Exhibit 99.2

The	Supplementary	September 30, 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 return on equity and operating return on equity for the third quarter and nine months ended September 30, 2011 have been adjusted 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 third quarter and nine months ended September 30, 2012 and September 30, 2011 was not material.

(i)

THE CHUBB CORPORATION

SUPPLEMENTARY INVESTOR INFORMATION

TABLE OF CONTENTS

SEPTEMBER 30, 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 - Year-To-Date	6-10
Underwriting Results - Quarterly	11-15
Definitions of Key Terms	16-17

THE CHUBB CORPORATION

CONSOLIDATED BALANCE SHEET HIGHLIGHTS

(in millions, except per share amounts)

	Sept. 30 2012						Dec. 31 2011
				% of Total						% of Total
Invested Assets (at carrying value)					(As Adjusted)
Short Term Investments	$	2,284			5	%	$	1,893			4	%
Fixed Maturities
Tax Exempt		20,157			46			20,211			47
Taxable		18,060			41			16,973			40
Equity Securities		1,613			4			1,512			4
Other Invested Assets		1,949			4			2,180			5
Total Invested Assets	$	44,063			100	%	$	42,769			100	%
Unrealized Appreciation of Investments
Fixed Maturities	$	2,833					$	2,422
Equity Securities		379						248
		3,212						2,670
Deferred Income Tax Liability		1,124						934
	$	2,088					$	1,736
Capitalization
Long Term Debt	$	3,575					$	3,575
Shareholders’ Equity		15,974						15,301
Total Capitalization	$	19,549					$	18,876
Debt as a Percentage of Total Capitalization		18.3	%					18.9	%
Actual Common Shares Outstanding		261.9						272.5
Book Value Per Common Share	$	60.99					$	56.15
Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost	$	53.96					$	50.37

Page 1 of 17

THE CHUBB CORPORATION

SHARE REPURCHASE ACTIVITY

(dollars in millions, except per share amounts)

	Periods Ended September 30
	Third Quarter 2012		Nine Months 2012		From December 2005 to September 30, 2012
Cost of Shares Repurchased	$	301	$	907	$	10,585
Average Cost Per Share	$	73.80	$	71.23	$	53.78
Shares Repurchased		4,076,272		12,724,740		196,815,333

During the period from December 2005 through December 2010, under several share repurchase authorizations the Board of Directors authorized the repurchase 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 September 30, 2012, approximately $357 million remained under the share repurchase authorization.

Page 2 of 17

THE CHUBB CORPORATION

SUMMARY OF INVESTED ASSETS

CORPORATE

	Cost or Amortized Cost				Carrying Value (a)
	Sept. 30 2012		Dec. 31 2011		Sept. 30 2012		Dec. 31 2011
	(in millions)
Short Term Investments	$	560	$	1,035	$	560	$	1,035
Taxable Fixed Maturities		1,416		955		1,456		983
Equity Securities		176		200		182		179
Other Invested Assets		28		27		28		27
TOTAL	$	2,180	$	2,217	$	2,226	$	2,224

PROPERTY AND CASUALTY

	Cost or Amortized Cost				Carrying Value (a)
	Sept. 30 2012		Dec. 31 2011		Sept. 30 2012		Dec. 31 2011
	(in millions)
Short Term Investments	$	1,724	$	858	$	1,724	$	858
Fixed Maturities
Tax Exempt		18,548		18,786		20,157		20,211
Taxable		15,420		15,021		16,604		15,990
Equity Securities		1,058		1,064		1,431		1,333
Other Invested Assets		1,921		2,153		1,921		2,153
TOTAL	$	38,671	$	37,882	$	41,837	$	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 17

THE CHUBB CORPORATION

INVESTMENT INCOME AFTER TAXES

	Periods Ended September 30
	Third Quarter						Nine Months
	2012			2011			2012			2011
	(in millions)
CORPORATE INVESTMENT INCOME	$	7		$	7		$	18		$	21
PROPERTY AND CASUALTY INVESTMENT INCOME
Tax Exempt Interest	$	181		$	190		$	553		$	575
Taxable Interest		108			119			334			352
Other		13			17			39			41
Investment Expenses		(5	)		(5	)		(18	)		(19	)
TOTAL	$	297		$	321		$	908		$	949
Effective Tax Rate		18.4	%		18.9	%		18.7	%		19.0	%
After-Tax Annualized Yield		3.08	%		3.28	%		3.14	%		3.24	%

After-tax annualized yield is based on the average invested assets for the periods presented, with fixed maturities at amortized cost and equity securities at fair value.

