EX-99.2

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安波福有限公司六個月總結

財務補充

截至2024年9月30日的季度報告

投資者聯繫方式

Karen Beyer：(212) 827-4445

電子郵件：investorrelations@chubb.com

本報告僅供參考。應與Chubb Limited向證券交易委員會提交的文件一起閱讀，包括最新的年度報告10-k和季度報告10-Q。

關於前瞻性聲明的警示性聲明本發佈將包含適用證券法的前瞻性信息（"前瞻性聲明"），涉及Descartes的運輸管理解決方案和潛在的由此獲得的好處；和其他事項。這樣的前瞻性聲明涉及已知和未知的風險、不確定性、假設和其他因素，可能導致實際結果、表現或成就不同於預期的結果、表現或成就或發生的發展所表達或暗示的發展。諸如代表性的因素和假設在提交給證券交易委員會、安大略證券委員會和加拿大全國證券委員會的文件中討論，包括Descartes最近提交的管理層討論和分析文檔中。如果任何此類風險確實發生，他們可能會對我們的業務、財務狀況或運營結果造成實質性的負面影響。如果出現這種情況，我們普通股的交易價格可能會下跌，甚至可能趨於實質。讀者被警告不要對任何此類前瞻性聲明抱有過高的依賴性，這些聲明僅在發表之日有效。前瞻性聲明是爲了提供關於管理層當前的期望和計劃，涉及未來的目的。讀者被警告，這樣的信息可能不適用於其他目的。我們不承擔任何更新或修訂任何前瞻性聲明的任何義務或承諾，以反映任何基於法律要求的期望或任何該聲明所基於的事實、情況或環境的任何變化，除非法律規定。

本財務增補中所作的任何前瞻性聲明反映了Chubb有限公司對未來事件和財務表現的當前看法，並根據1995年《私人證券訴訟改革法案》的安全港規定進行。這些聲明涉及風險和不確定性，可能導致實際結果與此類聲明有實質性差異。例如，與財務表現相關的前瞻性聲明，包括風險敞口、準備金和可收回款項，可能會受到無法預測的災難性事件的頻率和嚴重程度、實際損失經驗、準備金或結算過程中的不確定因素、貨幣兌換波動、新的責任理論、司法、立法、監管和其他政府發展、訴訟策略和發展、調查發展和實際和解條件、再保險應收賬款的金額和時間安排以及再保險方面的信貸發展的影響。

我們的前瞻性聲明也可能受到競爭、定價和保單條款趨勢、市場接受度、需求變化、實際市場發展、評級機構行動、可能的恐怖主義或戰爭爆發及影響等因素的影響，以及我們在提交給證券交易委員會的文件中確定的其他因素。讀者被告知不要過度依賴這些前瞻性聲明，這些聲明僅反映了其發佈日期時的狀況。我們承諾不承擔公開更新或修訂任何前瞻性聲明的義務，無論是因爲獲得新信息、未來事件還是其他原因。

安波福有限公司六個月總結

財務補充目錄



I.	財務亮點
	- 合併財務要點	1

II.	綜合業績
	- 合併運營報表	2
	- 財產保險業務-連續幾個季度的業績	3
	- 全球財產和意外保險業績 - 連續季度	4
	- 彙總資產負債表	5
	- 產品線	6
	- 按部門彙總的業績	7 - 8

III.	細分市場結果
	- 北美商業財產及意外保險	9
	- 北美個人財產及意外保險	10
	- 北美農業保險	11
	- 境外普通保險	12
	- 全球再保險	13
	- 壽險	14
	- 企業	15

IV.	資產負債表細節
	- 損失準備資金滾動	16
	- 再保險收回款項分析	17
	- 投資組合	18 - 21
	- 淨實現和未實現收益（損失）	22 - 23
	- 債務和資本	24
	- 基本和攤薄每股收益的計算	25
	- 賬面價值和每股普通股的賬面價值	26

V.	其他披露
	- 非GAAP財務指標	27 - 33
	- 術語表	34

於2023年7月1日起華泰集團的合併

自2023年7月1日起，公司增加了對華泰集團（華泰）的累計持股比例，導致控股權的多數，並從2023年第三季度開始進行合併會計。

在本財務補充資料中，根據要求，報告了華泰的業務活動和財務狀況爲100%，除了核心營業收入、淨利潤、賬面價值、有形賬面價值、roe、每股數據和其他一些關鍵指標，其中僅包括公司的持股權益，排除了非控股權益。

安波福有限公司六個月總結

合併財務亮點

(單位爲百萬美元，除分享、每股數據和比率外)

（未經審計）

注意：財務補充資料中的所有金額均已四捨五入。但是，百分比變化和比率是以整數美元計算的。因此，使用四捨五入的美元進行計算可能會有所不同。


	截至9月30日的三個月						恒定$		恒定$		九個月截至9月30日						恒定$		恒定$
	2024		2023		% 變動		2023		% 變動		2024		2023		% 變動		2023		% 變動


總保險費收入	$	16,761	$	15,996		4.8%	美元	15,844		5.8%	$	47,677	$	43,880		8.7%	$	43,651		9.2%

淨保險費	$	13,829	$	13,104		5.5%	美元	12,969		6.6%	$	39,410	$	35,765		10.2%	$	35,559		10.8%

財險淨保費收入	$	12,277	$	11,652		5.4%	美元	11,566		6.1%	$	34,645	$	31,750		9.1%	$	31,659		9.4%

全球財產與意外淨保費	$	10,898	$	10,131		7.6%	美元	10,045		8.5%	$	32,259	$	29,169		10.6%	$	29,078		10.9%

人壽保險淨保費收入	$	1,552	$	1,452		6.8%	美元	1,403		10.6%	$	4,765	$	4,015		18.7%	$	3,900		22.2%

淨保費收入	$	13,373	$	12,674		5.5%	$	12,536		6.7%	$	37,248	$	33,815		10.2%	$	33,593		10.9%

財產和意外險承保收入	$	1,457	$	1,305		11.7%	$	1,291		12.8%	$	4,275	$	3,943		8.4%	$	3,917		9.1%

P&C CAY underwriting income ex Cats	$	1,978	$	1,775		11.5%	$	1,763		12.3%	$	5,412	$	4,875		11.0%	$	4,857		11.4%

調整後的淨投資收益	$	1,640	$	1,415		15.9%	$	1,404		16.8%	$	4,685	$	3,856		21.5%	$	3,837		22.1%

核心營業利潤	$	2,334	$	2,041		14.3%	$	2,018		15.6%	$	6,746	$	5,927		13.8%	$	5,882		14.7%

調整後的經營現金流量	$	4,551	$	4,680							$	11,741	$	9,446

淨投資收益	$	1,508	$	1,314		14.7%	$	1,303		15.6%	$	4,367	$	3,566		22.5%	$	3,547		23.1%

Chubb淨利潤	$	2,324	$	2,043		13.8%					$	6,697	$	5,728		16.9%

經營現金流量	$	4,318	$	4,680							$	11,617	$	9,446

財產與意外損失合併比率
損失和損失準備金比率		63.1%		64.0%								60.8%		60.9%
政策收購成本和行政費用比率		24.6%		24.4%								26.1%		25.9%



綜合賠付率		87.7%		88.4%								86.9%		86.8%

財產與意外當前事故年度（CAY）合併比率，不包括災難損失（Cats）
CAY虧損和虧損費用比例，不包括災害損失		58.9%		60.1%								57.5%		58.0%
CAY保單獲取成本和行政費用比例，不包括災害損失		24.5%		24.2%								25.9%		25.7%


CAY綜合比率，不包括災害損失		83.4%		84.3%								83.4%		83.7%

毛利潤 (以十億計)		14.7%		15.5%								14.3%		14.8%
核心營運資本淨資產回報率（ROTE）		21.7%		21.2%								21.5%		21.1%
核心營運股東利潤率（roe）		13.9%		13.5%								13.6%		13.3%

有效稅率		17.7%		16.8%								16.6%		17.2%
核心營運有效稅率		17.7%		18.8%								17.2%		18.6%

攤薄每股收益

Chubb 淨利潤	$	5.70	$	4.95		15.2%					$	16.38	$	13.79		18.8%

核心營業利潤	$	5.72	$	4.95		15.6%					$	16.50	$	14.27		15.6%

加權平均基本普通股股數		403.8		409.5								404.7		412.1
加權平均攤薄普通股股數		407.9		412.6								408.9		415.4

					百分比變動				百分比變動
	9月30日		6月30日		3Q-24 vs.		12月31日		3Q-24 vs.
	2024		2024		2Q-24		2023		4Q-23

每股普通股賬面價值	$	163.16	$	151.05		8.0%	$	146.83		11.1%
每股有形賬面價值	$	102.67	$	91.05		12.8%	$	87.98		16.7%

每股普通股賬面價值，不包括AOCI	$	176.23	$	171.60		2.7%	$	163.64		7.7%
每股有形賬面價值，不包括AOCI	$	113.72	$	109.08		4.3%	$	102.78		10.6%


財務亮點		第1頁

Chubb有限公司

連續季度營運報告

（以美元百萬計）

（未經審計）


綜合營運報告	3Q-24			2Q-24			1Q-24			4Q-23			3Q-23			全年 2024			全年 2023			全年 2023

已核寫保費	$	16,761		$	16,491		$	14,425		$	13,646		$	15,996		$	47,677		$	43,880		$	57,526

已發出的淨保費		13,829			13,360			12,221			11,596			13,104			39,410			35,765			47,361

已贏取保費淨額		13,373			12,292			11,583			11,897			12,674			37,248			33,815			45,712

調整後虧損和損失費用 ⁽¹⁾		7,384			6,434			5,728			6,165			7,113			19,546			17,940			24,105

對農作物衍生品的實現（收益）損失		1			3			1			2			7			5			3			5



虧損和損失費用		7,383			6,431			5,727			6,163			7,106			19,541			17,937			24,100

調整後保單利益 ⁽²⁾		1,109			1,123			1,170			1,052			957			3,402			2,621			3,673

支持參與型保單的投資組合的實現（收益）損失		(20	)		(85	)		-			-			-			(105	)		-			-

（收益）在分離賬戶資產公平價值變動中的虧損		30			(11	)		(10	)		(11	)		19			9			56			45



保單利益		1,099			1,219			1,180			1,063			938			3,498			2,565			3,628

政策申購成本		2,324			2,226			2,207			2,117			2,178			6,757			6,142			8,259

管理費用		1,094			1,094			1,070			1,048			1,060			3,258			2,959			4,007

調整後投資淨收入 ⁽³⁾		1,640			1,563			1,482			1,487			1,415			4,685			3,856			5,343

其他（收入）來自私募股權合作夥伴的費用		(127	)		(91	)		(86	)		(109	)		(92	)		(304	)		(276	)		(385	)

已收購投資資產公平價值調整的攤銷費用		(5	)		(4	)		(5	)		(7	)		(9	)		(14	)		(14	)		(21	)



淨投資收益		1,508			1,468			1,391			1,371			1,314			4,367			3,566			4,937

調整後實現收益（損失） ⁽⁴⁾		179			22			(100	)		(121	)		(96	)		101			(481	)		(602	)

