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

The	Supplementary	December 31, 2005
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 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 fourth quarter of 2004 and the twelve months ended December 31, 2004 presented herein have been reclassified to conform to the new reporting format.

THE CHUBB CORPORATION
SUPPLEMENTARY INVESTOR INFORMATION
TABLE OF CONTENTS
DECEMBER 31, 2005

		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

CONSOLIDATED BALANCE SHEET HIGHLIGHTS
AS OF DECEMBER 31

	2005			2004
	(in millions)
Invested Assets(at carrying value)
Short Term Investments	$	1,898.5		$	1,307.5
Fixed Maturities
Tax Exempt		15,954.1			14,388.5
Taxable		14,568.4			13,620.8
Equity Securities		2,212.4			1,841.3
Total Invested Assets	$	34,633.4		$	31,158.1
Unrealized Appreciation of Fixed Maturities Carried at Amortized Cost	$	11.2		$	21.1
Capitalization
Long Term Debt	$	2,467.3		$	2,813.7
Shareholders’ Equity		12,407.0			10,126.4
Total Capitalization	$	14,874.3		$	12,940.1
DEBT AS A PERCENTAGE OF TOTAL CAPITALIZATION		16.6	%		21.7	%
Actual Common Shares Outstanding		209.0			192.7
Book Value Per Common Share	$	59.36		$	52.55
Book Value Per Common Share,with Available-for-Sale Fixed Maturities at Amortized Cost	$	58.26		$	49.83

Page 1 of 16

THE CHUBB CORPORATION

SHARE REPURCHASE ACTIVITY
QUARTER AND TWELVE MONTHS ENDED DECEMBER 31, 2005

(dollars in millions, except per share amounts)

Cost of Shares Repurchased	$	134.9
Average Cost Per Share	$	96.81
Shares Repurchased		1,393,900

In December 2005, the Board of Directors authorized the repurchase of up to 14,000,000 shares of the Corporation’s common stock. The authorization has no expiration date. This authorization replaces an existing authorization approved by the Board in July 1998 to purchase up to 12,500,000 shares, of which 3,287,100 shares had remained available for repurchase. As of December 31, 2005, 12,606,100 shares remained under the current share repurchase authorization.

Page 2 of 16

THE CHUBB CORPORATION

SUMMARY OF INVESTED ASSETS

AS OF DECEMBER 31

CORPORATE

	Cost or				Market				Carrying
	Amortized Cost				Value				Value
	2005		2004		2005		2004		2005		2004
	(in millions)
Short Term Investments	$	928.4	$	219.8	$	928.4	$	219.8	$	928.4	$	219.8
Taxable Fixed Maturities		1,356.0		1,098.5		1,338.2		1,108.7		1,338.2		1,108.7
Equity Securities		4.7		4.7		8.0		7.3		8.0		7.3
TOTAL	$	2,289.1	$	1,323.0	$	2,274.6	$	1,335.8	$	2,274.6	$	1,335.8

PROPERTY AND CASUALTY

	Cost or				Market				Carrying
	Amortized Cost				Value				Value
	2005		2004		2005		2004		2005		2004
	(in millions)
Short Term Investments	$	970.1	$	1,087.7	$	970.1	$	1,087.7	$	970.1	$	1,087.7
Fixed Maturities
Tax Exempt		15,653.1		13,839.8		15,965.3		14,409.6		15,954.1		14,388.5
Taxable		13,159.8		12,264.2		13,230.2		12,512.1		13,230.2		12,512.1
Common Stocks		2,031.2		1,645.7		2,148.6		1,791.3		2,148.6		1,791.3
Preferred Stocks		52.2		36.9		55.8		42.7		55.8		42.7
TOTAL	$	31,866.4	$	28,874.3	$	32,370.0	$	29,843.4	$	32,358.8	$	29,822.3

