Chubb (CB) 10-K risk factor changes: FY2020 vs FY2019

At December 31, [removed: 2019,] [added: 2020,] gross A&E liabilities represented approximately [removed: 3.2] [added: 2.8] percent of our gross loss reserves.

In addition, the amount and timing of the settlement of our P&C liabilities are uncertain and our actual payments could be higher than contemplated in our loss reserves owing to the impact of insurance, [added: judicial decisions, and/or social inflation.]

Our reinsurance business also purchases retrocessional protection which allows a reinsurer to cede to another company [removed: all or part of the reinsurance originally assumed by the reinsurer.]

At December 31, [removed: 2019,] [added: 2020,] we had [removed: $15.4] [added: $15.8] billion of reinsurance recoverables, net of reserves for uncollectible recoverables.

At December 31, [removed: 2019,] [added: 2020,] the aggregate reinsurance balances ceded by our active subsidiaries to Century were approximately [removed: $1.5] [added: $1.6] billion.

Thus, the intercompany reinsurance recoverables would be at risk to the extent of the [added: shortage of assets remaining to pay these recoverables.]

Our net income is directly impacted by [removed: changes] [added: the change] in the [removed: reserves] [added: reserve] calculated in connection with the reinsurance of GMDB [added: liability] and [added: by the change in the fair value of the] GLB [removed: liabilities.][added: liability.]

Moreover, [removed: we] [added: a deposit] paid [removed: deposits] in connection with our [removed: pending acquisition of] [added: agreement to acquire] additional shares of Huatai [removed: Insurance] Group [removed: Company Limited (Huatai Group), which] exposes us to risk if the [removed: transactions are] [added: transaction is] not completed.

[added: In nearly all cases we are required] under such policies to pay covered claims first, and then seek reimbursement for amounts within the applicable deductible from our customers.

[removed: Interest rates are] [added: Our investment performance is] highly sensitive to many factors, including [added: interest rates,] inflation, monetary and fiscal policies, and domestic and international political conditions.

Our mitigation efforts include maintaining a [removed: high quality] [added: high-quality] portfolio of primarily fixed income investments with a relatively short duration to reduce the effect of interest rate changes on book value.

However, a smaller portion of the portfolio, approximately [removed: 16] [added: 18] percent at December 31, [removed: 2019,] [added: 2020,] is invested in below investment-grade securities.

Declines in relevant stock and other financial [removed: markets,] [added: markets] and other factors impacting the value of our [removed: investments,] [added: investments] could result in [removed: impairments and could adversely affect] [added: an adverse effect on] our net income and other financial results.

We may need to raise additional funds through financings [added: or access funds through existing or new credit facilities or through short-term repurchase agreements.]

[removed: We] cannot give any assurance regarding whether or to what extent any of the rating agencies might downgrade our ratings in the future.

As a result, in order to maintain our share repurchase program, our shareholders must periodically authorize, through ballot item approval at our annual general meeting, [added: a reduction in our share capital through the cancellation of designated blocks of repurchased shares held in treasury.]

The principal currencies creating foreign exchange risk are the [removed: British pound sterling, the] euro, [removed: the] [added: British pound, Canadian dollar, Chinese yuan, Australian dollar,] Mexican peso, [removed: the] Brazilian real, [removed: the] Korean won, [removed: the Canadian dollar, the] Japanese yen, [removed: the] Thai baht, [removed: the Australian dollar,] and [removed: the] Hong Kong dollar.

At December 31, [removed: 2019,] [added: 2020,] approximately [removed: 16.6] [added: 21.4] percent of our net assets were denominated in foreign currencies.

[removed: The current economic and financial climates present] additional uncertainties and risks relating to increased regulation and the potential for increased involvement of the U.S. and other governments in the financial services industry.

Regulators in countries where we have operations [removed: are working] [added: continue to work] with the International Association of Insurance Supervisors (IAIS) to consider changes to insurance company supervision, including with respect to group supervision and solvency requirements.

The IAIS has developed a Common Framework for the Supervision of Internationally Active Insurance Groups [removed: (ComFrame)] [added: (ComFrame),] which is focused on the effective group-wide supervision of international active insurance groups (IAIGs), such as Chubb.

As part of ComFrame, the IAIS [removed: has announced plans to develop] [added: is developing] an international capital standard for [removed: insurance groups.][added: such IAIGs.]

The details of [removed: ComFrame including] this global capital standard and its applicability to Chubb are [added: evolving and] uncertain at this time.

In addition, Chubb businesses across the EU are subject to Solvency II, a capital and risk management [removed: regime] [added: regime,] and our Bermuda businesses are subject to an equivalent of the EU's Solvency II regime.

[removed: While it is not certain how or if these actions will] [added: The] impact [removed: Chubb,] [added: to Chubb of these developments remains uncertain, although currently] we do not [removed: currently] expect that our capital management strategies, results of operations and financial condition will be materially affected by these regulatory changes.

We are subject to numerous U.S. federal and state laws and non-U.S. regulations governing the protection of personal and confidential information of our clients and employees, including in relation to medical records, credit card data and financial [added: information.]

Additionally, [removed: in 2017,] the National Association of Insurance Commissioners (NAIC) adopted an Insurance Data Security Model Law, which requires licensed insurance entities to comply with detailed information security requirements.

The EU General Data Protection Regulation (the [removed: “GDPR”), which became effective in 2018,] [added: “GDPR”)] is a comprehensive regulation applying across all EU member states.

Significant other comprehensive privacy laws have been enacted by other jurisdictions, most notably the California Consumer Privacy Act [removed: (CCPA)] [added: (CCPA), the California Privacy Rights Act (CPRA),] and Brazil’s Lei Geral de Protecao de [removed: Dados,] [added: Dados (LGPD),] which may affect our use of data and could affect our operations and subject us to fines and actions for noncompliance.

[removed: Political] [added: Economic] uncertainty in [added: either or both of] the United Kingdom [added: ("U.K.")] and the European Union [removed: may lead to volatility] [added: ("EU"),] and/or [added: operational uncertainty between them, may] have an adverse effect on our business, our liquidity and financial condition, and our stock price.

The U.K. [removed: ratified the withdrawal agreement and] ceased to be a [removed: Member State] [added: member] of the EU [removed: (Brexit)] on January 31, [removed: 2020.][added: 2020 ("Brexit").]

[removed: We] [added: Throughout both the EU and U.K., we] have [removed: a] significant [removed: investment there] [added: investments] in both financial and human resources, as well as a large portfolio of commercial and consumer insurance [removed: business throughout France.][added: business.]

[added: We use the modeled outputs and] related analyses to assist us in decision-making (e.g., underwriting, pricing, claims, reserving, reinsurance, and catastrophe risk) and to maintain competitive advantage.

In addition, the modeled outputs and related analyses may from time to time contain inaccuracies, perhaps in [removed: material respects, including as a result of inaccurate inputs or applications thereof.]

[added: In addition to these considerations, changes in the frequency and severity of losses] suffered by insureds and insurers may affect the cycles of the insurance and reinsurance markets significantly, as could periods of economic weakness (such as recession).

[removed: New tax] [added: Tax] legislation known as the Tax Cuts and Jobs Act (2017 Tax Act) was enacted in the U.S. on December 22, 2017.

[removed: During 2018 and 2019,] [added: Since enactment,] the IRS and U.S. Treasury Department [removed: issued] [added: have continued to issue rulings,] notices, [removed: proposed,] and [added: proposed and] final regulations to assist taxpayers in understanding and implementing the new provisions.

[removed: Thus,] [added: Some of this guidance remains subject to comment or in proposed form; thus,] there are many uncertainties relating to its ultimate application and effects on our company.

This framework is a proposal that we expect to develop further in [removed: 2020] [added: 2021] as it is designed by the OECD Secretariat.

[removed: by the end of 2020] [added: These proposals may be completed sometime in 2021 or later] which could be adopted by OECD countries in [removed: 2021] [added: 2022] or later years.

COVID-19 pandemic, the effects of global actions taken to contain its spread, and its economic and societal impact could adversely impact our businesses, invested assets, financial condition, and results of operations.

COVID-19 pandemic (the “virus” or the “pandemic”) is causing significant disruption to public health, the global economy, financial markets, and commercial, social and community activity generally.

The pandemic has had a significant effect on our company’s business operations and, depending on the course of the pandemic and government responses, may have a significant effect on current and future financial results.

We may experience higher levels of loss and, claims activity in certain lines of business in excess of losses we have already recognized, and our premiums could also be adversely affected by any further suppression of global commercial activity that results in a reduction in insurable assets and other exposure.

Financial conditions resulting from the pandemic may also have a negative effect on the value and quality of our portfolio of invested assets, thereby adversely affecting our investment returns and increasing our credit and related risk.

Certain lines of our business, such as our variable annuity life reinsurance business, may require additional forms of collateral in the event of a decline in the securities and benchmarks to which those repayment mechanisms are linked.

To protect our employees and in response to the global and regional restrictions on interpersonal contact and travel because of the pandemic, much of our work force may be working remotely, either for extended periods or intermittently, in response to changing health and regulatory conditions, placing increased demands on our IT systems.

While we have continued to conduct our business effectively throughout the pandemic, there is no assurance that our ability to continue to function in this environment will not be adversely affected by an extended disruption in the telecommunications and internet infrastructures that support our remote work capability.

all or part of the reinsurance originally assumed by the reinsurer.

Additionally, the fair value of GLB liabilities is impacted by market conditions.

As a part of our ongoing analysis of our investment portfolio, we are required to assess current expected credit losses for all held-to-maturity securities and evaluate expected credit losses for available-for-sale securities when fair value is below amortized cost, which considers reasonable and supportable forecasts of future economic conditions in addition to information about past events and current conditions.

This analysis requires a high degree of judgment.

Financial assets with similar risk characteristics and relevant historical loss information are included in the development of an estimate of expected lifetime losses.

We

The current economic and financial climates present

A number of states have enacted it into law, and it is not yet known whether or not, and to what extent, additional states will enact it.

Economic relations between the U.K. and the EU are now governed by a Trade and Cooperation Agreement which is limited in scope to primarily the trade of goods, transport, energy links and fishing.

Uncertainties remain relating to certain aspects of the U.K.'s future economic, trading and legal relationships with the EU and with other countries, including with respect to financial services industries such as ours.

Moreover, free movement of persons, services and capital between the U.K. and the EU ended on January 1, 2021, which has meant the loss to U.K./EU service sectors of the automatic right to offer such services across the EU and U.K. The overall

macroeconomic impact of Brexit - an impact which inevitably affects the volume of business we transact in Europe - is not yet clear.

On an operational level, we have already redomiciled our primary European carriers from the U.K. to France although we will continue to have a substantial presence in London and elsewhere in the U.K.

material respects, including as a result of inaccurate inputs or applications thereof.

The Biden Administration and several members of the U.S. Congress have suggested enacting legislation intended to modify aspects of the 2017 Tax Act.

This legislation may include increases to the corporate income tax rate, as well as modifications to the GILTI provisions.

It is possible that such legislation or other legislation could be enacted in the future and could have an adverse impact on us or our shareholders.

business taxable income.

The final regulations are effective for tax years beginning after January 15, 2021 and would not apply to us until 2022.

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judicial decisions, and/or social inflation.

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shortage of assets remaining to pay these recoverables.

In addition, our net income is directly impacted by the change in the fair value of the GLB liability.

In nearly all cases we are required

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Given the risk that London Interbank Offered Rate (LIBOR) will no longer be available, we are monitoring industry efforts via our external investment managers to transition away from LIBOR by the end of 2021.

As a part of our ongoing analysis of our investment portfolio, we are required to assess whether the fixed maturities we hold for which we have recorded an unrealized loss have been “other-than-temporarily impaired” under GAAP, which implies an inability to recover the full economic benefits of these securities.

Refer to Note 2 to the Consolidated Financial Statements for additional information.

This analysis requires a high degree of judgment and requires us to make certain assessments about the potential for recovery of the assets we hold.

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or access funds through existing or new credit facilities or through short-term repurchase agreements.

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a reduction in our share capital through the cancellation of designated blocks of repurchased shares held in treasury.

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information.

It is not yet known whether or not, and to what extent, states legislatures or insurance regulators where we operate will enact the Insurance Data Security Model Law in whole or in part, or in a modified form.

On June 23, 2016, the United Kingdom (U.K.) voted in a national referendum to withdraw from the European Union (EU).

On March 29, 2017, the U.K. government gave notice to the EU, under Article 50(2) of the Treaty on EU, of the U.K.’s intention to withdraw from the EU.

We have significant operations in the U.K. and other EU member states that, operationally, have been affected by Brexit.

In anticipation of Brexit, we redomiciled the headquarters of our European carriers to France effective January 1, 2019.

Paris is the principal office for our Continental European operations.

Following Brexit, Chubb will continue to have a substantial presence in London, in addition to its offices and operations across the U.K. and the EU.

Prior to Brexit, the rules governing the EU Single Market (which is made up of the 27 other EU member states and to some extent, Iceland, Liechtenstein, and Norway (together, the European Economic Area or EEA)) permitted U.K. insurers (as well as EEA insurers operating as passported branches in the U.K., such as our French companies Chubb European Group SE and ACE Europe Life SE), to underwrite risks from the U.K. into EEA member states via a “passport” prior to Brexit.

