Chubb Limited (CB) 10-Q 7 May 10 2010 Q1 Quarterly report Financial data

Consolidated Balance Sheets

Consolidated Balance Sheets (USD $)
In Millions	Mar. 31, 2010	Dec. 31, 2009
Investments Abstract
Fixed maturities available for sale, at fair value (amortized cost - $39,603 and $38,985) (includes hybrid financial instruments of $367 and $354)	$40,564	$39,525
Fixed maturities held to maturity, at amortized cost (fair value - $3,433 and $3,561)	3,335	3,481
Equity securities, at fair value (cost - $271 and $398)	316	467
Short-term investments, at fair value and amortized cost	2,052	1,667
Other investments (cost - $1,322 and $1,258)	1,472	1,375
Total investments	47,739	46,515
Cash	726	669
Securities lending collateral	1,611	1,544
Accrued investment income	517	502
Insurance and reinsurance balances receivable	3,685	3,671
Reinsurance recoverable on losses and loss expenses	13,335	13,595
Reinsurance recoverable on policy benefits	303	298
Deferred policy acquisition costs	1,517	1,445
Value of business acquired	712	748
Goodwill and other intangible assets	3,883	3,931
Prepaid reinsurance premiums	1,646	1,521
Deferred tax assets	1,174	1,154
Investments in partially-owned insurance companies (cost - $315 and $314)	454	433
Other assets	2,027	1,954
Total assets	79,329	77,980
Liabilities
Unpaid losses and loss expenses	37,551	37,783
Unearned premiums	6,437	6,067
Future policy benefits	3,057	3,008
Insurance and reinsurance balances payable	3,147	3,295
Deposit liabilities	323	332
Securities lending payable	1,639	1,586
Payable for securities purchased	534	154
Accounts payable, accrued expenses, and other liabilities	2,165	2,349
Income taxes payable	223	111
Short-term debt	150	161
Long-term debt	3,158	3,158
Trust preferred securities	309	309
Total liabilities	58,693	58,313
Shareholders' equity
Common Shares (CHF 31.55 and CHF 31.88 par value, 340,158,641 and 337,841,616 shares issued, 338,610,718 and 336,524,657 shares outstanding)	10,470	10,503
Common Shares in treasury (1,547,923 and 1,316,959 shares)	(27)	(3)
Additional paid-in capital	5,494	5,526
Retained earnings	3,573	2,818
Deferred compensation obligation	2	2
Accumulated other comprehensive income (AOCI)	1,126	823
Common shares issued to employee trust	(2)	(2)
Total shareholders' equity	20,636	19,667
Total liabilities and shareholders' equity	$79,329	$77,980

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) (USD $)
In Millions	Mar. 31, 2010	Dec. 31, 2009
Consolidated balance sheets - assets - parenthetical disclosures
Fixed maturities available for sale, at amortized cost	$39,603	$38,985
Fixed maturities available for sale, hybrid financial instruments	367	354
Fixed maturities held to maturity, at fair value	3,433	3,561
Equity securities, at cost	271	398
Other investments, at cost	1,332	1,258
Investments in partially-owned insurance companies, at cost	$315	$314
Consolidated balance sheets - equity - parenthetical disclosures
Common Shares - shares issued	340,158,641	337,841,616
Common Shares - shares outstanding	338,610,718	336,524,657
Common Shares in treasury - shares	1,547,923	1,316,959

1_Consolidated Balance Sheets

Consolidated Balance Sheets (Parentheticals in CHF)
	Mar. 31, 2010 CHF
Common shares - par value	31.55

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (USD $)
In Millions, unless otherwise specified	3 Months Ended Mar. 31, 2010	3 Months Ended Mar. 31, 2009
Revenue:
Net premiums written	$3,571	$3,424
Change in unearned premiums	(294)	(230)
Net premiums earned	3,277	3,194
Net investment income	504	502
Net realized gains (losses):
Other-than-temporary impairment (OTTI) losses gross	(50)	(192)
Portion of OTTI losses recognized in other comprehensive income (OCI)	32	0
Net OTTI losses recognized in income	(18)	(192)
Net realized gains (losses) excluding OTTI losses	186	71
Net realized (gains) losses	168	(121)
Total revenues	3,949	3,575
Expenses:
Losses and loss expenses	1,921	1,816
Policy benefits	87	99
Policy acquisition costs	554	481
Administrative expenses	460	420
Interest expense	52	53
Other (income) expense	4	(14)
Total expenses	3,070	2,883
Income before income tax	879	692
Income tax expense	124	125
Net income	755	567
Other comprehensive income (loss):
Unrealized appreciation (depreciation)	583	(446)
Reclassification adjustment for net realized (gains) losses included in net income	(129)	179
Subtotal	454	(267)
Change in cumulative translation adjustment	(90)	(58)
Change in pension liability	6	(4)
Other comprehensive income (loss), before income tax	370	(329)
Income tax (expense) benefit related to other comprehensive income items	(67)	99
Other comprehensive income (loss)	303	(230)
Comprehensive income (loss)	$1,058	$337
Earnings per share:
Basic earnings per share	2.23	1.69
Diluted earnings per share	2.22	1.69

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (USD $)
In Millions	Common stock	Treasury stock	Additional paid-in capital	Retained earnings	Deferred compensation, share-based payments	AOCI - Net unrealized appreciation (depreciation) on investments	AOCI - Cumulative translation adjustment	AOCI - Pension liability adjustment	Accumulated Income Tax Expense Benefit Member	Common Stock Issued Employee Stock Trust Member	Total
Shareholders' equity - beginning of period at Dec. 31, 2008	$10,827	($3)	$5,464	$74		($1,712)	($161)	($43)	$0	($3)
Accumulated other comprehensive income (loss):
Change in net unrealized appreciation (depreciation) on investments (AOCI), net of income tax (expense) benefit of $(105) and $78						(189)			78
Change in cumulative translation adjustment (AOCI), net of income tax (expense) benefit of $40 and $20							(38)		20
Change in pension liability adjustment (AOCI), net of income tax (expense) benefit of $(2) and $1								(3)	1
Net shares issued (redeemed) under employee-based compensation plans	68		(79)
Exercise of stock options	1		0
Common shares issued in treasury, net of net shares redeemed under employee share-based compensation plans		2
Share-based compensation expense (APIC)			31
Net income				567							567
Dividends declared on Common Shares - par value reduction	(88)
Shareholders' equity - end of period at Mar. 31, 2009	10,808	(1)	5,416	641	3	(1,901)	(199)	(46)	0		14,718
Shareholders' equity - beginning of period at Dec. 31, 2009	10,503	(3)	5,526	2,818		657	240	(74)	0	(2)	19,667
Accumulated other comprehensive income (loss):
Change in net unrealized appreciation (depreciation) on investments (AOCI), net of income tax (expense) benefit of $(105) and $78						349			(105)
Change in cumulative translation adjustment (AOCI), net of income tax (expense) benefit of $40 and $20							(50)		40
Change in pension liability adjustment (AOCI), net of income tax (expense) benefit of $(2) and $1								4	(2)
Net shares issued (redeemed) under employee-based compensation plans	70		(68)
Exercise of stock options	2		5
Common shares issued in treasury, net of net shares redeemed under employee share-based compensation plans		(24)
Share-based compensation expense (APIC)			31
Net income				755							755
Dividends declared on Common Shares - par value reduction	(105)
Shareholders' equity - end of period at Mar. 31, 2010	$10,470	($27)	$5,494	$3,573	$2	$1,006	$190	($70)	$0		$20,636

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (USD $)
In Millions	3 Months Ended Mar. 31, 2010	3 Months Ended Mar. 31, 2009
Cash flows from operating activities:
Net income	$755	$567
Adjustments to reconcile net income to net cash flows from operating activities
Net realized (gains) losses	(168)	121
Amortization of premiums/discounts on fixed maturities	30	2
Deferred income taxes	(62)	(20)
Unpaid losses and loss expenses (cash flow)	(90)	6
Unearned premiums (cash flow)	394	339
Future policy benefits (cash flow)	53	22
Insurance and reinsurance balances payable (cash flow)	(122)	117
Accounts payable, accrued expenses, and other liabilities (cash flow)	(104)	(68)
Income taxes payable (cash flow)	115	54
Insurance and reinsurance balances receivable (cash flow)	(65)	(405)
Reinsurance recoverable on losses and loss expenses (cash flow)	172	60
Reinsurance recoverable on policy benefits (cash flow)	(1)	(90)
Deferred policy acquisition costs (cash flow)	(91)	(73)
Prepaid reinsurance premiums (cash flow)	(139)	(109)
Other cash flows from operating activities	146	39
Net cash flows from operating activities	823	562
Cash flows used for investing activities:
Purchases of fixed maturities available for sale	(8,505)	(6,456)
Purchases of to be announced mortgage-backed securities	(83)	(3,460)
Purchases of fixed maturities held to maturity	154	100
Purchases of equity securities	11	152
Sales of fixed maturities available for sale	6,830	5,127
Sales of to be announced mortgage-backed securities	83	3,469
Sales of fixed maturities held to maturity	0	1
Sales of equity securities	183	153
Maturities and redemptions of fixed maturities available for sale	814	821
Maturities and redemptions of fixed maturities held to maturity	293	129
Net derivative instruments settlements	39	(37)
Other cash flows from investing activities	77	65
Net cash flows from (used for) investing activities	(666)	(496)
Cash flows (used for) from financing activities:
Dividends paid on Common Shares	105	91
Proceeds from exercise of options for Common Shares	7	1
Proceeds from Common Shares issued under ESPP	5	5
Net cash flows (used for) from financing activities	(93)	(85)
Effect of foreign currency rate changes on cash and cash equivalents:
Effect of foreign currency rate changes on cash and cash equivalents	(7)	(4)
Cash:
Net (decrease) increase in cash	57	(23)
Cash - beginning of period	669	867
Cash - end of period	$726	$844

General

General (Retained earnings)
	3 Months Ended Mar. 31, 2010
Disclosure - General
General	1. General ACE Limited (ACE or the Company) is a holding company incorporated in Zurich, Switzerland. The Company, through its various subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. ACE operates through the following business segments: Insurance North American, Insurance Overseas General, Global Reinsurance, and Life. Refer to Note 9. The interim unaudited consolidated financial statements, which include the accounts of the Company and its subsidiaries, have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and, in the opinion of management, reflect all adjustments (consisting of normally recurring accruals) necessary for a fair statement of the results and financial position for such periods. All significant intercompany accounts and transactions have been eliminated. The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These financial statements should be read in conjunction with the consolidated financial statements, and related notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2009.

Significant accounting policies

Significant accounting policies (Retained earnings)
	3 Months Ended Mar. 31, 2010
Disclosure - Significant accounting policies
Significant accounting policies	2. Significant accounting policies New accounting pronouncements Adopted in the three months ended March 31, 2010 Consolidation of variable interest entities and accounting for transfers of financial assets In June2009, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2009-16, Accounting for Transfers of Financial Assets (ASU 2009-16) and ASU No. 2009-17, Improvements to Financial Reporting by Enterprises Involved With Variable Interest Entities (ASU 2009-17). ASU 2009-16 amends Accounting Standards Codification (ASC) Topic 860, Transfers and Servicing, by removing the exemption from consolidation for qualifying special purpose entities. This statement also limits the circumstances in which a financial asset, or portion of a financial asset, should be derecognized when the transferor has not transferred the entire original financial asset to an entity that is not consolidated with the transferor in the financial statements being presented and/or when the transferor has continuing involvement with the transferred financial asset. ASU 2009-17 amends ASC Topic 810, Consolidation,to eliminate the quantitative approach previously required for determining the primary beneficiary of a variable interest entity and requires ongoing qualitative reassessments of whether an enterprise is the primary beneficiary of a variable interest entity. ASU 2009-16 and ASU 2009-17 were effective for interim and annual reporting periods beginning on January1, 2010. The adoption of these provisions did not have a material impact on ACE's financial condition or results of operations. Fair value measurements and disclosures In January 2010, the FASB issued ASU No.2010-06, Improving Disclosures about Fair Value Measurements (ASU 2010-06). The provisions of ASU 2010-06 amend ASC Topic 820, Fair value measurements and Disclosures, (Topic 820) to require reporting entities to make new disclosures about recurring and nonrecurring fair value measurements including the amounts of and reasons for significant transfers into and out of Level 1 and Level 2 fair value measurements and separate disclosure of purchases, sales, issuances, and settlements in the reconciliation of Level 3 fair value measurements. ASU 2010-6 was effective for interim and annual reporting periods beginning after December 15, 2009, except for Level 3 reconciliation disclosures which are effective for interim and annual periods beginning after December 15, 2010.

