Chubb Limited (Exact name of registrant as specified in its charter)

Transcription

1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K Current Report Pursuant To Section 13 or 15 (d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) January 26, 2016 Chubb Limited (Exact name of registrant as specified in its charter) Switzerland (State or other jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification No.) Baerengasse 32 CH-8001 Zurich, Switzerland Telephone: +41 (0) (Address of principal executive offices) Not applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR ) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR d-(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR e-4(c))

2 Item Results of Operations and Financial Condition On January 26, 2015, Chubb Limited (formerly ACE Limited) issued a Press Release reporting legacy ACE Limited and legacy Chubb Corporation fourth quarter 2015 results and the availability of the legacy ACE Limited fourth quarter 2015 Financial Supplement, the legacy Chubb Corporation fourth quarter 2015 Financial Supplement, and legacy Chubb Corporation 2015 Update on Asbestos Reserves. The Press Release, the Financial Supplements, and the Update on Asbestos Reserves are attached hereto as Exhibit 99.1 Exhibit 99.2, Exhibit 99.3, and Exhibit 99.4, respectively, and are hereby incorporated herein by reference. Item (d) Exhibits Financial Statements, Pro Forma Financial Information and Exhibits Exhibit Number Description 99.1 Press Release, Dated January 26, 2016, Reporting Fourth Quarter 2015 Results 99.2 Fourth Quarter 2015 Financial Supplement - legacy ACE Limited Financial Results 99.3 Fourth Quarter 2015 Financial Supplement - legacy Chubb Corporation Financial Results 99.4 Legacy Chubb Corporation 2015 Update on Asbestos Reserves

3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Chubb Limited DATE: January 26, 2016 By: /s/ Philip V. Bancroft Philip V. Bancroft Executive Vice President and Chief Financial Officer

4 EXHIBIT INDEX Number Description Method of Filing 99.1 Press Release, Dated January 26, 2016, Reporting legacy ACE and legacy Chubb Corporation Fourth Quarter 2015 Results Furnished herewith 99.2 Fourth Quarter 2015 Financial Supplement - legacy ACE Limited Financial Results Furnished herewith 99.3 Fourth Quarter 2015 Financial Supplement - legacy Chubb Corporation Financial Results Furnished herewith 99.4 Legacy Chubb Corporation 2015 Update on Asbestos Reserves Furnished herewith

5 Exhibit 99.1 Chubb Limited Bärengasse 32 CH-8001 Zurich Switzerland News Release Chubb Limited Reports Legacy ACE Operating Income of $780 Million for the Fourth Quarter and $3.2 Billion for the Year; Full-Year Per Share Operating Income of $9.76 versus $9.79 Prior Year; Operating ROE of 11.1% and 11.5% for the Quarter and Year, Respectively; Record Full-Year P&C Combined Ratio and Underwriting Income; Integration Planning and Execution On Track Global P&C net premiums written down 2% for the quarter, or up 4.9% in constant dollars; global P&C net premiums written up 1.2% for the year, or 7.7% in constant dollars Record full-year P&C combined ratio of 87.4% versus 87.7% prior year. Record P&C underwriting income up 1.7% for the year to $1.93 billion, or 8% in constant dollars Net investment income of $2.2 billion for the year, down 2.6%, or less than one percent in constant dollars, driven by full-year operating cash flow of $3.9 billion Unfavorable foreign currency movement negatively impacted operating income by $34 million, or $0.11 per share, for the quarter, and $119 million, or $0.36 per share, for the year. Adjusting for foreign exchange, full-year operating income per share up 3.5% Acquisition of The Chubb Corporation for $29.5 billion completed on January 14, Company now executing detailed integration roadmap globally; integration plans on track including expense and growth-related initiatives The discussion of Chubb Limited represents Legacy ACE Limited (1) results for fourth quarter and full year 2015 on a standalone basis and does not include the results of Legacy Chubb Corporation, (2) which are presented starting on page 13. Chubb, Chubb logo and Chubb. Insured. SM are trademarks of Chubb Limited. 1

6 Chubb Limited News Release ZURICH January 26, Chubb Limited (NYSE: CB) today reported net income for the quarter ended December 31, 2015, of $2.08 per share, compared with $1.66 per share for the same quarter last year. (3) Operating income was $2.38 per share, compared with $2.47 per share for the same quarter last year. The property and casualty (P&C) combined ratio for the quarter was 87.7%. Book value and tangible book value per share remained flat from September 30, 2015, and were adversely impacted by net unrealized losses in the company s investment portfolio (net of mark-to-market gains in the company s variable annuity reinsurance portfolios) of $356 million, after-tax. In addition, book value and tangible book value per share were impacted by unfavorable foreign currency movement of $138 million, after-tax, and $120 million, after-tax, respectively. Excluding these items, book value and tangible book value per share increased 1.6% and 2.0%, respectively. Book value and tangible book value per share now stand at $89.77 and $72.25, respectively. Operating return on equity for the quarter was 11.1%. Chubb Limited (Legacy ACE) Fourth Quarter Summary (in millions, except per share amounts) (Unaudited) (Per Share Diluted) Change Change Operating income, net of tax $ 780 $ 827 (5.8)% $ 2.38 $ 2.47 (3.6)% Chubb integration and related expenses, net of tax (35) NM (0.11) NM Adjusted net realized gains (losses), net of tax (62) (272) (77.4)% (0.19) (0.81) (76.5)% Net income $ 683 $ % $ 2.08 $ % For the year ended December 31, 2015, net income was $8.62 per share, compared with $8.42 per share for Operating income was $9.76 per share, compared with $9.79 per share for The P&C combined ratio for the year ended December 31, 2015, was 87.4% versus 87.7% for Book value and tangible book value per share declined 0.3% and 0.5%, respectively, from December 31, Book value and tangible book value per share were negatively impacted by unrealized losses in the company s investment portfolio of $977 million, after-tax. In addition, book value and tangible book value per share were impacted by unfavorable foreign currency movement of $1.0 billion, after-tax, and $663 million, after-tax, respectively. Tangible book value per share was also negatively impacted by the addition of $474 million of goodwill and other intangibles related to the Fireman s Fund acquisition that closed during the year. Excluding these items, book value and tangible book value per share increased 6.6% and 8.5%, respectively. Operating return on equity for the year was 11.5%. Chubb Limited (Legacy ACE) Full Year Summary (in millions, except per share amounts) (Unaudited) (Per Share Diluted) Change Change Operating income, net of tax $ 3,210 $ 3,320 (3.3)% $ 9.76 $ 9.79 (0.3)% Chubb integration and related expenses, net of tax (42) NM (0.13) NM Adjusted net realized gains (losses), net of tax (334) (467) (28.5)% (1.01) (1.37) (26.3)% Net income $ 2,834 $ 2,853 (0.7)% $ 8.62 $ % Chubb, Chubb logo and Chubb. Insured. SM are trademarks of Chubb Limited. 2

7 Chubb Limited News Release Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: For the fourth quarter, our last as ACE Limited, we produced very good operating results that capped an excellent year for the company both financially and strategically. After-tax operating income of $780 million in the quarter contributed to full-year earnings of $9.76 per share, essentially flat with last year s record operating income and up 3.5% when adjusted for foreign exchange. The year was highlighted by record underwriting results, 8% constant-dollar premium growth and an ROE of 11.5%. From a long-term strategic perspective, the year was historic and transformational. We completed the acquisition of the Fireman s Fund U.S. high net worth personal lines business, launched ABR Re, and then announced the largest insurance transaction in history with the $29.5 billion acquisition of The Chubb Corporation, which we closed on January 14, Our strong earnings were driven first and foremost by an exceptionally strong underwriting performance as illustrated by P&C combined ratios of 87.7% for the quarter and a record 87.4% for the year. At almost $2 billion, full-year P&C underwriting income was also a record. Full-year net investment income of $2.2 billion, down about 2.5%, stood up well, given foreign exchange rates and the low interest rate environment, and benefited from our strong cash flow of $3.9 billion. Foreign exchange headwinds, which have affected all dollar-based multinationals, impacted our revenue, income and book value growth throughout the year. Global P&C net premiums, which exclude agriculture, were down 2% in the quarter but up 5% in constant currency, compared to full-year growth of 1% on a reported basis and nearly 8% adjusted for foreign exchange. Per share book value growth was essentially flat for the year but was up over 3% in constant dollars. We are now the new Chubb, the largest publicly traded P&C insurer in the world. We ve hit the ground running and are executing the thorough integration plans we established in the six months leading up to the close of the acquisition. The energy, morale and overall feeling of optimism are high throughout the ranks of the company. We are focused on knitting ourselves together as one and achieving the ambitious targets we have set and expect of ourselves and the value creation we will generate for the benefit of our customers, business partners, employees and shareholders. Chubb, Chubb logo and Chubb. Insured. SM are trademarks of Chubb Limited. 3

8 Chubb Limited News Release Operating highlights for the quarter and full year ended December 31, 2015, were as follows: Chubb Limited (Legacy ACE) (in millions of U.S. dollars except for percentages) 4Q Q 2014 Change Full Year 2015 Full Year 2014 Change P&C Net premiums written $ 3,629 $ 3,803 (4.6)% $ 15,715 $ 15,787 (0.5)% Net premiums written constant-dollar $ 3, % $ 14, % Underwriting income $ 453 $ % $ 1,930 $ 1, % Underwriting income constant-dollar $ % $ 1, % Combined ratio 87.7% 88.5% 87.4% 87.7% Current accident year underwriting income excluding catastrophe losses $ 428 $ % $ 1,706 $ 1, % Current accident year underwriting income excluding catastrophe losses constantdollar $ % $ 1, % Current accident year combined ratio excluding catastrophe losses 88.4% 89.5% 88.8% 89.3% Global P&C (excludes Agriculture) Net premiums written $ 3,487 $ 3,559 (2.0)% $ 14,369 $ 14, % Net premiums written constant-dollar $ 3, % $ 13, % Underwriting income $ 397 $ % $ 1,733 $ 1,762 (1.7)% Underwriting income constant-dollar $ % $ 1, % Combined ratio 88.5% 89.1% 87.5% 87.4% Current accident year underwriting income excluding catastrophe losses $ 378 $ % $ 1,545 $ 1, % Current accident year underwriting income excluding catastrophe losses constantdollar $ % $ 1, % Current accident year combined ratio excluding catastrophe losses 89.1% 90.2% 88.9% 89.4% Chubb, Chubb logo and Chubb. Insured. SM are trademarks of Chubb Limited. 4

9 Chubb Limited News Release P&C net premiums earned for the quarter decreased 4.4% (increased 1.6% in constant dollars) and Global P&C net premiums earned, which excludes Agriculture, decreased 2.4% (increased 4.3% in constant dollars). For the year, P&C net premiums earned decreased 1.3% (increased 4.4% in constant dollars) and Global P&C net premiums earned decreased 0.3% (increased 6.2% in constant dollars). The P&C expense ratio for the quarter was 29.7% compared with 29.9% last year. The Global P&C expense ratio was 31.6% compared with 32.2% last year. For the year, the P&C expense ratio was 29.2% compared with 29.4% last year. The Global P&C expense ratio for the year was 31.4% compared with 32.1% last year. Total pre-tax and after-tax catastrophe losses for the quarter, including reinstatement premiums, were $75 million (2.0 percentage points of the combined ratio) and $67 million, respectively, compared with $69 million (1.7 percentage points of the combined ratio) and $64 million, respectively, last year. For the year, total P&C pre-tax and after-tax catastrophe losses, including reinstatement premiums, were $322 million (2.1 percentage points of the combined ratio) and $272 million, respectively, compared with $288 million (1.8 percentage points of the combined ratio) and $249 million, respectively, last year. Total P&C favorable prior period development pre-tax and after-tax for the quarter were both $100 million (2.7 percentage points of the combined ratio), compared with $107 million pre-tax (2.7 percentage points of the combined ratio) and $117 million after-tax last year. For the year, total P&C favorable prior period development pretax and after-tax was $546 million (3.5 percentage points of the combined ratio) and $474 million, respectively, compared with $527 million (3.4 percentage points of the combined ratio) and $459 million, respectively, last year. Operating cash flow was $1.2 billion for the quarter and $3.9 billion for the year. Net loss reserves increased $275 million for the year after adjusting for foreign exchange. Net investment income was $532 million for the quarter compared with $577 million last year, down 7.7%, or 5.4% in constant dollars, primarily reflecting a decline in private equity distributions of $10 million and a decrease in call activity in the company s corporate bond portfolio. Net investment income for the year was $2.2 billion compared with $2.3 billion last year, down 2.6%, or 0.7% in constant dollars. Net realized and unrealized losses pre-tax totaled $618 million for the quarter. Net realized losses of $74 million included a loss on the investment portfolio of $119 million offset by a gain of $55 million from derivative accounting. Net unrealized pre-tax losses of $544 million were comprised primarily of unrealized losses of $450 million in the investment portfolio and unrealized foreign exchange losses of $98 million. Details of financial results by business segment are available in the Chubb Limited Legacy ACE Financial Supplement. Key segment items for the quarter and year ended December 31, 2015, include: Insurance North American P&C: For the quarter, net premiums written increased 7.4%, or 8.0% in constant dollars. For the year, net premiums written increased 10.3%, or 10.9% in constant dollars. Net premiums written, excluding the non-recurring transfer of Fireman s Fund in-force business in the second quarter of 2015, increased 6.3%, or 6.8% in constant dollars for the year. The combined ratio for the quarter was 87.2% compared with 90.2%. The combined ratio for the year was 88.1% compared with 88.4%. The current accident year combined ratio excluding catastrophe losses for the quarter was 86.7% compared with 89.1%. The current accident year combined ratio excluding catastrophe losses for the year was 86.4% compared with 88.0%. Favorable prior period development in the quarter of $19 million included $52 million of adverse development for legacy asbestos exposures. Insurance North American Agriculture: Net premiums written decreased 41.9% for the quarter and 15.3% for the year primarily due to commodity prices and statutory risk-sharing adjustments with the government. The combined ratio for the quarter was 76.4% compared with 81.8%. The combined ratio for the year was 85.5% compared with 91.1%. The current accident year combined ratio excluding catastrophe losses for the quarter was 79.2% compared with 82.4%. The current accident year combined ratio excluding catastrophe losses for the year was 88.2% compared with 87.8%. Chubb, Chubb logo and Chubb. Insured. SM are trademarks of Chubb Limited. 5

10 Chubb Limited News Release Insurance Overseas General: For the quarter, net premiums written decreased 9.3% (increased 3.6% in constant dollars). For the year, net premiums written decreased 5.2% (increased 7.1% in constant dollars). The combined ratio for the quarter was 87.6% compared with 86.3%. The combined ratio for the year was 87.0% compared with 85.8%. The current accident year combined ratio excluding catastrophe losses for the quarter was 89.7% compared with 89.4%. The current accident year combined ratio excluding catastrophe losses for the year was 90.1% compared with 89.9%. Global Reinsurance: For the quarter, net premiums written decreased 22.1% (decreased 20.2% in constant dollars). For the year, net premiums written decreased 11.4% (decreased 9.3% in constant dollars). The combined ratio for the quarter was 79.8% compared with 76.5%. The combined ratio for the year was 65.2% compared with 72.3%. The current accident year combined ratio excluding catastrophe losses for the quarter was 76.6% compared with 76.2%. The current accident year combined ratio excluding catastrophe losses for the year was 76.8% compared with 75.6%. Life: Operating income for the quarter was $54 million compared with $76 million. For the year, operating income was $244 million compared with $297 million. The decrease for the year was primarily due to unfavorable claims reserve development in Combined Insurance s U.S. operations of $15 million, after-tax, in 2015, compared with favorable claims reserve development of $5 million, after-tax, in The combined ratio for the year for this business was still in the low 90s following the reserve strengthening. Operating income was also impacted by unfavorable foreign currency movement. Life reinsurance operating income decreased $20 million reflecting the run-off of the company s variable annuity reinsurance business. International life insurance net premiums and deposits collected increased 0.8% for the year (increased 6.9% in constant dollars). Please refer to the Chubb Limited (Legacy ACE) Financial Supplement, dated December 31, 2015, which is posted on the company s website at investors.chubb.com, and access Financial Reports 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 27, 2016, beginning at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing (within the United States) or (international), passcode Please refer to investors.chubb.com under Events for details. A replay of the call will be available until Wednesday, February 10, 2016, and the archived webcast will be available for approximately one month. To listen to the replay, please dial (in the United States) or (international), passcode (1) Legacy ACE or ACE is formerly ACE Limited (2) Legacy Chubb or Chubb is formerly The Chubb Corporation (3) All comparisons are with the same period last year unless specifically stated. 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. Chubb, Chubb logo and Chubb. Insured. SM are trademarks of Chubb Limited. 6

11 Chubb Limited News Release 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. 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. The P&C combined ratio includes adjusted losses and loss expenses in the ratio numerator. Underwriting income, P&C underwriting income, and Global P&C underwriting income are calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs and administrative expenses from net premiums earned. P&C underwriting income also includes gains (losses) on crop derivatives. We use underwriting income and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest and income tax expense and adjusted net realized gains (losses). Current accident year underwriting income excluding catastrophe losses is underwriting income adjusted to exclude 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. Operating income or income excluding adjusted net realized gains (losses), net of tax is a common performance measurement for insurance companies. 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) because the amount of these gains (losses) is heavily influenced by the availability of market opportunities. We also exclude Chubb integration and related expenses related to the acquisition due to the size, complexity, and volume of this acquisition, which may not be indicative of such future costs. We believe that excluding the Chubb integration and related expenses facilitates the comparison of our financial results to our historical operating results. These costs include legal and professional fees and all costs directly related to the integration activities of the Chubb acquisition including pre-acquisition interest expense on the $5.3 billion senior notes issued in November Operating income or income excluding adjusted net realized gains (losses) should not be viewed as a substitute for net income determined in accordance with GAAP. In addition, we disclose operating income excluding the impact of foreign exchange in order to adjust for the distortive effects of fluctuations in exchange rates. P&C combined ratio excluding catastrophe losses and PPD and current accident year P&C combined ratio excluding catastrophe losses exclude impacts of catastrophe losses and PPD. We believe this measure provides a better evaluation of our core underwriting performance and enhances the understanding of the trends in our property and casualty 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 the company s Life and Insurance North American Agriculture segments. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company s global P&C operations which are the most economically similar. We exclude the Insurance North American Agriculture and Life segments because the results of these businesses do not always correlate with the results of our global P&C operations. International life net premiums written and deposits collected, is adjusted to include 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 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. Operating return on equity (ROE) or ROE calculated using operating income is an annualized financial measure. The ROE numerator includes income adjusted to exclude adjusted net realized gains (losses), net of tax and Chubb integration expenses, net of tax. The ROE denominator includes the average shareholders equity for the period adjusted to exclude unrealized gains (losses) on investments, net of tax. To annualize a quarterly rate, multiply by four. Annualized ROE Chubb, Chubb logo and Chubb. Insured. SM are trademarks of Chubb Limited. 7

