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

Exhibit 99.5

The	Modification of the Presentation of Losses	For the Years Ended
Chubb	Incurred in the Property and Casualty	December 31, 2007 and 2006
Corporation	Underwriting Results

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 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.

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.

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
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2007 AND 2006
(DOLLARS IN MILLIONS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2007			2006			2007			2006			2007			2006			2007			2006
Net Premiums Written	$	621		$	670		$	2,423		$	2,268		$	665		$	580		$	3,709		$	3,518
Increase (Decrease) in Unearned Premiums		(30	)		4			77			92			20			13			67			109
Net Premiums Earned		651			666			2,346			2,176			645			567			3,642			3,409
Net Losses Paid		418			409			1,101			974			330			316			1,849			1,699
Increase (Decrease) in Outstanding Losses		(20	)		5			33			(37	)		80			68			93			36
Net Losses Incurred		398			414			1,134			937			410			384			1,942			1,735
Expenses Incurred		178			189			772			716			218			179			1,168			1,084
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income	$	75		$	63		$	440		$	523		$	17		$	4		$	532		$	590
Ratios After Dividends to Policyholders:
Loss		61.1	%		62.2	%		48.3	%		43.0	%		63.6	%		67.7	%		53.3	%		50.9	%
Expense		28.7			28.2			31.9			31.6			32.8			30.9			31.5			30.8
Combined		89.8	%		90.4	%		80.2	%		74.6	%		96.4	%		98.6	%		84.8	%		81.7	%
Premiums Written as a % of Total		5.3	%		5.6	%		20.4	%		18.9	%		5.6	%		4.8	%		31.3	%		29.3	%

Page 1 of 5

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2007 AND 2006
(DOLLARS IN MILLIONS)

													Commercial						Commercial
	Commercial						Commercial						Workers’						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2007			2006			2007			2006			2007			2006			2007			2006			2007			2006
Net Premiums Written	$	1,252		$	1,290		$	1,726		$	1,731		$	890		$	901		$	1,215		$	1,203		$	5,083		$	5,125
Increase (Decrease) in Unearned Premiums		(16	)		(2	)		(9	)		—			(18	)		(7	)		6			55			(37	)		46
Net Premiums Earned		1,268			1,292			1,735			1,731			908			908			1,209			1,148			5,120			5,079
Net Losses Paid		577			567			889			865			325			335			610			558			2,401			2,325
Increase (Decrease) in Outstanding Losses		12			(14	)		262			331			163			175			(16	)		(91	)		421			401
Net Losses Incurred		589			553			1,151			1,196			488			510			594			467			2,822			2,726
Expenses Incurred		429			426			487			480			201			197			427			383			1,544			1,486
Dividends Incurred		1			—			—			—			15			27			—			—			16			27
Statutory Underwriting Income	$	249		$	313		$	97		$	55		$	204		$	174		$	188		$	298		$	738		$	840
Ratios After Dividends to Policyholders:
Loss		46.5	%		42.8	%		66.4	%		69.1	%		54.6	%		57.9	%		49.1	%		40.7	%		55.3	%		53.9	%
Expense		34.3			33.0			28.2			27.7			23.0			22.5			35.2			31.8			30.5			29.2
Combined		80.8	%		75.8	%		94.6	%		96.8	%		77.6	%		80.4	%		84.3	%		72.5	%		85.8	%		83.1	%
Premiums Written as a % of Total		10.6	%		10.8	%		14.5	%		14.5	%		7.5	%		7.5	%		10.2	%		10.0	%		42.8	%		42.8	%

Page 2 of 5

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2007 AND 2006
(DOLLARS IN MILLIONS)

