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) April 22, 2010

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

Exhibit Index to Current Report on Form 8-K filed on April 22, 2010

Press release dated April 22, 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)

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 Item 2.02 of Form 8-K. On April 22, 2010, The Chubb Corporation (Chubb) issued a press release announcing its financial results for the quarter ended March 31, 2010. On April 22, 2010, Chubb also posted on its web site at www.chubb.com the Supplementary Investor Information Report (SIIR) relating to its 2010 first quarter results. Copies of the press release and the SIIR, both of which are incorporated by reference into this Item 2.02 as if fully set forth herein, are attached to this Form 8-K as Exhibits 99.1 and 99.2, respectively. In its press release, the SIIR and the conference call to discuss its 2010 first quarter results, scheduled to be webcast at 5:00 P.M. on April 22, 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 based on accounting principles generally accepted in the United States.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1	Press release dated April 22, 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)

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: April 22, 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 APRIL 22, 2010

Exhibit No.	Description
99.1	Press release dated April 22, 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)

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 First Quarter Net Income per Share of $1.39;
Operating Income per Share Is $1.14;
Combined Ratio Is 93.6%, including Catastrophe Impact of 12.3 Points

     WARREN, New Jersey, April 22, 2010 — The Chubb Corporation [NYSE: CB] today reported that net income in the first quarter of 2010 was $464 million compared to $341 million in the first quarter of 2009. Net income per share increased 46% to $1.39 from $0.95 per share.

     Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, was $381 million in the first quarter of 2010 and $514 million in the first quarter of 2009. First quarter operating income per share declined 20% to $1.14 in 2010 from $1.43 in 2009.

     The impact of catastrophes in the first quarter of 2010 was $344 million pre-tax, compared with $26 million pre-tax in the first quarter of 2009. The $344 million includes the impact of a late-March storm on the East Coast of the U.S. that produced additional losses that were not included in the March 29th announcement of Chubb’s estimated first-quarter impact of catastrophes. The impact of catastrophes includes losses and loss expenses net of reinsurance recoverable and also includes reinsurance reinstatement premiums.

     The impact of catastrophes on first quarter net income and operating income per share was $0.67 in 2010 and $0.05 in 2009.

     During the first quarter of 2010, Chubb incurred a one-time tax charge of $22 million ($0.07 per share) related to the recently enacted federal health care legislation, which eliminated the tax benefit associated with Medicare Part D subsidies to be received by companies that provide qualifying prescription drug coverage to retirees.

     Net written premiums for the first quarter increased 1% to $2.8 billion. Excluding the effect of currency fluctuation, premiums were down 3%. Premiums declined 4% in the U.S. and increased 16% outside the U.S. (increased 2% in local currencies).

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     The first quarter combined loss and expense ratio was 93.6% in 2010 compared to 88.1% in 2009. The impact of catastrophes accounted for 12.3 percentage points of the combined ratio in the first quarter of 2010, compared to 0.9 percentage points in the first quarter of 2009. Excluding the impact of catastrophes, the first quarter combined ratio was 81.3% in 2010 and 87.2% in 2009.

     The expense ratio for the first quarter was 31.3% in 2010 and 30.8% in 2009.

     Property and casualty investment income after taxes for the first quarter increased 2% to $313 million in 2010 from $306 million in 2009.

     Net income for the first quarter of 2010 reflects net realized investment gains of $127 million pre-tax ($0.25 per share after-tax). Net income for the first quarter of 2009 reflected net realized investment losses, including impairments, of $266 million pre-tax ($0.48 per share after-tax).

     “The headline for the property and casualty insurance industry in the first quarter was the extraordinary level of natural catastrophes worldwide, including the earthquake in Chile, storms in Australia and Europe and several severe storms on the East Coast of the U.S.,” said John D. Finnegan, Chairman, President and Chief Executive Officer. “Although these catastrophes had a negative impact of $0.67 per share on Chubb’s first quarter results, we still produced strong operating income of $1.14 per share for the quarter — an excellent result. This reflected outstanding underwriting results, with a combined ratio excluding catastrophes of 81.3%, nearly 6 percentage points better than a year ago. This was our best combined ratio excluding catastrophes since 2007 and was driven by strong contributions from all of our business units,” said Mr. Finnegan.

