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Fourth Quarter 2024 A Global Leader in P&C Insurance
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“The Chubb name carries our promise of superior service, underwriting and execution. Our unique combination of people, products and places positions us to meet the needs of clients no matter where they are in the world.” – Evan Greenberg, Chairman & CEO Fourth Quarter 2024
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Who We Are • A world leader in insurance with a market capitalization of $110.7 billion.* • A truly global company, with local operations in 54 countries and territories. • Insurance is our only business. • Well balanced by product and customer: – A global leader in traditional and specialty P&C coverage for businesses of all sizes – The largest commercial lines insurer in the U.S. and one of the largest financial lines writers globally – The leading personal lines insurer for America’s successful individuals and families and a large personal lines provider globally – A global leader in personal accident and supplemental health insurance – A P&C reinsurer – An international life insurer focused on Asia • Chubb Limited, the parent company of Chubb, is listed on the New York Stock Exchange (NYSE:CB) and is a component of the S&P 500 index. • Exceptional financial strength, managing risk conservatively in both underwriting and investing. • Core operating insurance companies are rated “AA” for financial strength by S&P and “A++” by AM Best. *At December 31, 2024, Source: S&P Global Market Intelligence Fourth Quarter 2024
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Global Reach • Chubb has an extensive local presence globally, with insurance professionals and operating subsidiaries in 54 countries and territories. • 43 percent of the company’s business is transacted outside the United States. Argentina Australia Austria Belgium Bermuda Brazil Canada Chile China Colombia Czech Republic Denmark Ecuador Egypt Finland France Germany Gibraltar Hong Kong SAR Hungary Indonesia Ireland Italy Japan Korea Macau SAR Malaysia Mexico Myanmar Netherlands New Zealand Norway Pakistan Panama Peru Philippines Poland Portugal Puerto Rico Russia Saudi Arabia Singapore South Africa Spain Sweden Switzerland Taiwan Thailand Tunisia Turkey United Arab Emirates United Kingdom United States Vietnam 57% 18% 13% 6% 6% Bermuda/Canada Latin America Europe, Middle East & Africa Asia United States Geographic Sources of Premium* North America Europe, Middle East & Africa Asia Latin America Premiums* $39.0 billion Employees 16,902 Offices 130 Premiums* $8.3 billion Employees 4,530 Offices 60 Premiums* $10.9 billion Employees 16,570 Offices 849 Premiums* $3.8 billion Employees 5,541 Offices 75 *FY 2024 gross premiums written Fourth Quarter 2024
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Product Breadth • Chubb has one of the largest product portfolios in the global insurance industry. – More than 200 distinct commercial insurance and reinsurance products and services – Specialty coverages for clients ranging from multinational corporations, middle market companies and small businesses to consumers Products and Services Commercial Property & Casualty Full range of traditional and specialty products for businesses of all sizes Accident & Health Personal accident, supplemental health and travel accident insurance Agriculture Crop insurance and farm and ranch-related agribusiness Personal Lines Traditional and high-value automobile, homeowners, recreational marine/aviation, valuables and umbrella liability coverage; specialty coverage such as mobile phone handset insurance Reinsurance Property catastrophe, casualty, A&H and other coverages Life Life, health and savings-oriented products and services 19% 24% 12% 18% 19% 5% 3% Agriculture Global Reinsurance Global A&H and Life Personal Lines Wholesale Specialty Commercial P&C Middle Market/ Small Commercial P&C Large Corporate Commercial P&C Premium Distribution by Product* *FY 2024 net premiums written Fourth Quarter 2024
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Business Units with Extensive Distribution Capabilities • Chubb’s insurance products are distributed through retail and wholesale brokers, independent and captive agents, bancassurance, mobilassurance, direct marketing and direct-to-consumer platform partnerships. North America Major Accounts Commercial P&C insurance products for the large corporate market sold by retail brokers Middle Market Commercial P&C insurance products for middle market companies sold by independent agents and retail brokers Small Business P&C insurance products for small commercial clients sold by independent agents and retail brokers Personal Risk Services Personal insurance products and services, including home, auto, valuables, umbrella and recreational marine insurance, for successful individuals and families sold by independent agents and brokers Westchester Commercial P&C excess and surplus lines sold through wholesale brokers Chubb Bermuda Liability, property, political risk coverages and captive programs sold by large international brokers Agriculture Crop insurance from Rain and Hail