Form 8-K

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

0001193125-14-278908.txt : 20140724 0001193125-14-278908.hdr.sgml : 20140724 20140724160956 ACCESSION NUMBER: 0001193125-14-278908 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20140724 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140724 DATE AS OF CHANGE: 20140724 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHUBB CORP CENTRAL INDEX KEY: 0000020171 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 132595722 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08661 FILM NUMBER: 14991460 BUSINESS ADDRESS: STREET 1: 15 MOUNTAIN VIEW ROAD CITY: WARREN STATE: NJ ZIP: 07059 BUSINESS PHONE: 9089032000 MAIL ADDRESS: STREET 1: 15 MOUNTAIN VIEW ROAD CITY: WARREN STATE: NJ ZIP: 07059 8-K 1 d761921d8k.htm FORM 8-K Form 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) July 24, 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

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 July 24, 2014

Press release dated July 24, 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)

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 July 24, 2014, The Chubb Corporation (Chubb) issued a press release announcing its financial results for the quarter ended June 30, 2014. On July 24, 2014, Chubb also posted on its website at www.chubb.com the Supplementary Investor Information Report (SIIR) relating to its 2014 second 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 2014 second quarter results, scheduled to be webcast at 5:00 P.M. on July 24, 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 July 24, 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)

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 hereunto duly authorized.

EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K

DATED JULY 24, 2014


Exhibit No.		Description

99.1		Press release dated July 24, 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)

EX-99.1 2 d761921dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

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 Second Quarter Net Income per Share of $2.03;

Operating Income per Share Is $1.70;

Combined Ratio Is 90.0% including Catastrophe Impact of 4.8 Points

2014 Operating Income per Share Guidance

Is Revised to Range of $6.75 to $6.95

WARREN, New Jersey, July 24, 2014 — The Chubb Corporation [NYSE: CB] today reported that net income in the second quarter of 2014 was $499 million compared to $579 million in the second quarter of 2013. Net income per share declined 8% to $2.03 from $2.21.

Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, was $418 million in the second quarter of 2014 compared to $463 million in the second quarter of 2013. Operating income per share declined 4% to $1.70 from $1.77.

Average diluted shares outstanding for the second quarter were 246.2 million in 2014 and 261.5 million in 2013.

The impact of catastrophes in the second quarter was $146 million before tax ($0.39 per share after tax) in 2014 compared to $237 million before tax ($0.59 per share after tax) in 2013.

The second quarter combined loss and expense ratio was 90.0% in 2014 compared to 88.8% in 2013. The impact of catastrophes accounted for 4.8 percentage points of the combined ratio in the second quarter of 2014 compared to 7.9 points in the second quarter of 2013. Excluding the impact of catastrophes, the second quarter combined ratio was 85.2% in 2014 and 80.9% in 2013.

The expense ratio for the second quarter of 2014 was 31.3% compared to 32.1% in the corresponding year-earlier quarter.

Net written premiums for the second quarter of 2014 increased 4% to $3.2 billion. Excluding the effect of currency fluctuation, premiums grew 5%. Premiums were up 5% in the U.S. and up 1% outside the U.S. (up 5% in local currencies).

Property and casualty investment income after taxes for the second quarter declined 4% to $275 million in 2014 from $286 million in 2013.

Net income for the second quarter of 2014 reflected net realized investment gains of $125 million before tax ($0.33 per share after-tax), compared to $179 million before tax ($0.44 per share after-tax) in the second quarter of 2013.

During the second quarter of 2014, Chubb repurchased approximately 4.0 million shares of its common stock at a total cost of $375 million (an average of $92.95 per share). As of June 30, 2014, there remained approximately $823 million available for share repurchases under the current authorization.

“Chubb produced solid results in the second quarter of 2014, with operating income of $1.70 per share and net income of $2.03,” said John D. Finnegan, Chairman, President and Chief Executive Officer. “Our results benefited from strong premium growth and retention as well as excellent performance in our long-tail lines of business such as Professional Liability, Casualty and Workers’ Compensation. However, our results this quarter were adversely impacted by catastrophe and non-catastrophe losses related to severe weather in the United States as well as an unusually high level of Homeowners’ and Commercial fire losses.

“We remain encouraged by the mid-single-digit increases in our U.S. rate change metrics that we achieved in all of our businesses during the second quarter, while also attaining our highest overall level of retention in three years,” said Mr. Finnegan.

Six-Month Results

For the first six months of 2014, net income was $948 million compared to $1.2 billion in the first half of 2013. Net income per share for the first half declined 18% to $3.83 from $4.69.

Operating income for the first six months of 2014 was $792 million compared to $1.0 billion in the first half of 2013. Operating income per share for the first half of 2014 declined 18% to $3.20 from $3.91.

