EX-99.2

EX-99.2 3 d877161dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

LOGO

Chubb Limited

Financial Supplement

for the Quarter Ended March 31, 2025

Investor Contact

Karen Beyer: (212) 827-4445

email: [email protected]

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

Cautionary Statement Regarding Forward-Looking Statements

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

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

Chubb Limited

Financial Supplement Table of Contents


		Page
I.	Financial Highlights
	- Consolidated Financial Highlights		1

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

III.	Segment Results
	- North America Commercial P&C Insurance		8
	- North America Personal P&C Insurance		9
	- North America Agricultural Insurance		10
	- Overseas General Insurance		11
	- Global Reinsurance		12
	- Life Insurance		13
	- Corporate		14

IV.	Balance Sheet Details
	- Loss Reserve Rollforward		15
	- Reinsurance Recoverable Analysis		16
	- Investment Portfolio		17 - 20
	- Net Realized and Unrealized Gains (Losses)		21
	- Debt and Capital		22
	- Computation of Basic and Diluted Earnings Per Share		23
	- Book Value and Book Value per Common Share		24

V.	Other Disclosures
	- Non-GAAP Financial Measures		25 - 29
	- Glossary		30

Note on Chubb Metrics:

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

Core Operating Income Redefined:

Core operating income was redefined to exclude the impact of the non-recurring tax benefit related to the enactment of Bermuda’s income tax law of $1.14 billion in Q4 2023 and $55 million in Q1 2024, as well as the subsequent years’ amortization of the related deferred tax asset.

Refer to page 1 for current and prior period results reflecting the adjusted presentation and information on Non-GAAP disclosures beginning on page 25.

Chubb Limited

Consolidated Financial Highlights

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

(Unaudited)

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


	Three months ended March 31						Constant $		Constant $		Year ended December 31
	2025		2024*		% Change		2024*		% Change		2024*		2023*


Gross premiums written	$	15,105	$	14,425		4.7%	$	14,134		6.9%	$	62,003	$	57,526

Net premiums written	$	12,646	$	12,221		3.5%	$	11,965		5.7%	$	51,468	$	47,361
P&C net premiums written	$	10,926	$	10,588		3.2%	$	10,406		5.0%	$	45,142	$	41,896
Global P&C net premiums written	$	10,650	$	10,339		3.0%	$	10,157		4.8%	$	42,439	$	38,708
Life Insurance net premiums written	$	1,720	$	1,633		5.3%	$	1,559		10.3%	$	6,326	$	5,465

Net premiums earned	$	12,000	$	11,583		3.6%	$	11,353		5.7%	$	49,846	$	45,712

P&C underwriting income	$	441	$	1,400		-68.5%	$	1,379		-68.0%	$	5,850	$	5,460

P&C CAY underwriting income ex Cats	$	1,827	$	1,628		12.2%	$	1,607		13.7%	$	7,381	$	6,515

Adjusted net investment income	$	1,670	$	1,482		12.7%	$	1,465		14.0%	$	6,376	$	5,343

Core operating income	$	1,489	$	2,161		-31.1%	$	2,125		-29.9%	$	9,142	$	8,202

Adjusted operating cash flow	$	2,001	$	3,624							$	15,904	$	12,182

Net investment income	$	1,561	$	1,391		12.2%	$	1,374		13.6%	$	5,930	$	4,937

Chubb net income	$	1,331	$	2,143		-37.9%					$	9,272	$	9,028

Operating cash flow	$	1,566	$	3,220							$	16,182	$	12,632

P&C combined ratio
Loss and loss expense ratio		67.8%		58.1%								60.4%		60.6%
Policy acquisition cost and administrative expense ratio		27.9%		27.9%								26.2%		25.9%



Combined ratio		95.7%		86.0%								86.6%		86.5%

P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)
CAY loss and loss expense ratio ex Cats		54.4%		56.1%								57.0%		58.2%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.9%		27.6%								26.1%		25.7%


CAY combined ratio ex Cats		82.3%		83.7%								83.1%		83.9%

ROE		8.2%		14.3%								15.0%		16.4%
Core operating return on tangible equity (ROTE)		13.0%		21.3%								21.5%		21.2%
Core operating return on equity (ROE)		8.6%		13.4%								13.8%		13.5%

Effective tax rate		19.3%		13.7%								16.3%		5.3%
Core operating effective tax rate		19.1%		17.3%								18.0%		18.2%

Diluted earnings per share

Chubb net income	$	3.29	$	5.23		-37.1%					$	22.70	$	21.80

Core operating income	$	3.68	$	5.27		-30.2%					$	22.38	$	19.80

Weighted average basic common shares outstanding		400.7		405.7								404.2		410.8
Weighted average diluted common shares outstanding		404.7		409.7								408.5		414.2

					% Change
	March 31 2025		December 31 2024		1Q-25 vs. 4Q-24

Book value per common share	$	164.01	$	159.77		2.7%
Tangible book value per common share	$	104.27	$	100.38		3.9%

Book value per common share, excl. AOCI	$	183.06	$	181.34		0.9%
Tangible book value per common share, excl. AOCI	$	120.44	$	118.57		1.6%

*Core operating income has been redefined to adjust for a tax benefit associated with the new Bermuda tax law. Refer to the table of contents page for additional information.


Financial Highlights		Page 1

Chubb Limited

Statement of Operations - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)


Consolidated Statements of Operations	1Q-25			4Q-24			3Q-24			2Q-24			1Q-24			Full Year 2024

Gross premiums written	$	15,105		$	14,326		$	16,761		$	16,491		$	14,425		$	62,003

Net premiums written		12,646			12,058			13,829			13,360			12,221			51,468

Net premiums earned		12,000			12,598			13,373			12,292			11,583			49,846

Adjusted losses and loss expenses ⁽¹⁾		6,895			6,481			7,384			6,434			5,728			26,027

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



Losses and loss expenses		6,896			6,481			7,383			6,431			5,727			26,022

Adjusted policy benefits ⁽²⁾		1,276			1,107			1,109			1,123			1,170			4,509

Realized (gains) losses from investment portfolios supporting participating policies		39			(108	)		(20	)		(85	)		-			(213	)

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



Policy benefits		1,227			1,216			1,099			1,219			1,180			4,714

Policy acquisition costs		2,313			2,345			2,324			2,226			2,207			9,102

Administrative expenses		1,080			1,122			1,094			1,094			1,070			4,380

Adjusted net investment income ⁽³⁾		1,670			1,691			1,640			1,563			1,482			6,376

Other (income) expense from private equity partnerships		(107	)		(126	)		(127	)		(91	)		(86	)		(430	)

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



Net investment income		1,561			1,563			1,508			1,468			1,391			5,930

Adjusted realized gains (losses) ⁽⁴⁾		(78	)		(192	)		179			22			(100	)		(91	)

Realized gains (losses) from investment portfolios supporting participating policies		(39	)		108			20			85			-			213

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



Net realized gains (losses)		(116	)		(84	)		198			104			(101	)		117

Market risk benefits gains (losses)		(92	)		98			(230	)		(29	)		21			(140	)

Adjusted interest expense ⁽⁵⁾		186			194			197			188			183			762

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



Interest expense		181			189			192			182			178			741

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

Net realized gains (losses) related to unconsolidated entities		(25	)		216			212			7			101			536

Other income (expense) from private equity partnerships		107			126			127			91			86			430

Other income (expense) - operating		11			54			16			1			(6	)		65



Other income (expense)		83			397			325			110			191			1,023

Amortization expense of purchased intangibles		75			82			81			80			80			323

Integration expenses		-			18			7			7			7			39

Income tax expense (benefit)		321			479			504			490			342			1,815



Net income	$	1,343		$	2,640		$	2,490		$	2,216		$	2,294		$	9,640

Less: NCI income (loss)		12			65			166			(14	)		151			368



Chubb net income	$	1,331		$	2,575		$	2,324		$	2,230		$	2,143		$	9,272

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

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

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

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

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


Statement of Operations		Page 2

Chubb Limited

P&C Underwriting Results - Consecutive Quarters

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

(Unaudited)


Chubb Limited P&C Underwriting Results	1Q-25			4Q-24			3Q-24			2Q-24			1Q-24			Full Year 2024

P&C underwriting income
Gross premiums written	$	13,327		$	12,696		$	15,143		$	14,845		$	12,724		$	55,408
Net premiums written		10,926			10,497			12,277			11,780			10,588			45,142
Net premiums earned		10,304			11,034			11,843			10,724			9,972			43,573
Adjusted losses and loss expenses		6,869			6,455			7,352			6,412			5,696			25,915
Policy benefits		113			96			120			92			100			408
Policy acquisition costs		2,003			2,028			2,033			1,926			1,913			7,900
Administrative expenses		878			880			881			876			863			3,500

P&C underwriting income	$	441		$	1,575		$	1,457		$	1,418		$	1,400		$	5,850

P&C CAY underwriting income ex Cats	$	1,827		$	1,969		$	1,978		$	1,806		$	1,628		$	7,381