and farm and other P&C coverages, sold by agents and brokers Combined Insurance A leading North American provider of supplemental insurance sold by agents and brokers to employers, employees at the worksite and directly to individuals Overseas General International Commercial P&C, A&H and traditional and specialty personal lines sold by retail brokers, agents and other channels in four regions: Europe Operations in 27 countries, including the U.K. and the Continent and housing the company’s business in the Middle East and Africa, comprising P&C commercial lines and consumer lines, including A&H and specialty personal lines Asia Pacific: Operations in 14 countries and territories – eight with life and non-life operations – serving commercial customers with P&C products and consumers through A&H and personal lines Latin America: Operations in nine countries serving commercial customers with P&C products and consumers through A&H and personal lines Far East: Operations in Japan serving commercial customers with P&C products and consumers through A&H and personal lines Chubb Global Markets Commercial P&C excess and surplus lines sold by wholesale brokers in the London market and through Lloyd’s Life Chubb Life Life, health and savings-oriented insurance products sold by captive agents, independent financial advisors, retailers, banks, and direct marketing channels, including telemarketing and digital, primarily in Asia but also across Latin America Huatai Life In mainland China, Chubb has majority ownership of Huatai Life, a fast-growing life insurer in the second-largest insurance market in the world. Reinsurance Chubb Tempest Re P&C reinsurance sold worldwide by reinsurance brokers Fourth Quarter 2024
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• For large corporations and multinationals, Chubb’s underwriting, claims and risk engineering professionals have the underwriting expertise, risk appetite and global network to tailor insurance coverage and services to help clients reduce risk and mitigate loss. • For middle market businesses, Chubb delivers a broad range of high-quality customized and packaged products and services. • For small businesses, coverage includes packaged and customized solutions to meet specific needs. Commercial Property & Casualty Products and Industry Practices Commercial Coverages • Agriculture • Aviation/Aerospace • Business Owners Policy (BOP) • Builders Risk • Commercial Auto • Contract Liability • Construction/Wrap-Ups • Crime and Fidelity • Cyber • Directors & Officers • Energy & Power Generation • Employment Practices Liability • Environmental • Equipment Breakdown • Events Liability • Excess/Umbrella • Fiduciary Liability • Financial Lines • Foreign Casualty • General Liability • Group Personal Excess Liability • Kidnap & Ransom • Management Liability • Marine — Inland/Ocean • Media Liability • Medical Risk • Mergers & Acquisitions • Package • Political Risk/Trade Credit • Product Liability/Recall • Property • Railroad Liability • Professional Liability • Specialty Casualty • Surety • Transactional Risk • Workers’ Compensation • Workplace Violence Expense Industry Practices • Advanced Manufacturing • Climate Tech • Construction • Cultural Institutions • Educational Institutions • Energy • Federal Government Contractors • Financial Institutions • Food Processing/Distribution • Global Mergers & Acquisitions • Healthcare • Healthcare Information Technology • Law Firms • Life Sciences • Manufacturing • Marine Operations • Media/Entertainment • Mergers & Acquisitions • Multinational • Not-for-Profit Organizations • Professional Services Firms • Private Companies • Private Equity • Program Business • Public Entities • Real Estate & Hospitality • Technology • Transportation • Wineries Fourth Quarter 2024
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• Chubb works with distribution partner organizations worldwide to offer affordable personal accident and supplemental health insurance products to employees, members and customers. • Products include employee benefits, special insurance offered through affinity marketing programs, associations and agents, as well as in the commercial market for group coverage. Accident & Health Products and Partners Products • Personal accident (individual and group) • Supplemental health and disability (hospital income, critical illness, cancer, disability) • Travel insurance (business, scholastic and leisure) • Participant accident • Global medical • Employee benefits • Payment protection (life, disability, unemployment) Sponsoring partners • Employers • Financial institutions • Colleges, universities and other learning institutions • K-12 schools, sports organizations, camps, recreational groups, non-profits, charitable and civic organizations • Affinity groups (associations, labor unions, etc.) • Cruise lines, travel agencies and tour operators • Industries (retailers, utilities, telecommunications companies, etc.) Fourth Quarter 2024
