8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) January 30, 2014

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 January 30, 2014 (furnished pursuant to Item 2.02 of Form 8-K)

Supplementary Investor Information Report (furnished pursuant to Item 2.02 of Form 8-K)

The Chubb Corporation 2013 Update on Asbestos Reserves (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 January 30, 2014, The Chubb Corporation (Chubb) issued a press release announcing its financial results for the quarter and year ended December 31, 2013. On January 30, 2014, Chubb also posted on its web site at www.chubb.com the Supplementary Investor Information Report (SIIR) relating to its 2013 fourth quarter and year-end results and The Chubb Corporation 2013 Update on Asbestos Reserves (Asbestos Report). Copies of the press release, the SIIR and the Asbestos Report, all of which are incorporated by reference into this Item 2.02 as if fully set forth herein, are furnished as Exhibits 99.1, 99.2 and 99.3, respectively, to this Form 8-K. In its press release, the SIIR, the Asbestos Report and the conference call to discuss its 2013 fourth quarter and year-end results, scheduled to be webcast at 5:00 P.M. on January 30, 2014, Chubb presents, and will present, its results of operations in the manner that it believes is most meaningful to investors, which includes certain measures that are not prepared in accordance with accounting principles generally accepted in the United States.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1	Press release dated January 30, 2014 (furnished pursuant to Item 2.02 of Form 8-K)
99.2	Supplementary Investor Information Report (furnished pursuant to Item 2.02 of Form 8-K)
99.3	The Chubb Corporation 2013 Update on Asbestos Reserves (furnished pursuant to Item 2.02 of Form 8-K)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	THE CHUBB CORPORATION
Date: January 30, 2014	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 JANUARY 30, 2014

Exhibit No.	Description
99.1	Press release dated January 30, 2014 (furnished pursuant to Item 2.02 of Form 8-K)
99.2	Supplementary Investor Information Report (furnished pursuant to Item 2.02 of Form 8-K)
99.3	The Chubb Corporation 2013 Update on Asbestos Reserves (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 Reports Fourth Quarter Net Income per Share of $2.24;

Operating Income per Share Is $2.07; Combined Ratio Is 85.5%

Net Income per Share for 2013 Is a Record $9.04;

Operating Income per Share Is a Record $8.03; Combined Ratio Is 86.1%

Company Expects 2014 Operating Income per Share

In Range of $7.10 to $7.40

Including Assumed 5 Point Impact of Catastrophes

WARREN, New Jersey, January 30, 2014 — The Chubb Corporation [NYSE: CB] today reported net income in the fourth quarter of 2013 of $569 million or $2.24 per share, compared to $102 million or $0.38 per share in the fourth quarter of 2012.

Operating income was $526 million or $2.07 per share in the fourth quarter of 2013, compared to $44 million or $0.16 per share in the corresponding quarter of 2012. The company defines operating income as net income excluding after-tax realized investment gains and losses.

Results for the fourth quarter of 2012 were adversely affected by Storm Sandy-related losses net of reinsurance recoverable as well as reinsurance reinstatement premiums.

Net written premiums for the fourth quarter increased 4% to $3.0 billion in 2013 from $2.9 billion in 2012. Premiums were up 7% in the U.S. and down 3% outside the U.S. (up 1% in local currencies). The negative 1% effect of foreign currency translation on fourth quarter premium growth was offset by the impact of reinsurance reinstatement premiums related to Storm Sandy, which reduced net written premiums in the year-ago fourth quarter.

The fourth quarter combined loss and expense ratio was 85.5% in 2013 and 111.2% in 2012. The impact of catastrophes on the fourth quarter combined ratio was 2.1 percentage points in 2013 and 29.7 points in 2012. Excluding the impact of catastrophes, the fourth quarter combined ratio was 83.4% in 2013 and 81.5% in 2012.

The expense ratio for the fourth quarter was 30.8% in 2013 and 30.9% in 2012.

Property and casualty investment income after taxes for the fourth quarter declined 4% to $284 million in 2013 from $296 million in 2012.

Net income for the fourth quarter of 2013 included net realized investment gains of $67 million before tax ($0.17 per share after-tax). Net income for the fourth quarter of 2012 reflected net realized investment gains of $90 million before tax ($0.22 per share after-tax).

During the fourth quarter of 2013, Chubb repurchased 3.5 million shares of its common stock at a total cost of $325 million, or an average cost of $93.72 per share.

Average diluted shares outstanding for the fourth quarter were 254.1 million in 2013 and 266.8 million in 2012.

Book value per share was $64.83 at December 31, 2013 compared to $62.04 at the end of the third quarter and $60.45 at December 31, 2012.

“Chubb had an excellent fourth quarter and an outstanding 2013,” said John D. Finnegan, Chairman, President and Chief Executive Officer. “For the quarter, we produced operating income per share of $2.07 and net income per share of $2.24, both of which were the second-highest of any quarter in our history. Our combined ratio in the quarter was a very strong 85.5%, once again reflecting the impact of higher rates and strong underwriting performance in all of our business units. During the fourth quarter, the market tone in the U.S. remained firm, and we achieved mid- to high-single-digit changes in our rate increase metrics in all of our business units.

“For the full year 2013,” said Mr. Finnegan, “we generated record operating income per share of $8.03 and record net income per share of $9.04. Our excellent results in 2013, and our consistent financial performance over time, demonstrate the successful execution of our business and underwriting strategies. We remain committed to our long-standing strategy of focusing on underwriting discipline and superior claims handling, combined with best-in-class producer relationships, a strong balance sheet and active capital management.”

2

Full Year Results

For the year ended December 31, 2013, net income was $2.3 billion or a record $9.04 per share, compared to $1.5 billion or $5.69 per share for the year ended December 31, 2012. Operating income totaled $2.1 billion in 2013 and $1.4 billion in 2012. Operating income per share increased to a record $8.03 in 2013 from $5.23 in 2012.

Net written premiums increased 3% to $12.2 billion in 2013 from $11.9 billion in 2012. Foreign currency translation and Storm Sandy reinsurance reinstatement premiums had an insignificant effect on premium growth for the year. Premiums were up 4% in the U.S. and were flat outside the U.S. (up 2% in local currencies).

The combined ratio in 2013 was 86.1%, compared to 95.3% in 2012. The impact of catastrophes accounted for 3.4 percentage points of the combined ratio in 2013 and 9.6 points in 2012. Excluding the impact of catastrophes, the combined ratio was 82.7% in 2013 and 85.7% in 2012.

The expense ratio for the year was 31.9% in 2013 and 31.7% in 2012.

Property and casualty investment income after taxes in 2013 declined 5% to $1.1 billion in 2013 from $1.2 billion in 2012.

Net income for 2013 included net realized investment gains of $402 million before tax ($1.01 per share after-tax). Net income for 2012 reflected net realized investment gains of $193 million before tax ($0.46 per share after-tax).