參與型保單投資組合實現收益（損失）		20			85			-			-			-			105			-			-

作物衍生工具實現收益（損失）		(1	)		(3	)		(1	)		(2	)		(7	)		(5	)		(3	)		(5	)



實現淨收益（損失）		198			104			(101	)		(123	)		(103	)		201			(484	)		(607	)

市場風險利益獲得（損失）		(230	)		(29	)		21			(153	)		(32	)		(238	)		(154	)		(307	)

調整後利息支出 ⁽⁵⁾		197			188			183			179			179			568			514			693

取得的長期債務公平價值調整攤銷利益		(5	)		(6	)		(5	)		(6	)		(5	)		(16	)		(15	)		(21	)



利息費用		192			182			178			173			174			552			499			672

單獨賬戶資產公允價值變動的收益（損失）		(30	)		11			10			11			(19	)		(9	)		(56	)		(45	)

與未合併實體相關的淨實現收益（損失）		212			7			101			143			59			320			288			431

股權投資夥伴的其他收入（費用）		127			91			86			109			92			304			276			385

其他收入（費用） - 營運		16			1			(6	)		23			22			11			42			65



其他收益（費用）		325			110			191			286			154			626			550			836

已購買無形資產的攤銷費用		81			80			80			84			84			241			226			310

整合費用		7			7			7			18			14			21			51			69

所得稅費用（利益）		504			490			342			(678	)		413			1,336			1,189			511



凈利潤	$	2,490		$	2,216		$	2,294		$	3,290		$	2,040		$	7,000		$	5,725		$	9,015

減少：新華保險利潤（虧損）		166			(14	)		151			(10	)		(3	)		303			(3	)		(13	)



尋寶凈利潤	$	2,324		$	2,230		$	2,143		$	3,300		$	2,043		$	6,697		$	5,728		$	9,028

(1) 本報告中使用的調整損失和損失費用包括對作物衍生品的實現收益和損失。

(2) 本報告中使用的調整保單利益包括來自不符合美國通用會計原則下獨立帳戶報告要求的資產公允價值變動的收益和損失，以及支持某些參與型保單負債的基礎投資產品的實現收益和損失，相關於保單持有人分享的收益和損失。

(3) 本報告中使用的調整凈投資收益不包括已收購投資資產公允價值調整的攤銷費用，並包括我們持有超過3%股權的私募股權合夥企業的收入。

(4) 本報告中使用的調整實現收益（損失）不包括對作物衍生品的實現收益和損失，以及支持某些參與型保單負債的基礎投資產品的實現收益和損失，相關於保單持有人分享的收益和損失。

(5) 本報告中使用的調整利息費用不包括已收購長期債務公允價值調整的攤銷益。


營運報告		第2頁

Chubb有限公司

財產及意外保險承保業績－連續季度

(以美元百萬計算，除了比率)

(未經審計)


Chubb有限公司財產及意外保險承保業績	3Q-24			2Q-24			1Q-24			4Q-23			3Q-23			全年 2024			全年 2023			全年 2023
P＆C保險承保收入
已核寫保費	$	15,143		$	14,845		$	12,724		$	12,122		$	14,467		$	42,712		$	39,650		$	51,772
已發出的淨保費		12,277			11,780			10,588			10,146			11,652			34,645			31,750			41,896
已贏取保費淨額		11,843			10,724			9,972			10,461			11,232			32,539			29,853			40,314
調整後的損失和損失費用		7,352			6,412			5,696			6,138			7,093			19,460			17,853			23,991
保單福利		120			92			100			119			91			312			338			457
政策申購成本		2,033			1,926			1,913			1,857			1,899			5,872			5,313			7,170
管理費用		881			876			863			830			844			2,620			2,406			3,236

財產和債務保險承保收入	$	1,457		$	1,418		$	1,400		$	1,517		$	1,305		$	4,275		$	3,943		$	5,460

P＆C CAY除巨災外保險業務收入	$	1,978		$	1,806		$	1,628		$	1,640		$	1,775		$	5,412		$	4,875		$	6,515

與去年同期相比的變動百分比
已發出的淨保費		5.4%			10.3%			12.4%			12.5%			8.4%			9.1%			9.1%			9.9%
已贏取保費淨額		5.4%			10.1%			12.3%			11.8%			9.2%			9.0%			8.6%			9.4%

淨保費收入恆定美元		6.1%			10.6%			12.2%			11.3%			7.6%			9.4%			9.5%			9.9%
淨已賺取保費恆定美元		6.3%			10.4%			12.2%			10.6%			8.1%			9.4%			8.8%			9.3%

P&C 綜合比率
損失和損失費用比例		63.1%			60.6%			58.1%			59.8%			64.0%			60.8%			60.9%			60.6%
保單獲取成本比率		17.2%			18.0%			19.2%			17.8%			16.9%			18.0%			17.8%			17.8%
行政費用比率		7.4%			8.2%			8.7%			7.9%			7.5%			8.1%			8.1%			8.1%

綜合比率		87.7%			86.8%			86.0%			85.5%			88.4%			86.9%			86.8%			86.5%


CAY財產與意外保險聯合比率（不含天災）
CAY損失和損失費用比例（不含天災）		58.9%			57.1%			56.1%			58.7%			60.1%			57.5%			58.0%			58.2%
CAY保單獲取成本和行政費用比例（不含天災）		24.5%			26.1%			27.6%			25.6%			24.2%			25.9%			25.7%			25.7%

CAY聯合比率（不含天災）		83.4%			83.2%			83.7%			84.3%			84.3%			83.4%			83.7%			83.9%


其他比率
净保费收入/毛保费收入		81%			79%			83%			84%			81%			81%			80%			81%

費用比率		24.6%			26.2%			27.9%			25.7%			24.4%			26.1%			25.9%			25.9%
不包括意外与健康的费用率		23.1%			24.5%			26.1%			23.9%			22.6%			24.5%			24.1%			24.0%

灾害重置保费（费用）收入-税前	$	4		$	-		$	-		$	-		$	-		$	4		$	-		$	-
灾害損失-税前	$	769		$	580		$	435		$	300		$	670		$	1,784		$	1,528		$	1,828
不利（有利）的前期发展（PPD）-税前	$	(244	)	$	(192	)	$	(207	)	$	(177	)	$	(200	)	$	(643	)	$	(596	)	$	(773	)

災害損失對財產和意外傷害組合比率的影響 - 不利		6.4%			5.4%			4.4%			2.9%			6.0%			5.5%			5.1%			4.5%
PPD對財產和意外傷害組合比率的影響 - 有利		-2.1%			-1.8%			-2.1%			-1.7%			-1.9%			-2.0%			-2.0%			-1.9%
災害和PPD對財產和意外傷害組合比率的影響 - 不利		4.3%			3.6%			2.3%			1.2%			4.1%			3.5%			3.1%			2.6%


財產和意外傷害結果		第3頁

Chubb Limited

Global P&C Underwriting Results - Consecutive Quarters

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

(Unaudited)


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

Global P&C underwriting income
Gross premiums written	$	12,992		$	13,734		$	12,296		$	11,614		$	12,063		$	39,022		$	35,752		$	47,366
Net premiums written		10,898			11,022			10,339			9,539			10,131			32,259			29,169			38,708
Net premiums earned		10,424			10,098			9,844			9,626			9,692			30,366			27,519			37,145
Adjusted losses and loss expenses		6,159			5,869			5,647			5,267			5,737			17,675			15,850			21,117
Policy benefits		120			92			100			119			91			312			338			457
Policy acquisition costs		1,945			1,881			1,892			1,835			1,823			5,718			5,185			7,020
Administrative expenses		879			873			861			840			841			2,613			2,397			3,237

Global P&C underwriting income	$	1,321		$	1,383		$	1,344		$	1,565		$	1,200		$	4,048		$	3,749		$	5,314

Global P&C CAY underwriting income ex Cats	$	1,819		$	1,738		$	1,597		$	1,692		$	1,661		$	5,154		$	4,656		$	6,348

% Change versus prior year period
Net premiums written		7.6%			11.2%			13.3%			10.5%			12.3%			10.6%			9.8%			10.0%
Net premiums earned		7.5%			10.9%			12.9%			10.2%			12.5%			10.3%			8.9%			9.2%

Net premiums written constant $		8.5%			11.5%			13.0%			9.2%			11.2%			10.9%			10.2%			10.0%
Net premiums earned constant $		8.5%			11.2%			12.8%			8.9%			11.2%			10.8%			9.1%			9.1%

Combined ratio

Loss and loss expense ratio		60.2%			59.0%			58.4%			56.0%			60.1%			59.2%			58.8%			58.1%
Policy acquisition cost ratio		18.7%			18.6%			19.2%			19.0%			18.8%			18.9%			18.9%			18.9%
Administrative expense ratio		8.4%			8.7%			8.7%			8.7%			8.7%			8.6%			8.7%			8.7%

Combined ratio		87.3%			86.3%			86.3%			83.7%			87.6%			86.7%			86.4%			85.7%


CAY combined ratio ex Cats

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

CAY combined ratio ex Cats		82.6%			82.8%			83.8%			82.4%			83.0%			83.1%			83.1%			83.0%


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

Expense ratio		27.1%			27.3%			27.9%			27.7%			27.5%			27.5%			27.6%			27.6%
Expense ratio excluding A&H		25.6%			25.7%			26.2%			26.1%			25.6%			25.8%			25.8%			25.8%

Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	4		$	-		$	-		$	-		$	-		$	4		$	-		$	-
Catastrophe losses - pre-tax	$	740		$	547		$	432		$	298		$	652		$	1,719		$	1,491		$	1,789
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(238	)	$	(192	)	$	(179	)	$	(171	)	$	(191	)	$	(609	)	$	(584	)	$	(755	)

Impact of catastrophe losses on combined ratio - Unfavorable		7.0%			5.4%			4.3%			3.0%			6.7%			5.7%			5.4%			4.8%
Impact of PPD on combined ratio - Favorable		-2.3%			-1.9%			-1.8%			-1.8%			-2.1%			-2.1%			-2.1%			-2.1%
Impact of Cats and PPD on combined ratio - Unfavorable		4.7%			3.5%			2.5%			1.2%			4.6%			3.6%			3.3%			2.7%


Global P&C		Page 4

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)


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

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

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

Cash and restricted cash		2,678			2,568			2,651			2,621
Securities lending collateral		1,927			1,889			1,708			1,299
Insurance and reinsurance balances receivable		15,709			15,929			13,991			13,379
Reinsurance recoverable on losses and loss expenses		19,606			19,355			19,109			19,952
Deferred policy acquisition costs		8,249			7,812			7,537			7,152
Value of business acquired (VOBA)		3,452			3,434			3,617			3,674
Prepaid reinsurance premiums		3,648			3,747			3,241			3,221
Goodwill and other intangible assets ($25,830 represents Chubb portion as of 09/30/2024)		26,584			26,452			26,405			26,461
Deferred tax assets		1,567			1,690			1,761			1,741
Separate account assets		5,996			5,834			5,864			5,573
Other assets		9,918			9,105			8,613			8,874