Average diluted shares outstanding for the first six months were 247.7 million in 2014 and 263.2 million in 2013.

The impact of catastrophes in the first six months of 2014 was $345 million before tax ($0.91 per share after-tax), compared to $255 million before tax ($0.63 per share after-tax) in the first half of 2013.

The combined ratio for the first six months was 91.6% in 2014 compared to 86.7% in 2013. The impact of catastrophes in the first half accounted for 5.7 percentage points of the combined ratio in 2014 and 4.3 points in 2013. Excluding the impact of catastrophes, the combined ratio for the first half was 85.9% in 2014 and 82.4% in 2013.

The expense ratio for the first six months was 31.7% in 2014 and 32.2% in 2013.

Net written premiums for the first six months of 2014 increased 2% to $6.3 billion. Excluding the effect of currency fluctuation, premiums grew 3%. Premiums were up 4% in the U.S. and down 3% outside the U.S. (flat in local currencies).

Property and casualty investment income after taxes for the first six months declined 4% to $552 million in 2014 from $574 million in 2013.

Net income for the first six months of 2014 reflected net realized investment gains of $241 million before tax ($0.63 per share after-tax). Net income for the first half of 2013 reflected net realized investment gains of $317 million before tax ($0.78 per share after-tax).

During the first six months of 2014, Chubb repurchased approximately 8.8 million shares of common stock at a total cost of $784 million (an average of $89.59 per share).

Outlook for 2014

Chubb also announced a revision of full year 2014 operating income per share guidance to a range of $6.75 to $6.95 from the $7.10 to $7.40 range provided in its January 2014 guidance. The revised guidance reflects the company’s actual results in the first six months and its outlook for the second half of the year.

The revised guidance assumes for the 2014 full year:

•

A 2% to 4% increase in net written premiums.

•

Catastrophe losses of 5.3 percentage points of the combined ratio. The impact of each percentage point of catastrophe losses on 2014 full year operating income per share is approximately $0.33.

•

A combined ratio of between 90% and 91%.

•

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

•

Approximately 244 million average diluted shares outstanding.

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

Second Quarter Operations Review

Chubb Personal Insurance (CPI) net written premiums increased 5% in the second quarter of 2014 to $1.2 billion. CPI’s combined ratio for the quarter was 92.7% compared to 89.6% in the second quarter of 2013. The impact of catastrophe losses in the second quarter accounted for 7.5 percentage points of the combined ratio in 2014 and 12.7 points in 2013. Excluding the impact of catastrophe losses, CPI’s second quarter combined ratio was 85.2% in 2014 and 76.9% in 2013.

Net written premiums for Homeowners increased 4%, and the combined ratio was 92.2%. Personal Automobile net written premiums were flat, and the combined ratio was 95.6%. Other Personal lines premiums increased 10%, and the combined ratio was 93.1%.

Chubb Commercial Insurance (CCI) net written premiums increased 3% in the second quarter of 2014 to $1.4 billion. The combined ratio for the second quarter was 93.3% in 2014 and 89.9% in 2013. The impact of catastrophe losses in the second quarter accounted for 4.9 percentage points of the combined ratio in 2014 and 8.1 points in 2013. Excluding the impact of catastrophe losses, CCI’s second quarter combined ratio was 88.4% in 2014 and 81.8% in 2013.

In the U.S., average second quarter CCI renewal rates were up 4%, renewal premium retention was 87% and the ratio of new to lost business was 1.2 to 1.

Chubb Specialty Insurance (CSI) net written premiums increased 5% in the second quarter of 2014 to $655 million. The second quarter combined ratio improved to 78.7% in 2014 from 86.0% in 2013.

Professional Liability (PL) net written premiums were up 4%, and the business had a combined ratio of 83.2%. In the U.S., average second quarter PL renewal rates were up 6%, renewal premium retention was 88% and the ratio of new to lost business was 1.2 to 1.

Surety net written premiums were up 8%, and the combined ratio was 45.3%.

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

Chubb’s senior management will discuss the company’s second quarter performance with investors and analysts today, July 24^th, at 5 P.M. Eastern Daylight Time. The conference call will be webcast live on the Chubb website 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 10,200 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 is available on the Chubb website 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

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.

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) and 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.

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 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;

•

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; and

—

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.