12 Chubb Limited News Release calculated using operating income is a useful measure as it enhances the understanding of the return on shareholders equity by highlighting the underlying profitability relative to shareholders equity excluding the effect of unrealized gains and losses on our investments. Tangible book value per common share is shareholders equity less goodwill and other intangible assets 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. In addition, we disclose per share measures for book value and tangible book value that exclude the impact of foreign currency fluctuations during 2015 in order to adjust for the distortive effects of fluctuations in exchange rates. Other income (expense) operating excludes from consolidated Other income (expense) the portion of net realized gains and losses related to unconsolidated entities and gains and losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP. Net realized gains (losses) related to unconsolidated entities is excluded from operating income in order to enhance the understanding of our core results of operations as they are heavily influenced by, and fluctuate in part according to market conditions. Chubb integration and related expenses include legal and professional fees and all costs directly related to the integration activities of the Chubb acquisition as well as the pre-acquisition interest expense related to the $5.3 billion senior notes issued in November 2015 to finance a portion of the Chubb acquisition. We exclude this preacquisition interest expense from operating income because the operations for which the debt was issued were not part of our operating activities prior to the completion of the acquisition. Effective with the close of the Chubb acquisition (January 14, 2016), this debt will be considered a cost of our operations and will then be included within operating income. See reconciliation of Non-GAAP Financial Measures on pages in the Chubb Limited (Legacy ACE) Financial Supplement. These measures should not be viewed as a substitute for net income, return on equity, or effective tax rate determined in accordance with GAAP. NM not meaningful comparison Chubb, Chubb logo and Chubb. Insured. SM are trademarks of Chubb Limited. 8

13 Chubb Limited News Release Cautionary Statement Regarding Forward-Looking Statements: Forward-looking statements made in this press release, such as those related to company performance, including 2016 performance and growth opportunities, and statements about the benefits of the acquisition and integration of legacy Chubb, our plans, objectives, 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 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 of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, 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 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). In addition, with regard to the Legacy Chubb, important factors that could cause actual results to differ materially from those indicated by the forward-looking statements include, without limitation, the following: the possibility that any of the anticipated benefits of the Chubb acquisition transaction will not be realized; the risk that integration of Legacy Chubb s operations with those of Legacy ACE will be materially delayed or will be more costly or difficult than expected; and diversion of management s attention from ongoing business operations and opportunities. In addition, you should carefully consider the risks and uncertainties and other factors that may affect future results of the combined company described in the section entitled Risk Factors in the joint proxy statement/prospectus dated September 11, 2015 as filed with the SEC, and in Legacy ACE s and Legacy Chubb s respective filings with the 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 Limited. 9

14 Chubb Limited News Release Chubb Limited (Legacy ACE) Summary Consolidated Balance Sheets (in millions of U.S. dollars, except per share data) (Unaudited) December December Assets Investments $ 66,251 $ 62,904 Cash 1, Insurance and reinsurance balances receivable 5,323 5,426 Reinsurance recoverable on losses and loss expenses 11,386 11,992 Other assets 17,631 17,271 Total assets $ 102,366 $ 98,248 Liabilities Unpaid losses and loss expenses $ 37,303 $ 38,315 Unearned premiums 8,439 8,222 Other liabilities 27,489 22,124 Total liabilities 73,231 68,661 Shareholders equity Total shareholders equity 29,135 29,587 Total liabilities and shareholders equity $ 102,366 $ 98,248 Book value per common share $ $ Tangible book value per common share $ $ Book value per common share excluding cumulative translation losses (1) $ $ Tangible book value per common share excluding cumulative translation losses (2) $ $ (1) Cumulative translation losses were $1.5 billion in 2015 and $582 million in 2014 (2) Cumulative translation losses were $550 million in 2015 and $194 million in 2014 Chubb, Chubb logo and Chubb. Insured. SM are trademarks of Chubb Limited. 10

15 Chubb Limited News Release Chubb Limited (Legacy ACE) Summary Consolidated Financial Data (in millions of U.S. dollars, except share, per share data, and ratios) (Unaudited) Three Months Ended Year Ended December 31 December Gross premiums written $ 5,639 $ 5,746 $ 23,811 $ 23,390 Net premiums written 4,144 4,326 17,713 17,799 Net premiums earned 4,207 4,370 17,213 17,426 Losses and loss expenses 2,302 2,416 9,484 9,649 Policy benefits Policy acquisition costs ,941 3,075 Administrative expenses ,270 2,245 Net investment income ,194 2,252 Net realized gains (losses) (60) (210) (420) (507) Interest expense Other income (expense): Gains (losses) from separate account assets 13 (3) (19) 2 Other (23) Amortization of intangible assets Chubb integration expenses Income tax expense Net income $ 683 $ 555 $ 2,834 $ 2,853 Diluted earnings per share: Operating income $ 2.38 $ 2.47 $ 9.76 $ 9.79 Net income $ 2.08 $ 1.66 $ 8.62 $ 8.42 Weighted average diluted shares outstanding P&C combined ratio Loss and loss expense ratio 58.0% 58.6% 58.2% 58.3% Policy acquisition cost ratio 16.2% 16.6% 16.1% 16.8% Administrative expense ratio 13.5% 13.3% 13.1% 12.6% P&C combined ratio 87.7% 88.5% 87.4% 87.7% P&C underwriting income $ 453 $ 444 $ 1,930 $ 1,898 Other income (expense) operating $ (6) $ 5 $ 3 $ (3) Chubb, Chubb logo and Chubb. Insured. SM are trademarks of Chubb Limited. 11

16 Chubb Limited News Release Chubb Limited (Legacy ACE) Consolidated Supplemental Segment Information (in millions of U.S. dollars) (Unaudited) Gross Premiums Written Three Months Ended Year Ended December 31 December Insurance North American P&C $ 2,722 $ 2,539 $ 10,124 $ 9,036 Insurance North American Agriculture ,207 2,378 Insurance Overseas General 1,990 2,212 8,476 8,853 Global Reinsurance Life ,121 2,129 Total $ 5,639 $ 5,746 $ 23,811 $ 23,390 Net Premiums Written Insurance North American P&C $ 1,791 $ 1,669 $ 6,907 $ 6,263 Insurance North American Agriculture ,346 1,590 Insurance Overseas General 1,587 1,749 6,634 6,999 Global Reinsurance Life ,998 2,012 Total $ 4,144 $ 4,326 $ 17,713 $ 17,799 Net Premiums Earned Insurance North American P&C $ 1,686 $ 1,560 $ 6,582 $ 6,107 Insurance North American Agriculture ,364 1,526 Insurance Overseas General 1,575 1,758 6,471 6,805 Global Reinsurance ,026 Life ,947 1,962 Total $ 4,207 $ 4,370 $ 17,213 $ 17,426 Operating Income (loss) Insurance North American P&C $ 389 $ 372 $ 1,455 $ 1,498 Insurance North American Agriculture Insurance Overseas General ,072 1,163 Global Reinsurance Life Corporate (76) (87) (282) (296) Total $ 780 $ 827 $ 3,210 $ 3,320 Chubb, Chubb logo and Chubb. Insured. SM are trademarks of Chubb Limited. 12

17 Chubb Limited News Release The discussion of The Chubb Corporation represents Legacy Chubb results for fourth quarter and full year 2015 on a standalone basis and does not include the results of Legacy ACE. Chubb Limited Reports Legacy Chubb Fourth Quarter Net Income per Share of $2.88; Operating Income per Share of $2.03; Combined Ratio of 86.3% Net income for the fourth quarter ended December 31, 2015 was $666 million compared to $558 million in the fourth quarter of Net income per share increased 23% to $2.88 from $2.35. Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, was $469 million in the fourth quarter of 2015 compared to $544 million in the fourth quarter of Operating income per share decreased 11% to $2.03 from $2.29. Operating income decreased due to both lower underwriting income and lower property and casualty investment income. Underwriting income was adversely affected by the impact of higher catastrophe losses of $0.14 per share and investment income decreased $0.03 per share due to a decline in the average yield on the portfolio in part due to the accumulation of short term invested assets in preparation for the merger and unfavorable foreign currency movement. Operating income per share also reflected the impact of one-time expenses related to the merger with Legacy ACE of $0.09 per share and a decline in investment income. Chubb Corporation (Legacy Chubb) Fourth Quarter Summary (in millions, except per share amounts) (Unaudited) (Per Share Diluted) Change Change Operating income $ 469 $ 544 (13.8)% $ 2.03 $ 2.29 (11.4)% Realized investment gains after-tax NM NM Net income $ 666 $ % $ 2.88 $ % For the year ended December 31, 2015, net income increased to $2.1 billion. Net income per share for the year increased 7% to $9.21 from $8.62. Operating income for 2015 was flat at $1.9 billion. Operating income per share for 2015 increased 5% to $8.04 from $7.63. Operating income per share for the year reflected an increase in underwriting income, including a $0.22 per share negative impact from higher catastrophe losses, and a decrease in property and casualty investment income. Underwriting results improved due to a lower current accident year loss ratio excluding catastrophes. Property and casualty investment income decreased due to a decline in the average yield of the investment portfolio and unfavorable foreign currency movement. Operating income per share also reflected one-time merger-related expenses of $0.17 per share. Chubb Corporation (Legacy Chubb) Full Year Summary (in millions, except per share amounts) (Unaudited) (Per Share Diluted) Change Change Operating income $ 1,864 $ 1, % $ 8.04 $ % Realized investment gains after-tax % % Net income $ 2,136 $ 2, % $ 9.21 $ % Chubb, Chubb logo and Chubb. Insured. SM are trademarks of Chubb Limited. 13

18 Chubb Limited News Release Operating highlights for the quarter and full year ended December 31, 2015, were as follows: Net written premiums for the fourth quarter of 2015 declined 3% (increased 1% in constant dollars) to $3.0 billion from $3.1 billion in the fourth quarter of Premiums were up 1% in the U.S. and down 14% outside the U.S. (flat in constant dollars). For the year, net written premiums for 2015 were flat at $12.6 billion, or up 3% in constant dollars. Premiums were up 4% in the U.S. and down 10% outside the U.S. (up 3% in constant dollars). The impact of catastrophes in the fourth quarter was $74 million before tax ($0.21 per share after-tax) in 2015 compared to $25 million before tax ($0.07 per share aftertax) in For the year, the impact of catastrophes in 2015 was $504 million before tax ($1.41 per share after-tax), compared to $444 million before tax ($1.19 per share after-tax) in The fourth quarter combined loss and expense ratio was 86.3% in 2015 compared to 84.3% in The impact of catastrophes accounted for 2.4 percentage points of the combined ratio in the fourth quarter of 2015 compared to 0.8 points in the fourth quarter of Excluding the impact of catastrophes, the fourth quarter combined ratio was 83.9% in 2015 compared to 83.5% in For the year, the combined ratio was 87.2% in 2015 compared to 88.3% in The impact of catastrophes accounted for 4.0 percentage points of the combined ratio in 2015 and 3.6 points in Excluding the impact of catastrophes, the combined ratio improved to 83.2% in 2015 from 84.7% in Fourth quarter favorable development before tax on prior-year reserves was approximately $150 million in 2015, compared to $155 million in The favorable impact of reserve development on the fourth quarter combined ratio was about 4.8 points in 2015 and 5.0 points in The fourth quarter impact on development from prior-year catastrophes was 0.2 points favorable in 2015 and 0.3 points adverse in For the year, favorable development before tax on prior year reserves for 2015 totaled about $625 million and had a favorable impact on the combined ratio of approximately 5.0 points, compared to $635 million in 2014 and a favorable impact on the combined ratio of approximately 5.2 points. The impact on development from prior-year catastrophes was 0.1 points favorable in 2015 and 0.1 points adverse in The expense ratio for the fourth quarter of 2015 was 31.7% compared to 30.5% in the corresponding year-earlier quarter. The expense ratio for the year was 31.5% in 2015 and 31.4% in Property and casualty investment income after taxes for the fourth quarter declined 6% to $252 million in 2015 from $267 million in For the year, property and casualty investment income after taxes declined 5% to $1.0 billion in 2015 from $1.1 billion in The decline in both the quarter and the year was due to a decline in the average yield of the investment portfolio compared to the average yield in the comparable period in the prior year and unfavorable foreign currency movement. The decrease in the average yield resulted primarily from lower reinvestment yields available on securities purchased during the year. The decline in investment income also reflected the accumulation of short term invested assets in preparation for the merger. Results for the fourth quarter of 2015 include approximately $20 million before tax ($0.09 per share after-tax) for professional services expenses related to the merger with Legacy ACE, which was completed on January 14, For the year, results include approximately $42 million before tax ($0.17 per share after-tax) for professional services expenses related to the merger with Legacy ACE. These expenses are included under Corporate and Other in the supplementary financial data. Book value per share at December 31, 2015 was $73.38, compared to $70.12 at year-end 2014 and $72.09 on September 30, Net income for the fourth quarter of 2015 reflected net realized investment gains of $302 million before tax ($0.85 per share after-tax), nearly all from the sale of equity securities, compared to gains of $18 million before tax ($0.06 per share after-tax) in the fourth quarter of Fourth quarter net realized investment gains included losses from alternative investments of $0.08 per share in 2015 and $0.01 per share in For the year, net realized investment gains were $415 million before tax ($1.17 per share after-tax). Net income for 2014 reflected net realized investment gains of $369 million before tax ($0.99 per share after-tax). Net realized investment gains included gains from alternative investments of $0.14 per share in 2015 and $0.40 per share in Chubb, Chubb logo and Chubb. Insured. SM are trademarks of Chubb Limited. 14

19 Chubb Limited News Release Average diluted shares outstanding for the fourth quarter were million in 2015 and million in For the year, average diluted shares outstanding were million in 2015 and million in Operations Review Chubb Personal Insurance (CPI) net written premiums declined 3% (increased 2% in constant dollars) in the quarter to $1.1 billion. Net written premiums were up 4% in the U.S. and down 23% outside the U.S. (down 7% in constant dollars). CPI s combined ratio was 85.1% compared to 83.9% in The impact of catastrophes in the fourth quarter accounted for 1.5 percentage points of the combined ratio in 2015 and 0.1 points in Excluding the impact of catastrophes, CPI s fourth quarter combined ratio was 83.6% in 2015 and 83.8% in Fourth quarter development before tax on prior-year CPI reserves was insignificant in 2015, compared to approximately $15 million favorable in For the year, net written premiums were flat (increased 4% in constant dollars) at $4.5 billion. Net written premiums were up 5% in the U.S. and down 15% outside the U.S. (down 1% in constant dollars). The CPI combined ratio was 91.1% compared to 90.9%. The impact of catastrophes accounted for 7.4 percentage points of the combined ratio in 2015 and 5.5 points in Excluding the impact of catastrophes, CPI s combined ratio was 83.7% in 2015 and 85.4% in Favorable development before tax on prior-year CPI reserves was approximately $20 million in 2015, compared to $45 million in Homeowners net written premiums increased 1% (increased 4% in constant dollars) in the quarter. Net written premiums were up 4% in the U.S. and down 13% outside the U.S. (flat in constant dollars). The combined ratio was 77.4% for the quarter. Excluding a 2.3 percentage point impact of catastrophes, the Homeowners combined ratio was 75.1%. For the year, Homeowners net written premiums increased 2% (increased 4% in constant dollars). Net written premiums were up 4 % in the U.S. and down 10% outside the U.S. (up 2% in constant dollars). The combined ratio was 88.1% (76.4% excluding the impact of catastrophes). Personal Automobile net written premiums declined 11% (down 2% in constant dollars) in the quarter. Net written premiums were up 5 % in the U.S. and down 37% outside the U.S. (down 17% in constant dollars). Automobile net premiums written outside the U.S. were negatively impacted by our decision to re-underwrite the Brazil personal automobile business, which accounted for the entire decline in constant dollars. The combined ratio was 99.7% for the quarter. For the year, net written premiums were down 5% (increased 2% in constant dollars). Net written premiums were up 4% in the U.S. for the year and down 20% outside the U.S. (down 3% in constant dollars). The combined ratio was 98.5%. Other Personal lines net written premiums were down 8% (down 1% in constant dollars) in the quarter. Net written premiums were up 3 % in the U.S. and down 24% outside the U.S. (down 8% in constant dollars). The combined ratio was 96.9% for the quarter. For the year, net written premiums were down 1% (increased 4% in constant dollars). Net written premiums were up 8 % in the U.S. and down 16% outside the U.S. (down 2% in constant dollars). The combined ratio was 94.3%. Chubb Commercial Insurance (CCI) net written premiums declined 4% (down 1% in constant dollars) in the quarter to $1.3 billion. Net written premiums were down 2% in the U.S. and down 10% outside the U.S. (up 3% in constant dollars). The combined ratio for the fourth quarter was 91.9% in 2015 compared to 88.5% in The impact of catastrophes in the fourth quarter accounted for 4.2 percentage points of the combined ratio in 2015 and 1.8 points in Excluding the impact of catastrophes, CCI s fourth quarter combined ratio was 87.7% in 2015 and 86.7% in Fourth quarter favorable development before tax on prior-year CCI reserves was approximately $80 million in 2015, compared to $50 million in Average fourth quarter renewal rates in the U.S. were flat for CCI, which retained 88% of the U.S. premiums that came up for renewal. In the U.S., the ratio of new to lost business was 1.0 to 1. Chubb, Chubb logo and Chubb. Insured. SM are trademarks of Chubb Limited. 15