Page 3 of 16

THE CHUBB CORPORATION

INVESTMENT INCOME AFTER TAXES

	PERIODS ENDED DECEMBER 31
	FOURTH QUARTER						TWELVE MONTHS
	2005			2004			2005			2004
	(in millions)
CORPORATE INVESTMENT INCOME	$	12.0		$	8.0		$	41.3		$	30.8
PROPERTY AND CASUALTY INVESTMENT INCOME
(Amounts are shown net of applicable income taxes)
Dividends	$	9.7		$	13.9		$	40.3		$	40.1
Taxable Interest		109.0			97.9			415.2			370.6
Tax Exempt Interest		161.0			145.3			618.0			553.4
Investment Expenses		(4.2	)		(3.6	)		(17.6	)		(14.8	)
TOTAL	$	275.5		$	253.5		$	1,055.9		$	949.3
Effective Tax Rate		19.8	%		19.9	%		19.7	%		19.8	%
After Tax Annualized Yield		3.47	%		3.56	%		3.45	%		3.55	%

         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
AS OF DECEMBER 31

	2005		2004		2003
	(in millions)
Estimated Statutory Policyholders’ Surplus	$	8,900	$	7,848	$	6,368
Rolling Year Statutory Net Premiums Written		12,244		12,005		11,071
Ratio of Statutory Net Premiums Written to Estimated Policyholders’ Surplus		1.38:1		1.53:1		1.74:1

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

Page 4 of 16

THE CHUBB CORPORATION

PROPERTY AND CASUALTY

CHANGE IN NET UNPAID LOSSES
TWELVE MONTHS ENDED DECEMBER 31, 2005

	Net Unpaid Losses										All Other
								IBNR			Unpaid Losses
					Increase			Increase			Increase
	12/31/05		12/31/04		(Decrease)			(Decrease)			(Decrease)
					(in millions)
Personal Insurance
Automobile	$	418.0	$	378.4	$	39.6		$	19.6		$	20.0
Homeowners		696.5		679.6		16.9			4.8			12.1
Other		580.0		521.3		58.7			26.9			31.8
Total Personal		1,694.5		1,579.3		115.2			51.3			63.9
Commercial Insurance
Multiple Peril		1,596.0		1,469.8		126.2			67.9			58.3
Casualty		4,837.1		4,405.9		431.2			324.5			106.7
Workers’ Compensation		1,551.1		1,311.2		239.9			210.0			29.9
Property and Marine		755.1		617.3		137.8			(10.3	)		148.1
Total Commercial		8,739.3		7,804.2		935.1			592.1			343.0
Specialty Insurance
Professional Liability		6,776.6		6,188.2		588.4			618.7			(30.3	)
Surety		46.3		88.2		(41.9	)		.4			(42.3	)
Total Specialty		6,822.9		6,276.4		546.5			619.1			(72.6	)
Total Insurance		17,256.7		15,659.9		1,596.8			1,262.5			334.3
Reinsurance Assumed		1,455.8		1,148.8		307.0			247.7			59.3
Total	$	18,712.5	$	16,808.7	$	1,903.8		$	1,510.2		$	393.6

The net unpaid losses as of December 31, 2004 include certain reclassifications to conform with the 2005 presentation. The total net unpaid losses is not affected.

Page 5 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2005			2004			2005			2004			2005			2004			2005			2004
Net Premiums Written	$	644.5		$	629.1		$	2,104.4		$	1,950.9		$	557.6		$	535.5		$	3,306.5		$	3,115.5
Increase (Decrease) in Unearned Premiums		9.1			21.5			74.2			85.3			6.2			11.7			89.5			118.5
Net Premiums Earned		635.4			607.6			2,030.2			1,865.6			551.4			523.8			3,217.0			2,997.0
Net Losses Paid		397.7			368.2			1,002.3			1,004.4			306.7			280.0			1,706.7			1,652.6
Increase (Decrease) in Outstanding Losses		39.6			35.8			16.9			86.3			58.7			55.7			115.2			177.8
Net Losses Incurred		437.3			404.0			1,019.2			1,090.7			365.4			335.7			1,821.9			1,830.4
Expenses Incurred		170.6			168.9			652.9			640.0			167.0			170.6			990.5			979.5
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	27.5		$	34.7		$	358.1		$	134.9		$	19.0		$	17.5		$	404.6		$	187.1
Ratios After Dividends to Policyholders:
Loss		68.8	%		66.5	%		50.2	%		58.5	%		66.3	%		64.1	%		56.6	%		61.1	%
Expense		26.5			26.8			31.0			32.8			29.9			31.9			30.0			31.4
Combined		95.3	%		93.3	%		81.2	%		91.3	%		96.2	%		96.0	%		86.6	%		92.5	%
Premiums Written as a % of Total		5.2	%		5.2	%		17.1	%		16.2	%		4.5	%		4.5	%		26.8	%		25.9	%

