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 28, 2010

THE CHUBB CORPORATION

(Exact name of registrant as specified in its charter)

New Jersey	1-8661	13-2595722
(State or other jurisdiction of	(Commission	(IRS Employer
incorporation)	File Number)	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

Exhibit Index to Current Report on Form 8-K filed on January 28, 2010

Press release dated January 28, 2010 (furnished pursuant to Item 2.02 of Form 8-K)

Supplementary Investor Information Report (furnished pursuant to Item 2.02 of Form 8-K)

The Chubb Corporation 2009 Update on Asbestos Reserves (furnished pursuant to Item 2.02 of Form 8-K)

Item 2.02 Results of Operations and Financial Condition.

(a) 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 28, 2010, The Chubb Corporation (Chubb) issued a press release announcing its results for the quarter and year ended December 31, 2009. On January 28, 2010, Chubb also posted on its web site at www.chubb.com the Supplementary Investor Information Report (SIIR) relating to its 2009 fourth quarter and year-end results and The Chubb Corporation 2009 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 2009 fourth quarter and year-end results, scheduled to be webcast at 5:00 P.M. on January 28, 2010, 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 28, 2010 (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 2009 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 28, 2010	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
FILED ON JANUARY 28, 2010

Exhibit No.	Description
99.1	Press release dated January 28, 2010 (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 2009 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 $2.03;
Operating Income per Share Is $1.66;
Combined Ratio Is 84.7%

Net Income per Share for 2009 Is $6.18;
Operating Income per Share Is $6.14;
Combined Ratio Is 86.0%

Book Value per Share Increases 23% in 2009 to $47.09

Company Expects 2010 Operating Income per Share
In Range of $5.15 to $5.55

          WARREN, New Jersey, January 28, 2010 — The Chubb Corporation [NYSE: CB] today reported that net income in the fourth quarter of 2009 was $695 million or $2.03 per share, compared to $407 million or $1.13 per share in the fourth quarter of 2008.

          Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, was $569 million, the same as in the fourth quarter of 2008. Operating income per share increased 5% to $1.66 from $1.58.

          Net written premiums for the fourth quarter were $2.8 billion, a decline of 4%; excluding the effect of currency fluctuation, premiums were down 5%. Premiums were down 8% in the U.S. and up 9% outside the U.S. (up 4% in local currencies).

          The fourth quarter combined loss and expense ratio was 84.7% in 2009 and 84.3% in 2008. The impact of fourth quarter catastrophe losses on the combined ratio was negligible in both 2009 and 2008. The expense ratio for the fourth quarter was 30.1% in 2009 and 30.4% in 2008.

          Property and casualty investment income after taxes for the fourth quarter was $317 million in 2009 and $316 million in 2008.

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          Net income for the fourth quarter of 2009 included net realized investment gains of $193 million before tax ($0.37 per share after-tax), largely related to the company’s alternative investments. Net income for the fourth quarter of 2008 reflected net realized investment losses of $250 million before tax ($0.45 per share after-tax), stemming primarily from impairments of equity securities and a decline in the value of alternative investments.

          During the fourth quarter of 2009, Chubb repurchased 9.8 million shares of its common stock at a total cost of $489 million.

          Book value per share increased 4% to $47.09 at December 31, 2009  from $45.43 at the end of the third quarter.

Full Year Results

          For the year ended December 31, 2009, net income was $2.2 billion or $6.18 per share, compared to $1.8 billion or $4.92 per share for the year ended December 31, 2008. Operating income totaled $2.2 billion in 2009 and $2.0 billion in 2008. Operating income per share increased 10% to $6.14 in 2009 from $5.58 in 2008.

          Total net written premiums in 2009 decreased 6% to $11.1 billion from $11.8 billion in 2008; excluding the effect of currency fluctuation, premiums were down 4%. Premiums were down 6% in the U.S. and down 6% outside the U.S. (up 3% in local currencies).

          The combined ratio in 2009 was 86.0%, compared to 88.7% in 2008. The impact of catastrophes accounted for 0.8 percentage points of the combined ratio in 2009 and 5.1 points in 2008. Excluding the impact of catastrophes, the combined ratio was 85.2% in 2009 and 83.6% in 2008. The expense ratio for the year was 30.6% in 2009 and 30.2% in 2008.

          Property and casualty investment income after taxes declined 3% in 2009 to $1.3 billion.

          Net income for 2009 included net realized investment gains of $23 million before tax ($0.04 per share after-tax). Net income for 2008 reflected net realized investment losses, including impairments, of $371 million before tax ($0.66 per share after-tax).

          During 2009, Chubb repurchased 22.6 million shares of its common stock at a total cost of $1.1 billion.

          Book value per share increased 23% to $47.09 at December 31, 2009 from $38.13 at 2008 year end.

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          “We had a terrific fourth quarter, capping off another excellent year for Chubb,” said John D. Finnegan, Chairman, President and Chief Executive Officer. “Chubb’s operating income per share for 2009 was $6.14, the second-highest of any year in the corporation’s history, driven by contributions from all three business units, all of which had combined ratios below 90% for both the fourth quarter and the full year. Given the difficult economic conditions that prevailed in 2009, we believe these results continue to distinguish Chubb and are clear evidence of our commitment to sustained bottom-line profitability.”