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


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

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

Market risk benefits		748			576			611			771

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

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

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

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

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

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

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


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

Book value per common share, excl. AOCI	$	176.23		$	171.60		$	167.28		$	163.64
% change over prior quarter		2.7%			2.6%			2.2%			4.5%
Tangible book value per common share, excl. AOCI	$	113.72		$	109.08		$	105.75		$	102.78
% change over prior quarter		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 $	YTD		YTD				Constant $
	3Q-24		3Q-23		% Change	% Change	2024		2023		% Change		% Change
Net premiums written

Property and other short-tail lines	$	2,314	$	2,082	11.1%	12.0%	$	7,389	$	6,453		14.5%		14.9%
Commercial casualty		2,548		2,332	9.3%	9.6%		6,913		6,259		10.5%		10.5%
Financial lines		1,249		1,333	-6.2%	-5.9%		3,594		3,733		-3.7%		-3.6%
Workers’ compensation		539		538	0.1%	0.1%		1,727		1,693		2.0%		2.0%
Commercial multiple peril⁽¹⁾		433		398	8.5%	8.5%		1,229		1,129		8.8%		8.8%
Surety		188		172	9.4%	12.4%		572		506		13.0%		13.1%

Total Commercial P&C lines		7,271		6,855	6.1%	6.6%		21,424		19,773		8.3%		8.5%

Agriculture		1,379		1,521	-9.3%	-9.3%		2,386		2,581		-7.6%		-7.6%

Personal homeowners		1,287		1,192	7.9%	8.5%		3,707		3,268		13.4%		13.9%
Personal automobile		624		547	14.3%	18.1%		1,880		1,434		31.2%		30.0%
Personal other		509		474	7.4%	9.1%		1,594		1,466		8.8%		9.8%

Total Personal lines		2,420		2,213	9.4%	10.9%		7,181		6,168		16.4%		16.7%

Global A&H - P&C		855		802	6.6%	9.5%		2,532		2,397		5.6%		7.7%

Reinsurance lines		352		261	34.8%	34.8%		1,122		831		35.0%		35.1%


Total P&C	$	12,277	$	11,652	5.4%	6.1%	$	34,645	$	31,750		9.1%		9.4%


Life Insurance		1,552		1,452	6.8%	10.6%		4,765		4,015		18.7%		22.2%


Total Consolidated	$	13,829	$	13,104	5.5%	6.6%	$	39,410	$	35,765		10.2%		10.8%

(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 September 30, 2024
	North America Commercial P&C			North America Personal P&C			North America Agricultural		Overseas General		Global				Total		Life		Total
Q3 2024		Insurance			Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated


Net premiums written		$	5,500		$	1,679	$	1,379	$	3,367	$	352	$	-	$	12,277	$	1,552	$	13,829
% of total net premiums written			40%			12%		10%		24%		3%		-		89%		11%		100%
Net premiums earned			5,110			1,577		1,419		3,421		316		-		11,843		1,530		13,373
Adjusted losses and loss expenses			3,391			879		1,193		1,631		200		58		7,352		32		7,384
Adjusted policy benefits			-			-		-		120		-		-		120		989		1,109
Policy acquisition costs			689			315		88		852		89		-		2,033		291		2,324
Administrative expenses			338			88		2		340		9		104		881		213		1,094

Underwriting income (loss)			692			295		136		478		18		(162)		1,457		5		1,462
Adjusted net investment income			931			112		20		286		64		(23)		1,390		250		1,640
Other income (expense) - operating			(6)			(1)		(1)		(5)		-		(10)		(23)		39		16
Amortization expense of purchased intangibles			(2)			(3)		(5)		(21)		-		(40)		(71)		(10)		(81)

Segment income (loss)		$	1,615		$	403	$	150	$	738	$	82	$	(235)	$	2,753	$	284	$	3,037


Combined ratio			86.5%			81.3%		90.4%		86.0%		94.4%				87.7%
CAY combined ratio ex Cats			80.8%			78.7%		88.9%		84.8%		75.8%				83.4%
		Three months ended September 30, 2023
	North America Commercial P&C			North America Personal P&C			North America Agricultural		Overseas General		Global				Total		Life		Total
Q3 2023		Insurance			Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated


Net premiums written		$	5,132		$	1,527	$	1,521	$	3,211	$	261	$	-	$	11,652	$	1,452	$	13,104
% of total net premiums written			38%			12%		12%		25%		2%		-		89%		11%		100%
Net premiums earned			4,735			1,407		1,540		3,311		239		-		11,232		1,442		12,674
Adjusted losses and loss expenses			3,025			900		1,356		1,635		116		61		7,093		20		7,113
Adjusted policy benefits			-			-		-		91		-		-		91		866		957
Policy acquisition costs			640			287		76		827		69		-		1,899		279		2,178
Administrative expenses			323			84		3		327		9		98		844		216		1,060

Underwriting income (loss)			747			136		105		431		45		(159)		1,305		61		1,366
Adjusted net investment income			780			94		12		248		47		23		1,204		211		1,415
Other income (expense) - operating			(6)			(2)		-		10		-		(8)		(6)		28		22
Amortization expense of purchased intangibles			-			(3)		(6)		(19)		-		(44)		(72)		(12)		(84)

Segment income (loss)		$	1,521		$	225	$	111	$	670	$	92	$	(188)	$	2,431	$	288	$	2,719


Combined ratio			84.2%			90.3%		93.2%		87.0%		81.3%				88.4%
CAY combined ratio ex Cats			81.1%			78.9%		92.7%		84.8%		78.8%				84.3%


Consol Results - QTD		Page 7

Chubb Limited

Consolidated Results

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

(Unaudited)


		Nine months ended September 30, 2024
	North America Commercial P&C			North America Personal P&C			North America Agricultural		Overseas General		Global				Total		Life		Total
YTD 2024		Insurance			Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated

Net premiums written		$	15,690		$	4,911	$	2,386	$	10,536	$	1,122	$	-	$	34,645	$	4,765	$	39,410
% of total net premiums written			40%			12%		6%		27%		3%		-		88%		12%		100%
Net premiums earned			14,890			4,560		2,173		9,966		950		-		32,539		4,709		37,248
Adjusted losses and loss expenses			9,640			2,654		1,785		4,728		492		161		19,460		86		19,546
Adjusted policy benefits			-			-		-		312		-		-		312		3,090		3,402
Policy acquisition costs			2,037			914		154		2,517		250		-		5,872		885		6,757
Administrative expenses			993			262		7		1,019		29		310		2,620		638		3,258

Underwriting income (loss)			2,220			730		227		1,390		179		(471)		4,275		10		4,285
Adjusted net investment income			2,620			322		62		836		179		(72)		3,947		738		4,685
Other income (expense) - operating			(28)			-		(1)		(14)		-		(57)		(100)		111		11
Amortization expense of purchased intangibles			(2)			(7)		(18)		(61)		-		(122)		(210)		(31)		(241)

Segment income (loss)		$	4,810		$	1,045	$	270	$	2,151	$	358	$	(722)	$	7,912	$	828	$	8,740


Combined ratio			85.1%			84.0%		89.6%		86.1%		81.2%				86.9%
CAY combined ratio ex Cats			81.2%			78.9%		88.4%		85.3%		76.6%				83.4%
	Nine months ended September 30, 2023
	North America Commercial P&C			North America Personal P&C			North America Agricultural		Overseas General		Global				Total		Life		Total
YTD 2023		Insurance			Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated

Net premiums written		$	14,575		$	4,404	$	2,581	$	9,359	$	831	$	-	$	31,750	$	4,015	$	35,765
% of total net premiums written			42%			12%		7%		26%		2%		-		89%		11%		100%
Net premiums earned			13,710			4,084		2,334		9,005		720		-		29,853		3,962		33,815
Adjusted losses and loss expenses			8,625			2,634		2,003		4,139		319		133		17,853		87		17,940
Adjusted policy benefits			-			-		-		338		-		-		338		2,283		2,621
Policy acquisition costs			1,867			836		128		2,286		196		-		5,313		829		6,142
Administrative expenses			934			247		9		899		27		290		2,406		553		2,959

Underwriting income (loss)			2,284			367		194		1,343		178		(423)		3,943		210		4,153
Adjusted net investment income			2,204			262		43		636		144		42		3,331		525		3,856
Other income (expense) - operating			(18)			(2)		-		29		1		(37)		(27)		69		42
Amortization expense of purchased intangibles			-			(8)		(19)		(52)		-		(129)		(208)		(18)		(226)

Segment income (loss)		$	4,470		$	619	$	218	$	1,956	$	323	$	(547)	$	7,039	$	786	$	7,825


Combined ratio			83.3%			91.0%		91.7%		85.1%		75.3%				86.8%
CAY combined ratio ex Cats			81.0%			80.0%		90.6%		85.0%		78.0%				83.7%


Consol Results - YTD		Page 8

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Commercial P&C Insurance


																YTD			YTD			Full Year
	3Q-24			2Q-24			1Q-24			4Q-23			3Q-23			2024			2023			2023
Gross premiums written	$	6,511		$	6,915		$	5,431		$	5,752		$	6,131		$	18,857		$	18,058		$	23,810
Net premiums written		5,500			5,501			4,689			4,662			5,132			15,690			14,575			19,237
Net premiums earned		5,110			4,900			4,880			4,706			4,735			14,890			13,710			18,416
Losses and loss expenses		3,391			3,074			3,175			2,631			3,025			9,640			8,625			11,256
Policy acquisition costs		689			660			688			648			640			2,037			1,867			2,515
Administrative expenses		338			327			328			316			323			993			934			1,250

Underwriting income		692			839			689			1,111			747			2,220			2,284			3,395
Adjusted net investment income		931			863			826			813			780			2,620			2,204			3,017
Other income (expense) - operating		(6	)		(15	)		(7	)		(4	)		(6	)		(28	)		(18	)		(22	)
Amortization expense of purchased intangibles		(2	)		-			-			-			-			(2	)		-			-

Segment income	$	1,615		$	1,687		$	1,508		$	1,920		$	1,521		$	4,810		$	4,470		$	6,390

CAY underwriting income ex Cats	$	993		$	947		$	877		$	990		$	909		$	2,817		$	2,621		$	3,611

Combined ratio
Loss and loss expense ratio		66.4%			62.7%			65.1%			55.9%			63.9%			64.7%			62.9%			61.1%
Policy acquisition cost ratio		13.5%			13.5%			14.1%			13.8%			13.5%			13.7%			13.6%			13.7%
Administrative expense ratio		6.6%			6.7%			6.7%			6.7%			6.8%			6.7%			6.8%			6.8%

Combined ratio		86.5%			82.9%			85.9%			76.4%			84.2%			85.1%			83.3%			81.6%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		61.0%			60.6%			61.4%			58.6%			61.1%			61.0%			60.8%			60.2%
CAY policy acquisition cost and administrative expense ratio ex Cats		19.8%			20.1%			20.6%			20.4%			20.0%			20.2%			20.2%			20.3%

CAY combined ratio ex Cats		80.8%			80.7%			82.0%			79.0%			81.1%			81.2%			81.0%			80.5%

