Chubb Limited · Earnings release

Chubb Limited

Switzerland

www.chubb.com

@Chubb

News Release

Chubb Reports Fourth Quarter Net Income of $3.21 Billion, Up

24.7%, and Core Operating Income of $2.98 Billion, Up

Consolidated Net Premiums Written of $13.1 Billion, Up 8.9%, with

P&C and Life Insurance Up 7.7% and 16.9%; Record P&C Combined

Full-Year Record Net Income of $10.31 Billion, Up 11.2%, and

Record Core Operating Income of $9.95 Billion, Up 8.9%;

Consolidated

Net Premiums Written of $54.8 Billion, Up 6.6%, with

P&C and Life Insurance Up 5.4% and 15.1%; Record P&C Combined

QUARTER

•

Net income per share

Both were records.

•

P&C net premiums

written were $11.31 billion, up 7.7%. North America was up 6.6%, including growth of

6.7% in commercial insurance and 6.1% in personal insurance. Overseas General was up 10.8%, including

growth of 18.7% in consumer insurance and 5.6% in

commercial insurance; Latin America, Asia, and

•

P&C underwriting

income was $2.20 billion, up 39.6%, with a record low combined ratio of 81.2%. P&C

current accident year underwriting income excluding catastrophe losses was a record $2.29 billion, up

16.5%, with a record low combined ratio of

•

Total pre-tax catastrophe losses were $365 million compared with $607 million last year. Total pre-tax

favorable prior period development was $268 million compared

with $213 million last year.

•

Life Insurance net

premiums written were $1.83 billion, up 16.9%, and segment income was $322 million,

•

Pre-tax net investment income was $1.69 billion, up 8.0%, and adjusted net investment income was $1.81

billion, up 7.3%. Both were records.

•

Annualized return on

equity (ROE) was 17.6%. Annualized core operating return on tangible equity

(ROTE) was 23.5% and annualized core operating ROE was 15.9%.

YEAR

•

Net income per share

Both were records.

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

Chubb.

1

Chubb Limited News Release

•

P&C net premiums written were $47.56 billion, up 5.4%. North America was up 4.7%, including growth of

7.5% in personal insurance and 3.9%

in commercial insurance. Overseas General was up 7.5%, including

growth of 11.0% in consumer insurance and 5.2% in commercial insurance; Asia, Latin America, and

Europe were up 10.7%, 6.3%, and 5.9%, respectively.

•

P&C underwriting

income was a record $6.53 billion, up 11.6%, with a record low combined ratio of

85.7%. P&C current accident year underwriting income excluding catastrophe losses was a record $8.32

billion, up 12.7%, with a record low combined ratio

•

Total pre-tax catastrophe losses were $2.92 billion compared with $2.39 billion last year. Total pre-tax

favorable prior period development was $1.13 billion

compared with $856 million last year.

•

Life Insurance net

premiums written were $7.28 billion, up 15.1%, and segment income was a record $1.24

•

Pre-tax net investment income was $6.47 billion, up 9.0%, and adjusted net investment income was $6.95

billion, up 9.0%. Both were records.

•

operating ROTE was 20.5% and core operating ROE was 13.7%.

ZURICH

– February 3, 2026 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended

December 31, 2025 of $3.21 billion, or $8.10 per share, and core operating income of $2.98 billion, or

share. Book value per share and tangible book value per share increased 3.5% and 5.1%, respectively, from

September 30, 2025 and now stand at $188.59 and $126.22. Book value was favorably impacted by after-tax

net realized and unrealized gains of $288 million in Chubb’s investment portfolio. Book value per share and

tangible book value per share excluding AOCI increased 3.4% and 4.8%, from

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

NM

NM

Integration expenses and severance, net of tax

NM

NM

Market risk benefits (gains) losses, net of tax

NM

NM

Amortization of deferred tax asset from Bermuda law

-

NM

-

NM

Core operating income, net of tax

Annualized return on equity (ROE)

Core operating return on tangible equity (ROTE)

Core operating ROE

For the year ended December 31, 2025, net income was $10.31 billion, or $25.68 per share, and core operating

income was $9.95 billion, or $24.79 per share. Book value per share and tangible book value per

share

increased 18.0% and 25.7%, from December 31, 2024. Book value was favorably impacted by after-tax net

realized and unrealized gains of $3.54 billion in Chubb’s investment portfolio and

$724 million of foreign

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

Chubb.

