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 19, 2012

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):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

Press release dated April 19, 2012 (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.

The following information, including the text of the exhibits attached hereto, is furnished pursuant to this Item 2.02 of Form 8-K. On April 19, 2012, The Chubb Corporation (Chubb) issued a press release announcing its results for the quarter ended March 31, 2012. On April 19, 2012, Chubb also posted on its web site at www.chubb.com the Supplementary Investor Information Report (SIIR) relating to its 2012 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 furnished as Exhibits 99.1 and 99.2, respectively, to this Form 8-K. In its press release, the SIIR and the conference call to discuss its 2012 first quarter results, scheduled to be webcast at 5:00 P.M. on April 19, 2012, 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 April 19, 2012 (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 19, 2012	By:	/s/ John J. Kennedy
		Name: John J. Kennedy
		Title:   Senior Vice President and Chief Accounting Officer

EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K

DATED APRIL 19, 2012

Exhibit No.	Description
99.1	Press release dated April 19, 2012 (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 $1.83;

Operating Income per Share Is $1.70;

Combined Ratio Is 90.2%

WARREN, New Jersey, April 19, 2012 — The Chubb Corporation [NYSE: CB] today reported that net income in the first quarter of 2012 was $506 million, compared to $509 million in the first quarter of 2011. Net income per share increased 8% to $1.83 from $1.70 per share.

Average diluted shares outstanding for the first quarter were 276.2 million in 2012 and 300.0 million in 2011.

Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, was $469 million in the first quarter of 2012 and $405 million in the first quarter of 2011. First quarter operating income per share increased 26% to $1.70 in 2012 from $1.35 in 2011.

The first quarter combined loss and expense ratio was 90.2% in 2012 and 93.7% in 2011. The impact of catastrophes on the first quarter combined ratio was 0.8 percentage points in 2012 and 9.5 points in 2011. Excluding the impact of catastrophes, the first quarter combined ratio was 89.4% in 2012 and 84.2% in 2011. The expense ratio for the first quarter was 32.2% in 2012 and 31.7% in 2011.

Net written premiums for the first quarter increased 3% to $2.9 billion. Excluding the effect of foreign currency translation, premiums were up approximately 4%. Premiums were up 5% in the U.S. and down 1% outside the U.S. (up 2% in local currencies).

Property and casualty investment income after taxes for the first quarter was $308 million in 2012, compared to $310 million in 2011.

2

Net income for the first quarter of 2012 reflected net realized investment gains of $56 million pre-tax ($0.13 per share after-tax). Net income for the first quarter of 2011 reflected net realized investment gains of $160 million pre-tax ($0.35 per share after-tax), related mostly to the company’s alternative investments.

“Chubb is off to a strong start in 2012,” said John D. Finnegan, Chairman, President and Chief Executive Officer of Chubb. “We produced excellent results in the first quarter, with operating income per share of $1.70 and a combined ratio of 90.2%. We are especially encouraged by the momentum of renewal rate increases we experienced during the quarter in both standard commercial and specialty lines, as well as the continued rate improvement in personal lines.”

During the first quarter of 2012, Chubb repurchased approximately 4.4 million shares of its common stock at a total cost of $301 million (an average of $68.44 per share). As of March 31, 2012, there was $963 million available for share repurchases under the current authorization.

Book value per share was $57.37 at March 31, 2012, compared to $52.33 at March 31, 2011 and $56.15 at December 31, 2011. The book value amounts reflect the effect of the company’s adoption of new guidance related to accounting for costs associated with acquiring or renewing insurance contracts. This guidance was retrospectively applied to prior periods.

First Quarter Operations Review

Chubb Personal Insurance (CPI) net written premiums increased 5% in the first quarter to $940 million. CPI’s combined ratio for the quarter was 85.5%, compared to 93.8% in the first quarter of 2011. The first-quarter impact of catastrophes accounted for 1.2 percentage points in 2012, compared to 7.8 points in 2011. Excluding the impact of catastrophes, CPI’s first quarter combined ratio was 84.3% in 2012 and 86.0% in 2011.

