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

EXHIBIT 99.2

Financial Supplement

September 30, 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 and recoverables, 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
	- Consolidated Financial Highlights	1
II.	Consolidated Results
	- Consolidated Results - Consecutive Quarters	2-3
	- Summary Consolidated Balance Sheets	4
	- Consolidated Premiums by Line of Business	5
	- Consolidating Statement of Operations	6-7
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
	Consolidated Financial Highlights
	(in millions of U.S. dollars, except share, per share data and ratios)
	(Unaudited)

	Three months ended September 30						% Change 3Q-06 vs. 3Q-05		Nine months ended September 30						% Change YTD-06 vs. YTD-05
	2006			2005					2006			2005
Gross premiums written	$	4,297		$	4,261		1	%	$	13,391		$	13,017		3	%
Net premiums written	$	2,790		$	2,889		-3	%	$	9,166		$	9,164		0	%
Net premiums earned	$	3,088		$	3,091		0	%	$	8,799		$	8,889		-1	%
Net investment income	$	414		$	320		29	%	$	1,173		$	910		29	%
Net income	$	578		$	(112	)	NM		$	1,640		$	792		107	%
Income excluding net realized gains (losses) and cumulative effect(1)	$	652		$	(187	)	NM		$	1,708		$	711		140	%
Comprehensive income	$	1,094		$	(223	)	NM		$	1,876		$	499		276	%
Operating cash flow	$	1,333		$	1,093		22	%	$	3,301		$	2,306		43	%
Property and Casualty Combined ratio
Loss and loss expense ratio		59.9	%		90.0	%				60.5	%		72.2	%
Underwriting and administrative expense ratio		25.8	%		26.0	%				27.3	%		26.2	%
Combined ratio		85.7	%		116.0	%				87.8	%		98.4	%
Annualized ROE*		20.6	%		-8.1	%				18.4	%		9.5	%
Annualized ROE, excluding FAS 115*		21.0	%		-8.5	%				19.1	%		10.1	%
Effective tax rate on income excluding net realized gains (losses) and cumulative effect		21	%		-4	%				20	%		26	%
Diluted earnings per share
Income excluding net realized gains (losses) and cumulative effect(1)	$	1.96		$	(0.70	)	NM		$	5.13		$	2.34		119	%
Net income	$	1.73		$	(0.43	)	NM		$	4.92		$	2.63		87	%
Book value per ordinary share	$	39.74		$	33.51		19	%	$	39.74		$	33.51		19	%
Tangible book value per ordinary share	$	31.60		$	24.14		31	%	$	31.60		$	24.14		31	%
Weighted average basic ordinary shares outstanding		321.9			284.8					321.5			284.0
Weighted average diluted ordinary shares outstanding		326.7			284.8					326.5			288.7
Debt/ total capitalization		13.4	%		15.9	%				13.4	%		15.9	%

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

(2) The denominator for diluted loss per share for the three months ended September 30, 2005 does not include the dilutive effect of other dilutive securities. The incremental shares from assumed conversions are not included in computing diluted loss per share amounts as these shares are considered anti-dilutive.

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

Financial Highlights Page 1

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

ACE Limited Consolidated	3Q-06			2Q-06			1Q-06			4Q-05			3Q-05			YTD 2006			YTD 2005			Full Year 2005
Property and Casualty(1)
Gross premiums written	$	4,223		$	4,514		$	4,400		$	3,757		$	3,989		$	13,137		$	12,447		$	16,204
Net premiums written		2,716			2,996			3,200			2,596			2,616			8,912			8,595			11,191
Net premiums earned		3,002			2,809			2,708			2,786			2,773			8,519			8,269			11,055
Losses and loss expenses		1,797			1,716			1,639			2,139			2,494			5,152			5,973			8,112
Policy acquisition costs		432			422			413			414			417			1,267			1,221			1,635
Administrative expenses		344			328			390			289			301			1,062			935			1,224
P&C underwriting income (loss)	$	429		$	343		$	266		$	(56	)	$	(439	)	$	1,038		$	140		$	84
Financial Services underwriting income (loss)		(7	)		(7	)		(8	)		—			(58	)		(22	)		(43	)		(43	)
Life underwriting income excluding investment income		25			20			20			17			15			65			45			62
Net investment income		414			390			369			354			320			1,173			910			1,264
Net realized gains (losses)		(113	)		(7	)		7			(25	)		83			(113	)		101			76
Interest expense		46			45			43			46			43			134			128			174
Other (income) expense		(6	)		(13	)		(8	)		4			(25	)		(27	)		(36	)		(32	)
Income tax expense (benefit)		130			134			134			4			15			398			269			273
Cumulative effect of a change in accounting principle, net of tax		—			—			4			—			—			4			—			—
Net income (loss)	$	578		$	573		$	489		$	236		$	(112	)	$	1,640		$	792		$	1,028
Net realized gains (losses)		(113	)		(7	)		7			(25	)		83			(113	)		101			76
Tax expense (benefit) on net realized gains (losses)		(39	)		(1	)		(1	)		(17	)		8			(41	)		20			3
Cumulative effect of a change in accounting principle, net of tax		—			—			4			—			—			4			—			—
Income (loss) excluding net realized gains (losses) and cumulative effect(2)	$	652		$	579		$	477		$	244		$	(187	)	$	1,708		$	711		$	955
% Change versus prior year period(1)
Property and Casualty net premiums written		4	%		6	%		2	%		2	%		-1	%		4	%		2	%		2	%
Property and Casualty net premiums earned		8	%		1	%		-1	%		2	%		3	%		3	%		8	%		7	%
Other ratios
Net premiums written/gross premiums written		64	%		66	%		73	%		69	%		66	%		68	%		69	%		69	%
Effective tax rate on income excluding net realized gains (losses) and cumulative effect		21	%		19	%		22	%		8	%		-4	%		20	%		26	%		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 2

