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 27, 2011

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 27, 2011 Press release dated January 27, 2011 (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 2010 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 27, 2011, The Chubb Corporation (Chubb) issued a press release announcing its financial results for the quarter and year ended December 31, 2010. On January 27, 2011, Chubb also posted on its web site at www.chubb.com the Supplementary Investor Information Report (SIIR) relating to its 2010 fourth quarter and year-end results and The Chubb Corporation 2010 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 2010 fourth quarter and year-end results, scheduled to be webcast at 5:00 P.M. on January 27, 2011, 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 27, 2011 (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 2010 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 27, 2011	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 27, 2011

Exhibit No.	Description
99.1	Press release dated January 27, 2011 (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 2010 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 $2.02;
Operating Income per Share Is $1.69;
Combined Ratio Is 87.0%

Net Income per Share for 2010 Is $6.76;
Operating Income per Share Is $5.90;
Combined Ratio Is 89.3%

Company Expects 2011 Operating Income per Share
In Range of $5.35 to $5.75

     WARREN, New Jersey, January 27, 2011— The Chubb Corporation [NYSE: CB] today reported that net income in the fourth quarter of 2010 was $620 million or $2.02 per share, compared to $695 million or $2.03 per share in the fourth quarter of 2009.

     Average diluted shares outstanding for the fourth quarter were 307.4 million in 2010 and 343.1 million in 2009.

     Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, was $519 million, compared to $569 million in the fourth quarter of 2009. Operating income per share increased 2% to $1.69 from $1.66.

     Net written premiums for the fourth quarter were $2.9 billion, an increase of 3%. Premiums were up 2% in the U.S. and up 5% outside the U.S. (up 4% in local currencies).

     The fourth quarter combined loss and expense ratio was 87.0% in 2010 and 84.7% in 2009. The impact of catastrophes on the combined ratio was 1.4 percentage points in 2010 and negligible in 2009. Excluding the impact of catastrophes, the combined ratio was 85.6% in 2010 and 84.7% in 2009. The expense ratio for the fourth quarter was 30.9% in 2010 and 30.1% in 2009.

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     Property and casualty investment income after taxes for the fourth quarter increased 1% to $320 million in 2010 from $317 million in 2009.

     Net income for the fourth quarter of 2010 included net realized investment gains of $155 million before tax ($0.33 per share after-tax). Net income for the fourth quarter of 2009 reflected net realized investment gains of $193 million before tax ($0.37 per share after-tax). Gains in both periods were largely related to the company’s alternative investments.

     During the fourth quarter of 2010, Chubb repurchased 8.1 million shares of its common stock at a total cost of $473 million.

     Book value per share was $52.24 at December 31, 2010 compared to $52.41 at the end of the third quarter.

Full Year Results

     For the year ended December 31, 2010, net income was $2.2 billion or $6.76 per share, compared to $2.2 billion or $6.18 per share for the year ended December 31, 2009. Operating income totaled $1.9 billion in 2010 and $2.2 billion in 2009. Operating income per share was $5.90 in 2010 and $6.14 in 2009.

     Average diluted shares outstanding were 321.6 million in 2010 and 353.0 million in 2009.

     Total net written premiums in 2010 increased 1% to $11.2 billion from $11.1 billion in 2009; excluding the effect of currency fluctuation, premiums were flat. Premiums were down 1% in the U.S. and up 9% outside the U.S. (up 3% in local currencies).

     The combined ratio in 2010 was 89.3%, compared to 86.0% in 2009. The impact of catastrophes accounted for 5.7 percentage points of the combined ratio in 2010 and 0.8 points in 2009. Excluding the impact of catastrophes, the combined ratio was 83.6% in 2010 and 85.2% in 2009. The expense ratio for the year was 31.2% in 2010 and 30.6% in 2009.

     Property and casualty investment income after taxes increased 1% to $1.3 billion.

     Net income for 2010 included net realized investment gains of $426 million before tax ($0.86 per share after-tax). Net income for 2009 reflected net realized investment gains of $23 million before tax ($0.04 per share after-tax).

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     During 2010, Chubb repurchased 37.7 million shares of its common stock at a total cost of $2.0 billion.

     Book value per share increased 11% to $52.24 at December 31, 2010 from $47.09 at 2009 year end.

     “Chubb’s excellent results in both the fourth quarter of 2010 and the full year continue to demonstrate our ability to generate superior financial results, even in a challenging economic and industry environment,” said John D. Finnegan, Chairman, President and Chief Executive Officer. “Particularly noteworthy were combined ratios that were below 90% in both periods and $1.9 billion of operating income in 2010.