2

Chubb Limited News Release

currency gains. Book value per share and tangible book value per share excluding AOCI increased 11.0% and

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

NM

NM

Integration expenses and severance, net of tax

Market risk benefits (gains) losses, net of tax

Amortization of deferred tax asset (2025) and non-

recurring tax benefit (2024) from Bermuda law

NM

NM

Core operating income, net of tax

Annualized return on equity (ROE)

Core operating return on tangible equity (ROTE)

Core operating ROE

For the years ended December 31, 2025 and 2024, the tax expenses (benefits) related to the table above were $(54)

million and

$(141) million, respectively for adjusted net realized gains and losses and other; $(17) million and $(7)

million for integration expenses and severance; $(43) million and nil for market risk benefits gains and losses,

and $2.01 billion for core operating income.

Evan G. Greenberg, Chairman

and Chief Executive Officer of Chubb Limited, commented: “We had a great

quarter and a great year, with very strong contributions from all areas of the company. Our consistent and

enduring performance speaks to the broadly diversified

global nature of our company.

“For the quarter, double-digit growth in

underwriting and life income, together with record investment

income, led to operating income increasing 21.7% and on a per share basis up almost 25%. Total company net

premiums grew nearly 9%, with P&C up 7.7% and Life up about 17%. This

was, in fact, a faster growth rate

than our full-year average of 6.6%. P&C underwriting income was up 40% to $2.2 billion with a record

combined ratio of 81.2%, supported by low CATs, strong prior period reserve development and a

record low

current accident year combined ratio of 80.4%, reflecting the strength of our businesses from around the

globe. Adjusted investment income was up 7.3% to $1.8 billion, and life income was up 19.3%.

“Our full-year results in virtually every category were the best in our

company’s history. Record operating

income was just shy of $10 billion, or $24.79 per share, up about 9% and 11%, respectively. All three major

sources of income for our company produced record results last year: P&C

underwriting income was up

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

Chubb.

3

Chubb Limited News Release

11.6% with an all-time-low combined ratio of 85.7%. Adjusted

investment income rose 9%, with strong returns

in both our public fixed income and private portfolios. Life insurance income was up over 13%. Notably,

these results were achieved in spite of full-year CAT losses being modestly higher than

prior year,

substantially driven by the California wildfires in the first quarter.

“For the year, again, we grew total company premiums over 6.5%, with P&C up about 5.5%, including growth

of 9.2% in personal insurance and 4.0% in

commercial insurance, and life up over 15%. Our core operating

ROE was 13.7% and our return on tangible equity was 20.5%. Per-share book and tangible book value, our

most important measures of wealth

creation, grew 18% and 25.7%, respectively.

“While commercial insurance

market conditions continue to grow incrementally more competitive, we see

many opportunities for growth given our broad diversification by geography, product, commercial and

consumer customer segments and distribution channel. In fact, at

January 1, conditions were a bit more

favorable than we had anticipated, and while early, we’ve had a good start to the year. We anticipate an

excellent ’26 with strong growth in operating earnings and double-digit growth in

EPS and tangible book

value, macro conditions notwithstanding.”

