Exhibit 99.2

	Financial Supplement June 30, 2007
Investor Contact Helen M. Wilson Phone: (441) 299-9283 Fax: (441) 292-8675	This report is for informational purposes only. It should be read in conjunction with documents filed by ACE Limited with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
email: investorrelations@ace.bm	Cautionary Statement Regarding Forward-Looking Statements:
	Any forward-looking statements made in this financial supplement reflect the Company’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from those set forth in these statements. For example, the Company’s forward-looking statements, such as statements concerning exposures, reserves and recoverables, could be affected by the frequency of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance receivable and credit developments among reinsurers.
	The Company’s forward-looking statements could also be affected by competition, pricing and policy term trends, the levels of new and renewal business achieved, market acceptance, changes in demand, actual market developments, rating agency action, possible terrorism or the outbreak and effects of war. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

ACE Limited Financial Supplement Table of Contents

		Page
I.	Financial Highlights
	- Consolidated Financial Highlights	1
II.	Consolidated Results
	- Consolidated Results - Consecutive Quarters	2
	- Summary Consolidated Balance Sheets	3
	- Consolidated Premiums by Line of Business	4
	- Consolidating Statement of Operations	5-6
III.	Segment Results
	- Insurance - North American	7
	- Insurance - Overseas General	8
	- Global Reinsurance	9-10
	- Life Insurance and Reinsurance	11
IV.	Balance Sheet Details
	- Loss Reserve Rollforward	12
	- Reinsurance Recoverable Analysis	13-16
	- Investment Portfolio	17
	- Net Realized and Unrealized Gains (Losses)	18
	- Capital Structure	19
	- Computation of Basic and Diluted Earnings Per Share	20
V.	Other Disclosures
	- Non-GAAP Financial Measures	21
	- Book Value per Ordinary Share	22
	- Comprehensive Income	23
	- Glossary	24

	ACE Limited
	Consolidated Financial Highlights
	(in millions of U.S. dollars, except share, per share data and ratios)
	(Unaudited)

	Three months ended June 30								Six months ended June 30
	2007			2006			% Change 2Q-07 vs. 2Q-06		2007			2006			% Change YTD-07 vs. YTD-06
Gross premiums written	$	4,637		$	4,583		1	%	$	9,133		$	9,094		0	%
Net premiums written	$	3,082		$	3,066		1	%	$	6,352		$	6,376		0	%
Net premiums earned	$	3,008		$	2,906		4	%	$	6,090		$	5,711		7	%
Net investment income	$	471		$	390		21	%	$	922		$	759		21	%
Net income	$	649		$	573		13	%	$	1,350		$	1,062		27	%
Income excluding net realized gains (losses) and cumulative effect (1)	$	664		$	579		15	%	$	1,327		$	1,056		26	%
Comprehensive income	$	274		$	375		-27	%	$	1,049		$	782		34	%
Operating cash flow	$	1,158		$	882		31	%	$	2,394		$	1,968		22	%
Combined ratio
Loss and loss expense ratio		61.4	%		61.6	%				61.8	%		61.4	%
Underwriting and administrative expense ratio		26.2	%		26.6	%				25.6	%		27.9	%
Combined ratio		87.6	%		88.2	%				87.4	%		89.3	%
Annualized ROE*		18.0	%		19.3	%				18.4	%		17.9	%
Annualized ROE, excluding FAS 115*		18.6	%		19.5	%				19.0	%		18.1	%
Effective tax rate on income excluding net realized gains (losses) and cumulative effect		20	%		19	%				19	%		20	%
Diluted earnings per share
Income excluding net realized gains (losses) and cumulative effect(1)	$	1.98		$	1.74		14	%	$	3.95		$	3.17		25	%
Net income	$	1.93		$	1.72		12	%	$	4.02		$	3.18		26	%
Book value per ordinary share	$	44.46		$	36.60		21	%	$	44.46		$	36.60		21	%
Tangible book value per ordinary share	$	36.16		$	28.29		28	%	$	36.16		$	28.29		28	%
Weighted average basic ordinary shares outstanding		324.5			321.4					324.3			321.3
Weighted average diluted ordinary shares outstanding		330.1			326.1					329.7			326.2
Debt/ total capitalization		12.2	%		15.9	%				12.2	%		15.9	%

(1) See page 21 Non-GAAP Financial Measures.

* Calculated using income excluding net realized gains (losses) and cumulative effect of a change in accounting principle (cumulative effect)

Financial Highlights Page 1

	ACE Limited
	Consolidated Results - Consecutive Quarters
	(in millions of U.S. dollars)
	(Unaudited)

ACE Limited Consolidated

	2Q-07			1Q-07			4Q-06			3Q-06			2Q-06			YTD 2007			YTD 2006			Full Year 2006
Property and Casualty
Gross premiums written	$	4,545		$	4,406		$	3,932		$	4,228		$	4,517		$	8,951		$	8,967		$	17,127
Net premiums written		2,995			3,182			2,786			2,721			3,000			6,177			6,249			11,756
Net premiums earned		2,921			2,994			2,948			3,019			2,840			5,915			5,584			11,551
Losses and loss expenses		1,793			1,860			1,824			1,818			1,748			3,653			3,428			7,070
Policy acquisition costs		422			406			424			430			423			828			835			1,689
Administrative expenses		344			344			353			345			332			688			723			1,421
P&C underwriting income	$	362		$	384		$	347		$	426		$	337		$	746		$	598		$	1,371
Life underwriting income excluding investment income		30			29			25			25			20			59			40			90
Net investment income		471			451			428			414			390			922			759			1,601
Net realized gains (losses)		(11	)		16			15			(113	)		(7	)		5			—			(98	)
Interest expense		42			46			42			46			45			88			88			176
Other (income) expense		(4	)		4			(16	)		(2	)		(12	)		—			(17	)		(35	)
Income tax expense (benefit)		165			129			124			130			134			294			268			522
Cumulative effect of a change in accounting principle, net of tax		—			—			—			—			—			—			4			4
Net income	$	649		$	701		$	665		$	578		$	573		$	1,350		$	1,062		$	2,305
Net realized gains (losses)		(11	)		16			15			(113	)		(7	)		5			—			(98	)
Tax expense (benefit) on net realized gains (losses)		4			(22	)		(7	)		(39	)		(1	)		(18	)		(2	)		(48	)
Cumulative effect of a change in accounting principle, net of tax		—			—			—			—			—			—			4			4
Income excluding net realized gains (losses) and cumulative effect (2)	$	664		$	663		$	643		$	652		$	579		$	1,327		$	1,056		$	2,351
% Change versus prior year period (1)
Property and Casualty net premiums written		0	%		-2	%		9	%		-4	%		5	%		-1	%		2	%		2	%
Property and Casualty net premiums earned		3	%		9	%		6	%		0	%		-1	%		6	%		-2	%		0	%
Other ratios
Net premiums written/gross premiums written		66	%		72	%		71	%		64	%		66	%		69	%		70	%		69	%
Effective tax rate on income excluding net realized gains (losses) and cumulative effect		20	%		19	%		17	%		21	%		19	%		19	%		20	%		20	%
Combined ratio (1)
Loss and loss expense ratio		61.4	%		62.1	%		61.8	%		60.2	%		61.6	%		61.8	%		61.4	%		61.2	%
Policy acquisition cost ratio		14.5	%		13.5	%		14.4	%		14.2	%		14.9	%		14.0	%		15.0	%		14.6	%
Administrative expense ratio		11.7	%		11.5	%		12.0	%		11.4	%		11.7	%		11.6	%		12.9	%		12.3	%
Combined ratio		87.6	%		87.1	%		88.2	%		85.8	%		88.2	%		87.4	%		89.3	%		88.1	%
Large losses and other items (1)
Catastrophe and other large losses (before tax)	$	81		$	34		$	6		$	6		$	2		$	115		$	5		$	17
Prior period development - unfavorable (favorable)	$	(40	)	$	(18	)	$	17		$	17		$	(14	)	$	(58	)	$	(46	)	$	(12	)

(1) Property and casualty excluding Life is presented to allow for comparison and analysis with earnings guidance. This is a non-GAAP measure.