Net written premiums for Homeowners increased 4%, and the combined ratio was 80.1%. The impact of catastrophes in the first quarter accounted for 1.9 percentage points of the Homeowners combined ratio. Excluding the impact of catastrophes, the combined ratio for Homeowners was 78.2%. Personal Automobile premiums increased 1%, and the combined ratio was 91.3%. For Other Personal lines, premiums increased 11% and the combined ratio was 97.3%.

3

Chubb Commercial Insurance (CCI) net written premiums increased 6% in the first quarter to $1.4 billion. The combined ratio for the quarter was 93.3% in 2012 and 100.7% in 2011. The impact of catastrophes in the first quarter accounted for 0.9 percentage points of the combined ratio in 2012, compared to 16.2 points in 2011. Excluding the impact of catastrophes, CCI’s first quarter combined ratio was 92.4% in 2012 and 84.5% in 2011.

In the United States, average first quarter CCI renewal rates increased 8%, renewal premium retention was 83% and the ratio of new to lost business was 0.9 to 1.

Chubb Specialty Insurance (CSI) net written premiums declined 6% in the first quarter to $602 million. The combined ratio for CSI was 93.6%, compared to 82.4% in the first quarter of 2011.

Professional Liability (PL) net written premiums were down 2%, and the combined ratio was 98.5%. Average first quarter renewal rates for PL in the U.S. increased 4%, renewal premium retention was 85% and the ratio of new to lost business was 0.8 to 1.

Surety net written premiums were down 27%, and the combined ratio was 56.3%.

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 19th, 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.

4

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, certain 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 results 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 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 may 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). These forward-looking statements are made pursuant to the safe harbor provisions of the PSLRA. Forward-looking statements frequently can be identified by words such as “believe,” “expect,” “anticipate,” “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; and

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

• the availability and cost of reinsurance coverage;

7

• the occurrence of significant weather-related or other natural or human-made disasters, particularly in locations where we have concentrations of risk;

• 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:

— 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, regulatory and similar developments on our business, including those relating to terrorism, catastrophes, the financial markets, solvency standards, capital requirements and accounting guidance;

• 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)

	Three Months Ended
	March 31
	2012			2011
	(in millions)
PROPERTY AND CASUALTY INSURANCE
Underwriting
Net Premiums Written	$	2,949		$	2,859
Decrease (Increase) in Unearned Premiums		2			(5	)
Premiums Earned		2,951			2,854
Losses and Loss Expenses		1,707			1,765
Operating Costs and Expenses		947			904
Increase in Deferred Policy Acquisition Costs		(14	)		(25	)
Dividends to Policyholders		8			8
Underwriting Income		303			202
Investments
Investment Income Before Expenses		391			391
Investment Expenses		11			10
Investment Income		380			381
Other Income (Charges)		(1	)		5
Property and Casualty Income		682			588
CORPORATE AND OTHER		(59	)		(63	)
CONSOLIDATED OPERATING INCOME BEFORE INCOME TAX		623			525
Federal and Foreign Income Tax		154			120
CONSOLIDATED OPERATING INCOME		469			405
REALIZED INVESTMENT GAINS AFTER INCOME TAX		37			104
CONSOLIDATED NET INCOME	$	506		$	509
PROPERTY AND CASUALTY INVESTMENT INCOME AFTER INCOME TAX	$	308		$	310

9

	Three Months Ended
	March 31
	2012			2011
OUTSTANDING SHARE DATA
(in millions)
Average Common and Potentially Dilutive Shares		276.2			300.0
Actual Common Shares at End of Period		270.0			292.5
DILUTED EARNINGS PER SHARE DATA
Operating Income	$	1.70		$	1.35
Realized Investment Gains		.13			.35
Net Income	$	1.83		$	1.70
Effect of Catastrophes	$	(.06	)	$	(.59	)

	Mar. 31 2012		Dec. 31 2011		Mar. 31 2011
			(Restated)		(Restated)
BOOK VALUE PER COMMON SHARE	$	57.37	$	56.15	$	52.33
BOOK VALUE PER COMMON SHARE,
with Available-for-Sale Fixed Maturities at Amortized Cost		51.58		50.37		49.48

Book value per common share at December 31, 2011 and March 31, 2011 has been restated to reflect the adoption of new guidance issued by the Financial Accounting Standards Board related to the accounting for costs associated with acquiring or renewing insurance contracts. The adoption of this guidance decreased shareholders’ equity by $273 million as of December 31, 2011 and March 31, 2011. The effect of the adoption of the new guidance on net income for the three months ended March 31, 2012 and March 31, 2011 was not material.

