Chubb Limited · Earnings release

Chubb Limited

Switzerland

www.chubb.com

@Chubb

News Release

Chubb Reports

Fourth Quarter Per Share Net Income and Core

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

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

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

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

Operating Income of $22.51; Consolidated Net Premiums Written of

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

QUARTER

●

Net income and core operating income were $2.58 billion and $2.45 billion, or a record

$3.05 billion and $3.00 billion on a pre-tax basis, respectively. Excluding the prior year deferred tax benefit of $1.14 billion, or $2.76 per share, related to the enactment of Bermuda’s

income tax law (tax benefit), net income and core operating income were up 18.9% and 7.7%, and on a per share basis were up 20.1% and 8.7%.

●

Global P&C net premiums written, which excludes Agriculture, were up 6.7%, with commercial insurance up 6.4%

and consumer insurance up 7.5%. North America was up 6.3% and Overseas General was up 6.8% in constant dollars, with Latin America, Asia-Pacific, and Europe up 11.5%, 9.3%, and 3.9%, respectively.

●

P&C underwriting income was a record $1.58 billion, up 3.8%, with a combined ratio of 85.7%. P&C

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

●

Pre-tax catastrophe losses were $607 million, including

$309 million from Hurricane Milton, compared with $300 million last year.

●

Life Insurance net premiums written were $1.56 billion, up 8.5% in constant dollars, and segment income was

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

●

Pre-tax net investment income was $1.56 billion, up 14.0%, and

adjusted net investment income was $1.69 billion, up 13.7%. Both were records.

●

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

and annualized core operating ROE was 14.3%.

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

1

Chubb Limited News Release

YEAR

●

Net income was a record $9.27 billion, up 2.7%, and core operating income was $9.20 billion, or a

record $11.08 billion and $11.15 billion on a pre-tax basis. Excluding the prior year deferred tax benefit, net income and core operating income were up 16.8% and 11.5%, and on a per share basis were

●

Global P&C net premiums written were up 9.6%, with commercial insurance up 8.7% and consumer insurance up

12.1%. North America was up 8.0% and Overseas General was up 11.8% in constant dollars, with Asia-Pacific, Latin America, and Europe up 22.2%, 11.0%, and 6.3%, respectively.

●

P&C underwriting income was a record $5.85 billion, up 7.1%, with a combined ratio of 86.6%. P&C

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

●

Pre-tax catastrophe losses were $2.39 billion compared with

$1.83 billion last year.

●

Life Insurance net premiums written were $6.33 billion, up 15.7%, or 18.5% in constant dollars, and segment

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

●

Pre-tax net investment income was $5.93 billion, up 20.1%, and

adjusted net investment income was $6.38 billion, up 19.3%. Both were records.

●

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

ZURICH – January 28, 2025 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended

December 31, 2024 of $2.58 billion, or $6.33 per share, and core operating income of $2.45 billion, or $6.02 per share. Book value per share and tangible book value per share decreased 2.1% and 2.2%, respectively, from

September 30, 2024 and now stand at a $159.77 and $100.38. Book value was unfavorably impacted by after-tax net realized and unrealized losses of $2.44 billion in Chubb’s investment portfolio

and $1.13 billion of foreign currency losses. Book value per share and tangible book value per share excluding AOCI increased 2.9% and 4.3%, from September 30, 2024.

Chubb Limited

Fourth Quarter Summary

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

(Unaudited)

(Per Share)

Q4

Q4

Change

Change

Net income

Adjusted net realized (gains) losses and other, net of tax

Market risk benefits (gains) losses, net of tax

NM

NM

Core operating income, net of tax

Net income excluding tax benefit

Core operating excluding tax benefit

Annualized return on equity (ROE)

Core operating return on tangible equity (ROTE)

Core operating ROE

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2

Chubb Limited News Release

For the year ended December 31, 2024, net income was $9.27 billion, or $22.70 per share, and core

operating income was $9.20 billion, or $22.51 per share. Book value per share and tangible book value per share increased 8.8% and 14.1%, from December 31, 2023. Book value was unfavorably impacted byafter-tax $1.26 billion of foreign currency losses. Book value per share and tangible book value per share excluding AOCI increased 10.8% and 15.4%, from December 31, 2023.

