Chubb (CHB) 8-K Results of Operations and Financial Condition

Exhibit 99.2

The	Supplementary	December 31, 2004
Chubb	Investor
Corporation	Information

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

THE CHUBB CORPORATION
SUPPLEMENTARY INVESTOR INFORMATION
TABLE OF CONTENTS
DECEMBER 31, 2004

	Page
The Chubb Corporation:
Consolidated Balance Sheet Highlights		1
Summary of Invested Assets:
Corporate		2
Property and Casualty		2
Investment Income After Taxes:
Corporate		3
Property and Casualty		3
Property and Casualty Insurance Group:
Statutory Policyholders’ Surplus		3
Change in Net Unpaid Losses		4
Underwriting Results — Year-to-Date		5-8
Underwriting Results — Quarterly		9-12
Definitions of Key Terms		13

THE CHUBB CORPORATION

CONSOLIDATED BALANCE SHEET HIGHLIGHTS
AS OF DECEMBER 31

	2004			2003
	(in millions)
Invested Assets(at carrying value)
Short Term Investments	$	1,307.5		$	2,695.9
Fixed Maturities
Tax Exempt		14,388.5			11,621.0
Taxable		13,620.8			10,790.7
Equity Securities		1,841.3			1,514.4
Total Invested Assets	$	31,158.1		$	26,622.0
Unrealized Appreciation of Fixed Maturities Carried at Amortized Cost	$	21.1		$	35.2
Capitalization
Long Term Debt	$	2,813.7		$	2,813.9
Shareholders’ Equity		10,126.4			8,522.0
Total Capitalization	$	12,940.1		$	11,335.9
DEBT AS A PERCENTAGE OF TOTAL CAPITALIZATION		21.7	%		24.8	%
Actual Common Shares Outstanding		192.7			188.0
Book Value Per Common Share	$	52.55		$	45.33
Book Value Per Common Share,with Available-for-Sale Fixed Maturities at Amortized Cost	$	49.83		$	42.21

Page 1 of 13

THE CHUBB CORPORATION

SUMMARY OF INVESTED ASSETS
AS OF DECEMBER 31

CORPORATE

	Cost or				Market				Carrying
	Amortized Cost				Value				Value
	2004		2003		2004		2003		2004		2003
	(in millions)
Short Term Investments	$	219.8	$	714.3	$	219.8	$	714.3	$	219.8	$	714.3
Taxable Fixed Maturities		1,098.5		433.1		1,108.7		436.4		1,108.7		436.4
Equity Securities		4.7		8.4		7.3		9.5		7.3		9.5
TOTAL	$	1,323.0	$	1,155.8	$	1,335.8	$	1,160.2	$	1,335.8	$	1,160.2

PROPERTY AND CASUALTY

	Cost or				Market				Carrying
	Amortized Cost				Value				Value
	2004		2003		2004		2003		2004		2003
	(in millions)
Short Term Investments	$	1,087.7	$	1,981.6	$	1,087.7	$	1,981.6	$	1,087.7	$	1,981.6
Fixed Maturities
Tax Exempt		13,839.8		10,976.7		14,409.6		11,656.2		14,388.5		11,621.0
Taxable		12,264.2		10,098.7		12,512.1		10,354.3		12,512.1		10,354.3
Common Stocks		1,645.7		1,333.3		1,791.3		1,458.2		1,791.3		1,458.2
Preferred Stocks		36.9		39.7		42.7		46.7		42.7		46.7
TOTAL	$	28,874.3	$	24,430.0	$	29,843.4	$	25,497.0	$	29,822.3	$	25,461.8

Page 2 of 13

THE CHUBB CORPORATION

INVESTMENT INCOME AFTER TAXES

	PERIODS ENDED DECEMBER 31
	FOURTH QUARTER						TWELVE MONTHS
	2004			2003			2004			2003
	(in millions)
CORPORATE INVESTMENT INCOME	$	8.0		$	8.1		$	30.8		$	20.3
PROPERTY AND CASUALTY INVESTMENT INCOME
(Amounts are shown net of applicable income taxes)
Dividends	$	13.9		$	10.2		$	40.1		$	30.1
Taxable Interest		97.9			91.7			370.6			344.8
Tax Exempt Interest		145.3			126.7			553.4			484.1
Investment Expenses		(3.6	)		(4.6	)		(14.8	)		(15.9	)
TOTAL	$	253.5		$	224.0		$	949.3		$	843.1
Effective Tax Rate		19.9	%		20.5	%		19.8	%		20.3	%
After Tax Annualized Yield		3.56	%		3.73	%		3.55	%		3.80	%

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 market value.