     “Our long-standing strategy of focusing on underwriting discipline combined with best-in-class producer relationships, a strong balance sheet and a conservative investment philosophy have enabled us to generate a very attractive average annual return on equity of 16% over the past five years,” said Mr. Finnegan. “During this same period, we have also returned more than $10 billion of capital to our shareholders through share repurchases and dividends. Our objective is to continue to deliver top-tier results in the future, regardless of the market environment. We believe that Chubb’s unique franchise and our track record of successful execution will enable us to achieve this goal.”

Fourth Quarter Operations Review

     Chubb Personal Insurance (CPI) net written premiums increased 6% in the fourth quarter to $963 million. CPI’s combined ratio for the fourth quarter was 83.7% in 2010 and 80.7% in 2009. The impact of catastrophes on the combined ratio in the fourth quarter of 2010 was 1.0%. In the fourth quarter of 2009, the impact of catastrophes was negligible. Excluding the impact of catastrophes, the combined ratio for the fourth quarter was 82.7% in 2010 and 80.8% in 2009.

     Homeowners net written premiums were up 3%, and the combined ratio was 78.8%. Personal Automobile net written premiums increased 10%, and the combined ratio was 90.0%. Other Personal lines net written premiums were up 12%, and the combined ratio was 92.7%.

     Chubb Commercial Insurance (CCI) net written premiums for the fourth quarter were up 4% to $1.1 billion. The combined ratio for the quarter was 93.5% in 2010 and 89.9% in 2009. The fourth quarter impact of catastrophes was 2.5% in 2010 and negligible in 2009. Excluding the impact of catastrophes, the combined ratio for the quarter was 91.0% in 2010 and 89.8% in 2009.

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     Average fourth quarter renewal rates in the U.S. were down 1% for CCI, and renewal premium retention was 86%. In the U.S., the ratio of new to lost business was 1.3 to 1.

     Chubb Specialty Insurance (CSI) net written premiums were down 3% in the fourth quarter to $746 million. The combined ratio was 82.4%, compared to 84.1% in the fourth quarter of 2009.

     Professional Liability (PL) net written premiums declined 4%, and PL had a combined ratio of 88.7%. Average PL renewal rates in the U.S. were down 3% and renewal retention was 87%. The ratio of new to lost business in the U.S. was 1.1 to 1.

     Surety net written premiums were flat, and the combined ratio was 37.8%.

2010 Operations Review

     For the year ended December 31, 2010, Chubb Personal Insurance net written premiums increased 5% to $3.8 billion. CPI’s combined ratio was 91.5% in 2010 and 84.1% in 2009. The impact of catastrophes accounted for 10.2 percentage points of the combined ratio in 2010 and 0.9 points in 2009. Excluding the impact of catastrophes, the combined ratio was 81.3% in 2010 and 83.2% in 2009.

     Homeowners net written premiums increased 2%, and the combined ratio was 91.7%. Personal Automobile net written premiums were up 11%, and the combined ratio was 90.8%. Other Personal lines net written premiums increased 9%, and the combined ratio was 91.2%.

     Chubb Commercial Insurance net written premiums for 2010 were flat at $4.7 billion. The combined ratio was 92.3% in 2010 and 89.9% in 2009. The impact of catastrophes accounted for 5.4 percentage points of the combined ratio in 2010 and 1.2 points in 2009. Excluding the impact of catastrophes, the combined ratio was 86.9% in 2010 and 88.7% in 2009.

     Average 2010 renewal rates in the U.S. were flat for CCI, and renewal premium retention was 86%. In the U.S., the ratio of new to lost business was 1.2 to 1.

     Chubb Specialty Insurance net written premiums were flat at $2.7 billion. The combined ratio was 82.2% in 2010 and 84.1% in 2009.

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     Professional Liability had a 1% decline in net written premiums and a combined ratio of 87.8%. In the U.S., average 2010 renewal rates for PL were down 2%, renewal premium retention was 87% and the ratio of new to lost business was 1.0 to 1.

     Surety net written premiums increased 1%, and the combined ratio was 41.3%.

January 2011 Floods in Australia

     Chubb’s first quarter 2011 catastrophe losses will be impacted by flooding in Australia that has occurred in January, particularly in and around the city of Brisbane. Although it is still early in the loss estimation process and available information currently is limited, Chubb’s preliminary estimate of the losses from this flooding is in the range of $75 million to $100 million before tax.

2011 Operating Income Guidance

     Mr. Finnegan said that based on management’s current outlook, he expected Chubb to achieve 2011 operating income per share in the range of $5.35 to $5.75.

     The operating income guidance for 2011 assumes:

• Net written premiums that are flat to up 2%.

• Catastrophe losses that have an impact of 3.5 percentage points on the 2011 combined ratio, compared to 5.7 points of impact in 2010. The assumed impact of catastrophe losses in 2011 is based on Chubb’s long-term average annual catastrophe losses of 3 percentage points adjusted upward by 0.5 percentage points to take into account anticipated higher than usual catastrophe losses in the first quarter of 2011 resulting largely from the January floods in Australia.  The impact of each percentage point of catastrophe losses on 2011 operating income per share is approximately $0.25.

