EX-99.2

Exhibit 99.2


The	Supplementary	June 30, 2009
Chubb	Investor
Corporation	Information


This report is for informational purposes only. It should be read in conjunction with documents filed by The Chubb Corporation with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

THE CHUBB CORPORATION

Beginning in the third quarter of 2008, the “net losses paid” and “increase (decrease) in outstanding losses” amounts in the property and casualty underwriting results reflect the impact of foreign currency fluctuations differently than in the past.

The property and casualty underwriting results for 2008 that follow this page reflect modification to previously reported net losses paid and increase (decrease) in outstanding losses. Since net losses paid and increase (decrease) in outstanding losses for each line of business and in total have been modified by offsetting amounts, incurred losses for each line of business and in total are unchanged.

THE CHUBB CORPORATION
SUPPLEMENTARY INVESTOR INFORMATION
TABLE OF CONTENTS
JUNE 30, 2009


		Page
The Chubb Corporation:
Consolidated Balance Sheet Highlights		1
Share Repurchase Activity		2

Summary of Invested Assets:
Corporate		3
Property and Casualty		3

Investment Income After Taxes:
Corporate		4
Property and Casualty		4

Property and Casualty Insurance Group:
Statutory Policyholders’ Surplus		4
Change in Net Unpaid Losses		5
Underwriting Results — Year-To-Date		6-10
Underwriting Results — Quarterly		11-15

Definitions of Key Terms		16-17

THE CHUBB CORPORATION

CONSOLIDATED BALANCE SHEET HIGHLIGHTS
(in millions, except per share amounts)


	June 30						Dec. 31
	2009						2008
				% of Total						% of Total
Invested Assets (at carrying value)
Short Term Investments	$	2,651			7	%	$	2,478			7	%
Fixed Maturities
Tax Exempt		19,110			47			18,345			47
Taxable		15,563			39			14,410			37
Equity Securities		1,189			3			1,479			4
Other Invested Assets		1,784			4			2,026			5

Total Invested Assets	$	40,297			100	%	$	38,738			100	%


Unrealized Appreciation (Depreciation) of Investments
Fixed Maturities	$	558					$	(136	)
Equity Securities		(46	)					(84	)

		512						(220	)
Deferred Income Tax Liability (Asset)		179						(77	)

	$	333					$	(143	)


Capitalization
Long Term Debt	$	3,975					$	3,975
Shareholders’ Equity		14,504						13,432

Total Capitalization	$	18,479					$	17,407


Debt as a Percentage of Total Capitalization		21.5	%					22.8	%

Actual Common Shares Outstanding		349.9						352.3

Book Value Per Common Share	$	41.45					$	38.13

Book Value Per Common Share, with
Available-for-Sale Fixed Maturities at Amortized Cost	$	40.41					$	38.38

Page 1 of 17

THE CHUBB CORPORATION

SHARE REPURCHASE ACTIVITY
(dollars in millions, except per share amounts)


	Periods Ended June 30
	Second		Six		From
	Quarter		Months		December 2005
	2009		2009		to June 30, 2009
Cost of Shares Repurchased		$90		$164		$5,051
Average Cost Per Share		$39.21		$39.94		$50.34
Shares Repurchased		2,310,029		4,114,529		100,330,629

In December 2005 and December 2006, the Board of Directors authorized the repurchase of up to 28,000,000 shares and 20,000,000 shares, respectively, of the Corporation’s common stock. In March 2007, the Board of Directors authorized an increase of 20,000,000 shares to the authorization approved in 2006. In December 2007, the Board of Directors authorized the repurchase of up to 28,000,000 shares of the Corporation’s common stock. No shares remain under these share repurchase authorizations.

In December 2008, the Board of Directors authorized the repurchase of up to 20,000,000 shares of the Corporation’s common stock. The authorization has no expiration date. As of June 30, 2009, 15,669,371 shares remained under the share repurchase authorization.

