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

Exhibit 99.2

Financial Supplement March 31, 2006

Investor Contact Helen M. Wilson Phone: (441) 299-9283 Fax: (441) 292-8675 email: investorrelations@ace.bm

This report is for informational purposes only. It should be read in conjunction with documents filed by ACE Limited with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Cautionary Statement Regarding Forward-Looking Statements: Any forward-looking statements made in this financial supplement reflect the Company’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from those set forth in these statements. For example, the Company’s forward-looking statements, such as statements concerning exposures, reserves, recoverables and the impact of the settlement, could be affected by the frequency of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance receivable and credit developments among reinsurers. The Company’s forward-looking statements could also be affected by competition, pricing and policy term trends, the levels of new and renewal business achieved, market acceptance, changes in demand, actual market developments, rating agency action, possible terrorism or the outbreak and effects of war. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

ACE Limited Financial Supplement Table of Contents

		Page
I.	Financial Highlights
	- Impact of Settlement	1
	- Consolidated Financial Highlights	2
II.	Consolidated Results
	- Consolidated Results - Consecutive Quarters	3-4
	- Summary Consolidated Balance Sheets	5
	- Consolidated Premiums by Line of Business	6
	- Consolidating Statement of Operations	7
III.	Segment Results
	- Insurance-North American	8
	- Insurance-Overseas General	9
	- Global Reinsurance	10-11
	- Financial Services	12
	- Life Insurance and Reinsurance	13
IV.	Balance Sheet Details
	- Loss Reserve Rollforward	14
	- Reinsurance Recoverable Analysis	15-18
	- Investment Portfolio	19
	- Net Realized and Unrealized Gains (Losses)	20
	- Capital Structure	21
	- Computation of Basic and Diluted Earnings Per Share	22
V.	Other Disclosures
	- Non-GAAP Financial Measures	23
	- Book Value per Ordinary Share	24
	- Comprehensive Income	25
	- Glossary	26

ACE Limited

Impact of Settlement

(in millions of U.S. dollars, except share, per share data and ratios)

(Unaudited)

	Three months ended March 3, 2006
	As reported			Settlement			Adjusted
Gross premiums written	$	4,511		$	—		$	4,511
Net premiums written	$	3,310		$	—		$	3,310
Net premiums earned	$	2,805		$	—		$	2,805
Net investment income	$	369		$	—		$	369
Net income	$	555		$	(66	)	$	489
Income excluding net realized gains (losses) and cumulative effect(1)	$	543		$	(66	)	$	477
Comprehensive income	$	473		$	(66	)	$	407
Operating cash flow	$	1,086		$	—		$	1,086
Combined ratio
Loss and loss expense ratio		61.2	%		0.0	%		61.2	%
Underwriting and administrative expense ratio		26.5	%		2.9	%		29.4	%
Combined ratio		87.7	%					90.6	%
Annualized ROE*		18.6	%		-2.3	%		16.3	%
Annualized ROE, excluding FAS 115*		19.0	%		-2.3	%		16.7	%
Effective tax rate on income excluding net realized gains (losses) and cumulative effect		22	%		—			22	%
Diluted earnings per share
Income excluding net realized gains (losses) and cumulative effect(1)	$	1.63		$	(0.20	)	$	1.43
Net income	$	1.66		$	(0.20	)	$	1.46
Book value per ordinary share	$	35.88		$	(0.20	)	$	35.68
Tangible book value per ordinary share	$	27.57		$	(0.20	)	$	27.37
Weighted average basic ordinary shares outstanding		321.1						321.1
Weighted average diluted ordinary shares outstanding		326.0						326.0
Debt/total capitalization		14.4	%		0.1	%		14.5	%

(1) See page 23 Non-GAAP Financial Measures.

* Calculated using income excluding net realized gains (losses) and cumulative effect of a change in accounting principle

Impact of Settlement Page 1

ACE Limited Consolidated Financial Highlights (in millions of U.S. dollars, except share, per share data and ratios) (Unaudited)

These amounts do not reflect the impact of the settlement. See page 1.

	Three months ended March 31						% Change 1Q-06 vs. 1Q-05
	2006			2005
Gross premiums written	$	4,511		$	4,543		-1	%
Net premiums written	$	3,310		$	3,366		-2	%
Net premiums earned	$	2,805		$	2,877		-3	%
Net investment income	$	369		$	285		29	%
Net income	$	555		$	437		27	%
Income excluding net realized gains (losses) and cumulative effect(1)	$	543		$	455		19	%
Comprehensive income	$	473		$	151		NM
Operating cash flow	$	1,086		$	1,213		-10	%
Combined ratio
Loss and loss expense ratio		61.2	%		63.5	%
Underwriting and administrative expense ratio		26.5	%		25.4	%
Combined ratio		87.7	%		88.9	%
Annualized ROE*		18.6	%		18.2	%
Annualized ROE, excluding FAS 115*		19.0	%		19.2	%
Effective tax rate on income excluding net realized gains (losses) and cumulative effect		22	%		21	%
Diluted earnings per share
Income excluding net realized gains (losses) and cumulative effect(1)	$	1.63		$	1.54		6	%
Net income	$	1.66		$	1.48		12	%
Book value per ordinary share	$	35.88		$	32.76		10	%
Tangible book value per ordinary share	$	27.57		$	23.38		18	%
Weighted average basic ordinary shares outstanding		321.1			283.2
Weighted average diluted ordinary shares outstanding		325.7			287.6
Debt/ total capitalization		14.4	%		16.1	%

(1) See page 23 Non-GAAP Financial Measures.

* Calculated using income excluding net realized gains (losses) and cumulative effect of a change in accounting principle (cumulative effect)

Financial Highlights Page 2

ACE Limited Consolidated Results - Consecutive Quarters (in millions of U.S. dollars) (Unaudited)

ACE Limited Consolidated

These amounts do not reflect the impact of the settlement. See page 1.

