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 25, 2013

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

Item 2.02	Results of Operations and Financial Condition
Item 9.01	Financial Statements and Exhibits
Signatures
Exhibit Index to Current Report on Form 8-K filed on April 25, 2013
	Press release dated April 25, 2013 (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 25, 2013, The Chubb Corporation (Chubb) issued a press release announcing its financial results for the quarter ended March 31, 2013. On April 25, 2013, Chubb also posted on its web site at www.chubb.com the Supplementary Investor Information Report (SIIR) relating to its 2013 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 2013 first quarter results, scheduled to be webcast at 5:00 P.M. on April 25, 2013, 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 25, 2013 (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 25, 2013	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 25, 2013

Exhibit No.	Description
99.1	Press release dated April 25, 2013 (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

The Chubb Corporation

15 Mountain View Road — P.O. Box 1615

Warren, New Jersey 07061-1615

Telephone: 908-903-2000

FOR IMMEDIATE RELEASE

Chubb First Quarter Net Income per Share Increases 36% to $2.48;

Operating Income per Share Increases 26% to $2.14;

Net and Operating Income per Share Results Are Highest of

Any Quarter in Chubb History;

Combined Ratio Is 84.6%

WARREN, New Jersey, April 25, 2013 — The Chubb Corporation [NYSE: CB] today reported that net income in the first quarter of 2013 was $656 million, compared to $506 million in the first quarter of 2012. First quarter net income per share increased 36% to $2.48 in 2013 from $1.83 in 2012.

Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, was $566 million in the first quarter of 2013 and $469 million in the first quarter of 2012. First quarter operating income per share increased 26% to $2.14 in 2013 from $1.70 in 2012.

The first quarter combined loss and expense ratio was 84.6% in 2013 and 90.2% in 2012. The impact of catastrophes on the first quarter combined ratio was 0.6 percentage points in 2013 and 0.8 points in 2012. Excluding the impact of catastrophes, the first quarter combined ratio was 84.0% in 2013 and 89.4% in 2012. The expense ratio for the first quarter was 32.3% in 2013 and 32.2% in 2012.

Chubb’s estimated overall gross and net losses from Storm Sandy remained unchanged from the amounts previously reported, although estimated commercial lines losses declined slightly and personal lines losses increased by a similar amount.

Net written premiums for the first quarter of 2013 increased 4% to $3.1 billion. Foreign currency translation had an insignificant effect on total premium growth in the first quarter. Premiums were up 3% in the U.S. and up 6% outside the U.S. (up 7% in local currencies).

Property and casualty investment income after taxes for the first quarter declined 6% to $288 million in 2013 from $308 million in 2012.

Net income for the first quarter of 2013 reflected net realized investment gains of $138 million before tax ($0.34 per share after tax). Net income for the first quarter of 2012 reflected net realized investment gains of $56 million before tax ($0.13 per share after tax).

“Chubb is off to a great start in 2013,” said John D. Finnegan, Chairman, President and Chief Executive Officer. “Operating income per share of $2.14 and net income per share of $2.48 were both the highest of any quarter in Chubb’s history. Our combined ratio was an outstanding 84.6%, reflecting the impact of higher rates, strong underlying underwriting performance and low catastrophe losses. We are also encouraged by the renewal rate increases we continued to obtain in all of our business units.”

During the first quarter of 2013, Chubb repurchased approximately 3.9 million shares of its common stock at a total cost of $326 million (an average cost per share of $82.86). As of March 31, 2013, there was $1.1 billion available for share repurchases under the current authorization.

Average diluted shares outstanding for the first quarter were 264.8 million in 2013 and 276.2 million in 2012.

Book value per share was $61.79 at March 31, 2013, compared to $57.37 at March 31, 2012 and $60.45 at December 31, 2012.

