8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) January 31, 2006

THE CHUBB CORPORATION

(Exact name of registrant as specified in its charter)

New Jersey	1-8661	13-2595722
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
15 Mountain View Road, P.O. Box 1615, Warren, New Jersey		07061-1615
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (908) 903-2000

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

EX-99.1: PRESS RELEASE

EX-99.2: SUPPLEMENTARY INVESTOR INFORMATION REPORT

Item 2.02 Results of Operations and Financial Condition.

The following information, including the text of the exhibits attached hereto, is furnished pursuant to this Item 2.02 of Form 8-K. On January 31, 2006, The Chubb Corporation (Chubb) issued a press release announcing its results for the quarter and year ended December 31, 2005. On January 31, 2006, Chubb also posted on its web site at www.chubb.com the Supplementary Investor Information Report (SIIR) relating to its 2005 fourth quarter and year-end results. Copies of the press release and the SIIR, both of which are incorporated by reference into this Item 2.02 as if fully set forth herein, are furnished as Exhibits 99.1 and 99.2, respectively, to this Form 8-K. In its press release, in the SIIR and in the conference call to discuss its 2005 fourth quarter and year-end results, scheduled to be webcast at 5:00 P.M. on January 31, 2006, Chubb presents, and will present, its results of operations in the manner that it believes is most meaningful to investors, which includes certain measures that are not prepared in accordance with accounting principles generally accepted in the United States.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits.

99.1	Press release dated January 31, 2006 (furnished pursuant to Item 2.02 of Form 8-K)
99.2	Supplementary Investor Information Report (furnished pursuant to Item 2.02 of Form 8-K)

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	THE CHUBB CORPORATION
Date: January 31, 2006	By:	/s/ Henry B. Schram
		Name:	Henry B. Schram
		Title:	Senior Vice President and Chief Accounting Officer

EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K
DATED JANUARY 31, 2006

Exhibit No.	Description
99.1	Press release dated January 31, 2006 (furnished pursuant to Item 2.02 of Form 8-K)
99.2	Supplementary Investor Information Report (furnished pursuant to Item 2.02 of Form 8-K)

EX-99.1

News from The Chubb Corporation

The Chubb Corporation
15 Mountain View Road • P.O. Box 1615
Warren, New Jersey 07061-1615
Telephone: 908-903-2000

FOR IMMEDIATE RELEASE

Chubb Reports 4th Quarter Net Income per Share of $2.92;
Operating Income per Share Is up 9% to a Record $2.34;
Combined Ratio Is 89.3%

Net Income per Share for 2005 Is $8.94;
Operating Income per Share Is up 6% to a Record $7.73;
Combined Ratio Is 92.3%

Chubb Forecasts 2006 Operating Income per Share of $8.60 to $9.00

     WARREN, New Jersey, January 31, 2006 — The Chubb Corporation [NYSE: CB] today reported that net income in the fourth quarter of 2005 was $614 million or $2.92 per share, compared to $468 million or $2.39 per share in the fourth quarter of 2004.

     Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, increased to a record $493 million from $421 million in the fourth quarter of 2004. Operating income per share increased 9% to $2.34 from $2.15.

     Net written premiums for the fourth quarter increased 1% to $3.1 billion. Premiums for the insurance business grew 5%: 4% in the U.S. and 9% outside the U.S. (10% in local currencies). Premium growth in the insurance business units other than Chubb Personal Insurance was attributable to Chubb’s decision not to renew certain reinsurance treaties, resulting in less premium ceded to reinsurers. Premiums for the Reinsurance Assumed business declined 41%.

     The fourth quarter combined loss and expense ratio was 89.3% in 2005 and 90.6% in 2004. The impact of catastrophes for the quarter accounted for 4.0 percentage points of the combined ratio in 2005, compared to 0.4 points in 2004. The expense ratio for the fourth quarter was 27.5% in 2005 and 27.9% in 2004.

     Property and casualty investment income after taxes for the fourth quarter increased 9% to $276 million in 2005 from $254 million in 2004.

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     During the fourth quarter of 2005, Chubb repurchased 1,393,900 shares of its common stock at a total cost of $135 million.

     “We are delighted with the continued excellent results at Chubb Personal Insurance and Chubb Commercial Insurance and the substantial improvement at Chubb Specialty Insurance,” said John D. Finnegan, Chairman, President and Chief Executive Officer of Chubb. “With all three insurance business units now making significant profit contributions, Chubb achieved its third consecutive year of record operating earnings despite unusually high catastrophe losses. In addition, the completion of the Chubb Re — Harbor Point transaction on December 15 resulted in a $171 million pre-tax realized investment gain in the fourth quarter. We believe this transaction will bring significant additional value to Chubb shareholders in the future.”

Full Year Results

     For the year ended December 31, 2005, net income was $1.8 billion or $8.94 per share, compared with $1.5 billion or $8.01 per share for the year ended December 31, 2004. Operating income for 2005 totaled a record $1.6 billion or $7.73 per share, compared with $1.4 billion or $7.26 per share in 2004.

     Net written premiums in 2005 increased 2% to $12.3 billion. Premiums for the insurance business grew 4%: 3% in the U.S. and 8% outside the U.S. (6% in local currencies). Premiums for the Reinsurance Assumed business declined 21%.

     The combined ratio in 2005 was 92.3%, the same as in 2004. The impact of catastrophes accounted for 5.6 percentage points of the combined ratio in 2005. In 2004, catastrophe losses accounted for 2.3 points, which reflected the release in the second quarter of $80 million of net reserves for losses related to the September 11, 2001 attack on the World Trade Center. The expense ratio for the year was 28.0% in 2005 and 29.2% in 2004.

     Property and casualty investment income after taxes increased 11% to $1.1 billion in 2005 from $949 million in 2004.

Fourth Quarter Operations Review

     Chubb Personal Insurance (CPI) net written premiums grew 5% to $820 million. CPI’s combined ratio was 86.8%, compared to 82.9% in the fourth quarter of 2004. Catastrophe losses were 7.5 percentage points in 2005, while in 2004 they were 0.7 points.