Page 2 of 17

THE CHUBB CORPORATION

SUMMARY OF INVESTED ASSETS

CORPORATE


	Cost or				Carrying
	Amortized Cost				Value (a)
	June 30		Dec. 31		June 30		Dec. 31
	2009		2008		2009		2008
			(in millions)
Short Term Investments	$	1,400	$	1,602	$	1,400	$	1,602
Taxable Fixed Maturities		1,011		774		1,040		780
Equity Securities		205		451		186		504

TOTAL	$	2,616	$	2,827	$	2,626	$	2,886

PROPERTY AND CASUALTY


	Cost or				Carrying
	Amortized Cost				Value (a)
	June 30		Dec. 31		June 30		Dec. 31
	2009		2008		2009		2008
			(in millions)
Short Term Investments	$	1,251	$	876	$	1,251	$	876
Fixed Maturities
Tax Exempt		18,697		18,299		19,110		18,345
Taxable		14,407		13,818		14,523		13,630
Equity Securities		1,030		1,112		1,003		975
Other Invested Assets		1,784		2,026		1,784		2,026

TOTAL	$	37,169	$	36,131	$	37,671	$	35,852


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

Page 3 of 17

THE CHUBB CORPORATION

INVESTMENT INCOME AFTER TAXES


	Periods Ended June 30
	Second Quarter						Six Months
	2009			2008			2009			2008
				(in millions)
CORPORATE INVESTMENT INCOME	$	9		$	13		$	18		$	26


PROPERTY AND CASUALTY INVESTMENT INCOME
Tax Exempt Interest	$	187		$	184		$	373		$	369
Taxable Interest		114			127			228			254
Other		15			21			26			41
Investment Expenses		(4	)		(5	)		(9	)		(10	)

TOTAL	$	312		$	327		$	618		$	654


Effective Tax Rate		19.4	%		20.2	%		19.3	%		20.2	%
After-Tax Annualized Yield		3.42	%		3.48	%		3.41	%		3.49	%

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

STATUTORY POLICYHOLDERS’ SURPLUS


	June 30		Dec. 31		June 30
	2009		2008		2008
			(in millions)
Estimated Statutory Policyholders’ Surplus	$	13,300	$	12,281	$	13,250
Rolling Year Statutory Net Premiums Written	$	11,366	$	11,759	$	11,901
Ratio of Statutory Net Premiums Written to Policyholders’ Surplus		0.85:1		0.96:1		0.90:1

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

Page 4 of 17

THE CHUBB CORPORATION

PROPERTY AND CASUALTY

CHANGE IN NET UNPAID LOSSES
SIX MONTHS ENDED JUNE 30, 2009


	Net Unpaid Losses										All Other
								IBNR			Unpaid Losses
					Increase			Increase			Increase
	6/30/09		12/31/08		(Decrease)			(Decrease)			(Decrease)
					(in millions)
Personal Insurance
Automobile	$	394	$	391	$	3		$	(7	)	$	10
Homeowners		679		715		(36	)		(3	)		(33	)
Other		845		815		30			43			(13	)

Total Personal		1,918		1,921		(3	)		33			(36	)


Commercial Insurance
Multiple Peril		1,591		1,586		5			31			(26	)
Casualty		5,832		5,660		172			72			100
Workers’ Compensation		2,062		1,982		80			56			24
Property and Marine		794		839		(45	)		(10	)		(35	)

Total Commercial		10,279		10,067		212			149			63


Specialty Insurance
Professional Liability		7,356		7,175		181			239			(58	)
Surety		59		68		(9	)		—			(9	)

Total Specialty		7,415		7,243		172			239			(67	)

Total Insurance		19,612		19,231		381			421			(40	)

Reinsurance Assumed		826		924		(98	)		(57	)		(41	)

Total	$	20,438	$	20,155	$	283		$	364		$	(81	)

Page 5 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2009 AND 2008
(DOLLARS IN MILLIONS)


	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2009			2008			2009			2008			2009			2008			2009			2008
Net Premiums Written	$	278		$	303		$	1,151		$	1,213		$	375		$	376		$	1,804		$	1,892
Decrease (Increase) in Unearned Premiums		4			8			35			9			(19	)		(22	)		20			(5	)

Net Premiums Earned		282			311			1,186			1,222			356			354			1,824			1,887

Net Losses Paid		167			191			651			547			195			192			1,013			930
Increase (Decrease) in Outstanding Losses		5			(2	)		(42	)		3			30			38			(7	)		39

Net Losses Incurred		172			189			609			550			225			230			1,006			969

Expenses Incurred		81			88			379			393			115			123			575			604
Dividends Incurred		—			—			—			—			—			—			—			—

Statutory Underwriting Income (Loss)	$	29		$	34		$	198		$	279		$	16		$	1		$	243		$	314

Ratios After Dividends to Policyholders:
Loss		61.0	%		60.8	%		51.4	%		45.0	%		63.2	%		65.0	%		55.1	%		51.4	%
Expense		29.1			29.0			32.9			32.4			30.7			32.7			31.9			31.9

