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 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 cash flow, 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, 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 and Income Excluding Net Realized Gains (Losses) by Line of Business	4 - 5
	- Consolidating Statement of Operations	6 - 7
III.	Segment Results
	- Insurance - North American	8
	- Insurance - Overseas General	9
	- Global Reinsurance	10
	- Life	11 - 12
IV.	Balance Sheet Details
	- Loss Reserve Rollforward	13
	- Reinsurance Recoverable Analysis	14
	- Investment Portfolio	15 - 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 June 30						% Change 2Q-10 vs. 2Q-09		Constant $ 2009 (2)		% Change 2Q-10 vs. 2Q-09 (2)		Six months ended June 30						% Change YTD-10  vs. YTD-09		Constant $ 2009 (2)		% Change YTD-10  vs. YTD-09 (2)
	2010			2009									2010			2009
Gross premiums written	$	5,154		$	5,117		1	%	$	5,212	-1	%	$	9,944		$	9,652		3	%	$	9,898	0	%
Net premiums written	$	3,420		$	3,415		0	%	$	3,492	-2	%	$	6,991		$	6,839		2	%	$	7,043	-1	%
Net premiums earned	$	3,233		$	3,266		-1	%	$	3,338	-3	%	$	6,510		$	6,460		1	%	$	6,658	-2	%
Net investment income	$	518		$	506		2	%	$	511	1	%	$	1,022		$	1,008		1	%	$	1,022	0	%
Net income	$	677		$	535		27	%					$	1,432		$	1,102		30	%
Income excluding net realized gains (losses) (1)	$	688		$	706		-3	%	$	719	-4	%	$	1,267		$	1,375		-8	%	$	1,402	-10	%
Comprehensive income	$	845		$	1,690		NM						$	1,903		$	2,027		-6	%
Operating cash flow	$	868		$	760		14	%					$	1,691		$	1,322		28	%
Combined ratio
Loss and loss expense ratio		58.8	%		58.2	%								60.3	%		58.9	%
Underwriting and administrative expense ratio		30.9	%		29.5	%								30.9	%		28.7	%
Combined ratio		89.7	%		87.7	%								91.2	%		87.6	%
Annualized ROE*		13.8	%		16.5	%								12.9	%		16.3	%
Annualized ROE on net income		12.9	%		13.7	%								13.9	%		14.2	%
Effective tax rate on income excluding net realized gains (losses)		14.7	%		17.2	%								16.0	%		17.3	%
Diluted earnings per share
Income excluding net realized gains (losses)(1)	$	2.01		$	2.09		-4	%					$	3.72		$	4.08		-9	%
Net income	$	1.98		$	1.58		25	%					$	4.21		$	3.27		29	%
Book value per common share	$	63.20		$	49.27		28	%					$	63.20		$	49.27		28	%
Tangible book value per common share	$	51.88		$	38.10		36	%					$	51.88		$	38.10		36	%
Weighted average basic common shares outstanding		340.0			336.9									339.2			336.2
Weighted average diluted common shares outstanding		341.2			337.5									340.4			336.5
Debt/total capitalization		13.2	%		17.3	%								13.2	%		17.3	%

(1) See Non-GAAP Financial Measures.

(2) Prior periods 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

	2Q-10			1Q-10			4Q-09			3Q-09			2Q-09			YTD 2010			YTD 2009			Full Year 2009
Consolidated Results Excluding Life Segment
Gross premiums written	$	4,756		$	4,400		$	4,110		$	4,622		$	4,733		$	9,156		$	8,883		$	17,615
Net premiums written		3,029			3,186			2,915			2,783			3,048			6,215			6,126			11,824
Net premiums earned		2,845			2,897			3,018			3,031			2,902			5,742			5,761			11,810
Losses and loss expenses		1,671			1,790			1,784			1,764			1,688			3,461			3,392			6,940
Policy benefits		1			3			1			—			1			4			3			4
Policy acquisition costs		470			493			504			508			468			963			902			1,914
Administrative expenses		409			402			416			400			390			811			752			1,568
Underwriting income excluding Life segment		294			209			313			359			355			503			712			1,384
Life underwriting income excluding investment income		53			46			60			52			35			99			56			168
Net investment income		518			504			512			511			506			1,022			1,008			2,031
Net realized gains (losses)		9			168			373			(223	)		(225	)		177			(346	)		(196	)
Interest expense		52			52			56			60			56			104			109			225
Other income (expense) (1)		(3	)		4			(41	)		(51	)		21			1			7			(85	)
Income tax expense		142			124			208			94			101			266			226			528
Net income		677			755			953			494			535			1,432			1,102			2,549
Net realized gains (losses)		9			168			373			(223	)		(225	)		177			(346	)		(196	)
Net realized gains (losses) in other income (expense) (1)		3			10			(31	)		(43	)		8			13			11			(63	)
Tax expense (benefit) on net realized gains (losses)		23			2			72			(59	)		(46	)		25			(62	)		(49	)
Income excluding net realized gains (losses) (2)	$	688		$	579		$	683		$	701		$	706		$	1,267		$	1,375		$	2,759
% Change versus prior year period(3)
Net premiums written		-1	%		4	%		9	%		-5	%		-5	%		1	%		-2	%		0	%
Net premiums earned		-2	%		1	%		5	%		-7	%		-5	%		0	%		-2	%		-2	%
Net premiums written constant $		-3	%		0	%		4	%		-1	%		1	%		-2	%		4	%		3	%
Net premiums earned constant $		-4	%		-3	%		1	%		-4	%		2	%		-3	%		5	%		2	%
Other ratios
Net premiums written/gross premiums written		64	%		72	%		71	%		60	%		64	%		68	%		69	%		67	%
Effective tax rate on income excluding net realized gains (losses)		14.7	%		17.4	%		16.6	%		17.9	%		17.2	%		16.0	%		17.3	%		17.3	%
Combined ratio (3)
Loss and loss expense ratio		58.8	%		61.9	%		59.1	%		58.2	%		58.2	%		60.3	%		58.9	%		58.8	%
Policy acquisition cost ratio		16.5	%		17.0	%		16.7	%		16.7	%		16.1	%		16.8	%		15.7	%		16.2	%
Administrative expense ratio		14.4	%		13.9	%		13.8	%		13.2	%		13.4	%		14.1	%		13.0	%		13.3	%
Combined ratio		89.7	%		92.8	%		89.6	%		88.1	%		87.7	%		91.2	%		87.6	%		88.3	%
Expense ratio		30.9	%		30.9	%		30.5	%		29.9	%		29.5	%		30.9	%		28.7	%		29.5	%
Expense ratio excluding A&H		26.5	%		26.9	%		26.0	%		25.3	%		25.0	%		26.6	%		24.4	%		25.0	%
Large losses and other items (before tax) (3)
Reinstatement premiums (expensed) collected	$	(5	)	$	(25	)	$	—		$	—		$	—		$	(30	)	$	1		$	1
Catastrophe losses	$	76		$	148		$	23		$	45		$	31		$	224		$	69		$	137
Prior period development excluding Life - unfavorable (favorable) (4)	$	(149	)	$	(96	)	$	(147	)	$	(203	)	$	(158	)	$	(245	)	$	(226	)	$	(576	)
Loss and loss expense ratio excluding catastophe losses and prior period development		61.2	%		61.1	%		63.3	%		63.4	%		62.6	%		61.1	%		61.6	%		62.5	%

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

(2) See 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 Q1 2010, prior period favorable development is net of $45 million for the annual crop insurance profit-sharing commission that is included in the expense ratio.