Chubb Limited

Full Year Summary

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

(Unaudited)

(Per Share)

FY

FY

Change

Change

Net income

Adjusted net realized (gains) losses and other, net of tax

2

NM

-

NM

Market risk benefits (gains) losses, net of tax

Core operating income, net of tax

Net income excluding tax benefit

Core operating excluding tax benefit

Annualized return on equity (ROE)

Core operating return on tangible equity (ROTE)

Core operating ROE

For the years ended December 31, 2024 and 2023, the tax expenses (benefits) related to the table above were $(148)

million and $(179) million, for adjusted net realized gains and losses and other; and $1.95 billion and $687 million, for core operating income.

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “The California wildfire disaster is a terrible tragedy that is

still unfolding. Our colleagues have been on the ground from the beginning, endeavoring to assist our policyholders who have lost property, been displaced from their homes and businesses, and had their lives severely disrupted. While it doesn’t

erase the enormous difficulty they have and will continue to experience, we are doing all we can, in small and big ways, to ease their burden. Our thoughts are with those who have suffered, and our gratitude goes to those firefighters and emergency

workers who have served tirelessly.

“From a financial perspective, our current estimate of the cost of supporting our customers and helping them

recover and rebuild from this catastrophe is $1.5 billion net pre-tax and is a first quarter 2025 event.

“Turning to our fourth quarter 2024 and full-year results, we had a great quarter which contributed to a simply outstanding year. Global P&C premium

growth, which excludes agriculture, was 6.7%, with

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

3

Chubb Limited News Release

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

operating income of $2.5 billion was up 7.7%, or $6.02 per share, up 8.7%.

“Our full-year performance was the best in our company’s

history. Core operating income was $9.1 billion, up 11.5% adjusted for the one-time tax benefit, and 13% on a per-share basis. All three major sources of income for

our company produced record results last year: P&C underwriting income of $5.9 billion was up over 7% with a published combined ratio of 86.6%. Adjusted net investment income grew 19.3% to $6.4 billion. And life insurance income topped

$1 billion. Global P&C net premiums grew 9.9% and life insurance premiums were up 18.5% in constant dollars. For the quarter and year, our core operating ROE was 14.3% and 13.9%, respectively, and our return on tangible equity was 22.0% and

21.6%. For the year, per-share book and tangible book value grew 8.8% and 14.1%, respectively.

“Overall

market conditions are quite favorable, and we see really good growth opportunity for over 80% of our global P&C business, commercial and consumer, as well as our life business. We have very good momentum as we enter ’25 and are optimistic

about the year ahead, both top- and bottom-line, CAT losses and foreign currency movement notwithstanding. We are confident in our ability to continue growing operating earnings and EPS at a double-digit rate,

driven by our three major sources: P&C underwriting, investment income, and life income.”

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

4

Chubb Limited News Release

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

Chubb Limited

Q4

Q4

(in millions of U.S. dollars except for percentages)

Change

Consolidated

Net premiums written (increase of 4.1% in constant dollars)

$

$

P&C

Net premiums written (increase of 3.5% in constant dollars)

$

$

Underwriting income

$

$

Combined ratio

Current accident year underwriting income excluding catastrophe losses

$

$

Current accident year combined ratio excluding catastrophe losses

Global P&C (excludes Agriculture)

Net premiums written (increase of 6.7% in constant dollars)

$

$

Underwriting income

$

$

Combined ratio

Current accident year underwriting income excluding catastrophe losses

$

$

Current accident year combined ratio excluding catastrophe losses

Life Insurance

Net premiums written (increase of 8.5% in constant dollars)

$

$

Segment income (increase of 3.8% in constant dollars)

$

$

●

Consolidated net premiums earned increased 5.9%, or 6.0% in constant dollars. P&C net premiums earned

increased 5.5% on both a reported basis and constant dollar basis.

●

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

●

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

ratio) and $257 million, last year.

●

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

●

Total capital returned to shareholders was $1.09 billion, comprising share repurchases of $725 million

at an average purchase price of $278.78 per share and dividends of $367 million.

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

5

Chubb Limited News Release

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

Chubb Limited

FY

FY

(in millions of U.S. dollars except for percentages)

Change

Consolidated

Net premiums written (increase of 9.2% in constant dollars)

$

$

P&C

Net premiums written (increase of 8.0% in constant dollars)

$

$

Underwriting income

$

$

Combined ratio

Current accident year underwriting income excluding catastrophe losses

$

$

Current accident year combined ratio excluding catastrophe losses

Global P&C (excludes Agriculture)

Net premiums written (increase of 9.9% in constant dollars)

$

$

Underwriting income

$

$

Combined ratio

Current accident year underwriting income excluding catastrophe losses

$

$

Current accident year combined ratio excluding catastrophe losses

Life Insurance

Net premiums written (increase of 18.5% in constant dollars)

$

$

Segment income (increase of 7.3% in constant dollars)

$

$

●

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

increased 8.1%, or 8.4% in constant dollars.