% Change versus prior year period
Net premiums written		3.2%			3.5%			5.4%			10.3%			12.4%			7.7%
Net premiums earned		3.3%			5.5%			5.4%			10.1%			12.3%			8.1%

Net premiums written constant $		5.0%			3.5%			6.1%			10.6%			12.2%			8.0%
Net premiums earned constant $		5.0%			5.5%			6.3%			10.4%			12.2%			8.4%

P&C combined ratio
Loss and loss expense ratio		67.8%			59.4%			63.1%			60.6%			58.1%			60.4%
Policy acquisition cost ratio		19.4%			18.4%			17.2%			18.0%			19.2%			18.1%
Administrative expense ratio		8.5%			7.9%			7.4%			8.2%			8.7%			8.1%

Combined ratio		95.7%			85.7%			87.7%			86.8%			86.0%			86.6%


CAY P&C combined ratio ex Cats

CAY loss and loss expense ratio ex Cats		54.4%			55.7%			58.9%			57.1%			56.1%			57.0%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.9%			26.5%			24.5%			26.1%			27.6%			26.1%

CAY combined ratio ex Cats		82.3%			82.2%			83.4%			83.2%			83.7%			83.1%


Other ratios
Net premiums written/gross premiums written		82%			83%			81%			79%			83%			81%

Expense ratio		27.9%			26.3%			24.6%			26.2%			27.9%			26.2%
Expense ratio excluding A&H		26.4%			24.7%			23.1%			24.5%			26.1%			24.6%

Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	(37	)	$	10		$	4		$	-		$	-		$	14
Catastrophe losses - pre-tax	$	1,604		$	617		$	769		$	580		$	435		$	2,401
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(255	)	$	(213	)	$	(244	)	$	(192	)	$	(207	)	$	(856	)
Impact of catastrophe losses on P&C combined ratio - Unfavorable		15.9%			5.5%			6.4%			5.4%			4.4%			5.5%

Impact of PPD on P&C combined ratio - Favorable		-2.5%			-2.0%			-2.1%			-1.8%			-2.1%			-2.0%
Impact of Cats and PPD on P&C combined ratio - Unfavorable		13.4%			3.5%			4.3%			3.6%			2.3%			3.5%


P&C Results		Page 3

Chubb Limited

Global P&C Underwriting Results - Consecutive Quarters

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

(Unaudited)


Global P&C	1Q-25		4Q-24		3Q-24		2Q-24		1Q-24		Full Year 2024

Global P&C underwriting income
Gross premiums written	$	12,893	$	12,192	$	12,992	$	13,734	$	12,296	$	51,214
Net premiums written		10,650		10,180		10,898		11,022		10,339		42,439
Net premiums earned		10,139		10,502		10,424		10,098		9,844		40,868
Adjusted losses and loss expenses		6,777		6,070		6,159		5,869		5,647		23,745
Policy benefits		113		96		120		92		100		408
Policy acquisition costs		1,986		1,991		1,945		1,881		1,892		7,709
Administrative expenses		876		897		879		873		861		3,510

Global P&C underwriting income	$	387	$	1,448	$	1,321	$	1,383	$	1,344	$	5,496

Global P&C CAY underwriting income ex Cats	$	1,791	$	1,917	$	1,819	$	1,738	$	1,597	$	7,071

% Change versus prior year period
Net premiums written		3.0%		6.7%		7.6%		11.2%		13.3%		9.6%
Net premiums earned		3.0%		9.1%		7.5%		10.9%		12.9%		10.0%

Net premiums written constant $		4.8%		6.7%		8.5%		11.5%		13.0%		9.9%
Net premiums earned constant $		4.7%		9.1%		8.5%		11.2%		12.8%		10.3%

Combined ratio
Loss and loss expense ratio		68.0%		58.7%		60.2%		59.0%		58.4%		59.1%
Policy acquisition cost ratio		19.6%		19.0%		18.7%		18.6%		19.2%		18.9%
Administrative expense ratio		8.6%		8.5%		8.4%		8.7%		8.7%		8.6%

Combined ratio		96.2%		86.2%		87.3%		86.3%		86.3%		86.6%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		54.2%		54.1%		55.7%		55.5%		55.9%		55.3%
CAY policy acquisition cost and administrative expense ratio ex Cats		28.2%		27.6%		26.9%		27.3%		27.9%		27.4%

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


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

Expense ratio		28.2%		27.5%		27.1%		27.3%		27.9%		27.5%
Expense ratio excluding A&H		26.7%		25.9%		25.6%		25.7%		26.2%		25.8%
Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	(37)	$	10	$	4	$	-	$	-	$	14
Catastrophe losses - pre-tax	$	1,589	$	622	$	740	$	547	$	432	$	2,341
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(222)	$	(143)	$	(238)	$	(192)	$	(179)	$	(752)

Impact of catastrophe losses on combined ratio - Unfavorable		16.0%		5.8%		7.0%		5.4%		4.3%		5.7%
Impact of PPD on combined ratio - Favorable		-2.2%		-1.3%		-2.3%		-1.9%		-1.8%		-1.8%
Impact of Cats and PPD on combined ratio - Unfavorable		13.8%		4.5%		4.7%		3.5%		2.5%		3.9%


Global P&C		Page 4

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)


	March 31 2025			December 31 2024
Assets
Short-term investments, at fair value	$	4,432		$	5,142
Fixed maturities available for sale, at fair value		111,123			110,363
Private debt held-for-investment, at amortized cost		2,460			2,628
Equity securities, at fair value		9,556			9,151
Private equities		15,506			14,769
Other investments		9,224			8,597

Total investments		152,301			150,650

Cash and restricted cash		2,250			2,549
Securities lending collateral		1,909			1,445
Insurance and reinsurance balances receivable		15,358			14,426
Reinsurance recoverable on losses and loss expenses		20,015			19,777
Deferred policy acquisition costs		8,775			8,358
Value of business acquired (VOBA)		3,134			3,223
Prepaid reinsurance premiums		3,681			3,378
Goodwill and other intangible assets ($25,343 and $25,219 represents Chubb portion as of 3/31/2025 and 12/31/2024, respectively)		26,079			25,956
Deferred tax assets		1,798			1,603
Separate account assets		6,285			6,231
Other assets		10,167			8,952

Total assets	$	251,752		$	246,548


Liabilities
Unpaid losses and loss expenses	$	85,471		$	84,004
Unearned premiums		24,487			23,504
Future policy benefits		16,690			16,121
Market risk benefits		708			607
Policyholder account balances		8,129			8,016
Separate account liabilities		6,285			6,231
Insurance and reinsurance balances payable		8,446			8,121
Securities lending payable		1,909			1,445
Accounts payable, accrued expenses, and other liabilities		12,337			12,923
Deferred tax liabilities		1,608			1,584
Short-term and long-term debt		14,508			15,179
Hybrid debt		419			419

Total liabilities		180,997			178,154

Shareholders’ equity
Chubb shareholders’ equity, excl. AOCI		73,361			72,665
Accumulated other comprehensive income (loss) (AOCI)		(7,635	)		(8,644	)

Chubb shareholders’ equity		65,726			64,021
Noncontrolling interests		5,029			4,373

Total shareholders’ equity		70,755			68,394

Total liabilities and shareholders’ equity	$	251,752		$	246,548


Book value per common share	$	164.01		$	159.77
% change over prior quarter		2.7%			-2.1%
Tangible book value per common share ⁽¹⁾	$	104.27		$	100.38
% change over prior quarter		3.9%			-2.2%

Book value per common share, excl. AOCI	$	183.06		$	181.34
% change over prior quarter		0.9%			2.9%
Tangible book value per common share, excl. AOCI	$	120.44		$	118.57
% change over prior quarter		1.6%			4.3%

(1) Refer to page 24 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 $
	1Q-25		1Q-24		% Change		% Change
Net premiums written

Property and other short-tail lines	$	2,489	$	2,360		5.4%		7.4%
Commercial casualty		2,252		2,210		1.9%		2.9%
Financial lines		1,079		1,108		-2.6%		-1.2%
Workers’ compensation		638		629		1.3%		1.3%
Commercial multiple peril⁽¹⁾		416		368		13.2%		13.2%
Surety		200		184		8.9%		13.9%

Total Commercial P&C lines		7,074		6,859		3.1%		4.5%

Agriculture		276		249		11.0%		11.0%

Personal homeowners		1,089		1,065		2.2%		3.0%
Personal automobile		656		642		2.1%		10.2%
Personal other		600		565		6.2%		8.4%