Fourth Quarter Operations Review

          Chubb Personal Insurance (CPI) net written premiums declined 3% in the fourth quarter to $907 million. CPI’s combined ratio for the fourth quarter was 80.7% in 2009 and 80.9% in 2008. The impact of catastrophes on the combined ratio in the fourth quarter of 2009 was negligible. In the fourth quarter of 2008, the impact of catastrophes improved the combined ratio by 1.2 percentage points as a result of a downward revision of estimated losses from Hurricane Ike.

          Homeowners net written premiums were down 4%, and the combined ratio was 75.8%. Personal Automobile net written premiums increased 3%, and the combined ratio was 94.2%. Other Personal lines premiums were down 7%, and the combined ratio was 85.5%.

          Chubb Commercial Insurance (CCI) net written premiums for the fourth quarter declined 6% to $1.1 billion. The combined ratio for the quarter was 89.9% in 2009 and 88.8% in 2008. The fourth quarter impact of catastrophes was negligible in both 2009 and 2008.

          Average fourth quarter renewal rates in the U.S. were up 2% 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 0.9 to 1.

          Chubb Specialty Insurance (CSI) net written premiums were down 1% in the fourth quarter to $771 million. The combined ratio was 84.1%, compared to 83.8% in the fourth quarter of 2008.

          Professional Liability (PL) net written premiums declined 2%, and PL had a combined ratio of 89.5%. Average PL renewal rates in the U.S. were up 1% and renewal retention was 84%. The ratio of new to lost business in the U.S. was 0.7 to 1.

          Surety net written premiums were up 8%, and the combined ratio was 40.5%.

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2009 Operations Review

          For the year ended December 31, 2009, Chubb Personal Insurance net written premiums declined 4% to $3.7 billion. CPI’s combined ratio improved to 84.1% in 2009 from 87.1% in 2008. The impact of catastrophes accounted for 0.9 percentage points of the combined ratio in 2009 and 5.4 points in 2008.

          Homeowners net written premiums declined 4%, and the combined ratio was 80.4%. Personal Automobile premiums were down 4%, and the combined ratio was 90.4%. Other Personal lines premiums declined 4%, and the combined ratio was 90.8%.

          Chubb Commercial Insurance net written premiums declined 7% in 2009 to $4.7 billion. The combined ratio improved to 89.9% in 2009 from 93.9% in 2008. The impact of catastrophes accounted for 1.2 percentage points of the combined ratio in 2009 and 8.1 points in 2008.

          Average 2009 renewal rates in the U.S. were up 2% 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 0.9 to 1.

          Chubb Specialty Insurance net written premiums declined 6% in 2009 to $2.7 billion. The combined ratio was 84.1% in 2009 and 83.3% in 2008.

          Professional Liability had a 5% decrease in net written premiums and a combined ratio of 90.1%. In the U.S., average 2009 renewal rates for PL were up 3%, renewal premium retention was 84% and the ratio of new to lost business was 0.9 to 1.

          Surety net written premium declined 8%, and the combined ratio was 37.4%.

2010 Operating Income Guidance

          Mr. Finnegan said that based on management’s current outlook, he expected Chubb to achieve 2010 operating income per share in the range of $5.15 to $5.55.

          The operating income guidance for 2010 assumes:

• Net written premiums that are flat to down 2%, including about a 2 percentage point positive impact of currency based on 2009 year end exchange rates.

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• Catastrophe losses that have an impact of 3 percentage points on the 2010 combined ratio in keeping with historical levels, compared to the unusually low 0.8 point impact in 2009. This assumption accounts for approximately $0.50 of the difference between 2009 operating income per share and 2010 guidance. The impact of each percentage point of catastrophe losses on 2010 operating income per share is approximately $0.22.

• A combined ratio between 90% and 92% for the year, based on combined ratios of 90% to 93% for CPI, 92% to 95% for CCI and 84% to 87% for CSI.

• Flat property and casualty investment income after taxes.

• Approximately 328 million average diluted shares outstanding 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 28th, 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.

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

6

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, including unrealized other-than-temporary impairment losses, of the Corporation’s available-for-sale fixed maturities, which are carried at fair value. The appreciation or depreciation of 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 (Decrease) Excluding the Impact of Currency Fluctuation: Management uses net written premiums growth (decrease) 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. In net written premiums growth (decrease) excluding the impact of currency fluctuation, the effect of fluctuations in the exchange rates is excluded as these rates may fluctuate significantly and could distort the analysis of trends. Net written premiums growth (decrease) excluding the impact of currency fluctuation is determined by using the same exchange rate to translate each foreign currency denominated net written premium amount in both periods.

