Form 8-K - Current report

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 28, 2025

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

(Address of principal executive offices)

Registrant’s telephone number, including area code: +41 (0)43 456 76 00

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-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, par value CHF 0.50 per share	CB	New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2027	CB/27	New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 1.55% Senior Notes due 2028	CB/28	New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2029	CB/29A	New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 1.40% Senior Notes due 2031	CB/31	New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 2.50% Senior Notes due 2038	CB/38A	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.

Results of Operations and Financial Condition

On January 28, 2025, Chubb Limited issued a Press Release reporting its fourth quarter and year-end 2024 results and the availability of its fourth quarter and year-end 2024 Financial Supplement. The Press Release and the Financial Supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are hereby incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.

Item 9.01.

Financial Statements and Exhibits

(d) Exhibits


Exhibit Number		Description

99.1		Press Release, Dated January 28, 2025, Reporting Fourth Quarter and Year-End 2024 Results

99.2		Fourth Quarter and Year-End 2024 Financial Supplement

104		Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

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 hereunto duly authorized.


Chubb Limited

By:		/s/ Peter Enns
		Peter Enns
		Executive Vice President and Chief Financial Officer

DATE: January 28, 2025

Exhibit 99.1

Chubb Limited

Bärengasse 32

CH-8001 Zurich

Switzerland

www.chubb.com

@Chubb

News Release

Chubb Reports Fourth Quarter Per Share Net Income and Core

Operating Income of $6.33 and $6.02, Respectively; Consolidated

Net Premiums Written of $12.1 Billion, with Global P&C and Life

Insurance Up 6.7% and 7.6%; P&C Combined Ratio of 85.7%;

Record Full-Year Per Share Net Income of $22.70 and Core

Operating Income of $22.51; Consolidated Net Premiums Written of

$51.5 Billion, Up 8.7%, with Global P&C Up 9.6% and Life Insurance

Up 15.7%; P&C Combined Ratio of 86.6%

QUARTER

●

Net income and core operating income were $2.58 billion and $2.45 billion, or a record $3.05 billion and $3.00 billion on a pre-tax basis, respectively. Excluding the prior year deferred tax benefit of $1.14 billion, or $2.76 per share, related to the enactment of Bermuda’s income tax law (tax benefit), net income and core operating income were up 18.9% and 7.7%, and on a per share basis were up 20.1% and 8.7%.

●

Global P&C net premiums written, which excludes Agriculture, were up 6.7%, with commercial insurance up 6.4% and consumer insurance up 7.5%. North America was up 6.3% and Overseas General was up 6.8% in constant dollars, with Latin America, Asia-Pacific, and Europe up 11.5%, 9.3%, and 3.9%, respectively.

●

P&C underwriting income was a record $1.58 billion, up 3.8%, with a combined ratio of 85.7%. P&C current accident year underwriting income excluding catastrophe losses was $1.97 billion, up 20.1%, with a record combined ratio of 82.2%.

●

Pre-tax catastrophe losses were $607 million, including $309 million from Hurricane Milton, compared with $300 million last year.

●

Life Insurance net premiums written were $1.56 billion, up 8.5% in constant dollars, and segment income was $270 million, up 3.8% in constant dollars. Life Insurance net premiums written and deposits collected were $2.40 billion, up 24.4% in constant dollars.

●

Pre-tax net investment income was $1.56 billion, up 14.0%, and adjusted net investment income was $1.69 billion, up 13.7%. Both were records.

●

Annualized return on equity (ROE) was 15.9%. Annualized core operating return on tangible equity (ROTE) was 22.0% and annualized core operating ROE was 14.3%.


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

Chubb Limited News Release

YEAR

●

Net income was a record $9.27 billion, up 2.7%, and core operating income was $9.20 billion, or a record $11.08 billion and $11.15 billion on a pre-tax basis. Excluding the prior year deferred tax benefit, net income and core operating income were up 16.8% and 11.5%, and on a per share basis were up 18.4% and 13.0%.

●

Global P&C net premiums written were up 9.6%, with commercial insurance up 8.7% and consumer insurance up 12.1%. North America was up 8.0% and Overseas General was up 11.8% in constant dollars, with Asia-Pacific, Latin America, and Europe up 22.2%, 11.0%, and 6.3%, respectively.

●

P&C underwriting income was a record $5.85 billion, up 7.1%, with a combined ratio of 86.6%. P&C current accident year underwriting income excluding catastrophe losses was a record $7.38 billion, up 13.3%, with a record combined ratio of 83.1%.

●

Pre-tax catastrophe losses were $2.39 billion compared with $1.83 billion last year.

●

Life Insurance net premiums written were $6.33 billion, up 15.7%, or 18.5% in constant dollars, and segment income was a record $1.10 billion, up 7.3% in constant dollars. Life Insurance net premiums written and deposits collected were $8.90 billion, up 29.1% in constant dollars.

●

Pre-tax net investment income was $5.93 billion, up 20.1%, and adjusted net investment income was $6.38 billion, up 19.3%. Both were records.

●

ROE was 15.0%. Core operating ROTE was 21.6% and core operating ROE was 13.9%.

ZURICH – January 28, 2025 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended December 31, 2024 of $2.58 billion, or $6.33 per share, and core operating income of $2.45 billion, or $6.02 per share. Book value per share and tangible book value per share decreased 2.1% and 2.2%, respectively, from September 30, 2024 and now stand at a $159.77 and $100.38. Book value was unfavorably impacted by after-tax net realized and unrealized losses of $2.44 billion in Chubb’s investment portfolio and $1.13 billion of foreign currency losses. Book value per share and tangible book value per share excluding AOCI increased 2.9% and 4.3%, from September 30, 2024.

Chubb Limited

Fourth Quarter Summary

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

(Unaudited)


							(Per Share)
	Q4 2024		Q4 2023		Change		2024		2023		Change

Net income		$2,575		$3,300		(22.0)%		$6.33		$8.03		(21.2)%

Adjusted net realized (gains) losses and other, net of tax		(26)		(43)		(39.5)%		(0.07)		(0.10)		(30.0)%

Market risk benefits (gains) losses, net of tax		(98)		153		NM		(0.24)		0.37		NM

Core operating income, net of tax		$2,451		$3,410		(28.1)%		$6.02		$8.30		(27.5)%

Net income excluding tax benefit		$2,575		$2,165		18.9%		$6.33		$5.27		20.1%

Core operating excluding tax benefit		$2,451		$2,275		7.7%		$6.02		$5.54		8.7%

Annualized return on equity (ROE)		15.9%		23.6%

Core operating return on tangible equity (ROTE)		22.0%		35.3%

Core operating ROE		14.3%		21.9%


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

Chubb Limited News Release

For the year ended December 31, 2024, net income was $9.27 billion, or $22.70 per share, and core operating income was $9.20 billion, or $22.51 per share. Book value per share and tangible book value per share increased 8.8% and 14.1%, from December 31, 2023. Book value was unfavorably impacted by after-tax $1.26 billion of foreign currency losses. Book value per share and tangible book value per share excluding AOCI increased 10.8% and 15.4%, from December 31, 2023.

Chubb Limited

Full Year Summary

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

(Unaudited)


							(Per Share)
	FY 2024		FY 2023		Change		2024		2023		Change

Net income		$9,272		$9,028		2.7%		$22.70		$21.80		4.1%

Adjusted net realized (gains) losses and other, net of tax		(215)		2		NM		(0.53)		-		NM

Market risk benefits (gains) losses, net of tax		140		307		(54.4)%		0.34		0.74		(54.1)%

Core operating income, net of tax		$9,197		$9,337		(1.5)%		$22.51		$22.54		(0.1)%

Net income excluding tax benefit		$9,217		$7,893		16.8%		$22.56		$19.06		18.4%

Core operating excluding tax benefit		$9,142		$8,202		11.5%		$22.38		$19.80		13.0%

Annualized return on equity (ROE)		15.0%		16.4%

Core operating return on tangible equity (ROTE)		21.6%		24.2%

Core operating ROE		13.9%		15.4%

For the years ended December 31, 2024 and 2023, the tax expenses (benefits) related to the table above were $(148) million and $(179) million, for adjusted net realized gains and losses and other; and $1.95 billion and $687 million, for core operating income.

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “The California wildfire disaster is a terrible tragedy that is still unfolding. Our colleagues have been on the ground from the beginning, endeavoring to assist our policyholders who have lost property, been displaced from their homes and businesses, and had their lives severely disrupted. While it doesn’t erase the enormous difficulty they have and will continue to experience, we are doing all we can, in small and big ways, to ease their burden. Our thoughts are with those who have suffered, and our gratitude goes to those firefighters and emergency workers who have served tirelessly.

“From a financial perspective, our current estimate of the cost of supporting our customers and helping them recover and rebuild from this catastrophe is $1.5 billion net pre-tax and is a first quarter 2025 event.

“Turning to our fourth quarter 2024 and full-year results, we had a great quarter which contributed to a simply outstanding year. Global P&C premium growth, which excludes agriculture, was 6.7%, with


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

Chubb Limited News Release

commercial lines up 6.4% and consumer up 7.5%. Record P&C underwriting income with a world-class combined ratio of 85.7% and record investment income led to core operating income up 9.4% on a pre-tax basis, or 10.5% per share. On an after-tax basis, adjusted for the one-time Bermuda tax benefit we received last year, operating income of $2.5 billion was up 7.7%, or $6.02 per share, up 8.7%.

“Our full-year performance was the best in our company’s history. Core operating income was $9.1 billion, up 11.5% adjusted for the one-time tax benefit, and 13% on a per-share basis. All three major sources of income for our company produced record results last year: P&C underwriting income of $5.9 billion was up over 7% with a published combined ratio of 86.6%. Adjusted net investment income grew 19.3% to $6.4 billion. And life insurance income topped $1 billion. Global P&C net premiums grew 9.9% and life insurance premiums were up 18.5% in constant dollars. For the quarter and year, our core operating ROE was 14.3% and 13.9%, respectively, and our return on tangible equity was 22.0% and 21.6%. For the year, per-share book and tangible book value grew 8.8% and 14.1%, respectively.

“Overall market conditions are quite favorable, and we see really good growth opportunity for over 80% of our global P&C business, commercial and consumer, as well as our life business. We have very good momentum as we enter ’25 and are optimistic about the year ahead, both top- and bottom-line, CAT losses and foreign currency movement notwithstanding. We are confident in our ability to continue growing operating earnings and EPS at a double-digit rate, driven by our three major sources: P&C underwriting, investment income, and life income.”


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

Chubb Limited News Release

Operating highlights for the quarter ended December 31, 2024 were as follows:


Chubb Limited	Q4		Q4
(in millions of U.S. dollars except for percentages)	2024		2023		Change
Consolidated

Net premiums written (increase of 4.1% in constant dollars)	$	12,058	$	11,596		4.0%

P&C

Net premiums written (increase of 3.5% in constant dollars)	$	10,497	$	10,146		3.5%

Underwriting income	$	1,575	$	1,517		3.8%

Combined ratio		85.7%		85.5%

Current accident year underwriting income excluding catastrophe losses	$	1,969	$	1,640		20.1%

Current accident year combined ratio excluding catastrophe losses		82.2%		84.3%

Global P&C (excludes Agriculture)

Net premiums written (increase of 6.7% in constant dollars)	$	10,180	$	9,539		6.7%

Underwriting income	$	1,448	$	1,565		(7.5)%

Combined ratio		86.2%		83.7%

Current accident year underwriting income excluding catastrophe losses	$	1,917	$	1,692		13.3%

Current accident year combined ratio excluding catastrophe losses		81.7%		82.4%

Life Insurance

Net premiums written (increase of 8.5% in constant dollars)	$	1,561	$	1,450		7.6%

Segment income (increase of 3.8% in constant dollars)	$	270	$	263		2.7%

●

Consolidated net premiums earned increased 5.9%, or 6.0% in constant dollars. P&C net premiums earned increased 5.5% on both a reported basis and constant dollar basis.

●

Operating cash flow was $4.57 billion and adjusted operating cash flow was $4.16 billion.

●

Total pre-tax and after-tax P&C catastrophe losses, net of reinsurance and including reinstatement premiums, were $607 million (5.5 percentage points of the combined ratio) and $515 million, compared with $300 million (2.9 percentage points of the combined ratio) and $257 million, last year.

●

Total pre-tax and after-tax favorable prior period development were $213 million and $196 million, compared with $177 million and $184 million, last year.

●

Total capital returned to shareholders was $1.09 billion, comprising share repurchases of $725 million at an average purchase price of $278.78 per share and dividends of $367 million.


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

Chubb Limited News Release

Operating highlights for the year ended December 31, 2024 were as follows:


Chubb Limited	FY		FY
(in millions of U.S. dollars except for percentages)	2024		2023		Change
Consolidated

Net premiums written (increase of 9.2% in constant dollars)	$	51,468	$	47,361		8.7%

P&C

Net premiums written (increase of 8.0% in constant dollars)	$	45,142	$	41,896		7.7%

Underwriting income	$	5,850	$	5,460		7.1%

Combined ratio		86.6%		86.5%

Current accident year underwriting income excluding catastrophe losses	$	7,381	$	6,515		13.3%

Current accident year combined ratio excluding catastrophe losses		83.1%		83.9%

Global P&C (excludes Agriculture)

Net premiums written (increase of 9.9% in constant dollars)	$	42,439	$	38,708		9.6%

Underwriting income	$	5,496	$	5,314		3.4%

Combined ratio		86.6%		85.7%

Current accident year underwriting income excluding catastrophe losses	$	7,071	$	6,348		11.4%

Current accident year combined ratio excluding catastrophe losses		82.7%		83.0%

Life Insurance

Net premiums written (increase of 18.5% in constant dollars)	$	6,326	$	5,465		15.7%

Segment income (increase of 7.3% in constant dollars)	$	1,098	$	1,049		4.6%

●

Consolidated net premiums earned increased 9.0%, or 9.6% in constant dollars. P&C net premiums earned increased 8.1%, or 8.4% in constant dollars.

●

Operating cash flow was $16.18 billion and adjusted operating cash flow was $15.90 billion. Both were records.

●

Total pre-tax and after-tax P&C catastrophe losses, net of reinsurance and including reinstatement premiums, were $2.39 billion (5.5 percentage points of the combined ratio) and $1.97 billion, compared with $1.83 billion (4.5 percentage points of the combined ratio) and $1.50 billion, last year.

●

Total pre-tax and after-tax favorable prior period development were $856 million and $712 million, compared with $773 million and $604 million, last year.

●

Total capital returned to shareholders was $3.48 billion, comprising share repurchases of $2.02 billion at an average purchase price of $269.23 per share and dividends of $1.46 billion.


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

Chubb Limited News Release

Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended December 31, 2024 are presented below:


Chubb Limited	Q4		Q4
(in millions of U.S. dollars except for percentages)	2024		2023		Change

Total North America P&C Insurance
(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural Insurance)
Net premiums written	$	6,837	$	6,743		1.4%
Combined ratio		80.7%		81.9%
Current accident year combined ratio excluding catastrophe losses		79.5%		82.5%

North America Commercial P&C Insurance
Net premiums written	$	4,899	$	4,662		5.1%
Major accounts retail and excess and surplus (E&S) wholesale	$	2,915	$	2,788		4.6%
Middle market and small commercial	$	1,984	$	1,874		5.9%
Combined ratio		80.6%		76.4%
Current accident year combined ratio excluding catastrophe losses		79.0%		79.0%

North America Personal P&C Insurance
Net premiums written	$	1,621	$	1,474		10.0%
Combined ratio		82.6%		86.2%
Current accident year combined ratio excluding catastrophe losses		77.4%		80.4%

North America Agricultural Insurance
Net premiums written	$	317	$	607		(47.8)%
Combined ratio		76.1%		105.8%
Current accident year combined ratio excluding catastrophe losses		90.5%		106.1%

Overseas General Insurance
Net premiums written (increase of 6.8% in constant dollars)	$	3,436	$	3,216		6.8%
Commercial P&C (increase of 7.4% in constant dollars)	$	2,068	$	1,911		8.2%
Consumer P&C (increase of 6.0% in constant dollars)	$	1,368	$	1,305		4.7%
Combined ratio		87.6%		85.9%
Current accident year combined ratio excluding catastrophe losses		84.9%		85.2%

Global Reinsurance
Net premiums written (increase of 19.6% in constant dollars)	$	224	$	187		19.9%
Combined ratio		99.9%		76.1%
Current accident year combined ratio excluding catastrophe losses		75.8%		77.6%

Life Insurance
Net premiums written (increase of 8.5% in constant dollars)	$	1,561	$	1,450		7.6%
Segment income (increase of 3.8% in constant dollars)	$	270	$	263		2.7%

●

North America Commercial P&C Insurance: The current accident year combined ratio excluding catastrophe losses was flat and included an adverse impact of 0.4 percentage points from a higher level of large structured transactions in the current year.


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

Chubb Limited News Release

●

North America Personal P&C Insurance: The combined ratio decreased 3.6 percentage points, including a 0.6 percentage point decrease from net catastrophe losses. The current accident year combined ratio excluding catastrophe losses decreased 3.0 percentage points, primarily from better current accident year excluding catastrophe losses results and favorable mix of business.

●

North America Agricultural Insurance: Net premiums written were down 47.8%, which includes the year-over year impact of premium adjustments related to the federal government profit-share agreement on the 2023 crop year. The combined ratio decreased 29.7 percentage points, reflecting a 32.2 percentage point decrease in the loss ratio, including 13.1 percentage points from higher favorable prior period development, and a 2.5 percentage point increase in the expense ratio. The current accident year combined ratio excluding catastrophe losses decreased 15.6 percentage points, including a 17.9 percentage points decrease in the loss ratio primarily due to a favorable true up of current crop year loss estimates reflecting better growing conditions versus prior year, and a 2.3 percentage point increase in the expense ratio.

