Chubb : 2023 Chubb Sustainability Report

We begin with our commitment to corporate citizenship, which lies at our core - how we practice our craft of insurance, how we work together to serve our customers, how we treat each other, and how we help to make a better world.

We accomplish our mission by providing the security from risk that allows people and businesses to grow and prosper. Our mission is realized by sustaining a culture that values and rewards excellence, integrity, inclusion and opportunity; by working to protect our planet and assisting less fortunate individuals and communities in achieving and sustaining productive and healthy lives; and by promoting the rule of law.

Within this larger framework of corporate citizenship, Chubb's commitment to sustainability is demonstrated through our leading work in developing approaches to insuring the transition to

the net-zero economy, our operational sustainability practices, and our policies and standards that promote an inclusive global workplace and strive to maintain the highest ethical standards in all that we do. Our commitment to sustainability begins with our Board and the Company's senior executives and is embedded in our governance.

Chubb's sustainability disclosures have evolved over time from our corporate environmental report - issued annually from 2008 to 2020 - to reporting under the CDP, the UN Global Compact, and since 2021 under the Task Force for Climate-Related Financial Disclosures (TCFD) reporting framework. Through these reports, we have sought to provide a comprehensive picture of sustainability activities throughout our Company and their evolution over time.

We continuously evaluate evolving regulatory and voluntary approaches to sustainability disclosure and their suitability for our strategic purposes, including meeting the informational needs of our various stakeholders. In 2023, we assessed the new standards promulgated by the International Sustainability Standards Board (ISSB) and began a financial materiality analysis of sustainability topics. We are currently evaluating both the ISSB framework and the US Securities and Exchange Commission's recently-finalized climate disclosure rule as we continue to shape our sustainability reporting practices.

While we concur with the ISSB that sustainability reporting is of most value when it focuses on financially material issues, this report has been structured to meet the requirements of Swiss law. In accordance with Article 964b CO, this report provides an overview of our sustainability governance and provides information in particular on environmental matters, social issues, employee-related issues, Chubb's respect for human rights, and our commitment to combatting corruption.

Chubb remains committed to continuing to evaluate and implement best practices in sustainability throughout our operations and our reporting. Throughout 2024, we will continue to assess emerging reporting frameworks and tools, and we look forward to providing our annual climate-related reporting later this year.

The identification and management of sustainability risks is integrated into our core governance and risk management activities.

Chubb's Board of Directors is actively engaged in oversight of strategy and management of sustainability-related risks and opportunities. Environmental, social and governance (ESG) is a full-Board topic, and our directors are regularly briefed by senior executives and outside consultants on emerging ESG risks. In addition, the following Board committees have specific responsibilities related to the oversight and management of sustainability risks and opportunities.

• Risk & Finance Committee: oversight related to our Enterprise Risk Management framework, including how our risk management process identifies and assesses relevant risks, has a reasonable and sound set of policies for setting parameters on risk, and, for specific material risks, has prepared the Company to avoid or to mitigate risks.
• Nominating & Governance Committee: oversight of Chubb's corporate governance structure and practices, including Board leadership and composition, our Corporate Citizenship activities and ESG policies and initiatives, including associated risks.
• Audit Committee: oversight of the Company's financial statements, financial reporting and internal controls, including Sarbanes-Oxley (SOX) and financial model risk; the process for establishing insurance reserves; the Company's cybersecurity program and related exposures and risks; and legal, regulatory and compliance matters.

• Compensation Committee: oversight of succession planning and employee compensation policies and practices, including how specific business risks are taken into account or mitigated as part of the design and structure of our compensation program.

Governance of Sustainability Risks Through the Enterprise Risk Management Process

Sustainability risks are included in the Enterprise Risk Management (ERM) framework:

• Senior management regularly monitors and discusses emerging risks;
• The Enterprise Risk Unit, which reports to the Chief Risk Officer, engages in horizon scanning and employs a variety of risk identification tools to evaluate emerging risks;
• The Product Boards, overseen by the Chief Underwriting Officer and Chief Risk Officer, have primary responsibility for underwriting portfolio management, including the monitoring of claims and emerging trends. Each product board has an emerging risk representative as a member.