PROPERTY AND CASUALTY UNDERWRITING RATIOS

THREE MONTHS ENDED MARCH 31

	2012			2011
Losses and Loss Expenses to Premiums Earned		58.0	%		62.0	%
Underwriting Expenses to Premiums Written		32.2			31.7
Combined Loss and Expense Ratio		90.2	%		93.7	%
Effect of Catastrophes on Combined Loss and Expense Ratio		0.8	%		9.5	%

PROPERTY AND CASUALTY LOSSES AND LOSS EXPENSES COMPONENTS

THREE MONTHS ENDED MARCH 31

	2012		2011
	(in millions)
Paid Losses and Loss Expenses	$	1,651	$	1,467
Increase in Unpaid Losses and Loss Expenses		56		298
Total Losses and Loss Expenses	$	1,707	$	1,765

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PROPERTY AND CASUALTY PRODUCT MIX

THREE MONTHS ENDED MARCH 31

	Net Premiums Written							Combined Loss and
					% Increase			Expense Ratios
	2012		2011		(Decrease)			2012			2011
	(in millions)
Personal Insurance
Automobile	$	164	$	162		1	%		91.3	%		92.8	%
Homeowners		555		533		4			80.1			94.8
Other		221		199		11			97.3			92.2
Total Personal		940		894		5			85.5			93.8
Commercial Insurance
Multiple Peril		261		267		(2	)		93.2			105.9
Casualty		450		436		3			93.7			83.5
Workers’ Compensation		298		243		23			95.2			89.5
Property and Marine		396		380		4			93.6			125.1
Total Commercial		1,405		1,326		6			93.3			100.7
Specialty Insurance
Professional Liability		538		551		(2	)		98.5			86.8
Surety		64		88		(27	)		56.3			50.5
Total Specialty		602		639		(6	)		93.6			82.4
Total Insurance		2,947		2,859		3			90.6			93.9
Reinsurance Assumed		2		—		*			*			*
Total	$	2,949	$	2,859		3			90.2			93.7

* The change in net premiums written and the combined loss and expense ratios are no longer presented for Reinsurance Assumed since this business is in runoff.

EX-99.2

Exhibit 99.2

The	Supplementary	March 31, 2012
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

Adoption of New Accounting Pronouncement

Shareholders’ equity and book value per common share at December 31, 2011 and March 31, 2011 and return on equity and operating return on equity for the three months ended March 31, 2011 have been restated to reflect the adoption of new guidance issued by the Financial Accounting Standards Board related to the accounting for costs associated with acquiring or renewing insurance contracts. The adoption of this guidance decreased shareholders’ equity by $273 million as of December 31, 2010 and 2011 and each of the quarter-end balances within 2011. The effect of the adoption of the new guidance on net income for the three months ended March 31, 2012 and March 31, 2011 was not material.

(i)

THE CHUBB CORPORATION

SUPPLEMENTARY INVESTOR INFORMATION

TABLE OF CONTENTS

MARCH 31, 2012

	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 2012						Dec. 31 2011
				% of Total						% of Total
							(Restated)
Invested Assets (at carrying value)
Short Term Investments	$	1,772			4	%	$	1,893			4	%
Fixed Maturities
Tax Exempt		20,032			47			20,211			47
Taxable		17,293			40			16,973			40
Equity Securities		1,620			4			1,512			4
Other Invested Assets		2,139			5			2,180			5
Total Invested Assets	$	42,856			100	%	$	42,769			100	%
Unrealized Appreciation of Investments
Fixed Maturities	$	2,405					$	2,422
Equity Securities		350						248
		2,755						2,670
Deferred Income Tax Liability		964						934
	$	1,791					$	1,736
Capitalization
Long Term Debt	$	3,575					$	3,575
Shareholders’ Equity		15,490						15,301
Total Capitalization	$	19,065					$	18,876
Debt as a Percentage of Total Capitalization		18.8	%					18.9	%
Actual Common Shares Outstanding		270.0						272.5
Book Value Per Common Share	$	57.37					$	56.15
Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost	$	51.58					$	50.37