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• Chubb is the premier provider of high-value automobile, homeowners, recreational marine/aviation, valuables and umbrella liability coverage, with exceptional claims service, for successful individuals and families in the U.S., Canada and select international markets including the U.K., Ireland, Australia, France, Singapore and the Netherlands. • Chubb’s international personal lines division provides a broad range of traditional and specialty insurance products to targeted customer segments in emerging and developed markets. Personal Lines Insurance Products Homeowners • Fire/water damage • Contents • Theft • Debris removal • Storm damage • Liability • Living expenses Automobile • Collision/damage • Theft/vandalism • Liability • Military personnel • Medical expenses • Property damage • Tourist policies • Towing expenses Recreational Marine Personal Aviation Valuables – Jewelry, Art and Antiques Collector Car Umbrella Liability Mobile Technology Fourth Quarter 2024
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• Chubb Life is an international life insurer, primarily focused on Asia and also operating across Latin America, that offers life, health and savings-oriented insurance products and services to individuals and groups. • Chubb Life serves the needs of consumers through a variety of distribution channels, including captive agents, independent financial advisors, retailers, banks and direct marketing capabilities, both telemarketing and digital. • Operations in nine Asia-Pacific markets: Korea (operating as LINA), mainland China, Hong Kong SAR and Taiwan in North Asia; Vietnam, Thailand, Indonesia and Myanmar in Southeast Asia; and New Zealand. • In mainland China, the company has majority ownership of Huatai Life, a fast-growing life insurer in the second-largest insurance market in the world. Life Insurance Products Protection products • Term life • Whole life • Credit/mortgage life Savings-oriented products • Universal life • Variable/unit-linked • Endowments • Annuities Riders • Personal accident • Disability • In-hospital and surgical cash • Critical illness/cancer • Waiver of premium Group life Group medical Fourth Quarter 2024
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• Chubb Tempest Re provides a broad range of reinsurance products to a diverse array of primary insurance companies worldwide. • The company’s underwriting, actuarial and claims expertise in property catastrophe reinsurance and other diversified lines, including casualty, enables it to tailor solutions to meet the unique, complex needs of each client. Reinsurance Products Property Catastrophe • Occurrence excess of loss • Aggregate excess of loss • Proportional treaties • Reinstatement premium protection • Second- and third-event coverages • Catastrophe bonds • Industry loss warranty coverages Accident & Health Agriculture Automobile Captive Programs Casualty/Liability Cyber Liability Energy Professional Liability Directors and Officers Liability Marine Surety & Fidelity Workers Compensation Fourth Quarter 2024
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P&C Combined Ratio vs. Peers • Chubb is an underwriting company — we have a passion for the art and science of underwriting. • Our underwriters have deep expertise in a broad range of industries and specialty coverage areas — risks where an underwriter makes a difference. • Discipline defines our underwriting approach — we embrace risk as long as we fully understand it and can earn an acceptable return. • Fourth quarter 2024 P&C combined ratio of 85.7%. Excluding catastrophe losses, the current accident year P&C combined ratio was 82.2%. Underwriting Expertise 85% 90% 95% 100% 105% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 The company’s underwriting results have outperformed the average of our peers over the last 10 years (2015-2024). Source: SNL and company disclosures *Includes AIG, ALL, CNA, HIG, Liberty Mutual Group, and TRV. This page contains non-GAAP financial measures. For a reconciliation to the most directly comparable GAAP measures visit Chubb’s Q4 2024 Financial Supplement Averages 1 Year 3 Year 5 Year 10 Year Peers* 93.8% 96.1% 96.5% 97.8% Chubb 86.6% 86.9% 89.2% 89.8% Fourth Quarter 2024
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Claims and Engineering • Chubb’s claim handling service is renowned for its quality, promptness and fairness – Deep technical knowledge and talent – Expertise and scale to handle claims of all sizes and complexity – Investment in technology and innovation to improve claim outcomes and enhance ease of doing business for customers and distribution partners • Industry-leading risk engineering services with more than 400 risk engineers worldwide who help companies anticipate and minimize costly exposures – Extensive technical expertise and business acumen – Trusted guidance and customized risk management programs – Web-based platform and online library of risk management resources to help clients stay ahead of risk • Loss prevention solutions from personal risk services consultants who have proven expertise in residential architectural and interior design, historic home preservation, security, fire protection and collections management Fourth Quarter 2024
