Exhibit 99.2

The
Chubb
Corporation Supplementary
Investor
Information September 30, 2004

This report is for informational purposes only. It should be read in conjunction with documents filed by The Chubb Corporation with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

THE CHUBB CORPORATION
SUPPLEMENTARY INVESTOR INFORMATION
TABLE OF CONTENTS
SEPTEMBER 30, 2004

	Page
The Chubb Corporation:
Consolidated Balance Sheet Highlights	1
Summary of Invested Assets:
Corporate	2
Property and Casualty	2
Investment Income After Taxes:
Corporate	3
Property and Casualty	3
Property and Casualty Insurance Group:
Statutory Policyholders’ Surplus	3
Change in Net Unpaid Losses	4
Underwriting Results — Year-to-Date	5-8
Underwriting Results — Quarterly	9-12
Definitions of Key Terms	13

THE CHUBB CORPORATION
 
CONSOLIDATED BALANCE SHEET HIGHLIGHTS

	Sept. 30			Dec. 31
	2004			2003
	(in millions)
Invested Assets (at carrying value)
Short Term Investments	$	1,697.0		$	2,695.9
Fixed Maturities
Tax Exempt		13,771.9			11,621.0
Taxable		12,805.5			10,790.7
Equity Securities		1,784.7			1,514.4
Total Invested Assets	$	30,059.1		$	26,622.0
Unrealized Appreciation of Fixed Maturities Carried at Amortized Cost	$	24.0		$	35.2
Capitalization
Long Term Debt	$	2,811.8		$	2,813.9
Shareholders’ Equity		9,581.5			8,522.0
Total Capitalization	$	12,393.3		$	11,335.9
DEBT AS A PERCENTAGE OF TOTAL CAPITALIZATION		22.7	%		24.8	%
Actual Common Shares Outstanding		191.6			188.0
Book Value Per Common Share	$	50.01		$	45.33
Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost	$	47.24		$	42.21

Page 1 of 13

THE CHUBB CORPORATION
 
SUMMARY OF INVESTED ASSETS
 
CORPORATE

	Cost or Amortized Cost				Market Value				Carrying Value
	Sept. 30		Dec. 31		Sept. 30		Dec. 31		Sept. 30		Dec. 31
	2004		2003		2004		2003		2004		2003
					(in millions)
Short Term Investments	$	292.3	$	714.3	$	292.3	$	714.3	$	292.3	$	714.3
Taxable Fixed Maturities		1,035.8		433.1		1,047.6		436.4		1,047.6		436.4
Equity Securities		4.7		8.4		7.1		9.5		7.1		9.5
TOTAL	$	1,332.8	$	1,155.8	$	1,347.0	$	1,160.2	$	1,347.0	$	1,160.2

PROPERTY AND CASUALTY

	Cost or				Market				Carrying
	Amortized Cost				Value				Value
	Sept. 30		Dec. 31		Sept. 30		Dec. 31		Sept. 30		Dec. 31
	2004		2003		2004		2003		2004		2003
					(in millions)
Short Term Investments	$	1,404.7	$	1,981.6	$	1,404.7	$	1,981.6	$	1,404.7	$	1,981.6
Fixed Maturities
Tax Exempt		13,189.7		10,976.7		13,795.9		11,656.2		13,771.9		11,621.0
Taxable		11,535.8		10,098.7		11,757.9		10,354.3		11,757.9		10,354.3
Common Stocks		1,633.8		1,333.3		1,734.6		1,458.2		1,734.6		1,458.2
Preferred Stocks		36.9		39.7		43.0		46.7		43.0		46.7
TOTAL	$	27,800.9	$	24,430.0	$	28,736.1	$	25,497.0	$	28,712.1	$	25,461.8

Page 2 of 13

THE CHUBB CORPORATION
 
INVESTMENT INCOME AFTER TAXES

	PERIODS ENDED SEPTEMBER 30
	THIRD QUARTER						NINE MONTHS
	2004			2003			2004			2003
				(in millions)
CORPORATE INVESTMENT INCOME	$	8.1		$	8.7		$	22.8		$	12.2
PROPERTY AND CASUALTY INVESTMENT INCOME
(Amounts are shown net of applicable income taxes)
Dividends	$	10.7		$	9.0		$	26.2		$	19.9
Taxable Interest		92.1			86.2			272.7			253.1
Tax Exempt Interest		142.2			121.5			408.1			357.4
Investment Expenses		(3.4	)		(2.8	)		(11.2	)		(11.3	)
TOTAL	$	241.6		$	213.9		$	695.8		$	619.1
Effective Tax Rate		19.2	%		20.7	%		19.8	%		20.3	%
After Tax Annualized Yield		3.56	%		3.71	%		3.54	%		3.83	%

After tax annualized yield is based on the average invested assets for the periods presented with fixed maturities at amortized cost and equity securities at market value.