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     The Homeowners line grew 5%, and the combined ratio was 80.5%. The Personal Automobile line grew 2% and had a combined ratio of 88.3%, while other personal lines grew 11% and had a combined ratio of 109.1%.

     Chubb Commercial Insurance (CCI) net written premiums grew 5% to $1.3 billion. The combined ratio improved to 87.4% in 2005 from 90.3% in 2004. Catastrophe losses were 3.6 percentage points in 2005 and 0.5 points in 2004.

     Average renewal rates in the U.S. were down 1% for CCI, which retained 82% of the U.S. premiums that came up for renewal. In the U.S., the ratio of new to lost business was 0.8 to 1.

     Chubb Specialty Insurance (CSI) net written premiums were up 6% to $829 million. The combined ratio was 92.7%, compared to 99.0% in the fourth quarter of 2004.

     Professional Liability (PL) net written premiums were up 4%, and the business had a combined ratio of 97.6%. Average renewal rates in the U.S. for PL were down 3%, and renewal retention was 78%. The ratio of new to lost business in the U.S. was 0.8 to 1. Surety premiums were up 29%, and the combined ratio was 39.5%.

     Reinsurance Assumed net written premiums were down 41%. The combined ratio was 101.8%, compared to 93.3% in the fourth quarter of 2004.

2005 Operations Review

     For the 12 months ended December 31, 2005, Chubb Personal Insurance net written premiums grew 6% to $3.3 billion. CPI’s combined ratio improved to 86.6% in 2005 from 92.5% in 2004. The impact of catastrophes accounted for 6.5 percentage points of the combined ratio in 2005, compared to 8.2 points in 2004. The Homeowners line grew 8% and had a combined ratio of 81.2%. The Personal Automobile line grew 2% and had a combined ratio of 95.3%. Other personal lines grew 4% and had a combined ratio of 96.2%.

     Chubb Commercial Insurance net written premiums grew 2% to $5.0 billion. The combined ratio was 92.4% in 2005 and 82.5% in 2004. The impact of catastrophes accounted for 8.3 percentage points of the combined ratio in 2005. Catastrophe losses had a negligible impact in 2004 due to the release of $80 million of net reserves for losses related to the September 11 attack.

4

     Chubb Specialty Insurance net written premiums grew 6% to $3.0 billion. Growth was attributable to the decision not to renew certain reinsurance treaties. The combined ratio improved to 97.3% in 2005 from 108.2% in 2004. Professional Liability had 5% premium growth and a combined ratio of 99.8%. Surety grew 18% and had a combined ratio of 62.9%.

     Reinsurance Assumed net written premiums were down 21%. The combined ratio was 96.1%, compared to 94.3% in 2004.

2006 Operating Income Guidance

     “We expect our earnings momentum of the past three years to continue in 2006,” said Mr. Finnegan. “We believe we can achieve 2006 operating income per share in the range of $8.60 to $9.00. This guidance assumes 4 percentage points of catastrophe losses, in contrast to the guidance assumption of 3 points at the beginning of last year and previous years.”

     Mr. Finnegan said the operating income guidance for 2006 also assumes:

• A combined ratio between 89% and 91% for the year, based on a combined ratio of 87% to 90% for CPI, 88% to 91% for CCI, 91% to 94% for CSI and 92% to 95% for Reinsurance Assumed.

• Growth of property and casualty investment income after taxes of 10% to 12%.

     “The markets for insurance and reinsurance are still in post-Katrina transition,” said Mr. Finnegan, “so we are not providing premium growth assumptions by business unit for 2006. For the purposes of planning and budgeting as well as developing our earnings guidance, we have assumed overall growth in our insurance business in the low single digits. Premiums for the Reinsurance Assumed business will continue to decline following the Harbor Point transaction.”

     The guidance and related assumptions are subject to the risks outlined in the company’s forward-looking information safe-harbor statement (see below).

Webcast Conference Call to be Held Today at 5 P.M.

     Chubb’s senior management will discuss the company’s fourth quarter performance with investors and analysts today, January 31st, at 5 P.M. Eastern Standard Time. The conference call will be webcast live on the Internet at http://www.chubb.com and archived later in the day for replay.

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About Chubb

     Founded in 1882, the Chubb Group of Insurance Companies provide property and casualty insurance for personal and commercial customers worldwide through 8,000 independent agents and brokers. Chubb’s global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia.

     The company’s Supplementary Investor Information Report has been posted on its Internet site at http://www.chubb.com.

     All financial results in this release and attachments are unaudited. Segment information for 2004 reflects the business unit realignment announced in February 2005.

For further information contact:	Investors:	Glenn A. Montgomery
		(908) 903-2365
	Media:	Mark E. Greenberg
		(908) 903-2682

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Definitions of Key Terms

Operating Income

Operating income, a non-GAAP financial measure, is net income excluding after-tax realized investment gains and losses. Management uses operating income, among other measures, to evaluate its performance because the realization of investment gains and losses in any given period is largely discretionary as to timing and can fluctuate significantly, which could distort the analysis of trends.

Underwriting Income (Loss)

Management evaluates underwriting results separately from investment results. The underwriting operations consist of four separate business units: personal insurance, commercial insurance, specialty insurance and reinsurance assumed. Performance of the business units is based on statutory underwriting results. Statutory accounting principles applicable to property and casualty insurance companies 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 tax.