Combined		90.1	%		89.8	%		84.3	%		77.4	%		93.9	%		97.7	%		87.0	%		83.3	%

Premiums Written as a % of Total		5.0	%		5.1	%		20.6	%		20.3	%		6.7	%		6.3	%		32.3	%		31.7	%

Page 6 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2009 AND 2008
(DOLLARS IN MILLIONS)


													Commercial						Commercial
	Commercial						Commercial						Workers’						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2009			2008			2009			2008			2009			2008			2009			2008			2009			2008
Net Premiums Written	$	561		$	607		$	815		$	896		$	424		$	461		$	673		$	677		$	2,473		$	2,641
Decrease (Increase) in Unearned Premiums		21			21			(25	)		(32	)		(15	)		(21	)		(61	)		(61	)		(80	)		(93	)

Net Premiums Earned		582			628			790			864			409			440			612			616			2,393			2,548

Net Losses Paid		273			284			398			392			192			198			365			294			1,228			1,168
Increase (Decrease) in Outstanding Losses		(6	)		(12	)		153			164			71			43			(45	)		156			173			351

Net Losses Incurred		267			272			551			556			263			241			320			450			1,401			1,519

Expenses Incurred		207			216			228			249			97			103			228			232			760			800
Dividends Incurred		—			—			—			—			11			17			—			—			11			17

Statutory Underwriting Income (Loss)	$	108		$	140		$	11		$	59		$	38		$	79		$	64		$	(66	)	$	221		$	212

Ratios After Dividends to Policyholders:
Loss		45.9	%		43.3	%		69.7	%		64.3	%		66.1	%		57.0	%		52.3	%		73.0	%		58.8	%		60.0	%
Expense		36.9			35.6			28.0			27.8			23.5			23.2			33.9			34.3			30.9			30.5

Combined		82.8	%		78.9	%		97.7	%		92.1	%		89.6	%		80.2	%		86.2	%		107.3	%		89.7	%		90.5	%

Premiums Written as a % of Total		10.0	%		10.1	%		14.6	%		15.0	%		7.6	%		7.7	%		12.0	%		11.3	%		44.2	%		44.1	%

Page 7 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2009 AND 2008
(DOLLARS IN MILLIONS)


	Professional												Total
	Liability						Surety						Specialty
	2009			2008			2009			2008			2009			2008
Net Premiums Written	$	1,137		$	1,230		$	162		$	184		$	1,299		$	1,414
Decrease (Increase) in Unearned Premiums		98			88			9			(14	)		107			74

Net Premiums Earned		1,235			1,318			171			170			1,406			1,488

Net Losses Paid		677			705			14			26			691			731
Increase (Decrease) in Outstanding Losses		111			58			(8	)		58			103			116

Net Losses Incurred		788			763			6			84			794			847

Expenses Incurred		305			319			55			58			360			377
Dividends Incurred		—			—			4			1			4			1

Statutory Underwriting Income (Loss)	$	142		$	236		$	106		$	27		$	248		$	263

Ratios After Dividends to Policyholders:
Loss		63.8	%		57.9	%		3.6	%		49.7	%		56.6	%		56.9	%
Expense		26.8			25.9			34.8			31.7			27.8			26.7

Combined		90.6	%		83.8	%		38.4	%		81.4	%		84.4	%		83.6	%

Premiums Written as a % of Total		20.4	%		20.5	%		2.9	%		3.1	%		23.3	%		23.6	%

Page 8 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2009 AND 2008
(DOLLARS IN MILLIONS)


	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2009			2008			2009			2008			2009			2008
Net Premiums Written	$	5,576		$	5,947		$	13		$	36		$	5,589		$	5,983
Decrease (Increase) in Unearned Premiums		47			(24	)		18			3			65			(21	)

Net Premiums Earned		5,623			5,923			31			39			5,654			5,962

Net Losses Paid		2,932			2,829			84			84			3,016			2,913
Increase (Decrease) in Outstanding Losses		269			506			(98	)		(86	)		171			420

Net Losses Incurred		3,201			3,335			(14	)		(2	)		3,187			3,333

Expenses Incurred		1,695			1,781			5			17			1,700			1,798
Dividends Incurred		15			18			—			—			15			18

Statutory Underwriting Income (Loss)	$	712		$	789		$	40		$	24			752			813

Increase in Deferred Acquisition Costs														20			36

GAAP Underwriting Income													$	772		$	849

Ratios After Dividends to Policyholders:
Loss		57.1	%		56.5	%		*	%		*	%		56.5	%		56.1	%
Expense		30.5			30.0			*			*			30.5			30.1

Combined		87.6	%		86.5	%		*	%		*	%		87.0	%		86.2	%

Premiums Written as a % of Total		99.8	%		99.4	%		0.2	%		0.6	%		100.0	%		100.0	%


*		Combined, loss and expense ratios are no longer presented for Reinsurance Assumed since this business is in run-off.