The withdrawal agreement between the U.K. and the EU includes, following Brexit, a transition or implementation period to avoid a "cliff edge" Brexit, meaning that the U.K. remains subject to, and has the benefit of, all EU legislation, including passporting rights, until December 31, 2020.

This period is intended to enable the EU and the U.K. to negotiate a trade agreement for the post-Brexit relationship between the U.K. and the EU and can, pursuant to the withdrawal agreement, be extended beyond the end of 2020 with the consent of both the U.K. and the EU.

However, the U.K. government included a section in the European Union (United Kingdom Withdrawal Agreement) Act 2020 that has made it illegal for the U.K. Parliament to seek an extension of the transition or implementation period from the EU.

To the extent, therefore, that it proves impossible to negotiate a trade agreement between the U.K. and the EU by December 31, 2020, there remains a risk that a "cliff edge" Brexit may nevertheless arise, including the benefits of passporting rights.

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Even if a free trade agreement is concluded between the U.K. and the EU prior to the end of the transition or implementation period, such free trade agreement may not maintain the passporting rights of U.K. insurers, nor deem relevant U.K. regulations to be equivalent to those of the EU.

In the event that, following the end of the transition or implementation period, U.K. insurers are unable to access the EU Single Market via a passporting arrangement, a regulatory equivalence regime or other similar arrangement, such insurers may not be able to underwrite risks into EEA member states except through local branches incorporated in the EEA.

Such branches might require local authorization, regulatory and prudential supervision, and capital to be deposited.

We use the modeled outputs and

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In addition to these considerations, changes in the frequency and severity of losses

[Table of Contents](#s7C454D468CD65E088F5E6591B62864F8)

There may be changes between this guidance and final regulations to be issued in 2020.

These proposals may be completed

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The following is a discussion of our [removed: results of operations,] financial [removed: condition, and liquidity] [added: condition] and [removed: capital resources as] [added: results] of [removed: and] [added: operations] for the [removed: year] [added: years] ended December 31, [added: 2020 and 2019 and comparisons between 2020 and] 2019.

| MD&A Index | [added: | |] Page | [added: | |]

| [Forward-Looking [removed: Statements](#s860B6500E2285FB180ECF679602AD52B)] [added: Statements](#i558636b6d7bf4505bc4ed361a6e46303_109)] | [removed: [36](#s860B6500E2285FB180ECF679602AD52B)] | [added: | [35](#i558636b6d7bf4505bc4ed361a6e46303_109) | | |]

| [Financial [removed: Highlights](#s403A25F73CF3503F8E6914CCE5AF032A)] [added: Highlights](#i558636b6d7bf4505bc4ed361a6e46303_118)] | [removed: [38](#s403A25F73CF3503F8E6914CCE5AF032A)] | [added: | [37](#i558636b6d7bf4505bc4ed361a6e46303_118) | | |]

| [Critical Accounting [removed: Estimates](#s0A8AA3FE2B835005836796C4239B0CD6)] [added: Estimates](#i558636b6d7bf4505bc4ed361a6e46303_121)] | [removed: [39](#s0A8AA3FE2B835005836796C4239B0CD6)] | [added: | [38](#i558636b6d7bf4505bc4ed361a6e46303_121) | | |]

| [Consolidated Operating [removed: Results](#s2277FF158C355CA783A70180835B2B99)] [added: Results](#i558636b6d7bf4505bc4ed361a6e46303_148)] | [removed: [50](#s2277FF158C355CA783A70180835B2B99)] | [added: | [48](#i558636b6d7bf4505bc4ed361a6e46303_148) | | |]

| [Segment Operating [removed: Results](#s1A2A9A316F995906903220F14917BDE3)] [added: Results](#i558636b6d7bf4505bc4ed361a6e46303_163)] | [removed: [57](#s1A2A9A316F995906903220F14917BDE3)] | [added: | [53](#i558636b6d7bf4505bc4ed361a6e46303_163) | | |]

| [removed: [Net Investment Income](#sEC012A3BD0AB514185275262C5A3428B)] [added: Net investment income] | [removed: [74](#sEC012A3BD0AB514185275262C5A3428B)] | [added: | 30 | | | | | | 30 | | | | | | 28 | | | | | | — | | | | | | | | | 5.0 | | | | | % |]

| [Net Realized and Unrealized Gains [removed: (Losses)](#sD17D28ADE38252388B088D28E9AE8371)] [added: (Losses)](#i558636b6d7bf4505bc4ed361a6e46303_217)] | [removed: [75](#sD17D28ADE38252388B088D28E9AE8371)] | [added: | [61](#i558636b6d7bf4505bc4ed361a6e46303_217) | | |]

| [Amortization of Purchased Intangibles and Other [removed: Amortization](#s55DDFE0734225692A59C0A1FBC728B28)] [added: Amortization](#i558636b6d7bf4505bc4ed361a6e46303_223)] | [removed: [76](#s55DDFE0734225692A59C0A1FBC728B28)] | [added: | [67](#i558636b6d7bf4505bc4ed361a6e46303_223) | | |]

| [Asbestos and Environmental [removed: (A&E)](#s78381907B93A54BFAD1EE962CAB8859C)] [added: (A&E)](#i558636b6d7bf4505bc4ed361a6e46303_229)] | [removed: [80](#s78381907B93A54BFAD1EE962CAB8859C)] | [added: | [72](#i558636b6d7bf4505bc4ed361a6e46303_229) | | |]

| [Catastrophe [removed: Management](#s3E8104A3E0B5572DAF37EC0B42405287)] [added: Management](#i558636b6d7bf4505bc4ed361a6e46303_232)] | [removed: [81](#s3E8104A3E0B5572DAF37EC0B42405287)] | [added: | [73](#i558636b6d7bf4505bc4ed361a6e46303_232) | | |]

| [Natural Catastrophe Property Reinsurance [removed: Program](#sEF51578C51C45317A45806B834D744EF)] [added: Program](#i558636b6d7bf4505bc4ed361a6e46303_238)] | [removed: [81](#sEF51578C51C45317A45806B834D744EF)] | [added: | [74](#i558636b6d7bf4505bc4ed361a6e46303_238) | | |]

| [Political Risk and Credit [removed: Insurance](#s4C1FF52B07BC51759AC1B2BAD1A6C5DD)] [added: Insurance](#i558636b6d7bf4505bc4ed361a6e46303_241)] | [removed: [82](#s4C1FF52B07BC51759AC1B2BAD1A6C5DD)] | [added: | [74](#i558636b6d7bf4505bc4ed361a6e46303_241) | | |]

| [Crop [removed: Insurance](#sB0239801E5C05D2883260E6FDE85D815)] [added: Insurance](#i558636b6d7bf4505bc4ed361a6e46303_244)] | [removed: [83](#sB0239801E5C05D2883260E6FDE85D815)] | [added: | [75](#i558636b6d7bf4505bc4ed361a6e46303_244) | | |]

| [Capital [removed: Resources](#s5DE386B710F75293AA3450AB7CF07713)] [added: Resources](#i558636b6d7bf4505bc4ed361a6e46303_253)] | [removed: [86](#s5DE386B710F75293AA3450AB7CF07713)] | [added: | [79](#i558636b6d7bf4505bc4ed361a6e46303_253) | | |]

| [Contractual Obligations and [removed: Commitments](#s0DCA2018C6BA5C80AC92365E54E06FE6)] [added: Commitments](#i558636b6d7bf4505bc4ed361a6e46303_256)] | [removed: [88](#s0DCA2018C6BA5C80AC92365E54E06FE6)] | [added: | [80](#i558636b6d7bf4505bc4ed361a6e46303_256) | | |]

| [Credit [removed: Facilities](#sD84E90A1B91D5972A9ED815980C3954C)] [added: Facilities](#i558636b6d7bf4505bc4ed361a6e46303_259)] | [removed: [89](#sD84E90A1B91D5972A9ED815980C3954C)] | [added: | [81](#i558636b6d7bf4505bc4ed361a6e46303_259) | | |]

These risks, uncertainties, and other factors, which are described in more detail under Part I, Item 1A, under Risk Factors, [removed: starting on page 19] and elsewhere herein and in other documents we file with the U.S. Securities and Exchange Commission (SEC), include but are not limited to:

[removed: | • |] [added: -] actions that rating agencies may take from time to time, such as financial strength or credit ratings downgrades or placing these ratings on credit watch negative or the equivalent; [removed: |]

[removed: | • |] [added: - changes in] the [added: distribution or placement of risks due to increased consolidation of insurance and reinsurance brokers; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; the] ability to collect reinsurance recoverable, credit developments of reinsurers, and any delays with respect thereto and changes in the cost, quality, or availability of reinsurance; [removed: |]

[removed: | • |] [added: - losses arising out of natural or man-made catastrophes; actual loss experience from insured or reinsured events and] the [added: timing of claim payments; the] uncertainties of the loss-reserving and claims-settlement processes, including the difficulties associated with assessing environmental damage and asbestos-related latent injuries, the impact of aggregate-policy-coverage limits, the impact of bankruptcy protection sought by various asbestos producers and other related businesses, and the timing of loss payments; [removed: |]

[removed: | • |] [added: -] changes to our assessment as to whether it is more likely than not that we will be required to sell, or have the intent to sell, available for sale fixed maturity investments before their anticipated recovery; [removed: |]

[removed: | • |] [added: -] developments in global financial markets, including changes in interest rates, stock markets, and other financial [removed: markets,] [added: markets;] increased government involvement or intervention in the financial services [removed: industry,] [added: industry;] the cost and availability of financing, and foreign currency exchange rate [removed: fluctuations (which we refer to in this report as foreign exchange and foreign currency exchange), which could affect our statement] [added: fluctuations; changing rates] of [removed: operations, investment portfolio, financial condition,] [added: inflation;] and [removed: financing plans; |][added: other general economic and business conditions, including the depth and duration of potential recession;]

[removed: | • |] [added: -] the effects of public company bankruptcies [removed: and/or] [added: and] accounting restatements, as well as disclosures by and investigations of public companies relating to possible accounting irregularities, and other corporate governance [removed: issues, including the effects of such events on: |][added: issues;]

[removed: | • | the] [added: -] actual amount of new and renewal business, [added: premium rates, underwriting margins,] market acceptance of our products, and risks associated with the introduction of new products and services and entering new [removed: markets,] [added: markets; the competitive environment in which we operate,] including [removed: regulatory constraints on exit strategies; |][added: trends in pricing or in policy terms and conditions, which may differ from our projections and changes in market conditions that could render our business strategies ineffective or obsolete;]

[removed: | • |] [added: -] acquisitions made [removed: by us] performing differently than expected, our failure to realize anticipated expense-related efficiencies or growth from acquisitions, the impact of acquisitions on our pre-existing organization, or announced acquisitions not closing; [removed: |][added: risks and uncertainties relating to our planned purchases of additional interests in Huatai Insurance Group Co., Ltd. (Huatai Group), including our ability to receive Chinese insurance regulatory approval and complete the purchases;]

[removed: | • |] [added: -] risks associated with being a Swiss corporation, including reduced flexibility with respect to certain aspects of capital management and the potential for additional regulatory burdens; [removed: |][added: share repurchase plans and share cancellations;]

[removed: | • |] [added: -] the availability of borrowings and letters of credit under our credit facilities; [removed: |][added: the adequacy of collateral supporting funded high deductible programs; the amount of dividends received from subsidiaries;]

[removed: | • |] [added: -] loss of the services of any of our executive officers without suitable replacements being recruited in a reasonable time frame; [removed: |]

[removed: | • |] [added: -] the ability of our technology resources, including information systems and security, to perform as anticipated such as with respect to preventing material information technology failures or third-party infiltrations or hacking resulting in consequences adverse to Chubb or its customers or partners; [removed: |][added: the ability of our company to increase use of data analytics and technology as part of our business strategy and adapt to new technologies; and]

[removed: | • |] [added: -] management’s response to these factors and actual events (including, but not limited to, those described above). [removed: |]

[removed: *The] [added: The] words “believe,” “anticipate,” “estimate,” “project,” “should,” “plan,” “expect,” “intend,” “hope,” “feel,” “foresee,” “will likely result,” [removed: or] “will continue,” and variations thereof and similar expressions, identify forward-looking statements.

[removed: You] [added: *You] are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.

Our product and geographic diversification [removed: differentiates] [added: differentiate] us from the vast majority of our competitors and has been a source of stability during periods of industry volatility.

Refer to “Liquidity” and “Capital Resources” for additional [removed: information.][added: information .]

Financial Highlights for the Year [removed: Ended December] [added: Ended December] 31, [removed: 2019][added: 2020]

[removed: | • |] [added: -] Net [added: investment] income was [removed: $4,454] [added: $3,375] million compared with [removed: $3,962] [added: $3,426] million in [removed: 2018. |][added: 2019.]

| [removed: • |] Net premiums written [removed: were $32.3 billion, up] [added: - constant dollars (1) | | | | | | | | | | | | | | | | | | | | |] 5.5 [removed: percent, or] [added: | | % | | | |] 7.0 [removed: percent on a constant-dollar basis.] | [added: | % |]

[removed: | • |] P&C [removed: combined ratio was 90.6 percent in both 2019 and 2018. P&C] current accident year combined ratio excluding catastrophe losses was [removed: 89.2] [added: 86.7] percent compared with [removed: 88.0] [added: 89.2] percent in [removed: 2018, reflecting the increase in the North America Agricultural Insurance segment combined ratio noted above. |][added: 2019.]