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

Book value per common 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 Loss and Expense Ratio or Combined 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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FORWARD-LOOKING INFORMATION

     Certain statements in this document are “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 (PSLRA). These forward-looking statements are made pursuant to the safe harbor provisions of the PSLRA and include statements regarding management’s guidance for 2006 operating income per share and related assumptions, and the volume and performance of the reinsurance assumed business generated for us by Harbor Point Limited and the future value of our Harbor Point investment. Forward-looking statements are made based upon management’s current expectations and beliefs concerning trends and future developments and their potential effects on us. These statements are not guarantees of future performance. Actual results may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties, which include, among others, those discussed or identified from time to time in our public filings with the Securities and Exchange Commission and those associated with:

• global political conditions and the occurrence of terrorist attacks, including any nuclear, biological, chemical or radiological events;

• the effects of the outbreak or escalation of war or hostilities;

• premium pricing and profitability or growth estimates overall or by lines of business or geographic area, and related expectations with respect to the timing and terms of any required regulatory approvals;

• adverse changes in loss cost trends;

• the ability to retain existing business;

• our expectations with respect to cash flow projections and investment income and with respect to other income;

• the adequacy of loss reserves, including:

– our expectations relating to reinsurance recoverables;

– the effects of proposed asbestos liability legislation, including the impact of claims patterns arising from the possibility of legislation and those that may arise if legislation is not passed;

– our estimates relating to ultimate asbestos liabilities;

– the impact from the bankruptcy protection sought by various asbestos producers and other related businesses;

– the willingness of parties, including us, to settle disputes;

– developments in judicial decisions or regulatory or legislative actions relating to coverage and liability for asbestos, toxic waste and mold claims;

– development of new theories of liability;

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• the availability of reinsurance coverage;

• the occurrence of significant weather-related or other natural or human-made disasters, particularly in locations where we have concentrations of risk;

• the impact of economic factors on companies on whose behalf we have issued surety bonds, and in particular, on those companies that have filed for bankruptcy or otherwise experienced deterioration in creditworthiness;

• the effects of disclosures by, and investigations of, public companies relating to possible accounting irregularities, practices in the financial services industry and other corporate governance issues, including:

– the effects on the capital markets and the markets for directors and officers and errors and omissions insurance;

– claims and litigation arising out of actual or alleged accounting or other corporate malfeasance by other companies;

– claims and litigation arising out of practices in the financial services industry;

– legislative or regulatory proposals or changes;

• the effects of investigations into market practices in the U.S. property and casualty insurance industry and any legal or regulatory proceedings arising therefrom;

• the impact of legislative and regulatory developments on our business, including those relating to terrorism and large-scale catastrophes;

• any downgrade in our claims-paying, financial strength or other credit ratings;

• the ability of our subsidiaries to pay us dividends;

• general economic and market conditions including:

– changes in interest rates, market credit spreads and the performance of the financial markets;

– the effects of inflation;

– changes in domestic and foreign laws, regulations and taxes;

– changes in competition and pricing environments;

– regional or general changes in asset valuations;

– the inability to reinsure certain risks economically;

– changes in the litigation environment;

– general market conditions; and

• our ability to implement management’s strategic plans and initiatives.

          The Corporation assumes no obligation to update any forward-looking information set forth in this document, which speak as of the date hereof.

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THE CHUBB CORPORATION

SUPPLEMENTARY FINANCIAL DATA
(Unaudited)

	Periods Ended December 31
	Fourth Quarter						Twelve Months
	2005			2004			2005			2004
	(in millions)
PROPERTY AND CASUALTY INSURANCE
Underwriting
Net Premiums Written	$	3,097.3		$	3,080.2		$	12,282.6		$	12,052.9
Increase in Unearned Premiums		(17.7	)		(55.1	)		(106.6	)		(417.2	)
Premiums Earned		3,079.6			3,025.1			12,176.0			11,635.7
Losses and Loss Expenses		1,899.2			1,892.6			7,813.5			7,320.9
Operating Costs and Expenses		852.0			857.2			3,435.7			3,515.9
Increase in Deferred Policy Acquisition Costs		(6.4	)		(11.6	)		(16.7	)		(76.6	)
Dividends to Policyholders		3.9			7.6			22.9			29.4
Underwriting Income		330.9			279.3			920.6			846.1
Investments
Investment Income Before Expenses		349.8			322.0			1,342.3			1,207.0
Investment Expenses		6.4			5.5			27.0			22.7
Investment Income		343.4			316.5			1,315.3			1,184.3
Other Income (Charges)		2.3			(1.0	)		(.6	)		(4.7	)
Property and Casualty Income		676.6			594.8			2,235.3			2,025.7
CHUBB FINANCIAL SOLUTIONS NON-INSURANCE BUSINESS		1.0			(.2	)		(6.2	)		(17.2	)
CORPORATE AND OTHER		(17.7	)		(33.5	)		(165.6	)		(158.5	)
CONSOLIDATED OPERATING INCOME BEFORE INCOME TAX		659.9			561.1			2,063.5			1,850.0
Federal and Foreign Income Tax		166.9			140.1			485.3			447.6
CONSOLIDATED OPERATING INCOME		493.0			421.0			1,578.2			1,402.4
REALIZED INVESTMENT GAINS AFTER INCOME TAX		121.4			46.6			247.7			146.0
CONSOLIDATED NET INCOME	$	614.4		$	467.6		$	1,825.9		$	1,548.4
PROPERTY AND CASUALTY INVESTMENT INCOME AFTER INCOME TAX	$	275.5		$	253.5		$	1,055.9		$	949.3

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	Periods Ended December 31
	Fourth Quarter						Twelve Months
	2005			2004			2005			2004
OUTSTANDING SHARE DATA
(in millions)
Average Common and Potentially Dilutive Shares		210.7			195.4			204.2			193.2
Actual Common Shares at End of Period		209.0			192.7			209.0			192.7
DILUTED EARNINGS PER SHARE DATA
Operating Income	$	2.34		$	2.15		$	7.73		$	7.26
Realized Investment Gains		.58			.24			1.21			.75
Net Income	$	2.92		$	2.39		$	8.94		$	8.01
Effect of Catastrophes (excluding investment in Allied World Assurance Company, Ltd.)
Hurricane Katrina	$	.01		$	—		$	(1.47	)	$	—
September 11 Attack		—			—			—			.27
All Other		(.40	)		(.04	)		(.72	)		(1.18	)
Total	$	(.39	)	$	(.04	)	$	(2.19	)	$	(.91	)
Effect of Chubb Financial Solutions Non-Insurance Business	$	—		$	—		$	(.02	)	$	(.06	)

	Dec. 31		Dec. 31
	2005		2004
BOOK VALUE PER COMMON SHARE	$	59.36	$	52.55
BOOK VALUE PER COMMON SHARE, with Available-for-Sale Fixed Maturities at Amortized Cost		58.26		49.83

