Chubb : Investor Presentation – December 2022

Chubb Limited Investor Presentation

December 2022

YTD 2022 Operating Results

($ in billions of U.S. dollars, except per share amounts and ratios)

Gross Premiums Written

Full-Year Gross Premiums Written

Net Premiums Written

Full-Year Net Premiums Written

P&C Combined Ratio

CAY ex. CATs

P&C Underwriting Income

Adj. Net Investment Income1

Core Operating Income

Full-Year Core Operating Income

Core Operating Earnings per Share

Operating Cash Flow

Shareholders' Equity

Book Value per Share

BVPS ex. Mark-to-Market

Tangible Book Value per Share

TBVPS ex. Mark-to-Market

Invested Assets

Market Capitalization2

Core Operating Return on Equity

Core Operating Return on Deployed Capital

Core Operating Return on Tangible Equity

YTD	YTD	YTD
9/30/19	9/30/21	9/30/22

$30.2		$35.5		$39.6
$40.1		$46.8.		$51.9.
$24.3		$28.7		$31.5
$32.3		$37.9		$41.6
89.9%		90.4%		87.5%
89.0%		85.1%		83.7%
$2.2		$2.4		$3.4
$2.8		$2.8		$2.9
$3.6		$3.9		$4.8
$4.6		$5.6
$7.83		$8.78		$11.20
$4.9		$8.5		$8.6
$54.6		$59.3		$47.6
$120.33		$137.67		$114.79
$114.56		$130.97		$135.54
$76.21		$91.89		$65.91
$70.44		$85.20		$86.66
$107.2		$122.1		$111.7
$68.7		$77.3		$91.1
9.3%		9.4%		11.2%
11.1%		11.0%		12.1%
15.3%		14.6%		17.2%

'19 - '22 Change

31.1% (35.0% C$)

29.3% .

29.8% (34.1% C$)

29.0%

2.4% pts

5.3% pts

56.6%

5.4%

32.1%

43.0%

74.9%

(12.7%)

(4.6%)

18.3%

(13.5%)

23.0%

4.3%

32.7%

1.9% pts

1.0% pts

1.9% pts

1.	Excludes amortization expense of fair value adjustment on acquired invested assets and includes income from private equity partnerships where we hold more than three percent ownership	1
2.	Market capitalizations as of 11/30/19, 11/30/21 and 11/30/22. Change from 11/30/19 to 11/30/22.

Precious Franchise = Businesses, People, Culture, Performance

Margin Outperformance

• Superior underwriting culture: combined ratio outperforms peers1 over 3, 5 and 10 years by 6, 7 and 8 percentage points, respectively; 2021 and 2022: 88.3% vs. 95.3% for peers
• Efficient organization: 27.6% expense ratio vs. 31.6% for large peers2 from 2018 to 1H2022

Global Product & Distribution Breadth

• Well balanced, global presence, 54 countries and territories, leader in many U.S. and international business segments
• U.S.: P&C and A&H; #1 commercial, specialty, crop, high net worth, corporate and worksite benefits A&H
• International: significant presence; Europe (P&C, A&H), Asia and Latin America (P&C, A&H, Life); P&C commercial and consumer
• Broad scope: multiple customer segments across commercial and consumer; distribution across brokerage, agency, direct

Performance Culture

• Integrated global command and control management and governance
• Ambitious, disciplined and execution-oriented
• Talent development a priority
• 500+ hires into Chubb early career program/year
• Growth company, builder's ethos - organic and M&A

Scale & Financial Strength3

• $63B total capital
• Highly ratings - "AA" S&P and "A++" AM Best
• $112B invested assets - $1B+ investment income per quarter, growing, adding earnings power

Strong Competitive Global Profile

• Scale, global presence like few others
• Operating, technology and digital capabilities
• Skills and organization - agility to capitalize where opportunities appear
• Carefully constructed portfolio: product mix, territory, customer

Strategic Optionality

• Scope, scale and presence
• Earning power, growth opportunities, attractive returns
• Clarity of purpose, direction