THE CHUBB CORPORATION

SUPPLEMENTARY FINANCIAL DATA

(Unaudited)


	Periods Ended June 30
	Second Quarter						Six Months
	2014			2013			2014			2013
	(in millions)

PROPERTY AND CASUALTY INSURANCE
Underwriting
Net Premiums Written	$	3,223		$	3,100		$	6,285		$	6,157
Increase in Unearned Premiums		(159	)		(105	)		(192	)		(158	)

Premiums Earned		3,064			2,995			6,093			5,999

Losses and Loss Expenses		1,792			1,694			3,637			3,262
Operating Costs and Expenses		1,004			991			1,983			1,974
Increase in Deferred Policy Acquisition Costs		(21	)		(16	)		(34	)		(57	)
Dividends to Policyholders		11			9			21			18


Underwriting Income		278			317			486			802


Investments
Investment Income Before Expenses		345			361			696			724
Investment Expenses		9			12			19			24


Investment Income		336			349			677			700


Other Income (Charges)		(2	)		9			(4	)		14


Property and Casualty Income		612			675			1,159			1,516

CORPORATE AND OTHER		(59	)		(58	)		(119	)		(121	)


CONSOLIDATED OPERATING INCOME BEFORE INCOME TAX		553			617			1,040			1,395

Federal and Foreign Income Tax		135			154			248			366


CONSOLIDATED OPERATING INCOME		418			463			792			1,029

REALIZED INVESTMENT GAINS AFTER INCOME TAX		81			116			156			206


CONSOLIDATED NET INCOME	$	499		$	579		$	948		$	1,235


PROPERTY AND CASUALTY INVESTMENT INCOME AFTER INCOME TAX	$	275		$	286		$	552		$	574


	Periods Ended June 30
	Second Quarter						Six Months
	2014			2013			2014			2013

OUTSTANDING SHARE DATA
(in millions)
Average Common and Potentially Dilutive Shares		246.2			261.5			247.7			263.2
Actual Common Shares at End of Period		240.5			255.5			240.5			255.5

DILUTED EARNINGS PER SHARE DATA
Operating Income	$	1.70		$	1.77		$	3.20		$	3.91
Realized Investment Gains		.33			.44			.63			.78

Net Income	$	2.03		$	2.21		$	3.83		$	4.69


Effect of Catastrophes	$	(.39	)	$	(.59	)	$	(.91	)	$	(.63	)


	June 30 2014		Dec. 31 2013		June 30 2013

BOOK VALUE PER COMMON SHARE	$	68.60	$	64.83	$	60.76

BOOK VALUE PER COMMON SHARE,
with Available-for-Sale Fixed Maturities at Amortized Cost		63.87		61.86		57.03

PROPERTY AND CASUALTY UNDERWRITING RATIOS

PERIODS ENDED JUNE 30


	Second Quarter						Six Months
	2014			2013			2014			2013

Losses and Loss Expenses to Premiums Earned		58.7	%		56.7	%		59.9	%		54.5	%
Underwriting Expenses to Premiums Written		31.3			32.1			31.7			32.2


Combined Loss and Expense Ratio		90.0	%		88.8	%		91.6	%		86.7	%


Effect of Catastrophes on Combined Loss and Expense Ratio		4.8	%		7.9	%		5.7	%		4.3	%

PROPERTY AND CASUALTY LOSSES AND LOSS EXPENSES COMPONENTS

PERIODS ENDED JUNE 30


	Second Quarter					Six Months
	2014		2013			2014		2013
	(in millions)

Paid Losses and Loss Expenses	$	1,756	$	1,723		$	3,550	$	3,561
Increase (Decrease) in Unpaid Losses and Loss Expenses		36		(29	)		87		(299	)


Total Losses and Loss Expenses	$	1,792	$	1,694		$	3,637	$	3,262

PROPERTY AND CASUALTY PRODUCT MIX


	Net Premiums Written								Combined Loss and Expense Ratios
						% Increase (Decrease)			Combined Loss and Expense Ratios
	2014		2013			% Increase (Decrease)			2014			2013
	(in millions)

QUARTERS ENDED JUNE 30

Personal Insurance
Automobile	$	195	$	195			—	%		95.6	%		95.3	%
Homeowners		766		734			4			92.2			86.9
Other		248		225			10			93.1			93.3

Total Personal		1,209		1,154			5			92.7			89.6


Commercial Insurance
Multiple Peril		285		277			3			91.5			94.4
Casualty		404		402			—			85.3			94.8
Workers’ Compensation		285		266			7			84.5			86.6
Property and Marine		384		374			3			110.5			83.0

Total Commercial		1,358		1,319			3			93.3			89.9


Specialty Insurance
Professional Liability		572		549			4			83.2			91.9
Surety		83		77			8			45.3			42.1

Total Specialty		655		626			5			78.7			86.0


Total Insurance		3,222		3,099			4			90.0			89.0

Reinsurance Assumed		1		1			*			*			*


Total	$	3,223	$	3,100			4			90.0			88.8


SIX MONTHS ENDED JUNE 30

Personal Insurance
Automobile	$	368	$	371			(1	)%		98.5	%		94.7	%
Homeowners		1,358		1,304			4			98.3			84.5
Other		496		466			6			92.8			93.6