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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 2010 operating income per share guidance and related assumptions as well as Chubb’s share repurchase program. 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;

• our 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 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 political, economic and market conditions whether globally or in the markets in which we operate, 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;

• 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
	2009			2008			2009			2008
	(in millions)
PROPERTY AND CASUALTY INSURANCE
Underwriting
Net Premiums Written	$	2,783		$	2,899		$	11,077		$	11,782
Decrease in Unearned Premiums		58			3			254			46
Premiums Earned		2,841			2,902			11,331			11,828
Losses and Loss Expenses		1,547			1,559			6,268			6,898
Operating Costs and Expenses		836			877			3,377			3,546
Decrease (Increase) in Deferred Policy Acquisition Costs		16			12			27			(17	)
Dividends to Policyholders		6			11			28			40
Underwriting Income		436			443			1,631			1,361
Investments
Investment Income Before Expenses		405			398			1,585			1,652
Investment Expenses		12			7			36			30
Investment Income		393			391			1,549			1,622
Other Income (Charges)		4			2			(3	)		9
Property and Casualty Income		833			836			3,177			2,992
CORPORATE AND OTHER		(56	)		(55	)		(238	)		(214	)
CONSOLIDATED OPERATING INCOME BEFORE INCOME TAX		777			781			2,939			2,778
Federal and Foreign Income Tax		208			212			771			733
CONSOLIDATED OPERATING INCOME		569			569			2,168			2,045
REALIZED INVESTMENT GAINS (LOSSES) AFTER INCOME TAX		126			(162	)		15			(241	)
CONSOLIDATED NET INCOME	$	695		$	407		$	2,183		$	1,804
PROPERTY AND CASUALTY INVESTMENT INCOME AFTER INCOME TAX	$	317		$	316		$	1,252		$	1,297

10

	Periods Ended December 31
	Fourth Quarter					Twelve Months
	2009		2008			2009			2008
OUTSTANDING SHARE DATA
(in millions)
Average Common and Potentially Dilutive Shares		343.1		359.6			353.0			366.8
Actual Common Shares at End of Period		332.0		352.3			332.0			352.3
DILUTED EARNINGS PER SHARE DATA
Operating Income	$	1.66	$	1.58		$	6.14		$	5.58
Realized Investment Gains (Losses)		.37		(.45	)		.04			(.66	)
Net Income	$	2.03	$	1.13		$	6.18		$	4.92
Effect of Catastrophes	$	—	$	.01		$	(.17	)	$	(1.08	)

	Dec. 31		Dec. 31
	2009		2008
BOOK VALUE PER COMMON SHARE	$	47.09	$	38.13
BOOK VALUE PER COMMON SHARE, with Available-for-Sale Fixed Maturities at Amortized Cost		44.37		38.38

PROPERTY AND CASUALTY UNDERWRITING RATIOS

PERIODS ENDED DECEMBER 31

	Fourth Quarter						Twelve Months
	2009			2008			2009			2008
Losses and Loss Expenses to Premiums Earned		54.6	%		53.9	%		55.4	%		58.5	%
Underwriting Expenses to Premiums Written		30.1			30.4			30.6			30.2
Combined Loss and Expense Ratio		84.7	%		84.3	%		86.0	%		88.7	%
Effect of Catastrophes on Combined Loss and Expense Ratio		—	%		(.3	)%		.8	%		5.1	%

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

	Fourth Quarter						Twelve Months
	2009			2008			2009		2008
	(in millions)
Paid Losses and Loss Expenses	$	1,591		$	1,963		$	6,006	$	6,509
Increase (Decrease) in Unpaid Losses and Loss Expenses		(44	)		(404	)		262		389
Total Losses and Loss Expenses	$	1,547		$	1,559		$	6,268	$	6,898

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PROPERTY AND CASUALTY PRODUCT MIX

	Net Premiums Written							Combined Loss and
					% Increase			Expense Ratios
	2009		2008		(Decrease)			2009			2008
	(in millions)
TWELVE MONTHS ENDED DECEMBER 31
Personal Insurance
Automobile	$	577	$	602		(4	)%		90.4	%		87.6	%
Homeowners		2,339		2,449		(4	)		80.4			83.7
Other		741		775		(4	)		90.8			97.5
Total Personal		3,657		3,826		(4	)		84.1			87.1
Commercial Insurance
Multiple Peril		1,121		1,210		(7	)		85.8			85.3
Casualty		1,514		1,654		(8	)		96.7			95.0
Workers’ Compensation		761		851		(11	)		92.7			82.1
Property and Marine		1,264		1,278		(1	)		83.3			108.8
Total Commercial		4,660		4,993		(7	)		89.9			93.9
Specialty Insurance
Professional Liability		2,413		2,546		(5	)		90.1			85.0
Surety		326		353		(8	)		37.4			69.9
Total Specialty		2,739		2,899		(6	)		84.1			83.3
Total Insurance		11,056		11,718		(6	)		86.5			89.1
Reinsurance Assumed		21		64		(67	)		*			*
Total	$	11,077	$	11,782		(6	)		86.0			88.7
QUARTERS ENDED DECEMBER 31
Personal Insurance
Automobile	$	149	$	145		3	%		94.2	%		84.8	%
Homeowners		568		590		(4	)		75.8			77.1
Other		190		204		(7	)		85.5			89.3
Total Personal		907		939		(3	)		80.7			80.9
Commercial Insurance
Multiple Peril		286		295		(3	)		86.9			79.6
Casualty		353		373		(5	)		97.9			96.4
Workers’ Compensation		151		185		(18	)		97.1			87.6
Property and Marine		311		321		(3	)		78.5			87.8
Total Commercial		1,101		1,174		(6	)		89.9			88.8
Specialty Insurance
Professional Liability		688		699		(2	)		89.5			88.4
Surety		83		77		8			40.5			52.0
Total Specialty		771		776		(1	)		84.1			83.8
Total Insurance		2,779		2,889		(4	)		85.2			84.8
Reinsurance Assumed		4		10		(60	)		*			*
Total	$	2,783	$	2,899		(4	)		84.7			84.3