Total Personal lines		2,345		2,272		3.2%		6.3%

Global A&H - P&C		823		849		-3.1%		0.0%

Reinsurance lines		408		359		13.7%		14.0%


Total P&C	$	10,926	$	10,588		3.2%		5.0%


Life Insurance		1,720		1,633		5.3%		10.3%


Total Consolidated	$	12,646	$	12,221		3.5%		5.7%

(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 March 31, 2025
	North America Commercial P&C			North America Personal P&C			North America Agricultural		Overseas General		Global				Total		Life		Total
Q1 2025		Insurance			Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated
Net premiums written		$	4,787		$	1,552	$	276	$	3,903	$	408	$	-	$	10,926	$	1,720	$	12,646
% of total net premiums written			38%			12%		2%		31%		3%		-		86%		14%		100%
Net premiums earned			4,988			1,574		165		3,209		368		-		10,304		1,696		12,000
Adjusted losses and loss expenses			3,031			2,093		92		1,397		242		14		6,869		26		6,895
Adjusted policy benefits			-			-		-		113		-		-		113		1,163		1,276
Policy acquisition costs			719			330		17		837		100		-		2,003		310		2,313
Administrative expenses			344			87		2		330		10		105		878		202		1,080

Underwriting income (loss)			894			(936)		54		532		16		(119)		441		(5)		436
Adjusted net investment income			929			120		24		281		70		(25)		1,399		271		1,670
Other income (expense) - operating			(8)			(1)		(1)		(6)		-		(8)		(24)		35		11
Amortization expense of purchased intangibles			(1)			(2)		(6)		(19)		-		(37)		(65)		(10)		(75)

Segment income (loss)		$	1,814		$	(819)	$	71	$	788	$	86	$	(189)	$	1,751	$	291	$	2,042

Combined ratio			82.1%			159.5%		67.5%		83.4%		95.6%				95.7%
CAY combined ratio ex Cats			81.3%			75.0%		78.9%		85.5%		74.3%				82.3%



		Three months ended March 31, 2024
	North America Commercial P&C			North America Personal P&C			North America Agricultural		Overseas General		Global				Total		Life		Total
Q1 2024		Insurance			Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated
Net premiums written		$	4,689		$	1,456	$	249	$	3,835	$	359	$	-	$	10,588	$	1,633	$	12,221
% of total net premiums written			39%			12%		2%		31%		3%		-		87%		13%		100%
Net premiums earned			4,880			1,471		128		3,198		295		-		9,972		1,611		11,583
Adjusted losses and loss expenses			3,175			899		49		1,426		137		10		5,696		32		5,728
Adjusted policy benefits			-			-		-		100		-		-		100		1,070		1,170
Policy acquisition costs			688			300		21		823		81		-		1,913		294		2,207
Administrative expenses			328			86		2		331		9		107		863		207		1,070

Underwriting income (loss)			689			186		56		518		68		(117)		1,400		8		1,408
Adjusted net investment income			826			102		21		267		57		(21)		1,252		230		1,482
Other income (expense) - operating			(7)			(1)		-		(5)		-		(33)		(46)		40		(6)
Amortization expense of purchased intangibles			-			(2)		(6)		(20)		-		(42)		(70)		(10)		(80)

Segment income (loss)		$	1,508		$	285	$	71	$	760	$	125	$	(213)	$	2,536	$	268	$	2,804

Combined ratio			85.9%			87.4%		56.6%		83.8%		76.9%				86.0%
CAY combined ratio ex Cats			82.0%			79.3%		81.6%		85.8%		76.5%				83.7%


Consol Results - QTD		Page 7

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Commercial P&C Insurance


																Full Year
	1Q-25			4Q-24			3Q-24			2Q-24			1Q-24			2024

Gross premiums written	$	5,696		$	5,873		$	6,511		$	6,915		$	5,431		$	24,730
Net premiums written		4,787			4,899			5,500			5,501			4,689			20,589
Net premiums earned		4,988			5,118			5,110			4,900			4,880			20,008
Losses and loss expenses		3,031			3,097			3,391			3,074			3,175			12,737
Policy acquisition costs		719			681			689			660			688			2,718
Administrative expenses		344			344			338			327			328			1,337

Underwriting income		894			996			692			839			689			3,216
Adjusted net investment income		929			936			931			863			826			3,556
Other income (expense) - operating		(8	)		(4	)		(6	)		(15	)		(7	)		(32	)
Amortization expense of purchased intangibles		(1	)		(1	)		(2	)		-			-			(3	)

Segment income	$	1,814		$	1,927		$	1,615		$	1,687		$	1,508		$	6,737

CAY underwriting income ex Cats	$	934		$	1,074		$	993		$	947		$	877		$	3,891

Combined ratio
Loss and loss expense ratio		60.8%			60.5%			66.4%			62.7%			65.1%			63.7%
Policy acquisition cost ratio		14.4%			13.3%			13.5%			13.5%			14.1%			13.6%
Administrative expense ratio		6.9%			6.8%			6.6%			6.7%			6.7%			6.6%

Combined ratio		82.1%			80.6%			86.5%			82.9%			85.9%			83.9%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		59.9%			58.6%			61.0%			60.6%			61.4%			60.4%
CAY policy acquisition cost and administrative expense ratio ex Cats		21.4%			20.4%			19.8%			20.1%			20.6%			20.2%

CAY combined ratio ex Cats⁽¹⁾		81.3%			79.0%			80.8%			80.7%			82.0%			80.6%


Catastrophe losses - pre-tax	$	154		$	275		$	340		$	252		$	236		$	1,103
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(114	)	$	(197	)	$	(39	)	$	(144	)	$	(48	)	$	(428	)

% Change versus prior year period
Net premiums written⁽¹⁾		2.1%			5.1%			7.2%			6.7%			9.4%			7.0%
Net premiums earned		2.2%			8.8%			7.9%			6.4%			11.7%			8.6%

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

Production by Size - Net premiums written ⁽²⁾
Major Accounts & Specialty	$	2,731		$	2,915		$	3,296		$	3,524		$	2,779		$	12,514
Commercial		2,056			1,984			2,204			1,977			1,910			8,075

Total	$	4,787		$	4,899		$	5,500		$	5,501		$	4,689		$	20,589

(1) Q1 2025 year-over-year large structured transactions favorably impacted the CAY combined ratio ex Cats by 0.6 percentage points and unfavorably impacted net premiums written growth by 2.9 percentage points.

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


NA Commercial		Page 8

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Personal P&C Insurance


																Full Year
	1Q-25			4Q-24			3Q-24			2Q-24			1Q-24			2024

Gross premiums written	$	1,840		$	1,874		$	1,949		$	2,029		$	1,679		$	7,531
Net premiums written		1,552			1,621			1,679			1,776			1,456			6,532
Net premiums earned		1,574			1,628			1,577			1,512			1,471			6,188
Losses and loss expenses		2,093			930			879			876			899			3,584
Policy acquisition costs		330			325			315			299			300			1,239
Administrative expenses		87			89			88			88			86			351

Underwriting income (loss)		(936	)		284			295			249			186			1,014
Net investment income		120			111			112			108			102			433
Other income (expense) - operating		(1	)		(1	)		(1	)		2			(1	)		(1	)
Amortization expense of purchased intangibles		(2	)		(2	)		(3	)		(2	)		(2	)		(9	)

Segment income (loss)	$	(819	)	$	392		$	403		$	357		$	285		$	1,437

CAY underwriting income ex Cats	$	406		$	368		$	336		$	323		$	304		$	1,331

Combined ratio
Loss and loss expense ratio		133.0%			57.1%			55.8%			57.9%			61.1%			57.9%
Policy acquisition cost ratio		21.0%			20.0%			20.0%			19.8%			20.4%			20.0%
Administrative expense ratio		5.5%			5.5%			5.5%			5.8%			5.9%			5.7%

Combined ratio		159.5%			82.6%			81.3%			83.5%			87.4%			83.6%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		49.3%			51.9%			53.1%			53.0%			53.1%			52.8%
CAY policy acquisition cost and administrative expense ratio ex Cats		25.7%			25.5%			25.6%			25.6%			26.2%			25.7%

CAY combined ratio ex Cats		75.0%			77.4%			78.7%			78.6%			79.3%			78.5%

Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	(50	)	$	-		$	-		$	-		$	-		$	-
Catastrophe losses - pre-tax	$	1,292		$	84		$	230		$	138		$	170		$	622
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	-		$	-		$	(189)		$	(64)		$	(52)		$	(305)

% Change versus prior year period
Net premiums written⁽¹⁾		6.6%			10.0%			10.0%			12.3%			12.3%			11.1%
Net premiums earned		7.0%			12.1%			12.0%			11.5%			11.4%			11.8%

Other ratios
Net premiums written/gross premiums written		84%			87%			86%			87%			87%			87%

(1) Q1 2025 net premiums written growth was unfavorably impacted by $50 million of ceded reinstatement premiums (RIPs) related to the CA wildfires. Excluding the ceded RIPs, net premiums written growth was 10.1%.


