Exhibit 99.2

The
Chubb
Corporation Supplementary
Investor
Information September 30, 2010

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

THE CHUBB CORPORATION
SUPPLEMENTARY INVESTOR INFORMATION
TABLE OF CONTENTS
SEPTEMBER 30, 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 — Year-To-Date	6-10
Underwriting Results — Quarterly	11-15
Definitions of Key Terms	16-17

THE CHUBB CORPORATION

CONSOLIDATED BALANCE SHEET HIGHLIGHTS

(in millions, except per share amounts)

	Sept. 30						Dec. 31
	2010						2009
				% of Total						% of Total
Invested Assets (at carrying value)
Short Term Investments	$	2,046			5	%	$	1,918			5	%
Fixed Maturities
Tax Exempt		20,248			47			19,587			47
Taxable		17,136			40			16,991			40
Equity Securities		1,404			3			1,433			3
Other Invested Assets		2,218			5			2,075			5
Total Invested Assets	$	43,052			100	%	$	42,004			100	%
Unrealized Appreciation of Investments
Fixed Maturities	$	2,419					$	1,388
Equity Securities		151						218
		2,570						1,606
Deferred Income Tax Liability		899						562
	$	1,671					$	1,044
Capitalization
Long Term Debt	$	3,975					$	3,975
Shareholders’ Equity		15,979						15,634
Total Capitalization	$	19,954					$	19,609
Debt as a Percentage of Total Capitalization		19.9	%					20.3	%
Actual Common Shares Outstanding		304.9						332.0
Book Value Per Common Share	$	52.41					$	47.09
Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost	$	47.25					$	44.37

Page 1 of 17

THE CHUBB CORPORATION

SHARE REPURCHASE ACTIVITY

(dollars in millions, except per share amounts)

	Periods Ended September 30
	Third		Nine		From
	Quarter		Months		December 2005
	2010		2010		to September 30, 2010
Cost of Shares Repurchased		$555		$1,535		$7,487
Average Cost Per Share		$54.63		$51.94		$50.45
Shares Repurchased		10,161,051		29,555,869		148,395,744

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. In June 2010, the Board of Directors authorized an increase of 14,000,000 shares to the authorization approved in December 2009. The authorization has no expiration date. As of September 30, 2010, 6,604,256 shares remained under the share repurchase authorization.

Page 2 of 17

THE CHUBB CORPORATION

SUMMARY OF INVESTED ASSETS

CORPORATE

	Cost or				Carrying
	Amortized Cost				Value (a)
	Sept. 30		Dec. 31		Sept. 30		Dec. 31
	2010		2009		2010		2009
			(in millions)
Short Term Investments	$	906	$	1,017	$	906	$	1,017
Taxable Fixed Maturities		1,203		1,286		1,259		1,327
Equity Securities		205		205		157		202
Other Invested Assets		15		25		15		25
TOTAL	$	2,329	$	2,533	$	2,337	$	2,571

PROPERTY AND CASUALTY

	Cost or				Carrying
	Amortized Cost				Value (a)
	Sept. 30		Dec. 31		Sept. 30		Dec. 31
	2010		2009		2010		2009
			(in millions)
Short Term Investments	$	1,140	$	901	$	1,140	$	901
Fixed Maturities
Tax Exempt		18,894		18,720		20,248		19,587
Taxable		14,868		15,184		15,877		15,664
Equity Securities		1,048		1,010		1,247		1,231
Other Invested Assets		2,203		2,050		2,203		2,050
TOTAL	$	38,153	$	37,865	$	40,715	$	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 17

THE CHUBB CORPORATION

INVESTMENT INCOME AFTER TAXES

	Periods Ended September 30
	Third Quarter						Nine Months
	2010			2009			2010			2009
				(in millions)
CORPORATE INVESTMENT INCOME	$	8		$	9		$	38		$	27
PROPERTY AND CASUALTY INVESTMENT INCOME
Tax Exempt Interest	$	190		$	190		$	569		$	563
Taxable Interest		116			118			351			346
Other		16			16			37			42
Investment Expenses		(5	)		(7	)		(16	)		(16	)
TOTAL	$	317		$	317		$	941		$	935
Effective Tax Rate		18.7	%		18.7	%		19.0	%		19.1	%
After-Tax Annualized Yield		3.32	%		3.39	%		3.28	%		3.40	%

