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 29, 2009

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, Warren, New Jersey	07059
(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

	Item 2.02 Results of Operations and Financial Condition
	Item 9.01 Financial Statements and Exhibits
SIGNATURES
Ex-99.1: Press Release
Ex-99.2 Supplementary Investor Information Report
Ex-99.3 The Chubb Corporation 2008 Update on Asbestos Reserves

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 29, 2009, The Chubb Corporation (Chubb) issued a press release announcing its results for the quarter and year ended December 31, 2008. On January 29, 2009, Chubb also posted on its web site at www.chubb.com the Supplementary Investor Information Report (SIIR) relating to its 2008 fourth quarter and year-end results and The Chubb Corporation 2008 Update on Asbestos Reserves (Asbestos Report). Copies of the press release, the SIIR and the Asbestos Report, all of which are incorporated by reference into this Item 2.02 as if fully set forth herein, are furnished as Exhibits 99.1, 99.2 and 99.3, respectively, to this Form 8-K. In its press release, the SIIR, the Asbestos Report and the conference call to discuss its 2008 fourth quarter and year-end results, scheduled to be webcast at 5:00 P.M. on January 29, 2009, 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.

     (d) Exhibits.

99.1	Press release dated January 29, 2009 (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)
99.3	The Chubb Corporation 2008 Update on Asbestos Reserves (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 29, 2009	By:	/s/ John J. Kennedy
		Name:	John J. Kennedy
		Title:	Senior Vice President and Chief Accounting Officer

EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K
DATED JANUARY 29, 2009

Exhibit No.	Description
99.1	Press release dated January 29, 2009 (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)
99.3	The Chubb Corporation 2008 Update on Asbestos Reserves (furnished pursuant to Item 2.02 of Form 8-K)

EX-99.1

Exhibit 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 $1.13 and
Operating Income per Share of $1.58;
Combined Ratio Is 84.3%

Net Income per Share for 2008 Is $4.92;
Operating Income per Share Is $5.58;
Combined Ratio Is 88.7%

Company Expects 2009 Operating Income per Share
In Range of $4.80 to $5.20

     WARREN, New Jersey, January 29, 2009 — The Chubb Corporation [NYSE: CB] today reported that net income in the fourth quarter of 2008 was $407 million or $1.13 per share, compared to $650 million or $1.68 per share in the fourth quarter of 2007.

     Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, declined to $569 million from $620 million in the fourth quarter of 2007. Operating income per share declined 1% to $1.58 from $1.60.

     Net written premiums for the fourth quarter were $2.9 billion, a decline of 4%; about half the decline was attributable to currency fluctuation. Premiums were down 2% in the U.S. and down 8% outside the U.S. (up 1% in local currencies).

     The fourth quarter combined loss and expense ratio was 84.3% in 2008 and 83.8% in 2007. Catastrophe losses in the fourth quarter of 2008 were negligible. The impact of catastrophes in the fourth quarter of 2007 accounted for 3.8 percentage points of the combined ratio. Excluding the impact of catastrophes, the fourth quarter combined ratio was 84.6% in 2008 and 80.0% in 2007. The expense ratio for the fourth quarter was 30.4% in 2008 and 30.5% in 2007.

     Property and casualty investment income after taxes for the fourth quarter was down 5% to $316 million in 2008 from $331 million in 2007, largely due to currency fluctuation and lower yields on short term investments.

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     Net income for the fourth quarter of 2008 reflects net realized investment losses, including impairments, of $250 million before tax ($0.45 per share after-tax), stemming primarily from the company’s equity and alternative investments. The losses reflect the significant global decline in asset values during 2008. Net income for the fourth quarter of 2007 included net realized investment gains of $46 million before tax ($0.08 per share after-tax).

     During the fourth quarter of 2008, Chubb repurchased 3.6 million shares of its common stock at a total cost of $164 million.

Full Year Results

     For the year ended December 31, 2008, net income was $1.8 billion or $4.92 per share, compared to $2.8 billion or $7.01 per share for the year ended December 31, 2007. Operating income for 2008 totaled $2.0 billion, compared to $2.6 billion in 2007. Operating income per share declined 13% to $5.58 in 2008 from $6.41 in 2007.

     Total net written premiums in 2008 decreased 1% to $11.8 billion. Currency fluctuation had an insignificant effect on total premium growth in 2008. Premiums were down 3% in the U.S. and up 6% outside the U.S. (up 3% in local currencies).

     The combined ratio in 2008 was 88.7%, compared to 82.9% in 2007. The impact of catastrophes accounted for 5.1 percentage points of the combined ratio in 2008 and 3.0 points in 2007. Excluding the impact of catastrophes, the combined ratio was 83.6% in 2008 and 79.9% in 2007. The expense ratio for the year was 30.2% in 2008 and 30.1% in 2007.

     Property and casualty investment income after taxes increased 2% to $1.3 billion in 2008.

     Net income for 2008 reflected net realized investment losses, including impairments, of $371 million before tax ($0.66 per share after-tax). Net income for 2007 included net realized investment gains of $374 million before tax ($0.60 per share after-tax).

     During 2008, Chubb repurchased 26.3 million shares of its common stock at a total cost of $1.3 billion.

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     “Chubb’s operating income for all of 2008 was $2.0 billion, the third-highest achieved in any year in the corporation’s history, thanks to significant contributions from all three business units,” said John D. Finnegan, Chairman, President and Chief Executive Officer. “This result was achieved in the face of high catastrophe losses for the year, deepening distress in many sectors of the global economy as well as declining insurance rates for the past four years. It is testimony to the unique strengths of Chubb’s franchise and our ability to earn a strong underwriting profit in a variety of economic circumstances,” he said.