During 2013, Chubb repurchased 14.9 million shares of its common stock at a total cost of $1.3 billion, or an average cost of $87.33 per share.

Average diluted shares outstanding were 259.4 million in 2013 and 271.4 million in 2012.

3

Fourth Quarter Operations Review

Chubb Personal Insurance (CPI) net written premiums increased 6% in the fourth quarter of 2013 to $1.1 billion. Net written premiums were up 3% excluding reinsurance reinstatement premiums related to Storm Sandy. CPI’s combined ratio for the fourth quarter was 83.5% in 2013 and 117.9% in 2012. The impact of catastrophes on CPI’s combined ratio in the fourth quarter was 5.3 percentage points in 2013 and 40.1 points in 2012. Excluding the impact of catastrophes, the combined ratio for the fourth quarter was 78.2% in 2013 and 77.8% in 2012.

Homeowners net written premiums were up 6% (up 2% excluding Storm Sandy reinsurance reinstatement premiums), and the combined ratio was 75.8% (67.3% excluding the impact of catastrophes). Personal Automobile net written premiums increased 2%, and the combined ratio was 93.9%. Other Personal lines net written premiums were up 9%, and the combined ratio was 96.8%.

Chubb Commercial Insurance (CCI) net written premiums for the fourth quarter of 2013 increased 4% to $1.3 billion. Net written premiums were up 2% excluding reinsurance reinstatement premiums related to Storm Sandy. The combined ratio for the quarter was 89.0% in 2013 and 118.7% in 2012. The impact of catastrophes on CCI’s combined ratio in the fourth quarter accounted for 0.6 points in 2013 compared to an impact of 36.8 percentage points in 2012. Excluding the impact of catastrophes, the combined ratio for the fourth quarter was 88.4% in 2013 and 81.9% in 2012.

In the U.S., average fourth quarter CCI renewal rates were up 6%, renewal premium retention was 83% and the ratio of new to lost business was 0.7 to 1.

Chubb Specialty Insurance (CSI) net written premiums increased 2% in the fourth quarter to $705 million. The combined ratio was 81.9%, compared to 88.5% in the fourth quarter of 2012.

Professional Liability (PL) net written premiums increased 2%, and PL had a combined ratio of 85.9%. In the U.S., average PL renewal rates were up 8%, renewal premium retention was 84% and the ratio of new to lost business was 0.8 to 1.

Surety net written premiums were up 4%, and the combined ratio was 53.9%.

4

2013 Operations Review

For the year ended December 31, 2013, Chubb Personal Insurance net written premiums increased 5% to $4.3 billion. Net written premiums were up 4% excluding reinsurance reinstatement premiums related to Storm Sandy. CPI’s combined ratio was 87.0% in 2013 and 94.4% in 2012. The impact of catastrophes accounted for 7.2 percentage points of the combined ratio in 2013 and 13.7 points in 2012. Excluding the impact of catastrophes, the combined ratio was 79.8% in 2013 and 80.7% in 2012.

Homeowners net written premiums increased 4% (increased 3% excluding Storm Sandy reinsurance reinstatement premiums), and the combined ratio was 82.3% (70.8% excluding the impact of catastrophes). Personal Automobile net written premiums were up 6%, and the combined ratio was 94.8%. Other Personal lines net written premiums increased 6%, and the combined ratio was 94.8%.

Chubb Commercial Insurance net written premiums for 2013 increased 2% to $5.3 billion. Net written premiums were up 1% excluding reinsurance reinstatement premiums related to Storm Sandy. The combined ratio was 86.5% in 2013 and 99.0% in 2012. The impact of catastrophes accounted for 2.1 percentage points of the combined ratio in 2013 and 11.4 points in 2012. Excluding the impact of catastrophes, the combined ratio was 84.4% in 2013 and 87.6% in 2012.

In the U.S., average CCI renewal rates were up 7%, renewal premium retention was 84% and the ratio of new to lost business was 0.8 to 1.

Chubb Specialty Insurance net written premiums for 2013 increased 3% to $2.6 billion. The combined ratio was 84.3% in 2013 and 91.3% in 2012.

Professional Liability’s net written premiums were up 2%. PL had a combined ratio of 89.3%. In the U.S., average 2013 renewal rates for PL were up 8%, renewal premium retention was 84% and the ratio of new to lost business was 0.8 to 1.

Surety net written premiums increased 6%, and the combined ratio was 47.2%.

5

January 2014 Winter Weather Losses

Chubb’s first quarter 2014 results will be impacted by losses related to the severe winter weather that has occurred during the month of January in the United States. To date, that weather has resulted in two declared catastrophes related to the freezing and winter storms that occurred between January 3^rd and 8^th in 19 states. Chubb’s preliminary estimate of the losses from these two catastrophes is in the range of $150 million to $200 million before tax or $0.39 to $0.52 per share after tax. This estimate does not include an estimate for any other January weather related losses.

2014 Operating Income Guidance

Based on management’s current outlook, Chubb expects to achieve 2014 operating income per share in the range of $7.10 to $7.40.

This operating income guidance assumes for the full year 2014:

• An increase of 2% to 4% in net written premiums.

• Catastrophe losses that have an impact of 5 percentage points on the 2014 combined ratio. This assumed impact is 1 point higher than the assumed 4 points of catastrophe losses in Chubb’s initial operating income per share guidance for 2013 to take into account anticipated higher than usual catastrophe losses in the first quarter of 2014. The impact of each percentage point of catastrophe losses on operating income per share is approximately $0.33.

• A combined ratio between 89% and 90%.

• A decline of 4% to 6% in property and casualty investment income after taxes.

• Approximately 245 million average diluted shares outstanding.

The guidance and related assumptions are subject to the risks outlined in the company’s forward-looking information safe-harbor statements (see below).

6

Webcast Conference Call to be Held Today at 5 P.M.

Chubb’s senior management will discuss the company’s fourth quarter performance with investors and analysts today, January 30^th, at 5 P.M. Eastern Standard Time. The conference call will be webcast live on the Internet at http://www.chubb.com and archived later in the day for replay.

About Chubb

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.

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 10,000 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

7

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.

8

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, Net Written Premiums Growth (Decrease) Excluding the Impact of Reinsurance Reinstatement Premiums, Net Written Premiums Growth (Decrease) Excluding the Impact of Foreign Currency Translation and Reinsurance Reinstatement Premiums:

Management uses net written premiums growth (decrease) excluding the impact of foreign currency translation, net written premiums growth (decrease) excluding the impact of reinsurance reinstatement premiums, and net written premiums growth (decrease) excluding the impact of foreign currency translation and reinsurance reinstatement premiums, non-GAAP financial measures, 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 and/or the effect of reinsurance reinstatement premiums. 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. The impact of reinsurance reinstatement premiums related to a major catastrophe event such as Storm Sandy are excluded as these reinsurance reinstatement premiums are infrequent and could distort the analysis of trends. When excluding the impact of reinsurance reinstatement premiums, net written premiums are increased by the amount of reinsurance reinstatement premiums recognized in the period.