20 Chubb Limited News Release For the year, net written premiums increased 1% (up 4% in constant dollars) to $5.5 billion. Net written premiums were up 4% in the U.S. and down 7% outside the U.S. (up 5% in constant dollars). The CCI combined ratio was 89.0% in 2015 and 89.9% in The impact of catastrophes accounted for 3.2 percentage points of the combined ratio in 2015 and 3.8 points in Excluding the impact of catastrophes, CCI s combined ratio was 85.8% in 2015 and 86.1% in Favorable development before tax on prior-year CCI reserves was approximately $275 million in 2015, compared to $265 million in In the U.S., average 2015 CCI renewal rates were flat, renewal premium retention was 88% and the ratio of new to lost business was 1.2 to 1. Chubb Specialty Insurance (CSI) net written premiums declined 1% (increased 2% in constant dollars) in the quarter to $691 million. Net written premiums were flat in the U.S. and down 6% outside the U.S. (up 6% in constant dollars). The combined ratio was 77.6% in 2015 compared to 76.7% in Fourth quarter favorable development before tax on prior-year CSI reserves was approximately $70 million in 2015, compared to $90 million in For the year, net written premiums declined 1% (increased 2% in constant dollars) to $2.6 billion. Net written premiums were up 2% in the U.S. and down 8% outside the U.S. (up 4% in constant dollars). The combined ratio was 77.3% in 2015 and 80.5% in Favorable development before tax on prior-year CSI reserves was approximately $320 million in 2015, compared to $325 million in Professional Liability (PL) net written premiums were down 2% in the quarter (up 1% in constant dollars). Net written premiums were down 1% in the U.S. and down 5% outside the U.S. (up 7% in constant dollars). For the year, net written premiums were down 2% (up 2% in constant dollars). Net written premiums were up 1% in the U.S. and down 9% outside the U.S. (up 3% in constant dollars). The combined ratio was 82.1% for the quarter and 81.5% for the year. In the U.S., average fourth quarter PL renewal rates were flat, premium renewal retention was 90% and the ratio of new to lost business was 1.2 to 1. For the year, in the U.S., average 2015 renewal rates for PL were up 2%, renewal premium retention was 89% and the ratio of new to lost business was 1.3 to 1. Surety net written premiums were up 3%, (up 7% in constant dollars), in both the quarter and year. Net written premiums were up 10% in the U.S. for the quarter and down 12% outside the U.S. (flat in constant dollars). For the year, net written premiums were up 5% in the U.S. and down 2% outside the U.S. (up 13% in constant dollars). The combined ratio was 43.2% for the quarter and 45.9% for the year. Reinsurance Assumed, which is in runoff, had insignificant development on its prior-year reserves in the fourth quarters of both 2015 and For the year, Reinsurance Assumed had favorable development before tax on its prior-year reserves of approximately $10 million in 2015, compared to an insignificant amount in Please refer to the Chubb Limited (Legacy Chubb Corporation) Financial Supplement, dated December 31, 2015, which is posted on the company s website at investors.chubb.com, and access Financial Reports for more detailed information on individual segment performance. Chubb, Chubb logo and Chubb. Insured. SM are trademarks of Chubb Limited. 16

21 Chubb Limited News Release Chubb Corporation (Legacy Chubb) Supplementary Financial Data (in millions) (Unaudited) Periods Ended December 31 Fourth Quarter Twelve Months PROPERTY AND CASUALTY INSURANCE Underwriting Net Premiums Written $ 3,047 $ 3,138 $ 12,633 $ 12,592 Decrease (Increase) in Unearned Premiums 67 (22) (115) (264) Premiums Earned 3,114 3,116 12,518 12,328 Losses and Loss Expenses 1,693 1,669 6,953 6,985 Operating Costs and Expenses ,962 3,941 Decrease (Increase) in Deferred Policy Acquisition Costs 12 3 (32) (45) Dividends to Policyholders Underwriting Income ,593 1,402 Investments Investment Income Before Expenses ,300 1,368 Investment Expenses Investment Income ,255 1,329 Other Charges (4) (8) (4) Property and Casualty Income ,840 2,727 Corporate and Other (91) (58) (300) (235) Consolidated Operating Income Before Income Tax ,540 2,492 Federal and Foreign Income Tax Consolidated Operating Income ,864 1,858 Realized Investment Gains After Income Tax Consolidated Net Income $ 666 $ 558 $ 2,136 $ 2,100 Property and Casualty Investment Income After Income Tax $ 252 $ 267 $ 1,034 $ 1,089 Chubb, Chubb logo and Chubb. Insured. SM are trademarks of Chubb Limited. 17

22 Chubb Limited News Release Chubb Corporation (Legacy Chubb) Property and Casualty Product Mix (in millions) (Unaudited) Combined Loss and Expense Net Premiums Written Ratios Quarters Ended December % Increase (Decrease) C$ % Increase (Decrease) Personal Insurance Automobile $ 162 $ 182 (11)% (2)% 99.7% 95.2% Homeowners Other (8) (1) Total Personal 1,087 1,119 (3) Commercial Insurance Multiple Peril (5) (2) Casualty (4) (1) Workers Compensation Property and Marine (7) (4) Total Commercial 1,268 1,318 (4) (1) Specialty Insurance Professional Liability (2) Surety Total Specialty (1) Total Insurance 3,046 3,138 (3) Reinsurance Assumed 1 * * * * Total $ 3,047 $ 3,138 (3) Twelve Months Ended December 31 Personal Insurance Automobile $ 701 $ 740 (5)% 2% 98.5% 96.8% Homeowners 2,821 2, Other 988 1,003 (1) Total Personal 4,510 4, Commercial Insurance Multiple Peril 1,113 1,121 (1) Casualty 1,619 1,644 (2) Workers Compensation 1,280 1, Property and Marine 1,462 1,479 (1) Total Commercial 5,474 5, Specialty Insurance Professional Liability 2,340 2,381 (2) Surety Total Specialty 2,649 2,681 (1) Total Insurance 12,633 12, Reinsurance Assumed 1 * * * * Total $ 12,633 $ 12, *The change in net premiums written and the combined loss and expense ratios are no longer presented for the Reinsurance Assumed business since it is in runoff. C$ = constant dollars (excluding the effect of foreign currency translation) Chubb, Chubb logo and Chubb. Insured. SM are trademarks of Chubb Limited. 18

23 Chubb Limited News Release Definitions of Key Terms Operating Income: Operating income, a non-gaap financial measure, is net income excluding after-tax realized investment gains and losses. Management uses operating income, among other measures, to evaluate its performance because the realization of investment gains and losses in any given period is largely discretionary as to timing and can fluctuate significantly, which could distort the analysis of trends. Underwriting Income (Loss): Management evaluates underwriting results separately from investment results. The underwriting operations consist of four separate business units: personal insurance, commercial insurance, specialty insurance and reinsurance assumed. Performance of the business units is measured based on statutory underwriting results. Statutory accounting principles applicable to property and casualty insurance companies differ in certain respects from GAAP. Under statutory accounting principles, policy acquisition and other underwriting expenses are recognized immediately, not at the time premiums are earned. Statutory underwriting income (loss) is arrived at by reducing premiums earned by losses and loss expenses incurred and statutory underwriting expenses incurred. Management uses underwriting results determined in accordance with GAAP, among other measures, to assess the overall performance of the underwriting operations. To convert statutory underwriting results to a GAAP basis, certain policy acquisition expenses are deferred and amortized over the period in which the related premiums are earned. Underwriting income (loss) determined in accordance with GAAP is defined as premiums earned less losses and loss expenses incurred and GAAP underwriting expenses incurred. Property and Casualty Investment Income After Income Tax: Management uses property and casualty investment income after income tax, a non-gaap financial measure, to evaluate its investment results because it reflects the impact of any change in the proportion of tax exempt investment income to total investment income and is therefore more meaningful for analysis purposes than investment income before income tax. Combined Loss and Expense Ratio or Combined Ratio: The combined loss and expense ratio, expressed as a percentage, is the key measure of underwriting profitability. Management uses the combined loss and expense ratio calculated in accordance with statutory accounting principles applicable to property and casualty insurance companies to evaluate the performance of the underwriting operations. It is the sum of the ratio of losses and loss expenses to premiums earned (loss ratio) and the ratio of statutory underwriting expenses to premiums written (expense ratio) after reducing both premium amounts by dividends to policyholders. Net Written Premiums Growth (Decrease) in Constant Dollars: Management uses growth in net premiums written in constant dollars, a non-gaap financial measure, to evaluate the trends in net premiums written, exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the foreign currencies in which business is transacted. The impact of foreign currency translation is excluded as exchange rates may fluctuate significantly and the effect of fluctuations could distort the analysis of trends. When excluding the effect of foreign currency translation on growth, management uses the current period average exchange rates to translate both the current period and the prior period foreign currency denominated net premiums written amounts. About the new Chubb Chubb is the world s largest publicly traded property and casualty insurance company. With operations in 54 countries, 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 distinguished by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, underwriting excellence, superior claims handling expertise and local operations globally. Chubb, Chubb logo and Chubb. Insured. SM are trademarks of Chubb Limited. 19

24 Chubb Limited News Release 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 maintains executive offices in Zurich, New York, London and other locations, and employs approximately 30,000 people worldwide. Additional information can be found at: new.chubb.com. Investor Contact Helen Wilson: (441) ; helen.wilson@chubb.com Media Contact Jeffrey Zack: (212) ; jeffrey.zack@chubb.com Chubb, Chubb logo and Chubb. Insured. SM are trademarks of Chubb Limited. 20

25 Exhibit 99.2 Chubb Limited Financial Supplement Legacy ACE Limited Financial Results for the Quarter and Year Ended December 31, 2015 Investor Contact Helen M. Wilson Phone: (441) 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 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 Such statements involve risks and uncertainties which may cause actual results to differ materially from as indicated by such statements. For example, forward-looking statements related to financial performance including exposures, reserves and recoverables could be affected by the frequency 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 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. 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.

26 ChubbLimited FinancialSupplementTableofContents Page I. FinancialHighlights - Consolidated Financial Highlights 1 II. ConsolidatedResults - Consolidated Results - Consecutive Quarters 2 - Summary Consolidated Balance Sheets 3 - Consolidated Premiums and Operating Income by Line of Business 4 III. GlobalP&CResults - Global P&C Results - Consecutive Quarters 5 IV. SegmentResults - Insurance North American - For Reference Only 6 - Insurance North American P&C 7 - Insurance North American Agriculture 8 - Insurance Overseas General 9 - Global Reinsurance 10 - Life 11 V. BalanceSheetDetails - Loss Reserve Rollforward 12 - Reinsurance Recoverable Analysis 13 - Investment Portfolio Net Realized and Unrealized Gains (Losses) 18 - Debt and Capital 19 - Computation of Basic and Diluted Earnings Per Share 20 - Book Value and Book Value per Common Share 21 VI. OtherDisclosures - Non-GAAP Financial Measures Glossary 26

27 ChubbLimited ConsolidatedFinancialHighlights (inmillionsofu.s.dollars,exceptshare,persharedata,andratios) (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. Constant$ Constant$ %Change %Change %Change %Change ThreemonthsendedDecember31 4Q-15vs. Constant$ 4Q-15vs. YearendedDecember vs. Constant$ 2015vs Q (1) 4Q-14(1) (1) 2014(1) Gross premiums written $ 5,639 $ 5, % $ 5, % $ 23,811 $ 23, % $ 22, % Net premiums written $ 4,144 $ 4, % $ 4, % $ 17,713 $ 17, % $ 16, % P&C net premiums written (2) $ 3,629 $ 3, % $ 3, % $ 15,715 $ 15, % $ 14, % Global P&C net premiums written (2) $ 3,487 $ 3, % $ 3, % $ 14,369 $ 14, % $ 13, % Net premiums earned $ 4,207 $ 4, % $ 4, % $ 17,213 $ 17, % $ 16, % Net investment income $ 532 $ % $ % $ 2,194 $ 2, % $ 2, % Operating income $ 780 $ % $ % $ 3,210 $ 3, % $ 3, % Net income $ 683 $ % $ 2,834 $ 2, % Comprehensive income $ 140 $ % $ 908 $ 2, % Operating cash flow $ 1,165 $ 1,274 $ 3,864 $ 4,496 P&Ccombinedratio(2) Loss and loss expense ratio 58.0% 58.6% 58.2% 58.3% Underwriting and administrative expense ratio 29.7% 29.9% 29.2% 29.4% Combined ratio 87.7% 88.5% 87.4% 87.7% Operating return on equity (ROE) 11.1% 11.8% 11.5% 12.0% ROE 9.4% 7.5% 9.7% 9.8% Operating effective tax rate (3) 11.1% 12.7% 13.3% 13.9% Effective tax rate (4) 9.0% 29.5% 14.0% 18.2% Dilutedearningsper share Operating income $ 2.38 $ % $ 9.76 $ % Net income $ 2.08 $ % $ 8.62 $ % Book value per common share $ $ % Book value per common share excluding foreign currency (5) $ $ % Tangible book value per common share $ $ % Tangible book value per common share excluding foreign currency (5) $ $ % Tangible book value per common share excluding acquisitions (5) $ $ % Tangible book value per common share excluding acquisitions and foreign currency (5) (6) $ $ % Weighted average basic common shares outstanding Weighted average diluted common shares outstanding Total hybrid & financial debt/capitalization (7) 25.1% 14.0% (1) Prior periods on a constant dollar basis. (2) See non-gaap financial measures. (3) Operating effective tax rate is dependent upon the mix of earnings from different jurisdictions with various tax rates. A change in the geographic mix of earnings would change the effective tax rate. The decrease in the operating effective tax rate for the quarter was primarily due to a higher percentage of operating earnings being generated in lower tax paying jurisdictions. (4) Q and full year 2014 include $115 million due to a deferred tax charge related to unrealized foreign exchange losses. (5) For 2015, book value per common share and tangible book value per common share exclude the impact of foreign currency movement during the year. (6) For 2015, tangible book value per common share excludes the impact from goodwill and intangibles relating to the acquisition of the Fireman's Fund high net worth personal lines insurance business in the United States of $474 million. (7) The leverage ratio in 2015 is higher primarily due to the issuance of $5.3 billion senior notes in November 2015 to finance a portion of the Chubb Corporation acquisition. See Debt and Capital page 19 for additional information. Financial Highlights Page 1

28 ChubbLimited ConsolidatedResults-ConsecutiveQuarters (inmillionsofu.s.dollars,exceptratios) (Unaudited) FullYear FullYear ChubbLimitedConsolidated 4Q-15 3Q-15 2Q-15 1Q-15 4Q ConsolidatedResults(IncludingCorporate)ExcludingLife Segment(1) Gross premiums written $ 5,091 $ 5,824 $ 5,975 $ 4,800 $ 5,193 $ 21,690 $ 21,261 Net premiums written 3,629 4,217 4,284 3,585 3,803 15,715 15,787 Net premiums earned 3,701 4,239 3,873 3,453 3,871 15,266 15,464 Adjusted losses and loss expenses (1) 2,146 2,494 2,282 1,970 2,269 8,892 9,009 Policy acquisition costs ,465 2,597 Administrative expenses ,979 1,960 Underwriting income ,930 1,898 Net investment income ,929 1,984 Adjusted interest expense (2) Other income (expense) - operating (3) (2) 11 (2) Amortization of intangible assets Income tax expense Operating income (including Corporate) excluding Life segment ,966 3,023 Lifesegmentoperatingincome Consolidated operating income ,210 3,320 Chubb integration and related expenses, net of tax (35) (7) (42) - Adjusted net realized gains (losses) (1) (57) (393) 128 (89) (210) (411) (558) Net realized gains (losses) related to unconsolidated entities (17) Income tax expense (benefit) on adjusted net realized gains (losses) (12) (6) (10) 100 Consolidated net income $ 683 $ 528 $ 942 $ 681 $ 555 $ 2,834 $ 2,853 %Changeversusprioryearperiod(1) Net premiums written as reported -4.6% -0.4% 5.5% -2.9% 2.4% -0.5% 4.9% Net premiums earned as reported -4.4% -0.6% 0.8% -1.0% -0.3% -1.3% 5.1% Net premiums written constant $ 1.7% 5.6% 11.6% 1.7% 5.0% 5.3% 5.9% Net premiums earned constant $ 1.6% 5.4% 7.0% 3.5% 2.1% 4.4% 6.2% Otherratios Net premiums written/gross premiums written (1) 71% 72% 72% 75% 73% 72% 74% Operating effective tax rate 11.1% 13.5% 14.7% 13.7% 12.7% 13.3% 13.9% P&Ccombinedratio(1) Loss and loss expense ratio 58.0% 58.8% 58.9% 57.1% 58.6% 58.2% 58.3% Policy acquisition cost ratio 16.2% 15.4% 15.7% 17.4% 16.6% 16.1% 16.8% Administrative expense ratio 13.5% 11.7% 13.1% 13.9% 13.3% 13.1% 12.6% Combined ratio 87.7% 85.9% 87.7% 88.4% 88.5% 87.4% 87.7% Combined ratio excluding catastrophe losses and PPD 88.4% 89.2% 88.4% 89.3% 89.5% 88.8% 89.3% P&C expense ratio 29.7% 27.1% 28.8% 31.3% 29.9% 29.2% 29.4% P&C expense ratio excluding A&H 26.3% 23.6% 25.5% 27.9% 26.7% 25.7% 26.0% Catastrophe reinstatement premiums collected - pre-tax $ (1) $ - $ - $ - $ 2 $ (1) $ 3 Catastrophe losses - pre-tax $ 74 $ 72 $ 124 $ 51 $ 71 $ 321 $ 291 Favorable prior period development (PPD) - pre-tax $ (100) $ (210) $ (153) $ (83) $ (107) $ (546) $ (527) Loss and loss expense ratio excluding catastrophe losses and PPD 58.5% 62.2% 59.7% 58.1% 59.6% 59.7% 59.8% (1) See non-gaap financial measures. (2) Excludes the pre-acquisition interest expense on the $5.3 billion senior notes issued in November See non-gaap financial measures. (3) Excludes portion of net realized investment gains and losses related to unconsolidated entities. Consolidated Results Page 2