●

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

records.

●

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

combined ratio) and $1.50 billion, last year.

●

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

●

Total capital returned to shareholders was $3.48 billion, comprising share repurchases of $2.02 billion

at an average purchase price of $269.23 per share and dividends of $1.46 billion.

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

6

Chubb Limited News Release

Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key

segment items for the quarter ended December 31, 2024 are presented below:

Chubb Limited

Q4

Q4

(in millions of U.S. dollars except for percentages)

Change

Total North America P&C Insurance

(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural Insurance)

Net premiums written

$

$

Combined ratio

Current accident year combined ratio excluding catastrophe losses

North America Commercial P&C Insurance

Net premiums written

$

$

Major accounts retail and excess and surplus (E&S) wholesale

$

$

Middle market and small commercial

$

$

Combined ratio

Current accident year combined ratio excluding catastrophe losses

North America Personal P&C Insurance

Net premiums written

$

$

Combined ratio

Current accident year combined ratio excluding catastrophe losses

North America Agricultural Insurance

Net premiums written

$

$

Combined ratio

Current accident year combined ratio excluding catastrophe losses

Overseas General Insurance

Net premiums written (increase of 6.8% in constant dollars)

$

$

Commercial P&C (increase of 7.4% in constant dollars)

$

$

Consumer P&C (increase of 6.0% in constant dollars)

$

$

Combined ratio

Current accident year combined ratio excluding catastrophe losses

Global Reinsurance

Net premiums written (increase of 19.6% in constant dollars)

$

$

Combined ratio

Current accident year combined ratio excluding catastrophe losses

Life Insurance

Net premiums written (increase of 8.5% in constant dollars)

$

$

Segment income (increase of 3.8% in constant dollars)

$

$

●

North America Commercial P&C Insurance: The current accident year combined ratio excluding catastrophe

losses was flat and included an adverse impact of 0.4 percentage points from a higher level of large structured transactions in the current year.

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Chubb Limited News Release

●

North America Personal P&C Insurance: The combined ratio decreased 3.6 percentage points, including a 0.6

percentage point decrease from net catastrophe losses. The current accident year combined ratio excluding catastrophe losses decreased 3.0 percentage points, primarily from better current accident year excluding catastrophe losses results and

favorable mix of business.

●

North America Agricultural Insurance: Net premiums written were down 47.8%, which includes the year-over year

impact of premium adjustments related to the federal government profit-share agreement on the 2023 crop year. The combined ratio decreased 29.7 percentage points, reflecting a 32.2 percentage point decrease in the loss ratio, including 13.1

percentage points from higher favorable prior period development, and a 2.5 percentage point increase in the expense ratio. The current accident year combined ratio excluding catastrophe losses decreased 15.6 percentage points, including a

17.9 percentage points decrease in the loss ratio primarily due to a favorable true up of current crop year loss estimates reflecting better growing conditions versus prior year, and a 2.3 percentage point increase in the expense ratio.

●

Overseas General Insurance: The combined ratio increased 1.7 percentage points, including a 2.0 percentage point

increase from higher catastrophe losses and lower favorable prior period development. The current accident year combined ratio excluding catastrophe losses decreased 0.3 percentage points, including a 0.5 percentage point decrease in the loss ratio

and a 0.2 percentage point increase in the expense ratio.

●

Life Insurance: Net premiums written were $1.56 billion, up 7.6%, or 8.5% in constant dollars, with growth

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

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

8

Chubb Limited News Release

Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key

segment items for the year ended December 31, 2024 are presented below:

Chubb Limited

FY

FY

(in millions of U.S. dollars except for percentages)

Change

Total North America P&C Insurance

(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural Insurance)

Net premiums written

$

$

Combined ratio

Current accident year combined ratio excluding catastrophe losses

North America Commercial P&C Insurance

Net premiums written

$

$

Major accounts retail and excess and surplus (E&S) wholesale

$

$

Middle market and small commercial

$

$

Combined ratio

Current accident year combined ratio excluding catastrophe losses

North America Personal P&C Insurance

Net premiums written

$

$

Combined ratio

Current accident year combined ratio excluding catastrophe losses

North America Agricultural Insurance

Net premiums written

$

$

Combined ratio

Current accident year combined ratio excluding catastrophe losses

Overseas General Insurance

Net premiums written (increase of 11.8% in constant dollars)