NA Personal		Page 9

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Agricultural Insurance


																Full Year
	1Q-25			4Q-24			3Q-24			2Q-24			1Q-24			2024
Gross premiums written	$	434		$	504		$	2,151		$	1,111		$	428		$	4,194
Net premiums written		276			317			1,379			758			249			2,703
Net premiums earned		165			532			1,419			626			128			2,705
Adjusted losses and loss expenses		92			385			1,193			543			49			2,170
Policy acquisition costs		17			37			88			45			21			191
Administrative expenses		2			(17	)		2			3			2			(10	)

Underwriting income		54			127			136			35			56			354
Net investment income		24			22			20			21			21			84
Other income (expense) - operating		(1	)		-			(1	)		-			-			(1	)
Amortization expense of purchased intangibles		(6	)		(7	)		(5	)		(7	)		(6	)		(25	)

Segment income	$	71		$	142		$	150		$	49		$	71		$	412

CAY underwriting income ex Cats	$	36		$	52		$	159		$	68		$	31		$	310

Combined ratio
Loss and loss expense ratio		55.9%			72.2%			84.1%			86.8%			38.6%			80.2%
Policy acquisition cost ratio		10.4%			7.1%			6.1%			7.1%			16.8%			7.1%
Administrative expense ratio		1.2%			-3.2%			0.2%			0.5%			1.2%			-0.4%

Combined ratio		67.5%			76.1%			90.4%			94.4%			56.6%			86.9%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		65.8%			86.8%			82.5%			81.5%			69.5%			82.4%
CAY policy acquisition cost and administrative expense ratio ex Cats		13.1%			3.7%			6.4%			7.6%			12.1%			6.4%

CAY combined ratio ex Cats		78.9%			90.5%			88.9%			89.1%			81.6%			88.8%

Unfavorable (favorable) Catastrophe losses - pre-tax	$	15		$	(5	)	$	29		$	33		$	3		$	60
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(33	)	$	(70	)	$	(6	)	$	-		$	(28	)	$	(104	)

% Change versus prior year period
Net premiums written		11.0%			-47.8%			-9.3%			-1.2%			-15.0%			-15.2%
Net premiums earned		28.6%			-36.2%			-7.9%			-1.5%			-19.4%			-14.6%

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


NA Agriculture		Page 10

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

Overseas General Insurance



	1Q-25			4Q-24			3Q-24			2Q-24			1Q-24			Full Year 2024
Gross premiums written	$	4,904		$	4,199		$	4,150		$	4,262		$	4,775		$	17,386
Net premiums written		3,903			3,436			3,367			3,334			3,835			13,972
Net premiums earned		3,209			3,434			3,421			3,347			3,198			13,400
Losses and loss expenses		1,397			1,686			1,631			1,671			1,426			6,414
Policy benefits		113			96			120			92			100			408
Policy acquisition costs		837			893			852			842			823			3,410
Administrative expenses		330			332			340			348			331			1,351

Underwriting income		532			427			478			394			518			1,817
Adjusted net investment income		281			300			286			283			267			1,136
Other income (expense) - operating		(6	)		-			(5	)		(4	)		(5	)		(14	)
Amortization expense of purchased intangibles		(19	)		(20	)		(21	)		(20	)		(20	)		(81	)

Segment income	$	788		$	707		$	738		$	653		$	760		$	2,858

CAY underwriting income ex Cats	$	466		$	520		$	521		$	490		$	455		$	1,986

Combined ratio
Loss and loss expense ratio		47.0%			51.9%			51.2%			52.7%			47.7%			50.9%
Policy acquisition cost ratio		26.1%			26.0%			24.9%			25.1%			25.7%			25.4%
Administrative expense ratio		10.3%			9.7%			9.9%			10.4%			10.4%			10.1%

Combined ratio		83.4%			87.6%			86.0%			88.2%			83.8%			86.4%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		49.1%			49.2%			49.9%			49.8%			49.7%			49.7%
CAY policy acquisition cost and administrative expense ratio ex Cats		36.4%			35.7%			34.9%			35.5%			36.1%			35.5%

CAY combined ratio ex Cats		85.5%			84.9%			84.8%			85.3%			85.8%			85.2%

Catastrophe losses - pre-tax	$	55		$	173		$	103		$	157		$	26		$	459
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(121	)	$	(80	)	$	(60	)	$	(61	)	$	(89	)	$	(290	)

% Change versus prior year period
Net premiums written		1.8%			6.8%			4.9%			15.6%			17.5%			11.1%
Net premiums written - Commercial		3.6%			8.2%			5.1%			13.3%			12.2%			9.7%
Net premiums written - Consumer		-1.1%			4.7%			4.5%			19.1%			27.1%			13.3%
Net premiums earned		0.3%			6.4%			3.3%			15.1%			14.8%			9.6%

Net premiums written constant $		6.5%			6.8%			7.5%			16.6%			16.7%			11.8%
Net premiums written - Commercial		7.3%			7.4%			6.7%			13.9%			11.4%			9.8%
Net premiums written - Consumer		5.0%			6.0%			8.5%			20.7%			26.2%			15.0%
Net premiums earned constant $		5.0%			6.4%			5.9%			16.2%			14.4%			10.4%

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

Production by Region - Net premiums written	1Q-25			1Q-24			% Change			Constant $ % Change
Europe, Middle East and Africa	$	1,915		$	1,869			2.5%			5.5%
Latin America		736			777			-5.3%			6.1%
Asia		1,198			1,161			3.2%			6.1%
Other⁽¹⁾		54			28			94.3%			98.5%

Total	$	3,903		$	3,835			1.8%			6.5%

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


Overseas General Insurance		Page 11

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

Global Reinsurance


	1Q-25		4Q-24			3Q-24			2Q-24			1Q-24		Full Year 2024
Gross premiums written	$	453	$	246		$	382		$	528		$	411	$	1,567
Net premiums written		408		224			352			411			359		1,346
Net premiums earned		368		322			316			339			295		1,272
Losses and loss expenses		242		219			200			155			137		711
Policy acquisition costs		100		92			89			80			81		342
Administrative expenses		10		10			9			11			9		39

Underwriting income		16		1			18			93			68		180
Adjusted net investment income		70		74			64			58			57		253
Other income (expense) - operating		-		-			-			-			-		-

Segment income	$	86	$	75		$	82		$	151		$	125	$	433

CAY underwriting income ex Cats	$	91	$	76		$	76		$	77		$	69	$	298

Combined ratio
Loss and loss expense ratio		65.8%		68.1%			63.3%			45.7%			46.3%		55.9%
Policy acquisition cost ratio		27.1%		28.7%			28.0%			23.8%			27.5%		26.9%
Administrative expense ratio		2.7%		3.1%			3.1%			3.2%			3.1%		3.1%

Combined ratio		95.6%		99.9%			94.4%			72.7%			76.9%		85.9%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		43.2%		43.7%			44.4%			50.4%			46.0%		46.2%
CAY policy acquisition cost and administrative expense ratio ex Cats		31.1%		32.1%			31.4%			27.0%			30.5%		30.2%

CAY combined ratio ex Cats		74.3%		75.8%			75.8%			77.4%			76.5%		76.4%

Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	13	$	10		$	4		$	-		$	-	$	14
Catastrophe losses - pre-tax	$	88	$	90		$	67		$	-		$	-	$	157
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	-	$	(5	)	$	(5	)	$	(16	)	$	1	$	(25	)

% Change versus prior year period
Net premiums written as reported		13.7%		19.9%			34.8%			40.3%			29.7%		32.2%
Net premiums earned as reported		24.8%		32.6%			32.3%			43.4%			20.8%		32.2%

Net premiums written constant $		14.0%		19.6%			34.8%			40.5%			29.7%		32.2%
Net premiums earned constant $		25.3%		32.5%			32.9%			43.6%			20.8%		32.4%

Other ratios
Net premiums written/gross premiums written		90%		91%			92%			78%			87%		86%


Global Reinsurance		Page 12

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Life Insurance


	1Q-25			4Q-24			3Q-24			2Q-24			1Q-24			Full Year 2024

Gross premiums written	$	1,778		$	1,630		$	1,618		$	1,646		$	1,701		$	6,595

Net premiums written		1,720			1,561			1,552			1,580			1,633			6,326

Net premiums earned		1,696			1,564			1,530			1,568			1,611			6,273

Losses and loss expenses		26			26			32			22			32			112

Adjusted policy benefits		1,163			1,011			989			1,031			1,070			4,101

Policy acquisition costs		310			317			291			300			294			1,202

Administrative expenses		202			242			213			218			207			880

Adjusted net investment income		271			265			250			258			230			1,003

Other income (expense) - operating ⁽¹⁾		35			48			39			32			40			159

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

Segment income	$	291		$	270		$	284		$	276		$	268		$	1,098


% Change versus prior year period

Net premiums written		5.3%			7.6%			6.8%			24.5%			26.3%			15.7%

Net premiums earned		5.3%			9.0%			6.1%			24.7%			27.5%			16.2%

Net premiums written constant $		10.3%			8.5%			10.6%			27.6%			29.7%			18.5%

Net premiums earned constant $		10.2%			9.9%			9.9%			27.7%			31.2%			19.0%
International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses):