Page 1 of 12

THE CHUBB CORPORATION

SHARE REPURCHASE ACTIVITY

(dollars in millions, except per share amounts)

	Three Months Ended March 31, 2012		From December 2005 to March 31, 2012
Cost of Shares Repurchased		$301		$9,979
Average Cost Per Share		$68.44		$52.94
Shares Repurchased		4,391,046		188,481,639

During the period from December 2005 through December 2010, under several share repurchase authorizations the Board of Directors authorized the repurchases of a total of 185 million shares of the Corporation's common stock. No shares remain under these repurchase authorizations.

In January 2012, the Board of Directors authorized the repurchase of up to $1.2 billion of the Corporation's common stock. The authorization has no expiration date. As of March 31, 2012, approximately $963 million remained under the share repurchase authorization.

Page 2 of 12

THE CHUBB CORPORATION

SUMMARY OF INVESTED ASSETS

CORPORATE

	Cost or Amortized Cost				Carrying Value (a)
	Mar. 31 2012		Dec. 31 2011		Mar. 31 2012		Dec. 31 2011
	(in millions)
Short Term Investments	$	780	$	1,035	$	780	$	1,035
Taxable Fixed Maturities		1,133		955		1,163		983
Equity Securities		200		200		175		179
Other Invested Assets		26		27		26		27
TOTAL	$	2,139	$	2,217	$	2,144	$	2,224
PROPERTY AND CASUALTY
	Cost or Amortized Cost				Carrying Value (a)
	Mar. 31 2012		Dec. 31 2011		Mar. 31 2012		Dec. 31 2011
	(in millions)
Short Term Investments	$	992	$	858	$	992	$	858
Fixed Maturities
Tax Exempt		18,638		18,786		20,032		20,211
Taxable		15,149		15,021		16,130		15,990
Equity Securities		1,070		1,064		1,445		1,333
Other Invested Assets		2,113		2,153		2,113		2,153
TOTAL	$	37,962	$	37,882	$	40,712	$	40,545

(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 the Corporation'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
	2012			2011
	(in millions)
CORPORATE INVESTMENT INCOME	$	7		$	8
PROPERTY AND CASUALTY INVESTMENT INCOME
Tax Exempt Interest	$	187		$	192
Taxable Interest		116			116
Other		12			9
Investment Expenses		(7	)		(7	)
TOTAL	$	308		$	310
Effective Tax Rate		18.9	%		18.6	%
After-Tax Annualized Yield		3.21	%		3.20	%

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 2012		Dec. 31 2011		Mar. 31 2011
	(in millions)
Estimated Statutory Policyholders’ Surplus	$	14,250	$	13,958	$	14,620
Rolling Year Statutory Net Premiums Written	$	11,857	$	11,778	$	11,360
Ratio of Statutory Net Premiums Written to Policyholders’ Surplus		0.83:1		0.84:1		0.78:1

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, 2012

	Net Unpaid Losses							IBNR Increase (Decrease)			All Other Unpaid Losses Increase (Decrease)
	3/31/12		12/31/11		Increase (Decrease)
	(in millions)
Personal Insurance
Automobile	$	400	$	404	$	(4	)	$	(2	)	$	(2	)
Homeowners		723		769		(46	)		5			(51	)
Other		885		902		(17	)		11			(28	)
Total Personal		2,008		2,075		(67	)		14			(81	)
Commercial Insurance
Multiple Peril		1,762		1,735		27			25			2
Casualty		6,327		6,274		53			43			10
Workers’ Compensation		2,451		2,392		59			53			6
Property and Marine		1,080		1,118		(38	)		8			(46	)
Total Commercial		11,620		11,519		101			129			(28	)
Specialty Insurance
Professional Liability		7,218		7,180		38			24			14
Surety		78		75		3			4			(1	)
Total Specialty		7,296		7,255		41			28			13
Total Insurance		20,924		20,849		75			171			(96	)
Reinsurance Assumed		451		480		(29	)		(28	)		(1	)
Total	$	21,375	$	21,329	$	46		$	143		$	(97	)