(2) See page 21 Non-GAAP Financial Measures.

Consolidated Results Page 2

	ACE Limited
	Summary Consolidated Balance Sheets
	(in millions of U.S. dollars, except per share data)

	June 30 2007		March 31 2007		December31 2006
	(Unaudited)		(Unaudited)		(Audited)
Assets
Fixed maturities available for sale, at fair value	$	30,591	$	29,934	$	28,540
Fixed maturities held to maturity, at amortized cost		3,013		3,060		3,047
Equity securities, at fair value		1,896		1,772		1,713
Short-term investments, at fair value		2,919		2,658		2,456
Other investments		934		896		845
Total investments		39,353		38,320		36,601
Cash		621		639		565
Securities lending collateral		2,811		2,905		2,171
Insurance and reinsurance balances receivable		3,923		3,689		3,580
Reinsurance recoverable		14,081		14,374		14,580
Deferred policy acquisition costs		1,160		1,133		1,077
Prepaid reinsurance premiums		1,854		1,621		1,586
Goodwill		2,731		2,731		2,731
Deferred tax assets		1,163		1,192		1,165
Investments in partially owned insurance companies		826		804		789
Other assets		2,497		2,366		2,290
Total assets	$	71,020	$	69,774	$	67,135
Liabilities
Unpaid losses and loss expenses	$	36,123	$	35,813	$	35,517
Unearned premiums		7,001		6,670		6,437
Future policy benefits for life and annuity contracts		521		521		518
Insurance and reinsurance balances payable		2,690		2,511		2,449
Deposit liabilities		363		327		335
Securities lending payable		2,811		2,905		2,171
Payable for securities purchased		2,257		1,338		1,286
Accounts payable, accrued expenses and other liabilities		1,445		1,514		1,541
Income taxes payable		168		265		156
Short-term debt		85		581		578
Long-term debt		2,063		2,061		1,560
Trust preferred securities		309		309		309
Total liabilities		55,836		54,815		52,857
Shareholders’ equity
Total shareholders’ equity, excl. AOCI		14,781		14,181		13,562
Accumulated other comprehensive income (AOCI)		403		778		716
Total shareholders’ equity		15,184		14,959		14,278
Total liabilities and shareholders’ equity	$	71,020	$	69,774	$	67,135
Book value per ordinary share (1)	$	44.46	$	43.87	$	42.03
Tangible book value per ordinary share (1)	$	36.16	$	35.55	$	33.66

(1) See page 21 Non-GAAP Financial Measures.

Consol Bal Sheet Page 3

	ACE Limited
	Consolidated Premiums by Line of Business
	(in millions of U.S. dollars)
	(Unaudited)

ACE Limited Consolidated

	2Q-07		% of Total Consolidated		2Q-06		% of Total Consolidated		% Change 2Q-07 vs. 2Q-06		YTD 2007		% of Total Consolidated		YTD 2006		% of Total Consolidated		% Change YTD-07 vs. YTD-06
Net premiums written
Property and all other	$	997	32	%	$	1,017	33	%	-2	%	$	2,000	32	%	$	2,051	32	%	-2	%
Casualty		1,567	51	%		1,623	53	%	-3	%		3,326	52	%		3,471	55	%	-4	%
Personal accident (A&H)		431	14	%		360	12	%	20	%		851	13	%		727	11	%	17	%
Total P&C		2,995	97	%		3,000	98	%	0	%		6,177	97	%		6,249	98	%	-1	%
Life		87	3	%		66	2	%	32	%		175	3	%		127	2	%	38	%
Total Consolidated	$	3,082	100	%	$	3,066	100	%	1	%	$	6,352	100	%	$	6,376	100	%	0	%
Net premiums earned
Property and all other	$	917	30	%	$	864	30	%	6	%	$	1,770	29	%	$	1,681	30	%	5	%
Casualty		1,584	53	%		1,619	56	%	-2	%		3,331	55	%		3,210	56	%	4	%
Personal accident (A&H)		420	14	%		357	12	%	18	%		814	13	%		693	12	%	17	%
Total P&C		2,921	97	%		2,840	98	%	3	%		5,915	97	%		5,584	98	%	6	%
Life		87	3	%		66	2	%	32	%		175	3	%		127	2	%	38	%
Total Consolidated	$	3,008	100	%	$	2,906	100	%	4	%	$	6,090	100	%	$	5,711	100	%	7	%

Line of Business Page 4

	ACE Limited
	Consolidating Statement of Operations
	Three months ended June 30, 2007 and 2006
	(in millions of U.S. dollars)
	(Unaudited)

	Insurance - North American			Insurance - Overseas General			Global Reinsurance			Corporate & Other			Consolidated P&C			Life Insurance & Reinsurance			ACE Consolidated
June 30, 2007
Gross premiums written	$	2,589		$	1,621		$	335		$	—		$	4,545		$	92		$	4,637
Net premiums written		1,497			1,166			332			—			2,995			87			3,082
Net premiums earned		1,455			1,141			325			—			2,921			87			3,008
Losses and loss expenses		1,016			614			163			—			1,793			—			1,793
Life and annuity benefits		—			—			—			—			—			33			33
Policy acquisition costs		128			230			64			—			422			12			434
Administrative expenses		130			162			16			36			344			12			356
Underwriting income (loss)		181			135			82			(36	)		362			30			392
Net investment income		257			111			66			23			457			14			471
Net realized gains (losses)		15			(27	)		(7	)		9			(10	)		(1	)		(11	)
Interest expense		—			—			—			42			42			—			42
Other (income) expense		1			1			2			(8	)		(4	)		—			(4	)
Income tax expense (benefit)		115			58			7			(16	)		164			1			165
Net income (loss)		337			160			132			(22	)		607			42			649
Net realized gains (losses)		15			(27	)		(7	)		9			(10	)		(1	)		(11	)
Tax expense (benefit) on net realized gains (losses)		8			(4	)		—			—			4			—			4
Income (loss) excluding net realized gains (losses) (1)	$	330		$	183		$	139		$	(31	)	$	621		$	43		$	664
June 30, 2006
Gross premiums written	$	2,615		$	1,485		$	417		$	—		$	4,517		$	66		$	4,583
Net premiums written		1,502			1,083			415			—			3,000			66			3,066
Net premiums earned		1,367			1,086			387			—			2,840			66			2,906
Losses and loss expenses		966			585			197			—			1,748			—			1,748
Life and annuity benefits		—			—			—			—			—			34			34
Policy acquisition costs		122			219			82			—			423			4			427
Administrative expenses		125			152			18			37			332			8			340
Underwriting income (loss)		154			130			90			(37	)		337			20			357
Net investment income		212			91			55			23			381			9			390
Net realized gains (losses)		(32	)		4			(3	)		25			(6	)		(1	)		(7	)
Interest expense		—			—			—			45			45			—			45
Other (income) expense		1			—			2			(15	)		(12	)		—			(12	)
Income tax expense (benefit)		95			44			8			(13	)		134			—			134
Net income (loss)		238			181			132			(6	)		545			28			573
Net realized gains (losses)		(32	)		4			(3	)		25			(6	)		(1	)		(7	)
Tax expense (benefit) on net realized gains (losses)		(5	)		5			(1	)		—			(1	)		—			(1	)
Income (loss) excluding net realized gains (losses) (1)	$	265		$	182		$	134		$	(31	)	$	550		$	29		$	579

(1) See page 21 Non-GAAP Financial Measures.