	1Q-06			4Q-05			3Q-05			2Q-05			1Q-05			Full Year 2005
Property and Casualty(1)
Gross premiums written	$	4,400		$	3,757		$	3,989		$	4,138		$	4,320		$	16,204
Net premiums written		3,200			2,596			2,616			2,834			3,145			11,191
Net premiums earned		2,708			2,786			2,773			2,769			2,727			11,055
Losses and loss expenses		1,639			2,139			2,494			1,773			1,706			8,112
Policy acquisition costs		413			414			417			423			381			1,635
Administrative expenses		310			289			301			306			328			1,224
P&C underwriting income (loss)	$	346		$	(56	)	$	(439	)	$	267		$	312		$	84
Financial Services underwriting income (loss)		(8	)		—			(58	)		14			1			(43	)
Life underwriting income excluding investment income		20			17			15			14			16			62
Net investment income		369			354			320			305			285			1,264
Net realized gains (losses)		7			(25	)		83			32			(14	)		76
Interest expense		43			46			43			43			42			174
Other (income) expense		(8	)		4			(25	)		(6	)		(5	)		(32	)
Income tax expense (benefit)		148			4			15			128			126			273
Cumulative effect of a change in accounting principle, net of tax		4			—			—			—			—			—
Net income (loss)	$	555		$	236		$	(112	)	$	467		$	437		$	1,028
Net realized gains (losses)		7			(25	)		83			32			(14	)		76
Tax expense (benefit) on net realized gains (losses)		(1	)		(17	)		8			8			4			3
Cumulative effect of a change in accounting principle, net of tax		4			—			—			—			—			—
Income (loss) excluding net realized gains (losses) and cumulative effect(2)	$	543		$	244		$	(187	)	$	443		$	455		$	955
% Change versus prior year period(1)
Property and Casualty net premiums written		2	%		2	%		-1	%		2	%		6	%		2	%
Property and Casualty net premiums earned		-1	%		2	%		3	%		7	%		16	%		7	%
Other ratios
Net premiums written/gross premiums written		73	%		69	%		66	%		68	%		73	%		69	%
Effective tax rate on income excluding net realized gains (losses) and cumulative effect		22	%		8	%		-4	%		21	%		21	%		22	%

(1) Property and casualty excluding Financial Services and Life is presented to allow for comparison and analysis with earnings guidance. This is a non-GAAP measure.

(2) See page 23 Non-GAAP Financial Measures.

Consolidated Results Page 3

ACE Limited Consolidated Results - Consecutive Quarters - 2 (in millions of U.S. dollars) (Unaudited)

ACE Limited Consolidated

These amounts do not reflect the impact of the settlement. See page 1.

	1Q-06			4Q-05			3Q-05			2Q-05			1Q-05			Full Year 2005
Combined ratio
Loss and loss expense ratio		61.2	%		76.5	%		92.6	%		64.4	%		63.5	%		74.5	%
Policy acquisition cost ratio		15.2	%		15.0	%		13.9	%		14.8	%		13.6	%		14.3	%
Administrative expense ratio		11.3	%		10.5	%		10.1	%		10.9	%		11.8	%		10.8	%
Combined ratio		87.7	%		102.0	%		116.6	%		90.1	%		88.9	%		99.6	%
Property and Casualty(1)
	1Q-06			4Q-05			3Q-05			2Q-05			1Q-05			Full Year 2005
Combined ratio(1)
Loss and loss expense ratio		60.5	%		76.8	%		90.0	%		64.0	%		62.5	%		73.4	%
Policy acquisition cost ratio		15.3	%		14.8	%		15.1	%		15.2	%		14.0	%		14.8	%
Administrative expense ratio		11.4	%		10.4	%		10.9	%		11.1	%		12.0	%		11.0	%
Combined ratio		87.2	%		102.0	%		116.0	%		90.3	%		88.5	%		99.2	%
Large losses and other items(1)
Catastrophe and other large losses (before tax)	$	3		$	360		$	756		$	—		$	3		$	1,119
Prior period development - unfavorable (favorable)(2)	$	(38	)	$	25		$	27		$	27		$	29		$	108

(1) Property and casualty excluding Financial Services and Life is presented to allow for comparison and analysis with earnings guidance. See Financial Services schedule for details related to that segment.

(2) See Financial Services schedule for prior period development related to that segment.

Consolidated Results 2 Page 4

ACE Limited Summary Consolidated Balance Sheets (in millions of U.S. dollars, except per share data)

These amounts do not reflect the impact of the settlement. See page 1.

	March 31 2006		December 31 2005
	(Unaudited)		(Audited)
Assets
Fixed maturities available for sale, at fair value	$	25,411	$	24,285
Fixed maturities held to maturity, at amortized cost		3,107		3,076
Equity securities, at fair value		1,600		1,507
Short-term investments, at fair value		2,452		2,299
Other investments		687		675
Total investments		33,257		31,842
Cash		398		512
Securities lending collateral		1,782		1,723
Insurance and reinsurance balances receivable		3,742		3,343
Reinsurance recoverable		15,569		15,463
Deferred policy acquisition costs		1,032		930
Prepaid reinsurance premiums		1,505		1,346
Goodwill		2,703		2,703
Deferred tax assets		1,257		1,314
Investments in partially owned insurance companies		885		876
Other assets		2,703		2,388
Total assets	$	64,833	$	62,440
Liabilities
Unpaid losses and loss expenses	$	35,508	$	35,055
Unearned premiums		6,554		5,884
Future policy benefits for life and annuity contracts		519		521
Insurance and reinsurance balances payable		2,346		2,405
Deposit liabilities		318		350
Securities lending payable		1,782		1,723
Payable for securities purchased		1,588		701
Accounts payable, accrued expenses and other liabilities		1,574		1,569
Short-term debt		300		300
Long-term debt		1,812		1,811
Trust preferred securities		309		309
Total liabilities		52,610		50,628
Shareholders’ equity
Total shareholders’ equity, excl. AOCI		11,973		11,480
Accumulated other comprehensive income (AOCI)		250		332
Total shareholders’ equity		12,223		11,812
Total liabilities and shareholders’ equity	$	64,833	$	62,440
Book value per ordinary share(1)	$	35.88	$	34.81
Tangible book value per ordinary share(1)	$	27.57	$	26.45

(1) See page 23 Non-GAAP Financial Measures.

Consol Bal Sheet Page 5

ACE Limited Consolidated Premiums by Line of Business (in millions of U.S. dollars) (Unaudited)

ACE Limited Consolidated

	1Q-06		% of Total Consolidated		1Q-05		% of Total Consolidated		% Change 1Q-06 vs. 1Q-05
Net premiums written
Property and all other	$	958	29	%	$	986	29	%	-3	%
Casualty		1,875	57	%		1,829	54	%	3	%
Personal accident		367	11	%		330	10	%	11	%
Total P&C		3,200	97	%		3,145	93	%	2	%
Life		61	2	%		60	2	%	2	%
Financial Services		49	1	%		161	5	%	-70	%
Total Consolidated	$	3,310	100	%	$	3,366	100	%	-2	%
Net premiums earned
Property and all other	$	743	27	%	$	817	29	%	-9	%
Casualty		1,629	58	%		1,611	56	%	1	%
Personal accident		336	12	%		299	10	%	12	%
Total P&C		2,708	97	%		2,727	95	%	-1	%
Life		61	2	%		60	2	%	2	%
Financial Services		36	1	%		90	3	%	-60	%
Total Consolidated	$	2,805	100	%	$	2,877	100	%	-3	%

Line of Business Page 6

ACE Limited Consolidating Statement of Operations Three months ended March 31, 2006 and 2005 (in millions of U.S. dollars) (Unaudited)

These amounts do not reflect the impact of the settlement. See page 1.