Consolidated Results Page 2

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

	June 30 2010		March 31 2010		December 31 2009
	(Unaudited)		(Unaudited)		(Audited)
Assets
Fixed maturities available for sale, at fair value	$	41,554	$	40,564	$	39,525
Fixed maturities held to maturity, at amortized cost		3,222		3,335		3,481
Equity securities, at fair value		214		316		467
Short-term investments, at fair value		2,097		2,052		1,667
Other investments		1,462		1,472		1,375
Total investments		48,549		47,739		46,515
Cash		668		726		669
Securities lending collateral		1,429		1,611		1,544
Insurance and reinsurance balances receivable		3,958		3,685		3,671
Reinsurance recoverable on losses and loss expenses		13,132		13,335		13,595
Deferred policy acquisition costs		1,574		1,517		1,445
Value of business acquired		668		712		748
Prepaid reinsurance premiums		1,904		1,646		1,521
Goodwill and other intangible assets		3,836		3,883		3,931
Deferred tax assets		1,105		1,174		1,154
Investments in partially owned insurance companies		459		454		433
Other assets		2,878		2,847		2,754
Total assets	$	80,160	$	79,329	$	77,980
Liabilities
Unpaid losses and loss expenses	$	37,062	$	37,551	$	37,783
Unearned premiums		6,836		6,437		6,067
Future policy benefits		3,034		3,057		3,008
Insurance and reinsurance balances payable		3,331		3,147		3,295
Securities lending payable		1,454		1,639		1,586
Payable for securities purchased		400		534		154
Accounts payable, accrued expenses, and other liabilities		3,019		2,711		2,792
Short-term debt		147		150		161
Long-term debt		3,158		3,158		3,158
Trust preferred securities		309		309		309
Total liabilities		58,750		58,693		58,313
Shareholders’ equity
Total shareholders’ equity, excl. AOCI		20,116		19,510		18,844
Accumulated other comprehensive income (AOCI)		1,294		1,126		823
Total shareholders’ equity		21,410		20,636		19,667
Total liabilities and shareholders’ equity	$	80,160	$	79,329	$	77,980
Book value per common share (1)	$	63.20	$	60.94	$	58.44
Tangible book value per common share (1)	$	51.88	$	49.48	$	46.76

(1) See 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

	2Q-10		% of Total Consolidated		2Q-09		% of Total Consolidated		% Change 2Q-10 vs. 2Q-09		YTD 2010		% of Total Consolidated		YTD 2009		% of Total Consolidated		% Change YTD-10 vs. YTD-09
Net premiums written
Property and all other	$	1,064	31	%	$	1,188	35	%	-10	%	$	2,146	31	%	$	2,339	34	%	-8	%
Casualty		1,388	41	%		1,318	38	%	5	%		2,904	41	%		2,699	40	%	8	%
Subtotal		2,452	72	%		2,506	73	%	-2	%		5,050	72	%		5,038	74	%	0	%
Personal accident (A&H) (1)		833	24	%		793	23	%	5	%		1,678	24	%		1,576	23	%	6	%
Life (2)		135	4	%		116	4	%	16	%		263	4	%		225	3	%	17	%
Total consolidated	$	3,420	100	%	$	3,415	100	%	0	%	$	6,991	100	%	$	6,839	100	%	2	%
Add: Life deposits on investment contracts		58				100			-42	%		113				195			-42	%
Non-GAAP total net premium written	$	3,478			$	3,515			-1	%	$	7,104			$	7,034			1	%
Net premiums earned
Property and all other	$	899	28	%	$	998	31	%	-10	%	$	1,815	28	%	$	1,981	31	%	-8	%
Casualty		1,380	43	%		1,372	42	%	1	%		2,807	43	%		2,739	42	%	2	%
Subtotal		2,279	71	%		2,370	73	%	-4	%		4,622	71	%		4,720	73	%	-2	%
Personal accident (A&H) (1)		827	26	%		787	24	%	5	%		1,637	25	%		1,530	24	%	7	%
Life (2)		127	3	%		109	3	%	17	%		251	4	%		210	3	%	20	%
Total consolidated	$	3,233	100	%	$	3,266	100	%	-1	%	$	6,510	100	%	$	6,460	100	%	1	%
Income excluding net realized gains (losses)
Property, casualty, and all other	$	551	80	%	$	577	82	%	-5	%	$	994	78	%	$	1,130	82	%	-12	%
Personal accident (A&H) (1)		100	15	%		93	13	%	8	%		201	16	%		189	14	%	6	%
Life (2)		37	5	%		36	5	%	3	%		72	6	%		56	4	%	29	%
Total consolidated	$	688	100	%	$	706	100	%	-3	%	$	1,267	100	%	$	1,375	100	%	-8	%

(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

	2Q-10		Constant $ 2Q-09 (3)		Constant $ % Change 2Q-10 vs. 2Q-09 (3)		YTD 2010		Constant $ YTD 2009  (3)		Constant $ % Change YTD-10 vs. YTD-09 (3)
Net premiums written
Property, casualty, and all other	$	2,452	$	2,543	-4	%	$	5,050	$	5,136	-2	%
Personal accident (A&H) (1)		833		832	0	%		1,678		1,680	0	%
Life (2)		135		117	15	%		263		227	16	%
Total consolidated	$	3,420	$	3,492	-2	%	$	6,991	$	7,043	-1	%
Net premiums earned
Property, casualty, and all other	$	2,279	$	2,403	-5	%	$	4,622	$	4,813	-4	%
Personal accident (A&H) (1)		827		825	0	%		1,637		1,633	0	%
Life (2)		127		110	15	%		251		212	18	%
Total consolidated	$	3,233	$	3,338	-3	%	$	6,510	$	6,658	-2	%
Income excluding net realized gains (losses)
Property, casualty, and all other	$	551	$	581	-5	%	$	994	$	1,140	-13	%
Personal accident (A&H) (1)		100		102	-2	%		201		206	-2	%
Life (2)		37		36	3	%		72		56	29	%
Total consolidated	$	688	$	719	-4	%	$	1,267	$	1,402	-10	%

(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 periods on a constant dollar basis.