* 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
Chubb
Corporation Supplementary
Investor
Information December 31, 2009

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

THE CHUBB CORPORATION
SUPPLEMENTARY INVESTOR INFORMATION
TABLE OF CONTENTS
DECEMBER 31, 2009

	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	16-17

THE CHUBB CORPORATION

CONSOLIDATED BALANCE SHEET HIGHLIGHTS
AS OF DECEMBER 31

(in millions, except per share amounts)

	2009						2008
				% of Total						% of Total
Invested Assets (at carrying value)
Short Term Investments	$	1,918			5	%	$	2,478			7	%
Fixed Maturities
Tax Exempt		19,587			47			18,345			47
Taxable		16,991			40			14,410			37
Equity Securities		1,433			3			1,479			4
Other Invested Assets		2,075			5			2,026			5
Total Invested Assets	$	42,004			100	%	$	38,738			100	%
Unrealized Appreciation (Depreciation) of Investments
Fixed Maturities	$	1,388					$	(136	)
Equity Securities		218						(84	)
		1,606						(220	)
Deferred Income Tax Liability (Asset)		562						(77	)
	$	1,044					$	(143	)
Capitalization
Long Term Debt	$	3,975					$	3,975
Shareholders’ Equity		15,634						13,432
Total Capitalization	$	19,609					$	17,407
Debt as a Percentage of Total Capitalization		20.3	%					22.8	%
Actual Common Shares Outstanding		332.0						352.3
Book Value Per Common Share	$	47.09					$	38.13
Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost	$	44.37					$	38.38

Page 1 of 17

THE CHUBB CORPORATION

SHARE REPURCHASE ACTIVITY

(dollars in millions, except per share amounts)

	Periods Ended December 31
	Fourth		Twelve		From
	Quarter		Months		December 2005
	2009		2009		to December 31, 2009
Cost of Shares Repurchased		$489		$1,065		$5,952
Average Cost Per Share		$49.65		$47.09		$50.08
Shares Repurchased		9,842,744		22,623,775		118,839,875

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 and 2008, 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. No shares remain under these share repurchase authorizations.

In December 2009, the Board of Directors authorized the repurchase of up to 25,000,000 shares of the Corporation’s common stock. The authorization has no expiration date. As of December 31, 2009, 22,160,125 shares remained under the share repurchase authorization.

Page 2 of 17

THE CHUBB CORPORATION

SUMMARY OF INVESTED ASSETS
AS OF DECEMBER 31

CORPORATE

	Cost or				Carrying
	Amortized Cost				Value (a)
	2009		2008		2009		2008
			(in millions)
Short Term Investments	$	1,017	$	1,602	$	1,017	$	1,602
Taxable Fixed Maturities		1,286		774		1,327		780
Equity Securities		205		451		202		504
Other Invested Assets		25		—		25		—
TOTAL	$	2,533	$	2,827	$	2,571	$	2,886

PROPERTY AND CASUALTY

	Cost or				Carrying
	Amortized Cost				Value (a)
	2009		2008		2009		2008
			(in millions)
Short Term Investments	$	901	$	876	$	901	$	876
Fixed Maturities
Tax Exempt		18,720		18,299		19,587		18,345
Taxable		15,184		13,818		15,664		13,630
Equity Securities		1,010		1,112		1,231		975
Other Invested Assets		2,050		2,026		2,050		2,026
TOTAL	$	37,865	$	36,131	$	39,433	$	35,852

(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 include private equity limited partnerships carried at Chubb’s equity in the net assets of the partnerships.

Page 3 of 17

THE CHUBB CORPORATION

INVESTMENT INCOME AFTER TAXES

	Periods Ended December 31
	Fourth Quarter						Twelve Months
	2009			2008			2009			2008
				(in millions)
CORPORATE INVESTMENT INCOME	$	13		$	12		$	40		$	51
PROPERTY AND CASUALTY INVESTMENT INCOME
Tax Exempt Interest	$	192		$	188		$	755		$	742
Taxable Interest		119			118			465			497
Other		13			15			55			77
Investment Expenses		(7	)		(5	)		(23	)		(19	)
TOTAL	$	317		$	316		$	1,252		$	1,297
Effective Tax Rate		19.3	%		19.2	%		19.2	%		20.0	%
After-Tax Annualized Yield		3.34	%		3.45	%		3.39	%		3.49	%

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

	2009		2008		2007
			(in millions)
Estimated Statutory Policyholders’ Surplus	$	14,500	$	12,281	$	12,998
Rolling Year Statutory Net Premiums Written	$	11,074	$	11,759	$	11,829
Ratio of Statutory Net Premiums Written to Policyholders’ Surplus		0.76:1		0.96:1		0.91:1