Page 9 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2009 AND 2008
(DOLLARS IN MILLIONS)


							Outside
							the						Worldwide
	United States						United States						Total
	2009			2008			2009			2008			2009			2008
Net Premiums Written	$	4,266		$	4,479		$	1,323		$	1,504		$	5,589		$	5,983
Decrease (Increase) in Unearned Premiums		142			43			(77	)		(64	)		65			(21	)

Net Premiums Earned		4,408			4,522			1,246			1,440			5,654			5,962

Net Losses Paid		2,486			2,305			530			608			3,016			2,913
Increase (Decrease) in Outstanding Losses		(5	)		340			176			80			171			420

Net Losses Incurred		2,481			2,645			706			688			3,187			3,333

Expenses Incurred		1,231			1,262			469			536			1,700			1,798
Dividends Incurred		15			18			—			—			15			18

Statutory Underwriting Income (Loss)	$	681		$	597		$	71		$	216			752			813

Increase in Deferred Acquisition Costs														20			36

GAAP Underwriting Income													$	772		$	849

Ratios After Dividends to Policyholders:
Loss		56.5	%		58.7	%		56.7	%		47.8	%		56.5	%		56.1	%
Expense		29.0			28.3			35.4			35.6			30.5			30.1

Combined		85.5	%		87.0	%		92.1	%		83.4	%		87.0	%		86.2	%

Premiums Written as a % of Total		76.3	%		74.9	%		23.7	%		25.1	%		100.0	%		100.0	%

Page 10 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED JUNE 30, 2009 AND 2008
(DOLLARS IN MILLIONS)


	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2009			2008			2009			2008			2009			2008			2009			2008
Net Premiums Written	$	147		$	161		$	637		$	674		$	177		$	180		$	961		$	1,015
Decrease (Increase) in Unearned Premiums		(5	)		(6	)		(45	)		(61	)		6			(1	)		(44	)		(68	)

Net Premiums Earned		142			155			592			613			183			179			917			947

Net Losses Paid		82			87			303			279			94			109			479			475
Increase (Decrease) in Outstanding Losses		6			4			(12	)		(9	)		14			12			8			7

Net Losses Incurred		88			91			291			270			108			121			487			482

Expenses Incurred		42			45			201			209			56			61			299			315
Dividends Incurred		—			—			—			—			—			—			—			—

Statutory Underwriting Income (Loss)	$	12		$	19		$	100		$	134		$	19		$	(3	)	$	131		$	150

Ratios After Dividends to Policyholders:
Loss		62.0	%		58.7	%		49.2	%		44.1	%		59.0	%		67.6	%		53.1	%		50.9	%
Expense		28.5			28.0			31.5			31.0			31.7			33.9			31.1			31.0

Combined		90.5	%		86.7	%		80.7	%		75.1	%		90.7	%		101.5	%		84.2	%		81.9	%

Premiums Written as a % of Total		5.2	%		5.3	%		22.3	%		22.1	%		6.2	%		5.9	%		33.7	%		33.3	%

Page 11 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED JUNE 30, 2009 AND 2008
(DOLLARS IN MILLIONS)


													Commercial						Commercial
	Commercial						Commercial						Workers’						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2009			2008			2009			2008			2009			2008			2009			2008			2009			2008
Net Premiums Written	$	292		$	312		$	406		$	436		$	188		$	213		$	327		$	340		$	1,213		$	1,301
Decrease (Increase) in Unearned Premiums		(3	)		(2	)		(13	)		(7	)		15			10			(17	)		(20	)		(18	)		(19	)

Net Premiums Earned		289			310			393			429			203			223			310			320			1,195			1,282

Net Losses Paid		122			144			202			230			103			99			183			140			610			613
Increase (Decrease) in Outstanding Losses		4			(7	)		52			46			29			15			(6	)		138			79			192

Net Losses Incurred		126			137			254			276			132			114			177			278			689			805

Expenses Incurred		106			110			114			120			46			50			112			114			378			394
Dividends Incurred		—			—			—			—			5			9			—			—			5			9