Segment 2007 Qtr Page 5

	ACE Limited
	Consolidating Statement of Operations
	Six months ended June 30, 2007 and 2006
	(in millions of U.S. dollars)
	(Unaudited)

	Insurance - North American			Insurance - Overseas General			Global Reinsurance			Corporate & Other			Consolidated P&C			Life Insurance & Reinsurance			ACE Consolidated
June 30, 2007
Gross premiums written	$	4,858		$	3,280		$	813		$	—		$	8,951		$	182		$	9,133
Net premiums written		3,011			2,358			808			—			6,177			175			6,352
Net premiums earned		2,994			2,253			668			—			5,915			175			6,090
Losses and loss expenses		2,127			1,178			348			—			3,653			—			3,653
Life and annuity benefits		—			—			—			—			—			69			69
Policy acquisition costs		244			454			130			—			828			23			851
Administrative expenses		263			324			33			68			688			24			712
Underwriting income (loss)		360			297			157			(68	)		746			59			805
Net investment income		498			215			132			51			896			26			922
Net realized gains (losses)		52			(53	)		(1	)		12			10			(5	)		5
Interest expense		—			—			—			88			88			—			88
Other (income) expense		10			4			3			(17	)		—			—			—
Income tax expense (benefit)		243			98			14			(60	)		295			(1	)		294
Net income (loss)		657			357			271			(16	)		1,269			81			1,350
Net realized gains (losses)		52			(53	)		(1	)		12			10			(5	)		5
Tax expense (benefit) on net realized gains (losses)		23			(12	)		(1	)		(28	)		(18	)		—			(18	)
Income (loss) excluding net realized gains (losses) (1)	$	628		$	398		$	271		$	(56	)	$	1,241		$	86		$	1,327
June 30, 2006
Gross premiums written	$	4,877		$	3,069		$	1,021		$	—		$	8,967		$	127		$	9,094
Net premiums written		3,005			2,229			1,015			—			6,249			127			6,376
Net premiums earned		2,701			2,125			758			—			5,584			127			5,711
Losses and loss expenses		1,882			1,151			394			1			3,428			—			3,428
Life and annuity benefits		—			—			—			—			—			62			62
Policy acquisition costs		266			413			156			—			835			10			845
Administrative expenses		241			297			32			153			723			15			738
Underwriting income (loss)		312			264			176			(154	)		598			40			638
Net investment income		415			176			103			46			740			19			759
Net realized gains (losses)		(38	)		8			(9	)		48			9			(9	)		—
Interest expense		—			—			—			88			88			—			88
Other (income) expense		—			6			5			(28	)		(17	)		—			(17	)
Income tax expense (benefit)		189			100			20			(40	)		269			(1	)		268
Cumulative effect of a change in accounting principle, net of tax		—			—			—			4			4			—			4
Net income (loss)		500			342			245			(76	)		1,011			51			1,062
Net realized gains (losses)		(38	)		8			(9	)		48			9			(9	)		—
Tax expense (benefit) on net realized gains (losses)		(7	)		7			(1	)		(1	)		(2	)		—			(2	)
Cumulative effect of a change in accounting principle, net of tax		—			—			—			4			4			—			4
Income (loss) excluding net realized gains (losses) (1)	$	531		$	341		$	253		$	(129	)	$	996		$	60		$	1,056

(1) See page 21 Non-GAAP Financial Measures.

Segment 2007 YTD Page 6

	ACE Limited
	Segment Results - Consecutive Quarters
	(in millions of U.S. dollars)
	(Unaudited)

Insurance - North American

	2Q-07			1Q-07			4Q-06			3Q-06			2Q-06			YTD 2007			YTD 2006			Full Year 2006
Gross premiums written	$	2,589		$	2,269		$	2,236		$	2,550		$	2,615		$	4,858		$	4,877		$	9,663
Net premiums written		1,497			1,514			1,476			1,459			1,502			3,011			3,005			5,940
Net premiums earned		1,455			1,539			1,471			1,547			1,367			2,994			2,701			5,719
Losses and loss expenses		1,016			1,111			1,054			1,090			966			2,127			1,882			4,026
Policy acquisition costs		128			116			122			142			122			244			266			530
Administrative expenses		130			133			132			129			125			263			241			502
Underwriting income		181			179			163			186			154			360			312			661
Net investment income		257			241			233			228			212			498			415			876
Net realized gains (losses)		15			37			(11	)		(34	)		(32	)		52			(38	)		(83	)
Interest expense		—			—			—			—			—			—			—			—
Other (income) expense		1			9			(13	)		11			1			10			—			(2	)
Income tax expense (benefit)		115			128			89			74			95			243			189			352
Net income		337			320			309			295			238			657			500			1,104
Net realized gains (losses)		15			37			(11	)		(34	)		(32	)		52			(38	)		(83	)
Tax expense (benefit) on net realized gains (losses)		8			15			(16	)		(32	)		(5	)		23			(7	)		(55	)
Income excluding net realized gains (losses) (1)	$	330		$	298		$	304		$	297		$	265		$	628		$	531		$	1,132
Combined ratio
Loss and loss expense ratio		69.8	%		72.2	%		71.7	%		70.4	%		70.7	%		71.1	%		69.7	%		70.4	%
Policy acquisition cost ratio		8.8	%		7.5	%		8.3	%		9.1	%		8.9	%		8.1	%		9.9	%		9.2	%
Administrative expense ratio		8.9	%		8.7	%		8.9	%		8.4	%		9.1	%		8.8	%		8.9	%		8.8	%
Combined ratio		87.5	%		88.4	%		88.9	%		87.9	%		88.7	%		88.0	%		88.5	%		88.4	%
Large losses and other items (before tax)
Catastrophe and other large losses (before tax)	$	16		$	—		$	—		$	—		$	—		$	16		$	—		$	—
Prior period development - unfavorable (favorable)	$	(6	)	$	10		$	20		$	30		$	11		$	4		$	15		$	65
% Change versus prior year period
Net premiums written		0	%		1	%		16	%		-4	%		5	%		0	%		0	%		2	%
Net premiums earned		6	%		15	%		9	%		-3	%		-3	%		11	%		-3	%		0	%
Other ratios
Net premiums written/gross premiums written		58	%		67	%		66	%		57	%		57	%		62	%		62	%		61	%

(1) See page 21 Non-GAAP Financial Measures.