29 ChubbLimited SummaryConsolidatedBalanceSheets (inmillionsofu.s.dollars,exceptpersharedata) (Unaudited) December31 September30 June30 March31 December Assets Fixed maturities available for sale, at fair value $ 43,587 $ 48,278 $ 48,701 $ 50,410 $ 49,395 Fixed maturities held to maturity, at amortized cost 8,430 8,564 8,676 6,982 7,331 Equity securities, at fair value Short-term investments, at fair value 10,446 1,808 2,062 2,536 2,322 Other investments 3,291 3,270 3,328 3,430 3,346 Total investments 66,251 62,384 63,265 63,894 62,904 Cash 1,775 1, Securities lending collateral 1,046 1,011 1,080 1,033 1,330 Insurance and reinsurance balances receivable 5,323 5,290 5,757 5,026 5,426 Reinsurance recoverable on losses and loss expenses 11,386 11,231 11,775 11,588 11,992 Deferred policy acquisition costs 2,873 2,809 2,806 2,683 2,601 Value of business acquired Prepaid reinsurance premiums 2,082 2,059 2,238 1,981 2,026 Goodwill and other intangible assets 5,683 5,713 5,969 5,516 5,724 Deferred tax assets Investments in partially-owned insurance companies Other assets 4,581 4,766 4,803 4,475 4,325 Total assets $ 102,366 $ 97,760 $ 99,840 $ 98,398 $ 98,248 Liabilities Unpaid losses and loss expenses $ 37,303 $ 37,564 $ 38,230 $ 37,326 $ 38,315 Unearned premiums 8,439 8,510 8,879 8,182 8,222 Future policy benefits 4,807 4,776 4,835 4,744 4,754 Insurance and reinsurance balances payable 4,270 4,225 4,602 4,198 4,095 Securities lending payable 1,047 1,012 1,081 1,034 1,331 Accounts payable, accrued expenses, and other liabilities (1) 7,609 7,380 7,492 7,596 7,128 Short-term debt (1) ,150 1,150 Long-term debt 9,447 4,157 4,157 4,157 3,357 Trust preferred securities Total liabilities 73,231 68,633 70,285 68,696 68,661 Shareholders equity Total shareholders equity, excl. AOCI 29,870 29,319 28,948 28,550 28,396 Accumulated other comprehensive income (AOCI) (735) (192) 607 1,152 1,191 Total shareholders equity 29,135 29,127 29,555 29,702 29,587 Total liabilities and shareholders equity $ 102,366 $ 97,760 $ 99,840 $ 98,398 $ 98,248 Bookvaluepercommonshare $ $ $ $ $ % change over prior quarter -0.1% -1.5% 0.5% 0.9% -0.4% Tangiblebookvaluepercommonshare $ $ $ $ $ % change over prior quarter 0.0% -0.8% -1.5% 1.8% -1.9% (1) Effective Q4 2015, repurchase agreements (previously reported in Short-term debt) is now reported in Accounts payable, accrued expenses, and other liabilities. Prior period amounts are reclassified to conform to the current presentation Consol Bal Sheet Page 3

30 ChubbLimited ConsolidatedPremiumsandOperatingIncomebyLineofBusiness (inmillionsofu.s.dollars) (Unaudited) ChubbLimitedConsolidated Constant$ Constant$ %Change %Change %Change Constant$ %Change 4Q-15vs. Constant$ 4Q-15vs. FullYear FullYear 2015vs. FullYear 2015vs. 4Q-15 4Q-14 4Q-14 4Q-14(2) 4Q-14(2) (2) 2014(2) Netpremiumswritten Property and all other $ 1,162 $ 1, % $ 5,480 $ 5, % Casualty 1,725 1, % 6,360 6, % Subtotal 2,887 2, % $ 2, % 11,840 11, % $ 10, % Agriculture % % 1,346 1, % 1, % Personal accident (A&H) (1) % % 3,548 3, % 3, % Life % % 979 1, % % Total consolidated $ 4,144 $ 4, % $ 4, % $ 17,713 $ 17, % $ 16, % %oftotalconsolidated Property and all other 28% 27% 31% 29% Casualty 42% 40% 36% 35% Subtotal 70% 67% 67% 64% Agriculture 3% 6% 8% 9% Personal accident (A&H) (1) 21% 21% 19% 21% Life 6% 6% 6% 6% Total consolidated 100% 100% 100% 100% Netpremiumsearned Property and all other $ 1,308 $ 1, % $ 5,222 $ 5, % Casualty 1,553 1, % 6,195 6, % Subtotal 2,861 2, % $ 2, % 11,417 11, % $ 10, % Agriculture % % 1,364 1, % 1, % Personal accident (A&H) (1) % % 3,501 3, % 3, % Life % % % % Total consolidated $ 4,207 $ 4, % $ 4, % $ 17,213 $ 17, % $ 16, % %oftotalconsolidated Property and all other 31% 30% 30% 29% Casualty 37% 36% 36% 35% Subtotal 68% 66% 66% 64% Agriculture 6% 7% 8% 9% Personal accident (A&H) (1) 20% 21% 20% 21% Life 6% 6% 6% 6% Total consolidated 100% 100% 100% 100% Operatingincome,after-tax Property, casualty, and all other $ 603 $ % $ % $ 2,485 $ 2, % $ 2, % Agriculture % % % % Personal accident (A&H) (1) % % % % Life % % % % Total consolidated $ 780 $ % $ % $ 3,210 $ 3, % $ 3, % %oftotalconsolidated Property, casualty, and all other 77% 75% 77% 78% Agriculture 6% 5% 5% 3% Personal accident (A&H) (1) 13% 15% 14% 14% Life 4% 5% 4% 5% Total consolidated 100% 100% 100% 100% (1) For purposes of this schedule only, A&H results from our Combined North American and International businesses, normally included in the Life and Insurance Overseas General segments, respectively, are included in the personal accident (A&H) line items above. (2) Prior periods on a constant-dollar basis. Line of Business Page 4

31 ChubbLimited GlobalP&CResults-ConsecutiveQuarters (inmillionsofu.s.dollars,exceptratios) (Unaudited) Global P&C includes the company s Insurance North American P&C segment (refer to page 7), Insurance Overseas General segment (refer to page 9), Global Reinsurance segment (refer to page 10), and Corporate (not separately disclosed in the Financial Supplement). Global P&C excludes the Insurance North American Agriculture segment. GlobalP&C(IncludingCorporate) 4Q-15 3Q-15 2Q-15 1Q-15 4Q-14 FullYear 2015 FullYear 2014 Gross premiums written $ 4,821 $ 4,581 $ 5,409 $ 4,672 $ 4,891 $ 19,483 $ 18,883 Net premiums written 3,487 3,480 3,905 3,497 3,559 14,369 14,197 Net premiums earned 3,461 3,500 3,552 3,389 3,544 13,902 13,938 Losses and loss expenses 1,968 1,870 2,009 1,948 2,017 7,795 7,709 Policy acquisition costs ,396 2,516 Administrative expenses ,978 1,951 Underwriting income ,733 1,762 Net investment income ,906 1,958 Adjusted interest expense Other income (expense) - operating (1) (2) 10 (1) Amortization of intangible assets Income tax expense Global P&C operating income ,817 2,927 Chubb integration and related expenses, net of tax (35) (7) (42) - Net realized gains (losses) (111) (67) 25 (30) (67) (183) (178) Net realized gains (losses) related to unconsolidated entities (17) Income tax expense (benefit) on net realized gains (losses) (11) (7) (13) 101 Global P&C net income $ 531 $ 730 $ 742 $ 626 $ 572 $ 2,629 $ 2,833 %Changeversusprioryearperiod Net premiums written as reported -2.0% 0.3% 6.4% 0.0% 3.0% 1.2% 5.7% Net premiums earned as reported -2.4% 0.0% 1.2% 0.1% 2.6% -0.3% 7.0% Net premiums written constant $ 4.9% 7.8% 13.2% 5.0% 5.8% 7.7% 6.9% Net premiums earned constant $ 4.3% 7.6% 8.0% 4.8% 5.4% 6.2% 8.2% Otherratios Net premiums written/gross premiums written 72% 76% 72% 75% 73% 74% 75% Combinedratio Loss and loss expense ratio 56.9% 53.4% 56.5% 57.5% 56.9% 56.1% 55.3% Policy acquisition cost ratio 17.1% 17.5% 16.5% 17.8% 17.8% 17.2% 18.0% Administrative expense ratio 14.5% 14.1% 14.1% 14.2% 14.4% 14.2% 14.1% Combined ratio 88.5% 85.0% 87.1% 89.5% 89.1% 87.5% 87.4% Combined ratio excluding catastrophe losses and PPD 89.1% 88.8% 88.2% 89.5% 90.2% 88.9% 89.4% Expense ratio 31.6% 31.6% 30.6% 32.0% 32.2% 31.4% 32.1% Expense ratio excluding A&H 28.3% 28.2% 27.4% 28.7% 29.2% 28.1% 28.8% Catastrophe reinstatement premiums collected - pre-tax $ (1) $ - $ - $ - $ 2 $ (1) $ 3 Catastrophe losses - pre-tax $ 73 $ 72 $ 117 $ 50 $ 70 $ 312 $ 278 Favorable prior period development (PPD) - pre-tax $ (93) $ (205) $ (153) $ (50) $ (106) $ (501) $ (561) Loss and loss expense ratio excluding catastrophe losses and PPD 57.3% 57.3% 57.6% 57.6% 57.9% 57.4% 57.5% (1) Excludes portion of net realized investment gains and losses related to unconsolidated entities. Global P&C Page 5

32 ChubbLimited Insurance-NorthAmerican (inmillionsofu.s.dollars,exceptratios) (Unaudited) The table below combines the company's Insurance North American P&C segment (refer to page 7) and Insurance North American Agriculture segment (refer to page 8) into total Insurance North American business presentation for reference purposes only. Insurance NorthAmerican FullYear FullYear 4Q-15 3Q-15 2Q-15 1Q-15 4Q Gross premiums written $ 2,992 $ 3,615 $ 3,471 $ 2,253 $ 2,841 $ 12,331 $ 11,414 Net premiums written 1,933 2,448 2,354 1,518 1,913 8,253 7,853 Net premiums earned 1,926 2,421 2,009 1,590 1,887 7,946 7,633 Losses and loss expenses (1) 1,298 1,799 1,393 1,057 1,329 5,547 5,386 Policy acquisition costs Administrative expenses Underwriting income Net investment income ,079 1,111 Interest expense (5) Other income (expense) - operating 1 3 (2) Amortization of intangible assets Income tax expense Operating income ,604 1,594 Net realized gains (losses) (1) (68) (33) - (6) (39) (107) (64) Net realized gains (losses) related to unconsolidated entities (4) Income tax expense on net realized gains (losses) Net income $ 359 $ 361 $ 419 $ 376 $ 396 $ 1,515 $ 1,612 Combinedratio Loss and loss expense ratio 67.4% 74.3% 69.3% 66.5% 70.4% 69.8% 70.6% Policy acquisition cost ratio 8.4% 8.2% 7.6% 9.8% 8.8% 8.4% 9.4% Administrative expense ratio 10.1% 7.9% 9.7% 10.7% 9.6% 9.5% 8.9% Combined ratio 85.9% 90.4% 86.6% 87.0% 88.8% 87.7% 88.9% Combined ratio excluding catastrophe losses and PPD 85.8% 87.6% 86.0% 87.4% 87.9% 86.7% 88.0% Catastrophe losses - pre-tax $ 28 $ 22 $ 61 $ 46 $ 30 $ 157 $ 145 Unfavorable (favorable) prior period development (PPD) - pre-tax $ (26) $ 45 $ (49) $ (54) $ (12) $ (84) $ (73) Loss and loss expense ratio excluding catastrophe losses and PPD 67.0% 71.6% 68.8% 67.1% 69.6% 68.9% 69.6% %Changeversusprioryearperiod Net premiums written 1.1% 6.2% 16.4% -5.9% 3.0% 5.1% 4.1% Net premiums earned 2.1% 5.9% 7.4% 0.0% -2.6% 4.1% 3.2% Otherratios Net premiums written/gross premiums written 65% 68% 68% 67% 67% 67% 69% (1) See non-gaap financial measures. Insurance - North American Page 6

33 ChubbLimited SegmentResults-ConsecutiveQuarters (inmillionsofu.s.dollars,exceptratios) (Unaudited) Insurance NorthAmericanP&C FullYear FullYear 4Q-15 3Q-15 2Q-15 1Q-15 4Q Gross premiums written $ 2,722 $ 2,372 $ 2,905 $ 2,125 $ 2,539 $ 10,124 $ 9,036 Net premiums written 1,791 1,711 1,975 1,430 1,669 6,907 6,263 Net premiums earned 1,686 1,682 1,688 1,526 1,560 6,582 6,107 Losses and loss expenses 1,120 1,175 1,120 1,035 1,077 4,450 4,086 Policy acquisition costs Administrative expenses Underwriting income Net investment income ,056 1,085 Interest expense (5) Other income (expense) - operating 1 2 (1) Amortization of intangible assets Income tax expense Operating income ,455 1,498 Net realized gains (losses) (69) (33) - (6) (42) (108) (67) Net realized gains (losses) related to unconsolidated entities (4) Income tax expense on net realized gains (losses) Net income $ 315 $ 305 $ 404 $ 341 $ 348 $ 1,365 $ 1,513 Combinedratio Loss and loss expense ratio 66.5% 69.9% 66.3% 67.9% 69.0% 67.6% 66.9% Policy acquisition cost ratio 9.1% 9.2% 7.7% 10.5% 9.9% 9.1% 10.4% Administrative expense ratio 11.6% 11.4% 11.2% 11.2% 11.3% 11.4% 11.1% Combined ratio 87.2% 90.5% 85.2% 89.6% 90.2% 88.1% 88.4% Combined ratio excluding catastrophe losses and PPD 86.7% 86.3% 85.0% 87.9% 89.1% 86.4% 88.0% Catastrophe losses - pre-tax $ 27 $ 22 $ 54 $ 45 $ 29 $ 148 $ 132 Unfavorable (favorable) prior period development (PPD) - pre-tax $ (19) $ 50 $ (49) $ (21) $ (11) $ (39) $ (107) Loss and loss expense ratio excluding catastrophe losses and PPD 65.7% 65.7% 66.1% 66.3% 67.8% 66.0% 66.6% %Changeversusprioryearperiod(1) Net premiums written 7.4% 11.0% 20.8% 0.8% 4.2% 10.3% 5.9% Net premiums earned 8.0% 10.7% 9.6% 2.5% 3.3% 7.8% 6.8% Otherratios Net premiums written/gross premiums written 66% 72% 68% 67% 66% 68% 69% (1) On a constant dollar basis, net premiums written increased 8.0 % and 10.9% for the quarter and full year, respectively. Net premiums earned increased 8.7% and 8.4%, on a constant dollar basis, for the quarter and full year, respectively. Insurance - North American P&C Page 7

34 ChubbLimited SegmentResults-ConsecutiveQuarters (inmillionsofu.s.dollars,exceptratios) (Unaudited) Insurance NorthAmericanAgriculture FullYear FullYear 4Q-15 3Q-15 2Q-15 1Q-15 4Q Gross premiums written $ 270 $ 1,243 $ 566 $ 128 $ 302 $ 2,207 $ 2,378 Net premiums written ,346 1,590 Net premiums earned ,364 1,526 Losses and loss expenses (1) ,097 1,300 Policy acquisition costs (4) Administrative expenses (2) - 4 (1) Underwriting income Net investment income Interest expense Other income (expense) - operating - 1 (1) (1) (1) (1) (2) Amortization of intangible assets Income tax expense Operating income Net realized gains (losses) (1) Net realized gains (losses) related to unconsolidated entities Income tax expense on net realized gains (losses) Net income $ 44 $ 56 $ 15 $ 35 $ 48 $ 150 $ 99 Combinedratio Loss and loss expense ratio 73.9% 84.5% 85.3% 33.3% 77.2% 80.4% 85.2% Policy acquisition cost ratio 3.4% 5.7% 7.2% -6.0% 3.6% 5.1% 5.3% Administrative expense ratio -0.9% 0.0% 1.1% -0.9% 1.0% 0.0% 0.6% Combined ratio 76.4% 90.2% 93.6% 26.4% 81.8% 85.5% 91.1% Combined ratio excluding catastrophe losses and PPD 79.2% 90.8% 91.4% 76.7% 82.4% 88.2% 87.8% Catastrophe losses - pre-tax $ 1 $ - $ 7 $ 1 $ 1 $ 9 $ 13 Unfavorable (favorable) prior period development (PPD) - pre-tax $ (7) $ (5) $ - $ (33) $ (1) $ (45) $ 34 Loss and loss expense ratio excluding catastrophe losses and PPD 75.4% 85.1% 83.1% 83.2% 77.9% 82.8% 81.8% %Changeversusprioryearperiod Net premiums written -41.9% -3.5% -2.4% -54.6% -5.0% -15.3% -2.3% Net premiums earned -26.2% -3.6% -2.9% -37.2% -23.4% -10.6% -9.1% Otherratios Net premiums written/gross premiums written 52% 59% 67% 69% 81% 61% 67% (1) See non-gaap financial measures. Insurance - Agriculture Page 8