PROPERTY AND CASUALTY STATUTORY POLICYHOLDERS’ SURPLUS

	Dec. 31		Dec. 31		Dec. 31
	2004		2003		2002
	(in millions)
Estimated Statutory Policyholders’ Surplus	$	7,800	$	6,368	$	4,512
Rolling Year Statutory Net Premiums Written		12,005		11,071		9,034
Ratio of Statutory Net Premiums Written to Estimated Policyholders’ Surplus		1.54:1		1.74:1		2.00:1

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

Page 3 of 13

THE CHUBB CORPORATION

PROPERTY AND CASUALTY

CHANGE IN NET UNPAID LOSSES
TWELVE MONTHS ENDED DECEMBER 31, 2004

									All Other
	Net Unpaid Losses								Unpaid Losses
							IBNR		Increase
	12/31/04		12/31/03		Increase		Increase		(Decrease)
	(in millions)
PERSONAL INSURANCE
Automobile	$	378.4	$	342.6	$	35.8	$	12.9	$	22.9
Homeowners		648.3		564.2		84.1		37.5		46.6
Other		372.5		312.0		60.5		28.8		31.7
Total Personal		1,399.2		1,218.8		180.4		79.2		101.2
COMMERCIAL INSURANCE
Multiple Peril		1,303.9		1,248.2		55.7		153.7		(98.0	)
Casualty		4,157.6		3,922.6		235.0		197.8		37.2
Workers’ Compensation		1,110.0		890.9		219.1		167.4		51.7
Property and Marine		518.6		483.1		35.5		30.7		4.8
Total Commercial		7,090.1		6,544.8		545.3		549.6		(4.3	)
SPECIALTY INSURANCE
Executive Protection		4,780.6		3,995.0		785.6		579.0		206.6
Financial Institutions		2,074.8		1,720.4		354.4		216.8		137.6
Other		1,464.0		1,042.2		421.8		267.9		153.9
Total Specialty		8,319.4		6,757.6		1,561.8		1,063.7		498.1
TOTAL	$	16,808.7	$	14,521.2	$	2,287.5	$	1,692.5	$	595.0

Page 4 of 13

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2004 AND 2003
(MILLIONS OF DOLLARS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2004			2003			2004			2003			2004			2003			2004			2003
Net Premiums Written	$	629.1		$	590.0		$	1,635.3		$	1,485.4		$	565.9		$	514.9		$	2,830.3		$	2,590.3
Increase (Decrease) in Unearned Premiums		21.5			30.3			73.3			98.6			25.5			22.0			120.3			150.9
Net Premiums Earned		607.6			559.7			1,562.0			1,386.8			540.4			492.9			2,710.0			2,439.4
Net Losses Paid		368.2			354.2			905.9			892.4			218.3			193.7			1,492.4			1,440.3
Increase (Decrease) in Outstanding Losses		35.8			35.9			84.1			75.9			60.5			40.7			180.4			152.5
Net Losses Incurred		404.0			390.1			990.0			968.3			278.8			234.4			1,672.8			1,592.8
Expenses Incurred		168.9			172.2			537.7			513.6			173.4			166.0			880.0			851.8
Dividends Incurred		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Statutory Underwriting Income (Loss)	$	34.7		$	(2.6	)	$	34.3		$	(95.1	)	$	88.2		$	92.5		$	157.2		$	(5.2	)
Ratios After Dividends to Policyholders:
Loss		66.5	%		69.7	%		63.4	%		69.8	%		51.6	%		47.6	%		61.7	%		65.3	%
Expense		26.8			29.2			32.9			34.6			30.6			32.2			31.1			32.9
Combined		93.3	%		98.9	%		96.3	%		104.4	%		82.2	%		79.8	%		92.8	%		98.2	%
Premiums Written as a % of Total		5.2	%		5.3	%		13.6	%		13.4	%		4.7	%		4.7	%		23.5	%		23.4	%

Page 5 of 13

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2004 AND 2003
(MILLIONS OF DOLLARS)