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

	Sept. 30		Dec. 31		Sept. 30
	2010		2009		2009
	(in millions)
Estimated Statutory Policyholders’ Surplus	$	14,500	$	14,526	$	13,650
Rolling Year Statutory Net Premiums Written	$	11,185	$	11,074	$	11,180
Ratio of Statutory Net Premiums Written to Policyholders’ Surplus		0.77:1		0.76:1		0.82:1

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
NINE MONTHS ENDED SEPTEMBER 30, 2010

											All Other
	Net Unpaid Losses							IBNR			Unpaid Losses
					Increase			Increase			Increase
	9/30/10		12/31/09		(Decrease)			(Decrease)			(Decrease)
					(in millions)
Personal Insurance
Automobile	$	399	$	400	$	(1	)	$	(23	)	$	22
Homeowners		716		665		51			41			10
Other		859		872		(13	)		16			(29	)
Total Personal		1,974		1,937		37			34			3
Commercial Insurance
Multiple Peril		1,706		1,615		91			42			49
Casualty		6,082		5,988		94			174			(80	)
Workers’ Compensation		2,198		2,138		60			60			—
Property and Marine		792		758		34			22			12
Total Commercial		10,778		10,499		279			298			(19	)
Specialty Insurance
Professional Liability		7,414		7,552		(138	)		(133	)		(5	)
Surety		61		58		3			1			2
Total Specialty		7,475		7,610		(135	)		(132	)		(3	)
Total Insurance		20,227		20,046		181			200			(19	)
Reinsurance Assumed		632		740		(108	)		(77	)		(31	)
Total	$	20,859	$	20,786	$	73		$	123		$	(50	)

Page 5 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2010 AND 2009
(DOLLARS IN MILLIONS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2010			2009			2010			2009			2010			2009			2010			2009
Net Premiums Written	$	474		$	428		$	1,795		$	1,771		$	593		$	551		$	2,862		$	2,750
Decrease (Increase) in Unearned Premiums		(16	)		1			(24	)		8			(22	)		(5	)		(62	)		4
Net Premiums Earned		458			429			1,771			1,779			571			546			2,800			2,754
Net Losses Paid		281			256			1,066			929			331			283			1,678			1,468
Increase (Decrease) in Outstanding Losses		(1	)		2			51			(53	)		(4	)		50			46			(1	)
Net Losses Incurred		280			258			1,117			876			327			333			1,724			1,467
Expenses Incurred		142			124			593			579			198			175			933			878
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income	$	36		$	47		$	61		$	324		$	46		$	38		$	143		$	409
Ratios After Dividends to Policyholders:
Loss		61.1	%		60.1	%		63.1	%		49.2	%		57.3	%		61.0	%		61.6	%		53.3	%
Expense		30.0			29.0			33.0			32.7			33.4			31.8			32.6			31.9
Combined		91.1	%		89.1	%		96.1	%		81.9	%		90.7	%		92.8	%		94.2	%		85.2	%
Premiums Written as a % of Total		5.6	%		5.2	%		21.4	%		21.4	%		7.1	%		6.6	%		34.1	%		33.2	%

Page 6 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 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	$	817		$	835		$	1,162		$	1,161		$	586		$	610		$	969		$	953		$	3,534		$	3,559
Decrease (Increase) in Unearned Premiums		16			33			(18	)		21			(36	)		(7	)		(21	)		(21	)		(59	)		26
Net Premiums Earned		833			868			1,144			1,182			550			603			948			932			3,475			3,585
Net Losses Paid		407			409			584			605			291			280			466			527			1,748			1,821
Increase (Decrease) in Outstanding Losses		94			15			133			195			68			116			43			(58	)		338			268
Net Losses Incurred		501			424			717			800			359			396			509			469			2,086			2,089
Expenses Incurred		303			306			333			333			141			142			333			330			1,110			1,111
Dividends Incurred		—			—			—			—			17			17			—			—			17			17
Statutory Underwriting Income	$	29		$	138		$	94		$	49		$	33		$	48		$	106		$	133		$	262		$	368
Ratios After Dividends to Policyholders:
Loss		60.1	%		48.9	%		62.6	%		67.7	%		67.3	%		67.6	%		53.7	%		50.3	%		60.3	%		58.5	%
Expense		37.1			36.6			28.7			28.7			24.8			23.9			34.4			34.7			31.6			31.4
Combined		97.2	%		85.5	%		91.3	%		96.4	%		92.1	%		91.5	%		88.1	%		85.0	%		91.9	%		89.9	%
Premiums Written as a % of Total		9.7	%		10.1	%		13.9	%		14.0	%		7.0	%		7.3	%		11.6	%		11.5	%		42.2	%		42.9	%