Catastrophe losses - pre-tax	$	340		$	252		$	236		$	71		$	246		$	828		$	639		$	710
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(39	)	$	(144	)	$	(48	)	$	(192	)	$	(84	)	$	(231	)	$	(302	)	$	(494	)

% Change versus prior year period
Net premiums written		7.2%			6.7%			9.4%			4.4%			8.7%			7.7%			8.6%			7.5%
Net premiums earned		7.9%			6.4%			11.7%			5.5%			10.6%			8.6%			8.4%			7.7%

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

Production by Size - Net premiums written ⁽¹⁾
Major Accounts & Specialty	$	3,296		$	3,524		$	2,779		$	2,788		$	3,075		$	9,599		$	8,865		$	11,653
Commercial		2,204			1,977			1,910			1,874			2,057			6,091			5,710			7,584

Total	$	5,500		$	5,501		$	4,689		$	4,662		$	5,132		$	15,690		$	14,575		$	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


																YTD			YTD			Full Year
	3Q-24			2Q-24			1Q-24			4Q-23			3Q-23			2024			2023			2023
Gross premiums written	$	1,949		$	2,029		$	1,679		$	1,695		$	1,750		$	5,657		$	5,044		$	6,739
Net premiums written		1,679			1,776			1,456			1,474			1,527			4,911			4,404			5,878
Net premiums earned		1,577			1,512			1,471			1,452			1,407			4,560			4,084			5,536
Losses and loss expenses		879			876			899			877			900			2,654			2,634			3,511
Policy acquisition costs		315			299			300			292			287			914			836			1,128
Administrative expenses		88			88			86			82			84			262			247			329

Underwriting income		295			249			186			201			136			730			367			568
Net investment income		112			108			102			96			94			322			262			358
Other income (expense) - operating		(1	)		2			(1	)		(1	)		(2	)		-			(2	)		(3	)
Amortization expense of purchased intangibles		(3	)		(2	)		(2	)		(1	)		(3	)		(7	)		(8	)		(9	)

Segment income	$	403		$	357		$	285		$	295		$	225		$	1,045		$	619		$	914

CAY underwriting income ex Cats	$	336		$	323		$	304		$	285		$	297		$	963		$	818		$	1,103

Combined ratio
Loss and loss expense ratio		55.8%			57.9%			61.1%			60.4%			63.9%			58.2%			64.5%			63.4%
Policy acquisition cost ratio		20.0%			19.8%			20.4%			20.1%			20.4%			20.0%			20.5%			20.4%
Administrative expense ratio		5.5%			5.8%			5.9%			5.7%			6.0%			5.8%			6.0%			5.9%

Combined ratio		81.3%			83.5%			87.4%			86.2%			90.3%			84.0%			91.0%			89.7%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		53.1%			53.0%			53.1%			54.7%			52.4%			53.1%			53.4%			53.8%
CAY policy acquisition cost and administrative expense ratio ex Cats		25.6%			25.6%			26.2%			25.7%			26.5%			25.8%			26.6%			26.3%

CAY combined ratio ex Cats		78.7%			78.6%			79.3%			80.4%			78.9%			78.9%			80.0%			80.1%


Catastrophe losses - pre-tax	$	230		$	138		$	170		$	83		$	280		$	538		$	586		$	669
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(189	)	$	(64	)	$	(52	)	$	1		$	(119	)	$	(305	)	$	(135	)	$	(134	)

% Change versus prior year period
Net premiums written		10.0%			12.3%			12.3%			12.1%			9.6%			11.5%			10.1%			10.6%
Net premiums earned		12.0%			11.5%			11.4%			9.4%			5.5%			11.7%			6.0%			6.9%

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


																YTD			YTD			Full Year
	3Q-24			2Q-24			1Q-24			4Q-23			3Q-23			2024			2023			2023
Gross premiums written	$	2,151		$	1,111		$	428		$	508		$	2,404		$	3,690		$	3,898		$	4,406
Net premiums written		1,379			758			249			607			1,521			2,386			2,581			3,188
Net premiums earned		1,419			626			128			835			1,540			2,173			2,334			3,169
Adjusted losses and loss expenses		1,193			543			49			871			1,356			1,785			2,003			2,874
Policy acquisition costs		88			45			21			22			76			154			128			150
Administrative expenses		2			3			2			(10	)		3			7			9			(1	)

Underwriting income (loss)		136			35			56			(48	)		105			227			194			146
Net investment income		20			21			21			20			12			62			43			63
Other income (expense) - operating		(1	)		-			-			(1	)		-			(1	)		-			(1	)
Amortization expense of purchased intangibles		(5	)		(7	)		(6	)		(6	)		(6	)		(18	)		(19	)		(25	)

Segment income (loss)	$	150		$	49		$	71		$	(35	)	$	111		$	270		$	218		$	183

CAY underwriting income (loss) ex Cats	$	159		$	68		$	31		$	(52	)	$	114		$	258		$	219		$	167

Combined ratio
Loss and loss expense ratio		84.1%			86.8%			38.6%			104.4%			88.1%			82.2%			85.8%			90.7%
Policy acquisition cost ratio		6.1%			7.1%			16.8%			2.7%			4.9%			7.1%			5.5%			4.7%
Administrative expense ratio		0.2%			0.5%			1.2%			-1.3%			0.2%			0.3%			0.4%			0.0%

Combined ratio		90.4%			94.4%			56.6%			105.8%			93.2%			89.6%			91.7%			95.4%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		82.5%			81.5%			69.5%			104.7%			87.5%			81.3%			84.7%			90.1%
CAY policy acquisition cost and administrative expense ratio ex Cats		6.4%			7.6%			12.1%			1.4%			5.2%			7.1%			5.9%			4.6%

CAY combined ratio ex Cats		88.9%			89.1%			81.6%			106.1%			92.7%			88.4%			90.6%			94.7%

Catastrophe losses - pre-tax	$	29		$	33		$	3		$	2		$	18		$	65		$	37		$	39
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(6	)	$	-		$	(28	)	$	(6	)	$	(9	)	$	(34	)	$	(12	)	$	(18	)

% Change versus prior year period
Net premiums written		-9.3%			-1.2%			-15.0%			58.2%			-11.7%			-7.6%			2.3%			9.7%
Net premiums earned		-7.9%			-1.5%			-19.4%			34.4%			-8.0%			-6.9%			5.3%			11.7%

Other ratios
Net premiums written/gross premiums written		64%			68%			58%			119%			63%			65%			66%			72%


NA Agriculture		Page 11

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

Overseas General Insurance


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

Gross premiums written	$	4,150		$	4,262		$	4,775		$	3,961		$	3,897		$	13,187		$	11,705		$	15,666
Net premiums written		3,367			3,334			3,835			3,216			3,211			10,536			9,359			12,575
Net premiums earned		3,421			3,347			3,198			3,226			3,311			9,966			9,005			12,231
Losses and loss expenses		1,631			1,671			1,426			1,504			1,635			4,728			4,139			5,643
Policy benefits		120			92			100			119			91			312			338			457
Policy acquisition costs		852			842			823			827			827			2,517			2,286			3,113
Administrative expenses		340			348			331			320			327			1,019			899			1,219

Underwriting income		478			394			518			456			431			1,390			1,343			1,799
Adjusted net investment income		286			283			267			259			248			836			636			895
Other income (expense) - operating		(5	)		(4	)		(5	)		(4	)		10			(14	)		29			25
Amortization expense of purchased intangibles		(21	)		(20	)		(20	)		(18	)		(19	)		(61	)		(52	)		(70	)

Segment income	$	738		$	653		$	760		$	693		$	670		$	2,151		$	1,956		$	2,649

CAY underwriting income ex Cats	$	521		$	490		$	455		$	477		$	502		$	1,466		$	1,349		$	1,826

Combined ratio
Loss and loss expense ratio		51.2%			52.7%			47.7%			50.3%			52.1%			50.6%			49.7%			49.9%
Policy acquisition cost ratio		24.9%			25.1%			25.7%			25.6%			25.0%			25.3%			25.4%			25.4%
Administrative expense ratio		9.9%			10.4%			10.4%			10.0%			9.9%			10.2%			10.0%			10.0%

Combined ratio		86.0%			88.2%			83.8%			85.9%			87.0%			86.1%			85.1%			85.3%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		49.9%			49.8%			49.7%			49.7%			50.0%			49.8%			49.7%			49.7%
CAY policy acquisition cost and administrative expense ratio ex Cats		34.9%			35.5%			36.1%			35.5%			34.8%			35.5%			35.3%			35.4%

CAY combined ratio ex Cats		84.8%			85.3%			85.8%			85.2%			84.8%			85.3%			85.0%			85.1%


Catastrophe losses - pre-tax	$	103		$	157		$	26		$	144		$	120		$	286		$	259		$	403
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(60	)	$	(61	)	$	(89	)	$	(123	)	$	(49	)	$	(210	)	$	(253	)	$	(376	)

% Change versus prior year period
Net premiums written ⁽¹⁾		4.9%			15.6%			17.5%			19.3%			21.4%			12.6%			11.9%			13.7%
Net premiums written - Commercial ⁽¹⁾		5.1%			13.3%			12.2%			13.2%			17.0%			10.2%			10.5%			11.2%
Net premiums written - Consumer		4.5%			19.1%			27.1%			29.5%			28.4%			16.4%			14.1%			17.8%
Net premiums earned		3.3%			15.1%			14.8%			17.8%			20.8%			10.7%			11.7%			13.2%

Net premiums written constant $ ⁽¹⁾		7.5%			16.6%			16.7%			15.0%			17.3%			13.5%			12.7%			13.3%
Net premiums written - Commercial ⁽¹⁾		6.7%			13.9%			11.4%			10.1%			14.6%			10.6%			12.4%			11.8%
Net premiums written - Consumer		8.5%			20.7%			26.2%			23.2%			21.4%			18.2%			13.2%			15.7%
Net premiums earned constant $		5.9%			16.2%			14.4%			13.5%			16.1%			11.9%			11.9%			12.3%

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

										Constant $			YTD			YTD						Constant $
Production by Region - Net premiums written	3Q-24			3Q-23			% Change			% Change			2024			2023			% Change			% Change
Europe, Middle East and Africa	$	1,347		$	1,264			6.6%			7.1%		$	4,625		$	4,292			7.8%			7.1%
Latin America		701			695			0.8%			7.7%			2,175			1,969			10.4%			10.9%
Asia		1,279			1,201			6.5%			9.0%			3,617			2,993			20.9%			24.9%
Other⁽²⁾		40			51			-22.4%			-22.3%			119			105			13.4%			13.6%

Total	$	3,367		$	3,211			4.9%			7.5%		$	10,536		$	9,359			12.6%			13.5%

(1) Q3 2024 net premiums written and commercial net premiums written growth was unfavorably impacted by a $56 million favorable reinsurance treaty premium adjustment in the prior year. Excluding the adjustment in the prior year, net premiums written and commercial net premiums written were up 6.7% and 8.3%, respectively, on a reported basis, or 9.4% and 10.0%, in constant dollars.