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

ACE Limited Consolidated
	3Q-06			2Q-06			1Q-06			4Q-05			3Q-05			YTD 2006			YTD 2005			Full Year 2005
Combined ratio
Loss and loss expense ratio		60.2	%		61.6	%		61.2	%		76.5	%		92.6	%		61.0	%		73.9	%		74.5	%
Policy acquisition cost ratio		14.4	%		14.9	%		15.2	%		15.0	%		13.9	%		14.8	%		14.1	%		14.3	%
Administrative expense ratio		11.4	%		11.7	%		14.2	%		10.5	%		10.1	%		12.4	%		10.9	%		10.8	%
Combined ratio		86.0	%		88.2	%		90.6	%		102.0	%		116.6	%		88.2	%		98.9	%		99.6	%
Property and Casualty(1)
	3Q-06			2Q-06			1Q-06			4Q-05			3Q-05			YTD 2006			YTD 2005			Full Year 2005
Combined ratio(1)
Loss and loss expense ratio		59.9	%		61.1	%		60.5	%		76.8	%		90.0	%		60.5	%		72.2	%		73.4	%
Policy acquisition cost ratio		14.4	%		15.0	%		15.3	%		14.8	%		15.1	%		14.9	%		14.8	%		14.8	%
Administrative expense ratio		11.4	%		11.7	%		14.4	%		10.4	%		10.9	%		12.4	%		11.4	%		11.0	%
Combined ratio		85.7	%		87.8	%		90.2	%		102.0	%		116.0	%		87.8	%		98.4	%		99.2	%
Large losses and other items(1)
Catastrophe and other large losses (before tax)	$	6		$	2		$	3		$	360		$	756		$	11		$	759		$	1,119
Prior period development - unfavorable (favorable)(2)	$	16		$	(16	)	$	(38	)	$	25		$	27		$	(38	)	$	83		$	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 3

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

	September 30 2006		June 30 2006		March 31 2006		December 31 2005
	(Unaudited)		(Unaudited)		(Unaudited)		(Audited)
Assets
Fixed maturities available for sale, at fair value	$	27,069	$	25,962	$	25,411	$	24,285
Fixed maturities held to maturity, at amortized cost		3,081		3,141		3,107		3,076
Equity securities, at fair value		1,553		1,416		1,600		1,507
Short-term investments, at fair value		3,009		3,125		2,452		2,299
Other investments		817		719		687		675
Total investments		35,529		34,363		33,257		31,842
Cash		544		552		398		512
Securities lending collateral		2,034		1,285		1,782		1,723
Insurance and reinsurance balances receivable		3,733		3,941		3,742		3,343
Reinsurance recoverable		14,729		15,270		15,569		15,463
Deferred policy acquisition costs		1,081		1,090		1,032		930
Prepaid reinsurance premiums		1,686		1,708		1,505		1,346
Goodwill		2,655		2,703		2,703		2,703
Deferred tax assets		1,164		1,243		1,271		1,314
Investments in partially owned insurance companies		917		894		885		876
Other assets		2,361		2,341		2,703		2,388
Total assets	$	66,433	$	65,390	$	64,847	$	62,440
Liabilities
Unpaid losses and loss expenses	$	35,149	$	35,564	$	35,508	$	35,055
Unearned premiums		6,676		6,963		6,554		5,884
Future policy benefits for life and annuity contracts		516		521		519		521
Insurance and reinsurance balances payable		2,467		2,484		2,346		2,405
Deposit liabilities		346		348		318		350
Securities lending payable		2,034		1,285		1,782		1,723
Payable for securities purchased		1,461		1,466		1,588		701
Accounts payable, accrued expenses and other liabilities		1,666		1,426		1,475		1,395
Income taxes payable		166		138		179		174
Short-term debt		500		800		300		300
Long-term debt		1,632		1,620		1,812		1,811
Trust preferred securities		309		309		309		309
Total liabilities		52,922		52,924		52,690		50,628
Shareholders’ equity
Total shareholders’ equity, excl. AOCI		12,943		12,414		11,907		11,480
Accumulated other comprehensive income (AOCI)		568		52		250		332
Total shareholders’ equity		13,511		12,466		12,157		11,812
Total liabilities and shareholders’ equity	$	66,433	$	65,390	$	64,847	$	62,440
Book value per ordinary share(1)	$	39.74	$	36.60	$	35.68	$	34.81
Tangible book value per ordinary share(1)	$	31.60	$	28.29	$	27.37	$	26.45

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

Consol Bal Sheet Page 4

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

ACE Limited Consolidated

	3Q-06		% of Total Consolidated		3Q-05		% of Total Consolidated		% Change 3Q-06 vs. 3Q-05		YTD 2006		% of Total Consolidated		YTD 2005		% of Total Consolidated		% Change YTD-06 vs. YTD-05
Net premiums written
Property and all other	$	812	29	%	$	757	26	%	7	%	$	2,697	29	%	$	2,541	28	%	6	%
Casualty		1,569	56	%		1,555	54	%	1	%		5,153	56	%		5,097	56	%	1	%
Personal accident		335	12	%		304	11	%	10	%		1,062	12	%		957	10	%	11	%
Total P&C		2,716	97	%		2,616	91	%	4	%		8,912	97	%		8,595	94	%	4	%
Life		69	3	%		61	2	%	13	%		196	2	%		181	2	%	8	%
Financial Services		5	0	%		212	7	%	-98	%		58	1	%		388	4	%	-85	%
Total Consolidated	$	2,790	100	%	$	2,889	100	%	-3	%	$	9,166	100	%	$	9,164	100	%	0	%
Net premiums earned
Property and all other	$	930	30	%	$	820	27	%	13	%	$	2,452	28	%	$	2,441	28	%	0	%
Casualty		1,716	56	%		1,637	53	%	5	%		5,018	57	%		4,900	55	%	2	%
Personal accident		356	11	%		316	10	%	13	%		1,049	12	%		928	10	%	13	%
Total P&C		3,002	97	%		2,773	90	%	8	%		8,519	97	%		8,269	93	%	3	%
Life		69	2	%		61	2	%	13	%		196	2	%		181	2	%	8	%
Financial Services		17	1	%		257	8	%	-93	%		84	1	%		439	5	%	-81	%
Total Consolidated	$	3,088	100	%	$	3,091	100	%	0	%	$	8,799	100	%	$	8,889	100	%	-1	%

Line Of Business Page 5

	ACE Limited
	Consolidating Statement of Operations
	Three months ended September 30, 2006 and 2005
	(in millions of U.S. dollars) (Unaudited)

