Chubb (CB) 10-K risk factor changes: FY2021 vs FY2020

We have substantial exposure to losses resulting from natural disasters, man-made [removed: catastrophes] [added: catastrophes,] such as terrorism or cyber-attack, and other catastrophic events, including pandemics.

Additionally, we cannot predict how legal, regulatory and/or social responses to concerns around global climate change [added: and the resulting impact on various sectors of the economy] may impact our business.

Although we attempt to manage our exposure to such events through the use of underwriting controls, risk models, and the purchase of third-party reinsurance, catastrophic events are inherently unpredictable and the actual nature of such [removed: events] [added: events,] when they [removed: occur] [added: occur,] could be more frequent or severe than contemplated in our pricing and risk management expectations.

[removed: COVID-19 pandemic,] [added: COVID-19,] 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 [removed: pandemic] [added: and related variants] (the [removed: “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 [removed: have a significant effect on] [added: continue to affect our] 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 [added: repeated or] further suppression of global commercial activity that results in a reduction in insurable assets and other exposure.

At December 31, [removed: 2020,] [added: 2021,] gross A&E liabilities represented approximately [removed: 2.8] [added: 2.2] percent of our gross loss reserves.

For example, recently enacted "reviver" legislation in certain states does allow civil claims relating to molestation [removed: and abuse] to be asserted against policyholders that would otherwise be barred by statutes of limitations.

As a result, one or more natural [removed: catastrophes and/or terrorism] or [added: man-made catastrophes, terrorism, or] other events could result in claims that substantially exceed our expectations, which could have an adverse effect on our results of operations and financial condition.

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

At December 31, [removed: 2020,] [added: 2021,] we had [removed: $15.8] [added: $17.6] billion of reinsurance recoverables, net of reserves for uncollectible recoverables.

At December 31, [removed: 2020,] [added: 2021,] the aggregate reinsurance balances ceded by our active subsidiaries to Century were approximately [removed: $1.6] [added: $1.8] billion.

Moreover, [removed: a deposit] [added: deposits] paid in connection with our [removed: agreement] [added: agreements] to acquire additional shares of Huatai Group [removed: exposes] [added: expose] us to risk if the [removed: transaction is] [added: transactions are] not completed.

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

Since we depend on a few [removed: distribution] [added: brokers] and [removed: bancassurance partners] [added: agents] for a large portion of our revenues, loss of business provided by any one of them could adversely affect us.

We market our insurance and reinsurance [removed: worldwide] [added: worldwide,] primarily through independent insurance agents, insurance and reinsurance brokers, and bancassurance relationships.

However, a smaller portion of the portfolio, approximately 18 percent at December 31, [removed: 2020,] [added: 2021,] is invested in below investment-grade securities.

Under Swiss [removed: law] [added: law,] we would be prohibited from selling shares in an equity financing at a purchase price below our then-current par value.

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

In addition, Swiss law requires that the total par value of Chubb's [removed: acquisition of] treasury shares must not be in excess of 10 percent of its total share [removed: capital.][added: capital, although an exemption from the 10 percent limit applies for repurchased treasury shares dedicated for cancellation and acquired pursuant to a shareholder-ratified repurchase program.]

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

If our shareholders do not [added: ratify our share repurchase program or] approve the cancellation of [removed: previously] repurchased shares, we may be [added: restricted or] unable to return capital to shareholders through share repurchases in the future.

Furthermore, our current repurchase program relies on [removed: a] Swiss tax [removed: ruling.][added: rulings.]

Any future revocation or loss of our Swiss tax [removed: ruling] [added: rulings] or the inability to conduct repurchases in accordance with [removed: the ruling] [added: these rulings] could [removed: also] jeopardize our ability to continue repurchasing our shares.

At December 31, [removed: 2020,] [added: 2021,] approximately [removed: 21.4] [added: 21.0] percent of our net assets were denominated in foreign currencies.

[added: 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.

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

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

Both current and future foreign operations could be adversely affected by unfavorable geopolitical [removed: developments] [added: developments,] including law changes; tax changes; changes in trade policies; changes to visa or immigration policies; regulatory restrictions; government leadership changes; political events and upheaval; sociopolitical instability; social, political or economic instability resulting from climate change; and nationalization of our operations without compensation.

Although we have implemented administrative and technical controls and have taken protective actions to reduce the risk of cyber incidents and to protect our information technology and assets, and [removed: although] we additionally endeavor to modify such procedures as circumstances warrant and negotiate agreements with third-party providers to protect our assets, such measures may be insufficient to prevent unauthorized access, computer viruses, malware or other malicious code or cyber-attack, business compromise attacks, catastrophic events, system failures and disruptions, employee errors or malfeasance, third party (including outsourced service providers) errors or malfeasance, loss of assets and other events that could have security consequences (each, a Security Event).

Chubb may be required to expend significant additional resources to modify our protective measures or to investigate and remediate vulnerabilities or other exposures and to pursue recovery of lost data or assets and we may be subject to litigation [added: costs] and [added: losses, regulatory penalties (as described above) and] financial losses that are either not insured against or not fully covered by insurance maintained.

We use analytical models to assist our [removed: decision making] [added: decision-making] in key [removed: areas] [added: areas,] such as underwriting, claims, reserving, and catastrophe [removed: risks] [added: risks,] but actual results could differ materially from the model outputs and related analyses.

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

It is not always possible to deter or prevent employee [removed: misconduct] [added: misconduct,] and the precautions that we take to prevent and detect this activity may not be effective in all cases.

If we do not anticipate or keep pace with these technological and other changes impacting the insurance industry, it could [removed: also] limit our ability to compete in desired markets.

The 2017 Tax [removed: Act, which was generally effective in 2018,] [added: Act] is a complex law with many significant new provisions.

The Organization for Economic Cooperation and Development [removed: (OECD) and] [added: (OECD),] the European Union [removed: (EU)] [added: (EU), and the Swiss Federal Council] are considering measures that might change long standing tax principles that could increase our taxes.

This framework is an alternative to digital services taxes that several countries have [removed: enacted] [added: proposed, enacted,] or are considering.

Chubb has also been advised by its Swiss counsel that there is no treaty in effect between the U.S. and Switzerland providing for this [removed: enforcement] [added: enforcement,] and there are grounds upon which Swiss courts may not enforce judgments of U.S. courts.

Exposure to cyber risk is increasing systematically due to greater digital dependence and increases possible losses due to a catastrophic cyber event.

Cyber catastrophic scenarios are not bound by time or geographic limitations and cyber catastrophic perils don’t have well-established definitions and fundamental physical properties.

Rather, cyber risks are engineered by human actors and thus are continuously evolving, often in ways that are engineered specifically to evade established loss mitigation controls.

Like all global companies, our systems have been, and will likely continue to be, subject to threats from viruses or other malicious codes, unauthorized access, cyber-attacks, cyber frauds or other computer-related penetrations.

In certain instances, we rely on third parties to perform business functions and process data on our behalf which may expose us to additional data security risk.

The Biden Administration and both houses of the U.S. Congress have proposed legislation, commonly referred to as the Build Back Better bills, that would modify aspects of the 2017 Tax Act and make other changes to U.S. tax law.

This proposed legislation included, among other things, modifications to the BEAT and GILTI provisions.

Late in 2021, the OECD published model legislation, and the EU issued a draft Directive related to the global minimum tax to be considered by member countries in 2022, to be effective in 2023 or later years.

Early in 2022, the Swiss Federal Council announced that they plan to amend their constitution to adopt the global minimum tax effective January 1, 2024.

The enactment of these proposals, as well as other countries' proposals in reaction to them, is very uncertain at this time, but if enacted could cause uncertainties to and increases in our income taxes.

In January 2022, the U.S. Treasury Department and the IRS released proposed regulations that may cause more income to be treated as RPII than under current law.

income tax laws.

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

Reported liabilities for both GMDB and GLB reinsurance are determined using internal valuation models which require considerable judgment and are subject to significant uncertainty.

Refer to the “Critical Accounting Estimates – Guaranteed living benefits (GLB) derivatives” under Item 7 and “Quantitative and Qualitative Disclosures about Market Risk – Reinsurance of GMDB and GLB guarantees” under Item 7A for additional information on the assumptions used in this program.

We

The current economic and financial climates present

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

The U.K. ceased to be a member of the EU on January 31, 2020 ("Brexit").

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.

Throughout both the EU and U.K., we have significant investments in both financial and human resources, as well as a large portfolio of commercial and consumer insurance business.

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 2017 Tax Act also included a one-time reduced-rate transition tax in 2017 on previously untaxed post-1986 earnings of foreign subsidiaries of U.S. corporations.

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.

This framework is a proposal that we expect to develop further in 2021 as it is designed by the OECD Secretariat.

These proposals may be completed sometime in 2021 or later which could be adopted by OECD countries in 2022 or later years.

As countries unilaterally amend their tax laws to adopt certain parts of the OECD framework, this may increase the company’s income taxes and cause uncertainties related to our income taxes.

business taxable income.

The following is a discussion of our financial condition and results of operations for the years ended December 31, [removed: 2020] [added: 2021] and [removed: 2019] [added: 2020] and comparisons between [removed: 2020] [added: 2021] and [removed: 2019.][added: 2020.]

Comparisons between [removed: 2019] [added: 2020] and [removed: 2018] [added: 2019] 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, [removed: 2019.][added: 2020.]

| [Forward-Looking [removed: Statements](#i558636b6d7bf4505bc4ed361a6e46303_109)] [added: Statements](#idf21ed31044d48e6a4ab06ff93da8eda_115)] | | | [removed: [35](#i558636b6d7bf4505bc4ed361a6e46303_109)] [added: [37](#idf21ed31044d48e6a4ab06ff93da8eda_115)] | | |

| [Critical Accounting [removed: Estimates](#i558636b6d7bf4505bc4ed361a6e46303_121)] [added: Estimates](#idf21ed31044d48e6a4ab06ff93da8eda_127)] | | | [removed: [38](#i558636b6d7bf4505bc4ed361a6e46303_121)] [added: [39](#idf21ed31044d48e6a4ab06ff93da8eda_127)] | | |

| [Consolidated Operating [removed: Results](#i558636b6d7bf4505bc4ed361a6e46303_148)] [added: Results](#idf21ed31044d48e6a4ab06ff93da8eda_157)] | | | [removed: [48](#i558636b6d7bf4505bc4ed361a6e46303_148)] [added: [47](#idf21ed31044d48e6a4ab06ff93da8eda_157)] | | |

| [Segment Operating [removed: Results](#i558636b6d7bf4505bc4ed361a6e46303_163)] [added: Results](#idf21ed31044d48e6a4ab06ff93da8eda_169)] | | | [removed: [53](#i558636b6d7bf4505bc4ed361a6e46303_163)] [added: [53](#idf21ed31044d48e6a4ab06ff93da8eda_169)] | | |

| [Net Realized and Unrealized Gains [removed: (Losses)](#i558636b6d7bf4505bc4ed361a6e46303_217)] [added: (Losses)](#idf21ed31044d48e6a4ab06ff93da8eda_205)] | | | [removed: [61](#i558636b6d7bf4505bc4ed361a6e46303_217)] [added: [62](#idf21ed31044d48e6a4ab06ff93da8eda_205)] | | |

| [removed: [Net Investment Income](#i558636b6d7bf4505bc4ed361a6e46303_208)] [added: Net investment income] | | | [removed: [67](#i558636b6d7bf4505bc4ed361a6e46303_208)] [added: $] | [added: 4] | | [added: | | | | | | | | | $ | 1 | | | | | | | |]

| [Amortization of Purchased Intangibles and Other [removed: Amortization](#i558636b6d7bf4505bc4ed361a6e46303_223)] [added: Amortization](#idf21ed31044d48e6a4ab06ff93da8eda_226)] | | | [removed: [67](#i558636b6d7bf4505bc4ed361a6e46303_223)] [added: [68](#idf21ed31044d48e6a4ab06ff93da8eda_226)] | | |

| [Asbestos and Environmental [removed: (A&E)](#i558636b6d7bf4505bc4ed361a6e46303_229)] [added: (A&E)](#idf21ed31044d48e6a4ab06ff93da8eda_235)] | | | [removed: [72](#i558636b6d7bf4505bc4ed361a6e46303_229)] [added: [72](#idf21ed31044d48e6a4ab06ff93da8eda_235)] | | |