When emerging risks are identified through the ERM framework, the Enterprise Risk Unit and, where applicable, the Risk Engineering department conduct research and provide metrics and data regarding the emerging risk, including risks related to sustainability issues.

More broadly, the Company's senior executives are actively engaged in monitoring sustainability issues and directing the Company's sustainability related policies and actions.

Chubb's Risk Engineering Services (RES) department consists of over 400 risk engineers globally. The team's priorities include:

• Qualitatively assessing risk and risk mitigation measures among commercial operations to support underwriting goals and objectives;
• Working with insureds to assist them in anticipating and minimizing costly exposures;
• Providing sector-specific and portfolio guidance to underwriting leadership specific to critical risk factors and emerging sector dynamics - including

pending health and safety regulations, evolving industry practices and technological advancement presenting opportunities for risk reduction, new technologies and associated risk management considerations.

Chubb Risk Engineering has a team of senior technical specialists focused on emerging hazards and sustainability risks. These individuals contribute in-depth industry experience and expertise, combined with advanced qualifications in environmental, health and safety disciplines. In collaboration with the Enterprise Risk Unit, they track evolving issues in environmental health and safety and sustainability through

horizon scanning of peer-reviewed studies, regulatory and non-governmental organization (NGO) outputs, and industry literature. The Risk Engineering team refines this review to determine how these risks might manifest in Chubb's insurance portfolio. This analysis is complemented by Risk Engineering's direct engagement with companies across a variety of industrial sectors globally, providing Chubb with insights into initiatives and innovations leading to risk management opportunities. These analyses are shared with the Emerging Risk Representatives to our Product Boards, to support their portfolio management activities.

The Role of the Compliance Process in Managing Sustainability Risks

Certain sustainability issues, including our employee relations and our compliance with laws regarding human rights and corruption, involve adherence to Chubb's rules and policies regarding employee behavior. Chubb's Code of Conduct is the framework that governs our expectations of our approximately 40,000 employees, including our responsibilities to each other, the communities where we live and work, and broader society. Business conduct that is governed by the Chubb Code of Conduct includes:

• Adherence to Company policies
• Reporting concerns or breaches of the Code of Conduct
• Promotion of diversity, equity, and inclusion
• Prevention of discrimination
• Preventing and reporting harassment
• Ensuring a safe and healthy working environment
• Ensuring data privacy and protection
• Preventing fraud
• Conducting due diligence
• Promoting human rights and preventing human rights abuses
• Managing our supply chain to minimize risk of modern slavery and human trafficking
• Preventing bribery and corruption
• Avoiding unfair competition
• Preventing insider trading
• Preventing money laundering
• Environmental stewardship

We also expect our business partners, consultants, agents, third- party representatives, and service providers to follow our Third Party Provider Code of Conduct. Our Third Party Provider Code of Conduct establishes Chubb's expectations that our providers comply with all applicable laws including those related to labor and human rights, anti-bribery,anti-corruption, data confidentiality, and environmental issues. We require that each of these parties agree to adhere to our Code as part of the contracting process.

Chubb's Corporate Environmental Program is now in its 18th year. Our corporate sustainability team works across our global footprint to establish and support the implementation of our corporate and operational sustainability goals.

Chubb engages in voluntary reporting on sustainability topics to a variety of external entities including the CDP, the UN Global Compact, and EcoVadis. Chubb also produces an annual report following the TCFD framework that is publicly available on our website and separately filed with our U.S. state insurance regulators through our response to the National Association of Insurance Commissioners' Climate Risk Disclosure Survey. Our 2023 TCFD Reportis incorporated into this report by reference.