Investments

Investments (Retained earnings)
	3 Months Ended Mar. 31, 2010
Disclosure - Investments
Investments	3. Investments a) Fixed maturities The following tables present the fair values and amortized costs of and the gross unrealized appreciation (depreciation) related to fixed maturities as well as related OTTI recognized in AOCI. March 31, 2010 Amortized Cost Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value OTTI Recognized in AOCI (in millions of U.S. dollars) Available for sale U.S. Treasury and agency $ 3,651 $ 53 $ (15) $ 3,689 $ - Foreign 10,977 355 (67) 11,265 (31) Corporate securities 13,545 732 (107) 14,170 (39) Mortgage-backed securities 9,999 294 (314) 9,979 (249) States, municipalities, and political subdivisions 1,431 45 (15) 1,461 - $ 39,603 $ 1,479 $ (518) $ 40,564 $ (319) Held to maturity U.S. Treasury and agency $ 998 $ 31 $ (1) $ 1,028 $ - Foreign 25 1 - 26 - Corporate securities 311 12 (1) 322 - Mortgage-backed securities 1,377 58 (8) 1,427 - States, municipalities, and political subdivisions 624 8 (2) 630 - $ 3,335 $ 110 $ (12) $ 3,433 $ - December 31, 2009 Amortized Cost Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value OTTI Recognized in AOCI (in millions of U.S. dollars) Available for sale U.S. Treasury and agency $ 3,680 $ 48 $ (19) $ 3,709 $ - Foreign 10,960 345 (160) 11,145 (37) Corporate securities 12,707 658 (150) 13,215 (41) Mortgage-backed securities 10,058 239 (455) 9,842 (227) States, municipalities, and political subdivisions 1,580 52 (18) 1,614 - $ 38,985 $ 1,342 $ (802) $ 39,525 $ (305) Held to maturity U.S. Treasury and agency $ 1,026 $ 33 $ (2) $ 1,057 $ - Foreign 26 1 - 27 - Corporate securities 313 10 (1) 322 - Mortgage-backed securities 1,440 39 (10) 1,469 - States, municipalities, and political subdivisions 676 11 (1) 686 - $ 3,481 $ 94 $ (14) $ 3,561 $ - As discussed in Note 3 c), if a credit loss is indicated on an impaired fixed maturity, an OTTI is considered to have occurred and the portion of the impairment not related to credit losses (non-credit OTTI) is recognized in OCI. Included in the "OTTI Recognized in AOCI" column above is the cumulative amount of non-credit OTTI recognized in OCI adjusted for subsequent sales, maturities, and redemptions. OTTI Recognized in AOCI does not include the impact of subsequent changes in fair value of the related securities. In periods subsequent to a recognition of OTTI in OCI, changes in the fair value of the related fixed maturities are reflected in Unrealized appreciation (depreciation) in the statement of comprehensive income. For the three months ended March 31, 2010, $63 million of net unrealized appreciation related to such securities is included in OCI. At March 31, 2010, and December 31, 2009, AOCI includes net unrealized depreciation of $156 million and $162 million, respectively, related to securities remaining in th

Assumed life reinsurance progra

Assumed life reinsurance programs involving minimum benefit guarantees under annuity contracts (Retained earnings)
	3 Months Ended Mar. 31, 2010
Disclosure - Reinsurance
Assumed reinsurance programs involving minimum benefit guarantees under annuity contracts	4. Assumed life reinsurance programs involving minimum benefit guarantees under annuity contracts The following table presents income and expenses relating to guaranteed minimum death benefits (GMDB) and guaranteed minimum income benefits (GMIB) reinsurance for the periods indicated Three Months Ended March 31 2010 2009 (in millions of U.S. dollars) GMDB Net premiums earned $ 29 $ 23 Policy benefits $ 24 $ 44 GMIB Net premiums earned $ 41 $ 40 Policy benefits 7 2 Realized gains (losses) 96 (1) Gain (loss) recognized in income $ 130 $ 37 Net cash received (disbursed) $ 40 $ 40 Net (increase) decrease in liability $ 90 $ (3) At March 31, 2010, reported liabilities for GMDB and GMIB reinsurance were $209 million and $469 million, respectively, compared with $212 million and $559 million, respectively, at December 31, 2009. The reported liability for GMIB reinsurance of $469 million at March 31, 2010, and $559 million at December 31, 2009, includes a fair value derivative adjustment of $347 million and $443 million, respectively. Reported liabilities for both GMDB and GMIB reinsurance are determined using internal valuation models. Such valuations require considerable judgment and are subject to significant uncertainty. The valuation of these products is subject to fluctuations arising from, among other factors, changes in interest rates, changes in equity markets, changes in credit markets, changes in the allocation of the investments underlying annuitant's account values, and assumptions regarding future policyholder behavior. These models and the related assumptions are continually reviewed by management and enhanced, as appropriate, based upon improvements in modeling assumptions and availability of more information, such as market conditions and demographics of in-force annuities. GMDB reinsurance At March 31, 2010, and December 31, 2009, the Company's net amount at risk from its GMDB reinsurance programs was $3.5 billion and $3.8 billion, respectively. For GMDB reinsurance programs, the net amount at risk is defined as the present value of future claim payments under the following assumptions: policy account values and guaranteed values are fixed at the valuation date (March 31, 2010, and December 31, 2009, respectively); there are no lapses or withdrawals; mortality according to 100 percent of the Annuity 2000 mortality table; and future claims are discounted in line with the discounting assumption used in the calculation of the benefit reserve averaging between three to four percent. At March 31, 2010, if all of the Company's cedants' policyholders covered under GMDB reinsurance agreements were to die immediately, the total claim amount payable by the Company, taking into account all appropriate claims limits, would be approximately $1.2 billion. As a result of the annual claim limits on the GMDB reinsurance agreements, the claims payable are lower in this case than if all the policyholders were to die over time, all else equal. GMIB reinsurance At March 31, 2010, and December 31, 2009, the Company's net amount at risk from its GMIB reinsurance programs w

Commitments, contingencies, and

Commitments, contingencies, and guarantees (Retained earnings)
	3 Months Ended Mar. 31, 2010
Disclosure - Commitments, contingencies, and guarantees
Commitments, contingencies, and guarantees	5. Commitments, contingencies, and guarantees a) Derivative instruments Derivative instruments employed The Company maintains positions in derivative instruments such as futures, options, swaps, and foreign currency forward contracts for which the primary purposes are to manage duration and foreign currency exposure, yield enhancement, or to obtain an exposure to a particular financial market. Along with convertible bonds and to be announced mortgage-backed securities (TBA), discussed below, these are the most numerous and frequent derivative transactions. ACE maintains positions in convertible bond investments that contain embedded derivatives. In addition, the Company purchases TBAs as part of its investing activities. These securities are included within the Company's fixed maturities available for sale (FM AFS) portfolio. Under reinsurance programs covering living benefit guarantees, the Company assumes the risk of GMIBs associated with variable annuity contracts. The GMIB risk is triggered if, at the time the contract holder elects to convert the accumulated account value to a periodic payment stream (annuitize), the accumulated account value is not sufficient to provide a guaranteed minimum level of monthly income. The Company's GMIB reinsurance product meets the definition of a derivative instrument. Benefit reserves in respect of GMIBs are classified as Future policy benefits (FPB) while the fair value derivative adjustment is classified within Accounts payable, accrued expenses, and other liabilities (AP). The Company also maintains positions in exchange-traded equity futures contracts and options on equity market futures to limit equity and interest rate exposure in the GMDB and GMIB block of business. In relation to certain long- and short-term debt issuances, the Company has entered into interest rate swap transactions for the purpose of either fixing or reducing borrowing costs. Although the use of these interest rate swaps has the economic effect of fixing or reducing borrowing costs on a net basis, gross interest expense on the related debt issuances is included in Interest expense while the settlements related to the interest rate swaps are reflected in Net realized gains (losses) in the consolidated statements of operations. ACE buys credit default swaps to mitigate global credit risk exposure, primarily related to reinsurance recoverable. The Company carries all derivative instruments at fair value with changes in fair value recorded in Net realized gains (losses) in the consolidated statements of operations. None of the derivative instruments are used as hedges for accounting purposes. The following table presents the balance sheet locations, fair values in an asset or (liability) position, and notional values/payment provisions of the Company's derivative instruments at March 31, 2010, and December 31, 2009. March 31, 2010 December 31, 2009 Consolidated Balance Sheet Location Fair Value Notional Value/ Payment Provision Fair Value Notional Value/ Payment Provision (in millions of U.S. dollars) Investment and embedded derivative instruments Foreign currency forward contracts AP

Shareholders' equity

Shareholders' equity (Retained earnings)
	3 Months Ended Mar. 31, 2010
Disclosure - Shareholders' equity
Shareholders' equity (Note)	6. Shareholders' equity All Common Shares of the Company are registered common shares under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, the Company continues to use U.S. dollars as its reporting currency for preparing the consolidated financial statements. Under Swiss corporate law, dividends, including distributions through a reduction in par value (par value distributions), must be declared by ACE in Swiss francs though dividend payments are made by the Company in U.S. dollars. For the foreseeable future, subject to shareholder approval, the Company expects to pay dividends as a repayment of share capital in the form of a reduction in par value or qualified paid-in capital, which would not be subject to Swiss withholding tax. For the three months ended March 31, 2010 and 2009, dividends declared per Common Share amounted to CHF 0.33 ($0.31) and CHF 0.30 ($0.26), respectively. The par value distribution in the three months ended March 31, 2010, is reflected as such through Common Shares in the consolidated statement of shareholders' equity and had the effect of reducing the par value per Common Share to CHF 31.55. Under Swiss corporate law, the Company may not generally issue Common Shares below their par value. In the event there is a need to raise common equity at a time when the trading price of the Company's Common Shares is below par value, the Company will need to obtain shareholder approval to decrease the par value of the Common Shares. Common Shares in treasury are used principally for issuance upon the exercise of employee stock options. At March 31, 2010, 1,547,923 Common Shares remain in treasury after net shares redeemed under employee share-based compensation plans.

Share-based compensation

Share-based compensation (Retained earnings)
	3 Months Ended Mar. 31, 2010
Disclosure - Sharebased compensation
Share-based compensation	7. Share-based compensation During 2004, the Company established the ACE Limited 2004 Long-Term Incentive Plan (the 2004 LTIP). The Company's 2004 LTIP provides for grants of both incentive and non-qualified stock options principally at an option price per share of 100 percent of the fair value of the Company's Common Shares on the date of grant. Stock options are generally granted with a 3-year vesting period and a 10-year term. The stock options vest in equal annual installments over the respective vesting period, which is also the requisite service period. On February 25, 2010, the Company granted 2,114,706 stock options with a weighted-average grant date fair value of $12.08. The fair value of the options issued is estimated on the date of grant using the Black-Scholes option pricing model. The Company's 2004 LTIP also provides for grants of restricted stock and restricted stock units. The Company generally grants restricted stock and restricted stock units with a 4-year vesting period, based on a graded vesting schedule. The restricted stock is granted at market close price on the day of grant. On February 25, 2010, the Company granted 2,187,844 restricted stock awards and 320,766 restricted stock units to officers of the Company and its subsidiaries with a grant date fair value of $50.37. Each restricted stock unit represents the Company's obligation to deliver to the holder one Common Share upon vesting.

Fair value measurements

Fair value measurements (Retained earnings)
	3 Months Ended Mar. 31, 2010
Disclosure - Fair value measurements
Fair value measurements	8. Fair value measurements Fair value hierarchy The provisions of Topic 820 define fair value as the price to sell an asset or transfer a liability in an orderly transaction between market participants and establishes a three-level valuation hierarchy in which inputs into valuation techniques used to measure fair value are classified. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. Inputs in Level 1 are unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 includes inputs other than quoted prices included within Level 1 that are observable for assets or liabilities either directly or indirectly. Level 2 inputs include, among other items, quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability such as interest rates and yield curves. Level 3 inputs are unobservable and reflect management's judgments about assumptions that market participants would use in pricing an asset or liability. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ACE makes decisions regarding the categorization of assets or liabilities within the valuation hierarchy based on the inputs used to determine respective fair values at the balance sheet date. Accordingly, transfers between levels within the valuation hierarchy are determined on the same basis. The Company utilizes one or more pricing services to obtain fair value measurements for the majority of the investment securities it holds. Based on management's understanding of the methodologies used by these pricing services, all applicable investments have been valued in accordance with GAAP valuation principles. The following is a description of the valuation techniques and inputs used to determine fair values for the Company's financial instruments carried or disclosed at fair value, as well as the general classification of such financial instruments pursuant to the valuation hierarchy. Fixed maturities The Company utilizes pricing services to estimate fair value measurements for the majority of its fixed maturities. The pricing services utilize market quotations for fixed maturities that have quoted prices in active markets; such securities are classified within Level 1. For fixed maturities other than U.S. Treasury securities that generally do not trade on a daily basis, the pricing services prepare estimates of fair value measurements using their pricing applications, which include available relevant market information, benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. Additional valuation factors that can be taken into account are nominal spreads, dollar basis, and liquidity adjustments. The pricing services evaluate each asset class based on relevant market and credit information, perceived market movements, and sector news. The market inputs utilized i

Segment information

Segment information (Retained earnings)
	3 Months Ended Mar. 31, 2010
Disclosure - Segment information
Segment information	9. Segment information The Company operates through the following business segments, certain of which represent the aggregation of distinct operating segments: Insurance North American, Insurance Overseas General, Global Reinsurance, and Life. These segments distribute their products through various forms of brokers, agencies, and direct marketing programs. All business segments have established relationships with reinsurance intermediaries. The Insurance North American segment comprises the operations in the U.S., Canada, and Bermuda. This segment includes the operations of ACE USA (including ACE Canada), ACE Westchester, ACE Bermuda, ACE Private Risk Services, and various run-off operations. ACE USA is the North American retail operating division which provides a broad array of Property Casualty (PC), Accident Health (AH), and risk management products and services to a diverse group of commercial and non-commercial enterprises and consumers. ACE Westchester specializes inthe North American wholesale distribution of excess and surplus PC, environmental, professional and inland marine products in addition to crop insurance in the U.S. ACE Bermuda provides commercial insurance products on an excess basis to a global client base, covering exposures that are generally low in frequency and high in severity. ACE Private Risk Services provides personal lines coverages (such as homeowners and automobile) for high net worth individuals and families in North America. The run-off operations include Brandywine Holdings Corporation, Commercial Insurance Services, residual market workers' compensation business, pools and syndicates not attributable to a single business group, and other exited lines of business. Run-off operations do not actively sell insurance products, but are responsible for the management of existing policies and related claims. The Insurance Overseas General segment comprises ACE International, the wholesale insurance business of ACE Global Markets, and the international AH and life business of Combined Insurance. ACE International, the ACE INA retail business serving territories outside the U.S., Bermuda, and Canada, maintains a presence in every major insurance market in the world and is organized geographically along product lines that provide dedicated underwriting focus to customers. ACE Global Markets, the London-based excess and surplus lines business that includes Lloyd's Syndicate 2488, offers products through its parallel distribution network via ACE European Group Limited (AEGL) and Lloyd's Syndicate 2488. ACE provides funds at Lloyd's to support underwriting by Syndicate 2488, which is managed by ACE Underwriting Agencies Limited. ACE Global Markets utilizes Syndicate 2488 to underwrite PC business on a global basis through Lloyd's worldwide licenses. ACE Global Markets utilizes AEGL to underwrite similar classes of business through its network of U.K. and Continental Europe licenses, and in the U.S. where it is eligible to write excess surplus business. The reinsurance operation of ACE Global Markets is included in the Global Reinsurance segment. Combined Insurance distributes a wide range of supplemental

Earnings per share

Earnings per share (Retained earnings)
	3 Months Ended Mar. 31, 2010
Disclosure - Earnings Per Share
Earnings per share	10. Earnings per share The following table presents the computation of basic and diluted earnings per share for the periods indicated. Three Months Ended March 31 2010 2009 (in millions of U.S. dollars, except share and per share data) Numerator: Net Income $ 755 $ 567 Denominator: Denominator for basic earnings per share: Weighted-average shares outstanding 338,478,484 335,474,828 Denominator for diluted earnings per share: Share-based compensation plans 1,386,992 640,736 Adjusted weighted-average shares outstanding and assumed conversions 339,865,476 336,115,564 Basic earnings per share $ 2.23 $ 1.69 Diluted earnings per share $ 2.22 $ 1.69 Excluded from adjusted weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective periods. For the three months ended March 31, 2010 and 2009, the potential anti-dilutive share conversions were 1,115,665 shares and 2,320,117 shares, respectively.