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

| [Political Risk and Credit [removed: Insurance](#i558636b6d7bf4505bc4ed361a6e46303_241)] [added: Insurance](#idf21ed31044d48e6a4ab06ff93da8eda_244)] | | | [removed: [74](#i558636b6d7bf4505bc4ed361a6e46303_241)] [added: [75](#idf21ed31044d48e6a4ab06ff93da8eda_244)] | | |

- 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 [removed: 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;

- acquisitions made 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, [removed: or] [added: including with respect to our] announced acquisitions not closing; 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;

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

Financial Highlights for the Year Ended December 31, [removed: 2020][added: 2021]

[removed: -] Net premiums earned [removed: were $33.1] [added: increased $3.2] billion, [removed: up 5.8 percent,] or [removed: 6.5 percent] [added: $2.8 billion] on a constant-dollar basis [removed: with] [added: in 2021, reflecting] growth in commercial [removed: lines of 8.9 percent and] [added: lines, while] consumer lines [removed: of 2.5 percent.][added: were relatively flat.]

- [added: The] P&C combined ratio was [removed: 96.1] [added: 89.1] percent compared with [removed: 90.6] [added: 96.1] percent in [removed: 2019.][added: 2020.]

P&C current accident year [added: (CAY)] combined ratio excluding catastrophe losses was [removed: 86.7] [added: 84.8] percent compared with [removed: 89.2] [added: 86.7] percent in [removed: 2019.][added: the prior year.]

- Total pre-tax and after-tax catastrophe [removed: losses, including reinstatement premiums,] [added: losses] were [removed: $3.3] [added: $2.4] billion [added: (7.1 percentage points of the P&C combined ratio)] and [removed: $2.8] [added: $2.0] billion, respectively, compared with [removed: $1.2] [added: $3.3] billion [added: (10.6 percentage points of the P&C combined ratio)] and [removed: $966 million, respectively,] [added: $2.8 billion] in [removed: 2019.][added: 2020.]

- Total pre-tax and after-tax favorable prior period development were [removed: $395] [added: $926] million [removed: (1.2] [added: (2.8] percentage points of the combined ratio) and [removed: $357] [added: $756] million, respectively, compared with [removed: $792] [added: favorable prior period development of $395] million [removed: (2.7] [added: (1.2] percentage points of the combined ratio) and [removed: $624] [added: $357] million, respectively, in [removed: 2019.][added: 2020.]

[removed: -] [added: |] Net investment income [removed: was $3,375 million compared with $3,426 million in 2019.][added: (1) | | | $ | 3,456 | | | | | $ | 3,375 | | | | | $ | 3,426 | |]

- the valuation of deferred income taxes; [added: and]

At December 31, [removed: 2020,] [added: 2021,] our gross unpaid loss and loss expense reserves were [removed: $67.8] [added: $72.9] billion and our net unpaid loss and loss expense reserves were [removed: $53.2] [added: $56.8] billion.

| | | | December 31, [removed: 2020] [added: 2021] | | | | | | | | | | | | | | | | | | December 31, [removed: 2019] [added: 2020] | | | | | | | | | | | | | | |

| Balance, beginning of year | | | $ | [removed: 62,690] [added: 67,811] | | | | | $ | [removed: 14,181] [added: 14,647] | | | | | $ | [removed: 48,509] [added: 53,164] | | | | | $ | [removed: 62,960] [added: 62,690] | | | | | $ | [removed: 14,689] [added: 14,181] | | | | | $ | [removed: 48,271] [added: 48,509] | |

| Losses and loss expenses incurred | | | [removed: 26,711] [added: 28,033] | | | | | | [removed: 5,001] [added: 6,053] | | | | | | [removed: 21,710] [added: 21,980] | | | | | | [removed: 23,657] [added: 26,711] | | | | | | [removed: 4,927] [added: 5,001] | | | | | | [removed: 18,730] [added: 21,710] | | |

| Losses and loss expenses paid | | | [removed: (22,053)] [added: (22,242)] | | | | | | [removed: (4,619)] [added: (4,358)] | | | | | | [removed: (17,434)] [added: (17,884)] | | | | | | [removed: (23,911)] [added: (22,053)] | | | | | | [removed: (5,438)] [added: (4,619)] | | | | | | [removed: (18,473)] [added: (17,434)] | | |

| Other (including foreign exchange translation) | | | [removed: 463] [added: (659)] | | | | | | [removed: 84] [added: (158)] | | | | | | [removed: 379] [added: (501)] | | | | | | [removed: (16)] [added: 463] | | | | | | [removed: 3] [added: 84] | | | | | | [removed: (19)] [added: 379] | | |

| Balance, end of year | | | $ | [removed: 67,811] [added: 72,943] | | | | | $ | [removed: 14,647] [added: 16,184] | | | | | $ | [removed: 53,164] [added: 56,759] | | | | | $ | [removed: 62,690] [added: 67,811] | | | | | $ | [removed: 14,181] [added: 14,647] | | | | | $ | [removed: 48,509] [added: 53,164] | |

Loss reserves also include an estimate of expenses associated with processing and settling unpaid [added: claims (loss expenses).]

While we believe that our reserve for unpaid losses and loss expenses at December 31, [removed: 2020,] [added: 2021,] is adequate, new information or emerging trends that differ from our assumptions may lead to future development of losses and loss expenses that is significantly greater or less than the recorded reserve, which could have a material effect on future operating results.

Specifically, adjusting ground up ultimate losses by a one percentage point change in the tail factor (i.e., 1.04 changed to either 1.05 or 1.03) would cause a change of approximately [removed: $910] [added: $942] million, either positive or negative, for the projected net loss and loss expense reserves.

This represents an impact of about 9.5 percent relative to recorded net loss and loss expense reserves of approximately [removed: $9.6] [added: $9.9] billion.

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 [removed: $546] [added: $584] million, either positive or negative, for the projected net loss and loss expense reserves.

This represents an impact of about [removed: 19.7] [added: 18.6] percent relative to recorded net loss and loss expense reserves of approximately [removed: $2.8] [added: $3.1] billion for these portfolios.

As shown in our loss triangle disclosure, the vast majority [removed: (approximately] [added: (almost] 95 percent) of Personal Lines net ultimate losses and allocated loss adjustment expenses are typically paid within five years of the accident date and [removed: over] 80 percent within two years.

Approximately [removed: 59] [added: 67] percent of the reserves for this segment are from the crop related lines, which all have short payout patterns, with the majority of the liabilities expected to be resolved in the ensuing twelve months.

Certain long-tail lines, such as casualty and [removed: professional] [added: financial] lines, are particularly susceptible to changes in loss trend and claim inflation.

For example, when applying the reported loss development method, the lengthening of our selected loss development patterns by six months would increase reserve estimates on long-tail casualty and [removed: professional] [added: financial] lines for accident years [removed: 2018] [added: 2019] and prior by approximately [removed: $590] [added: $611] million.

| [Overview](#idf21ed31044d48e6a4ab06ff93da8eda_118) | | | [38](#idf21ed31044d48e6a4ab06ff93da8eda_118) | | |

| [Non-GAAP Reconciliation](#idf21ed31044d48e6a4ab06ff93da8eda_214) | | | [63](#idf21ed31044d48e6a4ab06ff93da8eda_214) | | |

| [Net Investment Income](#idf21ed31044d48e6a4ab06ff93da8eda_220) | | | [67](#idf21ed31044d48e6a4ab06ff93da8eda_220) | | |

| [Interest Expense](#idf21ed31044d48e6a4ab06ff93da8eda_223) | | | [67](#idf21ed31044d48e6a4ab06ff93da8eda_223) | | |

| [Investments](#idf21ed31044d48e6a4ab06ff93da8eda_229) | | | [69](#idf21ed31044d48e6a4ab06ff93da8eda_229) | | |

| [Catastrophe Management](#idf21ed31044d48e6a4ab06ff93da8eda_238) | | | [73](#idf21ed31044d48e6a4ab06ff93da8eda_238) | | |

| [Crop Insurance](#idf21ed31044d48e6a4ab06ff93da8eda_247) | | | [76](#idf21ed31044d48e6a4ab06ff93da8eda_247) | | |

| [Liquidity](#idf21ed31044d48e6a4ab06ff93da8eda_250) | | | [77](#idf21ed31044d48e6a4ab06ff93da8eda_250) | | |

| [Capital Resources](#idf21ed31044d48e6a4ab06ff93da8eda_259) | | | [80](#idf21ed31044d48e6a4ab06ff93da8eda_259) | | |

| [Information provided in connection with outstanding debt of subsidiaries](#idf21ed31044d48e6a4ab06ff93da8eda_4036) | | | [83](#idf21ed31044d48e6a4ab06ff93da8eda_4036) | | |

| [Credit Facilities](#idf21ed31044d48e6a4ab06ff93da8eda_265) | | | [84](#idf21ed31044d48e6a4ab06ff93da8eda_265) | | |

| [Ratings](#idf21ed31044d48e6a4ab06ff93da8eda_268) | | | [84](#idf21ed31044d48e6a4ab06ff93da8eda_268) | | |

| | | | | | |

The net undiscounted reserves related to structured settlements and certain reserves for unsettled claims are immaterial.

The impact of COVID on both underlying exposures and the legal and claim adjudication processes adds an additional layer of complexity.

The effects of climate change could, over time, add new uncertainties to the loss reserving process.

Chubb's exposure to molestation claims principally arises out of liabilities acquired when it purchased CIGNA's P&C business in 1999 and Chubb Corp in 2016.

The vast majority of the current liability relates to exposure from recently enacted "reviver" legislation in certain states that allow civil claims relating to molestation to be asserted against policyholders that would otherwise be barred by statutes of limitations.

We also apply similar risk

| Captives | | | | | | 2,325 | | | | | | 559 | | | | | | 28 | | |

| Total | | | | | | $ | 17,695 | | | | | $ | 13,878 | | | | | $ | 329 | |

The determination of the need for a valuation allowance is based on all available information including

- Net income was a record $8.5 billion compared with $3.5 billion in 2020.

Net income in 2021 was driven by record P&C underwriting results, including growth in net premiums earned and improvements in our loss and loss expense ratios.

Record net investment income and returns from our private equity investments also contributed to the higher net income.

- Consolidated net premiums written were $37.9 billion, up 12.0 percent, or 10.5 percent in constant dollars, primarily from growth in commercial lines, driven by positive rate increases, higher new business, increased exposure and higher renewal retention, and more moderate but positive growth in consumer lines.

- Consolidated net premiums earned were $36.4 billion, up 9.8 percent, or 8.3 percent in constant dollars, primarily from growth in commercial lines, and more moderate but positive growth in consumer lines.