First Quarter Operations Review

Chubb Personal Insurance (CPI) net written premiums increased 5% in the first quarter to $987 million. CPI’s combined ratio for the quarter was 87.0%, compared to 85.5% in the first quarter of 2012. The first-quarter impact of catastrophes accounted for 3.9 percentage points in 2013, including a 2.6 point impact related to an increase in estimated CPI losses from Storm Sandy. In the first quarter of 2012, the impact of catastrophes was 1.2 points. Excluding the impact of catastrophes, CPI’s first quarter combined ratio was 83.1% in 2013 and 84.3% in 2012.

Net written premiums for Homeowners increased 3%, and the combined ratio was 82.5%. The impact of catastrophes in the first quarter accounted for 6.1 percentage points of the Homeowners combined ratio. Excluding the impact of catastrophes, the combined ratio for Homeowners was 76.4%. Personal Automobile premiums increased 7%, and the combined ratio was 94.0%. For Other Personal lines, premiums increased 9% and the combined ratio was 94.0%.

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Chubb Commercial Insurance (CCI) net written premiums increased 2% in the first quarter to $1.4 billion. The combined ratio for the quarter was 81.9% in 2013 and 93.3% in 2012. The impact of catastrophes in the first quarter of 2013 improved CCI’s combined ratio by 1.7 percentage points as a result of a 2.1 point impact related to a decrease in estimated CCI losses from Storm Sandy. In the first quarter of 2012, the impact of catastrophes accounted for 0.9 percentage points of CCI’s combined ratio. Excluding the impact of catastrophes, CCI’s first quarter combined ratio was 83.6% in 2013 and 92.4% in 2012.

In the United States, average first quarter CCI renewal rates increased 8%, renewal premium retention was 84% and the ratio of new to lost business was 0.8 to 1.

Chubb Specialty Insurance (CSI) net written premiums increased 5% in the first quarter to $632 million. The combined ratio for CSI was 87.4%, compared to 93.6% in the first quarter of 2012.

Professional Liability (PL) net written premiums were up 2%, and the combined ratio was 92.4%. In the United States, average first quarter renewal rates for PL increased 9%, renewal premium retention was 81% and the ratio of new to lost business was 0.6 to 1.

Surety net written premiums were up 30%, and the combined ratio was 50.7%.

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 25th, at 5 P.M. Eastern Daylight Time. The conference call will be webcast live on the Internet at http://www.chubb.com and archived later in the day for replay.

About Chubb

Since 1882, members of the Chubb Group of Insurance Companies have provided property and casualty insurance products to customers around the globe. These products are offered through a worldwide network of independent agents and brokers. The Chubb Group of Insurance Companies is known for financial strength, underwriting and loss-control expertise, tailoring products for the needs of high-net-worth individuals and commercial customers in niche markets and select industry segments, and outstanding claim service.

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The Chubb Group of Insurance Companies is the marketing term used to describe several separately incorporated insurance companies under the common ownership of The Chubb Corporation. The Chubb Corporation is listed on the New York Stock Exchange [NYSE: CB] and, together with its subsidiaries, employs approximately 10,200 people throughout North America, Europe, Latin America, Asia and Australia. For more information regarding The Chubb Corporation, including a listing of the insurers in the Chubb Group of Insurance Companies, visit www.chubb.com.

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 tax exempt investment income to total investment income 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.

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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 Foreign Currency Translation:

Management uses net written premiums growth (decrease) excluding the impact of foreign currency translation, 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. The impact of foreign currency translation is excluded as exchange rates may fluctuate significantly and the effect of fluctuations could distort the analysis of trends. When excluding the impact of foreign currency translation, management uses 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 other communications, 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, economic and market conditions, particularly in the jurisdictions in which we operate and/or invest, including:

— changes in credit ratings, 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;

• the effects of the outbreak or escalation of war or hostilities;

• the occurrence of terrorist attacks, including any nuclear, biological, chemical or radiological events;

• 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 at acceptable rates;

• our expectations with respect to cash flow and investment income and with respect to other income;

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• 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;