     “While net income was adversely affected by continued turmoil in capital markets,” said Mr. Finnegan, “the relatively modest size of our investment losses reflects the successful execution of our conservative philosophy in managing our $39 billion portfolio.”

Fourth Quarter Operations Review

     Chubb Personal Insurance (CPI) net written premiums grew 2% in the fourth quarter to $939 million. CPI’s combined ratio for the quarter improved to 80.9% from 91.2% in the fourth quarter of 2007. The impact of catastrophes in the fourth quarter of 2008 improved the combined ratio by 1.2 percentage points as a result of a downward revision of estimated losses from Hurricane Ike. The impact of catastrophes accounted for 10.4 percentage points of the combined ratio in the fourth quarter of 2007.

     Homeowners net written premiums were flat, and the combined ratio was 77.1%. Personal Automobile net written premiums declined 3%, and the combined ratio was 84.8%. Other Personal lines grew 16% and had a combined ratio of 89.3%.

     Chubb Commercial Insurance (CCI) net written premiums declined 7% to $1.2 billion. The combined ratio for the quarter was 88.8% in 2008 and 85.3% in 2007. The fourth quarter impact of catastrophes was negligible in 2008 and 1.2 points in 2007.

     Average fourth quarter renewal rates in the U.S. were down 3% for CCI, which retained 84% of the U.S. premiums that came up for renewal. In the U.S., the ratio of new to lost business was 1.0 to 1.

     Chubb Specialty Insurance (CSI) net written premiums were down 2% in the fourth quarter to $776 million. The combined ratio was 83.8%, compared to 74.6% in the fourth quarter of 2007.

     Professional Liability (PL) net written premiums declined 2%, and PL had a combined ratio of 88.4%. Average PL renewal rates in the U.S. were flat and renewal retention was 87%. The ratio of new to lost business in the U.S. was 1.3 to 1.

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     Surety net written premiums were down 6%, and the combined ratio was 52.0%.

2008 Operations Review

     For the year ended December 31, 2008, Chubb Personal Insurance net written premiums grew 3% to $3.8 billion. CPI’s combined ratio was 87.1% in 2008 compared to 84.8% in 2007. The impact of catastrophes accounted for 5.4 percentage points of the combined ratio in 2008 and 6.3 points in 2007.

     The Homeowners line grew 1% and had a combined ratio of 83.7%. Personal Automobile net written premiums declined 3%, and the combined ratio was 87.6%. Other Personal lines grew 17% and had a combined ratio of 97.5%.

     Chubb Commercial Insurance net written premiums declined 2% in 2008 to $5.0 billion. The combined ratio was 93.9% in 2008 and 85.8% in 2007. The impact of catastrophes accounted for 8.1 percentage points of the combined ratio in 2008 and 2.6 points in 2007.

     Average 2008 renewal rates in the U.S. were down 5% for CCI, which retained 85% of the U.S. premiums that came up for renewal. In the U.S., the ratio of new to lost business was 1.0 to 1.

     Chubb Specialty Insurance net written premiums declined 2% in 2008 to $2.9 billion. The combined ratio was 83.3% in 2008 and 77.4% in 2007.

     Professional Liability had a 2% decrease in net written premiums and a combined ratio of 85.0%. In the U.S., average 2008 renewal rates for PL were down 2%, renewal premium retention was 88% and the ratio of new to lost business was 1.3 to 1.

     Surety had a net written premium increase of 4% and a combined ratio of 69.9%.

2009 Operating Income Guidance

     “We are encouraged by the improved rate environment in the fourth quarter,” said Mr. Finnegan, “and there are good reasons to believe that this trend will continue into 2009. However, until we begin to see significantly higher rates materialize and work their way into earnings, we are basing our earnings guidance on rates being flat in 2009 versus 2008. Our 2009 underwriting profitability will continue to be impacted by the economic downturn and the cumulative effect of rate decreases experienced over the last four years. Operating income will also be further adversely affected by the impact of currency and lower yields on investments. Based on our current outlook, we believe we can achieve 2009 operating income per share in the range of $4.80 to $5.20.”

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     Mr. Finnegan said this guidance assumes a 3-to-4 percentage point impact of catastrophe losses on the 2009 combined ratio. The impact of each percentage point of catastrophe losses on 2009 operating income per share is approximately $0.21.

     The operating income guidance for 2009 also assumes:

• Net written premiums for the insurance business that are down 1% to 4%. This assumes insurance rates at current levels and a 3-to-4 percentage point negative impact from currency based on current exchange rates.

• A combined ratio between 90% and 92% for the year, based on combined ratios of 89% to 92% for CPI, 92% to 95% for CCI and 86% to 89% for CSI.

• A 4% to 6% decline in property and casualty investment income after taxes, about half of which is attributable to currency fluctuation.

• Average diluted shares outstanding of 358 million for the year.

     The guidance and related assumptions are subject to the risks outlined in the company’s forward-looking information safe-harbor statements (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 29th, 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 provides property and casualty insurance for personal and commercial customers worldwide through 8,500 independent agents and brokers. Chubb’s global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia.

     Chubb’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.

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 measured 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 (loss), the after-tax appreciation or depreciation on the Corporation’s available-for-sale fixed maturities, which are carried at fair 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.

Net Written Premiums Growth Excluding the Impact of Currency Fluctuation: Management uses net written premiums growth excluding the impact of currency fluctuation, a non-GAAP financial measure, to evaluate the trends in net written premiums, exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted.

