Exhibit 99.2

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@acegroup.com	Cautionary Statement Regarding Forward-Looking Statements:
	Any forward-looking statements made in this financial supplement reflect the company’s current views 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, market acceptance, changes in demand, actual market developments, and rating agency action. 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 and Income Excluding Net Realized Gains (Losses) by Line of Business	4 - 5
	- Consolidating Statement of Operations	6
III.	Segment Results
	- Insurance - North American	7
	- Insurance - Overseas General	8
	- Global Reinsurance	9
	- Life	10 - 11
IV.	Balance Sheet Details
	- Loss Reserve Rollforward	12
	- Reinsurance Recoverable Analysis	13
	- Investment Portfolio	14 - 21
	- Net Realized and Unrealized Gains (Losses)	22
	- Capital Structure	23 - 24
	- Computation of Basic and Diluted Earnings Per Share	25
V.	Other Disclosures
	- Non-GAAP Financial Measures	26
	- Book Value and Book Value per Common Share	27
	- Comprehensive Income	28
	- Glossary	29

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

	Three months ended September 30						% Change 3Q-09 vs. 3Q-08		Constant $ 2008 (2)		% Change 3Q-09 vs. 3Q-08 (2)		Nine months ended September 30						% Change YTD-09 vs. YTD-08		Constant $ 2008 (2)		% Change YTD-09 vs. YTD-08 (2)
	2009			2008									2009			2008
Gross premiums written	$	5,005		$	5,220		-4	%	$	5,070	-1	%	$	14,657		$	14,922		-2	%	$	14,250	3	%
Net premiums written	$	3,155		$	3,276		-4	%	$	3,157	0	%	$	9,994		$	10,028		0	%	$	9,510	5	%
Net premiums earned	$	3,393		$	3,609		-6	%	$	3,483	-3	%	$	9,853		$	9,977		-1	%	$	9,439	4	%
Net investment income	$	511		$	520		-2	%	$	511	0	%	$	1,519		$	1,541		-1	%	$	1,506	1	%
Net income	$	494		$	54		815	%					$	1,596		$	1,177		36	%
Income excluding net realized gains (losses) (1)	$	701		$	504		39	%	$	478	47	%	$	2,076		$	1,967		6	%	$	1,873	11	%
Comprehensive income (loss)	$	2,270		$	(915	)	NM						$	4,297		$	(609	)	NM
Operating cash flow	$	1,010		$	1,058		-5	%					$	2,332		$	3,140		-26	%
Combined ratio
Loss and loss expense ratio		58.2	%		69.5	%								58.7	%		61.5	%
Underwriting and administrative expense ratio		29.9	%		28.4	%								29.1	%		28.9	%
Combined ratio		88.1	%		97.9	%								87.8	%		90.4	%
Annualized ROE*		15.9	%		12.7	%								16.7	%		16.5	%
Annualized ROE, excluding FAS 115*		15.8	%		12.2	%								16.2	%		16.2	%
Effective tax rate on income excluding net realized gains (losses)		18	%		13	%								18	%		17	%
Diluted earnings per share
Income excluding net realized gains (losses) (1)	$	2.07		$	1.50		38	%					$	6.16		$	5.81		6	%
Net income	$	1.46		$	0.16		813	%					$	4.73		$	3.45		37	%
Book value per common share	$	55.71		$	46.06		21	%					$	55.71		$	46.06		21	%
Tangible book value per common share	$	44.49		$	34.61		29	%					$	44.49		$	34.61		29	%
Weighted average basic common shares outstanding		337.2			333.6									336.5			332.5
Weighted average diluted common shares outstanding		338.4			335.3									337.1			334.5
Debt/total capitalization		15.6	%		17.6	%								15.6	%		17.6	%

(1) See page 26 Non-GAAP Financial Measures.

(2) Prior year on a constant dollar basis.

* Calculated using income excluding net realized gains (losses)

Financial Highlights Page 1

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

ACE Limited Consolidated

	3Q-09			2Q-09			1Q-09			4Q-08			3Q-08			YTD 2009			YTD 2008			Full Year 2008
Consolidated Results Excluding Life Segment
Gross premiums written	$	4,622		$	4,733		$	4,150		$	3,906		$	4,839		$	13,505		$	14,009		$	17,915
Net premiums written		2,783			3,048			3,078			2,681			2,928			8,909			9,201			11,882
Net premiums earned		3,031			2,902			2,859			2,867			3,265			8,792			9,166			12,033
Losses and loss expenses		1,764			1,688			1,704			1,654			2,265			5,156			5,629			7,283
Policy benefits		—			1			2			2			5			3			10			12
Policy acquisition costs		508			468			434			448			533			1,410			1,499			1,947
Administrative expenses		400			390			362			388			396			1,152			1,150			1,538
Underwriting income excluding life segment	$	359		$	355		$	357		$	375		$	66		$	1,071		$	878		$	1,253
Life underwriting income excluding investment income		52			35			21			(26	)		45			108			102			76
Net investment income		511			506			502			521			520			1,519			1,541			2,062
Net realized gains (losses)		(223	)		(225	)		(121	)		(644	)		(510	)		(569	)		(989	)		(1,633	)
Interest expense		60			56			53			54			68			169			176			230
Other income (expense) (1)		(51	)		21			(14	)		(65	)		(6	)		(44	)		104			39
Income tax expense (benefit)		94			101			125			87			(7	)		320			283			370
Net income	$	494		$	535		$	567		$	20		$	54		$	1,596		$	1,177		$	1,197
Net realized gains (losses)		(223	)		(225	)		(121	)		(644	)		(510	)		(569	)		(989	)		(1,633	)
Net realized gains (losses) in other income (expense) (1)		(43	)		8			3			(48	)		(23	)		(32	)		69			21
Tax expense (benefit) on net realized gains (losses)		(59	)		(46	)		(16	)		(88	)		(83	)		(121	)		(130	)		(218	)
Income excluding net realized gains (losses) (2)	$	701		$	706		$	669		$	624		$	504		$	2,076		$	1,967		$	2,591
% Change versus prior year period (3)
Net premiums written		-5	%		-5	%		1	%		-1	%		8	%		-3	%		4	%		2	%
Net premiums earned		-7	%		-5	%		1	%		-3	%		7	%		-4	%		2	%		1	%
Net premiums written constant $		-1	%		1	%		7	%		3	%		6	%		2	%		1	%		1	%
Net premiums earned constant $		-4	%		2	%		7	%		1	%		5	%		2	%		0	%		0	%
Other ratios
Net premiums written/gross premiums written		60	%		64	%		74	%		69	%		61	%		66	%		66	%		66	%
Effective tax rate on income excluding net realized gains (losses)		18	%		17	%		17	%		22	%		13	%		18	%		17	%		18	%
Combined ratio (3)
Loss and loss expense ratio		58.2	%		58.2	%		59.7	%		57.8	%		69.5	%		58.7	%		61.5	%		60.6	%
Policy acquisition cost ratio		16.7	%		16.1	%		15.2	%		15.6	%		16.3	%		16.0	%		16.3	%		16.2	%
Administrative expense ratio		13.2	%		13.4	%		12.6	%		13.5	%		12.1	%		13.1	%		12.6	%		12.8	%
Combined ratio		88.1	%		87.7	%		87.5	%		86.9	%		97.9	%		87.8	%		90.4	%		89.6	%
Expense ratio		29.9	%		29.5	%		27.8	%		29.1	%		28.4	%		29.1	%		28.9	%		29.0	%
Expense ratio excluding A&H		25.3	%		25.0	%		23.9	%		24.5	%		24.2	%		24.7	%		25.1	%		24.9	%
Large losses and other items (before tax) (3)
Reinstatement premiums (expensed) collected	$	—		$	—		$	1		$	4		$	(7	)	$	1		$	(7	)	$	(3	)
Catastrophe losses	$	45		$	31		$	38		$	67		$	411		$	114		$	500		$	567
Prior period development excluding Life - unfavorable (favorable) (4)	$	(203	)	$	(158	)	$	(68	)	$	(252	)	$	(277	)	$	(429	)	$	(518	)	$	(770	)
Loss and loss expense ratio excluding catastophe losses and prior period development		63.4	%		62.6	%		60.7	%		64.4	%		65.3	%		62.3	%		62.1	%		62.7	%

(1) Net realized investment and derivative losses related to unconsolidated entities.

(2) See page 26 Non-GAAP Financial Measures.

(3) Presented excluding the Life segment to allow for comparison and analysis with earnings guidance. This is a non-GAAP measure.