	Insurance - North American			Insurance - Overseas General		Global Reinsurance			Corporate & Other			Consolidated P&C			Financial Services			Life Insurance & Reinsurance			ACE Consolidated
March 31, 2006
Gross premiums written	$	2,212		$	1,584	$	604		$	—		$	4,400		$	50		$	61		$	4,511
Net premiums written		1,454			1,146		600			—			3,200			49			61			3,310
Net premiums earned		1,298			1,039		371			—			2,708			36			61			2,805
Losses and loss expenses		875			566		197			1			1,639			41			—			1,680
Life and annuity benefits		—			—		—			—			—			—			28			28
Policy acquisition costs		143			194		76			—			413			2			6			421
Administrative expenses		115			145		14			36			310			1			7			318
Underwriting income (loss)		165			134		84			(37	)		346			(8	)		20			358
Net investment income		168			85		48			23			324			35			10			369
Net realized gains (losses)		(6	)		4		(6	)		23			15			—			(8	)		7
Interest expense		5			—		—			38			43			—			—			43
Other (income) expense		(1	)		6		1			—			6			(14	)		—			(8	)
Income tax expense (benefit)		88			56		12			(11	)		145			4			(1	)		148
Cumulative effect of a change in accounting principle, net of tax		—			—		—			4			4			—			—			4
Net income (loss)		235			161		113			(14	)		495			37			23			555
Net realized gains (losses)		(6	)		4		(6	)		23			15			—			(8	)		7
Tax expense (benefit) on net realized gains (losses)		(2	)		2		—			(1	)		(1	)		—			—			(1	)
Cumulative effect of a change in accounting principle, net of tax		—			—		—			4			4			—			—			4
Income (loss) excluding net realized gains (losses) and cumulative effect (1)	$	239		$	159	$	119		$	(42	)	$	475		$	37		$	31		$	543
March 31, 2005
Gross premiums written	$	2,150		$	1,634	$	536		$	—		$	4,320		$	163		$	60		$	4,543
Net premiums written		1,425			1,193		527			—			3,145			161			60			3,366
Net premiums earned		1,285			1,086		356			—			2,727			90			60			2,877
Losses and loss expenses		892			610		205			(1	)		1,706			83			—			1,789
Life and annuity benefits		—			—		—			—			—			—			35			35
Policy acquisition costs		117			191		73			—			381			2			5			388
Administrative expenses		111			146		15			56			328			4			4			336
Underwriting income (loss)		165			139		63			(55	)		312			1			16			329
Net investment income		131			74		39			—			244			32			9			285
Net realized gains (losses)		(11	)		18		(6	)		(5	)		(4	)		6			(16	)		(14	)
Interest expense		5			—		1			36			42			—			—			42
Other (income) expense		—			6		1			—			7			(12	)		—			(5	)
Income tax expense (benefit)		80			52		9			(21	)		120			6			—			126
Net income (loss)		200			173		85			(75	)		383			45			9			437
Net realized gains (losses)		(11	)		18		(6	)		(5	)		(4	)		6			(16	)		(14	)
Tax expense (benefit) on net realized gains (losses)		(3	)		5		—			—			2			2			—			4
Income (loss) excluding net realized gains (losses) (1)	$	208		$	160	$	91		$	(70	)	$	389		$	41		$	25		$	455

(1) See page 23 Non-GAAP Financial Measures.

Segment 2006 Qtr Page 7

ACE Limited Segment Results - Consecutive Quarters (in millions of U.S. dollars) (Unaudited)

Insurance - North American

	1Q-06			4Q-05			3Q-05			2Q-05			1Q-05			Full Year 2005
Gross premiums written	$	2,212		$	2,086		$	2,250		$	2,344		$	2,150		$	8,830
Net premiums written		1,454			1,306			1,307			1,412			1,425			5,450
Net premiums earned		1,298			1,343			1,338			1,319			1,285			5,285
Losses and loss expenses		875			1,105			1,173			948			892			4,118
Policy acquisition costs		143			111			134			130			117			492
Administrative expenses		115			91			96			111			111			409
Underwriting income (loss)		165			36			(65	)		130			165			266
Net investment income		168			153			139			142			131			565
Net realized gains (losses)		(6	)		(19	)		10			14			(11	)		(6	)
Interest expense		5			5			6			5			5			21
Other (income) expense		(1	)		14			(1	)		1			—			14
Income tax expense (benefit)		88			37			10			81			80			208
Net income		235			114			69			199			200			582
Net realized gains (losses)		(6	)		(19	)		10			14			(11	)		(6	)
Tax expense (benefit) on net realized gains (losses)		(2	)		(9	)		2			2			(3	)		(8	)
Income (loss) excluding net realized gains (losses)(1)	$	239		$	124		$	61		$	187		$	208		$	580
Combined ratio
Loss and loss expense ratio		67.4	%		82.3	%		87.7	%		71.9	%		69.4	%		77.9	%
Policy acquisition cost ratio		11.0	%		8.3	%		10.0	%		9.8	%		9.1	%		9.3	%
Administrative expense ratio		8.9	%		6.7	%		7.2	%		8.4	%		8.6	%		7.7	%
Combined ratio		87.3	%		97.3	%		104.9	%		90.1	%		87.1	%		94.9	%
Large losses and other items (before tax)
Catastrophe and other large losses (before tax)	$	—		$	114		$	203		$	—		$	—		$	317
Prior period development - unfavorable (favorable)	$	(2	)	$	30		$	22		$	51		$	22		$	125
% Change versus prior year period
Net premiums written		2	%		9	%		-4	%		6	%		18	%		7	%
Net premiums earned		1	%		8	%		7	%		12	%		28	%		13	%
Other ratios
Net premiums written/gross premiums written		66	%		63	%		58	%		60	%		66	%		62	%

(1) See page 23 Non-GAAP Financial Measures.