Page 7 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2010 AND 2009
(DOLLARS IN MILLIONS)

	Professional												Total
	Liability						Surety						Specialty
	2010			2009			2010			2009			2010			2009
Net Premiums Written	$	1,735		$	1,725		$	246		$	243		$	1,981		$	1,968
Decrease (Increase) in Unearned Premiums		104			134			8			8			112			142
Net Premiums Earned		1,839			1,859			254			251			2,093			2,110
Net Losses Paid		1,165			998			14			14			1,179			1,012
Increase (Decrease) in Outstanding Losses		(66	)		182			3			(7	)		(63	)		175
Net Losses Incurred		1,099			1,180			17			7			1,116			1,187
Expenses Incurred		482			465			86			80			568			545
Dividends Incurred		—			—			5			5			5			5
Statutory Underwriting Income	$	258		$	214		$	146		$	159		$	404		$	373
Ratios After Dividends to Policyholders:
Loss		59.7	%		63.4	%		6.8	%		2.9	%		53.5	%		56.4	%
Expense		27.8			27.0			35.7			33.6			28.7			27.8
Combined		87.5	%		90.4	%		42.5	%		36.5	%		82.2	%		84.2	%
Premiums Written as a % of Total		20.7	%		20.8	%		2.9	%		2.9	%		23.6	%		23.7	%

Page 8 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2010 AND 2009
(DOLLARS IN MILLIONS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2010			2009			2010			2009			2010			2009
Net Premiums Written	$	8,377		$	8,277		$	6		$	17		$	8,383		$	8,294
Decrease (Increase) in Unearned Premiums		(9	)		172			5			24			(4	)		196
Net Premiums Earned		8,368			8,449			11			41			8,379			8,490
Net Losses Paid		4,605			4,301			94			114			4,699			4,415
Increase (Decrease) in Outstanding Losses		321			442			(108	)		(136	)		213			306
Net Losses Incurred		4,926			4,743			(14	)		(22	)		4,912			4,721
Expenses Incurred		2,611			2,534			4			7			2,615			2,541
Dividends Incurred		22			22			—			—			22			22
Statutory Underwriting Income	$	809		$	1,150		$	21		$	56			830			1,206
Increase (Decrease) in Deferred Acquisition Costs														36			(11	)
GAAP Underwriting Income													$	866		$	1,195
Ratios After Dividends to Policyholders:
Loss		59.0	%		56.3	%		*	%		*	%		58.8	%		55.8	%
Expense		31.3			30.7			*			*			31.3			30.7
Combined		90.3	%		87.0	%		*	%		*	%		90.1	%		86.5	%
Premiums Written as a % of Total		99.9	%		99.8	%		0.1	%		0.2	%		100.0	%		100.0	%

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

Page 9 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2010 AND 2009
(DOLLARS IN MILLIONS)

							Outside
							the						Worldwide
	United States						United States						Total
	2010			2009			2010			2009			2010			2009
Net Premiums Written	$	6,229		$	6,357		$	2,154		$	1,937		$	8,383		$	8,294
Decrease (Increase) in Unearned Premiums		21			207			(25	)		(11	)		(4	)		196
Net Premiums Earned		6,250			6,564			2,129			1,926			8,379			8,490
Net Losses Paid		3,722			3,603			977			812			4,699			4,415
Increase (Decrease) in Outstanding Losses		182			60			31			246			213			306
Net Losses Incurred		3,904			3,663			1,008			1,058			4,912			4,721
Expenses Incurred		1,848			1,849			767			692			2,615			2,541
Dividends Incurred		22			22			—			—			22			22
Statutory Underwriting Income	$	476		$	1,030		$	354		$	176			830			1,206
Increase (Decrease) in Deferred Acquisition Costs														36			(11	)
GAAP Underwriting Income													$	866		$	1,195
Ratios After Dividends to Policyholders:
Loss		62.7	%		56.0	%		47.3	%		54.9	%		58.8	%		55.8	%
Expense		29.8			29.2			35.6			35.7			31.3			30.7
Combined		92.5	%		85.2	%		82.9	%		90.6	%		90.1	%		86.5	%
Premiums Written as a % of Total		74.2	%		76.6	%		25.8	%		23.4	%		100.0	%		100.0	%