35 ChubbLimited SegmentResults-ConsecutiveQuarters (inmillionsofu.s.dollars,exceptratios) (Unaudited) Insurance OverseasGeneral Constant$ FullYear FullYear 4Q-15 3Q-15 2Q-15 1Q-15 4Q-14 4Q-14(1) Gross premiums written $ 1,990 $ 2,019 $ 2,212 $ 2,255 $ 2,212 $ 1,946 $ 8,476 $ 8,853 Net premiums written 1,587 1,584 1,669 1,794 1,749 1,530 6,634 6,999 Net premiums earned 1,575 1,615 1,644 1,637 1,758 1,547 6,471 6,805 Losses and loss expenses ,052 3,189 Policy acquisition costs ,581 1,625 Administrative expenses ,026 Underwriting income Net investment income Interest expense Other income (expense) - operating Amortization of intangible assets Income tax expense Operating income ,072 1,163 Net realized gains (losses) (28) (13) 13 (10) (7) (38) (78) Net realized gains (losses) related to unconsolidated entities (8) (1) 45 Income tax expense (benefit) on net realized gains (losses) (13) (9) 4 (1) 111 (19) 93 Net income $ 238 $ 326 $ 252 $ 236 $ 188 $ 1,052 $ 1,037 Combinedratio Loss and loss expense ratio 47.5% 41.7% 49.7% 49.7% 47.5% 47.2% 46.9% Policy acquisition cost ratio 24.8% 25.1% 24.1% 23.8% 23.8% 24.4% 23.9% Administrative expense ratio 15.3% 15.2% 15.4% 15.6% 15.0% 15.4% 15.0% Combined ratio 87.6% 82.0% 89.2% 89.1% 86.3% 87.0% 85.8% Combined ratio excluding catastrophe losses and PPD 89.7% 90.5% 89.8% 90.3% 89.4% 90.1% 89.9% Catastrophe reinstatement premiums - pre-tax $ (2) $ - $ - $ - $ - $ (2) $ - Catastrophe losses - pre-tax $ 40 $ 39 $ 58 $ 5 $ 30 $ 142 $ 112 Favorable prior period development (PPD) - pretax $ (74) $ (177) $ (68) $ (24) $ (86) $ (343) $ (391) Loss and loss expense ratio excluding catastrophe losses and PPD 49.6% 50.2% 50.3% 50.9% 50.7% 50.3% 51.0% %Changeversusprioryearperiod Net premiums written as reported -9.3% -7.9% -5.1% 1.3% 3.0% -5.2% 7.4% Net premiums earned as reported -10.5% -6.4% -3.9% 1.6% 3.4% -4.9% 7.5% Net premiums written constant $ 3.6% 6.1% 7.6% 11.0% 8.4% 7.1% 9.4% Net premiums earned constant $ 1.7% 7.8% 9.4% 11.2% 8.8% 7.5% 9.6% Otherratios Net premiums written/gross premiums written 80% 78% 75% 80% 79% 78% 79% (1) Prior periods on a constant dollar basis. Insurance - Overseas General Page 9

36 ChubbLimited SegmentResults-ConsecutiveQuarters (inmillionsofu.s.dollars,exceptratios) (Unaudited) GlobalReinsurance FullYear FullYear 4Q-15 3Q-15 2Q-15 1Q-15 4Q Gross premiums written $ 109 $ 190 $ 292 $ 292 $ 140 $ 883 $ 994 Net premiums written Net premiums earned ,026 Losses and loss expenses Policy acquisition costs Administrative expenses Underwriting income Net investment income Interest expense Other income (expense) - operating Amortization of intangible assets Income tax expense Operating income Net realized gains (losses) (12) (14) 5 (11) (12) (32) (29) Net realized gains (losses) related to unconsolidated entities (5) (2) Income tax expense on net realized gains (losses) 2 - (1) Net income $ 90 $ 174 $ 154 $ 121 $ 127 $ 539 $ 583 Combinedratio Loss and loss expense ratio 49.7% 9.6% 32.9% 43.6% 45.8% 34.2% 42.0% Policy acquisition cost ratio 24.1% 25.4% 27.2% 24.0% 25.0% 25.2% 25.0% Administrative expense ratio 6.0% 6.2% 5.6% 5.6% 5.7% 5.8% 5.3% Combined ratio 79.8% 41.2% 65.7% 73.2% 76.5% 65.2% 72.3% Combined ratio excluding catastrophe losses and PPD 76.6% 75.3% 79.6% 75.5% 76.2% 76.8% 75.6% Catastrophe reinstatement premiums collected - pre-tax $ 1 $ - $ - $ - $ 2 $ 1 $ 3 Catastrophe losses - pre-tax $ 6 $ 11 $ 5 $ - $ 11 $ 22 $ 34 Favorable prior period development (PPD) - pre-tax $ - $ (78) $ (36) $ (5) $ (9) $ (119) $ (63) Loss and loss expense ratio excluding catastrophe losses and PPD 46.5% 44.3% 46.7% 46.0% 45.4% 45.9% 45.5% %Changeversusprioryearperiod Net premiums written as reported -22.1% -11.5% -5.9% -11.4% -9.4% -11.4% -5.7% Net premiums earned as reported -11.3% -20.4% -15.5% -20.6% -7.7% -17.2% 5.1% Net premiums written constant $ -20.2% -9.5% -3.9% -9.1% -8.8% -9.3% -5.8% Net premiums earned constant $ -9.0% -18.1% -13.2% -19.0% -7.1% -15.1% 4.9% Otherratios Net premiums written/gross premiums written 100% 97% 90% 93% 100% 94% 94% Global Reinsurance Page 10

37 ChubbLimited SegmentResults-ConsecutiveQuarters (inmillionsofu.s.dollars) (Unaudited) Life FullYear FullYear 4Q-15 3Q-15 2Q-15 1Q-15 4Q Gross premiums written $ 548 $ 522 $ 529 $ 522 $ 553 $ 2,121 $ 2,129 Net premiums written ,998 2,012 Net premiums earned ,947 1,962 Losses and loss expenses (1) Policy benefits (2) (Gains) losses from fair value changes in separate account assets (2) (13) 49 (6) (11) 3 19 (2) Policy acquisition costs Administrative expenses Net investment income Life underwriting income (3) Interest expense Other income (expense) - operating (1) (4) 1 1 (2) 1 (4) (5) Amortization of intangible assets Income tax expense Operating income Net realized gains (losses): Mark-to-market on guaranteed living benefits derivative (net of related hedges) 55 (313) 102 (57) (153) (213) (385) Foreign exchange gains (losses) and all other (2) (13) 1 (2) 7 (16) 2 Net realized gains (losses) related to unconsolidated entities Income tax expense (benefit) on net realized gains (losses) (1) (1) Net income (loss) $ 108 $ (258) $ 185 $ 20 $ (65) $ 55 $ (79) %Changeversusprioryearperiod Net premiums written as reported -1.6% -0.8% 0.3% -0.6% 4.0% -0.7% 2.0% Net premiums earned as reported 1.4% -1.9% -0.8% -1.9% 3.6% -0.8% 3.0% Net premiums written constant $ (4) 3.7% 4.4% 4.1% 2.4% 6.2% 3.7% 4.0% Net premiums earned constant $ 6.8% 3.4% 3.0% 0.9% 5.9% 3.5% 4.9% (1) Q includes unfavorable reserve development of $13 million compared to $7 million favorable reserve development in Q (2) (Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified from Other income (expense) for purposes of presenting Life underwriting income in the Life segment. The offsetting movement in the separate account liabilities is included in Policy benefits. (3) We assess the performance of our Life business based on Life underwriting income which includes Net investment income and (Gains) losses from fair value changes in separate account assets. (4) International life insurance net premiums written and deposits breakdown (excludes Combined North American and Life reinsurance businesses): Constant$ %Change 4Q-15vs. 4Q-14(6) Constant$ FullYear 2014(6) Constant$ %Change 2015vs. 2014(6) 4Q-15 Constant$ 4Q-14(6) FullYear 2015 International life insurance net premiums written $ 199 $ % $ 744 $ % International life insurance deposits (5) % 1, % Total international life insurance net premiums written and deposits $ 488 $ % $ 1,759 $ 1, % (5) Includes deposits collected on universal life and investment contracts. Consistent with GAAP, premiums collected on universal life and investment contracts are considered deposits and excluded from revenues. (6) Prior periods on a constant dollar basis. Life Page 11

38 ChubbLimited LossReserveRollforward (inmillionsofu.s.dollars,exceptratios) (Unaudited) UnpaidLosses NetPaidto Gross Ceded Net IncurredRatio BalanceatDecember31,2013 $37,443 $ 10,612 $26,831 Losses and loss expenses incurred 2, ,161 Losses and loss expenses paid (3,059) (762) (2,297) 106% Other (incl. foreign exch. revaluation) BalanceatMarch31,2014 $ 36,866 $ 10,167 $ 26,699 Losses and loss expenses incurred 3, ,388 Losses and loss expenses paid (2,878) (729) (2,149) 90% Other (incl. foreign exch. revaluation) BalanceatJune30,2014 $ 37,177 $ 10,110 $ 27,067 Losses and loss expenses incurred 3,840 1,156 2,684 Losses and loss expenses paid (3,165) (810) (2,355) 88% Other (incl. foreign exch. revaluation) (405) (120) (285) BalanceatSeptember30,2014 $ 37,447 $ 10,336 $ 27,111 Losses and loss expenses incurred 3,442 1,026 2,416 Losses and loss expenses paid (3,307) (873) (2,434) 101% Other (incl. foreign exch. revaluation) (85) BalanceatDecember31,2014 $ 38,315 $ 11,307 $ 27,008 Losses and loss expenses incurred 2, ,122 Losses and loss expenses paid (3,062) (744) (2,318) 109% Other (incl. foreign exch. revaluation) (670) (197) (473) BalanceatMarch31,2015 $ 37,326 $ 10,987 $ 26,339 Losses and loss expenses incurred 3, ,417 Losses and loss expenses paid (2,830) (547) (2,283) 94% Other (incl. foreign exch. revaluation) BalanceatJune30,2015 $ 38,230 $ 11,148 $ 27,082 Losses and loss expenses incurred 3, ,643 Losses and loss expenses paid (3,391) (908) (2,483) 94% Other (incl. foreign exch. revaluation) (527) (193) (334) BalanceatSeptember30,2015 $ 37,564 $ 10,656 $ 26,908 Losses and loss expenses incurred 3,481 1,179 2,302 Losses and loss expenses paid (3,616) (1,050) (2,566) 111% Other (incl. foreign exch. revaluation) (126) (44) (82) BalanceatDecember31,2015 $ 37,303 $ 10,741 $ 26,562 Add net recoverable on paid losses (645) Balanceincludingnetrecoverableonpaidlosses $ 37,303 $ 11,386 $ 25,917 Loss Reserve Rollforward Page 12

39 NetReinsuranceRecoverablebyDivision ChubbLimited ReinsuranceRecoverableAnalysis (inmillionsofu.s.dollars) (Unaudited) December31 September30 June30 March31 December Reinsurancerecoverableonpaidlossesandloss expenses Active operations $ 450 $ 392 $ 448 $ 413 $ 478 Brandywine and Other Run-off Total $ 738 $ 676 $ 731 $ 705 $ 791 Reinsurancerecoverableonunpaidlossesandloss expenses Active operations $ 9,884 $ 9,769 $ 10,262 $ 10,052 $ 10,348 Brandywine and Other Run-off 1,092 1,127 1,136 1,184 1,210 Total $ 10,976 $ 10,896 $ 11,398 $ 11,236 $ 11,558 Grossreinsurancerecoverable Active operations $ 10,334 $ 10,161 $ 10,710 $ 10,465 $ 10,826 Brandywine and Other Run-off 1,380 1,411 1,419 1,476 1,523 Total $ 11,714 $ 11,572 $ 12,129 $ 11,941 $ 12,349 Provisionforuncollectiblereinsurance(1) Active operations $ (194) $ (207) $ (214) $ (213) $ (217) Brandywine and Other Run-off (134) (134) (140) (140) (140) Total $ (328) $ (341) $ (354) $ (353) $ (357) Netreinsurancerecoverable Active operations $ 10,140 $ 9,954 $ 10,496 $ 10,252 $ 10,609 Brandywine and Other Run-off 1,246 1,277 1,279 1,336 1,383 Total $ 11,386 $ 11,231 $ 11,775 $ 11,588 $ 11,992 (1) The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $2.4 billion. Reinsurance Recoverable Page 13

40 ChubbLimited InvestmentPortfolio (inmillionsofu.s.dollars) (Unaudited) December31 September30 June30 March31 December MarketValue Fixed maturities available for sale $ 43,587 $ 48,278 $ 48,701 $ 50,410 $ 49,395 Fixed maturities held to maturity 8,552 8,750 8,805 7,307 7,589 Short-term investments 10,446 1,808 2,062 2,536 2,322 Total fixed maturities $ 62,585 $ 58,836 $ 59,568 $ 60,253 $ 59,306 AssetAllocationbyMarket Value Treasury $ 2,395 4% $ 2,619 4% $ 2,424 4% $ 2,448 4% $ 2,448 4% Agency 878 1% 1,040 2% 1,139 2% 1,221 2% 1,222 2% Corporate and asset-backed 17,985 28% 20,018 34% 20,007 34% 20,370 34% 19,854 34% Mortgage-backed 11,701 19% 12,936 22% 12,661 21% 12,791 21% 12,325 21% Municipal 4,950 8% 5,306 9% 5,276 9% 5,067 9% 4,930 8% Non-U.S. 14,230 23% 15,109 26% 15,999 27% 15,820 26% 16,205 27% Short-term investments 10,446 17% 1,808 3% 2,062 3% 2,536 4% 2,322 4% Total fixed maturities $ 62, % $ 58, % $ 59, % $ 60, % $ 59, % CreditQualitybyMarketValue AAA $ 14,369 23% $ 8,712 15% $ 9,320 16% $ 9,386 16% $ 8,943 15% AA 22,141 36% 21,560 37% 21,294 36% 21,760 36% 21,589 36% A 10,163 16% 11,877 20% 11,568 19% 11,712 19% 11,625 20% BBB 8,941 14% 8,688 15% 8,806 15% 8,789 15% 8,690 15% BB 3,775 6% 4,281 7% 4,531 8% 4,377 7% 4,372 7% B 3,018 5% 3,527 6% 3,860 6% 4,054 7% 3,916 7% Other 178 0% 191 0% 189 0% 175 0% 171 0% Total fixed maturities $ 62, % $ 58, % $ 59, % $ 60, % $ 59, % Cost/AmortizedCost Fixed maturities available for sale $ 43,149 $ 47,411 $ 47,599 $ 48,384 $ 47,826 Fixed maturities held to maturity 8,430 8,564 8,676 6,982 7,331 Short-term investments 10,446 1,808 2,062 2,536 2,322 Subtotal fixed maturities 62,025 57,783 58,337 57,902 57,479 Equity securities Other investments 2,993 2,943 2,989 3,096 2,999 Total investment portfolio $ 65,459 $ 61,160 $ 61,759 $ 61,445 $ 60,918 Avg. duration of fixed maturities 3.5 years 4.0 years 4.1 years 3.9 years 4.0 years Avg. market yield of fixed maturities 2.8% 2.9% 2.9% 2.6% 2.8% Avg. credit quality A/Aa A/Aa A/Aa A/Aa A/Aa Avg. yield on invested assets 3.4% 3.6% 3.6% 3.6% 3.8% Investments Page 14

41 ChubbLimited InvestmentPortfolio-2 (inmillionsofu.s.dollars) (Unaudited) Mortgage-backedFixedIncomePortfolio Mortgage-backedsecurities S&PCreditRating AAA AA A BBB BBandbelow Total MarketValueatDecember31,2015 Agency residential mortgage-backed (RMBS) $ - $ 9,502 $ - $ - $ - $ 9,502 Non-agency RMBS Commercial mortgage-backed 2, ,149 Totalmortgage-backedsecuritiesatmarketvalue $ 2,141 $ 9,517 $ 25 $ 6 $ 12 $ 11,701 U.S.CorporateandAsset-backedFixedIncomePortfolios MarketValueatDecember31,2015 S&PCreditRating InvestmentGrade AAA AA A BBB Total Asset-backed $ 620 $ 34 $ - $ 3 $ 657 Banks ,148 1,184 2,349 Basic Materials Communications ,200 Consumer, Cyclical Consumer, Non-Cyclical , ,447 Diversified Financial Services Energy Industrial ,092 Utilities ,005 All Others ,340 Total $ 805 $ 1,321 $ 4,956 $ 5,650 $ 12,732 MarketValueatDecember31,2015 S&PCreditRating BelowInvestmentGrade BB B CCC Total Asset-backed $ 4 $ - $ 5 $ 9 Banks Basic Materials Communications ,054 Consumer, Cyclical Consumer, Non-Cyclical ,183 Diversified Financial Services Energy Industrial Utilities All Others Total $ 2,756 $ 2,383 $ 114 $ 5,253 Investments 2 Page 15

42 ChubbLimited InvestmentPortfolio-3 (inmillionsofu.s.dollars) (Unaudited) Non-U.S.FixedIncomePortfolio December31,2015 Non-U.S.GovernmentSecurities MarketValuebyS&PCreditRating AAA AA A BBB BBandbelow Total United Kingdom $ 959 $ - $ - $ - $ - $ 959 Republic of Korea Federative Republic of Brazil United Mexican States Canada Kingdom of Thailand Province of Ontario Province of Quebec Japan Socialist Republic of Vietnam Other Non-U.S. Government Securities ,391 Total $ 2,020 $ 1,709 $ 1,705 $ 1,002 $ 521 $ 6,957 Non-U.S.CorporateSecurities MarketValuebyS&PCreditRating AAA AA A BBB BBandbelow Total United Kingdom $ 109 $ 39 $ 541 $ 565 $ 188 $ 1,442 Canada United States (1) France Netherlands Australia Germany Switzerland China Hong Kong Other Non-U.S. Corporate Securities ,001 Total $ 650 $ 929 $ 2,417 $ 2,193 $ 1,084 $ 7,273 (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 16