(2) Includes the company’s 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


														YTD			YTD			Full Year
	3Q-24			2Q-24			1Q-24		4Q-23			3Q-23		2024			2023			2023
Gross premiums written	$	382		$	528		$	411	$	206		$	285	$	1,321		$	945		$	1,151
Net premiums written		352			411			359		187			261		1,122			831			1,018
Net premiums earned		316			339			295		242			239		950			720			962
Losses and loss expenses		200			155			137		107			116		492			319			426
Policy acquisition costs		89			80			81		68			69		250			196			264
Administrative expenses		9			11			9		10			9		29			27			37

Underwriting income		18			93			68		57			45		179			178			235
Adjusted net investment income		64			58			57		64			47		179			144			208
Other income (expense) - operating		-			-			-		1			-		-			1			2

Segment income	$	82		$	151		$	125	$	122		$	92	$	358		$	323		$	445

CAY underwriting income ex Cats	$	76		$	77		$	69	$	54		$	51	$	222		$	160		$	214

Combined ratio
Loss and loss expense ratio		63.3%			45.7%			46.3%		44.1%			48.4%		51.8%			44.3%			44.3%
Policy acquisition cost ratio		28.0%			23.8%			27.5%		28.1%			29.1%		26.3%			27.2%			27.4%
Administrative expense ratio		3.1%			3.2%			3.1%		3.9%			3.8%		3.1%			3.8%			3.8%

Combined ratio		94.4%			72.7%			76.9%		76.1%			81.3%		81.2%			75.3%			75.5%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		44.4%			50.4%			46.0%		45.7%			45.9%		47.0%			47.2%			46.8%
CAY policy acquisition cost and administrative expense ratio ex Cats		31.4%			27.0%			30.5%		31.9%			32.9%		29.6%			30.8%			31.1%

CAY combined ratio ex Cats		75.8%			77.4%			76.5%		77.6%			78.8%		76.6%			78.0%			77.9%


Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	4		$	-		$	-	$	-		$	-	$	4		$	-		$	-
Catastrophe losses - pre-tax	$	67		$	-		$	-	$	-		$	6	$	67		$	7		$	7
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(5	)	$	(16	)	$	1	$	(3	)	$	-	$	(20	)	$	(25	)	$	(28	)

% Change versus prior year period
Net premiums written as reported		34.8%			40.3%			29.7%		15.1%			-1.4%		35.0%			6.5%			8.0%
Net premiums earned as reported		32.3%			43.4%			20.8%		15.5%			-6.5%		32.0%			1.0%			4.3%

Net premiums written constant $		34.8%			40.5%			29.7%		14.3%			-1.8%		35.1%			6.9%			8.2%
Net premiums earned constant $		32.9%			43.6%			20.8%		14.2%			-7.1%		32.3%			1.3%			4.2%

Other ratios
Net premiums written/gross premiums written		92%			78%			87%		91%			91%		85%			88%			88%


Global Reinsurance		Page 13

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)


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

Gross premiums written	$	1,618		$	1,646		$	1,701		$	1,524		$	1,529		$	4,965		$	4,230		$	5,754

Net premiums written		1,552			1,580			1,633			1,450			1,452			4,765			4,015			5,465

Net premiums earned		1,530			1,568			1,611			1,436			1,442			4,709			3,962			5,398

Losses and loss expenses		32			22			32			27			20			86			87			114

Adjusted policy benefits		989			1,031			1,070			933			866			3,090			2,283			3,216

Policy acquisition costs		291			300			294			260			279			885			829			1,089

Administrative expenses		213			218			207			218			216			638			553			771

Adjusted net investment income		250			258			230			231			211			738			525			756

Other income (expense) - operating ⁽¹⁾		39			32			40			46			28			111			69			115

Amortization expense of purchased intangibles		(10	)		(11	)		(10	)		(12	)		(12	)		(31	)		(18	)		(30	)

Segment income	$	284		$	276		$	268		$	263		$	288		$	828		$	786		$	1,049


% Change versus prior year period

Net premiums written		6.8%			24.5%			26.3%			20.3%			14.9%			18.7%			67.1%			51.5%

Net premiums earned		6.1%			24.7%			27.5%			21.2%			15.9%			18.8%			70.4%			53.8%

Net premiums written constant $		10.6%			27.6%			29.7%			17.2%			15.2%			22.2%			68.4%			50.9%

Net premiums earned constant $		9.9%			27.7%			31.2%			18.2%			16.2%			22.4%			71.6%			53.2%

International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses):
										Constant $			YTD			YTD						Constant $
	3Q-24			3Q-23			% Change			% Change			2024			2023			% Change			% Change

International life insurance net premiums written	$	1,275		$	1,208			5.5%			10.0%		$	3,964		$	3,282			20.8%			25.1%

International life insurance deposits ⁽²⁾		586			388			51.2%			54.2%			1,733			1,097			58.0%			62.8%


Total international life insurance net premiums written and deposits	$	1,861		$	1,596			16.6%			20.9%		$	5,697		$	4,379			30.1%			34.6%




International life insurance segment income	$	223		$	215			3.9%			9.1%		$	680		$	620			9.7%			13.8%

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

Adjusted loss and loss expenses	$	58		$	93		$	10		$	148		$	61		$	161		$	133		$	281
Administrative expenses		104			99			107			112			98			310			290			402

Underwriting loss		(162	)		(192	)		(117	)		(260	)		(159	)		(471	)		(423	)		(683	)

Adjusted net investment income		(23	)		(28	)		(21	)		4			23			(72	)		42			46

Other income (expense) - operating		(10	)		(14	)		(33	)		(14	)		(8	)		(57	)		(37	)		(51	)

Adjusted interest expense		(197	)		(188	)		(183	)		(179	)		(179	)		(568	)		(514	)		(693	)
Amortization expense of purchased intangibles		(40	)		(40	)		(42	)		(47	)		(44	)		(122	)		(129	)		(176	)
Integration expenses		(7	)		(7	)		(7	)		(18	)		(14	)		(21	)		(51	)		(69	)
Amortization of fair value adjustment of acquired invested assets and long-term debt		-			2			-			(1	)		(4	)		2			1			-

Adjusted net realized gains (losses)		391			29			1			22			(37	)		421			(193	)		(171	)
Market risk benefits gains (losses)		(230	)		(29	)		21			(153	)		(32	)		(238	)		(154	)		(307	)
Income tax (expense) benefit		(504	)		(490	)		(342	)		678			(413	)		(1,336	)		(1,189	)		(511	)
Less: NCI income (loss)		166			(14	)		151			(10	)		(3	)		303			(3	)		(13	)

Net (loss) benefit	$	(948	)	$	(943	)	$	(874	)	$	42		$	(864	)	$	(2,765	)	$	(2,644	)	$	(2,602	)


Unfavorable (favorable) prior period development (PPD) - pre-tax	$	55		$	93		$	9		$	146		$	61		$	157		$	131		$	277


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
Add net recoverable on paid losses		-			1,975			(1,975	)

Balance including net recoverable on paid losses	$	84,326		$	19,606		$	64,720


Loss Reserve Rollforward		Page 16

Chubb Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)


Net Reinsurance Recoverable by Division
	September 30			June 30			March 31			December 31
	2024			2024			2024			2023
Reinsurance recoverable on paid losses and loss expenses

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

Brandywine and Other Run-off		449			456			458			480


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


Reinsurance recoverable on unpaid losses and loss expenses

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

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


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


Gross reinsurance recoverable

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

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


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


Provision for uncollectible reinsurance ⁽¹⁾

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

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


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


Net reinsurance recoverable

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

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


Total	$	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)


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

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

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

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


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


Asset Allocation by Market Value

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

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

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

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

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

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


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


Credit Quality by Market Value

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

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

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

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

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

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

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


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


Cost/Amortized Cost, net

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

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

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


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

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

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

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


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


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

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

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

Avg. book yield of fixed income investments ⁽³⁾		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 September 30, 2024

Agency residential mortgage-backed securities (RMBS)	$	9	$	24,888	$	-	$	-	$	-	$	24,897

Non-agency RMBS		1,683		166		126		98		6		2,079

Commercial mortgage-backed securities		1,278		124		90		4		2		1,498


Total mortgage-backed securities at market value	$	2,970	$	25,178	$	216	$	102	$	8	$	28,474


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

Market Value at September 30, 2024			S&P Credit Rating
			Investment Grade
			AAA		AA		A		BBB		Total


Asset-backed			$	4,698	$	818	$	256	$	114	$	5,886

Banks				-		1		2,778		2,369		5,148

Basic Materials				-		-		111		380		491

Communications				-		253		508		1,489		2,250

Consumer, Cyclical				-		162		699		1,000		1,861

Consumer, Non-Cyclical				36		489		2,705		2,069		5,299

Diversified Financial Services				1		153		446		401		1,001

Energy				-		111		346		1,445		1,902

Industrial				-		10		684		1,507		2,201

Utilities				227		2		1,307		1,070		2,606

All Others				137		438		1,176		2,220		3,971


Total			$	5,099	$	2,437	$	11,016	$	14,064	$	32,616


Market Value at September 30, 2024					S&P Credit Rating
					Below Investment Grade
					BB		B		CCC		Total

Asset-backed					$	16	$	59	$	1	$	76
Banks						-		-		-		-
Basic Materials						444		243		21		708
Communications						642		709		101		1,452
Consumer, Cyclical						1,448		1,022		36		2,506
Consumer, Non-Cyclical						1,476		1,320		72		2,868
Diversified Financial Services						359		189		-		548
Energy						743		536		-		1,279
Industrial						994		801		19		1,814
Utilities						324		160		-		484
All Others						778		1,483		81		2,342

Total					$	7,224	$	6,522	$	331	$	14,077


Investments 2		Page 19

Chubb Limited

Investment Portfolio - 3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

September 30, 2024


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

Republic of Korea	$	-	$	1,951	$	-	$	-	$	-	$	1,951

People’s Republic of China		-		206		1,495		-		-		1,701

Canada		946		-		-		-		-		946

Taiwan		-		845		-		-		-		845

Kingdom of Thailand		-		-		656		-		-		656

United Mexican States		-		-		-		595		-		595

Federative Republic of Brazil		-		-		-		-		567		567

Commonwealth of Australia		563		-		-		-		-		563

Province of Ontario		-		-		523		-		-		523

Socialist Republic of Vietnam		-		-		-		-		463		463

Other Non-U.S. Government Securities		596		2,636		2,074		1,019		919		7,244


Total	$	2,105	$	5,638	$	4,748	$	1,614	$	1,949	$	16,054


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

China	$	-	$	-	$	6,558	$	386	$	16	$	6,960

United Kingdom		25		29		920		1,275		427		2,676

Canada		162		76		992		867		396		2,493

United States⁽¹⁾		-		9		523		537		817		1,886

France		5		47		924		568		144		1,688

South Korea		-		486		500		613		7		1,606

Australia		58		319		371		394		26		1,168

Japan		-		-		646		205		12		863

Germany		84		101		102		293		70		650

Switzerland		53		48		432		10		17		560

Other Non-U.S. Corporate Securities		398		485		1,737		2,680		1,502		6,802


Total	$	785	$	1,600	$	13,705	$	7,828	$	3,434	$	27,352

(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


	September 30, 2024	Market Value		Rating

1	Bank of America Corp	$	910	A-

2	Morgan Stanley		774	A-

3	JP Morgan Chase & Co		716	A-

4	Wells Fargo & Co		661	BBB+

5	Citigroup Inc		598	BBB+

6	Goldman Sachs Group Inc		597	BBB+

7	AT&T Inc		445	BBB

8	Verizon Communications Inc		440	BBB+

9	UBS Group AG		439	A-

10	HSBC Holdings Plc		386	A-


Investments 4		Page 21

Chubb Limited

Chubb Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)