Comparisons between 2019 and 2018 have been omitted from this Form 10-K, but can be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our Form 10-K for the year ended December 31, 2019.

| [Overview](#i558636b6d7bf4505bc4ed361a6e46303_112) | | | [36](#i558636b6d7bf4505bc4ed361a6e46303_112) | | |

| [Non-GAA](#i558636b6d7bf4505bc4ed361a6e46303_202)[P Reconciliation](#i558636b6d7bf4505bc4ed361a6e46303_202) | | | [63](#i558636b6d7bf4505bc4ed361a6e46303_202) | | |

| [Investments](#i558636b6d7bf4505bc4ed361a6e46303_226) | | | [68](#i558636b6d7bf4505bc4ed361a6e46303_226) | | |

| [Liquidity](#i558636b6d7bf4505bc4ed361a6e46303_247) | | | [76](#i558636b6d7bf4505bc4ed361a6e46303_247) | | |

| [Ratings](#i558636b6d7bf4505bc4ed361a6e46303_262) | | | [82](#i558636b6d7bf4505bc4ed361a6e46303_262) | | |

- infection rates and severity of COVID-19 and related risks, and their effects on our business operations and claims activity, and any adverse impact to our insureds, brokers, agents, and employees; actual claims may exceed our best estimate of ultimate insurance losses incurred through December 31, 2020 which could change including as a result of, among other things, the impact of legislative or regulatory actions taken in response to COVID-19;

- uncertainties relating to governmental, legislative and regulatory policies, developments, actions, investigations, and treaties; judicial decisions and rulings, new theories of liability, legal tactics, and settlement terms; the effects of data privacy or cyber laws or regulation; global political conditions and possible business disruption or economic contraction that may result from such events;

Refer to Note 2 to the Consolidated Financial Statements for our most recent acquisitions.

- Net income was $3.5 billion compared with $4.5 billion in 2019, including after-tax catastrophe losses of $2.8 billion compared with $966 million in 2019.

- The COVID-19 global pandemic and related economic conditions adversely impacted our results of operations and growth in 2020, including:

◦Net catastrophe losses included a COVID-19 charge of $1,396 million pre-tax ($1,193 million after-tax), generated primarily from entertainment and commercial property-related business interruption, liability insurance products, and workers’ compensation.

These COVID-19 losses added 4.5 percentage points to the P&C combined ratio.

◦Net premiums written in consumer lines globally declined by 1.9 percent, or 0.9 percent on a constant-dollar basis, principally reflecting the impact of COVID-19.

A&H lines experienced negative growth globally and were down 10.6 percent for the year.

Partially offsetting the decline was our U.S. high net worth personal lines business, which grew 2.8 percent in 2020.

- Net premiums written were $33.8 billion, up 4.8 percent, or 5.5 percent on a constant-dollar basis with 9.3 percent growth in commercial lines and a decline of 0.9 percent in consumer lines.

Refer to page 49 for more detail.

- Net premiums earned were $33.1 billion, up 5.8 percent, or 6.5 percent on a constant-dollar basis with growth in commercial lines of 8.9 percent and consumer lines of 2.5 percent.

- P&C combined ratio was 96.1 percent compared with 90.6 percent in 2019.

- Total pre-tax and after-tax catastrophe losses, including reinstatement premiums, were $3.3 billion and $2.8 billion, respectively, compared with $1.2 billion and $966 million, respectively, in 2019.

Refer to the Consolidated Operating Results section for additional information on our catastrophe losses.

- Operating cash flow was $9.8 billion compared with $6.3 billion in 2019, an increase of $3.4 billion primarily due to higher premiums collected and reduced payment activity due to the economic slowdown related to COVID-19 pandemic.

Refer to the Liquidity section for additional information on our cash flows.

- Shareholders’ equity increased 7.4 percent during the year, principally reflecting strong underlying growth and realized and unrealized gains in our investment portfolio.

Our premium growth in 2020 reflected increases in commercial P&C lines globally from new business, positive rate increases and higher renewal retention.

This growth was tempered by decreases in consumer lines, primarily from outside North America, reflecting the adverse impact of the economic contraction resulting from the COVID-19 pandemic.

Looking forward, we are off to a good start to the year in the first quarter with both growth and the level of commercial P&C rate increases resembling the underwriting conditions of the fourth quarter.

We expect the current market condition to continue which will allow us to continue to grow revenue and expand underwriting margins in our commercial lines.

For consumer lines, growth globally in the fourth quarter of 2020 continued to be impacted by the pandemic's effects on consumer-related activities.

Our international personal lines business and our global A&H business together shrank eight percent.

We expect growth to return in these businesses as the year progresses.

In 2019, Chubb entered into agreements to acquire an additional 22.4 percent ownership interest in Huatai Group through two separate purchases.

The first purchase, which was for a 15.3 percent interest, was completed in July 2020.

We expect that the second purchase, which was for a 7.1 percent interest, will be completed in the future, contingent upon important conditions.

Separately, in November 2020, we completed the purchase of an incremental 0.9 percent ownership interest in Huatai Group, bringing Chubb’s aggregate ownership interest to 47.1 percent as of December 31, 2020.

We continue to apply equity method accounting until we complete the 7.1 percent purchase, which will result in majority ownership at which point we expect to apply consolidation accounting.

*North America Commercial P&C Insurance - Workers' Compensation*

As is the case for Workers’ Compensation above, given the long reporting and paid development patterns, the development factors used to project actual current losses to ultimate losses for our current exposure require considerable judgment that could be material to consolidated loss and loss expense reserves.

Specifically, for our main U.S. Excess/Umbrella portfolios, a five percentage point change in the tail factor (e.g., 1.10 changed to either 1.15 or 1.05) would cause a change of approximately $546 million, either positive or negative, for the projected net loss and loss expense reserves.

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| [Overview](#s6930FB820772508DB4828980AD681249) | [38](#s6930FB820772508DB4828980AD681249) |

| [Interest Expense](#sC01E9EF62185585D82FFB159AD7A674F) | [74](#sC01E9EF62185585D82FFB159AD7A674F) |

| [Investments](#s00D4ECC7FAD95DE9ACD2D77C0B23B053) | [77](#s00D4ECC7FAD95DE9ACD2D77C0B23B053) |

| [Liquidity](#sF8E8A86471015336B197CDC403D69041) | [84](#sF8E8A86471015336B197CDC403D69041) |

| [Ratings](#sC58CD74F9E705C3599B4EBD4322D13B3) | [90](#sC58CD74F9E705C3599B4EBD4322D13B3) |

[Table of Contents](#s7C454D468CD65E088F5E6591B62864F8)

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| • | losses arising out of natural or man-made catastrophes such as hurricanes, typhoons, earthquakes, floods, climate change (including effects on weather patterns; greenhouse gases; sea, land and air temperatures; sea levels; and rain and snow), nuclear accidents, or terrorism which could be affected by: |

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| • | the number of insureds and ceding companies affected; |

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| • | the amount and timing of losses actually incurred and reported by insureds; |

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| • | the impact of these losses on our reinsurers and the amount and timing of reinsurance recoverable actually received; |

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| • | the cost of building materials and labor to reconstruct properties or to perform environmental remediation following a catastrophic event; and |

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| • | complex coverage and regulatory issues such as whether losses occurred from storm surge or flooding and related lawsuits; |

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| • | actual loss experience from insured or reinsured events and the timing of claim payments; |

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The effect of market movements on our [removed: available for sale investment] [added: fixed maturities] portfolio impacts Net income (through Net realized gains (losses)) when securities are [removed: sold] [added: sold, when we write down an asset,] or when we record [removed: an OTTI charge in Net income.][added: a change to the allowance for expected credit losses.]

At December 31, [removed: 2019] [added: 2020] and [removed: 2018,] [added: 2019,] our notional exposure to derivative instruments was [removed: $4.9] [added: $5.3] billion and [removed: $9.1] [added: $4.9] billion, respectively.

As part of our investing activities, [added: from time to time] we purchase to be announced mortgage backed securities (TBAs).

The following is a discussion of our primary market risk exposures at December 31, [removed: 2019.][added: 2020.]

Our policies to address these risks in [removed: 2019] [added: 2020] were not materially different from [removed: 2018.][added: 2019.]

The following table presents the impact at December 31, [removed: 2019] [added: 2020] and [removed: 2018,] [added: 2019,] on the fair value of our fixed income portfolio of a hypothetical increase in interest rates of 100 bps applied instantly across the U.S. yield curve (an immediate time horizon was used as this presents the worst case scenario):

| (in billions of U.S. dollars, except for percentages) | | [removed: 2019] | | | | [removed: 2018] [added: 2020] | | | [added: | | | 2019 | | |]

| Fair value of fixed income portfolio | | [added: | | | |] $ | [removed: 102.8] [added: 107.6] | | | [added: | |] $ | [removed: 94.7] [added: 102.8] | |

| Pre-tax impact of 100 bps increase in interest rates: | | | | | | | | | [added: | | | | | |]

| | [added: | |] Decrease in dollars | [added: | |] $ | [removed: 3.9] [added: 4.3] | | | [added: | |] $ | [removed: 3.5] [added: 3.9] | |

| | [added: | |] As a percentage of total fixed income portfolio at fair value | [removed: 3.8] | | [added: 4.0 | |] % | | [removed: 3.7] | | [added: 3.8 | |] % |

The following table presents the impact at December 31, [removed: 2019] [added: 2020] and [removed: 2018,] [added: 2019,] on the fair value of our debt obligations of a hypothetical decrease in interest rates of 100 bps applied instantly across the U.S. yield curve (an immediate time horizon was used as this presents the worst case scenario):

| (in millions of U.S. dollars, except for percentages) | | [removed: 2019] | | | | [removed: 2018] [added: 2020] | | | [added: | | | 2019 | | |]

| Fair value of debt obligations, including repurchase agreements | | [added: | | | |] $ | [removed: 18,238] [added: 19,365] | | | [added: | |] $ | [removed: 14,524] [added: 18,238] | |

| Pre-tax impact of 100 bps decrease in interest rates: | | | | | | | | | [added: | | | | | |]

| | [added: | |] Increase in dollars | [added: | |] $ | [removed: 1,570] [added: 1,673] | | | [added: | |] $ | [removed: 1,201] [added: 1,570] | |

| | [added: | |] As a percentage of total debt obligations at fair value | [added: | |] 8.6 | | % | | [removed: 8.3] | | [added: 8.6 | |] % |

The following table summarizes the net assets [added: (liabilities)] in non-U.S. currencies at December 31, [removed: 2019] [added: 2020] and [removed: 2018:][added: 2019:]

| | | | | | | [removed: 2019] | | | | | | [added: 2020] | [removed: 2018] | | | [added: | | | | | | | |] 2019 [added: | | | | | | 2020] vs. [removed: 2018] [added: 2019] % change in exchange rate per USD | | [added: |]

| (in millions of U.S. dollars, except for percentages) | | [added: | | | |] Value [removed: of Net Assets] [added: of net assets (liabilities)] | | | | [removed: Exchange rate per] [added: | | Exchange rate per] USD | | | [added: | | |] Value of [removed: Net Assets] [added: net assets (liabilities)] | | | | [added: | |] Exchange rate per USD | | | | | [added: | | | |]

| Canadian dollar (CAD) | | [removed: $] | [removed: 2,220] | | | [removed: 0.7698] [added: 2,613] | | | [removed: $] | [removed: 2,114] | | [added: 0.7858] | [removed: 0.7333] | | | [removed: 5.0] | [added: | 2,220 | | | | | | 0.7698 | | | | | | 2.1 | |] % |

| British pound sterling (GBP) | | [removed: 2,024] | | | | [removed: 1.3257] [added: 2,492] | | | [removed: 1,901] | | | [added: 1.3670] | [removed: 1.2754] | | | [removed: 3.9] | [added: | 2,024 | | | | | | 1.3257 | | | | | | 3.1 | |] % |

| Australian dollar (AUD) | | [removed: 1,100] | | | | [removed: 0.7021] [added: 1,347] | | | [removed: 1,149] | | | [added: 0.7694] | [removed: 0.7049] | | | [removed: (0.4] | [removed: )%] | [added: 1,100 | | | | | | 0.7021 | | | | | | 9.6 | | % |]

| Brazilian real (BRL) | | [removed: 990] | | | | [removed: 0.2485] [added: 747] | | | [removed: 938] | | | [added: 0.1926] | [removed: 0.2577] | | | [removed: (3.6] | [removed: )%] | [added: 990 | | | | | | 0.2485 | | | | | | (22.5) | | % |]

| Mexican peso (MXN) | | [removed: 942] | | | | [removed: 0.0528] [added: 877] | | | [removed: 729] | | | [added: 0.0502] | [removed: 0.0509] | | | [removed: 3.7] | [added: | 942 | | | | | | 0.0528 | | | | | | (5.0) | |] % |

| Korean won (KRW) (x100) | | [removed: 788] | | | | [removed: 0.0865] [added: 781] | | | [removed: 726] | | | [added: 0.0920] | [removed: 0.0900] | | | [removed: (3.9] | [removed: )%] | [added: 788 | | | | | | 0.0865 | | | | | | 6.4 | | % |]

| Thai baht (THB) | | [removed: 606] | | | | [removed: 0.0337] [added: 565] | | | [removed: 459] | | | [added: 0.0334] | [removed: 0.0309] | | | [removed: 9.1] | [added: | 606 | | | | | | 0.0337 | | | | | | (0.8) | |] % |

| Other foreign currencies | | [removed: 2,474] | | | | [added: 3,016 | | | | | |] various | | | [removed: 2,106] | | | [added: 2,845] | [added: | | | | |] various | | | [added: | | |] NM | | [added: |]

| Value of net assets denominated in foreign currencies (2) | | [added: | | | |] $ | [removed: 9,157] [added: 12,746] | | | | | | [added: | | | | |] $ | [removed: 10,392] [added: 10,357] | | | | | | | | [added: | | | | | |]

| As a percentage of total net assets | | [removed: 16.6] | | [added: | | 21.4 | |] % | | | | | [removed: 20.7] | | [added: | | | 18.7 | |] % | | | | | | | [added: | | | | | |]

| Pre-tax decrease to Shareholders' equity of a hypothetical 10 percent strengthening of the [removed: U.S. dollar] [added: USD] | | [added: | | | |] $ | [removed: 832] [added: 1,159] | | | | | | [added: | | | | |] $ | [removed: 945] [added: 942] | | | | | | | | [added: | | | | | |]

[removed: |] (2) [removed: |] At December 31, [removed: 2019,] [added: 2020,] net assets denominated in foreign currencies comprised approximately [removed: 6] [added: 46] percent [removed: tangible assets] [added: goodwill] and [removed: 94 percent] [added: other] intangible [removed: assets, primarily goodwill. |][added: assets.]