Line of Business 2 Page 5

ACE Limited Consolidating Statement of Operations Three months ended June 30, 2010 and 2009 (in millions of U.S. dollars) (Unaudited)

	Insurance - North American			Insurance - Overseas General			Global Reinsurance			Corporate & Other			Consolidated Excluding Life Segment			Life			ACE Consolidated
June 30, 2010
Gross premiums written	$	2,649		$	1,787		$	320		$	—		$	4,756		$	398		$	5,154
Net premiums written		1,438			1,302			289			—			3,029			391			3,420
Net premiums earned		1,326			1,263			256			—			2,845			388			3,233
Losses and loss expenses		924			644			103			—			1,671			129			1,800
Policy benefits		—			1			—			—			1			86			87
Policy acquisition costs		126			296			48			—			470			66			536
Administrative expenses		147			207			15			40			409			54			463
Underwriting income (loss)		129			115			90			(40	)		294			53			347
Net investment income		287			115			73			—			475			43			518
Net realized gains (losses)		85			48			28			3			164			(155	)		9
Interest expense		—			—			—			52			52			—			52
Other income (expense)		(4	)		3			2			(1	)		—			(3	)		(3	)
Income tax expense (benefit)		110			59			9			(52	)		126			16			142
Net income (loss)		387			222			184			(38	)		755			(78	)		677
Net realized gains (losses)		85			48			28			3			164			(155	)		9
Net realized gains (losses) in other income (expense)		1			1			1			—			3			—			3
Tax expense (benefit) on net realized gains (losses)		12			13			—			(3	)		22			1			23
Income (loss) excluding net realized gains (losses) (1)	$	313		$	186		$	155		$	(44	)	$	610		$	78		$	688
June 30, 2009
Gross premiums written	$	2,664		$	1,710		$	359		$	—		$	4,733		$	384		$	5,117
Net premiums written		1,454			1,265			329			—			3,048			367			3,415
Net premiums earned		1,415			1,246			241			—			2,902			364			3,266
Losses and loss expenses		997			635			56			—			1,688			133			1,821
Policy benefits		—			1			—			—			1			77			78
Policy acquisition costs		129			293			46			—			468			55			523
Administrative expenses		147			190			14			39			390			64			454
Underwriting income (loss)		142			127			125			(39	)		355			35			390
Net investment income		275			114			73			1			463			43			506
Net realized gains (losses)		(97	)		(87	)		(47	)		(102	)		(333	)		108			(225	)
Interest expense		—			—			—			56			56			—			56
Other income (expense)		(1	)		(5	)		(1	)		27			20			1			21
Income tax expense (benefit)		76			29			13			(31	)		87			14			101
Net income (loss)		243			120			137			(138	)		362			173			535
Net realized gains (losses)		(97	)		(87	)		(47	)		(102	)		(333	)		108			(225	)
Net realized gains (losses) in other income (expense)		—			2			—			5			7			1			8
Tax expense (benefit) on net realized gains (losses)		(33	)		(15	)		1			(1	)		(48	)		2			(46	)
Income (loss) excluding net realized gains (losses) (1)	$	307		$	190		$	185		$	(42	)	$	640		$	66		$	706
Income (loss) excluding net realized gains (losses), constant $ (2)	$	309		$	197		$	186		$	(42	)	$	650		$	69		$	719

(1) See Non-GAAP Financial Measures.

(2) Prior periods on a constant dollar basis.

Segment 2010 Qtr Page 6

ACE Limited Consolidating Statement of Operations Six months ended June 30, 2010 and 2009 (in millions of U.S. dollars) (Unaudited)

	Insurance - North American			Insurance - Overseas General			Global Reinsurance			Corporate & Other			Consolidated Excluding Life Segment			Life			ACE Consolidated
June 30, 2010
Gross premiums written	$	4,779		$	3,658		$	719		$	—		$	9,156		$	788		$	9,944
Net premiums written		2,833			2,722			660			—			6,215			776			6,991
Net premiums earned		2,696			2,514			532			—			5,742			768			6,510
Losses and loss expenses		1,862			1,345			254			—			3,461			260			3,721
Policy benefits		—			4			—			—			4			170			174
Policy acquisition costs		282			579			102			—			963			127			1,090
Administrative expenses		295			409			27			80			811			112			923
Underwriting income (loss)		257			177			149			(80	)		503			99			602
Net investment income		565			229			142			—			936			86			1,022
Net realized gains (losses)		165			70			59			(5	)		289			(112	)		177
Interest expense		—			—			—			104			104			—			104
Other income (expense)		1			1			6			(1	)		7			(6	)		1
Income tax expense (benefit)		214			73			19			(70	)		236			30			266
Net income (loss)		774			404			337			(120	)		1,395			37			1,432
Net realized gains (losses)		165			70			59			(5	)		289			(112	)		177
Net realized gains (losses) in other income (expense)		1			6			5			—			12			1			13
Tax expense (benefit) on net realized gains (losses)		14			14			—			(5	)		23			2			25
Income (loss) excluding net realized gains (losses) (1)	$	622		$	342		$	273		$	(120	)	$	1,117		$	150		$	1,267
June 30, 2009
Gross premiums written	$	4,742		$	3,403		$	738		$	—		$	8,883		$	769		$	9,652
Net premiums written		2,846			2,592			688			—			6,126			713			6,839
Net premiums earned		2,852			2,430			479			—			5,761			699			6,460
Losses and loss expenses		2,001			1,248			143			—			3,392			245			3,637
Policy benefits		—			3			—			—			3			174			177
Policy acquisition costs		252			553			97			—			902			102			1,004
Administrative expenses		287			365			26			74			752			122			874
Underwriting income (loss)		312			261			213			(74	)		712			56			768
Net investment income		538			234			145			2			919			89			1,008
Net realized gains (losses)		(217	)		(80	)		(36	)		(130	)		(463	)		117			(346	)
Interest expense		—			—			—			109			109			—			109
Other income (expense)		(5	)		(9	)		(1	)		23			8			(1	)		7
Income tax expense (benefit)		172			75			29			(70	)		206			20			226
Net income (loss)		456			331			292			(218	)		861			241			1,102
Net realized gains (losses)		(217	)		(80	)		(36	)		(130	)		(463	)		117			(346	)
Net realized gains (losses) in other income (expense)		—			5			—			2			7			4			11
Tax expense (benefit) on net realized gains (losses)		(45	)		(7	)		1			(10	)		(61	)		(1	)		(62	)
Income (loss) excluding net realized gains (losses) (1)	$	628		$	399		$	329		$	(100	)	$	1,256		$	119		$	1,375
Income (loss) excluding net realized gains (losses), constant $ (2)	$	632		$	416		$	330		$	(100	)	$	1,278		$	124		$	1,402

(1) See Non-GAAP Financial Measures.

(2) Prior periods on a constant dollar basis.