	Three months ended September 30, 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⁾	$	26		$	2		$	28		$	3,457		$	(198	)	$	3,259		$	3,483		$	(196	)	$	3,287
Public equity:
Realized gains (losses) on sales		(4	)		1			(3	)		-			-			-			(4	)		1			(3	)
Mark-to-market		111			(22	)		89			-			-			-			111			(22	)		89
Private equity: Mark-to-market		151			6			157			-			-			-			151			6			157

Total investment portfolio		284			(13	)		271			3,457			(198	)		3,259			3,741			(211	)		3,530
Foreign exchange		(57	)		11			(46	)		383			7			390			326			18			344
Partially-owned entities ⁽²⁾		1			-			1			-			-			-			1			-			1
Current discount rate on future policy benefits		-			-			-			(629	)		36			(593	)		(629	)		36			(593	)
Instrument-specific credit risk - market risk benefits		-			-			-			(8	)		1			(7	)		(8	)		1			(7	)
Other		(3	)		3			-			(19	)		4			(15	)		(22	)		7			(15	)

Net gains (losses)	$	225		$	1		$	226		$	3,184		$	(150	)	$	3,034		$	3,409		$	(149	)	$	3,260

(1) The quarter includes pre-tax realized gains on investment derivatives of $66 million, a net decrease of the valuation allowance of expected credit losses of $48 million on fixed maturities, and impairments of $19 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 September 30, 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⁾	$	(61	)	$	24		$	(37	)	$	(2,184	)	$	29		$	(2,155	)	$	(2,245	)	$	53		$	(2,192	)
Public equity:
Realized gains (losses) on sales		(32	)		3			(29	)		-			-			-			(32	)		3			(29	)
Mark-to-market		(43	)		3			(40	)		-			-			-			(43	)		3			(40	)
Private equity: Mark-to-market		90			(4	)		86			-			-			-			90			(4	)		86

Total investment portfolio		(46	)		26			(20	)		(2,184	)		29			(2,155	)		(2,230	)		55			(2,175	)
Foreign exchange		(67	)		19			(48	)		(241	)		13			(228	)		(308	)		32			(276	)
Partially-owned entities ⁽⁴⁾		8			(1	)		7			11			-			11			19			(1	)		18
Current discount rate on future policy benefits		-			-			-			686			(35	)		651			686			(35	)		651
Instrument-specific credit risk - market risk benefits		-			-			-			(5	)		-			(5	)		(5	)		-			(5	)
Other ⁽⁵⁾		94			13			107			37			(7	)		30			131			6			137

Net gains (losses)	$	(11	)	$	57		$	46		$	(1,696	)	$	-		$	(1,696	)	$	(1,707	)	$	57		$	(1,650	)

(3) The quarter includes pre-tax realized gains on investment derivatives of $9 million, a net decrease of the valuation allowance of expected credit losses of $34 million, and impairments of $16 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) Includes a one-time net realized gain of $116 million as a result of the consolidation of Huatai.


Net Gains (Losses)		Page 22

Chubb Limited

Chubb Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)


	Nine months ended September 30, 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⁾	$	(213	)	$	41		$	(172	)	$	2,284		$	(149	)	$	2,135		$	2,071		$	(108	)	$	1,963
Public equity:
Realized gains (losses) on sales		8			-			8			-			-			-			8			-			8
Mark-to-market		170			(16	)		154			-			-			-			170			(16	)		154
Private equity: Mark-to-market		333			13			346			-			-			-			333			13			346

Total investment portfolio		298			38			336			2,284			(149	)		2,135			2,582			(111	)		2,471
Foreign exchange		(161	)		36			(125	)		(26	)		19			(7	)		(187	)		55			(132	)
Partially-owned entities ⁽²⁾		2			-			2			-			-			-			2			-			2
Current discount rate on future policy benefits		-			-			-			(592	)		14			(578	)		(592	)		14			(578	)
Instrument-specific credit risk - market risk benefits		-			-			-			2			-			2			2			-			2
Other		(10	)		1			(9	)		(17	)		4			(13	)		(27	)		5			(22	)

Net gains (losses)	$	129		$	75		$	204		$	1,651		$	(112	)	$	1,539		$	1,780		$	(37	)	$	1,743

(1) Year to date includes pre-tax realized gains on investment derivatives of $6 million, a net decrease of the valuation allowance of expected credit losses of $81 million on fixed maturities, and impairments of $81 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.


	Nine months ended September 30, 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⁾	$	(449	)	$	83		$	(366	)	$	(1,592	)	$	(93	)	$	(1,685	)	$	(2,041	)	$	(10	)	$	(2,051	)
Public equity:
Realized gains (losses) on sales		(35	)		3			(32	)		-			-			-			(35	)		3			(32	)
Mark-to-market		(1	)		(2	)		(3	)		-			-			-			(1	)		(2	)		(3	)
Private equity: Mark-to-market		364			19			383			-			-			-			364			19			383

Total investment portfolio		(121	)		103			(18	)		(1,592	)		(93	)		(1,685	)		(1,713	)		10			(1,703	)
Foreign exchange		(122	)		45			(77	)		(203	)		21			(182	)		(325	)		66			(259	)
Partially-owned entities ⁽⁴⁾		(2	)		-			(2	)		11			-			11			9			-			9
Current discount rate on future policy benefits		-			-			-			500			(21	)		479			500			(21	)		479
Instrument-specific credit risk - market risk benefits		-			-			-			3			-			3			3			-			3
Other ⁽⁵⁾		78			16			94			52			(11	)		41			130			5			135

Net gains (losses)	$	(167	)	$	164		$	(3	)	$	(1,229	)	$	(104	)	$	(1,333	)	$	(1,396	)	$	60		$	(1,336	)

(3) Year to date includes pre-tax realized losses on investment derivatives of $92 million, a net decrease of the valuation allowance of expected credit losses of $44 million, and impairments of $60 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) Includes a one-time net realized gain of $116 million as a result of the consolidation of Huatai.


Net Gains (Losses) 2		Page 23

Chubb Limited

Debt and Capital

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

(Unaudited)


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

Financial Debt:

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

Total long-term debt ⁽¹⁾		14,560		13,178		13,248		13,035		14,402


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

Hybrid debt:

Total trust preferred securities		309		309		309		308		308


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


Capitalization:

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

Hybrid debt		309		309		309		308		308

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


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


Leverage ratios (based on total capital):

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

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


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

Note: As of September 30, 2024, there was $0.9 billion usage of credit facilities on total capacity of $4.0 billion.

(1) In July 2024, the company issued $0.7 billion of 4.65% senior notes due 2029 and $0.6 billion of 5.00% senior notes due 2034. The use of proceeds was for general corporate purposes, including the repayment at maturity of its €0.7 billion 0.30% senior notes due December 2024.


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 September 30						Nine months ended September 30
	2024			2023			2024			2023

Numerator
Core operating income	$	2,334		$	2,041		$	6,746		$	5,927
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		2			(2	)		5			3
Tax expense on amortization adjustment		(2	)		-			(3	)		(7	)
Integration expenses, pre-tax		(7	)		(14	)		(21	)		(51	)
Tax benefit on integration expenses		1			4			4			13
Adjusted net realized gains (losses), pre-tax		225			(11	)		129			(167	)
Tax benefit on adjusted net realized gains (losses)		1			57			75			164
Market risk benefits gains (losses), pre- and after-tax		(230	)		(32	)		(238	)		(154	)

Chubb net income	$	2,324		$	2,043		$	6,697		$	5,728


Rollforward of Common Shares Outstanding
Shares - beginning of period		404,073,495			410,691,354			405,269,637			414,594,856
Repurchase of shares		(1,441,607	)		(2,949,900	)		(4,915,964	)		(8,634,600	)
Shares issued (canceled), excluding option exercises		(24,806	)		(23,697	)		665,669			1,128,936
Issued for option exercises		426,339			266,582			2,014,079			895,147

Shares - end of period		403,033,421			407,984,339			403,033,421			407,984,339


Denominator
Weighted average shares outstanding ⁽¹⁾		403,831,412			409,505,454			404,700,118			412,076,470
Effect of other dilutive securities		4,047,315			3,100,505			4,191,655			3,288,940

Adj. wtd. avg. shares outstanding and assumed conversions		407,878,727			412,605,959			408,891,773			415,365,410


Basic earnings per share
Core operating income	$	5.78		$	4.98		$	16.67		$	14.38
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		-			-			-			(0.01	)
Integration expenses, net of tax		(0.02	)		(0.02	)		(0.04	)		(0.09	)
Adjusted net realized gains (losses), net of tax		0.56			0.11			0.51			(0.01	)
Market risk benefits gains (losses), net of tax		(0.57	)		(0.08	)		(0.59	)		(0.37	)

Chubb net income	$	5.75		$	4.99		$	16.55		$	13.90


Diluted earnings per share
Core operating income	$	5.72		$	4.95		$	16.50		$	14.27
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		-			-			-			(0.01	)
Integration expenses, net of tax		(0.02	)		(0.02	)		(0.04	)		(0.09	)
Adjusted net realized gains (losses), net of tax		0.56			0.10			0.50			(0.01	)
Market risk benefits gains (losses), net of tax		(0.56	)		(0.08	)		(0.58	)		(0.37	)

Chubb net income	$	5.70		$	4.95		$	16.38		$	13.79

(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


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

Chubb shareholders’ equity	$	65,757		$	61,038		$	60,535		$	59,507		$	52,373
Less: Chubb goodwill and other intangible assets, net of tax		24,376			24,246			24,175			23,853			23,450

Numerator for tangible book value per share	$	41,381		$	36,792		$	36,360		$	35,654		$	28,923


Book value - % change over prior quarter		7.7%			0.8%			1.7%			13.6%			-1.0%
Tangible book value - % change over prior quarter		12.5%			1.2%			2.0%			23.3%			-10.8%

Denominator: shares outstanding		403,033,421			404,073,495			406,033,066			405,269,637			407,984,339

Book value per common share	$	163.16		$	151.05		$	149.09		$	146.83		$	128.37
Tangible book value per common share	$	102.67		$	91.05		$	89.55		$	87.98		$	70.89

Reconciliation of Book Value

Chubb shareholders’ equity, beginning of quarter	$	61,038		$	60,535		$	59,507		$	52,373		$	52,875
Core operating income		2,334			2,196			2,216			3,410			2,041
Amortization of fair value adjustment of acquired invested assets and long-term debt		-			6			(4	)		1			(2	)
Integration expenses		(6	)		(10	)		(1	)		(17	)		(10	)
Adjusted net realized gains (losses) ⁽¹⁾		226			67			(89	)		59			46
Market risk benefits gains (losses)		(230	)		(29	)		21			(153	)		(32	)
Net unrealized gains (losses) on investments		3,259			(476	)		(648	)		4,776			(2,144	)
Repurchase of shares		(413	)		(570	)		(316	)		(720	)		(606	)
Dividend declared on common shares		(369	)		(369	)		(350	)		(351	)		(352	)
Cumulative translation gains (losses)		390			(478	)		81			203			(228	)
Postretirement benefit liability		(1	)		1			(1	)		75			(1	)
Current discount rate on future policy benefits		(593	)		55			(40	)		(353	)		651
Instrument-specific credit risk - market risk benefits		(7	)		4			5			(1	)		(5	)
Other⁽²⁾		129			106			154			205			140

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

(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

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.