Information provided in connect

Information provided in connection with outstanding debt of subsidiaries (Retained earnings)
	3 Months Ended Mar. 31, 2010
Disclosure - Information provided in connection with outstanding debt of subsidiaries
Information provided in connection with outstanding debt of subsidiaries	11. Information provided in connection with outstanding debt of subsidiaries The following tables present condensed consolidating financial information at March 31, 2010, and December 31, 2009, and for the three months ended March 31, 2010 and 2009, for ACE Limited (the Parent Guarantor) and its "Subsidiary Issuer", ACE INA Holdings, Inc. The Subsidiary Issuer is an indirect 100 percent-owned subsidiary of the Parent Guarantor. Investments in subsidiaries are accounted for by the Parent Guarantor under the equity method for purposes of the supplemental consolidating presentation. Earnings of subsidiaries are reflected in the Parent Guarantor's investment accounts and earnings. The Parent Guarantor fully and unconditionally guarantees certain of the debt of the Subsidiary Issuer. Condensed Consolidating Balance Sheet at March 31, 2010 (in millions of U.S. dollars) ACE Limited (Parent Guarantor) ACE INA Holdings Inc. (Subsidiary Issuer) Other ACE Limited Subsidiaries and Eliminations Consolidating Adjustments ACE Limited Consolidated Assets Investments $ 47 $ 24,613 $ 23,079 $ - $ 47,739 Cash 86 422 218 - 726 Insurance and reinsurance balances receivable - 3,128 557 - 3,685 Reinsurance recoverable on losses and loss expenses - 16,980 (3,645) - 13,335 Reinsurance recoverable on policy benefits - 689 (386) - 303 Value of business acquired - 712 - - 712 Goodwill and other intangible assets - 3,334 549 - 3,883 Investments in subsidiaries 19,661 - - (19,661) - Due from (to) subsidiaries and affiliates, net 1,014 (591) 591 (1,014) - Other assets 11 7,642 1,293 - 8,946 Total assets $ 20,819 $ 56,929 $ 22,256 $ (20,675) $ 79,329 Liabilities Unpaid losses and loss expenses $ - $ 30,090 $ 7,461 $ - $ 37,551 Unearned premiums - 5,397 1,040 - 6,437 Future policy benefits - 2,431 626 - 3,057 Short-term debt - 150 - - 150 Long-term debt - 3,158 - - 3,158 Trust preferred securities - 309 - - 309 Other liabilities 183 6,752 1,096 - 8,031 Total liabilities 183 48,287 10,223 - 58,693 Total shareholders' equity 20,636 8,642 12,033 (20,675) 20,636 Total liabilities and shareholders' equity $ 20,819 $ 56,929 $ 22,256 $ (20,675) $ 79,329 (1) Includes all other subsidiaries of ACE Limited and intercompany eliminations. (2) Includes ACE Limited parent company eliminations. Condensed Consolidating Balance Sheet at December 31, 2009 (in millions of U.S. dollars) ACE Limited (Parent Guarantor) ACE INA Holdings Inc. (Subsidiary Issuer) Other ACE Limited Subsidiaries and Eliminations Consolidating Adjustments ACE Limited Consolidated Assets Investments $ 51 $ 24,125 $ 22,339 $ - $ 46,515 Cash (1) 400 270 - 669 Insurance and reinsurance balances receivable - 3,043 628 - 3,671 Reinsurance recoverable on losses and loss expenses - 17,173 (3,578) - 13

Investments (Tables)

Investments (Tables) (Retained earnings)
	3 Months Ended Mar. 31, 2010
Statement - Investments (Tables)
Fair values and amortized costs of and the gross unrealized appreciation (depreciation) related to fixed maturities as well as related OTTI recognized in AOCI	March 31, 2010 Amortized Cost Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value OTTI Recognized in AOCI (in millions of U.S. dollars) Available for sale U.S. Treasury and agency $ 3,651 $ 53 $ (15) $ 3,689 $ - Foreign 10,977 355 (67) 11,265 (31) Corporate securities 13,545 732 (107) 14,170 (39) Mortgage-backed securities 9,999 294 (314) 9,979 (249) States, municipalities, and political subdivisions 1,431 45 (15) 1,461 - $ 39,603 $ 1,479 $ (518) $ 40,564 $ (319) Held to maturity U.S. Treasury and agency $ 998 $ 31 $ (1) $ 1,028 $ - Foreign 25 1 - 26 - Corporate securities 311 12 (1) 322 - Mortgage-backed securities 1,377 58 (8) 1,427 - States, municipalities, and political subdivisions 624 8 (2) 630 - $ 3,335 $ 110 $ (12) $ 3,433 $ - December 31, 2009 Amortized Cost Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value OTTI Recognized in AOCI (in millions of U.S. dollars) Available for sale U.S. Treasury and agency $ 3,680 $ 48 $ (19) $ 3,709 $ - Foreign 10,960 345 (160) 11,145 (37) Corporate securities 12,707 658 (150) 13,215 (41) Mortgage-backed securities 10,058 239 (455) 9,842 (227) States, municipalities, and political subdivisions 1,580 52 (18) 1,614 - $ 38,985 $ 1,342 $ (802) $ 39,525 $ (305) Held to maturity U.S. Treasury and agency $ 1,026 $ 33 $ (2) $ 1,057 $ - Foreign 26 1 - 27 - Corporate securities 313 10 (1) 322 - Mortgage-backed securities 1,440 39 (10) 1,469 - States, municipalities, and political subdivisions 676 11 (1) 686 - $ 3,481 $ 94 $ (14) $ 3,561 $ -
Fixed maturities by contractual maturity	March 31 December 31 2010 2009 Amortized Cost Fair Value Amortized Cost Fair Value (in millions of U.S. dollars) Available for sale; maturity period Due in 1 year or less $ 1,426 $ 1,494 $ 1,354 $ 1,352 Due after 1 year through 5 years 14,468 14,940 14,457 14,905 Due after 5 years through 10 years 10,515 10,953 9,642 10,067 Due after 10 years 3,195 3,198 3,474 3,359 29,604 30,585 28,927 29,683 Mortgage-backed securities 9,999 9,979 10,058 9,842 $ 39,603 $ 40,564 $ 38,985 $ 39,525 Held to maturity; maturity period Due in 1 year or less $ 686 $ 696 $ 755 $ 766 Due after 1 year through 5 years 1,170 1,209 1,096 1,129 Due after 5 years through 10 years 17 18 108 115 Due after 10 years 85 83 82 82 1,958 2,006 2,041 2,092 Mortgage-backed securities 1,377 1,427 1,440 1,469 $ 3,335 $ 3,433 $ 3,481 $ 3,561
Fair value, cost of, and gross unrealized appreciation (depreciation) on equity securities	March 31 December 31 2010 2009 (in millions of U.S. dollars) Cost $ 271 $ 398 Gross unrealized appreciation 46 70 Gross unrealized depreciation (1) (1) Fair value $ 316 $ 467
Default assumptions by Moody's rating category	Moody's Rating Category 1-in-100 Year Default Rate Historical Mean Default Rate Investment Grade: Aaa-Baa 0.0%-1.4% 0.0%-0.3% Below Investment Grade: Ba 4.8% 1.1% B 12.8% 3.4% Caa-C 51.6% 13.1%
Significant assumptions used to estimate future cash flows for specific mortgage-backed securities evaluated for potential credit loss	Range of Significant Assumptions Used Sector(1) Vintage Default Rate(2) Loss Severity Rate(2) Prime 2004 15-42% 39-46% 2005 22-49% 36-56% 2006 32-64% 47-58% 2007 31-86% 52-61% ALT-A 2004 29% 50% 2005 25-51% 33-64% 2006 54-89% 60-71% 2007 32-61% 57-70% Option ARM 2004 52% 50% 2005 64-86% 61-62% 2006 72-82% 61-70% 2007 69-83% 58-69% Sub-prime 2004 59% 64% 2005 73% 78% 2006 79-81% 79-86% 2007 81-86% 55-83%
Net realized gains (losses) and the losses included in Net realized gains (losses) and OCI as a result of conditions which caused the Company to conclude the decline in fair value of certain investments was "other-than-temporary"	Three Months Ended March 31 2010 2009 (in millions of U.S. dollars) Fixed maturities: OTTI on fixed maturities, gross $ (50) $ (88) OTTI on fixed maturities recognized in OCI (pre-tax) 32 - OTTI on fixed maturities, net (18) (88) Gross realized gains excluding OTTI 168 151 Gross realized losses excluding OTTI (69) (111) Total fixed maturities 81 (48) Equity securities: OTTI on equity securities - (25) Gross realized gains excluding OTTI 45 4 Gross realized losses excluding OTTI - (79) Total equity securities 45 (100) OTTI on other investments - (79) Foreign exchange gains (losses) (9) 32 Investment and embedded derivative instruments 19 55 Fair value adjustments on insurance derivative 96 (1) SP put options and futures (59) 25 Other derivative instruments (9) (27) Other 4 22 Net realized gains (losses) $ 168 $ (121)
Rollforward of pre-tax credit losses related to fixed maturities for which a portion of OTTI was recorded in OCI	Three Months Ended March 31, 2010 (in millions of U.S. Dollars) Balance of credit losses related to securities still held-beginning of period $ 174 Additions where no OTTI was previously recorded 17 Additions where an OTTI was previously recorded 1 Reductions for securities sold during the period (29) Balance of credit losses related to securities still held-end of period $ 163
Aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position	0 12 Months Over 12 Months Total Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss March 31, 2010 (in millions of U.S. dollars) U.S. Treasury and agency $ 1,597 $ (14.8) $ 34 $ (1.2) $ 1,631 $ (16.0) Foreign 2,433 (47.2) 291 (20.0) 2,724 (67.2) Corporate securities 1,828 (26.3) 601 (81.3) 2,429 (107.6) Mortgage-backed securities 1,410 (17.6) 1,315 (304.8) 2,725 (322.4) States, municipalities, and political subdivisions 476 (12.4) 58 (4.1) 534 (16.5) Total fixed maturities 7,744 (118.3) 2,299 (411.4) 10,043 (529.7) Equity securities 5 (1.0) 1 (0.2) 6 (1.2) Other investments - 0.0 60 (11.6) 60 (11.6) Total $ 7,749 $ (119.3) $ 2,360 $ (423.2) $ 10,109 $ (542.5) 0 12 Months Over 12 Months Total Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss December 31, 2009 (in millions of U.S. dollars) U.S. Treasury and agency $ 1,952 $ (19.4) $ 21 $ (1.1) $ 1,973 $ (20.5) Foreign 2,568 (124.0) 363 (36.4) 2,931 (160.4) Corporate securities 1,222 (52.3) 865 (99.1) 2,087 (151.4) Mortgage-backed securities 1,731 (54.8) 1,704 (409.7) 3,435 (464.5) States, municipalities, and political subdivisions 455 (13.9) 60 (5.0) 515 (18.9) Total fixed maturities 7,928 (264.4) 3,013 (551.3) 10,941 (815.7) Equity securities 111 (1.3) - 0.0 111 (1.3) Other investments 81 (16.4) - 0.0 81 (16.4) Total $ 8,120 $ (282.1) $ 3,013 $ (551.3) $ 11,133 $ (833.4)
Components of the restricted assets	March 31 December 31 2010 2009 (in millions of U.S. dollars) Trust funds $ 8,401 $ 8,047 Deposits with non-U.S. regulatory authorities 2,437 2,475 Deposits with U.S. regulatory authorities 1,326 1,199 Other pledged assets 247 245 $ 12,411 $ 11,966

2_Assumed life reinsurance prog

Assumed life reinsurance programs involving minimum benefit guarantees under annuity contracts (Tables) (Retained earnings)
	3 Months Ended Mar. 31, 2010
Statement - Assumed Life Reinsurance Programs Involving Minimun Benefit Guarantees Under Annuity Contracts (Tables)
Income and expenses relating to GMDB and GMIB reinsurance	Three Months Ended March 31 2010 2009 (in millions of U.S. dollars) GMDB Net premiums earned $ 29 $ 23 Policy benefits $ 24 $ 44 GMIB Net premiums earned $ 41 $ 40 Policy benefits 7 2 Realized gains (losses) 96 (1) Gain (loss) recognized in income $ 130 $ 37 Net cash received (disbursed) $ 40 $ 40 Net (increase) decrease in liability $ 90 $ (3)