Insurance-North American Page 7

	ACE Limited
	Segment Results - Consecutive Quarters
	(in millions of U.S. dollars)
	(Unaudited)

Insurance - Overseas General

	2Q-07			1Q-07			4Q-06			3Q-06			2Q-06			YTD 2007			YTD 2006			Full Year 2006
Gross premiums written	$	1,621		$	1,659		$	1,441		$	1,387		$	1,485		$	3,280		$	3,069		$	5,897
Net premiums written		1,166			1,192			1,059			978			1,083			2,358			2,229			4,266
Net premiums earned		1,141			1,112			1,097			1,099			1,086			2,253			2,125			4,321
Losses and loss expenses		614			564			576			532			585			1,178			1,151			2,259
Policy acquisition costs		230			224			226			217			219			454			413			856
Administrative expenses		162			162			157			155			152			324			297			609
Underwriting income		135			162			138			195			130			297			264			597
Net investment income		111			104			97			97			91			215			176			370
Net realized gains (losses)		(27	)		(26	)		8			(32	)		4			(53	)		8			(16	)
Interest expense		—			—			—			—			—			—			—			—
Other (income) expense		1			3			7			(3	)		—			4			6			10
Income tax expense (benefit)		58			40			43			63			44			98			100			206
Net income		160			197			193			200			181			357			342			735
Net realized gains (losses)		(27	)		(26	)		8			(32	)		4			(53	)		8			(16	)
Tax expense (benefit) on net realized gains (losses)		(4	)		(8	)		2			(6	)		5			(12	)		7			3
Income excluding net realized gains (losses) (1)	$	183		$	215		$	187		$	226		$	182		$	398		$	341		$	754
Combined ratio
Loss and loss expense ratio		53.9	%		50.7	%		52.5	%		48.4	%		53.8	%		52.3	%		54.2	%		52.3	%
Policy acquisition cost ratio		20.1	%		20.2	%		20.6	%		19.8	%		20.1	%		20.1	%		19.4	%		19.8	%
Administrative expense ratio		14.2	%		14.5	%		14.3	%		14.0	%		14.1	%		14.4	%		14.0	%		14.1	%
Combined ratio		88.2	%		85.4	%		87.4	%		82.2	%		88.0	%		86.8	%		87.6	%		86.2	%
Large losses and other items
Catastrophe and other large losses (before tax)	$	58		$	15		$	—		$	3		$	—		$	73		$	—		$	3
Prior period development - unfavorable (favorable)	$	(31	)	$	(21	)	$	4		$	(16	)	$	(21	)	$	(52	)	$	(60	)	$	(72	)
% Change versus prior year period
Net premiums written		8	%		4	%		4	%		5	%		2	%		6	%		-1	%		2	%
Net premiums earned		5	%		7	%		5	%		7	%		1	%		6	%		-2	%		2	%
Other ratios
Net premiums written/gross premiums written		72	%		72	%		73	%		71	%		73	%		72	%		73	%		72	%

(1) See page 21 Non-GAAP Financial Measures.

Insurance-Overseas General Page 8

	ACE Limited
	Segment Results - Consecutive Quarters
	(in millions of U.S. dollars)
	(Unaudited)

Global Reinsurance

	2Q-07			1Q-07			4Q-06			3Q-06			2Q-06			YTD 2007			YTD 2006			Full Year 2006
Gross premiums written	$	335		$	478		$	255		$	291		$	417		$	813		$	1,021		$	1,567
Net premiums written		332			476			251			284			415			808			1,015			1,550
Net premiums earned		325			343			380			373			387			668			758			1,511
Losses and loss expenses		163			185			194			196			197			348			394			784
Policy acquisition costs		64			66			76			71			82			130			156			303
Administrative expenses		16			17			14			16			18			33			32			62
Underwriting income		82			75			96			90			90			157			176			362
Net investment income		66			66			62			56			55			132			103			221
Net realized gains (losses)		(7	)		6			17			2			(3	)		(1	)		(9	)		10
Interest expense		—			—			—			—			—			—			—			—
Other (income) expense		2			1			2			1			2			3			5			8
Income tax expense (benefit)		7			7			9			9			8			14			20			38
Net income		132			139			164			138			132			271			245			547
Net realized gains (losses)		(7	)		6			17			2			(3	)		(1	)		(9	)		10
Tax expense (benefit) on net realized gains (losses)		—			(1	)		1			(1	)		(1	)		(1	)		(1	)		(1	)
Income excluding net realized gains (losses) (1)	$	139		$	132		$	148		$	135		$	134		$	271		$	253		$	536
Combined ratio
Loss and loss expense ratio		50.1	%		53.8	%		50.9	%		52.5	%		51.0	%		52.0	%		52.0	%		51.8	%
Policy acquisition cost ratio		19.9	%		19.2	%		20.1	%		19.0	%		21.2	%		19.5	%		20.6	%		20.1	%
Administrative expense ratio		5.0	%		5.0	%		3.7	%		4.2	%		4.6	%		5.0	%		4.2	%		4.1	%
Combined ratio		75.0	%		78.0	%		74.7	%		75.7	%		76.8	%		76.5	%		76.8	%		76.0	%
Large losses and other items
Catastrophe and other large losses (before tax)	$	7		$	19		$	6		$	3		$	2		$	26		$	5		$	14
Prior period development - unfavorable (favorable)	$	(3	)	$	(7	)	$	(7	)	$	3		$	(4	)	$	(10	)	$	(1	)	$	(5	)

(1) See page 21 Non-GAAP Financial Measures.

Global Reinsurance Page 9

	ACE Limited
	Segment Results - Consecutive Quarters - 2
	(in millions of U.S. dollars)
	(Unaudited)

Global Reinsurance

	2Q-07			1Q-07			4Q-06			3Q-06			2Q-06			YTD 2007			YTD 2006			Full Year 2006
% Change versus prior year period
Net premiums written		-20	%		-21	%		-9	%		-25	%		14	%		-20	%		14	%		0	%
Net premiums earned		-16	%		-8	%		-4	%		-9	%		4	%		-12	%		4	%		-1	%
Other ratios
Net premiums written/gross premiums written		99	%		100	%		98	%		98	%		100	%		99	%		99	%		99	%
Global Reinsurance - By Division
	2Q-07			1Q-07			4Q-06			3Q-06			2Q-06			YTD 2007			YTD 2006			Full Year 2006
Gross premiums written
ACE Tempest Re Bermuda	$	121		$	174		$	16		$	53		$	112		$	295		$	317		$	386
ACE Tempest Re USA		175			188			181			178			249			363			544			903
ACE Tempest Re Europe		35			112			58			60			56			147			160			278
ACE Tempest Re Canada		4			4			—			—			—			8			—			—
Total	$	335		$	478		$	255		$	291		$	417		$	813		$	1,021		$	1,567
Net premiums written
ACE Tempest Re Bermuda	$	120		$	174		$	13		$	49		$	113		$	294		$	317		$	379
ACE Tempest Re USA		175			188			181			177			249			363			544			902
ACE Tempest Re Europe		33			110			57			58			53			143			154			269
ACE Tempest Re Canada		4			4			—			—			—			8			—			—
Total	$	332		$	476		$	251		$	284		$	415		$	808		$	1,015		$	1,550
Net premiums earned
ACE Tempest Re Bermuda	$	87		$	88		$	96		$	97		$	88		$	175		$	174		$	367
ACE Tempest Re USA		177			187			216			210			231			364			446			872
ACE Tempest Re Europe		60			67			68			66			68			127			138			272
ACE Tempest Re Canada		1			1			—			—			—			2			—			—
Total	$	325		$	343		$	380		$	373		$	387		$	668		$	758		$	1,511
Net premiums written/gross premiums written
ACE Tempest Re Bermuda		99	%		100	%		81	%		92	%		101	%		100	%		100	%		98	%
ACE Tempest Re USA		100	%		100	%		100	%		99	%		100	%		100	%		100	%		100	%
ACE Tempest Re Europe		94	%		98	%		98	%		97	%		95	%		97	%		96	%		97	%
ACE Tempest Re Canada		100	%		100	%		—			—			—			100	%		—			—
Total NPW/GPW		99	%		100	%		98	%		98	%		100	%		99	%		99	%		99	%