     “I am very pleased with our underlying financial performance in the quarter,” Mr. Finnegan said, “and I am also very proud of the way Chubb’s employees responded to the needs of our customers across the globe as a result of these catastrophes. Our commitment to superior customer service is once again differentiating Chubb in the marketplace. We understand that a loss is an opportunity to prove to our customers the value proposition we offer.”

     During the first quarter of 2010, Chubb repurchased 7 million shares of its common stock at a total cost of $344 million (an average of $49.47 per share). As of March 31, 2010, there were 15.2 million shares of common stock remaining for repurchase under the current authorization.

3

First Quarter Operations Review

     Chubb Personal Insurance (CPI) net written premiums increased 4% in the first quarter to $874 million. CPI’s combined ratio for the quarter was 104.4%, compared to 90.0% in the first quarter of 2009. The impact of catastrophes accounted for 22.8 percentage points in the first quarter of 2010 compared to 1.5 points in 2009. Excluding the impact of catastrophes, CPI’s first quarter combined ratio was 81.6% in 2010 and 88.5% in 2009.

     Net written premiums for Homeowners increased 1%, and the combined ratio was 113.3% compared to 88.2% in the year-ago first quarter. The impact of catastrophes in the first quarter accounted for 35.1 percentage points of the Homeowners combined ratio in 2010 compared to 2.4 points in 2009. Excluding the impact of catastrophes, the combined ratio for Homeowners in the first quarter was 78.2% in 2010 and 85.8% in 2009. In the first quarter of 2010, Personal Automobile net written premiums increased 11%, and the combined ratio was 91.5%. Other Personal lines grew 7% and had a combined ratio of 87.5%.

     Chubb Commercial Insurance (CCI) net written premiums declined 1% in the first quarter to $1.2 billion. The combined ratio for the quarter was 93.8% in 2010 and 90.2% in 2009. The impact of catastrophes in the first quarter accounted for 11.4 percentage points of the combined ratio in 2010 compared to 1.0 points in 2009. Excluding the impact of catastrophes, CCI’s first quarter combined ratio was 82.4% in 2010 and 89.2% in 2009.

     Average first quarter renewal rates in the U.S. were up 1% 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 up 3% in the first quarter to $646 million. The combined ratio for CSI was 80.9%, compared to 85.1% in the first quarter of 2009.

     Professional Liability (PL) net written premiums were up 3%, and the business had a combined ratio of 86.2%. Average first quarter renewal rates in the U.S. were down 1% for PL, 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.

     Surety net written premiums were down 1%, and the combined ratio was 39.8%.

4

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

     Chubb’s senior management will discuss the company’s first quarter performance with investors and analysts today, April 22nd, at 5 P.M. Eastern Daylight 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

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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, 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

     In the conference call identified above and otherwise, we make statements regarding our results of operations, financial condition and other matters that are “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 (PSLRA). Forward-looking statements are made pursuant to the safe harbor provisions of the PSLRA. Forward-looking statements generally can be identified by words such as “believe,” “expect,” “anticipate,” “optimistic,” “intend,” “plan,” “will,” “may,” “should,” “could,” “would,” “likely,” “estimate,” “predict,” “potential,” “continue,” or other similar expressions. 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.

8

THE CHUBB CORPORATION

SUPPLEMENTARY FINANCIAL DATA
(Unaudited)

	Three Months Ended
	March 31
	2010			2009
	(in millions)
PROPERTY AND CASUALTY INSURANCE
Underwriting
Net Premiums Written	$	2,765		$	2,743
Decrease in Unearned Premiums		17			83
Premiums Earned		2,782			2,826
Losses and Loss Expenses		1,730			1,615
Operating Costs and Expenses		862			843
Increase in Deferred Policy Acquisition Costs		(22	)		(16	)
Dividends to Policyholders		8			8
Underwriting Income		204			376
Investments
Investment Income Before Expenses		396			386
Investment Expenses		9			7
Investment Income		387			379
Other Income (Charges)		(7	)		4
Property and Casualty Income		584			759
CORPORATE AND OTHER		(63	)		(63	)
CONSOLIDATED OPERATING INCOME BEFORE INCOME TAX		521			696
Federal and Foreign Income Tax		140			182
CONSOLIDATED OPERATING INCOME		381			514
REALIZED INVESTMENT GAINS (LOSSES) AFTER INCOME TAX		83			(173	)
CONSOLIDATED NET INCOME	$	464		$	341
PROPERTY AND CASUALTY INVESTMENT INCOME AFTER INCOME TAX	$	313		$	306