Statutory Underwriting Income (Loss)	$	57		$	63		$	25		$	33		$	20		$	50		$	21		$	(72	)	$	123		$	74

Ratios After Dividends to Policyholders:
Loss		43.6	%		44.2	%		64.6	%		64.4	%		66.7	%		53.3	%		57.1	%		86.9	%		57.9	%		63.2	%
Expense		36.3			35.3			28.1			27.5			25.1			24.5			34.3			33.5			31.3			30.5

Combined		79.9	%		79.5	%		92.7	%		91.9	%		91.8	%		77.8	%		91.4	%		120.4	%		89.2	%		93.7	%

Premiums Written as a % of Total		10.3	%		10.2	%		14.3	%		14.3	%		6.6	%		7.0	%		11.5	%		11.2	%		42.7	%		42.7	%

Page 12 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED JUNE 30, 2009 AND 2008
(DOLLARS IN MILLIONS)


	Professional												Total
	Liability						Surety						Specialty
	2009			2008			2009			2008			2009			2008
Net Premiums Written	$	584		$	626		$	85		$	85		$	669		$	711
Decrease (Increase) in Unearned Premiums		34			24			2			3			36			27

Net Premiums Earned		618			650			87			88			705			738

Net Losses Paid		370			343			6			14			376			357
Increase (Decrease) in Outstanding Losses		29			39			(3	)		69			26			108

Net Losses Incurred		399			382			3			83			402			465

Expenses Incurred		149			158			29			29			178			187
Dividends Incurred		—			—			2			—			2			—

Statutory Underwriting Income (Loss)	$	70		$	110		$	53		$	(24	)	$	123		$	86

Ratios After Dividends to Policyholders:
Loss		64.6	%		58.8	%		3.5	%		94.3	%		57.2	%		63.0	%
Expense		25.5			25.2			35.0			34.1			26.7			26.3

Combined		90.1	%		84.0	%		38.5	%		128.4	%		83.9	%		89.3	%

Premiums Written as a % of Total		20.5	%		20.5	%		3.0	%		2.8	%		23.5	%		23.3	%

Page 13 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED JUNE 30, 2009 AND 2008
(DOLLARS IN MILLIONS)


	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2009			2008			2009			2008			2009			2008
Net Premiums Written	$	2,843		$	3,027		$	3		$	20		$	2,846		$	3,047
Decrease (Increase) in Unearned Premiums		(26	)		(60	)		8			(1	)		(18	)		(61	)

Net Premiums Earned		2,817			2,967			11			19			2,828			2,986

Net Losses Paid		1,465			1,445			42			52			1,507			1,497
Increase (Decrease) in Outstanding Losses		113			307			(48	)		(55	)		65			252

Net Losses Incurred		1,578			1,752			(6	)		(3	)		1,572			1,749

Expenses Incurred		855			896			2			8			857			904
Dividends Incurred		7			9			—			—			7			9

Statutory Underwriting Income (Loss)	$	377		$	310		$	15		$	14			392			324

Increase in Deferred Acquisition Costs														4			23

GAAP Underwriting Income													$	396		$	347

Ratios After Dividends to Policyholders:
Loss		56.2	%		59.2	%		*	%		*	%		55.7	%		58.7	%
Expense		30.1			29.7			*			*			30.2			29.8

Combined		86.3	%		88.9	%		*	%		*	%		85.9	%		88.5	%

Premiums Written as a % of Total		99.9	%		99.3	%		0.1	%		0.7	%		100.0	%		100.0	%


*		Combined, loss and expense ratios are no longer presented for Reinsurance Assumed since this business is in run-off.

Page 14 of 17

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED JUNE 30, 2009 AND 2008
(DOLLARS IN MILLIONS)


							Outside
							the						Worldwide
	United States						United States						Total
	2009			2008			2009			2008			2009			2008
Net Premiums Written	$	2,229		$	2,344		$	617		$	703		$	2,846		$	3,047
Decrease (Increase) in Unearned Premiums		(48	)		(89	)		30			28			(18	)		(61	)

Net Premiums Earned		2,181			2,255			647			731			2,828			2,986

Net Losses Paid		1,238			1,165			269			332			1,507			1,497
Increase (Decrease) in Outstanding Losses		(34	)		230			99			22			65			252