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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 2009 operating income per share guidance and related assumptions. Forward-looking statements are made based upon management’s current expectations and beliefs concerning trends and future developments and their potential effects on Chubb. 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 Chubb’s 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 and attract new business;

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

• the adequacy of our loss reserves, including:

- our expectations relating to reinsurance recoverables;

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

- developments in judicial decisions or regulatory or legislative actions relating to coverage and liability, in particular, for asbestos, toxic waste and other mass tort claims;

- development of new theories of liability;

- our estimates relating to ultimate asbestos liabilities;

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

- 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;

• the availability and cost 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;

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

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

- claims and litigation arising out of stock option “backdating,” “spring loading” and other equity grant practices by public companies;

- 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;

- claims and litigation relating to uncertainty in the credit and broader financial markets; and

- legislative or regulatory proposals or changes;

• the effects of changes in market practices in the U.S. property and casualty insurance industry, in particular contingent commissions and loss mitigation and finite reinsurance arrangements, arising from any legal or regulatory proceedings, related settlements and industry reform, including changes that have been announced and changes that may occur in the future;

• the impact of legislative and regulatory developments on our business, including those relating to terrorism, catastrophes and the financial markets;

• 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;

- currency fluctuations;

- 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; and

- changes in the litigation environment; and

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

             Chubb 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
	2008			2007			2008			2007
	(in millions)
PROPERTY AND CASUALTY INSURANCE
Underwriting
Net Premiums Written	$	2,899		$	3,009		$	11,782		$	11,872
Decrease in Unearned Premiums		3			10			46			74
Premiums Earned		2,902			3,019			11,828			11,946
Losses and Loss Expenses		1,559			1,606			6,898			6,299
Operating Costs and Expenses		877			915			3,546			3,564
Decrease (Increase) in Deferred Policy Acquisition Costs		12			12			(17	)		(52	)
Dividends to Policyholders		11			6			40			19
Underwriting Income		443			480			1,361			2,116
Investments
Investment Income Before Expenses		398			421			1,652			1,622
Investment Expenses		7			7			30			32
Investment Income		391			414			1,622			1,590
Other Income		2			3			9			6
Property and Casualty Income		836			897			2,992			3,712
CORPORATE AND OTHER		(55	)		(41	)		(214	)		(149	)
CONSOLIDATED OPERATING INCOME BEFORE INCOME TAX		781			856			2,778			3,563
Federal and Foreign Income Tax		212			236			733			999
CONSOLIDATED OPERATING INCOME		569			620			2,045			2,564
REALIZED INVESTMENT GAINS (LOSSES) AFTER INCOME TAX		(162	)		30			(241	)		243
CONSOLIDATED NET INCOME	$	407		$	650		$	1,804		$	2,807
PROPERTY AND CASUALTY INVESTMENT INCOME AFTER INCOME TAX	$	316		$	331		$	1,297		$	1,273

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	Periods Ended December 31
	Fourth Quarter						Twelve Months
	2008			2007			2008			2007
OUTSTANDING SHARE DATA
(in millions)
Average Common and Potentially Dilutive Shares		359.6			387.5			366.8			400.3
Actual Common Shares at End of Period		352.3			374.6			352.3			374.6
DILUTED EARNINGS PER SHARE DATA
Operating Income	$	1.58		$	1.60		$	5.58		$	6.41
Realized Investment Gains (Losses)		(.45	)		.08			(.66	)		.60
Net Income	$	1.13		$	1.68		$	4.92		$	7.01
Effect of Catastrophes	$	.01		$	(.19	)	$	(1.08	)	$	(.59	)

	Dec. 31		Dec. 31
	2008		2007
BOOK VALUE PER COMMON SHARE	$	38.13	$	38.56
BOOK VALUE PER COMMON SHARE,
with Available-for-Sale Fixed Maturities at Amortized Cost		38.38		37.87

PROPERTY AND CASUALTY UNDERWRITING RATIOS
PERIODS ENDED DECEMBER 31

	Fourth Quarter						Twelve Months
	2008			2007			2008			2007
Losses and Loss Expenses to Premiums Earned		53.9	%		53.3	%		58.5	%		52.8	%
Underwriting Expenses to Premiums Written		30.4			30.5			30.2			30.1
Combined Loss and Expense Ratio		84.3	%		83.8	%		88.7	%		82.9	%
Effect of Catastrophes on Combined Loss and Expense Ratio		(.3	)%		3.8	%		5.1	%		3.0	%

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

	Fourth Quarter						Twelve Months
	2008			2007			2008		2007
	(in millions)
Paid Losses and Loss Expenses	$	1,963		$	1,616		$	6,509	$	5,949
Increase (Decrease) in Unpaid Losses and Loss Expenses		(404	)		(10	)		389		350
Total Losses and Loss Expenses	$	1,559		$	1,606		$	6,898	$	6,299

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PROPERTY AND CASUALTY PRODUCT MIX