STATUTORY POLICYHOLDERS’ SURPLUS

	Sept. 30 2012		Dec. 31 2011		Sept. 30 2011
	(in millions)
Estimated Statutory Policyholders’ Surplus	$	14,600	$	13,958	$	13,975
Rolling Year Statutory Net Premiums Written	$	11,919	$	11,778	$	11,675
Ratio of Statutory Net Premiums Written to Policyholders’ Surplus		0.82:1		0.84:1		0.84:1

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

Page 4 of 17

THE CHUBB CORPORATION

PROPERTY AND CASUALTY

CHANGE IN NET UNPAID LOSSES

NINE MONTHS ENDED SEPTEMBER 30, 2012

	Net Unpaid Losses							IBNR Increase (Decrease)			All Other Unpaid  Losses Increase (Decrease)
	9/30/12		12/31/11		Increase (Decrease)
					(in millions)
Personal Insurance
Automobile	$	402	$	404	$	(2	)	$	(8	)	$	6
Homeowners		740		769		(29	)		16			(45	)
Other		912		902		10			31			(21	)
Total Personal		2,054		2,075		(21	)		39			(60	)
Commercial Insurance
Multiple Peril		1,776		1,735		41			18			23
Casualty		6,423		6,274		149			115			34
Workers’ Compensation		2,557		2,392		165			128			37
Property and Marine		1,054		1,118		(64	)		25			(89	)
Total Commercial		11,810		11,519		291			286			5
Specialty Insurance
Professional Liability		7,207		7,180		27			61			(34	)
Surety		83		75		8			6			2
Total Specialty		7,290		7,255		35			67			(32	)
Total Insurance		21,154		20,849		305			392			(87	)
Reinsurance Assumed		396		480		(84	)		(61	)		(23	)
Total	$	21,550	$	21,329	$	221		$	331		$	(110	)

Page 5 of 17

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011

(DOLLARS IN MILLIONS)

	Personal Automobile						Homeowners						Other Personal						Total Personal
	2012			2011			2012			2011			2012			2011			2012			2011
Net Premiums Written	$	519		$	517		$	1,940		$	1,872		$	652		$	597		$	3,111		$	2,986
Decrease (Increase) in Unearned Premiums		(20	)		(17	)		(66	)		(47	)		(12	)		2			(98	)		(62	)
Net Premiums Earned		499			500			1,874			1,825			640			599			3,013			2,924
Net Losses Paid		306			299			936			1,050			342			334			1,584			1,683
Increase (Decrease) in Outstanding Losses		2			20			(31	)		267			18			13			(11	)		300
Net Losses Incurred		308			319			905			1,317			360			347			1,573			1,983
Expenses Incurred		158			160			655			637			253			228			1,066			1,025
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	33		$	21		$	314		$	(129	)	$	27		$	24		$	374		$	(84	)
Ratios After Dividends to Policyholders:
Loss		61.7	%		63.8	%		48.3	%		72.2	%		56.3	%		57.9	%		52.2	%		67.9	%
Expense		30.5			31.0			33.8			34.0			38.8			38.2			34.3			34.3
Combined		92.2	%		94.8	%		82.1	%		106.2	%		95.1	%		96.1	%		86.5	%		102.2	%
Premiums Written as a % of Total		5.8	%		5.9	%		21.6	%		21.3	%		7.3	%		6.8	%		34.7	%		34.0	%

