fluctuation due to changes in interest rates and therefore could distort the analysis of trends. Management believes that book value per common share with available-for-sale fixed maturities at amortized cost, a non-GAAP financial measure, is an important measure of the underlying equity attributable to one share of common stock.
Combined Loss and Expense Ratio or Combined Ratio
The combined loss and expense ratio, expressed as a percentage, is the key measure of underwriting profitability. Management uses the combined loss and expense ratio calculated in accordance with statutory accounting principles applicable to property and casualty insurance companies to evaluate the performance of the underwriting operations. It is the sum of the ratio of losses and loss expenses to premiums earned (loss ratio) and the ratio of statutory underwriting expenses to premiums written (expense ratio) after reducing both premium amounts by dividends to policyholders.
 
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THE CHUBB CORPORATION
Definitions of Key Terms
 
Operating Income
Operating income, a non-GAAP financial measure, is net income excluding after-tax realized investment gains and losses. Management uses operating income, among other measures, to evaluate its performance because the realization of investment gains and losses in any given period is largely discretionary as to timing and can fluctuate significantly, which could distort the analysis of trends.
Return on Equity and Operating Return on Equity
Return on equity is the ratio of annualized net income divided by average shareholders’ equity. Average shareholders’ equity is the average of the beginning and all quarter-end balances within the period.
Operating return on equity, a non-GAAP measure, is the ratio of annualized operating income divided by average shareholders’ equity excluding the after-tax unrealized appreciation or depreciation of investments. Consolidated shareholders’ equity includes, as part of accumulated other comprehensive income or loss, the after-tax appreciation or depreciation, including unrealized other-than-temporary impairment losses, of the Corporation’s available-for-sale fixed maturities and equity securities, which are carried at fair value. The appreciation or depreciation of available-for-sale fixed maturities and equity securities is subject to fluctuation and could distort the analysis of trends. Average shareholders’ equity excluding the after-tax unrealized appreciation or depreciation of investments is the average of the beginning and all quarter-end balances within the period. Management uses operating return on equity, among other measures, to assess the overall performance of the Corporation.

 	  	Periods Ended December 31	 	
 	  	Fourth Quarter	 	 	Twelve Months	 	
 	  	2015	 	 	2014	 	 	2015	 	 	2014	 	
 	  	(dollars in millions)	 	
Annualized Net Income	  	$	2,664	  	 	$	2,232	  	 	$	2,136	  	 	$	2,100	  	
Average Shareholders’ Equity	  	$	16,533	  	 	$	16,401	  	 	$	16,288	  	 	$	16,325	  	
					
Return on Equity	  	 	16.1	% 	 	 	13.6	% 	 	 	13.1	% 	 	 	12.9	% 	
					
Annualized Operating Income	  	$	1,876	  	 	$	2,176	  	 	$	1,864	  	 	$	1,858	  	
Average Shareholders’ Equity Excluding Unrealized Appreciation or Depreciation	  	$	15,167	  	 	$	14,699	  	 	$	14,721	  	 	$	14,767	  	
					
Operating Return on Equity	  	 	12.4	% 	 	 	14.8	% 	 	 	12.7	% 	 	 	12.6	% 	
 
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The Chubb Corporation 2015 Update on Asbestos Reserves Exhibit 99.4

Forward-Looking Statements The following materials contain “forward-looking statements,” including those relating to loss reserves and claim estimates, that are subject to certain risks and uncertainties which could cause actual results to differ materially from those expressed or suggested by such statements. Such risks or uncertainties include but are not limited to those which may be noted more fully in the materials themselves, as well as those discussed or identified from time to time in The Chubb Corporation’s public filings with the Securities and Exchange Commission. Chubb assumes no obligation to update any forward-looking information set forth in the following materials, which speak as of January 26, 2016 or as otherwise specified in the materials.

Contents Purpose of Updated Review Evaluation Methodology Exposure Analysis Asbestos Payments and Reserves Three Year Reserve Comparison Conclusions

Purpose of Review Reassess Chubb’s ultimate liability regarding asbestos exposures using an internal analysis, reviewed by our independent outside consulting actuaries Determine appropriate reserve levels Ensure aggressive case management of asbestos claims manage our exposure identify trends or issues that may impact exposure Provide relevant substantive information requested by investors and rating agencies

Evaluation Methodology Chubb segmented its defendant policyholders into two groups Traditional defendant policyholders (Tiers 1 & 2) Those engaged in asbestos mining, manufacturing and building products industries Peripheral defendant policyholders (Tiers 3 & 4) Those who manufactured, distributed, or installed an asbestos-containing product or who owned or operated a facility where asbestos products were present

Exposure Analysis Within these policyholder categories: All Tier 1 & 2 accounts and Tier 3 & 4 accounts with Chubb incurred losses of at least $3M or judged to have high potential exposure were evaluated individually. Claimant information and available coverage were reviewed for each defendant policyholder, including terms of coverage, policy limits and aggregate limits. Tier 3 & 4 accounts not individually evaluated were analyzed in the aggregate using statistical techniques. Factors considered include available coverage, claimant count, report year, bankruptcy, coverage dispute and case reserve amount. Future claims from unknown defendant policyholders were estimated based on claim reporting patterns and projected claim severities.

Asbestos Payments & Reserves by Category #$$ Traditional Defendants Tier 1 1 – 33 Traditional Defendants Tier 261039 Peripheral Defendants Tiers 3 & 4311 26 292 All Other 620 Reserves for future claims from unknown policyholders Unknown– 94 _____ ____ ____ Total318 42 478 PolicyholdersTotal NetNet Asbestos with Open ClaimsPaidReserves At 12/31/15 In 2015 At 12/31/15 ($ in millions)

Asbestos Payments & Reserves by Category Total net asbestos reserves at 12/31/15: $478M Case reserves of $168M Established by Claim Department on known claims IBNR reserves of $310M Includes provision for: potential reserve development on known defendant policyholders (development) future claims from unknown defendant policyholders (pure IBNR) future declaratory judgment actions and other litigation

Asbestos Net Loss Reserve Comparison ($ in Millions) 2014 2015 Beginning Reserves $566 Incurred Losses & LAE 25 51 Calendar Year Payments for Losses (72) (52) (19) (22) Ending Reserves $500 $566 IBNR portion of Ending Reserves $310 $321 $589 Calendar Year Payments for LAE 2013 $500 20 (22) (20) $478 $334

Conclusions Chubb’s asbestos net reserves of $478M at 12/31/15 are based on our 2015 analysis of our ultimate asbestos liabilities This reserve represents Chubb’s best estimate of our ultimate asbestos liability at 12/31/15 This reserve amount is at full (undiscounted) value, and no consideration has been given for legislative or judicial relief The net reserve reflects a modest reinsurance recoverable amount of approximately 4% of the gross reserve Net payments for asbestos liabilities in 2015 were $42M Reserves at 12/31/15 calculate to a 3 year survival ratio of 6.9