	Insurance - North American			Insurance - Overseas General			Global Reinsurance			Corporate & Other			Consolidated P&C			Financial Services			Life Insurance & Reinsurance			ACE Consolidated
September 30, 2006
Gross premiums written	$	2,545		$	1,387		$	291		$	—		$	4,223		$	5		$	69		$	4,297
Net premiums written		1,454			978			284			—			2,716			5			69			2,790
Net premiums earned		1,530			1,099			373			—			3,002			17			69			3,088
Losses and loss expenses		1,069			532			196			—			1,797			21			—			1,818
Life and annuity benefits		—			—			—			—			—			—			29			29
Policy acquisition costs		143			217			72			—			432			2			7			441
Administrative expenses		128			155			16			45			344			1			8			353
Underwriting income (loss)		190			195			89			(45	)		429			(7	)		25			447
Net investment income		192			97			56			22			367			36			11			414
Net realized gains (losses)		(35	)		(32	)		2			(35	)		(100	)		1			(14	)		(113	)
Interest expense		6			—			—			40			46			—			—			46
Other (income) expense		8			(3	)		—			—			5			(11	)		—			(6	)
Income tax expense (benefit)		68			63			9			(14	)		126			4			—			130
Net income (loss)		265			200			138			(84	)		519			37			22			578
Net realized gains (losses)		(35	)		(32	)		2			(35	)		(100	)		1			(14	)		(113	)
Tax expense (benefit) on net realized gains (losses)		(32	)		(6	)		(1	)		—			(39	)		—			—			(39	)
Income (loss) excluding net realized gains (losses)(1)	$	268		$	226		$	135		$	(49	)	$	580		$	36		$	36		$	652
September 30, 2005
Gross premiums written	$	2,250		$	1,328		$	411		$	—		$	3,989		$	211		$	61		$	4,261
Net premiums written		1,307			929			380			—			2,616			212			61			2,889
Net premiums earned		1,338			1,027			408			—			2,773			257			61			3,091
Losses and loss expenses		1,173			685			637			(1	)		2,494			310			—			2,804
Life and annuity benefits		—			—			—			—			—			—			35			35
Policy acquisition costs		134			205			78			—			417			2			7			426
Administrative expenses		96			143			16			46			301			3			4			308
Underwriting income (loss)		(65	)		(6	)		(323	)		(45	)		(439	)		(58	)		15			(482	)
Net investment income		139			82			45			9			275			35			10			320
Net realized gains (losses)		10			17			7			37			71			7			5			83
Interest expense		6			—			1			36			43			—			—			43
Other (income) expense		(1	)		5			1			—			5			(30	)		—			(25	)
Income tax expense (benefit)		10			23			(12	)		(15	)		6			10			(1	)		15
Net income (loss)		69			65			(261	)		(20	)		(147	)		4			31			(112	)
Net realized gains (losses)		10			17			7			37			71			7			5			83
Tax expense (benefit) on net realized gains (losses)		2			5			1			—			8			—			—			8
Income (loss) excluding net realized gains (losses)(1)	$	61		$	53		$	(267	)	$	(57	)	$	(210	)	$	(3	)	$	26		$	(187	)

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

Segment 2006 Qtr Page 6

	ACE Limited
	Consolidating Statement of Operations
	Nine months ended September 30, 2006 and 2005
	(in millions of U.S. dollars) (Unaudited)

	Insurance - North American			Insurance - Overseas General			Global Reinsurance			Corporate & Other			Consolidated P&C			Financial Services			Life Insurance & Reinsurance			ACE Consolidated
September 30, 2006
Gross premiums written	$	7,369		$	4,456		$	1,312		$	—		$	13,137		$	58		$	196		$	13,391
Net premiums written		4,406			3,207			1,299			—			8,912			58			196			9,166
Net premiums earned		4,164			3,224			1,131			—			8,519			84			196			8,799
Losses and loss expenses		2,878			1,683			590			1			5,152			94			—			5,246
Life and annuity benefits		—			—			—			—			—			—			91			91
Policy acquisition costs		405			630			232			—			1,267			6			17			1,290
Administrative expenses		364			452			48			198			1,062			6			23			1,091
Underwriting income (loss)		517			459			261			(199	)		1,038			(22	)		65			1,081
Net investment income		535			273			159			68			1,035			108			30			1,173
Net realized gains (losses)		(70	)		(24	)		(7	)		13			(88	)		(2	)		(23	)		(113	)
Interest expense		16			—			—			118			134			—			—			134
Other (income) expense		8			3			1			—			12			(39	)		—			(27	)
Income tax expense (benefit)		244			163			29			(50	)		386			13			(1	)		398
Cumulative effect of a change in accounting principle, net of tax		—			—			—			4			4			—			—			4
Net income (loss)		714			542			383			(182	)		1,457			110			73			1,640
Net realized gains (losses)		(70	)		(24	)		(7	)		13			(88	)		(2	)		(23	)		(113	)
Tax expense (benefit) on net realized gains (losses)		(40	)		1			(2	)		(1	)		(42	)		1			—			(41	)
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)	$	744		$	567		$	388		$	(200	)	$	1,499		$	113		$	96		$	1,708
September 30, 2005
Gross premiums written	$	6,744		$	4,387		$	1,316		$	—		$	12,447		$	389		$	181		$	13,017
Net premiums written		4,144			3,181			1,270			—			8,595			388			181			9,164
Net premiums earned		3,942			3,191			1,136			—			8,269			439			181			8,889
Losses and loss expenses		3,013			1,904			1,048			8			5,973			463			—			6,436
Life and annuity benefits		—			—			—			—			—			—			108			108
Policy acquisition costs		381			612			228			—			1,221			5			17			1,243
Administrative expenses		318			429			47			141			935			14			11			960
Underwriting income (loss)		230			246			(187	)		(149	)		140			(43	)		45			142
Net investment income		412			236			124			12			784			97			29			910
Net realized gains (losses)		13			69			7			(20	)		69			16			16			101
Interest expense		16			—			2			110			128			—			—			128
Other (income) expense		—			16			3			—			19			(55	)		—			(36	)
Income tax expense (benefit)		171			124			6			(53	)		248			23			(2	)		269
Net income (loss)		468			411			(67	)		(214	)		598			102			92			792
Net realized gains (losses)		13			69			7			(20	)		69			16			16			101
Tax expense (benefit) on net realized gains (losses)		1			17			1			—			19			1			—			20
Income (loss) excluding net realized gains (losses)(1)	$	456		$	359		$	(73	)	$	(194	)	$	548		$	87		$	76		$	711