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

Page 6 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 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	$	1,285.8		$	1,301.7		$	1,754.9		$	1,682.5		$	929.9		$	881.5		$	1,059.4		$	1,072.9		$	5,030.0		$	4,938.6
Increase (Decrease) in Unearned Premiums		(23.5	)		43.6			19.8			89.1			5.9			46.4			7.5			(6.7	)		9.7			172.4
Net Premiums Earned		1,309.3			1,258.1			1,735.1			1,593.4			924.0			835.1			1,051.9			1,079.6			5,020.3			4,766.2
Net Losses Paid		595.7			518.5			788.6			737.9			328.3			304.2			540.6			429.5			2,253.2			1,990.1
Increase (Decrease) in Outstanding Losses		126.2			23.9			431.2			269.6			239.9			244.8			137.8			(19.9	)		935.1			518.4
Net Losses Incurred		721.9			542.4			1,219.8			1,007.5			568.2			549.0			678.4			409.6			3,188.3			2,508.5
Expenses Incurred		420.4			438.6			452.9			446.2			199.0			197.1			363.2			372.6			1,435.5			1,454.5
Dividends Incurred		—			—			—			—			20.4			25.9			—			—			20.4			25.9
Statutory Underwriting Income (Loss)	$	167.0		$	277.1		$	62.4		$	139.7		$	136.4		$	63.1		$	10.3		$	297.4		$	376.1		$	777.3
Ratios After Dividends to Policyholders:
Loss		55.1	%		43.1	%		70.3	%		63.3	%		62.9	%		67.8	%		64.5	%		37.9	%		63.8	%		52.9	%
Expense		32.7			33.7			25.8			26.5			21.9			23.1			34.3			34.8			28.6			29.6
Combined		87.8	%		76.8	%		96.1	%		89.8	%		84.8	%		90.9	%		98.8	%		72.7	%		92.4	%		82.5	%
Premiums Written as a % of Total		10.5	%		10.8	%		14.3	%		14.0	%		7.6	%		7.3	%		8.6	%		8.9	%		41.0	%		41.0	%

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

Page 7 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Professional												Total
	Liability						Surety						Specialty
	2005			2004			2005			2004			2005			2004
Net Premiums Written	$	2,798.4		$	2,654.3		$	243.7		$	205.8		$	3,042.1		$	2,860.1
Increase (Decrease) in Unearned Premiums		34.6			88.9			26.3			9.2			60.9			98.1
Net Premiums Earned		2,763.8			2,565.4			217.4			196.6			2,981.2			2,762.0
Net Losses Paid		1,566.2			1,117.7			103.6			4.6			1,669.8			1,122.3
Increase (Decrease) in Outstanding Losses		588.4			1,139.1			(41.9	)		28.5			546.5			1,167.6
Net Losses Incurred		2,154.6			2,256.8			61.7			33.1			2,216.3			2,289.9
Expenses Incurred		612.3			637.2			82.5			81.1			694.8			718.3
Dividends Incurred		—			—			2.5			3.5			2.5			3.5
Statutory Underwriting Income (Loss)	$	(3.1	)	$	(328.6	)	$	70.7		$	78.9		$	67.6		$	(249.7	)
Ratios After Dividends to Policyholders:
Loss		78.0	%		88.0	%		28.7	%		17.1	%		74.4	%		83.0	%
Expense		21.8			24.0			34.2			40.1			22.9			25.2
Combined		99.8	%		112.0	%		62.9	%		57.2	%		97.3	%		108.2	%
Premiums Written as a % of Total		22.8	%		22.0	%		2.0	%		1.7	%		24.8	%		23.7	%

