Chubb Limited (NYSE:CB) Q4 2022 Earnings Conference Call February 1, 2023 8:30 AM ET Company Participants Karen Beyer - Senior Vice President, Investor Relations Evan Greenberg - Chairman and Chief Executive Officer Peter Enns - Chief Financial Officer Conference Call Participants David Motemaden - Evercore ISI Elyse Greenspan - Wells Fargo Paul Newsome - Piper Sandler Greg Peters - Raymond James Tracy Benguigui - Barclays Brian Meredith - UBS Alex Scott - Goldman Sachs Mike Zaremski - BMO Operator Good mor ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission File No. 1-11778 CHUBB LIMITED (Exact name of registrant as specified in its charter) Switzerland 98-0091805 (State or other jurisdic ...

Chubb Limited (NYSE:CB) Q3 2022 Earnings Conference Call October 26, 2022 8:30 AM ET Company Participants Karen Beyer - Senior Vice President, Investor Relations Evan Greenberg - Chairman & Chief Executive Officer Peter Enns - Chief Financial Officer Conference Call Participants Michael Phillips - Morgan Stanley David Motemaden - Evercore ISI Yaron Kinar - Jefferies Elyse Greenspan - Wells Fargo Greg Peters - Raymond James Tracy Benguigui - Barclays Meyer Shields - KBW Brian Meredith - UBS Alex Scott - Gold ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission File No. 1-11778 CHUBB LIMITED (Exact name of registrant as specified in its charter) Switzerland 98-0091805 (State or other jurisdiction ...

Chubb Ltd (NYSE:CB) Q2 2022 Earnings Conference Call July 27, 2022 8:30 AM ET Company Participants Karen Beyer - SVP, IR Evan Greenberg - Executive Chairman & CEO Peter Enns - EVP & CFO Timothy Boroughs - EVP & CIO, Chubb Group Conference Call Participants Michael Phillips - Morgan Stanley David Motemaden - Evercore ISI Elyse Greenspan - Wells Fargo Securities Charles Peters - Raymond James & Associates Alexander Scott - Goldman Sachs Group Brian Meredith - UBS Tracy Benguigui - Barclays Bank Yaron Kinar - ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission File No. 1-11778 CHUBB LIMITED (Exact name of registrant as specified in its charter) Switzerland 98-0091805 (State or other jurisdiction ...

Chubb Limited (NYSE:CB) Q1 2022 Earnings Conference Call April 27, 2022 8:30 AM ET Company Participants Karen Beyer - Senior Vice President, Investor Relations Evan Greenberg - Chairman and Chief Executive Officer Peter Enns - Chief Financial Officer Conference Call Participants Yaron Kinar - Jefferies Michael Phillips - Morgan Stanley Greg Peters - Raymond James Elyse Greenspan - Wells Fargo David Motemaden - Evercore ISI Paul Newsome - Piper Sandler Alex Scott - Goldman Sachs Meyer Shields - KBW Operator ...