Operating highlights for the quarter ended December 31, 2025 were as follows:

Chubb Limited

Q4

Q4

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

Change

Consolidated

Net premiums written (increase of 8.3% in constant dollars)

$

$

P&C

Net premiums written (increase of 6.9% 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 5.7% 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 18.3% in constant dollars)

$

$

Segment income (increase of 22.1% in constant dollars)

$

$

•

Consolidated net premiums earned increased 7.4%, or 6.8% in constant dollars. P&C net premiums

earned increased 6.2% or 5.3% in constant

dollars.

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

Chubb.

4

Chubb Limited News Release

•

Operating cash flow was $4.06 billion and adjusted operating cash flow was $4.17 billion.

•

Total pre-tax and after-tax catastrophe losses, net of reinsurance and including reinstatement premiums,

were $365 million (3.0 percentage points of the combined ratio) and

million (5.5 percentage points of the combined ratio) and $515 million, last year.

•

Total pre-tax and after-tax favorable prior period development were $268 million and $220 million,

compared with $213 million and $196 million, last

year.

•

Total capital

returned to shareholders was $1.48 billion, comprising share repurchases of $1.10 billion at

an average purchase price of $282.96 per share and dividends of $381 million.

Operating highlights for the year ended December 31, 2025 were as follows:

Chubb Limited

FY

FY

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

Change

Consolidated

Net premiums written (increase of 7.0% in constant dollars)

$

$

P&C

Net premiums written (increase of 5.6% 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 5.4% 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 17.3% in constant dollars)

$

$

Segment income (increase of 16.7% in constant dollars)

$

$

•

Consolidated net premiums earned increased 6.4%, or 6.7% in constant dollars. P&C net premiums

earned increased 5.1%, or 5.2% in constant

dollars.

•

Operating cash flow

was $12.82 billion and adjusted operating cash flow was $13.91 billion.

•

Total pre-tax and after-tax catastrophe losses, net of reinsurance and including reinstatement premiums,

were $2.92 billion (6.3 percentage points of the combined ratio) and

billion (5.5 percentage points of the combined ratio) and $1.97 billion, last year.

•

Total pre-tax and after-tax favorable prior period development were $1.13 billion and $858 million,

compared with $856 million and $712 million, last

year.

•

Total capital

returned to shareholders was $4.91 billion, comprising share repurchases of $3.39 billion at

an average purchase price of $282.57 per share and dividends of $1.52 billion.

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

Chubb.

5

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, 2025 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 8.1% in constant dollars)

$

$

Commercial P&C (increase of 3.3% in constant dollars)

$

$

Consumer P&C (increase of 15.4% in constant dollars)

$

$

Combined ratio

Current accident year combined ratio excluding catastrophe losses

Global Reinsurance

Net premiums written (decrease of 4.2% in constant dollars)

$

$

Combined ratio

Current accident year combined ratio excluding catastrophe losses

Life Insurance

Net premiums written (increase of 18.3% in constant dollars)

$

$

Segment income (increase of 22.1% in constant dollars)

$

$

•

North America Commercial P&C Insurance: The combined ratio decreased 1.8 percentage points,

including a 2.9 percentage point decrease

from lower catastrophe losses, partially offset by a 0.9

percentage point increase in the underlying policy acquisition cost ratio, primarily reflecting mix of

business within major accounts and E&S and increased middle market business.

The current accident

year loss ratio excluding catastrophe losses was flat.

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

Chubb.

6

Chubb Limited News Release

•

North America Personal P&C Insurance: The combined ratio decreased 8.5 percentage points, including

a 5.7 percentage point decrease in the

current accident year loss ratio excluding catastrophe losses, a 1.8

percentage point decrease in the underlying expense ratio, and a 1.0 percentage point decrease from

lower catastrophe losses.

•

North America

Agricultural Insurance: Net premiums written were up 45.1%, or 1.4% adjusted for the

favorable year-over-year impact of premium adjustments related to the federal government profit-share

agreement. The combined ratio decreased 9.1 percentage

points, which primarily included a 20.6

percentage point decrease in the current accident year loss ratio excluding catastrophe losses, primarily

reflecting the estimated underwriting gain for the current crop year, partially offset by the

adverse

impact of a 10.0 percentage point increase from lower favorable prior period development.