	Net Premiums Written							Combined Loss and
					% Increase			Expense Ratios
	2008		2007		(Decrease)			2008			2007
	(in millions)
TWELVE MONTHS ENDED DECEMBER 31
Personal Insurance
Automobile	$	602	$	621		(3	)%		87.6	%		89.8	%
Homeowners		2,449		2,423		1			83.7			80.2
Other		775		665		17			97.5			96.4
Total Personal		3,826		3,709		3			87.1			84.8
Commercial Insurance
Multiple Peril		1,210		1,252		(3	)		85.3			80.8
Casualty		1,654		1,726		(4	)		95.0			94.6
Workers’ Compensation		851		890		(4	)		82.1			77.6
Property and Marine		1,278		1,215		5			108.8			84.3
Total Commercial		4,993		5,083		(2	)		93.9			85.8
Specialty Insurance
Professional Liability		2,546		2,605		(2	)		85.0			82.4
Surety		353		339		4			69.9			35.4
Total Specialty		2,899		2,944		(2	)		83.3			77.4
Total Insurance		11,718		11,736		—			89.1			83.4
Reinsurance Assumed		64		136		(53	)		*			*
Total	$	11,782	$	11,872		(1	)		88.7			82.9
QUARTERS ENDED DECEMBER 31
Personal Insurance
Automobile	$	145	$	149		(3	)%		84.8	%		90.5	%
Homeowners		590		592		—			77.1			89.1
Other		204		176		16			89.3			99.4
Total Personal		939		917		2			80.9			91.2
Commercial Insurance
Multiple Peril		295		326		(10	)		79.6			79.9
Casualty		373		426		(12	)		96.4			93.1
Workers’ Compensation		185		204		(9	)		87.6			82.6
Property and Marine		321		306		5			87.8			80.9
Total Commercial		1,174		1,262		(7	)		88.8			85.3
Specialty Insurance
Professional Liability		699		712		(2	)		88.4			78.3
Surety		77		82		(6	)		52.0			46.1
Total Specialty		776		794		(2	)		83.8			74.6
Total Insurance		2,889		2,973		(3	)		84.8			84.4
Reinsurance Assumed		10		36		(72	)		*			*
Total	$	2,899	$	3,009		(4	)		84.3			83.8

* Combined loss and expense ratios are no longer presented for Reinsurance Assumed since this business is in run-off.

EX-99.2

Exhibit 99.2

The	Supplementary	December 31, 2008
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 in the third quarter of 2008, the “net losses paid” and “increase (decrease) in outstanding losses” amounts in the property and casualty underwriting results reflect the impact of foreign currency fluctuations differently than in the past.

The property and casualty underwriting results for 2007 that follow this page reflect modification to previously reported net losses paid and increase (decrease) in outstanding losses. Since net losses paid and increase (decrease) in outstanding losses for each line of business and in total have been modified by offsetting amounts, incurred losses for each line of business and in total are unchanged.

THE CHUBB CORPORATION
SUPPLEMENTARY INVESTOR INFORMATION
TABLE OF CONTENTS
DECEMBER 31, 2008

	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

THE CHUBB CORPORATION

CONSOLIDATED BALANCE SHEET HIGHLIGHTS

AS OF DECEMBER 31

(dollars in millions, except per share amounts)

	2008						2007
				% of Total						% of Total
Invested Assets (at carrying value)
Short Term Investments	$	2,478			7	%	$	1,839			5	%
Fixed Maturities
Tax Exempt		18,345			47			18,559			46
Taxable		14,410			37			15,312			38
Equity Securities		1,479			4			2,320			6
Other Invested Assets		2,026			5			2,051			5
Total Invested Assets	$	38,738			100	%	$	40,081			100	%
Capitalization
Long Term Debt	$	3,975					$	3,460
Shareholders’ Equity		13,432						14,445
Total Capitalization	$	17,407					$	17,905
DEBT AS A PERCENTAGE OF TOTAL CAPITALIZATION		22.8	%					19.3	%
Actual Common Shares Outstanding		352.3						374.6
Book Value Per Common Share	$	38.13					$	38.56
Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost	$	38.38					$	37.87

Page 1 of 16

THE CHUBB CORPORATION

SHARE REPURCHASE ACTIVITY

(dollars in millions, except per share amounts)

	Periods Ended December 31
	Fourth		Twelve		From
	Quarter		Months		December 2005
	2008		2008		to December 31, 2008
Cost of Shares Repurchased		$164		$1,311		$4,887
Average Cost Per Share		$45.20		$49.78		$50.79
Shares Repurchased		3,616,982		26,328,770		96,216,100

In December 2005 and December 2006, the Board of Directors authorized the repurchase of up to 28,000,000 shares and 20,000,000 shares, respectively, of the Corporation’s common stock. In March 2007, the Board of Directors authorized an increase of 20,000,000 shares to the authorization approved in 2006. In December 2007, the Board of Directors authorized the repurchase of up to 28,000,000 shares of the Corporation’s common stock. No shares remain under these share repurchase authorizations.

In December 2008, the Board of Directors authorized the repurchase of up to 20,000,000 shares of the Corporation’s common stock. The authorization has no expiration date. As of December 31, 2008, 19,783,900 shares remained under the share repurchase authorization.

Page 2 of 16

THE CHUBB CORPORATION

SUMMARY OF INVESTED ASSETS

AS OF DECEMBER 31

CORPORATE

	Cost or				Carrying
	Amortized Cost				Value (a)
	2008		2007		2008		2007
	(in millions)
Short Term Investments	$	1,602	$	934	$	1,602	$	934
Taxable Fixed Maturities		774		1,050		780		1,045
Equity Securities		451		289		504		478
TOTAL	$	2,827	$	2,273	$	2,886	$	2,457

PROPERTY AND CASUALTY

	Cost or				Carrying
	Amortized Cost				Value (a)
	2008		2007		2008		2007
	(in millions)
Short Term Investments	$	876	$	905	$	876	$	905
Fixed Maturities
Tax Exempt		18,299		18,208		18,345		18,559
Taxable		13,818		14,216		13,630		14,267
Equity Securities		1,112		1,618		975		1,842
Other Invested Assets		2,026		2,051		2,026		2,051
TOTAL	$	36,131	$	36,998	$	35,852	$	37,624

(a) Short term investments are carried at amortized cost, which approximates fair value. Fixed maturities and equity securities are carried at fair value. Other invested assets, which include private equity limited partnerships, are carried at Chubb’s equity in the net assets of the partnerships.