Adverse changes in market factors and policyholder behavior will have an impact on both [added: realized gains (losses) and net income for GLB and both] Life Insurance underwriting income and net [removed: income.][added: income for GMDB.]

[removed: In addition,] [added: For the GLB reinsurance business,] net income is directly impacted by changes in the fair value of the GLB liability (FVL), which is classified as a derivative for accounting purposes.

[removed: Benefit reserves and] [added: The] FVL [removed: calculations are] [added: calculation is] directly affected by market factors, including equity levels, interest rate levels, credit risk, and implied volatilities, as well as policyholder behaviors, such as annuitization and lapse rates, and policyholder mortality.

The tables below are estimates of the sensitivities to instantaneous changes in economic inputs (e.g., equity shock, interest rate shock, etc.) or actuarial assumptions at December 31, [removed: 2019] [added: 2020] of the FVL and of the fair value of specific derivative instruments held (hedge value) to partially offset the risk in the variable annuity guarantee reinsurance portfolio.

[removed: | • |] [added: -] Equity shocks impact all global equity markets equally [removed: |]

[removed: | • |] [added: -] Our liabilities are sensitive to global equity markets in the following proportions: 75 percent—85 percent U.S. equity, and 15 percent—25 percent international equity. [removed: |]

[removed: | • |] [added: -] Our current hedge portfolio is sensitive only to U.S. equity markets. [removed: |]

[removed: | • |] [added: -] We would suggest using the S&P 500 index as a proxy for U.S. equity, and the MSCI EAFE index as a proxy for international equity. [removed: |]

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| Chinese yuan renminbi (CNY) | | | | | | $ | 2,853 | | | | | 0.1532 | | | | | | $ | 1,539 | | | | | 0.1436 | | | | | | 6.7 | | % |

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| Japanese yen (JPY) | | | | | | 617 | | | | | | 0.0097 | | | | | | 432 | | | | | | 0.0092 | | | | | | 5.2 | | % |

| Euro (EUR) (1) | | | | | | (3,162) | | | | | | 1.2216 | | | | | | (3,129) | | | | | | 1.1213 | | | | | | 8.9 | | % |

(1) Comprised Euro denominated debt of $5.2 billion, partially offset by net assets of $2.1 billion at December 31, 2020 and Euro denominated debt of $4.8 billion, partially offset by net assets of $1.7 billion at December 31, 2019.

For the GMDB reinsurance business, net income is directly impacted by changes in future policy benefit reserves.

AA-rated credit spreads are a proxy for both our own credit spreads and the credit spreads of the ceding insurers.

- The sensitivities are not directly additive because changes in one factor will affect the sensitivity to changes in other factors.

The sensitivities do not scale linearly and may be proportionally greater for larger movements in the market factors.

The sensitivities may also vary due to foreign exchange rate fluctuations.

The calculation of the FVL is based on internal models that include assumptions regarding future policyholder behavior, including lapse, annuitization, and asset allocation.

These assumptions impact both the absolute level of the FVL as well as the sensitivities to changes in market factors shown below.

Actual sensitivity of our net income may differ from those disclosed in the tables below due to fluctuations in short-term market movements.

- In addition, the tables below do not reflect the expected quarterly run rate of net income generated by the variable annuity guarantee reinsurance portfolio if markets remain unchanged during the period.

All else equal, if markets remain unchanged during the period, the FVL will increase, resulting in a realized loss.

This realized loss occurs primarily because the guarantees provided in the underlying contracts continue to become more valuable even when markets remain unchanged.

We refer to this increase in FVL as “timing effect”.

The unfavorable impact of timing effect on our FVL in a quarter is not reflected in the sensitivity tables below.

For this reason, when using the tables below to estimate the sensitivity of FVL in the first quarter 2021 to various changes, it is necessary to assume an additional $5 million to $45 million increase in FVL and realized losses.

Note that both the timing effect and the quarterly run rate impact to net income change over time as the book ages.

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| +100 bps | | | (Increase)/decrease in FVL | | | $ | 416 | | | | | $ | 277 | | | | | $ | 113 | | | | | $ | (81) | | | | | $ | (315) | | | | | $ | (603) | |

| Flat | | | (Increase)/decrease in FVL | | | $ | 160 | | | | | $ | — | | | | | $ | (188) | | | | | $ | (408) | | | | | $ | (672) | | | | | $ | (995) | |

| \-100 bps | | | (Increase)/decrease in FVL | | | $ | (111) | | | | | $ | (291) | | | | | $ | (501) | | | | | $ | (749) | | | | | $ | (1,050) | | | | | $ | (1,412) | |

| | | | Increase/(decrease) in net income | | | $ | (184) | | | | | $ | (291) | | | | | $ | (428) | | | | | $ | (604) | | | | | $ | (832) | | | | | $ | (1,122) | |

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| (Increase)/decrease in FVL | | | | | | | | | | | | | | | | | | $ | 139 | | | | | $ | 73 | | | | | $ | (81) | | | | | $ | (170) | |

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[Table of Contents](#s7C454D468CD65E088F5E6591B62864F8)

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[Table of Contents](#s7C454D468CD65E088F5E6591B62864F8)

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| Euro (EUR) | | 1,675 | | | | 1.1213 | | | 1,896 | | | | 1.1467 | | | (2.2 | )% |

| Hong Kong dollar (HKD) | | 653 | | | | 0.1284 | | | 362 | | | | 0.1277 | | | 0.5 | % |

| Chilean peso (CLP) (x100) | | 489 | | | | 0.1328 | | | 28 | | | | 0.1441 | | | (7.8 | )% |

| Euro denominated debt (1) | | (4,804 | | ) | | 1.1213 | | | (2,016 | | ) | | 1.1467 | | | (2.2 | )% |

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| (1) | Refer to Note 9 to the Consolidated Financial Statements for additional information. |

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Effective July 1, 2018, Argentina was designated as a highly inflationary economy and therefore we changed the functional currency for our Argentine operations from the Argentine Peso to the U.S. dollar.

Our net assets denominated in the Argentine Peso represented less than 0.1 percent of consolidated shareholders’ equity.

Therefore, this change in the functional currency of our Argentine operations did not have a material impact on our financial condition or results of operations.

[Table of Contents](#s7C454D468CD65E088F5E6591B62864F8)

Net income is directly impacted by changes in benefit reserves calculated in connection with reinsurance of variable annuity guarantees.

The FVL established for a GLB reinsurance contract represents the difference between the fair value of the contract and the benefit reserves.

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| • | No changes to the benefit ratio used to establish benefit reserves at December 31, 2019. |

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At December 31, [removed: 2019,] [added: 2020,] we had total assets of [removed: $177] [added: $191] billion and shareholders’ equity of [removed: $55] [added: $59] billion.

We [removed: offer] [added: provide] commercial insurance products and service offerings such as risk management programs, loss control, and engineering and complex claims management.

We believe that employee relations are [removed: satisfactory.][added: good.]

[removed: In our] opinion, no material part of our business is dependent upon a single insured or group of insureds.

In [removed: 2019,] [added: 2020,] consolidated net premiums earned was [removed: $31,290 million.][added: $33.1 billion.]

North America Commercial P&C Insurance [removed: (41 percent of 2019 Consolidated] [added: (42 percent of 2020 Consolidated] NPE)

[removed: | • |] [added: -] Major Accounts, the retail division focused on large institutional organizations and corporate companies [removed: |]

[removed: | • |] [added: -] Commercial Insurance, which includes the retail division focused on middle market customers and small businesses [removed: |]

[removed: | • |] [added: -] Westchester and Chubb Bermuda, our wholesale and specialty divisions [removed: |]

Major Accounts provides a broad array of [added: commercial lines of products and services, including] traditional and specialty P&C, [removed: A&H,] and risk [removed: management] [added: management, as well as consumer A&H] products [removed: and services] to large U.S. and Canadian-based institutional organizations and corporate companies.

The Major Accounts operations, which represented approximately [removed: 40] [added: 41] percent of North America Commercial P&C Insurance’s net premiums earned in [removed: 2019,] [added: 2020,] are organized into the following distinct business units, each offering specialized products and services targeted at specific markets:

[removed: | • |] [added: -] Chubb Global Casualty offers a range of customized risk management primary casualty products designed to help large insureds, including national accounts, [removed: address the significant costs of financing] and managing risk for workers’ compensation, general liability and automobile liability coverages as well as offering casualty insurance solutions for commercial real estate. [removed: Chubb Global Casualty also provides products which insure specific global operating risks of U.S.-based multinational companies and include deductible programs, captive programs, and paid or incurred loss retrospective plans. Within Chubb Global Casualty, Chubb Alternative Risk Solutions Group underwrites contractual indemnification policies which provides prospective coverage for loss events within the insured’s policy retention levels and underwrites assumed loss portfolio transfer (LPT) contracts in which insured loss events have occurred prior to the inception of the contract. |]

[removed: | • |] [added: -] Property provides products and services including primary, quota share and excess all-risk insurance, risk management programs and services, commercial, inland marine, and aerospace products. [removed: |]

[removed: | • |] [added: -] Casualty Risk provides coverages including umbrella and excess liability, environmental risk, casualty programs for commercial construction related projects for companies and institutions, and medical risk specialty liability products for the healthcare industry. [removed: |]

[removed: | • |] [added: -] Surety offers a wide variety of surety products and specializes in underwriting both commercial and contract bonds and has the capacity for bond issuance on an international basis. [removed: |]

[removed: | • | Accident & Health (A&H) products include employee benefit plans, occupational accident, student accident, and worldwide travel accident and global medical programs. With respect to products that include supplemental medical and hospital indemnity coverages, we typically pay fixed amounts for claims and are therefore insulated from rising healthcare costs.] A&H also provides specialty personal lines products, including credit card enhancement programs (identity theft, rental car collision damage waiver, trip travel, and purchase protection benefits) distributed through affinity groups. [removed: |]

[removed: | • |] [added: -] Financial Lines provides management liability and professional liability (D&O and E&O), transactional risk and cyber risk products to public companies as well as to private and not for profit organizations. [removed: |]

[removed: | • |] [added: -] ESIS Inc. (ESIS) is an in-house third-party claims administrator that performs claims management and risk control services for domestic and international organizations as well as for the North America Commercial P&C Insurance segment. [removed: ESIS services include comprehensive medical managed care; integrated disability services; pre-loss control and risk management; health, safety and environmental consulting; salvage and subrogation; and healthcare recovery services. The net results for ESIS are included in North America Commercial P&C Insurance’s administrative expenses. |]

The Commercial Insurance operations, which include Small Commercial, represented approximately 40 percent of North America Commercial P&C Insurance’s net premiums earned in [removed: 2019.][added: 2020.]

[removed: | • |] [added: -] Commercial Insurance products and services offered include traditional property and casualty lines of business, including Package, which combines property and general liability, workers' compensation, automobile, umbrella; financial lines of business, including professional liability, management liability and cyber risk coverage; and other lines including environmental, A&H, and international coverages. [removed: Commercial Insurance distributes its insurance products through a North American network of independent retail agents, and regional, multinational and digital brokers. Generally, our customers purchase insurance through a single retail agent or broker, do not employ a risk management department, and do not retain significant risk through self-insured retentions. The majority of our customers purchase a Package product or a portfolio of products, which is a collection of insurance offerings designed to cover various needs. |]

[removed: | • |] [added: -] Small Commercial Insurance products and services offered include property and casualty lines of business, including a business owner policy which contains property and general liability; financial lines, including professional liability, management liability, cyber risk; and other lines including workers’ compensation, automobile liability, and international coverages. [removed: Products are generally offered through a North American network of independent agents and brokers, as well as eTraditional, which are digital platforms where we electronically quote, bind, and issue for agents and brokers. An example of this is the Chubb Marketplace. |]

Wholesale and Specialty, which represented approximately [removed: 20] [added: 19] percent of North America Commercial P&C Insurance’s net premiums earned in [removed: 2019,] [added: 2020,] comprises Westchester and Chubb Bermuda.