9

FORWARD-LOOKING INFORMATION

In this press release, 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 and include statements regarding Chubb’s first quarter 2014 catastrophe losses from January weather in the United States and management’s 2014 operating income per share guidance and related assumptions. 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;

10

• 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.

11

THE CHUBB CORPORATION

SUPPLEMENTARY FINANCIAL DATA

(Unaudited)

	Periods Ended December 31
	Fourth Quarter						Twelve Months
	2013			2012			2013			2012
				(in millions)
PROPERTY AND CASUALTY INSURANCE
Underwriting
Net Premiums Written	$	3,038		$	2,908		$	12,224		$	11,870
Decrease (Increase) in Unearned Premiums		2			19			(158	)		(32	)
Premiums Earned		3,040			2,927			12,066			11,838
Losses and Loss Expenses		1,658			2,343			6,520			7,507
Operating Costs and Expenses		933			897			3,893			3,756
Decrease (Increase) in Deferred Policy Acquisition Costs		10			12			(59	)		(3	)
Dividends to Policyholders		9			7			37			30
Underwriting Income (Loss)		430			(332	)		1,675			548
Investments
Investment Income Before Expenses		360			373			1,436			1,518
Investment Expenses		11			8			45			36
Investment Income		349			365			1,391			1,482
Other Income (Charges)		(5	)		4			6			10
Property and Casualty Income		774			37			3,072			2,040
CORPORATE AND OTHER		(55	)		(64	)		(237	)		(237	)
CONSOLIDATED OPERATING INCOME (LOSS) BEFORE INCOME TAX		719			(27	)		2,835			1,803
Federal and Foreign Income Tax (Credit)		193			(71	)		751			383
CONSOLIDATED OPERATING INCOME		526			44			2,084			1,420
REALIZED INVESTMENT GAINS AFTER INCOME TAX		43			58			261			125
CONSOLIDATED NET INCOME	$	569		$	102		$	2,345		$	1,545
PROPERTY AND CASUALTY INVESTMENT INCOME AFTER INCOME TAX	$	284		$	296		$	1,138		$	1,204

12

	Periods Ended December 31
	Fourth Quarter						Twelve Months
	2013			2012			2013			2012
OUTSTANDING SHARE DATA
(in millions)
Average Common and Potentially Dilutive Shares		254.1			266.8			259.4			271.4
Actual Common Shares at End of Period		248.3			261.8			248.3			261.8
DILUTED EARNINGS PER SHARE DATA
Operating Income	$	2.07		$	.16		$	8.03		$	5.23
Realized Investment Gains		.17			.22			1.01			.46
Net Income	$	2.24		$	.38		$	9.04		$	5.69
Effect of Catastrophes	$	(.17	)	$	(2.13	)	$	(1.03	)	$	(2.73	)

	Dec. 31 2013		Dec. 31 2012
BOOK VALUE PER COMMON SHARE	$	64.83	$	60.45
BOOK VALUE PER COMMON SHARE,
with Available-for-Sale Fixed Maturities at Amortized Cost		61.86		53.80

PROPERTY AND CASUALTY UNDERWRITING RATIOS

PERIODS ENDED DECEMBER 31

	Fourth Quarter						Twelve Months
	2013			2012			2013			2012
Losses and Loss Expenses to Premiums Earned		54.7	%		80.3	%		54.2	%		63.6	%
Underwriting Expenses to Premiums Written		30.8			30.9			31.9			31.7
Combined Loss and Expense Ratio		85.5	%		111.2	%		86.1	%		95.3	%
Effect of Catastrophes on Combined Loss and Expense Ratio		2.1	%		29.7	%		3.4	%		9.6	%

PROPERTY AND CASUALTY LOSSES AND LOSS EXPENSES COMPONENTS

PERIODS ENDED DECEMBER 31

	Fourth Quarter					Twelve Months
	2013			2012		2013			2012
				(in millions)
Paid Losses and Loss Expenses	$	1,937		$	1,889	$	7,102		$	6,816
Increase (Decrease) in Unpaid Losses and Loss Expenses		(279	)		454		(582	)		691
Total Losses and Loss Expenses	$	1,658		$	2,343	$	6,520		$	7,507

The increase in unpaid losses and loss expenses for both the fourth quarter and the twelve months ended 2012 included $620 million related to Storm Sandy.

13

PROPERTY AND CASUALTY PRODUCT MIX

QUARTERS ENDED DECEMBER 31

	Net Premiums Written
						% Increase (Decrease)
									Excluding
									Storm Sandy			Combined Loss and
									Reinstatement			Expense Ratios
	2013			2012		Total			Premiums			2013			2012
	(in millions)
Personal Insurance
Automobile	$	175		$	172		2	%		2	%		93.9	%		97.1	%
Homeowners		651			614		6			2			75.8			131.3
Other		249			228		9			9			96.8			97.1
Total Personal		1,075			1,014		6			3			83.5			117.9
Commercial Insurance
Multiple Peril		279			279		—			(2	)		73.5			103.9
Casualty		395			393		1			1			102.9			93.8
Workers’ Compensation		245			225		9			9			91.5			89.3
Property and Marine		340			308		10			3			83.1			184.2
Total Commercial		1,259			1,205		4			2			89.0			118.7
Specialty Insurance
Professional Liability		627			613		2			2			85.9			93.7
Surety		78			75		4			4			53.9			51.4
Total Specialty		705			688		2			2			81.9			88.5
Total Insurance		3,039			2,907		5			3			85.5			111.6
Reinsurance Assumed		(1	)		1		*			*			*			*
Total	$	3,038		$	2,908		4			3			85.5			111.2

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

14

PROPERTY AND CASUALTY PRODUCT MIX

TWELVE MONTHS ENDED DECEMBER 31

	Net Premiums Written
						% Increase (Decrease)
									Excluding
									Storm Sandy			Combined Loss and
									Reinstatement			Expense Ratios
	2013			2012		Total			Premiums			2013			2012
	(in millions)
Personal Insurance
Automobile	$	731		$	691		6	%		6	%		94.8	%		93.4	%
Homeowners		2,662			2,554		4			3			82.3			94.2
Other		929			880		6			6			94.8			95.6
Total Personal		4,322			4,125		5			4			87.0			94.4
Commercial Insurance
Multiple Peril		1,113			1,119		(1	)		(1	)		83.3			93.7
Casualty		1,635			1,641		—			—			97.3			92.1
Workers’ Compensation		1,091			1,014		8			8			89.6			93.7
Property and Marine		1,434			1,400		2			1			74.6			115.0
Total Commercial		5,273			5,174		2			1			86.5			99.0
Specialty Insurance
Professional Liability		2,319			2,273		2			2			89.3			96.7
Surety		314			295		6			6			47.2			51.4
Total Specialty		2,633			2,568		3			3			84.3			91.3
Total Insurance		12,228			11,867		3			3			86.2			95.7
Reinsurance Assumed		(4	)		3		*			*			*			*
Total	$	12,224		$	11,870		3			3			86.1			95.3