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

Segment 2006 YTD Page 7

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

Insurance - North American

	3Q-06			2Q-06			1Q-06			4Q-05			3Q-05			YTD 2006			YTD 2005			Full Year 2005
Gross premiums written	$	2,545		$	2,612		$	2,212		$	2,086		$	2,250		$	7,369		$	6,744		$	8,830
Net premiums written		1,454			1,498			1,454			1,306			1,307			4,406			4,144			5,450
Net premiums earned		1,530			1,336			1,298			1,343			1,338			4,164			3,942			5,285
Losses and loss expenses		1,069			934			875			1,105			1,173			2,878			3,013			4,118
Policy acquisition costs		143			119			143			111			134			405			381			492
Administrative expenses		128			121			115			91			96			364			318			409
Underwriting income (loss)		190			162			165			36			(65	)		517			230			266
Net investment income		192			175			168			153			139			535			412			565
Net realized gains (losses)		(35	)		(29	)		(6	)		(19	)		10			(70	)		13			(6	)
Interest expense		6			5			5			5			6			16			16			21
Other (income) expense		8			1			(1	)		14			(1	)		8			—			14
Income tax expense (benefit)		68			88			88			37			10			244			171			208
Net income		265			214			235			114			69			714			468			582
Net realized gains (losses)		(35	)		(29	)		(6	)		(19	)		10			(70	)		13			(6	)
Tax expense (benefit) on net realized gains (losses)		(32	)		(6	)		(2	)		(9	)		2			(40	)		1			(8	)
Income (loss) excluding net realized gains (losses)(1)	$	268		$	237		$	239		$	124		$	61		$	744		$	456		$	580
Combined ratio
Loss and loss expense ratio		69.9	%		69.9	%		67.4	%		82.3	%		87.7	%		69.1	%		76.4	%		77.9	%
Policy acquisition cost ratio		9.3	%		8.9	%		11.0	%		8.3	%		10.0	%		9.7	%		9.7	%		9.3	%
Administrative expense ratio		8.4	%		9.1	%		8.9	%		6.7	%		7.2	%		8.8	%		8.1	%		7.7	%
Combined ratio		87.6	%		87.9	%		87.3	%		97.3	%		104.9	%		87.6	%		94.2	%		94.9	%
Large losses and other items (before tax)
Catastrophe and other large losses (before tax)	$	—		$	—		$	—		$	114		$	203		$	—		$	203		$	317
Prior period development - unfavorable (favorable)	$	29		$	9		$	(2	)	$	30		$	22		$	36		$	95		$	125
% Change versus prior year period
Net premiums written		11	%		6	%		2	%		9	%		-4	%		6	%		6	%		7	%
Net premiums earned		14	%		1	%		1	%		8	%		7	%		6	%		15	%		13	%
Other ratios
Net premiums written/gross premiums written		57	%		57	%		66	%		63	%		58	%		60	%		61	%		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

	3Q-06			2Q-06			1Q-06			4Q-05			3Q-05			YTD 2006			YTD 2005			Full Year 2005
Gross premiums written	$	1,387		$	1,485		$	1,584		$	1,388		$	1,328		$	4,456		$	4,387		$	5,775
Net premiums written		978			1,083			1,146			1,014			929			3,207			3,181			4,195
Net premiums earned		1,099			1,086			1,039			1,048			1,027			3,224			3,191			4,239
Losses and loss expenses		532			585			566			679			685			1,683			1,904			2,583
Policy acquisition costs		217			219			194			224			205			630			612			836
Administrative expenses		155			152			145			137			143			452			429			566
Underwriting income (loss)		195			130			134			8			(6	)		459			246			254
Net investment income		97			91			85			83			82			273			236			319
Net realized gains (losses)		(32	)		4			4			(18	)		17			(24	)		69			51
Interest expense		—			—			—			—			—			—			—			—
Other (income) expense		(3	)		—			6			—			5			3			16			16
Income tax expense (benefit)		63			44			56			(17	)		23			163			124			107
Net income		200			181			161			90			65			542			411			501
Net realized gains (losses)		(32	)		4			4			(18	)		17			(24	)		69			51
Tax expense (benefit) on net realized gains (losses)		(6	)		5			2			(4	)		5			1			17			13
Income excluding net realized gains (losses)(1)	$	226		$	182		$	159		$	104		$	53		$	567		$	359		$	463
Combined ratio
Loss and loss expense ratio		48.4	%		53.8	%		54.5	%		64.8	%		66.8	%		52.2	%		59.7	%		60.9	%
Policy acquisition cost ratio		19.8	%		20.1	%		18.7	%		21.3	%		20.0	%		19.6	%		19.2	%		19.7	%
Administrative expense ratio		14.0	%		14.1	%		13.9	%		13.2	%		13.8	%		14.0	%		13.4	%		13.4	%
Combined ratio		82.2	%		88.0	%		87.1	%		99.3	%		100.6	%		85.8	%		92.3	%		94.0	%
Large losses and other items
Catastrophe and other large losses (before tax)	$	3		$	—		$	—		$	80		$	121		$	3		$	121		$	201
Prior period development - unfavorable (favorable)	$	(16	)	$	(21	)	$	(39	)	$	9		$	10		$	(76	)	$	(4	)	$	5
% Change versus prior year period
Net premiums written		5	%		2	%		-4	%		-6	%		-5	%		1	%		-2	%		-3	%
Net premiums earned		7	%		1	%		-4	%		-7	%		-5	%		1	%		1	%		-1	%
Other ratios
Net premiums written/gross premiums written		71	%		73	%		72	%		73	%		70	%		72	%		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

	3Q-06			2Q-06			1Q-06			4Q-05			3Q-05			YTD 2006			YTD 2005			Full Year 2005
Gross premiums written	$	291		$	417		$	604		$	283		$	411		$	1,312		$	1,316		$	1,599
Net premiums written		284			415			600			276			380			1,299			1,270			1,546
Net premiums earned		373			387			371			395			408			1,131			1,136			1,531
Losses and loss expenses		196			197			197			354			637			590			1,048			1,402
Policy acquisition costs		72			84			76			79			78			232			228			307
Administrative expenses		16			18			14			13			16			48			47			60
Underwriting income (loss)		89			88			84			(51	)		(323	)		261			(187	)		(238	)
Net investment income		56			55			48			49			45			159			124			173
Net realized gains (losses)		2			(3	)		(6	)		(11	)		7			(7	)		7			(4	)
Interest expense		—			—			—			1			1			—			2			3
Other (income) expense		—			—			1			1			1			1			3			4
Income tax expense (benefit)		9			8			12			5			(12	)		29			6			11
Net income (loss)		138			132			113			(20	)		(261	)		383			(67	)		(87	)
Net realized gains (losses)		2			(3	)		(6	)		(11	)		7			(7	)		7			(4	)
Tax expense (benefit) on net realized gains (losses)		(1	)		(1	)		—			(1	)		1			(2	)		1			—
Income (loss) excluding net realized gains (losses)(1)	$	135		$	134		$	119		$	(10	)	$	(267	)	$	388		$	(73	)	$	(83	)
Combined ratio
Loss and loss expense ratio		52.5	%		51.0	%		53.0	%		89.6	%		156.2	%		52.2	%		92.3	%		91.6	%
Policy acquisition cost ratio		19.5	%		21.7	%		20.4	%		20.0	%		19.1	%		20.5	%		20.1	%		20.1	%
Administrative expense ratio		4.2	%		4.6	%		3.9	%		3.4	%		4.0	%		4.2	%		4.1	%		3.9	%
Combined ratio		76.2	%		77.3	%		77.3	%		113.0	%		179.3	%		76.9	%		116.5	%		115.6	%
Large losses and other items
Catastrophe and other large losses (before tax)	$	3		$	2		$	3		$	166		$	432		$	8		$	435		$	601
Prior period development - unfavorable (favorable)	$	3		$	(4	)	$	3		$	(14	)	$	(5	)	$	2		$	(8	)	$	(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