9

	Three Months Ended
	March 31
	2010			2009
OUTSTANDING SHARE DATA
(in millions)
Average Common and Potentially Dilutive Shares		335.0			358.3
Actual Common Shares at End of Period		326.8			352.1
DILUTED EARNINGS PER SHARE DATA
Operating Income	$	1.14		$	1.43
Realized Investment Gains (Losses)		.25			(.48	)
Net Income	$	1.39		$	.95
Effect of Catastrophes	$	(.67	)	$	(.05	)

	Mar. 31		Dec. 31		Mar. 31
	2010		2009		2009
BOOK VALUE PER COMMON SHARE	$	48.17	$	47.09	$	39.20
BOOK VALUE PER COMMON SHARE,
with Available-for-Sale Fixed Maturities at Amortized Cost		45.19		44.37		38.43

PROPERTY AND CASUALTY UNDERWRITING RATIOS
THREE MONTHS ENDED MARCH 31

	2010			2009
Losses and Loss Expenses to Premiums Earned		62.3	%		57.3	%
Underwriting Expenses to Premiums Written		31.3			30.8
Combined Loss and Expense Ratio		93.6	%		88.1	%
Effect of Catastrophes on Combined Loss and Expense Ratio		12.3	%		.9	%

PROPERTY AND CASUALTY LOSSES AND LOSS EXPENSES COMPONENTS
THREE MONTHS ENDED MARCH 31

	2010		2009
	(in millions)
Paid Losses and Loss Expenses	$	1,432	$	1,509
Increase in Unpaid Losses and Loss Expenses		298		106
Total Losses and Loss Expenses	$	1,730	$	1,615

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PROPERTY AND CASUALTY PRODUCT MIX
THREE MONTHS ENDED MARCH 31

	Net Premiums Written							Combined Loss and
					% Increase			Expense Ratios
	2010		2009		(Decrease)			2010			2009
	(in millions)
Personal Insurance
Automobile	$	146	$	131		11	%		91.5	%		89.8	%
Homeowners		517		514		1			113.3			88.2
Other		211		198		7			87.5			97.4
Total Personal		874		843		4			104.4			90.0
Commercial Insurance
Multiple Peril		254		269		(6	)		112.6			85.7
Casualty		414		409		1			88.4			102.7
Workers’ Compensation		222		236		(6	)		90.5			87.7
Property and Marine		353		346		2			87.6			80.9
Total Commercial		1,243		1,260		(1	)		93.8			90.2
Specialty Insurance
Professional Liability		570		553		3			86.2			91.3
Surety		76		77		(1	)		39.8			38.3
Total Specialty		646		630		3			80.9			85.1
Total Insurance		2,763		2,733		1			94.1			88.8
Reinsurance Assumed		2		10		(80	)		*			*
Total	$	2,765	$	2,743		1			93.6			88.1

* 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	March 31, 2010
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
SUPPLEMENTARY INVESTOR INFORMATION
TABLE OF CONTENTS
MARCH 31, 2010

	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		6-10
Definitions of Key Terms		11-12

THE CHUBB CORPORATION

CONSOLIDATED BALANCE SHEET HIGHLIGHTS

(in millions, except per share amounts)