●

Overseas General Insurance: The combined ratio increased 1.7 percentage points, including a 2.0 percentage point increase from higher catastrophe losses and lower favorable prior period development. The current accident year combined ratio excluding catastrophe losses decreased 0.3 percentage points, including a 0.5 percentage point decrease in the loss ratio and a 0.2 percentage point increase in the expense ratio.

●

Life Insurance: Net premiums written were $1.56 billion, up 7.6%, or 8.5% in constant dollars, with growth of 8.1% in International Life and 17.8% in Combined Insurance North America. International life net premiums written and deposits were $2.13 billion, up 25.4%, or 26.6% in constant dollars.


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

Chubb Limited News Release

Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the year ended December 31, 2024 are presented below:


Chubb Limited	FY		FY
(in millions of U.S. dollars except for percentages)	2024		2023		Change

Total North America P&C Insurance
(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural Insurance)
Net premiums written	$	29,824	$	28,303		5.4%
Combined ratio		84.1%		84.9%
Current accident year combined ratio excluding catastrophe losses		80.9%		82.1%

North America Commercial P&C Insurance
Net premiums written	$	20,589	$	19,237		7.0%
Major accounts retail and excess and surplus (E&S) wholesale	$	12,514	$	11,653		7.4%
Middle market and small commercial	$	8,075	$	7,584		6.5%
Combined ratio		83.9%		81.6%
Current accident year combined ratio excluding catastrophe losses		80.6%		80.5%

North America Personal P&C Insurance
Net premiums written	$	6,532	$	5,878		11.1%
Combined ratio		83.6%		89.7%
Current accident year combined ratio excluding catastrophe losses		78.5%		80.1%

North America Agricultural Insurance
Net premiums written	$	2,703	$	3,188		(15.2)%
Combined ratio		86.9%		95.4%
Current accident year combined ratio excluding catastrophe losses		88.8%		94.7%

Overseas General Insurance
Net premiums written (increase of 11.8% in constant dollars)	$	13,972	$	12,575		11.1%
Commercial P&C (increase of 9.8% in constant dollars)	$	8,372	$	7,633		9.7%
Consumer P&C (increase of 15.0% in constant dollars)	$	5,600	$	4,942		13.3%
Combined ratio		86.4%		85.3%
Current accident year combined ratio excluding catastrophe losses		85.2%		85.1%

Global Reinsurance
Net premiums written (increase of 32.2% in constant dollars)	$	1,346	$	1,018		32.2%
Combined ratio		85.9%		75.5%
Current accident year combined ratio excluding catastrophe losses		76.4%		77.9%

Life Insurance
Net premiums written (increase of 18.5% in constant dollars)	$	6,326	$	5,465		15.7%
Segment income (increase of 7.3% in constant dollars)	$	1,098	$	1,049		4.6%

●

North America Commercial P&C Insurance: The combined ratio increased 2.3 percentage points, including a 1.7 percentage point increase due to higher catastrophe losses and a 0.5 percentage point increase due to lower favorable prior period development. Excluding catastrophe losses and prior period development, the combined ratio was relatively flat.


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

Chubb Limited News Release

●

North America Personal P&C Insurance: The combined ratio decreased 6.1 percentage points, including a 2.4 percentage point decrease due to higher favorable prior period development and a 2.1 percentage point decrease due to lower catastrophe losses. The current accident year combined ratio excluding catastrophe losses decreased 1.6 percentage points, including a 1.0 percentage point decrease in the loss ratio and a 0.6 percentage point decrease in the expense ratio.

●

North America Agricultural Insurance: Net premiums written were down 15.2%, which includes the year-over-year impact of premium adjustments related to the federal government profit-share agreement on the 2023 crop year and lower commodity prices. The combined ratio decreased 8.5 percentage points, including 3.5 percentage points decrease due to higher favorable prior period development, partially offset by 0.9 percentage points increase due to higher catastrophe losses. The current accident year combined ratio excluding catastrophe losses decreased 5.9 percentage points, including a 7.7 percentage point decrease in the loss ratio reflecting better growing conditions versus prior year, and a 1.8 percentage point increase in the expense ratio.

●

Overseas General Insurance: The combined ratio increased 1.1 percentage points, including a 0.9 percentage point increase due to lower favorable prior period development and a 0.1 percentage point increase from higher catastrophe losses. Excluding catastrophe losses and prior period development, the combined ratio was relatively flat.

●

Global Reinsurance: Net premiums written increased 32.2% to $1.35 billion driven by new business in both property and casualty lines.

●

Life Insurance: Net premiums written were $6.33 billion, up 15.7%, or 18.5% in constant dollars, with growth of 20.5% in International Life and 12.6% in Combined Insurance North America. International life net premiums written and deposits were $7.82 billion, up 28.8%, or 32.3% in constant dollars.


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

Chubb Limited News Release

All comparisons are with the same period last year unless otherwise specifically stated.

Please refer to the Chubb Limited Financial Supplement, dated December 31, 2024, which is posted on Chubb’s investor relations website, investors.chubb.com, in the Financials section for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio, and debt and capital.

Chubb Limited will hold its fourth quarter earnings conference call on Wednesday, January 29, 2025, at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 877-400-4403 (within the United States) or 332-251-2601 (international), passcode 1641662. Please refer to the Chubb website under Events and Presentations for details. A replay will be available after the call at the same location. To listen to the replay, please click here to register and receive dial-in numbers.

Effective July 1, 2023, Chubb acquired a majority controlling interest in Huatai Group (Huatai), and applied consolidation accounting beginning in the third quarter of 2023. In this release, business activity for, and the financial position of, Huatai is reported at 100%, as required, except for core operating income, net income, book value, tangible book value, ROE, per share data, and certain other key metrics, which include only Chubb’s ownership interest and exclude the non-controlling interest.

About Chubb

Chubb is a world leader in insurance. With operations in 54 countries and territories, 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 defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb employs approximately 43,000 people worldwide. Additional information can be found at: www.chubb.com.

Investor Contact

Karen Beyer: (212) 827-4445; karen.beyer@chubb.com

Media Contact

mediarelations@chubb.com


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

Chubb Limited News Release

Regulation G – Non-GAAP Financial Measures

In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP).

Throughout this document there are various measures presented on a constant-dollar basis (i.e., excludes the impact of foreign exchange). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.

Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from certain acquisitions of $2 million and $7 million in Q4 2024 and Q4 2023, and including investment income of $126 million and $109 million in Q4 2024 and Q4 2023, from partially owned investment companies (private equity partnerships) where our ownership interest is in excess of 3% that are accounted for under the equity method. The amortization of the fair value adjustment on acquired invested assets was $16 million and $21 million for full-year 2024 and 2023, and the investment income from private equity partnerships was $430 million and $385 million for full-year 2024 and 2023. The mark-to-market movement on these private equity partnerships are included in adjusted net realized gains (losses) as described below. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.

Adjusted net realized gains (losses) and other, 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 and realized gains and losses on underlying investments supporting the liabilities of certain participating policies related to the policyholders’ share of gains and losses. The crop 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 realized gains and losses on underlying investments supporting the liabilities of certain participating policies have been reclassified from net realized gains (losses) to adjusted policy benefits. We believe this better reflects the economics of the liabilities and the underlying investments supporting those liabilities. Other includes integration expenses and the amortization of fair value adjustment of acquired invested assets and long-term debt related to certain acquisitions. See Core operating income, net of tax for further description of these items.

P&C underwriting income (loss) excludes the Life Insurance segment and is calculated by subtracting adjusted losses and loss expenses, adjusted policy benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income (loss) and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest expense, amortization expense of purchased intangibles, integration expenses, amortization of fair value of acquired invested assets and debt, income tax expense, adjusted net realized gains (losses), and market risk benefits gains (losses).

P&C current accident year underwriting income excluding catastrophe losses is P&C underwriting income adjusted to exclude P&C 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.


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

Chubb Limited News Release

Core operating income, net of tax, relates only to Chubb income, which excludes noncontrolling interests. It excludes from Chubb net income the after-tax impact of adjusted net realized gains (losses) and other, which include items described in this paragraph, and market risk benefits gains (losses). 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 market risk benefits gains (losses) because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. In addition, we exclude the amortization of fair value adjustments on purchased invested assets and long-term debt related to certain acquisitions due to the size and complexity of these acquisitions. We also exclude integration expenses, which include legal and professional fees and all other costs directly related to acquisition integration activities. The costs are not related to the ongoing activities of the individual segments and are therefore included in Corporate and excluded from our definition of segment income. We believe these integration expenses are not indicative of our underlying profitability, and excluding these integration expenses facilitates the comparison of our financial results to our historical operating results. References to core operating income measures mean net of tax, whether or not noted.

Metrics adjusted for the impact of the enactment of the Bermuda Tax Law are adjusted to exclude the deferred tax benefit of $55 million in Q1 2024 and $1.14 billion in Q4 2023, giving recognition for transition provisions of the Bermuda Tax Law. We believe that excluding the impact of the one-time deferred tax benefit provides a better evaluation of our operating performance and enhances the understanding of the trends in the underlying business that may be obscured by this non-recurring item.

Core operating return on equity (ROE) and Core operating return on tangible equity (ROTE) are annualized non-GAAP financial measures. The numerator includes core operating income (loss), net of tax. The denominator includes the average Chubb shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, current discount rate on future policy benefits (FPB), and instrument-specific credit risk on market risk benefits (MRB), all net of tax and attributable to Chubb. For the ROTE calculation, the denominator is also adjusted to exclude Chubb goodwill and other intangible assets, net of tax. These measures enhance the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity and tangible equity excluding the effect of these items as these are heavily influenced by changes in market conditions. We believe ROTE is meaningful because it measures the performance of our operations without the impact of goodwill and other intangible assets.

P&C combined ratio is the sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the crop derivatives, as noted above.

P&C current accident year combined ratio excluding catastrophe losses excludes the impact of P&C catastrophe losses and PPD from the P&C combined ratio. We believe this measure provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our P&C business that may be obscured by these items.

Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the operating results of Chubb’s Life Insurance and North America Agricultural Insurance segments. The agriculture insurance business is a different business in that it is a public sector and private sector partnership in which insurance rates, premium growth, and risk-sharing is not market-driven like the remainder of Chubb’s P&C insurance business. We believe that these measures are useful and meaningful to investors as they are used by management to assess Chubb’s global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.


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

Chubb Limited News Release

Book value per share and tangible book value per share excluding accumulated other comprehensive income (loss) (AOCI), excludes AOCI from the numerator because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates and foreign currency movement, to highlight underlying growth in book and tangible book value.

Adjusted operating cash flow is Operating cash flow excluding the operating cash flow related to the net investing activities of Huatai’s asset management companies as it relates to the Consolidated Investment Products as required under consolidation accounting. Because these entities are investment companies, we are required to retain the investment company presentation in our consolidated results, which means, we include the net investing activities of these entities in our operating cash flows. Chubb has elected to remove the impact of net investing activities of consolidated investment companies from our operating cash flow as they may impact a reader’s analysis of our underlying operating cash flow related to the core insurance company operations. These net investing activities are more appropriately classified outside of operating cash flows, consistent with our consolidated investing activities. Accordingly, we believe that it is appropriate to adjust operating cash flow for the impact of consolidated investment products.

Life Insurance and International life insurance net premiums written and deposits collected includes deposits collected on universal life and investment contracts (life deposits). Life deposits are not reflected as revenues in our consolidated statements of operations in accordance with U.S. GAAP. However, we include life deposits in presenting growth in our life insurance business because life deposits are an important component of production and key to our efforts to grow our business.

See the reconciliation of Non-GAAP Financial Measures on pages 27-33 in the Financial Supplement. These measures should not be viewed as a substitute for measures determined in accordance with GAAP, including premium, net income, book value, return on equity, and net investment income.

NM – not meaningful comparison

Cautionary Statement Regarding Forward-Looking Statements:

Forward-looking statements made in this press release, such as those related to company performance, pricing, growth opportunities, economic and market conditions, and our 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 and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, loss of key employees or disruptions to our operations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, rating agency action, infection rates and severity of pandemics, and their effects on our business operations and claims activity, possible terrorism or the outbreak and effects of war, economic, political, regulatory, insurance and reinsurance business conditions, potential strategic opportunities including acquisitions and our ability to achieve and integrate them, as well as management’s response to these factors, and other factors identified in our filings with the Securities and Exchange Commission (SEC). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


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

Chubb Limited News Release

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)


	December 31 2024		December 31 2023
Assets
Investments	$	150,650	$	136,735
Cash and restricted cash		2,549		2,621
Insurance and reinsurance balances receivable		14,426		13,379
Reinsurance recoverable on losses and loss expenses		19,570		19,952
Goodwill and other intangible assets ($25,219 and $25,314 represents Chubb portion as of 12/31/2024 and 12/31/2023, respectively)		25,956		26,461
Other assets		33,190		31,534

Total assets	$	246,341	$	230,682


Liabilities
Unpaid losses and loss expenses	$	83,797	$	80,122
Unearned premiums		23,504		22,051
Other liabilities		70,646		64,818

Total liabilities		177,947		166,991

Shareholders’ equity
Chubb shareholders’ equity, excl. AOCI		72,665		66,316
Accumulated other comprehensive income (loss) (AOCI)		(8,644)		(6,809)

Chubb shareholders’ equity		64,021		59,507
Noncontrolling interests		4,373		4,184

Total shareholders’ equity		68,394		63,691

Total liabilities and shareholders’ equity	$	246,341	$	230,682


Book value per common share	$	159.77	$	146.83
Tangible book value per common share	$	100.38	$	87.98
Book value per common share, excl. AOCI	$	181.34	$	163.64
Tangible book value per common share, excl. AOCI	$	118.57	$	102.78


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

Chubb Limited News Release

Chubb Limited

Summary Consolidated Financial Data

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

(Unaudited)


	Three Months Ended December 31				Year Ended December 31
	2024		2023		2024		2023
Gross premiums written	$	14,326	$	13,646	$	62,003	$	57,526
Net premiums written		12,058		11,596		51,468		47,361
Net premiums earned		12,598		11,897		49,846		45,712
Losses and loss expenses		6,481		6,163		26,022		24,100
Policy benefits		1,216		1,063		4,714		3,628
Policy acquisition costs		2,345		2,117		9,102		8,259
Administrative expenses		1,122		1,048		4,380		4,007
Net investment income		1,563		1,371		5,930		4,937
Net realized gains (losses)		(84)		(123)		117		(607)
Market risk benefits gains (losses)		98		(153)		(140)		(307)
Interest expense		189		173		741		672
Other income (expense):
Gains (losses) from separate account assets		1		11		(8)		(45)
Other		396		275		1,031		881
Amortization of purchased intangibles		82		84		323		310
Integration expenses		18		18		39		69
Income tax expense (benefit) ⁽¹⁾		479		(678)		1,815		511

Net income	$	2,640	$	3,290	$	9,640	$	9,015
Less: NCI income (loss)		65		(10)		368		(13)

Chubb net income	$	2,575	$	3,300	$	9,272	$	9,028


Diluted earnings per share:
Chubb net income	$	6.33	$	8.03	$	22.70	$	21.80
Core operating income	$	6.02	$	8.30	$	22.51	$	22.54
Weighted average shares outstanding		406.9		410.7		408.5		414.2

⁽¹⁾ 2024 and 2023 include a non-recurring deferred tax benefit of $55 million and $1.14 billion, respectively.

P&C combined ratio
Loss and loss expense ratio		59.4%		59.8%		60.4%		60.6%
Policy acquisition cost ratio		18.4%		17.8%		18.1%		17.8%
Administrative expense ratio		7.9%		7.9%		8.1%		8.1%

P&C combined ratio		85.7%		85.5%		86.6%		86.5%

P&C underwriting income	$	1,575	$	1,517	$	5,850	$	5,460


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

Exhibit 99.2

LOGO

Chubb Limited

Financial Supplement

for the Quarter and Year Ended December 31, 2024

Investor Contact

Karen Beyer: (212) 827-4445

email: investorrelations@chubb.com

This report is for informational purposes only. It should be read in conjunction with documents filed by Chubb Limited with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this financial supplement reflect Chubb Limited’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from such statements. For example, forward-looking statements related to financial performance, including exposures, reserves and recoverables, could be affected by the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, currency exchange fluctuations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance receivable and credit developments among reinsurers.

Our forward-looking statements could also be affected by, among other things, competition, pricing and policy term trends, market acceptance, changes in demand, actual market developments, rating agency action, possible terrorism or the outbreak and effects of war, and such other factors identified in our filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Chubb Limited

Financial Supplement Table of Contents


		Page
I.	Financial Highlights
	- Consolidated Financial Highlights		1a
	- Consolidated Financial Highlights (Ex Tax Benefit)		1b

II.	Consolidated Results
	- Consolidated Statement of Operations		2
	- P&C Results - Consecutive Quarters		3
	- Global P&C Results - Consecutive Quarters		4
	- Summary Consolidated Balance Sheets		5
	- Product Line		6
	- Consolidated Results by Segment		7 - 8

III.	Segment Results
	- North America Commercial P&C Insurance		9
	- North America Personal P&C Insurance		10
	- North America Agricultural Insurance		11
	- Overseas General Insurance		12
	- Global Reinsurance		13
	- Life Insurance		14
	- Corporate		15

IV.	Balance Sheet Details
	- Loss Reserve Rollforward		16
	- Reinsurance Recoverable Analysis		17
	- Investment Portfolio		18 - 21
	- Net Realized and Unrealized Gains (Losses)		22 - 23
	- Debt and Capital		24
	- Computation of Basic and Diluted Earnings Per Share		25
	- Book Value and Book Value per Common Share		26

V.	Other Disclosures
	- Non-GAAP Financial Measures		27 - 33
	- Glossary		34

Consolidation of Huatai Group Effective July 1, 2023

Effective July 1, 2023, Chubb increased its aggregate ownership interest in Huatai Group (Huatai), resulting in a majority controlling interest, and applied consolidation accounting beginning third quarter 2023.