	3Q-06			2Q-06			1Q-06			4Q-05			3Q-05			YTD 2006			YTD 2005			Full Year 2005
% Change versus prior year period
Net premiums written		-25	%		14	%		14	%		-1	%		26	%		2	%		3	%		2	%
Net premiums earned		-9	%		4	%		4	%		10	%		16	%		0	%		10	%		10	%
Other ratios
Net premiums written/gross premiums written		98	%		100	%		99	%		98	%		92	%		99	%		97	%		97	%
Global Reinsurance - By Division
	3Q-06			2Q-06			1Q-06			4Q-05			3Q-05			YTD 2006			YTD 2005			Full Year 2005
Gross premiums written
Tempest Europe	$	60		$	56		$	104		$	60		$	78		$	220		$	232		$	292
Tempest USA		178			249			295			193			234			722			710			903
Tempest Bermuda		53			112			205			30			99			370			374			404
Total	$	291		$	417		$	604		$	283		$	411		$	1,312		$	1,316		$	1,599
Net premiums written
Tempest Europe	$	58		$	53		$	101		$	58		$	74		$	212		$	222		$	280
Tempest USA		177			249			295			193			231			721			705			898
Tempest Bermuda		49			113			204			25			75			366			343			368
Total	$	284		$	415		$	600		$	276		$	380		$	1,299		$	1,270		$	1,546
Net premiums earned
Tempest Europe	$	66		$	68		$	70		$	74		$	79		$	204		$	221		$	295
Tempest USA		210			231			215			222			223			656			665			887
Tempest Bermuda		97			88			86			99			106			271			250			349
Total	$	373		$	387		$	371		$	395		$	408		$	1,131		$	1,136		$	1,531
Net premiums written/gross premiums written
Tempest Europe		97	%		95	%		97	%		97	%		95	%		96	%		96	%		96	%
Tempest USA		99	%		100	%		100	%		100	%		99	%		100	%		99	%		99	%
Tempest Bermuda		92	%		101	%		100	%		83	%		76	%		99	%		92	%		91	%
Total NPW/GPW		98	%		100	%		99	%		98	%		92	%		99	%		97	%		97	%

Global Reinsurance 2 Page 11

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

Financial Services

	3Q-06			2Q-06			1Q-06			4Q-05			3Q-05			YTD 2006			YTD 2005			Full Year 2005
Gross premiums written	$	5		$	3		$	50		$	(30	)	$	211		$	58		$	389		$	359
Net premiums written		5			4			49			(35	)		212			58			388			353
Net premiums earned		17			31			36			6			257			84			439			445
Losses and loss expenses		21			32			41			(4	)		310			94			463			459
Policy acquisition costs		2			2			2			6			2			6			5			11
Administrative expenses		1			4			1			4			3			6			14			18
Underwriting income (loss)		(7	)		(7	)		(8	)		—			(58	)		(22	)		(43	)		(43	)
Net investment income		36			37			35			36			35			108			97			133
Net realized gains (losses)		1			(3	)		—			6			7			(2	)		16			22
Interest expense		—			—			—			—			—			—			—			—
Other (income) expense		(11	)		(14	)		(14	)		(10	)		(30	)		(39	)		(55	)		(65	)
Income tax expense (benefit)		4			5			4			(7	)		10			13			23			16
Net income		37			36			37			59			4			110			102			161
Net realized gains (losses)		1			(3	)		—			6			7			(2	)		16			22
Tax expense (benefit) on net realized gains (losses)		—			1			—			(3	)		—			1			1			(2	)
Income (loss) excluding net realized gains (losses)(1)	$	36		$	40		$	37		$	50		$	(3	)	$	113		$	87		$	137
Combined ratio
Loss and loss expense ratio		119.6	%		106.0	%		113.8	%		-66.6	%		120.7	%		112.0	%		105.4	%		103.0	%
Policy acquisition cost ratio		9.1	%		6.0	%		6.4	%		91.8	%		0.9	%		6.8	%		1.3	%		2.6	%
Administrative expense ratio		11.4	%		9.2	%		4.1	%		64.7	%		1.4	%		7.5	%		3.2	%		4.0	%
Combined ratio		140.1	%		121.2	%		124.3	%		89.9	%		123.0	%		126.3	%		109.9	%		109.6	%
Large losses and other items
Catastrophe and other large losses (before tax)	$	—		$	—		$	—		$	—		$	240		$	—		$	240		$	240
Prior period development - unfavorable (favorable)	$	1		$	2		$	6		$	(17	)	$	2		$	9		$	(5	)	$	(22	)
% Change versus prior year period
Net premiums written		-98	%		-73	%		-70	%		-230	%		212	%		-85	%		34	%		12	%
Net premiums earned		-93	%		-66	%		-60	%		-94	%		132	%		-81	%		4	%		-14	%
Other ratios
Net premiums written/gross premiums written		100	%		133	%		98	%		117	%		100	%		100	%		100	%		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