Page 6 of 17

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 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	$	840		$	852		$	1,248		$	1,247		$	789		$	662		$	1,092		$	1,058		$	3,969		$	3,819
Decrease (Increase) in Unearned Premiums		9			(4	)		(11	)		(32	)		(63	)		(46	)		(14	)		(45	)		(79	)		(127	)
Net Premiums Earned		849			848			1,237			1,215			726			616			1,078			1,013			3,890			3,692
Net Losses Paid		412			479			629			631			350			299			714			548			2,105			1,957
Increase (Decrease) in Outstanding Losses		38			118			154			78			164			117			(60	)		311			296			624
Net Losses Incurred		450			597			783			709			514			416			654			859			2,401			2,581
Expenses Incurred		314			320			353			353			171			146			367			362			1,205			1,181
Dividends Incurred		—			—			—			—			21			20			—			—			21			20
Statutory Underwriting Income (Loss)	$	85		$	(69	)	$	101		$	153		$	20		$	34		$	57		$	(208	)	$	263		$	(90	)
Ratios After Dividends to Policyholders:
Loss		53.0	%		70.4	%		63.3	%		58.4	%		72.9	%		69.8	%		60.7	%		84.8	%		62.1	%		70.3	%
Expense		37.4			37.6			28.3			28.3			22.3			22.7			33.6			34.2			30.5			31.1
Combined		90.4	%		108.0	%		91.6	%		86.7	%		95.2	%		92.5	%		94.3	%		119.0	%		92.6	%		101.4	%
Premiums Written as a % of Total		9.4	%		9.7	%		13.9	%		14.2	%		8.8	%		7.5	%		12.2	%		12.0	%		44.3	%		43.4	%

Page 7 of 17

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011

(DOLLARS IN MILLIONS)

	Professional Liability						Surety						Total Specialty
	2012			2011			2012			2011			2012			2011
Net Premiums Written	$	1,660		$	1,740		$	220		$	244		$	1,880		$	1,984
Decrease (Increase) in Unearned Premiums		107			95			18			(2	)		125			93
Net Premiums Earned		1,767			1,835			238			242			2,005			2,077
Net Losses Paid		1,169			1,202			17			25			1,186			1,227
Increase (Decrease) in Outstanding Losses		28			(115	)		8			11			36			(104	)
Net Losses Incurred		1,197			1,087			25			36			1,222			1,123
Expenses Incurred		498			499			89			84			587			583
Dividends Incurred		—			—			2			3			2			3
Statutory Underwriting Income (Loss)	$	72		$	249		$	122		$	119		$	194		$	368
Ratios After Dividends to Policyholders:
Loss		67.7	%		59.2	%		10.6	%		15.0	%		61.0	%		54.2	%
Expense		30.0			28.7			40.8			34.9			31.3			29.4
Combined		97.7	%		87.9	%		51.4	%		49.9	%		92.3	%		83.6	%
Premiums Written as a % of Total		18.5	%		19.8	%		2.5	%		2.8	%		21.0	%		22.6	%

Page 8 of 17

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011

(DOLLARS IN MILLIONS)

	Total Insurance						Reinsurance Assumed						Worldwide Total
	2012			2011			2012			2011			2012			2011
Net Premiums Written	$	8,960		$	8,789		$	2		$	4		$	8,962		$	8,793
Decrease (Increase) in Unearned Premiums		(52	)		(96	)		1			2			(51	)		(94	)
Net Premiums Earned		8,908			8,693			3			6			8,911			8,699
Net Losses Paid		4,875			4,867			52			71			4,927			4,938
Increase (Decrease) in Outstanding Losses		321			820			(84	)		(92	)		237			728
Net Losses Incurred		5,196			5,687			(32	)		(21	)		5,164			5,666
Expenses Incurred		2,858			2,789			1			1			2,859			2,790
Dividends Incurred		23			23			—			—			23			23
Statutory Underwriting Income (Loss)	$	831		$	194		$	34		$	26			865			220
Increase in Deferred Acquisition Costs														15			70
GAAP Underwriting Income													$	880		$	290
Ratios After Dividends to Policyholders:
Loss		58.5	%		65.6	%		*	%		*	%		58.1	%		65.3	%
Expense		32.0			31.8			*			*			32.0			31.8
Combined		90.5	%		97.4	%		*	%		*	%		90.1	%		97.1	%
Premiums Written as a % of Total		100.0	%		100.0	%		0.0	%		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 17

