Fourth Quarter 2024 Press Release

News Release

Chubb Reports Fourth Quarter Per Share Net Income and Core Operating Income of $6.33 and $6.02, Respectively; Consolidated Net Premiums Written of $12.1 Billion, with Global P&C and Life Insurance Up 6.7% and 7.6%; P&C Combined Ratio of 85.7%; Record Full-Year Per Share Net Income of $22.70 and Core Operating Income of $22.51; Consolidated Net Premiums Written of $51.5 Billion, Up 8.7%, with Global P&C Up 9.6% and Life Insurance Up 15.7%; P&C Combined Ratio of 86.6%

QUARTER

• Net income and core operating income were $2.58 billion and $2.45 billion, or a record $3.05 billion and $3.00 billion on a pre-tax basis, respectively. Excluding the prior year deferred tax benefit of $1.14 billion, or $2.76 per share, related to the enactment of Bermuda's income tax law (tax benefit), net income and core operating income were up 18.9% and 7.7%, and on a per share basis were up 20.1% and 8.7%.
• Global P&C net premiums written, which excludes Agriculture, were up 6.7%, with commercial insurance up 6.4% and consumer insurance up 7.5%. North America was up 6.3% and Overseas General was up 6.8% in constant dollars, with Latin America, Asia-Pacific, and Europe up 11.5%, 9.3%, and 3.9%, respectively.
• P&C underwriting income was a record $1.58 billion, up 3.8%, with a combined ratio of 85.7%. P&C current accident year underwriting income excluding catastrophe losses was $1.97 billion, up 20.1%, with a record combined ratio of 82.2%.
• Pre-taxcatastrophe losses were $607 million, including $309 million from Hurricane Milton, compared with $300 million last year.
• Life Insurance net premiums written were $1.56 billion, up 8.5% in constant dollars, and segment income was $270 million, up 3.8% in constant dollars. Life Insurance net premiums written and deposits collected were $2.40 billion, up 24.4% in constant dollars.
• Pre-taxnet investment income was $1.56 billion, up 14.0%, and adjusted net investment income was $1.69 billion, up 13.7%. Both were records.
• Annualized retuon equity (ROE) was 15.9%. Annualized core operating retuon tangible equity (ROTE) was 22.0% and annualized core operating ROE was 14.3%.

Chubb Limited News Release

For the year ended December 31, 2024, net income was $9.27 billion, or $22.70 per share, and core operating income was $9.20 billion, or $22.51 per share. Book value per share and tangible book value per share increased 8.8% and 14.1%, from December 31, 2023. Book value was unfavorably impacted by after-tax $1.26 billion of foreign currency losses. Book value per share and tangible book value per share excluding AOCI increased 10.8% and 15.4%, from December 31, 2023.

Chubb Limited Full Year Summary

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

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

$(148) million and $(179) million, for adjusted net realized gains and losses and other; and $1.95 billion and $687 million, for core operating income.

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: "The California wildfire disaster is a terrible tragedy that is still unfolding. Our colleagues have been on the ground from the beginning, endeavoring to assist our policyholders who have lost property, been displaced from their homes and businesses, and had their lives severely disrupted. While it doesn't erase the enormous difficulty they have and will continue to experience, we are doing all we can, in small and big ways, to ease their burden. Our thoughts are with those who have suffered, and our gratitude goes to those firefighters and emergency workers who have served tirelessly.

"From a financial perspective, our current estimate of the cost of supporting our customers and helping them recover and rebuild from this catastrophe is $1.5 billion net pre-tax and is a first quarter 2025 event.

"Turning to our fourth quarter 2024 and full-year results, we had a great quarter which contributed to a simply outstanding year. Global P&C premium growth, which excludes agriculture, was 6.7%, with

Chubb Limited News Release

commercial lines up 6.4% and consumer up 7.5%. Record P&C underwriting income with a world-class combined ratio of 85.7% and record investment income led to core operating income up 9.4% on a pre-tax basis, or 10.5% per share. On an after-tax basis, adjusted for the one-time Bermuda tax benefit we received last year, operating income of $2.5 billion was up 7.7%, or $6.02 per share, up 8.7%.

"Our full-year performance was the best in our company's history. Core operating income was $9.1 billion, up 11.5% adjusted for the one-time tax benefit, and 13% on a per-share basis. All three major sources of income for our company produced record results last year: P&C underwriting income of $5.9 billion was up over 7% with a published combined ratio of 86.6%. Adjusted net investment income grew 19.3% to $6.4 billion. And life insurance income topped $1 billion. Global P&C net premiums grew 9.9% and life insurance premiums were up 18.5% in constant dollars. For the quarter and year, our core operating ROE was 14.3% and 13.9%, respectively, and our retuon tangible equity was 22.0% and 21.6%. For the year, per-share book and tangible book value grew 8.8% and 14.1%, respectively.

"Overall market conditions are quite favorable, and we see really good growth opportunity for over 80% of our global P&C business, commercial and consumer, as well as our life business. We have very good momentum as we enter '25 and are optimistic about the year ahead, both top- and bottom-line, CAT losses and foreign currency movement notwithstanding. We are confident in our ability to continue growing operating earnings and EPS at a double-digit rate, driven by our three major sources: P&C underwriting, investment income, and life income."