Total Personal		2,222		2,141			4			97.2			88.2


Commercial Insurance
Multiple Peril		546		549			(1	)		91.6			88.9
Casualty		850		850			—			87.4			94.0
Workers’ Compensation		595		565			5			84.3			87.7
Property and Marine		792		795			—			99.8			73.6

Total Commercial		2,783		2,759			1			90.9			85.9


Specialty Insurance
Professional Liability		1,124		1,098			2			83.9			92.1
Surety		155		160			(3	)		82.2			46.6

Total Specialty		1,279		1,258			2			83.7			86.7


Total Insurance		6,284		6,158			2			91.6			86.9

Reinsurance Assumed		1		(1	)		*			*			*


Total	$	6,285	$	6,157			2			91.6			86.7

*	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.

EX-99.2 3 d761921dex992.htm EX-99.2 EX-99.2

Exhibit 99.2


The	Supplementary	June 30, 2014
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

JUNE 30, 2014


		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 - Quarterly		6-10
Underwriting Results - Year-To-Date		11-15

Definitions of Key Terms		16-17

THE CHUBB CORPORATION

CONSOLIDATED BALANCE SHEET HIGHLIGHTS

(in millions, except per share amounts)


	June 30 2014						December 31 2013
				% of Total						% of Total
Invested Assets (at carrying value)
Short Term Investments	$	1,845			4	%	$	2,114			5	%
Fixed Maturities
Tax Exempt		19,220			44			18,421			43
Taxable		18,842			43			18,670			44
Equity Securities		1,969			5			1,810			4
Other Invested Assets		1,595			4			1,598			4

Total Invested Assets	$	43,471			100	%	$	42,613			100	%


Unrealized Appreciation of Investments
Fixed Maturities	$	1,749					$	1,132
Equity Securities		863						753

		2,612						1,885
Deferred Income Tax Liability		914						660

	$	1,698					$	1,225

Capitalization
Long Term Debt	$	3,300					$	3,300
Shareholders’ Equity		16,498						16,097

Total Capitalization	$	19,798					$	19,397


Debt as a Percentage of Total Capitalization		16.7	%					17.0	%

Actual Common Shares Outstanding		240.5						248.3

Book Value Per Common Share	$	68.60					$	64.83

Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost	$	63.87					$	61.86

Page 1 of 17

THE CHUBB CORPORATION

SHARE REPURCHASE ACTIVITY

(dollars in millions, except per share amounts)


	Periods Ended June 30
	Second Quarter 2014		Six Months 2014		From December 2005 to June 30, 2014

Cost of Shares Repurchased	$	375	$	784	$	12,697

Average Cost Per Share	$	92.95	$	89.59	$	57.50

Shares Repurchased		4,031,286		8,752,012		220,824,946

During the period from December 2005 through January 2013, the Board of Directors periodically authorized share repurchase programs. Pursuant to these authorizations, approximately 213 million shares of the Corporation’s common stock were repurchased. No shares or funds remain available under these authorizations.

In January 2014, the Board of Directors authorized the repurchase of up to $1.5 billion of the Corporation’s common stock. The January 2014 authorization has no expiration date and, as of June 30, 2014, approximately $823 million remained under this authorization.

Page 2 of 17

THE CHUBB CORPORATION

SUMMARY OF INVESTED ASSETS

CORPORATE


	Cost or Amortized Cost				Carrying Value (a)
	June 30 2014		Dec. 31 2013		June 30 2014		Dec. 31 2013
	(in millions)
Short Term Investments	$	574	$	864	$	574	$	864

Taxable Fixed Maturities		1,381		1,115		1,402		1,130

Equity Securities		—		—		—		2


TOTAL	$	1,955	$	1,979	$	1,976	$	1,996

PROPERTY AND CASUALTY


	Cost or Amortized Cost				Carrying Value (a)
	June 30 2014		Dec. 31 2013		June 30 2014		Dec. 31 2013
	(in millions)
Short Term Investments	$	1,271	$	1,250	$	1,271	$	1,250

Fixed Maturities

Tax Exempt		18,168		17,808		19,220		18,421

Taxable		16,764		17,036		17,440		17,540

Equity Securities		1,106		1,057		1,969		1,808

Other Invested Assets		1,595		1,598		1,595		1,598


TOTAL	$	38,904	$	38,749	$	41,495	$	40,617

(a)	Short term investments are carried at amortized cost, which approximates fair value. Fixed maturities and equity securities are carried at fair value. Other invested assets include private equity limited partnerships carried at the Corporation’s equity in the net assets of the partnerships.