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 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.

Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the operating results of the company’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 the company’s P&C insurance business. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s global P&C operations which are the most economically similar. We exclude the North 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.

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), market risk benefit gains (losses), integration expenses, the amortization of fair value adjustment of acquired invested assets and long-term debt related to certain acquisitions. 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 benefit gains (losses) because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. 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 are incurred by the overall company and are included in Corporate. These expenses include legal and professional fees and all other costs directly related to the integration activities of acquisitions. The costs are not related to the ongoing activities of the individual segments and are therefore also 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.

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.

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.

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. Due to the significant impact that this required investment company classification has on the presentation of the company’s operating cash flow, the company has elected to remove the impact of these net investing activities of these investment companies. The investment company presentation is not consistent with our consolidated cash flow presentation. These net investing activities are more appropriately classified outside of operating cash flows, consistent with our consolidated investing activities, and may impact a reader’s analysis of our underlying operating cash flow related to the core insurance company operations. Accordingly, we believe that it is appropriate to adjust operating cash flow for the impact of these consolidated investment products.


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:																YTD			YTD			Full Year
	3Q-24			2Q-24			1Q-24			4Q-23			3Q-23			2024			2023			2023
Tax expense (benefit), as reported	$	500		$	489		$	340		$	(680	)	$	412		$	1,329		$	1,188		$	508
Less: tax expense on amortization of fair value of acquired invested assets and debt		2			(4	)		5			1			—			3			7			8
Less: tax benefit on integration expenses		(1	)		3			(6	)		(1	)		(4	)		(4	)		(13	)		(14	)
Less: tax benefit on adjusted net realized gains (losses)		(1	)		(19	)		(55	)		(9	)		(57	)		(75	)		(164	)		(173	)

Tax expense (benefit), adjusted	$	500		$	509		$	396		$	(671	)	$	473		$	1,405		$	1,358		$	687

Income before tax, as reported	$	2,824		$	2,719		$	2,483		$	2,620		$	2,455		$	8,026		$	6,916		$	9,536
Less: amortization of fair value of acquired invested assets and debt		2			2			1			2			(2	)		5			3			5
Less: integration expenses		(7	)		(7	)		(7	)		(18	)		(14	)		(21	)		(51	)		(69	)
Less: adjusted realized gains (losses)		32			39			(238	)		(84	)		(70	)		(167	)		(455	)		(539	)
Less: realized gains (losses) related to unconsolidated entities		193			9			94			134			59			296			288			422
Less: market risk benefits gains (losses)		(230	)		(29	)		21			(153	)		(32	)		(238	)		(154	)		(307	)

Core operating income before tax	$	2,834		$	2,705		$	2,612		$	2,739		$	2,514		$	8,151		$	7,285		$	10,024

Effective tax rate		17.7%			18.0%			13.7%			-26.0%			16.8%			16.6%			17.2%			5.3%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt		-0.1%			0.2%			-0.2%			-0.1%			0.0%			0.0%			-0.1%			-0.1%
Adjustment for tax impact of integration expenses		0.0%			-0.2%			0.2%			0.2%			0.1%			0.0%			0.0%			0.1%
Adjustment for tax impact of adjusted net realized gains (losses)		1.7%			1.0%			1.4%			0.0%			2.1%			1.1%			1.9%			1.8%
Adjustment for tax impact of market risk benefits gains (losses)		-1.6%			-0.2%			0.1%			1.4%			-0.2%			-0.5%			-0.4%			-0.2%

Core operating effective tax rate		17.7%			18.8%			15.2%			-24.5%			18.8%			17.2%			18.6%			6.9%


Core operating income
The following table presents the reconciliation of Chubb net income to Core operating income:																YTD			YTD			Full Year
	3Q-24			2Q-24			1Q-24			4Q-23			3Q-23			2024			2023			2023
Net income, as reported	$	2,324		$	2,230		$	2,143		$	3,300		$	2,043		$	6,697		$	5,728		$	9,028
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		2			2			1			2			(2	)		5			3			5
Tax (expense) benefit on amortization adjustment		(2	)		4			(5	)		(1	)		—			(3	)		(7	)		(8	)
Integration expenses, pre-tax		(7	)		(7	)		(7	)		(18	)		(14	)		(21	)		(51	)		(69	)
Tax benefit on integration expenses		1			(3	)		6			1			4			4			13			14
Adjusted realized gains (losses), pre-tax		32			39			(238	)		(84	)		(70	)		(167	)		(455	)		(539	)
Net realized gains (losses) related to unconsolidated entities, pre-tax ⁽¹⁾		193			9			94			134			59			296			288			422
Tax (expense) benefit on adjusted net realized gains (losses)		1			19			55			9			57			75			164			173
Market risk benefits gains (losses), pre- and after-tax		(230	)		(29	)		21			(153	)		(32	)		(238	)		(154	)		(307	)

Core operating income	$	2,334		$	2,196		$	2,216		$	3,410		$	2,041		$	6,746		$	5,927		$	9,337


Catastrophe losses - after-tax	$	629		$	482		$	347		$	257		$	544		$	1,458		$	1,245		$	1,502
Unfavorable (favorable) prior period development (PPD) - after-tax	$	(181	)	$	(167	)	$	(168	)	$	(184	)	$	(116	)	$	(516	)	$	(420	)	$	(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:																YTD			YTD			Full Year
	3Q-24			2Q-24			1Q-24			4Q-23			3Q-23			2024			2023			2023
Net income, as reported	$	2,490		$	2,216		$	2,294		$	3,290		$	2,040		$	7,000		$	5,725		$	9,015
Less: Income tax (expense) benefit		(504	)		(490	)		(342	)		678			(413	)		(1,336	)		(1,189	)		(511	)
Amortization expense of purchased intangibles		(81	)		(80	)		(80	)		(84	)		(84	)		(241	)		(226	)		(310	)
Other income (expense)		325			110			191			286			154			626			550			836
Interest expense		(192	)		(182	)		(178	)		(173	)		(174	)		(552	)		(499	)		(672	)
Net investment income		1,508			1,468			1,391			1,371			1,314			4,367			3,566			4,937
Net realized gains (losses)		198			104			(101	)		(123	)		(103	)		201			(484	)		(607	)
Market risk benefits gains (losses)		(230	)		(29	)		21			(153	)		(32	)		(238	)		(154	)		(307	)
Integration expenses		(7	)		(7	)		(7	)		(18	)		(14	)		(21	)		(51	)		(69	)
Life Insurance underlying income (loss) ⁽²⁾		15			(99	)		(2	)		(13	)		80			(86	)		266			253
Add: Realized gains (losses) on crop derivatives		(1	)		(3	)		(1	)		(2	)		(7	)		(5	)		(3	)		(5	)

P&C underwriting income	$	1,457		$	1,418		$	1,400		$	1,517		$	1,305		$	4,275		$	3,943		$	5,460
Add: Catastrophe losses (including reinstatement premiums) - pre-tax		765			580			435			300			670			1,780			1,528			1,828
Unfavorable (favorable) prior period development (PPD) - pre-tax		(244	)		(192	)		(207	)		(177	)		(200	)		(643	)		(596	)		(773	)

P&C CAY underwriting income ex Cats	$	1,978		$	1,806		$	1,628		$	1,640		$	1,775		$	5,412		$	4,875		$	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 income or loss is included in other income (expense) under 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.


							YTD			YTD			Full Year
	3Q-24			3Q-23			2024			2023			2023
Chubb net income	$	2,324		$	2,043		$	6,697		$	5,728		$	9,028
Core operating income	$	2,334		$	2,041		$	6,746		$	5,927		$	9,337

Equity - beginning of period, as reported	$	61,038		$	52,875		$	59,507		$	50,519		$	50,519
Less: unrealized gains (losses) on investments, net of deferred tax		(5,301	)		(6,809	)		(4,177	)		(7,279	)		(7,279	)
Less: changes in current discount rate on FPB, net of deferred tax		66			(247	)		51			(75	)		(75	)
Less: changes in instrument-specific credit risk on MRB, net of deferred tax		(13	)		(16	)		(22	)		(24	)		(24	)

Equity - beginning of period, as adjusted	$	66,286		$	59,947		$	63,655		$	57,897		$	57,897

Less: Chubb goodwill and other intangible assets, net of tax		24,246			20,442			23,853			20,455			20,455

Equity - beginning of period, as adjusted ex Chubb goodwill and other intangible assets	$	42,040		$	39,505		$	39,802		$	37,442		$	37,442

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

Equity - end of period, as adjusted	$	68,346		$	60,943		$	68,346		$	60,943		$	63,655

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

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

Weighted average equity, as reported	$	63,398		$	52,624		$	62,632		$	51,446		$	55,013
Weighted average equity, as adjusted ex Chubb goodwill and other intangible assets	$	43,005		$	38,499		$	41,886		$	37,468		$	38,622
Weighted average equity, as adjusted	$	67,316		$	60,445		$	66,001		$	59,420		$	60,776
ROE		14.7%			15.5%			14.3%			14.8%			16.4%
Core operating ROTE		21.7%			21.2%			21.5%			21.1%			24.2%
Core operating ROE		13.9%			13.5%			13.6%			13.3%			15.4%
Private equities realized gains (losses), after-tax ⁽¹⁾	$	157		$	86		$	346		$	383		$	523
Impact of Private equities if included in Core operating ROE - Favorable (unfavorable) ⁽¹⁾		0.9 pts			0.6 pts			0.7 pts			0.9 pts			0.9 pts

Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures
	September 30			June 30			December 31			QTD %			YTD %
	2024			2024			2023			Change			Change
Book value	$	65,757		$	61,038		$	59,507
Less: AOCI		(5,270	)		(8,304	)		(6,809	)

Book value excluding AOCI		71,027			69,342			66,316
Tangible book value		41,381			36,792			35,654
Less: Tangible AOCI		(4,450	)		(7,286	)		(5,999	)

Tangible book value excluding tangible AOCI	$	45,831		$	44,078		$	41,653


Denominator: shares outstanding		403,033,421			404,073,495			405,269,637

Book value per share excluding AOCI	$	176.23		$	171.60		$	163.64			2.7%			7.7%
Tangible book value per share excluding tangible AOCI	$	113.72		$	109.08		$	102.78			4.3%			10.6%

(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).