Global Reinsurance 2 Page 10

	ACE Limited
	Segment Results - Consecutive Quarters
	(in millions of U.S. dollars)
	(Unaudited)

Life Insurance and Reinsurance

	2Q-07			1Q-07			4Q-06			3Q-06			2Q-06			YTD 2007			YTD 2006			Full Year 2006
Gross premiums written (1)	$	92		$	90		$	78		$	69		$	66		$	182		$	127		$	274
Net premiums written		87			88			78			69			66			175			127			274
Net premiums earned		87			88			78			69			66			175			127			274
Life and annuity benefits		33			36			32			29			34			69			62			123
Policy acquisition costs		12			11			9			7			4			23			10			26
Administrative expenses		12			12			12			8			8			24			15			35
Net investment income		14			12			12			11			9			26			19			42
Life underwriting income (2)		44			41			37			36			29			85			59			132
Net realized gains (losses)		(1	)		(4	)		(13	)		(14	)		(1	)		(5	)		(9	)		(36	)
Income tax expense (benefit)		1			(2	)		(5	)		—			—			(1	)		(1	)		(6	)
Net income		42			39			29			22			28			81			51			102
Net realized gains (losses)		(1	)		(4	)		(13	)		(14	)		(1	)		(5	)		(9	)		(36	)
Tax expense (benefit) on net realized gains (losses)		—			—			—			—			—			—			—			—
Income excluding net realized gains (losses) (3)	$	43		$	43		$	42		$	36		$	29		$	86		$	60		$	138

(1) Consistent with GAAP, premiums collected on universal life contracts are considered deposits and excluded from premium revenue. For the quarter ended June 30, 2007, premiums collected on universal life contracts that were excluded from premium revenue above aggregated to $10.6 million. Previous to Q2-07, premiums collected on universal life contracts were inconsequential.

(2) We assess the performance of our Life Insurance and Reinsurance business based on life underwriting income which includes net investment income.

(3) See page 21 Non-GAAP Financial Measures.

Life Page 11

	ACE Limited
	Loss Reserve Rollforward
	(in millions of U.S. dollars)
	(Unaudited)

	Total									Ongoing									Run-off (1)
	Unpaid Losses									Unpaid Losses									Unpaid Losses
	Gross			Ceded			Net			Gross			Ceded			Net			Gross			Ceded			Net
Balance at December 31, 2005	$	35,055		$	14,597		$	20,458		$	27,174		$	9,269		$	17,905		$	7,881		$	5,328		$	2,553
Losses and loss expenses incurred		2,130			450			1,680			2,143			476			1,667			(13	)		(26	)		13
Losses and loss expenses paid		(1,686	)		(503	)		(1,183	)		(1,486	)		(353	)		(1,133	)		(200	)		(150	)		(50	)
Other (incl. foreign exch. revaluation)		9			10			(1	)		16			10			6			(7	)		—			(7	)
Balance at March 31, 2006		35,508			14,554			20,954			27,847			9,402			18,445			7,661			5,152			2,509
Losses and loss expenses incurred		2,378			630			1,748			2,349			618			1,731			29			12			17
Losses and loss expenses paid		(2,536	)		(1,082	)		(1,454	)		(2,344	)		(938	)		(1,406	)		(192	)		(144	)		(48	)
Other (incl. foreign exch. revaluation)		214			69			145			212			69			143			2			—			2
Balance at June 30, 2006		35,564			14,171			21,393			28,064			9,151			18,913			7,500			5,020			2,480
Losses and loss expenses incurred		2,582			764			1,818			2,588			797			1,791			(6	)		(33	)		27
Losses and loss expenses paid		(2,395	)		(975	)		(1,420	)		(2,223	)		(893	)		(1,330	)		(172	)		(82	)		(90	)
Other (Sale of certain run-off subsidiaries) (2)		(789	)		(317	)		(472	)		—			—			—			(789	)		(317	)		(472	)
Other (incl. foreign exch. revaluation)		187			66			121			199			69			130			(12	)		(3	)		(9	)
Balance at September 30, 2006		35,149			13,709			21,440			28,628			9,124			19,504			6,521			4,585			1,936
Losses and loss expenses incurred		2,780			956			1,824			2,477			710			1,767			303			246			57
Losses and loss expenses paid		(2,613	)		(1,211	)		(1,402	)		(2,405	)		(1,078	)		(1,327	)		(208	)		(133	)		(75	)
Other (incl. foreign exch. revaluation)		201			55			146			289			221			68			(88	)		(166	)		78
Balance at December 31, 2006		35,517			13,509			22,008			28,989			8,977			20,012			6,528			4,532			1,996
Losses and loss expenses incurred		2,703			843			1,860			2,690			832			1,858			13			11			2
Losses and loss expenses paid		(2,363	)		(943	)		(1,420	)		(2,206	)		(797	)		(1,409	)		(157	)		(146	)		(11	)
Other (incl. foreign exch. revaluation)		(44	)		4			(48	)		(44	)		4			(48	)		—			—			—
Balance at March 31, 2007		35,813			13,413			22,400			29,429			9,016			20,413			6,384			4,397			1,987
Losses and loss expenses incurred		2,280			487			1,793			2,249			473			1,776			31			14			17
Losses and loss expenses paid		(2,111	)		(758	)		(1,353	)		(1,977	)		(637	)		(1,340	)		(134	)		(121	)		(13	)
Other (incl. foreign exch. revaluation)		141			34			107			140			34			106			1			—			1
Balance at June 30, 2007	$	36,123		$	13,176		$	22,947		$	29,841		$	8,886		$	20,955		$	6,282		$	4,290		$	1,992

(1) The run-off reserves primarily include the Brandywine group, the Commercial Insurance Service—Middle Market Workers’ Comp. reserves and the pre-1997 Westchester Specialty reserves.

(2) During the third quarter of 2006, ACE Limited completed the sale of three run-off reinsurance subsidiaries, ACE American Reinsurance Company, Brandywine Reinsurance Co. (UK) Ltd. and Brandywine Reinsurance Company S.A.-N.V. to Randall & Quilter Investment Holdings Limited.