	1Q-25			1Q-24			% Change			Constant $ % Change
International life insurance net premiums written	$	1,421		$	1,374			3.5%			9.1%
International life insurance deposits ⁽²⁾		755			600			25.7%			30.0%

Total international life insurance net premiums written and deposits	$	2,176		$	1,974			10.2%			15.5%



International life insurance segment income	$	230		$	225			1.9%			9.5%

(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 13

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Corporate


	1Q-25			4Q-24			3Q-24			2Q-24			1Q-24			Full Year 2024

Adjusted loss and loss expenses	$	14		$	138		$	58		$	93		$	10		$	299
Administrative expenses		105			122			104			99			107			432

Underwriting loss		(119	)		(260	)		(162	)		(192	)		(117	)		(731	)

Adjusted net investment income		(25	)		(17	)		(23	)		(28	)		(21	)		(89	)

Other income (expense) - operating		(8	)		11			(10	)		(14	)		(33	)		(46	)

Adjusted interest expense		(186	)		(194	)		(197	)		(188	)		(183	)		(762	)
Amortization expense of purchased intangibles		(37	)		(41	)		(40	)		(40	)		(42	)		(163	)
Integration expenses		-			(18	)		(7	)		(7	)		(7	)		(39	)
Amortization of fair value adjustment of acquired invested assets and long-term debt		3			3			-			2			-			5

Adjusted net realized gains (losses)		(103	)		24			391			29			1			445
Market risk benefits gains (losses)		(92	)		98			(230	)		(29	)		21			(140	)
Income tax (expense) benefit		(321	)		(479	)		(504	)		(490	)		(342	)		(1,815	)
Less: NCI income (loss)		12			65			166			(14	)		151			368

Net (loss) benefit	$	(900	)	$	(938	)	$	(948	)	$	(943	)	$	(874	)	$	(3,703	)


Unfavorable (favorable) prior period development (PPD) - pre-tax	$	13		$	139		$	55		$	93		$	9		$	296


Corporate		Page 14

Chubb Limited

Loss Reserve Rollforward

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

(Unaudited)


	Unpaid Losses									Net Paid to

	Gross			Ceded			Net			Incurred Ratio

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

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

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

Balance at September 30, 2024	$	84,326		$	17,631		$	66,695
Losses and loss expenses incurred		8,375			1,894			6,481
Losses and loss expenses paid		(8,052	)		(1,628	)		(6,424	)	99%
Other (incl. foreign exch. revaluation)		(645	)		(163	)		(482	)

Balance at December 31, 2024	$	84,004		$	17,734		$	66,270
Losses and loss expenses incurred		8,654			1,758			6,896
Losses and loss expenses paid		(7,466	)		(1,462	)		(6,004	)	87%
Other (incl. foreign exch. revaluation)		279			51			228

Balance at March 31, 2025	$	85,471		$	18,081		$	67,390
Add net recoverable on paid losses		-			1,934			(1,934	)

Balance including net recoverable on paid losses	$	85,471		$	20,015		$	65,456


Loss Reserve Rollforward		Page 15

Chubb Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)

Net Reinsurance Recoverable by Division


	March 31			December 31
	2025			2024
Reinsurance recoverable on paid losses and loss expenses

Active operations	$	1,533		$	1,629

Brandywine and Other Run-off		467			482


Total	$	2,000		$	2,111


Reinsurance recoverable on unpaid losses and loss expenses

Active operations	$	17,180		$	16,810

Brandywine and Other Run-off		1,155			1,166


Total	$	18,335		$	17,976


Gross reinsurance recoverable

Active operations	$	18,713		$	18,439

Brandywine and Other Run-off		1,622			1,648


Total	$	20,335		$	20,087


Provision for uncollectible reinsurance ⁽¹⁾

Active operations	$	(228	)	$	(228	)

Brandywine and Other Run-off		(92	)		(82	)


Total	$	(320	)	$	(310	)


Net reinsurance recoverable

Active operations	$	18,485		$	18,211

Brandywine and Other Run-off		1,530			1,566


Total	$	20,015		$	19,777

(1) The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $4.0 billion.


Reinsurance Recoverable		Page 16

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)


	March 31			December 31
	2025			2024
Market Value

Fixed maturities available for sale	$	111,123		$	110,363

Other investments-fixed maturities		6,799			6,265

Short-term investments		4,432			5,142


Total fixed maturities	$	122,354		$	121,770


Asset Allocation by Market Value

U.S. and local government securities	$	4,025	3%	$	4,070	3%

Corporate and asset-backed securities		43,280	36%		43,207	36%

Mortgage-backed securities		27,516	22%		27,248	22%

Non-U.S.		43,101	35%		42,103	35%

Short-term investments		4,432	4%		5,142	4%


Total fixed maturities	$	122,354	100%	$	121,770	100%


Credit Quality by Market Value

AAA	$	12,902	11%	$	13,933	11%

AA		37,662	30%		37,640	30%

A		30,137	25%		28,882	24%

BBB		21,798	18%		21,610	18%

BB		10,705	9%		10,789	9%

B		8,669	7%		8,279	7%

Other		481	0%		637	1%


Total fixed maturities	$	122,354	100%	$	121,770	100%


Cost/Amortized Cost, net

Fixed maturities available for sale	$	114,867		$	115,013

Other investments-fixed maturities		6,799			6,265

Short-term investments		4,434			5,143


Subtotal fixed maturities ⁽¹⁾		126,100			126,421

Equity securities		9,556			9,151

Private debt held-for-investment ⁽¹⁾		2,460			2,628

Private equities and other		17,931			17,101


Total investment portfolio	$	156,047		$	155,301


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

Avg. market yield of fixed income investments ⁽³⁾		5.5%			5.6%

Avg. credit quality		A/A			A/A

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

(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 17

Chubb Limited

Investment Portfolio - 2

(in millions of U.S. dollars)

(Unaudited)

Mortgage-backed Fixed Income Portfolio

Mortgage-backed securities


	S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total

Market Value at March 31, 2025

Agency residential mortgage-backed securities (RMBS)	$	4	$	23,948	$	-	$	-	$	-	$	23,952

Non-agency RMBS		1,821		159		135		115		2		2,232

Commercial mortgage-backed securities		1,079		155		87		9		2		1,332

Total mortgage-backed securities at market value	$	2,904	$	24,262	$	222	$	124	$	4	$	27,516


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

Market Value at March 31, 2025			S&P Credit Rating
			Investment Grade
			AAA		AA		A		BBB		Total


Asset-backed			$	3,954	$	687	$	297	$	208	$	5,146

Banks				-		3		2,510		2,011		4,524

Basic Materials				-		-		84		277		361

Communications				-		240		466		1,343		2,049

Consumer, Cyclical				-		153		607		934		1,694

Consumer, Non-Cyclical				32		456		2,478		1,726		4,692

Diversified Financial Services				1		125		508		180		814

Energy				-		107		319		1,320		1,746

Industrial				-		10		683		1,276		1,969

Utilities				243		4		1,177		1,060		2,484

All Others				123		355		1,141		1,868		3,487



Total			$	4,353	$	2,140	$	10,270	$	12,203	$	28,966


Market Value at March 31, 2025					S&P Credit Rating
					Below Investment Grade
					BB		B		CCC		Total

Asset-backed					$	18	$	97	$	1	$	116
Banks						-		-		-		-
Basic Materials						499		239		5		743
Communications						609		797		67		1,473
Consumer, Cyclical						1,269		954		39		2,262
Consumer, Non-Cyclical						1,646		1,172		64		2,882
Diversified Financial Services						386		219		4		609
Energy						624		577		-		1,201
Industrial						1,125		852		17		1,994
Utilities						302		180		-		482
All Others						858		1,619		75		2,552

Total					$	7,336	$	6,706	$	272	$	14,314


Investments 2		Page 18

Chubb Limited

Investment Portfolio - 3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

March 31, 2025


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


People’s Republic of China	$	-	$	203	$	1,738	$	-	$	-	$	1,941

Republic of Korea		-		1,858		-		-		-		1,858

Canada		868		-		-		-		-		868

Kingdom of Thailand		-		-		751		-		-		751

Taiwan		-		678		-		-		-		678

United Mexican States		-		-		-		671		-		671

Federative Republic of Brazil		-		-		-		-		566		566

Commonwealth of Australia		543		-		-		-		-		543

Province of Ontario		-		528		-		-		-		528

United Kingdom		-		438		-		-		-		438

Other Non-U.S. Government Securities		583		2,123		2,438		982		1,317		7,443


Total	$	1,994	$	5,828	$	4,927	$	1,653	$	1,883	$	16,285


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


China	$	-	$	-	$	7,074	$	398	$	16	$	7,488

United Kingdom		14		28		851		1,175		435		2,503

Canada		186		56		989		764		450		2,445

United States⁽¹⁾		8		98		397		512		682		1,697

France		6		26		802		525		184		1,543

South Korea		-		505		433		571		7		1,516

Australia		56		299		349		365		26		1,095

Japan		-		-		566		186		12		764

Germany		74		89		97		300		52		612

Chile		-		-		166		352		-		518

Other Non-U.S. Corporate Securities		440		546		1,749		2,423		1,477		6,635


Total	$	784	$	1,647	$	13,473	$	7,571	$	3,341	$	26,816

(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 19

Chubb Limited

Investment Portfolio - 4

(in millions of U.S. dollars)