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

Page 4 of 17

THE CHUBB CORPORATION

PROPERTY AND CASUALTY

CHANGE IN NET UNPAID LOSSES
TWELVE MONTHS ENDED DECEMBER 31, 2009

	Net Unpaid Losses										All Other
								IBNR			Unpaid Losses
					Increase			Increase			Increase
	12/31/09		12/31/08		(Decrease)			(Decrease)			(Decrease)
					(in millions)
Personal Insurance
Automobile	$	400	$	391	$	9		$	(8	)	$	17
Homeowners		665		715		(50	)		(14	)		(36	)
Other		872		815		57			44			13
Total Personal		1,937		1,921		16			22			(6	)
Commercial Insurance
Multiple Peril		1,615		1,586		29			58			(29	)
Casualty		5,988		5,660		328			224			104
Workers’ Compensation		2,138		1,982		156			83			73
Property and Marine		758		839		(81	)		(32	)		(49	)
Total Commercial		10,499		10,067		432			333			99
Specialty Insurance
Professional Liability		7,552		7,175		377			380			(3	)
Surety		58		68		(10	)		(1	)		(9	)
Total Specialty		7,610		7,243		367			379			(12	)
Total Insurance		20,046		19,231		815			734			81
Reinsurance Assumed		740		924		(184	)		(118	)		(66	)
Total	$	20,786	$	20,155	$	631		$	616		$	15

Page 5 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2009 AND 2008
(DOLLARS IN MILLIONS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2009			2008			2009			2008			2009			2008			2009			2008
Net Premiums Written	$	577		$	602		$	2,339		$	2,449		$	741		$	775		$	3,657		$	3,826
Decrease (Increase) in Unearned Premiums		2			10			35			(22	)		(2	)		(27	)		35			(39	)
Net Premiums Earned		579			612			2,374			2,427			739			748			3,692			3,787
Net Losses Paid		352			370			1,195			1,208			393			406			1,940			1,984
Increase (Decrease) in Outstanding Losses		3			(13	)		(64	)		34			44			82			(17	)		103
Net Losses Incurred		355			357			1,131			1,242			437			488			1,923			2,087
Expenses Incurred		168			176			766			796			235			250			1,169			1,222
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	56		$	79		$	477		$	389		$	67		$	10		$	600		$	478
Ratios After Dividends to Policyholders:
Loss		61.3	%		58.3	%		47.6	%		51.2	%		59.1	%		65.2	%		52.1	%		55.1	%
Expense		29.1			29.3			32.8			32.5			31.7			32.3			32.0			32.0
Combined		90.4	%		87.6	%		80.4	%		83.7	%		90.8	%		97.5	%		84.1	%		87.1	%
Premiums Written as a % of Total		5.2	%		5.1	%		21.1	%		20.8	%		6.7	%		6.6	%		33.0	%		32.5	%

Page 6 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2009 AND 2008
(DOLLARS IN MILLIONS)

													Commercial						Commercial
	Commercial						Commercial						Workers’						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2009			2008			2009			2008			2009			2008			2009			2008			2009			2008
Net Premiums Written	$	1,121		$	1,210		$	1,514		$	1,654		$	761		$	851		$	1,264		$	1,278		$	4,660		$	4,993
Decrease (Increase) in Unearned Premiums		32			19			55			32			25			11			(10	)		(40	)		102			22
Net Premiums Earned		1,153			1,229			1,569			1,686			786			862			1,254			1,238			4,762			5,015
Net Losses Paid		566			611			834			885			375			375			710			735			2,485			2,606
Increase (Decrease) in Outstanding Losses		8			—			231			237			145			101			(96	)		187			288			525
Net Losses Incurred		574			611			1,065			1,122			520			476			614			922			2,773			3,131
Expenses Incurred		404			430			437			471			182			201			434			439			1,457			1,541
Dividends Incurred		—			—			—			—			22			34			—			—			22			34
Statutory Underwriting Income (Loss)	$	175		$	188		$	67		$	93		$	62		$	151		$	206		$	(123	)	$	510		$	309
Ratios After Dividends to Policyholders:
Loss		49.8	%		49.7	%		67.9	%		66.6	%		68.1	%		57.5	%		49.0	%		74.5	%		58.5	%		62.8	%
Expense		36.0			35.6			28.8			28.4			24.6			24.6			34.3			34.3			31.4			31.1
Combined		85.8	%		85.3	%		96.7	%		95.0	%		92.7	%		82.1	%		83.3	%		108.8	%		89.9	%		93.9	%
Premiums Written as a % of Total		10.1	%		10.3	%		13.7	%		14.0	%		6.9	%		7.2	%		11.4	%		10.9	%		42.1	%		42.4	%

Page 7 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2009 AND 2008
(DOLLARS IN MILLIONS)