Loss Reserves and Expenses - As of December 31, 2021, the company's gross unpaid loss and loss expense reserves were $72.9 billion, while net unpaid reserves were $56.8 billion[266]. - The company incurred losses and loss expenses of $28.0 billion in 2021, compared to $21.9 billion in 2020[268]. - The total losses and loss expenses paid in 2021 amounted to $22.2 billion, an increase from $17.9 billion in 2020[268]. - Approximately 78% of the company's loss reserves are related to casualty business, which involves long-tail risks requiring significant judgment[266]. - The establishment of loss reserves involves complex estimates and judgments, particularly for high excess casualty claims and asbestos-related claims[270]. - The reserve for unpaid losses and loss expenses at December 31, 2021, is approximately $9.9 billion, with a potential impact of about 9.5% (approximately $942 million) from a one percentage point change in the tail factor for Workers' Compensation[276]. - For the U.S. Excess/Umbrella portfolios, a five percentage point change in the tail factor could result in a change of approximately $584 million, representing an impact of about 18.6% relative to recorded net loss and loss expense reserves of approximately $3.1 billion[279]. - A 20% shortening or lengthening of development patterns for U.S. long-tail lines would change the loss reserve estimate by approximately $220 million, impacting recorded net loss and loss expense reserves of approximately $680 million by 32%[292]. - The majority (approximately 67%) of reserves in the North America Agricultural Insurance segment are from crop-related lines, with most liabilities expected to be resolved within the next twelve months[282]. - Almost 95% of Personal Lines net ultimate losses and allocated loss adjustment expenses are typically paid within five years of the accident date, with 80% paid within two years[281]. - A six-month lengthening of selected loss development patterns would increase reserve estimates for long-tail casualty and financial lines by approximately $611 million, representing an impact of 14.8% relative to recorded net loss and loss expense reserves of approximately $4.1 billion[283]. - The company has exposure to certain liability insurance and reinsurance lines that have been in run-off since 1994, primarily related to A&E and molestation claims[293]. - The estimation of asbestos liabilities is sensitive to changes in the legal, social, and economic environment, with significant variables impacting predicted outcomes[296]. Financial Performance - Consolidated net income reached a record $8.5 billion in 2021, up 141.7% from $3.5 billion in 2020, driven by strong P&C underwriting results and record net investment income[330][331]. - Net premiums written increased to $37.9 billion, a 12.0% rise from $33.8 billion in 2020, primarily due to growth in commercial lines[331][339]. - Net premiums earned rose to $36.4 billion, up 9.8% from $33.1 billion in 2020, reflecting growth in commercial lines and stable consumer lines[332][343]. - The P&C combined ratio improved to 89.1% in 2021 from 96.1% in 2020, with a current accident year combined ratio of 84.8%[334]. - Net investment income was a record $3.5 billion, compared to $3.4 billion in 2020, driven by higher returns from private equity partnerships[335]. - Operating cash flow reached a record $11.1 billion in 2021[335]. - Shareholders' equity increased by $273 million, reflecting net income of $8.5 billion and total capital returned to shareholders of $6.3 billion[336]. - The company expects continued growth and margin improvement in 2022, capitalizing on favorable underwriting conditions and strategic investments, including the acquisition of Cigna's Life and Accident and Health Insurance Business[337]. - Commercial lines grew by 17.7%, while consumer lines saw moderate growth of 1.5% in 2021[339]. - The company reported a pre-tax net favorable prior period development of $926 million for 2021, including $443 million in adverse development for molestation claims[354]. - The loss and loss expense ratio decreased to 62.6% in 2021 from 68.5% in 2020, benefiting from lower catastrophe losses and favorable prior period development[358]. - The company reported a total of $1,175 million in catastrophe losses for various events, including flooding, tornadoes, and winter-related storms[351]. Catastrophe Losses - Total pre-tax catastrophe losses were $2.4 billion, contributing 7.1 percentage points to the P&C combined ratio, down from $3.3 billion in 2020[332]. - Catastrophe losses for Hurricane Ida amounted to $400 million in North America Commercial P&C Insurance and $231 million in North America Personal P&C Insurance, totaling $856 million[346]. - Total catastrophe losses for the year reached $2,411 million, with $1,112 million from North America Commercial P&C Insurance and $663 million from North America Personal P&C Insurance[346]. - The company experienced $925 million in catastrophe losses related to COVID-19, with total losses for the year amounting to $3,273 million[350]. - The total after income tax for the year was reported at $1,984 million, reflecting the impact of catastrophe losses and tax benefits[346]. - The company recorded $1,871 million in total before income tax for catastrophe losses, with significant contributions from U.S. hurricanes and flooding events[350]. - Catastrophe losses decreased significantly to $1,112 million in 2021 from $1,871 million in 2020[367]. Investment Performance - The total investment portfolio generated net realized gains of $704 million in 2021, a recovery from net unrealized losses of $(2,919) million in the previous year[416]. - The company experienced realized losses of $202 million in 2021 related to derivative instruments that decrease in fair value when the S&P 500 index increases[416]. - The total mark-to-market gain on private equity investments was $2,115 million in 2021, significantly up from $714 million in 2020[438]. - The company reported a favorable net premium adjustment of $792 million, indicating strong performance in premium collections[435]. - The average invested assets rose to $116,475 million in 2021 from $109,766 million in 2020[437]. - The market yield on fixed maturities improved to 2.3% in 2021 from 1.7% in 2020[437]. - The company’s foreign exchange transactions resulted in net gains of $348 million in 2021, despite previous losses of $(530) million[416]. Risk Management and Strategy - The company emphasizes the importance of liquidity, supported by cash balances, liquid investments, credit facilities, and reinsurance protection[262]. - The company has not purchased any retroactive ceded reinsurance contracts since 1999, focusing on cost-effective multi-year excess of loss contracts[309]. - The company maintains a few aggregate excess of loss reinsurance contracts primarily entered into before 2003, indicating a strategic approach to risk management[309]. - The company has established strict contractual investment rules to maintain diversified exposures and actively manage compliance with portfolio guidelines[444]. - The company uses a risk-free rate of return consistent with the expected average duration of loss payments for cash flow analyses[307]. - The company has established protocols for structured products that include criteria triggering an accounting review prior to quoting[308]. Tax and Deferred Tax - The net deferred tax liability as of December 31, 2021, was $389 million, with a valuation allowance of $92 million indicating potential non-realization of certain deferred tax assets[323][325]. - The effective income tax rate (ETR) was 13.0% in 2021, down from 15.1% in 2020, influenced by a higher percentage of income generated in lower tax jurisdictions[418]. - The deferred tax liability associated with Other intangible assets was $1,212 million as of December 31, 2021, with an expected total reduction of $280 million over the next five years[442]. Segment Performance - Segment income for North America Commercial P&C Insurance increased by 49.0% to $4,359 million in 2021[365]. - The North America Personal P&C Insurance segment generated $4,915 million in net premiums earned[429]. - The overseas insurance general segment reported a loss and loss expense ratio of 89.1%[429]. - Life Insurance underwriting income decreased by $14 million in 2021, primarily due to a decrease in net premiums written[408]. - Deposits collected on universal life and investment contracts increased by 56.6% to $2.441 billion in 2021 from $1.559 billion in 2020[407].