	Professional												Total
	Liability						Surety						Specialty
	2007			2006			2007			2006			2007			2006
Net Premiums Written	$	2,605		$	2,641		$	339		$	300		$	2,944		$	2,941
Increase (Decrease) in Unearned Premiums		(46	)		(41	)		19			29			(27	)		(12	)
Net Premiums Earned		2,651			2,682			320			271			2,971			2,953
Net Losses Paid		1,438			1,453			5			21			1,443			1,474
Increase (Decrease) in Outstanding Losses		96			378			12			13			108			391
Net Losses Incurred		1,534			1,831			17			34			1,551			1,865
Expenses Incurred		638			620			101			93			739			713
Dividends Incurred		—			—			3			4			3			4
Statutory Underwriting Income	$	479		$	231		$	199		$	140		$	678		$	371
Ratios After Dividends to Policyholders:
Loss		57.9	%		68.3	%		5.3	%		12.8	%		52.3	%		63.2	%
Expense		24.5			23.5			30.1			31.4			25.1			24.3
Combined		82.4	%		91.8	%		35.4	%		44.2	%		77.4	%		87.5	%
Premiums Written as a % of Total		21.9	%		22.1	%		2.9	%		2.5	%		24.8	%		24.6	%

Page 3 of 5

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2007 AND 2006
(DOLLARS IN MILLIONS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2007			2006			2007			2006			2007			2006
Net Premiums Written	$	11,736		$	11,584		$	136		$	390		$	11,872		$	11,974
Increase (Decrease) in Unearned Premiums		3			143			(77	)		(127	)		(74	)		16
Net Premiums Earned		11,733			11,441			213			517			11,946			11,958
Net Losses Paid		5,693			5,498			256			323			5,949			5,821
Increase (Decrease) in Outstanding Losses		622			828			(272	)		(75	)		350			753
Net Losses Incurred		6,315			6,326			(16	)		248			6,299			6,574
Expenses Incurred		3,451			3,283			113			184			3,564			3,467
Dividends Incurred		19			31			—			—			19			31
Statutory Underwriting Income	$	1,948		$	1,801		$	116		$	85			2,064			1,886
Increase in Deferred Acquisition Costs														52			19
GAAP Underwriting Income													$	2,116		$	1,905
Ratios After Dividends to Policyholders:
Loss		53.9	%		55.5	%		*	%		*	%		52.8	%		55.2	%
Expense		29.5			28.4			*			*			30.1			29.0
					��
Combined		83.4	%		83.9	%		*	%		*	%		82.9	%		84.2	%
Premiums Written as a % of Total		98.9	%		96.7	%		1.1	%		3.3	%		100.0	%		100.0	%

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

Page 4 of 5

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2007 AND 2006
(DOLLARS IN MILLIONS)

							Outside
							the						Worldwide
	United States						United States						Total
	2007			2006			2007			2006			2007			2006
Net Premiums Written	$	9,168		$	9,520		$	2,704		$	2,454		$	11,872		$	11,974
Increase (Decrease) in Unearned Premiums		(117	)		(44	)		43			60			(74	)		16
Net Premiums Earned		9,285			9,564			2,661			2,394			11,946			11,958
Net Losses Paid		4,893			4,828			1,056			993			5,949			5,821
Increase (Decrease) in Outstanding Losses		75			494			275			259			350			753
Net Losses Incurred		4,968			5,322			1,331			1,252			6,299			6,574
Expenses Incurred		2,617			2,652			947			815			3,564			3,467
Dividends Incurred		19			31			—			—			19			31
Statutory Underwriting Income	$	1,681		$	1,559		$	383		$	327			2,064			1,886
Increase in Deferred Acquisition Costs														52			19
GAAP Underwriting Income													$	2,116		$	1,905
Ratios After Dividends to Policyholders:
Loss		53.6	%		55.8	%		50.0	%		52.3	%		52.8	%		55.2	%
Expense		28.6			27.9			35.0			33.2			30.1			29.0
Combined		82.2	%		83.7	%		85.0	%		85.5	%		82.9	%		84.2	%
Premiums Written as a % of Total		77.2	%		79.5	%		22.8	%		20.5	%		100.0	%		100.0	%

Page 5 of 5