(4) For YTD 2008, prior period favorable development of $562 million less $44 million of profit share commission on Crop business settlement.

Consolidated Results Page 2

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

	September 30 2009		June 30 2009			March 31 2009			December 31 2008
	(Unaudited)		(Unaudited)			(Unaudited)			(Audited)
Assets
Fixed maturities available for sale, at fair value	$	38,559	$	35,697		$	31,355		$	31,155
Fixed maturities held to maturity, at amortized cost		3,439		3,517			2,824			2,860
Equity securities, at fair value		546		423			854			988
Short-term investments, at fair value		1,853		2,081			3,909			3,350
Other investments		1,524		1,363			1,298			1,362
Total investments		45,921		43,081			40,240			39,715
Cash		742		654			844			867
Securities lending collateral		1,522		1,370			1,376			1,230
Insurance and reinsurance balances receivable		3,626		4,016			3,853			3,453
Reinsurance recoverable on losses and loss expenses		13,689		13,430			13,713			13,917
Deferred policy acquisition costs		1,413		1,376			1,268			1,214
Value of business acquired		786		793			785			823
Prepaid reinsurance premiums		1,727		1,911			1,593			1,539
Goodwill and other intangible assets		3,772		3,756			3,735			3,747
Deferred tax assets		1,234		1,579			1,952			1,835
Investments in partially owned insurance companies		478		462			886			832
Other assets		2,911		3,227			2,882			2,885
Total assets	$	77,821	$	75,655		$	73,127		$	72,057
Liabilities
Unpaid losses and loss expenses	$	37,871	$	37,268		$	36,931		$	37,176
Unearned premiums		6,369		6,725			6,186			5,950
Future policy benefits		3,048		2,984			2,915			2,904
Insurance and reinsurance balances payable		3,083		3,075			2,981			2,841
Securities lending payable		1,574		1,427			1,463			1,296
Payable for securities purchased		465		1,082			1,333			740
Accounts payable, accrued expenses, and other liabilities		2,848		2,686			3,023			3,118
Short-term debt		200		216			466			471
Long-term debt		3,321		3,322			2,802			2,806
Trust preferred securities		309		309			309			309
Total liabilities		59,088		59,094			58,409			57,611
Shareholders’ equity
Total shareholders’ equity, excl. AOCI		17,948		17,552			16,864			16,362
Accumulated other comprehensive income (AOCI)		785		(991	)		(2,146	)		(1,916	)
Total shareholders’ equity		18,733		16,561			14,718			14,446
Total liabilities and shareholders’ equity	$	77,821	$	75,655		$	73,127		$	72,057
Book value per common share (1)	$	55.71	$	49.27		$	43.82		$	43.30
Tangible book value per common share (1)	$	44.49	$	38.10		$	32.70		$	32.07

(1) See page 26 Non-GAAP Financial Measures.

Consol Bal Sheet Page 3

ACE Limited Consolidated Premiums and Income Excluding Net Realized Gains (Losses) by Line of Business (in millions of U.S. dollars) (Unaudited)

ACE Limited Consolidated

	3Q-09		% of Total Consolidated		3Q-08		% of Total Consolidated		% Change 3Q-09 vs. 3Q-08		YTD 2009		% of Total Consolidated		YTD 2008		% of Total Consolidated		% Change YTD-09 vs. YTD-08
Net premiums written
Property and all other	$	954	30	%	$	1,048	32	%	-9	%	$	3,293	33	%	$	3,232	32	%	2	%
Casualty		1,293	41	%		1,291	39	%	0	%		3,992	40	%		4,253	42	%	-6	%
Subtotal		2,247	71	%		2,339	71	%	-4	%		7,285	73	%		7,485	74	%	-3	%
Personal accident (A&H) (1)		762	24	%		815	25	%	-7	%		2,294	23	%		2,193	22	%	5	%
Life (2)		146	5	%		122	4	%	20	%		415	4	%		350	4	%	19	%
Total Consolidated	$	3,155	100	%	$	3,276	100	%	-4	%	$	9,994	100	%	$	10,028	100	%	0	%
Add: Life premiums on investment contracts		109				19			474	%		304				91			234	%
Non-GAAP Total Net Premium Written	$	3,264			$	3,295			-1	%	$	10,298			$	10,119			2	%
Net premiums earned
Property and all other	$	1,081	32	%	$	1,190	33	%	-9	%	$	3,062	31	%	$	3,030	30	%	1	%
Casualty		1,383	41	%		1,463	41	%	-5	%		4,122	42	%		4,435	45	%	-7	%
Subtotal		2,464	73	%		2,653	74	%	-7	%		7,184	73	%		7,465	75	%	-4	%
Personal accident (A&H) (1)		793	23	%		845	23	%	-6	%		2,279	23	%		2,181	22	%	4	%
Life (2)		136	4	%		111	3	%	23	%		390	4	%		331	3	%	18	%
Total Consolidated	$	3,393	100	%	$	3,609	100	%	-6	%	$	9,853	100	%	$	9,977	100	%	-1	%
Income excluding net realized gains (losses)
Property, casualty, and all other	$	564	80	%	$	354	70	%	59	%	$	1,690	81	%	$	1,524	77	%	11	%
Personal accident (A&H) (1)		97	14	%		117	23	%	-17	%		281	14	%		338	17	%	-17	%
Life (2)		40	6	%		33	7	%	21	%		105	5	%		105	6	%	0	%
Total Consolidated	$	701	100	%	$	504	100	%	39	%	$	2,076	100	%	$	1,967	100	%	6	%

(1) Consolidated A&H includes Combined Insurance which is reported in the Insurance - Overseas General and Life segments.

(2) Excludes the North America A&H business from Combined Insurance which is included in the Life segment.

Line of Business Page 4

ACE Limited Consolidated Premiums and Income Excluding Net Realized Gains (Losses) by Line of Business, Adjusted for Foreign Exchange (in millions of U.S. dollars) (Unaudited)

ACE Limited Consolidated Constant Dollar

	3Q-09		Constant $ 3Q-08 (3)		Constant $ % Change 3Q-09 vs. 3Q-08 (3)		YTD 2009		Constant $ YTD 08 (3)		Constant $ % Change YTD-09 vs. YTD-08 (3)
Net premiums written
Property, casualty, and all other	$	2,247	$	2,276	-1	%	$	7,285	$	7,187	1	%
Personal accident (A&H) (1)		762		760	0	%		2,294		1,979	16	%
Life (2)		146		121	21	%		415		344	21	%
Total Consolidated	$	3,155	$	3,157	0	%	$	9,994	$	9,510	5	%
Net premiums earned
Property, casualty, and all other	$	2,464	$	2,581	-5	%	$	7,184	$	7,146	1	%
Personal accident (A&H) (1)		793		791	0	%		2,279		1,967	16	%
Life (2)		136		111	23	%		390		326	20	%
Total Consolidated	$	3,393	$	3,483	-3	%	$	9,853	$	9,439	4	%
Income excluding net realized gains (losses)
Property, casualty, and all other	$	564	$	338	67	%	$	1,690	$	1,468	15	%
Personal accident (A&H) (1)		97		107	-9	%		281		300	-6	%
Life (2)		40		33	21	%		105		105	0	%
Total Consolidated	$	701	$	478	47	%	$	2,076	$	1,873	11	%

(1) Consolidated A&H includes Combined Insurance which is reported in the Insurance - Overseas General and Life segments.

(2) Excludes the North America A&H business from Combined Insurance which is included in the Life segment.

(3) Prior year on a constant dollar basis.