PROPERTY AND CASUALTY STATUTORY POLICYHOLDERS’ SURPLUS

	Sept. 30		Sept. 30		Dec. 31
	2004		2003		2003
			(in millions)
Estimated Statutory Policyholders’ Surplus	$	7,350	$	6,200	$	6,368
Rolling Year Statutory Net Premiums Written		11,905		10,538		11,071
Ratio of Statutory Net Premiums Written to Estimated Policyholders’ Surplus		1.62:1		1.70:1		1.74:1

Statutory Policyholders’ Surplus and Net Premiums Written include all domestic and foreign property and casualty subsidiaries.

Page 3 of 13

THE CHUBB CORPORATION
 
PROPERTY AND CASUALTY
 
CHANGE IN NET UNPAID LOSSES
NINE MONTHS ENDED SEPTEMBER 30, 2004

	Net Unpaid Losses								All Other Unpaid Losses
							IBNR		Increase
	9/30/04		12/31/03		Increase		Increase		(Decrease)
					(in millions)
PERSONAL INSURANCE
Automobile	$	376.4	$	342.6	$	33.8	$	8.6	$	25.2
Homeowners		707.1		564.2		142.9		101.6		41.3
Other		365.2		312.0		53.2		30.5		22.7
Total Personal		1,448.7		1,218.8		229.9		140.7		89.2
COMMERCIAL INSURANCE
Multiple Peril		1,269.1		1,248.2		20.9		114.3		(93.4	)
Casualty		4,006.8		3,922.6		84.2		72.0		12.2
Workers’ Compensation		1,044.9		890.9		154.0		107.8		46.2
Property and Marine		484.2		483.1		1.1		19.7		(18.6	)
Total Commercial		6,805.0		6,544.8		260.2		313.8		(53.6	)
SPECIALTY INSURANCE
Executive Protection		4,463.2		3,995.0		468.2		385.9		82.3
Financial Institutions		2,079.6		1,720.4		359.2		162.6		196.6
Other		1,369.5		1,042.2		327.3		173.0		154.3
Total Specialty		7,912.3		6,757.6		1,154.7		721.5		433.2
TOTAL	$	16,166.0	$	14,521.2	$	1,644.8	$	1,176.0	$	468.8

Page 4 of 13

THE CHUBB CORPORATION — WORLDWIDE
 
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
(MILLIONS OF DOLLARS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2004			2003			2004			2003			2004			2003			2004			2003
Net Premiums Written	$	474.1		$	443.6		$	1,217.6		$	1,114.2		$	425.7		$	391.4		$	2,117.4		$	1,949.2
Increase (Decrease) in Unearned Premiums		20.9			28.4			62.9			93.6			25.6			23.2			109.4			145.2
Net Premiums Earned		453.2			415.2			1,154.7			1,020.6			400.1			368.2			2,008.0			1,804.0
Net Losses Paid		270.0			261.7			671.3			653.5			154.6			145.5			1,095.9			1,060.7
Increase (Decrease) in Outstanding Losses		33.8			26.6			142.9			81.4			53.2			23.2			229.9			131.2
Net Losses Incurred		303.8			288.3			814.2			734.9			207.8			168.7			1,325.8			1,191.9
Expenses Incurred		128.6			130.5			400.7			385.2			129.5			125.0			658.8			640.7
Dividends Incurred		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Statutory Underwriting Income (Loss)	$	20.8		$	(3.6	)	$	(60.2	)	$	(99.5	)	$	62.8		$	74.5		$	23.4		$	(28.6	)
Ratios After Dividends to Policyholders:
Loss		67.1	%		69.5	%		70.5	%		72.0	%		52.0	%		45.8	%		66.0	%		66.1	%
Expense		27.1			29.4			32.9			34.6			30.4			32.0			31.1			32.8
Combined		94.2	%		98.9	%		103.4	%		106.6	%		82.4	%		77.8	%		97.1	%		98.9	%
Premiums Written as a % of Total		5.3	%		5.5	%		13.6	%		13.7	%		4.7	%		4.8	%		23.6	%		24.0	%