Page 3 of 16

THE CHUBB CORPORATION

INVESTMENT INCOME AFTER TAXES

	Periods Ended December 31
	Fourth Quarter						Twelve Months
	2008			2007			2008			2007
	(in millions)
CORPORATE INVESTMENT INCOME	$	12		$	17		$	51		$	74
PROPERTY AND CASUALTY INVESTMENT INCOME
Tax Exempt Interest	$	188		$	189		$	742		$	734
Taxable Interest		118			125			497			482
Other		15			22			77			78
Investment Expenses		(5	)		(5	)		(19	)		(21	)
TOTAL	$	316		$	331		$	1,297		$	1,273
Effective Tax Rate		19.2	%		20.1	%		20.0	%		19.9	%
After-Tax Annualized Yield		3.45	%		3.54	%		3.49	%		3.50	%

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 fair value.

STATUTORY POLICYHOLDERS’ SURPLUS

AS OF DECEMBER 31

	2008		2007		2006
	(in millions)
Estimated Statutory Policyholders’ Surplus	$	12,400	$	12,998	$	11,357
Rolling Year Statutory Net Premiums Written	$	11,759	$	11,829	$	11,967
Ratio of Statutory Net Premiums Written to Policyholders’ Surplus		0.95:1		0.91:1		1.05:1

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, 2008

	Net Unpaid Losses										All Other
								IBNR			Unpaid Losses
					Increase			Increase			Increase
	12/31/08		12/31/07		(Decrease)			(Decrease)			(Decrease)
	(in millions)
Personal Insurance
Automobile	$	391	$	411	$	(20	)	$	(5	)	$	(15	)
Homeowners		715		705		10			7			3
Other		815		748		67			80			(13	)
Total Personal		1,921		1,864		57			82			(25	)
Commercial Insurance
Multiple Peril		1,586		1,619		(33	)		30			(63	)
Casualty		5,660		5,540		120			296			(176	)
Workers’ Compensation		1,982		1,910		72			64			8
Property and Marine		839		677		162			72			90
Total Commercial		10,067		9,746		321			462			(141	)
Specialty Insurance
Professional Liability		7,175		7,526		(351	)		6			(357	)
Surety		68		71		(3	)		(1	)		(2	)
Total Specialty		7,243		7,597		(354	)		5			(359	)
Total Insurance		19,231		19,207		24			549			(525	)
Reinsurance Assumed		924		1,109		(185	)		(128	)		(57	)
Total	$	20,155	$	20,316	$	(161	)	$	421		$	(582	)

Page 5 of 16

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2008 AND 2007

(DOLLARS IN MILLIONS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2008			2007			2008			2007			2008			2007			2008			2007
Net Premiums Written	$	602		$	621		$	2,449		$	2,423		$	775		$	665		$	3,826		$	3,709
Increase (Decrease) in Unearned Premiums		(10	)		(30	)		22			77			27			20			39			67
Net Premiums Earned		612			651			2,427			2,346			748			645			3,787			3,642
Net Losses Paid		370			418			1,208			1,101			406			330			1,984			1,849
Increase (Decrease) in Outstanding Losses		(13	)		(20	)		34			33			82			80			103			93
Net Losses Incurred		357			398			1,242			1,134			488			410			2,087			1,942
Expenses Incurred		176			178			796			772			250			218			1,222			1,168
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	79		$	75		$	389		$	440		$	10		$	17		$	478		$	532
Ratios After Dividends to Policyholders:
Loss		58.3	%		61.1	%		51.2	%		48.3	%		65.2	%		63.6	%		55.1	%		53.3	%
Expense		29.3			28.7			32.5			31.9			32.3			32.8			32.0			31.5
Combined		87.6	%		89.8	%		83.7	%		80.2	%		97.5	%		96.4	%		87.1	%		84.8	%
Premiums Written as a % of Total		5.1	%		5.3	%		20.8	%		20.4	%		6.6	%		5.6	%		32.5	%		31.3	%

Page 6 of 16

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2008 AND 2007

(DOLLARS IN MILLIONS)

													Commercial						Commercial
	Commercial						Commercial						Workers’						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2008			2007			2008			2007			2008			2007			2008			2007			2008			2007
Net Premiums Written	$	1,210		$	1,252		$	1,654		$	1,726		$	851		$	890		$	1,278		$	1,215		$	4,993		$	5,083
Increase (Decrease) in Unearned Premiums		(19	)		(16	)		(32	)		(9	)		(11	)		(18	)		40			6			(22	)		(37	)
Net Premiums Earned		1,229			1,268			1,686			1,735			862			908			1,238			1,209			5,015			5,120
Net Losses Paid		611			577			885			889			375			325			735			610			2,606			2,401
Increase (Decrease) in Outstanding Losses		—			12			237			262			101			163			187			(16	)		525			421
Net Losses Incurred		611			589			1,122			1,151			476			488			922			594			3,131			2,822
Expenses Incurred		430			429			471			487			201			201			439			427			1,541			1,544
Dividends Incurred		—			1			—			—			34			15			—			—			34			16
Statutory Underwriting Income (Loss)	$	188		$	249		$	93		$	97		$	151		$	204		$	(123	)	$	188		$	309		$	738
Ratios After Dividends to Policyholders:
Loss		49.7	%		46.5	%		66.6	%		66.4	%		57.5	%		54.6	%		74.5	%		49.1	%		62.8	%		55.3	%
Expense		35.6			34.3			28.4			28.2			24.6			23.0			34.3			35.2			31.1			30.5
Combined		85.3	%		80.8	%		95.0	%		94.6	%		82.1	%		77.6	%		108.8	%		84.3	%		93.9	%		85.8	%
Premiums Written as a % of Total		10.3	%		10.6	%		14.0	%		14.5	%		7.2	%		7.5	%		10.9	%		10.2	%		42.4	%		42.8	%