(Unaudited)

Fixed Maturity Investment Portfolio

Top 10 Global Corporate Exposures


	March 31, 2025	Market Value		Rating

1	Bank of America Corp	$	797	A-

2	Morgan Stanley		698	A-

3	JP Morgan Chase & Co		670	A

4	Wells Fargo & Co		555	BBB+

5	Goldman Sachs Group Inc		533	BBB+

6	Citigroup Inc		500	BBB+

7	AT&T Inc		420	BBB

8	Verizon Communications Inc		397	BBB+

9	UBS Group AG		387	A-

10	HSBC Holdings PLC		352	A-


Investments 4		Page 20

Chubb Limited

Chubb Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)


	Three months ended March 31, 2025

	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⁾	$	(83	)	$	19		$	(64	)	$	909		$	(61	)	$	848		$	826		$	(42	)	$	784
Public equity:
Realized gains (losses) on sales		(10	)		3			(7	)		-			-			-			(10	)		3			(7	)
Mark-to-market		68			(10	)		58			-			-			-			68			(10	)		58
Private equity: Mark-to-market		(11	)		1			(10	)		-			-			-			(11	)		1			(10	)

Total investment portfolio		(36	)		13			(23	)		909			(61	)		848			873			(48	)		825
Foreign exchange		(65	)		27			(38	)		352			(12	)		340			287			15			302
Partially-owned entities ⁽²⁾		2			-			2			-			-			-			2			-			2
Current discount rate on future policy benefits		-			-			-			(118	)		12			(106	)		(118	)		12			(106	)
Instrument-specific credit risk - market risk benefits		-			-			-			4			(1	)		3			4			(1	)		3
Other		(5	)		1			(4	)		(95	)		19			(76	)		(100	)		20			(80	)

Net gains (losses)	$	(104	)	$	41		$	(63	)	$	1,052		$	(43	)	$	1,009		$	948		$	(2	)	$	946


(1) The quarter includes pre-tax realized losses on investment derivatives of $23 million, a net decrease of the valuation allowance of expected credit losses of $7 million on fixed maturities, and impairments of $7 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 March 31, 2024

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

Fixed income investments ⁽³⁾	$	(162	)	$	17		$	(145	)	$	(690	)	$	42		$	(648	)	$	(852	)	$	59		$	(793	)
Public equity:
Realized gains (losses) on sales		(1	)		-			(1	)		-			-			-			(1	)		-			(1	)
Mark-to-market		36			3			39			-			-			-			36			3			39
Private equity: Mark-to-market		127			6			133			-			-			-			127			6			133

Total investment portfolio		-			26			26			(690	)		42			(648	)		(690	)		68			(622	)
Foreign exchange		(131	)		31			(100	)		88			(7	)		81			(43	)		24			(19	)
Partially-owned entities ⁽⁴⁾		(3	)		-			(3	)		-			-			-			(3	)		-			(3	)
Current discount rate on future policy benefits		-			-			-			(20	)		(20	)		(40	)		(20	)		(20	)		(40	)
Instrument-specific credit risk - market risk benefits		-			-			-			5			-			5			5			-			5
Other		(10	)		(2	)		(12	)		31			(6	)		25			21			(8	)		13

Net gains (losses)	$	(144	)	$	55		$	(89	)	$	(586	)	$	9		$	(577	)	$	(730	)	$	64		$	(666	)

(3) The quarter includes pre-tax realized losses on investment derivatives of $43 million, a net decrease of the valuation allowance of expected credit losses of $41 million on fixed maturities and a net increase of $1 million on private debt held-for-investment, and impairments of $34 million for fixed maturities.

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


Net Gains (Losses)		Page 21

Chubb Limited

Debt and Capital

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

(Unaudited)


	March 31		December 31		December 31
	2025		2024		2023


Financial debt:

Total short-term debt ⁽¹⁾	$	-	$	800	$	1,460

Total long-term debt		14,508		14,379		13,035


Total financial debt	$	14,508	$	15,179	$	14,495

Hybrid debt:

Total trust preferred securities	$	309	$	309	$	308

Total subordinated debt⁽²⁾		110		110		-


Total hybrid debt	$	419	$	419	$	308


Total	$	14,927	$	15,598	$	14,803


Capitalization:

Chubb shareholders’ equity	$	65,726	$	64,021	$	59,507

Hybrid debt		419		419		308

Financial debt		14,508		15,179		14,495


Total capitalization	$	80,653	$	79,619	$	74,310


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

Hybrid debt		0.5%		0.5%		0.4%

Financial debt		18.0%		19.1%		19.5%


Total hybrid & financial debt		18.5%		19.6%		19.9%

Note: As of March 31, 2025, there was $0.9 billion usage of credit facilities on total capacity of $4.1 billion.

(1) During Q1 2025, the $800 million 3.15% senior notes matured and were fully paid.

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


Debt and Capital		Page 22

Chubb Limited

Computation of Basic and Diluted Earnings Per Share

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

(Unaudited)


	Three months ended March 31						Year ended December 31
	2025			2024			2024

Numerator
Core operating income	$	1,489		$	2,161		$	9,142
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		3			1			7
Tax (expense) benefit on amortization adjustment		1			(5	)		(5	)
Integration expenses, pre-tax		-			(7	)		(39	)
Tax (expense) benefit on integration expenses		-			6			7
Adjusted net realized gains (losses), pre-tax		(104	)		(144	)		99
Tax (expense) benefit on adjusted net realized gains (losses)		41			55			146
Market risk benefits gains (losses), pre-tax		(92	)		21			(140	)
Tax (expense) benefit on market risk benefits gains (losses)		14			-			-
Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law		(21	)		55			55

Chubb net income	$	1,331		$	2,143		$	9,272


Rollforward of Common Shares Outstanding
Shares - beginning of period		400,703,663			405,269,637			405,269,637
Repurchase of shares		(1,345,782	)		(1,220,121	)		(7,518,565	)
Shares issued (canceled), excluding option exercises		664,912			728,964			778,923
Issued for option exercises		725,692			1,254,586			2,173,668

Shares - end of period		400,748,485			406,033,066			400,703,663


Denominator
Weighted average shares outstanding ⁽¹⁾		400,681,956			405,662,694			404,189,749
Effect of other dilutive securities		3,992,395			4,076,941			4,296,686

Adj. wtd. avg. shares outstanding and assumed conversions		404,674,351			409,739,635			408,486,435


Basic earnings per share
Core operating income	$	3.72		$	5.33		$	22.62
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		0.01			(0.01	)		0.01
Integration expenses, net of tax		-			-			(0.08	)
Adjusted net realized gains (losses), net of tax		(0.16	)		(0.22	)		0.61
Market risk benefits gains (losses), net of tax		(0.20	)		0.05			(0.35	)
Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law		(0.05	)		0.13			0.13

Chubb net income	$	3.32		$	5.28		$	22.94


Diluted earnings per share
Core operating income	$	3.68		$	5.27		$	22.38
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		0.01			(0.01	)		0.01
Integration expenses, net of tax		-			-			(0.08	)
Adjusted net realized gains (losses), net of tax		(0.16	)		(0.22	)		0.60
Market risk benefits gains (losses), net of tax		(0.19	)		0.05			(0.34	)
Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law		(0.05	)		0.14			0.13

Chubb net income	$	3.29		$	5.23		$	22.70

(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 23

Chubb Limited

Book Value and Book Value per Common Share

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

(Unaudited)

Reconciliation of Book Value per Common Share


	March 31			December 31			March 31
	2025			2024			2024

Chubb shareholders’ equity	$	65,726		$	64,021		$	60,535
Less: Chubb goodwill and other intangible assets, net of tax		23,940			23,800			24,175

Numerator for tangible book value per share	$	41,786		$	40,221		$	36,360


Book value - % change over prior quarter		2.7%			-2.6%			1.7%
Tangible book value - % change over prior quarter		3.9%			-2.8%			2.0%

Denominator: shares outstanding		400,748,485			400,703,663			406,033,066


Book value per common share	$	164.01		$	159.77		$	149.09
Tangible book value per common share	$	104.27		$	100.38		$	89.55

Reconciliation of Book Value

Chubb shareholders’ equity, beginning of quarter	$	64,021		$	65,757		$	59,507

Core operating income		1,489			2,451			2,161

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

Integration expenses		-			(15	)		(1	)

Adjusted net realized gains (losses) ⁽¹⁾		(63	)		41			(89	)

Market risk benefits gains (losses)		(78	)		98			21

Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law		(21	)		-			55

Net unrealized gains (losses) on investments		848			(2,510	)		(648	)

Repurchase of shares		(385	)		(725	)		(316	)

Dividend declared on common shares		(366	)		(367	)		(350	)

Cumulative translation gains (losses)		340			(1,073	)		81

Postretirement benefit liability		(4	)		142			(1	)

Current discount rate on future policy benefits		(106	)		(12	)		(40	)

Instrument-specific credit risk - market risk benefits		3			4			5

Other⁽²⁾		44			230			154


Chubb shareholders’ equity, end of quarter	$	65,726		$	64,021		$	60,535

(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 24

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 28-29.