Stability of Leadership

• Led by underwriters - insurance is a risk business
• Stability, depth and vitality:
• • Senior leaders have decades of industry experience, decades with Chubb
  • Next level has 17 years of industry experience, 10 years with Chubb, 40s average age
  • Women have direct P&L responsibility for 40%+ of Chubb's premium revenue

Exceptional Service & Brand

• Fortune Most Admired Company 5th consecutive year

Digital Vision and Strategy

• Transform our entire company into a digital enterprise
• Digital Business: Sell and service the way customers want or expect

1. Peers: AIG, Allianz, AXA, Berkshire Hathaway, CNA, Hartford, Liberty Mutual, QBE, Travelers, Zurich

2.	US Large Peers: AIG, HIG, TRV	2
3.	As of September 30, 2022

Chubb is a Story of Patient, Relentless and Profitable Growth and Diversification - We are Business Builders and Managers

We are ambitious and constantly reinvent ourselves to capture strategic organic and M&A growth opportunities in a changing environment

Market Capitalization ($B)

Global Market Cap Growth & Rank

$100	#	Chubb Ranking Relative to Life + Non-Life Insurers Globally (Market Cap)				#4	∆
$90
					#6						$91	4x
$80		Chubb Market Cap
$70					1
		Top 25 Insurers' Market Cap Indexed to Chubb
$60					#11
$50											$49	2x
$40 #13
$30
$20
$10												Market
$0
											Capitalization
2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	through 11/30/22

		Premium Growth & Diversification
	Life	NPW: $16B	x2.8	$45B	Life (A&H: 7%)
Consumer: 28%	6%	13%	Consumer: 37%
A&H	22%		6%	A&H
				18%	Personal Lines
Products	Commercial	72%		63%	Commercial

			2012	2022PF2
	23%	Latin America	7%	6%	Latin America	25%
	Asia	16%	19%	Asia
Geography		Europe	17%	13%	Europe
	77%	North America	60%	62%	North	75%
		America
			2012*	2022PF2		3

• 2012 Geography % out of NPE

1. Aegon, Aflac, AIG, Allianz, Allstate, Aviva, AXA, China Life, Generali, Great-West, Hartford, Legal & General, Manulife, MetLife, Munich Re, Principal, Progressive, Pru UK, Pru US, Sun Life, Swiss Re, Travelers, Tokio Marine, Zurich

2. Pro forma for full year of Cigna and Huatai

Portfolio of Market-Leading Businesses Across the Globe

• Well balanced business mix by product, customer type and geography
• Premiums up $12.4B (+11.4% p.a.) since 2019 driven by strong organic and M&A growth

Net Written Premiums by Segment

• 10 distinct segments, each with at least $1B of premium

$6B Leading Global	$6B				Commercial: 63%
A&H insurer							$8B
−	$3B Non-life	Global Life
			Leading major and
−	$3B Life	13%	Global Major Accounts
multinational
					19%
							accounts
		A&H				insurer
		(Non-Life)
$8B Personal Lines	6%

NPW by Region

• Over 40% of our business is outside the US

LatAm

6%

APAC

19%

Europe	US
57%
13%

−	$5B #1 U.S.		Int'l Pers.
	HNW insurer		Lines
		6%
−	$3B Int'l
	traditional,
	specialty and			U.S. High
	HNW
		Net Worth
			Personal Lines
			12%
Consumer: 37%		Global Re
2%
							Agriculture
					6%
			$1B
				$3B
			#1 U.S. crop

2022PF: $44.7B1

Global E&S

12%

$5B

N.A. Mid &

Small Comm.

16%

Int'l Mid &

Small Comm.

8%

#1 U.S.

commercial lines ($19B)

$11B Mid & Small Commercial

• $7B U.S. (#3 mid- market insurer)
• $4B International

Bermuda /

Canada

5%

2022PF: $44.7B1

insurer

Significant U.S. E&S writer and Lloyd's presence

1. Pro forma for full year of Cigna and Huatai

4