$

$

Commercial P&C (increase of 9.8% in constant dollars)

$

$

Consumer P&C (increase of 15.0% in constant dollars)

$

$

Combined ratio

Current accident year combined ratio excluding catastrophe losses

Global Reinsurance

Net premiums written (increase of 32.2% in constant dollars)

$

$

Combined ratio

Current accident year combined ratio excluding catastrophe losses

Life Insurance

Net premiums written (increase of 18.5% in constant dollars)

$

$

Segment income (increase of 7.3% in constant dollars)

$

$

●

North America Commercial P&C Insurance: The combined ratio increased 2.3 percentage points, including a

1.7 percentage point increase due to higher catastrophe losses and a 0.5 percentage point increase due to lower favorable prior period development. Excluding catastrophe losses and prior period development, the combined ratio was relatively flat.

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Chubb Limited News Release

●

North America Personal P&C Insurance: The combined ratio decreased 6.1 percentage points, including a 2.4

percentage point decrease due to higher favorable prior period development and a 2.1 percentage point decrease due to lower catastrophe losses. The current accident year combined ratio excluding catastrophe losses decreased 1.6 percentage points,

including a 1.0 percentage point decrease in the loss ratio and a 0.6 percentage point decrease in the expense ratio.

●

North America Agricultural Insurance: Net premiums written were down 15.2%, which includes the year-over-year

impact of premium adjustments related to the federal government profit-share agreement on the 2023 crop year and lower commodity prices. The combined ratio decreased 8.5 percentage points, including 3.5 percentage points decrease due to higher

favorable prior period development, partially offset by 0.9 percentage points increase due to higher catastrophe losses. The current accident year combined ratio excluding catastrophe losses decreased 5.9 percentage points, including a 7.7

percentage point decrease in the loss ratio reflecting better growing conditions versus prior year, and a 1.8 percentage point increase in the expense ratio.

●

Overseas General Insurance: The combined ratio increased 1.1 percentage points, including a 0.9 percentage point

increase due to lower favorable prior period development and a 0.1 percentage point increase from higher catastrophe losses. Excluding catastrophe losses and prior period development, the combined ratio was relatively flat.

●

Global Reinsurance: Net premiums written increased 32.2% to $1.35 billion driven by new business in both

property and casualty lines.

●

Life Insurance: Net premiums written were $6.33 billion, up 15.7%, or 18.5% in constant dollars, with growth

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

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

Chubb Limited News Release

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

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

Chubb Limited will hold its fourth quarter earnings conference call on Wednesday, January 29, 2025, at 8:30 a.m. Eastern. The earnings conference call

will be available via live webcast at investors.chubb.com or by dialing 877-400-4403 (within the United States) or 332-251-2601 (international), passcode 1641662. Please refer to the Chubb website under Events and Presentations for details. A replay will be available after the call at the same location. To listen to the

replay, please click here to register and receive dial-in numbers.

Effective July 1, 2023, Chubb acquired

a majority controlling interest in Huatai Group (Huatai), and applied consolidation accounting beginning in the third quarter of 2023. In this release, business activity for, and the financial position of, Huatai is reported at 100%, as required,

except for core operating income, net income, book value, tangible book value, ROE, per share data, and certain other key metrics, which include only Chubb’s ownership interest and exclude thenon-controlling interest.

About Chubb

Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance,

personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength

and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb employs approximately 43,000 people worldwide. Additional information can be found at:www.chubb.com.

Investor Contact

Media Contact

mediarelations@chubb.com

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Chubb Limited News Release

Regulation G – Non-GAAP Financial Measures

In presenting our results, we included and discussed certain non-GAAP measures. Thesenon-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a

substitute for measures determined in accordance with generally accepted accounting principles (GAAP).

Throughout this document there are various measures

presented on a constant-dollar basis (i.e., excludes the impact of foreign exchange). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the

currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between

periods by translating prior period results using the same local currency exchange rates as the comparable current period.

Adjusted net investment

income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from certain acquisitions of $2 million and $7 million in Q4 2024 and Q4 2023, and including investment income of

$126 million and $109 million in Q4 2024 and Q4 2023, from partially owned investment companies (private equity partnerships) where our ownership interest is in excess of 3% that are accounted for under the equity method. The amortization

of the fair value adjustment on acquired invested assets was $16 million and $21 million for full-year 2024 and 2023, and the investment income from private equity partnerships was $430 million and $385 million for full-year 2024

and 2023. The mark-to-market movement on these private equity partnerships are included in adjusted net realized gains (losses) as described below. We believe this

measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.