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

Page 8 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2005			2004			2005			2004			2005			2004
Net Premiums Written	$	11,378.6		$	10,914.2		$	904.0		$	1,138.7		$	12,282.6		$	12,052.9
Increase (Decrease) in Unearned Premiums		160.1			389.0			(53.5	)		28.2			106.6			417.2
Net Premiums Earned		11,218.5			10,525.2			957.5			1,110.5			12,176.0			11,635.7
Net Losses Paid		5,629.7			4,765.0			280.0			268.4			5,909.7			5,033.4
Increase (Decrease) in Outstanding Losses		1,596.8			1,863.8			307.0			423.7			1,903.8			2,287.5
Net Losses Incurred		7,226.5			6,628.8			587.0			692.1			7,813.5			7,320.9
Expenses Incurred		3,120.8			3,152.3			314.9			363.6			3,435.7			3,515.9
Dividends Incurred		22.9			29.4			—			—			22.9			29.4
Statutory Underwriting Income (Loss)	$	848.3		$	714.7		$	55.6		$	54.8			903.9			769.5
Increase in Deferred Acquisition Costs														16.7			76.6
GAAP Underwriting Income													$	920.6		$	846.1
Ratios After Dividends to Policyholders:
Loss		64.6	%		63.1	%		61.3	%		62.4	%		64.3	%		63.1	%
Expense		27.4			29.0			34.8			31.9			28.0			29.2
Combined		92.0	%		92.1	%		96.1	%		94.3	%		92.3	%		92.3	%
Premiums Written as a % of Total		92.6	%		90.6	%		7.4	%		9.4	%		100.0	%		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.

Page 9 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

													Worldwide
	United States						Foreign						Total
	2005			2004			2005			2004			2005			2004
Net Premiums Written	$	9,931.9		$	9,885.4		$	2,350.7		$	2,167.5		$	12,282.6		$	12,052.9
Increase (Decrease) in Unearned Premiums		44.1			353.7			62.5			63.5			106.6			417.2
Net Premiums Earned		9,887.8			9,531.7			2,288.2			2,104.0			12,176.0			11,635.7
Net Losses Paid		4,886.2			4,481.3			1,023.5			552.1			5,909.7			5,033.4
Increase (Decrease) in Outstanding Losses		1,612.7			1,565.2			291.1			722.3			1,903.8			2,287.5
Net Losses Incurred		6,498.9			6,046.5			1,314.6			1,274.4			7,813.5			7,320.9
Expenses Incurred		2,675.3			2,795.7			760.4			720.2			3,435.7			3,515.9
Dividends Incurred		22.9			29.4			—			—			22.9			29.4
Statutory Underwriting Income (Loss)	$	690.7		$	660.1		$	213.2		$	109.4			903.9			769.5
Increase in Deferred Acquisition Costs														16.7			76.6
GAAP Underwriting Income													$	920.6		$	846.1
Ratios After Dividends to Policyholders:
Loss		65.9	%		63.6	%		57.5	%		60.6	%		64.3	%		63.1	%
Expense		27.0			28.4			32.3			33.2			28.0			29.2
Combined		92.9	%		92.0	%		89.8	%		93.8	%		92.3	%		92.3	%
Premiums Written as a % of Total		80.9	%		82.0	%		19.1	%		18.0	%		100.0	%		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.