		North			North			North
		America			America			America			Overseas
		Commercial P&C			Personal P&C			Agricultural			General			Global						Total
Q3 2024		Insurance			Insurance			Insurance			Insurance			Reinsurance			Corporate			P&C
Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits		$	3,391		$	879		$	1,192		$	1,751		$	200		$	58		$	7,471
Realized (gains) losses on crop derivatives			-			-			1			-			-			-			1

Adjusted losses and loss expenses/policy benefits	A	$	3,391		$	879		$	1,193		$	1,751		$	200		$	58		$	7,472

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(340	)		(230	)		(29	)		(103	)		(63	)		-			(765	)
Reinstatement premiums collected (expensed) on catastrophe losses			-			-			-			-			4			-			4

Catastrophe losses, gross of related adjustments			(340	)		(230	)		(29	)		(103	)		(67	)		-			(769	)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			39			189			6			60			5			(55	)		244
Net premiums earned adjustments on PPD - unfavorable (favorable)			69			-			-			-			-			-			69
Expense adjustments - unfavorable (favorable)			2			-			-			-			-			-			2
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			-			-			-

PPD, gross of related adjustments - favorable (unfavorable)			110			189			6			60			5			(55	)		315

CAY loss and loss expense ex Cats	B	$	3,161		$	838		$	1,170		$	1,708		$	138		$	3		$	7,018

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	1,027		$	403		$	90		$	1,192		$	98		$	104		$	2,914
Expense adjustments - favorable (unfavorable)			(2	)		-			-			-			-			-			(2	)

CAY policy acquisition costs and administrative expenses	D	$	1,025		$	403		$	90		$	1,192		$	98		$	104		$	2,912


Denominator
Net premiums earned	E	$	5,110		$	1,577		$	1,419		$	3,421		$	316					$	11,843
Reinstatement premiums (collected) expensed on catastrophe losses			-			-			-			-			(4	)					(4	)
Net premiums earned adjustments on PPD - unfavorable (favorable)			69			-			-			-			-						69
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			-						-

Net premiums earned excluding adjustments	F	$	5,179		$	1,577		$	1,419		$	3,421		$	312					$	11,908


P&C combined ratio
Loss and loss expense ratio	A/E		66.4%			55.8%			84.1%			51.2%			63.3%						63.1%
Policy acquisition cost and administrative expense ratio	C/E		20.1%			25.5%			6.3%			34.8%			31.1%						24.6%

P&C combined ratio			86.5%			81.3%			90.4%			86.0%			94.4%						87.7%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		61.0%			53.1%			82.5%			49.9%			44.4%						58.9%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		19.8%			25.6%			6.4%			34.9%			31.4%						24.5%

CAY P&C combined ratio ex Cats			80.8%			78.7%			88.9%			84.8%			75.8%						83.4%


Combined ratio
Combined ratio																					87.7%
Add: impact of gains and losses on crop derivatives																					0.0%

P&C combined ratio																					87.7%

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)


YTD 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		$	9,640		$	2,654		$	1,780		$	5,040		$	492		$	161		$	19,767
Realized (gains) losses on crop derivatives			-			-			5			-			-			-			5

Adjusted losses and loss expenses/policy benefits	A	$	9,640		$	2,654		$	1,785		$	5,040		$	492		$	161		$	19,772

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(828	)		(538	)		(65	)		(286	)		(63	)		-			(1,780	)
Reinstatement premiums collected (expensed) on catastrophe losses			-			-			-			-			4			-			4

Catastrophe losses, gross of related adjustments			(828	)		(538	)		(65	)		(286	)		(67	)		-			(1,784	)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			231			305			34			210			20			(157	)		643
Net premiums earned adjustments on PPD - unfavorable (favorable)			77			-			39			-			-			-			116
Expense adjustments - unfavorable (favorable)			9			-			3			-			-			-			12
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			1			-			1

PPD, gross of related adjustments - favorable (unfavorable)			317			305			76			210			21			(157	)		772

CAY loss and loss expense ex Cats	B	$	9,129		$	2,421		$	1,796		$	4,964		$	446		$	4		$	18,760

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	3,030		$	1,176		$	161		$	3,536		$	279		$	310		$	8,492
Expense adjustments - favorable (unfavorable)			(9	)		-			(3	)		-			-			-			(12	)

CAY policy acquisition costs and administrative expenses	D	$	3,021		$	1,176		$	158		$	3,536		$	279		$	310		$	8,480


Denominator
Net premiums earned	E	$	14,890		$	4,560		$	2,173		$	9,966		$	950					$	32,539
Reinstatement premiums (collected) expensed on catastrophe losses			-			-			-			-			(4	)					(4	)
Net premiums earned adjustments on PPD - unfavorable (favorable)			77			-			39			-			-						116
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			1						1

Net premiums earned excluding adjustments	F	$	14,967		$	4,560		$	2,212		$	9,966		$	947					$	32,652


P&C combined ratio
Loss and loss expense ratio	A/E		64.7%			58.2%			82.2%			50.6%			51.8%						60.8%
Policy acquisition cost and administrative expense ratio	C/E		20.4%			25.8%			7.4%			35.5%			29.4%						26.1%

P&C combined ratio			85.1%			84.0%			89.6%			86.1%			81.2%						86.9%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		61.0%			53.1%			81.3%			49.8%			47.0%						57.5%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.2%			25.8%			7.1%			35.5%			29.6%						25.9%

CAY P&C combined ratio ex Cats			81.2%			78.9%			88.4%			85.3%			76.6%						83.4%


Combined ratio
Combined ratio																					86.9%
Add: impact of gains and losses on crop derivatives																					0.0%

P&C combined ratio																					86.9%


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)


Q3 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		$	3,025		$	900		$	1,349		$	1,726		$	116		$	61		$	7,177
Realized (gains) losses on crop derivatives			-			-			7			-			-			-			7

Adjusted losses and loss expenses/policy benefits	A	$	3,025		$	900		$	1,356		$	1,726		$	116		$	61		$	7,184

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(246	)		(280	)		(18	)		(120	)		(6	)		-			(670	)
Reinstatement premiums collected (expensed) on catastrophe losses			-			-			-			-			-			-			-

Catastrophe losses, gross of related adjustments			(246	)		(280	)		(18	)		(120	)		(6	)		-			(670	)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			84			119			9			49			-			(61	)		200
Net premiums earned adjustments on PPD - unfavorable (favorable)			66			-			-			-			-			-			66
Expense adjustments - unfavorable (favorable)			7			-			-			-			-			-			7
PPD reinstatement premiums - unfavorable (favorable)			-			(1	)		-			-			(1	)		-			(2	)

PPD, gross of related adjustments - favorable (unfavorable)			157			118			9			49			(1	)		(61	)		271

CAY loss and loss expense ex Cats	B	$	2,936		$	738		$	1,347		$	1,655		$	109		$	-		$	6,785

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	963		$	371		$	79		$	1,154		$	78		$	98		$	2,743
Expense adjustments - favorable (unfavorable)			(7	)		-			-			-			-			-			(7	)

CAY policy acquisition costs and administrative expenses	D	$	956		$	371		$	79		$	1,154		$	78		$	98		$	2,736


Denominator
Net premiums earned	E	$	4,735		$	1,407		$	1,540		$	3,311		$	239					$	11,232
Reinstatement premiums (collected) expensed on catastrophe losses			-			-			-			-			-						-
Net premiums earned adjustments on PPD - unfavorable (favorable)			66			-			-			-			-						66
PPD reinstatement premiums - unfavorable (favorable)			-			(1	)		-			-			(1	)					(2	)

Net premiums earned excluding adjustments	F	$	4,801		$	1,406		$	1,540		$	3,311		$	238					$	11,296


P&C combined ratio
Loss and loss expense ratio	A/E		63.9%			63.9%			88.1%			52.1%			48.4%						64.0%
Policy acquisition cost and administrative expense ratio	C/E		20.3%			26.4%			5.1%			34.9%			32.9%						24.4%

P&C combined ratio			84.2%			90.3%			93.2%			87.0%			81.3%						88.4%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		61.1%			52.4%			87.5%			50.0%			45.9%						60.1%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.0%			26.5%			5.2%			34.8%			32.9%						24.2%

CAY P&C combined ratio ex Cats			81.1%			78.9%			92.7%			84.8%			78.8%						84.3%


Combined ratio
Combined ratio																					88.3%
Add: impact of gains and losses on crop derivatives																					0.1%

P&C combined ratio																					88.4%


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)


YTD 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		$	8,625		$	2,634		$	2,000		$	4,477		$	319		$	133		$	18,188
Realized (gains) losses on crop derivatives			-			-			3			-			-			-			3

Adjusted losses and loss expenses/policy benefits	A	$	8,625		$	2,634		$	2,003		$	4,477		$	319		$	133		$	18,191

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(639	)		(586	)		(37	)		(259	)		(7	)		-			(1,528	)
Reinstatement premiums collected (expensed) on catastrophe losses			-			-			-			-			-			-			-

Catastrophe losses, gross of related adjustments			(639	)		(586	)		(37	)		(259	)		(7	)		-			(1,528	)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			302			135			12			253			25			(131	)		596
Net premiums earned adjustments on PPD - unfavorable (favorable)			78			-			(2	)		-			-			-			76
Expense adjustments - unfavorable (favorable)			14			-			-			-			-			-			14
PPD reinstatement premiums - unfavorable (favorable)			-			(2	)		-			-			5			-			3

PPD, gross of related adjustments - favorable (unfavorable)			394			133			10			253			30			(131	)		689

CAY loss and loss expense ex Cats	B	$	8,380		$	2,181		$	1,976		$	4,471		$	342		$	2		$	17,352

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	2,801		$	1,083		$	137		$	3,185		$	223		$	290		$	7,719
Expense adjustments - favorable (unfavorable)			(14	)		-			-			-			-			-			(14	)

CAY policy acquisition costs and administrative expenses	D	$	2,787		$	1,083		$	137		$	3,185		$	223		$	290		$	7,705


Denominator
Net premiums earned	E	$	13,710		$	4,084		$	2,334		$	9,005		$	720					$	29,853
Reinstatement premiums (collected) expensed on catastrophe losses			-			-			-			-			-						-
Net premiums earned adjustments on PPD - unfavorable (favorable)			78			-			(2	)		-			-						76
PPD reinstatement premiums - unfavorable (favorable)			-			(2	)		-			-			5						3

Net premiums earned excluding adjustments	F	$	13,788		$	4,082		$	2,332		$	9,005		$	725					$	29,932


P&C combined ratio
Loss and loss expense ratio	A/E		62.9%			64.5%			85.8%			49.7%			44.3%						60.9%
Policy acquisition cost and administrative expense ratio	C/E		20.4%			26.5%			5.9%			35.4%			31.0%						25.9%

P&C combined ratio			83.3%			91.0%			91.7%			85.1%			75.3%						86.8%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		60.8%			53.4%			84.7%			49.7%			47.2%						58.0%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.2%			26.6%			5.9%			35.3%			30.8%						25.7%

CAY P&C combined ratio ex Cats			81.0%			80.0%			90.6%			85.0%			78.0%						83.7%


Combined ratio
Combined ratio																					86.8%
Add: impact of gains and losses on crop derivatives																					0.0%

P&C combined ratio																					86.8%


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 the overall company and are therefore included in Corporate. These costs are not related to the on-going business activities of the segments and are therefore excluded from our definition of segment income.

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