• the occurrence of significant weather-related or other natural or human-made disasters, particularly in locations where we have concentrations of risk or changes to our estimates (or the assessments of rating agencies and other third parties) of our potential exposure to such events;

• 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 we insure, particularly with respect to our lines of business that have a longer time span, or tail, between the incidence of a loss and the settlement of the claim;

• the impact of legislative, regulatory, judicial and similar developments on companies we insure, particularly with respect to our longer tail lines of business;

• the impact of legislative, regulatory, judicial and similar developments on our business, including those relating to insurance industry reform, terrorism, catastrophes, the financial markets, solvency standards, capital requirements, accounting guidance and taxation;

• any downgrade in our claims-paying, financial strength or other credit ratings;

• the ability of our subsidiaries to pay us dividends;

• our plans to repurchase shares of our common stock, including as a result of changes in:

— our financial position and financial results;

— our capital position and/or capital adequacy levels required to maintain our existing ratings from independent rating agencies;

— our share price;

— investment opportunities;

— opportunities to profitably grow our property and casualty insurance business;

— corporate and regulatory requirements; and

• 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
	2013			2012
	(in millions)
PROPERTY AND CASUALTY INSURANCE
Underwriting
Net Premiums Written	$	3,057		$	2,949
Decrease (Increase) in Unearned Premiums		(53	)		2
Premiums Earned		3,004			2,951
Losses and Loss Expenses		1,568			1,707
Operating Costs and Expenses		983			947
Increase in Deferred Policy Acquisition Costs		(41	)		(14	)
Dividends to Policyholders		9			8
Underwriting Income		485			303
Investments
Investment Income Before Expenses		363			391
Investment Expenses		12			11
Investment Income		351			380
Other Income (Charges)		5			(1	)
Property and Casualty Income		841			682
CORPORATE AND OTHER		(63	)		(59	)
CONSOLIDATED OPERATING INCOME BEFORE INCOME TAX		778			623
Federal and Foreign Income Tax		212			154
CONSOLIDATED OPERATING INCOME		566			469
REALIZED INVESTMENT GAINS AFTER INCOME TAX		90			37
CONSOLIDATED NET INCOME	$	656		$	506
PROPERTY AND CASUALTY INVESTMENT INCOME AFTER INCOME TAX	$	288		$	308

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	Three Months Ended March  31
	2013			2012
OUTSTANDING SHARE DATA
(in millions)
Average Common and Potentially Dilutive Shares		264.8			276.2
Actual Common Shares at End of Period		259.2			270.0
DILUTED EARNINGS PER SHARE DATA
Operating Income	$	2.14		$	1.70
Realized Investment Gains		.34			.13
Net Income	$	2.48		$	1.83
Effect of Catastrophes	$	(.04	)	$	(.06	)

	Mar. 31 2013		Dec. 31 2012		Mar. 31 2012
BOOK VALUE PER COMMON SHARE	$	61.79	$	60.45	$	57.37
BOOK VALUE PER COMMON SHARE,
with Available-for-Sale Fixed Maturities at Amortized Cost		55.57		53.80		51.58

PROPERTY AND CASUALTY UNDERWRITING RATIOS

THREE MONTHS ENDED MARCH 31

	2013			2012
Losses and Loss Expenses to Premiums Earned		52.3	%		58.0	%
Underwriting Expenses to Premiums Written		32.3			32.2
Combined Loss and Expense Ratio		84.6	%		90.2	%
Effect of Catastrophes on Combined Loss and Expense Ratio		0.6	%		0.8	%

PROPERTY AND CASUALTY LOSSES AND LOSS EXPENSES COMPONENTS

THREE MONTHS ENDED MARCH 31

	2013			2012
	(in millions)
Paid Losses and Loss Expenses	$	1,838		$	1,651
Increase (Decrease) in Unpaid Losses and Loss Expenses		(270	)		56
Total Losses and Loss Expenses	$	1,568		$	1,707