43 ChubbLimited InvestmentPortfolio-4 (inmillionsofu.s.dollars) (Unaudited) FixedMaturityInvestmentPortfolio Top10GlobalCorporateExposures December31,2015 MarketValue Rating 1 JP Morgan Chase & Co $ 441 A- 2 General Electric Co 392 AA+ 3 Goldman Sachs Group Inc 318 BBB+ 4 AT&T INC 269 BBB+ 5 Wells Fargo & Co 257 A 6 Bank of America Corp 237 BBB+ 7 Verizon Communications Inc 232 BBB+ 8 Morgan Stanley 216 BBB+ 9 Citigroup Inc 200 BBB+ 10 Ford Motor Co 197 BBB- Investments 4 Page 17

44 ChubbLimited NetRealizedandUnrealizedGains(Losses) (inmillionsofu.s.dollars) (Unaudited) ThreemonthsendedDecember31,2015 YearendedDecember31,2015 NetUnrealized NetRealized NetUnrealized Gains Net Gains Gains (Losses) Impact (Losses)(1) (Losses) NetRealized Gains (Losses)(1) Net Impact Fixed maturities $ (130) $ (446) $ (576) $ (180) $ (1,076) $ (1,256) Fixed income derivatives Public equity (3) (17) 12 Private equity (12) (27) (39) 37 (46) (9) Total investment portfolio (2) (119) (450) (569) (82) (1,139) (1,221) Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (3) (213) - (213) Foreign exchange (4) (7) (98) (105) (80) (958) (1,038) Partially-owned entities (5) (3) - (3) Other (11) 15 4 Net (losses) before tax (74) (544) (618) (344) (2,072) (2,416) Income tax (benefit) (12) (1) (13) (10) (146) (156) Net (losses) $ (62) $ (543) $ (605) $ (334) $ (1,926) $ (2,260) (1) Other-than-temporary impairments for the quarter includes $57 million for fixed maturities, $3 million for public equity and $1 million for private equity. Year to date other-than-temporary impairments includes $103 million for fixed maturities, $7 million for public equities and $2 million for private equity. (2) Total after-tax net realized losses on the investment portfolio were $109 million and $85 million for the quarter and year to date, respectively. Total after-tax net unrealized losses on the investment portfolio were $411 million and $977 million for the quarter and year to date, respectively. (3) The quarter and year to date include $79 million and $10 million, respectively, of losses on applicable hedges. These losses are both pre-tax and after-tax. (4) Unrealized foreign exchange loss, after-tax, for the quarter and year to date were $133 million and $958 million, respectively. (5) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee's shares. The net income or loss is included in other income (expense). ThreemonthsendedDecember31,2014 YearendedDecember31,2014 NetUnrealized NetRealized NetUnrealized Gains Net Gains Gains (Losses) Impact (Losses)(6) (Losses) NetRealized Gains (Losses)(6) Net Impact Fixed maturities $ (26) $ 94 $ 68 $ 23 $ 732 $ 755 Fixed income derivatives (54) - (54) (107) - (107) Public equity (47) Private equity 44 (1) Total investment portfolio (23) Mark-to-market from variable annuity reinsurance derivative transactions, net of applicable hedges (7) (153) - (153) (385) - (385) Foreign exchange (8) 2 (501) (499) (40) (632) (672) Partially-owned entities (9) (7) (6) Other Net gains (losses) before tax (161) (393) (554) (367) 214 (153) Income tax expense (benefit) Net gains (losses) $ (272) $ (417) $ (689) $ (467) $ 39 $ (428) (6) Other-than-temporary impairments for the quarter includes $40 million for fixed maturities and $1 million for public equities. Year to date other-than-temporary impairments includes $57 million for fixed maturities, $3 million for private equity, and $8 million for public equity. (7) The quarter and year to date include $62 million and $168 million, respectively, of losses on applicable hedges. (8) Unrealized foreign exchange loss, after-tax, for the quarter and year to date were $520 million and $644 million, respectively. (9) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee's shares. The net income or loss is included in other income (expense). Net Gains (Losses) Page 18

45 December ChubbLimited DebtandCapital (inmillionsofu.s.dollars,exceptratios) (Unaudited) September June March December December FinancialDebt: Total short-term debt (1) $ - $ 700 $ 700 $ 1,150 $ 1,150 $ 500 Total long-term debt (2) 9,447 4,157 4,157 4,157 3,357 3,807 Total financial debt $ 9,447 $ 4,857 $ 4,857 $ 5,307 $ 4,507 $ 4,307 Hybriddebt Total trust preferred securities Total debt $ 9,756 $ 5,166 $ 5,166 $ 5,616 $ 4,816 $ 4,616 ChubbCapitalization: Shareholders' equity $ 29,135 $ 29,127 $ 29,555 $ 29,702 $ 29,587 $ 28,825 Hybrid debt Financial debt 9,447 4,857 4,857 5,307 4,507 4,307 Total capitalization $ 38,891 $ 34,293 $ 34,721 $ 35,318 $ 34,403 $ 33,441 Leverageratios(basedontotalcapital)(3) Hybrid debt 0.8% 0.9% 0.9% 0.9% 0.9% 0.9% Financial debt (4) 24.3% 14.2% 14.0% 15.0% 13.1% 12.9% Total hybrid & financial debt 25.1% 15.1% 14.9% 15.9% 14.0% 13.8% Note: As of December 31, 2015, there was $0.8 billion usage of credit facilities on a total commitment of $1.5 billion. (1) In May 2015, $450 million of 5.6 percent senior notes matured and were fully paid. In November 2015, $700 million of 2.6 percent senior notes matured and were fully paid. (2) In November 2015, $5.3 billion of senior notes were issued in connection with our acquisition of The Chubb Corporation. (3) Repurchase agreements are excluded from our leverage ratios effective Q Repurchase agreements are excluded by many rating agencies from debt to capital leverage ratios because repayment is not dependent on other resources. (4) Excluding the $5.3 billion pre-acquisition debt, the financial debt ratio is 12.4% Debt and Capital Page 19

46 ChubbLimited ComputationofBasicandDilutedEarningsPerShare (inmillionsofu.s.dollars,exceptshareandpersharedata) (Unaudited) Numerator ThreemonthsendedDecember31 YearendedDecember Operating income to common shares $ 780 $ 827 $ 3,210 $ 3,320 Chubb integration and related expenses, net of tax (35) - (42) - Adjusted net realized gains (losses), net of tax (62) (272) (334) (467) Net income $ 683 $ 555 $ 2,834 $ 2,853 RollforwardofCommonSharesOutstanding Shares - beginning of period 324,062, ,111, ,659, ,793,935 Repurchase of shares - (3,839,174) (6,677,663) (13,982,358) Shares issued, excluding option exercises 84,600 66,123 1,123,838 1,336,161 Issued for option exercises 416, ,180 1,457,580 1,511,948 Shares - end of period 324,563, ,659, ,563, ,659,686 Denominator Weighted average shares outstanding 324,578, ,124, ,589, ,609,899 Effect of other dilutive securities 3,227,644 3,464,261 3,246,017 3,376,388 Adj. wtd. avg. shares outstanding and assumed conversions 327,806, ,588, ,835, ,986,287 Basicearningspershare Operating income $ 2.40 $ 2.50 $ 9.86 $ 9.89 Chubb integration and related expenses, net of tax (0.11) - (0.13) - Adjusted net realized gains (losses), net of tax (0.19) (0.82) (1.02) (1.39) Net income $ 2.10 $ 1.68 $ 8.71 $ 8.50 Dilutedearningspershare Operating income $ 2.38 $ 2.47 $ 9.76 $ 9.79 Chubb integration and related expenses, net of tax (0.11) - (0.13) - Adjusted net realized gains (losses), net of tax (0.19) (0.81) (1.01) (1.37) Net income $ 2.08 $ 1.66 $ 8.62 $ 8.42 Earnings per share Page 20

47 ChubbLimited BookValueandBookValueperCommonShare (inmillionsofu.s.dollars,exceptshareandpersharedata) (Unaudited) ReconciliationofBookValueperCommonShare December31 September30 June30 March31 December Shareholders equity $ 29,135 $ 29,127 $ 29,555 $ 29,702 $ 29,587 Less: goodwill and other intangible assets 5,683 5,713 5,969 5,516 5,724 Numerator for tangible book value per share $ 23,452 $ 23,414 $ 23,586 $ 24,186 $ 23,863 Book value - % change over prior quarter 0.0% -1.4% -0.5% 0.4% -1.4% Tangible book value - % change over prior quarter 0.2% -0.7% -2.5% 1.4% -3.0% Denominator 324,563, ,062, ,814, ,084, ,659,686 Book value per common share $ $ $ $ $ Tangible book value per common share $ $ $ $ $ ReconciliationofBookValue Shareholders equity, beginning of quarter $ 29,127 $ 29,555 $ 29,702 $ 29,587 $ 30,017 Operating income Chubb integration and related expenses, net of tax (35) (7) Adjusted net realized gains (losses), net of tax (62) (362) 154 (64) (272) Net unrealized gains (losses), net of tax (411) (255) (672) Repurchase of shares - - (394) (340) (430) Dividend declared on common shares (218) (218) (217) (222) (223) Cumulative translation, net of tax (133) (547) 132 (410) (520) Pension liability 1 3 (5) 10 9 Other (1) $ 29,135 $ 29,127 $ 29,555 $ 29,702 $ 29,587 (1) Other primarily includes proceeds from exercise of stock options and stock compensation. Reconciliation Book Value Page 21

48 ChubbLimited Non-GAAPFinancialMeasures (inmillionsofu.s.dollars) (Unaudited) RegulationG-Non-GAAPFinancialMeasures 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). We provide financial measures such as gross premiums written, net premiums written, net premiums earned, and operating income on a constant-dollar basis. We believe it is useful to evaluate the trends in these measures 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 realized gains (losses) is a non-gaap financial measure that excludes 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 and therefore realized gains and losses from these derivatives are reclassified to Adjusted losses and loss expenses (a non-gaap financial measure). Adjusted losses and loss expenses include gains and losses on crop derivatives. P&C loss and loss expense ratio and P&C combined ratio (both non- GAAP financial measures) include adjusted losses and loss expenses in the ratio numerator. A reconciliation of GAAP combined ratio to P&C combined ratio is provided on page 25. In presenting our segment operating results, we have shown our performance with reference to underwriting results. Underwriting results are calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs, and administrative expenses from net premiums earned. We use underwriting results and operating ratios to monitor the results of our operations without the impact of certain factors, including investment income, other income and expenses, interest and income tax expense, and net realized gains (losses). P&C underwriting income is a non-gaap financial measure which includes Adjusted losses and loss expenses. Insurance North American Agriculture underwriting income includes gains (losses) on crop derivatives. Life underwriting income includes net investment income and gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP. Operating income or income excluding adjusted net realized gains (losses), net of tax, is a common performance measurement for insurance companies and a non-gaap financial measure. 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 net realized gains (losses) included in other income (expense) related to partially owned entities because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. We also exclude Chubb integration and related expenses related to the acquisition due to the size and complexity of this acquisition. These integration and related expenses are distortive to our results and are not indicative of our underlying profitability. We believe that excluding these integration and related expenses facilitates the comparison of our financial results to our historical operating results. These expenses include legal and professional fees and all costs directly related to the integration activities of the Chubb acquisition. In addition, we exclude the pre-acquisition interest expense on the $5.3 billion senior notes issued in November 2015 from operating income because the operations for which the debt was issued are not part of our operating activities prior to the completion of the acquisition. Effective with the close of the Chubb acquisition (January 14, 2016), this debt will be considered a cost of our operations and will then be included within operating income. Operating income or income excluding adjusted net realized gains (losses) should not be viewed as a substitute for net income determined in accordance with GAAP. Other income (expense) operating is a non-gaap financial measure and excludes the portion of net realized gains and losses related to unconsolidated entities from other income (expense). These gains and losses are reported as Net realized gains (losses) and represent the non-operating activities of entities where we hold more than an insignificant percentage of the investee s shares. We exclude these gains and losses from other income (expense) to enhance the understanding of our core results of operations as they are heavily influenced by, and fluctuate in part according to market conditions. A reconciliation of Consolidated Other income (expense) on a GAAP basis to Consolidated Other income (expense) - operating is provided on page 24. P&C combined ratio excluding catastrophe losses and prior period development (PPD) is a non-gaap financial measure. The ratio numerator includes adjusted losses and loss expenses, policy acquisition costs, and administrative expenses adjusted to exclude catastrophe losses and PPD. The ratio denominator includes net premiums earned adjusted to exclude the amount of reinstatement premiums (expensed) collected and net earned premium adjustments on loss sensitive policies. We believe that excluding the impact of catastrophe losses and PPD provides a better evaluation of our core underwriting performance and enhances the understanding of the trends in our property & casualty business that may be obscured by these items. P&C loss and loss expense ratio excluding the impact of catastrophe losses and PPD is a non-gaap financial measure. The loss ratio numerator includes adjusted losses and loss expenses adjusted to exclude catastrophe losses and PPD. The loss ratio denominator includes Net premiums earned adjusted to exclude the amount of reinstatement premiums (expensed) collected. In periods where there are adjustments on loss sensitive policies, these adjustments are excluded from PPD and net earned premiums when calculating this ratio. We believe that excluding the impact of catastrophe losses and PPD provides a better evaluation of our core underwriting performance and enhances the understanding of the trends in our property & casualty business that may be obscured by these items. P&C expense ratio excluding accident and health (A&H) is a non-gaap financial measure and excludes the impact of our A&H business from our consolidated 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 are non-gaap financial measures and comprise consolidated operating results (including corporate) and exclude the operating results of the company s Life and Insurance North American Agriculture segments. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company s global P&C operations which are the most economically similar. We exclude the Insurance North American Agriculture and Life segments because the results of these businesses do not always correlate with the results of our global P&C operations. International life insurance net premiums written and deposits collected, is a non-gaap financial measure. Deposits collected on universal life and investment contracts (life deposits) are not reflected as revenues in our consolidated statements of operations in accordance with 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. Operating return on equity (ROE) or ROE calculated using operating income is an annualized non-gaap financial measure and is calculated as operating income divided by average shareholders' equity, as adjusted, for the period. To annualize a quarterly rate, multiply by four. Operating ROE is a useful measure as it enhances the understanding of the return on shareholders' equity by highlighting the underlying profitability relative to shareholders' equity excluding the effect of unrealized gains and losses on our investments. Operating effective tax rate is a non-gaap financial measure. The numerator excludes tax on adjusted net realized gains (losses). The denominator excludes adjusted net realized gains (losses), before tax. We exclude adjusted net realized gains (losses) and the related tax impact because these amounts are heavily influenced by, and fluctuate in part according to, the availability of market opportunities. Operating effective tax rate should not be viewed as a substitute for effective tax rate determined in accordance with GAAP. Tangible book value per common share is a non-gaap financial measure and is shareholders' equity less goodwill and other intangible assets 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. A reconciliation of tangible book value per share is provided on page 21. Tangible book value per common share excluding 2014 acquisitions is shareholders' equity less goodwill and other intangible assets divided by the shares outstanding. The numerator adds back the goodwill and other intangible assets related to the acquisition of the Fireman's Fund high net worth personal lines insurance business in the United States in order to adjust for the distortive effect of acquisitions. In addition, we disclose per share measures that exclude the impact of foreign currency fluctuations during 2015 in order to adjust for the distortive effects of fluctuations in exchange rates. Reconciliation Non-GAAP Page 22

49 ChubbLimited Non-GAAPFinancialMeasures-2 (inmillionsofu.s.dollars,exceptratios) (Unaudited) RegulationG-Non-GAAPFinancialMeasures(continued) Operatingincome Operating income is a common performance measure for insurance companies and is presented throughout this report. The following table presents the reconciliation of Net income to Operating income: 4Q-15 3Q-15 2Q-15 1Q-15 4Q-14 FullYear 2015 FullYear 2014 Net income, as reported $ 683 $ 528 $ 942 $ 681 $ 555 $ 2,834 $ 2,853 Chubb integration and related expenses, net of tax (35) (7) (42) - Adjusted net realized gains (losses) (57) (393) 128 (89) (210) (411) (558) Net realized gains (losses) related to unconsolidated entities (1) (17) Income tax expense (benefit) on adjusted net realized gains (losses) (12) (6) (10) 100 Operating income $ 780 $ 897 $ 788 $ 745 $ 827 $ 3,210 $ 3,320 (1) Realized gains (losses) on partially-owned entities, which are investments where we hold more than an insignificant percentage of the investee's shares. The net income or loss is included in other income (expense). The following table presents the Operating income (loss) of each segment and Corporate: 4Q-15 3Q-15 2Q-15 1Q-15 4Q-14 FullYear 2015 FullYear 2014 Insurance North American P&C $ 389 $ 326 $ 395 $ 345 $ 372 $ 1,455 $ 1,498 Insurance Overseas General ,072 1,163 Global Reinsurance Corporate (76) (62) (74) (70) (87) (282) (296) Global P&C (including Corporate) ,817 2,927 Insurance North American Agriculture Consolidated Results (including Corporate) Excluding Life Segment ,966 3,023 Life Consolidated operating income $ 780 $ 897 $ 788 $ 745 $ 827 $ 3,210 $ 3,320 OperatingROE The following table presents the reconciliation of ROE to Operating ROE: 4Q-15 4Q-14 FullYear 2015 FullYear 2014 Net income $ 683 $ 555 $ 2,834 $ 2,853 Operating income $ 780 $ 827 $ 3,210 $ 3,320 Equity - beginning of period, as reported $ 29,127 $ 30,017 $ 29,587 $ 28,825 Less: unrealized gains (losses) on investments, net of deferred tax 1,285 1,757 1,851 1,174 Equity - beginning of period, as adjusted $ 27,842 $ 28,260 $ 27,736 $ 27,651 Equity - end of period, as reported $ 29,135 $ 29,587 $ 29,135 $ 29,587 Less: unrealized gains (losses) on investments, net of deferred tax 874 1, ,851 Equity - end of period, as adjusted $ 28,261 $ 27,736 $ 28,261 $ 27,736 Average equity, as reported $ 29,131 $ 29,802 $ 29,361 $ 29,206 Average equity, as adjusted $ 28,052 $ 27,998 $ 27,999 $ 27,694 Operating ROE 11.1% 11.8% 11.5% 12.0% ROE 9.4% 7.5% 9.7% 9.8% Reconciliation Non-GAAP 2 Page 23