• A combined ratio between 91% and 93% for the year, based on combined ratios of 91% to 94% for CPI, 94% to 97% for CCI and 85% to 88% for CSI.

• A decline of 2% to 4% in property and casualty investment income after taxes.

• Approximately 291 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).

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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 27th, 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

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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

     Certain statements in this document 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 and include statements regarding Chubb’s first quarter 2011 losses from Australian floods and management’s 2011 operating income per share guidance and related assumptions. 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.

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THE CHUBB CORPORATION

SUPPLEMENTARY FINANCIAL DATA
(Unaudited)

	Periods Ended December 31
	Fourth Quarter						Twelve Months
	2010			2009			2010			2009
	(in millions)
PROPERTY AND CASUALTY INSURANCE
Underwriting
Net Premiums Written	$	2,853		$	2,783		$	11,236		$	11,077
Decrease (Increase) in Unearned Premiums		(17	)		58			(21	)		254
Premiums Earned		2,836			2,841			11,215			11,331
Losses and Loss Expenses		1,587			1,547			6,499			6,268
Operating Costs and Expenses		881			836			3,496			3,377
Decrease (Increase) in Deferred Policy Acquisition Costs		6			16			(30	)		27
Dividends to Policyholders		6			6			28			28
Underwriting Income		356			436			1,222			1,631
Investments
Investment Income Before Expenses		403			405			1,590			1,585
Investment Expenses		7			12			32			36
Investment Income		396			393			1,558			1,549
Other Income (Charges)		7			4			2			(3	)
Property and Casualty Income		759			833			2,782			3,177
CORPORATE AND OTHER		(60	)		(56	)		(220	)		(238	)
CONSOLIDATED OPERATING INCOME BEFORE INCOME TAX		699			777			2,562			2,939
Federal and Foreign Income Tax		180			208			665			771
CONSOLIDATED OPERATING INCOME		519			569			1,897			2,168
REALIZED INVESTMENT GAINS AFTER INCOME TAX		101			126			277			15
CONSOLIDATED NET INCOME	$	620		$	695		$	2,174		$	2,183
PROPERTY AND CASUALTY INVESTMENT INCOME AFTER INCOME TAX	$	320		$	317		$	1,261		$	1,252

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	Periods Ended December 31
	Fourth Quarter					Twelve Months
	2010			2009		2010			2009
OUTSTANDING SHARE DATA
(in millions)
Average Common and Potentially Dilutive Shares		307.4			343.1		321.6			353.0
Actual Common Shares at End of Period		297.3			332.0		297.3			332.0
DILUTED EARNINGS PER SHARE DATA
Operating Income	$	1.69		$	1.66	$	5.90		$	6.14
Realized Investment Gains		.33			.37		.86			.04
Net Income	$	2.02		$	2.03	$	6.76		$	6.18
Effect of Catastrophes	$	(.08	)	$	—	$	(1.28	)	$	(.17	)

	Dec. 31		Dec. 31
	2010		2009
BOOK VALUE PER COMMON SHARE	$	52.24	$	47.09
BOOK VALUE PER COMMON SHARE,
with Available-for-Sale Fixed Maturities at Amortized Cost		49.05		44.37

PROPERTY AND CASUALTY UNDERWRITING RATIOS
PERIODS ENDED DECEMBER 31

	Fourth Quarter						Twelve Months
	2010			2009			2010			2009
Losses and Loss Expenses to Premiums Earned		56.1	%		54.6	%		58.1	%		55.4	%
Underwriting Expenses to Premiums Written		30.9			30.1			31.2			30.6
Combined Loss and Expense Ratio		87.0	%		84.7	%		89.3	%		86.0	%
Effect of Catastrophes on Combined Loss and Expense Ratio		1.4	%		—	%		5.7	%		.8	%

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

	Fourth Quarter						Twelve Months
	2010			2009			2010		2009
	(in millions)
Paid Losses and Loss Expenses	$	1,655		$	1,591		$	6,354	$	6,006
Increase (Decrease) in Unpaid Losses and Loss Expenses		(68	)		(44	)		145		262
Total Losses and Loss Expenses	$	1,587		$	1,547		$	6,499	$	6,268

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PROPERTY AND CASUALTY PRODUCT MIX