 11

PROPERTY AND CASUALTY UNDERWRITING RATIOS
PERIODS ENDED DECEMBER 31

	Fourth Quarter						Twelve Months
	2005			2004			2005			2004
Losses and Loss Expenses to
Premiums Earned		61.8	%		62.7	%		64.3	%		63.1	%
Underwriting Expenses to
Premiums Written		27.5			27.9			28.0			29.2
Combined Loss and Expense Ratio		89.3	%		90.6	%		92.3	%		92.3	%
Effect of Catastrophes on Combined
Loss and Expense Ratio
Hurricane Katrina		(.2	)%		—	%		3.7	%		—	%
September 11 Attack		—			—			—			(.7	)
All Other		4.2			.4			1.9			3.0
Total		4.0	%		.4	%		5.6	%		2.3	%

PROPERTY AND CASUALTY LOSSES AND LOSS EXPENSES COMPONENTS
PERIODS ENDED DECEMBER 31

	Fourth Quarter				Twelve Months
	2005		2004		2005		2004
	(in millions)
Paid Losses and Loss Expenses	$	1,756.1	$	1,249.9	$	5,909.7	$	5,033.4
Increase in Unpaid Losses and Loss Expenses		143.1		642.7		1,903.8		2,287.5
Total Losses and Loss Expenses	$	1,899.2	$	1,892.6	$	7,813.5	$	7,320.9

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PROPERTY AND CASUALTY PRODUCT MIX

TWELVE MONTHS ENDED DECEMBER 31

	Net Premiums Written							Combined Loss and
					% Increase			Expense Ratios
	2005		2004		(Decrease)			2005			2004
	(in millions)
Personal Insurance
Automobile	$	644.5	$	629.1		2	%		95.3	%		93.3	%
Homeowners		2,104.4		1,950.9		8			81.2			91.3
Other		557.6		535.5		4			96.2			96.0
Total Personal		3,306.5		3,115.5		6			86.6			92.5
Commercial Insurance
Multiple Peril		1,285.8		1,301.7		(1	)		87.8			76.8
Casualty		1,754.9		1,682.5		4			96.1			89.8
Workers’ Compensation		929.9		881.5		5			84.8			90.9
Property and Marine		1,059.4		1,072.9		(1	)		98.8			72.7
Total Commercial		5,030.0		4,938.6		2			92.4			82.5
Specialty Insurance
Professional Liability		2,798.4		2,654.3		5			99.8			112.0
Surety		243.7		205.8		18			62.9			57.2
Total Specialty		3,042.1		2,860.1		6			97.3			108.2
Total Insurance		11,378.6		10,914.2		4			92.0			92.1
Reinsurance Assumed		904.0		1,138.7		(21	)		96.1			94.3
Total	$	12,282.6	$	12,052.9		2			92.3	%		92.3	%

QUARTERS ENDED DECEMBER 31

	Net Premiums Written							Combined Loss and
					% Increase			Expense Ratios
	2005		2004		(Decrease)			2005			2004
	(in millions)
Personal Insurance
Automobile	$	158.5	$	155.0		2	%		88.3	%		90.9	%
Homeowners		520.8		496.5		5			80.5			74.7
Other		140.5		126.5		11			109.1			104.4
Total Personal		819.8		778.0		5			86.8			82.9
Commercial Insurance
Multiple Peril		350.6		335.2		5			83.5			83.3
Casualty		434.5		418.4		4			93.2			102.3
Workers’ Compensation		203.7		199.2		2			85.4			95.4
Property and Marine		281.1		259.3		8			84.3			76.5
Total Commercial		1,269.9		1,212.1		5			87.4			90.3
Specialty Insurance
Professional Liability		763.6		734.7		4			97.6			104.8
Surety		65.7		51.0		29			39.5			20.4
Total Specialty		829.3		785.7		6			92.7			99.0
Total Insurance		2,919.0		2,775.8		5			88.5			90.3
Reinsurance Assumed		178.3		304.4		(41	)		101.8			93.3
Total	$	3,097.3	$	3,080.2		1			89.3	%		90.6	%

The property and casualty product mix for 2004 includes certain reclassifications to conform with the 2005 presentation, which more closely reflects the way the property and casualty business is now managed. The total net premiums written and combined loss and expense ratio are not affected.

EX-99.2

The	Supplementary	December 31, 2005
Chubb	Investor
Corporation	Information

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

Beginning with the first quarter of 2005, the reporting format for property and casualty underwriting results by line of business has been changed to more closely reflect the way the business is now managed. The new reporting format provides additional clarity in that all Professional Liability business is now reported in one line within Chubb Specialty Insurance, all commercial business is now reported in Chubb Commercial Insurance and Reinsurance Assumed (Chubb Re) is now reported as a separate business unit. For additional information, see the first quarter 2005 earnings release.

Property and casualty underwriting results for the fourth quarter of 2004 and the twelve months ended December 31, 2004 presented herein have been reclassified to conform to the new reporting format.

THE CHUBB CORPORATION
SUPPLEMENTARY INVESTOR INFORMATION
TABLE OF CONTENTS
DECEMBER 31, 2005

		Page
The Chubb Corporation:
	Consolidated Balance Sheet Highlights	1
	Share Repurchase Activity	2
Summary of Invested Assets:
	Corporate	3
	Property and Casualty	3
Investment Income After Taxes:
	Corporate	4
	Property and Casualty	4
Property and Casualty Insurance Group:
	Statutory Policyholders’ Surplus	4
	Change in Net Unpaid Losses	5
	Underwriting Results — Year-To-Date	6-10
	Underwriting Results — Quarterly	11-15
Definitions of Key Terms		16