50 ChubbLimited Non-GAAPFinancialMeasures-3 (inmillionsofu.s.dollars,exceptratios) (Unaudited) RegulationG-Non-GAAPFinancialMeasures(continued) Operatingeffectivetaxrate The following table presents the reconciliation of effective tax rate to the operating effective tax rate: FullYear FullYear 4Q-15 3Q-15 2Q-15 1Q-15 4Q Tax expense, as reported $ 67 $ 132 $ 143 $ 120 $ 232 $ 462 $ 634 Tax expense (benefit) on Chubb integration and related expenses (18) (2) (20) - Tax expense (benefit) on adjusted net realized gains (losses) (12) (6) (10) 100 Tax expense, adjusted $ 97 $ 140 $ 136 $ 119 $ 121 $ 492 $ 534 Income before tax, as reported $ 750 $ 660 $ 1,085 $ 801 $ 787 $ 3,296 $ 3,487 Less: Chubb integration and related expenses (53) (9) (62) - Less: adjusted realized gains (losses) (57) (393) 128 (89) (210) (411) (558) Less: realized gains (losses) related to unconsolidated entities (17) Operating income before tax $ 877 $ 1,037 $ 924 $ 864 $ 948 $ 3,702 $ 3,854 Effective tax rate 9.0% 20.0% 13.2% 15.0% 29.5% 14.0% 18.2% Adjustment for tax impact of Chubb integration and related expenses -1.3% -0.1% % - Adjustment for tax impact of adjusted net realized gains (losses) 3.4% -6.4% 1.5% -1.3% -16.8% -0.5% -4.3% Operating effective tax rate 11.1% 13.5% 14.7% 13.7% 12.7% 13.3% 13.9% Otherincome(expense)-operating The following table presents the reconciliation of Consolidated Other income (expense) on a GAAP basis to Consolidated Other income (expense) - operating. Other income (expense) operating is a non-gaap financial measure which excludes gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP and the portion of net realized gains and losses related to unconsolidated entities. Gains (losses) from fair value changes in separate account assets are reclassified from Other income (expense) for purposes of presenting Life underwriting income, as the offsetting movement in the separate account liabilities is included in Policy benefits. Net realized gains (losses) related to unconsolidated entities is excluded from operating income in order to enhance the understanding of our core results of operations as they are heavily influenced by, and fluctuate in part according to market conditions. Note: Effective Q3 2015, amortization of intangible assets (previously reported in Other income (expense) - operating) are now reported separately. Prior year amounts are reclassified to conform to the current year presentation. FullYear FullYear 4Q-15 3Q-15 2Q-15 1Q-15 4Q Consolidated GAAP Other income (expense): Consolidated excluding Life segment $ (19) $ 24 $ 14 $ 12 $ 47 $ 31 $ 187 Life segment 9 (36) Consolidated (10) (12) Less: Gains (losses) from fair value changes in separate account assets Consolidated excluding Life segment Life segment 13 (49) 6 11 (3) (19) 2 Consolidated 13 (49) 6 11 (3) (19) 2 Less: Net realized gains (losses) related to unconsolidated entities Consolidated excluding Life segment (17) Life segment Consolidated (17) Consolidated Other income (expense) - operating: Consolidated excluding Life segment (2) 11 (2) Life segment (4) 1 1 (2) 1 (4) (5) Consolidated $ (6) $ 12 $ (1) $ (2) $ 5 $ 3 $ (3) Reconciliation Non-GAAP 3 Page 24

51 ChubbLimited Non-GAAPFinancialMeasures-4 (inmillionsofu.s.dollars,exceptratios) (Unaudited) RegulationG-Non-GAAPFinancialMeasures(continued) P&Ccombinedratio The following table presents the reconciliation of GAAP combined ratio to 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. FullYear FullYear 4Q-15 3Q-15 2Q-15 1Q-15 4Q GAAP combined ratio 87.7% 85.8% 87.6% 88.4% 88.5% 87.3% 88.1% Impact of gains and losses on crop derivatives 0.0% 0.1% 0.1% 0.0% 0.0% 0.1% -0.4% P&C combined ratio 87.7% 85.9% 87.7% 88.4% 88.5% 87.4% 87.7% Adjustedinterestexpense The following table presents the reconciliation of Consolidated Interest expense on a GAAP basis to Consolidated Adjusted interest expense. FullYear FullYear 4Q-15 3Q-15 2Q-15 1Q-15 4Q Interest expense (GAAP) $ 93 $ 68 $ 71 $ 68 $ 67 $ 300 $ 280 Less: pre-acquisition interest expense related to $5.3 billion senior notes. (29) (29) - Adjusted interest expense $ 64 $ 68 $ 71 $ 68 $ 67 $ 271 $ 280 Chubbintegrationandrelatedexpenses,netoftax Chubb integration and related expenses is a non-gaap financial measure and includes legal and professional fees and all costs directly related to the integration activities of the Chubb acquisition, including the pre-acquisition interest expense on the $5.3 billion senior notes issued in November We exclude Chubb integration expenses related to the Chubb acquisition from operating income due to the size and complexity of this acquisition. We exclude the pre-acquisition interest expense from operating income because the operations for which the debt was issued were not part of our operating activities prior to the completion of the acquisition. Effective with the close of the Chubb acquisition (January 14, 2016), this debt will be considered a cost of our operations and will then be included within operating income. These integration and related expenses are distortive to our results and are not indicative of our underlying profitability. We believe that excluding these integration and related expenses facilitates the comparison of our financial results to our historical operating results. The following table presents the reconciliation of Chubb integration expenses, net of tax on a GAAP basis to Chubb integration and related expenses, net of tax. FullYear FullYear 4Q-15 3Q-15 2Q-15 1Q-15 4Q Chubb integration expenses, net of tax $ 16 $ 7 $ - $ - $ - $ 23 $ - Add: pre-acquisition interest expense related to $5.3 billion senior notes, net of tax Chubb integration and related expenses, net of tax $ 35 $ 7 $ - $ - $ - $ 42 $ - Reconciliation Non-GAAP 4 Page 25

52 ChubbLimited Glossary ChubbLimitedConsolidatedcomprises all segments including Corporate. Operatingreturnonequity(ROE)orROEcalculatedusingincomeexcludingChubbintegrationexpenses,netoftaxandadjustednetrealizedgains(losses),netoftax: Operating income or income excluding Chubb integration expenses and adjusted net realized gains (losses), net of tax, divided by average shareholders' equity for the period excluding unrealized gains (losses) on investments, net of tax. To annualize a quarterly rate multiply by four. Bookvaluepercommonshare:Shareholders' equity divided by the shares outstanding. Combinedratio:The sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding life business. Operatingeffectivetaxrate:Income tax expense excluding tax expense (benefit) on adjusted net realized gains (losses) divided by income excluding adjusted net realized gains (losses) before tax. Lifeunderwritingincome:Net premiums earned and net investment income less losses and loss expenses, policy benefits, acquisition costs, and administrative expenses. In addition, Life underwriting income includes gains/losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP. Tangiblebookvaluepercommonshare:Shareholders equity less goodwill and other intangible assets divided by the shares outstanding. Averagemarketyieldoffixedmaturities:Weighted average yield to maturity of our fixed income portfolio based on the market prices of the holdings as of that date. Averageyieldoninvestedassets:Net investment income divided by average cost of fixed maturities and other investments, and average market value of equity securities. Tangiblecapital:Total capitalization less goodwill and other intangible assets. Totalcapitalization:Short-term debt, long-term debt, trust preferreds, and shareholders equity. NM:Not meaningful. Chubbintegrationandrelatedexpenses,netoftax:Chubb integration expenses comprise legal and professional fees and all other costs directly related to the integration activities of the Chubb acquisition including the pre-acquisition interest expense on the $5.3 billion senior notes issued in November The pre-acquisition interest expense will be included in operating income commencing on January 14th, 2016, the date of the acquisition close. Glossary Page 26

53 Exhibit 99.3 Chubb Limited Financial Supplement Legacy Chubb Corporation Financial Results for the Quarter and Year Ended December 31, 2015 Investor Contact Helen M. Wilson Phone: (441) 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.

54 THE CHUBB CORPORATION SUPPLEMENTARY INVESTOR INFORMATION TABLE OF CONTENTS DECEMBER 31, 2015 Page The Chubb Corporation: Consolidated Balance Sheet Highlights 1 Share Repurchase Activity 2 Summary of Invested Assets: Corporate 3 Property and Casualty 3 Investment Income After Taxes: Corporate 4 Property and Casualty 4 Property and Casualty Insurance Group: Statutory Policyholders Surplus 4 Change in Net Unpaid Losses 5 Underwriting Results - Quarterly 6-10 Underwriting Results - Year-To-Date Definitions of Key Terms 16-17

55 THE CHUBB CORPORATION CONSOLIDATED BALANCE SHEET HIGHLIGHTS (in millions, except per share amounts) December December % of Total % of Total Invested Assets (at carrying value) Short Term Investments $ 4,631 11% $ 1,318 3% Fixed Maturities Tax Exempt 20, , Taxable 15, , Equity Securities 1, ,964 5 Other Invested Assets 1, ,423 3 Total Invested Assets $42, % $43, % Unrealized Appreciation of Investments Fixed Maturities $ 1,480 $ 1,822 Equity Securities ,945 2,697 Deferred Income Tax Liability $ 1,264 $ 1,753 Fixed Maturities - Average Credit Rating Aa3 Aa3 Fixed Maturities - Average Duration ( in years ) Capitalization Long Term Debt $ 3,300 $ 3,300 Shareholders Equity 16,694 16,296 Total Capitalization $19,994 $19,596 Debt as a Percentage of Total Capitalization 16.5% 16.8% Actual Common Shares Outstanding Book Value Per Common Share $ $ Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost $ $ Page 1 of 17

56 THE CHUBB CORPORATION SHARE REPURCHASE ACTIVITY (dollars in millions, except per share amounts) Periods Ended December 31 Fourth Quarter 2015 Twelve Months 2015 From December 2005 to December 31, 2015 Cost of Shares Repurchased $ $ 604 $ 14,072 Average Cost Per Share $ $ $ Shares Repurchased 6,046, ,013,012 During the period from December 2005 through January 2014, the Board of Directors periodically authorized share repurchase programs. Pursuant to these authorizations, approximately 229 million shares of the Corporation s common stock were repurchased. No shares or funds remain available under these authorizations. In January 2015, the Board of Directors authorized the repurchase of up to $1.3 billion of the Corporation s common stock. The Corporation suspended repurchases of its common stock in connection with its agreeing to be acquired by ACE Limited, which was announced on July 1, As of December 31, 2015, approximately $749 million remained under this authorization. Page 2 of 17

57 THE CHUBB CORPORATION SUMMARY OF INVESTED ASSETS AS OF DECEMBER 31 CORPORATE Cost or Carrying Amortized Cost Value (a) (in millions) Short Term Investments $2,965 $ 585 $2,965 $ 585 Taxable Fixed Maturities 246 1, ,244 TOTAL $3,211 $1,816 $3,214 $1,829 PROPERTY AND CASUALTY Cost or Carrying Amortized Cost Value (a) (in millions) Short Term Investments $ 1,666 $ 733 $ 1,666 $ 733 Fixed Maturities Tax Exempt 18,946 18,614 20,000 19,772 Taxable 15,031 17,113 15,454 17,764 Equity Securities 814 1,089 1,279 1,964 Other Invested Assets 1,371 1,423 1,371 1,423 TOTAL $37,828 $38,972 $39,770 $41,656 (a) Short term investments are carried at amortized cost, which approximates fair value. Fixed maturities and equity securities are carried at fair value. Other invested assets include private equity limited partnerships carried at the Corporation s equity in the net assets of the partnerships. Page 3 of 17

58 THE CHUBB CORPORATION INVESTMENT INCOME AFTER TAXES Periods Ended December 31 Fourth Quarter Twelve Months (in millions) CORPORATE INVESTMENT INCOME $ 3 $ 4 $ 13 $ 15 PROPERTY AND CASUALTY INVESTMENT INCOME Tax Exempt Interest $ 157 $ 163 $ 647 $ 659 Taxable Interest Other Investment Expenses (8) (6) (30) (25) TOTAL $ 252 $ 267 $1,034 $1,089 Effective Tax Rate 17.6% 17.8% 17.6% 18.1% After-Tax Annualized Yield 2.59% 2.64% 2.62% 2.73% After-tax annualized yield is based on the average invested assets for the periods presented, with fixed maturities at amortized cost and equity securities at fair value. STATUTORY POLICYHOLDERS SURPLUS AS OF DECEMBER (in millions) Estimated Statutory Policyholders Surplus $13,500 $15,127 $15,024 Rolling Year Statutory Net Premiums Written $12,622 $12,593 $12,214 Ratio of Statutory Net Premiums Written to Policyholders Surplus 0.93:1 0.83:1 0.81:1 Statutory Policyholders Surplus and Net Premiums Written include all domestic and foreign property and casualty subsidiaries. Page 4 of 17

59 Personal Insurance THE CHUBB CORPORATION PROPERTY AND CASUALTY CHANGE IN NET UNPAID LOSSES TWELVE MONTHS ENDED DECEMBER 31, 2015 Dec Net Unpaid Losses Dec Increase (Decrease) (in millions) IBNR Increase (Decrease) All Other Unpaid Losses Increase (Decrease) Automobile $ 383 $ 397 $ (14) $ (7) $ (7) Homeowners (3) 20 Other 942 1,000 (58) (17) (41) Commercial Insurance Total Personal 2,090 2,145 (55) (27) (28) Multiple Peril 1,739 1,750 (11) 7 (18) Casualty 6,383 6,514 (131) (25) (106) Workers Compensation 3,138 2, Property and Marine (12) 29 Specialty Insurance Total Commercial 12,160 12, Professional Liability 6,081 6,480 (399) (333) (66) Surety Total Specialty 6,167 6,555 (388) (326) (62) Total Insurance 20,417 20,765 (348) (290) (58) Reinsurance Assumed (43) (19) (24) Total $20,648 $21,039 $ (391) $ (309) $ (82) Page 5 of 17

60 THE CHUBB CORPORATION WORLDWIDE PROPERTY AND CASUALTY UNDERWRITING RESULTS FOR THE QUARTERS ENDED DECEMBER 31, 2015 AND 2014 (DOLLARS IN MILLIONS) Personal Other Total Automobile Homeowners Personal Personal Net Premiums Written $ 162 $ 182 $ 682 $ 672 $ 243 $ 265 $1,087 $1,119 Decrease (Increase) in Unearned Premiums (1) (11) 21 3 Net Premiums Earned ,108 1,122 Net Losses Paid Increase (Decrease) in Outstanding Losses (2) (2) (52) (27) (29) (83) (29) Net Losses Incurred Expenses Incurred Dividends Incurred Statutory Underwriting Income (Loss) $ 3 $ 9 $ 162 $ 165 $ 7 $ 8 $ 172 $ 182 Ratios After Dividends to Policyholders: Loss 68.2% 65.5% 45.4% 45.5% 57.4% 54.0% 51.5% 50.7% Expense Combined 99.7% 95.2% 77.4% 76.5% 96.9% 95.1% 85.1% 83.9% Premiums Written as a % of Total 5.3% 5.8% 22.4% 21.4% 8.0% 8.5% 35.7% 35.7% Page 6 of 17

61 THE CHUBB CORPORATION WORLDWIDE PROPERTY AND CASUALTY UNDERWRITING RESULTS FOR THE QUARTERS ENDED DECEMBER 31, 2015 AND 2014 (DOLLARS IN MILLIONS) Commercial Workers Compensation Commercial Property and Marine Commercial Multiple Peril Commercial Casualty Total Commercial Net Premiums Written $ 270 $ 284 $ 376 $ 393 $ 291 $ 284 $ 331 $ 357 $1,268 $1,318 Decrease (Increase) in Unearned Premiums 6 (3) Net Premiums Earned ,352 1,338 Net Losses Paid Increase (Decrease) in Outstanding Losses 27 (12) (17) (1) (10) Net Losses Incurred Expenses Incurred Dividends Incurred Statutory Underwriting Income (Loss) $ 13 $ 40 $ 63 $ 5 $ 47 $ 55 $ 12 $ 59 $ 135 $ 159 Ratios After Dividends to Policyholders: Loss 57.4% 51.5% 55.9% 71.0% 62.9% 57.9% 63.6% 51.1% 59.9% 58.7% Expense Combined 96.1% 85.4% 85.7% 99.8% 87.0% 80.2% 99.6% 84.4% 91.9% 88.5% Premiums Written as a % of Total 8.9% 9.1% 12.3% 12.5% 9.5% 9.1% 10.9% 11.3% 41.6% 42.0% Page 7 of 17