[removed: | • |] [added: -] Westchester serves the market for business risks that tend to be hard to place or not easily covered by traditional policies due to unique or complex exposures and provides specialty products for property, casualty, environmental, professional liability, inland marine, product recall, small business, binding and program coverages in the U.S., Canada, and Bermuda. [removed: Products are offered through the wholesale distribution channel. |]

[removed: | • |] [added: -] Chubb Bermuda provides commercial insurance products on an excess basis including excess liability, D&O, professional liability, property, and political risk, the latter being written by Sovereign Risk Insurance Ltd., a wholly-owned managing agent. [removed: Chubb Bermuda focuses on Fortune 1000 companies and targets risks that are generally low in frequency and high in severity. Products are offered primarily through the Bermuda offices of major, internationally recognized insurance brokers. |]

North America Personal P&C Insurance [removed: (15 percent of 2019 Consolidated] [added: (15 percent of 2020 Consolidated] NPE)

Our homeowners business, including valuable articles, represented 68 percent of North America Personal P&C Insurance’s net premiums earned in [removed: 2019.][added: 2020.]

North America Agricultural Insurance [removed: (6 percent of 2019 Consolidated] [added: (6 percent of 2020 Consolidated] NPE)

[removed: | • |] [added: -] Crop-Hail coverage provides crop protection from damage caused by hail and/or fire, with options in some markets for other perils such as wind or theft. [removed: Coverage is provided on an acre-by-acre basis and is available in the U.S. and in some parts of Canada. Crop-Hail can be used in conjunction with MPCI or other comprehensive coverages to offset the deductible and provide protection up to the actual cash value of the crop. |]

[removed: | • |] Commercial [removed: Agribusiness offers specialty P&C coverages for commercial companies that manufacture, process and distribute agricultural products. Commercial] products and services include property, general liability for premises/operations and product liability, commercial automobile, workers' compensation, employment practices liability coverage, built-in coverage for premises pollution, cyber and information security, and product withdrawal. [removed: |]

[removed: | • |] [added: -] Farm and Ranch Agribusiness offers an extensive line of coverages for farming operations from Hobby/Gentleman farms to complex corporate farms and equine services including personal use, boarding, and training. [removed: Coverages include farm and ranch structures, machinery and other equipment, automobile and other vehicle coverages, and livestock. |]

Overseas General Insurance [removed: (28 percent of 2019 Consolidated] [added: (28 percent of 2020 Consolidated] NPE)

Syndicate 2488 has an underwriting capacity of [removed: £480] [added: £550] million for the Lloyd’s [removed: 2020] [added: 2021] account year.

Products offered include [removed: P&C, A&H,] [added: commercial P&C lines, including] specialty [removed: coverages,] [added: coverages] and [added: services, and consumer lines, including A&H and] personal lines insurance [removed: products and services.][added: products.]

Certain [removed: European] branded products are also offered via [removed: an eTraditional] digital-commerce [removed: platform, Chubb Online, that allows] [added: platforms, allowing agents and] brokers to quote, bind, and issue [removed: specialty] policies [removed: online.][added: at their convenience.]

Property insurance products include traditional commercial fire [removed: coverage] [added: coverage,] as well as energy industry-related, marine, construction, and other technical coverages.

Chubb International specialty coverages include D&O, professional indemnity, [removed: energy,] [added: cyber, surety,] aviation, political risk, and specialty personal lines products.

Chubb International’s presence in China also includes its [removed: 30.9] [added: 47.1] percent ownership interest in Huatai [removed: Insurance Group Company Limited (Huatai Group).][added: Group.]

Therefore, Chubb owns an approximately [removed: 30.9] [added: 47.1] percent indirect ownership interest in Huatai P&C, which provides a range of commercial and personal P&C products in China, including property, professional liability, product liability, employer liability, business interruption, marine cargo, personal accident and specialty risk.

The main lines of business include aviation, property, energy, professional lines, marine, financial lines, [removed: political risk,] and [removed: A&H.][added: political risk.]

Global Reinsurance [removed: (2 percent of 2019 Consolidated] [added: (2 percent of 2020 Consolidated] NPE)

During 2020, we completed the purchase of an additional 16.2 percent ownership interest in Huatai Insurance Group Co., Ltd. (Huatai Group) bringing our aggregate ownership interest from 30.9 percent to 47.1 percent as of December 31, 2020.

On December 30, 2019, we acquired Banchile Seguros de Vida, an insurance company providing both life and property and casualty coverages in Chile.

The results of Huatai Group and Banchile Seguros de Vida are included in the Overseas General Insurance and Life Insurance segments as appropriate, determined by the type of policy written.

Refer to Note 2 to the Consolidated Financial Statements for additional information.

In our

Human Capital Management

Our employees are critical to our mission to protect the present and build a better future, by providing our customers with the security from risk that allows people and businesses to grow and prosper.

To accomplish this mission, we seek to attract and retain the very best insurance professionals and to provide an inclusive and supportive culture that allows all of our employees to reach their full potential as we deliver insurance solutions and claims service for individuals, families and businesses of all sizes.

Our highly collaborative, inclusive approach helps us drive better business outcomes.

We track and report internally on key talent metrics including employee demographics, critical role succession planning, diversity data, and employee retention and engagement.

This information is regularly reported to senior management as well as the Chubb Board of Directors.

At December 31, 2020, we employed approximately 31,000 people in 54 countries and territories around the world, including 53 percent in North America, 12 percent in Europe, Eurasia and Africa, 19 percent in Asia, and 16 percent in Latin America.

Diversity and inclusion

Diversity and inclusion are integral to Chubb’s culture.

We recognize our responsibility to provide opportunity within our own organization, where we aim to foster a diverse and inclusive meritocracy.

Our extensive efforts in this area include mentorships, affinity groups, diversity awareness training, and education, open dialogue on race and racism, management development programs, and considering a diverse pool of candidates in recruiting and promotion.

Examples of initiatives include Business Roundtables (our employee affinity groups) and Regional Inclusion Councils, which promote dynamic networking across the business and engage hundreds of employees in constructive dialogue.

These circles of support focus on employee onboarding, development and retention and help us build stronger relationships with, and gain deeper insights into, our varied customer and distribution partner communities.

Other programs include Chubb Start, which supports the continuous professional development of women who are early in their careers, and Chubb Signatures, a global and regional lecture series for successful senior women, diverse men and inclusion champions to share their unique backgrounds,

experiences and hard-earned lessons in business.

In addition, we remain attuned to demographic shifts within our workforce and society to evaluate and update employee policies, procedures and systems that reflect this commitment.

We depend on our culture of leadership accountability to continue progress in diversity and inclusion at Chubb.

Attraction, Development, and Retention

The foundation to Chubb’s long-term success is our disciplined approach to attracting, developing and retaining the next generation of insurance professional and leaders.

We strive to be an inclusive meritocracy, where all employees regardless of race, gender or background can thrive.

Learning and professional development are central to the Chubb culture, and we are committed to providing opportunities to evolve professionally.

Our talent development efforts are for all employee levels and we expect our employees to own and drive their development by availing themselves of the structured and unstructured learning we offer, including on-the-job training, through personal interaction and involvement, or via online and classroom learning.

Chubb has made substantial investments for a robust technical and leadership development environment and, where appropriate, fills open positions with internal sourcing of talent.

Compensation and Benefits

Chubb is committed to delivering competitive compensation and benefits to its employees worldwide as a means to attract and retain a highly qualified, experienced, talented and motivated workforce.

We vary and adjust our offerings to support the human resources requirements of our business in markets around the world in which we operate.

Additionally, we structure our compensation programs for leaders to include a mix of short- and long-term awards, with a focus on linking pay to Chubb's performance and the enhancement of shareholder value over the medium- and long-term.

Chubb Global Casualty also provides products which insure specific global operating risks of U.S.-based multinational companies and include deductible programs, captive programs, and paid or incurred loss retrospective plans.

Within Chubb Global Casualty, Chubb Alternative Risk Solutions Group underwrites contractual indemnification policies which provides prospective coverage for

loss events within the insured’s policy retention levels and underwrites assumed loss portfolio transfer (LPT) contracts in which insured loss events have occurred prior to the inception of the contract.

- Accident & Health (A&H) products include employee benefit plans, occupational accident, student accident, and worldwide travel accident and global medical programs.

With respect to products that include supplemental medical and hospital indemnity coverages, we typically pay fixed amounts for claims and are therefore insulated from rising healthcare costs.

ESIS services include comprehensive medical managed care; integrated disability services; pre-loss control and risk management; health, safety and environmental consulting; salvage and subrogation; and healthcare recovery services.

The net results for ESIS are included in North America Commercial P&C Insurance’s administrative expenses.

Commercial Insurance distributes its insurance products through a North American network of independent retail agents, and regional, multinational and digital brokers.

At December 31, 2019, we employed approximately 33,000 people.

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[Table of Contents](#s7C454D468CD65E088F5E6591B62864F8)

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| • | MPCI is federally subsidized crop protection from numerous causes of loss, including drought, excessive moisture, freeze, disease and more. The MPCI program is offered in conjunction with the U.S. Department of Agriculture. MPCI products include revenue protection (defined as providing both commodity price and yield coverages), yield protection, margin protection, prevented planting coverage and replant coverage. For additional information on our MPCI program, refer to “Crop Insurance” under Item 7. |

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[removed: FORM 10-K][added: FORM 10-K]

| ☑ | [added: | |] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | [added: | |]

For the fiscal year ended December 31, [removed: 2019][added: 2020]

| ☐ | [added: | |] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | [added: | |]

Commission File No. 1-11778 [removed: CHUBB LIMITED]

| Switzerland | | [added: | | | |] 98-0091805 | [added: | |]

| (State or other jurisdiction of incorporation or organization) | | [added: | | | |] (I.R.S. Employer Identification No.) | [added: | |]

| Securities registered pursuant to Section 12(b) of the Act: | | | | [added: | | | | | | | |]

| Title of each class | | [added: | | | |] Trading Symbol(s) | [added: | |] Name of each [removed: exchange on] [added: exchange on] which registered | [added: | |]

| Common Shares, par value CHF 24.15 per share | | [added: | | | |] CB | [added: | |] New York Stock Exchange | [added: | |]

| Guarantee of Chubb INA Holdings Inc. 0.30% Senior Notes due 2024 | | [added: | | | |] CB/24A | [added: | |] New York Stock Exchange | [added: | |]

| Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2027 | | [added: | | | |] CB/27 | [added: | |] New York Stock Exchange | [added: | |]

| Guarantee of Chubb INA Holdings Inc. 1.55% Senior Notes due 2028 | | [added: | | | |] CB/28 | [added: | |] New York Stock Exchange | [added: | |]

| Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2029 | | [added: | | | |] CB/29A | [added: | |] New York Stock Exchange | [added: | |]

| Guarantee of Chubb INA Holdings Inc. 1.40% Senior Notes due 2031 | | [added: | | | |] CB/31 | [added: | |] New York Stock Exchange | [added: | |]

| Guarantee of Chubb INA Holdings Inc. 2.50% Senior Notes due 2038 | | [added: | | | |] CB/38A | [added: | |] New York Stock Exchange | [added: | |]

| Large accelerated filer | [added: | |] ☑ | | | [added: | | | | | |] Accelerated filer | [added: | |] ☐ | [added: | |]

| Non-accelerated filer | [added: | |] ☐ | | | [added: | | | | | |] Smaller reporting company | [added: | |] ☐ | [added: | |]

| | | | | [added: | | | | | | | |] Emerging growth company | [added: | |] ☐ | [added: | |]

The aggregate market value of voting stock held by non-affiliates as of June [removed: 28, 2019] [added: 30, 2020] (the last business day of the registrant's most recently completed second fiscal quarter), was approximately [removed: $67] [added: $57] billion.