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

Core operating income relates only to Chubb income, which excludes noncontrolling interests. It excludes from Chubb net income the after-tax impact of adjusted net realized gains (losses) and other, which include items described in this paragraph, and market risk benefits gains (losses). We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) and market risk benefits gains (losses) because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. In addition, we exclude the amortization of fair value adjustments on purchased invested assets and long-term debt related to certain acquisitions due to the size and complexity of these acquisitions. We also exclude integration expenses, which include legal and professional fees and all other costs directly related to acquisition integration activities. The costs are not related to the ongoing activities of the individual segments and are therefore included in Corporate and excluded from our definition of segment income. We believe these integration expenses are not indicative of our underlying profitability, and excluding these integration expenses facilitates the comparison of our financial results to our historical operating results. Additionally, we exclude the non-recurring tax benefit from the Bermuda Economic Transition Adjustment enacted in 2023 and adjusted in 2024 and subsequent years’ amortization of the related deferred tax asset, which we believe provides investors with a better view of our operating performance, enhances the understanding of the trends in the underlying business, improves comparability between periods and provides increased transparency compared to the prior presentation of the non-recurring tax benefit. Refer to page 1 for current and prior period results reflecting the adjusted presentation for core operating income, core operating income per share, core operating return on equity (ROE), core operating return on tangible equity (ROTE), and core operating effective tax rate. The adjusted prior period comparatives on core operating income and metrics that include core operating income for year-end 2024 and 2023 were previously disclosed on page 1b of Chubb Limited’s Financial Supplement for the quarter and year ended December 31, 2024, where metrics were presented to exclude the impact of the non-recurring tax benefit. 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 expense (benefit) on amortization of fair value of acquired invested assets and debt, tax expense (benefit) on integration expenses, tax expense (benefit) on market risk benefits gains (losses), the non-recurring tax benefit from the Bermuda Economic Transition Adjustment enacted in 2023 and subsequent years’ amortization of the related deferred tax asset, 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 before tax, 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, integration expenses, the non-recurring tax benefit from the Bermuda Economic Transition Adjustment enacted in 2023 and subsequent years’ amortization of the related deferred tax asset. Due to fluctuations in our income before taxes during the year, on a quarterly basis these exclusions may not annualize to the full year forecasted expense or (benefit), if applicable. 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. Chubb has elected to remove the impact of net investing activities of consolidated investment companies from our operating cash flow as they may distort a reader’s analysis of our underlying operating cash flow related to the core insurance company operations. These net investing activities are more appropriately classified outside of operating cash flows, consistent with our consolidated investing activities. Accordingly, we believe that it is appropriate to adjust operating cash flow for the impact of consolidated investment products.


Reconciliation Non-GAAP		Page 25

Chubb Limited

Non-GAAP Financial Measures - 2

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

Chubb Core operating effective tax rate


The following table presents the reconciliation of effective tax rate to the Core operating effective tax rate:																Full Year
	1Q-25			4Q-24			3Q-24			2Q-24			1Q-24			2024
Tax expense, as reported	$	318		$	475		$	500		$	489		$	340		$	1,804
Less: tax expense (benefit) on amortization of fair value of acquired invested assets and debt		(1	)		2			2			(4	)		5			5
Less: tax expense (benefit) on integration expenses		-			(3	)		(1	)		3			(6	)		(7	)
Less: tax expense (benefit) on adjusted net realized gains (losses)		(41	)		(71	)		(1	)		(19	)		(55	)		(146	)
Less: tax expense (benefit) on market risk benefits gains (losses)		(14	)		-			-			-			-			-
Less: amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law		21			-			-			-			(55	)		(55	)

Tax expense, adjusted	$	353		$	547		$	500		$	509		$	451		$	2,007

Income before tax, as reported	$	1,649		$	3,050		$	2,824		$	2,719		$	2,483		$	11,076
Less: amortization of fair value of acquired invested assets and debt		3			2			2			2			1			7
Less: integration expenses		-			(18	)		(7	)		(7	)		(7	)		(39	)
Less: adjusted realized gains (losses)		(84	)		(246	)		32			39			(238	)		(413	)
Less: realized gains (losses) related to unconsolidated entities		(20	)		216			193			9			94			512
Less: market risk benefits gains (losses)		(92	)		98			(230	)		(29	)		21			(140	)

Core operating income before tax	$	1,842		$	2,998		$	2,834		$	2,705		$	2,612		$	11,149

Effective tax rate		19.3%			15.6%			17.7%			18.0%			13.7%			16.3%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt		0.1%			-0.1%			-0.1%			0.2%			-0.2%			0.0%
Adjustment for tax impact of integration expenses		0.0%			0.0%			0.0%			-0.2%			0.2%			0.0%
Adjustment for tax impact of adjusted net realized gains (losses)		1.0%			2.1%			1.7%			1.0%			1.4%			1.4%
Adjustment for tax impact of market risk benefits gains (losses)		-0.2%			0.6%			-1.6%			-0.2%			0.1%			-0.2%
Adjustment for amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law		-1.1%			0.0%			0.0%			0.0%			2.1%			0.5%

Core operating effective tax rate		19.1%			18.2%			17.7%			18.8%			17.3%			18.0%


Core operating income
The following table presents the reconciliation of Chubb net income to Core operating income:																Full Year
	1Q-25			4Q-24			3Q-24			2Q-24			1Q-24			2024
Net income, as reported	$	1,331		$	2,575		$	2,324		$	2,230		$	2,143		$	9,272
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		3			2			2			2			1			7
Tax (expense) benefit on amortization adjustment		1			(2	)		(2	)		4			(5	)		(5	)
Integration expenses, pre-tax		-			(18	)		(7	)		(7	)		(7	)		(39	)
Tax (expense) benefit on integration expenses		-			3			1			(3	)		6			7
Adjusted realized gains (losses), pre-tax		(84	)		(246	)		32			39			(238	)		(413	)
Net realized gains (losses) related to unconsolidated entities, pre-tax ⁽¹⁾		(20	)		216			193			9			94			512
Tax (expense) benefit on adjusted net realized gains (losses)		41			71			1			19			55			146
Market risk benefits gains (losses), pre-tax		(92	)		98			(230	)		(29	)		21			(140	)
Tax (expense) benefit on market risk benefits gains (losses)		14			-			-			-			-			-
Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law		(21	)		-			-			-			55			55

Core operating income	$	1,489		$	2,451		$	2,334		$	2,196		$	2,161		$	9,142

Catastrophe losses - after-tax	$	1,300		$	515		$	629		$	482		$	347		$	1,973
Unfavorable (favorable) prior period development (PPD) - after-tax	$	(204	)	$	(196	)	$	(181	)	$	(167	)	$	(168	)	$	(712	)

P&C Underwriting income and P&C CAY underwriting income ex Cats
The following table presents the reconciliation of Net income to P&C underwriting income and P&C CAY underwriting income ex Cats:																Full Year
	1Q-25			4Q-24			3Q-24			2Q-24			1Q-24			2024
Net income, as reported	$	1,343		$	2,640		$	2,490		$	2,216		$	2,294		$	9,640
Less: Income tax expense		(321	)		(479	)		(504	)		(490	)		(342	)		(1,815	)
Amortization expense of purchased intangibles		(75	)		(82	)		(81	)		(80	)		(80	)		(323	)
Other income (expense)		83			397			325			110			191			1,023
Interest expense		(181	)		(189	)		(192	)		(182	)		(178	)		(741	)
Net investment income		1,561			1,563			1,508			1,468			1,391			5,930
Net realized gains (losses)		(116	)		(84	)		198			104			(101	)		117
Market risk benefits gains (losses)		(92	)		98			(230	)		(29	)		21			(140	)
Integration expenses		-			(18	)		(7	)		(7	)		(7	)		(39	)
Life Insurance underlying income (loss) ⁽²⁾		44			(141	)		15			(99	)		(2	)		(227	)
Add: Realized gains (losses) on crop derivatives		1			-			(1	)		(3	)		(1	)		(5	)

P&C underwriting income	$	441		$	1,575		$	1,457		$	1,418		$	1,400		$	5,850
Add: Catastrophe losses (including reinstatement premiums) - pre-tax		1,641			607			765			580			435			2,387
Unfavorable (favorable) prior period development (PPD) - pre-tax		(255	)		(213	)		(244	)		(192	)		(207	)		(856	)

P&C CAY underwriting income ex Cats	$	1,827		$	1,969		$	1,978		$	1,806		$	1,628		$	7,381

(1) Realized gains (losses) on partially-owned entities, which are investments where we hold more than an insignificant percentage of the investee’s shares. The net realized gain or loss is included in other income (expense) under U.S. GAAP.