	Mar. 31						Dec. 31
	2010						2009
				% of Total						% of Total
Invested Assets (at carrying value)
Short Term Investments	$	2,394			6	%	$	1,918			5	%
Fixed Maturities
Tax Exempt		19,462			46			19,587			47
Taxable		16,825			40			16,991			40
Equity Securities		1,497			3			1,433			3
Other Invested Assets		2,151			5			2,075			5
Total Invested Assets	$	42,329			100	%	$	42,004			100	%
Unrealized Appreciation of Investments
Fixed Maturities	$	1,499					$	1,388
Equity Securities		276						218
		1,775						1,606
Deferred Income Tax Liability		621						562
	$	1,154					$	1,044
Capitalization
Long Term Debt	$	3,975					$	3,975
Shareholders’ Equity		15,741						15,634
Total Capitalization	$	19,716					$	19,609
Debt as a Percentage of Total Capitalization		20.2	%					20.3	%
Actual Common Shares Outstanding		326.8						332.0
Book Value Per Common Share	$	48.17					$	47.09
Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost	$	45.19					$	44.37

Page 1 of 12

THE CHUBB CORPORATION

SHARE REPURCHASE ACTIVITY

(dollars in millions, except per share amounts)

	Three Months		From
	Ended		December 2005
	March 31, 2010		to March 31, 2010
Cost of Shares Repurchased	$	344	$	6,296
Average Cost Per Share	$	49.47	$	50.05
Shares Repurchased		6,961,667		125,801,542

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 March 31, 2010, 15,198,458 shares remained under the share repurchase authorization.

Page 2 of 12

THE CHUBB CORPORATION

SUMMARY OF INVESTED ASSETS

CORPORATE

	Cost or				Carrying
	Amortized Cost				Value (a)
	Mar. 31		Dec. 31		Mar. 31		Dec. 31
	2010		2009		2010		2009
			(in millions)
Short Term Investments	$	868	$	1,017	$	868	$	1,017
Taxable Fixed Maturities		1,276		1,286		1,326		1,327
Equity Securities		204		205		199		202
Other Invested Assets		23		25		23		25
TOTAL	$	2,371	$	2,533	$	2,416	$	2,571

PROPERTY AND CASUALTY

	Cost or				Carrying
	Amortized Cost				Value (a)
	Mar. 31		Dec. 31		Mar. 31		Dec. 31
	2010		2009		2010		2009
			(in millions)
Short Term Investments	$	1,526	$	901	$	1,526	$	901
Fixed Maturities
Tax Exempt		18,604		18,720		19,462		19,587
Taxable		14,908		15,184		15,499		15,664
Equity Securities		1,017		1,010		1,298		1,231
Other Invested Assets		2,128		2,050		2,128		2,050
TOTAL	$	38,183	$	37,865	$	39,913	$	39,433

(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 12

THE CHUBB CORPORATION

INVESTMENT INCOME AFTER TAXES

	Three Months Ended
	March 31
	2010			2009
	(in millions)
CORPORATE INVESTMENT INCOME	$	8		$	9
PROPERTY AND CASUALTY INVESTMENT INCOME
Tax Exempt Interest	$	189		$	186
Taxable Interest		121			114
Other		9			11
Investment Expenses		(6	)		(5	)
TOTAL	$	313		$	306
Effective Tax Rate		19.1	%		19.3	%
After-Tax Annualized Yield		3.27	%		3.41	%

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

	Mar. 31		Dec. 31		Mar. 31
	2010		2009		2009
			(in millions)
Estimated Statutory Policyholders’ Surplus	$	14,800	$	14,526	$	12,450
Rolling Year Statutory Net Premiums Written	$	11,105	$	11,074	$	11,565
Ratio of Statutory Net Premiums Written to Policyholders’ Surplus		0.75:1		0.76:1		0.93:1

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

Page 4 of 12

THE CHUBB CORPORATION

PROPERTY AND CASUALTY

CHANGE IN NET UNPAID LOSSES
THREE MONTHS ENDED MARCH 31, 2010

	Net Unpaid Losses										All Other
								IBNR			Unpaid Losses
					Increase			Increase			Increase
	3/31/10		12/31/09		(Decrease)			(Decrease)			(Decrease)
					(in millions)
Personal Insurance
Automobile	$	399	$	400	$	(1	)	$	(5	)	$	4
Homeowners		851		665		186			179			7
Other		874		872		2			12			(10	)
Total Personal		2,124		1,937		187			186			1
Commercial Insurance
Multiple Peril		1,681		1,615		66			84			(18	)
Casualty		6,037		5,988		49			101			(52	)
Workers’ Compensation		2,160		2,138		22			31			(9	)
Property and Marine		788		758		30			32			(2	)
Total Commercial		10,666		10,499		167			248			(81	)
Specialty Insurance
Professional Liability		7,488		7,552		(64	)		(43	)		(21	)
Surety		56		58		(2	)		1			(3	)
Total Specialty		7,544		7,610		(66	)		(42	)		(24	)
Total Insurance		20,334		20,046		288			392			(104	)
Reinsurance Assumed		694		740		(46	)		(32	)		(14	)
Total	$	21,028	$	20,786	$	242		$	360		$	(118	)