Insurance-North American Page 8

ACE Limited Segment Results - Consecutive Quarters (in millions of U.S. dollars) (Unaudited)

Insurance - Overseas General

	1Q-06			4Q-05			3Q-05			2Q-05			1Q-05			Full Year 2005
Gross premiums written	$	1,584		$	1,388		$	1,328		$	1,425		$	1,634		$	5,775
Net premiums written		1,146			1,014			929			1,059			1,193			4,195
Net premiums earned		1,039			1,048			1,027			1,078			1,086			4,239
Losses and loss expenses		566			679			685			609			610			2,583
Policy acquisition costs		194			224			205			216			191			836
Administrative expenses		145			137			143			140			146			566
Underwriting income (loss)		134			8			(6	)		113			139			254
Net investment income		85			83			82			80			74			319
Net realized gains (losses)		4			(18	)		17			34			18			51
Interest expense		—			—			—			—			—			—
Other (income) expense		6			—			5			5			6			16
Income tax expense (benefit)		56			(17	)		23			49			52			107
Net income		161			90			65			173			173			501
Net realized gains (losses)		4			(18	)		17			34			18			51
Tax expense (benefit) on net realized gains (losses)		2			(4	)		5			7			5			13
Income excluding net realized gains (losses)(1)	$	159		$	104		$	53		$	146		$	160		$	463
Combined ratio
Loss and loss expense ratio		54.5	%		64.8	%		66.8	%		56.4	%		56.2	%		60.9	%
Policy acquisition cost ratio		18.7	%		21.3	%		20.0	%		20.0	%		17.6	%		19.7	%
Administrative expense ratio		13.9	%		13.2	%		13.8	%		13.1	%		13.4	%		13.4	%
Combined ratio		87.1	%		99.3	%		100.6	%		89.5	%		87.2	%		94.0	%
Large losses and other items
Catastrophe and other large losses (before tax)	$	—		$	80		$	121		$	—		$	—		$	201
Prior period development - unfavorable (favorable)	$	(39	)	$	9		$	10		$	(21	)	$	7		$	5
% Change versus prior year period
Net premiums written		-4	%		-6	%		-5	%		-3	%		1	%		-3	%
Net premiums earned		-4	%		-7	%		-5	%		1	%		7	%		-1	%
Other ratios
Net premiums written/gross premiums written		72	%		73	%		70	%		74	%		73	%		73	%

(1) See page 23 Non-GAAP Financial Measures.

Insurance-Overseas General Page 9

ACE Limited Segment Results - Consecutive Quarters (in millions of U.S. dollars) (Unaudited)

Global Reinsurance

	1Q-06			4Q-05			3Q-05			2Q-05			1Q-05			Full Year 2005
Gross premiums written	$	604		$	283		$	411		$	369		$	536		$	1,599
Net premiums written		600			276			380			363			527			1,546
Net premiums earned		371			395			408			372			356			1,531
Losses and loss expenses		197			354			637			206			205			1,402
Policy acquisition costs		76			79			78			77			73			307
Administrative expenses		14			13			16			16			15			60
Underwriting income (loss)		84			(51	)		(323	)		73			63			(238	)
Net investment income		48			49			45			40			39			173
Net realized gains (losses)		(6	)		(11	)		7			6			(6	)		(4	)
Interest expense		—			1			1			—			1			3
Other (income) expense		1			1			1			1			1			4
Income tax expense (benefit)		12			5			(12	)		9			9			11
Net income (loss)		113			(20	)		(261	)		109			85			(87	)
Net realized gains (losses)		(6	)		(11	)		7			6			(6	)		(4	)
Tax expense (benefit) on net realized gains (losses)		—			(1	)		1			—			—			—
Income (loss) excluding net realized gains (losses)(1)	$	119		$	(10	)	$	(267	)	$	103		$	91		$	(83	)
Combined ratio
Loss and loss expense ratio		53.0	%		89.6	%		156.2	%		55.4	%		57.6	%		91.6	%
Policy acquisition cost ratio		20.4	%		20.0	%		19.1	%		20.7	%		20.5	%		20.1	%
Administrative expense ratio		3.9	%		3.4	%		4.0	%		4.1	%		4.3	%		3.9	%
Combined ratio		77.3	%		113.0	%		179.3	%		80.2	%		82.4	%		115.6	%
Large losses and other items
Catastrophe and other large losses (before tax)	$	3		$	166		$	432		$	—		$	3		$	601
Prior period development - unfavorable (favorable)	$	3		$	(14	)	$	(5	)	$	(3	)	$	—		$	(22	)

(1) See page 23 Non-GAAP Financial Measures.

Global Reinsurance Page 10

ACE Limited Segment Results - Consecutive Quarters - 2 (in millions of U.S. dollars) (Unaudited)

Global Reinsurance

	1Q-06			4Q-05			3Q-05			2Q-05			1Q-05			Full Year 2005
% Change versus prior year period
Net premiums written		14	%		-1	%		26	%		-1	%		-8	%		2	%
Net premiums earned		4	%		10	%		16	%		7	%		7	%		10	%
Other ratios
Net premiums written/gross premiums written		99	%		98	%		92	%		98	%		98	%		97	%
Global Reinsurance - By Division
Gross premiums written
Tempest Europe	$	104		$	60		$	78		$	49		$	105		$	292
Tempest USA		295			193			234			228			248			903
Tempest Bermuda		205			30			99			92			183			404
Total	$	604		$	283		$	411		$	369		$	536		$	1,599
Net premiums written
Tempest Europe	$	101		$	58		$	74		$	46		$	102		$	280
Tempest USA		295			193			231			227			247			898
Tempest Bermuda		204			25			75			90			178			368
Total	$	600		$	276		$	380		$	363		$	527		$	1,546
Net premiums earned
Tempest Europe	$	70		$	74		$	79		$	66		$	76		$	295
Tempest USA		215			222			223			230			212			887
Tempest Bermuda		86			99			106			76			68			349
Total	$	371		$	395		$	408		$	372		$	356		$	1,531
Net premiums written/gross premiums written
Tempest Europe		97	%		97	%		95	%		94	%		97	%		96	%
Tempest USA		100	%		100	%		99	%		100	%		100	%		99	%
Tempest Bermuda		100	%		83	%		76	%		98	%		97	%		91	%
Total NPW/GPW		99	%		98	%		92	%		98	%		98	%		97	%

Global Reinsurance 2 Page 11

ACE Limited Segment Results - Consecutive Quarters (in millions of U.S. dollars) (Unaudited)