	Professional												Total
	Liability						Surety						Specialty
	2009			2008			2009			2008			2009			2008
Net Premiums Written	$	2,413		$	2,546		$	326		$	353		$	2,739		$	2,899
Decrease (Increase) in Unearned Premiums		85			48			5			(12	)		90			36
Net Premiums Earned		2,498			2,594			331			341			2,829			2,935
Net Losses Paid		1,410			1,608			21			132			1,431			1,740
Increase (Decrease) in Outstanding Losses		184			(52	)		(9	)		(2	)		175			(54	)
Net Losses Incurred		1,594			1,556			12			130			1,606			1,686
Expenses Incurred		635			636			108			108			743			744
Dividends Incurred		—			—			6			6			6			6
Statutory Underwriting Income (Loss)	$	269		$	402		$	205		$	97		$	474		$	499
Ratios After Dividends to Policyholders:
Loss		63.8	%		60.0	%		3.7	%		38.8	%		56.9	%		57.6	%
Expense		26.3			25.0			33.7			31.1			27.2			25.7
Combined		90.1	%		85.0	%		37.4	%		69.9	%		84.1	%		83.3	%
Premiums Written as a % of Total		21.8	%		21.6	%		2.9	%		3.0	%		24.7	%		24.6	%

Page 8 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2009 AND 2008

(DOLLARS IN MILLIONS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2009			2008			2009			2008			2009			2008
Net Premiums Written	$	11,056		$	11,718		$	21		$	64		$	11,077		$	11,782
Decrease (Increase) in Unearned Premiums		227			19			27			27			254			46
Net Premiums Earned		11,283			11,737			48			91			11,331			11,828
Net Losses Paid		5,856			6,330			150			179			6,006			6,509
Increase (Decrease) in Outstanding Losses		446			574			(184	)		(185	)		262			389
Net Losses Incurred		6,302			6,904			(34	)		(6	)		6,268			6,898
Expenses Incurred		3,369			3,507			8			39			3,377			3,546
Dividends Incurred		28			40			—			—			28			40
Statutory Underwriting Income (Loss)	$	1,584		$	1,286		$	74		$	58			1,658			1,344
Increase (Decrease) in Deferred Acquisition Costs														(27	)		17
GAAP Underwriting Income													$	1,631		$	1,361
Ratios After Dividends to Policyholders:
Loss		56.0	%		59.0	%		*	%		*	%		55.4	%		58.5
Expense		30.5			30.1			*			*			30.6			30.2
Combined		86.5	%		89.1	%		*	%		*	%		86.0	%		88.7
Premiums Written as a % of Total		99.8	%		99.5	%		0.2	%		0.5	%		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 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2009 AND 2008

(DOLLARS IN MILLIONS)

							Outside
							the						Worldwide
	United States						United States						Total
	2009			2008			2009			2008			2009			2008
Net Premiums Written	$	8,383		$	8,920		$	2,694		$	2,862		$	11,077		$	11,782
Decrease (Increase) in Unearned Premiums		300			79			(46	)		(33	)		254			46
Net Premiums Earned		8,683			8,999			2,648			2,829			11,331			11,828
Net Losses Paid		4,834			5,212			1,172			1,297			6,006			6,509
Increase (Decrease) in Outstanding Losses		24			308			238			81			262			389
Net Losses Incurred		4,858			5,520			1,410			1,378			6,268			6,898
Expenses Incurred		2,437			2,538			940			1,008			3,377			3,546
Dividends Incurred		28			40			—			—			28			40
Statutory Underwriting Income (Loss)	$	1,360		$	901		$	298		$	443			1,658			1,344
Increase (Decrease) in Deferred Acquisition Costs														(27	)		17
GAAP Underwriting Income													$	1,631		$	1,361
Ratios After Dividends to Policyholders:
Loss		56.1	%		61.6	%		53.2	%		48.7	%		55.4	%		58.5	%
Expense		29.2			28.6			34.9			35.2			30.6			30.2
Combined		85.3	%		90.2	%		88.1	%		83.9	%		86.0	%		88.7	%
Premiums Written as a % of Total		75.7	%		75.7	%		24.3	%		24.3	%		100.0	%		100.0	%

Page 10 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2009 AND 2008
(DOLLARS IN MILLIONS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2009			2008			2009			2008			2009			2008			2009			2008
Net Premiums Written	$	149		$	145		$	568		$	590		$	190		$	204		$	907		$	939
Decrease (Increase) in Unearned Premiums		1			2			27			11			3			(2	)		31			11
Net Premiums Earned		150			147			595			601			193			202			938			950
Net Losses Paid		96			91			266			363			110			119			472			573
Increase (Decrease) in Outstanding Losses		1			(10	)		(11	)		(98	)		(6	)		(2	)		(16	)		(110	)
Net Losses Incurred		97			81			255			265			104			117			456			463
Expenses Incurred		44			43			187			195			60			64			291			302
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income	$	9		$	23		$	153		$	141		$	29		$	21		$	191		$	185
Ratios After Dividends to Policyholders:
Loss		64.7	%		55.1	%		42.9	%		44.1	%		53.9	%		57.9	%		48.6	%		48.7	%
Expense		29.5			29.7			32.9			33.0			31.6			31.4			32.1			32.2
Combined		94.2	%		84.8	%		75.8	%		77.1	%		85.5	%		89.3	%		80.7	%		80.9	%
Premiums Written as a % of Total		5.4	%		5.0	%		20.4	%		20.4	%		6.8	%		7.0	%		32.6	%		32.4	%