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PROPERTY AND CASUALTY PRODUCT MIX

THREE MONTHS ENDED MARCH 31

	Net Premiums Written								Combined Loss and
									Expense Ratios
	2013			2012		% Increase			2013			2012
	(in millions)
Personal Insurance
Automobile	$	176		$	164		7	%		94.0	%		91.3	%
Homeowners		570			555		3			82.5			80.1
Other		241			221		9			94.0			97.3
Total Personal		987			940		5			87.0			85.5
Commercial Insurance
Multiple Peril		272			261		4			83.4			93.2
Casualty		448			450		—			93.2			93.7
Workers’ Compensation		299			298		—			89.0			95.2
Property and Marine		421			396		6			64.7			93.6
Total Commercial		1,440			1,405		2			81.9			93.3
Specialty Insurance
Professional Liability		549			538		2			92.4			98.5
Surety		83			64		30			50.7			56.3
Total Specialty		632			602		5			87.4			93.6
Total Insurance		3,059			2,947		4			84.7			90.6
Reinsurance Assumed		(2	)		2		*			*			*
Total	$	3,057		$	2,949		4			84.6			90.2

* 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.

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EX-99.2

Exhibit 99.2

  The Chubb Corporation   Supplementary Investor Information   March 31, 2013

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

THE CHUBB CORPORATION

SUPPLEMENTARY INVESTOR INFORMATION

TABLE OF CONTENTS

MARCH 31, 2013

	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)

	March 31 2013						December 31 2012
				% of Total						% of Total
Invested Assets (at carrying value)
Short Term Investments	$	1,860			4	%	$	2,528			6	%
Fixed Maturities
Tax Exempt		19,709			45			19,913			45
Taxable		18,507			42			18,163			41
Equity Securities		1,848			4			1,663			4
Other Invested Assets		1,887			5			1,954			4
Total Invested Assets	$	43,811			100	%	$	44,221			100	%
Unrealized Appreciation of Investments
Fixed Maturities	$	2,482					$	2,678
Equity Securities		621						419
		3,103						3,097
Deferred Income Tax Liability		1,086						1,084
	$	2,017					$	2,013
Capitalization
Long Term Debt	$	3,575					$	3,575
Shareholders’ Equity		16,016						15,827
Total Capitalization	$	19,591					$	19,402
Debt as a Percentage of Total Capitalization		18.2	%					18.4	%
Actual Common Shares Outstanding		259.2						261.8
Book Value Per Common Share	$	61.79					$	60.45
Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost	$	55.57					$	53.80

Page 1 of 12

THE CHUBB CORPORATION

SHARE REPURCHASE ACTIVITY

(dollars in millions, except per share amounts)

	Three Months Ended March 31, 2013		From December 2005 to March 31, 2013
Cost of Shares Repurchased	$	326	$	10,939
Average Cost Per Share	$	82.86	$	54.39
Shares Repurchased		3,930,600		201,115,833

During the period from December 2005 through December 2010, 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. In January 2013, the Board of Directors authorized the repurchase of up to $1.3 billion of the Corporation’s common stock, which authorization replaced the January 2012 authorization. The January 2013 authorization has no expiration date and, as of March 31, 2013, approximately $1,082 million remained under this authorization.

Page 2 of 12

THE CHUBB CORPORATION

SUMMARY OF INVESTED ASSETS

CORPORATE

	Cost or Amortized Cost				Carrying Value (a)
	Mar. 31 2013		Dec. 31 2012		Mar. 31 2013		Dec. 31 2012
	(in millions)
Short Term Investments	$	249	$	943	$	249	$	943
Taxable Fixed Maturities		1,248		1,296		1,282		1,333
Equity Securities		177		176		240		215
Other Invested Assets		85		68		85		68
TOTAL	$	1,759	$	2,483	$	1,856	$	2,559