3_Commitments, contingencies, a

Commitments, contingencies, and guarantees (Tables) (Retained earnings)
	3 Months Ended Mar. 31, 2010
Statement - Commitments, Contingencies, and Guarantees (Tables)
Balance sheet locations, fair values in an asset or (liability) position, and notional values/payment provisions of the Company's derivative instruments	March 31, 2010 December 31, 2009 Consolidated Balance Sheet Location Fair Value Notional Value/ Payment Provision Fair Value Notional Value/ Payment Provision (in millions of U.S. dollars) Investment and embedded derivative instruments Foreign currency forward contracts AP $ 4 $ 539 $ 6 $ 393 Futures contracts on money market instruments AP 6 2,782 4 4,711 Futures contracts on notes and bonds AP 1 629 (2) 500 Options on money market instruments AP - 1,024 - 200 Options on notes and bonds futures AP - 124 (1) 305 Convertible bonds FM AFS 367 946 354 725 TBAs FM AFS 11 10 11 10 $ 389 $ 6,054 $ 372 $ 6,844 Other derivative instruments Futures contracts on equities AP $ (19) $ 998 $ (9) $ 960 Options on equity market futures AP 48 250 56 250 Interest rate swaps AP (28) 500 (24) 500 Credit default swaps AP 1 350 2 350 Other AP 13 30 12 37 $ 15 $ 2,128 $ 37 $ 2,097 GMIB(1) AP/FPB $ (469) $ 615 $ (559) $ 683 (1)Note that the payment provision related to GMIB is the net amount at risk. The concept of a notional value does not apply to the GMIB reinsurance contracts.
Net realized gains (losses) related to derivative instrument activity in the consolidated statement of operations	Three Months Ended March 31 2010 2009 (in millions of U.S. dollars) Investment and embedded derivative instruments Foreign currency forward contracts $ 13 $ 21 All other futures contracts and options 8 14 Convertible bonds (2) 19 TBAs - 1 $ 19 $ 55 GMIB and other derivative instruments GMIB $ 96 $ (1) Futures contracts on equities (51) (13) Options on equity market futures (8) 38 Interest rate swaps (9) (25) Credit default swaps - (3) Other - 1 $ 28 $ (3) $ 47 $ 52

Fair value measurements (Tables

Fair value measurements (Tables) (Retained earnings)
	3 Months Ended Mar. 31, 2010
Statement - Fair Value Measurements (Tables)
Financial instruments carried or disclosed at fair value by valuation heirarchy and measured on a recurring basis	Quoted Prices in Active Markets for Identical Assets or Liabilities Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total (in millions of U.S. dollars) March 31, 2010 Assets: Fixed maturities available for sale U.S. Treasury and agency $ 1,845 $ 1,844 $ - $ 3,689 Foreign 246 10,998 21 11,265 Corporate securities 34 14,003 133 14,170 Mortgage-backed securities - 9,967 12 9,979 States, municipalities, and political subdivisions - 1,459 2 1,461 2,125 38,271 168 40,564 Fixed maturities held to maturity U.S. Treasury and agency 378 650 - 1,028 Foreign - 26 - 26 Corporate securities - 322 - 322 Mortgage-backed securities - 1,427 - 1,427 States, municipalities, and political subdivisions - 630 - 630 378 3,055 - 3,433 Equity securities 302 1 13 316 Short-term investments 1,449 603 - 2,052 Other investments 31 205 1,236 1,472 Securities lending collateral - 1,611 - 1,611 Investments in partially-owned insurance companies - - 454 454 Investment derivative instruments 11 - - 11 Other derivative instruments (19) 20 14 15 Total assets at fair value $ 4,277 $ 43,766 $ 1,885 $ 49,928 Liabilities: GMIB $ - $ - $ 469 $ 469 Short-term debt - 158 - 158 Long-term debt - 3,433 - 3,433 Trust preferred securities - 351 - 351 Total liabilities at fair value $ - $ 3,942 $ 469 $ 4,411 Quoted Prices in Active Markets for Identical Assets or Liabilities Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total (in millions of U.S. dollars) December 31, 2009 Assets: Fixed maturities available for sale U.S. Treasury and agency $ 1,611 $ 2,098 $ - $ 3,709 Foreign 207 10,879 59 11,145 Corporate securities 31 13,016 168 13,215 Mortgage-backed securities - 9,821 21 9,842 States, municipalities, and political subdivisions - 1,611 3 1,614 1,849 37,425 251 39,525 Fixed maturities held to maturity U.S. Treasury and agency 414 643 - 1,057 Foreign - 27 - 27 Corporate securities - 322 - 322 Mortgage-backed securities - 1,424 45 1,469 States, municipalities, and political subdivisions - 686 - 686 414 3,102 45 3,561 Equity securities 453 2 12 467 Short-term investments 1,132 535 - 1,667 Other investments 31 195 1,149 1,375 Securities lending collateral - 1,544 - 1,544 Investments in partially-owned insurance companies - - 433 433 Investment derivative instruments 7 - - 7 Other derivative instruments (9) 32 14 37 Total assets at fair value $ 3,877 $ 42,835 $ 1,904 $ 48,616 Liabilities: GMIB $ - $ - $ 559 $ 559 Short-term debt - 168 - 168 Long-term deb
Fair values and maximum future funding commitments included in other investments related to alternative investments	March 31, 2010 December 31, 2009 Fair Value Maximum future funding commitments Fair Value Maximum future funding commitments (in millions of U.S. dollars) Financial $ 178 $ 77 $ 173 $ 109 Real estate 104 138 89 150 Distressed 237 59 233 59 Mezzanine 100 126 102 75 Traditional 297 265 243 300 Vintage 33 4 31 2 Investment funds 317 - 310 - $ 1,266 $ 669 $ 1,181 $ 695
Rollforward of financial instruments carried or disclosed at fair value using significant unobservable inputs (Level 3)	Balance-Beginning of Period Net Realized Gains/ Losses Change in Net Unrealized Gains (Losses) Included in OCI Purchases, Sales, Issuances, and Settlements, Net Transfers Into (Out of) Level 3 Balance-End of Period Net Realized Gains/Losses Attributable to Changes in Fair Value (in millions of U.S. dollars) Three Months Ended March 31, 2010 Assets: Fixed maturities available for sale Foreign $ 59 $ (1) $ - $ - $ (37) $ 21 $ - Corporate securities 168 - 3 (3) (35) 133 - Mortgage-backed securities 21 - - (9) - 12 - States, municipalities, and political subdivisions 3 - - (1) - 2 - 251 (1) 3 (13) (72) 168 - Fixed maturities held to maturity Mortgage-backed securities 45 - - - (45) - - 45 - - - (45) - - Equity securities 12 - 1 - - 13 - Other investments 1,149 1 19 67 - 1,236 1 Investments in partially-owned insurance companies 433 - 21 - - 454 - Other derivative instruments 14 - - - - 14 - Total assets at fair value $ 1,904 $ - $ 44 $ 54 $ (117) $ 1,885 $ 1 Liabilities: GMIB $ 559 $ (96) $ - $ 6 $ - $ 469 $ (96) (1)Relates only to financial instruments still held at the balance sheet date. Balance-Beginning of Period Net Realized Gains/ Losses Change in Net Unrealized Gains (Losses) Included in OCI Purchases, Sales, Issuances, and Settlements, Net Transfers Into (Out of) Level 3 Balance-End of Period Net Realized Gains/Losses Attributable to Changes in Fair Value (in millions of U.S. dollars) Three Months Ended March 31, 2009 Assets: Fixed maturities available for sale $ 274 $ (3) $ (4) $ (10) $ (27) $ 230 $ (3) Fixed maturities held to maturity 1 - - (1) - - - Equity securities 21 - - 4 (17) 8 - Short-term investments - - - 1 - 1 - Other investments 1,099 (89) (21) 38 - 1,027 (89) Investments in partially-owned insurance companies 435 - 3 43 - 481 - Other derivative instruments 87 (1) - (3) - 83 (1) Total assets at fair value $ 1,917 $ (93) $ (22) $ 72 $ (44) $ 1,830 $ (93) Liabilities: GMIB $ 910 $ 1 $ - $ 2 $ - $ 913 $ 1 (1)Relates only to financial instruments still held at the balance sheet date.

Segment information (Tables)

Segment information (Tables) (Retained earnings)
	3 Months Ended Mar. 31, 2010
Statement - Segment Information (Tables)
Operations by segment	Statement of Operations by Segment For the Three Months Ended March 31, 2010 (in millions of U.S. dollars) Insurance North American Insurance Overseas General Global Reinsurance Life Corporate and Other ACE Consolidated Net premiums written $ 1,395 $ 1,420 $ 371 $ 385 $ - $ 3,571 Net premiums earned 1,370 1,251 276 380 - 3,277 Losses and loss expenses 938 701 151 131 - 1,921 Policy benefits - 3 - 84 - 87 Policy acquisition costs 156 283 54 61 - 554 Administrative expenses 148 202 12 58 40 460 Underwriting income (loss) 128 62 59 46 (40) 255 Net investment income 278 114 69 43 - 504 Net realized gains (losses) including OTTI 80 22 31 43 (8) 168 Interest expense - - - - 52 52 Other (income) expense (5) 2 (4) 3 - (4) Income tax expense (benefit) 104 14 10 14 (18) 124 Net income (loss) $ 387 $ 182 $ 153 $ 115 $ (82) $ 755 Statement of Operations by Segment For the Three Months Ended March 31, 2009 (in millions of U.S. dollars) Insurance North American Insurance Overseas General Global Reinsurance Life Corporate and Other ACE Consolidated Net premiums written $ 1,392 $ 1,327 $ 359 $ 346 $ - $ 3,424 Net premiums earned 1,437 1,184 238 335 - 3,194 Losses and loss expenses 1,004 613 87 112 - 1,816 Policy benefits - 2 - 97 - 99 Policy acquisition costs 123 260 51 47 - 481 Administrative expenses 140 175 12 58 35 420 Underwriting income (loss) 170 134 88 21 (35) 378 Net investment income 263 120 72 46 1 502 Net realized gains (losses) including OTTI (120) 7 11 9 (28) (121) Interest expense - - - - 53 53 Other (income) expense 4 4 - 2 4 14 Income tax expense (benefit) 96 46 16 6 (39) 125 Net income (loss) $ 213 $ 211 $ 155 $ 68 $ (80) $ 567
Net premiums earned by segment by product type	Property All Other Casualty Life, Accident Health ACE Consolidated (in millions of U.S. dollars) For the Three Months Ended March 31, 2010 Insurance North American $ 358 $ 944 $ 68 $ 1,370 Insurance Overseas General 420 345 486 1,251 Global Reinsurance 138 138 - 276 Life - - 380 380 $ 916 $ 1,427 $ 934 $ 3,277 For the Three Months Ended March 31, 2009 Insurance North American $ 417 $ 960 $ 60 $ 1,437 Insurance Overseas General 420 315 449 1,184 Global Reinsurance 146 92 - 238 Life - - 335 335 $ 983 $ 1,367 $ 844 $ 3,194

Earnings per share (Tables)

Earnings per share (Tables) (Retained earnings)
	3 Months Ended Mar. 31, 2010
Statement - Earnings Per Share (Tables)
Schedule showing the computation of basic and diluted earnings per share.	Three Months Ended March 31 2010 2009 (in millions of U.S. dollars, except share and per share data) Numerator: Net Income $ 755 $ 567 Denominator: Denominator for basic earnings per share: Weighted-average shares outstanding 338,478,484 335,474,828 Denominator for diluted earnings per share: Share-based compensation plans 1,386,992 640,736 Adjusted weighted-average shares outstanding and assumed conversions 339,865,476 336,115,564 Basic earnings per share $ 2.23 $ 1.69 Diluted earnings per share $ 2.22 $ 1.69