Page 3 of 17

THE CHUBB CORPORATION

INVESTMENT INCOME AFTER TAXES


	Periods Ended June 30
	Second Quarter						Six Months
	2014			2013			2014			2013
		(in millions)

CORPORATE INVESTMENT INCOME	$	4		$	4		$	8		$	9


PROPERTY AND CASUALTY INVESTMENT INCOME

Tax Exempt Interest	$	166		$	175		$	332		$	352

Taxable Interest		100			103			204			208

Other		14			16			28			30

Investment Expenses		(5	)		(8	)		(12	)		(16	)

TOTAL	$	275		$	286		$	552		$	574


Effective Tax Rate		18.2	%		18.1	%		18.5	%		18.0	%

After-Tax Annualized Yield		2.79	%		2.88	%		2.80	%		2.91	%

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


	June 30 2014		Dec. 31 2013		June 30 2013
	(in millions)

Estimated Statutory Policyholders’ Surplus	$	15,130	$	15,024	$	14,600

Rolling Year Statutory Net Premiums Written	$	12,348	$	12,214	$	11,968

Ratio of Statutory Net Premiums Written to Policyholders’ Surplus		0.82:1		0.81:1		0.82:1

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

Page 4 of 17

THE CHUBB CORPORATION

PROPERTY AND CASUALTY

CHANGE IN NET UNPAID LOSSES

SIX MONTHS ENDED JUNE 30, 2014


	Net Unpaid Losses										All Other
	June 30 2014		Dec. 31 2013		Increase (Decrease)			IBNR Increase (Decrease)			Unpaid Losses Increase (Decrease)
	(in millions)
Personal Insurance

Automobile	$	397	$	390	$	7		$	3		$	4

Homeowners		798		715		83			44			39

Other		995		968		27			28			(1	)


Total Personal		2,190		2,073		117			75			42


Commercial Insurance

Multiple Peril		1,781		1,745		36			24			12

Casualty		6,519		6,576		(57	)		91			(148	)

Workers’ Compensation		2,848		2,793		55			4			51

Property and Marine		936		886		50			36			14


Total Commercial		12,084		12,000		84			155			(71	)


Specialty Insurance

Professional Liability		6,760		6,889		(129	)		19			(148	)

Surety		74		71		3			2			1


Total Specialty		6,834		6,960		(126	)		21			(147	)


Total Insurance		21,108		21,033		75			251			(176	)

Reinsurance Assumed		290		311		(21	)		(2	)		(19	)


Total	$	21,398	$	21,344	$	54		$	249		$	(195	)

Page 5 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED JUNE 30, 2014 AND 2013

(DOLLARS IN MILLIONS)


	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2014			2013			2014			2013			2014			2013			2014			2013

Net Premiums Written	$	195		$	195		$	766		$	734		$	248		$	225		$	1,209		$	1,154
Decrease (Increase) in Unearned Premiums		(16	)		(17	)		(91	)		(87	)		—			—			(107	)		(104	)


Net Premiums Earned		179			178			675			647			248			225			1,102			1,050


Net Losses Paid		109			100			429			315			110			102			648			517
Increase (Decrease) in Outstanding Losses		7			14			(13	)		43			20			18			14			75


Net Losses Incurred		116			114			416			358			130			120			662			592


Expenses Incurred		60			61			234			232			101			90			395			383

Dividends Incurred		—			—			—			—			—			—			—			—


Statutory Underwriting Income (Loss)	$	3		$	3		$	25		$	57		$	17		$	15		$	45		$	75


Ratios After Dividends to Policyholders:

Loss		64.8	%		64.0	%		61.6	%		55.3	%		52.4	%		53.3	%		60.0	%		56.4	%
Expense		30.8			31.3			30.6			31.6			40.7			40.0			32.7			33.2


Combined		95.6	%		95.3	%		92.2	%		86.9	%		93.1	%		93.3	%		92.7	%		89.6	%


Premiums Written as a % of Total		6.0	%		6.3	%		23.8	%		23.7	%		7.7	%		7.2	%		37.5	%		37.2	%

Page 6 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED JUNE 30, 2014 AND 2013

(DOLLARS IN MILLIONS)


													Commercial						Commercial
	Commercial						Commercial						Workers’						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2014			2013			2014			2013			2014			2013			2014			2013			2014			2013

Net Premiums Written	$	285		$	277		$	404		$	402		$	285		$	266		$	384		$	374		$	1,358		$	1,319
Decrease (Increase) in Unearned Premiums		(5	)		1			1			9			(15	)		(7	)		(34	)		(23	)		(53	)		(20	)


Net Premiums Earned		280			278			405			411			270			259			350			351			1,305			1,299


Net Losses Paid		130			143			258			263			133			136			207			227			728			769
Increase (Decrease) in Outstanding Losses		23			12			(29	)		7			29			24			62			(55	)		85			(12	)