Page 7 of 16

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2008 AND 2007

(DOLLARS IN MILLIONS)

	Professional												Total
	Liability						Surety						Specialty
	2008			2007			2008			2007			2008			2007
Net Premiums Written	$	2,546		$	2,605		$	353		$	339		$	2,899		$	2,944
Increase (Decrease) in Unearned Premiums		(48	)		(46	)		12			19			(36	)		(27	)
Net Premiums Earned		2,594			2,651			341			320			2,935			2,971
Net Losses Paid		1,608			1,438			132			5			1,740			1,443
Increase (Decrease) in Outstanding Losses		(52	)		96			(2	)		12			(54	)		108
Net Losses Incurred		1,556			1,534			130			17			1,686			1,551
Expenses Incurred		636			638			108			101			744			739
Dividends Incurred		—			—			6			3			6			3
Statutory Underwriting Income (Loss)	$	402		$	479		$	97		$	199		$	499		$	678
Ratios After Dividends to Policyholders:
Loss		60.0	%		57.9	%		38.8	%		5.3	%		57.6	%		52.3	%
Expense		25.0			24.5			31.1			30.1			25.7			25.1
Combined		85.0	%		82.4	%		69.9	%		35.4	%		83.3	%		77.4	%
Premiums Written as a % of Total		21.6	%		21.9	%		3.0	%		2.9	%		24.6	%		24.8	%

Page 8 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2008 AND 2007
(DOLLARS IN MILLIONS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2008			2007			2008			2007			2008			2007
Net Premiums Written	$	11,718		$	11,736		$	64		$	136		$	11,782		$	11,872
Increase (Decrease) in Unearned Premiums		(19	)		3			(27	)		(77	)		(46	)		(74	)
Net Premiums Earned		11,737			11,733			91			213			11,828			11,946
Net Losses Paid		6,330			5,693			179			256			6,509			5,949
Increase (Decrease) in Outstanding Losses		574			622			(185	)		(272	)		389			350
Net Losses Incurred		6,904			6,315			(6	)		(16	)		6,898			6,299
Expenses Incurred		3,507			3,451			39			113			3,546			3,564
Dividends Incurred		40			19			—			—			40			19
Statutory Underwriting Income (Loss)	$	1,286		$	1,948		$	58		$	116			1,344			2,064
Increase in Deferred Acquisition Costs														17			52
GAAP Underwriting Income													$	1,361		$	2,116
Ratios After Dividends to Policyholders:
Loss		59.0	%		53.9	%		*	%		*	%		58.5	%		52.8	%
Expense		30.1			29.5			*			*			30.2			30.1
Combined		89.1	%		83.4	%		*	%		*	%		88.7	%		82.9	%
Premiums Written as a % of Total		99.5	%		98.9	%		0.5	%		1.1	%		100.0	%		100.0	%

* Combined, loss and expense ratios are no longer presented for Reinsurance Assumed since this business is in run-off.

Page 9 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2008 AND 2007
(DOLLARS IN MILLIONS)

							Outside
							the						Worldwide
	United States						United States						Total
	2008			2007			2008			2007			2008			2007
Net Premiums Written	$	8,920		$	9,168		$	2,862		$	2,704		$	11,782		$	11,872
Increase (Decrease) in Unearned Premiums		(79	)		(117	)		33			43			(46	)		(74	)
Net Premiums Earned		8,999			9,285			2,829			2,661			11,828			11,946
Net Losses Paid		5,212			4,893			1,297			1,056			6,509			5,949
Increase (Decrease) in Outstanding Losses		308			75			81			275			389			350
Net Losses Incurred		5,520			4,968			1,378			1,331			6,898			6,299
Expenses Incurred		2,538			2,617			1,008			947			3,546			3,564
Dividends Incurred		40			19			—			—			40			19
Statutory Underwriting Income (Loss)	$	901		$	1,681		$	443		$	383			1,344			2,064
Increase in Deferred Acquisition Costs														17			52
GAAP Underwriting Income													$	1,361		$	2,116
Ratios After Dividends to Policyholders:
Loss		61.6	%		53.6	%		48.7	%		50.0	%		58.5	%		52.8	%
Expense		28.6			28.6			35.2			35.0			30.2			30.1
Combined		90.2	%		82.2	%		83.9	%		85.0	%		88.7	%		82.9	%
Premiums Written as a % of Total		75.7	%		77.2	%		24.3	%		22.8	%		100.0	%		100.0	%

Page 10 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2008 AND 2007
(DOLLARS IN MILLIONS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2008			2007			2008			2007			2008			2007			2008			2007
Net Premiums Written	$	145		$	149		$	590		$	592		$	204		$	176		$	939		$	917
Increase (Decrease) in Unearned Premiums		(2	)		(10	)		(11	)		(5	)		2			6			(11	)		(9	)
Net Premiums Earned		147			159			601			597			202			170			950			926
Net Losses Paid		91			108			363			309			119			86			573			503
Increase (Decrease) in Outstanding Losses		(10	)		(11	)		(98	)		28			(2	)		26			(110	)		43
Net Losses Incurred		81			97			265			337			117			112			463			546
Expenses Incurred		43			44			195			193			64			59			302			296
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	23		$	18		$	141		$	67		$	21		$	(1	)	$	185		$	84
Ratios After Dividends to Policyholders:
Loss		55.1	%		61.0	%		44.1	%		56.5	%		57.9	%		65.9	%		48.7	%		58.9	%
Expense		29.7			29.5			33.0			32.6			31.4			33.5			32.2			32.3
Combined		84.8	%		90.5	%		77.1	%		89.1	%		89.3	%		99.4	%		80.9	%		91.2	%
Premiums Written as a % of Total		5.0	%		5.0	%		20.4	%		19.7	%		7.0	%		5.8	%		32.4	%		30.5	%