	3Q-06			2Q-06			1Q-06			4Q-05		3Q-05			YTD 2006			YTD 2005			Full Year 2005
Gross premiums written	$	69		$	66		$	61		$	67	$	61		$	196		$	181		$	248
Net premiums written		69			66			61			67		61			196			181			248
Net premiums earned		69			66			61			67		61			196			181			248
Life and annuity benefits		29			34			28			35		35			91			108			143
Policy acquisition costs		7			4			6			7		7			17			17			24
Administrative expenses		8			8			7			8		4			23			11			19
Net investment income		11			9			10			7		10			30			29			36
Life underwriting income(1)		36			29			30			24		25			95			74			98
Net realized gains (losses)		(14	)		(1	)		(8	)		3		5			(23	)		16			19
Income tax expense (benefit)		—			—			(1	)		—		(1	)		(1	)		(2	)		(2	)
Net income		22			28			23			27		31			73			92			119
Net realized gains (losses)		(14	)		(1	)		(8	)		3		5			(23	)		16			19
Tax expense (benefit) on net realized gains (losses)		—			—			—			—		—			—			—			—
Income excluding net realized gains (losses)(2)	$	36		$	29		$	31		$	24	$	26		$	96		$	76		$	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
Losses and loss expenses incurred		2,378			630			1,748			2,349			618			1,731			29			12			17
Losses and loss expenses paid		(2,536	)		(1,082	)		(1,454	)		(2,344	)		(938	)		(1,406	)		(192	)		(144	)		(48	)
Other (incl. foreign exch. revaluation)		214			69			145			212			69			143			2			—			2
Balance at June 30, 2006	$	35,564		$	14,171		$	21,393		$	28,064		$	9,151		$	18,913		$	7,500		$	5,020		$	2,480
Losses and loss expenses incurred		2,582			764			1,818			2,588			797			1,791			(6	)		(33	)		27
Losses and loss expenses paid		(2,395	)		(975	)		(1,420	)		(2,223	)		(893	)		(1,330	)		(172	)		(82	)		(90	)
Other (Randall Sale)		(808	)		(320	)		(488	)		—			—			—			(808	)		(320	)		(488	)
Other (incl. foreign exch. revaluation)		206			69			137			199			69			130			7			—			7
Balance at September 30, 2006	$	35,149		$	13,709		$	21,440		$	28,628		$	9,124		$	19,504		$	6,521		$	4,585		$	1,936

(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

	September 30 2006			June 30 2006			March 31 2006			December 31 2005
Reinsurance recoverable on paid losses and loss expenses
Active operations	$	855		$	1,008		$	940		$	811
Brandywine		346			313			314			307
Westchester Run-off		37			41			59			53
Other Run-off		25			18			18			20
Total	$	1,263		$	1,380		$	1,331		$	1,191
Reinsurance recoverable on unpaid losses and loss expenses
Active operations	$	9,794		$	9,799		$	10,072		$	9,936
Brandywine		3,565			3,954			4,057			4,240
Westchester Run-off		676			683			683			699
Other Run-off		135			180			179			184
Total	$	14,170		$	14,616		$	14,991		$	15,059
Gross reinsurance recoverable
Active operations	$	10,649		$	10,807		$	11,012		$	10,747
Brandywine		3,911			4,267			4,371			4,547
Westchester Run-off		713			724			742			752
Other Run-off		160			198			197			204
Total	$	15,433		$	15,996		$	16,322		$	16,250
Provision for uncollectible reinsurance
Active operations	$	(527	)	$	(538	)	$	(565	)	$	(586	)
Brandywine		(161	)		(166	)		(164	)		(174	)
Westchester Run-off		(6	)		(10	)		(9	)		(11	)
Other Run-off		(10	)		(12	)		(15	)		(16	)
Total	$	(704	)	$	(726	)	$	(753	)	$	(787	)
Net reinsurance recoverable
Active operations	$	10,122		$	10,269		$	10,447		$	10,161
Brandywine		3,750			4,101			4,207			4,373
Westchester Run-off		707			714			733			741
Other Run-off		150			186			182			188
Total	$	14,729		$	15,270		$	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

	June 30, 2006
Categories	Recoverable		Provision		% of Gross
Top 10 reinsurers	$	5,398	$	65	1.2	%
Other reinsurers balances >$20 million		2,435		83	3.4	%
Other reinsurers balances <$20 million		667		57	8.5	%
Mandatory pools and government agencies		596		3	0.5	%
Structured settlements		220		1	0.5	%
Captives		1,131		1	0.1	%
Other(1)		360		328	91.1	%
Total	$	10,807	$	538	5.0	%

At June 30, 2006, $7.9 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 $3.0 billion, of which $1.7 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 Everest Re Group Hannover Group Lloyd’s Of London Munich Re Group Swiss Re Group XL Capital Group	AGRI General Ins Co AIOI Insurance Group Allianz Allied World Assurance Group Arch Capital Aspen Insurance Holdings Ltd AVIVA Catalina Holdings Ltd CIGNA CNA Insurance Companies Converium Group Dow Chemical Co Electric Insurance Company Endurance Specialty Holdings Ltd Fairfax Financial Federal Crop Insurance Corporation FM Global Group Gerling Global Group	Independence Blue Cross Group ING Groep NV IPCRe Limited IRB - Brasil Resseguros S.A. Group Liberty Mutual Insurance Companies Montpelier Reinsurance Ltd Partner Re Platinum Underwriters PMA Capital Corporation Renaissance Re Holdings Ltd Royal & Sun Alliance Insurance Group SCOR Group Sompo Japan Group St Paul Travelers Companies Tawa UK Ltd Toa Reinsurance Company White Mountains Insurance Group WR Berkley Corporation Zurich Financial Services Group

⁽¹⁾ Otherincludes 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⁾ Excludesrecoverable 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

	June 30, 2006
Categories	Recoverable		Provision		% of Gross
Top 10 reinsurers	$	8,465	$	100	1.2	%
Other reinsurers balances >$20 million		3,686		161	4.4	%
Other reinsurers balances <$20 million		896		82	9.2	%
Mandatory pools and government agencies		606		3	0.5	%
Structured settlements		522		2	0.4	%
Captives		1,219		2	0.2	%
Other(1)		602		376	62.5	%
Total	$	15,996	$	726	4.5	%

At June 30, 2006, $12.1 billion of ACE Limited recoverables were from rated reinsurers, of which 94.5% 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 Berkshire Hathaway Insurance Group Chubb Insurance Group Equitas Everest Re Group Hannover Group Lloyd’s Of London Munich Re Group Swiss Re Group XL Capital Group	AGRI General Ins Co AIOI Insurance Group Allianz Allied World Assurance Group Allstate Group Arch Capital Aspen Insurance Holdings Ltd AVIVA AXA Castlewood Holdings Limited Catalina Holdings Ltd CIGNA CNA Insurance Companies Converium Group Dominion Insurance Co Ltd Dow Chemical Co Dukes Place Holdings Electric Insurance Company Endurance Specialty Holdings Ltd Fairfax Financial Federal Crop Insurance Corporation FM Global Group Gerling Global Group	Hartford Insurance Group Independence Blue Cross Group ING Groep NV IPCRe Limited IRB - Brasil Resseguros S.A. Group Liberty Mutual Insurance Companies Millea Holdings Montpelier Reinsurance Ltd Partner Re Platinum Underwriters PMA Capital Corporation Renaissance Re Holdings Ltd Royal & Sun Alliance Insurance Group SCOR Group Sompo Japan Group St Paul Travelers Companies Tawa UK Ltd Toa Reinsurance Company Trenwick Group White Mountains Insurance Group WR Berkley Corporation Zurich Financial Services Group