	Commercial						Commercial						Workers’						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2004			2003			2004			2003			2004			2003			2004			2003			2004			2003
Net Premiums Written	$	1,191.4		$	1,088.6		$	1,552.1		$	1,362.1		$	741.5		$	625.9		$	1,078.5		$	1,032.4		$	4,563.5		$	4,109.0
Increase (Decrease) in Unearned Premiums		40.8			72.8			82.3			125.0			42.0			75.7			1.3			51.1			166.4			324.6
Net Premiums Earned		1,150.6			1,015.8			1,469.8			1,237.1			699.5			550.2			1,077.2			981.3			4,397.1			3,784.4
Net Losses Paid		453.7			516.8			714.8			583.0			254.1			234.9			393.7			415.9			1,816.3			1,750.6
Increase (Decrease) in Outstanding Losses		55.7			23.8			235.0			396.6			219.1			144.3			35.5			111.9			545.3			676.6
Net Losses Incurred		509.4			540.6			949.8			979.6			473.2			379.2			429.2			527.8			2,361.6			2,427.2
Expenses Incurred		401.2			397.6			420.3			391.9			168.4			149.1			366.6			352.5			1,356.5			1,291.1
Dividends Incurred		0.0			0.0			0.0			0.0			18.2			11.9			0.0			0.0			18.2			11.9
Statutory Underwriting Income (Loss)	$	240.0		$	77.6		$	99.7		$	(134.4	)	$	39.7		$	10.0		$	281.4		$	101.0		$	660.8		$	54.2
Ratios After Dividends to Policyholders:
Loss		44.3	%		53.2	%		64.6	%		79.2	%		69.4	%		70.4	%		39.8	%		53.8	%		53.9	%		64.4	%
Expense		33.6			36.5			27.1			28.8			23.3			24.3			34.0			34.1			29.9			31.5
Combined		77.9	%		89.7	%		91.7	%		108.0	%		92.7	%		94.7	%		73.8	%		87.9	%		83.8	%		95.9	%
Premiums Written as a % of Total		9.9	%		9.8	%		12.9	%		12.3	%		6.1	%		5.7	%		8.9	%		9.3	%		37.8	%		37.1	%

The Property and Casualty underwriting results for 2004 include the effect of net losses of $75.0 million related to asbestos claims. Excluding the effect of the asbestos losses, the combined loss and expense ratio was 75.3% for Multiple Peril, 88.6% for Casualty and 82.1% for Total Commercial.

The Property and Casualty underwriting results for 2003 include the effect of net losses of $250.0 million related to asbestos claims. Excluding the effect of the asbestos losses, the combined loss and expense ratio was 87.8% for Casualty and 89.2% for Total Commercial.

Page 6 of 13

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2004 AND 2003
(MILLIONS OF DOLLARS)

	Executive						Financial						Other						Total						Worldwide
	Protection						Institutions						Specialty						Specialty						Total
	2004			2003			2004			2003			2004			2003			2004			2003			2004			2003
Net Premiums Written	$	2,201.0		$	2,113.6		$	871.6		$	830.0		$	,1586.5		$	1,425.0		$	4,659.1		$	4,368.6		$	12,052.9		$	11,067.9
Increase (Decrease) in Unearned Premiums		64.3			162.8			33.1			44.3			33.1			202.8			130.5			409.9			417.2			885.4
Net Premiums Earned		2,136.7			1,950.8			838.5			785.7			1,553.4			1,222.2			4,528.6			3,958.7			11,635.7			10,182.5
Net Losses Paid		887.8			899.6			418.2			515.3			418.7			381.8			1,724.7			1,796.7			5,033.4			4,987.6
Increase (Decrease) in Outstanding Losses		785.6			659.7			354.4			139.9			421.8			250.9			1,561.8			1,050.5			2,287.5			1,879.6
Net Losses Incurred		1,673.4			1,559.3			772.6			655.2			840.5			632.7			3,286.5			2,847.2			7,320.9			6,867.2
Expenses Incurred		519.7			506.0			218.3			220.9			541.4			486.5			1,279.4			1,213.4			3,515.9			3,356.3
Dividends Incurred		0.0			0.0			7.7			7.1			3.5			3.8			11.2			10.9			29.4			22.8
Statutory Underwriting Income (Loss)	$	(56.4	)	$	(114.5	)	$	(160.1	)	$	(97.5	)	$	168.0		$	99.2		$	(48.5	)	$	(112.8	)		769.5			(63.8	)
Increase in Deferred Acquisition Costs																										76.6			168.3
GAAP Underwriting Income																									$	846.1		$	104.5
Ratios After Dividends to Policyholders:
Loss		78.3	%		79.9	%		93.0	%		84.2	%		54.2	%		52.0	%		72.8	%		72.1	%		63.1	%		67.6	%
Expense		23.6			24.0			25.3			26.8			34.2			34.2			27.5			27.9			29.2			30.4
Combined		101.9	%		103.9	%		118.3	%		111.0	%		88.4	%		86.2	%		100.3	%		100.0	%		92.3	%		98.0	%
Premiums Written as a % of Total		18.3	%		19.1	%		7.2	%		7.5	%		13.2	%		12.9	%		38.7	%		39.5	%		100.0	%		100.0	%