Page 5 of 13

THE CHUBB CORPORATION — WORLDWIDE
 
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
(MILLIONS OF DOLLARS)

	Commercial						Commercial						Workers’						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2004			2003			2004			2003			2004			2003			2004			2003			2004			2003
Net Premiums Written	$	879.4		$	809.4		$	1,170.0		$	1,010.0		$	573.2		$	475.9		$	816.8		$	766.1		$	3,439.4		$	3,061.4
Increase (Decrease) in Unearned Premiums		31.9			53.3			81.3			109.1			54.2			74.1			11.2			38.7			178.6			275.2
Net Premiums Earned		847.5			756.1			1,088.7			900.9			519.0			401.8			805.6			727.4			3,260.8			2,786.2
Net Losses Paid		338.4			401.6			568.7			414.8			193.6			178.1			300.5			331.6			1,401.2			1,326.1
Increase (Decrease) in Outstanding Losses		20.9			5.4			84.2			123.4			154.0			88.8			1.1			68.9			260.2			286.5
Net Losses Incurred		359.3			407.0			652.9			538.2			347.6			266.9			301.6			400.5			1,661.4			1,612.6
Expenses Incurred		301.8			295.5			318.5			292.3			128.9			112.4			286.0			262.2			1,035.2			962.4
Dividends Incurred		0.0			0.0			0.0			0.0			13.4			9.7			0.0			0.0			13.4			9.7
Statutory Underwriting Income (Loss)	$	186.4		$	53.6		$	117.3		$	70.4		$	29.1		$	12.8		$	218.0		$	64.7		$	550.8		$	201.5
Ratios After Dividends to Policyholders:
Loss		42.4	%		53.8	%		60.0	%		59.8	%		68.8	%		68.1	%		37.5	%		55.1	%		51.2	%		58.1	%
Expense		34.3			36.5			27.2			28.9			23.0			24.1			35.0			34.2			30.2			31.5
Combined		76.7	%		90.3	%		87.2	%		88.7	%		91.8	%		92.2	%		72.5	%		89.3	%		81.4	%		89.6	%
Premiums Written as a % of Total		9.8	%		9.9	%		13.0	%		12.4	%		6.4	%		5.9	%		9.1	%		9.4	%		38.3	%		37.6	%

Page 6 of 13

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
(MILLIONS OF DOLLARS)

	Executive						Financial						Other						Total						Worldwide
	Protection						Institutions						Specialty						Specialty						Total
	2004			2003			2004			2003			2004			2003			2004			2003			2004			2003
Net Premiums Written	$	1,610.3		$	1,526.0		$	639.7		$	603.4		$	1,165.9		$	997.5		$	3,415.9		$	3,126.9		$	8,972.7		$	8,137.5
Increase (Decrease) in Unearned Premiums		16.8			89.4			23.0			25.5			34.3			135.6			74.1			250.5			362.1			670.9
Net Premiums Earned		1,593.5			1,436.6			616.7			577.9			1,131.6			861.9			3,341.8			2,876.4			8,610.6			7,466.6
Net Losses Paid		748.5			658.8			244.6			397.6			293.3			265.7			1,286.4			1,322.1			3,783.5			3,708.9
Increase (Decrease) in Outstanding Losses		468.2			475.7			359.2			83.8			327.3			163.9			1,154.7			723.4			1,644.8			1,141.1
Net Losses Incurred		1,216.7			1,134.5			603.8			481.4			620.6			429.6			2,441.1			2,045.5			5,428.3			4,850.0
Expenses Incurred		399.3			381.3			166.0			163.7			399.4			342.2			964.7			887.2			2,658.7			2,490.3
Dividends Incurred		0.0			0.0			5.9			5.6			2.5			2.7			8.4			8.3			21.8			18.0
Statutory Underwriting Income (Loss)	$	(22.5	)	$	(79.2	)	$	(159.0	)	$	(72.8	)	$	109.1		$	87.4		$	(72.4	)	$	(64.6	)		501.8			108.3
Increase in Deferred
Acquisition Costs																										65.0			133.7
GAAP Underwriting Income																									$	566.8		$	242.0
Ratios After Dividends
to Policyholders:
Loss		76.4	%		79.0	%		98.8	%		84.1	%		55.0	%		50.0	%		73.2	%		71.3	%		63.2	%		65.1	%
Expense		24.8			25.0			26.2			27.4			34.3			34.4			28.3			28.5			29.7			30.7
Combined		101.2	%		104.0	%		125.0	%		111.5	%		89.3	%		84.4	%		101.5	%		99.8	%		92.9	%		95.8	%
Premiums Written
as a % of Total		17.9	%		18.7	%		7.1	%		7.4	%		13.1	%		12.3	%		38.1	%		38.4	%		100.0	%		100.0	%