Net Losses Incurred		1,204			1,395			368			354			1,572			1,749

Expenses Incurred		631			648			226			256			857			904
Dividends Incurred		7			9			—			—			7			9

Statutory Underwriting Income (Loss)	$	339		$	203		$	53		$	121			392			324

Increase in Deferred Acquisition Costs														4			23

GAAP Underwriting Income													$	396		$	347

Ratios After Dividends to Policyholders:
Loss		55.4	%		62.1	%		56.9	%		48.4	%		55.7	%		58.7	%
Expense		28.4			27.8			36.6			36.4			30.2			29.8

Combined		83.8	%		89.9	%		93.5	%		84.8	%		85.9	%		88.5	%

Premiums Written as a % of Total		78.3	%		76.9	%		21.7	%		23.1	%		100.0	%		100.0	%

Page 15 of 17

THE CHUBB CORPORATION

Definitions of Key Terms

Underwriting Income (Loss)

Management evaluates underwriting results separately from investment results. The underwriting operations consist of four separate business units: personal insurance, commercial insurance, specialty insurance and reinsurance assumed. Performance of the business units is measured based on statutory underwriting results. Statutory accounting principles applicable to property and casualty insurance companies differ in certain respects from generally accepted accounting principles (GAAP). Under statutory accounting principles, policy acquisition and other underwriting expenses are recognized immediately, not at the time premiums are earned. Statutory underwriting income (loss) is arrived at by reducing premiums earned by losses and loss expenses incurred and statutory underwriting expenses incurred.

Management uses underwriting results determined in accordance with GAAP, among other measures, to assess the overall performance of the underwriting operations. To convert statutory underwriting results to a GAAP basis, policy acquisition expenses are deferred and amortized over the period in which the related premiums are earned. Underwriting income (loss) determined in accordance with GAAP is defined as premiums earned less losses and loss expenses incurred and GAAP underwriting expenses incurred.

Property and Casualty Investment Income After Income Tax

Management uses property and casualty investment income after income tax, a non-GAAP financial measure, to evaluate its investment performance because it reflects the impact of any change in the proportion of the investment portfolio invested in tax exempt securities and is therefore more meaningful for analysis purposes than investment income before income taxes.

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

Book value per common share represents the portion of consolidated shareholders’ equity attributable to one share of common stock outstanding as of the balance sheet date. Consolidated shareholders’ equity includes, as part of accumulated other comprehensive income (loss), the after-tax appreciation or depreciation, including unrealized other-than-temporary impairment losses, of the Corporation’s available-for-sale fixed maturities, which are carried at fair value. The appreciation or depreciation of available-for-sale fixed maturities is subject to fluctuation due to changes in interest rates and therefore could distort the analysis of trends. Management believes that book value per common share with available-for-sale fixed maturities at amortized cost, a non-GAAP financial measure, is an important measure of the underlying equity attributable to one share of common stock.

Combined Loss and Expense Ratio or Combined Ratio

The combined loss and expense ratio, expressed as a percentage, is the key measure of underwriting profitability. Management uses the combined loss and expense ratio calculated in accordance with statutory accounting principles applicable to property and casualty insurance companies to evaluate the performance of the underwriting operations. It is the sum of the ratio of losses and loss expenses to premiums earned (loss ratio) plus the ratio of statutory underwriting expenses to premiums written (expense ratio) after reducing both premium amounts by dividends to policyholders.

Page 16 of 17

THE CHUBB CORPORATION

Definitions of Key Terms

Operating Income

Operating income, a non-GAAP financial measure, is net income excluding after-tax realized investment gains and losses. Management uses operating income, among other measures, to evaluate its performance because the realization of investment gains and losses in any given period is largely discretionary as to timing and can fluctuate significantly, which could distort the analysis of trends.

Return on Equity and Operating Return on Equity

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

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


	Periods Ended June 30
	Second Quarter						Six Months
	2009			2008			2009			2008
	(dollars in millions)
Annualized Net Income	$	2,204		$	1,876		$	1,784		$	2,266
Average Shareholders’ Equity	$	14,154		$	14,240		$	13,913		$	14,308

Return on Equity		15.6	%		13.2	%		12.8	%		15.8	%

Annualized Operating Income	$	2,132		$	2,072		$	2,094		$	2,276
Average Shareholders’ Equity Excluding Unrealized Appreciation or Depreciation	$	13,896		$	14,020		$	13,789		$	13,986

Operating Return on Equity		15.3	%		14.8	%		15.2	%		16.3	%

Page 17 of 17