The prior period development in 2021 of $926 million includes favorable development of $430 million for COVID-related liabilities, of which $20 million is in short-tail lines in our Overseas General Insurance segment, and an incremental $315 million favorable development in short-tail lines in our Overseas General Insurance segment, partially offset by adverse development of $443 million for molestation claims, of which $375 million was related to the pending Boy Scouts of America settlement in the fourth quarter.

Refer to Note 7 to the Consolidated Financial Statements, under Item 8, for further information on prior period development.

The current year ratios decreased due to underlying loss ratio improvement, including earned rate exceeding loss cost trends, and the favorable impact of higher net premiums earned on the expense ratio.

- Net investment income was a record $3.5 billion compared with $3.4 billion in 2020, primarily due to higher income received from our private equity partnerships and increased dividends on public equities.

- Operating cash flow was a record $11.1 billion for 2021.

- Shareholders' equity increased by $273 million in 2021, primarily reflecting net income of $8.5 billion and total capital returned to shareholders in the year of $6.3 billion, including share repurchases of $4.9 billion, at an average purchase price of $175.85 per share, and dividends of $1.4 billion, and net unrealized losses on investments of $2.4 billion.

2021 was a record year in terms of net income and underwriting results, double-digit commercial premium growth globally, strong levels of rate increase, and slow but improving growth in our consumer business globally.

Looking ahead, we are off to a very good start in the first quarter overall.

We expect 2022 to be a good year in terms of continued growth and margin improvement as we capitalize on favorable underwriting conditions for our commercial P&C businesses globally.

We expect rates to continue to exceed loss costs for some time to come.

Consumer lines growth is expected to return as the pandemic eases, though there is no certainty.

In the future, as interest rates rise and spreads widen, our investment income will rise.

And our strategic investments, such as our pending acquisition of Cigna's Life and Accident and Health Insurance Business in seven Asia-Pacific Markets and our agreements to increase our aggregate ownership in Huatai Group in China, will provide us with greater revenue, earnings and growth opportunity.

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

| [Financial Highlights](#i558636b6d7bf4505bc4ed361a6e46303_118) | | | [37](#i558636b6d7bf4505bc4ed361a6e46303_118) | | |

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

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

| [Catastrophe Management](#i558636b6d7bf4505bc4ed361a6e46303_232) | | | [73](#i558636b6d7bf4505bc4ed361a6e46303_232) | | |

| [Crop Insurance](#i558636b6d7bf4505bc4ed361a6e46303_244) | | | [75](#i558636b6d7bf4505bc4ed361a6e46303_244) | | |

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

| [Capital Resources](#i558636b6d7bf4505bc4ed361a6e46303_253) | | | [79](#i558636b6d7bf4505bc4ed361a6e46303_253) | | |

| [Contractual Obligations and Commitments](#i558636b6d7bf4505bc4ed361a6e46303_256) | | | [80](#i558636b6d7bf4505bc4ed361a6e46303_256) | | |

| [Credit Facilities](#i558636b6d7bf4505bc4ed361a6e46303_259) | | | [81](#i558636b6d7bf4505bc4ed361a6e46303_259) | | |

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

- 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.

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.

- Share repurchases totaled $516 million, or approximately 3.6 million shares for the year, at an average purchase price of $143.91 per share.

- 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.

- the valuation of derivative instruments related to guaranteed living benefits (GLB); and

In connection with such structured settlements and certain reserves for unsettled claims, we carried net discounted reserves of $68 million and $74 million at December 31, 2020 and 2019, respectively.

claims (loss expenses).

At December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] our notional exposure to derivative instruments was [removed: $5.3] [added: $20.0] billion and [removed: $4.9] [added: $5.3] billion, respectively.

The following is a discussion of our primary market risk exposures at December 31, [removed: 2020.][added: 2021.]

Our policies to address these risks in [removed: 2020] [added: 2021] were not materially different from [removed: 2019.][added: 2020.]

The following table presents the impact at December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] 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: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | |

| Fair value of fixed income portfolio | | | | | | $ | [removed: 107.6] [added: 106.9] | | | | | $ | [removed: 102.8] [added: 107.6] | |

| | | | Decrease in dollars | | | $ | [removed: 4.3] [added: 4.4] | | | | | $ | [removed: 3.9] [added: 4.3] | |

| | | | As a percentage of total fixed income portfolio at fair value | | | [removed: 4.0] [added: 4.1] | | % | | | | [removed: 3.8] [added: 4.0] | | % |

The following table presents the impact at December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] 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: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | |

| Fair value of debt obligations, including repurchase agreements | | | | | | $ | [removed: 19,365] [added: 19,733] | | | | | $ | [removed: 18,238] [added: 19,365] | |

| | | | Increase in dollars | | | $ | [removed: 1,673] [added: 1,799] | | | | | $ | [removed: 1,570] [added: 1,673] | |

| | | | As a percentage of total debt obligations at fair value | | | [removed: 8.6] [added: 9.1] | | % | | | | 8.6 | | % |

The following table summarizes the net assets (liabilities) in non-U.S. currencies at December 31, [removed: 2020] [added: 2021] and [removed: 2019:][added: 2020:]

| | | | | | | | | | | | | [removed: 2020] [added: 2021] | | | | | | | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2020] [added: 2021] vs. [removed: 2019] [added: 2020] % change in exchange rate per USD | | |

| Chinese yuan renminbi (CNY) | | | | | | $ | [removed: 2,853] [added: 3,519] | | | | | [removed: 0.1532] [added: 0.1573] | | | | | | $ | [removed: 1,539] [added: 2,853] | | | | | [removed: 0.1436] [added: 0.1532] | | | | | | [removed: 6.7] [added: 2.7] | | % |

| Canadian dollar (CAD) | | | | | | [removed: 2,613] [added: 2,624] | | | | | | [removed: 0.7858] [added: 0.7914] | | | | | | [removed: 2,220] [added: 2,613] | | | | | | [removed: 0.7698] [added: 0.7858] | | | | | | [removed: 2.1] [added: 0.7] | | % |

| British pound sterling (GBP) | | | | | | [removed: 2,492] [added: 2,333] | | | | | | [removed: 1.3670] [added: 1.3532] | | | | | | [removed: 2,024] [added: 2,492] | | | | | | [removed: 1.3257] [added: 1.3670] | | | | | | [removed: 3.1] [added: (1.0)] | | % |

| Australian dollar (AUD) | | | | | | 1,347 | | | | | | [removed: 0.7694] [added: 0.7263] | | | | | | [removed: 1,100] [added: 1,347] | | | | | | [removed: 0.7021] [added: 0.7694] | | | | | | [removed: 9.6] [added: (5.6)] | | % |

| Mexican peso (MXN) | | | | | | [removed: 877] [added: 728] | | | | | | [removed: 0.0502] [added: 0.0487] | | | | | | [removed: 942] [added: 877] | | | | | | [removed: 0.0528] [added: 0.0502] | | | | | | [removed: (5.0)] [added: (3.0)] | | % |

| Korean won (KRW) (x100) | | | | | | [removed: 781] [added: 805] | | | | | | [removed: 0.0920] [added: 0.0840] | | | | | | [removed: 788] [added: 781] | | | | | | [removed: 0.0865] [added: 0.0920] | | | | | | [removed: 6.4] [added: (8.7)] | | % |

| Brazilian real (BRL) | | | | | | [removed: 747] [added: 577] | | | | | | [removed: 0.1926] [added: 0.1795] | | | | | | [removed: 990] [added: 747] | | | | | | [removed: 0.2485] [added: 0.1926] | | | | | | [removed: (22.5)] [added: (6.8)] | | % |

| Japanese yen (JPY) | | | | | | [removed: 617] [added: 631] | | | | | | [removed: 0.0097] [added: 0.0087] | | | | | | [removed: 432] [added: 617] | | | | | | [removed: 0.0092] [added: 0.0097] | | | | | | [removed: 5.2] [added: (10.3)] | | % |

| Euro (EUR) (1) | | | | | | [removed: (3,162)] [added: (3,013)] | | | | | | [removed: 1.2216] [added: 1.1370] | | | | | | [removed: (3,129)] [added: (3,162)] | | | | | | [removed: 1.1213] [added: 1.2216] | | | | | | [removed: 8.9] [added: (6.9)] | | % |

| Other foreign currencies | | | | | | [removed: 3,016] [added: 2,444] | | | | | | various | | | | | | [removed: 2,845] [added: 3,095] | | | | | | various | | | | | | NM | | |

| Value of net assets denominated in foreign currencies (2) | | | | | | $ | [removed: 12,746] [added: 12,532] | | | | | | | | | | | $ | [removed: 10,357] [added: 12,746] | | | | | | | | | | | | | |

| As a percentage of total net assets | | | | | | [removed: 21.4] [added: 21.0] | | % | | | | | | | | | | [removed: 18.7] [added: 21.4] | | % | | | | | | | | | | | | |

| Pre-tax decrease to Shareholders' equity of a hypothetical 10 percent strengthening of the USD | | | | | | $ | [removed: 1,159] [added: 1,139] | | | | | | | | | | | $ | [removed: 942] [added: 1,159] | | | | | | | | | | | | | |

(1) Comprised Euro denominated debt of [removed: $5.2] [added: $4.9] billion, partially offset by net assets of [removed: $2.1] [added: $1.9] billion at December 31, [removed: 2020] [added: 2021] and Euro denominated debt of [removed: $4.8] [added: $5.2] billion, partially offset by net assets of [removed: $1.7] [added: $2.1] billion at December 31, [removed: 2019.][added: 2020.]

(2) [removed: At December 31, 2020, net] [added: Net] assets denominated in foreign currencies comprised [removed: approximately 46 percent] goodwill and other intangible [removed: assets.][added: assets of approximately 45 percent and 46 percent at December 31, 2021 and 2020, respectively.]

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: 2020] [added: 2021] 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.

- Our liabilities are sensitive to global equity markets in the following proportions: [removed: 75 percent—85] [added: 80 percent—90] percent U.S. equity, and [removed: 15 percent—25] [added: 10 percent—20] percent international equity.

- The hedge sensitivity is from December 31, [removed: 2020] [added: 2021] market levels and only applicable to the equity and interest rate sensitivities table below.

We refer to this increase in FVL as [added: the] “timing effect”.