Net Losses Incurred		153			155			229			270			162			160			269			172			813			757


Expenses Incurred		105			107			116			117			61			59			129			127			411			410

Dividends Incurred		—			—			—			—			10			8			—			—			10			8


Statutory Underwriting Income (Loss)	$	22		$	16		$	60		$	24		$	37		$	32		$	(48	)	$	52		$	71		$	124


Ratios After Dividends to Policyholders:

Loss		54.7	%		55.8	%		56.6	%		65.7	%		62.3	%		63.7	%		76.9	%		49.0	%		62.8	%		58.6	%
Expense		36.8			38.6			28.7			29.1			22.2			22.9			33.6			34.0			30.5			31.3


Combined		91.5	%		94.4	%		85.3	%		94.8	%		84.5	%		86.6	%		110.5	%		83.0	%		93.3	%		89.9	%


Premiums Written as a % of Total		8.9	%		8.9	%		12.5	%		13.0	%		8.9	%		8.6	%		11.9	%		12.1	%		42.2	%		42.6	%

Page 7 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED JUNE 30, 2014 AND 2013

(DOLLARS IN MILLIONS)


	Professional												Total
	Liability						Surety						Specialty
	2014			2013			2014			2013			2014			2013

Net Premiums Written	$	572		$	549		$	83		$	77		$	655		$	626
Decrease (Increase) in Unearned Premiums		4			19			(3	)		—			1			19


Net Premiums Earned		576			568			80			77			656			645


Net Losses Paid		364			419			9			6			373			425
Increase (Decrease) in Outstanding Losses		(51	)		(71	)		(5	)		(4	)		(56	)		(75	)


Net Losses Incurred		313			348			4			2			317			350


Expenses Incurred		165			168			33			30			198			198

Dividends Incurred		—			—			1			1			1			1


Statutory Underwriting Income (Loss)	$	98		$	52		$	42		$	44		$	140		$	96


Ratios After Dividends to Policyholders:

Loss		54.3	%		61.3	%		5.1	%		2.6	%		48.4	%		54.3	%
Expense		28.9			30.6			40.2			39.5			30.3			31.7


Combined		83.2	%		91.9	%		45.3	%		42.1	%		78.7	%		86.0	%


Premiums Written as a % of Total		17.7	%		17.7	%		2.6	%		2.5	%		20.3	%		20.2	%

Page 8 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED JUNE 30, 2014 AND 2013

(DOLLARS IN MILLIONS)


	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2014			2013			2014			2013			2014			2013

Net Premiums Written	$	3,222		$	3,099		$	1		$	1		$	3,223		$	3,100
Decrease (Increase) in Unearned Premiums		(159	)		(105	)		—			—			(159	)		(105	)


Net Premiums Earned		3,063			2,994			1			1			3,064			2,995


Net Losses Paid		1,749			1,711			7			12			1,756			1,723
Increase (Decrease) in Outstanding Losses		43			(12	)		(7	)		(17	)		36			(29	)


Net Losses Incurred		1,792			1,699			—			(5	)		1,792			1,694


Expenses Incurred		1,004			991			—			—			1,004			991

Dividends Incurred		11			9			—			—			11			9


Statutory Underwriting Income	$	256		$	295		$	1		$	6			257			301


Increase in Deferred Acquisition Costs														21			16


GAAP Underwriting Income													$	278		$	317


Ratios After Dividends to Policyholders:

Loss		58.7	%		56.9	%		*	%		*	%		58.7	%		56.7	%
Expense		31.3			32.1			*			*			31.3			32.1


Combined		90.0	%		89.0	%		*	%		*	%		90.0	%		88.8	%


Premiums Written as a % of Total		100.0	%		100.0	%		0.0	%		0.0	%		100.0	%		100.0	%

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

Page 9 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED JUNE 30, 2014 AND 2013

(DOLLARS IN MILLIONS)


	United States						Outside the United States						Worldwide Total
	2014			2013			2014			2013			2014			2013

Net Premiums Written	$	2,508		$	2,389		$	715		$	711		$	3,223		$	3,100
Decrease (Increase) in Unearned Premiums		(201	)		(153	)		42			48			(159	)		(105	)


Net Premiums Earned		2,307			2,236			757			759			3,064			2,995


Net Losses Paid		1,352			1,314			404			409			1,756			1,723
Increase (Decrease) in Outstanding Losses		62			(37	)		(26	)		8			36			(29	)


Net Losses Incurred		1,414			1,277			378			417			1,792			1,694


Expenses Incurred		722			708			282			283			1,004			991

Dividends Incurred		11			9			—			—			11			9


Statutory Underwriting Income	$	160		$	242		$	97		$	59			257			301


Increase in Deferred Acquisition Costs														21			16


GAAP Underwriting Income													$	278		$	317


Ratios After Dividends to Policyholders:

Loss		61.6	%		57.3	%		49.9	%		54.9	%		58.7	%		56.7	%
Expense		28.9			29.7			39.4			39.8			31.3			32.1


Combined		90.5	%		87.0	%		89.3	%		94.7	%		90.0	%		88.8	%


Premiums Written as a % of Total		77.8	%		77.1	%		22.2	%		22.9	%		100.0	%		100.0	%

Page 10 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013

(DOLLARS IN MILLIONS)


	Personal Automobile						Homeowners						Other Personal						Total Personal
	2014			2013			2014			2013			2014			2013			2014			2013

Net Premiums Written	$	368		$	371		$	1,358		$	1,304		$	496		$	466		$	2,222		$	2,141
Decrease (Increase) in Unearned Premiums		(11	)		(21	)		(17	)		(18	)		(16	)		(21	)		(44	)		(60	)


Net Premiums Earned		357			350			1,341			1,286			480			445			2,178			2,081


Net Losses Paid		230			207			807			790			222			212			1,259			1,209
Increase (Decrease) in Outstanding Losses		11			14			86			(131	)		28			28			125			(89	)


Net Losses Incurred		241			221			893			659			250			240			1,384			1,120


Expenses Incurred		114			117			431			434			202			185			747			736

Dividends Incurred		—			—			—			—			—			—			—			—


Statutory Underwriting Income (Loss)	$	2		$	12		$	17		$	193		$	28		$	20		$	47		$	225


Ratios After Dividends to Policyholders:

Loss		67.5	%		63.2	%		66.6	%		51.2	%		52.1	%		53.9	%		63.6	%		53.8	%
Expense		31.0			31.5			31.7			33.3			40.7			39.7			33.6			34.4


Combined		98.5	%		94.7	%		98.3	%		84.5	%		92.8	%		93.6	%		97.2	%		88.2	%


Premiums Written as a % of Total		5.9	%		6.0	%		21.6	%		21.2	%		7.9	%		7.6	%		35.4	%		34.8	%

Page 11 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013

(DOLLARS IN MILLIONS)


													Commercial						Commercial
	Commercial						Commercial						Workers’						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2014			2013			2014			2013			2014			2013			2014			2013			2014			2013

Net Premiums Written	$	546		$	549		$	850		$	850		$	595		$	565		$	792		$	795		$	2,783		$	2,759
Decrease (Increase) in Unearned Premiums		11			8			(39	)		(27	)		(57	)		(56	)		(93	)		(77	)		(178	)		(152	)


Net Premiums Earned		557			557			811			823			538			509			699			718			2,605			2,607


Net Losses Paid		260			296			527			489			269			250			416			523			1,472			1,558
Increase (Decrease) in Outstanding Losses		37			(17	)		(44	)		51			53			73			51			(232	)		97			(125	)


Net Losses Incurred		297			279			483			540			322			323			467			291			1,569			1,433


Expenses Incurred		209			213			237			241			128			121			261			263			835			838

Dividends Incurred		—			—			—			—			19			17			—			—			19			17


Statutory Underwriting Income (Loss)	$	51		$	65		$	91		$	42		$	69		$	48		$	(29)		$	164		$	182		$	319


Ratios After Dividends to Policyholders:

Loss		53.3	%		50.1	%		59.5	%		65.6	%		62.1	%		65.6	%		66.8	%		40.5	%		60.7	%		55.3	%
Expense		38.3			38.8			27.9			28.4			22.2			22.1			33.0			33.1			30.2			30.6


Combined		91.6	%		88.9	%		87.4	%		94.0	%		84.3	%		87.7	%		99.8	%		73.6	%		90.9	%		85.9	%


Premiums Written as a % of Total		8.7	%		8.9	%		13.5	%		13.8	%		9.5	%		9.2	%		12.6	%		12.9	%		44.3	%		44.8	%

Page 12 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013

(DOLLARS IN MILLIONS)


	Professional												Total
	Liability						Surety						Specialty
	2014			2013			2014			2013			2014			2013

Net Premiums Written	$	1,124		$	1,098		$	155		$	160		$	1,279		$	1,258
Decrease (Increase) in Unearned Premiums		32			54			(2	)		(1	)		30			53


Net Premiums Earned		1,156			1,152			153			159			1,309			1,311


Net Losses Paid		746			759			52			15			798			774
Increase (Decrease) in Outstanding Losses		(120	)		(50	)		6			(5	)		(114	)		(55	)