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

15

EX-99.2

Exhibit 99.2

The	Supplementary	December 31, 2013
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

SUPPLEMENTARY INVESTOR INFORMATION

TABLE OF CONTENTS

DECEMBER 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 - Year-To-Date	6-10
Underwriting Results - Quarterly	11-15
Definitions of Key Terms	16-18

THE CHUBB CORPORATION

CONSOLIDATED BALANCE SHEET HIGHLIGHTS

AS OF DECEMBER 31

(in millions, except per share amounts)

	2013						2012
				% of Total						% of Total
Invested Assets (at carrying value)
Short Term Investments	$	2,114			5	%	$	2,528			6	%
Fixed Maturities
Tax Exempt		18,421			43			19,913			45
Taxable		18,670			44			18,163			41
Equity Securities		1,810			4			1,663			4
Other Invested Assets		1,598			4			1,954			4
Total Invested Assets	$	42,613			100	%	$	44,221			100	%
Unrealized Appreciation of Investments
Fixed Maturities	$	1,132					$	2,678
Equity Securities		753						419
		1,885						3,097
Deferred Income Tax Liability		660						1,084
	$	1,225					$	2,013
Capitalization
Long Term Debt	$	3,300					$	3,575
Shareholders’ Equity		16,097						15,827
Total Capitalization	$	19,397					$	19,402
Debt as a Percentage of Total Capitalization		17.0	%					18.4	%
Actual Common Shares Outstanding		248.3						261.8
Book Value Per Common Share	$	64.83					$	60.45
Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost	$	61.86					$	53.80

Page 1 of 18

THE CHUBB CORPORATION

SHARE REPURCHASE ACTIVITY

(dollars in millions, except per share amounts)

	Periods Ended December 31
	Fourth Quarter 2013		Twelve Months 2013		From December 2005 to December 31, 2013
Cost of Shares Repurchased	$	325	$	1,300	$	11,913
Average Cost Per Share	$	93.72	$	87.33	$	56.18
Shares Repurchased		3,469,086		14,887,701		212,072,934

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 December 31, 2013, approximately $107 million remained under this authorization.

Page 2 of 18

THE CHUBB CORPORATION

SUMMARY OF INVESTED ASSETS

AS OF DECEMBER 31

CORPORATE

	Cost or Amortized Cost				Carrying Value (a)
	2013		2012		2013		2012
	(in millions)
Short Term Investments	$	864	$	943	$	864	$	943
Taxable Fixed Maturities		1,115		1,296		1,130		1,333
Equity Securities		—		176		2		215
Other Invested Assets		—		68		—		68
TOTAL	$	1,979	$	2,483	$	1,996	$	2,559

PROPERTY AND CASUALTY

	Cost or Amortized Cost				Carrying Value (a)
	2013		2012		2013		2012
	(in millions)
Short Term Investments	$	1,250	$	1,585	$	1,250	$	1,585
Fixed Maturities
Tax Exempt		17,808		18,410		18,421		19,913
Taxable		17,036		15,692		17,540		16,830
Equity Securities		1,057		1,068		1,808		1,448
Other Invested Assets		1,598		1,886		1,598		1,886
TOTAL	$	38,749	$	38,641	$	40,617	$	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 18

THE CHUBB CORPORATION

INVESTMENT INCOME AFTER TAXES

	Periods Ended December 31
	Fourth Quarter						Twelve Months
	2013			2012			2013			2012
	(in millions)
CORPORATE INVESTMENT INCOME	$	4		$	6		$	16		$	24
PROPERTY AND CASUALTY INVESTMENT INCOME
Tax Exempt Interest	$	170		$	182		$	693		$	735
Taxable Interest		107			105			417			439
Other		14			14			57			53
Investment Expenses		(7	)		(5	)		(29	)		(23	)
TOTAL	$	284		$	296		$	1,138		$	1,204
Effective Tax Rate		18.6	%		18.9	%		18.2	%		18.8	%
After-Tax Annualized Yield		2.86	%		3.04	%		2.88	%		3.12	%

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

STATUTORY POLICYHOLDERS’ SURPLUS

AS OF DECEMBER 31

	2013		2012		2011
	(in millions)
Estimated Statutory Policyholders’ Surplus	$	15,000	$	14,117	$	13,958
Rolling Year Statutory Net Premiums Written	$	12,214	$	11,861	$	11,778
Ratio of Statutory Net Premiums Written to Policyholders’ Surplus		0.81:1		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 18

THE CHUBB CORPORATION

PROPERTY AND CASUALTY

CHANGE IN NET UNPAID LOSSES

TWELVE MONTHS ENDED DECEMBER 31, 2013

	Net Unpaid Losses										All Other
	12/31/13		12/31/12		Increase (Decrease)			IBNR Increase (Decrease)			Unpaid Losses Increase (Decrease)
	(in millions)
Personal Insurance
Automobile	$	390	$	387	$	3		$	—		$	3
Homeowners		715		898		(183	)		(131	)		(52	)
Other		968		926		42			31			11
Total Personal		2,073		2,211		(138	)		(100	)		(38	)
Commercial Insurance
Multiple Peril		1,745		1,799		(54	)		(44	)		(10	)
Casualty		6,576		6,485		91			22			69
Workers’ Compensation		2,793		2,607		186			144			42
Property and Marine		886		1,316		(430	)		(337	)		(93	)
Total Commercial		12,000		12,207		(207	)		(215	)		8
Specialty Insurance
Professional Liability		6,889		7,150		(261	)		(213	)		(48	)
Surety		71		83		(12	)		(3	)		(9	)
Total Specialty		6,960		7,233		(273	)		(216	)		(57	)
Total Insurance		21,033		21,651		(618	)		(531	)		(87	)
Reinsurance Assumed		311		371		(60	)		(48	)		(12	)
Total	$	21,344	$	22,022	$	(678	)	$	(579	)	$	(99	)