The unfavorable impact of [added: the] 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 [removed: 2021] [added: 2022] to various changes, it is necessary to assume an additional $5 million to $45 million increase in FVL and realized losses.

| | | | Increase/(decrease) in hedge value | | | [removed: (73)] [added: (92)] | | | | | | — | | | | | | [removed: 73] [added: 92] | | | | | | [removed: 145] [added: 184] | | | | | | [removed: 218] [added: 276] | | | | | | [removed: 290] [added: 368] | | |

| [removed: | | |] Increase/(decrease) in net income | | | [added: | | |] $ | [removed: 343] [added: 66] | | | | | $ | [removed: 277] [added: (77)] | | | | | $ | [removed: 186] [added: (1)] | | | | | $ | [removed: 64] [added: 1] | | | | | $ | [removed: (97)] [added: (22)] | | | | | $ | [removed: (313)] [added: 19] | |

| | | | Increase/(decrease) in hedge value | | | [removed: (73)] [added: (92)] | | | | | | — | | | | | | [removed: 73] [added: 92] | | | | | | [removed: 145] [added: 184] | | | | | | [removed: 218] [added: 276] | | | | | | [removed: 290] [added: 368] | | |

| | | | Increase/(decrease) in hedge value | | | [removed: (73)] [added: (92)] | | | | | | — | | | | | | [removed: 73] [added: 92] | | | | | | [removed: 145] [added: 184] | | | | | | [removed: 218] [added: 276] | | | | | | [removed: 290] [added: 368] | | |

| Hong Kong Dollar (HKD) | | | | | | 537 | | | | | | 0.1283 | | | | | | 486 | | | | | | 0.1290 | | | | | | (0.6) | | % |

| +100 bps | | | (Increase)/decrease in FVL | | | $ | 325 | | | | | $ | 219 | | | | | $ | 91 | | | | | $ | (77) | | | | | $ | (288) | | | | | $ | (552) | |

| Flat | | | (Increase)/decrease in FVL | | | $ | 130 | | | | | $ | — | | | | | $ | (167) | | | | | $ | (369) | | | | | $ | (616) | | | | | $ | (918) | |

| \-100 bps | | | (Increase)/decrease in FVL | | | $ | (123) | | | | | $ | (288) | | | | | $ | (484) | | | | | $ | (719) | | | | | $ | (1,000) | | | | | $ | (1,333) | |

| | | | Increase/(decrease) in net income | | | $ | (215) | | | | | $ | (288) | | | | | $ | (392) | | | | | $ | (535) | | | | | $ | (724) | | | | | $ | (965) | |

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| GMDB net amount at risk | | | $ | 297 | | | | | $ | 283 | | | | | $ | 471 | | | | | $ | 848 | | | | | $ | 897 | | | | | $ | 744 | |

| Claims at 100% immediate mortality | | | 151 | | | | | | 156 | | | | | | 174 | | | | | | 164 | | | | | | 148 | | | | | | 128 | | |

| GLB net amount at risk | | | $ | 757 | | | | | $ | 1,054 | | | | | $ | 1,586 | | | | | $ | 2,384 | | | | | $ | 2,941 | | | | | $ | 3,333 | |

| GLB net amount at risk | | | 289 | | | | | | 378 | | | | | | 505 | | | | | | 679 | | | | | | 860 | | | | | | 989 | | |

| Thai baht (THB) | | | | | | 565 | | | | | | 0.0334 | | | | | | 606 | | | | | | 0.0337 | | | | | | (0.8) | | % |

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

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

| | | | Increase/(decrease) in net income | | | $ | 87 | | | | | $ | — | | | | | $ | (115) | | | | | $ | (263) | | | | | $ | (454) | | | | | $ | (705) | |

| \-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) | |

| Sensitivities to Actuarial Assumptions | | | | | | | | | | | | | | | | | | Mortality | | | | | | | | | | | | | | | | | | | | |

| (in millions of U.S. dollars) | | | | | | | | | | | | | | | | | | +20 | | % | | | | +10 | | % | | | | \-10 | | % | | | | \-20 | | % |

| (Increase)/decrease in FVL | | | | | | | | | | | | | | | | | | $ | 24 | | | | | $ | 12 | | | | | $ | (12) | | | | | $ | (25) | |

| | | | | | | | | | | | | | | | | | | Lapses | | | | | | | | | | | | | | | | | | | | |

| (in millions of U.S. dollars) | | | | | | | | | | | | | | | | | | +50 | | % | | | | +25 | | % | | | | \-25 | | % | | | | \-50 | | % |

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

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

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| (in millions of U.S. dollars) | | | | | | | | | | | | | | | | | | +50 | | % | | | | +25 | | % | | | | \-25 | | % | | | | \-50 | | % |

| (Increase)/decrease in FVL | | | | | | | | | | | | | | | | | | $ | (492) | | | | | $ | (263) | | | | | $ | 302 | | | | | $ | 636 | |

| Increase/(decrease) in net income | | | | | | | | | | | | | | | | | | $ | (492) | | | | | $ | (263) | | | | | $ | 302 | | | | | $ | 636 | |

| GMDB net amount at risk | | | $ | 272 | | | | | $ | 257 | | | | | $ | 328 | | | | | $ | 699 | | | | | $ | 815 | | | | | $ | 703 | |

| Claims at 100% immediate mortality | | | 157 | | | | | | 166 | | | | | | 179 | | | | | | 166 | | | | | | 147 | | | | | | 128 | | |

| GLB net amount at risk | | | $ | 871 | | | | | $ | 1,249 | | | | | $ | 1,811 | | | | | $ | 2,415 | | | | | $ | 2,906 | | | | | $ | 3,266 | |

| GLB net amount at risk | | | 309 | | | | | | 409 | | | | | | 542 | | | | | | 704 | | | | | | 873 | | | | | | 982 | | |

At December 31, [removed: 2020,] [added: 2021,] we had total assets of [removed: $191] [added: $200] billion and shareholders’ equity of [removed: $59] [added: $60] billion.

Refer to [added: “Risk Factors”, under Item 1A and] Note [removed: 2] [added: 1 o) and Note 8] to the Consolidated Financial [removed: Statements for additional information.][added: Statements, under Item 8.]

With operations in 54 countries and territories, Chubb provides commercial and [removed: personal property and casualty] [added: consumer P&C] insurance, personal accident and supplemental health insurance (A&H), reinsurance, and life insurance to a diverse group of clients.

We provide specialized insurance products ranging from Directors & Officers (D&O) and [removed: professional liability] [added: financial lines] to various specialty-casualty and umbrella and excess casualty lines to niche areas such as aviation and energy.

We also offer [removed: personal] [added: consumer] lines insurance coverage including homeowners, automobile, valuables, umbrella liability, and recreational marine products.

In addition, we supply [removed: personal accident, supplemental health,] [added: A&H] and life insurance to individuals in select countries.

We serve multinational corporations, mid-size and small businesses with property and casualty insurance and risk engineering services; affluent and high net worth individuals with substantial assets to protect; individuals purchasing life, personal accident, supplemental health, homeowners, [removed: automobile,] [added: automobile in certain international markets] and [added: for high net worth individuals in the U.S., and] specialty personal insurance coverage; companies and affinity groups providing or offering accident and health insurance programs and life insurance to their employees or members; and insurers managing exposures with reinsurance coverage.

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

We do not believe that the loss of any one insured would have a material adverse effect on our financial condition or results of [removed: operations, and no one insured or group of affiliated insureds account for as much as 10 percent of our total revenues.][added: operations.]

Our ability to compete is dependent on a number of factors, particularly our ability to maintain the appropriate financial strength ratings as assigned by independent rating agencies and effectively [removed: utilize new technology] [added: using digital capabilities] in [added: an everchanging competitive landscape and incorporating, among other things, climate and environmental changes into] our [removed: business.][added: insurance processes, products, and services.]

[removed: At] [added: On] December 31, [removed: 2020,] [added: 2021,] we employed approximately 31,000 people in 54 countries and territories around the world, including [removed: 53] [added: 51.4] percent in North America, [removed: 12] [added: 12.3] percent in Europe, Eurasia and Africa, [removed: 19] [added: 20.0] percent in Asia, and [removed: 16] [added: 16.3] percent in Latin America.

[removed: Diversity] [added: Diversity, Equity] and [removed: inclusion][added: Inclusion]

[removed: Diversity] [added: Diversity, equity] and inclusion are integral to Chubb’s culture.

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 [removed: considering a diverse pool of candidates in recruiting and promotion.][added: inclusive hiring practices.]

[removed: Examples of initiatives include] [added: In 2021 we continued to support our] 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.

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, [added: experiences and hard-earned lessons in business.]

We depend on our culture of leadership accountability to continue progress in [removed: diversity] [added: diversity, equity] and inclusion at Chubb.

Attraction, [removed: Development,] [added: 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 [removed: professional] [added: professionals] and leaders.

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, [removed: through] personal interaction and involvement, [removed: or via] [added: and] online and classroom learning.

In [removed: 2020,] [added: 2021,] consolidated net premiums earned [added: (NPE)] was [removed: $33.1] [added: $36.4] billion.

Additional financial information about our [removed: segments, including net premiums earned by geographic region,] [added: segments] is included in Note 15 to the Consolidated Financial Statements.

North America Commercial P&C Insurance (42 percent of [removed: 2020] [added: 2021] Consolidated NPE)

The North America Commercial P&C Insurance segment comprises operations that provide [added: commercial and consumer] P&C insurance and services to large, middle market, and small commercial businesses in the U.S., Canada, and Bermuda.

- Major [removed: Accounts,] [added: Accounts (39 percent of this segment's 2021 NPE),] the retail division focused on large institutional organizations and corporate companies

- Commercial [removed: Insurance,] [added: Insurance (40 percent of this segment's 2021 NPE),] which includes the retail division focused on middle market customers and small businesses

- Westchester and Chubb [removed: Bermuda,] [added: Bermuda (21 percent of this segment's 2021 NPE),] our wholesale and specialty divisions

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

Within Chubb Global Casualty, Chubb Alternative Risk Solutions Group underwrites contractual indemnification policies which provides prospective coverage for [added: 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.]

[added: The] Commercial Insurance [added: operations, which include Small Commercial,] provides a broad range of P&C, financial lines, and A&H products targeted to U.S and Canadian-based middle market customers in a variety of industries, while the Small Commercial operations provide a broad range of property and casualty, workers' compensation, small commercial management and professional liability for small businesses based in the U.S.

Chubb Bermuda focuses on Fortune 1000 companies and targets risks that are generally low in frequency and high [added: in severity.]

North America Personal P&C Insurance [removed: (15] [added: (14] percent of [removed: 2020] [added: 2021] Consolidated NPE)

This segment provides affluent and high net worth individuals and families with homeowners, [added: high value] automobile and collector cars, valuable articles (including fine arts), personal and excess liability, travel insurance, [added: cyber,] and recreational marine insurance and services.

Our homeowners business, including valuable articles, represented [removed: 68] [added: 69] percent of North America Personal P&C Insurance’s net premiums earned in [removed: 2020.][added: 2021.]

North America Agricultural Insurance (6 percent of [removed: 2020] [added: 2021] Consolidated NPE)

Overseas General Insurance [removed: (28] [added: (29] percent of [removed: 2020] [added: 2021] Consolidated NPE)

The Overseas General Insurance segment comprises Chubb [removed: International] [added: International, our retail division,] and Chubb Global Markets [removed: (CGM).][added: (CGM), our wholesale division.]

CGM, our London-based international specialty and excess and surplus lines [added: wholesale] business, includes Lloyd's of London (Lloyd's) Syndicate 2488, a wholly-owned Chubb syndicate supported by funds at Lloyd’s provided by Chubb Corporate Members.

Syndicate 2488 has an underwriting capacity of £550 million for the Lloyd’s [removed: 2021] [added: 2022] account year.

Chubb International maintains a presence in every major insurance market in the world and is organized geographically along product lines as follows: Europe, [added: Middle East and Africa;] Asia Pacific and [removed: Far East, Eurasia and Africa,] [added: Japan;] and Latin America.

Our superior claims service is a significant asset to our business, our business partners and customers, and is unique in the industry.

While we have not been immune from voluntary turnover generally reflecting the highly competitive environment for talent, we believe we have effectively managed it through talent acquisition and retention actions.

The average age of our workforce is 41.4 years and the average tenure is 8.2 years.

We set goals and track progress on improving gender and racial diversity, particularly at the leadership levels and with early career program hires.

We also look at the diversity rates in our hires and promotions and the diversity of our candidate interview slates for leadership roles.

In 2021, there was year over year progress on gender and racial diversity at the leadership level, most notably on gender and racial diversity at our senior vice president and above levels, and we also improved the diversity of hiring into our development programs.

We also added programs in 2021 that support inclusive leadership, including a focus on inclusive hiring practices and intentional inclusion training to create greater awareness and proficiency in attracting and hiring diverse talent and building diverse teams.