	Net Premiums Written							Combined Loss and
					% Increase			Expense Ratios
	2010		2009		(Decrease)			2010			2009
	(in millions)
TWELVE MONTHS ENDED DECEMBER 31
Personal Insurance
Automobile	$	638	$	577		11	%		90.8	%		90.4	%
Homeowners		2,382		2,339		2			91.7			80.4
Other		805		741		9			91.2			90.8
Total Personal		3,825		3,657		5			91.5			84.1
Commercial Insurance
Multiple Peril		1,094		1,121		(2	)		94.7			85.8
Casualty		1,532		1,514		1			91.7			96.7
Workers’ Compensation		756		761		(1	)		93.4			92.7
Property and Marine		1,294		1,264		2			90.5			83.3
Total Commercial		4,676		4,660		—			92.3			89.9
Specialty Insurance
Professional Liability		2,398		2,413		(1	)		87.8			90.1
Surety		329		326		1			41.3			37.4
Total Specialty		2,727		2,739		—			82.2			84.1
Total Insurance		11,228		11,056		2			89.5			86.5
Reinsurance Assumed		8		21		(62	)		*			*
Total	$	11,236	$	11,077		1			89.3			86.0
QUARTERS ENDED DECEMBER 31
Personal Insurance
Automobile	$	164	$	149		10	%		90.0	%		94.2	%
Homeowners		587		568		3			78.8			75.8
Other		212		190		12			92.7			85.5
Total Personal		963		907		6			83.7			80.7
Commercial Insurance
Multiple Peril		277		286		(3	)		87.2			86.9
Casualty		370		353		5			92.8			97.9
Workers’ Compensation		170		151		13			97.3			97.1
Property and Marine		325		311		5			97.5			78.5
Total Commercial		1,142		1,101		4			93.5			89.9
Specialty Insurance
Professional Liability		663		688		(4	)		88.7			89.5
Surety		83		83		—			37.8			40.5
Total Specialty		746		771		(3	)		82.4			84.1
Total Insurance		2,851		2,779		3			87.3			85.2
Reinsurance Assumed		2		4		(50	)		*			*
Total	$	2,853	$	2,783		3			87.0			84.7

* 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, 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
DECEMBER 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 — 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)

	2010						2009
				% of Total						% of Total
Invested Assets (at carrying value)
Short Term Investments	$	1,905			4	%	$	1,918			5	%
Fixed Maturities
Tax Exempt		19,774			47			19,587			47
Taxable		16,745			40			16,991			40
Equity Securities		1,550			4			1,433			3
Other Invested Assets		2,239			5			2,075			5
Total Invested Assets	$	42,213			100	%	$	42,004			100	%
Unrealized Appreciation of Investments
Fixed Maturities	$	1,458					$	1,388
Equity Securities		265						218
		1,723						1,606
Deferred Income Tax Liability		603						562
	$	1,120					$	1,044
Capitalization
Long Term Debt	$	3,975					$	3,975
Shareholders’ Equity		15,530						15,634
Total Capitalization	$	19,505					$	19,609
Debt as a Percentage of Total Capitalization		20.4	%					20.3	%
Actual Common Shares Outstanding		297.3						332.0
Book Value Per Common Share	$	52.24					$	47.09
Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost	$	49.05					$	44.37

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
	2010		2010		to December 31, 2010
Cost of Shares Repurchased		$473		$2,008		$7,960
Average Cost Per Share		$58.28		$53.31		$50.86
Shares Repurchased		8,111,960		37,667,829		156,507,704

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 December 2006. In December 2007, 2008 and 2009 the Board of Directors authorized the repurchase of up to 28,000,000 shares, 20,000,000 shares and 25,000,000 shares, respectively, 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. No shares remain under these share repurchase authorizations.

In December 2010, the Board of Directors authorized the repurchase of up to 30,000,000 shares of the Corporation’s common stock. The authorization has no expiration date. As of December 31, 2010, 28,492,296 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)
	2010		2009		2010		2009
	(in millions)
Short Term Investments	$	817	$	1,017	$	817	$	1,017
Taxable Fixed Maturities		1,154		1,286		1,197		1,327
Equity Securities		205		205		171		202
Other Invested Assets		23		25		23		25
TOTAL	$	2,199	$	2,533	$	2,208	$	2,571

PROPERTY AND CASUALTY

	Cost or				Carrying
	Amortized Cost				Value (a)
	2010		2009		2010		2009
	(in millions)
Short Term Investments	$	1,088	$	901	$	1,088	$	901
Fixed Maturities
Tax Exempt		19,072		18,720		19,774		19,587
Taxable		14,835		15,184		15,548		15,664
Equity Securities		1,080		1,010		1,379		1,231
Other Invested Assets		2,216		2,050		2,216		2,050
TOTAL	$	38,291	$	37,865	$	40,005	$	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 December 31
	Fourth Quarter						Twelve Months
	2010			2009			2010			2009
	(in millions)
CORPORATE INVESTMENT INCOME	$	9		$	13		$	47		$	40
PROPERTY AND CASUALTY INVESTMENT INCOME
Tax Exempt Interest	$	192		$	192		$	761		$	755
Taxable Interest		118			119			469			465
Other		15			13			52			55
Investment Expenses		(5	)		(7	)		(21	)		(23	)
TOTAL	$	320		$	317		$	1,261		$	1,252
Effective Tax Rate		19.2	%		19.3	%		19.1	%		19.2	%
After-Tax Annualized Yield		3.33	%		3.34	%		3.29	%		3.39	%