Loss Reserve Rollforward Page 12

	ACE Limited
	Reinsurance Recoverable Analysis
	(in millions of U.S. dollars)
	(Unaudited)

Net Reinsurance Recoverable by Division

	June 30 2007			March 31 2007			December 31 2006
Reinsurance recoverable on paid losses and loss expenses
Active operations	$	820		$	922		$	1,013
Brandywine		245			242			251
Westchester Run-off		33			42			36
Other Run-off		16			17			16
Total	$	1,114		$	1,223		$	1,316
Reinsurance recoverable on unpaid losses and loss expenses
Active operations	$	9,418		$	9,505		$	9,479
Brandywine		3,303			3,425			3,535
Westchester Run-off		674			690			699
Other Run-off		221			202			200
Total	$	13,616		$	13,822		$	13,913
Gross reinsurance recoverable
Active operations	$	10,238		$	10,427		$	10,515
Brandywine		3,548			3,667			3,786
Westchester Run-off		707			732			712
Other Run-off		237			219			216
Total	$	14,730		$	15,045		$	15,229
Provision for uncollectible reinsurance
Active operations	$	(427	)	$	(455	)	$	(427	)
Brandywine		(169	)		(169	)		(172	)
Westchester Run-off		(31	)		(30	)		(30	)
Other Run-off		(22	)		(17	)		(20	)
Total	$	(649	)	$	(671	)	$	(649	)
Net reinsurance recoverable
Active operations	$	9,811		$	9,972		$	10,088
Brandywine		3,379			3,498			3,614
Westchester Run-off		676			702			682
Other Run-off		215			202			196
Total	$	14,081		$	14,374		$	14,580

Reinsurance Recoverable Page 13

	ACE Limited
	Reinsurance Recoverable Analysis - 2
	(in millions of U.S. dollars)
	(Unaudited)

Reinsurance Recoverable for Active Operations

	March 31, 2007
	Recoverable		Provision		% of Gross
Categories
Top 10 reinsurers	$	5,159	$	61	1.2	%
Other reinsurers balances >$20 million		2,102		52	2.5	%
Other reinsurers balances <$20 million		519		50	9.6	%
Mandatory pools and government agencies		579		3	0.5	%
Structured settlements		220		1	0.5	%
Captives		1,360		2	0.1	%
Other(1)		488		286	58.6	%
Total	$	10,427	$	455	4.4	%

At March 31, 2007, $7.5 billion of the active operations’ recoverables were from rated reinsurers, of which 96.3% were rated the equivalent of A- or better by internationally recognized rating agencies. The Company held collateral of $3.1 billion, of which $2.0 billion was matched and usable against existing recoverables.

Top 10 Reinsurers (net of collateral) (2)	Other Reinsurers Balances Greater Than $20 million (net of collateral) (2)
American International Group (AIG) Aspen Insurance Holdings Ltd Berkshire Hathaway Insurance Group Chubb Insurance Group HDI Haftpflichtverband Der Deutschen     Industrie Vag (Hannover) Lloyd’s Of London Munich Re Group Swiss Re Group WR Berkley Corp XL Capital Group	AGRI General Ins Co AIOI Insurance Group Allianz Allied World Assurance Group Arch Capital AXA CIGNA Converium Group Dow Chemical Co Electric Insurance Company Endurance Specialty Holdings Ltd Everest Re Group Federal Crop Insurance Corp ING Groep NV IPC Re Ltd	IRB - Brasil Resseguros S.A. Group Liberty Mutual Insurance Companies Montpelier Reinsurance Ltd Partner Re Platinum Underwriters PMA Capital Corp. Renaissance Re Holdings Ltd Royal & Sun Alliance Insurance Group SCOR Group Sompo Japan Group Tawa UK Ltd Toa Reinsurance Company Travelers Companies Inc. White Mountains Insurance Group Zurich Financial Services Group

(1) Other includes amounts recoverable that are in dispute, or are from companies who are in supervision, rehabilitation or liquidation. Our estimate of provision for uncollectible reinsurance associated with Other considers the credit quality of the reinsurer, and whether we have received collateral or other credit protections such as multi-beneficiary trusts and parental guarantees.

(2) Excludes recoverable amounts from companies who are in supervision, rehabilitation or liquidation, or are captive reinsurers, mandatory pools or voluntary pools.

Reinsurance Rec-Active Page 14

	ACE Limited
	Reinsurance Recoverable Analysis - 3
	(in millions of U.S. dollars)
	(Unaudited)

Consolidated Reinsurance Recoverable

	March 31, 2007
	Recoverable		Provision		% of Gross
Categories
Top 10 reinsurers	$	7,917	$	84	1.1	%
Other reinsurers balances >$20 million		3,289		155	4.7	%
Other reinsurers balances <$20 million		714		77	10.8	%
Mandatory pools and government agencies		588		3	0.5	%
Structured settlements		522		2	0.4	%
Captives		1,464		3	0.2	%
Other(1)		551		347	63.0	%
Total	$	15,045	$	671	4.5	%

At March 31, 2007, $11.3 billion of ACE Limited recoverables were from rated reinsurers, of which 95.2% were rated the equivalent of A- or better by internationally recognized rating agencies.

Top 10 Reinsurers (net of collateral) (2)	Other Reinsurers Balances Greater Than $20 million (net of collateral) (2)
American International Group (AIG) Berkshire Hathaway Insurance     Group Chubb Insurance Group Equitas Everest Re Group HDI Haftpflichtverband Der     Deutschen Industrie Vag     (Hannover) Lloyd’s Of London Munich Re Group Swiss Re Group XL Capital Group	AGRI General Ins Co AIOI Insurance Group Allianz Allied World Assurance Group Allstate Group Arch Capital Aspen Insurance Holdings Ltd AVIVA AXA CIGNA CNA Insurance Companies Converium Group Dominion Insurance Co Ltd Dow Chemical Co Dukes Place Holdings	Electric Insurance Company Endurance Specialty Holdings Ltd Enstar Group Ltd Fairfax Financial Federal Crop Insurance Corp FM Global Group GLOBALE Rueckversicherung AG Hartford Insurance Group ING Groep NV IPC Re Ltd IRB - Brasil Resseguros S.A.     Group Liberty Mutual Insurance     Companies Millea Holdings Montpelier Reinsurance Ltd Partner Re	Platinum Underwriters PMA Capital Corp Renaissance Re Holdings Ltd Royal & Sun Alliance     Insurance Group SCOR Group Sompo Japan Group Tawa UK Ltd Toa Reinsurance Company Travelers Companies, Inc. Trenwick Group White Mountains Insurance     Group WR Berkley Corp Zurich Financial Services     Group

(1) Other includes amounts recoverable that are in dispute, or are from companies who are in supervision, rehabilitation or liquidation. Our estimate of provision for uncollectible reinsurance associated with Other considers the credit quality of the reinsurer, and whether we have received collateral or other credit protections such as multi-beneficiary trusts and parental guarantees.

(2) Excludes recoverable amounts from companies who are in supervision, rehabilitation or liquidation, or are captive reinsurers, mandatory pools or voluntary pools.

Reinsurance Rec-Consolidated Page 15

	ACE Limited
	Reinsurance Recoverable Analysis - 4
	(in millions of U.S. dollars)
	(Unaudited)

Detail on Reinsurance Recoverable on Paid Losses and Loss Expenses

	General Collections (1)			Other (2)			Total
Gross balance at December 31, 2006	$	932		$	384		$	1,316
Provision at 12/31/06		53			202			255
% of gross		5.7	%		52.6	%		19.4	%
Net balance at December 31, 2006	$	879		$	182		$	1,061
Gross balance at March 31, 2007	$	933		$	290		$	1,223
Provision at 3/31/07		57			215			272
% of gross		6.1	%		74.1	%		22.2	%
Net balance at March 31, 2007	$	876		$	75		$	951
Gross balance at June 30, 2007	$	850		$	264		$	1,114
Provision at 6/30/07		46			173			219
% of gross		5.4	%		65.5	%		19.7	%
Net balance at June 30, 2007 (3)	$	804		$	91		$	895

(1) General collections balances represent amounts in process of collection in the normal course of business, for which we have no indication of dispute or credit issues.