We played a key role in establishing an industry group – the Black Insurance Industry Collective (BIIC) – whose mission is to accelerate the advancement of Black professionals within the insurance industry and to increase representation of Black leaders at the executive level through leadership development, mentoring, sponsorships and networking within the industry.

In addition, in response to the increasingly competitive labor market, we have taken steps to retain key talent, with competitive compensation actions including long-term incentives and more development opportunities, and to deepen our talent acquisition efforts by adding more recruiters and enhancing our employee referral program.

Globally, we promoted more than 4,700 employees and successfully recruited more than 4,500 new employees (including more than 360 into early career programs) to fill openings and to support our growth plans.

Wholesale and Specialty comprises Westchester and Chubb Bermuda.

Chubb International comprises our international retail commercial P&C and corporate A&H traditional and specialty lines serving large corporations, middle market and small customers; consumer A&H and traditional and specialty personal lines business serving local territories outside the U.S., Bermuda, and Canada.

through major international, regional, and local brokers and agents.

Our international operations also have the advantage of selling products through a variety of distribution channels including partnerships with major international, regional, and local brokers and agents.

Additionally, as noted above, certain branded products are also offered via digital-commerce platforms.

Chubb Life offers a broad portfolio of protection and savings products including whole life, endowment plans, individual term life, group term life, medical

We earn income from both insurance contracts subject to mortality and morbidity risks and investment contracts not subject to insurance risks.

Funds received from policyholders for investment contracts are not recorded as premium revenue, but rather as a policyholder deposits with an offsetting policy holder account balance liability on the balance sheet.

We earn income on investment contracts from both net investment spreads on policy holder account balances and fees for management and administrative services.

The size of policyholder account balances will primarily determine the amount of income generated from investment contracts.

These investment contracts are an important component of production and are key to our efforts to grow our business.

The net undiscounted reserves related to structured settlements and certain reserves for unsettled claims are immaterial.

We also invest in limited partnerships and investment funds.

The Pennsylvania Insurance Department (Department) is the group-wide supervisor for the Chubb Group of Companies.

The National Association of Insurance Commissioners (NAIC) adopted a model law which requires companies to submit a group capital calculation (GCC) report that will assist regulators in identifying risks that may emanate from a holding company system.

The GCC is intended to provide a baseline quantitative measure for group risks and meet the requirement under the current covered agreements between the U.S. and the European Union and between the U.S. and the U.K.

Climate Change Risk Management

Chubb has a comprehensive, coordinated global environmental program that is embedded in all areas of the organization and its activities and performance are reported to the RUC and executive team.

Chubb’s Vice Chairman, Global Underwriting and Claims is the senior executive responsible for overseeing the global environmental program.

The Vice Chairman reports to the CEO of Chubb who approves the goals and objectives of the environmental program.

The Vice Chairman is a member of the Executive Committee, which comprises the most senior executive leaders, and has executive management responsibility for the execution of underwriting and portfolio management decisions and responses related to climate change.

Our Climate Sustainability Manager (CSM), who reports to the Vice Chairman, manages the global environmental program and is responsible for identifying and implementing opportunities for climate related products and services.

The CSM chairs two committees as part of Chubb’s climate management, the Climate Advisory Group (CAG) and the Operational Climate Committee (OCC).

The CAG includes Chubb leaders across business units and functions (e.g. Underwriting, Claims, Risk Engineering, Enterprise Risk Management) and collaborates cross-divisionally to pursue opportunities to develop and expand climate–relevant products and services.

The OCC oversees the operationally focused climate and environmental sustainability policies, strategies and programs of Chubb, which include Chubb’s greenhouse gas measurement and reduction activities.

The CAG meets six times per year to assess risks and to develop and expand climate-relevant products and services.

The potential impacts of climate change on the insurance industry, including Chubb, are complex, myriad and will develop over a multi-year time horizon.

These risks primarily include physical risks, and to a lesser extent transition risks and liability risks.

Physical risks arise from direct weather–related events, such as floods, storms and wildfire.

The effects therein comprise direct impacts to insurers, such as damage to property.

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.

In our

experiences and hard-earned lessons in business.

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.

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

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

in severity.

products to meet the needs of specific target markets around the world.

Global Re offers a broad array of traditional and non-traditional (e.g., loss portfolio transfer) property and casualty products.

company's accumulated losses have exceeded the attachment point of the reinsurance policy.

Chubb Tempest Re International writes all lines of traditional and specialty reinsurance including property, property catastrophe, casualty, marine, and specialty through our London- and Zurich-based offices.

Chubb Tempest Re Canada provides coverage through its Canadian company platform.

In connection with such structured settlements and certain reserves for unsettled claims, we carried net discounted reserves of $68 million at December 31, 2020.

While we are unable at this time to determine

The Department, in cooperation with the other supervisory college regulators, published a notice of its determination that it is the appropriate group-wide supervisor for Chubb.

Since 2012, the College has convened bi-annually primarily in-person, with the most recent College convened in September 2020, albeit virtually.

Given the virtual nature of the September 2020 College, another in-person College is tentatively scheduled for September 2021 in Philadelphia, Pennsylvania.

We are also required to file annually with the Department a disclosure report that identifies our corporate governance practices and a report reflecting our internal assessment of material risks associated with our current business plan and the sufficiency of our capital resources to support those risks.

Refer to “Risk Factors”, under Item 1A and Note 1 o) and Note 8 to the Consolidated Financial Statements, under Item 8.

Mr. Greenberg was a director of The Coca-Cola Company from February 2011 until October 2016.

Philip V.

For nearly 20 years, Mr. Bancroft worked for PricewaterhouseCoopers LLP.

Prior to joining Chubb, he served as partner-in-charge of the New York Regional Insurance Practice.

Mr. Bancroft had been a partner with PricewaterhouseCoopers LLP for ten years.

Mr. Bancroft plans to retire on July 1, 2021.

Prior to his current role, Mr. Lupica served as President, North America Major Accounts and Specialty Insurance since January 2016.

Mr. Lupica was appointed Chairman, Insurance - North America, in July 2011.

Mr. Lupica had been Chief Operating Officer, Insurance - North America, since 2010 and President of ACE USA since 2006.

He also previously served as Division President of U.S. Professional Risk business and U.S. Regional Operations.

Mr. Lupica joined Chubb as Executive Vice President of Professional Risk in 2000.

Mr. Ringsted’s previous roles at Chubb also include Chief Actuary for Chubb Group from 2004 to 2008, Executive Vice President and Chief Risk Officer for Chubb Tempest Re from 2002 to 2004, and Senior Vice President and Chief Actuary for Chubb Tempest Re from 1998 to 2002.

The information required with respect to Item 3 is included in Note 10 h) to the Consolidated Financial Statements, [added: under Item 8,] which is hereby incorporated herein by reference.

For the fiscal year ended December 31, [removed: 2020][added: 2021]

The aggregate market value of voting stock held by non-affiliates as of June 30, [removed: 2020] [added: 2021] (the last business day of the registrant's most recently completed second fiscal quarter), was approximately [removed: $57] [added: $69] billion.

As of February [removed: 11, 2021,] [added: 10, 2022,] there were [removed: 450,224,906] [added: 426,229,254] Common Shares par value CHF 24.15 of the registrant outstanding.

Certain portions of the registrant's definitive proxy statement relating to its [removed: 2021] [added: 2022] Annual General Meeting of Shareholders are incorporated by reference into Part III of this report.

| ITEM 1. | | | [removed: [Business](#i558636b6d7bf4505bc4ed361a6e46303_16)] [added: [Business](#idf21ed31044d48e6a4ab06ff93da8eda_16)] | | | | | | [removed: [2](#i558636b6d7bf4505bc4ed361a6e46303_16)] [added: [2](#idf21ed31044d48e6a4ab06ff93da8eda_16)] | | |

| ITEM 1A. | | | [Risk [removed: Factors](#i558636b6d7bf4505bc4ed361a6e46303_82)] [added: Factors](#idf21ed31044d48e6a4ab06ff93da8eda_85)] | | | | | | [removed: [19](#i558636b6d7bf4505bc4ed361a6e46303_82)] [added: [21](#idf21ed31044d48e6a4ab06ff93da8eda_85)] | | |

| ITEM 1B. | | | [Unresolved Staff [removed: Comments](#i558636b6d7bf4505bc4ed361a6e46303_85)] [added: Comments](#idf21ed31044d48e6a4ab06ff93da8eda_88)] | | | | | | [removed: [31](#i558636b6d7bf4505bc4ed361a6e46303_85)] [added: [33](#idf21ed31044d48e6a4ab06ff93da8eda_88)] | | |

| ITEM 2. | | | [removed: [Properties](#i558636b6d7bf4505bc4ed361a6e46303_88)] [added: [Properties](#idf21ed31044d48e6a4ab06ff93da8eda_91)] | | | | | | [removed: [31](#i558636b6d7bf4505bc4ed361a6e46303_88)] [added: [33](#idf21ed31044d48e6a4ab06ff93da8eda_91)] | | |

| ITEM 3. | | | [Legal [removed: Proceedings](#i558636b6d7bf4505bc4ed361a6e46303_91)] [added: Proceedings](#idf21ed31044d48e6a4ab06ff93da8eda_94)] | | | | | | [removed: [31](#i558636b6d7bf4505bc4ed361a6e46303_91)] [added: [33](#idf21ed31044d48e6a4ab06ff93da8eda_94)] | | |

| ITEM 4. | | | [Mine Safety [removed: Disclosures](#i558636b6d7bf4505bc4ed361a6e46303_94)] [added: Disclosures](#idf21ed31044d48e6a4ab06ff93da8eda_97)] | | | | | | [removed: [31](#i558636b6d7bf4505bc4ed361a6e46303_94)] [added: [33](#idf21ed31044d48e6a4ab06ff93da8eda_97)] | | |

| ITEM 5. | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i558636b6d7bf4505bc4ed361a6e46303_100)] [added: Securities](#idf21ed31044d48e6a4ab06ff93da8eda_103)] | | | | | | [removed: [32](#i558636b6d7bf4505bc4ed361a6e46303_100)] [added: [34](#idf21ed31044d48e6a4ab06ff93da8eda_103)] | | |

| ITEM 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i558636b6d7bf4505bc4ed361a6e46303_106)] [added: Operations](#idf21ed31044d48e6a4ab06ff93da8eda_112)] | | | | | | [removed: [34](#i558636b6d7bf4505bc4ed361a6e46303_106)] [added: [36](#idf21ed31044d48e6a4ab06ff93da8eda_112)] | | |

| ITEM 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i558636b6d7bf4505bc4ed361a6e46303_265)] [added: Risk](#idf21ed31044d48e6a4ab06ff93da8eda_271)] | | | | | | [removed: [83](#i558636b6d7bf4505bc4ed361a6e46303_265)] [added: [85](#idf21ed31044d48e6a4ab06ff93da8eda_271)] | | |

| ITEM 8. | | | [Financial Statements and Supplementary [removed: Data](#i558636b6d7bf4505bc4ed361a6e46303_268)] [added: Data](#idf21ed31044d48e6a4ab06ff93da8eda_274)] | | | | | | [removed: [87](#i558636b6d7bf4505bc4ed361a6e46303_268)] [added: [89](#idf21ed31044d48e6a4ab06ff93da8eda_274)] | | |