Adjusted net realized gains (losses) and other, net of tax, includes net realized gains (losses) and net realized gains (losses)

recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives and realized gains and losses on underlying investments supporting the liabilities of certain participating

policies related to the policyholders’ share of gains and losses. The crop derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing

impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses.

The realized gains and losses on underlying investments supporting the liabilities of certain participating policies have been reclassified from net realized gains (losses) to adjusted policy benefits. We believe this better reflects the economics

of the liabilities and the underlying investments supporting those liabilities. Other includes integration expenses and the amortization of fair value adjustment of acquired invested assets and long-term debt related to certain acquisitions. SeeCore operating income, net of tax for further description of these items.

P&C underwriting income (loss) excludes the Life Insurance

segment and is calculated by subtracting adjusted losses and loss expenses, adjusted policy benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income (loss) and operating ratios to monitor

the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest expense, amortization expense of purchased intangibles, integration expenses, amortization of fair value of

acquired invested assets and debt, income tax expense, adjusted net realized gains (losses), and market risk benefits gains (losses).

P&C current

accident year underwriting income excluding catastrophe losses is P&C underwriting income adjusted to exclude P&C catastrophe losses and prior period development (PPD). We believe it is useful to exclude catastrophe losses, as they are

not predictable as to timing and amount, and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. We believe the use of these measures enhances the understanding of our results

of operations by highlighting the underlying profitability of our insurance business.

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

Chubb Limited News Release

Core operating income, net of tax, relates only to Chubb income, which excludes noncontrolling

interests. It excludes from Chubb net income the after-tax impact of adjusted net realized gains (losses) and other, which include items described in this paragraph, and market risk benefits gains (losses). We

believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) and market risk benefits gains (losses) because

the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. In addition, we exclude the amortization of fair value adjustments on purchased invested assets and long-term

debt related to certain acquisitions due to the size and complexity of these acquisitions. We also exclude integration expenses, which include legal and professional fees and all other costs directly related to acquisition integration activities.

The costs are not related to the ongoing activities of the individual segments and are therefore included in Corporate and excluded from our definition of segment income. We believe these integration expenses are not indicative of our underlying

profitability, and excluding these integration expenses facilitates the comparison of our financial results to our historical operating results. References to core operating income measures mean net of tax, whether or not noted.

Metrics adjusted for the impact of the enactment of the Bermuda Tax Law are adjusted to exclude the deferred tax benefit of $55 million in Q1 2024 and

$1.14 billion in Q4 2023, giving recognition for transition provisions of the Bermuda Tax Law. We believe that excluding the impact of the one-time deferred tax benefit provides a better evaluation of our

operating performance and enhances the understanding of the trends in the underlying business that may be obscured by this non-recurring item.

Core operating return on equity (ROE) and Core operating return on tangible equity (ROTE) are annualizednon-GAAP financial measures. The numerator includes core operating income (loss), net of tax. The denominator includes the average Chubb shareholders’ equity for the period adjusted to exclude unrealized

gains (losses) on investments, current discount rate on future policy benefits (FPB), and instrument-specific credit risk on market risk benefits (MRB), all net of tax and attributable to Chubb. For the ROTE calculation, the denominator is also

adjusted to exclude Chubb goodwill and other intangible assets, net of tax. These measures enhance the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity and

tangible equity excluding the effect of these items as these are heavily influenced by changes in market conditions. We believe ROTE is meaningful because it measures the performance of our operations without the impact of goodwill and other

intangible assets.

P&C combined ratio is the sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense

ratio excluding the life business and including the realized gains and losses on the crop derivatives, as noted above.

P&C current accident year

combined ratio excluding catastrophe losses excludes the impact of P&C catastrophe losses and PPD from the P&C combined ratio. We believe this measure provides a better evaluation of our underwriting performance and enhances the

understanding of the trends in our P&C business that may be obscured by these items.

Global P&C performance metrics comprise consolidated

operating results (including corporate) and exclude the operating results of Chubb’s Life Insurance and North America Agricultural Insurance segments. The agriculture insurance business is a different business in that it is a public sector and

private sector partnership in which insurance rates, premium growth, and risk-sharing is not market-driven like the remainder of Chubb’s P&C insurance business. We believe that these measures are useful and meaningful to investors as they

are used by management to assess Chubb’s global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always

correlate with the results of our global P&C operations.