⁽¹⁾ Otherincludes 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⁾ Excludesrecoverable 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	$	710		$	481		$	1,191
Provision at 12/31/05		32			304			336
% of gross		4.5	%		63.2	%		28.2	%
Net balance at December 31, 2005 (3)	$	678		$	177		$	855
Gross balance at March 31, 2006	$	869		$	462		$	1,331
Provision at 3/31/06		49			277			326
% of gross		5.6	%		60.0	%		24.5	%
Net balance at March 31, 2006(3)	$	820		$	185		$	1,005
Gross balance at June 30, 2006	$	988		$	392		$	1,380
Provision at 6/30/06		62			229			291
% of gross		6.3	%		58.4	%		21.1	%
Net balance at June 30, 2006 (3)	$	926		$	163		$	1,089
Gross balance at September 30, 2006	$	904		$	359		$	1,263
Provision at 9/30/06		53			199			252
% of gross		5.9	%		55.4	%		20.0	%
Net balance at September 30, 2006 (3)	$	851		$	160		$	1,011

⁽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.

⁽³⁾ The current quarter split between general collections and other is estimated based on prior quarter balances. Balances are adjusted to actual in the next quarter.

Reinsurance Recoverable 4 Page 18

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

	September 30 2006			June 30 2006			March 31 2006			December 31 2005
Market Value
Fixed maturities available for sale	$	27,069		$	25,962		$	25,411		$	24,285
Fixed maturities held to maturity		3,051			3,050			3,045			3,055
Short-term investments		3,009			3,125			2,452			2,299
Total	$	33,129		$	32,137		$	30,908		$	29,639
Asset Allocation by Market Value
Treasury	$	1,603		$	1,695		$	1,873		$	1,956
Agency		1,732			1,637			1,633			1,506
Corporate		7,445			7,365			7,530			7,646
Mortgage-backed securities		10,514			9,833			9,082			8,363
Asset-backed securities		2,149			2,100			2,349			1,981
Municipal		608			604			557			504
Non-US		6,069			5,778			5,432			5,384
Short-term investments		3,009			3,125			2,452			2,299
Total	$	33,129		$	32,137		$	30,908		$	29,639
Credit Quality by Market Value
AAA	$	21,936		$	21,363		$	19,938		$	18,985
AA		2,630			2,358			2,556			2,108
A		4,115			4,157			4,317			4,350
BBB		2,251			2,117			2,076			2,083
BB		922			912			906			945
B		1,208			1,159			1,064			1,106
Other		67			71			51			62
Total	$	33,129		$	32,137		$	30,908		$	29,639
Cost/Amortized Cost
Fixed maturities available for sale	$	26,924		$	26,376		$	25,591		$	24,273
Fixed maturities held to maturity		3,081			3,141			3,107			3,076
Short term investments		3,008			3,125			2,452			2,299
Subtotal		33,013			32,642			31,150			29,648
Equity securities		1,297			1,215			1,325			1,280
Other investments		653			564			590			592
Total	$	34,963		$	34,421		$	33,065		$	31,520
Avg. duration of fixed maturities, adjusted for int. rate swaps		3.0 years			3.2 years			3.1 years			2.9 years
Avg. market yield of fixed maturities		5.4	%		5.7	%		5.4	%		5.0	%
Avg. credit quality		AA			AA			AA			AA

Investments Page 19

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

	Three months ended September 30, 2006									Nine months ended September 30, 2006
	Net Realized Gains (Losses) (1)			Net Unrealized Gains (Losses)			Net Impact			Net Realized Gains (Losses) (1)			Net Unrealized Gains (Losses)			Net Impact
Fixed maturities	$	(116	)	$	559		$	443		$	(241	)	$	130		$	(111	)
Equity securities		24			55			79			124			29			153
Equity and fixed income derivatives		(25	)		—			(25	)		(5	)		—			(5	)
Foreign exchange gains (losses)		(4	)		—			(4	)		(11	)		—			(11	)
Other		—			9			9			2			68			70
Total inv. portfolio gains (losses)		(121	)		623			502			(131	)		227			96
Sale of run-off reinsurance subsidiaries		9			—			9			9			—			9
Other FAS 133 adjustments		(1	)		—			(1	)		9			—			9
Total gains (losses)		(113	)		623			510			(113	)		227			114
Income tax expense (benefit)		(39	)		111			72			(41	)		44			3
Net gains (losses)	$	(74	)	$	512		$	438		$	(72	)	$	183		$	111
(1)     The quarter includes impairments of $106M for fixed maturities and $3M for equities. Year to date includes impairments of $186M for fixed maturities, $9M for equities and $6M for other investments.
	Three months ended September 30, 2005									Nine months ended September 30, 2005
	Net Realized Gains (Losses) (2)			Net Unrealized Gains (Losses)			Net Impact			Net Realized Gains (Losses) (2)			Net Unrealized Gains (Losses)			Net Impact
Fixed maturities	$	11		$	(197	)	$	(186	)	$	32		$	(340	)	$	(308	)
Equity securities		23			60			83			58			22			80
Equity and fixed income derivatives		41			—			41			(2	)		—			(2	)
Foreign exchange gains (losses)		(1	)		—			(1	)		(2	)		—			(2	)
Other		1			10			11			5			31			36
Total inv. portfolio gains (losses)		75			(127	)		(52	)		91			(287	)		(196	)
Other FAS 133 adjustments		8			—			8			10			—			10
Total gains (losses)		83			(127	)		(44	)		101			(287	)		(186	)
Income tax expense (benefit)		8			(29	)		(21	)		20			(54	)		(34	)
Net gains (losses)	$	75		$	(98	)	$	(23	)	$	81		$	(233	)	$	(152	)

(2) The quarter includes impairments of $4M for fixed maturities, $4M for equities and $2M for other investments. Year to date includes impairments of $28M for fixed maturities, $6M for equities and $2M for other investments.