Chubb Limited News Release

• Consolidated net premiums earned increased 5.9%, or 6.0% in constant dollars. P&C net premiums earned increased 5.5% on both a reported basis and constant dollar basis.
• Operating cash flow was $4.57 billion and adjusted operating cash flow was $4.16 billion.
• Total pre-tax and after-tax P&C catastrophe losses, net of reinsurance and including reinstatement premiums, were $607 million (5.5 percentage points of the combined ratio) and $515 million, compared with $300 million (2.9 percentage points of the combined ratio) and $257 million, last year.
• Total pre-tax and after-tax favorable prior period development were $213 million and $196 million, compared with $177 million and $184 million, last year.
• Total capital returned to shareholders was $1.09 billion, comprising share repurchases of $725 million at an average purchase price of $278.78 per share and dividends of $367 million.

Chubb Limited News Release

• Consolidated net premiums earned increased 9.0%, or 9.6% in constant dollars. P&C net premiums earned increased 8.1%, or 8.4% in constant dollars.
• Operating cash flow was $16.18 billion and adjusted operating cash flow was $15.90 billion. Both were records.
• Total pre-tax and after-tax P&C catastrophe losses, net of reinsurance and including reinstatement premiums, were $2.39 billion (5.5 percentage points of the combined ratio) and $1.97 billion, compared with $1.83 billion (4.5 percentage points of the combined ratio) and $1.50 billion, last year.
• Total pre-tax and after-tax favorable prior period development were $856 million and $712 million, compared with $773 million and $604 million, last year.
• Total capital returned to shareholders was $3.48 billion, comprising share repurchases of $2.02 billion at an average purchase price of $269.23 per share and dividends of $1.46 billion.

Chubb Limited News Release

Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended December 31, 2024 are presented below:

• North America Commercial P&C Insurance: The current accident year combined ratio excluding catastrophe losses was flat and included an adverse impact of 0.4 percentage points from a higher level of large structured transactions in the current year.

Chubb Limited News Release

• North America Personal P&C Insurance: The combined ratio decreased 3.6 percentage points, including a 0.6 percentage point decrease from net catastrophe losses. The current accident year combined ratio excluding catastrophe losses decreased 3.0 percentage points, primarily from better current accident year excluding catastrophe losses results and favorable mix of business.
• North America Agricultural Insurance: Net premiums written were down 47.8%, which includes the year- over year impact of premium adjustments related to the federal government profit-share agreement on the 2023 crop year. The combined ratio decreased 29.7 percentage points, reflecting a 32.2 percentage point decrease in the loss ratio, including 13.1 percentage points from higher favorable prior period development, and a 2.5 percentage point increase in the expense ratio. The current accident year combined ratio excluding catastrophe losses decreased 15.6 percentage points, including a 17.9 percentage points decrease in the loss ratio primarily due to a favorable true up of current crop year loss estimates reflecting better growing conditions versus prior year, and a 2.3 percentage point increase in the expense ratio.
• Overseas General Insurance: The combined ratio increased 1.7 percentage points, including a 2.0 percentage point increase from higher catastrophe losses and lower favorable prior period development. The current accident year combined ratio excluding catastrophe losses decreased 0.3 percentage points, including a 0.5 percentage point decrease in the loss ratio and a 0.2 percentage point increase in the expense ratio.
• Life Insurance: Net premiums written were $1.56 billion, up 7.6%, or 8.5% in constant dollars, with growth of 8.1% in International Life and 17.8% in Combined Insurance North America. International life net premiums written and deposits were $2.13 billion, up 25.4%, or 26.6% in constant dollars.

Chubb Limited News Release

Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the year ended December 31, 2024 are presented below:

• North America Commercial P&C Insurance: The combined ratio increased 2.3 percentage points, including a 1.7 percentage point increase due to higher catastrophe losses and a 0.5 percentage point increase due to lower favorable prior period development. Excluding catastrophe losses and prior period development, the combined ratio was relatively flat.

Chubb Limited News Release

• North America Personal P&C Insurance: The combined ratio decreased 6.1 percentage points, including a 2.4 percentage point decrease due to higher favorable prior period development and a 2.1 percentage point decrease due to lower catastrophe losses. The current accident year combined ratio excluding catastrophe losses decreased 1.6 percentage points, including a 1.0 percentage point decrease in the loss ratio and a 0.6 percentage point decrease in the expense ratio.
• North America Agricultural Insurance: Net premiums written were down 15.2%, which includes the year- over-year impact of premium adjustments related to the federal government profit-share agreement on the 2023 crop year and lower commodity prices. The combined ratio decreased 8.5 percentage points, including 3.5 percentage points decrease due to higher favorable prior period development, partially offset by 0.9 percentage points increase due to higher catastrophe losses. The current accident year combined ratio excluding catastrophe losses decreased 5.9 percentage points, including a 7.7 percentage point decrease in the loss ratio reflecting better growing conditions versus prior year, and a 1.8 percentage point increase in the expense ratio.
• Overseas General Insurance: The combined ratio increased 1.1 percentage points, including a 0.9 percentage point increase due to lower favorable prior period development and a 0.1 percentage point increase from higher catastrophe losses. Excluding catastrophe losses and prior period development, the combined ratio was relatively flat.
• Global Reinsurance: Net premiums written increased 32.2% to $1.35 billion driven by new business in both property and casualty lines.
• Life Insurance: Net premiums written were $6.33 billion, up 15.7%, or 18.5% in constant dollars, with growth of 20.5% in International Life and 12.6% in Combined Insurance North America. International life net premiums written and deposits were $7.82 billion, up 28.8%, or 32.3% in constant dollars.