As of February [removed: 13, 2020] [added: 11, 2021,] there were [removed: 451,907,796] [added: 450,224,906] Common Shares par value CHF 24.15 of the registrant outstanding.

| Documents Incorporated by Reference | | | | | [added: | | | | | | | | | |]

Certain portions of the registrant's definitive proxy statement relating to its [removed: 2020] [added: 2021] Annual General Meeting of Shareholders are incorporated by reference into Part III of this report.

| PART I | | | [added: | | | | | |] Page | [added: | |]

| ITEM 1. | [removed: [Business](#sF8A991A62A2D56D48472D88F444776AF)] | | [removed: [2](#sF8A991A62A2D56D48472D88F444776AF)] [added: [Business](#i558636b6d7bf4505bc4ed361a6e46303_16)] | [added: | | | | | [2](#i558636b6d7bf4505bc4ed361a6e46303_16) | | |]

| ITEM 1A. | [removed: [Risk Factors](#s4677ED6772BF502DA2A479CE44654117)] | | [removed: [19](#s4677ED6772BF502DA2A479CE44654117)] [added: [Risk Factors](#i558636b6d7bf4505bc4ed361a6e46303_82)] | [added: | | | | | [19](#i558636b6d7bf4505bc4ed361a6e46303_82) | | |]

| ITEM 1B. | [removed: [Unresolved] [added: | | [Unresolved] Staff [removed: Comments](#s0080B8ECB523591991CF9E39313C3E85)] [added: Comments](#i558636b6d7bf4505bc4ed361a6e46303_85)] | | [removed: [31](#s0080B8ECB523591991CF9E39313C3E85)] | [added: | | | [31](#i558636b6d7bf4505bc4ed361a6e46303_85) | | |]

| ITEM 2. | [removed: [Properties](#sE639F784DD37550995972B3DC4A5EB5A)] | | [removed: [31](#sE639F784DD37550995972B3DC4A5EB5A)] [added: [Properties](#i558636b6d7bf4505bc4ed361a6e46303_88)] | [added: | | | | | [31](#i558636b6d7bf4505bc4ed361a6e46303_88) | | |]

| ITEM 3. | [removed: [Legal Proceedings](#sDEA476274EC4597F9FBF37FFBC5018BA)] | | [removed: [31](#sDEA476274EC4597F9FBF37FFBC5018BA)] [added: [Legal Proceedings](#i558636b6d7bf4505bc4ed361a6e46303_91)] | [added: | | | | | [31](#i558636b6d7bf4505bc4ed361a6e46303_91) | | |]

| ITEM 4. | [removed: [Mine] [added: | | [Mine] Safety [removed: Disclosures](#s22618895E34357E28DCE9BAE934A9FC6)] [added: Disclosures](#i558636b6d7bf4505bc4ed361a6e46303_94)] | | [removed: [31](#s22618895E34357E28DCE9BAE934A9FC6)] | [added: | | | [31](#i558636b6d7bf4505bc4ed361a6e46303_94) | | |]

| PART II | | | | [added: | | | | | | | |]

| ITEM 5. | [removed: [Market] [added: | | [Market] for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#s8F52122605615717900A5A5C239D9545)] [added: Securities](#i558636b6d7bf4505bc4ed361a6e46303_100)] | | [removed: [32](#s8F52122605615717900A5A5C239D9545)] | [added: | | | [32](#i558636b6d7bf4505bc4ed361a6e46303_100) | | |]

| ITEM 6. | [removed: [Selected] [added: | | [Selected] Financial [removed: Data](#sE1FB30F30A225116AAFF0C8500FD1DA2)] [added: Data](#i558636b6d7bf4505bc4ed361a6e46303_103)] | | [removed: [34](#sE1FB30F30A225116AAFF0C8500FD1DA2)] | [added: | | | [33](#i558636b6d7bf4505bc4ed361a6e46303_103) | | |]

| ITEM 7. | [removed: [Management’s] [added: | | [Management’s] Discussion and Analysis of Financial Condition and Results of [removed: Operations](#sD0BD214BB4135FD9A179C278340F61D6)] [added: Operations](#i558636b6d7bf4505bc4ed361a6e46303_106)] | | [removed: [35](#sD0BD214BB4135FD9A179C278340F61D6)] | [added: | | | [34](#i558636b6d7bf4505bc4ed361a6e46303_106) | | |]

| ITEM 7A. | [removed: [Quantitative] [added: | | [Quantitative] and Qualitative Disclosures About Market [removed: Risk](#s381548ADE0FC51CFABD6C12305F9AC17)] [added: Risk](#i558636b6d7bf4505bc4ed361a6e46303_265)] | | [removed: [90](#s381548ADE0FC51CFABD6C12305F9AC17)] | [added: | | | [83](#i558636b6d7bf4505bc4ed361a6e46303_265) | | |]

| ITEM 8. | [removed: [Financial] [added: | | [Financial] Statements and Supplementary [removed: Data](#s490B1EC4BDCE5667A5C8D13ED46D0F5E)] [added: Data](#i558636b6d7bf4505bc4ed361a6e46303_268)] | | [removed: [95](#s490B1EC4BDCE5667A5C8D13ED46D0F5E)] | [added: | | | [87](#i558636b6d7bf4505bc4ed361a6e46303_268) | | |]

| ITEM 9. | [removed: [Changes] [added: | | [Changes] in and [removed: Disagreements With] [added: Disagreements](#i558636b6d7bf4505bc4ed361a6e46303_271) [w](#i558636b6d7bf4505bc4ed361a6e46303_271)[ith] Accountants on Accounting and Financial [removed: Disclosure](#s6EE97DCB785B59E9B7F45FCEB2B00D43)] [added: Disclosure](#i558636b6d7bf4505bc4ed361a6e46303_271)] | | [removed: [95](#s6EE97DCB785B59E9B7F45FCEB2B00D43)] | [added: | | | [87](#i558636b6d7bf4505bc4ed361a6e46303_271) | | |]

| ITEM 9A. | [removed: [Controls] [added: | | [Controls] and [removed: Procedures](#sDBCC2F9C46845B44A4492339822C2FCF)] [added: Procedures](#i558636b6d7bf4505bc4ed361a6e46303_274)] | | [removed: [95](#sDBCC2F9C46845B44A4492339822C2FCF)] | [added: | | | [87](#i558636b6d7bf4505bc4ed361a6e46303_274) | | |]

| ITEM 9B. | [removed: [Other Information](#sCBC878CF48725573A73A39D4817A0373)] | | [removed: [95](#sCBC878CF48725573A73A39D4817A0373)] [added: [Other Information](#i558636b6d7bf4505bc4ed361a6e46303_277)] | [added: | | | | | [87](#i558636b6d7bf4505bc4ed361a6e46303_277) | | |]

| PART III | | | | [added: | | | | | | | |]

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CHUBB LIMITED

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Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

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[Table of Contents](#s7C454D468CD65E088F5E6591B62864F8)

The trading symbol for our Common Shares is [removed: "CB."][added: "CB".]

In [removed: 2019] [added: 2020] and [removed: 2018,] [added: 2019,] our annual dividends were paid by way of a distribution from capital contribution reserves (Additional paid-in capital) through the transfer of dividends from Additional paid-in capital to Retained earnings (free reserves) as approved by our shareholders.

The number of record holders of Common Shares as of February [removed: 13, 2020] [added: 11, 2021] was [removed: 6,902.][added: 6,598.]

Issuer's Repurchases of Equity Securities for the Three Months Ended December 31, [removed: 2019][added: 2020]

| Period | | [added: | | | |] Total Number of Shares Purchased (1) | | | [added: | | |] Average Price Paid per Share | | | | [added: | |] Total Number of Shares Purchased as Part of Publicly Announced [removed: Plans] [added: Plan] (2) | | | [added: | | |] Approximate Dollar Value of Shares that May Yet be Purchased Under Publicly Announced Plans (3) | | | [added: | | |]

[removed: | (1) | This] [added: (1)This column] represents open market share repurchases and the surrender to Chubb of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock issued to employees and [added: to cover] the [added: cost of the] exercise of options by [removed: employees. |][added: employees through stock swaps.]

[removed: | (2) | The] [added: (2)The] aggregate value of shares purchased in the three months ended December 31, [removed: 2019] [added: 2020] as part of the publicly announced [removed: plans] [added: plan] was [removed: $310] [added: $190] million. [removed: |]

Set forth below is a line graph comparing the dollar change in the cumulative total shareholder return on Chubb's Common Shares from December 31, [removed: 2014,] [added: 2015,] through December 31, [removed: 2019,] [added: 2020,] as compared to the cumulative total return of the Standard & Poor's 500 Stock Index and the cumulative total return of the Standard & Poor's Property-Casualty Insurance Index.

The chart depicts the value on December 31, [removed: 2015,] 2016, 2017, 2018, [removed: and] 2019, [added: and 2020,] of a $100 investment made on December 31, [removed: 2014,] [added: 2015,] with all dividends reinvested.

[removed: ][added: ]

| | [removed: 12/31/2014] | [added: |] 12/31/2015 | [added: | |] 12/31/2016 | [added: | |] 12/31/2017 | [added: | |] 12/31/2018 | [added: | |] 12/31/2019 | [added: | | 12/31/2020 | | |]

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| October 1 through October 31 | | | | | | 144,550 | | | | | | $ | 131.11 | | | | | 140,000 | | | | | | $ | 1.11 | billion | | | |

| November 1 through November 30 | | | | | | 886,702 | | | | | | $ | 143.52 | | | | | 883,000 | | | | | | $ | 2.48 | billion | | | |

| December 1 through December 31 | | | | | | 296,858 | | | | | | $ | 152.73 | | | | | 295,000 | | | | | | $ | 1.50 | billion | | | |

| Total | | | | | | 1,328,110 | | | | | | $ | 144.23 | | | | | 1,318,000 | | | | | | | | | | | |

(3)In November 2020, the Board authorized the repurchase of up to $1.5 billion of Chubb's Common Shares from November 19, 2020 through December 31, 2021.

Subsequently, in February 2021, the Board approved an increase to the November 2020 share repurchase program of $1.0 billion to a total of $2.5 billion, effective through December 31, 2021.

The $1.5 billion November 2019 Board authorization remained effective through December 31, 2020.

Repurchases through December 31, 2020 were made under this authorization.

For the period January 1, 2021 through February 24, 2021, we repurchased 1,971,000 Common Shares for a total of $327 million in a series of open market transactions under the share repurchase program authorized in November 2020.

As of February 24, 2021, $2.17 billion in share repurchase authorization remained through December 31, 2021.

Refer to Note 11 to the Consolidated Financial Statements for more information on the Chubb Limited securities repurchase authorizations.

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Chubb Limited | | | $100 | | | $116 | | | $130 | | | $118 | | | $145 | | | $147 | | |

| S&P 500 Index | | | $100 | | | $112 | | | $136 | | | $130 | | | $171 | | | $203 | | |

| S&P 500 P&C Index | | | $100 | | | $116 | | | $142 | | | $135 | | | $170 | | | $182 | | |

| | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | |

| October 1 through October 31 | | 703,138 | | | $ | 153.65 | | | 700,900 | | | $ | 151 | million |

| November 1 through November 30 | | 677,640 | | | $ | 151.41 | | | 670,000 | | | $ | 1.55 | billion |

| December 1 through December 31 | | 654,352 | | | $ | 153.84 | | | 653,500 | | | $ | 1.45 | billion |

| Total | | 2,035,130 | | | $ | 152.97 | | | 2,024,400 | | | | | |

| | |

| --- | --- |

| | |

| --- | --- |

| | |

| --- | --- |

| (3) | Refer to Note 11 to the Consolidated Financial Statements for more information on the Chubb Limited securities repurchase authorizations. In November 2019, the Board authorized the repurchase of up to $1.5 billion of Chubb's Common Shares from November 21, 2019 through December 31, 2020. The $1.5 billion December 2018 Board authorization remained effective through December 31, 2019, and was used in advance of the $1.5 billion share repurchase authorized in November 2019. For the period January 1, 2020 through February 26, 2020, we repurchased 947,400 Common Shares for a total of $151 million in a series of open market transactions. As of February 26, 2020, $1.30 billion in share repurchase authorization remained through December 31, 2020. |

[Table of Contents](#s7C454D468CD65E088F5E6591B62864F8)

| | | | | | | |

| --- | --- | --- | --- | --- | --- | --- |

| | | | | | | |

| Chubb Limited | $100 | $104 | $120 | $136 | $123 | $151 |

| S&P 500 Index | $100 | $101 | $114 | $138 | $132 | $174 |

| S&P 500 P&C Index | $100 | $110 | $127 | $155 | $148 | $186 |

[Table of Contents](#s7C454D468CD65E088F5E6591B62864F8)

Not required.

On January 14, 2016, we completed the acquisition of The Chubb Corporation (Chubb Corp).