Climate Change

As a global insurance company, our job is to assess risk, relying on data and the best scientifically based evidence. The evidence is clear to us that global climate change poses an existential risk to the planet, that human activity is a direct and contributing cause, and that concerted action by the world community, including governments, businesses and citizens, is necessary to avoid the worst impacts of climate change. Chubb recognizes its responsibility to encourage the transition to a net-zero carbon economy and we support the global goal of net-zero carbon emissions by 2050. Our climate-related commitments and actions

are grounded in a fact-driven assessment of the extraordinary challenges that the world faces in reaching the goal of net-zero carbon emissions by 2050.

Our climate change actions are based on the recognition that we have responsibilities to provide coverage that businesses need today, support the transition to the net zero economy, mitigate the risks from the net-zero transition, and support the development of resilience to the physical impacts of climate change.

Addressing Emissions from Chubb's Operations

Chubb's annual GHG inventory covers our Scope 1, Scope 2 and certain categories of Scope 3 emissions. In 2019, we established a goal to reduce our Scope 1 and Scope 2 emissions 40% by 2025. We achieved this goal early, and are working to establish new GHG reduction goals based upon our ability to procure renewable energy and plans to convert our corporate vehicle fleet to hybrid electric vehicles.

The GHG Emissions data reported below covers fiscal year 2023. Chubb uses methodology based on the World Resources Institute and the World Business Council for Sustainable Development (WRI/ WBCSD) GHG Protocol for data collection and analysis for Scope 1, Scope 2 and some Scope 3 GHG emissions.

Scope 3 Emissions (business travel)

Environmental Matters

Supporting the Transition to the Net-Zero Economy

Chubb's actions to support the transition to a net-zero economy include an external focus on products, policies and services through three principal components: (1) pursuing the opportunities associated with new carbon lowering climate technologies through Chubb Climate+; (2) pursuing new opportunities to enhance client resilience and mitigate physical climate risk through Chubb Climate+ Resilience; and

1. development of underwriting criteria to provide science-based approaches to our engagement with high-emitting industries. Each of these strategies is discussed in more detail in our 2023 TCFD report.

Launched in January 2023, Chubb Climate+ is our global industry practice focused on insuring the technologies that are essential to the net-zero economy. Building on our traditional strength in clean technology, Chubb Climate+ provides insurance products for the renewable energy industry and clean technology companies.

In 2023, Chubb Climate+ supported a variety of renewable energy projects as well as battery energy storage, renewable natural gas, development of alternatives to leather, and lithium battery component manufacturing.

During calendar year 2023, Chubb Climate+ achieved overall global growth of 32%. We evaluate the growth of our climate- related underwriting in two different ways:

• Chubb Climate+ Premiums: This value includes business we wrote in renewable energy and Climate Tech in the year. For 2023, the total global premiums written by Chubb Climate+ were approximately $360 million.
• Energy and Climate Premiums: This value includes premiums for Chubb Climate+ as well as from our global energy book. Given the dramatic transitions underway in the global energy industry and the significant investments our traditional energy clients are making to pursue decarbonization and new energy technologies, we find this metric to be useful in assessing our broader exposure to the energy transition. For 2023, our total global Energy and Climate Premiums were approximately $1.85 billion.

Beyond Chubb Climate+, we recognize that our underwriting decisions can influence the climate mitigation actions of our existing insureds. Our approach focuses on the development of science-based underwriting criteria that encourage insureds to adopt processes and controls that will produce near-term emission reductions. We couple our underwriting criteria with educational resources to help our clients meet our expectations with respect to GHG emissions reductions.