In this financial supplement, business activity for, and the financial position of, Huatai is reported at 100%, as required, except for core operating income, net income, book value, tangible book value, ROE, per share data, and certain other key metrics, which include only Chubb’s ownership interest and exclude the non-controlling interest.

Chubb Limited

Consolidated Financial Highlights

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

(Unaudited)

Note: All dollar amounts in the Financial Supplement are rounded. However, percent changes and ratios are calculated using whole dollars. Accordingly, calculations using rounded dollars may differ.


	Three months ended December 31						Constant $		Constant $		Year ended December 31						Constant $		Constant $
	2024		2023		% Change		2023		% Change		2024		2023		% Change		2023		% Change


Gross premiums written	$	14,326	$	13,646		5.0%	$	13,634		5.1%	$	62,003	$	57,526		7.8%	$	57,285		8.2%

Net premiums written	$	12,058	$	11,596		4.0%	$	11,584		4.1%	$	51,468	$	47,361		8.7%	$	47,143		9.2%

P&C net premiums written	$	10,497	$	10,146		3.5%	$	10,145		3.5%	$	45,142	$	41,896		7.7%	$	41,804		8.0%

Global P&C net premiums written	$	10,180	$	9,539		6.7%	$	9,538		6.7%	$	42,439	$	38,708		9.6%	$	38,616		9.9%

Life Insurance net premiums written	$	1,561	$	1,450		7.6%	$	1,439		8.5%	$	6,326	$	5,465		15.7%	$	5,339		18.5%

Net premiums earned	$	12,598	$	11,897		5.9%	$	11,883		6.0%	$	49,846	$	45,712		9.0%	$	45,476		9.6%

P&C underwriting income	$	1,575	$	1,517		3.8%	$	1,540		2.3%	$	5,850	$	5,460		7.1%	$	5,457		7.2%

P&C CAY underwriting income ex Cats	$	1,969	$	1,640		20.1%	$	1,651		19.1%	$	7,381	$	6,515		13.3%	$	6,508		13.4%

Adjusted net investment income	$	1,691	$	1,487		13.7%	$	1,488		13.7%	$	6,376	$	5,343		19.3%	$	5,325		19.7%

Core operating income	$	2,451	$	3,410		-28.1%	$	3,427		-28.5%	$	9,197	$	9,337		-1.5%	$	9,309		-1.2%

Adjusted operating cash flow	$	4,163	$	2,736							$	15,904	$	12,182

Net investment income	$	1,563	$	1,371		14.0%	$	1,372		14.0%	$	5,930	$	4,937		20.1%	$	4,919		20.6%

Chubb net income	$	2,575	$	3,300		-22.0%					$	9,272	$	9,028		2.7%

Operating cash flow	$	4,565	$	3,186							$	16,182	$	12,632

P&C combined ratio
Loss and loss expense ratio		59.4%		59.8%								60.4%		60.6%
Policy acquisition cost and administrative expense ratio		26.3%		25.7%								26.2%		25.9%



Combined ratio		85.7%		85.5%								86.6%		86.5%

P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)
CAY loss and loss expense ratio ex Cats		55.7%		58.7%								57.0%		58.2%
CAY policy acquisition cost and administrative expense ratio ex Cats		26.5%		25.6%								26.1%		25.7%


CAY combined ratio ex Cats		82.2%		84.3%								83.1%		83.9%

ROE		15.9%		23.6%								15.0%		16.4%
Core operating return on tangible equity (ROTE)		22.0%		35.3%								21.6%		24.2%
Core operating return on equity (ROE)		14.3%		21.9%								13.9%		15.4%

Effective tax rate		15.6%		-26.0%								16.3%		5.3%
Core operating effective tax rate		18.2%		-24.5%								17.5%		6.9%

Diluted earnings per share

Chubb net income	$	6.33	$	8.03		-21.2%					$	22.70	$	21.80		4.1%

Core operating income	$	6.02	$	8.30		-27.5%					$	22.51	$	22.54		-0.1%

Weighted average basic common shares outstanding		402.7		407.2								404.2		410.8
Weighted average diluted common shares outstanding		406.9		410.7								408.5		414.2

					% Change				% Change
	December 31 2024		September 30 2024		4Q-24 vs. 3Q-24		December 31 2023		4Q-24 vs. 4Q-23

Book value per common share	$	159.77	$	163.16		-2.1%	$	146.83		8.8%
Tangible book value per common share	$	100.38	$	102.67		-2.2%	$	87.98		14.1%

Book value per common share, excl. AOCI	$	181.34	$	176.23		2.9%	$	163.64		10.8%
Tangible book value per common share, excl. AOCI	$	118.57	$	113.72		4.3%	$	102.78		15.4%

Note: Q4 2023 and full year 2023 include the impact of the deferred tax benefit of $1.14 billion related to the Bermuda tax law (tax benefit). Full year 2024 includes an incremental tax benefit recorded in Q1 of $55 million related to this tax law. Refer to page 1b for the impact of this tax benefit on key metrics.


Financial Highlights		Page 1a

Chubb Limited

Consolidated Financial Highlights (Ex Tax Benefit)

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

(Unaudited)

Metrics on this page for Q4 2023 and full year 2023 exclude the impact of the tax benefit of $1.14 billion, and for full year 2024 excludes an incremental tax benefit recorded in Q1 of $55 million.


	Three months ended December 31						Year ended December 31
	2024		2023		% Change		2024		2023		% Change


Core operating income	$	2,451	$	2,275		7.7%	$	9,142	$	8,202		11.5%

Chubb net income	$	2,575	$	2,165		18.9%	$	9,217	$	7,893		16.8%

ROE		15.9%		15.6%				14.9%		14.5%
Core operating return on tangible equity (ROTE)		22.0%		23.9%				21.5%		21.6%
Core operating return on equity (ROE)		14.3%		14.7%				13.8%		13.6%

Effective tax rate		15.6%		17.4%				16.8%		17.2%
Core operating effective tax rate		18.2%		17.0%				18.0%		18.2%

Diluted earnings per share

Chubb net income	$	6.33	$	5.27		20.1%	$	22.56	$	19.06		18.4%

Core operating income	$	6.02	$	5.54		8.7%	$	22.38	$	19.80		13.0%


Fin Highlights (ex tax benefit)		Page 1b

Chubb Limited

Statement of Operations - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)


Consolidated Statements of Operations	4Q-24			3Q-24			2Q-24			1Q-24			4Q-23			Full Year 2024			Full Year 2023

Gross premiums written	$	14,326		$	16,761		$	16,491		$	14,425		$	13,646		$	62,003		$	57,526

Net premiums written		12,058			13,829			13,360			12,221			11,596			51,468			47,361

Net premiums earned		12,598			13,373			12,292			11,583			11,897			49,846			45,712

Adjusted losses and loss expenses ⁽¹⁾		6,481			7,384			6,434			5,728			6,165			26,027			24,105

Realized (gains) losses on crop derivatives		-			1			3			1			2			5			5



Losses and loss expenses		6,481			7,383			6,431			5,727			6,163			26,022			24,100

Adjusted policy benefits ⁽²⁾		1,107			1,109			1,123			1,170			1,052			4,509			3,673

Realized (gains) losses from investment portfolios supporting participating policies		(108	)		(20	)		(85	)		-			-			(213	)		-

(Gains) losses from fair value changes in separate account assets		(1	)		30			(11	)		(10	)		(11	)		8			45



Policy benefits		1,216			1,099			1,219			1,180			1,063			4,714			3,628

Policy acquisition costs		2,345			2,324			2,226			2,207			2,117			9,102			8,259

Administrative expenses		1,122			1,094			1,094			1,070			1,048			4,380			4,007

Adjusted net investment income ⁽³⁾		1,691			1,640			1,563			1,482			1,487			6,376			5,343

Other (income) expense from private equity partnerships		(126	)		(127	)		(91	)		(86	)		(109	)		(430	)		(385	)

Amortization expense of fair value adjustment on acquired invested assets		(2	)		(5	)		(4	)		(5	)		(7	)		(16	)		(21	)



Net investment income		1,563			1,508			1,468			1,391			1,371			5,930			4,937

Adjusted realized gains (losses) ⁽⁴⁾		(192	)		179			22			(100	)		(121	)		(91	)		(602	)

Realized gains (losses) from investment portfolios supporting participating policies		108			20			85			-			-			213			-

Realized gains (losses) on crop derivatives		-			(1	)		(3	)		(1	)		(2	)		(5	)		(5	)



Net realized gains (losses)		(84	)		198			104			(101	)		(123	)		117			(607	)

Market risk benefits gains (losses)		98			(230	)		(29	)		21			(153	)		(140	)		(307	)

Adjusted interest expense ⁽⁵⁾		194			197			188			183			179			762			693

Amortization benefit of fair value adjustment on acquired long term debt		(5	)		(5	)		(6	)		(5	)		(6	)		(21	)		(21	)



Interest expense		189			192			182			178			173			741			672

Gains (losses) from fair value changes in separate account assets		1			(30	)		11			10			11			(8	)		(45	)

Net realized gains (losses) related to unconsolidated entities		216			212			7			101			143			536			431

Other income (expense) from private equity partnerships		126			127			91			86			109			430			385

Other income (expense) - operating		54			16			1			(6	)		23			65			65



Other income (expense)		397			325			110			191			286			1,023			836

Amortization expense of purchased intangibles		82			81			80			80			84			323			310

Integration expenses		18			7			7			7			18			39			69

Income tax expense (benefit)		479			504			490			342			(678	)		1,815			511



Net income	$	2,640		$	2,490		$	2,216		$	2,294		$	3,290		$	9,640		$	9,015

Less: NCI income (loss)		65			166			(14	)		151			(10	)		368			(13	)



Chubb net income	$	2,575		$	2,324		$	2,230		$	2,143		$	3,300		$	9,272		$	9,028

(1) Adjusted losses and loss expenses used throughout this report includes realized gains and losses on crop derivatives.

(2) Adjusted policy benefits used throughout this report includes gains and losses from fair value changes in separate account assets that do not qualify for separate account reporting under U.S. GAAP and realized gains and losses on underlying investments supporting the liabilities of certain participating policies related to the policyholders’ share of gains and losses.

(3) Adjusted net investment income used throughout this report excludes Amortization expense of fair value adjustment on acquired invested assets and includes income from private equity partnerships where we hold more than 3% ownership.

(4) Adjusted realized gains (losses) used throughout this report excludes realized gains and losses on crop derivatives and realized gains and losses on underlying investments supporting the liabilities of certain participating policies related to the policyholders’ share of gains and losses.

(5) Adjusted interest expense used throughout this report excludes Amortization benefit of fair value adjustment on acquired long term debt.


Statement of Operations		Page 2

Chubb Limited

P&C Underwriting Results - Consecutive Quarters

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

(Unaudited)


Chubb Limited P&C Underwriting Results	4Q-24			3Q-24			2Q-24			1Q-24			4Q-23			Full Year 2024			Full Year 2023

P&C underwriting income

Gross premiums written	$	12,696		$	15,143		$	14,845		$	12,724		$	12,122		$	55,408		$	51,772
Net premiums written		10,497			12,277			11,780			10,588			10,146			45,142			41,896
Net premiums earned		11,034			11,843			10,724			9,972			10,461			43,573			40,314
Adjusted losses and loss expenses		6,455			7,352			6,412			5,696			6,138			25,915			23,991
Policy benefits		96			120			92			100			119			408			457
Policy acquisition costs		2,028			2,033			1,926			1,913			1,857			7,900			7,170
Administrative expenses		880			881			876			863			830			3,500			3,236

P&C underwriting income	$	1,575		$	1,457		$	1,418		$	1,400		$	1,517		$	5,850		$	5,460

P&C CAY underwriting income ex Cats	$	1,969		$	1,978		$	1,806		$	1,628		$	1,640		$	7,381		$	6,515

% Change versus prior year period
Net premiums written		3.5%			5.4%			10.3%			12.4%			12.5%			7.7%			9.9%
Net premiums earned		5.5%			5.4%			10.1%			12.3%			11.8%			8.1%			9.4%

Net premiums written constant $		3.5%			6.1%			10.6%			12.2%			11.3%			8.0%			9.9%
Net premiums earned constant $		5.5%			6.3%			10.4%			12.2%			10.6%			8.4%			9.3%

P&C combined ratio
Loss and loss expense ratio		59.4%			63.1%			60.6%			58.1%			59.8%			60.4%			60.6%
Policy acquisition cost ratio		18.4%			17.2%			18.0%			19.2%			17.8%			18.1%			17.8%
Administrative expense ratio		7.9%			7.4%			8.2%			8.7%			7.9%			8.1%			8.1%

Combined ratio		85.7%			87.7%			86.8%			86.0%			85.5%			86.6%			86.5%


CAY P&C combined ratio ex Cats

CAY loss and loss expense ratio ex Cats		55.7%			58.9%			57.1%			56.1%			58.7%			57.0%			58.2%
CAY policy acquisition cost and administrative expense ratio ex Cats		26.5%			24.5%			26.1%			27.6%			25.6%			26.1%			25.7%

CAY combined ratio ex Cats		82.2%			83.4%			83.2%			83.7%			84.3%			83.1%			83.9%


Other ratios
Net premiums written/gross premiums written		83%			81%			79%			83%			84%			81%			81%

Expense ratio		26.3%			24.6%			26.2%			27.9%			25.7%			26.2%			25.9%
Expense ratio excluding A&H		24.7%			23.1%			24.5%			26.1%			23.9%			24.6%			24.0%

Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	10		$	4		$	-		$	-		$	-		$	14		$	-
Catastrophe losses - pre-tax	$	617		$	769		$	580		$	435		$	300		$	2,401		$	1,828
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(213	)	$	(244	)	$	(192	)	$	(207	)	$	(177	)	$	(856	)	$	(773	)
Impact of catastrophe losses on P&C combined ratio - Unfavorable		5.5%			6.4%			5.4%			4.4%			2.9%			5.5%			4.5%

Impact of PPD on P&C combined ratio - Favorable		-2.0%			-2.1%			-1.8%			-2.1%			-1.7%			-2.0%			-1.9%
Impact of Cats and PPD on P&C combined ratio - Unfavorable		3.5%			4.3%			3.6%			2.3%			1.2%			3.5%			2.6%


P&C Results		Page 3

Chubb Limited

Global P&C Underwriting Results - Consecutive Quarters

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

(Unaudited)


Global P&C	4Q-24		3Q-24		2Q-24		1Q-24		4Q-23		Full Year 2024		Full Year 2023

Global P&C underwriting income
Gross premiums written	$	12,192	$	12,992	$	13,734	$	12,296	$	11,614	$	51,214	$	47,366
Net premiums written		10,180		10,898		11,022		10,339		9,539		42,439		38,708
Net premiums earned		10,502		10,424		10,098		9,844		9,626		40,868		37,145
Adjusted losses and loss expenses		6,070		6,159		5,869		5,647		5,267		23,745		21,117
Policy benefits		96		120		92		100		119		408		457
Policy acquisition costs		1,991		1,945		1,881		1,892		1,835		7,709		7,020
Administrative expenses		897		879		873		861		840		3,510		3,237

Global P&C underwriting income	$	1,448	$	1,321	$	1,383	$	1,344	$	1,565	$	5,496	$	5,314

Global P&C CAY underwriting income ex Cats	$	1,917	$	1,819	$	1,738	$	1,597	$	1,692	$	7,071	$	6,348

% Change versus prior year period
Net premiums written		6.7%		7.6%		11.2%		13.3%		10.5%		9.6%		10.0%
Net premiums earned		9.1%		7.5%		10.9%		12.9%		10.2%		10.0%		9.2%

Net premiums written constant $		6.7%		8.5%		11.5%		13.0%		9.2%		9.9%		10.0%
Net premiums earned constant $		9.1%		8.5%		11.2%		12.8%		8.9%		10.3%		9.1%

Combined ratio

Loss and loss expense ratio		58.7%		60.2%		59.0%		58.4%		56.0%		59.1%		58.1%
Policy acquisition cost ratio		19.0%		18.7%		18.6%		19.2%		19.0%		18.9%		18.9%
Administrative expense ratio		8.5%		8.4%		8.7%		8.7%		8.7%		8.6%		8.7%

Combined ratio		86.2%		87.3%		86.3%		86.3%		83.7%		86.6%		85.7%


CAY combined ratio ex Cats

CAY loss and loss expense ratio ex Cats		54.1%		55.7%		55.5%		55.9%		54.7%		55.3%		55.5%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.6%		26.9%		27.3%		27.9%		27.7%		27.4%		27.5%

CAY combined ratio ex Cats		81.7%		82.6%		82.8%		83.8%		82.4%		82.7%		83.0%


Other ratios
Net premiums written/gross premiums written		84%		84%		80%		84%		82%		83%		82%

Expense ratio		27.5%		27.1%		27.3%		27.9%		27.7%		27.5%		27.6%
Expense ratio excluding A&H		25.9%		25.6%		25.7%		26.2%		26.1%		25.8%		25.8%
Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	10	$	4	$	-	$	-	$	-	$	14	$	-
Catastrophe losses - pre-tax	$	622	$	740	$	547	$	432	$	298	$	2,341	$	1,789
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(143)	$	(238)	$	(192)	$	(179)	$	(171)	$	(752)	$	(755)

Impact of catastrophe losses on combined ratio - Unfavorable		5.8%		7.0%		5.4%		4.3%		3.0%		5.7%		4.8%
Impact of PPD on combined ratio - Favorable		-1.3%		-2.3%		-1.9%		-1.8%		-1.8%		-1.8%		-2.1%
Impact of Cats and PPD on combined ratio - Unfavorable		4.5%		4.7%		3.5%		2.5%		1.2%		3.9%		2.7%