The results of operations of Chubb Corp are included in our results from the acquisition date forward (i.e., after January 14, 2016 and only in the 2016, 2017, 2018 and 2019 columns) within the table below.

| | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | | | | | |

| (in millions of U.S. dollars, except per share data and ratios) | 2019 | | | | 2018 | | | | 2017 | | | | 2016 | | | | 2015 | | |

| Operations data: | | | | | | | | | | | | | | | | | | | |

| Net premiums earned – excluding Life Insurance segment | $ | 28,947 | | | $ | 27,846 | | | $ | 26,933 | | | $ | 26,694 | | | $ | 15,266 | |

| Net premiums earned – Life Insurance segment | 2,343 | | | | 2,218 | | | | 2,101 | | | | 2,055 | | | | 1,947 | | |

| Total net premiums earned | 31,290 | | | | 30,064 | | | | 29,034 | | | | 28,749 | | | | 17,213 | | |

| Net investment income | 3,426 | | | | 3,305 | | | | 3,125 | | | | 2,865 | | | | 2,194 | | |

| Losses and loss expenses | 18,730 | | | | 18,067 | | | | 18,454 | | | | 16,052 | | | | 9,484 | | |

| Policy benefits | 740 | | | | 590 | | | | 676 | | | | 588 | | | | 543 | | |

| Policy acquisition costs and administrative expenses | 9,183 | | | | 8,798 | | | | 8,614 | | | | 8,985 | | | | 5,211 | | |

| Net income | 4,454 | | | | 3,962 | | | | 3,861 | | | | 4,135 | | | | 2,834 | | |

| Weighted-average shares outstanding – diluted | 459 | | | | 467 | | | | 471 | | | | 466 | | | | 329 | | |

| Diluted earnings per share | $ | 9.71 | | | $ | 8.49 | | | $ | 8.19 | | | $ | 8.87 | | | $ | 8.62 | |

| Balance sheet data (at end of period): | | | | | | | | | | | | | | | | | | | |

| Total investments | $ | 109,234 | | | $ | 100,968 | | | $ | 102,444 | | | $ | 99,094 | | | $ | 66,251 | |

| Total assets | 176,943 | | | | 167,771 | | | | 167,022 | | | | 159,786 | | | | 102,306 | | |

| Net unpaid losses and loss expenses | 48,509 | | | | 48,271 | | | | 49,165 | | | | 47,832 | | | | 26,562 | | |

| Net future policy benefits | 5,617 | | | | 5,304 | | | | 5,137 | | | | 4,854 | | | | 4,620 | | |

| Long-term debt | 13,559 | | | | 12,087 | | | | 11,556 | | | | 12,610 | | | | 9,389 | | |

| Trust preferred securities | 308 | | | | 308 | | | | 308 | | | | 308 | | | | 307 | | |

| Total liabilities | 121,612 | | | | 117,459 | | | | 115,850 | | | | 111,511 | | | | 73,171 | | |

| Shareholders' equity | 55,331 | | | | 50,312 | | | | 51,172 | | | | 48,275 | | | | 29,135 | | |

| Book value per share | $ | 122.42 | | | $ | 109.56 | | | $ | 110.32 | | | $ | 103.60 | | | $ | 89.77 | |

| Selected data: | | | | | | | | | | | | | | | | | | | |

| Loss and loss expense ratio (1) | 62.1 | | % | | 62.1 | | % | | 65.8 | | % | | 57.7 | | % | | 58.1 | | % |

| Underwriting and administrative expense ratio (2) | 28.5 | | % | | 28.5 | | % | | 28.9 | | % | | 30.6 | | % | | 29.2 | | % |

| Combined ratio (3) | 90.6 | | % | | 90.6 | | % | | 94.7 | | % | | 88.3 | | % | | 87.3 | | % |

| Cash dividends per share | $ | 2.98 | | | $ | 2.90 | | | $ | 2.82 | | | $ | 2.74 | | | $ | 2.66 | |

| | |

| --- | --- |

| (1) | The Loss and loss expense ratio is calculated by dividing losses and loss expenses, excluding the Life Insurance segment, by Net premiums earned – excluding Life Insurance segment. Losses and loss expenses for the Life Insurance segment were $757 million, $766 million, $739 million, $663 million, and $601 million for the years ended December 31, 2019, 2018, 2017, 2016, and 2015, respectively. |

| | |

| --- | --- |

| (2) | The Underwriting and administrative expense ratio is calculated by dividing the policy acquisition costs and administrative expenses, excluding the Life Insurance segment, by Net premiums earned – excluding Life Insurance segment. Policy acquisition costs and administrative expenses for the Life Insurance segment were $943 million, $867 million, $833 million, $816 million, and $767 million for the years ended December 31, 2019, 2018, 2017, 2016, and 2015, respectively. |

| | |

| --- | --- |

Chubb’s management, with the participation of Chubb’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of Chubb’s disclosure controls and procedures as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934 as of December 31, [removed: 2019.][added: 2020.]

There [removed: were] [added: have been] no [removed: other] changes [removed: to] [added: in] Chubb's internal controls over financial reporting [removed: for] [added: during] the [removed: year] [added: three months] ended December 31, [removed: 2019] [added: 2020] that have materially affected, or are reasonably likely to materially affect, Chubb's internal controls over financial reporting.

In 2016, Chubb completed the acquisition of The Chubb Corporation.

For the year ended December 31, 2019, we continued to integrate the information technology environments of the two companies.

[Table of Contents](#s7C454D468CD65E088F5E6591B62864F8)

Information pertaining to this item is incorporated by reference to the sections entitled “Agenda Item 5 - Election of the Board of Directors”, “Corporate Governance - The Board of Directors - Director Nomination Process”, and “Corporate Governance - The Committees of the Board - Audit Committee” of the definitive proxy statement for the [removed: 2020] [added: 2021] Annual General Meeting of Shareholders which will be filed with the SEC not later than 120 days after the close of the fiscal year pursuant to Regulation 14A.

This item is incorporated by reference to the sections entitled “Executive Compensation”, “Compensation Committee Report” and “Director Compensation” of the definitive proxy statement for the [removed: 2020] [added: 2021] Annual General Meeting of Shareholders which will be filed with the SEC not later than 120 days after the close of the fiscal year pursuant to Regulation 14A.

This item is incorporated by reference to the sections entitled "Information About Our Share Ownership" and "Agenda Item 9 - Approval of the Chubb Limited 2016 Long-Term Incentive Plan, as Amended and Restated - Explanation - Authorized Securities under Equity Compensation Plans" of the definitive proxy statement for the 2021 Annual General Meeting of Shareholders, which will be filed with the SEC not later than 120 days after the close of the fiscal year pursuant to Regulation 14A.

| | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | |

| Plan category | | Number of securities to be issued upon exercise of outstanding options, warrants, and rights | | | Weighted-average exercise price of outstanding options, warrants, and rights (3) | | | | Number of securities remaining available for future issuance under equity compensation plans | |

| Equity compensation plans approved by security holders (1) | | 11,801,420 | | | $ | 116.79 | | | 12,575,263 | |

| Equity compensation plans not approved by security holders (2) | | 27,914 | | | | | | | | |

(1) These totals include securities available for future issuance under the following plans:

(i) Chubb Limited 2016 Long-Term Incentive Plan (LTIP).

A total of 19,500,000 shares are authorized to be issued pursuant to awards made as options, stock appreciation rights, stock units, performance shares, performance units, restricted stock, and restricted stock units.

The maximum number of shares that may be delivered to participants and their beneficiaries under the LTIP shall be equal to the sum of: (x) 19,500,000 shares of stock; and (y) any shares of stock that have not been delivered pursuant to the ACE LTIP (as defined in clause (ii) of this footnote (1) below) and remain available for grant pursuant to the ACE LTIP, including shares of stock represented by awards granted under the ACE LTIP that are forfeited, expire or are canceled after the effective date of the LTIP without delivery of shares of stock or which result in the forfeiture of the shares of stock back to the Company to the extent that such shares would have been added back to the reserve under the terms of the ACE LTIP.

As of December 31, 2019, a total of 5,288,553 option awards and 706,535 restricted stock unit awards are outstanding, and 10,789,285 shares remain available for future issuance under this plan.

(ii) ACE Limited 2004 Long-Term Incentive Plan (ACE LTIP).

As of December 31, 2019, a total of 5,496,523 option awards and 72,075 restricted stock unit awards are outstanding.

No additional grants will be made pursuant to the ACE LTIP.

(iii) The Chubb Corporation Long-Term Incentive Plan (2014) (Chubb Corp. LTIP).

As of December 31, 2019, a total of 99,759 option awards, 3,433 restricted stock unit awards, nil performance unit awards (representing 100% of the aggregate target in accordance with the Chubb Corp. merger agreement) and 83,173 deferred stock unit awards are outstanding.

No additional grants will be made pursuant to the Chubb Corp. LTIP.

(iv) ESPP.

A total of 6,500,000 shares have been authorized for purchase at a discount.

As of December 31, 2019, 1,785,978 shares remain available for future issuance under this plan.

[Table of Contents](#s7C454D468CD65E088F5E6591B62864F8)

(2) These plans are the Chubb Corp. CCAP Excess Benefit Plan (CCAP Excess Benefit Plan) and the Chubb Corp. Deferred Compensation Plan for Directors, under which no Common Shares are available for future issuance other than with respect to outstanding rewards.

The CCAP Excess Benefit Plan is a nonqualified, defined contribution plan and covers those participants in the Capital Accumulation Plan of The Chubb Corporation (CCAP) (Chubb Corp.’s legacy 401(k) plan) and Chubb Corp.’s legacy employee stock ownership plan (ESOP) whose total benefits under those plans are limited by certain provisions of the Internal Revenue Code.

A participant in the CCAP Excess Benefit Plan is entitled to a benefit equaling the difference between the participant’s benefits under the CCAP and the ESOP, without considering the applicable limitations of the Code, and the participant’s actual benefits under such plans.

A participant’s excess ESOP benefit is expressed as Common Shares.

Payments under the CCAP Excess Benefit Plan are generally made: (i) for excess benefits related to the CCAP, in cash annually as soon as practical after the amount of excess benefit can be determined; and (ii) for excess benefits related to the ESOP, in Common Shares as soon as practicable after the participant’s termination of employment.

Allocations under the ESOP ceased in 2004.

Accordingly, other than dividends, no new contributions are made to the ESOP or the CCAP Excess Benefit Plan with respect to excess ESOP benefits.

(3) Weighted average exercise price excludes shares issuable under performance unit awards and restricted stock unit awards.

This item is incorporated by reference to the sections entitled “Corporate Governance - What Is Our Related Party Transactions Approval Policy And What Procedures Do We Use To Implement It?”, “Corporate Governance - What Related Party Transactions Do We Have?”, and “Corporate Governance - The Board of Directors - Director Independence” of the definitive proxy statement for the [removed: 2020] [added: 2021] Annual General Meeting of Shareholders which will be filed with the SEC not later than 120 days after the close of the fiscal year pursuant to Regulation 14A.

This item is incorporated by reference to the section entitled “Agenda Item 4 – Election of Auditors – 4.2 – Ratification of appointment of PricewaterhouseCoopers LLP (United States) as independent registered public accounting firm for purposes of U.S. securities law reporting” of the definitive proxy statement for the [removed: 2020] [added: 2021] Annual General Meeting of Shareholders which will be filed with the SEC not later than 120 days after the close of the fiscal year pursuant to Regulation 14A.

[Table of Contents](#s7C454D468CD65E088F5E6591B62864F8)

| | | [added: | | | |] Page | [added: | |]

| 1. | [added: | |] Consolidated Financial Statements | | [added: | | | |]

| – | [removed: [Management's] [added: | | [Management's] Responsibility for Financial Statements and Internal Control over Financial [removed: Reporting](#s7AA524354AE954BC957AEB62EB7D20BA)] [added: Reporting](#i558636b6d7bf4505bc4ed361a6e46303_316)] | [removed: [F-3](#s7AA524354AE954BC957AEB62EB7D20BA)] | [added: | [F-3](#i558636b6d7bf4505bc4ed361a6e46303_316) | | |]

| – | [removed: [Report] [added: | | [Report] of Independent Registered Public Accounting [removed: Firm](#s4E1E068B33F550968AE81D40B8AC1444)] [added: Firm](#i558636b6d7bf4505bc4ed361a6e46303_319)] | [removed: [F-4](#s4E1E068B33F550968AE81D40B8AC1444)] | [added: | [F-4](#i558636b6d7bf4505bc4ed361a6e46303_319) | | |]

| – | [removed: [Consolidated] [added: | | [Consolidated] Balance Sheets at December 31, [removed: 2019 and 2018](#s2CC39A07CEA9579C83C6D98087CD85EC)] [added: 20](#i558636b6d7bf4505bc4ed361a6e46303_322)[20](#i558636b6d7bf4505bc4ed361a6e46303_322) [and 201](#i558636b6d7bf4505bc4ed361a6e46303_322)9] | [removed: [F-7](#s2CC39A07CEA9579C83C6D98087CD85EC)] | [added: | [F-7](#i558636b6d7bf4505bc4ed361a6e46303_322) | | |]

| – | [removed: [Consolidated] [added: | | [Consolidated] Statements of Operations and Comprehensive Income for the years ended December 31, [removed: 2019, 2018,] [added: 20](#i558636b6d7bf4505bc4ed361a6e46303_328)[20](#i558636b6d7bf4505bc4ed361a6e46303_328)[, 201](#i558636b6d7bf4505bc4ed361a6e46303_328)[9](#i558636b6d7bf4505bc4ed361a6e46303_328)[,] and [removed: 2017](#s93389E1E4BF55CB198A6CCC8088392C9)] [added: 201](#i558636b6d7bf4505bc4ed361a6e46303_328)8] | [removed: [F-8](#s93389E1E4BF55CB198A6CCC8088392C9)] | [added: | [F-8](#i558636b6d7bf4505bc4ed361a6e46303_328) | | |]

| – | [removed: [Consolidated] [added: | | [Consolidated] Statements of Shareholders' Equity for the years ended December 31, [added: 2020,] 2019, [removed: 2018,] and [removed: 2017](#s09D3D6DE23EB5452A1A3486DBAE4F9C5)] [added: 2018](#i558636b6d7bf4505bc4ed361a6e46303_334)] | [removed: [F-9](#s09D3D6DE23EB5452A1A3486DBAE4F9C5)] | [added: | [F-9](#i558636b6d7bf4505bc4ed361a6e46303_334) | | |]

| – | [removed: [Consolidated] [added: | | [Consolidated] Statements of Cash Flows for the years ended December 31, [removed: 2019, 2018,] [added: 20](#i558636b6d7bf4505bc4ed361a6e46303_340)[20](#i558636b6d7bf4505bc4ed361a6e46303_340)[, 201](#i558636b6d7bf4505bc4ed361a6e46303_340)[9](#i558636b6d7bf4505bc4ed361a6e46303_340)[,] and [removed: 2017](#s5E1DDB3ED4D8560182C1407B8B1A07A3)] [added: 201](#i558636b6d7bf4505bc4ed361a6e46303_340)8] | [removed: [F-10](#s5E1DDB3ED4D8560182C1407B8B1A07A3)] | [added: | [F-10](#i558636b6d7bf4505bc4ed361a6e46303_340) | | |]