Page 5 of 12

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011

(DOLLARS IN MILLIONS )

		xxxxxx			xxxxxx			xxxxxx			xxxxxx			xxxxxx			xxxxxx			xxxxxx			xxxxxx
	Personal Automobile						Homeowners						Other Personal						Total Personal
	2012			2011			2012			2011			2012			2011			2012			2011
Net Premiums Written	$	164		$	162		$	555		$	533		$	221		$	199		$	940		$	894
Decrease (Increase) in Unearned Premiums		2			1			63			68			(15	)		(6	)		50			63
Net Premiums Earned		166			163			618			601			206			193			990			957
Net Losses Paid		105			96			318			309			138			108			561			513
Increase (Decrease) in Outstanding Losses		(4	)		5			(47	)		44			(14	)		1			(65	)		50
Net Losses Incurred		101			101			271			353			124			109			496			563
Expenses Incurred		50			50			201			192			82			71			333			313
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	15		$	12		$	146		$	56		$	—		$	13		$	161		$	81
Ratios After Dividends to Policyholders:
Loss		60.8	%		62.0	%		43.9	%		58.8	%		60.2	%		56.5	%		50.1	%		58.8	%
Expense		30.5			30.8			36.2			36.0			37.1			35.7			35.4			35.0
Combined		91.3	%		92.8	%		80.1	%		94.8	%		97.3	%		92.2	%		85.5	%		93.8	%
Premiums Written as a % of Total		5.6	%		5.7	%		18.8	%		18.6	%		7.5	%		7.0	%		31.9	%		31.3	%

Page 6 of 12

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011

(DOLLARS IN MILLIONS)

	Commercial Multiple Peril						Commercial Casualty						Commercial Workers’ Compensation						Commercial Property and Marine						Total Commercial
	2012			2011			2012			2011			2012			2011			2012			2011			2012			2011
Net Premiums Written	$	261		$	267		$	450		$	436		$	298		$	243		$	396		$	380		$	1,405		$	1,326
Decrease (Increase) in Unearned Premiums		20			15			(40	)		(36	)		(62	)		(46	)		(37	)		(50	)		(119	)		(117	)
Net Premiums Earned		281			282			410			400			236			197			359			330			1,286			1,209
Net Losses Paid		125			150			217			159			110			98			256			153			708			560
Increase (Decrease) in Outstanding Losses		26			41			55			64			60			31			(36	)		153			105			289
Net Losses Incurred		151			191			272			223			170			129			220			306			813			849
Expenses Incurred		103			102			123			121			61			51			128			123			415			397
Dividends Incurred		—			—			—			—			7			7			—			—			7			7
Statutory Underwriting Income (Loss)	$	27		$	(11	)	$	15		$	56		$	(2	)	$	10		$	11		$	(99	)	$	51		$	(44	)
Ratios After Dividends to Policyholders:
Loss		53.7	%		67.7	%		66.4	%		55.7	%		74.2	%		67.9	%		61.3	%		92.7	%		63.6	%		70.6	%
Expense		39.5			38.2			27.3			27.8			21.0			21.6			32.3			32.4			29.7			30.1
Combined		93.2	%		105.9	%		93.7	%		83.5	%		95.2	%		89.5	%		93.6	%		125.1	%		93.3	%		100.7	%
Premiums Written as a % of Total		8.8	%		9.3	%		15.3	%		15.3	%		10.1	%		8.5	%		13.4	%		13.3	%		47.6	%		46.4	%

Page 7 of 12

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011

(DOLLARS IN MILLIONS)