Segment 2010 YTD Page 7

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

Insurance - North American

	2Q-10			1Q-10			4Q-09			3Q-09			2Q-09			YTD 2010			YTD 2009			Full Year 2009
Gross premiums written	$	2,649		$	2,130		$	2,196		$	2,730		$	2,664		$	4,779		$	4,742		$	9,668
Net premiums written		1,438			1,395			1,421			1,374			1,454			2,833			2,846			5,641
Net premiums earned		1,326			1,370			1,365			1,467			1,415			2,696			2,852			5,684
Losses and loss expenses		924			938			959			1,053			997			1,862			2,001			4,013
Policy acquisition costs		126			156			123			142			129			282			252			517
Administrative expenses		147			148			139			146			147			295			287			572
Underwriting income		129			128			144			126			142			257			312			582
Net investment income		287			278			278			278			275			565			538			1,094
Net realized gains (losses)		85			80			252			(25	)		(97	)		165			(217	)		10
Interest expense		—			—			1			—			—			—			—			1
Other income (expense)		(4	)		5			(27	)		(4	)		(1	)		1			(5	)		(36	)
Income tax expense		110			104			165			47			76			214			172			384
Net income		387			387			481			328			243			774			456			1,265
Net realized gains (losses)		85			80			252			(25	)		(97	)		165			(217	)		10
Net realized gains (losses) in other income (expense)		1			—			(26	)		(5	)		—			1			—			(31	)
Tax expense (benefit) on net realized gains (losses)		12			2			63			(59	)		(33	)		14			(45	)		(41	)
Income excluding net realized gains (losses) (1)	$	313		$	309		$	318		$	299		$	307		$	622		$	628		$	1,245
Combined ratio
Loss and loss expense ratio		69.7	%		68.5	%		70.3	%		71.7	%		70.5	%		69.1	%		70.2	%		70.6	%
Policy acquisition cost ratio		9.5	%		11.4	%		9.0	%		9.7	%		9.1	%		10.5	%		8.8	%		9.1	%
Administrative expense ratio		11.1	%		10.8	%		10.2	%		9.9	%		10.4	%		10.9	%		10.1	%		10.1	%
Combined ratio		90.3	%		90.7	%		89.5	%		91.3	%		90.0	%		90.5	%		89.1	%		89.8	%
Large losses and other items (before tax)
Reinstatement premiums (expensed) collected	$	(3	)	$	(3	)	$	—		$	—		$	—		$	(6	)	$	—		$	—
Catastrophe losses	$	53		$	52		$	10		$	24		$	20		$	105		$	24		$	58
Prior period development - unfavorable (favorable) (2)	$	(73	)	$	(45	)	$	(50	)	$	(45	)	$	(74	)	$	(118	)	$	(84	)	$	(179	)
Loss and loss expense ratio excluding catastophe losses and prior period development		71.0	%		71.1	%		73.3	%		73.1	%		74.3	%		71.3	%		72.3	%		72.7	%
% Change versus prior year period
Net premiums written		-1	%		0	%		9	%		-6	%		-4	%		0	%		-1	%		0	%
Net premiums earned		-6	%		-5	%		-1	%		-7	%		4	%		-5	%		5	%		0	%
Other ratios
Net premiums written/gross premiums written		54	%		65	%		65	%		50	%		55	%		59	%		60	%		58	%

(1) See Non-GAAP Financial Measures.

(2) For Q1 2010, prior period favorable development is net of $45 million for the annual crop insurance profit-sharing commission that is included in the expense ratio.

Insurance-North American Page 8

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

Insurance - Overseas General

	2Q-10			1Q-10			4Q-09			3Q-09			2Q-09			YTD 2010			YTD 2009			Full Year 2009
Gross premiums written	$	1,787		$	1,871		$	1,752		$	1,677		$	1,710		$	3,658		$	3,403		$	6,832
Net premiums written		1,302			1,420			1,350			1,203			1,265			2,722			2,592			5,145
Net premiums earned		1,263			1,251			1,400			1,317			1,246			2,514			2,430			5,147
Losses and loss expenses		644			701			718			631			635			1,345			1,248			2,597
Policy benefits		1			3			1			—			1			4			3			4
Policy acquisition costs		296			283			333			316			293			579			553			1,202
Administrative expenses		207			202			214			204			190			409			365			783
Underwriting income		115			62			134			166			127			177			261			561
Net investment income		115			114			124			121			114			229			234			479
Net realized gains (losses)		48			22			20			40			(87	)		70			(80	)		(20	)
Other income (expense)		3			(2	)		(8	)		(3	)		(5	)		1			(9	)		(20	)
Income tax expense		59			14			55			56			29			73			75			186
Net income		222			182			215			268			120			404			331			814
Net realized gains (losses)		48			22			20			40			(87	)		70			(80	)		(20	)
Net realized gains (losses) in other income (expense)		1			5			(2	)		1			2			6			5			4
Tax expense (benefit) on net realized gains (losses)		13			1			10			6			(15	)		14			(7	)		9
Income excluding net realized gains (losses) (1)	$	186		$	156		$	207		$	233		$	190		$	342		$	399		$	839
Combined ratio
Loss and loss expense ratio		51.0	%		56.3	%		51.3	%		48.0	%		51.0	%		53.7	%		51.5	%		50.5	%
Policy acquisition cost ratio		23.5	%		22.6	%		23.7	%		24.0	%		23.6	%		23.0	%		22.8	%		23.3	%
Administrative expense ratio		16.4	%		16.1	%		15.3	%		15.4	%		15.2	%		16.3	%		15.0	%		15.2	%
Combined ratio		90.9	%		95.0	%		90.3	%		87.4	%		89.8	%		93.0	%		89.3	%		89.0	%
Large losses and other items (before tax)
Reinstatement premiums (expensed) collected	$	(2	)	$	(24	)	$	—		$	(1	)	$	—		$	(26	)	$	—		$	(1	)
Catastrophe losses	$	18		$	64		$	10		$	16		$	10		$	82		$	25		$	51
Prior period development - unfavorable (favorable)	$	(45	)	$	(37	)	$	(86	)	$	(119	)	$	(26	)	$	(82	)	$	(50	)	$	(255	)
Loss and loss expense ratio excluding catastophe losses and prior period development		53.0	%		53.1	%		56.7	%		55.7	%		52.3	%		53.1	%		52.5	%		54.5	%
% Change versus prior year period
Net premiums written as reported		3	%		7	%		8	%		-7	%		-12	%		5	%		-7	%		-4	%
Net premiums earned as reported		1	%		6	%		12	%		-8	%		-13	%		3	%		-9	%		-4	%
Net premiums written constant $		-1	%		0	%		0	%		2	%		2	%		-1	%		6	%		3	%
Net premiums earned constant $		-2	%		-3	%		3	%		0	%		1	%		-3	%		5	%		3	%
Underwriting income constant $													$	132					$	271
Income excluding net realized gains (losses), constant $													$	197					$	416
Other ratios
Net premiums written/gross premiums written		73	%		76	%		77	%		72	%		74	%		74	%		76	%		75	%

(1) See Non-GAAP Financial Measures.

