1Q 2023 Press Release

Chubb Limited	www.chubb.com
Bärengasse 32	@Chubb
CH-8001 Zurich
Switzerland

News Release

Chubb Reports First Quarter Net Income Per Share of $4.53 Versus $4.55 Prior Year, and Record Core Operating Income Per Share of $4.41, Up 15.1%; Consolidated Net Premiums Written, Up 16.6%, or 18.3% in Constant Dollars, with P&C Up 11.0% and a Combined Ratio of 86.3%

• Net income was $1.89 billion versus $1.95 billion prior year and core operating income was a record $1.84 billion, up 11.8%.
• P&C net premiums written were up 9.3%, or 11.0% in constant dollars, with commercial lines up 11.5% and consumer/personal lines up 9.4%. North America was up 11.3%, with growth of 11.7% in commercial lines and 9.9% in personal lines. Overseas General was up 6.0%, or 10.0% in constant dollars, with growth of 10.8% in commercial lines and 8.6% in consumer lines; Asia was up 18.6% and Europe was up 10.1%.
• P&C underwriting income was $1.21 billion with a combined ratio of 86.3% compared with 84.3% prior year. P&C current accident year underwriting income excluding catastrophe losses was $1.48 billion, up 7.2%, leading to a record combined ratio of 83.4% compared with 83.5% prior year.
• Pre-taxand after-tax catastrophe losses were $458 million and $382 million, respectively, compared with $333 million and $290 million, respectively, last year.
• Life Insurance net premiums written increased 124.4%, or 128.7% in constant dollars, to $1.29 billion driven substantially by growth in Asia and the acquisition of the Cigna Asian business. Life Insurance segment income was $244 million, up 102%.
• Pre-taxnet investment income was $1.11 billion, up 34.7%, and adjusted net investment income was $1.20 billion, up 33.2%. Both were records.
• Annualized retuon equity (ROE) was 14.6% and annualized core operating ROE was 12.6%. Annualized core operating retuon tangible equity (ROTE) was 19.4%.

ZURICH - April 25, 2023 - Chubb Limited (NYSE: CB) today reported net income for the quarter ended March 31, 2023 of $1.89 billion, or $4.53 per share, and core operating income of $1.84 billion, or $4.41 per share. The P&C combined ratio was 86.3% compared to 84.3% prior year, and the current accident year P&C combined ratio excluding catastrophe losses was 83.4% compared to 83.5% prior year. Book value per share and tangible book value per share increased 5.0% and 8.7%, respectively, from December 31, 2022. Book value was favorably impacted by after-tax net realized and unrealized gains of $1.70 billion in the company's investment portfolio. In addition, the change in valuation of the long-duration contracts and market risk benefits, including required updates from Long-Duration Targeted Improvements (LDTI), resulted in realized and unrealized losses of $248 million after-tax. Book value per share and tangible book value per share now stand at $127.94 and $78.84, respectively.

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Chubb Limited

First Quarter Summary

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

"As Adjusted": Financial data for 2022 are adjusted, as applicable, and presented in accordance with the LDTI U.S. GAAP guidance adopted on 1/1/2023. Refer to page 5 for additional information.

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: "We began the year with a record quarter that included double-digit core operating earnings growth, broad-based double- digit premium revenue growth globally, an 86.3% published combined ratio, net investment income up more than 30%, and life insurance segment income that more than doubled, driven by our Asia life operations. In this period of economic uncertainty and financial market volatility, Chubb's business model, capabilities, and ability to deliver provide both a safe haven and long-term growth opportunity for shareholders.

"We grew per share operating earnings 15% on the back of record core operating income. With $1.2 billion in underwriting income and a world-class combined ratio, our P&C underwriting performance was simply excellent in what was an active quarter for natural catastrophes. Excluding CATs, our underlying current accident year combined ratio was a record 83.4%. On the investment side, adjusted net investment income was a record $1.2 billion, up $300 million from prior year. Our investment income continues to grow steadily and contribute to our earning power.

"Total company net written premiums increased 16.6%, or 18.3% in constant dollars, which included growth of 11% in our P&C business and 129% in our life division. Growth was balanced and broad-based with double- digit results in North America, Europe and Asia. By example, commercial P&C premiums in North America and Europe were both up about 12% in constant dollars, and total P&C in Asia grew about 18.5%. In North

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America, both P&C rate and price increases re-accelerated in the quarter with commercial P&C pricing increasing 11.2%. In our retail international operations, pricing was up about 8%.