CONSOLIDATED BALANCE SHEET HIGHLIGHTS
AS OF DECEMBER 31

	2005			2004
	(in millions)
Invested Assets (at carrying value)
Short Term Investments	$	1,898.5		$	1,307.5
Fixed Maturities
Tax Exempt		15,954.1			14,388.5
Taxable		14,568.4			13,620.8
Equity Securities		2,212.4			1,841.3
Total Invested Assets	$	34,633.4		$	31,158.1
Unrealized Appreciation of Fixed Maturities Carried at Amortized Cost	$	11.2		$	21.1
Capitalization
Long Term Debt	$	2,467.3		$	2,813.7
Shareholders’ Equity		12,407.0			10,126.4
Total Capitalization	$	14,874.3		$	12,940.1
DEBT AS A PERCENTAGE OF TOTAL CAPITALIZATION		16.6	%		21.7	%
Actual Common Shares Outstanding		209.0			192.7
Book Value Per Common Share	$	59.36		$	52.55
Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost	$	58.26		$	49.83

Page 1 of 16

THE CHUBB CORPORATION

SHARE REPURCHASE ACTIVITY
QUARTER AND TWELVE MONTHS ENDED DECEMBER 31, 2005

(dollars in millions, except per share amounts)

Cost of Shares Repurchased	$	134.9
Average Cost Per Share	$	96.81
Shares Repurchased		1,393,900

In December 2005, the Board of Directors authorized the repurchase of up to 14,000,000 shares of the Corporation’s common stock. The authorization has no expiration date. This authorization replaces an existing authorization approved by the Board in July 1998 to purchase up to 12,500,000 shares, of which 3,287,100 shares had remained available for repurchase. As of December 31, 2005, 12,606,100 shares remained under the current share repurchase authorization.

Page 2 of 16

THE CHUBB CORPORATION

SUMMARY OF INVESTED ASSETS

AS OF DECEMBER 31

CORPORATE

	Cost or				Market				Carrying
	Amortized Cost				Value				Value
	2005		2004		2005		2004		2005		2004
	(in millions)
Short Term Investments	$	928.4	$	219.8	$	928.4	$	219.8	$	928.4	$	219.8
Taxable Fixed Maturities		1,356.0		1,098.5		1,338.2		1,108.7		1,338.2		1,108.7
Equity Securities		4.7		4.7		8.0		7.3		8.0		7.3
TOTAL	$	2,289.1	$	1,323.0	$	2,274.6	$	1,335.8	$	2,274.6	$	1,335.8

PROPERTY AND CASUALTY

	Cost or				Market				Carrying
	Amortized Cost				Value				Value
	2005		2004		2005		2004		2005		2004
	(in millions)
Short Term Investments	$	970.1	$	1,087.7	$	970.1	$	1,087.7	$	970.1	$	1,087.7
Fixed Maturities
Tax Exempt		15,653.1		13,839.8		15,965.3		14,409.6		15,954.1		14,388.5
Taxable		13,159.8		12,264.2		13,230.2		12,512.1		13,230.2		12,512.1
Common Stocks		2,031.2		1,645.7		2,148.6		1,791.3		2,148.6		1,791.3
Preferred Stocks		52.2		36.9		55.8		42.7		55.8		42.7
TOTAL	$	31,866.4	$	28,874.3	$	32,370.0	$	29,843.4	$	32,358.8	$	29,822.3

Page 3 of 16

THE CHUBB CORPORATION

INVESTMENT INCOME AFTER TAXES

	PERIODS ENDED DECEMBER 31
	FOURTH QUARTER						TWELVE MONTHS
	2005			2004			2005			2004
	(in millions)
CORPORATE INVESTMENT INCOME	$	12.0		$	8.0		$	41.3		$	30.8
PROPERTY AND CASUALTY INVESTMENT INCOME
(Amounts are shown net of applicable income taxes)
Dividends	$	9.7		$	13.9		$	40.3		$	40.1
Taxable Interest		109.0			97.9			415.2			370.6
Tax Exempt Interest		161.0			145.3			618.0			553.4
Investment Expenses		(4.2	)		(3.6	)		(17.6	)		(14.8	)
TOTAL	$	275.5		$	253.5		$	1,055.9		$	949.3
Effective Tax Rate		19.8	%		19.9	%		19.7	%		19.8	%
After Tax Annualized Yield		3.47	%		3.56	%		3.45	%		3.55	%

         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
AS OF DECEMBER 31

	2005		2004		2003
	(in millions)
Estimated Statutory Policyholders’ Surplus	$	8,900	$	7,848	$	6,368
Rolling Year Statutory Net Premiums Written		12,244		12,005		11,071
Ratio of Statutory Net Premiums Written to Estimated Policyholders’ Surplus		1.38:1		1.53:1		1.74:1

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

Page 4 of 16

THE CHUBB CORPORATION

PROPERTY AND CASUALTY

CHANGE IN NET UNPAID LOSSES
TWELVE MONTHS ENDED DECEMBER 31, 2005

	Net Unpaid Losses										All Other
								IBNR			Unpaid Losses
					Increase			Increase			Increase
	12/31/05		12/31/04		(Decrease)			(Decrease)			(Decrease)
					(in millions)
Personal Insurance
Automobile	$	418.0	$	378.4	$	39.6		$	19.6		$	20.0
Homeowners		696.5		679.6		16.9			4.8			12.1
Other		580.0		521.3		58.7			26.9			31.8
Total Personal		1,694.5		1,579.3		115.2			51.3			63.9
Commercial Insurance
Multiple Peril		1,596.0		1,469.8		126.2			67.9			58.3
Casualty		4,837.1		4,405.9		431.2			324.5			106.7
Workers’ Compensation		1,551.1		1,311.2		239.9			210.0			29.9
Property and Marine		755.1		617.3		137.8			(10.3	)		148.1
Total Commercial		8,739.3		7,804.2		935.1			592.1			343.0
Specialty Insurance
Professional Liability		6,776.6		6,188.2		588.4			618.7			(30.3	)
Surety		46.3		88.2		(41.9	)		.4			(42.3	)
Total Specialty		6,822.9		6,276.4		546.5			619.1			(72.6	)
Total Insurance		17,256.7		15,659.9		1,596.8			1,262.5			334.3
Reinsurance Assumed		1,455.8		1,148.8		307.0			247.7			59.3
Total	$	18,712.5	$	16,808.7	$	1,903.8		$	1,510.2		$	393.6

The net unpaid losses as of December 31, 2004 include certain reclassifications to conform with the 2005 presentation. The total net unpaid losses is not affected.