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


Reconciliation Non-GAAP 2		Page 26

Chubb Limited

Non-GAAP Financial Measures - 3

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

Core operating ROE and Core operating ROTE

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


							Full Year
	1Q-25			1Q-24			2024
Chubb net income	$	1,331		$	2,143		$	9,272
Core operating income	$	1,489		$	2,161		$	9,142
Equity - beginning of period, as reported	$	64,021		$	59,507		$	59,507
Less: unrealized gains (losses) on investments, net of deferred tax		(4,552	)		(4,177	)		(4,177	)
Less: changes in current discount rate on FPB, net of deferred tax		(539	)		51			51
Less: changes in instrument-specific credit risk on MRB, net of deferred tax		(16	)		(22	)		(22	)

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

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

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

Equity - end of period, as reported	$	65,726		$	60,535		$	64,021
Less: unrealized gains (losses) on investments, net of deferred tax		(3,704	)		(4,825	)		(4,552	)
Less: changes in current discount rate on FPB, net of deferred tax		(645	)		11			(539	)
Less: changes in instrument-specific credit risk on MRB, net of deferred tax		(13	)		(17	)		(16	)

Equity - end of period, as adjusted	$	70,088		$	65,366		$	69,128

Less: Chubb goodwill and other intangible assets, net of tax		23,940			24,175			23,800

Equity - end of period, as adjusted ex Chubb goodwill and other intangible assets	$	46,148		$	41,191		$	45,328

Weighted average equity, as reported	$	64,874		$	60,021		$	61,764
Weighted average equity, as adjusted ex Chubb goodwill and other intangible assets	$	45,738		$	40,497		$	42,565
Weighted average equity, as adjusted	$	69,608		$	64,511		$	66,392
ROE		8.2%			14.3%			15.0%
Core operating ROTE		13.0%			21.3%			21.5%
Core operating ROE		8.6%			13.4%			13.8%
Private equities realized gains (losses), after-tax⁽¹⁾	$	(10	)	$	133		$	635
Impact of Private equities if included in Core operating ROE - Favorable (unfavorable)⁽¹⁾		-0.1 pts			0.8 pts			1.0 pt

Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures
	March 31			December 31
	2025			2024			% Change
Book value	$	65,726		$	64,021
Less: AOCI		(7,635	)		(8,644	)

Book value excluding AOCI		73,361			72,665
Tangible book value		41,786			40,221
Less: Tangible AOCI		(6,478	)		(7,292	)

Tangible book value excluding tangible AOCI	$	48,264		$	47,513


Denominator: shares outstanding		400,748,485			400,703,663

Book value per share excluding AOCI	$	183.06		$	181.34			0.9%
Tangible book value per share excluding tangible AOCI	$	120.44		$	118.57			1.6%

(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 27

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).


Q1 2025		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		$	3,031	$	2,093	$	93	$	1,510	$	242	$	14	$	6,983
Realized (gains) losses on crop derivatives			-		-		(1)		-		-		-		(1)

Adjusted losses and loss expenses/policy benefits	A	$	3,031	$	2,093	$	92	$	1,510	$	242	$	14	$	6,982

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(154)		(1,342)		(15)		(55)		(75)		-		(1,641)
Reinstatement premiums collected (expensed) on catastrophe losses			-		(50)		-		-		13		-		(37)

Catastrophe losses, gross of related adjustments			(154)		(1,292)		(15)		(55)		(88)		-		(1,604)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			114		-		33		121		-		(13)		255
Net premiums earned adjustments on PPD - unfavorable (favorable)			(1)		-		-		-		-		-		(1)
Expense adjustments - unfavorable (favorable)			(2)		-		(3)		-		(1)		-		(6)
PPD reinstatement premiums - unfavorable (favorable)			-		-		-		-		-		-		-

PPD, gross of related adjustments - favorable (unfavorable)			111		-		30		121		(1)		(13)		248

CAY loss and loss expense ex Cats	B	$	2,988	$	801	$	107	$	1,576	$	153	$	1	$	5,626

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	1,063	$	417	$	19	$	1,167	$	110	$	105	$	2,881
Expense adjustments - favorable (unfavorable)			2		-		3		-		1		-		6

CAY policy acquisition costs and administrative expenses	D	$	1,065	$	417	$	22	$	1,167	$	111	$	105	$	2,887


Denominator
Net premiums earned	E	$	4,988	$	1,574	$	165	$	3,209	$	368			$	10,304
Reinstatement premiums (collected) expensed on catastrophe losses			-		50		-		-		(13)				37
Net premiums earned adjustments on PPD - unfavorable (favorable)			(1)		-		-		-		-				(1)
PPD reinstatement premiums - unfavorable (favorable)			-		-		-		-		-				-

Net premiums earned excluding adjustments	F	$	4,987	$	1,624	$	165	$	3,209	$	355			$	10,340


P&C combined ratio
Loss and loss expense ratio	A/E		60.8%		133.0%		55.9%		47.0%		65.8%				67.8%
Policy acquisition cost and administrative expense ratio	C/E		21.3%		26.5%		11.6%		36.4%		29.8%				27.9%

P&C combined ratio			82.1%		159.5%		67.5%		83.4%		95.6%				95.7%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		59.9%		49.3%		65.8%		49.1%		43.2%				54.4%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		21.4%		25.7%		13.1%		36.4%		31.1%				27.9%

CAY P&C combined ratio ex Cats			81.3%		75.0%		78.9%		85.5%		74.3%				82.3%


Combined ratio
Combined ratio															95.7%
Add: impact of gains and losses on crop derivatives															0.0%

P&C combined ratio															95.7%

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 28

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)


Q1 2024		North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Corporate		Total P&C
Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits		$	3,175	$	899	$	48	$	1,526	$	137	$	10	$	5,795
Realized (gains) losses on crop derivatives			-		-		1		-		-		-		1

Adjusted losses and loss expenses/policy benefits	A	$	3,175	$	899	$	49	$	1,526	$	137	$	10	$	5,796

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(236)		(170)		(3)		(26)		-		-		(435)
Reinstatement premiums collected (expensed) on catastrophe losses			-		-		-		-		-		-		-

Catastrophe losses, gross of related adjustments			(236)		(170)		(3)		(26)		-		-		(435)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			48		52		28		89		(1)		(9)		207
Net premiums earned adjustments on PPD - unfavorable (favorable)			-		-		39		-		-		-		39
Expense adjustments - unfavorable (favorable)			8		-		3		-		-		-		11
PPD reinstatement premiums - unfavorable (favorable)			-		-		-		-		-		-		-

PPD, gross of related adjustments - favorable (unfavorable)			56		52		70		89		(1)		(9)		257

CAY loss and loss expense ex Cats	B	$	2,995	$	781	$	116	$	1,589	$	136	$	1	$	5,618

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	1,016	$	386	$	23	$	1,154	$	90	$	107	$	2,776
Expense adjustments - favorable (unfavorable)			(8)		-		(3)		-		-		-		(11)

CAY policy acquisition costs and administrative expenses	D	$	1,008	$	386	$	20	$	1,154	$	90	$	107	$	2,765


Denominator
Net premiums earned	E	$	4,880	$	1,471	$	128	$	3,198	$	295			$	9,972
Reinstatement premiums (collected) expensed on catastrophe losses			-		-		-		-		-				-
Net premiums earned adjustments on PPD - unfavorable (favorable)			-		-		39		-		-				39
PPD reinstatement premiums - unfavorable (favorable)			-		-		-		-		-				-

Net premiums earned excluding adjustments	F	$	4,880	$	1,471	$	167	$	3,198	$	295			$	10,011


P&C combined ratio
Loss and loss expense ratio	A/E		65.1%		61.1%		38.6%		47.7%		46.3%				58.1%
Policy acquisition cost and administrative expense ratio	C/E		20.8%		26.3%		18.0%		36.1%		30.6%				27.9%

P&C combined ratio			85.9%		87.4%		56.6%		83.8%		76.9%				86.0%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		61.4%		53.1%		69.5%		49.7%		46.0%				56.1%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.6%		26.2%		12.1%		36.1%		30.5%				27.6%

CAY P&C combined ratio ex Cats			82.0%		79.3%		81.6%		85.8%		76.5%				83.7%


Combined ratio
Combined ratio															86.0%
Add: impact of gains and losses on crop derivatives															0.0%

P&C combined ratio															86.0%


Reconciliation Non-GAAP 5		Page 29

Chubb Limited

Glossary

Chubb Limited Consolidated comprises all segments including Corporate.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NM: Not meaningful.


Glossary		Page 30