Page 11 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2008 AND 2007
(DOLLARS IN MILLIONS)

													Commercial						Commercial
	Commercial						Commercial						Workers’						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2008			2007			2008			2007			2008			2007			2008			2007			2008			2007
Net Premiums Written	$	295		$	326		$	373		$	426		$	185		$	204		$	321		$	306		$	1,174		$	1,262
Increase (Decrease) in Unearned Premiums		2			10			(29	)		(13	)		(20	)		(20	)		7			1			(40	)		(22	)
Net Premiums Earned		293			316			402			439			205			224			314			305			1,214			1,284
Net Losses Paid		189			135			289			278			98			64			234			175			810			652
Increase (Decrease) in Outstanding Losses		(61	)		13			(19	)		5			20			67			(66	)		(34	)		(126	)		51
Net Losses Incurred		128			148			270			283			118			131			168			141			684			703
Expenses Incurred		106			107			109			122			49			46			110			106			374			381
Dividends Incurred		—			1			—			—			8			4			—			—			8			5
Statutory Underwriting Income (Loss)	$	59		$	60		$	23		$	34		$	30		$	43		$	36		$	58		$	148		$	195
Ratios After Dividends to Policyholders:
Loss		43.7	%		47.0	%		67.2	%		64.5	%		59.9	%		59.6	%		53.5	%		46.2	%		56.7	%		55.0	%
Expense		35.9			32.9			29.2			28.6			27.7			23.0			34.3			34.7			32.1			30.3
Combined		79.6	%		79.9	%		96.4	%		93.1	%		87.6	%		82.6	%		87.8	%		80.9	%		88.8	%		85.3	%
Premiums Written as a % of Total		10.2	%		10.8	%		12.9	%		14.1	%		6.4	%		6.8	%		11.0	%		10.2	%		40.5	%		41.9	%

Page 12 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2008 AND 2007
(DOLLARS IN MILLIONS)

	Professional												Total
	Liability						Surety						Specialty
	2008			2007			2008			2007			2008			2007
Net Premiums Written	$	699		$	712		$	77		$	82		$	776		$	794
Increase (Decrease) in Unearned Premiums		72			40			(12	)		(4	)		60			36
Net Premiums Earned		627			672			89			86			716			758
Net Losses Paid		441			389			92			—			533			389
Increase (Decrease) in Outstanding Losses		(34	)		(26	)		(74	)		14			(108	)		(12	)
Net Losses Incurred		407			363			18			14			425			377
Expenses Incurred		164			173			23			24			187			197
Dividends Incurred		—			—			3			1			3			1
Statutory Underwriting Income (Loss)	$	56		$	136		$	45		$	47		$	101		$	183
Ratios After Dividends to Policyholders:
Loss		64.9	%		54.0	%		20.9	%		16.5	%		59.6	%		49.8	%
Expense		23.5			24.3			31.1			29.6			24.2			24.8
Combined		88.4	%		78.3	%		52.0	%		46.1	%		83.8	%		74.6	%
Premiums Written as a % of Total		24.1	%		23.7	%		2.7	%		2.7	%		26.8	%		26.4	%

Page 13 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2008 AND 2007
(DOLLARS IN MILLIONS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2008			2007			2008			2007			2008			2007
Net Premiums Written	$	2,889		$	2,973		$	10		$	36		$	2,899		$	3,009
Increase (Decrease) in Unearned Premiums		9			5			(12	)		(15	)		(3	)		(10	)
Net Premiums Earned		2,880			2,968			22			51			2,902			3,019
Net Losses Paid		1,916			1,544			47			72			1,963			1,616
Increase (Decrease) in Outstanding Losses		(344	)		82			(60	)		(92	)		(404	)		(10	)
Net Losses Incurred		1,572			1,626			(13	)		(20	)		1,559			1,606
Expenses Incurred		863			874			14			41			877			915
Dividends Incurred		11			6			—			—			11			6
Statutory Underwriting Income (Loss)	$	434		$	462		$	21		$	30			455			492
Decrease in Deferred Acquisition Costs														(12	)		(12	)
GAAP Underwriting Income													$	443		$	480
Ratios After Dividends to Policyholders:
Loss		54.8	%		54.9	%		*	%		*	%		53.9	%		53.3	%
Expense		30.0			29.5			*			*			30.4			30.5
Combined		84.8	%		84.4	%		*	%		*	%		84.3	%		83.8	%
Premiums Written as a % of Total		99.7	%		98.8	%		0.3	%		1.2	%		100.0	%		100.0	%

* Combined, loss and expense ratios are no longer presented for Reinsurance Assumed since this business is in run-off.