Global P&C		Page 4

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)


	December 31 2024			September 30 2024			June 30 2024			March 31 2024			December 31 2023
Assets

Short-term investments, at fair value	$	5,142		$	4,375		$	4,546		$	5,107		$	4,551
Fixed maturities available for sale, at fair value		110,363			117,265			107,840			108,289			106,571
Private debt held-for-investment, at amortized cost		2,628			2,619			2,680			2,708			2,553
Equity securities, at fair value		9,151			4,404			3,792			3,769			3,455
Private equities		14,769			14,405			14,365			14,281			14,078
Other investments		8,597			8,155			7,513			6,216			5,527

Total investments		150,650			151,223			140,736			140,370			136,735

Cash and restricted cash		2,549			2,678			2,568			2,651			2,621
Securities lending collateral		1,445			1,927			1,889			1,708			1,299
Insurance and reinsurance balances receivable		14,426			15,709			15,929			13,991			13,379
Reinsurance recoverable on losses and loss expenses		19,570			19,606			19,355			19,109			19,952
Deferred policy acquisition costs		8,358			8,249			7,812			7,537			7,152
Value of business acquired (VOBA)		3,223			3,452			3,434			3,617			3,674
Prepaid reinsurance premiums		3,378			3,648			3,747			3,241			3,221
Goodwill and other intangible assets ($25,219 and $25,314 represents Chubb portion as of 12/31/2024 and 12/31/2023, respectively)		25,956			26,584			26,452			26,405			26,461
Deferred tax assets		1,603			1,567			1,690			1,761			1,741
Separate account assets		6,231			5,996			5,834			5,864			5,573
Other assets		8,952			9,918			9,105			8,613			8,874

Total assets	$	246,341		$	250,557		$	238,551		$	234,867		$	230,682


Liabilities
Unpaid losses and loss expenses	$	83,797		$	84,326		$	82,191		$	80,341		$	80,122
Unearned premiums		23,504			24,498			24,102			22,728			22,051

Future policy benefits		16,121			16,003			14,663			14,375			13,888

Market risk benefits		607			748			576			611			771

Policyholder account balances		8,016			8,136			7,787			7,560			7,462

Separate account liabilities		6,231			5,996			5,834			5,864			5,573
Insurance and reinsurance balances payable		8,121			8,696			9,126			8,505			8,302
Securities lending payable		1,445			1,927			1,889			1,708			1,299
Accounts payable, accrued expenses, and other liabilities		12,923			12,015			11,196			11,379			11,165
Deferred tax liabilities		1,584			1,652			1,572			1,543			1,555
Short-term and long-term debt		15,179			16,131			14,731			15,513			14,495
Hybrid debt		419			309			309			309			308

Total liabilities		177,947			180,437			173,976			170,436			166,991

Shareholders’ equity
Chubb shareholders’ equity, excl. AOCI		72,665			71,027			69,342			67,921			66,316
Accumulated other comprehensive income (loss) (AOCI)		(8,644	)		(5,270	)		(8,304	)		(7,386	)		(6,809	)

Chubb shareholders’ equity		64,021			65,757			61,038			60,535			59,507
Noncontrolling interests		4,373			4,363			3,537			3,896			4,184

Total shareholders’ equity		68,394			70,120			64,575			64,431			63,691

Total liabilities and shareholders’ equity	$	246,341		$	250,557		$	238,551		$	234,867		$	230,682


Book value per common share	$	159.77		$	163.16		$	151.05		$	149.09		$	146.83
% change over prior quarter		-2.1%			8.0%			1.3%			1.5%			14.4%
Tangible book value per common share ⁽¹⁾	$	100.38		$	102.67		$	91.05		$	89.55		$	87.98
% change over prior quarter		-2.2%			12.8%			1.7%			1.8%			24.1%

Book value per common share, excl. AOCI	$	181.34		$	176.23		$	171.60		$	167.28		$	163.64
% change over prior quarter		2.9%			2.7%			2.6%			2.2%			4.5%
Tangible book value per common share, excl. AOCI	$	118.57		$	113.72		$	109.08		$	105.75		$	102.78
% change over prior quarter		4.3%			4.3%			3.1%			2.9%			6.1%

(1) Refer to page 26 in this financial supplement for more details.


Consol Bal Sheet		Page 5

Chubb Limited

Consolidated Net Premiums Written by Product Line

(in millions of U.S. dollars)

(Unaudited)


							Constant $		Full Year		Full Year				Constant $
	4Q-24		4Q-23		% Change		% Change		2024		2023		% Change		% Change
Net premiums written

Property and other short-tail lines	$	2,154	$	1,961		9.8%		9.4%	$	9,543	$	8,414		13.4%		13.6%
Commercial casualty		2,253		2,032		10.8%		10.4%		9,166		8,291		10.5%		10.5%
Financial lines		1,313		1,336		-1.7%		-2.0%		4,907		5,069		-3.2%		-3.2%
Workers’ compensation		511		546		-6.3%		-6.3%		2,238		2,239		0.0%		0.0%
Commercial multiple peril ⁽¹⁾		402		363		10.8%		10.8%		1,631		1,492		9.3%		9.3%
Surety		213		185		15.8%		19.1%		785		691		13.8%		14.6%

Total Commercial P&C lines		6,846		6,423		6.6%		6.4%		28,270		26,196		7.9%		8.0%

Agriculture		317		607		-47.8%		-47.8%		2,703		3,188		-15.2%		-15.2%

Personal homeowners		1,264		1,161		8.9%		9.0%		4,971		4,429		12.2%		12.6%
Personal automobile		611		557		9.5%		13.8%		2,491		1,991		25.1%		25.6%
Personal other		482		463		4.0%		3.3%		2,076		1,929		7.6%		8.3%

Total Personal lines		2,357		2,181		8.0%		9.0%		9,538		8,349		14.2%		14.7%

Global A&H - P&C		753		748		0.8%		0.3%		3,285		3,145		4.5%		5.9%

Reinsurance lines		224		187		19.9%		19.6%		1,346		1,018		32.2%		32.2%


Total P&C	$	10,497	$	10,146		3.5%		3.5%	$	45,142	$	41,896		7.7%		8.0%


Life Insurance		1,561		1,450		7.6%		8.5%		6,326		5,465		15.7%		18.5%


Total Consolidated	$	12,058	$	11,596		4.0%		4.1%	$	51,468	$	47,361		8.7%		9.2%

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


Product Line		Page 6

Chubb Limited

Consolidated Results

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

(Unaudited)


		Three months ended December 31, 2024
	North America Commercial P&C			North America Personal P&C			North America Agricultural		Overseas General		Global				Total		Life		Total
Q4 2024		Insurance			Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated

Net premiums written		$	4,899		$	1,621	$	317	$	3,436	$	224	$	-	$	10,497	$	1,561	$	12,058
% of total net premiums written			41%			13%		3%		28%		2%		-		87%		13%		100%
Net premiums earned			5,118			1,628		532		3,434		322		-		11,034		1,564		12,598
Adjusted losses and loss expenses			3,097			930		385		1,686		219		138		6,455		26		6,481
Adjusted policy benefits			-			-		-		96		-		-		96		1,011		1,107
Policy acquisition costs			681			325		37		893		92		-		2,028		317		2,345
Administrative expenses			344			89		(17)		332		10		122		880		242		1,122

Underwriting income (loss)			996			284		127		427		1		(260)		1,575		(32)		1,543
Adjusted net investment income			936			111		22		300		74		(17)		1,426		265		1,691
Other income (expense) - operating			(4)			(1)		-		-		-		11		6		48		54
Amortization expense of purchased intangibles			(1)			(2)		(7)		(20)		-		(41)		(71)		(11)		(82)

Segment income (loss)		$	1,927		$	392	$	142	$	707	$	75	$	(307)	$	2,936	$	270	$	3,206


Combined ratio			80.6%			82.6%		76.1%		87.6%		99.9%				85.7%
CAY combined ratio ex Cats			79.0%			77.4%		90.5%		84.9%		75.8%				82.2%


		Three months ended December 31, 2023
	North America Commercial P&C			North America Personal P&C			North America Agricultural		Overseas General		Global				Total		Life		Total
Q4 2023		Insurance			Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated

Net premiums written		$	4,662		$	1,474	$	607	$	3,216	$	187	$	-	$	10,146	$	1,450	$	11,596
% of total net premiums written			40%			12%		5%		28%		2%		-		87%		13%		100%
Net premiums earned			4,706			1,452		835		3,226		242		-		10,461		1,436		11,897
Adjusted losses and loss expenses			2,631			877		871		1,504		107		148		6,138		27		6,165
Adjusted policy benefits			-			-		-		119		-		-		119		933		1,052
Policy acquisition costs			648			292		22		827		68		-		1,857		260		2,117
Administrative expenses			316			82		(10)		320		10		112		830		218		1,048

Underwriting income (loss)			1,111			201		(48)		456		57		(260)		1,517		(2)		1,515
Adjusted net investment income			813			96		20		259		64		4		1,256		231		1,487
Other income (expense) - operating			(4)			(1)		(1)		(4)		1		(14)		(23)		46		23
Amortization expense of purchased intangibles			-			(1)		(6)		(18)		-		(47)		(72)		(12)		(84)

Segment income (loss)		$	1,920		$	295	$	(35)	$	693	$	122	$	(317)	$	2,678	$	263	$	2,941


Combined ratio			76.4%			86.2%		105.8%		85.9%		76.1%				85.5%
CAY combined ratio ex Cats			79.0%			80.4%		106.1%		85.2%		77.6%				84.3%


Consol Results - QTD		Page 7

Chubb Limited

Consolidated Results

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

(Unaudited)


	Year ended December 31, 2024
	North America Commercial P&C		North America Personal P&C		North America Agricultural		Overseas General		Global				Total		Life		Total
Full Year 2024	Insurance		Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated


Net premiums written	$	20,589	$	6,532	$	2,703	$	13,972	$	1,346	$	-	$	45,142	$	6,326	$	51,468
% of total net premiums written		40%		13%		5%		27%		3%		-		88%		12%		100%
Net premiums earned		20,008		6,188		2,705		13,400		1,272		-		43,573		6,273		49,846
Adjusted losses and loss expenses		12,737		3,584		2,170		6,414		711		299		25,915		112		26,027
Adjusted policy benefits		-		-		-		408		-		-		408		4,101		4,509
Policy acquisition costs		2,718		1,239		191		3,410		342		-		7,900		1,202		9,102
Administrative expenses		1,337		351		(10)		1,351		39		432		3,500		880		4,380

Underwriting income (loss)		3,216		1,014		354		1,817		180		(731)		5,850		(22)		5,828
Adjusted net investment income		3,556		433		84		1,136		253		(89)		5,373		1,003		6,376
Other income (expense) - operating		(32)		(1)		(1)		(14)		-		(46)		(94)		159		65
Amortization expense of purchased intangibles		(3)		(9)		(25)		(81)		-		(163)		(281)		(42)		(323)

Segment income (loss)	$	6,737	$	1,437	$	412	$	2,858	$	433	$	(1,029)	$	10,848	$	1,098	$	11,946


Combined ratio		83.9%		83.6%		86.9%		86.4%		85.9%				86.6%
CAY combined ratio ex Cats		80.6%		78.5%		88.8%		85.2%		76.4%				83.1%


	Year ended December 31, 2023
	North America Commercial P&C		North America Personal P&C		North America Agricultural		Overseas General		Global				Total		Life		Total
Full Year 2023	Insurance		Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated

Net premiums written	$	19,237	$	5,878	$	3,188	$	12,575	$	1,018	$	-	$	41,896	$	5,465	$	47,361
% of total net premiums written		41%		12%		7%		26%		2%		-		88%		12%		100%
Net premiums earned		18,416		5,536		3,169		12,231		962		-		40,314		5,398		45,712
Adjusted losses and loss expenses		11,256		3,511		2,874		5,643		426		281		23,991		114		24,105
Adjusted policy benefits		-		-		-		457		-		-		457		3,216		3,673
Policy acquisition costs		2,515		1,128		150		3,113		264		-		7,170		1,089		8,259
Administrative expenses		1,250		329		(1)		1,219		37		402		3,236		771		4,007

Underwriting income (loss)		3,395		568		146		1,799		235		(683)		5,460		208		5,668
Adjusted net investment income		3,017		358		63		895		208		46		4,587		756		5,343
Other income (expense) - operating		(22)		(3)		(1)		25		2		(51)		(50)		115		65
Amortization expense of purchased intangibles		-		(9)		(25)		(70)		-		(176)		(280)		(30)		(310)

Segment income (loss)	$	6,390	$	914	$	183	$	2,649	$	445	$	(864)	$	9,717	$	1,049	$	10,766


Combined ratio		81.6%		89.7%		95.4%		85.3%		75.5%				86.5%
CAY combined ratio ex Cats		80.5%		80.1%		94.7%		85.1%		77.9%				83.9%


Consol Results - FY		Page 8

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Commercial P&C Insurance


																Full Year			Full Year
	4Q-24			3Q-24			2Q-24			1Q-24			4Q-23			2024			2023

Gross premiums written	$	5,873		$	6,511		$	6,915		$	5,431		$	5,752		$	24,730		$	23,810
Net premiums written		4,899			5,500			5,501			4,689			4,662			20,589			19,237
Net premiums earned		5,118			5,110			4,900			4,880			4,706			20,008			18,416
Losses and loss expenses		3,097			3,391			3,074			3,175			2,631			12,737			11,256
Policy acquisition costs		681			689			660			688			648			2,718			2,515
Administrative expenses		344			338			327			328			316			1,337			1,250

Underwriting income		996			692			839			689			1,111			3,216			3,395
Adjusted net investment income		936			931			863			826			813			3,556			3,017
Other income (expense) - operating		(4	)		(6	)		(15	)		(7	)		(4	)		(32	)		(22	)
Amortization expense of purchased intangibles		(1	)		(2	)		-			-			-			(3	)		-

Segment income	$	1,927		$	1,615		$	1,687		$	1,508		$	1,920		$	6,737		$	6,390

CAY underwriting income ex Cats	$	1,074		$	993		$	947		$	877		$	990		$	3,891		$	3,611

Combined ratio
Loss and loss expense ratio		60.5%			66.4%			62.7%			65.1%			55.9%			63.7%			61.1%
Policy acquisition cost ratio		13.3%			13.5%			13.5%			14.1%			13.8%			13.6%			13.7%
Administrative expense ratio		6.8%			6.6%			6.7%			6.7%			6.7%			6.6%			6.8%

Combined ratio		80.6%			86.5%			82.9%			85.9%			76.4%			83.9%			81.6%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		58.6%			61.0%			60.6%			61.4%			58.6%			60.4%			60.2%
CAY policy acquisition cost and administrative expense ratio ex Cats		20.4%			19.8%			20.1%			20.6%			20.4%			20.2%			20.3%

CAY combined ratio ex Cats		79.0%			80.8%			80.7%			82.0%			79.0%			80.6%			80.5%


Catastrophe losses - pre-tax	$	275		$	340		$	252		$	236		$	71		$	1,103		$	710
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(197	)	$	(39	)	$	(144	)	$	(48	)	$	(192	)	$	(428	)	$	(494	)

% Change versus prior year period
Net premiums written		5.1%			7.2%			6.7%			9.4%			4.4%			7.0%			7.5%
Net premiums earned		8.8%			7.9%			6.4%			11.7%			5.5%			8.6%			7.7%

Other ratios
Net premiums written/gross premiums written		83%			84%			80%			86%			81%			83%			81%

Production by Size - Net premiums written ⁽¹⁾
Major Accounts & Specialty	$	2,915		$	3,296		$	3,524		$	2,779		$	2,788		$	12,514		$	11,653
Commercial		1,984			2,204			1,977			1,910			1,874			8,075			7,584

Total	$	4,899		$	5,500		$	5,501		$	4,689		$	4,662		$	20,589		$	19,237

(1) Major Accounts & Specialty: large corporate accounts and wholesale business. Commercial: principally middle market and small commercial accounts.