Page 5 of 18

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE TWELVE MONTHS ENDED DECEMBER 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	$	731		$	691		$	2,662		$	2,554		$	929		$	880		$	4,322		$	4,125
Decrease (Increase) in Unearned Premiums		(25	)		(20	)		(64	)		(65	)		(19	)		(16	)		(108	)		(101	)
Net Premiums Earned		706			671			2,598			2,489			910			864			4,214			4,024
Net Losses Paid		435			437			1,456			1,377			451			458			2,342			2,272
Increase (Decrease) in Outstanding Losses		13			(12	)		(176	)		127			45			30			(118	)		145
Net Losses Incurred		448			425			1,280			1,504			496			488			2,224			2,417
Expenses Incurred		229			208			878			863			374			344			1,481			1,415
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	29		$	38		$	440		$	122		$	40		$	32		$	509		$	192
Ratios After Dividends to Policyholders:
Loss		63.5	%		63.3	%		49.3	%		60.4	%		54.5	%		56.5	%		52.8	%		60.1	%
Expense		31.3			30.1			33.0			33.8			40.3			39.1			34.2			34.3
Combined		94.8	%		93.4	%		82.3	%		94.2	%		94.8	%		95.6	%		87.0	%		94.4	%
Premiums Written as a % of Total		6.0	%		5.8	%		21.8	%		21.6	%		7.6	%		7.4	%		35.4	%		34.8	%
		RESULTS EXCLUDING THE IMPACT OF CATASTROPHES:
Net Premiums Written	$	731		$	691		$	2,662		$	2,579		$	929		$	880		$	4,322		$	4,150
Net Premiums Earned	$	706		$	671		$	2,598		$	2,514		$	910		$	864		$	4,214		$	4,049
Net Losses Incurred	$	443		$	405		$	982		$	1,000		$	495		$	482		$	1,920		$	1,887
Statutory Underwriting Income	$	34		$	58		$	738		$	651		$	41		$	38		$	813		$	747
Combined Ratio		94.1	%		90.5	%		70.8	%		73.2	%		94.7	%		94.9	%		79.8	%		80.7	%

Page 6 of 18

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE TWELVE MONTHS ENDED DECEMBER 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	$	1,113		$	1,119		$	1,635		$	1,641		$	1,091		$	1,014		$	1,434		$	1,400		$	5,273		$	5,174
Decrease (Increase) in Unearned Premiums		2			9			11			—			(46	)		(40	)		(3	)		1			(36	)		(30	)
Net Premiums Earned		1,115			1,128			1,646			1,641			1,045			974			1,431			1,401			5,237			5,144
Net Losses Paid		560			583			1,011			838			494			464			1,001			940			3,066			2,825
Increase (Decrease) in Outstanding Losses		(47	)		62			114			211			184			214			(426	)		200			(175	)		687
Net Losses Incurred		513			645			1,125			1,049			678			678			575			1,140			2,891			3,512
Expenses Incurred		415			409			473			463			238			219			494			471			1,620			1,562
Dividends Incurred		—			—			—			—			34			26			—			—			34			26
Statutory Underwriting Income (Loss)	$	187		$	74		$	48		$	129		$	95		$	51		$	362		$	(210	)	$	692		$	44
Ratios After Dividends to Policyholders:
Loss		46.0	%		57.2	%		68.4	%		63.9	%		67.1	%		71.5	%		40.2	%		81.4	%		55.6	%		68.6	%
Expense		37.3			36.5			28.9			28.2			22.5			22.2			34.4			33.6			30.9			30.4
Combined		83.3	%		93.7	%		97.3	%		92.1	%		89.6	%		93.7	%		74.6	%		115.0	%		86.5	%		99.0	%
Premiums Written as a % of Total		9.1	%		9.4	%		13.4	%		13.8	%		8.9	%		8.6	%		11.7	%		11.8	%		43.1	%		43.6	%
		RESULTS EXCLUDING THE IMPACT OF CATASTROPHES:
Net Premiums Written	$	1,113		$	1,124		$	1,635		$	1,641		$	1,091		$	1,014		$	1,434		$	1,423		$	5,273		$	5,202
Net Premiums Earned	$	1,115		$	1,133		$	1,646		$	1,641		$	1,045		$	974		$	1,431		$	1,424		$	5,237		$	5,172
Net Losses Incurred	$	476		$	526		$	1,123		$	1,046		$	671		$	667		$	513		$	716		$	2,783		$	2,955
Statutory Underwriting Income	$	224		$	198		$	50		$	132		$	102		$	62		$	424		$	237		$	800		$	629
Combined Ratio		80.0	%		82.8	%		97.2	%		92.0	%		88.9	%		92.5	%		70.3	%		83.4	%		84.4	%		87.6	%

Page 7 of 18

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2013 AND 2012

(DOLLARS IN MILLIONS)

	Professional Liability						Surety						Total Specialty
	2013			2012			2013			2012			2013			2012
Net Premiums Written	$	2,319		$	2,273		$	314		$	295		$	2,633		$	2,568
Decrease (Increase) in Unearned Premiums		(16	)		75			1			23			(15	)		98
Net Premiums Earned		2,303			2,348			315			318			2,618			2,666
Net Losses Paid		1,613			1,630			33			24			1,646			1,654
Increase (Decrease) in Outstanding Losses		(218	)		(41	)		(11	)		9			(229	)		(32	)
Net Losses Incurred		1,395			1,589			22			33			1,417			1,622
Expenses Incurred		667			659			125			119			792			778
Dividends Incurred		—			—			3			4			3			4
Statutory Underwriting Income (Loss)	$	241		$	100		$	165		$	162		$	406		$	262
Ratios After Dividends to Policyholders:
Loss		60.6	%		67.7	%		7.0	%		10.5	%		54.2	%		60.9	%
Expense		28.7			29.0			40.2			40.9			30.1			30.4
Combined		89.3	%		96.7	%		47.2	%		51.4	%		84.3	%		91.3	%
Premiums Written as a % of Total		19.0	%		19.1	%		2.5	%		2.5	%		21.5	%		21.6	%
		RESULTS EXCLUDING THE IMPACT OF CATASTROPHES:
Net Premiums Written	$	2,319		$	2,273		$	314		$	295		$	2,633		$	2,568
Net Premiums Earned	$	2,303		$	2,348		$	315		$	318		$	2,618		$	2,666
Net Losses Incurred	$	1,395		$	1,589		$	22		$	33		$	1,417		$	1,622
Statutory Underwriting Income	$	241		$	100		$	165		$	162		$	406		$	262
Combined Ratio		89.3	%		96.7	%		47.2	%		51.4	%		84.3	%		91.3	%

Page 8 of 18

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2013 AND 2012

(DOLLARS IN MILLIONS)