Page 7 of 13

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
(MILLIONS OF DOLLARS)

	United States						Foreign						Worldwide Total
	2004			2003			2004			2003			2004			2003
Net Premiums Written	$	7,376.2		$	6,735.2		$	1,596.5		$	1,402.3		$	8,972.7		$	8,137.5
Increase (Decrease) in Unearned Premiums		320.9			603.6			41.2			67.3			362.1			670.9
Net Premiums Earned		7,055.3			6,131.6			1,555.3			1,335.0			8,610.6			7,466.6
Net Losses Paid		3,254.6			3,350.1			528.9			358.8			3,783.5			3,708.9
Increase (Decrease) in Outstanding Losses		1,262.5			748.6			382.3			392.5			1,644.8			1,141.1
Net Losses Incurred		4,517.1			4,098.7			911.2			751.3			5,428.3			4,850.0
Expenses Incurred		2,116.0			1,995.0			542.7			495.3			2,658.7			2,490.3
Dividends Incurred		21.8			18.0			0.0			0.0			21.8			18.0
Statutory Underwriting Income (Loss)	$	400.4		$	19.9		$	101.4		$	88.4			501.8			108.3
Increase in Deferred Acquisition Costs														65.0			133.7
GAAP Underwriting Income													$	566.8		$	242.0
Ratios After Dividends to Policyholders:
Loss		64.2	%		67.0	%		58.6	%		56.3	%		63.2	%		65.1	%
Expense		28.8			29.7			34.0			35.3			29.7			30.7
Combined		93.0	%		96.7	%		92.6	%		91.6	%		92.9	%		95.8	%
Premiums Written as a % of Total		82.2	%		82.8	%		17.8	%		17.2	%		100.0	%		100.0	%

Page 8 of 13

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
(MILLIONS OF DOLLARS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2004			2003			2004			2003			2004			2003			2004			2003
Net Premiums Written	$	163.7		$	154.3		$	443.2		$	402.9		$	147.3		$	132.1		$	754.2		$	689.3
Increase (Decrease) in Unearned Premiums		10.1			10.7			53.8			50.8			10.3			7.7			74.2			69.2
Net Premiums Earned		153.6			143.6			389.4			352.1			137.0			124.4			680.0			620.1
Net Losses Paid		89.8			88.7			223.3			219.1			59.8			56.3			372.9			364.1
Increase (Decrease) in Outstanding Losses		11.5			8.9			76.7			49.2			19.9			0.4			108.1			58.5
Net Losses Incurred		101.3			97.6			300.0			268.3			79.7			56.7			481.0			422.6
Expenses Incurred		43.4			43.8			142.1			131.1			43.9			43.8			229.4			218.7
Dividends Incurred		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Statutory Underwriting Income (Loss)	$	8.9		$	2.2		$	(52.7	)	$	(47.3	)	$	13.4		$	23.9		$	(30.4	)	$	(21.2	)
Ratios After Dividends
to Policyholders:
Loss		66.0	%		68.0	%		77.0	%		76.2	%		58.2	%		45.6	%		70.8	%		68.2	%
Expense		26.5			28.4			32.1			32.5			29.8			33.1			30.4			31.7
Combined		92.5	%		96.4	%		109.1	%		108.7	%		88.0	%		78.7	%		101.2	%		99.9	%
Premiums Written
as a % of Total		5.4	%		5.4	%		14.6	%		14.2	%		4.9	%		4.6	%		24.9	%		24.2	%

Page 9 of 13

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
(MILLIONS OF DOLLARS)