NA Commercial		Page 9

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Personal P&C Insurance


																Full Year			Full Year
	4Q-24			3Q-24			2Q-24			1Q-24			4Q-23			2024			2023


Gross premiums written	$	1,874		$	1,949		$	2,029		$	1,679		$	1,695		$	7,531		$	6,739
Net premiums written		1,621			1,679			1,776			1,456			1,474			6,532			5,878
Net premiums earned		1,628			1,577			1,512			1,471			1,452			6,188			5,536
Losses and loss expenses		930			879			876			899			877			3,584			3,511
Policy acquisition costs		325			315			299			300			292			1,239			1,128
Administrative expenses		89			88			88			86			82			351			329

Underwriting income		284			295			249			186			201			1,014			568
Net investment income		111			112			108			102			96			433			358
Other income (expense) - operating		(1	)		(1	)		2			(1	)		(1	)		(1	)		(3	)
Amortization expense of purchased intangibles		(2	)		(3	)		(2	)		(2	)		(1	)		(9	)		(9	)

Segment income	$	392		$	403		$	357		$	285		$	295		$	1,437		$	914

CAY underwriting income ex Cats	$	368		$	336		$	323		$	304		$	285		$	1,331		$	1,103

Combined ratio
Loss and loss expense ratio		57.1%			55.8%			57.9%			61.1%			60.4%			57.9%			63.4%
Policy acquisition cost ratio		20.0%			20.0%			19.8%			20.4%			20.1%			20.0%			20.4%
Administrative expense ratio		5.5%			5.5%			5.8%			5.9%			5.7%			5.7%			5.9%

Combined ratio		82.6%			81.3%			83.5%			87.4%			86.2%			83.6%			89.7%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		51.9%			53.1%			53.0%			53.1%			54.7%			52.8%			53.8%
CAY policy acquisition cost and administrative expense ratio ex Cats		25.5%			25.6%			25.6%			26.2%			25.7%			25.7%			26.3%

CAY combined ratio ex Cats		77.4%			78.7%			78.6%			79.3%			80.4%			78.5%			80.1%


Catastrophe losses - pre-tax	$	84		$	230		$	138		$	170		$	83		$	622		$	669
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	-		$	(189	)	$	(64	)	$	(52	)	$	1		$	(305	)	$	(134	)

% Change versus prior year period
Net premiums written		10.0%			10.0%			12.3%			12.3%			12.1%			11.1%			10.6%
Net premiums earned		12.1%			12.0%			11.5%			11.4%			9.4%			11.8%			6.9%

Other ratios
Net premiums written/gross premiums written		87%			86%			87%			87%			87%			87%			87%


NA Personal		Page 10

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Agricultural Insurance


																Full Year			Full Year
	4Q-24			3Q-24			2Q-24			1Q-24			4Q-23			2024			2023

Gross premiums written	$	504		$	2,151		$	1,111		$	428		$	508		$	4,194		$	4,406
Net premiums written		317			1,379			758			249			607			2,703			3,188
Net premiums earned		532			1,419			626			128			835			2,705			3,169
Adjusted losses and loss expenses		385			1,193			543			49			871			2,170			2,874
Policy acquisition costs		37			88			45			21			22			191			150
Administrative expenses		(17	)		2			3			2			(10	)		(10	)		(1	)

Underwriting income (loss)		127			136			35			56			(48	)		354			146
Net investment income		22			20			21			21			20			84			63
Other income (expense) - operating		-			(1	)		-			-			(1	)		(1	)		(1	)
Amortization expense of purchased intangibles		(7	)		(5	)		(7	)		(6	)		(6	)		(25	)		(25	)

Segment income (loss)	$	142		$	150		$	49		$	71		$	(35	)	$	412		$	183

CAY underwriting income (loss) ex Cats	$	52		$	159		$	68		$	31		$	(52	)	$	310		$	167

Combined ratio
Loss and loss expense ratio		72.2%			84.1%			86.8%			38.6%			104.4%			80.2%			90.7%
Policy acquisition cost ratio		7.1%			6.1%			7.1%			16.8%			2.7%			7.1%			4.7%
Administrative expense ratio		-3.2%			0.2%			0.5%			1.2%			-1.3%			-0.4%			0.0%

Combined ratio		76.1%			90.4%			94.4%			56.6%			105.8%			86.9%			95.4%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		86.8%			82.5%			81.5%			69.5%			104.7%			82.4%			90.1%
CAY policy acquisition cost and administrative expense ratio ex Cats		3.7%			6.4%			7.6%			12.1%			1.4%			6.4%			4.6%

CAY combined ratio ex Cats		90.5%			88.9%			89.1%			81.6%			106.1%			88.8%			94.7%

Unfavorable (favorable) Catastrophe losses - pre-tax	$	(5	)	$	29		$	33		$	3		$	2		$	60		$	39
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(70	)	$	(6	)	$	-		$	(28	)	$	(6	)	$	(104	)	$	(18	)

% Change versus prior year period
Net premiums written		-47.8%			-9.3%			-1.2%			-15.0%			58.2%			-15.2%			9.7%
Net premiums earned		-36.2%			-7.9%			-1.5%			-19.4%			34.4%			-14.6%			11.7%

Other ratios
Net premiums written/gross premiums written		63%			64%			68%			58%			119%			64%			72%


NA Agriculture		Page 11

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)


Overseas General Insurance

	4Q-24			3Q-24			2Q-24			1Q-24			4Q-23			Full Year 2024			Full Year 2023

Gross premiums written	$	4,199		$	4,150		$	4,262		$	4,775		$	3,961		$	17,386		$	15,666
Net premiums written		3,436			3,367			3,334			3,835			3,216			13,972			12,575
Net premiums earned		3,434			3,421			3,347			3,198			3,226			13,400			12,231
Losses and loss expenses		1,686			1,631			1,671			1,426			1,504			6,414			5,643
Policy benefits		96			120			92			100			119			408			457
Policy acquisition costs		893			852			842			823			827			3,410			3,113
Administrative expenses		332			340			348			331			320			1,351			1,219

Underwriting income		427			478			394			518			456			1,817			1,799
Adjusted net investment income		300			286			283			267			259			1,136			895
Other income (expense) - operating		-			(5	)		(4	)		(5	)		(4	)		(14	)		25
Amortization expense of purchased intangibles		(20	)		(21	)		(20	)		(20	)		(18	)		(81	)		(70	)

Segment income	$	707		$	738		$	653		$	760		$	693		$	2,858		$	2,649

CAY underwriting income ex Cats	$	520		$	521		$	490		$	455		$	477		$	1,986		$	1,826

Combined ratio
Loss and loss expense ratio		51.9%			51.2%			52.7%			47.7%			50.3%			50.9%			49.9%
Policy acquisition cost ratio		26.0%			24.9%			25.1%			25.7%			25.6%			25.4%			25.4%
Administrative expense ratio		9.7%			9.9%			10.4%			10.4%			10.0%			10.1%			10.0%

Combined ratio		87.6%			86.0%			88.2%			83.8%			85.9%			86.4%			85.3%


CAY combined ratio ex Cats

CAY loss and loss expense ratio ex Cats		49.2%			49.9%			49.8%			49.7%			49.7%			49.7%			49.7%
CAY policy acquisition cost and administrative expense ratio ex Cats		35.7%			34.9%			35.5%			36.1%			35.5%			35.5%			35.4%

CAY combined ratio ex Cats		84.9%			84.8%			85.3%			85.8%			85.2%			85.2%			85.1%


Catastrophe losses - pre-tax	$	173		$	103		$	157		$	26		$	144		$	459		$	403
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(80	)	$	(60	)	$	(61	)	$	(89	)	$	(123	)	$	(290	)	$	(376	)

% Change versus prior year period
Net premiums written		6.8%			4.9%			15.6%			17.5%			19.3%			11.1%			13.7%
Net premiums written - Commercial		8.2%			5.1%			13.3%			12.2%			13.2%			9.7%			11.2%
Net premiums written - Consumer		4.7%			4.5%			19.1%			27.1%			29.5%			13.3%			17.8%
Net premiums earned		6.4%			3.3%			15.1%			14.8%			17.8%			9.6%			13.2%

Net premiums written constant $		6.8%			7.5%			16.6%			16.7%			15.0%			11.8%			13.3%
Net premiums written - Commercial		7.4%			6.7%			13.9%			11.4%			10.1%			9.8%			11.8%
Net premiums written - Consumer		6.0%			8.5%			20.7%			26.2%			23.2%			15.0%			15.7%
Net premiums earned constant $		6.4%			5.9%			16.2%			14.4%			13.5%			10.4%			12.3%

Other ratios: Net premiums written/gross premiums written		82%			81%			78%			80%			81%			80%			80%

Production by Region - Net premiums written	4Q-24			4Q-23			% Change			Constant $ % Change			Full Year 2024			Full Year 2023			% Change			Constant $ % Change
Europe, Middle East and Africa	$	1,507		$	1,421			6.0%			3.9%		$	6,132		$	5,713			7.3%			6.3%
Latin America		701			684			2.5%			11.5%			2,876			2,653			8.4%			11.0%
Asia		1,205			1,079			11.6%			8.9%			4,822			4,072			18.4%			20.5%
Other⁽¹⁾		23			32			-26.9%			-28.1%			142			137			4.2%			3.9%

Total	$	3,436		$	3,216			6.8%			6.8%		$	13,972		$	12,575			11.1%			11.8%

(1) Includes the international supplemental A&H business of Combined Insurance and other international operations.


Overseas General Insurance		Page 12

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)


Global Reinsurance
	4Q-24			3Q-24			2Q-24			1Q-24		4Q-23			Full Year 2024			Full Year 2023

Gross premiums written	$	246		$	382		$	528		$	411	$	206		$	1,567		$	1,151
Net premiums written		224			352			411			359		187			1,346			1,018
Net premiums earned		322			316			339			295		242			1,272			962
Losses and loss expenses		219			200			155			137		107			711			426
Policy acquisition costs		92			89			80			81		68			342			264
Administrative expenses		10			9			11			9		10			39			37

Underwriting income		1			18			93			68		57			180			235
Adjusted net investment income		74			64			58			57		64			253			208
Other income (expense) - operating		-			-			-			-		1			-			2

Segment income	$	75		$	82		$	151		$	125	$	122		$	433		$	445

CAY underwriting income ex Cats	$	76		$	76		$	77		$	69	$	54		$	298		$	214

Combined ratio
Loss and loss expense ratio		68.1%			63.3%			45.7%			46.3%		44.1%			55.9%			44.3%
Policy acquisition cost ratio		28.7%			28.0%			23.8%			27.5%		28.1%			26.9%			27.4%
Administrative expense ratio		3.1%			3.1%			3.2%			3.1%		3.9%			3.1%			3.8%

Combined ratio		99.9%			94.4%			72.7%			76.9%		76.1%			85.9%			75.5%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		43.7%			44.4%			50.4%			46.0%		45.7%			46.2%			46.8%
CAY policy acquisition cost and administrative expense ratio ex Cats		32.1%			31.4%			27.0%			30.5%		31.9%			30.2%			31.1%

CAY combined ratio ex Cats		75.8%			75.8%			77.4%			76.5%		77.6%			76.4%			77.9%

Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	10		$	4		$	-		$	-	$	-		$	14		$	-
Catastrophe losses - pre-tax	$	90		$	67		$	-		$	-	$	-		$	157		$	7
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(5	)	$	(5	)	$	(16	)	$	1	$	(3	)	$	(25	)	$	(28	)

% Change versus prior year period
Net premiums written as reported		19.9%			34.8%			40.3%			29.7%		15.1%			32.2%			8.0%
Net premiums earned as reported		32.6%			32.3%			43.4%			20.8%		15.5%			32.2%			4.3%

Net premiums written constant $		19.6%			34.8%			40.5%			29.7%		14.3%			32.2%			8.2%
Net premiums earned constant $		32.5%			32.9%			43.6%			20.8%		14.2%			32.4%			4.2%

Other ratios
Net premiums written/gross premiums written		91%			92%			78%			87%		91%			86%			88%


Global Reinsurance		Page 13

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)


Life Insurance																Full Year			Full Year
	4Q-24			3Q-24			2Q-24			1Q-24			4Q-23			2024			2023

Gross premiums written	$	1,630		$	1,618		$	1,646		$	1,701		$	1,524		$	6,595		$	5,754

Net premiums written		1,561			1,552			1,580			1,633			1,450			6,326			5,465

Net premiums earned		1,564			1,530			1,568			1,611			1,436			6,273			5,398

Losses and loss expenses		26			32			22			32			27			112			114

Adjusted policy benefits		1,011			989			1,031			1,070			933			4,101			3,216

Policy acquisition costs		317			291			300			294			260			1,202			1,089

Administrative expenses		242			213			218			207			218			880			771

Adjusted net investment income		265			250			258			230			231			1,003			756

Other income (expense) - operating ⁽¹⁾		48			39			32			40			46			159			115

Amortization expense of purchased intangibles		(11	)		(10	)		(11	)		(10	)		(12	)		(42	)		(30	)

Segment income	$	270		$	284		$	276		$	268		$	263		$	1,098		$	1,049


% Change versus prior year period

Net premiums written		7.6%			6.8%			24.5%			26.3%			20.3%			15.7%			51.5%

Net premiums earned		9.0%			6.1%			24.7%			27.5%			21.2%			16.2%			53.8%

Net premiums written constant $		8.5%			10.6%			27.6%			29.7%			17.2%			18.5%			50.9%

Net premiums earned constant $		9.9%			9.9%			27.7%			31.2%			18.2%			19.0%			53.2%
International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses):

	4Q-24			4Q-23			% Change			Constant $ % Change			Full Year 2024			Full Year 2023			% Change			Constant $ % Change
International life insurance net premiums written	$	1,287		$	1,202			7.1%			8.1%		$	5,251		$	4,484			17.1%			20.5%
International life insurance deposits ⁽²⁾		838			493			70.1%			71.5%			2,571			1,590			61.8%			65.5%


Total international life insurance net premiums written and deposits	$	2,125		$	1,695			25.4%			26.6%		$	7,822		$	6,074			28.8%			32.3%




International life insurance segment income	$	223		$	215			3.4%			4.7%		$	903		$	835			8.1%			11.4%

(1) Includes non-premium revenue and expenses unrelated to our core insurance operations from the management of third-party assets by Huatai’s asset management businesses.

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


Life Insurance		Page 14

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)


Corporate
	4Q-24			3Q-24			2Q-24			1Q-24			4Q-23			Full Year 2024			Full Year 2023

Adjusted loss and loss expenses	$	138		$	58		$	93		$	10		$	148		$	299		$	281
Administrative expenses		122			104			99			107			112			432			402

Underwriting loss		(260	)		(162	)		(192	)		(117	)		(260	)		(731	)		(683	)

Adjusted net investment income		(17	)		(23	)		(28	)		(21	)		4			(89	)		46

Other income (expense) - operating		11			(10	)		(14	)		(33	)		(14	)		(46	)		(51	)

Adjusted interest expense		(194	)		(197	)		(188	)		(183	)		(179	)		(762	)		(693	)
Amortization expense of purchased intangibles		(41	)		(40	)		(40	)		(42	)		(47	)		(163	)		(176	)
Integration expenses		(18	)		(7	)		(7	)		(7	)		(18	)		(39	)		(69	)
Amortization of fair value adjustment of acquired invested assets and long-term debt		3			-			2			-			(1	)		5			-

Adjusted net realized gains (losses)		24			391			29			1			22			445			(171	)
Market risk benefits gains (losses)		98			(230	)		(29	)		21			(153	)		(140	)		(307	)
Income tax (expense) benefit ⁽¹⁾		(479	)		(504	)		(490	)		(342	)		678			(1,815	)		(511	)
Less: NCI income (loss)		65			166			(14	)		151			(10	)		368			(13	)

Net (loss) benefit	$	(938	)	$	(948	)	$	(943	)	$	(874	)	$	42		$	(3,703	)	$	(2,602	)


Unfavorable (favorable) prior period development (PPD) - pre-tax	$	139		$	55		$	93		$	9		$	146		$	296		$	277

(1) Q4 2023 and full year 2023 include the impact of the tax benefit of $1.14 billion, and full year 2024 includes an incremental tax benefit recorded in Q1 of $55 million.


Corporate		Page 15

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, 2022	$	75,747		$	17,086		$	58,661
Losses and loss expenses incurred		6,306			1,158			5,148
Losses and loss expenses paid		(6,315	)		(1,599	)		(4,716	)		92%
Other (incl. foreign exch. revaluation)		(321	)		(125	)		(196	)

Balance at March 31, 2023	$	75,417		$	16,520		$	58,897
Losses and loss expenses incurred		7,174			1,491			5,683
Losses and loss expenses paid		(6,595	)		(1,520	)		(5,075	)		89%
Other (incl. foreign exch. revaluation)		484			117			367

Balance at June 30, 2023	$	76,480		$	16,608		$	59,872
Losses and loss expenses incurred		9,709			2,603			7,106
Losses and loss expenses paid		(6,921	)		(1,701	)		(5,220	)		73%
Other (incl. foreign exch. revaluation)		437			298			139

Balance at September 30, 2023	$	79,705		$	17,808		$	61,897
Losses and loss expenses incurred		8,157			1,994			6,163
Losses and loss expenses paid		(7,971	)		(1,971	)		(6,000	)		97%
Other (incl. foreign exch. revaluation)		231			53			178

Balance at December 31, 2023	$	80,122		$	17,884		$	62,238
Losses and loss expenses incurred		6,603			876			5,727
Losses and loss expenses paid		(6,423	)		(1,601	)		(4,822	)		84%
Other (incl. foreign exch. revaluation)		39			4			35

Balance at March 31, 2024	$	80,341		$	17,163		$	63,178
Losses and loss expenses incurred		7,819			1,388			6,431
Losses and loss expenses paid		(5,657	)		(1,069	)		(4,588	)		71%
Other (incl. foreign exch. revaluation)		(312	)		(73	)		(239	)

Balance at June 30, 2024	$	82,191		$	17,409		$	64,782
Losses and loss expenses incurred		9,737			2,354			7,383
Losses and loss expenses paid		(7,838	)		(2,169	)		(5,669	)		77%
Other (incl. foreign exch. revaluation)		236			37			199

Balance at September 30, 2024	$	84,326		$	17,631		$	66,695
Losses and loss expenses incurred		8,375			1,894			6,481
Losses and loss expenses paid		(8,259	)		(1,835	)		(6,424	)		99%
Other (incl. foreign exch. revaluation)		(645	)		(163	)		(482	)

Balance at December 31, 2024	$	83,797		$	17,527		$	66,270
Add net recoverable on paid losses		-			2,043			(2,043	)

Balance including net recoverable on paid losses	$	83,797		$	19,570		$	64,227


Loss Reserve Rollforward		Page 16

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
	2024			2024			2024			2024			2023
Reinsurance recoverable on paid losses and loss expenses

Active operations	$	1,630		$	1,607		$	1,572		$	1,573		$	1,670

Brandywine and Other Run-off		482			449			456			458			480


Total	$	2,112		$	2,056		$	2,028		$	2,031		$	2,150


Reinsurance recoverable on unpaid losses and loss expenses

Active operations	$	16,603		$	16,730		$	16,500		$	16,238		$	16,949

Brandywine and Other Run-off		1,166			1,208			1,208			1,215			1,220


Total	$	17,769		$	17,938		$	17,708		$	17,453		$	18,169


Gross reinsurance recoverable

Active operations	$	18,233		$	18,337		$	18,072		$	17,811		$	18,619

Brandywine and Other Run-off		1,648			1,657			1,664			1,673			1,700


Total	$	19,881		$	19,994		$	19,736		$	19,484		$	20,319


Provision for uncollectible reinsurance ⁽¹⁾

Active operations	$	(229	)	$	(262	)	$	(255	)	$	(252	)	$	(240	)

Brandywine and Other Run-off		(82	)		(126	)		(126	)		(123	)		(127	)


Total	$	(311	)	$	(388	)	$	(381	)	$	(375	)	$	(367	)


Net reinsurance recoverable

Active operations	$	18,004		$	18,075		$	17,817		$	17,559		$	18,379

Brandywine and Other Run-off		1,566			1,531			1,538			1,550			1,573


Total	$	19,570		$	19,606		$	19,355		$	19,109		$	19,952

(1) The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $4.2 billion.