Page 10 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED SEPTEMBER 30, 2010 AND 2009
(DOLLARS IN MILLIONS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2010			2009			2010			2009			2010			2009			2010			2009
Net Premiums Written	$	160		$	150		$	631		$	620		$	189		$	176		$	980		$	946
Decrease (Increase) in Unearned Premiums		(6	)		(3	)		(37	)		(27	)		5			14			(38	)		(16	)
Net Premiums Earned		154			147			594			593			194			190			942			930
Net Losses Paid		90			89			361			278			111			88			562			455
Increase (Decrease) in Outstanding Losses		5			(3	)		(71	)		(11	)		3			20			(63	)		6
Net Losses Incurred		95			86			290			267			114			108			499			461
Expenses Incurred		48			43			203			200			67			60			318			303
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income	$	11		$	18		$	101		$	126		$	13		$	22		$	125		$	166
Ratios After Dividends to Policyholders:
Loss		61.7	%		58.5	%		48.8	%		45.0	%		58.8	%		56.8	%		53.0	%		49.6	%
Expense		30.0			28.7			32.2			32.3			35.4			34.1			32.4			32.0
Combined		91.7	%		87.2	%		81.0	%		77.3	%		94.2	%		90.9	%		85.4	%		81.6	%
Premiums Written as a % of Total		5.9	%		5.5	%		23.1	%		23.0	%		6.9	%		6.5	%		35.9	%		35.0	%

Page 11 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED SEPTEMBER 30, 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	$	277		$	274		$	350		$	346		$	177		$	186		$	278		$	280		$	1,082		$	1,086
Decrease (Increase) in Unearned Premiums		—			12			31			46			4			8			42			40			77			106
Net Premiums Earned		277			286			381			392			181			194			320			320			1,159			1,192
Net Losses Paid		148			136			211			207			90			88			164			162			613			593
Increase (Decrease) in Outstanding Losses		(13	)		21			33			42			31			45			(15	)		(13	)		36			95
Net Losses Incurred		135			157			244			249			121			133			149			149			649			688
Expenses Incurred		99			99			108			105			46			45			102			102			355			351
Dividends Incurred		—			—			—			—			4			6			—			—			4			6
Statutory Underwriting Income	$	43		$	30		$	29		$	38		$	10		$	10		$	69		$	69		$	151		$	147
Ratios After Dividends to Policyholders:
Loss		48.8	%		54.9	%		64.0	%		63.5	%		68.4	%		70.7	%		46.6	%		46.6	%		56.2	%		58.0	%
Expense		35.7			36.1			30.9			30.4			26.6			25.0			36.7			36.4			32.9			32.5
Combined		84.5	%		91.0	%		94.9	%		93.9	%		95.0	%		95.7	%		83.3	%		83.0	%		89.1	%		90.5	%
Premiums Written as a % of Total		10.1	%		10.1	%		12.8	%		12.8	%		6.5	%		6.9	%		10.2	%		10.4	%		39.6	%		40.2	%

Page 12 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED SEPTEMBER 30, 2010 AND 2009
(DOLLARS IN MILLIONS)