Investment Gain (Losses) Page 20

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

	September 30 2006			June 30 2006			March 31 2006			December 31 2005			December 31 2004
Total short-term debt	$	500		$	800		$	300		$	300		$	146
Total long-term debt		1,632			1,620			1,812			1,811			1,849
Total debt		2,132			2,420			2,112			2,111			1,995
Total trust preferreds		309			309			309			309			412
Perpetual preferred		557			557			557			557			557
Ordinary shareholders’ equity		12,954			11,909			11,600			11,255			9,288
Total shareholders’ equity	$	13,511		$	12,466		$	12,157		$	11,812		$	9,845
Total capitalization	$	15,952		$	15,195		$	14,578		$	14,232		$	12,252
Tangible shareholders’ equity(1)	$	10,856		$	9,763		$	9,454		$	9,109		$	7,145
Leverage ratios
Debt/ total capitalization		13.4	%		15.9	%		14.5	%		14.8	%		16.3	%
Debt plus trust preferreds/ total capitalization		15.3	%		18.0	%		16.6	%		17.0	%		19.6	%
Debt/ tangible equity		19.6	%		24.8	%		22.3	%		23.2	%		27.9	%
Debt plus trust preferreds/ tangible equity		22.5	%		28.0	%		25.6	%		26.6	%		33.7	%
Debt plus total preferred stock/ total capitalization		18.8	%		21.6	%		20.4	%		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)

	Three months ended September 30						Nine months ended September 30
	2006			2005			2006			2005
Numerator
Income excluding net realized gains (losses) and cumulative effect(1)	$	652		$	(187	)	$	1,708		$	711
Perpetual preferred dividend		(11	)		(11	)		(33	)		(33	)
Income to ordinary shares, excl. net realized gains (losses) and cumulative effect		641			(198	)		1,675			678
Net realized gains (losses), net of income tax		(74	)		75			(72	)		81
Net income available to the holders of ordinary shares excluding cumulative effect		567			(123	)		1,603			759
Cumulative effect of a change in accounting principle, net of tax		—			—			4			—
Net income available to the holders of ordinary shares	$	567		$	(123	)	$	1,607		$	759
Rollforward of ordinary shares
Ordinary shares - beginning of period		325,371,481			288,073,439			323,322,586			284,478,525
Issued under employee stock purchase plan		101,359			106,858			202,891			216,269
Stock (cancelled) granted		(19,016	)		(311,587	)		989,164			1,029,125
Issued for option exercises		502,718			803,740			1,441,901			2,948,531
Ordinary shares - end of period		325,956,542			288,672,450			325,956,542			288,672,450
Denominator
Weighted average shares outstanding		321,857,427			284,777,017			321,502,413			284,016,708
Effect of other dilutive securities		4,848,763			5,060,953			5,005,317			4,704,056
Adj. wtd. avg. shares outstanding and assumed conversions		326,706,190			289,837,970			326,507,730			288,720,764
Basic earnings per share
Income excluding net realized gains (losses) and cumulative effect(1)	$	1.99		$	(0.70	)	$	5.21		$	2.38
Net realized gains (losses), net of income tax		(0.23	)		0.27			(0.23	)		0.29
Cumulative effect of a change in accounting principle, net of tax		—			—			0.01			—
Net income	$	1.76		$	(0.43	)	$	4.99		$	2.67
Diluted earnings per share
Income excluding net realized gains (losses) and cumulative effect(1)	$	1.96		$	(0.70	)	$	5.13		$	2.34
Net realized gains (losses), net of income tax		(0.23	)		0.27			(0.22	)		0.29
Cumulative effect of a change in accounting principle, net of tax		—			—			0.01			—
Net income	$	1.73		$	(0.43	)	$	4.92		$	2.63

(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)

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 benefit 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).

	3Q-06			2Q-06			1Q-06			4Q-05			3Q-05			YTD 2006			YTD 2005		Full Year 2005
Net income (loss), as reported	$	578		$	573		$	489		$	236		$	(112	)	$	1,640		$	792	$	1,028
Net realized gains (losses)		(113	)		(7	)		7			(25	)		83			(113	)		101		76
Income tax expense (benefit) on net realized gains (losses)		(39	)		(1	)		(1	)		(17	)		8			(41	)		20		3
Cumulative effect of a change in accounting principle, net of tax		—			—			4			—			—			4			—		—
Income (loss) excluding net realized gains (losses) and cumulative effect	$	652		$	579		$	477		$	244		$	(187	)	$	1,708		$	711	$	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)

Reconciliation of Book Value per Ordinary Share

	September 30 2006			June 30 2006			March 31 2006			December 31 2005
Shareholders’ equity	$	13,511		$	12,466		$	12,157		$	11,812
Proceeds from issuance of preferred shares		(557	)		(557	)		(557	)		(557	)
Numerator for book value per share calculation		12,954			11,909			11,600			11,255
Less: goodwill		2,655			2,703			2,703			2,703
Numerator for tangible book value per share	$	10,299		$	9,206		$	8,897		$	8,552
Denominator		325,956,542			325,371,481			325,143,060			323,322,586
Book value per ordinary share	$	39.74		$	36.60		$	35.68		$	34.81
Tangible book value per ordinary share	$	31.60		$	28.29		$	27.37		$	26.45

Reconciliation Book Value Page 24

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

Consolidated Statement of Comprehensive Income

	3Q-06			2Q-06			1Q-06			4Q-05			3Q-05			YTD 2006			YTD 2005			Full Year 2005
Net income (loss)	$	578		$	573		$	489		$	236		$	(112	)	$	1,640		$	792		$	1,028
Net unrealized appreciation (depreciation) on investments
Unrealized appreciation (depreciation) on investments		542			(264	)		(117	)		(113	)		(78	)		161			(132	)		(245	)
Reclassification adjustment for net realized gains (losses) included in net income		82			3			(15	)		16			(47	)		70			(151	)		(135	)
Amortization of net unrealized appreciation related to held to maturity securities		(1	)		(2	)		(1	)		(2	)		(2	)		(4	)		(4	)		(6	)
Change in cumulative translation adjustment		15			50			24			(35	)		(25	)		89			(104	)		(139	)
Minimum pension liability adjustment		(5	)		(3	)		(1	)		1			1			(9	)		7			8
Income tax (expense) benefit related to other comprehensive income items		(117	)		18			28			24			40			(71	)		91			115
Other comprehensive income (loss)		516			(198	)		(82	)		(109	)		(111	)		236			(293	)		(402	)
Comprehensive income (loss)	$	1,094		$	375		$	407		$	127		$	(223	)	$	1,876		$	499		$	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 cumulative 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