Page 11 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2009 AND 2008
(DOLLARS IN MILLIONS)

													Commercial						Commercial
	Commercial						Commercial						Workers’						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2009			2008			2009			2008			2009			2008			2009			2008			2009			2008
Net Premiums Written	$	286		$	295		$	353		$	373		$	151		$	185		$	311		$	321		$	1,101		$	1,174
Decrease (Increase) in Unearned Premiums		(1	)		(2	)		34			29			32			20			11			(7	)		76			40
Net Premiums Earned		285			293			387			402			183			205			322			314			1,177			1,214
Net Losses Paid		157			189			229			289			95			98			183			234			664			810
Increase (Decrease) in Outstanding Losses		(7	)		(61	)		36			(19	)		29			20			(38	)		(66	)		20			(126	)
Net Losses Incurred		150			128			265			270			124			118			145			168			684			684
Expenses Incurred		98			106			104			109			40			49			104			110			346			374
Dividends Incurred		—			—			—			—			5			8			—			—			5			8
Statutory Underwriting Income	$	37		$	59		$	18		$	23		$	14		$	30		$	73		$	36		$	142		$	148
Ratios After Dividends to Policyholders:
Loss		52.6	%		43.7	%		68.5	%		67.2	%		69.7	%		59.9	%		45.0	%		53.5	%		58.3	%		56.7	%
Expense		34.3			35.9			29.4			29.2			27.4			27.7			33.5			34.3			31.6			32.1
Combined		86.9	%		79.6	%		97.9	%		96.4	%		97.1	%		87.6	%		78.5	%		87.8	%		89.9	%		88.8	%
Premiums Written as a % of Total		10.3	%		10.2	%		12.7	%		12.9	%		5.4	%		6.4	%		11.2	%		11.0	%		39.6	%		40.5	%

Page 12 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2009 AND 2008
(DOLLARS IN MILLIONS)

	Professional												Total
	Liability						Surety						Specialty
	2009			2008			2009			2008			2009			2008
Net Premiums Written	$	688		$	699		$	83		$	77		$	771		$	776
Decrease (Increase) in Unearned Premiums		(49	)		(72	)		(3	)		12			(52	)		(60	)
Net Premiums Earned		639			627			80			89			719			716
Net Losses Paid		412			441			7			92			419			533
Increase (Decrease) in Outstanding Losses		2			(34	)		(2	)		(74	)		—			(108	)
Net Losses Incurred		414			407			5			18			419			425
Expenses Incurred		170			164			28			23			198			187
Dividends Incurred		—			—			1			3			1			3
Statutory Underwriting Income	$	55		$	56		$	46		$	45		$	101		$	101
Ratios After Dividends to Policyholders:
Loss		64.8	%		64.9	%		6.3	%		20.9	%		58.4	%		59.6	%
Expense		24.7			23.5			34.2			31.1			25.7			24.2
Combined		89.5	%		88.4	%		40.5	%		52.0	%		84.1	%		83.8	%
Premiums Written as a % of Total		24.7	%		24.1	%		3.0	%		2.7	%		27.7	%		26.8	%

Page 13 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2009 AND 2008
(DOLLARS IN MILLIONS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2009			2008			2009			2008				2009			2008
Net Premiums Written	$	2,779		$	2,889		$	4		$	10			$	2,783		$	2,899
Decrease (Increase) in Unearned Premiums		55			(9	)		3			12				58			3
Net Premiums Earned		2,834			2,880			7			22				2,841			2,902
Net Losses Paid		1,555			1,916			36			47				1,591			1,963
Increase (Decrease) in Outstanding Losses		4			(344	)		(48	)		(60	)			(44	)		(404	)
Net Losses Incurred		1,559			1,572			(12	)		(13	)			1,547			1,559
Expenses Incurred		835			863			1			14				836			877
Dividends Incurred		6			11			—			—				6			11
Statutory Underwriting Income	$	434		$	434		$	18		$	21				452			455
Decrease in Deferred Acquisition Costs															(16	)		(12	)
GAAP Underwriting Income														$	436		$	443
Ratios After Dividends to Policyholders:
Loss		55.1	%		54.8	%		*	%		*	%			54.6	%		53.9	%
Expense		30.1			30.0			*			*				30.1			30.4
Combined		85.2	%		84.8	%		*	%		*	%			84.7	%		84.3	%
Premiums Written as a % of Total		99.9	%		99.7	%		0.1	%		0.3	%			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 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2009 AND 2008
(DOLLARS IN MILLIONS)