Line of Business 2 Page 5

ACE Limited Consolidating Statement of Operations Three months ended September 30, 2009 and 2008 (in millions of U.S. dollars) (Unaudited)

	Insurance - North American			Insurance - Overseas General			Global Reinsurance			Corporate & Other			Consolidated Excluding Life Segment			Life			ACE Consolidated
September 30, 2009
Gross premiums written	$	2,730		$	1,677		$	215		$	—		$	4,622		$	383		$	5,005
Net premiums written		1,374			1,203			206			—			2,783			372			3,155
Net premiums earned		1,467			1,317			247			—			3,031			362			3,393
Losses and loss expenses		1,053			631			80			—			1,764			121			1,885
Policy benefits		—			—			—			—			—			79			79
Policy acquisition costs		142			316			50			—			508			59			567
Administrative expenses		146			204			15			35			400			51			451
Underwriting income (loss)		126			166			102			(35	)		359			52			411
Net investment income		278			121			65			4			468			43			511
Net realized gains (losses)		(25	)		40			(11	)		(15	)		(11	)		(212	)		(223	)
Interest expense		—			—			—			60			60			—			60
Other income (expense)		(4	)		(3	)		1			(45	)		(51	)		—			(51	)
Income tax expense (benefit)		47			56			9			(35	)		77			17			94
Net income (loss)		328			268			148			(116	)		628			(134	)		494
Net realized gains (losses)		(25	)		40			(11	)		(15	)		(11	)		(212	)		(223	)
Net realized gains (losses) in other income (expense)		(5	)		1			—			(42	)		(46	)		3			(43	)
Tax expense (benefit) on net realized gains (losses)		(59	)		6			(1	)		(4	)		(58	)		(1	)		(59	)
Income (loss) excluding net realized gains (losses) (1)	$	299		$	233		$	158		$	(63	)	$	627		$	74		$	701
September 30, 2008
Gross premiums written	$	2,987		$	1,678		$	174		$	—		$	4,839		$	381		$	5,220
Net premiums written		1,461			1,293			174			—			2,928			348			3,276
Net premiums earned		1,583			1,425			257			—			3,265			344			3,609
Losses and loss expenses		1,356			731			178			—			2,265			104			2,369
Policy benefits		—			5			—			—			5			86			91
Policy acquisition costs		160			329			44			—			533			48			581
Administrative expenses		132			217			14			33			396			61			457
Underwriting income (loss)		(65	)		143			21			(33	)		66			45			111
Net investment income		278			136			83			(17	)		480			40			520
Net realized gains (losses)		(284	)		(58	)		(2	)		14			(330	)		(180	)		(510	)
Interest expense		—			—			—			68			68			—			68
Other income (expense)		(3	)		(6	)		(1	)		6			(4	)		(2	)		(6	)
Income tax expense (benefit)		(7	)		10			9			(34	)		(22	)		15			(7	)
Net income (loss)		(67	)		205			92			(64	)		166			(112	)		54
Net realized gains (losses)		(284	)		(58	)		(2	)		14			(330	)		(180	)		(510	)
Net realized gains (losses) in other income (expense)		—			(5	)		—			(20	)		(25	)		2			(23	)
Tax expense (benefit) on net realized gains (losses)		(64	)		(16	)		(1	)		(2	)		(83	)		—			(83	)
Income (loss) excluding net realized gains (losses) (1)	$	153		$	252		$	93		$	(60	)	$	438		$	66		$	504
Income (loss) excluding net realized gains (losses), constant $ (2)	$	149		$	232		$	92		$	(60	)	$	413		$	65		$	478

(1) See page 26 Non-GAAP Financial Measures.

(2) Prior year on a constant dollar basis.

Segment 2009 Qtr Page 6

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

Insurance - North American

	3Q-09			2Q-09			1Q-09			4Q-08			3Q-08			YTD 2009			YTD 2008			Full Year 2008
Gross premiums written	$	2,730		$	2,664		$	2,078		$	2,167		$	2,987		$	7,472		$	7,886		$	10,053
Net premiums written		1,374			1,454			1,392			1,304			1,461			4,220			4,332			5,636
Net premiums earned		1,467			1,415			1,437			1,377			1,583			4,319			4,302			5,679
Losses and loss expenses		1,053			997			1,004			893			1,356			3,054			3,187			4,080
Policy acquisition costs		142			129			123			112			160			394			450			562
Administrative expenses		146			147			140			138			132			433			398			536
Underwriting income (loss)		126			142			170			234			(65	)		438			267			501
Net investment income		278			275			263			266			278			816			829			1,095
Net realized gains (losses)		(25	)		(97	)		(120	)		(259	)		(284	)		(242	)		(450	)		(709	)
Interest expense		—			—			—			1			—			—			—			1
Other income (expense)		(4	)		(1	)		(4	)		(1	)		(3	)		(9	)		(6	)		(7	)
Income tax expense (benefit)		47			76			96			93			(7	)		219			222			315
Net income (loss)		328			243			213			146			(67	)		784			418			564
Net realized gains (losses)		(25	)		(97	)		(120	)		(259	)		(284	)		(242	)		(450	)		(709	)
Net realized gains (losses) in other income (expense)		(5	)		—			—			—			—			(5	)		—			—
Tax expense (benefit) on net realized gains (losses)		(59	)		(33	)		(12	)		(72	)		(64	)		(104	)		(79	)		(151	)
Income excluding net realized gains (losses) (1)	$	299		$	307		$	321		$	333		$	153		$	927		$	789		$	1,122
Combined ratio
Loss and loss expense ratio		71.7	%		70.5	%		69.9	%		64.9	%		85.6	%		70.7	%		74.1	%		71.8	%
Policy acquisition cost ratio		9.7	%		9.1	%		8.6	%		8.1	%		10.1	%		9.1	%		10.4	%		9.9	%
Administrative expense ratio		9.9	%		10.4	%		9.7	%		10.0	%		8.4	%		10.0	%		9.3	%		9.4	%
Combined ratio		91.3	%		90.0	%		88.2	%		83.0	%		104.1	%		89.8	%		93.8	%		91.1	%
Large losses and other items (before tax)
Reinstatement premiums (expensed) collected	$	—		$	—		$	—		$	—		$	(16	)	$	—		$	(16	)	$	(16	)
Catastrophe losses	$	24		$	20		$	4		$	3		$	258		$	48		$	295		$	298
Prior period development - unfavorable (favorable) (2)	$	(45	)	$	(74	)	$	(10	)	$	(102	)	$	(103	)	$	(129	)	$	(205	)	$	(307	)
Loss and loss expense ratio excluding catastophe losses and prior period development		73.1	%		74.3	%		70.3	%		72.0	%		75.1	%		72.6	%		72.7	%		72.6	%
% Change versus prior year period
Net premiums written		-6	%		-4	%		2	%		-5	%		1	%		-3	%		-3	%		-3	%
Net premiums earned		-7	%		4	%		6	%		-3	%		-1	%		0	%		-6	%		-5	%
Other ratios
Net premiums written/gross premiums written		50	%		55	%		67	%		60	%		49	%		56	%		55	%		56	%

(1) See page 26 Non-GAAP Financial Measures.

(2) For YTD 2008, prior period favorable development of $249 million less $44 million of profit share commission on Crop business settlement.

Insurance-North American Page 7

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

Insurance - Overseas General

	3Q-09			2Q-09			1Q-09			4Q-08			3Q-08			YTD 2009			YTD 2008			Full Year 2008
Gross premiums written	$	1,677		$	1,710		$	1,693		$	1,609		$	1,678		$	5,080		$	5,332		$	6,941
Net premiums written		1,203			1,265			1,327			1,251			1,293			3,795			4,081			5,332
Net premiums earned		1,317			1,246			1,184			1,250			1,425			3,747			4,087			5,337
Losses and loss expenses		631			635			613			640			731			1,879			2,039			2,679
Policy benefits		—			1			2			2			5			3			10			12
Policy acquisition costs		316			293			260			296			329			869			897			1,193
Administrative expenses		204			190			175			195			217			569			598			793
Underwriting income		166			127			134			117			143			427			543			660
Net investment income		121			114			120			134			136			355			387			521
Net realized gains (losses)		40			(87	)		7			(117	)		(58	)		(40	)		(199	)		(316	)
Other income (expense)		(3	)		(5	)		(4	)		(3	)		(6	)		(12	)		14			11
Income tax expense		56			29			46			5			10			131			95			100
Net income		268			120			211			126			205			599			650			776
Net realized gains (losses)		40			(87	)		7			(117	)		(58	)		(40	)		(199	)		(316	)
Net realized gains (losses) in other income (expense)		1			2			3			1			(5	)		6			17			18
Tax expense (benefit) on net realized gains (losses)		6			(15	)		8			(17	)		(16	)		(1	)		(45	)		(62	)
Income excluding net realized gains (losses) (1)	$	233		$	190		$	209		$	225		$	252		$	632		$	787		$	1,012
Combined ratio
Loss and loss expense ratio		48.0	%		51.0	%		52.0	%		51.5	%		51.6	%		50.2	%		50.1	%		50.4	%
Policy acquisition cost ratio		24.0	%		23.6	%		21.9	%		23.7	%		23.1	%		23.2	%		22.0	%		22.4	%
Administrative expense ratio		15.4	%		15.2	%		14.8	%		15.5	%		15.2	%		15.2	%		14.6	%		14.8	%
Combined ratio		87.4	%		89.8	%		88.7	%		90.7	%		89.9	%		88.6	%		86.7	%		87.6	%
Large losses and other items (before tax)
Reinstatement premiums (expensed) collected	$	(1	)	$	—		$	—		$	(4	)	$	(3	)	$	(1	)	$	(3	)	$	(7	)
Catastrophe losses	$	16		$	10		$	15		$	(6	)	$	49		$	41		$	89		$	83
Prior period development - unfavorable (favorable)	$	(119	)	$	(26	)	$	(24	)	$	(85	)	$	(121	)	$	(169	)	$	(219	)	$	(304	)
Loss and loss expense ratio excluding catastophe losses and prior period development		55.7	%		52.3	%		52.7	%		58.6	%		56.7	%		53.6	%		53.3	%		54.5	%
% Change versus prior year period
Net premiums written as reported		-7	%		-12	%		-1	%		7	%		24	%		-7	%		20	%		17	%
Net premiums earned as reported		-8	%		-13	%		-3	%		2	%		25	%		-8	%		20	%		15	%
Net premiums written constant $		2	%		2	%		10	%		18	%		18	%		4	%		13	%		14	%
Net premiums earned constant $		0	%		1	%		10	%		12	%		19	%		3	%		13	%		13	%
Underwriting income constant $													$	130					$	489
Income excluding net realized gains (losses), constant $													$	232					$	713
Other ratios
Net premiums written/gross premiums written		72	%		74	%		78	%		78	%		77	%		75	%		77	%		77	%