| ITEM 9. | | | [Changes in and [removed: Disagreements](#i558636b6d7bf4505bc4ed361a6e46303_271) [w](#i558636b6d7bf4505bc4ed361a6e46303_271)[ith] [added: Disagreements](#idf21ed31044d48e6a4ab06ff93da8eda_277) [w](#idf21ed31044d48e6a4ab06ff93da8eda_277)[ith] Accountants on Accounting and Financial [removed: Disclosure](#i558636b6d7bf4505bc4ed361a6e46303_271)] [added: Disclosure](#idf21ed31044d48e6a4ab06ff93da8eda_277)] | | | | | | [removed: [87](#i558636b6d7bf4505bc4ed361a6e46303_271)] [added: [89](#idf21ed31044d48e6a4ab06ff93da8eda_277)] | | |

| ITEM 9A. | | | [Controls and [removed: Procedures](#i558636b6d7bf4505bc4ed361a6e46303_274)] [added: Procedures](#idf21ed31044d48e6a4ab06ff93da8eda_280)] | | | | | | [removed: [87](#i558636b6d7bf4505bc4ed361a6e46303_274)] [added: [89](#idf21ed31044d48e6a4ab06ff93da8eda_280)] | | |

| ITEM 9B. | | | [Other [removed: Information](#i558636b6d7bf4505bc4ed361a6e46303_277)] [added: Information](#idf21ed31044d48e6a4ab06ff93da8eda_283)] | | | | | | [removed: [87](#i558636b6d7bf4505bc4ed361a6e46303_277)] [added: [89](#idf21ed31044d48e6a4ab06ff93da8eda_283)] | | |

| ITEM 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i558636b6d7bf4505bc4ed361a6e46303_283)] [added: Governance](#idf21ed31044d48e6a4ab06ff93da8eda_289)] | | | | | | [removed: [88](#i558636b6d7bf4505bc4ed361a6e46303_283)] [added: [90](#idf21ed31044d48e6a4ab06ff93da8eda_289)] | | |

| ITEM 11. | | | [Executive [removed: Compensation](#i558636b6d7bf4505bc4ed361a6e46303_286)] [added: Compensation](#idf21ed31044d48e6a4ab06ff93da8eda_292)] | | | | | | [removed: [88](#i558636b6d7bf4505bc4ed361a6e46303_286)] [added: [90](#idf21ed31044d48e6a4ab06ff93da8eda_292)] | | |

| ITEM 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i558636b6d7bf4505bc4ed361a6e46303_289)] [added: Matters](#idf21ed31044d48e6a4ab06ff93da8eda_295)] | | | | | | [removed: [88](#i558636b6d7bf4505bc4ed361a6e46303_289)] [added: [90](#idf21ed31044d48e6a4ab06ff93da8eda_295)] | | |

| ITEM 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i558636b6d7bf4505bc4ed361a6e46303_292)] [added: Independence](#idf21ed31044d48e6a4ab06ff93da8eda_298)] | | | | | | [removed: [88](#i558636b6d7bf4505bc4ed361a6e46303_292)] [added: [91](#idf21ed31044d48e6a4ab06ff93da8eda_298)] | | |

| ITEM 14. | | | [Principal Accounting Fees and [removed: Services](#i558636b6d7bf4505bc4ed361a6e46303_295)] [added: Services](#idf21ed31044d48e6a4ab06ff93da8eda_301)] | | | | | | [removed: [88](#i558636b6d7bf4505bc4ed361a6e46303_295)] [added: [91](#idf21ed31044d48e6a4ab06ff93da8eda_301)] | | |

| ITEM 15. | | | [Exhibits, Financial Statements [removed: Schedules](#i558636b6d7bf4505bc4ed361a6e46303_301)] [added: Schedules](#idf21ed31044d48e6a4ab06ff93da8eda_307)] | | | | | | [removed: [89](#i558636b6d7bf4505bc4ed361a6e46303_301)] [added: [92](#idf21ed31044d48e6a4ab06ff93da8eda_307)] | | |

| ITEM 16. | | | [Form 10-K [removed: Summary](#i558636b6d7bf4505bc4ed361a6e46303_304)] [added: Summary](#idf21ed31044d48e6a4ab06ff93da8eda_313)] | | | | | | [removed: [96](#i558636b6d7bf4505bc4ed361a6e46303_304)] [added: [99](#idf21ed31044d48e6a4ab06ff93da8eda_313)] | | |

| ITEM 6. | | | [\[Reserved\]](#idf21ed31044d48e6a4ab06ff93da8eda_106) | | | | | | [35](#idf21ed31044d48e6a4ab06ff93da8eda_106) | | |

| ITEM 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#idf21ed31044d48e6a4ab06ff93da8eda_4123) | | | | | | [89](#idf21ed31044d48e6a4ab06ff93da8eda_4123) | | |

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

| [SIGNATURES](#idf21ed31044d48e6a4ab06ff93da8eda_316) | | | | | | | | | [100](#idf21ed31044d48e6a4ab06ff93da8eda_316) | | |

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

| [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#idf21ed31044d48e6a4ab06ff93da8eda_322) | | | | | | | | | [F-2](#idf21ed31044d48e6a4ab06ff93da8eda_322) | | |

| ITEM 6. | | | [Selected Financial Data](#i558636b6d7bf4505bc4ed361a6e46303_103) | | | | | | [33](#i558636b6d7bf4505bc4ed361a6e46303_103) | | |

We maintain office facilities around the world including in North America, Europe (including our principal executive offices in Switzerland), Bermuda, Latin America, Asia Pacific, and [removed: the Far East.][added: Japan.]

In [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] 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: 11, 2021] [added: 10, 2022] was [removed: 6,598.][added: 6,229.]

Issuer's Repurchases of Equity Securities for the Three Months Ended December 31, [removed: 2020][added: 2021]

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

(2)The aggregate value of shares purchased in the three months ended December 31, [removed: 2020] [added: 2021] as part of the publicly announced plan was [removed: $190] [added: $905] million.

[removed: For] [added: (3)For] the period January 1, [removed: 2021] [added: 2022] through February [removed: 24, 2021,] [added: 23, 2022,] we repurchased [removed: 1,971,000] [added: 1,966,600] Common Shares for a total of [removed: $327] [added: $405] million in a series of open market [removed: transactions under the share repurchase program authorized in November 2020.][added: transactions.]

As of February [removed: 24, 2021, $2.17] [added: 23, 2022, $2.24] billion in share repurchase authorization remained through [removed: December 31, 2021.][added: June 30, 2022.]

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: 2015,] [added: 2016,] through December 31, [removed: 2020,] [added: 2021,] 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: 2016,] 2017, 2018, 2019, [removed: and] 2020, [added: and 2021,] of a $100 investment made on December 31, [removed: 2015,] [added: 2016,] with all dividends reinvested.

[removed: ][added: ]

| | | | [removed: 12/31/2015 | | |] 12/31/2016 | | | 12/31/2017 | | | 12/31/2018 | | | 12/31/2019 | | | 12/31/2020 | | | [added: 12/31/2021 | | |]

| October 1 through October 31 | | | | | | 369,919 | | | | | | $ | 186.30 | | | | | 367,700 | | | | | | $ | 3.48 | billion | | | |

| November 1 through November 30 | | | | | | 2,669,873 | | | | | | $ | 191.34 | | | | | 2,667,900 | | | | | | $ | 2.97 | billion | | | |

| December 1 through December 31 | | | | | | 1,733,371 | | | | | | $ | 188.45 | | | | | 1,731,500 | | | | | | $ | 2.65 | billion | | | |

| Total | | | | | | 4,773,163 | | | | | | $ | 189.90 | | | | | 4,767,100 | | | | | | | | | | | |

The July 2021 $5.0 billion share repurchase program is the only board authorization currently in effect.

| Chubb Limited | | | $100 | | | $113 | | | $102 | | | $125 | | | $127 | | | $163 | | |

| S&P 500 Index | | | $100 | | | $122 | | | $116 | | | $153 | | | $181 | | | $233 | | |

| S&P 500 P&C Index | | | $100 | | | $122 | | | $117 | | | $147 | | | $157 | | | $187 | | |

| 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.

| 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 | | |

Not required.

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: 2020.][added: 2021.]

There have been no changes in Chubb's internal controls over financial reporting during the three months ended December 31, [removed: 2020] [added: 2021] that have materially affected, or are reasonably likely to materially affect, Chubb's internal controls over financial reporting.

PART III

Item not applicable.

PART III

Information pertaining to this item is incorporated by reference to the sections entitled “Agenda Item 5 - Election of the Board of Directors”, [added: "Corporate Governance - Delinquent Section 16(a) Reports",] “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: 2021] [added: 2022] 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.

Chubb has posted this Code of Conduct on its Internet site [removed: (investors.chubb.com, under Corporate Governance/Highlights and Governance Documents/The Chubb Code of Conduct).][added: (about.chubb.com/governance.html).]

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: 2021] [added: 2022] 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.

[removed: This item] [added: Additional information] is incorporated by reference to the [removed: sections] [added: section] entitled "Information About Our Share Ownership" [removed: and "Agenda Item 9 - Approval] of the [removed: 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 [removed: 2021] [added: 2022] Annual General Meeting of [removed: Shareholders,] [added: 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) | | | | | | 10,762,100 | | | | | | $ | 133.95 | | | | | 19,127,542 | | |

| Equity compensation plans not approved by security holders (2) | | | | | | 22,945 | | | | | | | | | | | | | | |

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

(i) Chubb Limited 2016 Long-Term Incentive Plan, as amended and restated (Amended 2016 LTIP).

A total of 32,900,000 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 Amended 2016 LTIP shall be equal to the sum of: (x) 32,900,000 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 Amended 2016 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, 2021, a total of 7,197,001 option awards and 804,119 restricted stock unit awards are outstanding, and 18,040,720 shares remain available for future issuance under this plan.

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

As of December 31, 2021, a total of 3,518,809 option 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, 2021, a total of 46,290 option awards and 30,196 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, 2021, 1,086,822 shares remain available for future issuance under this plan.

(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: 2021] [added: 2022] 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: 2021] [added: 2022] 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.