Financial Data and Key Metrics Changes - Core operating income for Q4 was $1.65 billion or $3.81 per share, up nearly 20% year-over-year [9] - For the full year, net and core operating income reached $8.5 billion and $5.6 billion, respectively, both record results [9] - Underwriting income for Q4 was $1.27 billion, a 31% increase year-over-year, with a combined ratio of 85.5% [10] - Full year P&C underwriting income was a record $3.7 billion, up over 200% despite $2.4 billion in catastrophe losses [11] - Adjusted net investment income for Q4 topped $900 million, with a record $3.7 billion for the year [12] Business Line Data and Key Metrics Changes - P&C premiums in Q4 increased by 9.6%, with commercial premiums up 13% and consumer premiums up 2.2% [15] - For the year, premium revenue grew by 13%, the strongest organic growth since 2003, with commercial up 17.7% and consumer up 2.3% [15] - North America commercial premiums grew over 11%, while international commercial P&C premiums grew 15% [24] - The retail business achieved a 100% retention rate on a premium basis and 89% on an account basis [20] - Net premiums in the North America high net worth personal lines business were up 3.3%, with a 13.5% increase in homeowners portfolio pricing [28] Market Data and Key Metrics Changes - Total premiums in North America grew 8.7%, with commercial up over 11% [18] - Internationally, retail commercial growth varied by region, with premiums up 19% in the U.K. and Europe [24] - In the Asia-focused international life insurance business, net premiums plus deposits were up about 25% in Q4 [29] - Global Re business net premiums were up 37%, though caution remains in most lines due to inadequate rates [30] Company Strategy and Development Direction - The company is focused on strategic investments, including increasing ownership in Huatai Group and integrating the Cigna transaction [14] - The company expects continued growth and margin improvement in 2022, capitalizing on favorable underwriting conditions [31] - Investment income is anticipated to rise as interest rates increase and spreads widen [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's future, citing strong market conditions and growth opportunities [31] - The company is vigilant in managing inflation and loss costs, with expectations that rates will continue to exceed loss costs [84] - Management noted that consumer lines growth is expected to improve as the pandemic eases [31] Other Important Information - The company returned $1.2 billion to shareholders in Q4, including $905 million in share repurchases [36] - Book value per share increased to an all-time high of $139.99, with a reported ROE of 14.4% for Q4 [38][39] - Pre-tax catastrophe losses for Q4 were $275 million, primarily from weather-related events [41] Q&A Session Summary Question: Impact of tightening terms and conditions on premium pressure - Management clarified that tightening terms and conditions have been a consistent trend and not a new development [45] Question: Reasons for sequential slowdown in commercial lines premiums - Management noted that Q4 was one of the strongest quarters for growth, with seasonal factors influencing premium growth [47] Question: Approach to loss trends and reserve management - Management emphasized a conservative approach to reserves, acknowledging the impact of COVID on claims reporting [49] Question: Update on capital position post-Cigna and Huatai deals - Management indicated that existing cash resources will be used for financing, with no expected impact on dividends or buybacks [54] Question: Insights on inflation and its impact on claims - Management acknowledged wage inflation and its effects on compensation, estimating it in the 3.5% to 4% range [89]

Chubb Limited (NYSE:CB) Q3 2021 Earnings Conference Call October 27, 2021 8:30 AM ET Company Participants Evan Greenberg – CEO Karen Beyer – Investor Relations Peter Enns – Chief Financial Officer Conference Call Participants Michael Phillips – Morgan Stanley David Motemaden – Evercore ISI Elyse Greenspan – Wells Fargo Mike Zirinski – Wolfe Research Tracy Benguigui – Barclays Greg Peters – Raymond James Ryan Tunis – Autonomous Brian Meredith – UBS Meyer Shields – KBW Operator Ladies and gentlemen, please s ...