(1) See page 26 Non-GAAP Financial Measures.

Insurance-Overseas General Page 8

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

Global Reinsurance

	3Q-09			2Q-09			1Q-09			4Q-08			3Q-08			YTD 2009			YTD 2008			Full Year 2008
Gross premiums written	$	215		$	359		$	379		$	130		$	174		$	953		$	791		$	921
Net premiums written		206			329			359			126			174			894			788			914
Net premiums earned		247			241			238			240			257			726			777			1,017
Losses and loss expenses		80			56			87			121			178			223			403			524
Policy acquisition costs		50			46			51			40			44			147			152			192
Administrative expenses		15			14			12			13			14			41			43			56
Underwriting income		102			125			88			66			21			315			179			245
Net investment income		65			73			72			74			83			210			235			309
Net realized gains (losses)		(11	)		(47	)		11			(96	)		(2	)		(47	)		(67	)		(163	)
Other income (expense)		1			(1	)		—			—			(1	)		—			(2	)		(2	)
Income tax expense		9			13			16			6			9			38			24			30
Net income		148			137			155			38			92			440			321			359
Net realized gains (losses)		(11	)		(47	)		11			(96	)		(2	)		(47	)		(67	)		(163	)
Tax expense (benefit) on net realized gains (losses)		(1	)		1			—			(1	)		(1	)		—			(3	)		(4	)
Income excluding net realized gains (losses) (1)	$	158		$	185		$	144		$	133		$	93		$	487		$	385		$	518
Combined ratio
Loss and loss expense ratio		32.5	%		23.4	%		36.3	%		50.3	%		69.2	%		30.7	%		51.9	%		51.5	%
Policy acquisition cost ratio		20.1	%		19.0	%		21.5	%		16.6	%		16.9	%		20.2	%		19.5	%		18.8	%
Administrative expense ratio		5.9	%		5.8	%		5.2	%		5.4	%		5.4	%		5.6	%		5.5	%		5.5	%
Combined ratio		58.5	%		48.2	%		63.0	%		72.3	%		91.5	%		56.5	%		76.9	%		75.8	%
Large losses and other items (before tax)
Reinstatement premiums (expensed) collected	$	1		$	—		$	1		$	8		$	12		$	2		$	12		$	20
Catastrophe losses	$	5		$	1		$	19		$	70		$	104		$	25		$	116		$	186
Prior period development - unfavorable (favorable)	$	(39	)	$	(58	)	$	(34	)	$	(65	)	$	(53	)	$	(131	)	$	(94	)	$	(159	)
Loss and loss expense ratio excluding catastophe losses and prior period development		46.4	%		46.9	%		42.8	%		50.4	%		51.7	%		45.4	%		49.7	%		49.9	%
% Change versus prior year period
Net premiums written		18	%		22	%		4	%		-28	%		-19	%		13	%		-23	%		-24	%
Net premiums earned		-4	%		-6	%		-10	%		-23	%		-19	%		-7	%		-21	%		-22	%
Other ratios
Net premiums written/gross premiums written		96	%		92	%		95	%		97	%		100	%		94	%		100	%		99	%

(1) See page 26 Non-GAAP Financial Measures.

Global Reinsurance Page 9

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

Life

	3Q-09			2Q-09			1Q-09			4Q-08			3Q-08			YTD 2009			YTD 2008			Full Year 2008
Gross premiums written (1)	$	383		$	384		$	385		$	414		$	381		$	1,152		$	913		$	1,327
Net premiums written		372			367			346			371			348			1,085			827			1,198
Net premiums earned		362			364			335			359			344			1,061			811			1,170
Losses and loss expenses		121			133			112			106			104			366			214			320
Policy benefits		79			77			97			154			86			253			233			387
Policy acquisition costs		59			55			47			69			48			161			119			188
Administrative expenses		51			64			58			56			61			173			143			199
Net investment income		43			43			46			47			40			132			95			142
Life underwriting income (2)		95			78			67			21			85			240			197			218
Net realized gains (losses)		(212	)		108			9			(230	)		(180	)		(95	)		(302	)		(532	)
Other income (expense)		—			1			(2	)		(6	)		(2	)		(1	)		(6	)		(12	)
Income tax expense		17			14			6			5			15			37			25			30
Net income (loss)		(134	)		173			68			(220	)		(112	)		107			(136	)		(356	)
Net realized gains (losses)		(212	)		108			9			(230	)		(180	)		(95	)		(302	)		(532	)
Net realized gains (losses) in other income (expense)		3			1			3			—			2			7			2			2
Tax expense (benefit) on net realized gains (losses)		(1	)		2			(3	)		(6	)		—			(2	)		—			(6	)
Income excluding net realized gains (losses) (3)	$	74		$	66		$	53		$	4		$	66		$	193		$	164		$	168
Prior period development - unfavorable (favorable)	$	—		$	—		$	1		$	—		$	—		$	1		$	—		$	—
% Change versus prior year period
Net premiums written		7	%		-2	%		230	%(4)		234	%(4)		266	%(4)		31	%		206	%(4)		214	%(4)
Net premiums earned		5	%		-1	%		235	%(4)		266	%(4)		262	%(4)		31	%		200	%(4)		218	%(4)

(1) Consistent with GAAP, premiums collected on universal life and investment contracts are considered deposits and excluded from revenues. For the quarters ended September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008, and September 30, 2008, premiums or deposits collected on investment and universal life contracts that are excluded from premium revenue above are $108.8 million, $100.1 million, $95.5 million, $29.2 million, and $18.8 million, respectively. Fees on universal life and investment contracts are revenue for GAAP and have been classified as premium. For the quarters ended September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008, and September 30, 2008, fees reflected as gross premiums written are $8.4 million, $7.7 million, $7.1 million, $5.6 million, and $4.5 million, respectively.

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

(3) See page 26 Non-GAAP Financial Measures.

(4) % Change is primarily due to the Combined Insurance acquisition on April 1, 2008.

Life Page 10

ACE Limited Segment Results - Life Reinsurance (in millions of U.S. dollars) (Unaudited)

Variable Annuity (VA) Lines

Historical Cash Flow Summary by Quarter

Death Benefits (GMDB)

	3Q-09			2Q-09			1Q-09			4Q-08			3Q-08		YTD 2009			YTD 2008		Full Year 2008
Premium	$	28		$	26		$	25		$	27		$	31	$	79		$	95	$	122
Less paid claims		34			37			45			35			16		116			32		67
Net	$	(6	)	$	(11	)	$	(20	)	$	(8	)	$	15	$	(37	)	$	63	$	55
Living Benefits (Includes GMIB and GMAB)
	3Q-09			2Q-09			1Q-09			4Q-08			3Q-08		YTD 2009			YTD 2008		Full Year 2008
Premium	$	40		$	41		$	40		$	40		$	39	$	121		$	109	$	149
Less paid claims		—			—			1			1			—		1			—		—
Net	$	40		$	41		$	39		$	39		$	39	$	120		$	109	$	149
Total VA Guaranteed Benefits
	3Q-09			2Q-09			1Q-09			4Q-08			3Q-08		YTD 2009			YTD 2008		Full Year 2008
Premium	$	68		$	67		$	65		$	67		$	70	$	200		$	204	$	271
Less paid claims		34			37			46			36			16		117			32		67
Net	$	34		$	30		$	19		$	31		$	54	$	83		$	172	$	204

Amounts represent accrued past premium received and claims paid by quarter, split by benefit type.