The Property and Casualty underwriting results for 2004 include the effect of net losses of $75.0 million related to asbestos claims. Excluding the effect of the asbestos losses, the combined loss and expense ratio was 91.7% for Worldwide Total.

The Property and Casualty underwriting results for 2003 include the effect of net losses of $250.0 million related to asbestos claims. Excluding the effect of the asbestos losses, the combined loss and expense ratio was 95.5% for Worldwide Total.

Page 7 of 13

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2004 AND 2003
(MILLIONS OF DOLLARS)

													Worldwide
	United States						Foreign						Total
	2004			2003			2004			2003			2004			2003
Net Premiums Written	$	9,885.4		$	9,134.4		$	2,167.5		$	1,933.5		$	12,052.9		$	11,067.9
Increase (Decrease) in Unearned Premiums		353.7			780.1			63.5			105.3			417.2			885.4
Net Premiums Earned		9,531.7			8,354.3			2,104.0			1,828.2			11,635.7			10,182.5
Net Losses Paid		4,481.3			4,580.4			552.1			407.2			5,033.4			4,987.6
Increase (Decrease) in Outstanding Losses		1,565.2			1,236.0			722.3			643.6			2,287.5			1,879.6
Net Losses Incurred		6,046.5			5,816.4			1,274.4			1,050.8			7,320.9			6,867.2
Expenses Incurred		2,795.7			2,685.8			720.2			670.5			3,515.9			3,356.3
Dividends Incurred		29.4			22.8			0.0			0.0			29.4			22.8
Statutory Underwriting Income (Loss)	$	660.1		$	(170.7	)	$	109.4		$	106.9			769.5			(63.8	)
Increase in Deferred Acquisition Costs														76.6			168.3
GAAP Underwriting Income													$	846.1		$	104.5
Ratios After Dividends to Policyholders:
Loss		63.6	%		69.8	%		60.6	%		57.5	%		63.1	%		67.6	%
Expense		28.4			29.5			33.2			34.7			29.2			30.4
Combined		92.0	%		99.3	%		93.8	%		92.2	%		92.3	%		98.0	%
Premiums Written as a % of Total		82.0	%		82.5	%		18.0	%		17.5	%		100.0	%		100.0	%

Page 8 of 13

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2004 AND 2003
(MILLIONS OF DOLLARS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2004			2003			2004			2003			2004			2003			2004			2003
Net Premiums Written	$	155.0		$	146.4		$	417.7		$	371.2		$	140.2		$	123.5		$	712.9		$	641.1
Increase (Decrease) in Unearned Premiums		0.6			1.9			10.4			5.0			(0.1	)		(1.2	)		10.9			5.7
Net Premiums Earned		154.4			144.5			407.3			366.2			140.3			124.7			702.0			635.4
Net Losses Paid		98.2			92.5			234.6			238.9			63.7			48.2			396.5			379.6
Increase (Decrease) in Outstanding Losses		2.0			9.3			(58.8	)		(5.5	)		7.3			17.5			(49.5	)		21.3
Net Losses Incurred		100.2			101.8			175.8			233.4			71.0			65.7			347.0			400.9
Expenses Incurred		40.3			41.7			137.0			128.4			43.9			41.0			221.2			211.1
Dividends Incurred		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Statutory Underwriting Income (Loss)	$	13.9		$	1.0		$	94.5		$	4.4		$	25.4		$	18.0		$	133.8		$	23.4
Ratios After Dividends to Policyholders:
Loss		64.9	%		70.4	%		43.2	%		63.7	%		50.6	%		52.7	%		49.5	%		63.1	%
Expense		26.0			28.5			32.8			34.6			31.3			33.2			31.0			32.9
Combined		90.9	%		98.9	%		76.0	%		98.3	%		81.9	%		85.9	%		80.5	%		96.0	%
Premiums Written as a % of Total		4.9	%		5.0	%		13.6	%		12.7	%		4.6	%		4.2	%		23.1	%		21.9	%