4_Information provided in conne

Information provided in connection with outstanding debt of subsidiaries (Tables) (Retained earnings)
	3 Months Ended Mar. 31, 2010
Statement - Information Provided in Connection with Outstanding Debt of Subsidiaries (Tables)
Condensed consolidating balance sheet for ACE Limited (Parent Guarantor) and ACE INA Holdings Inc. (Subsidiary Issuer)	Condensed Consolidating Balance Sheet at March 31, 2010 (in millions of U.S. dollars) ACE Limited (Parent Guarantor) ACE INA Holdings Inc. (Subsidiary Issuer) Other ACE Limited Subsidiaries and Eliminations Consolidating Adjustments ACE Limited Consolidated Assets Investments $ 47 $ 24,613 $ 23,079 $ - $ 47,739 Cash 86 422 218 - 726 Insurance and reinsurance balances receivable - 3,128 557 - 3,685 Reinsurance recoverable on losses and loss expenses - 16,980 (3,645) - 13,335 Reinsurance recoverable on policy benefits - 689 (386) - 303 Value of business acquired - 712 - - 712 Goodwill and other intangible assets - 3,334 549 - 3,883 Investments in subsidiaries 19,661 - - (19,661) - Due from (to) subsidiaries and affiliates, net 1,014 (591) 591 (1,014) - Other assets 11 7,642 1,293 - 8,946 Total assets $ 20,819 $ 56,929 $ 22,256 $ (20,675) $ 79,329 Liabilities Unpaid losses and loss expenses $ - $ 30,090 $ 7,461 $ - $ 37,551 Unearned premiums - 5,397 1,040 - 6,437 Future policy benefits - 2,431 626 - 3,057 Short-term debt - 150 - - 150 Long-term debt - 3,158 - - 3,158 Trust preferred securities - 309 - - 309 Other liabilities 183 6,752 1,096 - 8,031 Total liabilities 183 48,287 10,223 - 58,693 Total shareholders' equity 20,636 8,642 12,033 (20,675) 20,636 Total liabilities and shareholders' equity $ 20,819 $ 56,929 $ 22,256 $ (20,675) $ 79,329 (1) Includes all other subsidiaries of ACE Limited and intercompany eliminations. (2) Includes ACE Limited parent company eliminations. Condensed Consolidating Balance Sheet at December 31, 2009 (in millions of U.S. dollars) ACE Limited (Parent Guarantor) ACE INA Holdings Inc. (Subsidiary Issuer) Other ACE Limited Subsidiaries and Eliminations Consolidating Adjustments ACE Limited Consolidated Assets Investments $ 51 $ 24,125 $ 22,339 $ - $ 46,515 Cash (1) 400 270 - 669 Insurance and reinsurance balances receivable - 3,043 628 - 3,671 Reinsurance recoverable on losses and loss expenses - 17,173 (3,578) - 13,595 Reinsurance recoverable on policy benefits - 681 (383) - 298 Value of business acquired - 748 - - 748 Goodwill and other intangible assets - 3,377 554 - 3,931 Investments in subsidiaries 18,714 - - (18,714) - Due from (to) subsidiaries and affiliates, net 1,062 (669) 669 (1,062) - Other assets 18 7,158 1,377 - 8,553 Total assets $ 19,844 $ 56,036 $ 21,876 $ (19,776) $ 77,980 Liabilities Unpaid losses and loss expenses $ - $ 30,038 $ 7,745 $ - $ 37,783 Unearned premiums - 4,944 1,123 - 6,067 Future policy benefits - 2,383 625 - 3,008 Short-term debt - 161 - - 161 Long-term debt - 3,158 - - 3,
Condensed consolidating statement of operations for ACE Limited (Parent Guarantor) and ACE INA Holdings Inc. (Subsidiary Issuer)	Condensed Consolidating Statement of Operations For the Three Months Ended March 31, 2010 (in millions of U.S. dollars) ACE Limited (Parent Guarantor) ACE INA Holdings, Inc. (Subsidiary Issuer) Other ACE Limited Subsidiaries and Eliminations Consolidating Adjustments ACE Limited Consolidated Net premiums written $ - $ 2,227 $ 1,344 $ - $ 3,571 Net premiums earned - 1,956 1,321 - 3,277 Net investment income - 254 250 - 504 Equity in earnings of subsidiaries 735 - - (735) - Net realized gains (losses) including OTTI (1) 10 159 - 168 Losses and loss expenses - 1,316 605 - 1,921 Policy benefits - 33 54 - 87 Policy acquisition costs and administrative expenses 16 561 444 (7) 1,014 Interest expense (9) 60 (8) 9 52 Other (income) expense (28) 19 5 - (4) Income tax expense - 96 28 - 124 Net income $ 755 $ 135 $ 602 $ (737) $ 755 Condensed Consolidating Statement of Operations For the Three Months Ended March 31, 2009 (in millions of U.S. dollars) ACE Limited (Parent Guarantor) ACE INA Holdings, Inc. (Subsidiary Issuer) Other ACE Limited Subsidiaries and Eliminations Consolidating Adjustments ACE Limited Consolidated Net premiums written $ - $ 2,081 $ 1,343 $ - $ 3,424 Net premiums earned - 1,864 1,330 - 3,194 Net investment income - 246 256 - 502 Equity in earnings of subsidiaries 569 - - (569) - Net realized gains (losses) including OTTI (3) (79) (39) - (121) Losses and loss expenses - 1,168 648 - 1,816 Policy benefits - 22 77 - 99 Policy acquisition costs and administrative expenses 10 499 400 (8) 901 Interest expense (11) 64 (9) 9 53 Other (income) expense - 7 7 - 14 Income tax expense - 102 23 - 125 Net income $ 567 $ 169 $ 401 $ (570) $ 567 (1) Includes all other subsidiaries of ACE Limited and intercompany eliminations. (2) Includes ACE Limited parent company eliminations.
Condensed consolidating statement of cash flows for ACE Limited (Parent Guarantor) and ACE INA Holdings Inc. (Subsidiary Issuer)	Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2010 (in millions of U.S. dollars) ACE Limited (Parent Guarantor) ACE INA Holdings Inc. (Subsidiary Issuer) Other ACE Limited Subsidiaries and Eliminations ACE Limited Consolidated Net cash flows from operating activities $ 18 $ 271 $ 534 $ 823 Cash flows from (used for) investing activities Purchases of fixed maturities available for sale - (4,339) (4,249) (8,588) Purchases of fixed maturities held to maturity - (153) (1) (154) Purchases of equity securities - (4) (7) (11) Sales of fixed maturities available for sale 4 3,610 3,299 6,913 Sales of equity securities - 2 181 183 Maturities and redemptions of fixed maturities available for sale - 446 368 814 Maturities and redemptions of fixed maturities held to maturity - 229 64 293 Net derivative instruments settlements (1) (7) (31) (39) Advances (to) from affiliates 159 - (159) - Other - (40) (37) (77) Net cash flows from (used for) investing activities 162 (256) (572) (666) Cash flows from (used for) financing activities Dividends paid on Common Shares (105) - - (105) Proceeds from exercise of options for Common Shares 7 - - 7 Proceeds from Common Shares issued under ESPP 5 - - 5 Advances (to) from affiliates - 2 (2) - Net cash flows from (used for) financing activities (93) 2 (2) (93) Effect of foreign currency rate changes on cash and cash equivalents - 5 (12) (7) Net increase (decrease) in cash 87 22 (52) 57 Cash - beginning of period (1) 400 270 669 Cash - end of period $ 86 $ 422 $ 218 $ 726 (1) Includes all other subsidiaries of ACE Limited and intercompany eliminations. Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2009 (in millions of U.S. dollars) ACE Limited (Parent Guarantor) ACE INA Holdings Inc. (Subsidiary Issuer) Other ACE Limited Subsidiaries and Eliminations ACE Limited Consolidated Net cash flows from operating activities $ 123 $ 273 $ 166 $ 562 Cash flows from (used for) investing activities Purchases of fixed maturities available for sale - (4,615) (5,301) (9,916) Purchases of fixed maturities held to maturity - (99) (1) (100) Purchases of equity securities - (111) (41) (152) Sales of fixed maturities available for sale 31 3,973 4,592 8,596 Sales of fixed maturities held to maturity - - 1 1 Sales of equity securities - 118 35 153 Maturities and redemptions of fixed maturities available for sale - 397 424 821 Maturities and redemptions of fixed maturities held to maturity - 88 41 129 Net derivative instruments settlements - - 37 37 Other - (55) (10) (65) Net cash flows from (used for) investing activities 31 (304) (223) (496) Cash flows from (used for) financing activities Divi

Investments (Details)

Investments (Details) (USD $)
In Millions, unless otherwise specified	3 Months Ended Mar. 31, 2010	3 Months Ended Mar. 31, 2009	12 Months Ended Dec. 31, 2009
Fixed maturities held to maturity
Net unrealized appreciation included in Other comprehensive income related to securities upon which a credit impairment has been previously taken	$63
Net unrealized depreciation included in AOCI related to securities remaining in the investment portfolio at those dates for whcih a non-credit OTTI has been recognized	156		162
Fair value, cost of, and gross unrealized appreciation depreciation on equity securities (abstract)
Equity securities, at cost	271		398
Equity securities - gross unrealized appreciation	46		70
Equity securities - gross unrealized depreciation	(1)		(1)
Equity securities, at fair value (cost - $271 and $398)	316		467
Gross unrealized losses represented by obligations relating to U.S. Treasury and agencies, foreign government, and states, municipalities, and political subdivisions	60
Below Investment Grade - default rate percent
Company's assumed recovery rate - percent	25
Moody's historical recovery rate - percent	40
Credit losses recognized in net income for corporate securities	1
Significant assumptions by sector and vintage used to estimate future cash flows for specific mortgage-backed securities evaluated for potential credit loss
Credit losses recognized in net income for mortgage-backed securities	17
Fixed maturities
OTTI on fixed maturities, gross	(50)	(88)
OTTI on fixed maturities recognized in OCI (pre-tax)	32	0
OTTI on fixed maturities, net	(18)	(88)
Gross realized gains on fixed maturities excluding OTTI	168	151
Gross realized losses on fixed maturities excluding OTTI	(69)	(111)
Total fixed maturities	81	(48)
Equity securities
OTTI on equity securities	0	(25)
Gross realized gains on equity securities excluding OTTI	45	4
Gross realized losses on equity securities excluding OTTI	0	(79)
Total equity securities	45	(100)
OTTI on other investments	0	(79)
Foreign exchange gains (losses)	(9)	32
Investment and embedded derivative instruments	19	55
Fair value adjustments on insurance derivative	96	(1)
S&P put options and futures	(59)	25
Other derivative instruments	(9)	(27)
Other realized gains (losses)	4	22
Net realized (gains) losses	168	(121)
Rollforward of pre-tax credit losses relating to fixed maturities for which a portion of OTTI was recognized in Other comprehensive income
Balance of credit losses related to securities still held - beginning of period	174
Additions where no OTTI was previously recorded	17
Additions where an OTTI was previously recorded	1
Reductions for securities sold during the period	(29)
Balance of credit losses related to securities still held - end of period	163		174
Number of fixed maturities in an unrealized loss position	3,301
Total number of fixed maturities	18,770
Largest single unrealized loss in fixed maturities	25
For all securities in a loss position, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position
Restricted assets in fixed maturities and short-term investments	12,300
Restricted assets in cash	117
Restricted Assets Abstract
Trust funds - restricted assets	8,401		8,047
Deposits with US regulatory authorities - restricted assets	2,437		2,475
Deposits with non-US regulatory authorities - restricted assets	1,326		1,199
Other pledged assets - restricted assets	247		245
Total - restricted assets	12,411		11,966
Amortized Cost Member
Fixed maturities available for sale
AFS US Treasury and Agency	3,651		3,680
AFS Foreign	10,977		10,960
AFS Corporate securities	13,545		12,707
AFS Mortgage-backed securities	9,999		10,058
AFS States, municipalities, and political subdivisions	1,431		1,580
Total AFS	39,603		38,985
Fixed maturities held to maturity
HTM US Treasury and Agency	998		1,026
HTM Foreign	25		26
HTM Corporate securities	311		313
HTM Mortgage-backed securities	1,377		1,440
HTM States, municipalities, and political subdivisions	624		676
Total HTM	3,335		3,481
Available for sale; maturity period
AFS due in 1 year or less	1,426		1,354
AFS due after 1 year though 5 years	14,468		14,457
AFS due after 5 years through 10 years	10,515		9,642
AFS due after 10 years	3,195		3,474
Subtotal AFS by maturity period	29,604		28,927
AFS Mortgage-backed securities	9,999		10,058
Total fixed maturities available for sale by maturity period	39,603		38,985
Held to maturity; maturity period
HTM due in 1 year or less	686		755
HTM due after 1 year though 5 years	1,170		1,096
HTM due after 5 years through 10 years	17		108
HTM due after 10 years	85		82
Subtotal HTM by maturity period	1,958		2,041
HTM Mortgage-backed securities	1,377		1,440
Total fixed assets held to maturity by maturity period	3,335		3,481
Gross Unrealized Appreciation Member
Fixed maturities available for sale
AFS US Treasury and Agency	53		48
AFS Foreign	355		345
AFS Corporate securities	732		658
AFS Mortgage-backed securities	294		239
AFS States, municipalities, and political subdivisions	45		52
Total AFS	1,479		1,342
Fixed maturities held to maturity
HTM US Treasury and Agency	31		33
HTM Foreign	1		1
HTM Corporate securities	12		10
HTM Mortgage-backed securities	58		39
HTM States, municipalities, and political subdivisions	8		11
Total HTM	110		94
Available for sale; maturity period
AFS Mortgage-backed securities	294		239
Held to maturity; maturity period
HTM Mortgage-backed securities	58		39
Gross Unrealized Depreciation Member
Fixed maturities available for sale
AFS US Treasury and Agency	(15)		(19)
AFS Foreign	(67)		(160)
AFS Corporate securities	(107)		(150)
AFS Mortgage-backed securities	(314)		(455)
AFS States, municipalities, and political subdivisions	(15)		(18)
Total AFS	(518)		(802)
Fixed maturities held to maturity
HTM US Treasury and Agency	(1)		(2)
HTM Foreign	0		0
HTM Corporate securities	(1)		(1)
HTM Mortgage-backed securities	(8)		(10)
HTM States, municipalities, and political subdivisions	(2)		(1)
Total HTM	(12)		(14)
Available for sale; maturity period
AFS Mortgage-backed securities	(314)		(455)
Held to maturity; maturity period
HTM Mortgage-backed securities	(8)		(10)
Fair Value Member
Fixed maturities available for sale
AFS US Treasury and Agency	3,689		3,709
AFS Foreign	11,265		11,145
AFS Corporate securities	14,170		13,215
AFS Mortgage-backed securities	9,979		9,842
AFS States, municipalities, and political subdivisions	1,461		1,614
Total AFS	40,564		39,525
Fixed maturities held to maturity
HTM US Treasury and Agency	1,028		1,057
HTM Foreign	26		27
HTM Corporate securities	322		322
HTM Mortgage-backed securities	1,427		1,469
HTM States, municipalities, and political subdivisions	630		686
Total HTM	3,433		3,561
Available for sale; maturity period
AFS due in 1 year or less	1,494		1,352
AFS due after 1 year though 5 years	14,940		14,905
AFS due after 5 years through 10 years	10,953		10,067
AFS due after 10 years	3,198		3,359
Subtotal AFS by maturity period	30,585		29,683
AFS Mortgage-backed securities	9,979		9,842
Total fixed maturities available for sale by maturity period	40,564		39,525
Held to maturity; maturity period
HTM due in 1 year or less	696		766
HTM due after 1 year though 5 years	1,209		1,129
HTM due after 5 years through 10 years	18		115
HTM due after 10 years	83		82
Subtotal HTM by maturity period	2,006		2,092
HTM Mortgage-backed securities	1,427		1,469
Total fixed assets held to maturity by maturity period	3,433		3,561
Other Than Temporary Impairments Recognized In Accumulated Other Comprehensive Income Member
Fixed maturities available for sale
AFS US Treasury and Agency	0		0
AFS Foreign	(31)		(37)
AFS Corporate securities	(39)		(41)
AFS Mortgage-backed securities	(249)		(227)
AFS States, municipalities, and political subdivisions	0		0
Total AFS	(319)		(305)
Fixed maturities held to maturity
HTM US Treasury and Agency	0		0
HTM Foreign	0		0
HTM Corporate securities	0		0
HTM Mortgage-backed securities	0		0
HTM States, municipalities, and political subdivisions	0		0
Total HTM	0		0
Available for sale; maturity period
AFS Mortgage-backed securities	(249)		(227)
Held to maturity; maturity period
HTM Mortgage-backed securities	0		0
One In One Hundred Year Default Rate Member
Investment Grade - default rate percent
Moody's rating category - Aaa-Baa (Lower Range) - percent	0
Moody's rating category - Aaa-Baa (Upper Range) - percent	1.4
Below Investment Grade - default rate percent
Moody's rating category - Ba - percent	4.8
Moody's rating category - B - percent	12.8
Moody's rating category - Caa-C - percent	51.6
Historical Mean Default Rate Member
Investment Grade - default rate percent
Moody's rating category - Aaa-Baa (Lower Range) - percent	0
Moody's rating category - Aaa-Baa (Upper Range) - percent	0.3
Below Investment Grade - default rate percent
Moody's rating category - Ba - percent	1.1
Moody's rating category - B - percent	3.4
Moody's rating category - Caa-C - percent	13.1
Mortgage Backed Securities Assumptions Default Rate Lower Range Member
Significant assumptions by sector and vintage used to estimate future cash flows for specific mortgage-backed securities evaluated for potential credit loss
Prime - 2004	15
Prime - 2005	22
Prime - 2006	32
Prime - 2007	31
ALT-A - 2004	29
ALT-A - 2005	25
ALT-A - 2006	54
ALT-A - 2007	32
Option ARM - 2004	52
Option ARM - 2005	64
Option ARM - 2006	72
Option ARM - 2007	69
Sub-prime - 2004	59
Sub-prime - 2005	73
Sub-prime - 2006	79
Sub-prime - 2007	81
Mortgage Backed Securities Assumptions Default Rate Upper Range Member
Significant assumptions by sector and vintage used to estimate future cash flows for specific mortgage-backed securities evaluated for potential credit loss
Prime - 2004	42
Prime - 2005	49
Prime - 2006	64
Prime - 2007	86
ALT-A - 2004	29
ALT-A - 2005	51
ALT-A - 2006	89
ALT-A - 2007	61
Option ARM - 2004	52
Option ARM - 2005	86
Option ARM - 2006	82
Option ARM - 2007	83
Sub-prime - 2004	59
Sub-prime - 2005	73
Sub-prime - 2006	81
Sub-prime - 2007	86
Mortgage Backed Securities Assumptions Loss Severity Rate Lower Range Member
Significant assumptions by sector and vintage used to estimate future cash flows for specific mortgage-backed securities evaluated for potential credit loss
Prime - 2004	39
Prime - 2005	36
Prime - 2006	47
Prime - 2007	52
ALT-A - 2004	50
ALT-A - 2005	33
ALT-A - 2006	60
ALT-A - 2007	57
Option ARM - 2004	50
Option ARM - 2005	61
Option ARM - 2006	61
Option ARM - 2007	58
Sub-prime - 2004	64
Sub-prime - 2005	78
Sub-prime - 2006	79
Sub-prime - 2007	55
Mortgage Backed Securities Assumptions Loss Severity Rate Upper Range Member
Significant assumptions by sector and vintage used to estimate future cash flows for specific mortgage-backed securities evaluated for potential credit loss
Prime - 2004	46
Prime - 2005	56
Prime - 2006	58
Prime - 2007	61
ALT-A - 2004	50
ALT-A - 2005	64
ALT-A - 2006	71
ALT-A - 2007	70
Option ARM - 2004	50
Option ARM - 2005	62
Option ARM - 2006	70
Option ARM - 2007	69
Sub-prime - 2004	64
Sub-prime - 2005	78
Sub-prime - 2006	86
Sub-prime - 2007	83
Fair Value Zero To Twelve Months Member
For all securities in a loss position, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position
US Treasury and agency - fair value/gross unrealized loss	1,597		1,952
Foreign - fair value/gross unrealized loss	2,433		2,568
Corporate securities - fair value/gross unrealized loss	1,828		1,222
Mortgage-backed securities - fair value/gross unrealized loss	1,410		1,731
States, municipalities, and political subdivisions - fair value/gross unrealized loss	476		455
Total fixed maturities - fair value/gross unrealized loss	7,744		7,928
Equity securities - fair value/gross unrealized loss	5		111
Other investments - fair value/gross unrealized loss	0		81
Total - fair value/gross unrealized loss	7,749		8,120
Gross Unrealized Loss Zero To Twelve Months Member
For all securities in a loss position, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position
US Treasury and agency - fair value/gross unrealized loss	(15)		(19)
Foreign - fair value/gross unrealized loss	(47)		(124)
Corporate securities - fair value/gross unrealized loss	(26)		(52)
Mortgage-backed securities - fair value/gross unrealized loss	(18)		(55)
States, municipalities, and political subdivisions - fair value/gross unrealized loss	(12)		(14)
Total fixed maturities - fair value/gross unrealized loss	(118)		(264)
Equity securities - fair value/gross unrealized loss	(1)		(1)
Other investments - fair value/gross unrealized loss	0		(16)
Total - fair value/gross unrealized loss	(119)		(282)
Fair Value Over Twelve Months Member
For all securities in a loss position, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position
US Treasury and agency - fair value/gross unrealized loss	34		21
Foreign - fair value/gross unrealized loss	291		363
Corporate securities - fair value/gross unrealized loss	601		865
Mortgage-backed securities - fair value/gross unrealized loss	1,315		1,704
States, municipalities, and political subdivisions - fair value/gross unrealized loss	58		60
Total fixed maturities - fair value/gross unrealized loss	2,299		3,013
Equity securities - fair value/gross unrealized loss	1		0
Other investments - fair value/gross unrealized loss	60		0
Total - fair value/gross unrealized loss	2,360		3,013
Gross Unrealized Loss Over Twelve Months Member
For all securities in a loss position, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position
US Treasury and agency - fair value/gross unrealized loss	(1)		(1)
Foreign - fair value/gross unrealized loss	(20)		(36)
Corporate securities - fair value/gross unrealized loss	(81)		(99)
Mortgage-backed securities - fair value/gross unrealized loss	(305)		(410)
States, municipalities, and political subdivisions - fair value/gross unrealized loss	(4)		(5)
Total fixed maturities - fair value/gross unrealized loss	(411)		(551)
Equity securities - fair value/gross unrealized loss	0		0
Other investments - fair value/gross unrealized loss	(12)		0
Total - fair value/gross unrealized loss	(423)		(551)
Fair Value Total Member
For all securities in a loss position, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position
US Treasury and agency - fair value/gross unrealized loss	1,631		1,973
Foreign - fair value/gross unrealized loss	2,724		2,931
Corporate securities - fair value/gross unrealized loss	2,429		2,087
Mortgage-backed securities - fair value/gross unrealized loss	2,725		3,435
States, municipalities, and political subdivisions - fair value/gross unrealized loss	534		515
Total fixed maturities - fair value/gross unrealized loss	10,043		10,941
Equity securities - fair value/gross unrealized loss	6		111
Other investments - fair value/gross unrealized loss	60		81
Total - fair value/gross unrealized loss	10,109		11,133
Gross Unrealized Loss Total Member
For all securities in a loss position, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position
US Treasury and agency - fair value/gross unrealized loss	(16)		(20)
Foreign - fair value/gross unrealized loss	(67)		(160)
Corporate securities - fair value/gross unrealized loss	(108)		(151)
Mortgage-backed securities - fair value/gross unrealized loss	(322)		(464)
States, municipalities, and political subdivisions - fair value/gross unrealized loss	(16)		(19)
Total fixed maturities - fair value/gross unrealized loss	(530)		(816)
Equity securities - fair value/gross unrealized loss	(1)		(1)
Other investments - fair value/gross unrealized loss	(12)		(16)
Total - fair value/gross unrealized loss	(542)		(833)
Segment Insurance North American Member
Equity securities
Net realized (gains) losses	80	(120)
Segment Insurance Overseas General Member
Equity securities
Net realized (gains) losses	22	7
Segment Global Re Member
Equity securities
Net realized (gains) losses	31	11
Segment Life Member
Equity securities
Net realized (gains) losses	43	9
Segment Corporate And Other Member
Equity securities
Net realized (gains) losses	(8)	(28)
Parent Guarantor Member
Equity securities
Net realized (gains) losses	(1)	(3)
Subsidiary Issuer Member
Equity securities
Net realized (gains) losses	10	(79)
Other Subsidiaries And Eliminations Member
Equity securities
Net realized (gains) losses	$159	($39)