"In sum, we had a strong start to the year with good momentum heading into the second quarter. Overall, the fundamentals for our business are excellent. Looking forward, we are confident in our ability to continue growing revenue and operating earnings, which in tudrive EPS, through the three engines of P&C underwriting income, investment income, and life income."

• Consolidated net premiums earned increased 16.1%, or 17.7% in constant dollars. P&C net premiums earned increased 8.3%, or 9.8% in constant dollars.
• Operating cash flow was $2.25 billion for the quarter.
• Total pre-tax and after-tax P&C catastrophe losses, net of reinsurance and including reinstatement premiums, were $458 million (5.1 percentage points of the combined ratio) and $382 million, respectively, compared with $333 million (4.0 percentage points of the combined ratio) and $290 million, respectively, last year.

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• Total pre-tax and after-tax favorable prior period development were $196 million (2.2 percentage points of the combined ratio) and $149 million, respectively. The $196 million in pre-tax development was comprised of $202 million in favorable non-catastrophe development and $6 million in adverse catastrophe-related development. This compares with $240 million (3.2 percentage points of the combined ratio) pre-tax and $195 million after-tax, last year.
• Total capital returned to shareholders in the quarter was $772 million, including share repurchases of $428 million at an average purchase price of $212.81 per share, and dividends of $344 million.

Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended March 31, 2023 are presented below:

1. Net premiums written increased 7.6% adjusting for the impact of loss portfolio transfer transactions year-over-year.

Chubb Limited News Release

• North America Commercial P&C Insurance: The combined ratio increased 2.1 percentage points, primarily reflecting the impact of higher catastrophe losses and modestly lower favorable prior period development. Prior period development comprised $112 million of favorable development, partially offset by a charge of $40 million related to development from 2022 late-season catastrophes. The favorable development of $112 million compares with favorable development of $108 million in the prior year quarter.
• North America Personal P&C Insurance: The combined ratio increased 10.4 percentage points, about half of which is due to the impact of higher catastrophe losses in the current quarter. The remaining increase was primarily related to a reserve release in the prior year quarter due to lower than expected paid and reported loss activity attributable to the indirect effects of COVID related economic slowdown.
• North America Agricultural Insurance: The current accident year combined ratio excluding catastrophe losses increased 4.4 percentage points, including a 1.5 percentage point increase in the loss ratio from a year-over-year impact from the company's crop commodity price hedge activity which produced a loss this quarter versus a gain last year, and a 1.9 percentage point increase in the expense ratio related to the federal government program's risk-sharing formula.
• Overseas General Insurance: The combined ratio decreased 4.9 percentage points primarily reflecting 1.7 percentage points from lower catastrophe losses and 2.8 percentage points from higher favorable prior period development. Favorable prior period development of $143 million comprised $43 million related to development from 2022 late-season catastrophes and other development of $100 million. The favorable development of $100 million net of catastrophes development compares with favorable development of $60 million in the prior year quarter.

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

Please refer to the Chubb Limited Financial Supplement, dated March 31, 2023, which is posted on the company's investor relations website, investors.chubb.com,in the Financials section for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio, and debt and capital.

Chubb Limited will hold its first quarter earnings conference call on Wednesday, April 26, 2023 beginning at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.comor by dialing 877-400-4403 (within the United States) or 332-251-2601 (international), passcode 1641662. Please refer to the Chubb website under Events and Presentations for details. A replay will be available after the call at the same location. To listen to the replay, please click hereto register and receive dial-in numbers.

"As Adjusted": Effective January 1, 2023, the company adopted the Long-Duration Targeted Improvements (LDTI) U.S. GAAP guidance, which principally impacted the Life Insurance segment. LDTI requires more frequent updating of assumptions and a standardized discount rate for long-duration contracts, a requirement to use the fair value measurement model for policies with market risk benefits and amortization of deferred acquisition costs on a constant level basis. Under LDTI, the company's reinsurance programs covering variable annuity guarantees (principally guaranteed minimum death benefits and guaranteed minimum income benefits) meet the definition of market-risk benefits (MRB) and are measured at fair value and are now reported within "Market risk benefits" in the financial statements. The impact to 2022 results was immaterial.