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011

(DOLLARS IN MILLIONS)

	United States						Outside the United States						Worldwide Total
	2012			2011			2012			2011			2012			2011
Net Premiums Written	$	6,670		$	6,426		$	2,292		$	2,367		$	8,962		$	8,793
Decrease (Increase) in Unearned Premiums		(64	)		(57	)		13			(37	)		(51	)		(94	)
Net Premiums Earned		6,606			6,369			2,305			2,330			8,911			8,699
Net Losses Paid		3,844			3,806			1,083			1,132			4,927			4,938
Increase (Decrease) in Outstanding Losses		20			530			217			198			237			728
Net Losses Incurred		3,864			4,336			1,300			1,330			5,164			5,666
Expenses Incurred		2,002			1,909			857			881			2,859			2,790
Dividends Incurred		23			23			—			—			23			23
Statutory Underwriting Income (Loss)	$	717		$	101		$	148		$	119			865			220
Increase in Deferred Acquisition Costs														15			70
GAAP Underwriting Income													$	880		$	290
Ratios After Dividends to Policyholders:
Loss		58.7	%		68.3	%		56.4	%		57.1	%		58.1	%		65.3	%
Expense		30.1			29.8			37.4			37.2			32.0			31.8
Combined		88.8	%		98.1	%		93.8	%		94.3	%		90.1	%		97.1	%
Premiums Written as a % of Total		74.4	%		73.1	%		25.6	%		26.9	%		100.0	%		100.0	%

Property and casualty underwriting results for 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 17

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED SEPTEMBER 30, 2012 AND 2011

(DOLLARS IN MILLIONS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2012			2011			2012			2011			2012			2011			2012			2011
Net Premiums Written	$	170		$	174		$	679		$	658		$	213		$	197		$	1,062		$	1,029
Decrease (Increase) in Unearned Premiums		(4	)		(4	)		(50	)		(43	)		1			5			(53	)		(42	)
Net Premiums Earned		166			170			629			615			214			202			1,009			987
Net Losses Paid		99			106			328			388			102			101			529			595
Increase (Decrease) in Outstanding Losses		2			10			(57	)		182			16			13			(39	)		205
Net Losses Incurred		101			116			271			570			118			114			490			800
Expenses Incurred		53			54			225			220			86			81			364			355
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	12		$	—		$	133		$	(175	)	$	10		$	7		$	155		$	(168	)
Ratios After Dividends to Policyholders:
Loss		60.8	%		68.3	%		43.1	%		92.7	%		55.1	%		56.5	%		48.5	%		81.1	%
Expense		31.2			31.0			33.1			33.4			40.4			41.1			34.3			34.5
Combined		92.0	%		99.3	%		76.2	%		126.1	%		95.5	%		97.6	%		82.8	%		115.6	%
Premiums Written as a % of Total		5.8	%		6.0	%		23.3	%		22.9	%		7.3	%		6.8	%		36.4	%		35.7	%