	Commercial						Commercial						Workers’						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2004			2003			2004			2003			2004			2003			2004			2003			2004			2003
Net Premiums Written	$	287.8		$	276.6		$	386.6		$	331.4		$	184.3		$	158.4		$	258.5		$	253.6		$	1,117.2		$	1,020.0
Increase (Decrease) in Unearned Premiums		2.0			4.4			5.2			10.1			0.9			13.0			(12.8	)		7.1			(4.7	)		34.6
Net Premiums Earned		285.8			272.2			381.4			321.3			183.4			145.4			271.3			246.5			1,121.9			985.4
Net Losses Paid		96.7			152.8			136.1			142.7			62.1			58.5			91.3			117.0			386.2			471.0
Increase (Decrease) in Outstanding Losses		24.0			2.2			105.3			54.6			57.1			42.8			13.9			11.1			200.3			110.7
Net Losses Incurred		120.7			155.0			241.4			197.3			119.2			101.3			105.2			128.1			586.5			581.7
Expenses Incurred		100.2			99.0			99.8			97.4			42.2			35.6			89.1			87.2			331.3			319.2
Dividends Incurred		0.0			(0.1	)		0.0			0.0			4.5			3.0			0.0			0.0			4.5			2.9
Statutory Underwriting Income (Loss)	$	64.9		$	18.3		$	40.2		$	26.6		$	17.5		$	5.5		$	77.0		$	31.2		$	199.6		$	81.6
Ratios After Dividends
to Policyholders:
Loss		42.3	%		56.9	%		63.3	%		61.4	%		66.6	%		71.2	%		38.8	%		52.0	%		52.5	%		59.2	%
Expense		34.8			35.8			25.8			29.4			23.5			22.9			34.5			34.4			29.8			31.4
Combined		77.1	%		92.7	%		89.1	%		90.8	%		90.1	%		94.1	%		73.3	%		86.4	%		82.3	%		90.6	%
Premiums Written
as a % of Total		9.5	%		9.7	%		12.8	%		11.6	%		6.1	%		5.6	%		8.5	%		8.9	%		36.9	%		35.8	%

Page 10 of 13

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
(MILLIONS OF DOLLARS)

	Executive						Financial						Other						Total						Worldwide
	Protection						Institutions						Specialty						Specialty						Total
	2004			2003			2004			2003			2004			2003			2004			2003			2004			2003
Net Premiums Written	$	558.6		$	525.0		$	181.6		$	182.8		$	414.1		$	428.4		$	1,154.3		$	1,136.2		$	3,025.7		$	2,845.5
Increase (Decrease) in Unearned Premiums		15.8			35.8			(13.7	)		(6.1	)		(0.9	)		103.8			1.2			133.5			70.7			237.3
Net Premiums Earned		542.8			489.2			195.3			188.9			415.0			324.6			1,153.1			1,002.7			2,955.0			2,608.2
Net Losses Paid		217.8			309.0			86.0			141.7			112.7			51.6			416.5			502.3			1,175.6			1,337.4
Increase (Decrease) in Outstanding Losses		201.8			75.7			56.9			10.6			139.1			118.4			397.8			204.7			706.2			373.9
Net Losses Incurred		419.6			384.7			142.9			152.3			251.8			170.0			814.3			707.0			1,881.8			1,711.3
Expenses Incurred		128.3			134.2			54.4			54.4			144.7			150.2			327.4			338.8			888.1			876.7
Dividends Incurred		0.0			0.0			1.4			1.7			1.4			1.4			2.8			3.1			7.3			6.0
Statutory Underwriting Income (Loss)	$	(5.1	)	$	(29.7	)	$	(3.4	)	$	(19.5	)	$	17.1		$	3.0		$	8.6		$	(46.2	)		177.8			14.2
Increase in Deferred Acquisition Costs																										15.6			56.4
GAAP Underwriting Income																									$	193.4		$	70.6
Ratios After Dividends
to Policyholders:
Loss		77.3	%		78.6	%		73.7	%		81.4	%		60.9	%		52.6	%		70.8	%		70.7	%		63.9	%		65.7	%
Expense		23.0			25.6			30.2			30.0			35.0			35.2			28.4			29.9			29.4			30.9
Combined		100.3	%		104.2	%		103.9	%		111.4	%		95.9	%		87.8	%		99.2	%		100.6	%		93.3	%		96.6	%
Premiums Written
as a % of Total		18.5	%		18.5	%		6.0	%		6.4	%		13.7	%		15.1	%		38.2	%		40.0	%		100.0	%		100.0	%