PROPERTY AND CASUALTY

	Cost or Amortized Cost				Carrying Value (a)
	Mar. 31 2013		Dec. 31 2012		Mar. 31 2013		Dec. 31 2012
	(in millions)
Short Term Investments	$	1,611	$	1,585	$	1,611	$	1,585
Fixed Maturities
Tax Exempt		18,333		18,410		19,709		19,913
Taxable		16,153		15,692		17,225		16,830
Equity Securities		1,050		1,068		1,608		1,448
Other Invested Assets		1,802		1,886		1,802		1,886
TOTAL	$	38,949	$	38,641	$	41,955	$	41,662

(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
	2013			2012
	(in millions)
CORPORATE INVESTMENT INCOME	$	5		$	7
PROPERTY AND CASUALTY INVESTMENT INCOME
Tax Exempt Interest	$	177		$	187
Taxable Interest		105			116
Other		14			12
Investment Expenses		(8	)		(7	)
TOTAL	$	288		$	308
Effective Tax Rate		17.9	%		18.9	%
After-Tax Annualized Yield		2.93	%		3.21	%

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 2013		Dec. 31 2012		Mar. 31 2012
	(in millions)
Estimated Statutory Policyholders’ Surplus	$	14,700	$	14,117	$	14,250
Rolling Year Statutory Net Premiums Written	$	11,970	$	11,861	$	11,857
Ratio of Statutory Net Premiums Written to Policyholders’ Surplus		0.81:1		0.84:1		0.83:1

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, 2013

	Net Unpaid Losses										All Other Unpaid  Losses Increase (Decrease)
	3/31/13		12/31/12		Increase (Decrease)			IBNR Increase (Decrease)
	(in millions)
Personal Insurance
Automobile	$	383	$	387	$	(4	)	$	1		$	(5	)
Homeowners		720		898		(178	)		(131	)		(47	)
Other		935		926		9			8			1
Total Personal		2,038		2,211		(173	)		(122	)		(51	)
Commercial Insurance
Multiple Peril		1,764		1,799		(35	)		(22	)		(13	)
Casualty		6,519		6,485		34			49			(15	)
Workers’ Compensation		2,651		2,607		44			55			(11	)
Property and Marine		1,135		1,316		(181	)		(201	)		20
Total Commercial		12,069		12,207		(138	)		(119	)		(19	)
Specialty Insurance
Professional Liability		7,133		7,150		(17	)		24			(41	)
Surety		81		83		(2	)		2			(4	)
Total Specialty		7,214		7,233		(19	)		26			(45	)
Total Insurance		21,321		21,651		(330	)		(215	)		(115	)
Reinsurance Assumed		358		371		(13	)		(15	)		2
Total	$	21,679	$	22,022	$	(343	)	$	(230	)	$	(113	)

Page 5 of 12

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE THREE MONTHS ENDED MARCH 31, 2013 AND 2012

(DOLLARS IN MILLIONS)

	Personal Automobile						Homeowners						Other Personal						Total Personal
	2013			2012			2013			2012			2013			2012			2013			2012
Net Premiums Written	$	176		$	164		$	570		$	555		$	241		$	221		$	987		$	940
Decrease (Increase) in Unearned Premiums		(4	)		2			69			63			(21	)		(15	)		44			50
Net Premiums Earned		172			166			639			618			220			206			1,031			990
Net Losses Paid		107			105			475			318			110			138			692			561
Increase (Decrease) in Outstanding Losses		—			(4	)		(174	)		(47	)		10			(14	)		(164	)		(65	)
Net Losses Incurred		107			101			301			271			120			124			528			496
Expenses Incurred		56			50			202			201			95			82			353			333
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	9		$	15		$	136		$	146		$	5		$	—		$	150		$	161
Ratios After Dividends to Policyholders:
Loss		62.2	%		60.8	%		47.1	%		43.9	%		54.6	%		60.2	%		51.2	%		50.1	%
Expense		31.8			30.5			35.4			36.2			39.4			37.1			35.8			35.4
Combined		94.0	%		91.3	%		82.5	%		80.1	%		94.0	%		97.3	%		87.0	%		85.5	%
Premiums Written as a % of Total		5.8	%		5.6	%		18.6	%		18.8	%		7.9	%		7.5	%		32.3	%		31.9	%