We announced our first climate underwriting criteria in March 2023, focused on upstream oil and gas. These underwriting

Chubb Climate+ Clean Tech Occupancies

Renewable & Alternative Energy Companies supporting solar, wind, hydro, geothermal, biomass, hydrogen, biofuels, gasification, nuclear

Built Environment & Energy Efficiency Building automation, efficient heating and cooling equipment, alternative materials, industrial processes, green concrete/steel, adaptation, waste-watertechnology

Food & Agriculture

Vertical farming, ag tech, plant-based/cellular foods, crops engineering, low-carbon fertilizer, aquaculture

Transport & Mobility

Electric vehicles, EV component parts, charging stations and infrastructure, maritime decarbonization, aviation, micro-mobility, contractors' equipment

Storage & Transmission

Batteries, alternative storage, fuel cells, smart grids, transmission infrastructure

Carbon Technology & Climate Finance

CCUS, nature-based solutions, carbon financial markets, accounting, reporting and ratings, venture capital, incubators and associations

criteria established standards for methane emissions and conservation. We targeted methane emissions because methane is one of the most potent greenhouse gases and has a more immediate impact on warming due to its behavior in the atmosphere. Under our standards for methane emissions, Chubb will continue to provide insurance coverage for clients producing oil and gas that implement evidence-based plans to manage methane emissions including, at a minimum, having programs for leak detection and repair, the elimination of non-emergency venting, and adopting one or more measures that have been demonstrated to reduce emissions from flaring. We further announced that we would develop additional methane emissions standards for oil and gas clients served by our major accounts and financial lines businesses.

In our 2023 TCFD report, we provided disclosures on the implementation of our climate underwriting criteria for upstream oil and gas through the first half of the year. Throughout 2023, we developed practices to formalize our engagement with insureds on our methane expectations, including adopting new policy language where our risk engineers identify the need for improvements in methane management practices. We look forward to providing updates on our engagements with our clients under our oil and gas criteria in our additional climate-related reporting later this year.

Additionally, Chubb Asset Management is engaged with Chubb's Global Climate Officer on the development of a process to apply our science-based underwriting criteria as an additional screening tool in our asset management process.

Chubb also has policies that restrict our coal and oil sands activities that predate our development of the underwriting criteria approach described above. These policies are described in detail in our 2023 TCFD Report.

Promoting Climate Resilience

Insurance is an essential tool to promote the ability of businesses and communities to respond to the physical impacts of climate change. Beyond providing the financial capital to support rebuilding after natural catastrophe losses, Chubb recognizes that we have the ability to reduce future climate-driven losses by promoting resilience measures at the client and community levels. We believe that we have the responsibility to use the data available to us on physical climate exposures and our expertise in

risk management to communicate the evolving nature of physical climate risks to our clients and communities and provide solutions to mitigate these risks.

In 2023, we launched Chubb Climate+ Resilience, our first climate- focused risk engineering service. Chubb Climate+ Resilience provides our clients with insights into their physical climate hazard exposures and engineering recommendations to mitigate physical climate risks. We continue to evaluate opportunities to apply Chubb's significant internal modeling capabilities and external partnerships to enhance the quality and availability of climate- related risk analyses that can serve as the basis of additional climate resilience services.

Climate resilience is also a focus of our philanthropic efforts through the Chubb Charitable Foundation. We recently entered into an agreement with the National Fish and Wildlife Foundation through which the Chubb Charitable Foundation will provide financial support to two projects that were awarded grants through the National Coastal Resilience Fund's 2023 grant cycle.

• In Louisiana, Chubb Charitable Foundation will join the National Coastal Resilience Fund in supporting a project to restore
  75 acres of wetlands and create 10,000 linear feet of living shoreline. The project is expected to enhance community resilience to hurricanes, storms, and flooding events, while also providing valuable fish and wildlife habitat.
• In Norfolk, VA, Chubb Charitable Foundation will join the National Coastal Resilience Fund in supporting the construction of a 9 acre wetland in the community of St. Paul, which is home to one of the city's largest public housing complexes. The community currently experiences frequent stormwater flooding and the wetland construction expects to mitigate the impacts of these events by providing stormwater capture.