		xxxxxx			xxxxxx			xxxxxx			xxxxxx			xxxxxx			xxxxxx
	Professional Liability						Surety						Total Specialty
	2012			2011			2012			2011			2012			2011
Net Premiums Written	$	538		$	551		$	64		$	88		$	602		$	639
Decrease (Increase) in Unearned Premiums		57			53			13			(5	)		70			48
Net Premiums Earned		595			604			77			83			672			687
Net Losses Paid		356			362			6			6			362			368
Increase (Decrease) in Outstanding Losses		42			(20	)		3			9			45			(11	)
Net Losses Incurred		398			342			9			15			407			357
Expenses Incurred		170			166			28			28			198			194
Dividends Incurred		—			—			1			1			1			1
Statutory Underwriting Income (Loss)	$	27		$	96		$	39		$	39		$	66		$	135
Ratios After Dividends to Policyholders:
Loss		66.9	%		56.6	%		11.9	%		18.3	%		60.6	%		52.0	%
Expense		31.6			30.2			44.4			32.2			33.0			30.4
Combined		98.5	%		86.8	%		56.3	%		50.5	%		93.6	%		82.4	%
Premiums Written as a % of Total		18.2	%		19.3	%		2.2	%		3.0	%		20.4	%		22.3	%

Page 8 of 12

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011

(DOLLARS IN MILLIONS)

	Total Insurance						Reinsurance Assumed						Worldwide Total
	2012			2011			2012			2011			2012			2011
Net Premiums Written	$	2,947		$	2,859		$	2		$	—		$	2,949		$	2,859
Decrease (Increase) in Unearned Premiums		1			(6	)		1			1			2			(5	)
Net Premiums Earned		2,948			2,853			3			1			2,951			2,854
Net Losses Paid		1,631			1,441			20			26			1,651			1,467
Increase (Decrease) in Outstanding Losses		85			328			(29	)		(30	)		56			298
Net Losses Incurred		1,716			1,769			(9	)		(4	)		1,707			1,765
Expenses Incurred		946			904			1			—			947			904
Dividends Incurred		8			8			—			—			8			8
Statutory Underwriting Income (Loss)	$	278		$	172		$	11		$	5			289			177
Increase in Deferred Acquisition Costs														14			25
GAAP Underwriting Income													$	303		$	202
Ratios After Dividends to Policyholders:
Loss		58.4	%		62.2	%		*	%		*	%		58.0	%		62.0	%
Expense		32.2			31.7			*			*			32.2			31.7
Combined		90.6	%		93.9	%		*	%		*	%		90.2	%		93.7	%
Premiums Written as a % of Total		99.9	%		100.0	%		0.1	%		0.0	%		100.0	%		100.0	%

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

Page 9 of 12

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011

(DOLLARS IN MILLIONS)

	United States						Outside the United States						Worldwide Total
	2012			2011			2012			2011			2012			2011
Net Premiums Written	$	2,082		$	1,986		$	867		$	873		$	2,949		$	2,859
Decrease (Increase) in Unearned Premiums		103			126			(101	)		(131	)		2			(5	)
Net Premiums Earned		2,185			2,112			766			742			2,951			2,854
Net Losses Paid		1,262			1,152			389			315			1,651			1,467
Increase (Decrease) in Outstanding Losses		(5	)		98			61			200			56			298
Net Losses Incurred		1,257			1,250			450			515			1,707			1,765
Expenses Incurred		646			604			301			300			947			904
Dividends Incurred		8			8			—			—			8			8
Statutory Underwriting Income (Loss)	$	274		$	250		$	15		$	(73	)		289			177
Increase in Deferred Acquisition Costs														14			25
GAAP Underwriting Income													$	303		$	202
Ratios After Dividends to Policyholders:
Loss		57.7	%		59.4	%		58.7	%		69.4	%		58.0	%		62.0	%
Expense		31.1			30.5			34.7			34.4			32.2			31.7
Combined		88.8	%		89.9	%		93.4	%		103.8	%		90.2	%		93.7	%
Premiums Written as a % of Total		70.6	%		69.5	%		29.4	%		30.5	%		100.0	%		100.0	%

Property and casualty underwriting results for the first three months of 2011 reflect a reclassification of certain business that was previously considered outside the United States business and is now considered United States business. This reclassification had no impact on worldwide total amounts.

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, certain 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 results 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
	2012			2011
	(dollars in millions)
				(Restated)
Annualized Net Income	$	2,024		$	2,036
Average Shareholders’ Equity	$	15,396		$	15,282
Return on Equity		13.1	%		13.3	%
Annualized Operating Income	$	1,876		$	1,620
Average Shareholders’ Equity Excluding Unrealized Appreciation or Depreciation	$	13,632		$	14,190
Operating Return on Equity		13.8	%		11.4	%

Page 12 of 12