5_Assumed life reinsurance prog

Assumed life reinsurance programs involving minimum benefit guarantees under annuity contracts (Details) (USD $)
In Millions, unless otherwise specified	3 Months Ended Mar. 31, 2010	3 Months Ended Mar. 31, 2009	Dec. 31, 2009
Statement - Assumed life reinsurance programs involving minimum benefit guarantees under annuity contracts (Details)
GMDB - Net premiums earned	$29	$23
GMDB - Policy benefits	24	44
GMIB - Net premiums earned	41	40
GMIB - Policy benefits	7	2
GMIB - Realized gains (losses)	96	(1)
GMIB - Gain (loss) recognized in income	130	37
GMIB - Net cash received (disbursed)	40	40
GMIB - Net (increase) decrease in liability	90	(3)
GMDB - Liabilities	209		212
GMIB - Liabilities	469		559
GMIB - Fair value derivative adjustment in GMIB liability	347		443
GMDB - Net amount at risk	3,500		3,800
GMDB discounting assumption used in the calculation of the benefit reserve aging - lower range - percent	3
GMDB discounting assumption used in the calculation of the benefit reserve aging - upper range percent	4
GMDB - Total claim amount payable if all cedants' policyholders covered under GMDB reinsurance were to die immediately	1,200
GMIB - Net amount at risk	$615		$683
GMIB - Average attained age of all policyholders, weighted by the guaranteed value of each reinsured policy	66
GMIB discounting assumption used in the calculation of the benefit reserve aging - lower range - percent	1
GMIB discounting assumption used in the calculation of the benefit reserve aging - upper range - percent	2

6_Commitments, contingencies, a

Commitments, contingencies, and guarantees (Details) (USD $)
In Millions	3 Months Ended Mar. 31, 2010	3 Months Ended Mar. 31, 2009	Mar. 31, 2010 Derivative Instruments Fair Value Member	Dec. 31, 2009 Derivative Instruments Fair Value Member	Mar. 31, 2010 Derivative Instruments Notional Value Payment Provision Member	Dec. 31, 2009 Derivative Instruments Notional Value Payment Provision Member
Investment and embedded derivative instruments (net realized gains (losses) in IS)
Foreign currency forward contracts (net realized gains (losses) in IS)	$13	$21
All other futures contracts and options (net realized gains (losses) in IS)	8	14
Convertible bonds (net realized gains (losses) in IS)	(2)	19
TBAs (net realized gains (losses) in IS)	0	1
Investment and embedded derivative instruments total (net realized gains (losses) in IS)	19	55
GMIB and other derivative instruments (net realized gains (losses) in IS)
GMIB (net realized gains (losses) in IS)	96	(1)
Futures contracts on equities (net realized gains (losses) in IS)	(51)	(13)
Options on equity market futures (net realized gains (losses) in IS)	(8)	38
Interest rate swaps (net realized gains (losses) in IS)	(9)	(25)
Credit default swaps (net realized gains (losses) in IS)	0	(3)
Other derivative instruments (net realized gains (losses) in IS)	0	1
GMIB and other derivative instruments total (net realized gains (losses) in IS)	28	(3)
Total derivative instruments (net realized gains (losses) in IS)	47	52
Aggregate fair value of derivative instruments in a liability position with credit risk related contingent features	27
Collateral posted relating to derivatives with credit risk-related contingent features	17
Maximum collateral required relating to derivatives with credit risk-related contingent features	27
Carrying value of limited partnerships and partially-owned investment companies included in other investments	949
Funding commitments relating to limited partnerships and partially-owned investment companies included in other investments	669
Contingent upon court approval, settlement of four putative securities class action suits following the filing of a civil suit against Marsh by the NYAG	1.95
Investment and embedded derivative instruments
Foreign currency forward contracts - BS Location: AP			4	6	539	393
Futures contracts on money market instruments - BS Location: AP			6	4	2,782	4,711
Futures contracts on notes and bonds - BS Location: AP			1	(2)	629	500
Options on money market instruments - BS Location: AP			0	0	1,024	200
Options on notes and bonds futures - BS Location: AP			0	(1)	124	305
Convertible bonds - BS Location: FM AFS			367	354	946	725
TBAs - BS Location: FM AFS			11	11	10	10
Total investment and embedded derivative instruments (BS)			389	372	6,054	6,844
Other derivative instruments
Futures contracts on equities - BS Location: AP			(19)	(9)	998	960
Options on equity market futures - BS Location: AP			48	56	250	250
Interest rate swaps - BS Location: AP			(28)	(24)	500	500
Credit default swaps - BS Location: AP			1	2	350	350
Other derivative instruments - BS Location: AP			13	12	30	37
Other derivative instruments total (BS)			15	37	2,128	2,097
GMIB (net amount at risk)
GMIB - BS Location: AP/FPB			($469)	($559)	$615	$683

7_Shareholders' equity

Shareholders' equity (Details)
Share data in Millions, unless otherwise specified	3 Months Ended Mar. 31, 2010 CHF	3 Months Ended Mar. 31, 2010	3 Months Ended Mar. 31, 2009 CHF	3 Months Ended Mar. 31, 2009	Dec. 31, 2009
Statement - Shareholders' equity (Details)
Dividends declared per Common Share	0.33	0.31	0.3	0.26
Common Shares in treasury - shares		1,547,923			1,316,959

Shareholders Equity CHF (Detail

Shareholders Equity CHF (Details)( Common Stock Par Value Member)
	Mar. 31, 2010	Dec. 31, 2009
Common Shares Par Value Abstract
Common shares - par value	31.55	31.88

8_Share-based compensation

Share-based compensation (Details)
	3 Months Ended Mar. 31, 2010
Top Element - Statement - Sharebased Compensation (Details)
Stock option vesting period in years	3
Stock option term in years	10
Stock options granted	2,114,706
Stock option weighted average grant date fair value	12.08
Restricted stock award and units vesting period in years	4
Restricted stock granted	2,187,844
Restricted stock units granted	320,766
Restricted stock and restricted stock unit grant date fair value	50.37