(2) Other includes amounts recoverable that are in dispute, or are from companies who are in supervision, rehabilitation or liquidation for Brandywine Group and active operations. Our estimation of the reserve for other, considers the merits of the underlying matter, the credit quality of the reinsurer, and whether we have received collateral or other credit protections such multi-beneficiary trusts and parental guarantees.

(3) The current quarter split between general collections and other is estimated based on prior quarter balances. Balances are adjusted to actual in the next quarter.

Reinsurance Recoverable 4 Page 16

	ACE Limited
	Investment Portfolio
	(in millions of U.S. dollars)
	(Unaudited)

	June 30 2007			March 31 2007			December 31 2006
Market Value
Fixed maturities available for sale	$	30,591		$	29,934		$	28,540
Fixed maturities held to maturity		2,957			3,039			3,015
Short-term investments		2,919			2,658			2,456
Total	$	36,467		$	35,631		$	34,011
Asset Allocation by Market Value
Treasury	$	1,587		$	1,689		$	1,322
Agency		2,117			2,223			2,207
Corporate		7,643			7,473			7,394
Mortgage-backed securities		12,338			11,925			11,346
Asset-backed securities		1,611			1,772			2,020
Municipal		1,367			1,157			809
Non-U.S.		6,885			6,734			6,457
Short-term investments		2,919			2,658			2,456
Total	$	36,467		$	35,631		$	34,011
Credit Quality by Market Value
AAA	$	24,121		$	23,783		$	22,471
AA		3,178			3,095			2,725
A		3,902			3,582			3,909
BBB		2,841			2,610			2,498
BB		948			992			943
B		1,376			1,475			1,365
Other		101			94			100
Total	$	36,467		$	35,631		$	34,011
Cost/Amortized Cost
Fixed maturities available for sale	$	30,847		$	29,723		$	28,389
Fixed maturities held to maturity		3,013			3,060			3,047
Short-term investments		2,919			2,658			2,456
Subtotal		36,779			35,441			33,892
Equity securities		1,522			1,432			1,372
Other investments		749			687			661
Total	$	39,050		$	37,560		$	35,925
Avg. duration of fixed maturities, adjusted for int. rate swaps		3.7 years			3.3 years			3.3 years
Avg. market yield of fixed maturities		5.7	%		5.3	%		5.4	%
Avg. credit quality		AA			AA			AA

Investments Page 17

	ACE Limited
	Net Realized and Unrealized Gains (Losses)
	(in millions of U.S. dollars)
	(Unaudited)

	Three months ended June 30, 2007									Six months ended June 30, 2007
	Net Realized Gains (Losses) (1)			Net Unrealized Gains (Losses)			Net Impact			Net Realized Gains (Losses) (1)			Net Unrealized Gains (Losses)			Net Impact
Fixed maturities	$	(63	)	$	(462	)	$	(525	)	$	(84	)	$	(405	)	$	(489	)
Equity securities		51			34			85			85			33			118
Equity and fixed income derivatives		(7	)		—			(7	)		(14	)		—			(14	)
Foreign exchange gains (losses)		1			—			1			1			—			1
Other		2			13			15			12			33			45
Sub-total		(16	)		(415	)		(431	)		—			(339	)		(339	)
Other FAS 133 adjustments		5			—			5			5			—			5
Total gains (losses)		(11	)		(415	)		(426	)		5			(339	)		(334	)
Income tax expense (benefit)		4			(33	)		(29	)		(18	)		(20	)		(38	)
Net gains (losses)	$	(15	)	$	(382	)	$	(397	)	$	23		$	(319	)	$	(296	)

(1) The quarter includes impairments of $13M for fixed maturities, $1M for equities and $2M for other investments. Year to date includes impairments of $50M for fixed maturities, $2M for equities and $2M for other investments.

	Three months ended June 30, 2006									Six months ended June 30, 2006
	Net Realized Gains (Losses) (2)			Net Unrealized Gains (Losses)			Net Impact			Net Realized Gains (Losses) (2)			Net Unrealized Gains (Losses)			Net Impact
Fixed maturities	$	(81	)	$	(236	)	$	(317	)	$	(125	)	$	(429	)	$	(554	)
Equity securities		57			(24	)		33			100			24			124
Equity and fixed income derivatives		6			—			6			20			—			20
Foreign exchange gains (losses)		(3	)		—			(3	)		(7	)		—			(7	)
Other		3			(3	)		—			2			9			11
Total inv. portfolio gains (losses)		(18	)		(263	)		(281	)		(10	)		(396	)		(406	)
Other FAS 133 adjustments		11			—			11			10			—			10
Total gains (losses)		(7	)		(263	)		(270	)		—			(396	)		(396	)
Income tax expense (benefit)		(1	)		(32	)		(33	)		(2	)		(67	)		(69	)
Net gains (losses)	$	(6	)	$	(231	)	$	(237	)	$	2		$	(329	)	$	(327	)

(2) The quarter includes impairments of $56M for fixed maturities, $4M for equities and $1M for other investments. Year to date includes impairments of $80M for fixed maturities, $6M for equities and $6M for other investments.

Investment Gains (Losses) Page 18

	ACE Limited
	Capital Structure
	(in millions of U.S. dollars)
	(Unaudited)

	June 30 2007			March 31 2007			December 31 2006			December 31 2005
Total short-term debt	$	85		$	581		$	578		$	300
Total long-term debt		2,063			2,061			1,560			1,811
Total debt		2,148			2,642			2,138			2,111
Total trust preferred securities		309			309			309			309
Perpetual preferred shares		557			557			557			557
Ordinary shareholders’ equity		14,627			14,402			13,721			11,255
Total shareholders’ equity	$	15,184		$	14,959		$	14,278		$	11,812
Total capitalization	$	17,641		$	17,910		$	16,725		$	14,232
Tangible shareholders’ equity (1)	$	12,453		$	12,228		$	11,547		$	9,109
Leverage ratios
Debt/ total capitalization		12.2	%		14.8	%		12.8	%		14.8	%
Debt plus trust preferred secutities/ total capitalization		13.9	%		16.5	%		14.6	%		17.0	%
Debt/ tangible equity		17.2	%		21.6	%		18.5	%		23.2	%
Debt plus trust preferred securities/ tangible equity		19.7	%		24.1	%		21.2	%		26.6	%
Debt plus total preferred stock/ total capitalization		17.1	%		19.6	%		18.0	%		20.9	%

(1) Tangible equity is equal to shareholders’ equity less goodwill.