Death Benefits (GMDB)

Premiums and claims from VA contracts reinsuring Guaranteed Minimum Death Benefits (GMDB).

At current market levels we expect approximately $135 million of claims and $103 million of premium on death benefits over the next 12 months.

Living Benefits (Includes GMIB and GMAB)

Premiums and claims from VA contracts reinsuring Guaranteed Minimum Income Benefits (GMIB) and Guaranteed Minimum Accumulation Benefits (GMAB), collectively known as Living Benefits.

At current market levels we expect approximately $1 million of claims and $152 million of premium on living benefits over the next 12 months.

Variable Annuity Page 11

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

	Total
	Unpaid Losses
	Gross			Ceded			Net
Balance at December 31, 2007	$	37,112		$	13,520		$	23,592
Losses and loss expenses incurred		1,659			80			1,579
Losses and loss expenses paid		(1,748	)		(601	)		(1,147	)
Other (incl. foreign exch. revaluation)		159			71			88
Balance at March 31, 2008	$	37,182		$	13,070		$	24,112
Losses and loss expenses incurred		2,736			841			1,895
Losses and loss expenses paid		(2,620	)		(1,024	)		(1,596	)
Other (incl. foreign exch. revaluation)		12			12			—
Losses and loss expenses acquired (1)		386			33			353
Balance at June 30, 2008	$	37,696		$	12,932		$	24,764
Losses and loss expenses incurred		3,995			1,626			2,369
Losses and loss expenses paid		(2,767	)		(1,025	)		(1,742	)
Other (incl. foreign exch. revaluation)		(551	)		(200	)		(351	)
Balance at September 30, 2008	$	38,373		$	13,333		$	25,040
Losses and loss expenses incurred		2,554			794			1,760
Losses and loss expenses paid		(2,764	)		(922	)		(1,842	)
Other (incl. foreign exch. revaluation)		(987	)		(270	)		(717	)
Balance at December 31, 2008	$	37,176		$	12,935		$	24,241
Losses and loss expenses incurred		2,454			638			1,816
Losses and loss expenses paid		(2,504	)		(762	)		(1,742	)
Other (incl. foreign exch. revaluation)		(195	)		(57	)		(138	)
Balance at March 31, 2009	$	36,931		$	12,754		$	24,177
Losses and loss expenses incurred		2,633			812			1,821
Losses and loss expenses paid		(2,868	)		(1,154	)		(1,714	)
Other (incl. foreign exch. revaluation)		572			144			428
Balance at June 30, 2009	$	37,268		$	12,556		$	24,712
Losses and loss expenses incurred		3,268			1,383			1,885
Losses and loss expenses paid		(2,972	)		(1,235	)		(1,737	)
Other (incl. foreign exch. revaluation)		307			96			211
Balance at September 30, 2009	$	37,871		$	12,800		$	25,071
Add net recoverable on paid losses		—			889			(889	)
Balance including net recoverable on paid losses	$	37,871		$	13,689		$	24,182

(1) Combined Insurance.

Loss Reserve Rollforward Page 12

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

Net Reinsurance Recoverable by Division

	September 30 2009			June 30 2009			March 31 2009			December 31 2008
Reinsurance recoverable on paid losses and loss expenses
Active operations	$	624		$	655		$	725		$	745
Brandywine		350			297			313			331
Westchester Run-off		35			33			38			34
Other Run-off		13			12			13			12
Total	$	1,022		$	997		$	1,089		$	1,122
Reinsurance recoverable on unpaid losses and loss expenses
Active operations	$	10,430		$	9,996		$	10,006		$	10,124
Brandywine		2,246			2,394			2,566			2,608
Westchester Run-off		528			533			539			550
Other Run-off		48			86			100			104
Total	$	13,252		$	13,009		$	13,211		$	13,386
Gross reinsurance recoverable
Active operations	$	11,054		$	10,651		$	10,731		$	10,869
Brandywine		2,596			2,691			2,879			2,939
Westchester Run-off		563			566			577			584
Other Run-off		61			98			113			116
Total	$	14,274		$	14,006		$	14,300		$	14,508
Provision for uncollectible reinsurance
Active operations	$	(398	)	$	(387	)	$	(379	)	$	(398	)
Brandywine		(154	)		(151	)		(168	)		(155	)
Westchester Run-off		(27	)		(27	)		(27	)		(27	)
Other Run-off		(6	)		(11	)		(13	)		(11	)
Total	$	(585	)	$	(576	)	$	(587	)	$	(591	)
Net reinsurance recoverable
Active operations	$	10,656		$	10,264		$	10,352		$	10,471
Brandywine		2,442			2,540			2,711			2,784
Westchester Run-off		536			539			550			557
Other Run-off		55			87			100			105
Total	$	13,689		$	13,430		$	13,713		$	13,917

Reinsurance Recoverable Page 13

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

	September 30 2009					June 30 2009					March 31 2009					December 31 2008
Market Value
Fixed maturities available for sale	$	38,559				$	35,697				$	31,355				$	31,155
Fixed maturities held to maturity		3,532					3,535					2,827					2,865
Short-term investments		1,853					2,081					3,909					3,350
Total	$	43,944				$	41,313				$	38,091				$	37,370
Asset Allocation by Market Value
Treasury	$	1,859		4	%	$	1,652		4	%	$	1,224		3	%	$	1,018		3	%
Agency		2,557		6	%		2,420		6	%		2,157		6	%		2,027		5	%
Corporate		12,875		29	%		11,522		28	%		8,974		24	%		8,744		23	%
Mortgage-backed securities		11,207		26	%		11,100		27	%		10,796		28	%		10,986		29	%
Asset-backed securities		436		1	%		534		1	%		611		2	%		709		2	%
Municipal		2,427		6	%		2,225		5	%		2,101		5	%		2,124		6	%
Non-U.S.		10,730		24	%		9,779		24	%		8,319		22	%		8,412		23	%
Short-term investments		1,853		4	%		2,081		5	%		3,909		10	%		3,350		9	%
Total	$	43,944		100	%	$	41,313		100	%	$	38,091		100	%	$	37,370		100	%
Note: Insured municipal bonds represent $942 million, or 39% of our municipal bond holdings.
Credit Quality by Market Value
AAA	$	22,707		52	%	$	22,611		55	%	$	22,875		60	%	$	22,960		61	%
AA		3,851		9	%		3,870		9	%		3,605		10	%		3,374		9	%
A		7,378		17	%		6,328		15	%		5,497		14	%		5,497		15	%
BBB		4,779		11	%		4,383		11	%		3,560		9	%		3,388		9	%
BB		2,677		6	%		2,334		6	%		1,384		4	%		1,119		3	%
B		1,964		4	%		1,601		4	%		1,040		3	%		934		3	%
Other		588		1	%		186		0	%		130		0	%		98		0	%
Total	$	43,944		100	%	$	41,313		100	%	$	38,091		100	%	$	37,370		100	%
Cost/Amortized Cost
Fixed maturities available for sale	$	38,004				$	36,810				$	33,503				$	33,109
Fixed maturities held to maturity		3,439					3,517					2,824					2,860
Short-term investments		1,852					2,081					3,909					3,350
Subtotal		43,295					42,408					40,236					39,319
Equity securities		492					546					1,026					1,132
Other investments		1,279					1,320					1,325					1,368
Total	$	45,066				$	44,274				$	42,587				$	41,819
Avg. duration of fixed maturities		3.6 years					3.8 years					3.6 years					3.6 years
Avg. market yield of fixed maturities (1)		4.3	%				5.6	%				6.3	%				6.4	%
Avg. credit quality		AA					AA					AA					AA
Avg. yield on invested assets (2)		4.7	%				4.7	%				4.8	%				5.0	%

(1) Weighted average yield to maturity of our fixed income portfolio based on the market prices of the holdings as of that date.

(2) Net investment income divided by average cost of fixed maturities and other investments, and average market value of equity securities.