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

	2010		2009		2008
	(in millions)
Estimated Statutory Policyholders’ Surplus	$	14,500	$	14,526	$	12,281
Rolling Year Statutory Net Premiums Written	$	11,262	$	11,074	$	11,759
Ratio of Statutory Net Premiums Written to Policyholders’ Surplus		0.78:1		0.76:1		0.96:1

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, 2010

											All Other
	Net Unpaid Losses							IBNR			Unpaid Losses
					Increase			Increase			Increase
	12/31/10		12/31/09		(Decrease)			(Decrease)			(Decrease)
					(in millions)
Personal Insurance
Automobile	$	395	$	400	$	(5	)	$	(32	)	$	27
Homeowners		692		665		27			40			(13	)
Other		877		872		5			8			(3	)
Total Personal		1,964		1,937		27			16			11
Commercial Insurance
Multiple Peril		1,705		1,615		90			41			49
Casualty		6,141		5,988		153			222			(69	)
Workers’ Compensation		2,234		2,138		96			90			6
Property and Marine		819		758		61			57			4
Total Commercial		10,899		10,499		400			410			(10	)
Specialty Insurance
Professional Liability		7,388		7,552		(164	)		(78	)		(86	)
Surety		58		58		—			2			(2	)
Total Specialty		7,446		7,610		(164	)		(76	)		(88	)
Total Insurance		20,309		20,046		263			350			(87	)
Reinsurance Assumed		592		740		(148	)		(105	)		(43	)
Total	$	20,901	$	20,786	$	115		$	245		$	(130	)

Page 5 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 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	$	638		$	577		$	2,382		$	2,339		$	805		$	741		$	3,825		$	3,657
Decrease (Increase) in Unearned Premiums		(22	)		2			(14	)		35			(21	)		(2	)		(57	)		35
Net Premiums Earned		616			579			2,368			2,374			784			739			3,768			3,692
Net Losses Paid		384			352			1,361			1,195			439			393			2,184			1,940
Increase (Decrease) in Outstanding Losses		(8	)		3			25			(64	)		9			44			26			(17	)
Net Losses Incurred		376			355			1,386			1,131			448			437			2,210			1,923
Expenses Incurred		190			168			791			766			274			235			1,255			1,169
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income	$	50		$	56		$	191		$	477		$	62		$	67		$	303		$	600
Ratios After Dividends to Policyholders:
Loss		61.0	%		61.3	%		58.5	%		47.6	%		57.2	%		59.1	%		58.7	%		52.1	%
Expense		29.8			29.1			33.2			32.8			34.0			31.7			32.8			32.0
Combined		90.8	%		90.4	%		91.7	%		80.4	%		91.2	%		90.8	%		91.5	%		84.1	%
Premiums Written as a % of Total		5.7	%		5.2	%		21.2	%		21.1	%		7.1	%		6.7	%		34.0	%		33.0	%

Page 6 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 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	$	1,094		$	1,121		$	1,532		$	1,514		$	756		$	761		$	1,294		$	1,264		$	4,676		$	4,660
Decrease (Increase) in Unearned Premiums		19			32			(9	)		55			(20	)		25			(19	)		(10	)		(29	)		102
Net Premiums Earned		1,113			1,153			1,523			1,569			736			786			1,275			1,254			4,647			4,762
Net Losses Paid		555			566			791			834			386			375			657			710			2,389			2,485
Increase (Decrease) in Outstanding Losses		89			8			162			231			102			145			65			(96	)		418			288
Net Losses Incurred		644			574			953			1,065			488			520			722			614			2,807			2,773
Expenses Incurred		403			404			446			437			184			182			438			434			1,471			1,457
Dividends Incurred		—			—			—			—			22			22			—			—			22			22
Statutory Underwriting Income	$	66		$	175		$	124		$	67		$	42		$	62		$	115		$	206		$	347		$	510
Ratios After Dividends to Policyholders:
Loss		57.9	%		49.8	%		62.6	%		67.9	%		68.3	%		68.1	%		56.6	%		49.0	%		60.7	%		58.5	%
Expense		36.8			36.0			29.1			28.8			25.1			24.6			33.9			34.3			31.6			31.4
Combined		94.7	%		85.8	%		91.7	%		96.7	%		93.4	%		92.7	%		90.5	%		83.3	%		92.3	%		89.9	%
Premiums Written as a % of Total		9.8	%		10.1	%		13.6	%		13.7	%		6.7	%		6.9	%		11.5	%		11.4	%		41.6	%		42.1	%