Financial Services

	1Q-06			4Q-05			3Q-05			2Q-05			1Q-05			Full Year 2005
Gross premiums written	$	50		$	(30	)	$	211		$	15		$	163		$	359
Net premiums written		49			(35	)		212			15			161			353
Net premiums earned		36			6			257			92			90			445
Losses and loss expenses		41			(4	)		310			70			83			459
Policy acquisition costs		2			6			2			1			2			11
Administrative expenses		1			4			3			7			4			18
Underwriting income (loss)		(8	)		—			(58	)		14			1			(43	)
Net investment income		35			36			35			30			32			133
Net realized gains (losses)		—			6			7			3			6			22
Interest expense		—			—			—			—			—			—
Other (income) expense		(14	)		(10	)		(30	)		(13	)		(12	)		(65	)
Income tax expense (benefit)		4			(7	)		10			7			6			16
Net income		37			59			4			53			45			161
Net realized gains (losses)		—			6			7			3			6			22
Tax expense (benefit) on net realized gains (losses)		—			(3	)		—			(1	)		2			(2	)
Income (loss) excluding net realized gains (losses)(1)	$	37		$	50		$	(3	)	$	49		$	41		$	137
Combined ratio
Loss and loss expense ratio		113.8	%		-66.6	%		120.7	%		76.0	%		92.2	%		103.0	%
Policy acquisition cost ratio		6.4	%		91.8	%		0.9	%		1.4	%		2.2	%		2.6	%
Administrative expense ratio		4.1	%		64.7	%		1.4	%		6.7	%		4.6	%		4.0	%
Combined ratio		124.3	%		89.9	%		123.0	%		84.1	%		99.0	%		109.6	%
Large losses and other items
Catastrophe and other large losses (before tax)	$	—		$	—		$	240		$	—		$	—		$	240
Prior period development - unfavorable (favorable)	$	6		$	(17	)	$	2		$	(8	)	$	1		$	(22	)
% Change versus prior year period
Net premiums written		-70	%		-230	%		212	%		15	%		-23	%		12	%
Net premiums earned		-60	%		-94	%		132	%		-31	%		-50	%		-14	%
Other ratios
Net premiums written/gross premiums written		98	%		117	%		100	%		100	%		99	%		98	%

(1) See page 23 Non-GAAP Financial Measures.

Financial Services Page 12

ACE Limited Segment Results - Consecutive Quarters (in millions of U.S. dollars) (Unaudited)

Life Insurance and Reinsurance

	1Q-06			4Q-05		3Q-05			2Q-05			1Q-05			Full Year 2005
Gross premiums written	$	61		$	67	$	61		$	60		$	60		$	248
Net premiums written		61			67		61			60			60			248
Net premiums earned		61			67		61			60			60			248
Life and annuity benefits		28			35		35			38			35			143
Policy acquisition costs		6			7		7			5			5			24
Administrative expenses		7			8		4			3			4			19
Net investment income		10			7		10			10			9			36
Life underwriting income(1)		30			24		25			24			25			98
Net realized gains (losses)		(8	)		3		5			27			(16	)		19
Income tax expense (benefit)		(1	)		—		(1	)		(1	)		—			(2	)
Net income		23			27		31			52			9			119
Net realized gains (losses)		(8	)		3		5			27			(16	)		19
Tax expense (benefit) on net realized gains (losses)		—			—		—			—			—			—
Income excluding net realized gains (losses)(2)	$	31		$	24	$	26		$	25		$	25		$	100

(1) We assess the performance of our Life Insurance and Reinsurance business based on life underwriting income which includes net investment income.

(2) See page 23 Non-GAAP Financial Measures.

Life Page 13

ACE Limited Loss Reserve Rollforward (in millions of U.S. dollars) (Unaudited)

	Total									Ongoing									Run-off (1)
	Unpaid Losses									Unpaid Losses									Unpaid Losses
	Gross			Ceded			Net			Gross			Ceded			Net			Gross			Ceded			Net
Balance at December 31, 2004	$	31,483		$	13,966		$	17,517		$	23,201		$	8,427		$	14,774		$	8,282		$	5,539		$	2,743
Losses and loss expenses incurred		2,536			747			1,789			2,492			725			1,767			44			22			22
Losses and loss expenses paid		(1,998	)		(763	)		(1,235	)		(1,817	)		(661	)		(1,156	)		(181	)		(102	)		(79	)
Other (incl. foreign exch. revaluation)		(595	)		(595	)		—			(669	)		(670	)		1			74			75			(1	)
Balance at March 31, 2005		31,426			13,355			18,071			23,207			7,821			15,386			8,219			5,534			2,685
Losses and loss expenses incurred		2,811			968			1,843			2,791			957			1,834			20			11			9
Losses and loss expenses paid		(1,919	)		(752	)		(1,167	)		(1,711	)		(567	)		(1,144	)		(208	)		(185	)		(23	)
Other (incl. foreign exch. revaluation)		(217	)		(71	)		(146	)		(190	)		(71	)		(119	)		(27	)		—			(27	)
Balance at June 30, 2005		32,101			13,500			18,601			24,097			8,140			15,957			8,004			5,360			2,644
Losses and loss expenses incurred		5,016			2,212			2,804			4,942			2,194			2,748			74			18			56
Losses and loss expenses paid		(2,342	)		(892	)		(1,450	)		(2,187	)		(799	)		(1,388	)		(155	)		(93	)		(62	)
Other (incl. foreign exch. revaluation)		(101	)		(55	)		(46	)		(101	)		(54	)		(47	)		—			(1	)		1
Balance at September 30, 2005		34,674			14,765			19,909			26,751			9,481			17,270			7,923			5,284			2,639
Losses and loss expenses incurred		2,956			821			2,135			2,804			705			2,099			152			116			36
Losses and loss expenses paid		(2,485	)		(969	)		(1,516	)		(2,291	)		(897	)		(1,394	)		(194	)		(72	)		(122	)
Other (incl. foreign exch. revaluation)		(90	)		(20	)		(70	)		(90	)		(20	)		(70	)		—			—			—
Balance at December 31, 2005		35,055			14,597			20,458			27,174			9,269			17,905			7,881			5,328			2,553
Losses and loss expenses incurred		2,130			450			1,680			2,143			476			1,667			(13	)		(26	)		13
Losses and loss expenses paid		(1,686	)		(503	)		(1,183	)		(1,486	)		(353	)		(1,133	)		(200	)		(150	)		(50	)
Other (incl. foreign exch. revaluation)		9			10			(1	)		16			10			6			(7	)		—			(7	)
Balance at March 31, 2006	$	35,508		$	14,554		$	20,954		$	27,847		$	9,402		$	18,445		$	7,661		$	5,152		$	2,509

(1) The run-off reserves primarily include the Brandywine group, the Commercial Insurance Service - Middle Market Worker’s Comp. reserves and the pre-1997 Westchester Specialty reserves.

