Banco de Chile : and Chubb Announce Distribution Agreement

Banco de Chile AnnouncesDistribution Agreement

SANTIAGO and NEW YORK, January 28, 2019 -- Banco de Chile (Santiago Stock Exchange: CHILE; ADR: BCH) and Banchile Corredora de Seguros Limitada ("Banchile"), a subsidiary of the former, announced today a 15-year agreement whereby Chubb Seguros Chile S.A. and Chubb Seguros de Vida S.A. (the "Insurance Companies"), Chile-based subsidiaries of Chubb Limited (NYSE: CB), are granted to distribute a broad range of life and non-life insurance products through Banco de Chile's distribution channels to its clients in Chile (the "Agreement"). The Agreement is subjectto approvals of regulators and relevant economic authorities.

Under the terms of the Agreement, Banco de Chile will distribute non-life and life insurance products provided by Chubb, and intermediated by Banchile, through Bancode Chile branches and a variety of digital and direct marketing channels.

The Agreement is part of Banco de Chile's emphasis on strengthening its bancassurance business by making use of its distribution capabilities while providing its customers with competitive and high-quality insurance products and value offerings incontinuous innovation to satisfy the increasingly sophisticated clients' coverage needs.

Therefore, the Agreement will directly benefit Banco de Chile's customer base composed of more than 2.2 million clients by providing them with access to insurance products offered by Chubb Limited, which is a global insurer with over 60 years operating in the Chilean insurance market, with local operations in 54 countries, more than 31,000 employees worldwide and a solid capital base and reputation reflected onoutstanding credit ratings.

Chubb Limited is the world's largest publicly traded P&C insurance company, with a market capitalization of approximately $61 billion. Chubb has assets of over $167 billion and receives around $36 billion in premiums each year. Chubb Limited is listed on the NYSE and is part of the S&P500 index. Additionally, Chubb has vast experience and leadership in insurance products for individuals and companies, both in the U.S. and LatAm while standing out for its focus on growth in all the markets where it operates. Also, Chubb is already recognized in Chile for optimal service quality standards, which expects to enhance through a challenging digital strategy by transferring and adaptingdevelopments achieved in its digital labs located in North America, Asia and Mexico.

As part of the economic terms reflected in the 15-year Agreement, Banco de Chile will receive from Chubb an up-front payment in cash in addition to payments based on yearlysales performance targets through the life span of the Agreement.

"Banco de Chile is well known for putting the customer at the center of its decisions and this agreement is, unquestionably, aligned with this view. We believe through this partnership with Chubb we will be able to provide our customers with world-class insurance products that meet their increasingly sophisticated coverage needs, including individuals and corporations", said Eduardo Ebensperger O., CEO of Banco de Chile. "Banco de Chile is proud of becoming partner of a first-class company as Chubb is and

we know that our clients will benefit from Chubb's expertise, innovation capabilities, strong attention to detail and its service quality standards, all of which is crucial in theinsurance business."

"For Chubb, our long-term agreement with Banco de Chile is a significant opportunity to partner with Chile's leading financial institution and provide our extensive product and service capabilities to meet the needs of their clients," said Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb. "This partnership will meaningfully increase Chubb's already significant presence in Chile and in the important region of Latin America. Similar to other strategic relationships, our partnership with Banco de Chile significantly extends our distribution in Chile, enabling us to reach and serve millions of new customers, including in digitally advanced ways."

Cautionary Statement Regarding Forward-Looking Statements

Forward-looking statements made in this press release, such as those related to the manner and expected timing of commencement of distribution, and other expectations, intentions and statements that are not historical facts, reflect Banco de Chile's and Chubb's current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, receipt of required regulatory approvals, general competitive, economic, political and market conditions and fluctuations, and judicial, legislative, regulatory and other governmental developments, as well as Banco de Chile and Chubb management responses to these factors. In addition, you should carefully consider the risks and uncertainties and other factors identified in each of Banco deChile's and Chubb's respective filings with the Securities and Exchange Commission (SEC).

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Each of Banco de Chile and Chubb undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, futureevents or otherwise.