Investments Page 14

ACE Limited Investment Portfolio - 2 (in millions of U.S. dollars) (Unaudited)

Mortgage-backed and Asset-backed Fixed Income Portfolio

Market Value at September 30, 2009

	S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Mortgage-backed securities
Residential mortgage-backed (RMBS)
GNMA	$	512	$	—	$	—	$	—	$	—	$	512
FNMA		5,069		—		—		—		—		5,069
Freddie Mac		1,979		—		—		—		—		1,979
Total agency RMBS		7,560		—		—		—		—		7,560
Non-agency RMBS		643		37		46		78		757		1,561
Total residential mortgage-backed		8,203		37		46		78		757		9,121
Commercial mortgage-backed		1,899		11		170		6		—		2,086
Total mortgage-backed securities	$	10,102	$	48	$	216	$	84	$	757	$	11,207
Asset-backed securities
Sub-prime	$	22	$	4	$	3	$	1	$	25	$	55
Credit cards		30		8		—		6		—		44
Autos		167		19		18		2		2		208
Other		125		1		—		2		1		129
Total asset-backed securities	$	344	$	32	$	21	$	11	$	28	$	436

Insured asset-backed securities represent $52 million, or 12% of our asset-backed security holdings.

Investments 2 Page 15

ACE Limited Investment Portfolio - 3 (in millions of U.S. dollars) (Unaudited)

Mortgage-backed and Asset-backed Fixed Income Portfolio

Market Value at September 30, 2009

Mortgage-backed securities total $11.2 billion, are rated predominantly AAA and comprise 26% of the fixed income portfolio. This compares to a 41% mortgage-backed weighting in representative indices of the U.S. fixed income market. The minimum rating for initial purchases of mortgage and asset backed securities is AAA.

ACE suspended new investments in sub-prime backed securities in 3Q 2007 and ALT-A, credit card, and auto backed securities in 1Q 2008 and suspended new investments in CMBS in Q1 2009.

Securities issued by Federal agencies with implied or explicit government guarantees total $7.6 billion and represent 83% of the residential mortgage-backed portfolio.

Non-agency residential mortgage-backed securities are backed by prime collateral, and broadly diversified in over 280,000 loans. The portfolio’s loan-to-value ratio is approximately 70% with an average FICO score of 732. With this conservative loan-to-value ratio and subordinated collateral of 13%, the cumulative 5-year foreclosure rate would have to rise to 20% and real estate values would have to fall 30% from their current levels before principal is impaired. The comparable historical cumulative foreclosure rate is 8% for prime mortgages.

Within the portfolio of prime non-agency RMBS are $157 million of holdings classified as ALT-A. These ALT-A holdings are broadly diversified with over 60% issued prior to 2006. The average FICO score is 714 with a relatively conservative loan-to-value ratio of 72%. With subordinated collateral of 21%, the cumulative 5-year foreclosure rate would have to rise to 32% and real estate values would have to fall more than 27% from their current levels before principal is impaired. The comparable cumulative foreclosure rate is approximately 30%.

Commercial mortgage-backed securities of $2.1 billion are rated predominantly AAA, broadly diversified with over 25,000 loans and seasoned with 73% of the portfolio issued before 2006. The average loan-to-value ratio is approximately 66% with a debt service coverage ratio in excess of 1.7 and weighted average subordinated collateral of 27%. The cumulative foreclosure rate would have to rise to 42% and commercial real estate values would have to fall more than 30% from their current levels before principal is impaired. The current annual delinquency rate is 4%.

Sub-prime asset-backed securities (current holdings of $55 million) are broadly diversified in over 90,000 loans with an average loan-to-value ratio of approximately 81% and an average FICO score of 600. With subordinated collateral of 30%, the cumulative 5-year foreclosure rate would have to rise to 45% and real estate values would have to fall more than 19% from their current levels before principal is impaired. The comparable historical cumulative 5-year foreclosure rate is 32%.

Auto loan asset-backed securities are rated predominantly AAA with a short duration of approximately 0.5 years and average subordinated collateral of 17%. Annual default rates would have to rise to 16 times their current level of about 2.4% before principal is impaired.

Investments 3 Page 16

ACE Limited Investment Portfolio - 4 (in millions of U.S. dollars) (Unaudited)

Mortgage-backed and Asset-backed Fixed Income Portfolio

Amortized Cost at September 30, 2009

	S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Mortgage-backed securities
Residential mortgage-backed (RMBS)
GNMA	$	496	$	—	$	—	$	—	$	—	$	496
FNMA		4,898		—		—		—		—		4,898
Freddie Mac		1,894		—		—		—		—		1,894
Total agency RMBS		7,288		—		—		—		—		7,288
Non-agency RMBS		781		60		54		98		1,013		2,006
Total residential mortgage-backed		8,069		60		54		98		1,013		9,294
Commercial mortgage-backed		1,899		12		209		6		—		2,126
Total mortgage-backed securities	$	9,968	$	72	$	263	$	104	$	1,013	$	11,420
Asset-backed securities
Sub-prime	$	29	$	6	$	6	$	1	$	49	$	91
Credit cards		29		8		—		6		—		43
Autos		164		19		18		2		2		205
Other		123		—		1		5		2		131
Total asset-backed securities	$	345	$	33	$	25	$	14	$	53	$	470

Insured asset-backed securities represent $62 million, or 13% of our asset-backed security holdings.

Investments 4 Page 17

ACE Limited Investment Portfolio - 5 (in millions of U.S. dollars) (Unaudited)

Market Value at September 30, 2009

	S&P Credit Rating
	AAA		AA		A		BBB		Total
U.S. Investment Grade Corporate Fixed Income Portfolio
Banks	$	684	$	275	$	1,846	$	207	$	3,012
Basic Materials		—		—		22		131		153
Communications		—		—		545		618		1,163
Consumer, Cyclical		1		63		114		136		314
Consumer, Non-Cyclical		95		240		431		278		1,044
Diversified Financial Services		57		59		63		171		350
Energy		—		13		170		551		734
Industrial		160		367		153		116		796
Utilities		—		—		346		421		767
All Others		122		80		348		200		750
Total	$	1,119	$	1,097	$	4,038	$	2,829	$	9,083

U.S. Investment Grade Corporate Fixed Income Portfolio

The average credit quality of ACE’s US investment grade bond portfolio is very high at AA. 59% of investment grade securities holdings are rated AAA or guaranteed by governments or quasi-government agencies.

ACE prohibits investments in complex structured securities (e.g. CDOs, CLOs) and over-the-counter derivatives and does not permit the use of portfolio leverage.

Corporate bond holdings are highly diversified across industries and geographies. Issuer limits are based on credit rating (AA 2%, A 1%, BBB 0.5% of total portfolio) and are monitored on a daily basis by ACE via an internal compliance system.

Investments 5 Page 18

ACE Limited Investment Portfolio - 6 (in millions of U.S. dollars) (Unaudited)

Market Value at September 30, 2009

	S&P Credit Rating
	BB		B		CCC		Other		Total
Below Investment Grade Corporate Fixed Income Portfolio
Basic Materials	$	165	$	88	$	22	$	7	$	282
Communications		379		261		8		7		655
Consumer, Cyclical		191		216		10		17		434
Consumer, Non-Cyclical		298		433		10		8		749
Diversified Financial Services		30		25		26		15		96
Energy		508		139		5		—		652
Industrial		291		163		12		10		476
Utilities		227		107		—		—		334
All Others		59		46		6		3		114
Total	$	2,148	$	1,478	$	99	$	67	$	3,792

Below Investment Grade Corporate Fixed income Portfolio

ACE manages high yield bonds as a distinct and separate asset class from investment grade bonds. ACE’s allocation to high yield bonds is explicitly set by internal management and is targeted to securities in the upper tier of credit quality (BB/B). Our minimum rating for initial purchase is BB/B.

Four external investment managers are responsible for high yield security selection and portfolio construction.

ACE’s high yield managers have a conservative approach to credit selection and very low historical default experience.

Securities holdings are highly diversified across industries and are subject to a 1.5% issuer limit as a percentage of high yield allocation (or 0.1% of total portfolio). The portfolio is comprised of over 500 issuers with our largest current issuer exposure at $68 million. ACE monitors position limits on a daily basis through an internal compliance system.

Derivative and structured securities (e.g. credit default swaps, CLOs) are not permitted in high yield portfolios.

Investments 6 Page 19

ACE Limited Investment Portfolio - 7 (in millions of U.S. dollars) (Unaudited)

Market Value at September 30, 2009

	S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Non-U.S. Fixed Income Portfolio
United Kingdom	$	1,230	$	—	$	—	$	—	$	—	$	1,230
Germany		273		—		—		—		—		273
France		273		—		—		—		—		273
Canada		806		—		—		—		—		806
Japan		—		224		—		—		—		224
Other Foreign Government		662		449		480		259		40		1,890
Non-U.S. Corporate		1,189		765		1,966		1,507		607		6,034
	$	4,433	$	1,438	$	2,446	$	1,766	$	647	$	10,730

Non-U.S. Fixed Income Portfolio

ACE’s non-U.S. investment grade fixed income portfolios are currency-matched with the insurance liabilities of ACE’s non-U.S. operations. 89% of ACE’s non-U.S. fixed income is denominated in G7 currencies.