							Outside
							the						Worldwide
	United States						United States						Total
	2009			2008			2009			2008			2009			2008
Net Premiums Written	$	2,026		$	2,202		$	757		$	697		$	2,783		$	2,899
Decrease (Increase) in Unearned Premiums		93			36			(35	)		(33	)		58			3
Net Premiums Earned		2,119			2,238			722			664			2,841			2,902
Net Losses Paid		1,231			1,555			360			408			1,591			1,963
Increase (Decrease) in Outstanding Losses		(36	)		(352	)		(8	)		(52	)		(44	)		(404	)
Net Losses Incurred		1,195			1,203			352			356			1,547			1,559
Expenses Incurred		588			638			248			239			836			877
Dividends Incurred		6			11			—			—			6			11
Statutory Underwriting Income	$	330		$	386		$	122		$	69			452			455
Decrease in Deferred Acquisition Costs														(16	)		(12	)
GAAP Underwriting Income													$	436		$	443
Ratios After Dividends to Policyholders:
Loss		56.6	%		54.0	%		48.8	%		53.6	%		54.6	%		53.9	%
Expense		29.1			29.1			32.8			34.3			30.1			30.4
Combined		85.7	%		83.1	%		81.6	%		87.9	%		84.7	%		84.3	%
Premiums Written as a % of Total		72.8	%		76.0	%		27.2	%		24.0	%		100.0	%		100.0	%

Page 15 of 17

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, including unrealized other-than-temporary impairment losses, of the Corporation’s available-for-sale fixed maturities, which are carried at fair value. The appreciation or depreciation of 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 17

THE CHUBB CORPORATION

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.

Return on Equity and Operating Return on Equity

Return on equity is the ratio of annualized net income divided by average shareholders’ equity. Average shareholders’ equity is the average of the beginning and all quarter-end balances within the period.

Operating return on equity, a non-GAAP measure, is the ratio of annualized operating income divided by average shareholders’ equity excluding the after-tax unrealized appreciation or depreciation of investments. Consolidated shareholders’ equity includes, as part of accumulated other comprehensive income (loss), the after-tax appreciation or depreciation, including unrealized other-than-temporary impairment losses, of the Corporation’s available-for-sale fixed maturities and equity securities, which are carried at fair value. The appreciation or depreciation of available-for-sale fixed maturities and equity securities is subject to fluctuation and could distort the analysis of trends. Average shareholders’ equity excluding the after-tax unrealized appreciation or depreciation of investments is the average of the beginning and all quarter-end balances within the period. Management uses operating return on equity, among other measures, to assess the overall performance of the Corporation.

	Periods Ended December 31
	Fourth Quarter						Twelve Months
	2009			2008			2009			2008
				(dollars in millions)
Annualized Net Income	$	2,780		$	1,628		$	2,183		$	1,804
Average Shareholders’ Equity	$	15,576		$	13,518		$	14,578		$	13,992
Return on Equity		17.8	%		12.0	%		15.0	%		12.9	%
Annualized Operating Income	$	2,276		$	2,276		$	2,168		$	2,045
Average Shareholders’ Equity Excluding
Unrealized Appreciation or Depreciation	$	14,480		$	13,734		$	14,065		$	13,885
Operating Return on Equity		15.7	%		16.6	%		15.4	%		14.7	%

Page 17 of 17

EX-99.3

Exhibit 99.3

The Chubb Corporation 2009 Update on Asbestos Reserves Date of release 01/28/2010

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 28, 2010 or as otherwise specified in the materials. 2009AsbestosSlides012810

Contents Purpose of Updated Review Conclusions Evaluation Methodology Exposure Analysis Asbestos Payments and Reserves Three Year Reserve Comparison Summary 2009AsbestosSlides012810

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 2009AsbestosSlides012810

Conclusions Our 2009 analysis of asbestos liabilities concluded current net reserves are adequate The carried net reserve of $689M at 12/31/09 represents Chubb's best estimate of our ultimate asbestos liability This amount contemplates approximately a 5% reinsurance recoverable Net payments for asbestos liabilities in 2009 were $58M Reserves at 12/31/09 calculate to a 3 year survival ratio of 11.8 2009AsbestosSlides012810

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 2009AsbestosSlides012810

Exposure Analysis Within these policyholder categories: All Tier 1 & 2 accounts and Tier 3 & 4 accounts with Chubb incurred losses of at least $3M 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. 2009AsbestosSlides012810

Asbestos Payments & Reserves by Category # $ $ Traditional Defendants Tier 1 4 - 36 Traditional Defendants Tier 2 18 10 139 Peripheral Defendants Tiers 3 & 4 374 48 359 All Other 23 Reserves for future claims from unknown policyholders TBD - 132 ____ ____ ____ Total 396 58 689 No. of Open Total Net Net Asbestos Policy- Paid Reserves holders in 2009 At 12/31/09 At 12/31/09 ($ in millions) 2009AsbestosSlides012810

Asbestos Payments & Reserves by Category Total net asbestos reserves: $689M Case reserves of $311M Established by Claim Department on known claims IBNR reserves of $378M 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 2009AsbestosSlides012810

Asbestos Net Loss Reserve Comparison ($ in Millions) 2007 2008 Beginning Reserves $793 $789 Incurred Losses & LAE 0 75 CY Payments for Losses (28) (54) CY Payments for LAE (18) (17) Ending Reserves $747 $793 IBNR portion of Ending Reserves $436 $437 2009 $747 0 (38) (20) $689 $378 2009AsbestosSlides012810

Summary Chubb's asbestos net reserves of $689M at 12/31/09 are based on our 2009 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 5% of the gross reserve 2009AsbestosSlides012810