Capital Structure Page 19

	ACE Limited
	Computation of Basic and Diluted Earnings Per Share
	(in millions of U.S. dollars, except share and per share data)
	(Unaudited)

	Three months ended June 30						Six months ended June 30
	2007			2006			2007			2006
Numerator
Income excluding net realized gains (losses) and cumulative effect(1)	$	664		$	579		$	1,327		$	1,056
Perpetual preferred dividend		(11	)		(11	)		(22	)		(22	)
Income to ordinary shares, excl. net realized gains (losses) and cumulative effect		653			568			1,305			1,034
Net realized gains (losses), net of income tax		(15	)		(6	)		23			2
Net income available to the holders of ordinary shares excluding cumulative effect		638			562			1,328			1,036
Cumulative effect of a change in accounting principle, net of tax		—			—			—			4
Net income available to the holders of ordinary shares	$	638		$	562		$	1,328		$	1,040
Rollforward of Ordinary Shares
Ordinary Shares - beginning of period		328,309,225			325,143,060			326,455,468			323,322,586
Issued under employee stock purchase plan		—			26,934			104,162			101,532
Shares (cancelled) granted		(147,432	)		(99,832	)		1,247,466			1,008,180
Issued for option exercises		847,550			301,319			1,202,247			939,183
Ordinary Shares - end of period		329,009,343			325,371,481			329,009,343			325,371,481
Denominator
Weighted average shares outstanding		324,541,868			321,430,985			324,344,779			321,271,345
Effect of other dilutive securities		5,531,343			4,699,533			5,313,233			4,960,755
Adj. wtd. avg. shares outstanding and assumed conversions		330,073,211			326,130,518			329,658,012			326,232,100
Basic earnings per share
Income excluding net realized gains (losses) and cumulative effect(1)	$	2.01		$	1.77		$	4.02		$	3.22
Net realized gains (losses), net of income tax		(0.05	)		(0.02	)		0.07			—
Cumulative effect of a change in accounting principle, net of tax		—			—			—			0.01
Net income	$	1.96		$	1.75		$	4.09		$	3.23
Diluted earnings per share
Income excluding net realized gains (losses) and cumulative effect(1)	$	1.98		$	1.74		$	3.95		$	3.17
Net realized gains (losses), net of income tax		(0.05	)		(0.02	)		0.07			—
Cumulative effect of a change in accounting principle, net of tax		—			—			—			0.01
Net income	$	1.93		$	1.72		$	4.02		$	3.18

(1) See page 21 Non-GAAP Financial Measures.

Earnings per share Page 20

	ACE Limited
	Non-GAAP Financial Measures
	(in millions of U.S. dollars)
	(Unaudited)

Regulation G - Non-GAAP Financial Measures

In presenting our results, we have included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations. However, they should not be viewed as a substitute for measures determined in accordance with GAAP. A reconciliation of book value per share is provided on page 22.

In presenting our segment operating results, we have shown our performance with reference to underwriting results. Underwriting results are calculated by subtracting losses and loss expenses, life and annuity benefits, policy acquisition costs, and administrative expenses from net premiums earned. We use underwriting results and operating ratios to monitor the results of our operations without the impact of certain factors, including investment income, other income and expenses, interest and income tax expense, and net realized gains (losses).

The following non-GAAP measure is a common performance measurement and is defined as income excluding net realized gains (losses), the tax expense (benefit) on net realized gains (losses), and cumulative effect of a change in accounting principle, net of tax. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude net realized gains (losses) because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. We exclude the benefit of the cumulative effect of a change in accounting principle, net of tax, because this benefit resulted in a one time adjustment to income. We believe these amounts are largely independent of our business and including them would distort the analysis of trends. Income excluding net realized gains (losses) and cumulative effect should not be viewed as a substitute for net income determined in accordance with generally accepted accounting principles (GAAP).

	2Q-07			1Q-07			4Q-06			3Q-06			2Q-06			YTD 2007			YTD 2006			Full Year 2006
Net income, as reported	$	649		$	701		$	665		$	578		$	573		$	1,350		$	1,062		$	2,305
Net realized gains (losses)		(11	)		16			15			(113	)		(7	)		5			—			(98	)
Income tax expense (benefit) on net realized gains (losses)		4			(22	)		(7	)		(39	)		(1	)		(18	)		(2	)		(48	)
Cumulative effect of a change in accounting principle, net of tax		—			—			—			—			—			—			4			4
Income excluding net realized gains (losses) and cumulative effect	$	664		$	663		$	643		$	652		$	579		$	1,327		$	1,056		$	2,351

Reconciliation Non-GAAP Page 21

	ACE Limited
	Book Value per Ordinary Share
	(in millions of U.S. dollars, except share and per share data)
	(Unaudited)

Reconciliation of Book Value per Ordinary Share

	June 30 2007			March 31 2007			December 31 2006
Shareholders’ equity	$	15,184		$	14,959		$	14,278
Proceeds from issuance of perpetual preferred shares		(557	)		(557	)		(557	)
Numerator for book value per share calculation		14,627			14,402			13,721
Less: goodwill		2,731			2,731			2,731
Numerator for tangible book value per share	$	11,896		$	11,671		$	10,990
Denominator		329,009,343			328,309,225			326,455,468
Book value per ordinary share	$	44.46		$	43.87		$	42.03
Tangible book value per ordinary share	$	36.16		$	35.55		$	33.66

Reconciliation Book Value Page 22

	ACE Limited
	Comprehensive Income
	(in millions of U.S. dollars)
	(Unaudited)

Consolidated Statement of Comprehensive Income

	2Q-07			1Q-07			4Q-06			3Q-06			2Q-06			YTD 2007			YTD 2006			Full Year 2006
Net income	$	649		$	701		$	665		$	578		$	573		$	1,350		$	1,062		$	2,305
Net unrealized appreciation (depreciation) on investments
Unrealized appreciation (depreciation) on investments		(427	)		73			132			541			(266	)		(354	)		(384	)		289
Reclassification adjustment for net realized gains (losses) included in net income		12			3			(6	)		82			3			15			(12	)		64
Change in cumulative translation adjustments		19			16			46			15			50			35			74			135
Change in minimum pension liability		(2	)		—			29			(5	)		(3	)		(2	)		(4	)		20
Income tax (expense) benefit related to other comprehensive income items		23			(18	)		(42	)		(117	)		18			5			46			(113	)
Other comprehensive income (loss)		(375	)		74			159			516			(198	)		(301	)		(280	)		395
Comprehensive income	$	274		$	775		$	824		$	1,094		$	375		$	1,049		$	782		$	2,700

Comprehensive Income Page 23

	ACE Limited
	Glossary

Annualized return on ordinary shareholders’ equity (ROE): Income excluding net realized gains (losses) and cumulative effect less perpetual preferred securities divided by average ordinary shareholders’ equity for the period. To annualize a quarterly rate multiply by four.

Book value per ordinary share: Ordinary shareholders’ equity divided by the shares outstanding.

Combined ratio: The sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding life business. Calculated on a GAAP basis.

Cumulative effect: The benefit resulting from the accrual of a forfeiture rate on the restricted stock under Financial Accounting Standard 123R “Share-Based Payment”.

Effective tax rate: Income tax expense divided by the sum of income tax expense and income excluding net realized gains (losses) and cumulative effect.

FAS 115: Unrealized gains (losses) on investments and the deferred tax component included in shareholders’ equity.

Life underwriting income: Net premium earned and net investment income less future policy benefits, acquisition costs and administrative expenses.

NM: Not meaningful.

Ordinary shareholders’ equity: Shareholders’ equity less perpetual preferred shares.

P&C: Property and casualty.

Tangible book value per ordinary share: Ordinary shareholders’ equity less goodwill divided by the shares outstanding.

Tangible equity: Shareholders’ equity less goodwill.

Total capitalization: Short-term debt, long-term debt, trust preferreds, perpetual preferred shares and shareholders’ equity.

Glossary Page 24