Insurance-Overseas General Page 9

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

Global Reinsurance

	2Q-10			1Q-10			4Q-09			3Q-09			2Q-09			YTD 2010			YTD 2009			Full Year 2009
Gross premiums written	$	320		$	399		$	162		$	215		$	359		$	719		$	738		$	1,115
Net premiums written		289			371			144			206			329			660			688			1,038
Net premiums earned		256			276			253			247			241			532			479			979
Losses and loss expenses		103			151			107			80			56			254			143			330
Policy acquisition costs		48			54			48			50			46			102			97			195
Administrative expenses		15			12			14			15			14			27			26			55
Underwriting income		90			59			84			102			125			149			213			399
Net investment income		73			69			68			65			73			142			145			278
Net realized gains (losses)		28			31			30			(11	)		(47	)		59			(36	)		(17	)
Other income (expense)		2			4			(2	)		1			(1	)		6			(1	)		(2	)
Income tax expense		9			10			8			9			13			19			29			46
Net income		184			153			172			148			137			337			292			612
Net realized gains (losses)		28			31			30			(11	)		(47	)		59			(36	)		(17	)
Net realized gains (losses) in other income (expense)		1			4			(4	)		—			—			5			—			(4	)
Tax expense (benefit) on net realized gains (losses)		—			—			—			(1	)		1			—			1			—
Income excluding net realized gains (losses) (1)	$	155		$	118		$	146		$	158		$	185		$	273		$	329		$	633
Combined ratio
Loss and loss expense ratio		40.4	%		54.7	%		42.4	%		32.5	%		23.4	%		47.8	%		29.8	%		33.7	%
Policy acquisition cost ratio		18.5	%		19.6	%		19.1	%		20.1	%		19.0	%		19.1	%		20.2	%		19.9	%
Administrative expense ratio		5.8	%		4.5	%		5.6	%		5.9	%		5.8	%		5.1	%		5.5	%		5.6	%
Combined ratio		64.7	%		78.8	%		67.1	%		58.5	%		48.2	%		72.0	%		55.5	%		59.2	%
Large losses and other items (before tax)
Reinstatement premiums (expensed) collected	$	—		$	2		$	—		$	1		$	—		$	2		$	1		$	2
Catastrophe losses	$	5		$	32		$	3		$	5		$	1		$	37		$	20		$	28
Prior period development - unfavorable (favorable)	$	(31	)	$	(14	)	$	(11	)	$	(39	)	$	(58	)	$	(45	)	$	(92	)	$	(142	)
Loss and loss expense ratio excluding catastophe losses and prior period development		50.9	%		48.4	%		45.5	%		46.4	%		46.9	%		49.6	%		44.9	%		45.4	%
% Change versus prior year period
Net premiums written		-12	%		3	%		14	%		18	%		22	%		-4	%		12	%		14	%
Net premiums earned		6	%		16	%		5	%		-4	%		-6	%		11	%		-8	%		-4	%
Other ratios
Net premiums written/gross premiums written		90	%		93	%		89	%		96	%		92	%		92	%		93	%		93	%

(1) See Non-GAAP Financial Measures.

Global Reinsurance Page 10

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

Life

	2Q-10			1Q-10			4Q-09			3Q-09			2Q-09			YTD 2010			YTD 2009			Full Year 2009
Gross premiums written (1)	$	398		$	390		$	397		$	383		$	384		$	788		$	769		$	1,549
Net premiums written		391			385			390			372			367			776			713			1,475
Net premiums earned		388			380			369			362			364			768			699			1,430
Losses and loss expenses		129			131			116			121			133			260			245			482
Policy benefits		86			84			68			79			77			170			174			321
Policy acquisition costs		66			61			55			59			55			127			102			216
Administrative expenses		54			58			70			51			64			112			122			243
Net investment income		43			43			44			43			43			86			89			176
Life underwriting income (2)		96			89			104			95			78			185			145			344
Net realized gains (losses)		(155	)		43			80			(212	)		108			(112	)		117			(15	)
Other income (expense)		(3	)		(3	)		(1	)		—			1			(6	)		(1	)		(2	)
Income tax expense		16			14			11			17			14			30			20			48
Net income (loss)		(78	)		115			172			(134	)		173			37			241			279
Net realized gains (losses)		(155	)		43			80			(212	)		108			(112	)		117			(15	)
Net realized gains (losses) in other income (expense)		—			1			2			3			1			1			4			9
Tax expense (benefit) on net realized gains (losses)		1			1			—			(1	)		2			2			(1	)		(2	)
Income excluding net realized gains (losses) (3)	$	78		$	72		$	90		$	74		$	66		$	150		$	119		$	283
Prior period development - unfavorable (favorable)	$	(3	)	$	—		$	(4	)	$	—		$	—			(3	)	$	1			(3	)
Deposits collected on universal life and investment contracts (1)	$	58		$	55		$	100		$	109		$	100		$	113		$	195		$	404
Fees on universal life and investment contracts (1)	$	11		$	7		$	11		$	8		$	8		$	18		$	15		$	34
% Change versus prior year period
Net premiums written		7	%		11	%		5	%		7	%		-2	%		9	%		49	%		23	%
Net premiums earned		7	%		13	%		3	%		5	%		-1	%		10	%		50	%		22	%

(1) Consistent with GAAP, premiums collected on universal life and investment contracts are considered deposits and excluded from revenues. Fees on universal life and investment contracts are revenue for GAAP and have been classified as gross premiums written.

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

(3) See Non-GAAP Financial Measures.

Life Page 11

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)

	2Q-10			1Q-10			4Q-09			3Q-09			2Q-09			YTD 2010			YTD 2009			Full Year 2009
Premium	$	27		$	28		$	28		$	28		$	27		$	55		$	52		$	108
Less paid claims		30			33			33			33			38			63			85			151
Net	$	(3	)	$	(5	)	$	(5	)	$	(5	)	$	(11	)	$	(8	)	$	(33	)	$	(43	)
Living Benefits (Includes GMIB and GMAB)
	2Q-10			1Q-10			4Q-09			3Q-09			2Q-09			YTD 2010			YTD 2009			Full Year 2009
Premium	$	40		$	41		$	41		$	41		$	41		$	81		$	80		$	162
Less paid claims		—			—			1			1			1			—			3			5
Net	$	40		$	41		$	40		$	40		$	40		$	81		$	77		$	157
Total VA Guaranteed Benefits
	2Q-10			1Q-10			4Q-09			3Q-09			2Q-09			YTD 2010			YTD 2009			Full Year 2009
Premium	$	67		$	69		$	69		$	69		$	68		$	136		$	132		$	270
Less paid claims		30			33			34			34			39			63			88			156
Net	$	37		$	36		$	35		$	35		$	29		$	73		$	44		$	114

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 $143 million of claims and $94 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 $150 million of premium on living benefits over the next 12 months.

Variable Annuity Page 12

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

	Unpaid Losses									Net Paid to Incurred Ratio
	Gross			Ceded			Net
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	)	96%
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	)	94%
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	)	92%
Other (incl. foreign exch. revaluation)		307			96			211
Balance at September 30, 2009	$	37,871		$	12,800		$	25,071
Losses and loss expenses incurred		2,786			886			1,900
Losses and loss expenses paid		(2,749	)		(994	)		(1,755	)	92%
Other (incl. foreign exch. revaluation)		(125	)		53			(178	)
Balance at December 31, 2009	$	37,783		$	12,745		$	25,038
Losses and loss expenses incurred		2,544			623			1,921
Losses and loss expenses paid		(2,491	)		(729	)		(1,762	)	92%
Other (incl. foreign exch. revaluation)		(285	)		(79	)		(206	)
Balance at March 31, 2010	$	37,551		$	12,560		$	24,991
Losses and loss expenses incurred		2,725			925			1,800
Losses and loss expenses paid		(2,824	)		(976	)		(1,848	)	103%
Other (incl. foreign exch. revaluation)		(390	)		(135	)		(255	)
Balance at June 30, 2010	$	37,062		$	12,374		$	24,688
Add net recoverable on paid losses		—			758			(758	)
Balance including net recoverable on paid losses	$	37,062		$	13,132		$	23,930