Page 7 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2010 AND 2009
(DOLLARS IN MILLIONS)

	Professional												Total
	Liability						Surety						Specialty
	2010			2009			2010			2009			2010			2009
Net Premiums Written	$	2,398		$	2,413		$	329		$	326		$	2,727		$	2,739
Decrease (Increase) in Unearned Premiums		50			85			10			5			60			90
Net Premiums Earned		2,448			2,498			339			331			2,787			2,829
Net Losses Paid		1,635			1,410			19			21			1,654			1,431
Increase (Decrease) in Outstanding Losses		(151	)		184			—			(9	)		(151	)		175
Net Losses Incurred		1,484			1,594			19			12			1,503			1,606
Expenses Incurred		651			635			115			108			766			743
Dividends Incurred		—			—			6			6			6			6
Statutory Underwriting Income	$	313		$	269		$	199		$	205		$	512		$	474
Ratios After Dividends to Policyholders:
Loss		60.6	%		63.8	%		5.7	%		3.7	%		54.0	%		56.9	%
Expense		27.2			26.3			35.6			33.7			28.2			27.2
Combined		87.8	%		90.1	%		41.3	%		37.4	%		82.2	%		84.1	%
Premiums Written as a % of Total		21.4	%		21.8	%		2.9	%		2.9	%		24.3	%		24.7	%

Page 8 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2010 AND 2009
(DOLLARS IN MILLIONS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2010			2009			2010			2009			2010			2009
Net Premiums Written	$	11,228		$	11,056		$	8		$	21		$	11,236		$	11,077
Decrease (Increase) in Unearned Premiums		(26	)		227			5			27			(21	)		254
Net Premiums Earned		11,202			11,283			13			48			11,215			11,331
Net Losses Paid		6,227			5,856			127			150			6,354			6,006
Increase (Decrease) in Outstanding Losses		293			446			(148	)		(184	)		145			262
Net Losses Incurred		6,520			6,302			(21	)		(34	)		6,499			6,268
Expenses Incurred		3,492			3,369			4			8			3,496			3,377
Dividends Incurred		28			28			—			—			28			28
Statutory Underwriting Income	$	1,162		$	1,584		$	30		$	74			1,192			1,658
Increase (Decrease) in Deferred Acquisition Costs														30			(27	)
GAAP Underwriting Income													$	1,222		$	1,631
Ratios After Dividends to Policyholders:
Loss		58.3	%		56.0	%		*	%		*	%		58.1	%		55.4	%
Expense		31.2			30.5			*			*			31.2			30.6
Combined		89.5	%		86.5	%		*	%		*	%		89.3	%		86.0	%
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 TWELVE MONTHS ENDED DECEMBER 31, 2010 AND 2009
(DOLLARS IN MILLIONS)

							Outside
							the						Worldwide
	United States						United States						Total
	2010			2009			2010			2009			2010			2009
Net Premiums Written	$	8,289		$	8,383		$	2,947		$	2,694		$	11,236		$	11,077
Decrease (Increase) in Unearned Premiums		44			300			(65	)		(46	)		(21	)		254
Net Premiums Earned		8,333			8,683			2,882			2,648			11,215			11,331
Net Losses Paid		5,006			4,834			1,348			1,172			6,354			6,006
Increase (Decrease) in Outstanding Losses		120			24			25			238			145			262
Net Losses Incurred		5,126			4,858			1,373			1,410			6,499			6,268
Expenses Incurred		2,446			2,437			1,050			940			3,496			3,377
Dividends Incurred		28			28			—			—			28			28
Statutory Underwriting Income	$	733		$	1,360		$	459		$	298			1,192			1,658
Increase (Decrease) in Deferred Acquisition Costs														30			(27	)
GAAP Underwriting Income													$	1,222		$	1,631
Ratios After Dividends to Policyholders:
Loss		61.7	%		56.1	%		47.6	%		53.2	%		58.1	%		55.4	%
Expense		29.6			29.2			35.6			34.9			31.2			30.6
Combined		91.3	%		85.3	%		83.2	%		88.1	%		89.3	%		86.0	%
Premiums Written as a % of Total		73.8	%		75.7	%		26.2	%		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, 2010 AND 2009
(DOLLARS IN MILLIONS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2010			2009			2010			2009			2010			2009			2010			2009
Net Premiums Written	$	164		$	149		$	587		$	568		$	212		$	190		$	963		$	907
Decrease (Increase) in Unearned Premiums		(6	)		1			10			27			1			3			5			31
Net Premiums Earned		158			150			597			595			213			193			968			938
Net Losses Paid		103			96			295			266			108			110			506			472
Increase (Decrease) in Outstanding Losses		(7	)		1			(26	)		(11	)		13			(6	)		(20	)		(16	)
Net Losses Incurred		96			97			269			255			121			104			486			456
Expenses Incurred		48			44			198			187			76			60			322			291
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income	$	14		$	9		$	130		$	153		$	16		$	29		$	160		$	191
Ratios After Dividends to Policyholders:
Loss		60.7	%		64.7	%		45.1	%		42.9	%		56.8	%		53.9	%		50.2	%		48.6	%
Expense		29.3			29.5			33.7			32.9			35.9			31.6			33.5			32.1
Combined		90.0	%		94.2	%		78.8	%		75.8	%		92.7	%		85.5	%		83.7	%		80.7	%
Premiums Written as a % of Total		5.8	%		5.4	%		20.6	%		20.4	%		7.4	%		6.8	%		33.8	%		32.6	%