Page 6 of 12

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE THREE MONTHS ENDED MARCH 31, 2013 AND 2012

(DOLLARS IN MILLIONS)

	Commercial Multiple  Peril						Commercial Casualty						Commercial Workers’ Compensation						Commercial Property and Marine						Total Commercial
	2013			2012			2013			2012			2013			2012			2013			2012			2013			2012
Net Premiums Written	$	272		$	261		$	448		$	450		$	299		$	298		$	421		$	396		$	1,440		$	1,405
Decrease (Increase) in Unearned Premiums		7			20			(36	)		(40	)		(49	)		(62	)		(54	)		(37	)		(132	)		(119	)
Net Premiums Earned		279			281			412			410			250			236			367			359			1,308			1,286
Net Losses Paid		153			125			226			217			114			110			296			256			789			708
Increase (Decrease) in Outstanding Losses		(29	)		26			44			55			49			60			(177	)		(36	)		(113	)		105
Net Losses Incurred		124			151			270			272			163			170			119			220			676			813
Expenses Incurred		106			103			124			123			62			61			136			128			428			415
Dividends Incurred		—			—			—			—			9			7			—			—			9			7
Statutory Underwriting Income (Loss)	$	49		$	27		$	18		$	15		$	16		$	(2)		$	112		$	11		$	195		$	51
Ratios After Dividends to Policyholders:
Loss		44.4	%		53.7	%		65.5	%		66.4	%		67.6	%		74.2	%		32.4	%		61.3	%		52.0	%		63.6	%
Expense		39.0			39.5			27.7			27.3			21.4			21.0			32.3			32.3			29.9			29.7
Combined		83.4	%		93.2	%		93.2	%		93.7	%		89.0	%		95.2	%		64.7	%		93.6	%		81.9	%		93.3	%
Premiums Written as a % of Total		8.9	%		8.8	%		14.6	%		15.3	%		9.8	%		10.1	%		13.8	%		13.4	%		47.1	%		47.6	%

Page 7 of 12

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE THREE MONTHS ENDED MARCH 31, 2013 AND 2012

(DOLLARS IN MILLIONS)

	Professional Liability						Surety						Total Specialty
	2013			2012			2013			2012			2013			2012
Net Premiums Written	$	549		$	538		$	83		$	64		$	632		$	602
Decrease (Increase) in Unearned Premiums		35			57			(1	)		13			34			70
Net Premiums Earned		584			595			82			77			666			672
Net Losses Paid		340			356			9			6			349			362
Increase (Decrease) in Outstanding Losses		21			42			(1	)		3			20			45
Net Losses Incurred		361			398			8			9			369			407
Expenses Incurred		168			170			34			28			202			198
Dividends Incurred		—			—			—			1			—			1
Statutory Underwriting Income (Loss)	$	55		$	27		$	40		$	39		$	95		$	66
Ratios After Dividends to Policyholders:
Loss		61.8	%		66.9	%		9.7	%		11.9	%		55.4	%		60.6	%
Expense		30.6			31.6			41.0			44.4			32.0			33.0
Combined		92.4	%		98.5	%		50.7	%		56.3	%		87.4	%		93.6	%
Premiums Written as a % of Total		18.0	%		18.2	%		2.7	%		2.2	%		20.7	%		20.4	%

Page 8 of 12

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE THREE MONTHS ENDED MARCH 31, 2013 AND 2012

(DOLLARS IN MILLIONS)

