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

Exhibit 99.2

The
Chubb
Corporation Reclassification of
Property and Casualty
Underwriting Results For the Three Months Ended
September 30, 2004

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 with the first quarter of 2005, the reporting format for property and casualty underwriting results by line of business has been changed to more closely reflect the way the business is now managed. The new reporting format provides additional clarity in that all Professional Liability business is now reported in one line within Chubb Specialty Insurance, all commercial business is now reported in Chubb Commercial Insurance and Reinsurance Assumed (Chubb Re) is now reported as a separate business unit. For additional information, see the first quarter 2005 earnings release.

Property and casualty underwriting results for the third quarter of 2004 presented herein have been reclassified to conform to the new reporting format.

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 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.

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.

THE CHUBB CORPORATION — WORLDWIDE
RECLASSIFICATION OF PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Personal								Other				Total
	Automobile				Homeowners				Personal				Personal
	2005	2004			2005	2004			2005	2004			2005	2004
Net Premiums Written		$	163.7			$	525.5			$	122.9			$	812.1
Increase (Decrease) in Unearned Premiums			10.1				59.2				(9.0	)			60.3
Net Premiums Earned			153.6				466.3				131.9				751.8
Net Losses Paid			89.8				249.1				73.7				412.6
Increase in Outstanding Losses			11.5				78.1				22.1				111.7
Net Losses Incurred			101.3				327.2				95.8				524.3
Expenses Incurred			43.4				167.5				39.4				250.3
Dividends Incurred			0.0				0.0				0.0				0.0
Statutory Underwriting Income (Loss)		$	8.9			$	(28.4	)		$	(3.3	)		$	(22.8	)
Ratios After Dividends to Policyholders:
Loss			66.0	%			70.1	%			72.6	%			69.8	%
Expense			26.5				31.9				32.1				30.8
Combined			92.5	%			102.0	%			104.7	%			100.6	%
Premiums Written as a % of Total			5.4	%			17.4	%			4.0	%			26.8	%

The Property and Casualty underwriting results for 2004 reflect certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

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THE CHUBB CORPORATION — WORLDWIDE
RECLASSIFICATION OF PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
(MILLIONS OF DOLLARS)

									Commercial				Commercial
	Commercial				Commercial				Workers’				Property				Total
	Multiple Peril				Casualty				Compensation				and Marine				Commercial
	2005	2004			2005	2004			2005	2004			2005	2004			2005	2004
Net Premiums Written		$	317.5			$	407.1			$	213.2			$	256.3			$	1,194.1
Increase (Decrease) in Unearned Premiums			4.0				(5.3	)			(3.6	)			(12.9	)			(17.8	)
Net Premiums Earned			313.5				412.4				216.8				269.2				1,211.9
Net Losses Paid			113.2				141.2				73.6				99.5				427.5
Increase in Outstanding Losses			25.9				116.0				61.1				8.3				211.3
Net Losses Incurred			139.1				257.2				134.7				107.8				638.8
Expenses Incurred			109.9				106.3				49.3				89.8				355.3
Dividends Incurred			0.0				0.0				5.9				0.0				5.9
Statutory Underwriting Income (Loss)		$	64.5			$	48.9			$	26.9			$	71.6			$	211.9
Ratios After Dividends to Policyholders:
Loss			44.4	%			62.4	%			63.9	%			40.1	%			53.0	%
Expense			34.6				26.1				23.8				35.0				29.9
Combined			79.0	%			88.5	%			87.7	%			75.1	%			82.9	%
Premiums Written as a % of Total			10.5	%			13.5	%			7.0	%			8.5	%			39.5	%

The Property and Casualty underwriting results for 2004 reflect certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

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THE CHUBB CORPORATION — WORLDWIDE
RECLASSIFICATION OF PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Professional								Total
	Liability				Surety				Specialty
	2005	2004			2005	2004			2005	2004
Net Premiums Written		$	659.3			$	60.4			$	719.7
Increase (Decrease) in Unearned Premiums			21.9				(0.6	)			21.3
Net Premiums Earned			637.4				61.0				698.4
Net Losses Paid			256.5				(6.7	)			249.8
Increase in Outstanding Losses			245.3				39.7				285.0
Net Losses Incurred			501.8				33.0				534.8
Expenses Incurred			157.8				26.5				184.3
Dividends Incurred			0.0				1.4				1.4
Statutory Underwriting Income (Loss)		$	(22.2	)		$	0.1			$	(22.1	)
Ratios After Dividends to Policyholders:
Loss			78.8	%			55.4	%			76.7	%
Expense			23.9				44.9				25.7
Combined			102.7	%			100.3	%			102.4	%
Premiums Written as a % of Total			21.8	%			2.0	%			23.8	%

The Property and Casualty underwriting results for 2004 reflect certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

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THE CHUBB CORPORATION — WORLDWIDE
RECLASSIFICATION OF PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Total				Reinsurance				Worldwide
	Insurance				Assumed				Total
	2005	2004			2005	2004			2005	2004
Net Premiums Written		$	2,725.9			$	299.8			$	3,025.7
Increase (Decrease) in Unearned Premiums			63.8				6.9				70.7
Net Premiums Earned			2,662.1				292.9				2,955.0
Net Losses Paid			1,089.9				85.7				1,175.6
Increase in Outstanding Losses			608.0				98.2				706.2
Net Losses Incurred			1,697.9				183.9				1,881.8
Expenses Incurred			789.9				98.2				888.1
Dividends Incurred			7.3				0.0				7.3
Statutory Underwriting Income (Loss)		$	167.0			$	10.8				177.8
Increase in Deferred Acquisition Costs											15.6
GAAP Underwriting Income										$	193.4
Ratios After Dividends to Policyholders:
Loss			64.0	%			62.8	%			63.9	%
Expense			29.0				32.8				29.4
Combined			93.0	%			95.6	%			93.3	%
Premiums Written as a % of Total			90.1	%			9.9	%			100.0	%

The Property and Casualty underwriting results for 2004 reflect certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

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THE CHUBB CORPORATION — WORLDWIDE
RECLASSIFICATION OF PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
(MILLIONS OF DOLLARS)

									Worldwide
	United States				Foreign				Total
	2005	2004			2005	2004			2005	2004
Net Premiums Written		$	2,550.0			$	475.7			$	3,025.7
Increase (Decrease) in Unearned Premiums			132.9				(62.2	)			70.7
Net Premiums Earned			2,417.1				537.9				2,955.0
Net Losses Paid			1,006.8				168.8				1,175.6
Increase in Outstanding Losses			552.2				154.0				706.2
Net Losses Incurred			1,559.0				322.8				1,881.8
Expenses Incurred			726.8				161.3				888.1
Dividends Incurred			7.3				0.0				7.3
Statutory Underwriting Income (Loss)		$	124.0			$	53.8				177.8
Increase in Deferred Acquisition Costs											15.6
GAAP Underwriting Income										$	193.4
Ratios After Dividends to Policyholders:
Loss			64.7	%			60.0	%			63.9	%
Expense			28.6				33.9				29.4
Combined			93.3	%			93.9	%			93.3	%
Premiums Written as a % of Total			84.3	%			15.7	%			100.0	%

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