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

| – | | | [removed: [Management's] [added: [Management's] Responsibility for Financial Statements and Internal Control over Financial [removed: Reporting](#i558636b6d7bf4505bc4ed361a6e46303_316)] [added: Reporting](#idf21ed31044d48e6a4ab06ff93da8eda_325)] | | | [removed: [F-3](#i558636b6d7bf4505bc4ed361a6e46303_316)] [added: [F-3](#idf21ed31044d48e6a4ab06ff93da8eda_325)] | | |

| – | | | [removed: [Report] [added: [Report] of Independent Registered Public Accounting [removed: Firm](#i558636b6d7bf4505bc4ed361a6e46303_319)] [added: Firm](#idf21ed31044d48e6a4ab06ff93da8eda_328)] | | | [removed: [F-4](#i558636b6d7bf4505bc4ed361a6e46303_319)] [added: [F-4](#idf21ed31044d48e6a4ab06ff93da8eda_328)] | | |

| – | | | [removed: [Consolidated] [added: [Consolidated] Balance Sheets at December 31, [removed: 20](#i558636b6d7bf4505bc4ed361a6e46303_322)[20](#i558636b6d7bf4505bc4ed361a6e46303_322)] [added: 20](#idf21ed31044d48e6a4ab06ff93da8eda_331)[2](#idf21ed31044d48e6a4ab06ff93da8eda_331)[1](#idf21ed31044d48e6a4ab06ff93da8eda_331)] [and [removed: 201](#i558636b6d7bf4505bc4ed361a6e46303_322)9] [added: 20](#idf21ed31044d48e6a4ab06ff93da8eda_331)20] | | | [removed: [F-7](#i558636b6d7bf4505bc4ed361a6e46303_322)] [added: [F-7](#idf21ed31044d48e6a4ab06ff93da8eda_331)] | | |

| – | | | [removed: [Consolidated] [added: [Consolidated] Statements of Operations and Comprehensive Income for the years ended December 31, [removed: 20](#i558636b6d7bf4505bc4ed361a6e46303_328)[20](#i558636b6d7bf4505bc4ed361a6e46303_328)[, 201](#i558636b6d7bf4505bc4ed361a6e46303_328)[9](#i558636b6d7bf4505bc4ed361a6e46303_328)[,] [added: 20](#idf21ed31044d48e6a4ab06ff93da8eda_334)[2](#idf21ed31044d48e6a4ab06ff93da8eda_334)[1](#idf21ed31044d48e6a4ab06ff93da8eda_334)[, 20](#idf21ed31044d48e6a4ab06ff93da8eda_334)[20](#idf21ed31044d48e6a4ab06ff93da8eda_334)[,] and [removed: 201](#i558636b6d7bf4505bc4ed361a6e46303_328)8] [added: 201](#idf21ed31044d48e6a4ab06ff93da8eda_334)9] | | | [removed: [F-8](#i558636b6d7bf4505bc4ed361a6e46303_328)] [added: [F-8](#idf21ed31044d48e6a4ab06ff93da8eda_334)] | | |

| – | | | [removed: [Consolidated] [added: [Consolidated] Statements of Shareholders' Equity for the years ended December 31, [removed: 2020, 2019,] [added: 20](#idf21ed31044d48e6a4ab06ff93da8eda_340)[21](#idf21ed31044d48e6a4ab06ff93da8eda_340)[, 20](#idf21ed31044d48e6a4ab06ff93da8eda_340)[20](#idf21ed31044d48e6a4ab06ff93da8eda_340)[,] and [removed: 2018](#i558636b6d7bf4505bc4ed361a6e46303_334)] [added: 20](#idf21ed31044d48e6a4ab06ff93da8eda_340)[1](#idf21ed31044d48e6a4ab06ff93da8eda_340)9] | | | [removed: [F-9](#i558636b6d7bf4505bc4ed361a6e46303_334)] [added: [F-9](#idf21ed31044d48e6a4ab06ff93da8eda_340)] | | |

| – | | | [removed: [Consolidated] [added: [Consolidated] Statements of Cash Flows for the years ended December 31, [removed: 20](#i558636b6d7bf4505bc4ed361a6e46303_340)[20](#i558636b6d7bf4505bc4ed361a6e46303_340)[, 201](#i558636b6d7bf4505bc4ed361a6e46303_340)[9](#i558636b6d7bf4505bc4ed361a6e46303_340)[,] [added: 20](#idf21ed31044d48e6a4ab06ff93da8eda_349)[2](#idf21ed31044d48e6a4ab06ff93da8eda_349)[1](#idf21ed31044d48e6a4ab06ff93da8eda_349)[, 20](#idf21ed31044d48e6a4ab06ff93da8eda_349)[20](#idf21ed31044d48e6a4ab06ff93da8eda_349)[,] and [removed: 201](#i558636b6d7bf4505bc4ed361a6e46303_340)8] [added: 20](#idf21ed31044d48e6a4ab06ff93da8eda_349)[1](#idf21ed31044d48e6a4ab06ff93da8eda_349)9] | | | [removed: [F-10](#i558636b6d7bf4505bc4ed361a6e46303_340)] [added: [F-10](#idf21ed31044d48e6a4ab06ff93da8eda_349)] | | |

| – | | | [removed: [Notes] [added: [Notes] to Consolidated Financial [removed: Statements](#i558636b6d7bf4505bc4ed361a6e46303_346)] [added: Statements](#idf21ed31044d48e6a4ab06ff93da8eda_358)] | | | [removed: [F-11](#i558636b6d7bf4505bc4ed361a6e46303_349)] [added: [F-11](#idf21ed31044d48e6a4ab06ff93da8eda_361)] | | |

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

| – | | | [removed: [Schedule] [added: [Schedule] I - Summary of Investments - Other Than Investments in Related Parties at December 31, [removed: 20](#i558636b6d7bf4505bc4ed361a6e46303_469)20] [added: 20](#idf21ed31044d48e6a4ab06ff93da8eda_484)21] | | | [removed: [F-104](#i558636b6d7bf4505bc4ed361a6e46303_469)] [added: [F-96](#idf21ed31044d48e6a4ab06ff93da8eda_484)] | | |

| – | | | [removed: [Schedule] [added: [Schedule] II - Condensed Financial Information of Registrant (Parent Company Only) at December 31, [removed: 20](#i558636b6d7bf4505bc4ed361a6e46303_472)[20](#i558636b6d7bf4505bc4ed361a6e46303_472)] [added: 20](#idf21ed31044d48e6a4ab06ff93da8eda_487)[21](#idf21ed31044d48e6a4ab06ff93da8eda_487)] [and [removed: 201](#i558636b6d7bf4505bc4ed361a6e46303_472)[9](#i558636b6d7bf4505bc4ed361a6e46303_472)] [added: 20](#idf21ed31044d48e6a4ab06ff93da8eda_487)[20](#idf21ed31044d48e6a4ab06ff93da8eda_487)] [and for the years ended December 31, [removed: 20](#i558636b6d7bf4505bc4ed361a6e46303_472)[20](#i558636b6d7bf4505bc4ed361a6e46303_472)[, 201](#i558636b6d7bf4505bc4ed361a6e46303_472)[9](#i558636b6d7bf4505bc4ed361a6e46303_472)[,] [added: 20](#idf21ed31044d48e6a4ab06ff93da8eda_487)[2](#idf21ed31044d48e6a4ab06ff93da8eda_487)[1](#idf21ed31044d48e6a4ab06ff93da8eda_487)[, 20](#idf21ed31044d48e6a4ab06ff93da8eda_487)[20](#idf21ed31044d48e6a4ab06ff93da8eda_487)[,] and [removed: 201](#i558636b6d7bf4505bc4ed361a6e46303_472)8] [added: 201](#idf21ed31044d48e6a4ab06ff93da8eda_487)9] | | | [removed: [F-105](#i558636b6d7bf4505bc4ed361a6e46303_472)] [added: [F-97](#idf21ed31044d48e6a4ab06ff93da8eda_487)] | | |

| – | | | [removed: [Schedule] [added: [Schedule] IV - Supplemental Information Concerning Reinsurance for the years ended December 31, [removed: 20](#i558636b6d7bf4505bc4ed361a6e46303_478)[20](#i558636b6d7bf4505bc4ed361a6e46303_478)[, 20](#i558636b6d7bf4505bc4ed361a6e46303_478)[19](#i558636b6d7bf4505bc4ed361a6e46303_478)[,] [added: 20](#idf21ed31044d48e6a4ab06ff93da8eda_493)[2](#idf21ed31044d48e6a4ab06ff93da8eda_493)[1](#idf21ed31044d48e6a4ab06ff93da8eda_493)[, 20](#idf21ed31044d48e6a4ab06ff93da8eda_493)[20](#idf21ed31044d48e6a4ab06ff93da8eda_493)[,] and [removed: 201](#i558636b6d7bf4505bc4ed361a6e46303_478)8] [added: 201](#idf21ed31044d48e6a4ab06ff93da8eda_493)9] | | | [removed: [F-107](#i558636b6d7bf4505bc4ed361a6e46303_478)] [added: [F-99](#idf21ed31044d48e6a4ab06ff93da8eda_493)] | | |

| – | | | [removed: [Schedule] [added: [Schedule] VI - Supplementary Information Concerning Property and Casualty Operations as of and for the years ended December 31, [removed: 2020, 2019,] [added: 202](#idf21ed31044d48e6a4ab06ff93da8eda_496)[1](#idf21ed31044d48e6a4ab06ff93da8eda_496)[, 20](#idf21ed31044d48e6a4ab06ff93da8eda_496)[20](#idf21ed31044d48e6a4ab06ff93da8eda_496)[,] and [removed: 2018](#i558636b6d7bf4505bc4ed361a6e46303_481)] [added: 201](#idf21ed31044d48e6a4ab06ff93da8eda_496)9] | | | [removed: [F-108](#i558636b6d7bf4505bc4ed361a6e46303_481)] [added: [F-100](#idf21ed31044d48e6a4ab06ff93da8eda_496)] | | |

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

| [removed: [3.1](http://www.sec.gov/Archives/edgar/data/896159/000119312520209318/d37374dex31.htm)] [added: [3.1](https://www.sec.gov/Archives/edgar/data/896159/000110465922005934/tm223911d1_ex3-1.htm)] | | | | | | [Articles of Association of the Company, as amended and [removed: restated](http://www.sec.gov/Archives/edgar/data/896159/000119312520209318/d37374dex31.htm)] [added: restated](http://www.sec.gov/Archives/edgar/data/896159/000110465922005934/tm223911d1_ex3-1.htm)] | | | | | | 8-K | | | | | | 3.1 | | | | | | [removed: August 4, 2020] [added: January 20, 2022] | | | | | | | | |

| [removed: [4.1](http://www.sec.gov/Archives/edgar/data/896159/000119312520209318/d37374dex31.htm)] [added: [4.1](http://www.sec.gov/Archives/edgar/data/896159/000110465922005934/tm223911d1_ex3-1.htm)] | | | | | | [Articles of Association of the Company, as amended and [removed: restated](http://www.sec.gov/Archives/edgar/data/896159/000119312520209318/d37374dex31.htm)] [added: restated](http://www.sec.gov/Archives/edgar/data/896159/000110465922005934/tm223911d1_ex3-1.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | [removed: August 4, 2020] [added: January 20, 2022] | | | | | | | | |

| [removed: 4.21] [added: 4.20] | | | | | | Chubb Corp Senior Indenture (incorporated by reference to Exhibit 4(a) to Chubb Corp's Registration Statement on Form S-3 filed on October 27, 1989) (File No. 33-31796) | | | | | | S-3 | | | | | | 4(a) | | | | | | October 27, 1989 | | | | | | | | |

| [removed: [4.22](http://www.sec.gov/Archives/edgar/data/20171/000095012307004745/y32658exv4w1.htm)] [added: [4.21](http://www.sec.gov/Archives/edgar/data/20171/000095012307004745/y32658exv4w1.htm)] | | | | | | [Chubb Corp Junior Subordinated Indenture (incorporated by reference to Exhibit 4.1 to Chubb Corp's Current Report on Form 8-K filed on March 30, 2007) (File No. 001-08661)](http://www.sec.gov/Archives/edgar/data/20171/000095012307004745/y32658exv4w1.htm) | | | | | | 8-K | | | | | | 4.1 | | | | | | March 30, 2007 | | | | | | | | |

| [removed: [4.23](http://www.sec.gov/Archives/edgar/data/20171/000095012307004745/y32658exv4w2.htm)] [added: [4.23](http://www.sec.gov/Archives/edgar/data/20171/000095012307007276/y35004exv4w1.htm)] | | | | | | [removed: [First Supplemental Indenture to the Chubb Corp Junior Subordinated Indenture dated as] [added: [Form] of [removed: March 29, 2007 between the] [added: 6.00 percent] Chubb [removed: Corporation and The Bank of New York Trust Company, N.A., as Trustee] [added: Corp Senior Notes due 2037] (incorporated by reference to Exhibit [removed: 4.2] [added: 4.1] to Chubb Corp's Current Report on Form 8-K filed on [removed: March 30,] [added: May 11,] 2007) (File No. [removed: 001-08661)](http://www.sec.gov/Archives/edgar/data/20171/000095012307004745/y32658exv4w2.htm)] [added: 001-08661)](http://www.sec.gov/Archives/edgar/data/20171/000095012307007276/y35004exv4w1.htm)] | | | | | | 8-K | | | | | | [removed: 4.2] [added: 4.1] | | | | | | [removed: March 30,] [added: May 11,] 2007 | | | | | | | | |