Loss Reserve Rollforward Page 13

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

Net Reinsurance Recoverable by Division

	June 30 2010			March 31 2010			December 31 2009
Reinsurance recoverable on paid losses and loss expenses
Active operations	$	550		$	605		$	703
Brandywine		294			284			289
Westchester Run-off		31			36			36
Other Run-off		13			13			13
Total	$	888		$	938		$	1,041
Reinsurance recoverable on unpaid losses and loss expenses
Active operations	$	10,212		$	10,250		$	10,316
Brandywine		2,084			2,197			2,268
Westchester Run-off		473			474			482
Other Run-off		27			30			70
Total	$	12,796		$	12,951		$	13,136
Gross reinsurance recoverable
Active operations	$	10,762		$	10,855		$	11,019
Brandywine		2,378			2,481			2,557
Westchester Run-off		504			510			518
Other Run-off		40			43			83
Total	$	13,684		$	13,889		$	14,177
Provision for uncollectible reinsurance
Active operations	$	(357	)	$	(360	)	$	(399	)
Brandywine		(166	)		(165	)		(147	)
Westchester Run-off		(25	)		(25	)		(25	)
Other Run-off		(4	)		(4	)		(11	)
Total	$	(552	)	$	(554	)	$	(582	)
Net reinsurance recoverable
Active operations	$	10,405		$	10,495		$	10,620
Brandywine		2,212			2,316			2,410
Westchester Run-off		479			485			493
Other Run-off		36			39			72
Total	$	13,132		$	13,335		$	13,595

Reinsurance Recoverable Page 14

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

	June 30 2010					March 31 2010					December 31 2009
Market Value
Fixed maturities available for sale	$	41,554				$	40,564				$	39,525
Fixed maturities held to maturity		3,339					3,433					3,561
Short-term investments		2,097					2,052					1,667
Total	$	46,990				$	46,049				$	44,753
Asset Alloc ation by Market Value
Treasury	$	2,207		5	%	$	2,268		5	%	$	2,068		5	%
Agency		2,298		5	%		2,449		5	%		2,698		6	%
Corporate and asset-backed		15,089		32	%		14,492		31	%		13,537		30	%
Mortgage-backed		11,926		25	%		11,406		25	%		11,311		25	%
Municipal		2,148		5	%		2,091		5	%		2,300		5	%
Non-U.S.		11,225		24	%		11,291		25	%		11,172		25	%
Short-term investments		2,097		4	%		2,052		4	%		1,667		4	%
Total	$	46,990		100	%	$	46,049		100	%	$	44,753		100	%
Note: Insured municipal bonds represent $746 million, or 35% of our municipal bond holdings.
Credit Quality by Market Value
AAA	$	23,807		51	%	$	23,472		51	%	$	22,884		51	%
AA		4,158		9	%		4,003		9	%		4,021		9	%
A		7,884		17	%		7,635		17	%		7,461		17	%
BBB		5,231		11	%		5,024		11	%		4,910		11	%
BB		2,987		6	%		3,009		6	%		2,866		6	%
B		2,175		5	%		2,187		5	%		2,029		5	%
Other		748		1	%		719		1	%		582		1	%
Total	$	46,990		100	%	$	46,049		100	%	$	44,753		100	%
Cost/Amortized Cost
Fixed maturities available for sale	$	40,204				$	39,603				$	38,985
Fixed maturities held to maturity		3,222					3,335					3,481
Short-term investments		2,097					2,052					1,667
Subtotal		45,523					44,990					44,133
Equity securities		200					271					398
Other investments		1,308					1,332					1,258
Total	$	47,031				$	46,593				$	45,789
Avg. duration of fixed maturities		3.6 years					3.7 years					3.7 years
Avg. market yield of fixed maturities (1)		3.7	%				4.0	%				4.3	%
Avg. credit quality		AA					AA					AA
Avg. yield on invested assets (2)		4.4	%				4.4	%				4.5	%

(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 15

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

Mortgage-backed Fixed Income Portfolio

Market Value at June 30, 2010

	S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Mortgage-backed securities
Residential mortgage-backed (RMBS)
GNMA	$	716	$	—	$	—	$	—	$	—	$	716
FNMA		6,072		—		—		—		—		6,072
Freddie Mac		2,322		—		—		—		—		2,322
Total agency RMBS		9,110		—		—		—		—		9,110
Non-agency RMBS		418		22		24		54		812		1,330
Total residential mortgage-backed		9,528		22		24		54		812		10,440
Commercial mortgage-backed		1,452		19		13		2		—		1,486
Total mortgage-backed securities	$	10,980	$	41	$	37	$	56	$	812	$	11,926

Mortgage-backed securities total $11.9 billion, are rated predominantly AAA and comprise 25% of the fixed income portfolio. This compares to a 37% mortgage-backed weighting in representative indices of the U.S. fixed income market. The minimum rating for initial purchases of mortgage-backed securities is AAA.

Securities issued by Federal agencies with implied or explicit government guarantees total $9.1 billion and represent 87% of the residential mortgage-backed portfolio.

Non-agency residential mortgage-backed securities are backed by prime collateral, and broadly diversified in over 240,000 loans. The portfolio’s loan-to-value ratio is approximately 70% with an average FICO score of 730. 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 19% from their current levels before principal is impaired. The current foreclosure rate of ACE’s non-agency RMBS portfolio is 9%.

Commercial mortgage-backed securities of $1.5 billion are rated predominantly AAA, broadly diversified with over 18,500 loans and seasoned with 85% 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 33%. The cumulative foreclosure rate would have to rise to 41% and commercial real estate values would have to fall more than 10% from their current levels before principal is impaired. The current foreclosure rate of the portfolio is about 2%.

Investments 2 Page 16

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

Mortgage-backed Fixed Income Portfolio

Amortized Cost at June 30, 2010

	S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Mortgage-backed securities
Residential mortgage-backed (RMBS)
GNMA	$	688	$	—	$	—	$	—	$	—	$	688
FNMA		5,817		—		—		—		—		5,817
Freddie Mac		2,198		—		—		—		—		2,198
Total agency RMBS		8,703		—		—		—		—		8,703
Non-agency RMBS		453		27		25		64		995		1,564
Total residential mortgage-backed		9,156		27		25		64		995		10,267
Commercial mortgage-backed		1,382		18		13		2		—		1,415
Total mortgage-backed securities	$	10,538	$	45	$	38	$	66	$	995	$	11,682

Investments 3 Page 17

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

U.S. Investment Grade Corporate and Asset-backed Fixed Income Portfolios

Market Value at June 30, 2010

	S&P Credit Rating
	AAA		AA		A		BBB		Total
Asset-backed	$	231	$	7	$	15	$	7	$	260
Banks		760		272		2,049		225		3,306
Basic Materials		—		—		59		104		163
Communications		—		—		643		596		1,239
Consumer, Cyclical		—		72		185		196		453
Consumer, Non-Cyclical		47		487		436		515		1,485
Diversified Financial Services		55		64		74		205		398
Energy		—		14		182		602		798
Industrial		117		361		250		136		864
Utilities		—		1		351		494		846
All Others		105		72		401		281		859
Total	$	1,315	$	1,350	$	4,645	$	3,361	$	10,671

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.