Page 5 of 12

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2010 AND 2009
(DOLLARS IN MILLIONS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2010			2009			2010			2009			2010			2009			2010			2009
Net Premiums Written	$	146		$	131		$	517		$	514		$	211		$	198		$	874		$	843
Decrease (Increase) in Unearned Premiums		4			9			73			80			(26	)		(25	)		51			64
Net Premiums Earned		150			140			590			594			185			173			925			907
Net Losses Paid		94			85			276			348			99			101			469			534
Increase (Decrease) in Outstanding Losses		(3	)		(1	)		185			(30	)		5			16			187			(15	)
Net Losses Incurred		91			84			461			318			104			117			656			519
Expenses Incurred		45			39			182			178			66			59			293			276
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	14		$	17		$	(53	)	$	98		$	15		$	(3	)	$	(24	)	$	112
Ratios After Dividends to Policyholders:
Loss		60.7	%		60.0	%		78.1	%		53.6	%		56.2	%		67.6	%		70.9	%		57.2	%
Expense		30.8			29.8			35.2			34.6			31.3			29.8			33.5			32.8
Combined		91.5	%		89.8	%		113.3	%		88.2	%		87.5	%		97.4	%		104.4	%		90.0	%
Premiums Written as a % of Total		5.3	%		4.8	%		18.7	%		18.7	%		7.6	%		7.2	%		31.6	%		30.7	%

Page 6 of 12

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2010 AND 2009
(DOLLARS IN MILLIONS)

													Commercial						Commercial
	Commercial						Commercial						Workers’						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2010			2009			2010			2009			2010			2009			2010			2009			2010			2009
Net Premiums Written	$	254		$	269		$	414		$	409		$	222		$	236		$	353		$	346		$	1,243		$	1,260
Decrease (Increase) in Unearned Premiums		15			24			(28	)		(12	)		(36	)		(30	)		(42	)		(44	)		(91	)		(62	)
Net Premiums Earned		269			293			386			397			186			206			311			302			1,152			1,198
Net Losses Paid		129			151			175			196			93			89			139			182			536			618
Increase (Decrease) in Outstanding Losses		67			(10	)		59			101			29			42			34			(39	)		189			94
Net Losses Incurred		196			141			234			297			122			131			173			143			725			712
Expenses Incurred		101			101			115			114			48			51			113			116			377			382
Dividends Incurred		—			—			—			—			7			6			—			—			7			6
Statutory Underwriting Income (Loss)	$	(28	)	$	51		$	37		$	(14	)	$	9		$	18		$	25		$	43		$	43		$	98
Ratios After Dividends to Policyholders:
Loss		72.9	%		48.1	%		60.6	%		74.8	%		68.2	%		65.5	%		55.6	%		47.4	%		63.3	%		59.7	%
Expense		39.7			37.6			27.8			27.9			22.3			22.2			32.0			33.5			30.5			30.5
Combined		112.6	%		85.7	%		88.4	%		102.7	%		90.5	%		87.7	%		87.6	%		80.9	%		93.8	%		90.2	%
Premiums Written as a % of Total		9.2	%		9.8	%		15.0	%		14.9	%		8.0	%		8.6	%		12.8	%		12.6	%		45.0	%		45.9	%

Page 7 of 12

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2010 AND 2009
(DOLLARS IN MILLIONS)