Net Losses Incurred		626			709			58			10			684			719


Expenses Incurred		334			336			67			64			401			400

Dividends Incurred		—			—			2			1			2			1


Statutory Underwriting Income (Loss)	$	196		$	107		$	26		$	84		$	222		$	191


Ratios After Dividends to Policyholders:

Loss		54.2	%		61.5	%		38.4	%		6.3	%		52.3	%		54.9	%
Expense		29.7			30.6			43.8			40.3			31.4			31.8


Combined		83.9	%		92.1	%		82.2	%		46.6	%		83.7	%		86.7	%


Premiums Written as a % of Total		17.9	%		17.8	%		2.4	%		2.6	%		20.3	%		20.4	%

Page 13 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013

(DOLLARS IN MILLIONS)


	Total Insurance						Reinsurance Assumed						Worldwide Total
	2014			2013			2014			2013			2014			2013

Net Premiums Written	$	6,284		$	6,158		$	1		$	(1)		$	6,285		$	6,157
Decrease (Increase) in Unearned Premiums		(192	)		(159	)		—			1			(192	)		(158	)


Net Premiums Earned		6,092			5,999			1			—			6,093			5,999


Net Losses Paid		3,529			3,541			21			20			3,550			3,561
Increase (Decrease) in Outstanding Losses		108			(269	)		(21	)		(30	)		87			(299	)


Net Losses Incurred		3,637			3,272			—			(10	)		3,637			3,262


Expenses Incurred		1,983			1,974			—			—			1,983			1,974

Dividends Incurred		21			18			—			—			21			18


Statutory Underwriting Income	$	451		$	735		$	1		$	10			452			745


Increase in Deferred Acquisition Costs														34			57


GAAP Underwriting Income													$	486		$	802


Ratios After Dividends to Policyholders:

Loss		59.9	%		54.7	%		*	%		*	%		59.9	%		54.5	%
Expense		31.7			32.2			*			*			31.7			32.2


Combined		91.6	%		86.9	%		*	%		*	%		91.6	%		86.7	%


Premiums Written as a % of Total		100.0	%		100.0	%		0.0	%		0.0	%		100.0	%		100.0	%

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

Page 14 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013

(DOLLARS IN MILLIONS)


	United States						Outside the United States						Worldwide Total
	2014			2013			2014			2013			2014			2013

Net Premiums Written	$	4,707		$	4,527		$	1,578		$	1,630		$	6,285		$	6,157
Decrease (Increase) in Unearned Premiums		(109	)		(64	)		(83	)		(94	)		(192	)		(158	)


Net Premiums Earned		4,598			4,463			1,495			1,536			6,093			5,999


Net Losses Paid		2,696			2,802			854			759			3,550			3,561
Increase (Decrease) in Outstanding Losses		151			(390	)		(64	)		91			87			(299	)


Net Losses Incurred		2,847			2,412			790			850			3,637			3,262


Expenses Incurred		1,383			1,373			600			601			1,983			1,974

Dividends Incurred		21			18			—			—			21			18


Statutory Underwriting Income	$	347		$	660		$	105		$	85			452			745


Increase in Deferred Acquisition Costs														34			57


GAAP Underwriting Income													$	486		$	802


Ratios After Dividends to Policyholders:

Loss		62.2	%		54.3	%		52.8	%		55.3	%		59.9	%		54.5	%
Expense		29.5			30.5			38.0			36.9			31.7			32.2


Combined		91.7	%		84.8	%		90.8	%		92.2	%		91.6	%		86.7	%


Premiums Written as a % of Total		74.9	%		73.5	%		25.1	%		26.5	%		100.0	%		100.0	%

Page 15 of 17

THE CHUBB CORPORATION

Definitions of Key Terms

Underwriting Income (Loss)

Property and Casualty Investment Income After Income Tax

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

Combined Loss and Expense Ratio or Combined Ratio

Page 16 of 17

THE CHUBB CORPORATION

Definitions of Key Terms

Operating Income

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 June 30
	Second Quarter						Six Months
	2014			2013			2014			2013
	(dollars in millions)
Annualized Net Income	$	1,996		$	2,316		$	1,896		$	2,470
Average Shareholders’ Equity	$	16,362		$	15,770		$	16,274		$	15,789

Return on Equity		12.2	%		14.7	%		11.7	%		15.6	%

Annualized Operating Income	$	1,672		$	1,852		$	1,584		$	2,058
Average Shareholders’ Equity Excluding
Unrealized Appreciation or Depreciation	$	14,783		$	14,103		$	14,813		$	14,006

Operating Return on Equity		11.3	%		13.1	%		10.7	%		14.7	%

Page 17 of 17

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THE CHUBB CORPORATION

Date: July 24, 2014

/s/ John J. Kennedy

John J. Kennedy

Senior Vice President and

Chief Accounting Officer