Page 9 of 13

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2004 AND 2003
(MILLIONS OF DOLLARS)

	Commercial						Commercial						Workers'						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2004			2003			2004			2003			2004			2003			2004			2003			2004			2003
Net Premiums Written	$	312.0		$	279.2		$	382.1		$	352.1		$	168.3		$	150.0		$	261.7		$	266.3		$	1,124.1		$	1,047.6
Increase (Decrease) in Unearned Premiums		8.9			19.5			1.0			15.9			(12.2	)		1.6			(9.9	)		12.4			(12.2	)		49.4
Net Premiums Earned		303.1			259.7			381.1			336.2			180.5			148.4			271.6			253.9			1,136.3			998.2
Net Losses Paid		115.3			115.2			146.1			168.2			60.5			56.8			93.2			84.3			415.1			424.5
Increase (Decrease) in Outstanding Losses		34.8			18.4			150.8			273.2			65.1			55.5			34.4			43.0			285.1			390.1
Net Losses Incurred		150.1			133.6			296.9			441.4			125.6			112.3			127.6			127.3			700.2			814.6
Expenses Incurred		99.4			102.1			101.8			99.6			39.5			36.7			80.6			90.3			321.3			328.7
Dividends Incurred		0.0			0.0			0.0			0.0			4.8			2.2			0.0			0.0			4.8			2.2
Statutory Underwriting Income (Loss)	$	53.6		$	24.0		$	(17.6	)	$	(204.8	)	$	10.6		$	(2.8	)	$	63.4		$	36.3		$	110.0		$	(147.3	)
Ratios After Dividends to Policyholders:
Loss		49.5	%		51.4	%		77.9	%		131.3	%		71.5	%		76.8	%		47.0	%		50.2	%		61.9	%		81.8	%
Expense		31.9			36.6			26.7			28.3			24.2			24.8			30.8			33.9			28.7			31.4
Combined		81.4	%		88.0	%		104.6	%		159.6	%		95.7	%		101.6	%		77.8	%		84.1	%		90.6	%		113.2	%
Premiums Written as a % of Total		10.1	%		9.5	%		12.4	%		12.0	%		5.5	%		5.1	%		8.5	%	��	9.1	%		36.5	%		35.7	%

The Property and Casualty underwriting results for the fourth quarter of 2004 include the effect of net losses of $75.0 million related to asbestos claims. Excluding the effect of the asbestos losses, the combined loss and expense ratio was 71.5% for Multiple Peril, 92.7% for Casualty and 84.0% for Total Commercial.

The Property and Casualty underwriting results for the fourth quarter of 2003 include the effect of net losses of $250.0 million related to asbestos claims. Excluding the effect of the asbestos losses, the combined loss and expense ratio was 85.2% for Casualty and 88.1% for Total Commercial.

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THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2004 AND 2003
(MILLIONS OF DOLLARS)