Page 5 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2005			2004			2005			2004			2005			2004			2005			2004
Net Premiums Written	$	644.5		$	629.1		$	2,104.4		$	1,950.9		$	557.6		$	535.5		$	3,306.5		$	3,115.5
Increase (Decrease) in Unearned Premiums		9.1			21.5			74.2			85.3			6.2			11.7			89.5			118.5
Net Premiums Earned		635.4			607.6			2,030.2			1,865.6			551.4			523.8			3,217.0			2,997.0
Net Losses Paid		397.7			368.2			1,002.3			1,004.4			306.7			280.0			1,706.7			1,652.6
Increase (Decrease) in Outstanding Losses		39.6			35.8			16.9			86.3			58.7			55.7			115.2			177.8
Net Losses Incurred		437.3			404.0			1,019.2			1,090.7			365.4			335.7			1,821.9			1,830.4
Expenses Incurred		170.6			168.9			652.9			640.0			167.0			170.6			990.5			979.5
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	27.5		$	34.7		$	358.1		$	134.9		$	19.0		$	17.5		$	404.6		$	187.1
Ratios After Dividends to Policyholders:
Loss		68.8	%		66.5	%		50.2	%		58.5	%		66.3	%		64.1	%		56.6	%		61.1	%
Expense		26.5			26.8			31.0			32.8			29.9			31.9			30.0			31.4
Combined		95.3	%		93.3	%		81.2	%		91.3	%		96.2	%		96.0	%		86.6	%		92.5	%
Premiums Written as a % of Total		5.2	%		5.2	%		17.1	%		16.2	%		4.5	%		4.5	%		26.8	%		25.9	%

The Property and Casualty underwriting results for 2004 reflect certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

Page 6 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

													Commercial						Commercial
	Commercial						Commercial						Workers’						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2005			2004			2005			2004			2005			2004			2005			2004			2005			2004
Net Premiums Written	$	1,285.8		$	1,301.7		$	1,754.9		$	1,682.5		$	929.9		$	881.5		$	1,059.4		$	1,072.9		$	5,030.0		$	4,938.6
Increase (Decrease) in Unearned Premiums		(23.5	)		43.6			19.8			89.1			5.9			46.4			7.5			(6.7	)		9.7			172.4
Net Premiums Earned		1,309.3			1,258.1			1,735.1			1,593.4			924.0			835.1			1,051.9			1,079.6			5,020.3			4,766.2
Net Losses Paid		595.7			518.5			788.6			737.9			328.3			304.2			540.6			429.5			2,253.2			1,990.1
Increase (Decrease) in Outstanding Losses		126.2			23.9			431.2			269.6			239.9			244.8			137.8			(19.9	)		935.1			518.4
Net Losses Incurred		721.9			542.4			1,219.8			1,007.5			568.2			549.0			678.4			409.6			3,188.3			2,508.5
Expenses Incurred		420.4			438.6			452.9			446.2			199.0			197.1			363.2			372.6			1,435.5			1,454.5
Dividends Incurred		—			—			—			—			20.4			25.9			—			—			20.4			25.9
Statutory Underwriting Income (Loss)	$	167.0		$	277.1		$	62.4		$	139.7		$	136.4		$	63.1		$	10.3		$	297.4		$	376.1		$	777.3
Ratios After Dividends to Policyholders:
Loss		55.1	%		43.1	%		70.3	%		63.3	%		62.9	%		67.8	%		64.5	%		37.9	%		63.8	%		52.9	%
Expense		32.7			33.7			25.8			26.5			21.9			23.1			34.3			34.8			28.6			29.6
Combined		87.8	%		76.8	%		96.1	%		89.8	%		84.8	%		90.9	%		98.8	%		72.7	%		92.4	%		82.5	%
Premiums Written as a % of Total		10.5	%		10.8	%		14.3	%		14.0	%		7.6	%		7.3	%		8.6	%		8.9	%		41.0	%		41.0	%

The Property and Casualty underwriting results for 2004 reflect certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

Page 7 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Professional												Total
	Liability						Surety						Specialty
	2005			2004			2005			2004			2005			2004
Net Premiums Written	$	2,798.4		$	2,654.3		$	243.7		$	205.8		$	3,042.1		$	2,860.1
Increase (Decrease) in Unearned Premiums		34.6			88.9			26.3			9.2			60.9			98.1
Net Premiums Earned		2,763.8			2,565.4			217.4			196.6			2,981.2			2,762.0
Net Losses Paid		1,566.2			1,117.7			103.6			4.6			1,669.8			1,122.3
Increase (Decrease) in Outstanding Losses		588.4			1,139.1			(41.9	)		28.5			546.5			1,167.6
Net Losses Incurred		2,154.6			2,256.8			61.7			33.1			2,216.3			2,289.9
Expenses Incurred		612.3			637.2			82.5			81.1			694.8			718.3
Dividends Incurred		—			—			2.5			3.5			2.5			3.5
Statutory Underwriting Income (Loss)	$	(3.1	)	$	(328.6	)	$	70.7		$	78.9		$	67.6		$	(249.7	)
Ratios After Dividends to Policyholders:
Loss		78.0	%		88.0	%		28.7	%		17.1	%		74.4	%		83.0	%
Expense		21.8			24.0			34.2			40.1			22.9			25.2
Combined		99.8	%		112.0	%		62.9	%		57.2	%		97.3	%		108.2	%
Premiums Written as a % of Total		22.8	%		22.0	%		2.0	%		1.7	%		24.8	%		23.7	%

The Property and Casualty underwriting results for 2004 reflect certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