| – | [removed: [Notes] [added: | | [Notes] to Consolidated Financial [removed: Statements](#s96B41A881B0A51CD8ECCC4D67BDDB436)] [added: Statements](#i558636b6d7bf4505bc4ed361a6e46303_346)] | [removed: [F-11](#s96B41A881B0A51CD8ECCC4D67BDDB436)] | [added: | [F-11](#i558636b6d7bf4505bc4ed361a6e46303_349) | | |]

| 2. | [added: | |] Financial Statement Schedules | | [added: | | | |]

| – | [removed: [Schedule] [added: | | [Schedule] I - Summary of Investments - Other Than Investments in Related Parties at December 31, [removed: 2019](#s533B7E3ADB285D08A44DCA0D1D140753)] [added: 20](#i558636b6d7bf4505bc4ed361a6e46303_469)20] | [removed: [F-108](#s533B7E3ADB285D08A44DCA0D1D140753)] | [added: | [F-104](#i558636b6d7bf4505bc4ed361a6e46303_469) | | |]

| – | [removed: [Schedule] [added: | | [Schedule] II - Condensed Financial Information of Registrant (Parent Company Only) at December 31, [removed: 2019 and 2018 and] [added: 20](#i558636b6d7bf4505bc4ed361a6e46303_472)[20](#i558636b6d7bf4505bc4ed361a6e46303_472) [and 201](#i558636b6d7bf4505bc4ed361a6e46303_472)[9](#i558636b6d7bf4505bc4ed361a6e46303_472) [and] for the years ended December 31, [removed: 2019, 2018,] [added: 20](#i558636b6d7bf4505bc4ed361a6e46303_472)[20](#i558636b6d7bf4505bc4ed361a6e46303_472)[, 201](#i558636b6d7bf4505bc4ed361a6e46303_472)[9](#i558636b6d7bf4505bc4ed361a6e46303_472)[,] and [removed: 2017](#s3B074E82A7735AD986960E95BC568075)] [added: 201](#i558636b6d7bf4505bc4ed361a6e46303_472)8] | [removed: [F-109](#s3B074E82A7735AD986960E95BC568075)] | [added: | [F-105](#i558636b6d7bf4505bc4ed361a6e46303_472) | | |]

| – | [removed: [Schedule] [added: | | [Schedule] IV - Supplemental Information Concerning Reinsurance for the years ended December 31, [removed: 2019, 2018,] [added: 20](#i558636b6d7bf4505bc4ed361a6e46303_478)[20](#i558636b6d7bf4505bc4ed361a6e46303_478)[, 20](#i558636b6d7bf4505bc4ed361a6e46303_478)[19](#i558636b6d7bf4505bc4ed361a6e46303_478)[,] and [removed: 2017](#sEE1857EC4C3A56B5880EA43A08A3D62D)] [added: 201](#i558636b6d7bf4505bc4ed361a6e46303_478)8] | [removed: [F-111](#sEE1857EC4C3A56B5880EA43A08A3D62D)] | [added: | [F-107](#i558636b6d7bf4505bc4ed361a6e46303_478) | | |]

| – | [removed: [Schedule] [added: | | [Schedule] VI - Supplementary Information Concerning Property and Casualty Operations as of and for the years ended December 31, [added: 2020,] 2019, [removed: 2018,] and [removed: 2017](#s1406EC0B8C5E5F01ADA71AFC856FD3F0)] [added: 2018](#i558636b6d7bf4505bc4ed361a6e46303_481)] | [removed: [F-112](#s1406EC0B8C5E5F01ADA71AFC856FD3F0)] | [added: | [F-108](#i558636b6d7bf4505bc4ed361a6e46303_481) | | |]

| Other schedules have been omitted as they are not applicable to Chubb, or the required information has been included in the Consolidated Financial Statements and related notes. | | | | | [added: | | | | | | | | | |]

| 3. | [added: | |] Exhibits | | | | [added: | | | | | | | |]

| | | | | | | [added: | | | | | | | | | | | |] Incorporated by Reference | | | | | [added: | | | | | | | | | |]

| Exhibit Number | | [added: | | | |] Exhibit Description | | [added: | | | |] Form | | [added: | | | |] Original Number | | [added: | | | |] Date Filed | | [added: | | | |] Filed Herewith | [added: | |]

| [removed: [3.1](http://www.sec.gov/Archives/edgar/data/896159/000119312516597615/d362936dex31.htm)] [added: [3.1](http://www.sec.gov/Archives/edgar/data/896159/000119312520209318/d37374dex31.htm)] | | [added: | | | |] [Articles of Association of the Company, as amended and [removed: restated](http://www.sec.gov/Archives/edgar/data/896159/000119312516597615/d362936dex31.htm)] [added: restated](http://www.sec.gov/Archives/edgar/data/896159/000119312520209318/d37374dex31.htm)] | | [added: | | | |] 8-K | | [added: | | | |] 3.1 | | [removed: May 18, 2018] | | | [added: | August 4, 2020 | | | | | | | | |]

| [3.2](http://www.sec.gov/Archives/edgar/data/896159/000119312516773870/d294410dex31.htm) | | [added: | | | |] [Organizational Regulations of the Company as amended](http://www.sec.gov/Archives/edgar/data/896159/000119312516773870/d294410dex31.htm) | | [added: | | | |] 8-K | | [added: | | | |] 3.1 | | [added: | | | |] November 21, 2016 | | | [added: | | | | | |]

| [removed: [4.1](http://www.sec.gov/Archives/edgar/data/896159/000119312516597615/d362936dex31.htm)] [added: [4.1](http://www.sec.gov/Archives/edgar/data/896159/000119312520209318/d37374dex31.htm)] | | [added: | | | |] [Articles of Association of the Company, as amended and [removed: restated](http://www.sec.gov/Archives/edgar/data/896159/000119312516597615/d362936dex31.htm)] [added: restated](http://www.sec.gov/Archives/edgar/data/896159/000119312520209318/d37374dex31.htm)] | | [added: | | | |] 8-K | | [added: | | | |] 4.1 | | [removed: May 18, 2018] | | | [added: | August 4, 2020 | | | | | | | | |]

| [4.2](http://www.sec.gov/Archives/edgar/data/896159/000119312516773870/d294410dex31.htm) | | [added: | | | |] [Organizational Regulations of the Company as amended](http://www.sec.gov/Archives/edgar/data/896159/000119312516773870/d294410dex31.htm) | | [added: | | | |] 8-K | | [added: | | | |] 3.1 | | [added: | | | |] November 21, 2016 | | | [added: | | | | | |]

| [4.3](http://www.sec.gov/Archives/edgar/data/896159/000119312508153347/dex43.htm) | | [added: | | | |] [Specimen share certificate representing Common Shares](http://www.sec.gov/Archives/edgar/data/896159/000119312508153347/dex43.htm) | | [added: | | | |] 8-K | | [added: | | | |] 4.3 | | [added: | | | |] July 18, 2008 | | | [added: | | | | | |]

| [4.4](http://www.sec.gov/Archives/edgar/data/896159/000095013102001024/dex41.txt) | | [added: | | | |] [Indenture, dated March 15, 2002, between ACE Limited and Bank One Trust Company, N.A.](http://www.sec.gov/Archives/edgar/data/896159/000095013102001024/dex41.txt) | | [added: | | | |] 8-K | | [added: | | | |] 4.1 | | [added: | | | |] March 22, 2002 | | | [added: | | | | | |]

| [4.5](http://www.sec.gov/Archives/edgar/data/896159/000119312514439022/d799078dex44.htm) | | [added: | | | |] [Senior Indenture, dated August 1, 1999, among ACE INA Holdings, Inc., ACE Limited and Bank of New York Mellon Trust Company, N.A. (as successor), as trustee](http://www.sec.gov/Archives/edgar/data/896159/000119312514439022/d799078dex44.htm) | | [added: | | | |] S-3 ASR | | [added: | | | |] 4.4 | | [added: | | | |] December 10, 2014 | | | [added: | | | | | |]

| | | | | | | [added: | | | | | | | | | | | |] Incorporated by Reference | | | | | [added: | | | | | | | | | |]

| Exhibit Number | | [added: | | | |] Exhibit Description | | [added: | | | |] Form | | [added: | | | |] Original Number | | [added: | | | |] Date Filed | | [added: | | | |] Filed Herewith | [added: | |]

| [4.6](http://www.sec.gov/Archives/edgar/data/896159/000095013100002158/0000950131-00-002158.txt) | | [added: | | | |] [Indenture, dated November 30, 1999, among ACE INA Holdings, Inc. and Bank One Trust Company, N.A., as trustee](http://www.sec.gov/Archives/edgar/data/896159/000095013100002158/0000950131-00-002158.txt) | | [added: | | | |] 10-K | | [added: | | | |] 10.38 | | [added: | | | |] March 29, 2000 | | | [added: | | | | | |]

| [4.7](http://www.sec.gov/Archives/edgar/data/896159/000095013100002158/0000950131-00-002158.txt) | | [added: | | | |] [Indenture, dated December 1, 1999, among ACE INA Holdings, Inc., ACE Limited and Bank One Trust Company, National Association, as trustee](http://www.sec.gov/Archives/edgar/data/896159/000095013100002158/0000950131-00-002158.txt) | | [added: | | | |] 10-K | | [added: | | | |] 10.41 | | [added: | | | |] March 29, 2000 | | | [added: | | | | | |]

| [4.8](http://www.sec.gov/Archives/edgar/data/896159/000119312506056531/dex417.htm) | | [added: | | | |] [Amended and Restated Trust Agreement, dated March 31, 2000, among ACE INA Holdings, Inc., Bank One Trust Company, National Association, as property trustee, Bank One Delaware Inc., as Delaware trustee and the administrative trustees named therein](http://www.sec.gov/Archives/edgar/data/896159/000119312506056531/dex417.htm) | | [added: | | | |] 10-K | | [added: | | | |] 4.17 | | [added: | | | |] March 16, 2006 | | | [added: | | | | | |]

| [4.9](http://www.sec.gov/Archives/edgar/data/896159/000119312506056531/dex418.htm) | | [added: | | | |] [Common Securities Guarantee Agreement, dated March 31, 2000](http://www.sec.gov/Archives/edgar/data/896159/000119312506056531/dex418.htm) | | [added: | | | |] 10-K | | [added: | | | |] 4.18 | | [added: | | | |] March 16, 2006 | | | [added: | | | | | |]

| [4.10](http://www.sec.gov/Archives/edgar/data/896159/000119312506056531/dex419.htm) | | [added: | | | |] [Capital Securities Guarantee Agreement, dated March 31, 2000](http://www.sec.gov/Archives/edgar/data/896159/000119312506056531/dex419.htm) | | [added: | | | |] 10-K | | [added: | | | |] 4.19 | | [added: | | | |] March 16, 2006 | | | [added: | | | | | |]

| [4.11](http://www.sec.gov/Archives/edgar/data/896159/000119312513104493/d500703dex41.htm) | | [added: | | | |] [Form of 2.70 percent Senior Notes due 2023](http://www.sec.gov/Archives/edgar/data/896159/000119312513104493/d500703dex41.htm) | | [added: | | | |] 8-K | | [added: | | | |] 4.1 | | [added: | | | |] March 13, 2013 | | | [added: | | | | | |]

| [4.12](http://www.sec.gov/Archives/edgar/data/896159/000119312513104493/d500703dex42.htm) | | [added: | | | |] [Form of 4.15 percent Senior Notes due 2043](http://www.sec.gov/Archives/edgar/data/896159/000119312513104493/d500703dex42.htm) | | [added: | | | |] 8-K | | [added: | | | |] 4.2 | | [added: | | | |] March 13, 2013 | | | [added: | | | | | |]

| [4.13](http://www.sec.gov/Archives/edgar/data/896159/000119312513104493/d500703dex43.htm) | | [added: | | | |] [First Supplemental Indenture dated as of March 13, 2013 to the Indenture dated as of August 1, 1999 among ACE INA Holdings, Inc., as Issuer, ACE Limited, as Guarantor, and The Bank of New York Mellon Trust Company, N.A., as Successor Trustee](http://www.sec.gov/Archives/edgar/data/896159/000119312513104493/d500703dex43.htm) | | [added: | | | |] 8-K | | [added: | | | |] 4.3 | | [added: | | | |] March 13, 2013 | | | [added: | | | | | |]

| [4.14](http://www.sec.gov/Archives/edgar/data/896159/000119312514212221/d733052dex41.htm) | | [added: | | | |] [Form of 3.35 percent Senior Notes due 2024](http://www.sec.gov/Archives/edgar/data/896159/000119312514212221/d733052dex41.htm) | | [added: | | | |] 8-K | | [added: | | | |] 4.1 | | [added: | | | |] May 27, 2014 | | | [added: | | | | | |]

| [4.15](http://www.sec.gov/Archives/edgar/data/896159/000119312515093197/d891281dex41.htm) | | [added: | | | |] [Form of 3.150 percent Senior Notes due 2025](http://www.sec.gov/Archives/edgar/data/896159/000119312515093197/d891281dex41.htm) | | [added: | | | |] 8-K | | [added: | | | |] 4.1 | | [added: | | | |] March 16, 2015 | | | [added: | | | | | |]