As we continue to refine our strategic approach in 2024 and beyond, the Chubb Charitable Foundation anticipates that it will focus grantmaking efforts on the development of thriving communities, including through projects that promote climate resilience.

Chubb's Diligence on Climate-Related Risks

Chubb performs a variety of activities to assess the evolving nature of climate risks and opportunities as well as best practices and the expectations of our stakeholders regarding climate. These include the use of quantitative and qualitative scenario analyses to examine the physical impacts of climate on our core underwriting and investment activities; the assessment of new market opportunities, including those pursued by Chubb Climate+, and engagement with external parties including our peers, academics, and environmental groups to advance the dialogue regarding how

the insurance sector can best support the net-zero transition and promote climate resilience. In our 2023 TCFD report, we provided a detailed description of our climate scenario analysis work to understand changes in risks over time as well as our efforts to integrate climate risk into our modeling.

Our investment strategy focuses on asset allocation and relies on third-party asset managers to direct security selection and execution. Most of our investments are in bonds with maturities typically five years or less. As a result, individual portfolio holdings are constantly changing over time and are less impacted by the long-term effects and company-specific risks associated with climate change.

Collaborations

Chubb values the expertise and input of external collaborators as we continue to develop our climate strategy. We actively seek to build external partnerships and engage with our clients, environmental groups, and other stakeholders.

In 2022, we began an engagement with the Environmental Defense Fund (EDF), a globally leading, science-focused, environmental NGO, and their experts in the oil and gas and insurance sectors. EDF provides technical expertise to support the identification and development of resources for the newly launched Chubb Methane Resource Hub to support our oil and gas clients in reducing their methane emissions. We also continue to draw on EDF's expertise as we expand our work to evaluate emissions reduction opportunities in other high-emitting industries.

In addition, over the last two years we have sponsored a series of workshops facilitated by the University of Pennsylvania to further the conversation between insurance companies, investors, regulators, emissions measurement groups, academics and other stakeholders around how the insurance industry can assess and track climate risk, facilitate the transition to the net-zero economy, promote climate resilience and develop meaningful metrics on those goals. We will continue our sponsorship of workshops with the University of Pennsylvania this year with the intention of expanding our dialogue to include a broader set of global regulators and carriers.

Managing our Impact on the Environment

The nature of Chubb's operations is such that our direct environmental impacts are limited to those associated with the operations of our offices and delivery of our insurance policies and services to clients. As discussed above in Addressing Emissions from Climate Change, we report on our Scope 1 and 2 GHG emissions annually, and we have established GHG emissions reductions goals.

In January 2024, we adopted operational sustainability policies to formalize our global commitment to good environmental citizenship. Our operational sustainability policies are defined in the areas of operations, office selection and construction. Key features of these policies include:

• Purchase of renewable electricity directly through power purchase agreements where available;
• Prohibition on the purchase of single-use plastics for use in Chubb's offices;
• Adoption of waste management practices, including recycling of wastes where practicable;
• Goals to procure at least 25% of construction materials from sustainable sources; and
• Measures to support efficiency and waste reduction in building design and construction.

Biodiversity: In March 2023, we announced conservation criteria that apply to our underwriting of upstream oil and gas activities. Under these criteria, Chubb will no longer underwrite oil and gas extraction projects in International Union for the Conservation of Nature (IUCN) management categories I-V in the World Database on Protected Areas, which includes nature reserves, wilderness areas, national parks and monuments, habitat or species management areas, and protected landscapes and seascapes that have been designated for protection by state, provincial or national governments. This includes the Arctic National Wildlife Refuge (ANWR).

Pollution: Chubb does not directly undertake activities that result in potentially significant amounts of pollution, but we provide

a number of insurance products that could be connected to pollution events or their remediation.

The function of certain of our insurance products is to provide funding for cleanup and recovery in the event of a polluting event, which is important to recovery of the environment. For example, environmental lines products provide coverage when an insured experiences an event that causes an unplanned release of pollutants into the environment.