	Professional												Total
	Liability						Surety						Specialty
	2010			2009			2010			2009			2010			2009
Net Premiums Written	$	582		$	588		$	87		$	81		$	669		$	669
Decrease (Increase) in Unearned Premiums		25			36			—			(1	)		25			35
Net Premiums Earned		607			624			87			80			694			704
Net Losses Paid		371			321			6			—			377			321
Increase (Decrease) in Outstanding Losses		4			71			(1	)		1			3			72
Net Losses Incurred		375			392			5			1			380			393
Expenses Incurred		160			160			29			25			189			185
Dividends Incurred		—			—			2			1			2			1
Statutory Underwriting Income	$	72		$	72		$	51		$	53		$	123		$	125
Ratios After Dividends to Policyholders:
Loss		61.8	%		62.8	%		5.9	%		1.3	%		54.9	%		55.9	%
Expense		27.5			27.2			34.1			31.2			28.4			27.7
Combined		89.3	%		90.0	%		40.0	%		32.5	%		83.3	%		83.6	%
Premiums Written as a % of Total		21.3	%		21.7	%		3.2	%		3.0	%		24.5	%		24.7	%

Page 13 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED SEPTEMBER 30, 2010 AND 2009
(DOLLARS IN MILLIONS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2010			2009			2010			2009			2010			2009
Net Premiums Written	$	2,731		$	2,701		$	1		$	4		$	2,732		$	2,705
Decrease (Increase) in Unearned Premiums		64			125			2			6			66			131
Net Premiums Earned		2,795			2,826			3			10			2,798			2,836
Net Losses Paid		1,552			1,369			29			30			1,581			1,399
Increase (Decrease) in Outstanding Losses		(24	)		173			(35	)		(38	)		(59	)		135
Net Losses Incurred		1,528			1,542			(6	)		(8	)		1,522			1,534
Expenses Incurred		862			839			2			2			864			841
Dividends Incurred		6			7			—			—			6			7
Statutory Underwriting Income	$	399		$	438		$	7		$	16			406			454
Decrease in Deferred Acquisition Costs														(7	)		(31	)
GAAP Underwriting Income													$	399		$	423
Ratios After Dividends to Policyholders:
Loss		54.8	%		54.7	%		*	%		*	%		54.5	%		54.2	%
Expense		31.6			31.1			*			*			31.7			31.2
Combined		86.4	%		85.8	%		*	%		*	%		86.2	%		85.4	%
Premiums Written as a % of Total		100.0	%		99.9	%		0.0	%		0.1	%		100.0	%		100.0	%

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

Page 14 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED SEPTEMBER 30, 2010 AND 2009
(DOLLARS IN MILLIONS)

							Outside
							the						Worldwide
	United States						United States						Total
	2010			2009			2010			2009			2010			2009
Net Premiums Written	$	2,082		$	2,091		$	650		$	614		$	2,732		$	2,705
Decrease (Increase) in Unearned Premiums		(5	)		65			71			66			66			131
Net Premiums Earned		2,077			2,156			721			680			2,798			2,836
Net Losses Paid		1,256			1,117			325			282			1,581			1,399
Increase (Decrease) in Outstanding Losses		(56	)		65			(3	)		70			(59	)		135
Net Losses Incurred		1,200			1,182			322			352			1,522			1,534
Expenses Incurred		625			618			239			223			864			841
Dividends Incurred		6			7			—			—			6			7
Statutory Underwriting Income	$	246		$	349		$	160		$	105			406			454
Decrease in Deferred Acquisition Costs														(7	)		(31	)
GAAP Underwriting Income													$	399		$	423
Ratios After Dividends to Policyholders:
Loss		57.9	%		55.0	%		44.7	%		51.8	%		54.5	%		54.2	%
Expense		30.1			29.7			36.8			36.3			31.7			31.2
Combined		88.0	%		84.7	%		81.5	%		88.1	%		86.2	%		85.4	%
Premiums Written as a % of Total		76.2	%		77.3	%		23.8	%		22.7	%		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 September 30
	Third Quarter						Nine Months
	2010			2009			2010			2009
	(dollars in millions)
Annualized Net Income	$	2,288		$	2,384		$	2,072		$	1,984
Average Shareholders’ Equity	$	15,756		$	15,011		$	15,722		$	14,315
Return on Equity		14.5	%		15.9	%		13.2	%		13.9	%
Annualized Operating Income	$	2,148		$	2,208		$	1,837		$	2,132
Average Shareholders’ Equity Excluding Unrealized Appreciation or Depreciation	$	14,315		$	14,270		$	14,452		$	13,934
Operating Return on Equity		15.0	%		15.5	%		12.7	%		15.3	%

Page 17 of 17