	Executive						Financial						Other						Total						Worldwide
	Protection						Institutions						Specialty						Specialty						Total
	2004			2003			2004			2003			2004			2003			2004			2003			2004			2003
Net Premiums Written	$	590.7		$	587.6		$	231.9		$	226.6		$	420.6		$	427.5		$	1,243.2		$	1,241.7		$	3,080.2		$	2,930.4
Increase (Decrease) in Unearned Premiums		47.5			73.4			10.1			18.8			(1.2	)		67.2			56.4			159.4			55.1			214.5
Net Premiums Earned		543.2			514.2			221.8			207.8			421.8			360.3			1,186.8			1,082.3			3,025.1			2,715.9
Net Losses Paid		139.3			240.8			173.6			117.7			125.4			116.1			438.3			474.6			1,249.9			1,278.7
Increase (Decrease) in Outstanding Losses		317.4			184.0			(4.8	)		56.1			94.5			87.0			407.1			327.1			642.7			738.5
Net Losses Incurred		456.7			424.8			168.8			173.8			219.9			203.1			845.4			801.7			1,892.6			2,017.2
Expenses Incurred		120.4			124.7			52.3			57.2			142.0			144.3			314.7			326.2			857.2			866.0
Dividends Incurred		0.0			0.0			1.8			1.5			1.0			1.1			2.8			2.6			7.6			4.8
Statutory Underwriting Income (Loss)	$	(33.9	)	$	(35.3	)	$	(1.1	)	$	(24.7	)	$	58.9		$	11.8		$	23.9		$	(48.2	)		267.7			(172.1	)
Increase in Deferred Acquisition Costs																										11.6			34.6
GAAP Underwriting Income (Loss)																									$	279.3		$	(137.5	)
Ratios After Dividends to Policyholders:
Loss		84.1	%		82.6	%		76.8	%		84.3	%		52.3	%		56.6	%		71.4	%		74.3	%		62.7	%		74.4	%
Expense		20.4			21.2			22.7			25.4			33.8			33.8			25.4			26.3			27.9			29.6
Combined		104.5	%		103.8	%		99.5	%		109.7	%		86.1	%		90.4	%		96.8	%		100.6	%		90.6	%		104.0	%
Premiums Written as a % of Total		19.2	%		20.1	%		7.5	%		7.7	%		13.7	%		14.6	%		40.4	%		42.4	%		100.0	%		100.0	%

The Property and Casualty underwriting results for the fourth quarter of 2004 include the effect of net losses of $75.0 million related to asbestos claims. Excluding the effect of the asbestos losses, the combined loss and expense ratio was 88.1% for Worldwide Total.

The Property and Casualty underwriting results for the fourth quarter of 2003 include the effect of net losses of $250.0 million related to asbestos claims. Excluding the effect of the asbestos losses, the combined loss and expense ratio was 94.8% for Worldwide Total.

Page 11 of 13

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2004 AND 2003
(MILLIONS OF DOLLARS)

													Worldwide
	United States						Foreign						Total
	2004			2003			2004			2003			2004			2003
Net Premiums Written	$	2,509.2		$	2,399.2		$	571.0		$	531.2		$	3,080.2		$	2,930.4
Increase (Decrease) in Unearned Premiums		32.8			176.5			22.3			38.0			55.1			214.5
Net Premiums Earned		2,476.4			2,222.7			548.7			493.2			3,025.1			2,715.9
Net Losses Paid		1,226.7			1,230.3			23.2			48.4			1,249.9			1,278.7
Increase (Decrease) in Outstanding Losses		302.7			487.4			340.0			251.1			642.7			738.5
Net Losses Incurred		1,529.4			1,717.7			363.2			299.5			1,892.6			2,017.2
Expenses Incurred		679.7			690.8			177.5			175.2			857.2			866.0
Dividends Incurred		7.6			4.8			0.0			0.0			7.6			4.8
Statutory Underwriting Income (Loss)	$	259.7		$	(190.6	)	$	8.0		$	18.5			267.7			(172.1	)
Increase in Deferred Acquisition Costs														11.6			34.6
GAAP Underwriting Income (Loss)													$	279.3		$	(137.5	)
Ratios After Dividends to Policyholders:
Loss		61.9	%		77.4	%		66.2	%		60.7	%		62.7	%		74.4	%
Expense		27.2			28.9			31.1			33.0			27.9			29.6
Combined		89.1	%		106.3	%		97.3	%		93.7	%		90.6	%		104.0	%
Premiums Written as a % of Total		81.5	%		81.9	%		18.5	%		18.1	%		100.0	%		100.0	%

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THE CHUBB CORPORATION

Definitions of Key Terms

Underwriting Income (Loss)
Management evaluates underwriting results separately from investment results. The underwriting operations consist of three separate business units: personal insurance, commercial insurance and specialty insurance. Performance of the business units is based on statutory underwriting results. Statutory accounting principles 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 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, the after-tax appreciation or depreciation on the Corporation’s available-for-sale fixed maturities, which are carried at market value. The appreciation or depreciation on 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 Ratio or Combined Loss and Expense 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.

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