| [removed: 4.24] [added: 4.22] | | | | | | Form of 6.80 percent Chubb Corp Debentures due 2031 (incorporated by reference to Exhibit 4(a) to Chubb Corp's Registration Statement on Form S-3 filed on October 27, 1989) (File No. 33-31796) | | | | | | S-3 | | | | | | 4(a) | | | | | | October 27, 1989 | | | | | | | | |

| [removed: [4.25](http://www.sec.gov/Archives/edgar/data/20171/000095012307007276/y35004exv4w1.htm)] [added: [4.24](http://www.sec.gov/Archives/edgar/data/20171/000095012308005182/y57464exv4w2.htm)] | | | | | | [Form of [removed: 6.00] [added: 6.50] percent Chubb Corp Senior Notes due [removed: 2037] [added: 2038] (incorporated by reference to Exhibit [removed: 4.1] [added: 4.2] to Chubb Corp's Current Report on Form 8-K filed on May [removed: 11, 2007)] [added: 6, 2008)] (File No. [removed: 001-08661)](http://www.sec.gov/Archives/edgar/data/20171/000095012307007276/y35004exv4w1.htm)] [added: 001-08661)](http://www.sec.gov/Archives/edgar/data/20171/000095012308005182/y57464exv4w2.htm)] | | | | | | 8-K | | | | | | [removed: 4.1] [added: 4.2] | | | | | | May [removed: 11, 2007] [added: 6, 2008] | | | | | | | | |

| [removed: [4.28](http://www.sec.gov/Archives/edgar/data/896159/000089615917000004/cb-12312016xex432.htm)] [added: [4.25](http://www.sec.gov/Archives/edgar/data/896159/000089615917000004/cb-12312016xex432.htm)] | | | | | | [Procedures regarding the registration of shareholders in the share register of Chubb Limited](http://www.sec.gov/Archives/edgar/data/896159/000089615917000004/cb-12312016xex432.htm) | | | | | | 10-K | | | | | | 4.32 | | | | | | February 28, 2017 | | | | | | | | |

| [removed: [4.29](http://www.sec.gov/Archives/edgar/data/896159/000119312518072164/d506677dex41.htm)] [added: [4.26](http://www.sec.gov/Archives/edgar/data/896159/000119312518072164/d506677dex41.htm)] | | | | | | [Form of Officer's Certificate related to the 1.550% Senior Notes due 2028 and 2.500% Senior Notes due 2038](http://www.sec.gov/Archives/edgar/data/896159/000119312518072164/d506677dex41.htm) | | | | | | 8-K | | | | | | 4.1 | | | | | | March 6, 2018 | | | | | | | | |

| [removed: [4.30](http://www.sec.gov/Archives/edgar/data/896159/000119312518072164/d506677dex42.htm)] [added: [4.27](http://www.sec.gov/Archives/edgar/data/896159/000119312518072164/d506677dex42.htm)] | | | | | | [Form of Global Note for the 1.550% Senior Notes due 2028](http://www.sec.gov/Archives/edgar/data/896159/000119312518072164/d506677dex42.htm) | | | | | | 8-K | | | | | | 4.2 | | | | | | March 6, 2018 | | | | | | | | |

| [removed: [4.31](http://www.sec.gov/Archives/edgar/data/896159/000119312518072164/d506677dex43.htm)] [added: [4.28](http://www.sec.gov/Archives/edgar/data/896159/000119312518072164/d506677dex43.htm)] | | | | | | [Form of Global Note for the 2.500% Senior Notes due 2038](http://www.sec.gov/Archives/edgar/data/896159/000119312518072164/d506677dex43.htm) | | | | | | 8-K | | | | | | 4.3 | | | | | | March 6, 2018 | | | | | | | | |

| [removed: [4.32](http://www.sec.gov/Archives/edgar/data/896159/000119312519174749/d759565dex41.htm)] [added: [4.29](http://www.sec.gov/Archives/edgar/data/896159/000119312519174749/d759565dex41.htm)] | | | | | | [Form of Officer's Certificate related to the 0.875% Senior Notes due 2027 and 1.400% Senior Notes due 2031](http://www.sec.gov/Archives/edgar/data/896159/000119312519174749/d759565dex41.htm) | | | | | | 8-K | | | | | | 4.1 | | | | | | June 17, 2019 | | | | | | | | |

| [removed: [4.33](http://www.sec.gov/Archives/edgar/data/896159/000119312519174749/d759565dex42.htm)] [added: [4.30](http://www.sec.gov/Archives/edgar/data/896159/000119312519174749/d759565dex42.htm)] | | | | | | [Form of Global Note for the 0.875% Senior Notes due 2027](http://www.sec.gov/Archives/edgar/data/896159/000119312519174749/d759565dex42.htm) | | | | | | 8-K | | | | | | 4.2 | | | | | | June 17, 2019 | | | | | | | | |

| [removed: [4.34](http://www.sec.gov/Archives/edgar/data/896159/000119312519174749/d759565dex43.htm)] [added: [4.31](http://www.sec.gov/Archives/edgar/data/896159/000119312519174749/d759565dex43.htm)] | | | | | | [Form of Global Note for the 1.400% Senior Notes due 2031](http://www.sec.gov/Archives/edgar/data/896159/000119312519174749/d759565dex43.htm) | | | | | | 8-K | | | | | | 4.3 | | | | | | June 17, 2019 | | | | | | | | |

| [removed: [4.35](http://www.sec.gov/Archives/edgar/data/896159/000119312519307355/d827995dex41.htm)] [added: [4.32](http://www.sec.gov/Archives/edgar/data/896159/000119312519307355/d827995dex41.htm)] | | | | | | [Form of Officer’s Certificate related to the 0.300% Senior Notes due 2024 and 0.875% Senior Notes due 2029](http://www.sec.gov/Archives/edgar/data/896159/000119312519307355/d827995dex41.htm) | | | | | | 8-K | | | | | | 4.1 | | | | | | December 5, 2019 | | | | | | | | |

| [removed: [4.36](http://www.sec.gov/Archives/edgar/data/896159/000119312519307355/d827995dex42.htm)] [added: [4.33](http://www.sec.gov/Archives/edgar/data/896159/000119312519307355/d827995dex42.htm)] | | | | | | [Form of Global Note for the 0.300% Senior Notes due 2024](http://www.sec.gov/Archives/edgar/data/896159/000119312519307355/d827995dex42.htm) | | | | | | 8-K | | | | | | 4.2 | | | | | | December 5, 2019 | | | | | | | | |

| [removed: [4.37](http://www.sec.gov/Archives/edgar/data/896159/000119312519307355/d827995dex43.htm)] [added: [4.34](http://www.sec.gov/Archives/edgar/data/896159/000119312519307355/d827995dex43.htm)] | | | | | | [Form of Global Note for the 0.875% Senior Notes due 2029](http://www.sec.gov/Archives/edgar/data/896159/000119312519307355/d827995dex43.htm) | | | | | | 8-K | | | | | | 4.3 | | | | | | December 5, 2019 | | | | | | | | |

| [removed: [4.38](http://www.sec.gov/Archives/edgar/data/896159/000119312520247922/d53943dex41.htm)] [added: [4.35](http://www.sec.gov/Archives/edgar/data/896159/000119312520247922/d53943dex41.htm)] | | | | | | [Form of Officer's Certificate related to the 1.375% Senior Notes due 2030](http://www.sec.gov/Archives/edgar/data/896159/000119312520247922/d53943dex41.htm) | | | | | | 8-K | | | | | | 4.1 | | | | | | September 17, 2020 | | | | | | | | |

| [removed: [4.39](http://www.sec.gov/Archives/edgar/data/896159/000119312520247922/d53943dex42.htm)] [added: [4.36](http://www.sec.gov/Archives/edgar/data/896159/000119312520247922/d53943dex42.htm)] | | | | | | [Form of Global Note for the 1.375% Senior Notes due 2030](http://www.sec.gov/Archives/edgar/data/896159/000119312520247922/d53943dex42.htm) | | | | | | 8-K | | | | | | 4.2 | | | | | | September 17, 2020 | | | | | | | | |

| [removed: [4.40](https://www.sec.gov/Archives/edgar/data/896159/000089615921000003/cb-12312020xex440.htm)] [added: [4.40](https://www.sec.gov/Archives/edgar/data/896159/000089615922000005/cb-12312021xex440.htm)] | | | | | | [Description of the Registrant's [removed: Securities](https://www.sec.gov/Archives/edgar/data/896159/000089615921000003/cb-12312020xex440.htm)] [added: Securities](https://www.sec.gov/Archives/edgar/data/896159/000089615922000005/cb-12312021xex440.htm)] | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [removed: [10.4](http://www.sec.gov/Archives/edgar/data/896159/000095013103001690/dex1065.txt)*] [added: [10.4](http://www.sec.gov/Archives/edgar/data/896159/000119312508042242/dex1029.htm)*] | | | | | | [Employment Terms dated [removed: November 2, 2001,] [added: April 10, 2006,] between ACE [removed: Limited] and [removed: Philip V. Bancroft](http://www.sec.gov/Archives/edgar/data/896159/000095013103001690/dex1065.txt)] [added: John Keogh](http://www.sec.gov/Archives/edgar/data/896159/000119312508042242/dex1029.htm)] | | | | | | 10-K | | | | | | [removed: 10.65] [added: 10.29] | | | | | | [removed: March 27, 2003] [added: February 29, 2008] | | | | | | | | |

| [removed: [10.5](http://www.sec.gov/Archives/edgar/data/896159/000119312504083220/dex101.htm)*] [added: [10.5](http://www.sec.gov/Archives/edgar/data/896159/000119312508042242/dex1030.htm)*] | | | | | | [Executive Severance Agreement between ACE [removed: Limited] and [removed: Philip Bancroft, effective January 2, 2002](http://www.sec.gov/Archives/edgar/data/896159/000119312504083220/dex101.htm)] [added: John Keogh](http://www.sec.gov/Archives/edgar/data/896159/000119312508042242/dex1030.htm)] | | | | | | [removed: 10-Q] [added: 10-K] | | | | | | [removed: 10.1] [added: 10.30] | | | | | | [removed: May 10, 2004] [added: February 29, 2008] | | | | | | | | |

| [removed: [10.6](http://www.sec.gov/Archives/edgar/data/896159/000119312511047473/dex1017.htm)*] [added: [10.6](http://www.sec.gov/Archives/edgar/data/896159/000119312512078111/d267038dex1021.htm)*] | | | | | | [removed: [Letter Regarding] [added: [ACE Limited] Executive Severance [removed: between ACE Limited and Philip V. Bancroft](http://www.sec.gov/Archives/edgar/data/896159/000119312511047473/dex1017.htm)] [added: Plan as amended effective May 18, 2011](http://www.sec.gov/Archives/edgar/data/896159/000119312512078111/d267038dex1021.htm)] | | | | | | 10-K | | | | | | [removed: 10.17] [added: 10.21] | | | | | | February [removed: 25, 2011] [added: 24, 2012] | | | | | | | | |