AM Best has assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of "aa-" (Superior) to Chubb Seguros de Vida Chile S.A. (Chubb Vida Chile) (Chile). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect Chubb Vida Chile's balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The ratings also reflect Chubb Vida Chile's affiliation with its parent company, Chubb Limited (NYSE:CB), in terms of capital support, reinsurance protection and ERM framework.

Chubb Vida Chile is the Chilean life and accident & health subsidiary of the Chubb group, and started operations in 2005. Chubb Vida Chile's sister company, Chubb Seguros Chile S.A., focuses on property/casualty business. Chubb Vida Chile's business portfolio is well-diversified but principally composed of credit life business. The company's business operations have grown in terms of premium volume, business lines and market share after its acquisition of Banchile Seguros de Vida S.A. (Banchile Vida) in 2021.

Chubb Vida Chile's balance sheet strength is at the strongest level, given its strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), a capital base that is supported by positive net income, a conservative investment strategy and a highly rated reinsurance panel.

The company's operating performance is assessed at the adequate level. Chubb Vida Chile has achieved profitable operating results through positive technical metrics, which are characterized by low claims and improving operational expenses, and further strengthened by consistent investment income. The company's business volume was positively impacted due to a strategic alliance with Banco de Chile for its products distribution and the acquisition of Banchile Vida's business portfolio.

Chubb Vida Chile's ERM is appropriate given its adherence to the framework of the Chubb group, by sharing policies and procedures, as well as risk appetites and tolerances. An affiliate, Chubb Tempest Reinsurance Ltd., provides reinsurance support to the company.

The stable outlooks reflect AM Best's expectation that the company's risk-adjusted capitalization will remain at the strongest level, supported by positive operating performance results, through prudent underwriting and investment income.

Negative rating actions could take place if AM Best determines that the strategic importance of Chubb Vida Chile to its group has diminished or if the company's balance sheet strength deteriorates due to either significant losses or excessive dividend payments that erode the capital base, to a point no longer supportive of the current rating. Conversely, positive rating actions could occur if the company's profit generation, supported by positive technical results, show a consistent upward trend that compares favorably to the strong assessment.

This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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Juan Pablo Castro

Associate Financial Analyst

+52 55 1102 2720, ext. 133

juanpablo.castro@ambest.com

Christopher Sharkey

Associate Director, Public Relations

+1 908 882 2310

christopher.sharkey@ambest.com

Alfonso Novelo

Senior Director, Analytics

+52 55 1102 2720, ext. 107

alfonso.novelo@ambest.com

Al Slavin

Senior Public Relations Specialist

+1 908 882 2318

al.slavin@ambest.com

AM Best Assigns Credit Ratings to Chubb Seguros de Vida Chile S.A.