	Professional												Total
	Liability						Surety						Specialty
	2010			2009			2010			2009			2010			2009
Net Premiums Written	$	570		$	553		$	76		$	77		$	646		$	630
Decrease (Increase) in Unearned Premiums		50			64			5			7			55			71
Net Premiums Earned		620			617			81			84			701			701
Net Losses Paid		387			307			5			8			392			315
Increase (Decrease) in Outstanding Losses		(29	)		82			(3	)		(5	)		(32	)		77
Net Losses Incurred		358			389			2			3			360			392
Expenses Incurred		162			156			28			26			190			182
Dividends Incurred		—			—			1			2			1			2
Statutory Underwriting Income (Loss)	$	100		$	72		$	50		$	53		$	150		$	125
Ratios After Dividends to Policyholders:
Loss		57.8	%		63.1	%		2.5	%		3.6	%		51.4	%		56.1	%
Expense		28.4			28.2			37.3			34.7			29.5			29.0
Combined		86.2	%		91.3	%		39.8	%		38.3	%		80.9	%		85.1	%
Premiums Written as a % of Total		20.6	%		20.2	%		2.7	%		2.8	%		23.3	%		23.0	%

Page 8 of 12

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2010 AND 2009
(DOLLARS IN MILLIONS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2010			2009			2010			2009			2010			2009
Net Premiums Written	$	2,763		$	2,733		$	2		$	10		$	2,765		$	2,743
Decrease (Increase) in Unearned Premiums		15			73			2			10			17			83
Net Premiums Earned		2,778			2,806			4			20			2,782			2,826
Net Losses Paid		1,397			1,467			35			42			1,432			1,509
Increase (Decrease) in Outstanding Losses		344			156			(46	)		(50	)		298			106
Net Losses Incurred		1,741			1,623			(11	)		(8	)		1,730			1,615
Expenses Incurred		860			840			2			3			862			843
Dividends Incurred		8			8			—			—			8			8
Statutory Underwriting Income (Loss)	$	169		$	335		$	13		$	25			182			360
Increase in Deferred Acquisition Costs														22			16
GAAP Underwriting Income													$	204		$	376
Ratios After Dividends to Policyholders:
Loss		62.9	%		58.0	%		*	%		*	%		62.3	%		57.3	%
Expense		31.2			30.8			*			*			31.3			30.8
Combined		94.1	%		88.8	%		*	%		*	%		93.6	%		88.1	%
Premiums Written as a % of Total		99.9	%		99.6	%		0.1	%		0.4	%		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 12

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2010 AND 2009
(DOLLARS IN MILLIONS)

							Outside
							the						Worldwide
	United States						United States						Total
	2010			2009			2010			2009			2010			2009
Net Premiums Written	$	1,948		$	2,037		$	817		$	706		$	2,765		$	2,743
Decrease (Increase) in Unearned Premiums		148			190			(131	)		(107	)		17			83
Net Premiums Earned		2,096			2,227			686			599			2,782			2,826
Net Losses Paid		1,114			1,248			318			261			1,432			1,509
Increase (Decrease) in Outstanding Losses		145			29			153			77			298			106
Net Losses Incurred		1,259			1,277			471			338			1,730			1,615
Expenses Incurred		589			600			273			243			862			843
Dividends Incurred		8			8			—			—			8			8
Statutory Underwriting Income (Loss)	$	240		$	342		$	(58	)	$	18			182			360
Increase in Deferred Acquisition Costs														22			16
GAAP Underwriting Income													$	204		$	376
Ratios After Dividends to Policyholders:
Loss		60.3	%		57.5	%		68.7	%		56.4	%		62.3	%		57.3	%
Expense		30.4			29.6			33.4			34.4			31.3			30.8
Combined		90.7	%		87.1	%		102.1	%		90.8	%		93.6	%		88.1	%
Premiums Written as a % of Total		70.5	%		74.3	%		29.5	%		25.7	%		100.0	%		100.0	%

Page 10 of 12

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 11 of 12

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.

	Three Months Ended
	March 31
	2010			2009
	(dollars in milllions)
Annualized Net Income	$	1,856		$	1,364
Average Shareholders’ Equity	$	15,688		$	13,618
Return on Equity		11.8	%		10.0	%
Annualized Operating Income	$	1,524		$	2,056
Average Shareholders’ Equity Excluding Unrealized Appreciation or Depreciation	$	14,589		$	13,598
Operating Return on Equity		10.4	%		15.1	%

Page 12 of 12