Loss Reserve Rollforward Page 14

ACE Limited Reinsurance Recoverable Analysis (in millions of U.S. dollars) (Unaudited)

Net Reinsurance Recoverable by Division

	March 31 2006			December 31 2005
Reinsurance recoverable on paid losses and loss expenses
Active operations	$	940		$	811
Brandywine		314			307
Westchester Run-off		59			53
Other Run-off		18			20
Total	$	1,331		$	1,191
Reinsurance recoverable on unpaid losses and loss expenses
Active operations	$	10,072		$	9,936
Brandywine		4,057			4,240
Westchester Run-off		683			699
Other Run-off		179			184
Total	$	14,991		$	15,059
Gross reinsurance recoverable
Active operations	$	11,012		$	10,747
Brandywine		4,371			4,547
Westchester Run-off		742			752
Other Run-off		197			204
Total	$	16,322		$	16,250
Provision for uncollectible reinsurance
Active operations	$	(565	)	$	(586	)
Brandywine		(164	)		(174	)
Westchester Run-off		(9	)		(11	)
Other Run-off		(15	)		(16	)
Total	$	(753	)	$	(787	)
Net reinsurance recoverable
Active operations	$	10,447		$	10,161
Brandywine		4,207			4,373
Westchester Run-off		733			741
Other Run-off		182			188
Total	$	15,569		$	15,463

Reinsurance Recoverable Page 15

ACE Limited Reinsurance Recoverable Analysis - 2 (in millions of U.S. dollars) (Unaudited)

Reinsurance Recoverable for Active Operations

	December 31, 2005
	Recoverable		Provision		% of Gross
Categories
Top 10 reinsurers	$	5,122	$	67	1.3	%
Other reinsurers balances >$20 million		2,463		65	2.6	%
Other reinsurers balances <$20 million		573		58	10.1	%
Mandatory pools and government agencies		626		3	0.5	%
Structured settlements		220		1	0.5	%
Captives		1,035		1	0.1	%
Other(1)		708		391	55.2	%
Total	$	10,747	$	586	5.5	%

At December 31, 2005, $7.6 billion of the active operations’ recoverables were from rated reinsurers, of which 95.6% were rated the equivalent of A- or better by internationally recognized rating agencies. The Company held collateral of $2.7 billion, of which $1.6 billion was matched and usable against existing recoverables.

Top 10 Reinsurers (net of collateral)(2)	Other Reinsurers Balances Greater Than $20 million (net of collateral)(2)
American International Group AXA Berkshire Hathaway Insurance Group Chubb Insurance Group GE Insurance Solutions HDI Haftpflichtverband Der Deutschen Industrie Vag (Hannover) Lloyd’s Of London Munich Re Group Swiss Re Group XL Capital Group	AGRI General Ins Co AIOI Insurance Allianz Allied World Assurance Arch Capital Aspen Insurance Holdings Ltd AVIVA Catalina Holdings Ltd CIGNA CNA Insurance Companies Converium Group Electric Insurance Company Endurance Specialty Holdings Ltd Everest Re Group Fairfax Financial Gerling Global Group Independence Blue Cross Group	ING Groep Nv IPCRe Ltd IRB - Brasil Resseguros S.A. Group Liberty Mutual Insurance Companies Partner Re Platinum Underwriters PXRE Reins Corp Renaissance Re Holdings Ltd Royal & SunAlliance Insurance Group SCOR Group Sompo Japan St Paul Travelers Companies Tawa UK Ltd. Toa Reinsurance Company White Mountains Insurance Group WR Berkley Corp
		Zurich Financial Services Group

⁽¹⁾ Other includes amounts recoverable that are in dispute, or are from companies who are in supervision, rehabilitation or liquidation. Our estimate of provision for uncollectible reinsurance associated with Other considers the credit quality of the reinsurer, and whether we have received collateral or other credit protections such as parental guarantees.

⁽²⁾ Excludes recoverable amounts from companies who are in supervision, rehabilitation or liquidation, or are captive reinsurers, mandatory pools or voluntary pools.

Reinsurance Rec-Active Page 16

ACE Limited Reinsurance Recoverable Analysis - 3 (in millions of U.S. dollars) (Unaudited)

Consolidated Reinsurance Recoverable

	December 31, 2005
	Recoverable		Provision		% of Gross
Categories
Top 10 reinsurers	$	8,320	$	93	1.1	%
Other reinsurers balances >$20 million		3,785		159	4.2	%
Other reinsurers balances <$20 million		900		101	11.2	%
Mandatory pools and government agencies		643		3	0.5	%
Structured settlements		522		2	0.4	%
Captives		1,118		2	0.1	%
Other(1)		962		427	44.4	%
Total	$	16,250	$	787	4.8	%

At December 31, 2005, $12.1 billion of ACE Limited recoverables were from rated reinsurers, of which 94.7% were rated the equivalent of A- or better by internationally recognized rating agencies.

Top 10 Reinsurers (net of collateral)(2)	Other Reinsurers Balances Greater Than $20 million (net of collateral)(2)
American International Group	AGRI General Ins Co	Hartford Insurance Group
Berkshire Hathaway Insurance Group	AIOI Insurance	Independence Blue Cross Group
Equitas	Allianz	ING Groep Nv
Everest Re Group	Allied World Assurance	IPCRe Ltd
GE Insurance Solutions	Allstate Group	IRB - Brasil Resseguros S.A. Group
HDI Haftpflichtverband Der Deutschen Industrie Vag (Hannover)	Arch Capital	Liberty Mutual Insurance Companies
Lloyd’s Of London	Aspen Insurance Holdings Ltd	Millea Holdings
Munich Re Group	AVIVA	Partner Re
Swiss Re Group	AXA	Platinum Underwriters
XL Capital Group	Catalina Holdings Ltd	PXRE Reins Corp
	Chubb Insurance Group	Renaissance Re Holdings Ltd
	CIGNA	Royal & SunAlliance Insurance Group
	CNA Insurance Companies	SCOR Group
	Converium Group	Sompo Japan
	Dominion Insurance Co Ltd	St Paul Travelers Companies
	Dukes Place Holdings	Tawa UK Ltd.
	Electric Insurance Company	Toa Reinsurance Company
	Endurance Specialty Holdings Ltd	Trenwick Group
	Fairfax Financial	White Mountains Insurance Group
	FM Global Group	WR Berkley Corp
	Gerling Global Group	Zurich Financial Services Group

⁽¹⁾ Other includes amounts recoverable that are in dispute, or are from companies who are in supervision, rehabilitation or liquidation. Our estimate of provision for uncollectible reinsurance associated with Other considers the credit quality of the reinsurer, and whether we have received collateral or other credit protections such as parental guarantees.

⁽²⁾ Excludes recoverable amounts from companies who are in supervision, rehabilitation or liquidation, or are captive reinsurers, mandatory pools or voluntary pools.