Page 11 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 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	$	277		$	286		$	370		$	353		$	170		$	151		$	325		$	311		$	1,142		$	1,101
Decrease (Increase) in Unearned Premiums		3			(1	)		9			34			16			32			2			11			30			76
Net Premiums Earned		280			285			379			387			186			183			327			322			1,172			1,177
Net Losses Paid		148			157			207			229			95			95			191			183			641			664
Increase (Decrease) in Outstanding Losses		(5	)		(7	)		29			36			34			29			22			(38	)		80			20
Net Losses Incurred		143			150			236			265			129			124			213			145			721			684
Expenses Incurred		100			98			113			104			43			40			105			104			361			346
Dividends Incurred		—			—			—			—			5			5			—			—			5			5
Statutory Underwriting Income	$	37		$	37		$	30		$	18		$	9		$	14		$	9		$	73		$	85		$	142
Ratios After Dividends to Policyholders:
Loss		51.1	%		52.6	%		62.3	%		68.5	%		71.3	%		69.7	%		65.2	%		45.0	%		61.8	%		58.3	%
Expense		36.1			34.3			30.5			29.4			26.0			27.4			32.3			33.5			31.7			31.6
Combined		87.2	%		86.9	%		92.8	%		97.9	%		97.3	%		97.1	%		97.5	%		78.5	%		93.5	%		89.9	%
Premiums Written as a % of Total		9.7	%		10.3	%		13.0	%		12.7	%		5.9	%		5.4	%		11.4	%		11.2	%		40.0	%		39.6	%

Page 12 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2010 AND 2009
(DOLLARS IN MILLIONS)

	Professional												Total
	Liability						Surety						Specialty
	2010			2009			2010			2009			2010			2009
Net Premiums Written	$	663		$	688		$	83		$	83		$	746		$	771
Decrease (Increase) in Unearned Premiums		(54	)		(49	)		2			(3	)		(52	)		(52	)
Net Premiums Earned		609			639			85			80			694			719
Net Losses Paid		470			412			5			7			475			419
Increase (Decrease) in Outstanding Losses		(85	)		2			(3	)		(2	)		(88	)		—
Net Losses Incurred		385			414			2			5			387			419
Expenses Incurred		169			170			29			28			198			198
Dividends Incurred		—			—			1			1			1			1
Statutory Underwriting Income	$	55		$	55		$	53		$	46		$	108		$	101
Ratios After Dividends to Policyholders:
Loss		63.2	%		64.8	%		2.4	%		6.3	%		55.8	%		58.4	%
Expense		25.5			24.7			35.4			34.2			26.6			25.7
Combined		88.7	%		89.5	%		37.8	%		40.5	%		82.4	%		84.1	%
Premiums Written as a % of Total		23.2	%		24.7	%		2.9	%		3.0	%		26.1	%		27.7	%

Page 13 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2010 AND 2009
(DOLLARS IN MILLIONS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2010			2009			2010			2009			2010			2009
Net Premiums Written	$	2,851		$	2,779		$	2		$	4		$	2,853		$	2,783
Decrease (Increase) in Unearned Premiums		(17	)		55			—			3			(17	)		58
Net Premiums Earned		2,834			2,834			2			7			2,836			2,841
Net Losses Paid		1,622			1,555			33			36			1,655			1,591
Increase (Decrease) in Outstanding Losses		(28	)		4			(40	)		(48	)		(68	)		(44	)
Net Losses Incurred		1,594			1,559			(7	)		(12	)		1,587			1,547
Expenses Incurred		881			835			—			1			881			836
Dividends Incurred		6			6			—			—			6			6
Statutory Underwriting Income	$	353		$	434		$	9		$	18			362			452
Decrease in Deferred Acquisition Costs														(6	)		(16	)
GAAP Underwriting Income													$	356		$	436
Ratios After Dividends to Policyholders:
Loss		56.3	%		55.1	%		*	%		*	%		56.1	%		54.6	%
Expense		31.0			30.1			*			*			30.9			30.1
Combined		87.3	%		85.2	%		*	%		*	%		87.0	%		84.7	%
Premiums Written as a % of Total		99.9	%		99.9	%		0.1	%		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 DECEMBER 31, 2010 AND 2009
(DOLLARS IN MILLIONS)