Page 14 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2008 AND 2007
(DOLLARS IN MILLIONS)

							Outside
							the						Worldwide
	United States						United States						Total
	2008			2007			2008			2007			2008			2007
Net Premiums Written	$	2,202		$	2,251		$	697		$	758		$	2,899		$	3,009
Increase (Decrease) in Unearned Premiums		(36	)		(56	)		33			46			(3	)		(10	)
Net Premiums Earned		2,238			2,307			664			712			2,902			3,019
Net Losses Paid		1,555			1,334			408			282			1,963			1,616
Increase (Decrease) in Outstanding Losses		(352	)		(69	)		(52	)		59			(404	)		(10	)
Net Losses Incurred		1,203			1,265			356			341			1,559			1,606
Expenses Incurred		638			653			239			262			877			915
Dividends Incurred		11			6			—			—			11			6
Statutory Underwriting Income (Loss)	$	386		$	383		$	69		$	109			455			492
Decrease in Deferred Acquisition Costs														(12	)		(12	)
GAAP Underwriting Income													$	443		$	480
Ratios After Dividends to Policyholders:
Loss		54.0	%		55.0	%		53.6	%		47.9	%		53.9	%		53.3	%
Expense		29.1			29.1			34.3			34.6			30.4			30.5
Combined		83.1	%		84.1	%		87.9	%		82.5	%		84.3	%		83.8	%
Premiums Written as a % of Total		76.0	%		74.8	%		24.0	%		25.2	%		100.0	%		100.0	%

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 measured 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 (loss), the after-tax appreciation or depreciation on the Corporation’s available-for-sale fixed maturities, which are carried at fair 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.

Page 16 of 16

EX-99.3

Exhibit 99.3

The Chubb Corporation 2008 Update on Asbestos Reserves Date of release 01/29/2009

Forward Looking Statements The following materials contain "forward looking statements," including those relating to loss reserves and claim estimates, that are subject to certain risks and uncertainties which could cause actual results to differ materially from those expressed or suggested by such statements. Such risks or uncertainties include but are not limited to those which may be noted more fully in the materials themselves, as well as those discussed or identified from time to time in The Chubb Corporation's public filings with the Securities and Exchange Commission. The Chubb Corporation assumes no obligation to update any forward-looking information set forth in the following materials, which speak as of January 29, 2009 or as otherwise specified in the materials. 2008AsbestosSlides12909

Contents Purpose of Updated Review Conclusions Evaluation Methodology Exposure Analysis Asbestos Payments and Reserves Three Year Reserve Comparison Summary 2008AsbestosSlides12909

Purpose of Review Reassess Chubb's ultimate liability regarding asbestos exposures using an internal analysis, supported by our independent outside consulting actuaries Determine appropriate reserve levels Ensure aggressive case management of asbestos claims manage our exposure identify trends or issues that may impact exposure Provide relevant substantive information needed by investors and rating agencies 2008AsbestosSlides12909

Conclusions Our 2008 analysis of asbestos liabilities concluded current net reserves are adequate The carried net reserve of $747M at 12/31/08 represents Chubb's best estimate of our ultimate asbestos liability This amount contemplates approximately a 6% reinsurance recoverable Net payments for asbestos liabilities in 2008 were $46M Current reserves calculate to a 3 year survival ratio of 9.9 2008AsbestosSlides12909

Evaluation Methodology Chubb segmented its defendant policyholders into two groups Traditional defendant policyholders (Tiers 1 & 2) Those engaged in asbestos mining, manufacturing and building products industries Peripheral defendant policyholders (Tiers 3 & 4) Those who manufactured, distributed, or installed an asbestos-containing product or who owned or operated a facility where asbestos products were present 2008AsbestosSlides12909

Exposure Analysis Within these policyholder categories: All Tier 1 & 2 accounts and Tier 3 & 4 accounts with Chubb incurred losses of at least $5M or judged to have high potential exposure were evaluated individually. Claimant information and available coverage were reviewed for each defendant policyholder, including terms of coverage, policy limits and aggregate limits. Tier 3 & 4 accounts not individually evaluated were analyzed in the aggregate using statistical techniques. Factors considered include available coverage, claimant count, report year, bankruptcy, coverage dispute and case reserve amount. Future claims from unknown defendant policyholders were estimated based on claim reporting patterns and projected claim severities. 2008AsbestosSlides12909

Asbestos Payments & Reserves by Category # $ $ Traditional Defendants Tier 1 5 - 39 Traditional Defendants Tier 2 18 9 162 Peripheral Defendants Tiers 3 & 4 372 37 368 All Other 25 Reserves for future claims from unknown policyholders TBD - 153 ____ ____ ____ Total 395 46 747 No. of Open Total Net Net Asbestos Policy- Paid Reserves holders in 2008 At 12/31/08 At 12/31/08 ($ in millions) 2008AsbestosSlides12909

Asbestos Payments & Reserves by Category Total net asbestos reserves: $747M Case reserves of $311M Established by Claim Department on known claims IBNR reserves of $436M Includes provision for: potential reserve development on known defendant policyholders (development) future claims from unknown defendant policyholders (pure IBNR) future declaratory judgment actions and other litigation 2008AsbestosSlides12909

Asbestos Net Loss Reserve Comparison ($ in Millions) 2007 2006 2008AsbestosSlides12909 2008 Beginning Reserves $793 $789 $880 Incurred Losses & LAE 0 75 18 CY Payments for Losses (28) (54) (88) CY Payments for LAE (18) (17) (21) Ending Reserves $747 $793 $789 IBNR portion of Ending Reserves $436 $437 $439

Summary Chubb's asbestos net reserves of $747M at 12/31/08 are based on our 2008 analysis of our ultimate asbestos liabilities This reserve represents Chubb's best estimate of our ultimate asbestos liability This reserve amount is at full (undiscounted) value No consideration has been given for legislative or judicial relief The net reserve reflects a modest reinsurance recoverable amount of approximately 6% of the gross reserve 2008AsbestosSlides12909