Page 11 of 17

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED SEPTEMBER 30, 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	$	287		$	290		$	378		$	392		$	242		$	199		$	304		$	302		$	1,211		$	1,183
Decrease (Increase) in Unearned Premiums		(4	)		(9	)		32			18			7			14			53			43			88			66
Net Premiums Earned		283			281			410			410			249			213			357			345			1,299			1,249
Net Losses Paid		138			173			217			198			114			92			244			219			713			682
Increase (Decrease) in Outstanding Losses		(23	)		(6	)		25			61			58			52			(63	)		63			(3	)		170
Net Losses Incurred		115			167			242			259			172			144			181			282			710			852
Expenses Incurred		105			105			114			115			56			48			113			115			388			383
Dividends Incurred		—			—			—			—			7			6			—			—			7			6
Statutory Underwriting Income (Loss)	$	63		$	9		$	54		$	36		$	14		$	15		$	63		$	(52	)	$	194		$	8
Ratios After Dividends to Policyholders:
Loss		40.6	%		59.4	%		59.0	%		63.2	%		71.1	%		69.5	%		50.7	%		81.7	%		55.0	%		68.6	%
Expense		36.6			36.2			30.2			29.3			23.8			24.9			37.2			38.1			32.2			32.5
Combined		77.2	%		95.6	%		89.2	%		92.5	%		94.9	%		94.4	%		87.9	%		119.8	%		87.2	%		101.1	%
Premiums Written as a % of Total		9.9	%		10.1	%		13.0	%		13.6	%		8.3	%		6.9	%		10.4	%		10.5	%		41.6	%		41.1	%

Page 12 of 17

THE CHUBB CORPORATION – WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED SEPTEMBER 30, 2012 AND 2011

(DOLLARS IN MILLIONS)

	Professional Liability						Surety						Total Specialty
	2012			2011			2012			2011			2012			2011
Net Premiums Written	$	567		$	594		$	73		$	71		$	640		$	665
Decrease (Increase) in Unearned Premiums		21			21			8			7			29			28
Net Premiums Earned		588			615			81			78			669			693
Net Losses Paid		373			420			6			10			379			430
Increase (Decrease) in Outstanding Losses		26			(22	)		7			3			33			(19	)
Net Losses Incurred		399			398			13			13			412			411
Expenses Incurred		165			165			29			27			194			192
Dividends Incurred		—			—			—			1			—			1
Statutory Underwriting Income (Loss)	$	24		$	52		$	39		$	37		$	63		$	89
Ratios After Dividends to Policyholders:
Loss		67.9	%		64.7	%		16.1	%		16.9	%		61.6	%		59.4	%
Expense		29.1			27.8			39.7			38.6			30.3			28.9
Combined		97.0	%		92.5	%		55.8	%		55.5	%		91.9	%		88.3	%
Premiums Written as a % of Total		19.5	%		20.6	%		2.5	%		2.5	%		22.0	%		23.1	%

Page 13 of 17

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED SEPTEMBER 30, 2012 AND 2011

(DOLLARS IN MILLIONS)

	Total Insurance						Reinsurance Assumed						Worldwide Total
	2012			2011			2012			2011			2012			2011
Net Premiums Written	$	2,913		$	2,877		$	—		$	2		$	2,913		$	2,879
Decrease (Increase) in Unearned Premiums		64			52			—			1			64			53
Net Premiums Earned		2,977			2,929			—			3			2,977			2,932
Net Losses Paid		1,621			1,707			18			21			1,639			1,728
Increase (Decrease) in Outstanding Losses		(9	)		356			(33	)		(30	)		(42	)		326
Net Losses Incurred		1,612			2,063			(15	)		(9	)		1,597			2,054
Expenses Incurred		946			930			—			1			946			931
Dividends Incurred		7			7			—			—			7			7
Statutory Underwriting Income (Loss)	$	412		$	(71	)	$	15		$	11			427			(60	)
Increase (Decrease) in Deferred Acquisition Costs														(9	)		13
GAAP Underwriting Income													$	418		$	(47	)
Ratios After Dividends to Policyholders:
Loss		54.3	%		70.6	%		*	%		*	%		53.8	%		70.2	%
Expense		32.5			32.4			*			*			32.5			32.4
Combined		86.8	%		103.0	%		*	%		*	%		86.3	%		102.6	%
Premiums Written as a % of Total		100.0	%		99.9	%		0.0	%		0.1	%		100.0	%		100.0	%

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

Page 14 of 17

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED SEPTEMBER 30, 2012 AND 2011

(DOLLARS IN MILLIONS)