62 THE CHUBB CORPORATION WORLDWIDE PROPERTY AND CASUALTY UNDERWRITING RESULTS FOR THE QUARTERS ENDED DECEMBER 31, 2015 AND 2014 (DOLLARS IN MILLIONS) Professional Liability Surety Total Specialty Net Premiums Written $ 616 $ 628 $ 75 $ 73 $ 691 $ 701 Decrease (Increase) in Unearned Premiums (38) (45) (38) (45) Net Premiums Earned Net Losses Paid (5) Increase (Decrease) in Outstanding Losses (76) (174) 8 (1) (68) (175) Net Losses Incurred Expenses Incurred Dividends Incurred Statutory Underwriting Income (Loss) $ 93 $ 103 $ 42 $ 37 $ 135 $ 140 Ratios After Dividends to Policyholders: Loss 55.2% 54.5% 4.0% 4.2% 49.3% 49.0% Expense Combined 82.1% 80.3% 43.2% 48.6% 77.6% 76.7% Premiums Written as a % of Total 20.2% 20.0% 2.5% 2.3% 22.7% 22.3% Page 8 of 17

63 THE CHUBB CORPORATION WORLDWIDE PROPERTY AND CASUALTY UNDERWRITING RESULTS FOR THE QUARTERS ENDED DECEMBER 31, 2015 AND 2014 (DOLLARS IN MILLIONS) Total Insurance Reinsurance Assumed Worldwide Total Net Premiums Written $3,046 $3,138 $ 1 $ $3,047 $3,138 Decrease (Increase) in Unearned Premiums 67 (22) 67 (22) Net Premiums Earned 3,113 3, ,114 3,116 Net Losses Paid 1,766 1, ,774 1,865 Increase (Decrease) in Outstanding Losses (69) (190) (12) (6) (81) (196) Net Losses Incurred 1,697 1,668 (4) 1 1,693 1,669 Expenses Incurred Dividends Incurred Statutory Underwriting Income (Loss) $ 442 $ 481 $ 5 $ (1) Decrease in Deferred Acquisition Costs (12) (3) GAAP Underwriting Income $ 435 $ 477 Ratios After Dividends to Policyholders: Loss 54.7% 53.8% *% *% 54.6% 53.8% Expense * * Combined 86.4% 84.3% *% *% 86.3% 84.3% Premiums Written as a % of Total 100.0% 100.0% 0.0% 0.0% 100.0% 100.0% * Combined, loss and expense ratios are no longer presented for the Reinsurance Assumed business since it is in runoff. Page 9 of 17

64 THE CHUBB CORPORATION WORLDWIDE PROPERTY AND CASUALTY UNDERWRITING RESULTS FOR THE QUARTERS ENDED DECEMBER 31, 2015 AND 2014 (DOLLARS IN MILLIONS) Outside United States the United States Worldwide Total Net Premiums Written $2,377 $2,362 $ 670 $ 776 $3,047 $3,138 Decrease (Increase) in Unearned Premiums 77 (10) (22) 67 (22) Net Premiums Earned 2,454 2, ,114 3,116 Net Losses Paid 1,392 1, ,774 1,865 Increase (Decrease) in Outstanding Losses (49) (211) (32) 15 (81) (196) Net Losses Incurred 1,343 1, ,693 1,669 Expenses Incurred Dividends Incurred Statutory Underwriting Income (Loss) $ 399 $ 479 $ 48 $ Decrease in Deferred Acquisition Costs (12) (3) GAAP Underwriting Income $ 435 $ 477 Ratios After Dividends to Policyholders: Loss 55.0% 51.7% 53.0% 60.2% 54.6% 53.8% Expense Combined 84.6% 79.6% 92.1% 98.7% 86.3% 84.3% Premiums Written as a % of Total 78.0% 75.3% 22.0% 24.7% 100.0% 100.0% Page 10 of 17

65 THE CHUBB CORPORATION WORLDWIDE PROPERTY AND CASUALTY UNDERWRITING RESULTS FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2015 AND 2014 (DOLLARS IN MILLIONS) Personal Automobile Homeowners Other Personal Total Personal Net Premiums Written $ 701 $ 740 $2,821 $2,765 $ 988 $1,003 $4,510 $4,508 Decrease (Increase) in Unearned Premiums 2 (16) (38) (55) (2) (19) (38) (90) Net Premiums Earned ,783 2, ,472 4,418 Net Losses Paid ,535 1, ,553 2,442 Increase (Decrease) in Outstanding Losses (23) Net Losses Incurred ,571 1, ,579 2,540 Expenses Incurred ,508 1,508 Dividends Incurred Statutory Underwriting Income $ 11 $ 18 $ 319 $ 301 $ 55 $ 51 $ 385 $ 370 Ratios After Dividends to Policyholders: Loss 66.7% 66.1% 56.4% 57.0% 54.6% 52.6% 57.7% 57.5% Expense Combined 98.5% 96.8% 88.1% 88.3% 94.3% 94.0% 91.1% 90.9% Premiums Written as a % of Total 5.6% 5.9% 22.3% 21.9% 7.8% 8.0% 35.7% 35.8% Page 11 of 17

66 THE CHUBB CORPORATION WORLDWIDE PROPERTY AND CASUALTY UNDERWRITING RESULTS FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2015 AND 2014 (DOLLARS IN MILLIONS) Commercial Workers Compensation Commercial Property and Marine Commercial Multiple Peril Commercial Casualty Total Commercial Net Premiums Written $1,113 $1,121 $1,619 $1,644 $1,280 $1,158 $1,462 $1,479 $5,474 $5,402 Decrease (Increase) in Unearned Premiums (1) (4) 10 (16) (44) (51) (10) (50) (45) (121) Net Premiums Earned 1,112 1,117 1,629 1,628 1,236 1,107 1,452 1,429 5,429 5,281 Net Losses Paid , ,857 2,938 Increase (Decrease) in Outstanding Losses (5) Net Losses Incurred , ,140 3,111 Expenses Incurred ,670 1,637 Dividends Incurred Statutory Underwriting Income $ 103 $ 137 $ 234 $ 118 $ 144 $ 169 $ 100 $ 68 $ 581 $ 492 Ratios After Dividends to Policyholders: Loss 52.8% 50.9% 57.5% 63.9% 64.7% 60.6% 57.9% 59.9% 58.3% 59.4% Expense Combined 90.7% 87.6% 85.8% 92.5% 87.2% 83.1% 92.9% 94.0% 89.0% 89.9% Premiums Written as a % of Total 8.8% 8.9% 12.8% 13.1% 10.1% 9.2% 11.6% 11.7% 43.3% 42.9% Page 12 of 17

67 THE CHUBB CORPORATION WORLDWIDE PROPERTY AND CASUALTY UNDERWRITING RESULTS FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2015 AND 2014 (DOLLARS IN MILLIONS) Professional Liability Surety Total Specialty Net Premiums Written $2,340 $2,381 $ 309 $ 300 $2,649 $2,681 Decrease (Increase) in Unearned Premiums (31) (52) (1) (1) (32) (53) Net Premiums Earned 2,309 2, ,617 2,628 Net Losses Paid 1,416 1, ,417 1,612 Increase (Decrease) in Outstanding Losses (183) (286) 12 7 (171) (279) Net Losses Incurred 1,233 1, ,246 1,333 Expenses Incurred Dividends Incurred Statutory Underwriting Income $ 419 $ 399 $ 164 $ 96 $ 583 $ 495 Ratios After Dividends to Policyholders: Loss 53.4% 54.2% 4.3% 23.4% 47.7% 50.8% Expense Combined 81.5% 82.2% 45.9% 67.3% 77.3% 80.5% Premiums Written as a % of Total 18.5% 18.9% 2.5% 2.4% 21.0% 21.3% Page 13 of 17

68 THE CHUBB CORPORATION WORLDWIDE PROPERTY AND CASUALTY UNDERWRITING RESULTS FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2015 AND 2014 (DOLLARS IN MILLIONS) Total Insurance Reinsurance Assumed Worldwide Total Net Premiums Written $12,633 $12,591 $ $ 1 $12,633 $12,592 Decrease (Increase) in Unearned Premiums (115) (264) (115) (264) Net Premiums Earned 12,518 12, ,518 12,328 Net Losses Paid 6,827 6, ,858 7,030 Increase (Decrease) in Outstanding Losses 138 (8) (43) (37) 95 (45) Net Losses Incurred 6,965 6,984 (12) 1 6,953 6,985 Expenses Incurred 3,962 3,941 3,962 3,941 Dividends Incurred Statutory Underwriting Income $ 1,549 $ 1,357 $ 12 $ 1,561 1,357 Increase in Deferred Acquisition Costs GAAP Underwriting Income $ 1,593 $ 1,402 Ratios After Dividends to Policyholders: Loss 55.8% 56.9% *% *% 55.7% 56.9% Expense * * Combined 87.3% 88.3% *% *% 87.2% 88.3% Premiums Written as a % of Total 100.0% 100.0% 0.0% 0.0% 100.0% 100.0% * Combined, loss and expense ratios are no longer presented for the Reinsurance Assumed business since it is in runoff. Page 14 of 17

69 THE CHUBB CORPORATION WORLDWIDE PROPERTY AND CASUALTY UNDERWRITING RESULTS FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2015 AND 2014 (DOLLARS IN MILLIONS) Outside the United States Worldwide Total United States Net Premiums Written $9,858 $9,513 $2,775 $3,079 $12,633 $12,592 Decrease (Increase) in Unearned Premiums (92) (197) (23) (67) (115) (264) Net Premiums Earned 9,766 9,316 2,752 3,012 12,518 12,328 Net Losses Paid 5,374 5,333 1,484 1,697 6,858 7,030 Increase (Decrease) in Outstanding Losses 163 (13) (68) (32) 95 (45) Net Losses Incurred 5,537 5,320 1,416 1,665 6,953 6,985 Expenses Incurred 2,878 2,749 1,084 1,192 3,962 3,941 Dividends Incurred Statutory Underwriting Income $1,309 $1,202 $ 252 $ 155 1,561 1,357 Increase in Deferred Acquisition Costs GAAP Underwriting Income $ 1,593 $ 1,402 Ratios After Dividends to Policyholders: Loss 57.0% 57.4% 51.4% 55.3% 55.7% 56.9% Expense Combined 86.3% 86.4% 90.5% 94.0% 87.2% 88.3% Premiums Written as a % of Total 78.0% 75.5% 22.0% 24.5% 100.0% 100.0% Page 15 of 17

70 THE CHUBB CORPORATION Definitions of Key Terms Underwriting Income (Loss) Management evaluates underwriting results separately from investment results. The underwriting operations consist of four separate business units: personal insurance, commercial insurance, specialty insurance and reinsurance assumed. Performance of the business units is measured based on statutory underwriting results. Statutory accounting principles applicable to property and casualty insurance companies differ in certain respects from generally accepted accounting principles (GAAP). Under statutory accounting principles, policy acquisition and other underwriting expenses are recognized immediately, not at the time premiums are earned. Statutory underwriting income (loss) is arrived at by reducing premiums earned by losses and loss expenses incurred and statutory underwriting expenses incurred. Management uses underwriting results determined in accordance with GAAP, among other measures, to assess the overall performance of the underwriting operations. To convert statutory underwriting results to a GAAP basis, certain policy acquisition expenses are deferred and amortized over the period in which the related premiums are earned. Underwriting income (loss) determined in accordance with GAAP is defined as premiums earned less losses and loss expenses incurred and GAAP underwriting expenses incurred. Property and Casualty Investment Income After Income Tax Management uses property and casualty investment income after income tax, a non-gaap financial measure, to evaluate its investment results because it reflects the impact of any change in the proportion of tax exempt investment income to total investment income and is therefore more meaningful for analysis purposes than investment income before income tax. Book Value per Common Share with Available-for-Sale Fixed Maturities at Amortized Cost Book value per common share represents the portion of consolidated shareholders equity attributable to one share of common stock outstanding as of the balance sheet date. Consolidated shareholders equity includes, as part of accumulated other comprehensive income or loss, the after-tax appreciation or depreciation, including unrealized other-than-temporary impairment losses, of the Corporation s available-for-sale fixed maturities, which are carried at fair value. The appreciation or depreciation of available-for-sale fixed maturities is subject to fluctuation due to changes in interest rates and therefore could distort the analysis of trends. Management believes that book value per common share with available-for-sale fixed maturities at amortized cost, a non-gaap financial measure, is an important measure of the underlying equity attributable to one share of common stock. Combined Loss and Expense Ratio or Combined Ratio The combined loss and expense ratio, expressed as a percentage, is the key measure of underwriting profitability. Management uses the combined loss and expense ratio calculated in accordance with statutory accounting principles applicable to property and casualty insurance companies to evaluate the performance of the underwriting operations. It is the sum of the ratio of losses and loss expenses to premiums earned (loss ratio) and the ratio of statutory underwriting expenses to premiums written (expense ratio) after reducing both premium amounts by dividends to policyholders. Page 16 of 17

71 THE CHUBB CORPORATION Definitions of Key Terms Operating Income Operating income, a non-gaap financial measure, is net income excluding after-tax realized investment gains and losses. Management uses operating income, among other measures, to evaluate its performance because the realization of investment gains and losses in any given period is largely discretionary as to timing and can fluctuate significantly, which could distort the analysis of trends. Return on Equity and Operating Return on Equity Return on equity is the ratio of annualized net income divided by average shareholders equity. Average shareholders equity is the average of the beginning and all quarterend balances within the period. Operating return on equity, a non-gaap measure, is the ratio of annualized operating income divided by average shareholders equity excluding the after-tax unrealized appreciation or depreciation of investments. Consolidated shareholders equity includes, as part of accumulated other comprehensive income or loss, the after-tax appreciation or depreciation, including unrealized other-than-temporary impairment losses, of the Corporation s available-for-sale fixed maturities and equity securities, which are carried at fair value. The appreciation or depreciation of available-for-sale fixed maturities and equity securities is subject to fluctuation and could distort the analysis of trends. Average shareholders equity excluding the after-tax unrealized appreciation or depreciation of investments is the average of the beginning and all quarterend balances within the period. Management uses operating return on equity, among other measures, to assess the overall performance of the Corporation. Periods Ended December 31 Fourth Quarter Twelve Months (dollars in millions) Annualized Net Income $ 2,664 $ 2,232 $ 2,136 $ 2,100 Average Shareholders Equity $16,533 $16,401 $16,288 $16,325 Return on Equity 16.1% 13.6% 13.1% 12.9% Annualized Operating Income $ 1,876 $ 2,176 $ 1,864 $ 1,858 Average Shareholders Equity Excluding Unrealized Appreciation or Depreciation $15,167 $14,699 $14,721 $14,767 Operating Return on Equity 12.4% 14.8% 12.7% 12.6% Page 17 of 17

72 The Chubb Corporation 2015 Update on Asbestos Reserves Exhibit 99.4

73 Forward-Looking Statements The following materials contain forward-looking statements, including those relating to loss reserves and claim estimates, that are subject to certain risks and uncertainties which could cause actual results to differ materially from those expressed or suggested by such statements. Such risks or uncertainties include but are not limited to those which may be noted more fully in the materials themselves, as well as those discussed or identified from time to time in The Chubb Corporation s public filings with the Securities and Exchange Commission. Chubb assumes no obligation to update any forward-looking information set forth in the following materials, which speak as of January 26, 2016 or as otherwise specified in the materials.

74 Contents Purpose of Updated Review Evaluation Methodology Exposure Analysis Asbestos Payments and Reserves Three Year Reserve Comparison Conclusions

75 Purpose of Review Reassess Chubb s ultimate liability regarding asbestos exposures using an internal analysis, reviewed by our independent outside consulting actuaries Determine appropriate reserve levels Ensure aggressive case management of asbestos claims manage our exposure identify trends or issues that may impact exposure Provide relevant substantive information requested by investors and rating agencies

76 Evaluation Methodology Chubb segmented its defendant policyholders into two groups Traditional defendant policyholders (Tiers 1 & 2) Those engaged in asbestos mining, manufacturing and building products industries Peripheral defendant policyholders (Tiers 3 & 4) Those who manufactured, distributed, or installed an asbestos-containing product or who owned or operated a facility where asbestos products were present

77 Exposure Analysis Within these policyholder categories: All Tier 1 & 2 accounts and Tier 3 & 4 accounts with Chubb incurred losses of at least $3M or judged to have high potential exposure were evaluated individually. Claimant information and available coverage were reviewed for each defendant policyholder, including terms of coverage, policy limits and aggregate limits. Tier 3 & 4 accounts not individually evaluated were analyzed in the aggregate using statistical techniques. Factors considered include available coverage, claimant count, report year, bankruptcy, coverage dispute and case reserve amount. Future claims from unknown defendant policyholders were estimated based on claim reporting patterns and projected claim severities.

78 Asbestos Payments & Reserves by Category #$$ Traditional Defendants Tier Traditional Defendants Tier Peripheral Defendants Tiers 3 & All Other 620 Reserves for future claims from unknown policyholders Unknown 94 Total PolicyholdersTotal NetNet Asbestos with Open ClaimsPaidReserves At 12/31/15 In 2015 At 12/31/15 ($ in millions)

79 Asbestos Payments & Reserves by Category Total net asbestos reserves at 12/31/15: $478M Case reserves of $168M Established by Claim Department on known claims IBNR reserves of $310M Includes provision for: potential reserve development on known defendant policyholders (development) future claims from unknown defendant policyholders (pure IBNR) future declaratory judgment actions and other litigation

80 Asbestos Net Loss Reserve Comparison ($ in Millions) Beginning Reserves $566 Incurred Losses & LAE Calendar Year Payments for Losses (72) (52) (19) (22) Ending Reserves $500 $566 IBNR portion of Ending Reserves $310 $321 $589 Calendar Year Payments for LAE 2013 $ (22) (20) $478 $334

81 Conclusions Chubb s asbestos net reserves of $478M at 12/31/15 are based on our 2015 analysis of our ultimate asbestos liabilities This reserve represents Chubb s best estimate of our ultimate asbestos liability at 12/31/15 This reserve amount is at full (undiscounted) value, and no consideration has been given for legislative or judicial relief The net reserve reflects a modest reinsurance recoverable amount of approximately 4% of the gross reserve Net payments for asbestos liabilities in 2015 were $42M Reserves at 12/31/15 calculate to a 3 year survival ratio of 6.9