Page 8 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2005			2004			2005			2004			2005			2004
Net Premiums Written	$	11,378.6		$	10,914.2		$	904.0		$	1,138.7		$	12,282.6		$	12,052.9
Increase (Decrease) in Unearned Premiums		160.1			389.0			(53.5	)		28.2			106.6			417.2
Net Premiums Earned		11,218.5			10,525.2			957.5			1,110.5			12,176.0			11,635.7
Net Losses Paid		5,629.7			4,765.0			280.0			268.4			5,909.7			5,033.4
Increase (Decrease) in Outstanding Losses		1,596.8			1,863.8			307.0			423.7			1,903.8			2,287.5
Net Losses Incurred		7,226.5			6,628.8			587.0			692.1			7,813.5			7,320.9
Expenses Incurred		3,120.8			3,152.3			314.9			363.6			3,435.7			3,515.9
Dividends Incurred		22.9			29.4			—			—			22.9			29.4
Statutory Underwriting Income (Loss)	$	848.3		$	714.7		$	55.6		$	54.8			903.9			769.5
Increase in Deferred Acquisition Costs														16.7			76.6
GAAP Underwriting Income													$	920.6		$	846.1
Ratios After Dividends to Policyholders:
Loss		64.6	%		63.1	%		61.3	%		62.4	%		64.3	%		63.1	%
Expense		27.4			29.0			34.8			31.9			28.0			29.2
Combined		92.0	%		92.1	%		96.1	%		94.3	%		92.3	%		92.3	%
Premiums Written as a % of Total		92.6	%		90.6	%		7.4	%		9.4	%		100.0	%		100.0	%

The Property and Casualty underwriting results for 2004 reflect certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

Page 9 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

													Worldwide
	United States						Foreign						Total
	2005			2004			2005			2004			2005			2004
Net Premiums Written	$	9,931.9		$	9,885.4		$	2,350.7		$	2,167.5		$	12,282.6		$	12,052.9
Increase (Decrease) in Unearned Premiums		44.1			353.7			62.5			63.5			106.6			417.2
Net Premiums Earned		9,887.8			9,531.7			2,288.2			2,104.0			12,176.0			11,635.7
Net Losses Paid		4,886.2			4,481.3			1,023.5			552.1			5,909.7			5,033.4
Increase (Decrease) in Outstanding Losses		1,612.7			1,565.2			291.1			722.3			1,903.8			2,287.5
Net Losses Incurred		6,498.9			6,046.5			1,314.6			1,274.4			7,813.5			7,320.9
Expenses Incurred		2,675.3			2,795.7			760.4			720.2			3,435.7			3,515.9
Dividends Incurred		22.9			29.4			—			—			22.9			29.4
Statutory Underwriting Income (Loss)	$	690.7		$	660.1		$	213.2		$	109.4			903.9			769.5
Increase in Deferred Acquisition Costs														16.7			76.6
GAAP Underwriting Income													$	920.6		$	846.1
Ratios After Dividends to Policyholders:
Loss		65.9	%		63.6	%		57.5	%		60.6	%		64.3	%		63.1	%
Expense		27.0			28.4			32.3			33.2			28.0			29.2
Combined		92.9	%		92.0	%		89.8	%		93.8	%		92.3	%		92.3	%
Premiums Written as a % of Total		80.9	%		82.0	%		19.1	%		18.0	%		100.0	%		100.0	%

The Property and Casualty underwriting results for 2004 reflect certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

Page 10 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2005			2004			2005			2004			2005			2004			2005			2004
Net Premiums Written	$	158.5		$	155.0		$	520.8		$	496.5		$	140.5		$	126.5		$	819.8		$	778.0
Increase (Decrease) in Unearned Premiums		(3.6	)		0.6			(5.7	)		11.6			2.7			(2.2	)		(6.6	)		10.0
Net Premiums Earned		162.1			154.4			526.5			484.9			137.8			128.7			826.4			768.0
Net Losses Paid		108.0			98.2			309.2			262.2			95.4			78.5			512.6			438.9
Increase (Decrease) in Outstanding Losses		(8.9	)		2.0			(49.8	)		(59.4	)		13.7			11.6			(45.0	)		(45.8	)
Net Losses Incurred		99.1			100.2			259.4			202.8			109.1			90.1			467.6			393.1
Expenses Incurred		43.0			40.3			162.7			163.0			42.1			43.5			247.8			246.8
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	20.0		$	13.9		$	104.4		$	119.1		$	(13.4	)	$	(4.9	)	$	111.0		$	128.1
Ratios After Dividends to Policyholders:
Loss		61.1	%		64.9	%		49.3	%		41.8	%		79.2	%		70.0	%		56.6	%		51.2	%
Expense		27.2			26.0			31.2			32.9			29.9			34.4			30.2			31.7
Combined		88.3	%		90.9	%		80.5	%		74.7	%		109.1	%		104.4	%		86.8	%		82.9	%
Premiums Written as a % of Total		5.1	%		4.9	%		16.8	%		16.2	%		4.5	%		4.1	%		26.4	%		25.2	%

The Property and Casualty underwriting results for 2004 reflect certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

Page 11 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

													Commercial						Commercial
	Commercial						Commercial						Workers’						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2005			2004			2005			2004			2005			2004			2005			2004			2005			2004
Net Premiums Written	$	350.6		$	335.2		$	434.5		$	418.4		$	203.7		$	199.2		$	281.1		$	259.3		$	1,269.9		$	1,212.1
Increase (Decrease) in Unearned Premiums		14.8			9.1			(3.6	)		4.9			(28.7	)		(17.1	)		(5.9	)		(16.1	)		(23.4	)		(19.2	)
Net Premiums Earned		335.8			326.1			438.1			413.5			232.4			216.3			287.0			275.4			1,293.3			1,231.3
Net Losses Paid		180.6			136.4			237.7			152.1			80.4			71.7			184.9			97.3			683.6			457.5
Increase (Decrease) in Outstanding Losses		(4.0	)		31.1			56.5			164.5			61.7			78.2			(33.0	)		24.1			81.2			297.9
Net Losses Incurred		176.6			167.5			294.2			316.6			142.1			149.9			151.9			121.4			764.8			755.4
Expenses Incurred		108.2			107.2			113.0			107.8			46.8			46.0			88.1			84.0			356.1			345.0
Dividends Incurred		—			—			—			—			3.4			6.6			—			—			3.4			6.6
Statutory Underwriting Income (Loss)	$	51.0		$	51.4		$	30.9		$	(10.9	)	$	40.1		$	13.8		$	47.0		$	70.0		$	169.0		$	124.3
Ratios After Dividends to Policyholders:
Loss		52.6	%		51.3	%		67.2	%		76.5	%		62.1	%		71.5	%		52.9	%		44.1	%		59.3	%		61.7	%
Expense		30.9			32.0			26.0			25.8			23.3			23.9			31.4			32.4			28.1			28.6
Combined		83.5	%		83.3	%		93.2	%		102.3	%		85.4	%		95.4	%		84.3	%		76.5	%		87.4	%		90.3	%
Premiums Written as a % of Total		11.3	%		10.9	%		14.0	%		13.6	%		6.6	%		6.5	%		9.1	%		8.4	%		41.0	%		39.4	%