•

Overseas General

Insurance: The combined ratio decreased 4.6 percentage points, including a 2.7

percentage point decrease from higher favorable prior period development, a 1.0 percentage point

decrease from lower catastrophe losses, and a 0.8 percentage point

decrease in the current accident

year loss ratio excluding catastrophe losses.

•

Life Insurance: Net

premiums written were $1.83 billion, up 16.9%, or 18.3% in constant dollars, with

growth of 17.8% in International Life and 17.0% in Chubb Benefits.

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

Chubb.

7

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, 2025 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 8.0% in constant dollars)

$

$

Commercial P&C (increase of 5.3% in constant dollars)

$

$

Consumer P&C (increase of 12.0% in constant dollars)

$

$

Combined ratio

Current accident year combined ratio excluding catastrophe losses

Global Reinsurance

Net premiums written (decrease of 3.0% in constant dollars)

$

$

Combined ratio

Current accident year combined ratio excluding catastrophe losses

Life Insurance

Net premiums written (increase of 17.3% in constant dollars)

$

$

Segment income (increase of 16.7% in constant dollars)

$

$

•

North America Commercial P&C Insurance: The combined ratio decreased 2.5 percentage points,

including a 2.7 percentage point decrease due

to lower catastrophe losses.

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

Chubb.

8

Chubb Limited News Release

•

North America Personal P&C Insurance: The combined ratio increased 7.9 percentage points, including a

15.2 percentage point increase due to

higher catastrophe losses, primarily from California wildfires in the

first quarter, partially offset by a 5.1 percentage point decrease in the current accident year loss ratio

excluding catastrophe losses, a 1.1 percentage point decrease in

the underlying expense ratio, and a 1.1

percentage point decrease due to higher favorable prior period development.

•

North America

Agricultural Insurance: The combined ratio decreased 4.6 percentage points, including a

3.9 percentage point decrease in the current accident year loss ratio excluding catastrophe losses,

primarily reflecting an improved year-over-year

underwriting gain in the current year, and a 1.4

percentage point decrease due to lower catastrophe losses, partially offset by a 0.6 percentage point

increase due to less favorable year-over-year prior period development.

•

Overseas General

Insurance: The combined ratio decreased 1.4 percentage points, including a 1.1

percentage point decrease due to higher favorable prior period development and a 0.7 percentage point

decrease in the current accident year loss ratio excluding

catastrophe losses, partially offset by a 0.3

percentage point increase in the underlying expense ratio reflecting business mix.

•

Life Insurance: Net

premiums written were $7.28 billion, up 15.1%, or 17.3% in constant dollars, with

growth of 17.4% in International Life and 17.9% in Chubb Benefits.

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

Chubb.

9

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, 2025, 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

a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by

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.

In this release, 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.

Prior period core operating income and related metrics have been redefined to reflect the definition of core

operating income adopted in Q1 2025, which

excludes the non-recurring tax benefit related to the enactment

of Bermuda’s income tax law in 2023. Refer to “Regulation G – Non-GAAP Financial

Measures” below for

more information.

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 45,000 people worldwide.

Additional

information can be found at: www.chubb.com.

Investor

Contact

Media Contact

mediarelations@chubb.com

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

Chubb.

Chubb Limited News Release

Regulation G – Non-GAAP Financial Measures

In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which

may be defined differently by other companies, are important for an understanding of our overall results of

operations

and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with

generally accepted accounting principles (GAAP).

Throughout this document there are various measures presented on a constant-dollar

basis (i.e., excludes the impact of

foreign exchange). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in

exchange rates between the U.S. dollar and the currencies in which our

international business is transacted, as these

exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined

by assuming constant foreign exchange rates between periods by translating

prior period results using the same local

currency exchange rates as the comparable current period.

Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on

acquired invested assets from

certain acquisitions of $1 million and $2 million in Q4 2025 and Q4 2024, and including

investment income of $125 million and $126 million in Q4 2025 and Q4 2024, 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 $8 million and $16 million for full-

year

2025 and 2024, and the investment income from private equity partnerships was $474 million and $430 million for

full-year 2025 and 2024. The mark-to-marketmovement 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 the

amortization of fair value adjustment of acquired invested assets and long-term debt related to certain acquisitions. See

Core operating income 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 and severance, 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.

References in this release to

“current accident year” metrics exclude catastrophe losses and prior period development,

unless stated otherwise.

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

Chubb.

Chubb Limited News Release

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, including legal and

professional fees and all other costs directly related to acquisition integration activities, as well as

severance expenses

associated with transformation initiatives to enhance operational efficiency. 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 and severance are not indicative of our underlying profitability,

and excluding these integration expenses and severance 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. References to core

operating income measures mean net of tax, whether or not noted.

Core operating return on equity (ROE) and Core operating return on tangible

equity (ROTE) are annualized non-GAAP

financial measures. The numerator includes core operating income (loss), net of tax. The denominator includes the

average Chubb shareholders’ equity for

the period adjusted to exclude unrealized gains (losses) on investments, current

discount rate on future policy benefits (FPB), and instrument-specific credit risk on market risk benefits (MRB), all net of

tax and attributable to Chubb. For

the ROTE calculation, the denominator is also adjusted to exclude Chubb goodwill

and other intangible assets, net of tax. These measures enhance the understanding of the return on shareholders’ equity

by highlighting the underlying

profitability relative to shareholders’ equity and tangible equity excluding the effect of

these items as these are heavily influenced by changes in market conditions. We believe ROTE is meaningful because it

measures the performance of

our operations without the impact of goodwill and other intangible assets.

P&C

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

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

P&C current accident year combined ratio excluding catastrophe losses excludes

the impact of P&C catastrophe losses

and PPD from the P&C combined ratio. We believe this measure provides a useful 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 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.

Life Insurance and International life

insurance net premiums written and deposits collected includes deposits collected

on universal life and investment contracts (life deposits). Life deposits are not reflected as revenues in our consolidated

statements of operations in

accordance with U.S. GAAP. However, we include life deposits in presenting growth in our life

insurance business because life deposits are an important component of production and key to our efforts to grow our

business.

See the reconciliation of Non-GAAP Financial

Measures on pages 27-33 in the Financial Supplement. These measures

should not be viewed as a substitute for measures determined in accordance with GAAP, including premium, net income,

book value, return

on equity, and net investment income.

NM – not meaningful comparison

Cautionary Statement Regarding Forward-Looking Statements:

Forward-looking statements made in this press release, such as those related to company performance, pricing,

growth opportunities, economic and market

conditions, and our expectations and intentions and other

statements that are not historical facts, reflect our current views with respect to future events and financial

performance and are made pursuant to the safe harbor provisions of the

Private Securities Litigation Reform Act

of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially,

including without limitation, the following: competition, pricing and policy term

trends, the levels of new and

renewal business achieved, the frequency and severity of unpredictable catastrophic events, actual loss

experience, uncertainties in the reserving or settlement process, integration activities and performance

of

acquired companies, loss of key employees or disruptions to our operations, new theories of liability, judicial,

legislative, regulatory and other governmental developments, litigation tactics and developments, investigation

developments

and actual settlement terms, the amount and timing of reinsurance recoverable, credit

developments among reinsurers, rating agency action, 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 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 ($25,775 and $25,219 represents

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 and severance

Income tax expense

Net income

$

$

$

$

Less: NCI income (loss)

Chubb net income

$

$

$

$

Diluted earnings per share:

Chubb net income

$

$

$

$

Core operating income

$

$

$

$

Weighted average shares

outstanding

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.