	Total Insurance						Reinsurance Assumed						Worldwide Total
	2013			2012			2013			2012			2013			2012
Net Premiums Written	$	3,059		$	2,947		$	(2	)	$	2		$	3,057		$	2,949
Decrease (Increase) in Unearned Premiums		(54	)		1			1			1			(53	)		2
Net Premiums Earned		3,005			2,948			(1	)		3			3,004			2,951
Net Losses Paid		1,830			1,631			8			20			1,838			1,651
Increase (Decrease) in Outstanding Losses		(257	)		85			(13	)		(29	)		(270	)		56
Net Losses Incurred		1,573			1,716			(5	)		(9	)		1,568			1,707
Expenses Incurred		983			946			—			1			983			947
Dividends Incurred		9			8			—			—			9			8
Statutory Underwriting Income	$	440		$	278		$	4		$	11			444			289
Increase in Deferred Acquisition Costs														41			14
GAAP Underwriting Income													$	485		$	303
Ratios After Dividends to Policyholders:
Loss		52.5	%		58.4	%		*	%		*	%		52.3	%		58.0	%
Expense		32.2			32.2			*			*			32.3			32.2
Combined		84.7	%		90.6	%		*	%		*	%		84.6	%		90.2	%
Premiums Written as a % of Total		100.1	%		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 runoff.

Page 9 of 12

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE THREE MONTHS ENDED MARCH 31, 2013 AND 2012

(DOLLARS IN MILLIONS)

	United States						Outside the United States						Worldwide Total
	2013			2012			2013			2012			2013			2012
Net Premiums Written	$	2,138		$	2,082		$	919		$	867		$	3,057		$	2,949
Decrease (Increase) in Unearned Premiums		89			103			(142	)		(101	)		(53	)		2
Net Premiums Earned		2,227			2,185			777			766			3,004			2,951
Net Losses Paid		1,488			1,262			350			389			1,838			1,651
Increase (Decrease) in Outstanding Losses		(353	)		(5	)		83			61			(270	)		56
Net Losses Incurred		1,135			1,257			433			450			1,568			1,707
Expenses Incurred		665			646			318			301			983			947
Dividends Incurred		9			8			—			—			9			8
Statutory Underwriting Income	$	418		$	274		$	26		$	15			444			289
Increase in Deferred Acquisition Costs														41			14
GAAP Underwriting Income													$	485		$	303
Ratios After Dividends to Policyholders:
Loss		51.2	%		57.7	%		55.7	%		58.7	%		52.3	%		58.0	%
Expense		31.2			31.1			34.6			34.7			32.3			32.2
Combined		82.4	%		88.8	%		90.3	%		93.4	%		84.6	%		90.2	%
Premiums Written as a % of Total		69.9	%		70.6	%		30.1	%		29.4	%		100.0	%		100.0	%

Page 10 of 12

THE CHUBB CORPORATION

Definitions of Key Terms

Underwriting Income (Loss)

Management evaluates underwriting results separately from investment results. The underwriting operations consist of four separate business units: personal insurance, commercial insurance, specialty insurance and reinsurance assumed. Performance of the business units is measured based on statutory underwriting results. Statutory accounting principles applicable to property and casualty insurance companies differ in certain respects from generally accepted accounting principles (GAAP). Under statutory accounting principles, policy acquisition and other underwriting expenses are recognized immediately, not at the time premiums are earned. Statutory underwriting income (loss) is arrived at by reducing premiums earned by losses and loss expenses incurred and statutory underwriting expenses incurred.

Management uses underwriting results determined in accordance with GAAP, among other measures, to assess the overall performance of the underwriting operations. To convert statutory underwriting results to a GAAP basis, 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 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
	2013			2012
	(dollars in millions)
Annualized Net Income	$	2,624		$	2,024
Average Shareholders’ Equity	$	15,922		$	15,396
Return on Equity		16.5	%		13.1	%
Annualized Operating Income	$	2,264		$	1,876
Average Shareholders’ Equity Excluding Unrealized Appreciation or Depreciation	$	13,907		$	13,632
Operating Return on Equity		16.3	%		13.8	%

Page 12 of 12