Fair value measurements (Detail

Fair value measurements (Details) (USD $)
In Millions, unless otherwise specified	3 Months Ended Mar. 31, 2010	Mar. 31, 2010 Fair Value Quoted Prices In Active Markets For Identical Assets Or Liabilities Level One Member	Dec. 31, 2009 Fair Value Quoted Prices In Active Markets For Identical Assets Or Liabilities Level One Member	Mar. 31, 2010 Fair Value Significant Other Observable Inputs Level Two Member	Dec. 31, 2009 Fair Value Significant Other Observable Inputs Level Two Member	Mar. 31, 2010 Fair Value Significant Unobservable Inputs Level Three Member	Dec. 31, 2009 Fair Value Significant Unobservable Inputs Level Three Member	Mar. 31, 2010 Fair Value Level One Level Two Level Three Total Member	Dec. 31, 2009 Fair Value Level One Level Two Level Three Total Member	Mar. 31, 2010 Investment Funds Limited Partnerships Partially Owned Investment Companies Fair Value Member	Dec. 31, 2009 Investment Funds Limited Partnerships Partially Owned Investment Companies Fair Value Member	Mar. 31, 2010 Investment Funds Limited Partnerships Partially Owned Investment Companies Maximum Future Funding Commitments Member	Dec. 31, 2009 Investment Funds Limited Partnerships Partially Owned Investment Companies Maximum Future Funding Commitments Member	Mar. 31, 2010 Level Three Balance Beginning Of Period Member	Mar. 31, 2009 Level Three Balance Beginning Of Period Member	Mar. 31, 2010 Level Three Net Realized Gains Losses Member	Mar. 31, 2009 Level Three Net Realized Gains Losses Member	Mar. 31, 2010 Level Three Change In Net Unrealized Gains Losses Included In Other Comprehensive Income Member	Mar. 31, 2009 Level Three Change In Net Unrealized Gains Losses Included In Other Comprehensive Income Member	Mar. 31, 2010 Level Three Purchases Sales Issuances And Settlements Net Member	Mar. 31, 2009 Level Three Purchases Sales Issuances And Settlements Net Member	Mar. 31, 2010 Level Three Transfers Into Out Of Level Three Member	Mar. 31, 2009 Level Three Transfers Into Out Of Level Three Member	Mar. 31, 2010 Level Three Balance End Of Period Member	Mar. 31, 2009 Level Three Balance End Of Period Member	Mar. 31, 2010 Level Three Change In Net Unrealized Gains Losses Relating To Financial Instruments Still Held Included In Net Income Member	Mar. 31, 2009 Level Three Change In Net Unrealized Gains Losses Relating To Financial Instruments Still Held Included In Net Income Member
Fixed maturities available for sale - financial instruments
AFS US Treasury and Agency - financial instruments		$1,845	$1,611	$1,844	$2,098			$3,689	$3,709
AFS Foreign - financial instruments		246	207	10,998	10,879	21	59	11,265	11,145
AFS Corporate securities - financial instruments		34	31	14,003	13,016	133	168	14,170	13,215
AFS Mortgage-backed securities - financial instruments				9,967	9,821	12	21	9,979	9,842
AFS States, municipalities, and political subdivisions - financial instruments				1,459	1,611	2	3	1,461	1,614
AFS total - financial instruments		2,125	1,849	38,271	37,425	168	251	40,564	39,525
Fixed maturities held to maturity - financial instruments
HTM US Treasury and Agency - financial instruments		378	414	650	643			1,028	1,057
HTM Foreign - financial instruments				26	27			26	27
HTM Corporate securities - financial instruments				322	322			322	322
HTM Mortgage-backed securities - financial instruments				1,427	1,424		45	1,427	1,469
HTM States, municipalities, and political subdivisions - financial instruments				630	686			630	686
HTM total - financial instruments		378	414	3,055	3,102		45	3,433	3,561
Equity securities - financial instruments		302	453	1	2	13	12	316	467
Short-term investments - financial instruments		1,449	1,132	603	535			2,052	1,667
Other investments - financial instruments		31	31	205	195	1,236	1,149	1,472	1,375
Securities lending collateral - financial instruments				1,611	1,544			1,611	1,544
Investments in partially-owned insurance companies - financial instruments						454	433	454	433
Investment derivative instruments - financial instruments		11	7					11	7
Other derivative instruments - financial instruments		(19)	(9)	20	32	14	14	15	37
Total assets at fair value - financial instruments		4,277	3,877	43,766	42,835	1,885	1,904	49,928	48,616
Liabilities - financial instruments
GMIB - financial instruments						469	559	469	559
Short-term debt - financial instruments				158	168			158	168
Long-term debt - financial instruments				3,433	3,401			3,433	3,401
Trust-preferred securities - financial instruments				351	336			351	336
Total liabilities at fair value - financial instruments				3,942	3,905	469	559	4,411	4,464
Financial										178	173	77	109
Real estate										104	89	138	150
Distressed										237	233	59	59
Mezzanine										100	102	126	75
Traditional										297	243	265	300
Vintage										33	31	4	2
Investment funds										317	310	0	0
Alternative investments total										1,266	1,181	669	695
Liquidation period for financial alternative investments - lower range in years	5
Liquidation period for financial alternative investments - upper range in years	9
Liquidation period for real estate alternative investments - lower range in years	3
Liquidation period for real estate alternative investments - upper range in years	9
Liquidation period for distressed alternative investments - lower range in years	6
Liquidation period for distressed alternative investments - upper range in years	9
Liquidation period for mezzanine alternative investments - lower range in years	6
Liquidation period for mezzanine alternative investments - upper range in years	9
Liquidation period for traditional alternative investments - lower range in years	3
Liquidation period for traditional alternative investments - upper range in years	8
Liquidation period for vintage alternative investments - lower range in years	1
Liquidation period for vintage alternative investments - upper range in years	3
Notice period for redemption of investment funds alternative investments - lower range in days	5
Notice period for redemption of investment funds alternative investments - upper range in days	120
Fixed maturities available for sale - Level 3
AFS Foreign - Level 3														59		(1)						(37)		21
AFS Corporate securities - Level 3														168				3		(3)		(35)		133
AFS Mortgage-backed securities - Level 3														21						(9)				12
AFS States, municipalities, and policital subdivisions - Level 3														3						(1)				2
AFS Total - Level 3														251	274	(1)	(3)	3	(4)	(13)	(10)	(72)	(27)	168	230		(3)
Fixed maturities held to maturity - Level 3
HTM Mortgage-backed securities - Level 3														45								(45)
HTM Total - Level 3														45	1						(1)	(45)
Equity securities - Level 3														12	21			1			4		(17)	13	8
Short-term investments - Level 3																					1				1
Other investments - Level 3														1,149	1,099	1	(89)	19	(21)	67	38			1,236	1,027	1	(89)
Investments in partially-owned insurance companies - Level 3														433	435			21	3		43			454	481
Other derivative instruments - Level 3														14	87		(1)				(3)			14	83		(1)
Total assets at fair value - Level 3														1,904	1,917	0	(93)	44	(22)	54	72	(117)	(44)	1,885	1,830	1	(93)
GMIB - Level 3														$559	$910	($96)	$1			$6	$2			$469	$913	($96)	$1

Segment information (Details)

Segment information (Details) (USD $)
In Millions, unless otherwise specified	3 Months Ended Mar. 31, 2010	3 Months Ended Mar. 31, 2009
Segment Reporting [Line Items]
Net premiums written	$3,571	$3,424
Net premiums earned	3,277	3,194
Losses and loss expenses	1,921	1,816
Policy benefits	87	99
Policy acquisition costs	554	481
Administrative expenses	460	420
Net investment income	504	502
Net realized (gains) losses	168	(121)
Interest expense	52	53
Other (income) expense	(4)	14
Income tax expense	124	125
Net income	755	567
Segment Net Premiums Earned Abstract
Number of US states in which ACE Tempest Life Re is licensed	49
Retained earnings
Segment Reporting [Line Items]
Net income	755	567
Segment Insurance North American Member
Segment Reporting [Line Items]
Net premiums written	1,395	1,392
Net premiums earned	1,370	1,437
Losses and loss expenses	938	1,004
Policy benefits	0	0
Policy acquisition costs	156	123
Administrative expenses	148	140
Underwriting income (loss)	128	170
Net investment income	278	263
Net realized (gains) losses	80	(120)
Interest expense	0	0
Other (income) expense	(5)	4
Income tax expense	104	96
Net income	387	213
Segment Net Premiums Earned Abstract
Property and all other	358	417
Casualty	944	960
Life, accident & health	68	60
Total net premiums earned	1,370	1,437
Segment Insurance Overseas General Member
Segment Reporting [Line Items]
Net premiums written	1,420	1,327
Net premiums earned	1,251	1,184
Losses and loss expenses	701	613
Policy benefits	3	2
Policy acquisition costs	283	260
Administrative expenses	202	175
Underwriting income (loss)	62	134
Net investment income	114	120
Net realized (gains) losses	22	7
Interest expense	0	0
Other (income) expense	2	4
Income tax expense	14	46
Net income	182	211
Segment Net Premiums Earned Abstract
Property and all other	420	420
Casualty	345	315
Life, accident & health	486	449
Total net premiums earned	1,251	1,184
Segment Global Re Member
Segment Reporting [Line Items]
Net premiums written	371	359
Net premiums earned	276	238
Losses and loss expenses	151	87
Policy benefits	0	0
Policy acquisition costs	54	51
Administrative expenses	12	12
Underwriting income (loss)	59	88
Net investment income	69	72
Net realized (gains) losses	31	11
Interest expense	0	0
Other (income) expense	(4)	0
Income tax expense	10	16
Net income	153	155
Segment Net Premiums Earned Abstract
Property and all other	138	146
Casualty	138	92
Life, accident & health	0	0
Total net premiums earned	276	238
Segment Life Member
Segment Reporting [Line Items]
Net premiums written	385	346
Net premiums earned	380	335
Losses and loss expenses	131	112
Policy benefits	84	97
Policy acquisition costs	61	47
Administrative expenses	58	58
Underwriting income (loss)	46	21
Net investment income	43	46
Net realized (gains) losses	43	9
Interest expense	0	0
Other (income) expense	3	2
Income tax expense	14	6
Net income	115	68
Segment Net Premiums Earned Abstract
Property and all other	0	0
Casualty	0	0
Life, accident & health	380	335
Total net premiums earned	380	335
Segment Corporate And Other Member
Segment Reporting [Line Items]
Net premiums written	0	0
Net premiums earned	0	0
Losses and loss expenses	0	0
Policy benefits	0	0
Policy acquisition costs	0	0
Administrative expenses	40	35
Underwriting income (loss)	(40)	(35)
Net investment income	0	1
Net realized (gains) losses	(8)	(28)
Interest expense	52	53
Other (income) expense	0	4
Income tax expense	(18)	(39)
Net income	(82)	(80)
Parent Guarantor Member
Segment Reporting [Line Items]
Net realized (gains) losses	(1)	(3)
Interest expense	(9)	(11)
Other (income) expense	(28)
Net income	755	567
Subsidiary Issuer Member
Segment Reporting [Line Items]
Net premiums written	2,227	2,081
Net premiums earned	1,956	1,864
Losses and loss expenses	1,316	1,168
Policy benefits	33	22
Net investment income	254	246
Net realized (gains) losses	10	(79)
Interest expense	60	64
Other (income) expense	19	7
Income tax expense	96	102
Net income	135	169
Other Subsidiaries And Eliminations Member
Segment Reporting [Line Items]
Net premiums written	1,344	1,343
Net premiums earned	1,321	1,330
Losses and loss expenses	605	648
Policy benefits	54	77
Net investment income	250	256
Net realized (gains) losses	159	(39)
Interest expense	(8)	(9)
Other (income) expense	5	7
Income tax expense	28	23
Net income	602	401
Consolidating Adjustments Member
Segment Reporting [Line Items]
Interest expense	9	9
Net income	($737)	($570)

Earnings per share (Details)

Earnings per share (Details) (USD $)
In Millions, unless otherwise specified	3 Months Ended Mar. 31, 2010	3 Months Ended Mar. 31, 2009
Earnings per share numerator
Net income	$755	$567
Denominator for basic earnings per share
Earnings Per Share Weighted Average Basic Shares Outstanding	338,478,484	335,474,828
Denominator for diluted earnings per share
Share-based compensation plans (Diluted EPS)	1,386,992	640,736
Adjusted weighted average shares outstanding and assumed conversions	339,865,476	336,115,564
Earnings per share:
Basic earnings per share	2.23	1.69
Diluted earnings per share	2.22	1.69
Anti-dilutive share conversions
Earnings Per Share Anti Dilutive Share Conversions	1,115,665	2,320,117
Retained earnings
Earnings per share numerator
Net income	755	567
Segment Insurance North American Member
Earnings per share numerator
Net income	387	213
Segment Insurance Overseas General Member
Earnings per share numerator
Net income	182	211
Segment Global Re Member
Earnings per share numerator
Net income	153	155
Segment Life Member
Earnings per share numerator
Net income	115	68
Segment Corporate And Other Member
Earnings per share numerator
Net income	(82)	(80)
Parent Guarantor Member
Earnings per share numerator
Net income	755	567
Subsidiary Issuer Member
Earnings per share numerator
Net income	135	169
Other Subsidiaries And Eliminations Member
Earnings per share numerator
Net income	602	401
Consolidating Adjustments Member
Earnings per share numerator
Net income	($737)	($570)