Average credit quality of non-U.S. fixed income securities is very high at AA and 63% of holdings are rated AAA or guaranteed by governments or quasi-government agencies.

Corporate bond holdings are highly diversified across industries and geographies. Issuer limits are based on credit rating (AA 2%, A 1%, BBB 0.5% of total portfolio) and are monitored on a daily basis by ACE via an internal compliance system.

Investments 7 Page 20

ACE Limited Investment Portfolio - 8 (in millions of U.S. dollars) (Unaudited)

Investment portfolio

Top 25 Exposures - Fixed Maturity Investments

September 30, 2009			Rating
General Electric Co	$	451	AA+
JP Morgan Chase & Co		434	A+
Bank of America Corp		362	A
Wells Fargo & Co		324	AA-
Verizon Communications Inc		268	A
Citigroup Inc		252	A
AT&T INC		241	A
Goldman Sachs Group Inc		227	A
Morgan Stanley		197	A
HSBC Holdings Plc		182	AA-
Comcast Corp		173	BBB+
Credit Suisse Group		136	A
Lloyds TSB Group Plc		129	A
Telecom Italia SpA		124	BBB
ConocoPhillips		124	A
Time Warner Cable Inc		116	BBB
Barclays PLC		109	A+
XTO Energy Inc		109	BBB
American Express Co		95	BBB+
Roche Holding AG		94	AA-
Dominion Resources Inc/VA		91	A-
News Corp Ltd		90	BBB+
Banco Santander SA		89	AA
Deutsche Telekom AG		87	BBB+
Vodafone Grouping PLC		84	A-

Investments 8 Page 21

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

	Three months ended September 30, 2009								Nine months ended September 30, 2009
	Net Realized Gains (Losses) (1)			Net Unrealized Gains (Losses)		Net Impact			Net Realized Gains (Losses) (1)			Net Unrealized Gains (Losses) (2)		Net Impact
Fixed maturities	$	(1	)	$	1,602	$	1,601		$	(120	)	$	2,736	$	2,616
Equity securities		1			177		178			(180	)		198		18
Equity and fixed income derivatives		28			—		28			62			—		62
Foreign exchange gains (losses)		(7	)		—		(7	)		(31	)		—		(31	)
Other		(16	)		198		182			(133	)		260		127
Sub-total		5			1,977		1,982			(402	)		3,194		2,792
Mark-to-market gains (losses) from derivative transactions (3)		(228	)		—		(228	)		(167	)		—		(167	)
Total gains (losses)		(223	)		1,977		1,754			(569	)		3,194		2,625
Partially-owned entities (4)		(43	)		15		(28	)		(32	)		9		(23	)
Income tax expense (benefit)		(59	)		354		295			(121	)		555		434
Net gains (losses)	$	(207	)	$	1,638	$	1,431		$	(480	)	$	2,648	$	2,168

(1) Other-than-temporary impairments for the quarter of $58 million include $39 million for fixed maturities, $nil million for equities and $19 million for other investments. Year to date other-than-temporary impairments of $364 million include $217 million for fixed maturities, $26 million for equities and $121 million for other investments.

(2) Excludes $242 million of change in unrealized losses, net of tax of $63 million, related to the adoption of certain provisions that amended GAAP relating to other-than-temporary impairments.

(3) The quarter includes $209 million of realized losses on the life reinsurance operations which is comprised of a $65 million loss on guaranteed minimum income benefit derivatives and $144 million of losses on other derivatives, including S&P put options and futures. Year to date includes $82 million of realized losses on the life reinsurance operations which is comprised of a $218 million gain on guaranteed minimum income benefit derivatives offset by $300 million of losses on other derivatives, including S&P put options and futures.

(4) Net realized and unrealized gains (losses) on partially-owned entities that meet the requirements for equity accounting. The net income or loss is included in other income (expense).

	Three months ended September 30, 2008									Nine months ended September 30, 2008
	Net Realized Gains (Losses) (5)			Net Unrealized Gains (Losses)			Net Impact			Net Realized Gains (Losses) (5)			Net Unrealized Gains (Losses)			Net Impact
Fixed maturities	$	(272	)	$	(952	)	$	(1,224	)	$	(575	)	$	(1,605	)	$	(2,180	)
Equity securities		(126	)		(95	)		(221	)		(167	)		(326	)		(493	)
Equity and fixed income derivatives		15			—			15			(10	)		—			(10	)
Foreign exchange gains (losses)		15			—			15			33			—			33
Other		4			(72	)		(68	)		(19	)		(88	)		(107	)
Sub-total		(364	)		(1,119	)		(1,483	)		(738	)		(2,019	)		(2,757	)
Mark-to-market gains (losses) from derivative transactions (6)		(146	)		—			(146	)		(251	)		—			(251	)
Total gains (losses)		(510	)		(1,119	)		(1,629	)		(989	)		(2,019	)		(3,008	)
Partially-owned entities (7)		(23	)		(20	)		(43	)		69			(6	)		63
Income tax expense (benefit)		(83	)		(265	)		(348	)		(130	)		(317	)		(447	)
Net gains (losses)	$	(450	)	$	(874	)	$	(1,324	)	$	(790	)	$	(1,708	)	$	(2,498	)

(5) Impairments for the quarter of $224 million include $196 million for fixed maturities, $28 million for equities and $nil for other investments. Year to date impairments of $623 million include $495 million for fixed maturities, $103 million for equities and $25 million for other investments.

(6) Includes $161 million and $279 million of realized losses primarily on the guaranteed minimum income benefit derivatives from our life reinsurance operations for the quarter and year to date, respectively.

(7) Net realized and unrealized gains (losses) on partially-owned entities that meet the requirements for equity accounting. The net income or loss is included in other income (expense).

Investment Gains (Losses) Page 22

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

	September 30 2009			June 30 2009			March 31 2009			December 31 2008			December 31 2007
Total short-term debt	$	200		$	216		$	466		$	471		$	372
Total long-term debt		3,321			3,322			2,802			2,806			1,811
Total debt	$	3,521		$	3,538		$	3,268		$	3,277		$	2,183
Total trust preferred securities	$	309		$	309		$	309		$	309		$	309
Perpetual preferred shares	$	—		$	—		$	—		$	—		$	557
Common shareholders’ equity		18,733			16,561			14,718			14,446			16,120
Total shareholders’ equity	$	18,733		$	16,561		$	14,718		$	14,446		$	16,677
Total capitalization	$	22,563		$	20,408		$	18,295		$	18,032		$	19,169
Tangible capital (1)	$	18,791		$	16,652		$	14,560		$	14,285		$	16,331
Leverage ratios
Debt/ total capitalization		15.6	%		17.3	%		17.9	%		18.2	%		11.4	%
Debt plus trust preferred securities/ total capitalization		17.0	%		18.9	%		19.6	%		19.9	%		13.0	%
Debt/ tangible capital		18.7	%		21.2	%		22.4	%		22.9	%		13.4	%
Debt plus trust preferred securities/ tangible capital		20.4	%		23.1	%		24.6	%		25.1	%		15.3	%

(1) Tangible capital is equal to total capitalization less goodwill and other intangible assets.