	Total Insurance						Reinsurance Assumed						Worldwide Total
	2013			2012			2013			2012			2013			2012
Net Premiums Written	$	12,228		$	11,867		$	(4	)	$	3		$	12,224		$	11,870
Decrease (Increase) in Unearned Premiums		(159	)		(33	)		1			1			(158	)		(32	)
Net Premiums Earned		12,069			11,834			(3	)		4			12,066			11,838
Net Losses Paid		7,054			6,751			48			65			7,102			6,816
Increase (Decrease) in Outstanding Losses		(522	)		800			(60	)		(109	)		(582	)		691
Net Losses Incurred		6,532			7,551			(12	)		(44	)		6,520			7,507
Expenses Incurred		3,893			3,755			—			1			3,893			3,756
Dividends Incurred		37			30			—			—			37			30
Statutory Underwriting Income (Loss)	$	1,607		$	498		$	9		$	47			1,616			545
Increase in Deferred Acquisition Costs														59			3
GAAP Underwriting Income													$	1,675		$	548
Ratios After Dividends to Policyholders:
Loss		54.3	%		64.0	%		*	%		*	%		54.2	%		63.6	%
Expense		31.9			31.7			*			*			31.9			31.7
Combined		86.2	%		95.7	%		*	%		*	%		86.1	%		95.3	%
Premiums Written as a % of Total		100.0	%		100.0	%		0.0	%		0.0	%		100.0	%		100.0	%
		RESULTS EXCLUDING THE IMPACT OF CATASTROPHES:
Net Premiums Written	$	12,228		$	11,920		$	(4	)	$	3		$	12,224		$	11,923
Net Premiums Earned	$	12,069		$	11,887		$	(3	)	$	4		$	12,066		$	11,891
Net Losses Incurred	$	6,120		$	6,464		$	(12	)	$	(44	)	$	6,108		$	6,420
Statutory Underwriting Income	$	2,019		$	1,638		$	9		$	47		$	2,028		$	1,685
Combined Ratio		82.8	%		86.1	%		*	%		*	%		82.7	%		85.7	%

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

Page 9 of 18

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2013 AND 2012

(DOLLARS IN MILLIONS)

	United States						Outside the United States						Worldwide Total
	2013			2012			2013			2012			2013			2012
Net Premiums Written	$	9,126		$	8,779		$	3,098		$	3,091		$	12,224		$	11,870
Decrease (Increase) in Unearned Premiums		(119	)		(32	)		(39	)		—			(158	)		(32	)
Net Premiums Earned		9,007			8,747			3,059			3,091			12,066			11,838
Net Losses Paid		5,465			5,310			1,637			1,506			7,102			6,816
Increase (Decrease) in Outstanding Losses		(647	)		515			65			176			(582	)		691
Net Losses Incurred		4,818			5,825			1,702			1,682			6,520			7,507
Expenses Incurred		2,720			2,610			1,173			1,146			3,893			3,756
Dividends Incurred		37			30			—			—			37			30
Statutory Underwriting Income (Loss)	$	1,432		$	282		$	184		$	263			1,616			545
Increase in Deferred Acquisition Costs														59			3
GAAP Underwriting Income													$	1,675		$	548
Ratios After Dividends to Policyholders:
Loss		53.7	%		66.8	%		55.6	%		54.4	%		54.2	%		63.6	%
Expense		29.9			29.8			37.9			37.1			31.9			31.7
Combined		83.6	%		96.6	%		93.5	%		91.5	%		86.1	%		95.3	%
Premiums Written as a % of Total		74.7	%		74.0	%		25.3	%		26.0	%		100.0	%		100.0	%
		RESULTS EXCLUDING THE IMPACT OF CATASTROPHES:
Net Premiums Written	$	9,126		$	8,832		$	3,098		$	3,091		$	12,224		$	11,923
Net Premiums Earned	$	9,007		$	8,800		$	3,059		$	3,091		$	12,066		$	11,891
Net Losses Incurred	$	4,572		$	4,730		$	1,536		$	1,690		$	6,108		$	6,420
Statutory Underwriting Income	$	1,678		$	1,430		$	350		$	255		$	2,028		$	1,685
Combined Ratio		80.9	%		83.6	%		88.1	%		91.8	%		82.7	%		85.7	%

Page 10 of 18

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED DECEMBER 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	$	175		$	172		$	651		$	614		$	249		$	228		$	1,075		$	1,014
Decrease (Increase) in Unearned Premiums		1			—			6			1			(9	)		(4	)		(2	)		(3	)
Net Premiums Earned		176			172			657			615			240			224			1,073			1,011
Net Losses Paid		116			131			365			441			124			116			605			688
Increase (Decrease) in Outstanding Losses		(4	)		(14	)		(81	)		158			13			12			(72	)		156
Net Losses Incurred		112			117			284			599			137			128			533			844
Expenses Incurred		53			50			212			208			99			91			364			349
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	11		$	5		$	161		$	(192	)	$	4		$	5		$	176		$	(182	)
Ratios After Dividends to Policyholders:
Loss		63.6	%		68.0	%		43.2	%		97.4	%		57.1	%		57.2	%		49.7	%		83.5	%
Expense		30.3			29.1			32.6			33.9			39.7			39.9			33.8			34.4
Combined		93.9	%		97.1	%		75.8	%		131.3	%		96.8	%		97.1	%		83.5	%		117.9	%
Premiums Written as a % of Total		5.8	%		5.9	%		21.4	%		21.1	%		8.2	%		7.9	%		35.4	%		34.9	%
		RESULTS EXCLUDING THE IMPACT OF CATASTROPHES:
Net Premiums Written	$	175		$	172		$	651		$	639		$	249		$	228		$	1,075		$	1,039
Net Premiums Earned	$	176		$	172		$	657		$	640		$	240		$	224		$	1,073		$	1,036
Net Losses Incurred	$	111		$	101		$	228		$	235		$	137		$	122		$	476		$	458
Statutory Underwriting Income (Loss)	$	12		$	21		$	217		$	197		$	4		$	11		$	233		$	229
Combined Ratio		93.3	%		87.8	%		67.3	%		69.3	%		96.8	%		94.4	%		78.2	%		77.8	%