The Property and Casualty underwriting results for 2004 reflect certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

 Page 12 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Professional												Total
	Liability						Surety						Specialty
	2005			2004			2005			2004			2005			2004
Net Premiums Written	$	763.6		$	734.7		$	65.7		$	51.0		$	829.3		$	785.7
Increase (Decrease) in Unearned Premiums		53.6			72.8			0.6			1.8			54.2			74.6
Net Premiums Earned		710.0			661.9			65.1			49.2			775.1			711.1
Net Losses Paid		463.7			265.8			41.7			8.8			505.4			274.6
Increase (Decrease) in Outstanding Losses		87.1			290.8			(38.3	)		(16.6	)		48.8			274.2
Net Losses Incurred		550.8			556.6			3.4			(7.8	)		554.2			548.8
Expenses Incurred		153.0			151.9			22.3			18.3			175.3			170.2
Dividends Incurred		—			—			0.5			1.0			0.5			1.0
Statutory Underwriting Income (Loss)	$	6.2		$	(46.6	)	$	38.9		$	37.7		$	45.1		$	(8.9	)
Ratios After Dividends to Policyholders:
Loss		77.6	%		84.1	%		5.3	%		(16.2	)%		71.6	%		77.3	%
Expense		20.0			20.7			34.2			36.6			21.1			21.7
Combined		97.6	%		104.8	%		39.5	%		20.4	%		92.7	%		99.0	%
Premiums Written as a % of Total		24.7	%		23.9	%		2.1	%		1.7	%		26.8	%		25.6	%

The Property and Casualty underwriting results for 2004 reflect certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

Page 13 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2005			2004			2005			2004			2005			2004
Net Premiums Written	$	2,919.0		$	2,775.8		$	178.3		$	304.4		$	3,097.3		$	3,080.2
Increase (Decrease) in Unearned Premiums		24.2			65.4			(6.5	)		(10.3	)		17.7			55.1
Net Premiums Earned		2,894.8			2,710.4			184.8			314.7			3,079.6			3,025.1
Net Losses Paid		1,701.6			1,171.0			54.5			78.9			1,756.1			1,249.9
Increase (Decrease) in Outstanding Losses		85.0			526.3			58.1			116.4			143.1			642.7
Net Losses Incurred		1,786.6			1,697.3			112.6			195.3			1,899.2			1,892.6
Expenses Incurred		779.2			762.0			72.8			95.2			852.0			857.2
Dividends Incurred		3.9			7.6			—			—			3.9			7.6
Statutory Underwriting Income (Loss)	$	325.1		$	243.5		$	(0.6	)	$	24.2			324.5			267.7
Increase in Deferred Acquisition Costs														6.4			11.6
GAAP Underwriting Income													$	330.9		$	279.3
Ratios After Dividends to Policyholders:
Loss		61.8	%		62.8	%		60.9	%		62.1	%		61.8	%		62.7	%
Expense		26.7			27.5			40.9			31.2			27.5			27.9
Combined		88.5	%		90.3	%		101.8	%		93.3	%		89.3	%		90.6	%
Premiums Written as a % of Total		94.2	%		90.2	%		5.8	%		9.8	%		100.0	%		100.0	%

The Property and Casualty underwriting results for 2004 reflect certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

Page 14 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

													Worldwide
	United States						Foreign						Total
	2005			2004			2005			2004			2005			2004
Net Premiums Written	$	2,475.7		$	2,509.2		$	621.6		$	571.0		$	3,097.3		$	3,080.2
Increase (Decrease) in Unearned Premiums		(22.2	)		32.8			39.9			22.3			17.7			55.1
Net Premiums Earned		2,497.9			2,476.4			581.7			548.7			3,079.6			3,025.1
Net Losses Paid		1,437.1			1,226.7			319.0			23.2			1,756.1			1,249.9
Increase (Decrease) in Outstanding Losses		125.9			302.7			17.2			340.0			143.1			642.7
Net Losses Incurred		1,563.0			1,529.4			336.2			363.2			1,899.2			1,892.6
Expenses Incurred		659.1			679.7			192.9			177.5			852.0			857.2
Dividends Incurred		3.9			7.6			—			—			3.9			7.6
Statutory Underwriting Income (Loss)	$	271.9		$	259.7		$	52.6		$	8.0			324.5			267.7
Increase in Deferred Acquisition Costs														6.4			11.6
GAAP Underwriting Income													$	330.9		$	279.3
Ratios After Dividends to Policyholders:
Loss		62.7	%		61.9	%		57.8	%		66.2	%		61.8	%		62.7	%
Expense		26.7			27.2			31.0			31.1			27.5			27.9
Combined		89.4	%		89.1	%		88.8	%		97.3	%		89.3	%		90.6	%
Premiums Written as a % of Total		79.9	%		81.5	%		20.1	%		18.5	%		100.0	%		100.0	%

The Property and Casualty underwriting results for 2004 reflect certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

Page 15 of 16

THE CHUBB CORPORATION

Definitions of Key Terms

Underwriting Income (Loss)

Management evaluates underwriting results separately from investment results. The underwriting operations consist of four separate business units: personal insurance, commercial insurance, specialty insurance and reinsurance assumed. Performance of the business units is based on statutory underwriting results. Statutory accounting principles applicable to property and casualty insurance companies 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 common 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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