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THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
(MILLIONS OF DOLLARS)

	United States						Foreign						Worldwide Total
	2004			2003			2004			2003			2004			2003
Net Premiums Written	$	2,550.0		$	2,415.4		$	475.7		$	430.1		$	3,025.7		$	2,845.5
Increase (Decrease) in Unearned Premiums		132.9			279.7			(62.2	)		(42.4	)		70.7			237.3
Net Premiums Earned		2,417.1			2,135.7			537.9			472.5			2,955.0			2,608.2
Net Losses Paid		1,006.8			1,141.7			168.8			195.7			1,175.6			1,337.4
Increase (Decrease) in Outstanding Losses		552.2			322.7			154.0			51.2			706.2			373.9
Net Losses Incurred		1,559.0			1,464.4			322.8			246.9			1,881.8			1,711.3
Expenses Incurred		726.8			719.2			161.3			157.5			888.1			876.7
Dividends Incurred		7.3			6.0			0.0			0.0			7.3			6.0
Statutory Underwriting Income (Loss)	$	124.0		$	(53.9	)	$	53.8		$	68.1			177.8			14.2
Increase in Deferred Acquisition Costs														15.6			56.4
GAAP Underwriting Income													$	193.4		$	70.6
Ratios After Dividends
to Policyholders:
Loss		64.7	%		68.8	%		60.0	%		52.3	%		63.9	%		65.7	%
Expense		28.6			29.8			33.9			36.6			29.4			30.9
Combined		93.3	%		98.6	%		93.9	%		88.9	%		93.3	%		96.6	%
Premiums Written
as a % of Total		84.3	%		84.9	%		15.7	%		15.1	%		100.0	%		100.0	%

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THE CHUBB CORPORATION

Definitions of Key Terms

Underwriting Income (Loss)

Management evaluates underwriting results separately from investment results. The underwriting operations consist of three separate business units: personal insurance, commercial insurance and specialty insurance. Performance of the business units is based on statutory underwriting results. Statutory accounting principles differ in certain respects from generally accepted accounting principles (GAAP). Under statutory accounting principles, policy acquisition and other underwriting expenses are recognized immediately, not at the time premiums are earned. Statutory underwriting income (loss) is arrived at by reducing premiums earned by losses and loss expenses incurred and statutory underwriting expenses incurred.

Management uses underwriting results determined in accordance with GAAP, among other measures, to assess the overall performance of the underwriting operations. To convert statutory underwriting results to a GAAP basis, policy acquisition expenses are deferred and amortized over the period in which the related premiums are earned. Underwriting income (loss) determined in accordance with GAAP is defined as premiums earned less losses and loss expenses incurred and GAAP underwriting expenses incurred.

Property and Casualty Investment Income After Income Tax

Management uses property and casualty investment income after income tax, a non-GAAP financial measure, to evaluate its investment performance because it reflects the impact of any change in the proportion of the investment portfolio invested in tax-exempt securities and is therefore more meaningful for analysis purposes than investment income before income taxes.

Book Value per Common Share with Available-for-Sale Fixed Maturities at Amortized Cost

Book value per share represents the portion of consolidated shareholders’ equity attributable to one share of common stock outstanding as of the balance sheet date. Consolidated shareholders’ equity includes, as part of accumulated other comprehensive income, the after-tax appreciation or depreciation on the Corporation’s available-for-sale fixed maturities, which are carried at market value. The appreciation or depreciation on available-for-sale fixed maturities is subject to fluctuation due to changes in interest rates and therefore could distort the analysis of trends. Management believes that book value per common share with available-for-sale fixed maturities at amortized cost, a non-GAAP financial measure, is an important measure of the underlying equity attributable to one share of common stock.

Combined Ratio or Combined Loss and Expense Ratio

The combined loss and expense ratio, expressed as a percentage, is the key measure of underwriting profitability. Management uses the combined loss and expense ratio calculated in accordance with statutory accounting principles applicable to property and casualty insurance companies to evaluate the performance of the underwriting operations. It is the sum of the ratio of losses and loss expenses to premiums earned (loss ratio) plus the ratio of statutory underwriting expenses to premiums written (expense ratio) after reducing both premium amounts by dividends to policyholders.

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