Page 11 of 18

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED DECEMBER 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	$	279		$	279		$	395		$	393		$	245		$	225		$	340		$	308		$	1,259		$	1,205
Decrease (Increase) in Unearned Premiums		—			—			13			11			22			23			15			15			50			49
Net Premiums Earned		279			279			408			404			267			248			355			323			1,309			1,254
Net Losses Paid		139			171			297			209			125			114			249			226			810			720
Increase (Decrease) in Outstanding Losses		(30	)		24			5			57			53			50			(74	)		260			(46	)		391
Net Losses Incurred		109			195			302			266			178			164			175			486			764			1,111
Expenses Incurred		96			95			114			110			54			48			115			104			379			357
Dividends Incurred		—			—			—			—			8			5			—			—			8			5
Statutory Underwriting Income (Loss)	$	74		$	(11	)	$	(8	)	$	28		$	27		$	31		$	65		$	(267	)	$	158		$	(219	)
Ratios After Dividends to Policyholders:
Loss		39.1	%		69.9	%		74.0	%		65.8	%		68.7	%		67.5	%		49.3	%		150.4	%		58.7	%		88.9	%
Expense		34.4			34.0			28.9			28.0			22.8			21.8			33.8			33.8			30.3			29.8
Combined		73.5	%		103.9	%		102.9	%		93.8	%		91.5	%		89.3	%		83.1	%		184.2	%		89.0	%		118.7	%
Premiums Written as a % of Total		9.2	%		9.6	%		13.0	%		13.5	%		8.0	%		7.7	%		11.2	%		10.6	%		41.4	%		41.4	%
		RESULTS EXCLUDING THE IMPACT OF CATASTROPHES:
Net Premiums Written	$	279		$	284		$	395		$	393		$	245		$	225		$	340		$	331		$	1,259		$	1,233
Net Premiums Earned	$	279		$	284		$	408		$	404		$	267		$	248		$	355		$	346		$	1,309		$	1,282
Net Losses Incurred	$	109		$	118		$	302		$	265		$	176		$	162		$	169		$	129		$	756		$	674
Statutory Underwriting Income (Loss)	$	74		$	71		$	(8	)	$	29		$	29		$	33		$	71		$	113		$	166		$	246
Combined Ratio		73.5	%		75.0	%		102.9	%		93.6	%		90.7	%		88.5	%		81.4	%		68.7	%		88.4	%		81.9	%

Page 12 of 18

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED DECEMBER 31, 2013 AND 2012

(DOLLARS IN MILLIONS)

	Professional Liability						Surety						Total Specialty
	2013			2012			2013			2012			2013			2012
Net Premiums Written	$	627		$	613		$	78		$	75		$	705		$	688
Decrease (Increase) in Unearned Premiums		(49	)		(32	)		3			5			(46	)		(27	)
Net Premiums Earned		578			581			81			80			659			661
Net Losses Paid		489			461			14			7			503			468
Increase (Decrease) in Outstanding Losses		(141	)		(69	)		(1	)		1			(142	)		(68	)
Net Losses Incurred		348			392			13			8			361			400
Expenses Incurred		161			161			29			30			190			191
Dividends Incurred		—			—			1			2			1			2
Statutory Underwriting Income (Loss)	$	69		$	28		$	38		$	40		$	107		$	68
Ratios After Dividends to Policyholders:
Loss		60.2	%		67.5	%		16.2	%		10.3	%		54.9	%		60.7	%
Expense		25.7			26.2			37.7			41.1			27.0			27.8
Combined		85.9	%		93.7	%		53.9	%		51.4	%		81.9	%		88.5	%
Premiums Written as a % of Total		20.6	%		21.1	%		2.6	%		2.6	%		23.2	%		23.7	%
		RESULTS EXCLUDING THE IMPACT OF CATASTROPHES:
Net Premiums Written	$	627		$	613		$	78		$	75		$	705		$	688
Net Premiums Earned	$	578		$	581		$	81		$	80		$	659		$	661
Net Losses Incurred	$	348		$	392		$	13		$	8		$	361		$	400
Statutory Underwriting Income (Loss)	$	69		$	28		$	38		$	40		$	107		$	68
Combined Ratio		85.9	%		93.7	%		53.9	%		51.4	%		81.9	%		88.5	%

Page 13 of 18

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED DECEMBER 31, 2013 AND 2012

(DOLLARS IN MILLIONS)

	Total Insurance						Reinsurance Assumed						Worldwide Total
	2013			2012			2013			2012			2013			2012
Net Premiums Written	$	3,039		$	2,907		$	(1	)	$	1		$	3,038		$	2,908
Decrease (Increase) in Unearned Premiums		2			19			—			—			2			19
Net Premiums Earned		3,041			2,926			(1	)		1			3,040			2,927
Net Losses Paid		1,918			1,876			19			13			1,937			1,889
Increase (Decrease) in Outstanding Losses		(260	)		479			(19	)		(25	)		(279	)		454
Net Losses Incurred		1,658			2,355			—			(12	)		1,658			2,343
Expenses Incurred		933			897			—			—			933			897
Dividends Incurred		9			7			—			—			9			7
Statutory Underwriting Income (Loss)	$	441		$	(333	)	$	(1	)	$	13			440			(320	)
Decrease in Deferred Acquisition Costs														(10	)		(12	)
GAAP Underwriting Income (Loss)													$	430		$	(332	)
Ratios After Dividends to Policyholders:
Loss		54.7	%		80.7	%		*	%		*	%		54.7	%		80.3	%
Expense		30.8			30.9			*			*			30.8			30.9
Combined		85.5	%		111.6	%		*	%		*	%		85.5	%		111.2	%
Premiums Written as a % of Total		100.0	%		100.0	%		0.0	%		0.0	%		100.0	%		100.0	%
		RESULTS EXCLUDING THE IMPACT OF CATASTROPHES:
Net Premiums Written	$	3,039		$	2,960		$	(1	)	$	1		$	3,038		$	2,961
Net Premiums Earned	$	3,041		$	2,979		$	(1	)	$	1		$	3,040		$	2,980
Net Losses Incurred	$	1,593		$	1,532		$	—		$	(12	)	$	1,593		$	1,520
Statutory Underwriting
Income (Loss)	$	506		$	543		$	(1	)	$	13		$	505		$	556
Combined Ratio		83.4	%		81.9	%		*	%		*	%		83.4	%		81.5	%

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

Page 14 of 18

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED DECEMBER 31, 2013 AND 2012

(DOLLARS IN MILLIONS)

	United States						Outside the United States						Worldwide Total
	2013			2012			2013			2012			2013			2012
Net Premiums Written	$	2,264		$	2,109		$	774		$	799		$	3,038		$	2,908
Decrease (Increase) in Unearned Premiums		10			32			(8	)		(13	)		2			19
Net Premiums Earned		2,274			2,141			766			786			3,040			2,927
Net Losses Paid		1,483			1,466			454			423			1,937			1,889
Increase (Decrease) in Outstanding Losses		(278	)		495			(1	)		(41	)		(279	)		454
Net Losses Incurred		1,205			1,961			453			382			1,658			2,343
Expenses Incurred		645			608			288			289			933			897
Dividends Incurred		9			7			—			—			9			7
Statutory Underwriting Income (Loss)	$	415		$	(435	)	$	25		$	115			440			(320	)
Decrease in Deferred Acquisition Costs														(10	)		(12	)
GAAP Underwriting Income (Loss)													$	430		$	(332	)
Ratios After Dividends to Policyholders:
Loss		53.2	%		91.9	%		59.1	%		48.6	%		54.7	%		80.3	%
Expense		28.6			28.9			37.2			36.2			30.8			30.9
Combined		81.8	%		120.8	%		96.3	%		84.8	%		85.5	%		111.2	%
Premiums Written as a % of Total		74.5	%		72.5	%		25.5	%		27.5	%		100.0	%		100.0	%
		RESULTS EXCLUDING THE IMPACT OF CATASTROPHES:
Net Premiums Written	$	2,264		$	2,162		$	774		$	799		$	3,038		$	2,961
Net Premiums Earned	$	2,274		$	2,194		$	766		$	786		$	3,040		$	2,980
Net Losses Incurred	$	1,190		$	1,134		$	403		$	386		$	1,593		$	1,520
Statutory Underwriting Income (Loss)	$	430		$	445		$	75		$	111		$	505		$	556
Combined Ratio		81.1	%		80.1	%		89.8	%		85.3	%		83.4	%		81.5	%

Page 15 of 18

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.