Capital Structure Page 23

	ACE Limited
	Debt, Trust Preferred and Credit Facilities
	(in millions of U.S. dollars)
	(Unaudited)

	Par Amount Outstanding		Carrying value		Coupon		Maturity Date
Debt and Trust Preferred
ACE INA Holdings Inc. Subordinated Notes	$	200	$	200	8.41	%	December 6, 2009
ACE European Holdings No2 Limited Term Loan	$	163	$	163	5.25	%	December 13, 2010
ACE INA Holdings Inc. Term Loan	$	50	$	50	5.61	%	December 19, 2011
ACE INA Holdings Inc. Term Loan	$	450	$	450	4.15	%	April 1, 2013
ACE INA Holdings Inc. Senior Notes	$	500	$	500	5.88	%	June 15, 2014
ACE INA Holdings Inc. Senior Notes	$	450	$	446	5.60	%	May 15, 2015
ACE INA Holdings Inc. Senior Notes	$	500	$	500	5.70	%	February 15, 2017
ACE INA Holdings Inc. Senior Notes	$	300	$	300	5.80	%	March 15, 2018
ACE INA Holdings Inc. Senior Notes	$	500	$	500	5.90	%	June 15, 2019
ACE INA Holdings Inc. Debentures	$	100	$	100	8.88	%	August 15, 2029
ACE Capital Trust II Capital Securities	$	300	$	309	9.70	%	April 1, 2030
ACE INA Holdings Inc. Senior Notes	$	300	$	298	6.70	%	May 15, 2036
Other	$	14	$	14
	$	3,827	$	3,830
	Commitment		LOC Usage				Maturity Date
Credit Facilities
Syndicated Letter of Credit Facility	$	1,000	$	697			November 8, 2012
Revolving Credit / LOC Facility	$	500	$	146			November 8, 2012
Funds at Lloyds Capital Facility	$	490	$	489			December 31, 2013
Bilateral Letter of Credit Facility	$	500	$	165			September 20, 2014
	$	2,490	$	1,497

Capital Structure 2 Page 24

	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 September 30						Nine months ended September 30
	2009			2008			2009			2008
Numerator
Income excluding net realized gains (losses) (1)	$	701		$	504		$	2,076		$	1,967
Perpetual preferred dividend		—			—			—			(24	)
Income to common shares, excl. net realized gains (losses)		701			504			2,076			1,943
Net realized gains (losses), net of income tax		(207	)		(450	)		(480	)		(790	)
Net income available to the holders of common shares	$	494		$	54		$	1,596		$	1,153
Rollforward of Common Shares Outstanding
Shares - beginning of period		336,097,451			333,249,308			333,645,471			329,704,531
Issued under employee stock purchase plan		—			—			259,395			203,455
Shares (cancelled) granted		(35,204	)		(58,647	)		2,057,731			1,093,933
Issued for option exercises		218,229			203,947			317,879			2,392,689
Shares - end of period		336,280,476			333,394,608			336,280,476			333,394,608
Denominator (2)
Weighted average shares outstanding		337,190,828			333,632,699			336,501,257			332,539,162
Effect of other dilutive securities		1,221,041			1,639,720			579,116			1,933,770
Adj. wtd. avg. shares outstanding and assumed conversions		338,411,869			335,272,419			337,080,373			334,472,932
Basic earnings per share
Income excluding net realized gains (losses) (1)	$	2.08		$	1.51		$	6.17		$	5.84
Net realized gains (losses), net of income tax		(0.62	)		(1.35	)		(1.43	)		(2.37	)
Net income	$	1.46		$	0.16		$	4.74		$	3.47
Diluted earnings per share
Income excluding net realized gains (losses) (1)	$	2.07		$	1.50		$	6.16		$	5.81
Net realized gains (losses), net of income tax		(0.61	)		(1.34	)		(1.43	)		(2.36	)
Net income	$	1.46		$	0.16		$	4.73		$	3.45

(1) See page 26 Non-GAAP Financial Measures.

(2) The current and prior year calculations have been amended due to the adoption of certain provisions included in Accounting Standards Codification Topic 260, Earnings Per Share. These provisions provide additional guidance on the calculation of earnings per share and require unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) to be included in the computation of earnings per share pursuant to the two-class method.

Earnings per share Page 25

	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 generally accepted accounting principles (GAAP). A reconciliation of book value per common share is provided on page 27.

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, policy 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) and the related tax expense (benefit). 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) and net realized gains (losses) included in other income (expense) related to partially owned entities because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. Income excluding net realized gains (losses) should not be viewed as a substitute for net income determined in accordance with GAAP.

	3Q-09			2Q-09			1Q-09			4Q-08			3Q-08			YTD 2009			YTD 2008			Full Year 2008
Net income, as reported	$	494		$	535		$	567		$	20		$	54		$	1,596		$	1,177		$	1,197
Net realized gains (losses)		(223	)		(225	)		(121	)		(644	)		(510	)		(569	)		(989	)		(1,633	)
Net realized gains (losses) in other income (expense) (1)		(43	)		8			3			(48	)		(23	)		(32	)		69			21
Income tax expense (benefit) on net realized gains (losses)		(59	)		(46	)		(16	)		(88	)		(83	)		(121	)		(130	)		(218	)
Income excluding net realized gains (losses)	$	701		$	706		$	669		$	624		$	504		$	2,076		$	1,967		$	2,591

(1) Realized gains (losses) on partially-owned entities that meet the requirements for equity accounting. The net income or loss is included in other income (expense).

Reconciliation Non-GAAP Page 26

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

Reconciliation of Book Value per Common Share

	September 30 2009			June 30 2009			March 31 2009			December 31 2008			September 30 2008
Shareholders’ equity	$	18,733		$	16,561		$	14,718		$	14,446		$	15,356
Perpetual Preferred shares		—			—			—			—			—
Numerator for book value per share calculation		18,733			16,561			14,718			14,446			15,356
Less: goodwill and other intangible assets		3,772			3,756			3,735			3,747			3,817
Numerator for tangible book value per share	$	14,961		$	12,805		$	10,983		$	10,699		$	11,539
Denominator		336,280,476			336,097,451			335,890,644			333,645,471			333,394,608
Book value per common share	$	55.71		$	49.27		$	43.82		$	43.30		$	46.06
Tangible book value per common share	$	44.49		$	38.10		$	32.70		$	32.07		$	34.61
Reconciliation of Book Value
Shareholders’ equity, beginning of quarter	$	16,561		$	14,718		$	14,446		$	15,356		$	16,327
Income excluding net realized gains (losses)		701			706			669			624			504
Net realized gains (losses), net of tax		(207	)		(171	)		(102	)		(604	)		(450	)
Net unrealized gains (losses), net of tax (1)		1,638			1,199			(189	)		(594	)		(874	)
Cumulative translation, net of tax		113			229			(38	)		(310	)		(98	)
Dividend declared on common shares		(105	)		(104	)		(88	)		(91	)		—
Income tax valuation allowance on the adoption of new OTTI standard		(1	)		(46	)		—			—			—
Other (2)		33			30			20			65			(53	)
	$	18,733		$	16,561		$	14,718		$	14,446		$	15,356

(1) Net unrealized gain (losses) year-to-date excludes $242 million of change in unrealized losses, net of tax of $63 million, related to the adoption of certain provisions that amended GAAP relating to other-than-temporary impairments (OTTI).

(2) Other includes proceeds from exercise of stock options, change in minimum pension liability, and stock compensation.

Reconciliation Book Value Page 27

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

Consolidated Statement of Comprehensive Income

	3Q-09			2Q-09			1Q-09			4Q-08			3Q-08			YTD 2009			YTD 2008			Full Year 2008
Net income	$	494		$	535		$	567		$	20		$	54		$	1,596		$	1,177		$	1,197
Net unrealized appreciation (depreciation) on investments
Unrealized appreciation (depreciation) on investments (1)		1,985			972			(446	)		(1,198	)		(1,522	)		2,511			(2,750	)		(3,948	)
Reclassification adjustment for net realized gains (losses) included in net income		51			157			179			464			383			387			725			1,189
Change in cumulative translation adjustments		160			325			(58	)		(468	)		(155	)		427			(122	)		(590	)
Change in minimum pension liability		1			(10	)		(4	)		17			5			(13	)		6			23
Income tax (expense) benefit related to other comprehensive income items (2)		(421	)		(289	)		99			292			320			(611	)		355			647
Other comprehensive income (loss)		1,776			1,155			(230	)		(893	)		(969	)		2,701			(1,786	)		(2,679	)
Comprehensive income (loss)	$	2,270		$	1,690		$	337		$	(873	)	$	(915	)	$	4,297		$	(609	)	$	(1,482	)

(1) Unrealized appreciation on investments year-to-date for 2009 includes $305 million of losses related to the adoption of certain provisions that amended GAAP relating to other-than-temporary impairments.

(2) Income tax expense year-to-date for 2009 includes $63 million related to the adoption of certain provisions that amended GAAP relating to other-than-temporary impairments.

Comprehensive Income Page 28

	ACE Limited
	Glossary

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

Book value per common share: Common shareholders’ equity divided by the shares outstanding.

Combined Insurance: Combined Insurance Company of America, acquired April 1, 2008.

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.

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

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

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

G7: A group of seven industrialized nations including Canada, France, Germany, Italy, Japan, United Kingdom, and the United States.

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

NM: Not meaningful.

Tangible book value per common share: Common shareholders’ equity less goodwill and other intangible assets divided by the shares outstanding.

Tangible capital: Total capitalization less goodwill and other intangible assets.

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

Glossary Page 29