							Outside
							the						Worldwide
	United States						United States						Total
	2010			2009			2010			2009			2010			2009
Net Premiums Written	$	2,060		$	2,026		$	793		$	757		$	2,853		$	2,783
Decrease (Increase) in Unearned Premiums		23			93			(40	)		(35	)		(17	)		58
Net Premiums Earned		2,083			2,119			753			722			2,836			2,841
Net Losses Paid		1,284			1,231			371			360			1,655			1,591
Increase (Decrease) in Outstanding Losses		(62	)		(36	)		(6	)		(8	)		(68	)		(44	)
Net Losses Incurred		1,222			1,195			365			352			1,587			1,547
Expenses Incurred		598			588			283			248			881			836
Dividends Incurred		6			6			—			—			6			6
Statutory Underwriting Income	$	257		$	330		$	105		$	122			362			452
Decrease in Deferred Acquisition Costs														(6	)		(16	)
GAAP Underwriting Income													$	356		$	436
Ratios After Dividends to Policyholders:
Loss		58.8	%		56.6	%		48.5	%		48.8	%		56.1	%		54.6	%
Expense		29.1			29.1			35.7			32.8			30.9			30.1
Combined		87.9	%		85.7	%		84.2	%		81.6	%		87.0	%		84.7	%
Premiums Written as a % of Total		72.2	%		72.8	%		27.8	%		27.2	%		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
	2010			2009			2010			2009
	(dollars in millions)
Annualized Net Income	$	2,480		$	2,780		$	2,174		$	2,183
Average Shareholders’ Equity	$	15,755		$	15,576		$	15,683		$	14,578
Return on Equity		15.7	%		17.8	%		13.9	%		15.0	%
Annualized Operating Income	$	2,076		$	2,276		$	1,897		$	2,168
Average Shareholders’ Equity Excluding
Unrealized Appreciation or Depreciation	$	14,359		$	14,480		$	14,443		$	14,065
Operating Return on Equity		14.5	%		15.7	%		13.1	%		15.4	%

Page 17 of 17

EX-99.3

Exhibit 99.3

The Chubb Corporation 2010 Update on Asbestos Reserves Date of release 01/27/2011

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 27, 2011 or as otherwise specified in the materials. 2010AsbestosSlides12711

Contents Purpose of Updated Review Conclusions Evaluation Methodology Exposure Analysis Asbestos Payments and Reserves Three Year Reserve Comparison Summary 2010AsbestosSlides12711

Purpose of Review Reassess Chubb's ultimate liability regarding asbestos exposures using an internal analysis, reviewed 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 requested by investors and rating agencies 2010AsbestosSlides12711

Conclusions Our 2010 analysis of asbestos liabilities concluded current net reserves are adequate The carried net reserve of $631M at 12/31/10 represents Chubb's best estimate of our ultimate asbestos liability This amount contemplates approximately a 4% reinsurance recoverable Net payments for asbestos liabilities in 2010 were $58M Reserves at 12/31/10 calculate to a 3 year survival ratio of 11.7 2010AsbestosSlides12711

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 2010AsbestosSlides12711

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. 2010AsbestosSlides12711

Asbestos Payments & Reserves by Category # $ $ Traditional Defendants Tier 1 2 - 33 Traditional Defendants Tier 2 14 9 120 Peripheral Defendants Tiers 3 & 4 354 46 331 All Other 3 22 Reserves for future claims from unknown policyholders TBD - 125 ____ ____ ____ Total 370 58 631 No. of Open Total Net Net Asbestos Policyholders Paid Reserves At 12/31/10 In 2010 At 12/31/10 ($ in millions) 2010AsbestosSlides12711

Asbestos Payments & Reserves by Category Total net asbestos reserves: $631M Case reserves of $272M Established by Claim Department on known claims IBNR reserves of $359M 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 2010AsbestosSlides12711

Asbestos Net Loss Reserve Comparison ($ in Millions) 2010 2008 Beginning Reserves $793 Incurred Losses & LAE 0 0 CY Payments for Losses (28) (36) CY Payments for LAE (18) (22) Ending Reserves $747 $631 IBNR portion of Ending Reserves $436 $359 2009 $747 0 (38) (20) $689 $378 2010AsbestosSlides12711 $689

Summary Chubb's asbestos net reserves of $631M at 12/31/10 are based on our 2010 analysis of our ultimate asbestos liabilities This reserve represents Chubb's best estimate of our ultimate asbestos liability as of 12/31/10 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 4% of the gross reserve 2010AsbestosSlides12711