Reinsurance Recoverable		Page 17

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)


	December 31			September 30			June 30			March 31			December 31
	2024			2024			2024			2024			2023
Market Value

Fixed maturities available for sale	$	110,363		$	117,265		$	107,840		$	108,289		$	106,571

Other investments-fixed maturities		6,265			5,905			5,404			4,408			3,773

Short-term investments		5,142			4,375			4,546			5,107			4,551


Total fixed maturities	$	121,770		$	127,545		$	117,790		$	117,804		$	114,895


Asset Allocation by Market Value

U.S. Treasury / Agency	$	2,341	2%	$	2,629	2%	$	2,741	2%	$	2,899	2%	$	3,590	3%

Corporate and asset-backed securities		43,207	36%		46,693	37%		43,620	37%		43,447	38%		42,830	37%

Mortgage-backed securities		27,248	22%		28,474	22%		24,614	21%		23,755	20%		22,058	19%

Municipal		1,729	1%		1,968	2%		1,947	2%		2,043	2%		2,929	3%

Non-U.S.		42,103	35%		43,406	34%		40,322	34%		40,553	34%		38,937	34%

Short-term investments		5,142	4%		4,375	3%		4,546	4%		5,107	4%		4,551	4%


Total fixed maturities	$	121,770	100%	$	127,545	100%	$	117,790	100%	$	117,804	100%	$	114,895	100%


Credit Quality by Market Value

AAA	$	13,933	11%	$	13,987	11%	$	14,087	12%	$	14,289	12%	$	12,669	11%

AA		37,640	30%		39,115	31%		34,980	30%		34,371	29%		34,312	30%

A		28,882	24%		30,797	24%		28,056	24%		28,134	24%		27,674	24%

BBB		21,610	18%		23,900	19%		21,457	18%		21,283	18%		20,810	18%

BB		10,789	9%		10,738	8%		10,384	9%		10,529	9%		10,270	9%

B		8,279	7%		8,432	7%		8,293	7%		8,539	7%		8,580	7%

Other		637	1%		576	0%		533	0%		659	1%		580	1%


Total fixed maturities	$	121,770	100%	$	127,545	100%	$	117,790	100%	$	117,804	100%	$	114,895	100%


Cost/Amortized Cost, net

Fixed maturities available for sale	$	115,013		$	119,366		$	113,407		$	113,364		$	110,972

Other investments-fixed maturities		6,265			5,905			5,404			4,408			3,773

Short-term investments		5,143			4,378			4,547			5,108			4,551


Subtotal fixed maturities ⁽¹⁾		126,421			129,649			123,358			122,880			119,296

Equity securities		9,151			4,404			3,792			3,769			3,455

Private debt held-for-investment ⁽¹⁾		2,628			2,619			2,680			2,708			2,553

Private equities and other		17,101			16,655			16,474			16,089			15,832


Total investment portfolio	$	155,301		$	153,327		$	146,304		$	145,446		$	141,136


Avg. duration of fixed maturities ⁽²⁾		4.8 years			4.7 years			4.8 years			4.9 years			4.7 years

Avg. market yield of fixed income investments ⁽³⁾		5.6%			5.2%			5.9%			5.8%			5.6%

Avg. credit quality		A/A			A/A			A/A			A/A			A/A

Avg. book yield of fixed income investments ⁽³⁾		5.0%			4.9%			4.9%			4.9%			4.8%

(1) Net of valuation allowance for expected credit losses.

(2) Excludes Huatai.

(3) Includes fixed maturities and other debt investments and excludes Huatai.


Investments		Page 18

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, 2024

Agency residential mortgage-backed securities (RMBS)	$	11	$	23,597	$	-	$	-	$	-	$	23,608

Non-agency RMBS		1,865		160		131		128		6		2,290

Commercial mortgage-backed securities		1,093		169		77		9		2		1,350


Total mortgage-backed securities at market value	$	2,969	$	23,926	$	208	$	137	$	8	$	27,248


U.S. Corporate and Asset-backed Fixed Income Portfolios

Market Value at December 31, 2024			S&P Credit Rating
			Investment Grade
			AAA		AA		A		BBB		Total


Asset-backed			$	4,258	$	720	$	280	$	122	$	5,380

Banks				-		3		2,481		2,010		4,494

Basic Materials				-		-		83		320		403

Communications				-		223		466		1,333		2,022

Consumer, Cyclical				-		147		599		961		1,707

Consumer, Non-Cyclical				32		450		2,358		1,832		4,672

Diversified Financial Services				1		138		489		186		814

Energy				-		109		312		1,327		1,748

Industrial				-		10		617		1,310		1,937

Utilities				237		2		1,176		984		2,399

All Others				126		401		1,048		1,955		3,530



Total			$	4,654	$	2,203	$	9,909	$	12,340	$	29,106


Market Value at December 31, 2024					S&P Credit Rating
					Below Investment Grade
					BB		B		CCC		Total

Asset-backed					$	16	$	56	$	1	$	73
Banks						-		-		-		-
Basic Materials						431		235		6		672
Communications						604		722		151		1,477
Consumer, Cyclical						1,419		950		37		2,406
Consumer, Non-Cyclical						1,624		1,172		87		2,883
Diversified Financial Services						397		201		4		602
Energy						673		492		-		1,165
Industrial						1,094		777		17		1,888
Utilities						295		168		-		463
All Others						826		1,573		73		2,472

Total					$	7,379	$	6,346	$	376	$	14,101


Investments 2		Page 19

Chubb Limited

Investment Portfolio - 3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

December 31, 2024


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

People’s Republic of China	$	-	$	193	$	1,706	$	-	$	-	$	1,899

Republic of Korea		-		1,844		-		-		-		1,844

Canada		843		-		-		-		-		843

Taiwan		-		782		-		-		-		782

Kingdom of Thailand		-		-		718		-		-		718

United Mexican States		-		-		-		628		-		628

Commonwealth of Australia		547		-		-		-		-		547

Province of Ontario		-		519		-		-		-		519

Federative Republic of Brazil		-		-		-		-		495		495

United Kingdom		-		434		-		-		-		434

Other Non-U.S. Government Securities		573		2,079		2,099		969		1,333		7,053


Total	$	1,963	$	5,851	$	4,523	$	1,597	$	1,828	$	15,762


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

China	$	-	$	-	$	6,674	$	357	$	15	$	7,046
United Kingdom		23		28		862		1,141		423		2,477

Canada		177		56		959		764		433		2,389

United States⁽¹⁾		-		93		390		469		830		1,782

South Korea		-		496		443		586		7		1,532

France		5		26		817		511		150		1,509

Australia		56		304		351		351		26		1,088

Japan		-		-		563		183		11		757

Germany		77		104		100		301		63		645

Chile		-		-		173		337		5		515

Other Non-U.S. Corporate Securities		438		559		1,779		2,323		1,502		6,601


Total	$	776	$	1,666	$	13,111	$	7,323	$	3,465	$	26,341

(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 20

Chubb Limited

Investment Portfolio - 4

(in millions of U.S. dollars)

(Unaudited)

Fixed Maturity Investment Portfolio

Top 10 Global Corporate Exposures


	December 31, 2024	Market Value		Rating

1	Bank of America Corp		$ 798	A-

2	Morgan Stanley		683	A-

3	JP Morgan Chase & Co		651	A

4	Wells Fargo & Co		540	BBB+

5	Goldman Sachs Group Inc		536	BBB+

6	Citigroup Inc		523	BBB+

7	AT&T Inc		416	BBB

8	Verizon Communications Inc		388	BBB+

9	UBS Group AG		383	A-

10	HSBC Holdings PLC		354	A-


Investments 4		Page 21

Chubb Limited

Chubb Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)


	Three months ended December 31, 2024

	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains			Gains			Tax			Gains			Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax

Fixed income investments ⁽¹⁾	$	(325	)	$	99		$	(226	)	$	(2,549	)	$	39		$	(2,510	)	$	(2,874	)	$	138		$	(2,736	)
Public equity:
Realized gains (losses) on sales		18			(3	)		15			-			-			-			18			(3	)		15
Mark-to-market		2			(14	)		(12	)		-			-			-			2			(14	)		(12	)
Private equity: Mark-to-market		304			(15	)		289			-			-			-			304			(15	)		289

Total investment portfolio		(1	)		67			66			(2,549	)		39			(2,510	)		(2,550	)		106			(2,444	)
Foreign exchange		(62	)		4			(58	)		(1,093	)		20			(1,073	)		(1,155	)		24			(1,131	)
Partially-owned entities ⁽²⁾		(3	)		-			(3	)		-			-			-			(3	)		-			(3	)
Current discount rate on future policy benefits		-			-			-			(6	)		(6	)		(12	)		(6	)		(6	)		(12	)
Instrument-specific credit risk - market risk benefits		-			-			-			5			(1	)		4			5			(1	)		4
Other		36			-			36			274			(57	)		217			310			(57	)		253

Net gains (losses)	$	(30	)	$	71		$	41		$	(3,369	)	$	(5	)	$	(3,374	)	$	(3,399	)	$	66		$	(3,333	)


(1) The quarter includes pre-tax realized losses on investment derivatives of $195 million, a net decrease of the valuation allowance of expected credit losses of $5 million on fixed maturities, and impairments of $13 million for fixed maturities. (2) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.

	Three months ended December 31, 2023

	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains			Gains			Tax			Gains			Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax

Fixed income investments ⁽³⁾	$	(73	)	$	(3	)	$	(76	)	$	5,011		$	(235	)	$	4,776		$	4,938		$	(238	)	$	4,700
Public equity:
Realized gains (losses) on sales		(14	)		-			(14	)		-			-			-			(14	)		-			(14	)
Mark-to-market		62			(12	)		50			-			-			-			62			(12	)		50
Private equity: Mark-to-market		131			9			140			-			-			-			131			9			140

Total investment portfolio		106			(6	)		100			5,011			(235	)		4,776			5,117			(241	)		4,876
Foreign exchange		(61	)		21			(40	)		197			6			203			136			27			163
Partially-owned entities ⁽⁴⁾		(1	)		-			(1	)		-			-			-			(1	)		-			(1	)
Current discount rate on future policy benefits		-			-			-			(390	)		37			(353	)		(390	)		37			(353	)
Instrument-specific credit risk - market risk benefits		-			-			-			(1	)		-			(1	)		(1	)		-			(1	)
Other		6			(6	)		-			105			(21	)		84			111			(27	)		84

Net gains (losses)	$	50		$	9		$	59		$	4,922		$	(213	)	$	4,709		$	4,972		$	(204	)	$	4,768

(3) The quarter includes pre-tax realized gains on investment derivatives of $39 million, a net decrease of the valuation allowance of expected credit losses of $3 million on fixed maturities and a net increase of $3 million on private debt held-for-investment, and impairments of $4 million for fixed maturities.

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


Net Gains (Losses)		Page 22

Chubb Limited

Chubb Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)


	Year ended December 31, 2024

	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains			Gains			Tax			Gains			Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax

Fixed income investments ⁽¹⁾	$	(538	)	$	140		$	(398	)	$	(265	)	$	(110	)	$	(375	)	$	(803	)	$	30		$	(773	)
Public equity:
Realized gains (losses) on sales		26			(3	)		23			-			-			-			26			(3	)		23
Mark-to-market		172			(30	)		142			-			-			-			172			(30	)		142
Private equity: Mark-to-market		637			(2	)		635			-			-			-			637			(2	)		635

Total investment portfolio		297			105			402			(265	)		(110	)		(375	)		32			(5	)		27
Foreign exchange		(223	)		40			(183	)		(1,119	)		39			(1,080	)		(1,342	)		79			(1,263	)
Partially-owned entities ⁽²⁾		(1	)		-			(1	)		-			-			-			(1	)		-			(1	)
Current discount rate on future policy benefits		-			-			-			(598	)		8			(590	)		(598	)		8			(590	)
Instrument-specific credit risk - market risk benefits		-			-			-			7			(1	)		6			7			(1	)		6
Other		26			1			27			257			(53	)		204			283			(52	)		231

Net gains (losses)	$	99		$	146		$	245		$	(1,718	)	$	(117	)	$	(1,835	)	$	(1,619	)	$	29		$	(1,590	)


(1) Full year includes pre-tax realized losses on investment derivatives of $189 million, a net decrease of the valuation allowance of expected credit losses of $86 million on fixed maturities, and impairments of $94 million for fixed maturities. (2) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.

	Year ended December 31, 2023

	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains			Gains			Tax			Gains			Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax

Fixed income investments ⁽³⁾	$	(522	)	$	80		$	(442	)	$	3,419		$	(328	)	$	3,091		$	2,897		$	(248	)	$	2,649
Public equity:
Realized gains (losses) on sales		(49	)		3			(46	)		-			-			-			(49	)		3			(46	)
Mark-to-market		61			(14	)		47			-			-			-			61			(14	)		47
Private equity: Mark-to-market		495			28			523			-			-			-			495			28			523

Total investment portfolio		(15	)		97			82			3,419			(328	)		3,091			3,404			(231	)		3,173
Foreign exchange		(183	)		66			(117	)		(6	)		27			21			(189	)		93			(96	)
Partially-owned entities ⁽⁴⁾		(3	)		-			(3	)		11			-			11			8			-			8
Current discount rate on future policy benefits		-			-			-			110			16			126			110			16			126
Instrument-specific credit risk - market risk benefits		-			-			-			2			-			2			2			-			2
Other ⁽⁵⁾		84			10			94			157			(32	)		125			241			(22	)		219

Net gains (losses)	$	(117	)	$	173		$	56		$	3,693		$	(317	)	$	3,376		$	3,576		$	(144	)	$	3,432

(3) Full year includes pre-tax realized losses on investment derivatives of $53 million, a net decrease of the valuation allowance of expected credit losses of $47 million on fixed maturities and a net increase of $3 million on private debt held-for-investment, and impairments of $64 million for fixed maturities.

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

(5) Full year includes realized gains of $135 million related to the consolidation of Huatai.


Net Gains (Losses) 2		Page 23

Chubb Limited

Debt and Capital

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

(Unaudited)


	December 31		September 30		June 30		March 31		December 31		December 31
	2024		2024		2024		2024		2023		2022

Financial debt:

Total short-term debt ⁽¹⁾	$	800	$	1,571	$	1,553	$	2,265	$	1,460	$	475

Total long-term debt		14,379		14,560		13,178		13,248		13,035		14,402


Total financial debt	$	15,179	$	16,131	$	14,731	$	15,513	$	14,495	$	14,877

Hybrid debt:

Total trust preferred securities	$	309	$	309	$	309	$	309	$	308	$	308

Total subordinated debt⁽²⁾		110		-		-		-		-		-


Total hybrid debt	$	419	$	309	$	309	$	309	$	308	$	308


Total	$	15,598	$	16,440	$	15,040	$	15,822	$	14,803	$	15,185


Capitalization:

Chubb shareholders’ equity	$	64,021	$	65,757	$	61,038	$	60,535	$	59,507	$	50,519

Hybrid debt		419		309		309		309		308		308

Financial debt		15,179		16,131		14,731		15,513		14,495		14,877


Total capitalization	$	79,619	$	82,197	$	76,078	$	76,357	$	74,310	$	65,704


Leverage ratios (based on total capital) ⁽²⁾:

Hybrid debt		0.5%		0.4%		0.4%		0.4%		0.4%		0.5%

Financial debt		19.1%		19.6%		19.4%		20.3%		19.5%		22.6%


Total hybrid & financial debt		19.6%		20.0%		19.8%		20.7%		19.9%		23.1%

Note: As of December 31, 2024, there was $0.9 billion usage of credit facilities on total capacity of $4.0 billion.

(1) During Q4 2024, the €0.7 billion 0.3% senior notes matured and were fully paid.

(2) Capital Supplementary Bonds issued by Huatai Life. For purposes of calculating leverage ratios, Huatai debt is based on Chubb’s share (excluding non-controlling interest).