Reinsurance Rec-Consolidated Page 17

ACE Limited Reinsurance Recoverable Analysis - 4 (in millions of U.S. dollars) (Unaudited)

Detail on Reinsurance Recoverable on Paid Losses and Loss Expenses

	General Collections (1)			Other (2)			Total
Gross balance at December 31, 2005	$	698		$	493		$	1,191
Provision at 12/31/05		41			295			336
% of gross		5.9	%		59.8	%		28.2	%
Net balance at December 31, 2005	$	657		$	198		$	855
Gross balance at March 31, 2006	$	794		$	537		$	1,331
Provision at 3/31/06		31			295			326
% of gross		3.9	%		54.9	%		24.5	%
Net balance at March 31, 2006	$	763		$	242		$	1,005

⁽¹⁾ General collections balances represent amounts in process of collection in the normal course of business, for which we have no indication of dispute or credit issues.

⁽²⁾ Other includes amounts recoverable that are in dispute, or are from companies who are in supervision, rehabilitation or liquidation for Brandywine Group and active operations. Our estimation of the reserve for other, considers the merits of the underlying matter, the credit quality of the reinsurer, and whether we have received collateral or other credit protections such as parental guarantees.

Reinsurance Recoverable 4 Page 18

ACE Limited Investment Portfolio (in millions of U.S. dollars) (Unaudited)

	March 31 2006			December 31 2005
Market Value
Fixed maturities available for sale	$	25,411		$	24,285
Fixed maturities held to maturity		3,045			3,055
Short-term investments		2,452			2,299
Total	$	30,908		$	29,639
Asset Allocation by Market Value
Treasury	$	1,873		$	1,956
Agency		1,633			1,506
Corporate		7,530			7,646
Mortgage-backed securities		9,082			8,363
Asset-backed securities		2,349			1,981
Municipal		557			504
Non-US		5,432			5,384
Cash & cash equivalent		2,452			2,299
Total	$	30,908		$	29,639
Credit Quality by Market Value
AAA	$	19,938		$	18,985
AA		2,556			2,108
A		4,317			4,350
BBB		2,076			2,083
BB		906			945
B		1,064			1,106
Other		51			62
Total	$	30,908		$	29,639
Cost/Amortized Cost
Fixed maturities available for sale	$	25,591		$	24,273
Fixed maturities held to maturity		3,107			3,076
Short term investments		2,452			2,299
Subtotal		31,150			29,648
Equity securities		1,325			1,280
Other investments		590			592
Total	$	33,065		$	31,520
Avg. duration of fixed maturities, adjusted for int. rate swaps		3.1 years			2.9 years
Avg. market yield of fixed maturities		5.4	%		5.0	%
Avg. credit quality		AA			AA

Investments Page 19

ACE Limited Net Realized and Unrealized Gains (Losses) (in millions of U.S. dollars) (Unaudited)

	Three months ended March 31, 2006
	Net Realized Gains (Losses) (1)			Net Unrealized Gains (Losses)			Net Impact
Investment Portfolio Gains (Losses)
Fixed maturities	$	(44	)	$	(193	)	$	(237	)
Equity securities		43			48			91
Equity and fixed income derivatives		11			—			11
Foreign exchange gains (losses)		(4	)		—			(4	)
Other		(1	)		12			11
Total inv. portfolio gains (losses)		5			(133	)		(128	)
Other FAS 133 adjustments		2			—			2
Total gains (losses)		7			(133	)		(126	)
Income tax expense (benefit)		(1	)		(35	)		(36	)
Net gains (losses)	$	8		$	(98	)	$	(90	)

(1) The quarter includes impairments of $24M for fixed maturities, $2M for equities and $5M for other investments.

	Three months ended March 31, 2005
	Net Realized Gains (Losses) (2)			Net Unrealized Gains (Losses)			Net Impact
Investment Portfolio Gains (Losses)
Fixed maturities	$	(5	)	$	(333	)	$	(338	)
Equity securities		14			(24	)		(10	)
Equity and fixed income derivatives		—			—			—
Foreign exchange gains (losses)		(3	)		—			(3	)
Other		2			8			10
Total inv. portfolio gains (losses)		8			(349	)		(341	)
Other FAS 133 adjustments		(22	)		—			(22	)
Total gains (losses)		(14	)		(349	)		(363	)
Income tax expense (benefit)		4			(68	)		(64	)
Net gains (losses)	$	(18	)	$	(281	)	$	(299	)

(2) The quarter includes impairments of $20M for fixed maturities and $1M for equities.

Investment Gains (Losses) Page 20

ACE Limited Capital Structure (in millions of U.S. dollars) (Unaudited)

These amounts do not reflect the impact of the settlement. See page 1.

	March 31 2006			December 31 2005			December 31 2004
Total short-term debt	$	300		$	300		$	146
Total long-term debt		1,812			1,811			1,849
Total debt		2,112			2,111			1,995
Total trust preferreds		309			309			412
Perpetual preferred		557			557			557
Ordinary shareholders’ equity		11,666			11,255			9,288
Total shareholders’ equity	$	12,223		$	11,812		$	9,845
Total capitalization	$	14,644		$	14,232		$	12,252
Tangible shareholders’ equity(1)	$	9,520		$	9,109		$	7,145
Leverage ratios
Debt/ total capitalization		14.4	%		14.8	%		16.3	%
Debt plus trust preferreds/ total capitalization		16.5	%		17.0	%		19.6	%
Debt/ tangible equity		22.2	%		23.2	%		27.9	%
Debt plus trust preferreds/ tangible equity		25.4	%		26.6	%		33.7	%
Debt plus total preferred stock/ total capitalization		20.3	%		20.9	%		24.2	%

(1) Tangible equity is equal to shareholders’ equity less goodwill.

Capital Structure Page 21

ACE Limited Computation of Basic and Diluted Earnings Per Share (in millions of U.S. dollars, except share and per share data) (Unaudited)

These amounts do not reflect the impact of the settlement. See page 1.

	Three months ended March 31
	2006			2005
Numerator
Income excluding net realized gains (losses) and cumulative effect(1)	$	543		$	455
Perpetual preferred dividend		(11	)		(11	)
Income to ordinary shares, excl. net realized gains (losses) and cumulative effect		532			444
Net realized gains (losses), net of income tax		8			(18	)
Net income available to the holders of ordinary shares excluding cumulative effect		540			426
Cumulative effect of a change in accounting principle, net of tax		4			—
Net income available to the holders of ordinary shares	$	544		$	426
Rollforward of ordinary shares
Ordinary shares - beginning of period		323,322,586			284,478,525
Issued under employee stock purchase plan		74,598			109,411
Stock (cancelled) granted		1,108,012			1,344,217
Issued for option exercises		637,864			1,421,174
Ordinary shares - end of period		325,143,060			287,353,327
Denominator
Weighted average shares outstanding		321,090,179			283,179,820
Effect of other dilutive securities		4,636,773			4,385,550
Adj. wtd. avg. shares outstanding and assumed conversions		325,726,952			287,565,370
Basic earnings per share
Income excluding net realized gains (losses) and cumulative effect(1)	$	1.66		$	1.57
Net realized gains (losses), net of income tax		0.02			(0.07	)
Cumulative effect of a change in accounting principle, net of tax		0.01			—
Net income	$	1.69		$	1.50
Diluted earnings per share
Income excluding net realized gains (losses) and cumulative effect(1)	$	1.63		$	1.54
Net realized gains (losses), net of income tax		0.02			(0.06	)
Cumulative effect of a change in accounting principle, net of tax		0.01			—
Net income	$	1.66		$	1.48

(1) See page 23 Non-GAAP Financial Measures.