Page 10 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2005			2004			2005			2004			2005			2004			2005			2004
Net Premiums Written	$	158.5		$	155.0		$	520.8		$	496.5		$	140.5		$	126.5		$	819.8		$	778.0
Increase (Decrease) in Unearned Premiums		(3.6	)		0.6			(5.7	)		11.6			2.7			(2.2	)		(6.6	)		10.0
Net Premiums Earned		162.1			154.4			526.5			484.9			137.8			128.7			826.4			768.0
Net Losses Paid		108.0			98.2			309.2			262.2			95.4			78.5			512.6			438.9
Increase (Decrease) in Outstanding Losses		(8.9	)		2.0			(49.8	)		(59.4	)		13.7			11.6			(45.0	)		(45.8	)
Net Losses Incurred		99.1			100.2			259.4			202.8			109.1			90.1			467.6			393.1
Expenses Incurred		43.0			40.3			162.7			163.0			42.1			43.5			247.8			246.8
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	20.0		$	13.9		$	104.4		$	119.1		$	(13.4	)	$	(4.9	)	$	111.0		$	128.1
Ratios After Dividends to Policyholders:
Loss		61.1	%		64.9	%		49.3	%		41.8	%		79.2	%		70.0	%		56.6	%		51.2	%
Expense		27.2			26.0			31.2			32.9			29.9			34.4			30.2			31.7
Combined		88.3	%		90.9	%		80.5	%		74.7	%		109.1	%		104.4	%		86.8	%		82.9	%
Premiums Written as a % of Total		5.1	%		4.9	%		16.8	%		16.2	%		4.5	%		4.1	%		26.4	%		25.2	%

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

Page 11 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 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	$	350.6		$	335.2		$	434.5		$	418.4		$	203.7		$	199.2		$	281.1		$	259.3		$	1,269.9		$	1,212.1
Increase (Decrease) in Unearned Premiums		14.8			9.1			(3.6	)		4.9			(28.7	)		(17.1	)		(5.9	)		(16.1	)		(23.4	)		(19.2	)
Net Premiums Earned		335.8			326.1			438.1			413.5			232.4			216.3			287.0			275.4			1,293.3			1,231.3
Net Losses Paid		180.6			136.4			237.7			152.1			80.4			71.7			184.9			97.3			683.6			457.5
Increase (Decrease) in Outstanding Losses		(4.0	)		31.1			56.5			164.5			61.7			78.2			(33.0	)		24.1			81.2			297.9
Net Losses Incurred		176.6			167.5			294.2			316.6			142.1			149.9			151.9			121.4			764.8			755.4
Expenses Incurred		108.2			107.2			113.0			107.8			46.8			46.0			88.1			84.0			356.1			345.0
Dividends Incurred		—			—			—			—			3.4			6.6			—			—			3.4			6.6
Statutory Underwriting Income (Loss)	$	51.0		$	51.4		$	30.9		$	(10.9	)	$	40.1		$	13.8		$	47.0		$	70.0		$	169.0		$	124.3
Ratios After Dividends to Policyholders:
Loss		52.6	%		51.3	%		67.2	%		76.5	%		62.1	%		71.5	%		52.9	%		44.1	%		59.3	%		61.7	%
Expense		30.9			32.0			26.0			25.8			23.3			23.9			31.4			32.4			28.1			28.6
Combined		83.5	%		83.3	%		93.2	%		102.3	%		85.4	%		95.4	%		84.3	%		76.5	%		87.4	%		90.3	%
Premiums Written as a % of Total		11.3	%		10.9	%		14.0	%		13.6	%		6.6	%		6.5	%		9.1	%		8.4	%		41.0	%		39.4	%