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 4 Page 18

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

Below Investment Grade Corporate and Asset-backed Fixed Income Portfolios

Market Value at June 30, 2010

	S&P Credit Rating
	BB		B		CCC		Other		Total
Asset-backed	$	13	$	15	$	7	$	1	$	36
Basic Materials		270		119		22		—		411
Communications		396		381		10		—		787
Consumer, Cyclical		250		263		19		3		535
Consumer, Non-Cyclical		412		412		6		—		830
Diversified Financial Services		55		31		2		18		106
Energy		633		147		4		—		784
Industrial		266		168		9		—		443
Utilities		229		108		—		—		337
All Others		96		48		5		—		149
Total	$	2,620	$	1,692	$	84	$	22	$	4,418

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.

Five 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. The portfolio comprises over 500 issuers with our largest current issuer exposure at $78 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 5 Page 19

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

Non-U.S. Fixed Income Portfolio

Market Value at June 30, 2010

	S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
United Kingdom	$	1,080	$	—	$	—	$	—	$	—	$	1,080
Canada		842		—		—		—		—		842
Germany		434		—		—		—		—		434
Japan		—		322		—		—		—		322
France		162		—		—		—		—		162
Province of Ontario		—		168		—		—		—		168
Brazil		—		—		—		132		—		132
Province of Quebec		—		—		118		—		—		118
Switzerland		110		—		—		—		—		110
State of Queensland		74		28		—		—		—		102
United Mexican States		1		—		25		67		—		93
Republic of Korea		—		—		85		—		—		85
Thailand		—		—		68		11		—		79
Australia		60		—		—		—		—		60
State of New South Wales		57		—		—		—		—		57
Taiwan		—		54		—		—		—		54
Austria		47		—		—		—		—		47
New Zealand		47		—		—		—		—		47
State of Victoria		47		—		—		—		—		47
Netherlands		42		—		—		—		—		42
People’s Republic of China		—		23		16		—		—		39
Qatar		—		34		—		—		—		34
Province of Manitoba		—		32		—		—		—		32
Province of British Columbia		32		—		—		—		—		32
State of Western Australia		30		—		—		—		—		30
Other Non-U.S. Government		149		94		63		29		35		370
Non-U.S. Government Securities		3,214		755		375		239		35		4,618
Non-U.S. Corporate		1,325		986		2,231		1,471		594		6,607
	$	4,539	$	1,741	$	2,606	$	1,710	$	629	$	11,225

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. 87% 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 53% 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 6 Page 20

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

Investment portfolio

Top 25 Exposures - Fixed Maturity Investments

June 30, 2010		Rating
General Electric Co	446	AA+
JP Morgan Chase & Co	446	A+
Bank of America Corp	416	A
Verizon Communications Inc	307	A
Wells Fargo & Co	306	AA-
Citigroup Inc	293	A
Goldman Sachs Group Inc/The	282	A
Morgan Stanley	271	A
AT&T INC	236	A
HSBC Holdings Plc	216	AA-
Credit Suisse Group	186	A
Barclays PLC	169	A+
Comcast Corp	154	BBB+
Kraft Foods Inc	142	BBB
Lloyds Banking Group Plc	137	A
ConocoPhillips	136	A
Time Warner Cable Inc	129	BBB
UBS AG	126	A+
American Express Co	123	BBB+
Exxon Mobil Corp	120	AAA
Pfizer Inc	109	AA
Anheuser-Busch InBev NV	99	BBB+
Telecom Italia SpA	97	BBB
Roche Holding AG	96	AA-
Dominion Resources Inc/VA	95	A-

Investments 7 Page 21

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

	Three months ended June 30, 2010									Six months ended June 30, 2010
	Net Realized Gains (Losses) (1)			Net  Unrealized Gains (Losses)			Net Impact			Net Realized Gains (Losses) (1)			Net  Unrealized Gains (Losses)			Net Impact
Fixed maturities	$	77		$	408		$	485		$	158		$	831		$	989
Equity securities		32			(31	)		1			77			(55	)		22
Equity and fixed income derivatives		5			—			5			24			—			24
Foreign exchange gains (losses)		61			—			61			52			—			52
Other		(12	)		17			5			(8	)		52			44
Sub-total		163			394			557			303			828			1,131
Mark-to-market gains (losses) from derivative transactions (2)		(154	)		—			(154	)		(126	)		—			(126	)
Total gains (losses)		9			394			403			177			828			1,005
Partially-owned entities (3)		3			(4	)		(1	)		13			16			29
Income tax expense (benefit)		23			108			131			25			213			238
Net gains (losses)	$	(11	)	$	282		$	271		$	165		$	631		$	796

(1) Other-than-temporary impairments for the quarter of $18 million include $5 million for fixed maturities and $13 million for other investments. Year to date other-than-temporary impairments of $36 million include $23 million for fixed maturities, and $13 million for other investments.

(2) Includes $158 million of realized losses on the life reinsurance operations for the quarter which is comprised of a $301 million loss on guaranteed minimum income benefit derivatives and $143 million of gains on other derivatives, including S&P put options and futures.

(3) 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 June 30, 2009									Six months ended June 30, 2009
	Net Realized Gains (Losses) (4)			Net Unrealized Gains (Losses) (5)			Net Impact			Net Realized Gains (Losses) (4)			Net Unrealized Gains (Losses) (5)			Net Impact
Fixed maturities	$	(71	)	$	1,348		$	1,277		$	(119	)	$	1,134		$	1,015
Equity securities		(81	)		49			(32	)		(181	)		21			(160	)
Equity and fixed income derivatives		(21	)		—			(21	)		34			—			34
Foreign exchange gains (losses)		(56	)		—			(56	)		(24	)		—			(24	)
Other		(60	)		101			41			(117	)		62			(55	)
Sub-total		(289	)		1,498			1,209			(407	)		1,217			810
Mark-to-market gains (losses) from derivative transactions (6)		64			—			64			61			—			61
Total gains (losses)		(225	)		1,498			1,273			(346	)		1,217			871
Partially-owned entities (7)		8			(20	)		(12	)		11			(6	)		5
Income tax expense (benefit)		(46	)		279			233			(62	)		201			139
Net gains (losses)	$	(171	)	$	1,199		$	1,028		$	(273	)	$	1,010		$	737

(4) Other-than-temporary impairments for the quarter of $114 million include $90 million for fixed maturities, $1 million for equities and $23 million for other investments. Year to date other-than-temporary impairments of $306 million include $178 million for fixed maturities, $26 million for equities and $102 million for other investments.

(5) Excludes $267 million of change in unrealized losses, net of tax of $82 million, related to the adoption of OTTI standard.

(6) Includes $103 million of realized gains on the life reinsurance operations which is comprised of a $284 million gain on guaranteed minimum income benefit derivatives offset by $181 million of losses on other derivatives, including S&P put options and futures.