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• Chubb’s top leaders have built their entire careers in insurance and managed their business lines through a variety of insurance cycles and economic conditions. Proven Insurance Leadership Evan Greenberg Chairman & Chief Executive Officer Chubb Limited/Chubb Group • Over 48 years of insurance experience • Joined the company in 2001 John Keogh President & Chief Operating Officer Chubb Group • 35 years of insurance experience • Joined the company in 2006 John Lupica Vice Chairman, Chubb Group; Executive Chairman, North America Insurance • Over 35 years of insurance experience • Joined the company in 2000 Bryce Johns Senior Vice President, Chubb Group; President, Chubb Life • Over 25 years of insurance experience • Joined the company in 2022 Juan Luis Ortega Executive Vice President, Chubb Group; President, North America Insurance • Over 25 years of insurance experience • Joined the company in 1999 Paul McNamee Executive Vice President, Chubb Group; President, Overseas General Insurance • Nearly 30 years of insurance experience • Joined the company in 1995 14Fourth Quarter 2024
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Financial Ratings and Balance Sheet Strength • Chubb is highly rated by the rating agencies for financial strength. • The company manages risk on both sides of its balance sheet by maintaining underwriting discipline, managing exposure accumulations and investing assets conservatively. • Chubb’s total capital position is $79.6 billion. • Net loss reserves, which back our policyholder commitments, total $64.2 billion. Rating Agency Financial Strength Rating Outlook S&P AA Stable AM Best A++ Stable Fitch AA Stable Moody’s Aa2 Stable Balance Sheet Highlights $ in billions 12/31/24 Total Assets $246.5 Total Investments 150.7 Net Loss Reserves 64.2 Total Debt 15.6 Chubb Shareholders’ Equity 64.0 Total Capital 79.6 As of March 5, 2025 Fourth Quarter 2024
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Conservative Investment Philosophy • 81% of Chubb’s investment portfolio is in fixed maturity securities, with an average credit quality of A (S&P) and A (Moody’s) and a duration of nearly five years. • The portfolio’s asset allocation is well diversified across issuers, geographies and sectors. 30% 24% 18% 11% 9% 7% Credit Quality 1% Other 36% 35% 22% 4% Asset Allocation Corporate and asset- backed securities $121.8 Billion Fixed Maturity Investment Portfolio (As of December 31, 2024) AA ABBB AAA BB B 2% U.S. Treasury/Agency Short-term investments 1% Municipal Non-U.S. Mortgage- backed securities Fourth Quarter 2024
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Sustainability at Chubb Our Mission Good corporate citizenship lies at our core – how we practice our craft of insurance, how we work together to serve our customers, how we treat each other, and how we help to make a better world. We accomplish our mission by providing the security from risk that allows people and businesses to grow and prosper. Our mission is realized by sustaining a culture that values and rewards excellence, integrity, inclusion and opportunity; by working to protect our planet and assisting less fortunate individuals and communities in achieving and sustaining productive and healthy lives; and by promoting the rule of law. Within this larger framework of corporate citizenship, Chubb’s commitment to sustainability is demonstrated through our leading work in developing approaches to insuring the transition to the net-zero economy, our operational sustainability practices, and our policies and standards that promote an inclusive global workplace and strive to maintain the highest ethical standards in all that we do. Our commitment to sustainability comes from the very top of the company and is embedded in our governance. As part of our sustainability program, we continuously evaluate evolving regulatory and voluntary approaches to sustainability disclosure and evaluate their suitability for our strategic purposes, including meeting the informational needs of our various stakeholders. Chubb Limited 2023 Sustainability Report Chubb has long been committed to communicating important information about environmental and sustainability initiatives to a range of stakeholders: our clients, shareholders, employees, business partners, the communities where we operate, and others who have a general interest in our company, our industry, and environmental and sustainability initiatives. These communications include an annual report prepared in accordance with the Task Force on Climate-Related Financial Disclosures reporting framework (TCFD Report), a UN Global Compact Communication on Progress, a Global Prohibition on Modern Slavery Statement, and a variety of other public reports and disclosures on sustainability, which are available at https://about.chubb.com/citizenship.html. In 2024, Chubb produced its first combined report covering multiple sustainability topics. Our 2023 Sustainability Report is available at https://s201.q4cdn.com/471466897/files/doc_financials/2023/ ar/chubb-2023-sustainability-report.pdf The Sustainability Report addresses the following topics: • Our approach to sustainability • Governance of sustainability risks • Environmental matters and climate change • Chubb’s workforce • Business conduct and human rights Fourth Quarter 2024