9_Information provided in conne

Information provided in connection with outstanding debt of subsidiaries Balance Sheet (Details) (USD $)
In Millions	Mar. 31, 2010	Dec. 31, 2009
Condensed Consolidating Balance Sheets Assets Abstract
Investments	$47,739	$46,515
Cash	726	669
Insurance and reinsurance balances receivable	3,685	3,671
Reinsurance Recoverable Losses And Loss Expenses	13,335	13,595
Reinsurance Recoverable Future Policy Benefits	303	298
Value of business acquired	712	748
Goodwill And Intangibles	3,883	3,931
Total assets	79,329	77,980
Condensed Consolidating Balance Sheets Liabilities Abstract
Unpaid losses and loss expenses	37,551	37,783
Unearned premiums	6,437	6,067
Future policy benefits	3,057	3,008
Short Term Debt	150	161
Long-term debt	3,158	3,158
Trust Preferred Securities	309	309
Total liabilities	58,693	58,313
Shareholders' equity (FS)	20,636	19,667
Total liabilities and shareholders' equity	79,329	77,980
Common stock
Condensed Consolidating Balance Sheets Liabilities Abstract
Shareholders' equity (FS)	10,470	10,503
Treasury stock
Condensed Consolidating Balance Sheets Liabilities Abstract
Shareholders' equity (FS)	(27)	(3)
Additional paid-in capital
Condensed Consolidating Balance Sheets Liabilities Abstract
Shareholders' equity (FS)	5,494	5,526
Retained earnings
Condensed Consolidating Balance Sheets Liabilities Abstract
Shareholders' equity (FS)	3,573	2,818
Deferred compensation, share-based payments
Condensed Consolidating Balance Sheets Liabilities Abstract
Shareholders' equity (FS)	2
AOCI - Net unrealized appreciation (depreciation) on investments
Condensed Consolidating Balance Sheets Liabilities Abstract
Shareholders' equity (FS)	1,006	657
AOCI - Cumulative translation adjustment
Condensed Consolidating Balance Sheets Liabilities Abstract
Shareholders' equity (FS)	190	240
AOCI - Pension liability adjustment
Condensed Consolidating Balance Sheets Liabilities Abstract
Shareholders' equity (FS)	(70)	(74)
Accumulated Income Tax Expense Benefit Member
Condensed Consolidating Balance Sheets Liabilities Abstract
Shareholders' equity (FS)	0	0
Common Stock Issued Employee Stock Trust Member
Condensed Consolidating Balance Sheets Liabilities Abstract
Shareholders' equity (FS)		(2)
Parent Guarantor Member
Condensed Consolidating Balance Sheets Assets Abstract
Investments	47	51
Cash	86	(1)
Investments In Subsidiaries To Be Eliminated Upon Consolidation	19,661	18,714
Due From To Subsidiaries And Affiliates Net	1,014	1,062
Other Assets Condensed	11	18
Total assets	20,819	19,844
Condensed Consolidating Balance Sheets Liabilities Abstract
Other liabilities	183	177
Total liabilities	183	177
Shareholders' equity (FS)	20,636	19,667
Total liabilities and shareholders' equity	20,819	19,844
Subsidiary Issuer Member
Condensed Consolidating Balance Sheets Assets Abstract
Investments	24,613	24,125
Cash	422	400
Insurance and reinsurance balances receivable	3,128	3,043
Reinsurance Recoverable Losses And Loss Expenses	16,980	17,173
Reinsurance Recoverable Future Policy Benefits	689	681
Value of business acquired	712	748
Goodwill And Intangibles	3,334	3,377
Due From To Subsidiaries And Affiliates Net	(591)	(669)
Other Assets Condensed	7,642	7,158
Total assets	56,929	56,036
Condensed Consolidating Balance Sheets Liabilities Abstract
Unpaid losses and loss expenses	30,090	30,038
Unearned premiums	5,397	4,944
Future policy benefits	2,431	2,383
Short Term Debt	150	161
Long-term debt	3,158	3,158
Trust Preferred Securities	309	309
Other liabilities	6,752	6,613
Total liabilities	48,287	47,606
Shareholders' equity (FS)	8,642	8,430
Total liabilities and shareholders' equity	56,929	56,036
Other Subsidiaries And Eliminations Member
Condensed Consolidating Balance Sheets Assets Abstract
Investments	23,079	22,339
Cash	218	270
Insurance and reinsurance balances receivable	557	628
Reinsurance Recoverable Losses And Loss Expenses	(3,645)	(3,578)
Reinsurance Recoverable Future Policy Benefits	(386)	(383)
Goodwill And Intangibles	549	554
Due From To Subsidiaries And Affiliates Net	591	669
Other Assets Condensed	1,293	1,377
Total assets	22,256	21,876
Condensed Consolidating Balance Sheets Liabilities Abstract
Unpaid losses and loss expenses	7,461	7,745
Unearned premiums	1,040	1,123
Future policy benefits	626	625
Other liabilities	1,096	1,037
Total liabilities	10,223	10,530
Shareholders' equity (FS)	12,033	11,346
Total liabilities and shareholders' equity	22,256	21,876
Consolidating Adjustments Member
Condensed Consolidating Balance Sheets Assets Abstract
Investments In Subsidiaries To Be Eliminated Upon Consolidation	(19,661)	(18,714)
Due From To Subsidiaries And Affiliates Net	(1,014)	(1,062)
Total assets	(20,675)	(19,776)
Condensed Consolidating Balance Sheets Liabilities Abstract
Shareholders' equity (FS)	(20,675)	(19,776)
Total liabilities and shareholders' equity	($20,675)	($19,776)

10_Information Provided In Conn

Information Provided In Connection With Outstanding Debt Of Subsidiaries Statements Of Operations (Details) (USD $)
In Millions	3 Months Ended Mar. 31, 2010	3 Months Ended Mar. 31, 2009
Condensed Consolidating Financial Statements [Line Items]
Net premiums written	$3,571	$3,424
Net premiums earned	3,277	3,194
Net investment income	504	502
Net Realized Gains Losses	168	(121)
Losses and loss expenses	1,921	1,816
Policy benefits	87	99
Interest expense	52	53
Other (income) expense	(4)	14
Income tax expense	124	125
Net income	755	567
Retained earnings
Condensed Consolidating Financial Statements [Line Items]
Net income	755	567
Segment Insurance North American Member
Condensed Consolidating Financial Statements [Line Items]
Net premiums written	1,395	1,392
Net premiums earned	1,370	1,437
Net investment income	278	263
Net Realized Gains Losses	80	(120)
Losses and loss expenses	938	1,004
Policy benefits	0	0
Interest expense	0	0
Other (income) expense	(5)	4
Income tax expense	104	96
Net income	387	213
Segment Insurance Overseas General Member
Condensed Consolidating Financial Statements [Line Items]
Net premiums written	1,420	1,327
Net premiums earned	1,251	1,184
Net investment income	114	120
Net Realized Gains Losses	22	7
Losses and loss expenses	701	613
Policy benefits	3	2
Interest expense	0	0
Other (income) expense	2	4
Income tax expense	14	46
Net income	182	211
Segment Global Re Member
Condensed Consolidating Financial Statements [Line Items]
Net premiums written	371	359
Net premiums earned	276	238
Net investment income	69	72
Net Realized Gains Losses	31	11
Losses and loss expenses	151	87
Policy benefits	0	0
Interest expense	0	0
Other (income) expense	(4)	0
Income tax expense	10	16
Net income	153	155
Segment Life Member
Condensed Consolidating Financial Statements [Line Items]
Net premiums written	385	346
Net premiums earned	380	335
Net investment income	43	46
Net Realized Gains Losses	43	9
Losses and loss expenses	131	112
Policy benefits	84	97
Interest expense	0	0
Other (income) expense	3	2
Income tax expense	14	6
Net income	115	68
Segment Corporate And Other Member
Condensed Consolidating Financial Statements [Line Items]
Net premiums written	0	0
Net premiums earned	0	0
Net investment income	0	1
Net Realized Gains Losses	(8)	(28)
Losses and loss expenses	0	0
Policy benefits	0	0
Interest expense	52	53
Other (income) expense	0	4
Income tax expense	(18)	(39)
Net income	(82)	(80)
Parent Guarantor Member
Condensed Consolidating Financial Statements [Line Items]
Equity In Earnings Of Subsidiaries	735	569
Net Realized Gains Losses	(1)	(3)
Policy acquisition costs and administrative expenses	16	10
Interest expense	(9)	(11)
Other (income) expense	(28)
Net income	755	567
Subsidiary Issuer Member
Condensed Consolidating Financial Statements [Line Items]
Net premiums written	2,227	2,081
Net premiums earned	1,956	1,864
Net investment income	254	246
Net Realized Gains Losses	10	(79)
Losses and loss expenses	1,316	1,168
Policy benefits	33	22
Policy acquisition costs and administrative expenses	561	499
Interest expense	60	64
Other (income) expense	19	7
Income tax expense	96	102
Net income	135	169
Other Subsidiaries And Eliminations Member
Condensed Consolidating Financial Statements [Line Items]
Net premiums written	1,344	1,343
Net premiums earned	1,321	1,330
Net investment income	250	256
Net Realized Gains Losses	159	(39)
Losses and loss expenses	605	648
Policy benefits	54	77
Policy acquisition costs and administrative expenses	444	400
Interest expense	(8)	(9)
Other (income) expense	5	7
Income tax expense	28	23
Net income	602	401
Consolidating Adjustments Member
Condensed Consolidating Financial Statements [Line Items]
Equity In Earnings Of Subsidiaries	(735)	(569)
Policy acquisition costs and administrative expenses	(7)	(8)
Interest expense	9	9
Net income	($737)	($570)

11_Information Provided In Conn

Information Provided In Connection With Outstanding Debt Of Subsidiaries Cash Flows (Details) (USD $)
In Millions	3 Months Ended Mar. 31, 2010	3 Months Ended Mar. 31, 2009
Condensed Consolidating Statement of Cash Flows
Net cash flows from operating activities	$823	$562
Condensed Consolidating Statement Of Cash Flows Investing Abstract
Purchases of fixed maturities held to maturity	(154)	(100)
Purchases of equity securities	(11)	(152)
Sales of fixed maturities held to maturity	0	1
Sales of equity securities	183	153
Maturities and redemptions of fixed maturities available for sale	814	821
Maturities and redemptions of fixed maturities held to maturity	293	129
Net derivative instruments settlements	(39)	37
Other cash flows from investing activities	(77)	(65)
Net cash flows from (used for) investing activities	(666)	(496)
Condensed Consolidating Statement Of Cash Flows Financing Abstract
Dividends paid on Common Shares	(105)	(91)
Proceeds from exercise of options for Common Shares	7	1
Proceeds from Common Shares issued under ESPP	5	5
Net cash flows (used for) from financing activities	(93)	(85)
Effect of foreign currency rate changes on cash and cash equivalents	(7)	(4)
Net (decrease) increase in cash	57	(23)
Cash - beginning of period	669	867
Cash - end of period	726	844
Parent Guarantor Member
Condensed Consolidating Statement of Cash Flows
Net cash flows from operating activities	18	123
Condensed Consolidating Statement Of Cash Flows Investing Abstract
Sale of fixed maturities available for sale (condensed)	4	31
Net derivative instruments settlements	(1)
Advances (to) from affiliates (investing activities)	159
Net cash flows from (used for) investing activities	162	31
Condensed Consolidating Statement Of Cash Flows Financing Abstract
Dividends paid on Common Shares	(105)	(91)
Proceeds from exercise of options for Common Shares	7	1
Proceeds from Common Shares issued under ESPP	5	5
Net cash flows (used for) from financing activities	(93)	(85)
Net (decrease) increase in cash	87	69
Cash - beginning of period		(52)
Cash - end of period		17
Parent Guarantor Member
Condensed Consolidating Statement Of Cash Flows Financing Abstract
Cash - beginning of period	(1)
Cash - end of period	86
Subsidiary Issuer Member
Condensed Consolidating Statement of Cash Flows
Net cash flows from operating activities	271	273
Condensed Consolidating Statement Of Cash Flows Investing Abstract
Purchases of fixed maturities available for sale (condensed)	(4,339)	(4,615)
Purchases of fixed maturities held to maturity	(153)	(99)
Purchases of equity securities	(4)	(111)
Sale of fixed maturities available for sale (condensed)	3,610	3,973
Sales of equity securities	2	118
Maturities and redemptions of fixed maturities available for sale	446	397
Maturities and redemptions of fixed maturities held to maturity	229	88
Net derivative instruments settlements	(7)
Other cash flows from investing activities	(40)	(55)
Net cash flows from (used for) investing activities	(256)	(304)
Condensed Consolidating Statement Of Cash Flows Financing Abstract
Advances (to) from affiliates (financing activities)	2	1
Net cash flows (used for) from financing activities	2	1
Effect of foreign currency rate changes on cash and cash equivalents	5	(1)
Net (decrease) increase in cash	22	(31)
Cash - beginning of period		442
Cash - end of period		411
Subsidiary Issuer Member
Condensed Consolidating Statement Of Cash Flows Financing Abstract
Cash - beginning of period	400
Cash - end of period	422
Other Subsidiaries And Eliminations Member
Condensed Consolidating Statement of Cash Flows
Net cash flows from operating activities	534	166
Condensed Consolidating Statement Of Cash Flows Investing Abstract
Purchases of fixed maturities available for sale (condensed)	(4,249)	(5,301)
Purchases of fixed maturities held to maturity	(1)	(1)
Purchases of equity securities	(7)	(41)
Sale of fixed maturities available for sale (condensed)	3,299	4,592
Sales of fixed maturities held to maturity		1
Sales of equity securities	181	35
Maturities and redemptions of fixed maturities available for sale	368	424
Maturities and redemptions of fixed maturities held to maturity	64	41
Net derivative instruments settlements	(31)	37
Advances (to) from affiliates (investing activities)	(159)
Other cash flows from investing activities	(37)	(10)
Net cash flows from (used for) investing activities	(572)	(223)
Condensed Consolidating Statement Of Cash Flows Financing Abstract
Advances (to) from affiliates (financing activities)	(2)	(1)
Net cash flows (used for) from financing activities	(2)	(1)
Effect of foreign currency rate changes on cash and cash equivalents	(12)	(3)
Net (decrease) increase in cash	(52)	(61)
Cash - beginning of period		477
Cash - end of period		416
Other Subsidiaries And Eliminations Member
Condensed Consolidating Statement Of Cash Flows Financing Abstract
Cash - beginning of period	270
Cash - end of period	$218

Document and Entity Information

Document and Entity Information (USD $)
In Millions	Mar. 31, 2010	Jun. 30, 2009
Entity public float		$15,000
Entity common stock, shares outstanding	338,610,718