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.

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

Chubb Limited News Release

Book value per share and tangible book value per share excluding accumulated other comprehensive income

(loss) (AOCI), excludes AOCI from the numerator because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates and foreign currency movement, to highlight underlying

growth in book and tangible book value.

Adjusted operating cash flow is Operating cash flow excluding the operating cash flow related to

the net investing activities of Huatai’s asset management companies as it relates to the Consolidated Investment Products as required under consolidation accounting. Because these entities are investment companies, we are required to retain the

investment company presentation in our consolidated results, which means, we include the net investing activities of these entities in our operating cash flows. Chubb has elected to remove the impact of net investing activities of consolidated

investment companies from our operating cash flow as they may impact a reader’s analysis of our underlying operating cash flow related to the core insurance company operations. These net investing activities are more appropriately classified

outside of operating cash flows, consistent with our consolidated investing activities. Accordingly, we believe that it is appropriate to adjust operating cash flow for the impact of consolidated investment products.

Life Insurance and International life insurance net premiums written and deposits collected includes deposits collected on universal life and investment

contracts (life deposits). Life deposits are not reflected as revenues in our consolidated statements of operations in accordance with U.S. GAAP. However, we include life deposits in presenting growth in our life insurance business because life

deposits are an important component of production and key to our efforts to grow our business.

See the reconciliation ofNon-GAAP Financial Measures on pages 27-33 in the Financial Supplement. These measures should not be viewed as a substitute for measures determined in accordance with

GAAP, including premium, net income, book value, return on equity, and net investment income.

NM – not meaningful comparison

Cautionary Statement Regarding Forward-Looking Statements:

Forward-looking statements made in this press release, such as those related to company performance, pricing, growth opportunities, economic and market

conditions, and our expectations and intentions and other statements that are not historical facts, reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private

Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the following: competition, pricing and policy term trends, the levels

of new and renewal business achieved, the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, loss

of key employees or disruptions to our operations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the

amount and timing of reinsurance recoverable, credit developments among reinsurers, rating agency action, infection rates and severity of pandemics, and their effects on our business operations and claims activity, possible terrorism or the outbreak

and effects of war, economic, political, regulatory, insurance and reinsurance business conditions, potential strategic opportunities including acquisitions and our ability to achieve and integrate them, as well as management’s response to

these factors, and other factors identified in our filings with the Securities and Exchange Commission (SEC). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are

made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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

Chubb Limited News Release

Chubb Limited

Summary Consolidated Balance Sheets

(in

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

(Unaudited)

Assets

Investments

$

$

Cash and restricted cash

Insurance and reinsurance balances receivable

Reinsurance recoverable on losses and loss expenses

Goodwill and other intangible assets ($25,219 and $25,314 represents Chubb portion as of 12/31/2024 and 12/31/2023, respectively)

Other assets

Total assets

$

$

Liabilities

Unpaid losses and loss expenses

$

$

Unearned premiums

Other liabilities

Total liabilities

Shareholders’ equity

Chubb shareholders’ equity, excl. AOCI

Accumulated other comprehensive income (loss) (AOCI)

Chubb shareholders’ equity

Noncontrolling interests

Total shareholders’ equity

Total liabilities and shareholders’ equity

$

$

Book value per common share

$

$

Tangible book value per common share

$

$

Book value per common share, excl. AOCI

$

$

Tangible book value per common share, excl. AOCI

$

$

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

Chubb Limited News Release

Chubb Limited

Summary Consolidated Financial Data

(in

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

(Unaudited)

Three Months Ended

Year Ended

Gross premiums written

$

$

$

$

Net premiums written

Net premiums earned

Losses and loss expenses

Policy benefits

Policy acquisition costs

Administrative expenses

Net investment income

Net realized gains (losses)

Market risk benefits gains (losses)

Interest expense

Other income (expense):

Gains (losses) from separate account assets

1

(8)

Other

Amortization of purchased intangibles

Integration expenses

Income tax expense (benefit)(1)

Net income

$

$

$

$

Less: NCI income (loss)

Chubb net income

$

$

$

$

Diluted earnings per share:

Chubb net income

$

$

$

$

Core operating income

$

$

$

$

Weighted average shares outstanding

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

P&C combined ratio

Loss and loss expense ratio

Policy acquisition cost ratio

Administrative expense ratio

P&C combined ratio

P&C underwriting income

$

$

$

$

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