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

 Page 12 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Professional												Total
	Liability						Surety						Specialty
	2005			2004			2005			2004			2005			2004
Net Premiums Written	$	763.6		$	734.7		$	65.7		$	51.0		$	829.3		$	785.7
Increase (Decrease) in Unearned Premiums		53.6			72.8			0.6			1.8			54.2			74.6
	��
Net Premiums Earned		710.0			661.9			65.1			49.2			775.1			711.1
Net Losses Paid		463.7			265.8			41.7			8.8			505.4			274.6
Increase (Decrease) in Outstanding Losses		87.1			290.8			(38.3	)		(16.6	)		48.8			274.2
Net Losses Incurred		550.8			556.6			3.4			(7.8	)		554.2			548.8
Expenses Incurred		153.0			151.9			22.3			18.3			175.3			170.2
Dividends Incurred		—			—			0.5			1.0			0.5			1.0
Statutory Underwriting Income (Loss)	$	6.2		$	(46.6	)	$	38.9		$	37.7		$	45.1		$	(8.9	)
Ratios After Dividends to Policyholders:
Loss		77.6	%		84.1	%		5.3	%		(16.2	)%		71.6	%		77.3	%
Expense		20.0			20.7			34.2			36.6			21.1			21.7
Combined		97.6	%		104.8	%		39.5	%		20.4	%		92.7	%		99.0	%
Premiums Written as a % of Total		24.7	%		23.9	%		2.1	%		1.7	%		26.8	%		25.6	%

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

Page 13 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2005			2004			2005			2004			2005			2004
Net Premiums Written	$	2,919.0		$	2,775.8		$	178.3		$	304.4		$	3,097.3		$	3,080.2
Increase (Decrease) in Unearned Premiums		24.2			65.4			(6.5	)		(10.3	)		17.7			55.1
Net Premiums Earned		2,894.8			2,710.4			184.8			314.7			3,079.6			3,025.1
Net Losses Paid		1,701.6			1,171.0			54.5			78.9			1,756.1			1,249.9
Increase (Decrease) in Outstanding Losses		85.0			526.3			58.1			116.4			143.1			642.7
Net Losses Incurred		1,786.6			1,697.3			112.6			195.3			1,899.2			1,892.6
Expenses Incurred		779.2			762.0			72.8			95.2			852.0			857.2
Dividends Incurred		3.9			7.6			—			—			3.9			7.6
Statutory Underwriting Income (Loss)	$	325.1		$	243.5		$	(0.6	)	$	24.2			324.5			267.7
Increase in Deferred Acquisition Costs														6.4			11.6
GAAP Underwriting Income													$	330.9		$	279.3
Ratios After Dividends to Policyholders:
Loss		61.8	%		62.8	%		60.9	%		62.1	%		61.8	%		62.7	%
Expense		26.7			27.5			40.9			31.2			27.5			27.9
Combined		88.5	%		90.3	%		101.8	%		93.3	%		89.3	%		90.6	%
Premiums Written as a % of Total		94.2	%		90.2	%		5.8	%		9.8	%		100.0	%		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.

Page 14 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

													Worldwide
	United States						Foreign						Total
	2005			2004			2005			2004			2005			2004
Net Premiums Written	$	2,475.7		$	2,509.2		$	621.6		$	571.0		$	3,097.3		$	3,080.2
Increase (Decrease) in Unearned Premiums		(22.2	)		32.8			39.9			22.3			17.7			55.1
Net Premiums Earned		2,497.9			2,476.4			581.7			548.7			3,079.6			3,025.1
Net Losses Paid		1,437.1			1,226.7			319.0			23.2			1,756.1			1,249.9
Increase (Decrease) in Outstanding Losses		125.9			302.7			17.2			340.0			143.1			642.7
Net Losses Incurred		1,563.0			1,529.4			336.2			363.2			1,899.2			1,892.6
Expenses Incurred		659.1			679.7			192.9			177.5			852.0			857.2
Dividends Incurred		3.9			7.6			—			—			3.9			7.6
Statutory Underwriting Income (Loss)	$	271.9		$	259.7		$	52.6		$	8.0			324.5			267.7
Increase in Deferred Acquisition Costs														6.4			11.6
GAAP Underwriting Income													$	330.9		$	279.3
Ratios After Dividends to Policyholders:
Loss		62.7	%		61.9	%		57.8	%		66.2	%		61.8	%		62.7	%
Expense		26.7			27.2			31.0			31.1			27.5			27.9
Combined		89.4	%		89.1	%		88.8	%		97.3	%		89.3	%		90.6	%
Premiums Written as a % of Total		79.9	%		81.5	%		20.1	%		18.5	%		100.0	%		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.

Page 15 of 16

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 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, 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.

Page 16 of 16