	United States						Outside the United States						Worldwide Total
	2012			2011			2012			2011			2012			2011
Net Premiums Written	$	2,222		$	2,142		$	691		$	737		$	2,913		$	2,879
Decrease (Increase) in Unearned Premiums		(6	)		(16	)		70			69			64			53
Net Premiums Earned		2,216			2,126			761			806			2,977			2,932
Net Losses Paid		1,291			1,367			348			361			1,639			1,728
Increase (Decrease) in Outstanding Losses		(127	)		280			85			46			(42	)		326
Net Losses Incurred		1,164			1,647			433			407			1,597			2,054
Expenses Incurred		668			634			278			297			946			931
Dividends Incurred		7			7			—			—			7			7
Statutory Underwriting Income (Loss)	$	377		$	(162	)	$	50		$	102			427			(60	)
Increase (Decrease) in Deferred Acquisition Costs														(9	)		13
GAAP Underwriting Income													$	418		$	(47	)
Ratios After Dividends to Policyholders:
Loss		52.7	%		77.7	%		56.9	%		50.5	%		53.8	%		70.2	%
Expense		30.2			29.7			40.2			40.3			32.5			32.4
Combined		82.9	%		107.4	%		97.1	%		90.8	%		86.3	%		102.6	%
Premiums Written as a % of Total		76.3	%		74.4	%		23.7	%		25.6	%		100.0	%		100.0	%

Property and casualty underwriting results for 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 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, 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 tax exempt investment income to total investment income and is therefore more meaningful for analysis purposes than investment income before income taxes.

Book Value per Common Share with Available-for-Sale Fixed Maturities at Amortized Cost

Book value per common share represents the portion of consolidated shareholders’ equity attributable to one share of common stock outstanding as of the balance sheet date. Consolidated shareholders’ equity includes, as part of accumulated other comprehensive income (loss), the after-tax appreciation or depreciation, including unrealized other-than-temporary impairment losses, of the Corporation’s available-for-sale fixed maturities, which are carried at fair value. The appreciation or depreciation of available-for-sale fixed maturities is subject to fluctuation due to changes in interest rates and therefore could distort the analysis of trends. Management believes that book value per common share with available-for-sale fixed maturities at amortized cost, a non-GAAP financial measure, is an important measure of the underlying equity attributable to one share of common stock.

Combined Loss and Expense Ratio or Combined Ratio

The combined loss and expense ratio, expressed as a percentage, is the key measure of underwriting profitability. Management uses the combined loss and expense ratio calculated in accordance with statutory accounting principles applicable to property and casualty insurance companies to evaluate the performance of the underwriting operations. It is the sum of the ratio of losses and loss expenses to premiums earned (loss ratio) plus the ratio of statutory underwriting expenses to premiums written (expense ratio) after reducing both premium amounts by dividends to policyholders.

Page 16 of 17

THE CHUBB CORPORATION

Definitions of Key Terms

Operating Income

Operating income, a non-GAAP financial measure, is net income excluding after-tax realized investment gains and losses. Management uses operating income, among other measures, to evaluate its performance because the realization of investment gains and losses in any given period is largely discretionary as to timing and can fluctuate significantly, which could distort the analysis of trends.

Return on Equity and Operating Return on Equity

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

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

	Periods Ended September 30
	Third Quarter						Nine Months
	2012			2011			2012			2011
	(dollars in millions)
	(As Adjusted)									(As Adjusted)
Annualized Net Income	$	2,132		$	1,192		$	1,924			$  1,635
Average Shareholders’ Equity	$	15,768		$	15,442		$	15,582			$15,362
Return on Equity		13.5	%		7.7	%		12.3	%		10.6	%
Annualized Operating Income	$	2,132		$	1,008		$	1,835			$  1,375
Average Shareholders’ Equity Excluding Unrealized Appreciation or Depreciation	$	13,794		$	14,023		$	13,713			$14,106
Operating Return on Equity		15.5	%		7.2	%		13.4	%		9.7	%

Page 17 of 17