Earnings per share Page 22

ACE Limited Non-GAAP Financial Measures (in millions of U.S. dollars) (Unaudited)

These amounts do not reflect the impact of the settlement. See page 1.

Regulation G - Non-GAAP Financial Measures

In presenting our results, we have included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations; however, they should not be viewed as a substitute for measures determined in accordance with GAAP. A reconciliation of book value per share is provided on page 24.

In presenting our segment operating results we have shown our performance with reference to underwriting results. Underwriting results are calculated by subtracting losses and loss expenses, life and annuity benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting results and operating ratios to monitor the results of our operations without the impact of certain factors, including investment income, other income and expenses, interest and income tax expense and net realized gains (losses).

The following non-GAAP measure is a common performance measurement and is defined as income (loss) excluding net realized gains (losses), the tax expense (benefit) on net realized gains (losses) and cumulative effect of a change in accounting principle, net of tax. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude net realized gains (losses) because the amount of these gains (losses) is heavily influenced by, and fluctuates in part, according to the availability of market opportunities. We exclude the benefit of the cumulative effect of a change in accounting principle, net of tax, because this change resulted in a one time adjustment to income. We believe these amounts are largely independent of our business and including them would distort the analysis of trends. Income excluding net realized gains (losses) and cumulative effect should not be viewed as a substitute for net income determined in accordance with generally accepted accounting principles (GAAP).

	1Q-06			4Q-05			3Q-05			2Q-05		1Q-05			Full Year 2005
Net income (loss), as reported	$	555		$	236		$	(112	)	$	467	$	437		$	1,028
Net realized gains (losses)		7			(25	)		83			32		(14	)		76
Income tax expense (benefit) on net realized gains (losses)		(1	)		(17	)		8			8		4			3
Cumulative effect of a change in accounting principle, net of tax		4			—			—			—		—			—
Income (loss) excluding net realized gains (losses) and cumulative effect	$	543		$	244		$	(187	)	$	443	$	455		$	955

Reconciliation Non-GAAP Page 23

ACE Limited Book Value per Ordinary Share (in millions of U.S. dollars, except share and per share data) (Unaudited)

These amounts do not reflect the impact of the settlement. See page 1.

Reconciliation of Book Value per Ordinary Share

	March 31 2006			December 31 2005
Shareholders’ equity	$	12,223		$	11,812
Proceeds from issuance of preferred shares		(557	)		(557	)
Numerator for book value per share calculation		11,666			11,255
Less: goodwill		2,703			2,703
Numerator for tangible book value per share	$	8,963		$	8,552
Denominator		325,143,060			323,322,586
Book value per ordinary share	$	35.88		$	34.81
Tangible book value per ordinary share	$	27.57		$	26.45

Reconciliation Book Value Page 24

ACE Limited Comprehensive Income (in millions of U.S. dollars) (Unaudited)

These amounts do not reflect the impact of the settlement. See page 1.

Consolidated Statement of Comprehensive Income

	1Q-06			4Q-05			3Q-05			2Q-05			1Q-05			Full Year 2005
Net income (loss)	$	555		$	236		$	(112	)	$	467		$	437		$	1,028
Net unrealized appreciation (depreciation) on investments
Unrealized appreciation (depreciation) on investments		(117	)		(113	)		(78	)		247			(301	)		(245	)
Reclassification adjustment for net realized gains (losses) included in net income		(15	)		16			(47	)		(56	)		(48	)		(135	)
Amortization of net unrealized appreciation related to held to maturity securities		(1	)		(2	)		(2	)		(2	)		—			(6	)
Change in cumulative translation adjustment		24			(35	)		(25	)		(68	)		(11	)		(139	)
Minimum pension liability adjustment		(1	)		1			1			4			2			8
Income tax (expense) benefit related to other comprehensive income items		28			24			40			(21	)		72			115
Other comprehensive income (loss)		(82	)		(109	)		(111	)		104			(286	)		(402	)
Comprehensive income (loss)	$	473		$	127		$	(223	)	$	571		$	151		$	626

Comprehensive Income Page 25

ACE Limited Glossary

Annualized return on ordinary shareholders’ equity (ROE):Income (loss) excluding net realized gains (losses) and cumulative effect less perpetual preferred securities divided by average ordinary shareholders’ equity for the period. To annualize a quarterly rate multiply by four.

Book value per ordinary share: Ordinary shareholders’ equity divided by the shares outstanding.

Combined ratio:The sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio for the property and casualty and financial services operations. Calculated on a GAAP basis.

Cumulative effect: The cumulative effect of a change in accounting principle is a benefit resulting from the accrual of a forfeiture rate on the restricted stock under Financial Accounting Standard 123R “Share-Based Payment”.

Effective tax rate:Income tax expense divided by the sum of income tax expense and income (loss) excluding net realized gains (losses) and cumualtive effect.

FAS 115:Unrealized gains (losses) on investments and the deferred tax component included in shareholders’ equity.

Life underwriting income: Net premium earned and net investment income less future policy benefits, acquisition costs and administrative expenses.

NM: Not meaningful.

Ordinary shareholders’ equity:Shareholders’ equity less perpetual preferred shares.

P & C:Property and casualty.

Property and casualty combined ratios:Loss and loss expense ratios, policy acquisition cost ratios and administrative expense ratios excluding life reinsurance business and financial services segment. Calculated on a GAAP basis.

Return on ordinary shareholders’ equity (ROE):Income (loss) excluding net realized gains (losses) and cumulative effect less perpetual preferred securities divided by average ordinary shareholders’ equity.

Tangible book value per ordinary share:Ordinary shareholders’ equity less goodwill divided by the shares outstanding.

Tangible equity:Shareholders’ equity less goodwill.

Total capitalization:Short-term debt, long-term debt, trust preferreds, perpetual preferred shares and shareholders’ equity.

YTD:Year to date.

Glossary Page 26