(7) Net realized and unrealized gains (losses) on partially-owned insurance companies 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)

	June 30 2010			March 31 2010			December 31 2009			December 31 2008
Total short-term debt	$	147		$	150		$	161		$	471
Total long-term debt		3,158			3,158			3,158			2,806
Total debt	$	3,305		$	3,308		$	3,319		$	3,277
Total trust preferred securities	$	309		$	309		$	309		$	309
Total shareholders’ equity	$	21,410		$	20,636		$	19,667		$	14,446
Total capitalization	$	25,024		$	24,253		$	23,295		$	18,032
Tangible capital (1)	$	21,188		$	20,370		$	19,364		$	14,285
Leverage ratios
Debt/ total capitalization		13.2	%		13.6	%		14.2	%		18.2	%
Debt plus trust preferred securities/ total capitalization		14.4	%		14.9	%		15.6	%		19.9	%
Debt/ tangible capital		15.6	%		16.2	%		17.1	%		22.9	%
Debt plus trust preferred securities/ tangible capital		17.1	%		17.8	%		18.7	%		25.1	%

(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)

June 30, 2010

	Par Amount Outstanding		Carrying value		Coupon		Maturity Date
Debt and Trust Preferred
ACE European Holdings No2 Limited Term Loan	$	147	$	147	5.25	%	December 13, 2010
ACE INA Holdings Inc. Term Loan	$	50	$	50	4.04	%(1)	December 19, 2011
ACE INA Holdings Inc. Term Loan	$	450	$	450	1.18	%(2)	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	$	309	$	309	9.70	%	April 1, 2030
ACE INA Holdings Inc. Senior Notes	$	300	$	298	6.70	%	May 15, 2036
Other	$	14	$	14
	$	3,620	$	3,614
	Commitment		LOC Usage				Date
Credit Facilities
Syndicated Letter of Credit Facility	$	1,000	$	577			November 8, 2012
Revolving Credit / LOC Facility	$	500	$	68			November 8, 2012
Funds at Lloyds Capital Facility	$	441	$	376			December 31, 2013
Bilateral Letter of Credit Facility	$	500	$	500			September 20, 2014
	$	2,441	$	1,521

(1) This term loan was issued with a floating interest rate that is based on 3 month LIBOR plus 3.50 percent. In order to economically fix the interest rate, the Company entered into a swap transaction that fixes the rate at 5.61 percent.

(2) This term loan was issued with a floating interest rate that is based on 3 month LIBOR plus 0.65 percent. In order to economically fix the interest rate, the Company enteredinto a swap transaction that fixes the rate at 4.15 percent

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 June 30						SIx months ended June 30
	2010			2009			2010		2009
Numerator
Income to common shares, excl. net realized gains (losses) (1)	$	688		$	706			1,267		1,375
Net realized gains (losses), net of income tax		(11	)		(171	)		165		(273	)
Net income available to the holders of common shares	$	677		$	535		$	1,432	$	1,102
Rollforward of Common Shares Outstanding
Shares - beginning of period		338,610,718			335,890,644			336,524,657		333,645,471
Issued under employee stock purchase plan		—			145,779			118,172		259,395
Shares (cancelled) granted		(32,891	)		(12,258	)		1,754,034		2,092,935
Issued for option exercises		177,777			73,286			358,741		99,650
Shares - end of period		338,755,604			336,097,451			338,755,604		336,097,451
Denominator
Weighted average shares outstanding		339,975,261			336,898,236			339,202,374		336,159,387
Effect of other dilutive securities		1,268,395			610,060			1,185,944		342,529
Adj. wtd. avg. shares outstanding and assumed conversions		341,243,656			337,508,296			340,388,318		336,501,916
Basic earnings per share
Income excluding net realized gains (losses) (1)	$	2.02		$	2.09		$	3.73	$	4.09
Net realized gains (losses), net of income tax		(0.03	)		(0.51	)		0.49		(0.81	)
Net income	$	1.99		$	1.58		$	4.22	$	3.28
Diluted earnings per share
Income excluding net realized gains (losses) (1)	$	2.01		$	2.09		$	3.72	$	4.08
Net realized gains (losses), net of income tax		(0.03	)		(0.51	)		0.49		(0.81	)
Net income	$	1.98		$	1.58		$	4.21	$	3.27

(1) See Non-GAAP Financial Measures.

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 the next page.

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.

	2Q-10		1Q-10		4Q-09			3Q-09			2Q-09			YTD 2010		YTD 2009			Full Year 2009
Net income, as reported	$	677	$	755	$	953		$	494		$	535		$	1,432	$	1,102		$	2,549
Net realized gains (losses)		9		168		373			(223	)		(225	)		177		(346	)		(196	)
Net realized gains (losses) in other income (expense) (1)		3		10		(31	)		(43	)		8			13		11			(63	)
Income tax expense (benefit) on net realized gains (losses)		23		2		72			(59	)		(46	)		25		(62	)		(49	)
Income excluding net realized gains (losses)	$	688	$	579	$	683		$	701		$	706		$	1,267	$	1,375		$	2,759

(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

	June 30 2010			March 31 2010			December 31 2009			June 30 2009
Shareholders’ equity	$	21,410		$	20,636		$	19,667		$	16,561
Less: goodwill and other intangible assets		3,836			3,883			3,931			3,756
Numerator for tangible book value per share	$	17,574		$	16,753		$	15,736		$	12,805
Denominator		338,755,604			338,610,718			336,524,657			336,097,451
Book value per common share	$	63.20		$	60.94		$	58.44		$	49.27
Tangible book value per common share	$	51.88		$	49.48		$	46.76		$	38.10
Reconciliation of Book Value
Shareholders’ equity, beginning of quarter	$	20,636		$	19,667		$	18,733		$	14,718
Income excluding net realized gains (losses)		688			579			683			706
Net realized gains (losses), net of tax		(11	)		176			270			(171	)
Net unrealized gains (losses), net of tax		282			349			(37	)		1,199
Cumulative translation, net of tax		(115	)		(50	)		97			229
Dividend declared on common shares		(113	)		(105	)		(105	)		(104	)
Income tax valuation allowance on the adoption of OTTI standard		—			—			—			(46	)
Pension liability		1			4			(22	)		—
Other (1)		42			16			48			30
	$	21,410		$	20,636		$	19,667		$	16,561

(1) Other includes proceeds from exercise of stock options and stock compensation.

Reconciliation Book Value Page 27

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

Consolidated Statement of Comprehensive Income

	2Q-10			1Q-10			4Q-09			3Q-09			2Q-09			YTD 2010			YTD 2009			Full Year 2009
Net income	$	677		$	755		$	953		$	494		$	535		$	1,432		$	1,102		$	2,549
Net unrealized appreciation (depreciation) on investments
Unrealized appreciation (depreciation) on investments (1)		487			583			201			1,985			972			1,070			526			2,712
Reclassification adjustment for net realized (gains) losses included in net income		(97	)		(129	)		(312	)		51			157			(226	)		336			75
Change in cumulative translation adjustments		(169	)		(90	)		141			160			325			(259	)		267			568
Change in minimum pension liability		2			6			(35	)		1			(10	)		8			(14	)		(48	)
Income tax (expense) benefit related to other comprehensive income items (2)		(55	)		(67	)		43			(421	)		(289	)		(122	)		(190	)		(568	)
Other comprehensive income		168			303			38			1,776			1,155			471			925			2,739
Comprehensive income	$	845		$	1,058		$	991		$	2,270		$	1,690		$	1,903		$	2,027		$	5,288

(1) Unrealized appreciation on investments for the full year 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 for the full year 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) divided by average shareholders’ equity for the period excluding unrealized gains (losses) on investments and the deferred tax component included in shareholders’ equity. To annualize a quarterly rate multiply by four.

Book value per common share: 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.

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

Topic 320: 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: 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, and shareholders’ equity.

Glossary Page 29