Debt and Capital		Page 24

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
	2024			2023			2024			2023

Numerator
Core operating income	$	2,451		$	3,410		$	9,197		$	9,337
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		2			2			7			5
Tax expense on amortization adjustment		(2	)		(1	)		(5	)		(8	)
Integration expenses, pre-tax		(18	)		(18	)		(39	)		(69	)
Tax benefit on integration expenses		3			1			7			14
Adjusted net realized gains (losses), pre-tax		(30	)		50			99			(117	)
Tax benefit on adjusted net realized gains (losses)		71			9			146			173
Market risk benefits gains (losses), pre- and after-tax		98			(153	)		(140	)		(307	)

Chubb net income	$	2,575		$	3,300		$	9,272		$	9,028


Rollforward of Common Shares Outstanding
Shares - beginning of period		403,033,421			407,984,339			405,269,637			414,594,856
Repurchase of shares		(2,602,601	)		(3,191,000	)		(7,518,565	)		(11,825,600	)
Shares issued (canceled), excluding option exercises		113,254			122,095			778,923			1,251,031
Issued for option exercises		159,589			354,203			2,173,668			1,249,350

Shares - end of period		400,703,663			405,269,637			400,703,663			405,269,637


Denominator
Weighted average shares outstanding ⁽¹⁾		402,669,754			407,191,783			404,189,749			410,845,263
Effect of other dilutive securities		4,195,890			3,556,814			4,296,686			3,357,305

Adj. wtd. avg. shares outstanding and assumed conversions		406,865,644			410,748,597			408,486,435			414,202,568


Basic earnings per share
Core operating income	$	6.09		$	8.37		$	22.75		$	22.73
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		-			-			0.01			(0.01	)
Integration expenses, net of tax		(0.04	)		(0.04	)		(0.08	)		(0.13	)
Adjusted net realized gains (losses), net of tax		0.10			0.14			0.61			0.13
Market risk benefits gains (losses), net of tax		0.24			(0.37	)		(0.35	)		(0.75	)

Chubb net income	$	6.39		$	8.10		$	22.94		$	21.97


Diluted earnings per share
Core operating income	$	6.02		$	8.30		$	22.51		$	22.54
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		-			-			0.01			(0.01	)
Integration expenses, net of tax		(0.04	)		(0.04	)		(0.08	)		(0.13	)
Adjusted net realized gains (losses), net of tax		0.11			0.14			0.60			0.14
Market risk benefits gains (losses), net of tax		0.24			(0.37	)		(0.34	)		(0.74	)

Chubb net income	$	6.33		$	8.03		$	22.70		$	21.80

(1) Includes unvested restricted stock units that are not included in common shares outstanding as the shares are not issued until time of vesting, but are eligible to receive dividends (participating securities).


Earnings per share		Page 25

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
	2024			2024			2024			2024			2023

Chubb shareholders’ equity	$	64,021		$	65,757		$	61,038		$	60,535		$	59,507
Less: Chubb goodwill and other intangible assets, net of tax		23,800			24,376			24,246			24,175			23,853

Numerator for tangible book value per share	$	40,221		$	41,381		$	36,792		$	36,360		$	35,654


Book value - % change over prior quarter		-2.6%			7.7%			0.8%			1.7%			13.6%
Tangible book value - % change over prior quarter		-2.8%			12.5%			1.2%			2.0%			23.3%

Denominator: shares outstanding		400,703,663			403,033,421			404,073,495			406,033,066			405,269,637


Book value per common share	$	159.77		$	163.16		$	151.05		$	149.09		$	146.83
Tangible book value per common share	$	100.38		$	102.67		$	91.05		$	89.55		$	87.98

Reconciliation of Book Value

Chubb shareholders’ equity, beginning of quarter	$	65,757		$	61,038		$	60,535		$	59,507		$	52,373

Core operating income		2,451			2,334			2,196			2,216			3,410

Amortization of fair value adjustment of acquired invested assets and long-term debt		-			-			6			(4	)		1

Integration expenses		(15	)		(6	)		(10	)		(1	)		(17	)

Adjusted net realized gains (losses) ⁽¹⁾		41			226			67			(89	)		59

Market risk benefits gains (losses)		98			(230	)		(29	)		21			(153	)

Net unrealized gains (losses) on investments		(2,510	)		3,259			(476	)		(648	)		4,776

Repurchase of shares		(725	)		(413	)		(570	)		(316	)		(720	)

Dividend declared on common shares		(367	)		(369	)		(369	)		(350	)		(351	)

Cumulative translation gains (losses)		(1,073	)		390			(478	)		81			203

Postretirement benefit liability		142			(1	)		1			(1	)		75

Current discount rate on future policy benefits		(12	)		(593	)		55			(40	)		(353	)

Instrument-specific credit risk - market risk benefits		4			(7	)		4			5			(1	)

Other⁽²⁾		230			129			106			154			205

Chubb shareholders’ equity, end of quarter	$	64,021		$	65,757		$	61,038		$	60,535		$	59,507

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

(2) Other primarily includes proceeds from exercise of stock options and stock compensation, offset by the value of any share cancellations for restricted stock vesting taxes.


Reconciliation Book Value		Page 26

Chubb Limited

Non-GAAP Financial Measures

(Unaudited)

Regulation G - Non-GAAP Financial Measures

P&C CAY underwriting income excluding catastrophe losses (Cats) is P&C underwriting income (loss) adjusted to exclude P&C Cats and prior period development (PPD). We believe it is useful to exclude Cats, as they are not predictable as to timing and amount, and PPD, as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business.

Adjusted losses and loss expenses include realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses.

Adjusted policy benefits include gains and losses from fair value changes in separate account liabilities, as well as the offsetting movement in separate account assets that do not qualify for separate account reporting under U.S. GAAP, for purposes of reporting Life Insurance underwriting income. We view gains and losses from fair value changes in both non-qualified separate account assets and liabilities as part of the results of our underwriting operations, and therefore these gains and losses are reclassified from Other (income) expense to adjusted policy benefits. In addition, adjusted policy benefits includes the impact of realized gains and losses on underlying investments supporting the liabilities of certain participating policies for the portion that are shared with policyholders. These realized gains and losses on underlying investments have been reclassified from net realized gains (losses) to adjusted policy benefits. We believe this presentation better reflects the economics of the liabilities and the underlying investments supporting those liabilities.

Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from certain acquisitions, and including investment income from partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of 3% that are accounted for under the equity method. The mark-to-market movement on these private equity partnerships are included in adjusted net realized gains (losses) as described below. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.

Adjusted net realized gains (losses), net of tax, includes net realized gains (losses) and net realized gains (losses) recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives and realized gains and losses on underlying investments supporting the liabilities of certain participating policies related to the policyholders’ share of gains and losses.

Adjusted interest expense is interest expense excluding the amortization of the fair value adjustment on acquired long-term debt, related to the Chubb Corp acquisition due to the size and complexity of this acquisition.

Other income (expense) - operating excludes from consolidated Other income (expense) the portion of net realized gains and losses related to unconsolidated entities, other income (expense) from private equity partnerships, and gains and losses from fair value changes in separate account assets that do not qualify for separate account reporting under U.S. GAAP. Net realized gains (losses) related to unconsolidated entities is excluded from core operating income (loss) in order to enhance the understanding of our results of underwriting operations as they are heavily influenced by, and fluctuate in part according to, market conditions. Other income (expense) from private equity partnerships and net realized gains and losses related to unconsolidated entities are recorded to Other income (expense) in our income statement on a U.S. GAAP basis.

P&C combined ratio excludes the Life Insurance segment. P&C loss and loss expense ratio and P&C combined ratio include adjusted losses and loss expenses and policy benefits in the ratio numerator. P&C expense ratio and P&C combined ratio include policy acquisition costs and administrative expenses in the ratio numerator. A reconciliation of combined ratio to P&C combined ratio is provided on pages 30-33.

CAY P&C combined ratio excluding catastrophe losses excludes Cats and PPD from the P&C combined ratio. We exclude Cats as they are not predictable as to timing and amount and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. The combined ratio numerator is adjusted to exclude Cats, PPD and expense adjustments on PPD, and the denominator is adjusted to exclude net premiums earned adjustments on PPD and reinstatement premiums on Cats and PPD. In periods where there are adjustments on loss sensitive policies, these adjustments are excluded from PPD and net premiums earned when calculating the ratios. We believe this measure provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our P&C business that may be obscured by these items. This measure is commonly reported among our peer companies and allows for a better comparison.

Expense ratio excluding accident and health (A&H) excludes the impact of our A&H business from our expense ratio. The expense ratio for the A&H business is typically higher than our traditional P&C business, and we believe that this measure provides better comparison to our peer companies that may not have a significant A&H block of business.

Chubb core operating effective tax rate is income tax expense (benefit) excluding tax expense (benefit) on adjusted net realized gains (losses), tax benefit on amortization of fair value of acquired invested assets and debt, and tax benefit on integration expenses, all attributable to Chubb, divided by Chubb income before tax excluding adjusted net realized gains (losses) before tax, market risk benefit gains (losses) before tax, amortization of fair value of acquired invested assets and debt before tax, and integration expenses, all attributable to Chubb, before tax. We believe the use of this measure is meaningful to show the tax on the underlying performance of our insurance business, by excluding the taxes on adjusted net realized gains (losses), market risk benefit gains (losses), amortization of the fair value adjustments related to purchased invested assets and long-term debt and integration expenses. Refer to the definition of core operating income (loss), net of tax above for more information on these adjustments.

Metrics adjusted for the impact of the Bermuda Tax Law (tax benefit) are adjusted to exclude the deferred tax benefit of $1.14 billion for Q4 2023 and full year 2023, and $55 million for Q1 2024 and full year 2024, giving recognition for transition provisions of the Bermuda Tax Law. We believe that excluding the impact of the tax benefit provides a better evaluation of our operating performance and enhances the understanding of the trends in the underlying business that may be obscured by this one-time item.

Tangible book value per common share is Chubb shareholders’ equity less Chubb goodwill and other intangible assets, net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Book value per share and tangible book value per share excluding accumulated other comprehensive income (loss) (AOCI), excludes AOCI from the numerator because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates and foreign currency movement, to highlight underlying growth in book and tangible book value.

International life insurance net premiums written and deposits collected includes deposits collected on universal life and investment contracts (life deposits). Life deposits are not reflected as revenues in our consolidated statements of operations in accordance with U.S. GAAP. However, we include life deposits in presenting growth in our life insurance business because new life deposits are an important component of production and key to our efforts to grow our business.


Reconciliation Non-GAAP		Page 27

Chubb Limited

Non-GAAP Financial Measures - 2

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

Chubb Core operating effective tax rate


The following table presents the reconciliation of effective tax rate to the Core operating effective tax rate:																Full Year			Full Year
	4Q-24			3Q-24			2Q-24			1Q-24			4Q-23			2024			2023
Tax expense (benefit), as reported	$	475		$	500		$	489		$	340		$	(680	)	$	1,804		$	508
Less: tax expense on amortization of fair value of acquired invested assets and debt		2			2			(4	)		5			1			5			8
Less: tax benefit on integration expenses		(3	)		(1	)		3			(6	)		(1	)		(7	)		(14	)
Less: tax benefit on adjusted net realized gains (losses)		(71	)		(1	)		(19	)		(55	)		(9	)		(146	)		(173	)

Tax expense (benefit), adjusted	$	547		$	500		$	509		$	396		$	(671	)	$	1,952		$	687

Income before tax, as reported	$	3,050		$	2,824		$	2,719		$	2,483		$	2,620		$	11,076		$	9,536
Less: amortization of fair value of acquired invested assets and debt		2			2			2			1			2			7			5
Less: integration expenses		(18	)		(7	)		(7	)		(7	)		(18	)		(39	)		(69	)
Less: adjusted realized gains (losses)		(246	)		32			39			(238	)		(84	)		(413	)		(539	)
Less: realized gains (losses) related to unconsolidated entities		216			193			9			94			134			512			422
Less: market risk benefits gains (losses)		98			(230	)		(29	)		21			(153	)		(140	)		(307	)

Core operating income before tax	$	2,998		$	2,834		$	2,705		$	2,612		$	2,739		$	11,149		$	10,024

Effective tax rate		15.6%			17.7%			18.0%			13.7%			-26.0%			16.3%			5.3%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt		-0.1%			-0.1%			0.2%			-0.2%			-0.1%			0.0%			-0.1%
Adjustment for tax impact of integration expenses		0.0%			0.0%			-0.2%			0.2%			0.2%			0.0%			0.1%
Adjustment for tax impact of adjusted net realized gains (losses)		2.1%			1.7%			1.0%			1.4%			0.0%			1.4%			1.8%
Adjustment for tax impact of market risk benefits gains (losses)		0.6%			-1.6%			-0.2%			0.1%			1.4%			-0.2%			-0.2%

Core operating effective tax rate		18.2%			17.7%			18.8%			15.2%			-24.5%			17.5%			6.9%


Core operating income
The following table presents the reconciliation of Chubb net income to Core operating income:																Full Year			Full Year
	4Q-24			3Q-24			2Q-24			1Q-24			4Q-23			2024			2023
Net income, as reported	$	2,575		$	2,324		$	2,230		$	2,143		$	3,300		$	9,272		$	9,028
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		2			2			2			1			2			7			5
Tax (expense) benefit on amortization adjustment		(2	)		(2	)		4			(5	)		(1	)		(5	)		(8	)
Integration expenses, pre-tax		(18	)		(7	)		(7	)		(7	)		(18	)		(39	)		(69	)
Tax benefit on integration expenses		3			1			(3	)		6			1			7			14
Adjusted realized gains (losses), pre-tax		(246	)		32			39			(238	)		(84	)		(413	)		(539	)
Net realized gains (losses) related to unconsolidated entities, pre-tax ⁽¹⁾		216			193			9			94			134			512			422
Tax (expense) benefit on adjusted net realized gains (losses)		71			1			19			55			9			146			173
Market risk benefits gains (losses), pre- and after-tax		98			(230	)		(29	)		21			(153	)		(140	)		(307	)

Core operating income	$	2,451		$	2,334		$	2,196		$	2,216		$	3,410		$	9,197		$	9,337


Catastrophe losses - after-tax	$	515		$	629		$	482		$	347		$	257		$	1,973		$	1,502
Unfavorable (favorable) prior period development (PPD) - after-tax	$	(196	)	$	(181	)	$	(167	)	$	(168	)	$	(184	)	$	(712	)	$	(604	)

P&C Underwriting income and P&C CAY underwriting income ex Cats
The following table presents the reconciliation of Net income to P&C underwriting income and P&C CAY underwriting income ex Cats:																Full Year			Full Year
	4Q-24			3Q-24			2Q-24			1Q-24			4Q-23			2024			2023
Net income, as reported	$	2,640		$	2,490		$	2,216		$	2,294		$	3,290		$	9,640		$	9,015
Less: Income tax (expense) benefit		(479	)		(504	)		(490	)		(342	)		678			(1,815	)		(511	)
Amortization expense of purchased intangibles		(82	)		(81	)		(80	)		(80	)		(84	)		(323	)		(310	)
Other income (expense)		397			325			110			191			286			1,023			836
Interest expense		(189	)		(192	)		(182	)		(178	)		(173	)		(741	)		(672	)
Net investment income		1,563			1,508			1,468			1,391			1,371			5,930			4,937
Net realized gains (losses)		(84	)		198			104			(101	)		(123	)		117			(607	)
Market risk benefits gains (losses)		98			(230	)		(29	)		21			(153	)		(140	)		(307	)
Integration expenses		(18	)		(7	)		(7	)		(7	)		(18	)		(39	)		(69	)
Life Insurance underlying income (loss) ⁽²⁾		(141	)		15			(99	)		(2	)		(13	)		(227	)		253
Add: Realized gains (losses) on crop derivatives		-			(1	)		(3	)		(1	)		(2	)		(5	)		(5	)

P&C underwriting income	$	1,575		$	1,457		$	1,418		$	1,400		$	1,517		$	5,850		$	5,460
Add: Catastrophe losses (including reinstatement premiums) - pre-tax		607			765			580			435			300			2,387			1,828
Unfavorable (favorable) prior period development (PPD) - pre-tax		(213	)		(244	)		(192	)		(207	)		(177	)		(856	)		(773	)

P&C CAY underwriting income ex Cats	$	1,969		$	1,978		$	1,806		$	1,628		$	1,640		$	7,381		$	6,515

(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 realized gain or loss is included in other income (expense) under U.S. GAAP.

(2) Life Insurance underlying income (loss) is calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs and administrative expenses from net premiums earned related to the Life Insurance segment.


Reconciliation Non-GAAP 2		Page 28

Chubb Limited

Non-GAAP Financial Measures - 3

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

Core operating ROE and Core operating ROTE

Core operating return on equity (ROE) and Core operating return on tangible equity (ROTE) are annualized non-GAAP financial measures. The numerator includes core operating income (loss), net of tax. The denominator includes the average Chubb shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, current discount rate on future policy benefits (FPB), and instrument-specific credit risk – market risk benefits (MRB), all net of tax and attributable to Chubb. For the ROTE calculation, the denominator is also adjusted to exclude Chubb goodwill and other intangible assets, net of tax. These measures enhance the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity and tangible equity excluding the effect of these items as these are heavily influenced by changes in market conditions. We believe ROTE is meaningful because it measures the performance of our operations without the impact of goodwill and other intangible assets.