Page 16 of 18

THE CHUBB CORPORATION

Definitions of Key Terms

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.

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.

Net Premiums Written Excluding the Impact of Catastrophes and Net Premiums Earned Excluding the Impact of Catastrophes

Management has included net premiums written excluding the impact of catastrophes and net premiums earned excluding the impact of catastrophes, non-GAAP financial measures, so as to exclude reinsurance reinstatement premium costs related to a major catastrophe event from net premiums written and net premiums earned, as inclusion of such reinsurance reinstatement premium costs could distort the analysis of trends in premiums.

Net Losses Incurred Excluding the Impact of Catastrophes

Management has included net losses incurred excluding the impact of catastrophes, a non-GAAP financial measure, since management believes such information is helpful in evaluating results in a period when the Corporation experienced an unusually large individual catastrophe event, as the impact of such event could distort the analysis of trends.

Page 17 of 18

THE CHUBB CORPORATION

Definitions of Key Terms

Return on Equity and Operating Return on Equity

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

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

	Periods Ended December 31
	Fourth Quarter						Twelve Months
	2013			2012			2013			2012
	(dollars in millions)
Annualized Net Income	$	2,276		$	408		$	2,345		$	1,545
Average Shareholders’ Equity	$	15,859		$	15,901		$	15,817		$	15,631
Return on Equity		14.4	%		2.6	%		14.8	%		9.9	%
Annualized Operating Income	$	2,104		$	176		$	2,084		$	1,420
Average Shareholders’ Equity Excluding Unrealized Appreciation or Depreciation	$	14,590		$	13,850		$	14,240		$	13,733
Operating Return on Equity		14.4	%		1.3	%		14.6	%		10.3	%

Page 18 of 18

EX-99.3

The Chubb Corporation

2013 Update on Asbestos

Reserves

Date of release: 01/30/2014

Exhibit 99.3

CHUBB

2

Forward Looking Statements

The following materials contain “forward looking statements,”

including those relating to loss reserves and claim estimates, that

are subject to certain risks and uncertainties which could cause

actual results to differ materially from those expressed or

suggested by such statements.  Such risks or uncertainties

include but are not limited to those which may be noted more fully

in the materials themselves, as well as those discussed or

identified from time to time in The Chubb Corporation’s public

filings with the Securities and Exchange Commission. The Chubb

Corporation assumes no obligation to update any forward-looking

information set forth in the following materials, which speak as

of

January 30, 2014 or as otherwise specified in the materials.

CHUBB

3

Contents

•

Purpose of Updated Review

•

Evaluation Methodology

•

Exposure Analysis

•

Asbestos Payments and Reserves

•

Three Year Reserve Comparison

•

Conclusions

CHUBB

4

Purpose of Review

•

Reassess Chubb’s ultimate liability regarding asbestos

exposures using an internal analysis, reviewed by our

independent outside consulting actuaries

•

Determine appropriate reserve levels

•

Ensure aggressive case management of asbestos claims

–

manage our exposure

–

identify trends or issues that may impact exposure

•

Provide relevant substantive information requested by

investors and rating agencies

CHUBB

5

Evaluation Methodology

•

Chubb segmented its defendant policyholders into two

groups

Traditional defendant policyholders (Tiers 1 & 2)

–

Those engaged in asbestos mining, manufacturing and

building products industries

Peripheral defendant policyholders (Tiers 3 & 4)

–

Those who manufactured, distributed, or installed an

asbestos-containing product or who owned or operated

a facility where asbestos products were present

CHUBB

6

Exposure Analysis

Within these policyholder categories:

•

All Tier 1 & 2 accounts and Tier 3 & 4 accounts with Chubb incurred

losses of at least $3M or judged to have high potential exposure

were

evaluated individually. Claimant information and available coverage

were reviewed for each defendant policyholder, including terms of

coverage, policy limits and aggregate limits.

•

Tier 3 & 4 accounts not individually evaluated were analyzed in the

aggregate using statistical techniques. Factors considered include

available coverage, claimant count, report year, bankruptcy, coverage

dispute and case reserve amount.

•

Future claims from unknown defendant policyholders were estimated

based on claim reporting patterns and projected claim severities.

CHUBB

7

Asbestos Payments & Reserves by Category

#

$

$

Traditional Defendants Tier 1

1

–

33

Traditional Defendants Tier 2

11

18

88

Peripheral Defendants Tiers 3 & 4

374

52                  298

All Other

4

22

Reserves for future claims from

unknown policyholders

Unknown

–

125               

Total

386

74

566

Policyholders

Total Net

Net Asbestos

with Open Claims

Paid

Reserves

At 12/31/13

In 2013

At 12/31/13

($ in millions)

CHUBB

8

Asbestos Payments & Reserves by Category

Total net asbestos reserves at 12/31/13: $566M

•

Case reserves of $232M

–

Established by Claim Department on known claims

•

IBNR reserves of $334M

–

Includes provision for:

•

potential reserve development on known defendant

policyholders (development)

•

future claims from unknown defendant policyholders

(pure IBNR)

•

future declaratory judgment actions and other

litigation

CHUBB

9

Asbestos Net Loss Reserve Comparison

($ in Millions)

2013

2011

Beginning Reserves

$631

Incurred Losses & LAE

22

51

Calendar Year Payments

for Losses

(28)

(52)

(20)

(22)

Ending Reserves

$605

$566

IBNR portion of

Ending Reserves

$336

$334

$589

Calendar Year Payments

for LAE

2012

$605

28

(25)

(19)

$589

$331

CHUBB

10

Conclusions

•

Chubb’s asbestos net reserves of $566M at 12/31/13 are

based on our 2013 analysis of our ultimate asbestos liabilities

•

This reserve represents Chubb’s best estimate of our ultimate

asbestos liability at 12/31/13

•

This reserve amount is at full (undiscounted) value, and no

consideration has been given for legislative or judicial relief

•

The net reserve reflects a modest reinsurance recoverable

amount of approximately 3% of the gross reserve

•

Net payments for asbestos liabilities in 2013 were $74M

•

Reserves at 12/31/13 calculate to a 3 year survival ratio of 10.2