							Full Year			Full Year
	4Q-24			4Q-23			2024			2023
Chubb net income	$	2,575		$	3,300		$	9,272		$	9,028
Core operating income	$	2,451		$	3,410		$	9,197		$	9,337

Equity - beginning of period, as reported	$	65,757		$	52,373		$	59,507		$	50,519
Less: unrealized gains (losses) on investments, net of deferred tax		(2,042	)		(8,953	)		(4,177	)		(7,279	)
Less: changes in current discount rate on FPB, net of deferred tax		(527	)		404			51			(75	)
Less: changes in instrument-specific credit risk on MRB, net of deferred tax		(20	)		(21	)		(22	)		(24	)

Equity - beginning of period, as adjusted	$	68,346		$	60,943		$	63,655		$	57,897

Less: Chubb goodwill and other intangible assets, net of tax		24,376			23,450			23,853			20,455

Equity - beginning of period, as adjusted ex Chubb goodwill and other intangible assets	$	43,970		$	37,493		$	39,802		$	37,442

Equity - end of period, as reported	$	64,021		$	59,507		$	64,021		$	59,507
Less: unrealized gains (losses) on investments, net of deferred tax		(4,552	)		(4,177	)		(4,552	)		(4,177	)
Less: changes in current discount rate on FPB, net of deferred tax		(539	)		51			(539	)		51
Less: changes in instrument-specific credit risk on MRB, net of deferred tax		(16	)		(22	)		(16	)		(22	)

Equity - end of period, as adjusted	$	69,128		$	63,655		$	69,128		$	63,655

Less: Chubb goodwill and other intangible assets, net of tax		23,800			23,853			23,800			23,853

Equity - end of period, as adjusted ex Chubb goodwill and other intangible assets	$	45,328		$	39,802		$	45,328		$	39,802

Weighted average equity, as reported	$	64,889		$	55,940		$	61,764		$	55,013
Weighted average equity, as adjusted ex Chubb goodwill and other intangible assets	$	44,649		$	38,648		$	42,565		$	38,622
Weighted average equity, as adjusted	$	68,737		$	62,299		$	66,392		$	60,776
ROE		15.9%			23.6%			15.0%			16.4%
Core operating ROTE		22.0%			35.3%			21.6%			24.2%
Core operating ROE		14.3%			21.9%			13.9%			15.4%
Private equities realized gains (losses), after-tax ⁽¹⁾	$	289		$	140		$	635		$	523
Impact of Private equities if included in Core operating ROE - Favorable (unfavorable) ⁽¹⁾		1.7 pts			0.9 pts			1.0 pt			0.9 pts

Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures
	December 31			September 30			December 31			QTD			Full Year
	2024			2024			2023			% Change			% Change
Book value	$	64,021		$	65,757		$	59,507
Less: AOCI		(8,644	)		(5,270	)		(6,809	)

Book value excluding AOCI		72,665			71,027			66,316
Tangible book value		40,221			41,381			35,654
Less: Tangible AOCI		(7,292	)		(4,450	)		(5,999	)

Tangible book value excluding tangible AOCI	$	47,513		$	45,831		$	41,653


Denominator: shares outstanding		400,703,663			403,033,421			405,269,637

Book value per share excluding AOCI	$	181.34		$	176.23		$	163.64			2.9%			10.8%
Tangible book value per share excluding tangible AOCI	$	118.57		$	113.72		$	102.78			4.3%			15.4%

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


Reconciliation Non-GAAP 3		Page 29

Chubb Limited

Non-GAAP Financial Measures - 4

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio

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

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


Q4 2024		North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Corporate		Total P&C
Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits		$	3,097	$	930	$	385	$	1,782	$	219	$	138	$	6,551
Realized (gains) losses on crop derivatives			-		-		-		-		-		-		-

Adjusted losses and loss expenses/policy benefits	A	$	3,097	$	930	$	385	$	1,782	$	219	$	138	$	6,551

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(275)		(84)		5		(173)		(80)		-		(607)
Reinstatement premiums collected (expensed) on catastrophe losses			-		-		-		-		10		-		10

Catastrophe losses, gross of related adjustments			(275)		(84)		5		(173)		(90)		-		(617)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			197		-		70		80		5		(139)		213
Net premiums earned adjustments on PPD - unfavorable (favorable)			(7)		-		24		-		-		-		17
Expense adjustments - unfavorable (favorable)			(14)		-		-		-		2		-		(12)
PPD reinstatement premiums - unfavorable (favorable)			-		-		-		-		1		-		1

PPD, gross of related adjustments - favorable (unfavorable)			176		-		94		80		8		(139)		219

CAY loss and loss expense ex Cats	B	$	2,998	$	846	$	484	$	1,689	$	137	$	(1)	$	6,153

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	1,025	$	414	$	20	$	1,225	$	102	$	122	$	2,908
Expense adjustments - favorable (unfavorable)			14		-		-		-		(2)		-		12

CAY policy acquisition costs and administrative expenses	D	$	1,039	$	414	$	20	$	1,225	$	100	$	122	$	2,920


Denominator
Net premiums earned	E	$	5,118	$	1,628	$	532	$	3,434	$	322			$	11,034
Reinstatement premiums (collected) expensed on catastrophe losses			-		-		-		-		(10)				(10)
Net premiums earned adjustments on PPD - unfavorable (favorable)			(7)		-		24		-		-				17
PPD reinstatement premiums - unfavorable (favorable)			-		-		-		-		1				1

Net premiums earned excluding adjustments	F	$	5,111	$	1,628	$	556	$	3,434	$	313			$	11,042


P&C combined ratio
Loss and loss expense ratio	A/E		60.5%		57.1%		72.2%		51.9%		68.1%				59.4%
Policy acquisition cost and administrative expense ratio	C/E		20.1%		25.5%		3.9%		35.7%		31.8%				26.3%

P&C combined ratio			80.6%		82.6%		76.1%		87.6%		99.9%				85.7%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		58.6%		51.9%		86.8%		49.2%		43.7%				55.7%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.4%		25.5%		3.7%		35.7%		32.1%				26.5%

CAY P&C combined ratio ex Cats			79.0%		77.4%		90.5%		84.9%		75.8%				82.2%


Combined ratio
Combined ratio															85.7%
Add: impact of gains and losses on crop derivatives															0.0%

P&C combined ratio															85.7%

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


Reconciliation Non-GAAP 4		Page 30

Chubb Limited

Non-GAAP Financial Measures - 5

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)


Full Year 2024		North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Corporate		Total P&C

Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits		$	12,737	$	3,584	$	2,165	$	6,822	$	711	$	299	$	26,318
Realized (gains) losses on crop derivatives			-		-		5		-		-		-		5

Adjusted losses and loss expenses/policy benefits	A	$	12,737	$	3,584	$	2,170	$	6,822	$	711	$	299	$	26,323

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(1,103)		(622)		(60)		(459)		(143)		-		(2,387)
Reinstatement premiums collected (expensed) on catastrophe losses			-		-		-		-		14		-		14

Catastrophe losses, gross of related adjustments			(1,103)		(622)		(60)		(459)		(157)		-		(2,401)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			428		305		104		290		25		(296)		856
Net premiums earned adjustments on PPD - unfavorable (favorable)			70		-		63		-		-		-		133
Expense adjustments - unfavorable (favorable)			(5)		-		3		-		2		-		-
PPD reinstatement premiums - unfavorable (favorable)			-		-		-		-		2		-		2

PPD, gross of related adjustments - favorable (unfavorable)			493		305		170		290		29		(296)		991

CAY loss and loss expense ex Cats	B	$	12,127	$	3,267	$	2,280	$	6,653	$	583	$	3	$	24,913

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	4,055	$	1,590	$	181	$	4,761	$	381	$	432	$	11,400
Expense adjustments - favorable (unfavorable)			5		-		(3)		-		(2)		-		-

CAY policy acquisition costs and administrative expenses	D	$	4,060	$	1,590	$	178	$	4,761	$	379	$	432	$	11,400


Denominator
Net premiums earned	E	$	20,008	$	6,188	$	2,705	$	13,400	$	1,272			$	43,573
Reinstatement premiums (collected) expensed on catastrophe losses			-		-		-		-		(14)				(14)
Net premiums earned adjustments on PPD - unfavorable (favorable)			70		-		63		-		-				133
PPD reinstatement premiums - unfavorable (favorable)			-		-		-		-		2				2

Net premiums earned excluding adjustments	F	$	20,078	$	6,188	$	2,768	$	13,400	$	1,260			$	43,694


P&C combined ratio
Loss and loss expense ratio	A/E		63.7%		57.9%		80.2%		50.9%		55.9%				60.4%
Policy acquisition cost and administrative expense ratio	C/E		20.2%		25.7%		6.7%		35.5%		30.0%				26.2%

P&C combined ratio			83.9%		83.6%		86.9%		86.4%		85.9%				86.6%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		60.4%		52.8%		82.4%		49.7%		46.2%				57.0%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.2%		25.7%		6.4%		35.5%		30.2%				26.1%

CAY P&C combined ratio ex Cats			80.6%		78.5%		88.8%		85.2%		76.4%				83.1%


Combined ratio
Combined ratio															86.6%
Add: impact of gains and losses on crop derivatives															0.0%

P&C combined ratio															86.6%


Reconciliation Non-GAAP 5		Page 31

Chubb Limited

Non-GAAP Financial Measures - 6

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)


Q4 2023		North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Corporate		Total P&C

Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits		$	2,631	$	877	$	869	$	1,623	$	107	$	148	$	6,255
Realized (gains) losses on crop derivatives			-		-		2		-		-		-		2

Adjusted losses and loss expenses/policy benefits	A	$	2,631	$	877	$	871	$	1,623	$	107	$	148	$	6,257

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(71)		(83)		(2)		(144)		-		-		(300)
Reinstatement premiums collected (expensed) on catastrophe losses			-		-		-		-		-		-		-

Catastrophe losses, gross of related adjustments			(71)		(83)		(2)		(144)		-		-		(300)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			192		(1)		6		123		3		(146)		177
Net premiums earned adjustments on PPD - unfavorable (favorable)			-		-		8		-		-		-		8
Expense adjustments - unfavorable (favorable)			6		-		-		-		(1)		-		5
PPD reinstatement premiums - unfavorable (favorable)			-		-		-		-		3		-		3

PPD, gross of related adjustments - favorable (unfavorable)			198		(1)		14		123		5		(146)		193

CAY loss and loss expense ex Cats	B	$	2,758	$	793	$	883	$	1,602	$	112	$	2	$	6,150

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	964	$	374	$	12	$	1,147	$	78	$	112	$	2,687
Expense adjustments - favorable (unfavorable)			(6)		-		-		-		1		-		(5)

CAY policy acquisition costs and administrative expenses	D	$	958	$	374	$	12	$	1,147	$	79	$	112	$	2,682


Denominator
Net premiums earned	E	$	4,706	$	1,452	$	835	$	3,226	$	242			$	10,461
Reinstatement premiums (collected) expensed on catastrophe losses			-		-		-		-		-				-
Net premiums earned adjustments on PPD - unfavorable (favorable)			-		-		8		-		-				8
PPD reinstatement premiums - unfavorable (favorable)			-		-		-		-		3				3

Net premiums earned excluding adjustments	F	$	4,706	$	1,452	$	843	$	3,226	$	245			$	10,472


P&C combined ratio
Loss and loss expense ratio	A/E		55.9%		60.4%		104.4%		50.3%		44.1%				59.8%
Policy acquisition cost and administrative expense ratio	C/E		20.5%		25.8%		1.4%		35.6%		32.0%				25.7%

P&C combined ratio			76.4%		86.2%		105.8%		85.9%		76.1%				85.5%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		58.6%		54.7%		104.7%		49.7%		45.7%				58.7%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.4%		25.7%		1.4%		35.5%		31.9%				25.6%

CAY P&C combined ratio ex Cats			79.0%		80.4%		106.1%		85.2%		77.6%				84.3%


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

P&C combined ratio															85.5%


Reconciliation Non-GAAP 6		Page 32

Chubb Limited

Non-GAAP Financial Measures - 7

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)


Full Year 2023		North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Corporate		Total P&C
Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits		$	11,256	$	3,511	$	2,869	$	6,100	$	426	$	281	$	24,443
Realized (gains) losses on crop derivatives			-		-		5		-		-		-		5

Adjusted losses and loss expenses/policy benefits	A	$	11,256	$	3,511	$	2,874	$	6,100	$	426	$	281	$	24,448

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(710)		(669)		(39)		(403)		(7)		-		(1,828)
Reinstatement premiums collected (expensed) on catastrophe losses			-		-		-		-		-		-		-

Catastrophe losses, gross of related adjustments			(710)		(669)		(39)		(403)		(7)		-		(1,828)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			494		134		18		376		28		(277)		773
Net premiums earned adjustments on PPD - unfavorable (favorable)			78		-		6		-		-		-		84
Expense adjustments - unfavorable (favorable)			20		-		-		-		(1)		-		19
PPD reinstatement premiums - unfavorable (favorable)			-		(2)		-		-		8		-		6

PPD, gross of related adjustments - favorable (unfavorable)			592		132		24		376		35		(277)		882

CAY loss and loss expense ex Cats	B	$	11,138	$	2,974	$	2,859	$	6,073	$	454	$	4	$	23,502

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	3,765	$	1,457	$	149	$	4,332	$	301	$	402	$	10,406
Expense adjustments - favorable (unfavorable)			(20)		-		-		-		1		-		(19)

CAY policy acquisition costs and administrative expenses	D	$	3,745	$	1,457	$	149	$	4,332	$	302	$	402	$	10,387


Denominator
Net premiums earned	E	$	18,416	$	5,536	$	3,169	$	12,231	$	962			$	40,314
Reinstatement premiums (collected) expensed on catastrophe losses			-		-		-		-		-				-
Net premiums earned adjustments on PPD - unfavorable (favorable)			78		-		6		-		-				84
PPD reinstatement premiums - unfavorable (favorable)			-		(2)		-		-		8				6

Net premiums earned excluding adjustments	F	$	18,494	$	5,534	$	3,175	$	12,231	$	970			$	40,404


P&C combined ratio
Loss and loss expense ratio	A/E		61.1%		63.4%		90.7%		49.9%		44.3%				60.6%
Policy acquisition cost and administrative expense ratio	C/E		20.5%		26.3%		4.7%		35.4%		31.2%				25.9%

P&C combined ratio			81.6%		89.7%		95.4%		85.3%		75.5%				86.5%

CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		60.2%		53.8%		90.1%		49.7%		46.8%				58.2%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.3%		26.3%		4.6%		35.4%		31.1%				25.7%

CAY P&C combined ratio ex Cats			80.5%		80.1%		94.7%		85.1%		77.9%				83.9%


Combined ratio
Combined ratio															86.5%
Add: impact of gains and losses on crop derivatives															0.0%

P&C combined ratio															86.5%


Reconciliation Non-GAAP 7		Page 33

Chubb Limited

Glossary

Chubb Limited Consolidated comprises all segments including Corporate.

Total P&C comprises all segments (including Corporate) except the Life Insurance segment.

Global P&C comprises all segments (including Corporate) except the Life Insurance and North America Agricultural segments.

P&C combined ratio: The sum of the loss and loss expense ratio, policy acquisition cost ratio and the administrative expense ratio excluding the Life Insurance segment and including the realized gains and losses on the crop derivatives.

Book value per common share: Chubb shareholders’ equity divided by the shares outstanding.

Tangible book value per common share: Chubb shareholders’ equity less Chubb goodwill and other intangible assets, net of tax, divided by the shares outstanding.

Average market yield of fixed income investments: Weighted average yield based on the current market value of our fixed maturities and other debt investments.

Average book yield of fixed income investments: Weighted average yield based on the amortized cost of our fixed maturities and other debt investments.

Total capitalization: The sum of the short-term debt, long-term debt, trust preferreds, and Chubb shareholders’ equity.

Integration expenses: Integration expenses comprise legal and professional fees and all other costs directly related to the integration activities primarily of the Cigna acquisition. Integration expenses are incurred by Chubb and are included in Corporate. These costs are not related to the on-going business activities of the segments and are therefore excluded from our definition of segment income.

Catastrophe losses (Cats): We generally define catastrophe loss events consistent with the definition of the Property Claims Service (PCS) for events in the U.S. and Canada. PCS defines a catastrophe as an event that causes damage of $25 million or more in insured losses and affects a significant number of insureds. For events outside of the U.S. and Canada, we generally use a similar definition. Catastrophe loss events are events that occurred in the current calendar year only. Changes in catastrophe loss estimates in the current calendar year that relate to loss events that occurred in previous calendar years are considered prior period development.

Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years.

Reinstatement premiums are additional premiums paid on certain reinsurance agreements in order to reinstate coverage that had been exhausted by loss occurrences. The reinstatement premium amount is typically a pro rata portion of the original ceded premium paid based on how much of the reinsurance limit had been exhausted.

Net premiums earned adjustments within prior period development are adjustments to the initial premium earned on retrospectively rated policies based on actual claim experience that develops after the policy period ends. The premium adjustments correlate to the prior period loss development on these same policies and are fully earned in the period the adjustments are recorded.

Prior period expense adjustments typically relate to either profit commission reserves or policyholder dividend reserves based on actual claim experience that develops after the policy period ends. The expense adjustments correlate to the prior period loss development on these same policies.

Segment income (loss) includes underwriting income (loss), adjusted net investment income, other income (expense) – operating, and amortization expense of purchased intangibles.

Non-premium revenues and expenses included in Other income and expense, principally pertain to the management of third-party assets by Huatai Asset Management Co., Ltd. (HAM) and Huatai Baoxing, which are unrelated to Huatai Group’s core insurance operations. These revenues and expenses are recognized in the period in which the services are performed.

NM: Not meaningful.


Glossary		Page 34

Document and Entity Information	Jan. 28, 2025
Document Type	8-K
Document Period End Date	Jan. 28, 2025
Entity Registrant Name	Chubb Limited
Entity Incorporation State Country Code	V8
Entity File Number	1-11778
Entity Tax Identification Number	98-0091805
Entity Address Address Line 1	Baerengasse 32
Entity Address Postal Zip Code	8001
Entity Address City Or Town	Zurich
Entity Address Country	CH
Country Region	41
City Area Code	(0)43
Local Phone Number	456 76 00
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000896159
Common Class A [Member]
Security 12b Title	Common Shares, par value CHF 0.50 per share
Trading Symbol	CB
Security Exchange Name	NYSE
Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2027 [Member]
Security 12b Title	Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2027
Trading Symbol	CB/27
Security Exchange Name	NYSE
Guarantee of Chubb INA Holdings LLC 1.55% Senior Notes due 2028 [Member]
Security 12b Title	Guarantee of Chubb INA Holdings LLC 1.55% Senior Notes due 2028
Trading Symbol	CB/28
Security Exchange Name	NYSE
Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2029 [Member]
Security 12b Title	Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2029
Trading Symbol	CB/29A
Security Exchange Name	NYSE
Guarantee of Chubb INA Holdings LLC 1.40% Senior Notes due 2031 [Member]
Security 12b Title	Guarantee of Chubb INA Holdings LLC 1.40% Senior Notes due 2031
Trading Symbol	CB/31
Security Exchange Name	NYSE
Guarantee of Chubb INA Holdings LLC 2.50% Senior Notes due 2038 [Member]
Security 12b Title	Guarantee of Chubb INA Holdings LLC 2.50% Senior Notes due 2038
Trading Symbol	CB/38A
Security Exchange Name	NYSE

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